Yeah, sure. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. And just, you know, on competition, it does seem like the noise is increasing. Ion system placements and procedures are excluded from our overall system and procedure counts. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. This growth rate compares with 9% last year and 8% last quarter. 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. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. We did not repurchase any shares in the quarter. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Please go ahead. Thanks. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP. And I guess why won't that continue? In there is OUS markets continue to be choppy given that, in many cases, those markets are behind the U.S., for example, in their vaccination rollouts, and that leaves the possibility of continued resurgences and localized lockdowns. INTUITIVE at 2022 Wells Fargo Healthcare Conference. 07/21/22 - 1:30 PM PDT. In Q2, we launched our SureForm stapling line in India. 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. They're calling on customers. Richard Wolf GmbH 10.6 . We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. The reason I mentioned it early is I think when we've had pretty strong capital quarters the last few, one of the things we want to look for is, are we building unused capacity into the field that -- where procedures softer that would stall us out. Marshall L. Mohr Executive Vice President and Chief Financial Officer. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. The next page will display a menu of options. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly? During the quarter, a group from the Shenzhen Hospital Naval Medical University in China, published a meta-analysis in BMC cancer comparing robotic-assisted thoracic surgery versus video-assisted thoracic surgery, or VATs, for lung lobectomy or segmentectomy in patients with nonsmall cell lung cancer. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. I'll speak to my impression, but I caveat it, it's one person's impression. (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. And so we have some indications that we saw backlog reflected in the Q2 results. It's the impact on hospitalizations. For full-year 2021, Intuitive Surgical revenues are estimated to be north of $5.7 billion, reflecting a 30% y-o-y growth, while the growth rate is expected to slow to low teens next year . And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. OK. That's helpful. Intuitive Surgical Stock Nears $1,000 As The Covid Recovery Continues Making the world smarter, happier, and richer. To choose Excellent communication and presentation skills. Why Intuitive Surgical's Share Slump Is a Gift for Investors Intangible asset charges consist of non-cash charges, such as the amortization of intangible assets as well as in-process R&D charges. Bringing it all together. Obviously, you made some comments about variance and not factoring in kind of an increase. The Motley Fool has a disclosure policy. System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. Colorectal growth was strong, with solid growth in malignant hysterectomy, thoracic, and prostatectomy procedures. We anticipate iterating our approach as we learn and the year progresses. If You Invested $1,000 in Intuitive Surgical's IPO, This Is How Much Just in 2021 there were more than . Thirty-eight percent of systems placed in the second quarter involved trade-ins, which is lower than the 40% last year and the 44% last quarter. Intuitive Surgical's Q1 2021 adjusted earnings per share is expected to be $2.72 per Trefis analysis, over 3% above the consensus estimate of $2.63. 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. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? Four of the systems placed in the first quarter were SP Systems, reflecting continued measured rollout of SP. 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. Are you seeing any impact thus far? A contribution to the Intuitive Foundation reduced fourth quarter 2021 GAAP and non-GAAP* income from operations by $30 million. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year . We have continued the launch of our My Intuitive app, including launching to first users in Europe. Intuitive Surgical (ISRG-0.90%) investors who weren't expecting it to perform a three-for-one stock split recently woke up to what looked like an overnight loss of more than 60%. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. 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. Visit www.intuitive.com/en-us/products-and-services/ion. All Rights Reserved. . Our digital learning programs continue to be an important part of our overall learning initiatives. So we're excited about that because it gives them fast and easy access. While this did not have a material impact to our operating results in Q2, the outlook we are providing does not reflect any potential significant disruption or additional costs related to supply constraints. Please go ahead. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. On the benign side, often the diagnostic pipelines are shorter. Next, we'll go to Bob Hopkins with Bank of America. EMCOR Group, Inc. (NYSE:EME) Q4 2022 Earnings Call Transcript Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript Today's format will consist of providing you with highlights of our second-quarter results as described in our press release announced earlier today followed by a question-and-answer session. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Sure. Intuitive Surgical Investor Presentation. GAAP net income was $517 million or $4.25 per share for the second quarter of 2021, compared with GAAP net income of $68 million or $0.57 per share for the second quarter of 2020 and GAAP net income of $426 million or $3.51 per share for the last quarter. COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. Our teams continue to work closely with hospitals, physicians, and care teams in pursuit of what our customers have termed the Quadruple Aim: Better, more predictable patient outcomes, better experiences for patients, better experiences for their care teams, and ultimately, a lower total cost to treat. