Ion system placements and procedures are excluded from our overall system and procedure counts. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Intuitive Announces Fourth Quarter Earnings, Intuitive Announces Preliminary Fourth Quarter and Full Year 2022 Results, Intuitive becomes largest robotic-assisted surgery provider to be accredited by the Royal College of Surgeons of England, Q4 2022 INTUITIVE Earnings Conference Call, INTUITIVE at J.P. Morgan Healthcare Conference, J.P. Morgan Healthcare Conference 2023 Presentation, Q3 2022 INTUITIVE Earnings Conference Call. Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. Jamie will provide additional procedure commentary later in this call. Leasing and alternative financing arrangements enable customer access to capital. We think there's an opportunity to look at correlations between surgeon performance and outcomes. Submit. I would just add, Bob, as you saw the COVID hospitalization rates in the U.S. come down in March and into Q2, that frees hospital resources to increase the level of surgery that we do. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. Minimum 15 minutes delayed. COVID has delayed some work in R&D and clinical trials, leading to some underspend in programs, prototypes, and some delay in hiring. I don't know how much of an update you can give us, but just something on what's happening at that level in terms of software tools and services? The instrumentation updates, there are other things, imaging updates and software updates that are really all focused around right instruments, right features for the right extension or right expansion. However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. First, we are broadening access to our advanced instruments for our da Vinci Fourth Generation Multiport Systems through pursuit of additional clearances and launches outside the U.S. Second, we are expanding our da Vinci SP offering by broadening its regional and clinical indications and by adding it to its suite of instruments and accessories. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP EPS exclude items such as amortization of intangible assets, SBC and long-term incentive plan expenses, excess tax benefits or deficiencies associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfer of non-inventory assets, which are primarily recurring items. Copyright 2023 Intuitive Surgical. You may automatically receive Intuitive Surgical financial information by e-mail. That says that we're not putting out more capital than folks need, even though it's been healthy capital quarters, it means our customers are getting good benefit out of what they're using those systems for. To change your e-mail options at Our digital learning programs continue to be an important part of our overall learning initiatives. Listen to Webcast. Q2 growth was driven by particular strength in benign procedures, including bariatrics, hernia repair, cholecystectomy, and benign hysterectomy, reflecting in part, we believe, a partial catch-up in these procedures related to the previous deferral of elective surgeries. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. The Motley Fool owns shares of and recommends Intuitive Surgical. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. Gosh, that's awfully encouraging sounding. Intuitive Surgical Asensus Surgical . Second-quarter system placements of 328 systems increased 84%, compared with 178 systems for the second quarter of 2020, and increased 10%, compared with 298 systems last quarter. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . These awards are valued based on certain key performance metrics. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. The Company excludes a one-time tax benefit from re-measurement of certain deferred tax assets, because it is discrete in nature, and excludes the excess tax benefits or deficiencies associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the on-going results of its core operations. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. Investor's Business Daily . And we also see, I think, increased patient confidence is a function of the improving vaccination rates. 06/14/22 - 1:20 PM PDT. The authors concluded in part, "When compared to open, the robotic-assisted surgery group is associated with a comparable operative time, shorter length of stay and lower reoperation rate through 30 days. During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. I think we're going to have to let it play for another few quarters to see. Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. Having said that, it's a difficult procedure for surgeons to perform. For nearly three decades we've created products and services born of inspiration and intelligencefrom robotic-assisted surgical systems to data generation that unlocks the potential to benefit care systems worldwide. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Intuitive develops, manufactures and markets the da Vinci surgical system. *Stock Advisor returns as of June 7, 2021. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. And sequential growth in what they can do with the system remains our focus on SP for now. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. That low end also reflects some impact of a resurgence in the U.S. Jamie will provide spend guidance later in this call. The Company grew its da Vinci Surgical System installed base to 7,544 systems as of, Fourth quarter 2022 GAAP net income attributable to Intuitive was, Fourth quarter 2022 non-GAAP* net income attributable to Intuitive was. Fourth quarter 2021 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $477 million, or $1.30 per diluted share, compared with $434 million, or $1.19 per diluted share, in the fourth quarter of 2020. The next page will display a menu of options. Yes. In terms of procedure categories, bariatrics continued the strength that we've seen for some time. With respect to operating expenses, on our last call, we forecast to grow full-year pro forma 2021 operating expenses between 18% and 22% above 2020 levels. Our focus is in clinical capability and productivity of the installed base we have. Good afternoon, everybody. Plan to attend GIANT 2022. