This growth rate compares with 9% last year and 8% last quarter. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. A contribution to the Intuitive Foundation reduced fourth quarter 2021 GAAP and non-GAAP* income from operations by $30 million. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. I think they are ecosystem enablers and can result in very high customer satisfaction when done well. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. And so we'll spend there. We're doing what we call the procedure development and the trial development around other indications, we think there'll be an opportunity in thoracic, as well as other ones beyond it. As the phases of the pandemic evolve, we're supporting our team in addressing the opportunities and challenges posed by the pandemic and the ways we work. Supporting investors, corporations, start-ups, and academic research labs. In this Backstage Pass video, which aired Sept. 29, Motley Fool contributor Brian Withers shares his thoughts on Intuitive Surgical, highlighting the metrics investors need to watch when the . INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Listen to Webcast. Go ahead, Mr. Hopkins. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. 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. The number we're watching closely is hospitalization. The authors concluded, "The results revealed that robotic-assisted thoracic surgery is a feasible and safe technique compared with VATs in terms of short-term and long-term outcomes." Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. was $381million, or $1.04 per diluted share, compared with $365million, or $1.01 per diluted share, in the fourth quarter of 2020. You've been spending a lot there. They're giving their PowerPoints about what they think is going to happen next and some other things. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . And so we watch that number because we know it's highly sensitive. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . 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. So when we talk about My Intuitive, that really is putting the power of interaction and data at the surgeon level in their hands or at the robotics coordinator level in their hands. 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. The outlook we are providing on today's call does not reflect risks associated with a significant increase in COVID-related hospitalizations in relation to the Delta variant or other potential new variants. Intuitive Surgical -Export management Iqm selezione - 07.2021 . 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. . I'm here together with my CFO, Thomas Jakobsen.. | 2 Mrz 2023 . [Operator instructions] And for our first question, we will go to Tycho Peterson. Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. Next, we'll go to Bob Hopkins with Bank of America. In terms of penetration or adoption, we're in the early to mid-innings kind of range is what I'd say in the U.S. market. It is in fact a physically taxing procedure, as Gary described. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Our fully integrated advanced instruments portfolio has been a strong addition to our multiport ecosystem, allowing for high-quality tissue interaction controlled from the surgeon's console while optimizing workflow. any time, re-enter your e-mail address and click Submit, then adjust your form entries. . OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. And I'd just be curious to -- since you all are calling it out repeatedly as an important incremental growth driver, where are we now, in your view, in that, I'm sure, multiyear, long-term adoption process? That will play out over the next several quarters as we accrue patients. Extended use instruments were introduced into the U.S. and Europe in the fourth quarter, in most other markets in the first six months of this year, except China due to regulatory timelines. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. And Jamie, as to kind of where we are. Intuitive Surgical Asensus Surgical . - Received full travel grant to attend Google I/O 2019. Listen to Webcast. Starting with procedures. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our technologies include the da Vinci surgical system and the Ion endoluminal system. Key business metrics for the second quarter were as follows. Corporate Governance Guidelines 384.4 KB. 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 difference in the number of subjects reporting the need for prescription pain medication favored the robotic-assisted group in both comparisons." Finally, our team is making good progress in scaling our operations. The constant currency revenue percentage change is calculated by determining the increase in the current period constant currency revenue over the prior period revenue. Larry Biegelsen -- Wells Fargo Securities -- Analyst. Submit. This article is a transcript of this conference call produced for The Motley Fool. Well, I'll add one bit of color to that. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. Transitory was out a few years ago and CMR has been out and now Medtronic. 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. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. 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. In the U.S., procedures that are dependent on diagnostic pipelines also grew, albeit at lower rates as compared to benign procedures. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. Non-GAAP gross profit. Intuitive Surgical didn't offer an outlook for 2021. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. 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. Jamie will provide additional procedure commentary later in this call. I think the thing that we'd call out is it's not the case rates per se to monitor. The Motley Fool owns shares of and recommends Intuitive Surgical. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. Listen to Webcast. Full Time Faculty & Clinical Coordinator, Surgical Technologist Program Ask us about our $5,000 Sign on Bonus Rasmussen University Rasmussen University is seeking an experienced Surgical Technologist passionate about taking their own experience and translating that into helping students succeed in meeting their educational and professional goals. However, to gain a more complete understanding of the body of evidence, we encourage all stakeholders to thoroughly review the extensive detail of scientific studies that have been published over the years. 5001-10,000 Employees. You may automatically receive Intuitive Surgical financial information by e-mail. We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. I will describe the highlights of our performance on a non-GAAP or pro forma basis. What's left to do from maybe a product or procedure or instrument point of view? your options for e-mail notification, please enter your e-mail address below and click And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. The Zacks . Visit www.intuitive.com/en-us/products-and-services/ion. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. So our customers are asking us for advanced instrumentation. Procedure growth drives capital purchases in many of our markets. That's great. 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. 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. We expect spending on activities restricted by COVID to increase as the impacts of the pandemic decline. And that is both painful and an opportunity. We also -- the business came back faster than we had anticipated. So those are the drivers we watch. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. A couple of things I'd say. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . In terms of procedure categories, bariatrics continued the strength that we've seen for some time. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. During 2020, da Vinci procedure volumes and system placements were significantly impacted by the COVID-19 pandemic, as healthcare systems around the world diverted resources to respond to COVID-19. