Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. This press release contains forward-looking statements. Instrument and accessory revenue per procedure of $1,940 increased, compared with $1,900 per procedure for the second quarter of last year, and decreased, compared with $1,950 per procedure in the first quarter. So bariatric obviously has been highly laparoscopically penetrated historically. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. Procedures recovered nicely in Q2. Incredible returns through ups and downs. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about our results of operations, growth strategy and commercial opportunity. An investor who invested $10,000 in Warren Buffett's hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made . For nearly three decades we've created products and services born of inspiration and intelligencefrom robotic-assisted surgical systems to data generation that unlocks the potential to benefit care systems worldwide. For more information, please visit the Companys website at www.intuitive.com. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. Q4 2022 INTUITIVE Earnings Conference Call, INTUITIVE at J.P. Morgan Healthcare Conference, Q3 2022 INTUITIVE Earnings Conference Call, INTUITIVE at 2022 Wells Fargo Healthcare Conference, Q2 2022 INTUITIVE Earnings Conference Call, INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference, INTUITIVE at BofA Securities 2022 Healthcare Conference, Q1 2022 INTUITIVE Earnings Conference Call. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. The next page will display a menu of options. And as we've said in the past, if we can bring the right system with the right instruments, the right imaging, and the right usability, the right ease of use, we think that surgeons will care. A reconciliation between our pro forma and GAAP results is posted on our website. Cost basis and return based on previous market day close. It has been. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding intangible asset charges, non-cash impairment charges and recoveries, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, litigation charges and recoveries, 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, a one-time tax benefit from re-measurement of certain deferred tax assets, and the net tax effects related to intra-entity transfers of non-inventory assets. Thanks. Copyright 2023 Intuitive Surgical. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. The Motley Fool has a disclosure policy. 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. Or is it too early, and you're just saying that might happen in the future? You may automatically receive Intuitive Surgical financial information by e-mail. Revenues are anticipated to be about $1.55 . Jamie Samath -- Senior Vice President of Finance. To change your e-mail options at Submit. For more information, please visit the Companys website at www.intuitive.com. Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.neuropace.com, on the Investors page in the News & Events section. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. 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. To choose 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. 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. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. So short answer there is just kind of a reminder of what we're trying to do. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. Copyright 2023 Intuitive Surgical. Copyright 2023 Intuitive Surgical. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. The Motley Fool owns shares of and recommends Intuitive Surgical. We also saw an increase in our IDN customers opening new da Vinci and Ion programs in hospitals within their network that did not previously have an Intuitive robotics program, indicating their interest in diversifying access to Intuitive programs across their networks. To change your e-mail options at Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. Just in 2021 there were more than . Pagination. However, that charge generated -- that change generated a long-term benefit of $66 million that is recognized currently in GAAP income and will be recognized ratably over approximately 10 years in pro forma income. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. 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. Listen to Webcast. 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 rise in earnings was driven by higher . Thanks, Tycho. 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? Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. . 2021 Intuitive Sustainability Report 7.8 MB. Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. Gary, a separate topic. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. The next page will display a menu of options. 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. Cardio medical GmbH 10.4. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? 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. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. Ladies and . Now that the dust . That's right -- theythink these 10stocks are even better buys. 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. 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. And we think that the extended use instruments lowers barriers for purchases of systems. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. 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. . Jan 2023 - Present3 months. 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. And I have one follow-up. At this time, all participants are in listen-only mode. 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 will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. 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. 3 min read. 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. 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. Jamie Samath Senior Vice President of Finance 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. To change your e-mail options at How are you thinking about competition? 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. My Intuitive allows surgeons and care team members to access their data, to manage their profile, their learning, and otherwise interact with Intuitive through an easy-to-use mobile app in the palm of their hand. (2021) Dropped off in 2022. [Operator instructions] As a reminder, this conference is being recorded. I think the product ecosystem with XI with a 60-millimeter stapler is in good shape, and we're getting good feedback from surgeons in that regard. 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. So here's kind of where we stand with the backlog. 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." Non-GAAP income from operations. 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. One is we are focused on making sure that our ecosystem, our products, our systems, everything goes around it really delivers against the Quadruple Aim all the way through. Keep up-to-date with changes . 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. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. Now turning to the clinical side of our business. your options for e-mail notification, please enter your e-mail address below and click 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. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. Current page 1; Page 2; Page 3; . 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. 10/08/22 - 11:00 AM EDT. Outside the U.S., we placed 115 systems in the second quarter, compared with 72 in the second quarter of 2020 and 108 systems last quarter. 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. 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. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. Please go ahead. Customer adjustment of buying patterns will reduce I&A revenue per procedure. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. China continued the strength that we've seen over the last couple of quarters. 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. You have to do it. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. And then on SG&A, kind of same kind of question. The Company 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. And finally, we will host a question-and-answer session. You may automatically receive Intuitive Surgical financial information by e-mail. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Next, we'll go to Bob Hopkins with Bank of America. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. A contribution to the Intuitive Foundation reduced fourth quarter 2021 GAAP and non-GAAP* income from operations by $30 million. We're OK. We're not frightened of that. Investor's Business Daily . 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . As part of our mission, we believe that minimally invasive care is life-enhancing care. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Submit. So I wouldn't start building lots of leverage into your models. 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 . Intuitive Surgical -Export management Iqm selezione - 07.2021 . There appears to be some. Please go ahead. 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. Our overall second-quarter procedure growth was 68%, compared to a decline of 19% during the second quarter of 2020, which reflected a significant adverse impact from the COVID-19 pandemic. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. How close we are to maybe seeing something that you can monetize? Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. (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.