$ISRG
INTUITIVE SURGICAL INC

2012 Q4 Form 10-Q Financial Statement

#000119312512427223 Filed on October 18, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $609.3M $537.8M $446.7M
YoY Change 22.64% 20.39% 29.7%
Cost Of Revenue $171.4M $147.7M $121.2M
YoY Change 28.01% 21.86% 29.21%
Gross Profit $437.9M $390.1M $325.5M
YoY Change 20.67% 19.85% 29.89%
Gross Profit Margin 71.87% 72.54% 72.87%
Selling, General & Admin $148.1M $129.0M $111.2M
YoY Change 21.39% 16.01% 21.4%
% of Gross Profit 33.82% 33.07% 34.16%
Research & Development $41.70M $49.70M $35.40M
YoY Change 0.72% 40.4% 31.6%
% of Gross Profit 9.52% 12.74% 10.88%
Depreciation & Amortization $15.40M $15.20M $11.50M
YoY Change 23.2% 32.17% 11.65%
% of Gross Profit 3.52% 3.9% 3.53%
Operating Expenses $189.8M $178.7M $146.6M
YoY Change 16.16% 21.9% 23.71%
Operating Profit $248.1M $211.4M $178.9M
YoY Change 24.36% 18.17% 35.43%
Interest Expense $3.700M $4.300M $1.900M
YoY Change 2.78% 126.32% -62.0%
% of Operating Profit 1.49% 2.03% 1.06%
Other Income/Expense, Net $4.300M $1.900M
YoY Change 126.32%
Pretax Income $251.8M $215.7M $180.8M
YoY Change 23.98% 19.3% 31.87%
Income Tax $76.90M $32.40M $58.40M
% Of Pretax Income 30.54% 15.02% 32.3%
Net Earnings $174.9M $183.3M $122.4M
YoY Change 15.67% 49.75% 41.34%
Net Earnings / Revenue 28.71% 34.08% 27.4%
Basic Earnings Per Share $4.37 $4.59 $3.13
Diluted Earnings Per Share $4.25 $4.46 $3.05
COMMON SHARES
Basic Shares Outstanding 39.76M shares 39.90M shares 39.10M shares
Diluted Shares Outstanding 41.10M shares 40.10M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.324B $1.141B $911.0M
YoY Change 28.67% 25.25% -7.14%
Cash & Equivalents $553.7M $396.2M $298.2M
Short-Term Investments $771.0M $745.0M $612.0M
Other Short-Term Assets $76.00M $50.00M $28.00M
YoY Change 181.48% 78.57% 3.7%
Inventory $121.5M $125.8M $109.0M
Prepaid Expenses
Receivables $370.3M $336.2M $265.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.893B $1.653B $1.312B
YoY Change 29.09% 26.0% 0.77%
LONG-TERM ASSETS
Property, Plant & Equipment $241.8M $223.4M $196.0M
YoY Change 22.62% 13.98% 24.84%
Goodwill $138.1M $138.1M
YoY Change 18.14%
Intangibles
YoY Change
Long-Term Investments $1.596B $1.560B $977.0M
YoY Change 39.63% 59.67% 52.66%
Other Assets $87.00M $88.00M $69.00M
YoY Change 26.09% 27.54% 2.99%
Total Long-Term Assets $2.166B $2.079B $1.434B
YoY Change 35.67% 44.99% 36.57%
TOTAL ASSETS
Total Short-Term Assets $1.893B $1.653B $1.312B
Total Long-Term Assets $2.166B $2.079B $1.434B
Total Assets $4.059B $3.732B $2.746B
YoY Change 32.52% 35.91% 16.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.60M $56.10M $43.00M
YoY Change 25.76% 30.47% 19.44%
Accrued Expenses $54.30M $137.0M $97.00M
YoY Change -55.12% 41.24% -15.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $401.6M $364.9M $284.0M
YoY Change 25.27% 28.49% 6.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $77.50M $73.80M $93.00M
YoY Change -20.02% -20.65% 22.37%
Total Long-Term Liabilities $77.50M $73.80M $93.00M
YoY Change -20.02% -20.65% 22.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $401.6M $364.9M $284.0M
Total Long-Term Liabilities $77.50M $73.80M $93.00M
Total Liabilities $479.1M $438.7M $377.0M
YoY Change 14.75% 16.37% 9.59%
SHAREHOLDERS EQUITY
Retained Earnings $1.333B $1.209B
YoY Change 47.84%
Common Stock $2.240B $2.079B
YoY Change 28.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.580B $3.294B $2.369B
YoY Change
Total Liabilities & Shareholders Equity $4.059B $3.732B $2.746B
YoY Change 32.52% 35.91% 16.75%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $174.9M $183.3M $122.4M
YoY Change 15.67% 49.75% 41.34%
Depreciation, Depletion And Amortization $15.40M $15.20M $11.50M
YoY Change 23.2% 32.17% 11.65%
Cash From Operating Activities $226.8M $211.6M $157.6M
YoY Change 6.13% 34.26% 39.47%
INVESTING ACTIVITIES
Capital Expenditures -$98.30M $12.90M -$14.50M
YoY Change 546.71% -188.97% -71.06%
Acquisitions
YoY Change
Other Investing Activities -$44.40M -$190.8M -$156.3M
YoY Change -63.96% 22.07% 126.19%
Cash From Investing Activities -$142.7M -$177.9M -$170.8M
YoY Change 3.11% 4.16% 43.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $169.8M $181.1M
YoY Change -6.24%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 73.10M -121.9M -70.20M
YoY Change -21.31% 73.65% 116.0%
NET CHANGE
Cash From Operating Activities 226.8M 211.6M 157.6M
Cash From Investing Activities -142.7M -177.9M -170.8M
Cash From Financing Activities 73.10M -121.9M -70.20M
Net Change In Cash 157.2M -88.20M -83.40M
YoY Change -6.54% 5.76% 115.5%
FREE CASH FLOW
Cash From Operating Activities $226.8M $211.6M $157.6M
Capital Expenditures -$98.30M $12.90M -$14.50M
Free Cash Flow $325.1M $198.7M $172.1M
YoY Change 42.03% 15.46% 5.52%

Facts In Submission

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dei Trading Symbol
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INTUITIVE SURGICAL INC
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>NOTE 1. DESCRIPTION OF BUSINESS</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Intuitive designs, manufactures and markets <i>da Vinci</i> Surgical Systems and related instruments and accessories, which taken together, are advanced surgical systems that the Company believes represent a new generation of surgery. The Company believes that this new generation of surgery, which the Company calls <i>da Vinci</i> Surgery, combines the benefits of minimally invasive surgery (&#x201C;MIS&#x201D;) for patients with the ease of use, precision and dexterity of open surgery. A <i>da Vinci</i> Surgical System consists of a surgeon&#x2019;s console, a patient-side cart and a high performance vision system. The <i>da Vinci</i> Surgical System translates a surgeon&#x2019;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 <i>da Vinci</i> Surgical System is designed to provide its operating surgeons with intuitive control, range of motion, fine tissue manipulation capability and 3-D, High-Definition (&#x201C;HD&#x201D;) vision while simultaneously allowing them to work through the small ports of MIS.</font></p> </div>
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