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. That concludes our prepared comments. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. Cost basis and return based on previous market day close. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. your options for e-mail notification, please enter your e-mail address below and click It flows from respect for and understanding of patients and care teams, their needs, and their environment. Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. All of that, to me, indicates that the business feels in balance. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . 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. It's a highly penetrated laparoscopic indication in the United States. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Data Provided by Refinitiv. The fourth quarter 2021 system shipments included 143systems shipped under operating lease and usage-based arrangements, compared with 120 systems in thefourth quarter of 2020. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Four of the systems placed in the first quarter were SP Systems, reflecting continued measured rollout of SP. Cardio medical GmbH 10.4. INTUITIVE SURGICAL, INC.UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME(IN MILLIONS, EXCEPT PER SHARE DATA), INTUITIVE SURGICAL, INC.UNAUDITED TWELVE MONTHS ENDED CONDENSED CONSOLIDATED STATEMENTS OF INCOME(IN MILLIONS, EXCEPT PER SHARE DATA), INTUITIVE SURGICAL, INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(IN MILLIONS), INTUITIVE SURGICAL, INC.UNAUDITED RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES(IN MILLIONS, EXCEPT PER SHARE DATA), Contact: Investor Relations(408) 523-2161. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. 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. Listen to Webcast. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. Congrats on the quarter. And I know case rises have been largely decoupled from hospitalizations. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. So I'd encourage those folks on the call, it's likely to be a comparison of ecosystems in delivering the Quad Aim over time. (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. But I don't have scientific evidence. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., net income per diluted share attributable to Intuitive Surgical, Inc., and diluted shares are reported on a GAAP and non-GAAP* basis. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. 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. That's helpful, Gary. 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. From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. 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. These programs together trained over 2,200 care team members in the quarter, showing organizational strength and localizing programs, and responding with agility to pandemic-influenced demand. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. . To change your e-mail options at So we're making those investments to move that forward. 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. In the U.S., Q2 procedure results were positively impacted by a continuing recovery from COVID-19, including, we believe, a number of procedures that had been previously deferred. Yeah. The next page will display a menu of options. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. We're clearly seeing that in markets like India, Taiwan, there's been an impact in terms of how they've handled that from a healthcare system perspective and the resulting impact on our procedures. 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. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. Those things are ongoing now. Additional revenue statistics and trends are as follows. And at this time, I would like to turn the conference over to our host, senior director of finance, investor relations for Intuitive, Mr. Calvin Darling. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. Dec 2017 - Aug 20213 years 9 months. From the top, I think you said the right thing, which is there's a little bit of a decoupling thus far of infection from hospitalization. And so I think you're going to see this quarter was extraordinary in terms of the operating profit margin and that we'll -- it will be lower in future quarters, given what I just described. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. I think that would be a mistake. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . Last page last E-mail Alerts. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. And the capital to support that demand has not run ahead of the procedure demand. 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. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? Analysts: . Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The stock movement pushed Intuitive . 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 6%. As a result, we expect lower trade-in transactions over time. So it takes a while. Email: investor.relations@intusurg.com. 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. To choose In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. So I think all of you on the call, you should expect increased alternatives for the customer base. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. Building a great robot is a hard first step. User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. And that has implications for the kind of imaging we do, it has implications for task analysis and training, and we're doing those things, and those can be aggregated across a surgical platform. Trade-in activity can fluctuate and be difficult to predict. It has been. 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. Thank you for joining us today. [Operator Instructions] As a reminder, today's call is being recorded. Where are we going with this one? We will now open the call to your questions. Fourth quarter 2022 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $18 million, or $0.05 per diluted share, compared with $27 million, or $0.07 per diluted share, in the fourth quarter of 2021. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. A couple of things. And I kind of articulated what those were, travel and so forth. Higherfourthquarter revenue was driven by growth in da Vinci procedure volume and system placements. I will now turn to our financial outlook for 2021. 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. 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. From the low-end perspective, the 27% reflected there is greater summer seasonality that reflects the possibility of an impact due to pent-up demand for vacation, especially for healthcare workers that have worked extensively during this period with COVID. On the why side, it's -- bariatrics has been a little different than other procedure for us. And we expect those to come back as COVID goes away and the restrictions on travel and the restrictions on other activities go away. 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Want $1 Million in Retirement? Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. Submit. There are no upcoming events available at this time. Yeah. Phone: 408-523-2161 Bringing it all together. Intuitive Surgical Investor Relations. And I guess why won't that continue? There were nearly 1,500 Ion procedures completed in the second quarter. How are you thinking about competition? I guess first question on guidance. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. I hear your question is asking us how much is left, how much of the catch-up is left. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. 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%. 2021 Intuitive Sustainability Report 7.8 MB. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations.
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