$ISRG
INTUITIVE SURGICAL INC

2016 Q1 Form 10-Q Financial Statement

#000103526716000174 Filed on April 19, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $594.5M $532.1M
YoY Change 11.73% 14.5%
Cost Of Revenue $189.5M $195.3M
YoY Change -2.97% 30.81%
Gross Profit $405.0M $336.8M
YoY Change 20.25% 6.79%
Gross Profit Margin 68.12% 63.3%
Selling, General & Admin $172.8M $162.0M
YoY Change 6.67% -24.93%
% of Gross Profit 42.67% 48.1%
Research & Development $53.20M $44.40M
YoY Change 19.82% 3.26%
% of Gross Profit 13.14% 13.18%
Depreciation & Amortization $18.30M $14.00M
YoY Change 30.71% 13.82%
% of Gross Profit 4.52% 4.16%
Operating Expenses $226.0M $206.4M
YoY Change 9.5% -20.25%
Operating Profit $179.0M $130.4M
YoY Change 37.27% 130.39%
Interest Expense $5.500M $4.300M
YoY Change 27.91% 10.26%
% of Operating Profit 3.07% 3.3%
Other Income/Expense, Net $5.500M $4.300M
YoY Change 27.91% 10.26%
Pretax Income $184.5M $134.7M
YoY Change 36.97% 122.64%
Income Tax $48.10M $37.70M
% Of Pretax Income 26.07% 27.99%
Net Earnings $136.4M $97.00M
YoY Change 40.62% 118.96%
Net Earnings / Revenue 22.94% 18.23%
Basic Earnings Per Share $1.21 $2.64
Diluted Earnings Per Share $1.18 $2.57
COMMON SHARES
Basic Shares Outstanding 37.70M shares 36.70M shares
Diluted Shares Outstanding 38.50M shares 37.70M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.808B $1.362B
YoY Change 32.75% -12.64%
Cash & Equivalents $980.5M $701.1M
Short-Term Investments $828.0M $661.0M
Other Short-Term Assets $109.0M $102.0M
YoY Change 6.86% 8.51%
Inventory $163.0M $202.4M
Prepaid Expenses
Receivables $325.9M $292.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.406B $1.959B
YoY Change 22.82% -5.69%
LONG-TERM ASSETS
Property, Plant & Equipment $439.0M $404.7M
YoY Change 8.48% 26.15%
Goodwill $201.1M $198.0M
YoY Change 1.57% 1860.4%
Intangibles
YoY Change
Long-Term Investments $1.993B $1.305B
YoY Change 52.72% -7.05%
Other Assets $136.0M $139.0M
YoY Change -2.16% 5.3%
Total Long-Term Assets $2.900B $2.167B
YoY Change 33.83% 2.38%
TOTAL ASSETS
Total Short-Term Assets $2.406B $1.959B
Total Long-Term Assets $2.900B $2.167B
Total Assets $5.306B $4.126B
YoY Change 28.6% -1.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.90M $67.90M
YoY Change -14.73% 19.12%
Accrued Expenses $170.0M $177.0M
YoY Change -3.95% 0.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $452.9M $456.9M
YoY Change -0.88% -0.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $103.0M $83.90M
YoY Change 22.77% 7.43%
Total Long-Term Liabilities $103.0M $83.90M
YoY Change 22.77% 7.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $452.9M $456.9M
Total Long-Term Liabilities $103.0M $83.90M
Total Liabilities $555.9M $540.8M
YoY Change 2.79% 0.6%
SHAREHOLDERS EQUITY
Retained Earnings $1.010B $562.3M
YoY Change 79.55% -45.07%
Common Stock $3.740B $3.024B
YoY Change 23.65% 15.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.750B $3.585B
YoY Change
Total Liabilities & Shareholders Equity $5.306B $4.126B
YoY Change 28.6% -1.62%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $136.4M $97.00M
YoY Change 40.62% 118.96%
Depreciation, Depletion And Amortization $18.30M $14.00M
YoY Change 30.71% 13.82%
Cash From Operating Activities $226.8M $123.7M
YoY Change 83.35% -25.62%
INVESTING ACTIVITIES
Capital Expenditures -$9.600M -$19.20M
YoY Change -50.0% -6.8%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$182.3M -$68.50M
YoY Change 166.13% -62.91%
Cash From Investing Activities -$191.9M -$87.70M
YoY Change 118.81% -57.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.100M $9.700M
YoY Change -16.49%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $230.1M $66.00M
YoY Change 248.64% -6.52%
NET CHANGE
Cash From Operating Activities $226.8M $123.7M
Cash From Investing Activities -$191.9M -$87.70M
Cash From Financing Activities $230.1M $66.00M
Net Change In Cash $265.0M $102.0M
YoY Change 159.8% 222.78%
FREE CASH FLOW
Cash From Operating Activities $226.8M $123.7M
Capital Expenditures -$9.600M -$19.20M
Free Cash Flow $236.4M $142.9M
YoY Change 65.43% -23.54%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF THE BUSINESS</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intuitive Surgical, Inc. designs, manufactures, and markets </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">da Vinci</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> Surgical Systems and related instruments and accessories, which taken together, are advanced surgical systems, that the Company believes enable a new generation of surgery. This advanced generation of surgery, which the Company calls </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">da Vinci</font><font style="font-family:inherit;font-size:10pt;"> Surgery, combines the benefits of minimally invasive surgery (&#8220;MIS&#8221;) for patients with the ease of use, precision, and dexterity of open surgery. A </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">da Vinci</font><font style="font-family:inherit;font-size:10pt;"> Surgical System consists of a surgeon&#8217;s console, a patient-side cart, and a high performance vision system. The </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">da Vinci</font><font style="font-family:inherit;font-size:10pt;"> Surgical System translates a surgeon&#8217;s natural hand movements, which are performed on instrument controls at a console, into corresponding micro-movements of instruments positioned inside the patient through small incisions, or ports. The </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">da Vinci</font><font style="font-family:inherit;font-size:10pt;"> Surgical System is designed to provide its operating surgeons with intuitive control, range of motion, fine tissue manipulation capability, and Three Dimensional (&#8220;3-D&#8221;) High-Definition (&#8220;HD&#8221;) vision while simultaneously allowing surgeons to work through the small ports enabled by MIS procedures.</font></div></div>

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