Pagination. Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. I will now turn to our financial outlook for 2021. Copyright 2023 Intuitive Surgical. 10/08/22 - 11:00 AM EDT. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. I will also summarize our GAAP performance later in my prepared remarks. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. To change your e-mail options at COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. Most of our offices globally are reopening with this hybrid approach. Copyright 2023 Intuitive Surgical. Trade-in activity can fluctuate and be difficult to predict. Corporate Governance Guidelines 384.4 KB. 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. For full-year 2021, Intuitive Surgical revenues are estimated to be north of $5.7 billion, reflecting a 30% y-o-y growth, while the growth rate is expected to slow to low teens next year . Marshall will provide a review of our financial results. Intuitive Surgical Investor Relations. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. Investor's Business Daily . For more information, please visit the Companys website at www.intuitive.com. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. 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. 07/21/22 - 1:30 PM PDT. 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. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. Just anything you could talk to there would be helpful. Next, we will go to Amit Hazan with Goldman Sachs. 2021 Intuitive Sustainability Report 7.8 MB. Marshall L. Mohr Executive Vice President and Chief Financial Officer. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. 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. 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. It's hard to have a precise measure on it. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 million during the quarter, primarily driven by share repurchases of $1 billion and capital expenditures, partially offset by cash generated from operations. So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Submit. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. At the "Pitching to Investors Programme" you will have an exclusive 10-minute pitching slot on stage for you to showcase your company to our entire audience and the biggest community of investors. any time, re-enter your e-mail address and click Submit, then adjust your form entries. The higherfourth quarter revenue was driven by growth in da Vinci procedure volume, partially offset by a decline in system placements and foreign currency impacts. 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 FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES(IN MILLIONS, EXCEPT PER SHARE DATA), Contact: Investor Relations(408) 523-2161. 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. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. Intuitive | ISRG Investor events & presentations - Intuitive Surgical I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. Looking to our finances in the quarter. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. 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. I will now summarize our GAAP results. The next page will display a menu of options. Amy C. - Director of Clinical and Commercial Operations - Bertis Good afternoon, everybody. Senior Director-Finance & Investor Relations: Julian N. Nikolchev: Senior VP-Corporate Development & Strategy: The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. And I suspect that's most of what we're seeing, at least in the United States in terms of that. I guess first question on guidance. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. 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. Investor's Business Daily . Current quarter system placements included 63 into Europe, 16 into Japan, and 19 into China, compared with 18 into Europe, 18 into Japan, and 21 into China in the second quarter of 2020. 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. Gary will present the quarter's business and operational highlights. To change your e-mail options at Just in terms of intra-quarter procedure trends, if you're asking, Larry, month by month, there was nothing notable actually that we would call out. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. I will describe the highlights of our performance on a non-GAAP or pro forma basis. As the phases of the pandemic evolve, we're supporting our team in addressing the opportunities and challenges posed by the pandemic and the ways we work. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. 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. 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? We work closely and collaboratively . Intuitive Surgical Dives To 8-Month Low; Why It Could Still Outperform I think that would be a mistake. Gosh, that's awfully encouraging sounding. Next, we go over to Larry Beigelsen with Wells Fargo. 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. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Looking forward, we see the following capital revenue dynamics. Examining procedure trends more deeply. SUNNYVALE, Calif., Jan. 24, 2023 (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, 2022. 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. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. Forward-looking statements relate to expectations concerning matters that are not historical facts. Our technologies include the da Vinci surgical system and the Ion endoluminal system. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. Analysts: . I think that's anecdotal. Marshall L. Mohr Executive Vice President and Chief Financial Officer. 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. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . Annualized U.S. procedure growth rates are returning to historical levels for procedures with longer diagnostic pipelines as patients have started returning to screening and diagnostic testing. So bariatric obviously has been highly laparoscopically penetrated historically. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. It affirms that "RAS devices have been cleared for use in certain types of surgical procedures commonly performed in patients with cancer, such as hysterectomy, prostatectomy and colectomy. your options for e-mail notification, please enter your e-mail address below and click Product and research reports and data presentation to medical specialists, sales force, new channels, investors. 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. They're calling on customers. All Rights Reserved. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. And U.S. general surgery, in particular, performed well. Listen to Webcast. I'll maybe start with Marshall on the first one and then go to Gary for the second one. Global Minimally Invasive Prostate Cancer Surgery Market Analysis by In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. And just, you know, on competition, it does seem like the noise is increasing. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. See www.intuitive.com/trademarks. Intuitive Surgical Stock Is Getting Close To Fair Value Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. . INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . So it takes a while. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. . 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. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. NeuroPace Reports Fourth Quarter & Full Year 2022 Financial Results Fourth quarter 2021 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $477 million, or $1.30 per diluted share, compared with $434 million, or $1.19 per diluted share, in the fourth quarter of 2020. As customers continue to upgrade to fourth-generation capabilities, the population of installed SIs is decreasing, particularly in the U.S. were 110 trade-ins were completed in the second quarter, leaving an installed base of SIs of approximately 500 systems. Ladies and . The Motley Fool has a disclosure policy. 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. Thanks. 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. All Rights Reserved. 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 | ISRG in the News We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. Thank you for joining us today. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. Next, we're going to the line of Rick Wise with Stifel. Intuitive Surgical didn't offer an outlook for 2021. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. 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. During the first half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in the U.S. and Europe followed by recoveries. Surgical Technologist - Full Time Faculty & Clinical Coordinator OK, great. Data Provided by Refinitiv. *Stock Advisor returns as of June 7, 2021. . And then on SG&A, kind of same kind of question. OpenText Collaborates with Bayer to Simplify Digital Operations The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as intangible asset charges, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. 5001-10,000 Employees. The pandemic has reordered the quarter in which procedures were performed, and we believe it has delayed some procedures that are likely to return in the future and may cause a small number of patients to permanently forgo surgery. Icey Jiang - Google Women Techmakers Scholar - LinkedIn A contribution to the Intuitive Foundation reduced fourth quarter 2021 GAAP and non-GAAP* income from operations by $30 million. So here's kind of where we stand with the backlog. Thoracic Surgery Market: Industry Analysis and Forecast (2021-2029) 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. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. I don't know how much of an update you can give us, but just something on what's happening at that level in terms of software tools and services? Intuitive Surgical Inc (ISRG) Q2 2021 Earnings Call Transcript Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 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. Intuitive Surgical, Inc. (ISRG) - Yahoo Finance Listen to Webcast. I hear your question is asking us how much is left, how much of the catch-up is left. Roughly a third of our team works in the manufacturer test and distribution of our products. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Field and marketing costs will tick up if the pandemic wanes. 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 Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. We're doing what we call the procedure development and the trial development around other indications, we think there'll be an opportunity in thoracic, as well as other ones beyond it. Gary, a separate topic. Minimum 15 minutes delayed. 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. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. The next page will display a menu of options. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. Transitory was out a few years ago and CMR has been out and now Medtronic. While this did not have a material impact to our operating results in Q2, the outlook we are providing does not reflect any potential significant disruption or additional costs related to supply constraints. There were nearly 1,500 Ion procedures completed in the second quarter. Richard Wolf GmbH 10.6 . Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. 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 . We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. Those things are ongoing now. 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. 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. But I don't have scientific evidence. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. OK. Well, thank you, and our moderator, that was our last question. Presentation: Operator. Having said that, it's a difficult procedure for surgeons to perform. Good afternoon. Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. [Inaudible] on a nice quarter. Based in Sunnyvale, California. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. You may automatically receive Intuitive Surgical financial information by e-mail. I think the thing that we'd call out is it's not the case rates per se to monitor.
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