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of the Companys business within the period. Our installed base of SP Systems is now 79: eight in Korea and 71 in the U.S. We completed first cases associated with a U.S. colorectal clinical trial in the second quarter. Q4 2022 INTUITIVE Earnings Conference Call, INTUITIVE at J.P. Morgan Healthcare Conference, Q3 2022 INTUITIVE Earnings Conference Call, INTUITIVE at 2022 Wells Fargo Healthcare Conference, Q2 2022 INTUITIVE Earnings Conference Call, INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference, INTUITIVE at BofA Securities 2022 Healthcare Conference, Q1 2022 INTUITIVE Earnings Conference Call. Philip Kim, our head of investor relations, will not be joining on today's call as he's currently on paternity leave following the birth of his daughter. Unrealized gain (loss) - net of tax expense (recovery) effect of $347 and $37 for the three months ended December 31, 2022 and 2021, respectively; ($859) and $(354) for the six months ended . The system features an ultra-thin, ultra-maneuverable catheter that allows navigation far into the peripheral lung and provides the unprecedented stability necessary for precision in biopsy. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive Surgical, Inc. divided by non-GAAP diluted shares, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. We also believe that growth benefited from some procedures that were previously deferred due to delays in testing and patient concern over COVID. 2021 Proxy Statement - Special Meeting 224.6 KB. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. Examining procedure trends more deeply. Our SEC filings can be found through our website or at the SEC's website. Buy These 2 Stocks in 2023 and Hold for the Next Decade, 2 Growth Stocks to Buy Before the Big Bull Rally, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. [Inaudible] on a nice quarter. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. We are in the execution and launch phase of four efforts. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. I'll caution that what the next couple of quarters or next four quarters looks like in terms of hospital access to capital and their decision-making, capital is always lumpy. You've got COVID. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Fourth quarter 2021 instruments and accessories revenue increased by 13% to $843million, compared with $747million in the fourth quarter of 2020, primarily driven by approximately 19% growth in da Vinci procedure volume, partially offset by stocking orders in the prior year associated with the Companys launch of Extended Use Instruments. China growth in the second quarter continued to be far higher than our other regions, primarily reflecting the 40% system installation growth over the past year. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. Statements using words such as estimates, projects, believes, anticipates, plans, expects, intends, may, will, could, should, would, targeted, and similar words and expressions are intended to identify forward-looking statements. We kind of outlined what was assumed in the high end of the procedure guidance. And so we have some indications that we saw backlog reflected in the Q2 results. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. Intuitive brings more than two decades of leadership in robotic-assisted surgical technology and solutions to its offerings and develops, manufactures, and markets the da Vinci Surgical System and the Ion endoluminal system. (6) Diluted net income per share includes the effect of the following items: Gains (losses) on strategic investments, net of tax, Less: net income attributable to noncontrolling interest in joint venture. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. Gary will present the quarter's business and operational highlights. We are building tools and capabilities that allow hospital departments and departments of surgery to manage their program and look across programmatics for efficiency, for learning, for outcomes, and these things interlink. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. Thank you. An investor who invested $10,000 in Warren Buffett's hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made . We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. The Company excludes the excess tax benefits or deficiencies associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the on-going results of its core operations. Jamie will take you through procedure dynamics in more detail later in the call. Forward-looking statements relate to expectations concerning matters that are not historical facts. Our total Ion clinical experience is approximately 4,000 cases to date. An investor who was able to pick up $1,000 worth of Intuitive Surgical shares at its IPO price and held on has seen that investment grow to a whopping . The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, a gain on the sale of a business, gains (losses) on strategic investments, adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects, and tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. any time, re-enter your e-mail address and click Submit, then adjust your form entries. You may automatically receive Intuitive Surgical financial information by e-mail. In reporting the results, adjusted using a propensity weighted approach, the authors noted that during the two- to four-week standard of care visit period, fewer patients report the need to take prescription pain medication for the robotic cohort as compared to the laparoscopic and open cohorts: 65.2% for the robotic cohort as compared to 78.8% for the laparoscopic cohort, compared to 79.8% for the open cohort. There were nearly 1,500 Ion procedures completed in the second quarter. