Procedures recovered nicely in Q2. We have continued the launch of our My Intuitive app, including launching to first users in Europe. Our digital learning programs continue to be an important part of our overall learning initiatives. Google's Women Techmakers program provides visibility, community, and resources for women in technology. J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. We expect spending on activities restricted by COVID to increase as the impacts of the pandemic decline. To the extent that hospitalizations expand significantly due to COVID and its variants, like currently being experienced in parts of the world, it could negatively impact da Vinci procedures. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Submit. In Q2, we launched our SureForm stapling line in India. User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. 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. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. Thank you for joining us today. Gosh, that's awfully encouraging sounding. Good afternoon. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. All Rights Reserved. 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. 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. 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. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. Invest better with The Motley Fool. Listen to Webcast. 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. Thanks. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. So short answer there is just kind of a reminder of what we're trying to do. The next page will display a menu of options. Follow Allison Gatlin on Twitter at @IBD_AGatlin . I just wondered, are you suggesting or should we be thinking that we could be in the front of a new wave of capital acquisition, with again, capital released because of the need to add additional systems to accommodate the expanding number of procedures? PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. Next, we go over to Larry Beigelsen with Wells Fargo. 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. I guess first question on guidance. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. Plan to attend GIANT 2022. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. 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. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. (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. In addition, COVID delayed some R&D work, resulting in underspend on prototypes. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. And I guess why won't that continue? The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. The stock split will take place after market close on October 5th, 2021. Jamie will take you through procedure dynamics in more detail later in the call. Examining procedure trends more deeply. Doctors talking to us about further expansion of utilization. A couple of things I'd say. Intuitive Surgical Investor Relations. 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. Presenter SpeechKari Krogstad Okay. You may automatically receive Intuitive Surgical financial information by e-mail. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . May 2021 - Present 1 year 10 months. . But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. Moving on to capital placements. 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. 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. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Keep up-to-date with changes . 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . 2022 Proxy Statement 36.4 MB. There were nearly 1,500 Ion procedures completed in the second quarter. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Shares of Intuitive Surgical jumped as much as 9.8% on Wednesday to a record high of $891.15 after the robotic surgery company crushed first quarter earnings. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. Just in 2021 there were more than . 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. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on the Companys business, financial condition, and results of operations, future results of operations, future financial position, the Companys financing plans and future capital requirements, the Companys potential tax assets or liabilities, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which the Company operates and the Companys beliefs and assumptions regarding these economies and markets. Investor's Business Daily . Customer appreciation and recurring use of our products has been growing nicely. 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. 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. We recognized $26 million of lease buyout revenue in the second quarter, compared with $9 million last year and $19 million last quarter. Today's press release and supplementary financial data tables have been posted to our website. 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 . In addition to that, we still think this is a great opportunity to continue to invest in the ecosystem of products and capabilities at this point in time before competition really gets any kind of toehold. Our focus right now is not rapid expansion of the installed base. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. Copyright 2023 Intuitive Surgical. 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. 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. Listen to Webcast. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. 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. So we're excited about that because it gives them fast and easy access. Our technologies include the da Vinci surgical system and the Ion endoluminal system. Non-GAAP income from operations. SP procedures grew 133% year over year, with much of that growth coming from the United States. Visit www.intuitive.com/en-us/products-and-services/ion. 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. Intuitive Surgical -Export management Iqm selezione - 07.2021 . 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. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. Intuitive Surgical, Inc. is the global technology leader in robotic-assisted minimally invasive surgery (MIS). 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 impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. Thank you. To change your e-mail options at Listen to Webcast. Next, we'll go to Bob Hopkins with Bank of America. 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. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems . The next page will display a menu of options. Marshall L. Mohr Executive Vice President and Chief Financial Officer. Yeah, sure. Thank you. 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. - Received full travel grant to attend Google I/O 2019. And with that, I'd like to turn it over to Jamie. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. System placements came in above plan, and system ASP and I&A revenue per procedure tracked slightly above our expectations, together driving revenue of $1.46 billion in Q2. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. You may automatically receive Intuitive Surgical financial information by e-mail. 07/21/22 - 1:30 PM PDT. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. So those are the drivers we watch. Submit. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. 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. To choose INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. I will also summarize our GAAP performance later in my prepared remarks. What was the second part of your question again, Larry? So it takes a while. 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. Thank you for your support on this extraordinary journey. 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. 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. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. 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. All Rights Reserved. Over 5 years of experience in working with experienced consultants in the banking and high-tech sectors to drive projects and initiatives in a cross-cultural environment. 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). Listen to Webcast. To change your e-mail options at Submit. 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. (1) Selling, general and administrative includes the effect of the following item: (2) Income from operations includes the effect of the following items: (3) Interest and other income, net includes the effect of the following item: (4) Income tax expense includes the effect of the following item: Excess tax benefits related to share-based compensation arrangements, (5) Diluted net income per share attributable to, Amortization of intangible assets, net of tax, Gains (losses) on strategic investments, net of tax. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. 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. To choose Intuitive Surgical Investor Presentation. Larry Biegelsen -- Wells Fargo Securities -- Analyst. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. (2021) Dropped off in 2022. 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. The next page will display a menu of options. I'll speak to my impression, but I caveat it, it's one person's impression. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. 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. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. We think we stand up pretty well to those comparisons, and we're ready to help them pursue their aims as the year proceeds. To choose You may automatically receive Intuitive Surgical financial information by e-mail. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. The next page will display a menu of options. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. 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. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. You have to do it. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . Marshall will provide a review of our financial results. And I suspect that's most of what we're seeing, at least in the United States in terms of that. 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. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. Ladies and . 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . Jamie Samath Senior Vice President of Finance 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. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. 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. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. The system features an ultra-thin, ultra-maneuverable catheter that allows navigation far into the peripheral lung and provides the unprecedented stability necessary for precision in biopsy. Corporate Governance Guidelines 384.4 KB. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. How are you thinking about competition? 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. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. 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. 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. Calvin Darling -- Senior Director of Finance, Investor Relations. Can you talk about kind of next steps to the program here, particular geographies you're targeting? And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. During the first half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in the U.S. and Europe followed by recoveries. Leasing and alternative financing arrangements enable customer access to capital. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. Email: investor.relations@intusurg.com. 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 I think those are the key kind of procedure highlights. 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. 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. The painful part is the investment troughs are deep in the early and middle years of those product cycles. General surgery growth in the U.S. was strong, and in addition to the positive impact from patient backlogs, reflected increasing access for surgeons to our fourth-generation technology. You've got COVID. The Motley Fool has a disclosure policy. And so we'll spend there. Yes. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. 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? INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Our SEC filings can be found through our website or at the SEC's website. 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. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. Even then, it's not enough. Dec 2017 - Aug 20213 years 9 months. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. 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. 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. The number we're watching closely is hospitalization. Looking forward, we see the following capital revenue dynamics. Instruments and accessories, training programs, support staff, analytics capability, publication, scientific publications demonstrating what you've done, the analytics, and evidence-based build are all, I think, important. Intuitive Surgical Asensus Surgical . So I think all of you on the call, you should expect increased alternatives for the customer base. 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. The second reason to invest in Intuitive Surgical is its incredible profitability. The split must be approved by the shareholders but this is merely a formality. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. 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. That said, other teams are out. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low.