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. Procedures recovered nicely in Q2. . Listen to Webcast. Starting with procedures. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Based in Sunnyvale, California. And that if it hasn't delivered against the Quad Aim, if these systems can do some cases well, but not all cases well or they have stability issues or other things, that wears in pretty quickly. Listen to Webcast. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. To change your e-mail options at SUNNYVALE, Calif., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Intuitive (the Company) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended December31, 2022. SP procedures grew 133% year over year, with much of that growth coming from the United States. 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. And finally, we will host a question-and-answer session. The results of the meta-analysis found that robotic-assisted thoracic surgery compared to VATs was associated with, among others, the following significant findings: 50.4 milliliters lower blood loss, a 50% lower chance of conversion to an open procedure, a 1.1 day shorter stay in the hospital and a 10% less chance of patient experience to postoperative complication. Building a great robot is a hard first step. Just so really speaking backward-looking, so far, so good. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. The Company placed 369 da Vinci Surgical Systems, a decrease of 4% compared with 385 in the fourth quarter of 2021. What to Watch in Intuitive Surgical's Upcoming Earnings Report Laparoscopy Surgical Robotic System and Consumables Market [2023-2030 The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. The meta-analysis combined 18 studies across different countries containing over 11,000 patients, of which just over 5,000 received da Vinci robotic-assisted thoracic surgery and just over 6,000 received VATs. In terms of procedure categories, bariatrics continued the strength that we've seen for some time. - Received full travel grant to attend Google I/O 2019. We launched our Force bipolar energy instrument along with our extended use instruments program in Japan, and we launched our SynchroSeal energy instrument and E-100 energy generator in Korea. And with that, I'd like to turn it over to Jamie. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. Investor's Business Daily . Intuitive Surgical didn't offer an outlook for 2021. And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. Clinical trial sites completed enrollment for our PRECIsE clinical trial. Jamie will provide spend guidance later in this call. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. We believe value creation in surgery and acute care is foundationally human. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. Listen to Webcast. Second-quarter system average selling prices decreased to $1.55 million from $1.65 million for both the second quarter of 2020 and the first quarter of 2021. 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: constant currency revenue, 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. Growth in our second largest market, China, continued to be strong with multiple specialties contributing. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. Presentation: Operator. May 2021 - Present 1 year 10 months. We look forward to talking with you again in three months. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . Intuitive develops, manufactures and markets the da Vinci surgical system. Most of our offices globally are reopening with this hybrid approach. Last quarter, we forecast 2021 procedure growth of 22% to 26%. 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. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. So here's kind of where we stand with the backlog. These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. 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. [Operator Instructions] As a reminder, today's call is being recorded. Copyright 2023 Intuitive Surgical. I think the thing that we'd call out is it's not the case rates per se to monitor. Yes. Next, we're going to the line of Rick Wise with Stifel. The call will be webcast by Nasdaq OMX and can be accessed on Intuitives website at www.intuitive.com or by dialing (844) 867-6169 using the access code 525958. 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. 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. Our overall second-quarter procedure growth was 68%, compared to a decline of 19% during the second quarter of 2020, which reflected a significant adverse impact from the COVID-19 pandemic. The second quarter of 2020 included $59 million of service credits issued in conjunction with our Customer Relief Program, higher period costs associated with lower production, and higher excess and obsolete inventory charges. Non-GAAP gross profit. Taken together, this combination of a recovery in procedures and healthy utilization supports our solid capital placement trends and rounds out a healthy commercial recovery year to date. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. You're developing, trying to increase efficiency, decrease costs, that kind of thing. Non-GAAP income from operations. Minimum 15 minutes delayed. They use specialized instrumentation, including a miniaturized surgical camera and wristed instruments (i.e., scissors, scalpels, and forceps) that are designed to help with precise dissection and reconstruction deep inside the body. Gary will present the quarter's business and operational highlights. What was the second part of your question again, Larry? Thank you for your support on this extraordinary journey. Leasing and alternative financing arrangements enable customer access to capital. