And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. Thirty-eight percent of systems placed in the second quarter involved trade-ins, which is lower than the 40% last year and the 44% last quarter. Or any color you can provide on that? Colorectal growth was strong, with solid growth in malignant hysterectomy, thoracic, and prostatectomy procedures. 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. What we've seen, though, is that what happens in the PowerPoints and what happens a year later is different. Good afternoon, everybody. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. 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. any time, re-enter your e-mail address and click Submit, then adjust your form entries. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . 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. Jamie will provide additional procedure commentary later in this call. Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. 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. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. Leasing represented 33% of current quarter placements, compared with 29% last year and 43% last quarter. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. China procedure growth remains strong and broad-based as a result of continued expansion of the installed base under the current quota. Buy These 2 Stocks in 2023 and Hold for the Next Decade, 2 Growth Stocks to Buy Before the Big Bull Rally, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. Please go ahead, sir. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. Contact Information. 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. Yes. And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. We work closely and collaboratively . It's hard to have a precise measure on it. In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. Our second-quarter pro forma net income was $477 million or $3.92 per share, compared with $132 million or $1.11 per share for the second quarter of 2020 and $427 million or $3.52 per share for the last quarter. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. But I don't have scientific evidence. 07/21/22 - 1:30 PM PDT. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. Higherfourthquarter revenue was driven by growth in da Vinci procedure volume and system placements. I'll maybe start with Marshall on the first one and then go to Gary for the second one. (USD millions), considering 2021 as the base year . So energy and stapling and other things, we think that is possible. Copyright 2023 Intuitive Surgical. 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 . Roughly a third of our team works in the manufacturer test and distribution of our products. Intuitive Surgical Investor Presentation. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. We also -- the business came back faster than we had anticipated. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . The Zacks . In Europe, the impact of COVID in the second quarter of 2021 varied regionally with slower recovery in Italy and France, while we saw early stages of a recovery in the U.K. 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. 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. We expect our pro forma rate for the last six months of 2021 to be between 21% and 22% versus our previous guidance of 20% to 21%, reflecting a greater proportion of U.S. income for the year. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. Dec 2017 - Aug 20213 years 9 months. Can you maybe just talk a little bit about the road map? Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. 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. The rise in earnings was driven by higher . And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. All Rights Reserved. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. The call will be webcast by Nasdaq OMX and can be accessed on Intuitives website at www.intuitive.com or by dialing (877) 692-8955 using the access code 5830756. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. 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. I think there's elements of our spend that have been restrained because of -- restricted because of COVID and its impact. COVID has impacted global supplies of semiconductors and other materials used in our products, while we carry safety stocks of critical components and are otherwise working to secure supply necessary to ensure fulfillment of customer demand, global shortages could result in higher production costs and production development and regulatory delays. And then on SG&A, kind of same kind of question. OK. Well, thank you, and our moderator, that was our last question. Can you talk about kind of next steps to the program here, particular geographies you're targeting? So short answer there is just kind of a reminder of what we're trying to do. And Jamie, as to kind of where we are. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. 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. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP EPS exclude items such as intangible asset charges, re-measurement of contingent consideration, SBC and long-term incentive plan expenses, excess tax benefits or deficiencies associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfer of non-inventory assets, which are primarily recurring items. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. You may automatically receive Intuitive Surgical financial information by e-mail. 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. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. A couple of things. 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. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. The stock split will take place after market close on October 5th, 2021. I'll speak to my impression, but I caveat it, it's one person's impression. To choose 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. The fourth quarter 2022 system placements included 154systems placed under operating lease and usage-based arrangements, compared with 143 systems in thefourth quarter of 2021. Tuesday, October 18, 2022 4:30 PM EDT . Based in Sunnyvale, California. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP EPS exclude items such as amortization of intangible assets, SBC and long-term incentive plan expenses, excess tax benefits or deficiencies associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfer of non-inventory assets, which are primarily recurring items. During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. OK, great. 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. Next, we will go to Amit Hazan with Goldman Sachs. 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. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Intuitive Surgical -Export management Iqm selezione - 07.2021 . Doctors talking to us about further expansion of utilization. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. 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. SP procedures grew 133% year over year, with much of that growth coming from the United States. 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. Marshall L. Mohr Executive Vice President and Chief Financial Officer. All Rights Reserved. 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. (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. 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. Just anything you could talk to there would be helpful. 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 constant currency revenue percentage change is calculated by determining the increase in the current period constant currency revenue over the prior period revenue. (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. 