Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . Most of our offices globally are reopening with this hybrid approach. OK. And then just one quick follow-up. 07/21/22 - 1:30 PM PDT. Good afternoon, everybody. Even though we've seen growth in the procedures that were specifically targeted by extended use instruments, it's hard to discern what is COVID-related versus what is not. There were nearly 1,500 Ion procedures completed in the second quarter. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. TransMedics : Investor Presentation - February 2023 And we expect those to come back as COVID goes away and the restrictions on travel and the restrictions on other activities go away. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. To choose COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. Is Intuitive Surgical a Buy on the Dip? | The Motley Fool 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. (1) Selling, general and administrative includes the effect of the following item: (2) Income from operations includes the effect of the following items: (3) Interest and other income, net includes the effect of the following item: (4) Income tax expense includes the effect of the following item: Excess tax benefits related to share-based compensation arrangements, (5) Diluted net income per share attributable to, Amortization of intangible assets, net of tax, Gains (losses) on strategic investments, net of tax. Let me start with why I think it's adopting, and I'm going to turn to Jamie as to where -- what inning of the baseball game are we in, I'll let Jamie take that. 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. Intuitive Surgical (ISRG) Posts Robust Preliminary Q4 Results All Rights Reserved. User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. We've seen a few teams come out and field systems that are alternatives to ours. 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. And basically, still underpenetrated, big opportunity. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. One on procedures, one on competition. To make the world smarter, happier, and richer. Second-quarter revenue reflected growth in both procedures and system placements. 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. We kind of outlined what was assumed in the high end of the procedure guidance. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. 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. Our total Ion clinical experience is approximately 4,000 cases to date. See www.intuitive.com/trademarks. your options for e-mail notification, please enter your e-mail address below and click Growth in Japan was solid but was impacted by a relatively slow rollout of vaccines and the impact of localized lockdowns as a result of ongoing efforts to prevent resurgences of COVID-19. I think that's anecdotal. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. The next page will display a menu of options. Gotcha. You've got COVID. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. I will describe the highlights of our performance on a non-GAAP or pro forma basis. 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. ISRG stock has split before. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading Risk Factors in the Companys Annual Report on Form 10-K for the year ended December31, 2021, and the Companys Quarterly report on Form 10-Q for the quarter ended September 30, 2022, as updated by the Companys other filings with the Securities and Exchange Commission. Compound annual growth between the second quarters of 2019 and 2021 was 16.5%. Please go ahead. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. . 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. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. Thoracic Surgery Market was valued at USD 3.1 Billion in 2021, and it is expected to reach a CAGR of 7.18 % . The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . Conversion rates to open surgery were lower in the robotic group compared to the laparoscopic group, 0.6% as compared to 4.9%, and reoperation rates in the 30 days post procedure were comparable between robotic and laparoscopic and lower for robotic as compared to open, 0.6% as compared to 3.1%. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Next, we will go to Amit Hazan with Goldman Sachs. 06/14/22 - 1:20 PM PDT. Good afternoon. Google's Women Techmakers program provides visibility, community, and resources for women in technology. You may automatically receive Intuitive Surgical financial information by e-mail. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . 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. 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. . Or is it too early, and you're just saying that might happen in the future? As a result, we expect lower trade-in transactions over time. Minimum 15 minutes delayed. All Rights Reserved. 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. You may automatically receive Intuitive Surgical financial information by e-mail. We work closely and collaboratively . Thank you for joining us today. Gary, a separate topic. That's right -- theythink these 10stocks are even better buys. Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. Jamie Samath -- Senior Vice President of Finance. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. At the time you receive a -- by the time you're at -- that market penetration rates that are significant. Statements using words such as estimates, projects, believes, anticipates, plans, expects, intends, may, will, could, should, would, targeted, and similar words and expressions are intended to identify forward-looking statements. To choose The Company excludes a one-time tax benefit from re-measurement of certain deferred tax assets, because it is discrete in nature, and 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. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. 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. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. Listen to Webcast. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? Intuitive | ISRG in the News Intuitive has managed multiple ways of working for many years. Intuitive Announces Fourth Quarter Earnings | Intuitive Surgical Intuitive Surgical -Export management Iqm selezione - 07.2021 . Corporate Governance Guidelines 384.4 KB. 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. They're giving their PowerPoints about what they think is going to happen next and some other things. I think our customers will take their time to evaluate new things as they go. Intuitive Surgical Stock Appears To Be A Better Bet Over This - Forbes Based in Sunnyvale, California. (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. Yes. 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%. Montreal, Quebec, Canada. You're developing, trying to increase efficiency, decrease costs, that kind of thing. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. Invest better with The Motley Fool. This press release contains forward-looking statements. From the low-end perspective, the 27% reflected there is greater summer seasonality that reflects the possibility of an impact due to pent-up demand for vacation, especially for healthcare workers that have worked extensively during this period with COVID. