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. [Operator instructions] As a reminder, this conference is being recorded. 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. Intuitive Surgical, Inc.Which belongs to the Zacks Medical - Instruments industry, posted revenues of $1.29 billion for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 16. . Just to be clear on your answer to Tycho's question. - building a financial model and investor presentation for fundraising . And basically, still underpenetrated, big opportunity. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. 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. 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. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. You may automatically receive Intuitive Surgical financial information by e-mail. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. So short answer there is just kind of a reminder of what we're trying to do. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems . After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. So from a core demand point of view or disease state, that's clearly out there and accumulating, and it has to get processed through. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. 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. 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 . Capital placements for the first six months of 2021 were in line with procedure and utilization growth. 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. 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 Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . I think there's elements of our spend that have been restrained because of -- restricted because of COVID and its impact. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. 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. The rise in earnings was driven by higher . Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. Submit. 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. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . Given the stronger recovery of procedures we have experienced so far, particularly in the U.S., and strength in U.S. general surgery, we are now increasing our forecast and expect full-year 2021 procedure growth of 27% to 30%. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . 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. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys joint venture, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., to its employees that vest over four years and can remain outstanding for seven to ten years. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? Most of our offices globally are reopening with this hybrid approach. 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? Clinical trial sites completed enrollment for our PRECIsE clinical trial. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . All Rights Reserved. Intuitive Surgical Investor Presentation. 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. And we're pleased. 07/21/22 - 1:30 PM PDT. So that's a multi-quarter conversation. Health . Our technologies include 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. Good afternoon, everybody. Pro forma gross margin for the second quarter of 2021 was 71.7%, compared with 62.4% for the second quarter of 2020 and 71.8% last quarter. Marshall L. Mohr Executive Vice President and Chief Financial Officer. We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. It is in fact a physically taxing procedure, as Gary described. Non-GAAP income from operations. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. You've been spending a lot there. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. . Macroeconomic conditions created by COVID could regionally impact hospital capital spending. 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. You may automatically receive Intuitive Surgical financial information by e-mail. Jamie, in his commentary, said that a lot of those procedures are benign procedures, many of them are shorter duration than longer or more complex disease states. Or is it too early, and you're just saying that might happen in the future? Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. 2021 Proxy Statement - Special Meeting 224.6 KB. In short, our commercial business has recovered more quickly than our spending due to the different ways that pandemic impacts our customers, our supply chains, and our hiring. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. And I guess why won't that continue? I will now turn to our financial outlook for 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. 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. 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. The Company ended the fourth quarter of 2021 with $8.6 billion in cash, cash equivalents, and investments, an increase of $400million during the quarter, primarily driven by cash generated from operations. Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. This press release contains forward-looking statements. Investor's Business Daily . Presenter SpeechKari Krogstad Okay. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. Our actual gross profit margin will vary quarter to quarter depending largely on product, regional, and trade-in mix, the impact of product cost reductions, and manufacturing efficiencies and pricing pressure. 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. 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. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. We are developing and deploying technology-enabled ecosystems to support our customers' pursuit of the Quadruple Aim, better outcomes, better patient experiences, better care team experiences, and lower total cost to treat per patient episode. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. 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. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. Our actual tax rate will fluctuate with changes in the geographic mix of income, changes in taxation made by local authorities, and with the impact of one-time items. There appears to be some. My name is Kari Krogstad. . Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. Four of the systems placed in the first quarter were SP Systems, reflecting continued measured rollout of SP. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. Additional revenue statistics and trends are as follows. We recognized $26 million of lease buyout revenue in the second quarter, compared with $9 million last year and $19 million last quarter. Looking forward, we see the following capital revenue dynamics. Non-GAAP gross profit. These forward-looking statements are necessarily estimates reflecting the best judgment of the our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. 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. