Investors have assigned a high trading . Marshall L. Mohr Executive Vice President and Chief Financial Officer. Next, we go over to Larry Beigelsen with Wells Fargo. To choose Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. Incredible returns through ups and downs. The call will be webcast by Nasdaq OMX and can be accessed on Intuitives website at www.intuitive.com or by dialing (844) 867-6169 using the access code 525958. During the quarter, a group from the Shenzhen Hospital Naval Medical University in China, published a meta-analysis in BMC cancer comparing robotic-assisted thoracic surgery versus video-assisted thoracic surgery, or VATs, for lung lobectomy or segmentectomy in patients with nonsmall cell lung cancer. Contact Information. 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. That's right -- theythink these 10stocks are even better buys. There appears to be some. And that is both painful and an opportunity. 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 TO NON-GAAP FINANCIAL MEASURES(IN MILLIONS, EXCEPT PER SHARE DATA), Contact: Investor Relations(408) 523-2161. Intuitive Surgical Asensus Surgical . Listen to Webcast. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. 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. (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. Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? Larry Biegelsen -- Wells Fargo Securities -- Analyst. There are no upcoming events available at this time. Finally, we are strengthening our digital capabilities across our ecosystem. 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. 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 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. 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. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . We anticipate iterating our approach as we learn and the year progresses. Fourth quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $439 million, or $1.23 per diluted share, compared with $473 million, or $1.29 per diluted share, in the fourth quarter of 2021. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. Investor's Business Daily . The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. 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. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. That said, other teams are out. In this Backstage Pass video, which aired Sept. 29, Motley Fool contributor Brian Withers shares his thoughts on Intuitive Surgical, highlighting the metrics investors need to watch when the . Intuitive Surgical (ticker: ISRG ) reported an adjusted fourth-quarter profit of $1.30 a share, beating forecasts for $1.28 a share, on sales of $1.55 billion, which topped expectations for $1.52 . Intuitive has managed multiple ways of working for many years. In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. 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. Or any color you can provide on that? It doesn't seem like the backlog would be exhausted just after one quarter. And then now we have rolled it out to most other markets in the first six months of this year, except for China where there are longer regulatory timelines. 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. 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. Ion procedures grew sixfold over Q2 2020 to nearly 1,500 procedures in the quarter, reflecting recovery from the pandemic, the growth in new sites, and growth in utilization at existing sites. That concludes our prepared comments. We're doing that as a combination of My Intuitive plus some of the simulation work that we do, plus some of the machine learning and video analysis work that we do. 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. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive Surgical, Inc. divided by non-GAAP diluted shares, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period. So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. Keep up-to-date with changes . 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. OK. That's helpful. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. We believe value creation in surgery and acute care is foundationally human. Intuitive advances minimally invasive care by innovating at the point of possibility. 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. And then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. You may automatically receive Intuitive Surgical financial information by e-mail. 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. any time, re-enter your e-mail address and click Submit, then adjust your form entries. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Next, we'll go to Bob Hopkins with Bank of America. Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. Health . China growth in the second quarter continued to be far higher than our other regions, primarily reflecting the 40% system installation growth over the past year. You may automatically receive Intuitive Surgical financial information by e-mail. It flows from respect for and understanding of patients and care teams, their needs, and their environment. And I have one follow-up. 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. 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. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. We look forward to talking with you again in three months. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. . The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. The rise in earnings was driven by higher . your options for e-mail notification, please enter your e-mail address below and click Finally, our team is making good progress in scaling our operations. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. Building a great robot is a hard first step. Listen to Webcast. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. 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'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? Moving on to capital placements. The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. To change your e-mail options at In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. Growth in our second largest market, China, continued to be strong with multiple specialties contributing. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2020, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, as updated by the Companys other filings with the Securities and Exchange Commission. 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 develops, manufactures and markets the da Vinci surgical system. Thanks, Tycho. Bringing it all together. . 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. . You go from an issue to identification to closure more quickly. Good afternoon. