There appears to be some. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. 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. It flows from respect for and understanding of patients and care teams, their needs, and their environment. Visit www.intuitive.com/en-us/products-and-services/ion. 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. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. I think the noise levels will go up. 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. Looking forward, we see the following capital revenue dynamics. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. Bob Hopkins -- Bank of America Merrill Lynch -- Analyst. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. We anticipate iterating our approach as we learn and the year progresses. I think our customers will take their time to evaluate new things as they go. OK, great. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. 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. The split must be approved by the shareholders but this is merely a formality. 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. 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. Intuitive Surgical didn't offer an outlook for 2021. The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. Gosh, that's awfully encouraging sounding. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. To make the world smarter, happier, and richer. I'll speak to my impression, but I caveat it, it's one person's impression. Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. 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. Forward-looking statements relate to expectations concerning matters that are not historical facts. While the percentage of systems placed under operating leases fluctuates quarter to quarter, we believe leasing will increase as a percentage of sales over time, which will result in the deferral of otherwise current revenue into future periods. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. 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. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. 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. We also -- the business came back faster than we had anticipated. Mehr Brsen-Nachrichten . Having said that, it's a difficult procedure for surgeons to perform. Cardio medical GmbH 10.4. And our posture to that has been -- it may delay some sales as we may have some competitive conversations and tenders, and we'll lose some. Additional revenue statistics and trends are as follows. Yeah. Submit. (USD millions), considering 2021 as the base year . 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%. your options for e-mail notification, please enter your e-mail address below and click Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. There are several models of the da Vinci Surgical System. Our pro forma effective tax rate for the second quarter was approximately 25%. Please go ahead, sir. Intuitive Surgical, Inc. is the global technology leader in robotic-assisted minimally invasive surgery (MIS). We've seen that in some OUS markets. We're OK. We're not frightened of that. Marshall L. Mohr Executive Vice President and Chief Financial Officer. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. We could see one large competitor approved in the second half of this year. INTUITIVE at 2022 Wells Fargo Healthcare Conference. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. 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. These forward-looking statements are necessarily estimates reflecting the judgment of the Companys 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. The stock split will take place after market close on October 5th, 2021. 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? Keep up-to-date with changes . See www.intuitive.com/trademarks. Phone: 408-523-2161 Next, we go over to Larry Beigelsen with Wells Fargo. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. 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. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on our business, financial condition, and results of operations, the potential impact on our procedure volume, our expected business, procedures, and procedure adoption, future results of operations, future financial position, our ability to increase our revenues, the anticipated mix of our revenues between product and service revenues, our financing plans and future capital requirements, anticipated costs of revenue, anticipated expenses, our potential tax assets or liabilities, our investments, anticipated cash flows, our ability to finance operations from cash flows and similar matters, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which we operate and our beliefs and assumptions regarding those economies and markets. Montreal, Quebec, Canada. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 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 charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. 5001-10,000 Employees. 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. 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. Clinical trial sites completed enrollment for our PRECIsE clinical trial. To choose 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. You may automatically receive Intuitive Surgical financial information by e-mail. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and 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 December31, 2021, and the Companys Quarterly report on Form 10-Q for the quarter ended September 30, 2022, as updated by the Companys other filings with the Securities and Exchange Commission. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. Second-quarter revenue reflected growth in both procedures and system placements. Revenues are anticipated to be about $1.55 . 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. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. There are no upcoming events available at this time. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? . [Operator instructions] As a reminder, this conference is being recorded. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. 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. Procedure growth drives capital purchases in many of our markets. Just in 2021 there were more than . User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. Are you seeing any impact thus far? Calvin Darling -- Senior Director of Finance, Investor Relations. Gary will present the quarter's business and operational highlights. To the extent that COVID impacts procedures, it will also impact capital purchases. 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. 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. 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. Good afternoon. To change your e-mail options at So that's a multi-quarter conversation. Intuitive Surgical's adjusted net . Even though we've seen growth in the procedures that were specifically targeted by extended use instruments, it's hard to discern what is COVID-related versus what is not. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. 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. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. So here's kind of where we stand with the backlog. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. 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. 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. You may automatically receive Intuitive Surgical financial information by e-mail. 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. So we're excited about that because it gives them fast and easy access. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . We work closely and collaboratively . Copyright 2023 Intuitive Surgical. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. 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 . From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. Our SEC filings can be found through our website or at the SEC's website. Gotcha. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. They're giving their PowerPoints about what they think is going to happen next and some other things. ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. Minimum 15 minutes delayed. Please go ahead. Roughly a third of our team works in the manufacturer test and distribution of our products. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Listen to Webcast. And the capital to support that demand has not run ahead of the procedure demand. (4) Income tax expense 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, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. You may automatically receive Intuitive Surgical financial information by e-mail. So we don't really call them out as individual revenue lines. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. Annualized U.S. procedure growth rates are returning to historical levels for procedures with longer diagnostic pipelines as patients have started returning to screening and diagnostic testing. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. 10/08/22 - 11:00 AM EDT. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. (1) Services revenue includes the effect of the following item: (2) Selling, general and administrative includes the effect of the following item: (3) Income from operations includes the effect of the following item: (4) Interest and other income, net includes the effect of the following item: (5) Income tax expense includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements. Yes. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! There were nearly 1,500 Ion procedures completed in the second quarter. And U.S. general surgery, in particular, performed well. So we're making those investments to move that forward. Yes. Investor's Business Daily . Ion system placements and procedures are excluded from our overall system and procedure counts. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. [Operator instructions] And for our first question, we will go to Tycho Peterson. 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 . 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. 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. 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. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. We have a broad range of estimates. Non-GAAP gross profit. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. 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 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. Intuitive Surgical Investor Relations. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. Examining procedure trends more deeply. We're taking a first-principles approach to return-to-office environments with our team, bringing back face-to-face interactions for those tasks best completed in person while enabling hybrid work environments for tasks that are well accomplished by distributed teams. Those things are ongoing now. COVID has delayed some work in R&D and clinical trials, leading to some underspend in programs, prototypes, and some delay in hiring. Thank you. My name is Kari Krogstad. Bringing it all together. Partly, it's delays in getting in and getting tested and starting the journey and then getting in and having a procedure or treatment, whatever that might be. 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. Most of our offices globally are reopening with this hybrid approach. Jamie, anything? 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. Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! We placed four SP systems in the quarter, bringing the total installed base to 79. 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. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. J.P. Morgan Healthcare Conference 2023 Presentation 4.2 MB. We did not repurchase any shares in the quarter. (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. Fourth quarter 2022 GAAP net income attributable to Intuitive Surgical, Inc. was $325 million, or $0.91 per diluted share, compared with $381 million, or $1.04 per diluted share, in the fourth quarter of 2021. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. This growth rate compares with 9% last year and 8% last quarter. And finally, we will host a question-and-answer session. 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. Just on the recent spread of COVID and variants and the potential impact on demand and hospitals' ability to do procedures, are you starting to see that impact now? Having said all of that, it's been a short period since they've had extended use instruments. Starting with procedures. 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. 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. Listen to Webcast. To change your e-mail options at Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. Please go ahead, sir. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. It links into some of the other things you're talking about. 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." 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. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as intangible asset charges, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. your options for e-mail notification, please enter your e-mail address below and click Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. I mean, how do you know there was catch-up from the backlog in Q2? 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 then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. OK. And then just one quick follow-up. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. It doesn't seem like the backlog would be exhausted just after one quarter. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. This presentation contains forward-looking statements.
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