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. To change your e-mail options at 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 December 31, 2021.Reported revenue and procedure results are consistent with the Company's press release issued on January 12, 2022. Field and marketing costs will tick up if the pandemic wanes. 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. Statements using words such as estimates, projects, believes, anticipates, plans, expects, intends, may, will, could, should, would, targeted, and similar words and expressions are intended to identify forward-looking statements. If You Invested $1,000 in Intuitive Surgical's IPO, This Is How Much We have a broad range of estimates. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. 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. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. Newsroom | Intuitive | Robotic Surgery Company - Intuitive Surgical And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Colorectal growth was strong, with solid growth in malignant hysterectomy, thoracic, and prostatectomy procedures. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys joint venture, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., to its employees that vest over four years and can remain outstanding for seven to ten years. Congrats on the quarter. In May of this year, Dr. Karl LeBlanc from our Lady of the Lake Medical Center in Baton Rouge, Louisiana, published results from a multi-center study comparing short-term outcomes for incisional hernia, published in the Hernia Journal entitled Robotic-Assisted Laparoscopic and Open Incisional Hernia Repair: Early Outcomes from the Prospective Hernia study. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. Ladies and . 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. In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. Thank you for your support on this extraordinary journey. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. Yes. The next page will display a menu of options. I think we're going to have to let it play for another few quarters to see. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Copyright 2023 Intuitive Surgical. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Intuitive Surgical didn't offer an outlook for 2021. 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. 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. Non-GAAP gross profit. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. And I have one follow-up. your options for e-mail notification, please enter your e-mail address below and click Yeah. Intuitive | ISRG Investor events & presentations Intuitive Surgical, and Verb Surgical, among other countless innovations. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. 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. The Motley Fool owns shares of and recommends Intuitive Surgical. Presenter SpeechKari Krogstad Okay. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. We anticipate iterating our approach as we learn and the year progresses. Marshall L. Mohr Executive Vice President and Chief Financial Officer. What To Expect From Intuitive Surgical's Q3? | Nasdaq So we don't really call them out as individual revenue lines. Intuitive | ISRG Investor events & presentations - Intuitive Surgical Cardio medical GmbH 10.4. In fact, our commentary is a little bit the opposite that these are being highly utilized. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. 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. Intuitive | ISRG for Investors In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. Intuitive advances minimally invasive care by innovating at the point of possibility. Clinical trial sites completed enrollment for our PRECIsE clinical trial. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. Intuitive Surgical Stock Is Getting Close To Fair Value Our installed base of SP Systems is now 79: eight in Korea and 71 in the U.S. We completed first cases associated with a U.S. colorectal clinical trial in the second quarter. 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. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. And that is both painful and an opportunity. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. your options for e-mail notification, please enter your e-mail address below and click For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. Listen to Webcast. 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. Senior Director-Finance & Investor Relations: Julian N. Nikolchev: Senior VP-Corporate Development & Strategy: My name is Kari Krogstad. 2021 Intuitive Sustainability Report 7.8 MB. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. The Company grew its da Vinci Surgical System installed base to 6,730 systems as of, Fourth quarter 2021 GAAP net income attributable to Intuitive was $381million, or, Fourth quarter 2021 non-GAAP* net income attributable to Intuitive was. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. At this time, all participants are in listen-only mode. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. Supporting investors, corporations, start-ups, and academic research labs. The stock movement pushed Intuitive . your options for e-mail notification, please enter your e-mail address below and click 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. Can you talk about kind of next steps to the program here, particular geographies you're targeting? On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. Forward-looking statements relate to expectations concerning matters that are not historical facts. Yeah, sure. Maybe just at the beginning of your comments, I was struck that you emphasized that da Vinci utilization rates are, if I understood you correctly, at the high end of historical averages. On the benign side, often the diagnostic pipelines are shorter. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. The split must be approved by the shareholders but this is merely a formality. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . We think there's an opportunity to look at correlations between surgeon performance and outcomes. 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. 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. I mean, how do you know there was catch-up from the backlog in Q2? 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. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. A reconciliation between our pro forma and GAAP results is posted on our website. However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. As part of our mission, we believe that minimally invasive care is life-enhancing care. Or any color you can provide on that? So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. 2021 Proxy Statement - Special Meeting 224.6 KB. Finally, we are strengthening our digital capabilities across our ecosystem. [Inaudible] on a nice quarter. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. Data Provided by Refinitiv. And at this time, I would like to turn the conference over to our host, senior director of finance, investor relations for Intuitive, Mr. Calvin Darling.