Intuitive Surgical Inc. Q4 FY2023 results: revenue $1.9 billion, up 16.5% on the year

Intuitive Surgical Inc. (ISRG) reported revenue of $1.9 billion for Q4 FY2023, the quarter ended 31 December 2023, up 16.5% on the same quarter a year earlier. Net income was $606 million, up 86.6% on the year, and diluted earnings per share $1.69. The figures are the company's own, from the 10-K it filed with the SEC on 31 January 2024.

Revenue$1.9 billionup 16.5%

Net income$606 millionup 86.6%

Diluted EPS$1.69

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,928	1,744	n/a	n/a
Cost of revenue	651	576	n/a	n/a
Gross profit	1,277	1,167	n/a	n/a
Gross margin	66.2%	66.9%	n/a
Research and development	260	249	n/a	n/a
Selling, general and administrative	567	452	n/a	n/a
Operating income	450	466	n/a	n/a
Operating margin	23.3%	26.7%	n/a
Pre-tax income	516	522	n/a	n/a
Income tax	-94.8	102	n/a	n/a
Effective tax rate	-18.4%	19.6%	n/a
Net income	606	416	n/a	n/a
Net margin	31.4%	23.8%	n/a
Diluted EPS	$1.69	$1.16	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	228	548	n/a	n/a
Capital expenditure	436	256	n/a	n/a
Free cash flow	-207	292	n/a	n/a
Free cash flow margin	-10.7%	16.8%	n/a
Share-based compensation	148	157	n/a	n/a
Buybacks	66.3	0.0	n/a	n/a
Dividends paid	n/a	0.0	n/a	n/a
Diluted shares, weighted	357m	358m	n/a	n/a
Shares outstanding at period end	352m	352m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	15,442	14,713	n/a	n/a
Cash and equivalents	2,750	3,602	n/a	n/a
Receivables	1,130	963	n/a	n/a
Inventory	1,221	1,148	n/a	n/a
Goodwill	349	348	n/a	n/a
Operating lease liabilities	64.5	n/a	n/a	n/a
Shareholders' equity	13,308	12,539	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,744	1,928	1,891	2,010	2,038	2,414	2,253	2,440	2,505	2,866	2,771	2,892
Cost of revenue	576	651	645	637	664	771	796	822	843	962	940	932
Gross profit	1,167	1,277	1,245	1,373	1,374	1,642	1,458	1,618	1,662	1,904	1,830	1,960
Gross margin	67%	66%	66%	68%	67%	68%	65%	66%	66%	66%	66%	68%
R&D	249	260	284	280	286	295	316	313	329	353	362	371
SG&A	452	567	492	525	511	613	563	561	573	687	613	618
Operating income	466	450	469	567	577	735	578	743	760	864	855	972
Operating margin	27%	23%	25%	28%	28%	30%	26%	30%	30%	30%	31%	34%
Pre-tax income	522	516	538	654	671	810	668	832	855	956	940	1,055
Tax rate	20%	-18%	-2%	19%	15%	15%	-5%	20%	17%	16%	12%	22%
Net income	416	606	545	527	565	686	698	658	704	795	822	818
Net margin	24%	31%	29%	26%	28%	28%	31%	27%	28%	28%	30%	28%
Diluted EPS	$1.16	$1.69	$1.51	$1.46	$1.56	$1.89	$1.92	$1.81	$1.95	$2.19	$2.28	$2.29
Operating cash flow	548	228	265	620	706	823	582	715	841	892	912	1,061
Capital expenditure	256	436	242	309	248	312	117	155	105	162	103	113
Free cash flow	292	-207	23.5	311	459	511	465	560	736	730	809	948
Buybacks	0.0	66.3	0.0	0.0	0.0	0.0	0.0	181	1,913	201	1,123	320
Dividends paid	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a
Shares outstanding	352m	352m	355m	355m	356m	357m	358m	358m	355m	355m	354m	354m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 31 January 2024, accession 0001035267-24-000021: the filing on EDGAR. All of Intuitive Surgical Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install