Intuitive Surgical, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenue of USD 576.2 million against USD 609.3 million a year ago. Income from operations was USD 208.6 million against USD 248.1 million a year ago. Income before taxes was USD 214.5 million against USD 251.8 million a year ago. Net income was USD 166.2 million or USD 4.28 per diluted share against USD 174.9 million or USD 4.25 per diluted share a year ago. Operating results for the fourth quarter of 2013 included USD 42 million of non-cash share-based compensation expense, compared with USD 38 million for the fourth quarter of 2012. The company generated USD 193 million in non-GAAP net income or USD 4.98 per share compared with USD 205 million or USD 4.99 per share for the fourth quarter of 2012.

For the year, the company reported total revenue of USD 2,265.1 million against USD 2,178.8 million a year ago. Income from operations was USD 852.5 million against USD 878.1 million a year ago. Income before taxes was USD 870.9 against USD 893.9 million a year ago. Net income was USD 671 million or USD 16.73 per diluted share against USD 656.6 million or USD 15.98 per diluted share a year ago. Net income for the years ended December 31, 2013 and 2012, included one-time tax benefits of USD 34 million and USD 47 million, respectively, associated with various items, including the expiration of the statutes of limitations in multiple jurisdictions. Excluding these one-time benefits, net income and earnings per share for the years ended December 31, 2013 and 2012, would have been USD 637 million or USD 15.88 per share and USD 610 million, or USD 14.84 per share, respectively. Finally, the company generated USD 880 million in cash flows from operations for the year. The company generated USD 795 million in non-GAAP net income or USD 19.83 per share compared with USD 777 million or USD 18.91 per share last year.

For 2014, the company expects income tax rate to be between 25% and 28% of pretax income, depending primarily on the mix of U.S. and international profits.