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. Jamie will provide spend guidance later in this call. The Company defines non-GAAP income from operations as income from operations, excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, and a gain on the sale of a business. So we're making those investments to move that forward. - Received full travel grant to attend Google I/O 2019. 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. 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. 2022 Proxy Statement 36.4 MB. Well, I'll add one bit of color to that. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. With an initial focus on BPH, the company's AquaBeam Robotic System delivering Aquablation therapy, is the first FDA-cleared, automated surgical robot for the treatment of lower urinary tract symptoms (LUTS) due to benign prostatic hyperplasia (BPH). COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. your options for e-mail notification, please enter your e-mail address below and click your options for e-mail notification, please enter your e-mail address below and click Cardio medical GmbH 10.4. That said, other teams are out. 10/08/22 - 11:00 AM EDT. It's the impact on hospitalizations. Our focus right now is not rapid expansion of the installed base. We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? Growth in Japan was solid but was impacted by a relatively slow rollout of vaccines and the impact of localized lockdowns as a result of ongoing efforts to prevent resurgences of COVID-19. It doesn't seem like the backlog would be exhausted just after one quarter. Turning to gross profit. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! That concludes our prepared comments. 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. 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. It flows from respect for and understanding of patients and care teams, their needs, and their environment. 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. In addition, COVID delayed some R&D work, resulting in underspend on prototypes. 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. 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. Invest better with The Motley Fool. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. 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 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. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. So I wouldn't start building lots of leverage into your models. You go from an issue to identification to closure more quickly. Higherfourthquarter revenue was driven by growth in da Vinci procedure volume and system placements. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. In May of this year, Dr. Karl LeBlanc from our Lady of the Lake Medical Center in Baton Rouge, Louisiana, published results from a multi-center study comparing short-term outcomes for incisional hernia, published in the Hernia Journal entitled Robotic-Assisted Laparoscopic and Open Incisional Hernia Repair: Early Outcomes from the Prospective Hernia study. Copyright 2023 Intuitive Surgical. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. Excellent communication and presentation skills. It's a highly penetrated laparoscopic indication in the United States. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. 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. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. Or any color you can provide on that? 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. Listen to Webcast. In terms of procedure categories, bariatrics continued the strength that we've seen for some time. 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. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . 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. So energy and stapling and other things, we think that is possible. It links into some of the other things you're talking about. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. We will now open the call to your questions. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $27 million, or $0.07 per share, compared with $21 million, or $0.06 per share, in the fourth quarter of 2020. We did not repurchase any shares in the quarter. You may automatically receive Intuitive Surgical financial information by e-mail. The Company grew its da Vinci Surgical System installed base to 6,730 systems as of, Fourth quarter 2021 GAAP net income attributable to Intuitive was $381million, or, Fourth quarter 2021 non-GAAP* net income attributable to Intuitive was. All Rights Reserved. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Data Provided by Refinitiv. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. 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. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. A couple of things I'd say. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Doctors talking to us about further expansion of utilization. To choose Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. Tuesday, October 18, 2022 4:30 PM EDT . 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. So here's kind of where we stand with the backlog. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. I'm just curious from what you see out there, is this broadly reflective of what you think is going on in the marketplace for surgical procedures? 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. I think the thing that we'd call out is it's not the case rates per se to monitor. In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. Hi, Gary. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2020, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, as updated by the Companys other filings with the Securities and Exchange Commission. Yes. Fourth quarter 2021 GAAP income from operations included share-based compensation expense of $120 million, compared with $104 million in the fourth quarter of 2020. And so we're going to continue to invest. 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. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. And Jamie, as to kind of where we are. 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. These awards are valued based on certain key performance metrics. Corporate Governance Guidelines 384.4 KB. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . 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, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. All Rights Reserved. We don't actually know how much backlog was resolved in the quarter, how much backlog is left or the timing of the recovery of that might be. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. To understand our system placement and capital performance over this period, we look to annual system utilization trends, which have recovered to utilization rates at the high end of our historical averages. your options for e-mail notification, please enter your e-mail address below and click
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