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. Intuitive Surgical, and Verb Surgical, among other countless innovations. So that's a multi-quarter conversation. Can you maybe just talk a little bit about the road map? We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . Well, I'll add one bit of color to that. First quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $413 million, or $1.13 per diluted share, compared with $427 million, or $1.17 per diluted share, in the first quarter of 2021. Pagination. I think that would be a mistake. We also saw an increase in our IDN customers opening new da Vinci and Ion programs in hospitals within their network that did not previously have an Intuitive robotics program, indicating their interest in diversifying access to Intuitive programs across their networks. To the extent that COVID impacts procedures, it will also impact capital purchases. System placements came in above plan, and system ASP and I&A revenue per procedure tracked slightly above our expectations, together driving revenue of $1.46 billion in Q2. Q2 2022 INTUITIVE Earnings Conference Call. The pandemic has reordered the quarter in which procedures were performed, and we believe it has delayed some procedures that are likely to return in the future and may cause a small number of patients to permanently forgo surgery. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. To supplement its consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (GAAP), the Company uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., non-GAAP net income per diluted share attributable to Intuitive Surgical, Inc. (EPS), and non-GAAP diluted shares outstanding. Looking at the past eight quarters in context, our compound annual growth rate for procedures for the period Q2 2019 through Q2 2021 of 16.5% is approximately the growth we would have expected absent the pandemic. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. On the why side, it's -- bariatrics has been a little different than other procedure for us. And then now we have rolled it out to most other markets in the first six months of this year, except for China where there are longer regulatory timelines. At the "Pitching to Investors Programme" you will have an exclusive 10-minute pitching slot on stage for you to showcase your company to our entire audience and the biggest community of investors. Yes. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. (2) Selling, general and administrative includes the effect of the following items: One-time tax benefit from re-measurement of certain deferred tax assets, Discrete tax expense arising from the conclusion of a tax matter, Gains on strategic investments, net of tax, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. The second reason to invest in Intuitive Surgical is its incredible profitability. All Rights Reserved. . Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. Hong Kong. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. Clinical trial sites completed enrollment for our PRECIsE clinical trial. You may automatically receive Intuitive Surgical financial information by e-mail. [Operator instructions] As a reminder, this conference is being recorded. As I conclude, for the balance of the year, we're focused on the following: first, agile and flexible support for our customers globally as they need it, often addressing the return of surgical patients to treatment. Our pro forma spending grew over 24% from a year ago, representing increased investment in our business. Driven by steady sales of da Vinci and increasing surgical procedures, Intuitive Surgical recorded $5.71 billion in revenue for 2021, up 82% over the past five years despite COVID-19 slowdowns. And that is both painful and an opportunity. General surgery growth in the U.S. was strong, and in addition to the positive impact from patient backlogs, reflected increasing access for surgeons to our fourth-generation technology. My name is Kari Krogstad. Yes, Tycho. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? The stock movement pushed Intuitive . And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. So first question for me is just trying to dissect your procedure results a little bit more because some really interesting comments, that you saw strength in benign cases, some catch-up cases. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Companys business. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. 3 min read. Non-GAAP income from operations. I'll speak to my impression, but I caveat it, it's one person's impression. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Motley Fool owns shares of and recommends Intuitive Surgical. Instruments and accessories, training programs, support staff, analytics capability, publication, scientific publications demonstrating what you've done, the analytics, and evidence-based build are all, I think, important. Intuitive Surgical's adjusted net income of $435 million in Q3 2021 reflected a good 30% rise from its $334 million figure in the prior-year quarter. But can you maybe just talk through the thought process there and how you're thinking about any potential risks in the back half of the year from the variant cases? Richard Wolf GmbH 10.6 . Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. I think that when you think about our product cycles, I would just have you look back earlier in the da Vinci experience in that these are long development cycles. How close we are to maybe seeing something that you can monetize? Intuitive Surgical's adjusted net . It's taking getting the advanced instruments, put them together as a set, getting our workflows and our clinical pathways right, and I think that's been powerful to date. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. So I think those are the key kind of procedure highlights. Excellent communication and presentation skills. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly?
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