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., net income per diluted share attributable to Intuitive Surgical, Inc., and diluted shares are reported on a GAAP and non-GAAP* basis. These forward-looking statements should, therefore, be considered in light of various important factors, including, but not limited to, the following: the risk that the COVID-19 pandemic could lead to further material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; disruption to our supply chain, including increased difficulties in obtaining a sufficient amount of materials in the semiconductor and other markets; closures of our facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals or clearances from the U.S. Food and Drug Administration (FDA) due to the effects of the COVID-19 pandemic; the evaluation of the risks of robotic-assisted surgery in the presence of infectious diseases; diversion of management and other resources to respond to the COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk that the COVID-19 pandemic continues to disrupt local economies and causes economies in our key markets to enter prolonged recessions; the risk of our inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and market acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including our joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; our completion of and ability to successfully integrate acquisitions, including Orpheus Medical; procedures counts; regulatory approvals, clearances, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; intellectual property positions and litigation; competition in the medical device industry and in the specific markets in which we operate; risks associated with our operations outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; our reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party; product liability and other litigation claims; adverse publicity regarding us and the safety of our products and adequacy of training; our ability to expand into foreign markets; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risk factors. How are you thinking about competition? Having said that, it's a difficult procedure for surgeons to perform. Sure. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. Current page 1; Page 2; Page 3; . SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the quarter. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. 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. 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. Jamie Samath Senior Vice President Finance. I'm just curious from what you see out there, is this broadly reflective of what you think is going on in the marketplace for surgical procedures? And so I think you're going to see this quarter was extraordinary in terms of the operating profit margin and that we'll -- it will be lower in future quarters, given what I just described. I mean, how do you know there was catch-up from the backlog in Q2? So we don't really call them out as individual revenue lines. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. Now turning to the clinical side of our business. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. Last page last E-mail Alerts. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. We also expect spending to increase as a percentage of revenue as investments in headcount, infrastructure, and other support areas catch up to the growth in the business. I think the noise levels will go up. Our focus right now is not rapid expansion of the installed base. 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. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. 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. In other words, happy, very satisfied customers. We placed four SP systems in the quarter, bringing the total installed base to 79. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. 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. 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? We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. Submit. Jamie will provide additional procedure commentary later in this call. And I kind of articulated what those were, travel and so forth. Our technologies include the da Vinci surgical system and the Ion endoluminal system. Yeah. J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . All Rights Reserved. We don't actually know how much backlog was resolved in the quarter, how much backlog is left or the timing of the recovery of that might be. (2021) Dropped off in 2022. That says that we're not putting out more capital than folks need, even though it's been healthy capital quarters, it means our customers are getting good benefit out of what they're using those systems for. Trade-in activity can fluctuate and be difficult to predict. Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. Third, we are launching and refining our flexible diagnostic platform, Ion, by working with early customers to help establish high-performing sites and by improving our technology and supply chain capabilities. While there is likely some amount of backlog that has not yet been addressed, it is difficult to estimate the extent of the remaining backlog and when it will affect future procedure growth. Listen to Webcast. Having said all of that, it's been a short period since they've had extended use instruments. All Rights Reserved. Our focus is in clinical capability and productivity of the installed base we have. . May 2021 - Present 1 year 10 months. Richard Wolf GmbH 10.6 . Intuitive Surgical didn't offer an outlook for 2021. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. Moving on to gross margin and operating expenses. The increase in instruments and accessories revenue was primarily driven by approximately 18% growth in da Vinci procedure volume, partially offset by customer buying patterns and foreign currency impacts. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. It's hard to have a precise measure on it. Thank you for your support on this extraordinary journey. Thank you for joining us today. All of that, to me, indicates that the business feels in balance. 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. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP. The constant currency revenue percentage change is calculated by determining the increase in the current period constant currency revenue over the prior period revenue. . ISRG stock has split before. And we think that the extended use instruments lowers barriers for purchases of systems. Key business metrics for the second quarter were as follows. You may automatically receive Intuitive Surgical financial information by e-mail. All Rights Reserved. During 2020, da Vinci procedure volumes and system placements were significantly impacted by the COVID-19 pandemic, as healthcare systems around the world diverted resources to respond to COVID-19. Just anything you could talk to there would be helpful. 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. your options for e-mail notification, please enter your e-mail address below and click 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. Procedures recovered nicely in Q2. The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. You've got COVID. Jamie will take you through procedure dynamics in more detail later in the call. ET. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. 2022 Proxy Statement 36.4 MB. 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. I think the thing that we'd call out is it's not the case rates per se to monitor. . We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. They use specialized instrumentation, including a miniaturized surgical camera and wristed instruments (i.e., scissors, scalpels, and forceps) that are designed to help with precise dissection and reconstruction deep inside the body. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. It links into some of the other things you're talking about. 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. Cardio medical GmbH 10.4. Yeah, sure. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses.

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