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. What was the second part of your question again, Larry? Thanks, Tycho. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? any time, re-enter your e-mail address and click Submit, then adjust your form entries. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. We also -- the business came back faster than we had anticipated. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. 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. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. 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. Our teams continue to work closely with hospitals, physicians, and care teams in pursuit of what our customers have termed the Quadruple Aim: Better, more predictable patient outcomes, better experiences for patients, better experiences for their care teams, and ultimately, a lower total cost to treat. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. 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. OK. That's helpful. Is Intuitive Surgical Stock Still Worth Buying Hand Over Fist in 2023? Intuitive Surgical's Q1 2021 adjusted earnings per share is expected to be $2.72 per Trefis analysis, over 3% above the consensus estimate of $2.63. 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. 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. 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. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. Please go ahead, sir. 06/14/22 - 1:20 PM PDT. You go from an issue to identification to closure more quickly. Looking forward, we see the following capital revenue dynamics. Larry Biegelsen -- Wells Fargo Securities -- Analyst. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. 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 . Listen to Webcast. Intuitive develops, manufactures and markets the da Vinci surgical system. It's not just the robot. It's a highly penetrated laparoscopic indication in the United States. 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. 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. That's right -- theythink these 10stocks are even better buys. So I think all of you on the call, you should expect increased alternatives for the customer base. 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%. Obviously, you made some comments about variance and not factoring in kind of an increase. 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 . I mean, how do you know there was catch-up from the backlog in Q2? We launched our Force bipolar energy instrument along with our extended use instruments program in Japan, and we launched our SynchroSeal energy instrument and E-100 energy generator in Korea. To change your e-mail options at 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. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. OK. Well, thank you, and our moderator, that was our last question. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. INTUITIVE at 2022 Wells Fargo Healthcare Conference. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? Second-quarter system average selling prices decreased to $1.55 million from $1.65 million for both the second quarter of 2020 and the first quarter of 2021. That said, other teams are out. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Or is it too early, and you're just saying that might happen in the future? Additional revenue statistics and trends are as follows. 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. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. Yeah, sure. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. Growth in our second largest market, China, continued to be strong with multiple specialties contributing. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Listen to Webcast. We are in the execution and launch phase of four efforts. 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. 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. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. 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? Our technologies include the da Vinci surgical system and the Ion endoluminal system. your options for e-mail notification, please enter your e-mail address below and click 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." 2022 Proxy Statement 36.4 MB. These programs together trained over 2,200 care team members in the quarter, showing organizational strength and localizing programs, and responding with agility to pandemic-influenced demand. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 6%. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. ET. 5001-10,000 Employees. To the extent that COVID impacts procedures, it will also impact capital purchases. So it takes a while. So we don't really call them out as individual revenue lines. On the benign side, often the diagnostic pipelines are shorter. The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. Thanks. 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. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . See www.intuitive.com/trademarks. 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. Gary will present the quarter's business and operational highlights. 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. We've seen that in some OUS markets. your options for e-mail notification, please enter your e-mail address below and click Susanne Feldt - Founder - Hermaid | LinkedIn Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. I will describe the highlights of our performance on a non-GAAP or pro forma basis. Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. It's physically demanding. Jamie Samath Senior Vice President of Finance It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. However, to gain a more complete understanding of the body of evidence, we encourage all stakeholders to thoroughly review the extensive detail of scientific studies that have been published over the years. So short answer there is just kind of a reminder of what we're trying to do. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. This article is a transcript of this conference call produced for The Motley Fool. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. 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? Submit. 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? So that's a multi-quarter conversation. That's helpful, Gary. You may automatically receive Intuitive Surgical financial information by e-mail. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. 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. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. Non-GAAP income from operations. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. Second-quarter 2021 OUS procedure growth was driven by growth in prostatectomy procedures and earlier-stage growth in kidney cancer procedures, general surgery, gynecology, and thoracic. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. The next page will display a menu of options. The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. Intuitive Surgical, Inc. (ISRG) CEO Gary Guthart - SeekingAlpha The Motley Fool owns shares of and recommends Intuitive Surgical. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. You've been spending a lot there. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . Amy C. - Director of Clinical and Commercial Operations - Bertis TransMedics : Investor Presentation - February 2023 Submit. 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. . Email: investor.relations@intusurg.com. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. OK, great. To choose 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. Please go ahead. Procedures recovered nicely in Q2. The number we're watching closely is hospitalization. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . 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. Intuitive Surgical's adjusted net . I think that's what's been driving our success in the early market. Copyright 2023 Intuitive Surgical. 06/14/22 - 1:20 PM PDT. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. The Company defines non-GAAP income from operations as income from operations, excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, and a gain on the sale of a business. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . Macroeconomic conditions created by COVID could regionally impact hospital capital spending. Copyright 2023 Intuitive Surgical. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. Last page last E-mail Alerts. any time, re-enter your e-mail address and click Submit, then adjust your form entries. We could see one large competitor approved in the second half of this year. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Unrealized gain (loss) - net of tax expense (recovery) effect of $347 and $37 for the three months ended December 31, 2022 and 2021, respectively; ($859) and $(354) for the six months ended . At this time, all participants are in listen-only mode. So I wouldn't start building lots of leverage into your models. 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. So those are the drivers we watch. Good afternoon. Yeah. Just to be clear on your answer to Tycho's question. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . 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. 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. So from a core demand point of view or disease state, that's clearly out there and accumulating, and it has to get processed through. Intuitive Announces First Quarter Earnings | Intuitive Surgical Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. Moving on to capital placements. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. Can you maybe just talk a little bit about the road map? So it's not a scientific study, just my view. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. Turning to our innovation and commercialization efforts. Phone: 408-523 . Submit. 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. 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. Intuitive Surgical, and Verb Surgical, among other countless innovations. I think our customers will take their time to evaluate new things as they go. 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. Yes, Tycho. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. Our focus is in clinical capability and productivity of the installed base we have. Anna Stefani - HES Project Manager - Alira Health | LinkedIn OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. I'll speak to my impression, but I caveat it, it's one person's impression. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. 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. 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. These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which impacts customer spending and the Companys costs, including increased inflation and interest rates, the conflict in Ukraine, disruption to the Companys supply chain, including increased difficulties in obtaining a sufficient supply of materials in the semiconductor and other markets, the risk that the COVID-19 pandemic could lead to material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; closures of the Companys facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals, clearances, or certifications from the U.S. Food and Drug Administration (FDA), comparable regulatory authorities, or notified bodies; diversion of resources to respond to COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk of the Companys inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; 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 the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Companys completion of and ability to successfully integrate acquisitions, including Opheus Medical; procedure counts; intellectual property positions and litigation; competition in the medical device industry and in the specific markets of surgery in which the Company operates; risks associated with the Companys operations and any expansion outside of the United States; unanticipated manufacturing disruptions or the inability to meet demand for products; the Companys reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party, including but not limited to product liability claims; adverse publicity regarding us and the safety of the Companys products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risks and uncertainties.
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