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. And we think that the extended use instruments lowers barriers for purchases of systems. Customer appreciation and recurring use of our products has been growing nicely. Intuitive | ISRG for Investors As part of our mission, we believe that minimally invasive care is life-enhancing care. Submit. And so we watch that number because we know it's highly sensitive. The constant currency revenue percentage change is calculated by determining the increase in the current period constant currency revenue over the prior period revenue. (2021) Dropped off in 2022. It's hard to have a precise measure on it. That low end also reflects some impact of a resurgence in the U.S. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent Form 10-K filed on February 10, 2021; and Form 10-Q filed on April 21, 2021. Analysts: . I'll maybe start with Marshall on the first one and then go to Gary for the second one. It is in fact a physically taxing procedure, as Gary described. 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. Let me start with why I think it's adopting, and I'm going to turn to Jamie as to where -- what inning of the baseball game are we in, I'll let Jamie take that. I will describe the highlights of our performance on a non-GAAP or pro forma basis. Last page last E-mail Alerts. Intuitive Surgical, and Verb Surgical, among other countless innovations. I'm just curious what the net effect there is from the savings and expense perspective and R&D, whether this is maybe the beginning of you starting to see some leverage off of the 10% you've been at for the last couple of years. Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. It doesn't seem like the backlog would be exhausted just after one quarter. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. I hear your question is asking us how much is left, how much of the catch-up is left. 07/21/22 - 1:30 PM PDT. And so we'll spend there. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. . Data Provided by Refinitiv. User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. The Zacks . 2 Healthcare Stocks You Can Buy and Hold for the Next Decade, Why Things Could Get Worse Before They Get Better for This Growth Stock, 2 Stocks to Buy No Matter What Happens This Year, Why Intuitive Surgical Stock Slumped in January. Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. Thank you. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . Intuitive Surgical's Q3 2021 adjusted earnings per share (EPS) is expected to be $1.22 per Trefis analysis, slightly above the consensus estimate of $1.17. And we're building into the broader digital ecosystem for SP. This article is a transcript of this conference call produced for The Motley Fool. Looking to our finances in the quarter. Based on market data, we believe that diagnostic pipelines in the U.S. began to recover from the impact of the pandemic in March, with a lag in the recovery of associated procedures. Jan 2023 - Present3 months. Turning to our single-port system. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. OK, great. Utilization of clinical systems in the field, measured by procedures per system, increased approximately 55% compared with last year and increased 11% compared with last quarter. COVID has delayed some work in R&D and clinical trials, leading to some underspend in programs, prototypes, and some delay in hiring. Yes, Tycho. And as we've said in the past, if we can bring the right system with the right instruments, the right imaging, and the right usability, the right ease of use, we think that surgeons will care. Our second-quarter pro forma net income was $477 million or $3.92 per share, compared with $132 million or $1.11 per share for the second quarter of 2020 and $427 million or $3.52 per share for the last 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. These forward-looking statements should, therefore, be considered in light of various important factors, including, but not limited to, the following: the risk that the COVID-19 pandemic could lead to further material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; disruption to our supply chain, including increased difficulties in obtaining a sufficient amount of materials in the semiconductor and other markets; closures of our facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals or clearances from the U.S. Food and Drug Administration (FDA) due to the effects of the COVID-19 pandemic; the evaluation of the risks of robotic-assisted surgery in the presence of infectious diseases; diversion of management and other resources to respond to the COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk that the COVID-19 pandemic continues to disrupt local economies and causes economies in our key markets to enter prolonged recessions; the risk of our inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and market acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including our joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; our completion of and ability to successfully integrate acquisitions, including Orpheus Medical; procedures counts; regulatory approvals, clearances, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; intellectual property positions and litigation; competition in the medical device industry and in the specific markets in which we operate; risks associated with our operations outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; our reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party; product liability and other litigation claims; adverse publicity regarding us and the safety of our products and adequacy of training; our ability to expand into foreign markets; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risk factors.
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