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. Just so really speaking backward-looking, so far, so good. In the quarter, strong trade-ins of older-generation systems for our fourth-generation products and strength in multi-system deals continue to support our thesis that customers that know us best continue to invest with us going forward. Yeah, sure. 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). The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. I think that's anecdotal. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. . 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. . We are in the execution and launch phase of four efforts. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. 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. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Transitory was out a few years ago and CMR has been out and now Medtronic. We think we stand up pretty well to those comparisons, and we're ready to help them pursue their aims as the year proceeds. 06/14/22 - 1:20 PM PDT. Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. As the phases of the pandemic evolve, we're supporting our team in addressing the opportunities and challenges posed by the pandemic and the ways we work. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. What's left to do from maybe a product or procedure or instrument point of view? 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. [Operator instructions] And for our first question, we will go to Tycho Peterson. Listen to Webcast. I think that's what's been driving our success in the early market. You have to do it. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. To choose The number we're watching closely is hospitalization. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. The next page will display a menu of options. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. So it takes a while. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. To choose To change your e-mail options at 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. European procedure growth was generally healthy, though varied by country. We have continued the launch of our My Intuitive app, including launching to first users in Europe. They're calling on customers. Larry Biegelsen -- Wells Fargo Securities -- Analyst. 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. 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. 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. See www.intuitive.com/trademarks. Cardio medical GmbH 10.4. 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. Some of them are included in our service contracts, some of them are on a per-use basis. So I wouldn't start building lots of leverage into your models. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . It links into some of the other things you're talking about. See www.intuitive.com/trademarks. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. 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. Fourth quarter 2022 GAAP income from operations included share-based compensation expense of $129 million, compared with $120 million in the fourth quarter of 2021. I will also summarize our GAAP performance later in my prepared remarks. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. 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. Jamie, I'll let you take it from there. And I suspect that's most of what we're seeing, at least in the United States in terms of that. As a result, we expect lower trade-in transactions over time. And we think that the extended use instruments lowers barriers for purchases of systems. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Go ahead, Mr. Hopkins. We will now open the call to your questions. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. All Rights Reserved. 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. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. And so we see that as a benefit also with respect to feedback from surgeons. Incredible returns through ups and downs. 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. Extended use instruments were introduced into the U.S. and Europe in the fourth quarter, in most other markets in the first six months of this year, except China due to regulatory timelines. 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. In Q2, we launched our SureForm stapling line in India. 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. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. Thank you. That low end also reflects some impact of a resurgence in the U.S. 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. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. A contribution to the Intuitive Foundation reduced fourth quarter 2021 GAAP and non-GAAP* income from operations by $30 million. The stock movement pushed Intuitive . On the benign side, often the diagnostic pipelines are shorter. Copyright 2023 Intuitive Surgical. And I'd just be curious to -- since you all are calling it out repeatedly as an important incremental growth driver, where are we now, in your view, in that, I'm sure, multiyear, long-term adoption process? Intuitive Surgical Investor Relations. Intuitive Surgical 10.5. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. I will now summarize our GAAP results. Submit. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. Listen to Webcast. The Motley Fool owns shares of and recommends Intuitive Surgical. That will play out over the next several quarters as we accrue patients. The higherfourth quarter revenue was driven by growth in da Vinci procedure volume, partially offset by a decline in system placements and foreign currency impacts. 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. (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. As I conclude, for the balance of the year, we're focused on the following: first, agile and flexible support for our customers globally as they need it, often addressing the return of surgical patients to treatment. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. On the why side, it's -- bariatrics has been a little different than other procedure for us. 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. Please go ahead. We continue to see significant utilization variance by region due to pandemic differences. Trade-in activity can fluctuate and be difficult to predict. Current quarter system placements included 63 into Europe, 16 into Japan, and 19 into China, compared with 18 into Europe, 18 into Japan, and 21 into China in the second quarter of 2020. With regard to income tax, we expect the range of our second-half 2021 pro forma tax rate to be between 21% and 22% of pre-tax income, slightly higher than the range we provided on the last call, reflecting a higher mix of U.S. income. It last split in October of 2017. 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. *Average returns of all recommendations since inception. And I have one follow-up. So here's kind of where we stand with the backlog. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! What was the second part of your question again, Larry? 07/21/22 - 1:30 PM PDT. 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. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. I mean, how do you know there was catch-up from the backlog in Q2? ET. 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. We think there's an opportunity to look at correlations between surgeon performance and outcomes. 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. Yeah. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 million during the quarter, primarily driven by share repurchases of $1 billion and capital expenditures, partially offset by cash generated from operations.

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