See www.intuitive.com/trademarks. Looking to our finances in the quarter. 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. 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. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . 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. 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 will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. your options for e-mail notification, please enter your e-mail address below and click Hi, Gary. As a result, we expect lower trade-in transactions over time. ISRG stock has split before. 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. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. Tuesday, October 18, 2022 4:30 PM EDT . 06/14/22 - 1:20 PM PDT. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. Obviously, you made some comments about variance and not factoring in kind of an increase. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. Submit. Moving on to capital placements. 06/14/22 - 1:20 PM PDT. And just, you know, on competition, it does seem like the noise is increasing. It's not just the robot. Cost basis and return based on previous market day close. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. China procedure growth remains strong and broad-based as a result of continued expansion of the installed base under the current quota. The next page will display a menu of options. Minimum 15 minutes delayed. 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. . Copyright 2023 Intuitive Surgical. I think our customers will take their time to evaluate new things as they go. 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. First quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $413 million, or $1.13 per diluted share, compared with $427 million, or $1.17 per diluted share, in the first quarter of 2021. We anticipate iterating our approach as we learn and the year progresses. Forward-looking statements relate to expectations concerning matters that are not historical facts. 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. Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. Just a couple of comments. We are developing and deploying technology-enabled ecosystems to support our customers' pursuit of the Quadruple Aim, better outcomes, better patient experiences, better care team experiences, and lower total cost to treat per patient episode. And Jamie, as to kind of where we are. To choose So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. Most of our offices globally are reopening with this hybrid approach. 2022 Proxy Statement 36.4 MB. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. 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. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. I mean, how do you know there was catch-up from the backlog in Q2? ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. - Received full travel grant to attend Google I/O 2019. I'm here together with my CFO, Thomas Jakobsen.. | 2 Mrz 2023 . And I suspect that's most of what we're seeing, at least in the United States in terms of that. 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. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. I think we're going to have to let it play for another few quarters to see. Higherfourthquarter revenue was driven by growth in da Vinci procedure volume and system placements. The Company defines non-GAAP income from operations as income from operations, excluding intangible asset charges, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, and litigation charges and recoveries. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. Leasing and alternative financing arrangements enable customer access to capital. 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 Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. 3 min read. You may automatically receive Intuitive Surgical financial information by e-mail. 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. Investors have assigned a high trading . However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. There appears to be some. Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. Listen to Webcast. 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. We have continued the launch of our My Intuitive app, including launching to first users in Europe. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Companys business. First, we are broadening access to our advanced instruments for our da Vinci Fourth Generation Multiport Systems through pursuit of additional clearances and launches outside the U.S. Second, we are expanding our da Vinci SP offering by broadening its regional and clinical indications and by adding it to its suite of instruments and accessories. And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. 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. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. Montreal, Quebec, Canada. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. 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. Procedures recovered nicely in Q2. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. 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? 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). All Rights Reserved. System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. We think we stand up pretty well to those comparisons, and we're ready to help them pursue their aims as the year proceeds. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. It's physically demanding. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. I'm just curious what the net effect there is from the savings and expense perspective and R&D, whether this is maybe the beginning of you starting to see some leverage off of the 10% you've been at for the last couple of years. 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 . 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. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $27 million, or $0.07 per share, compared with $21 million, or $0.06 per share, in the fourth quarter of 2020. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. 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. 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. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. I will now turn to our financial outlook for 2021. To change your e-mail options at The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. You've got COVID. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 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. See www.intuitive.com/trademarks. 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. Yes. 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. SUNNYVALE, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Intuitive (the Company) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended December31, 2021. Our pro forma effective tax rate for the second quarter was approximately 25%. Email: investor.relations@intusurg.com. OK. Well, thank you, and our moderator, that was our last question. And basically, still underpenetrated, big opportunity. Fourth quarter 2022 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $18 million, or $0.05 per diluted share, compared with $27 million, or $0.07 per diluted share, in the fourth quarter of 2021. To change your e-mail options at 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? [Operator Instructions] As a reminder, today's call is being recorded. Yes. Where are we going with this one? Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. Rick Wise -- Stifel Financial Corp. -- Analyst. any time, re-enter your e-mail address and click Submit, then adjust your form entries. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . Plan to attend GIANT 2022. And the capital to support that demand has not run ahead of the procedure demand. 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. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. And so we watch that number because we know it's highly sensitive. Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. In fact, our commentary is a little bit the opposite that these are being highly utilized. The authors concluded, "The results revealed that robotic-assisted thoracic surgery is a feasible and safe technique compared with VATs in terms of short-term and long-term outcomes." The Motley Fool has a disclosure policy. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most. Later we will have a question-and-answer session. So it takes a while. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Finally, we are strengthening our digital capabilities across our ecosystem. your options for e-mail notification, please enter your e-mail address below and click 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. Richard Wolf GmbH 10.6 . The constant currency revenue percentage change is calculated by determining the increase in the current period constant currency revenue over the prior period revenue. We recognized $26 million of lease buyout revenue in the second quarter, compared with $9 million last year and $19 million last quarter. 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. Second-quarter revenue reflected growth in both procedures and system placements. In the U.S., procedures that are dependent on diagnostic pipelines also grew, albeit at lower rates as compared to benign procedures. 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. The study contains 371 patients that underwent an incisional hernia repair procedure across 17 institutions within the United States between May 2016 and September 2019. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. Intuitive Surgical 10.5. My name is Kari Krogstad. On the benign side, often the diagnostic pipelines are shorter. Now that the dust . Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. To choose You've been spending a lot there. Visit www.intuitive.com/en-us/products-and-services/ion. 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. 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. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . The first and second quarters of 2021 reflect leveraging fixed costs over higher production levels. How close we are to maybe seeing something that you can monetize? (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. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . *Stock Advisor returns as of June 7, 2021. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Colorectal growth was strong, with solid growth in malignant hysterectomy, thoracic, and prostatectomy procedures. It's a highly penetrated laparoscopic indication in the United States. As I believe that focusing on patient-centered strategies combined with leveraging data for research can help to improve the diagnosis, treatment, and prevention of diseases.<br><br>Patient-centered: I'm raising the bar on patient . We are in the execution and launch phase of four efforts. Our SEC filings can be found through our website or at the SEC's website. Please go ahead. Building a great robot is a hard first step. Gotcha. Well, I'll add one bit of color to that. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. Are you seeing any impact thus far? Customer adjustment of buying patterns will reduce I&A revenue per procedure. Can you maybe just talk a little bit about the road map? Given the stronger recovery of procedures we have experienced so far, particularly in the U.S., and strength in U.S. general surgery, we are now increasing our forecast and expect full-year 2021 procedure growth of 27% to 30%. Now turning to the clinical side of our business. And we're building into the broader digital ecosystem for SP. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . Customer appreciation and recurring use of our products has been growing nicely. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs.
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