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The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. 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: constant currency revenue, 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. 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. Contact Information. Presentation: Operator. Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript Intuitive Surgical Inc. (NASDAQ: ISRG) Q1 2021 earnings call dated Apr. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. So those are the drivers we watch. Jamie Samath Senior Vice President Finance. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. Today's format will consist of providing you with highlights of our second-quarter results as described in our press release announced earlier today followed by a question-and-answer session. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Good afternoon. 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. 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 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. To change your e-mail options at However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. 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. . *Stock Advisor returns as of June 7, 2021. Full Time Faculty & Clinical Coordinator, Surgical Technologist Program Ask us about our $5,000 Sign on Bonus Rasmussen University Rasmussen University is seeking an experienced Surgical Technologist passionate about taking their own experience and translating that into helping students succeed in meeting their educational and professional goals. So I think those are the key kind of procedure highlights. 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. Global Minimally Invasive Prostate Cancer Surgery Market Analysis by In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. We've seen that in some OUS markets. For more information, please visit the Companys website at www.intuitive.com. 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. Partly, it's delays in getting in and getting tested and starting the journey and then getting in and having a procedure or treatment, whatever that might be. We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. Mehr Brsen-Nachrichten . 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. We are in the execution and launch phase of four efforts. Copyright 2023 Intuitive Surgical. Intuitive Surgical Is Falling After Earnings. This Analyst Thinks It's And I have one follow-up. Intuitive has managed multiple ways of working for many years. See www.intuitive.com/trademarks. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. (USD millions), considering 2021 as the base year . Capital placements for the first six months of 2021 were in line with procedure and utilization growth. 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. I think that when you think about our product cycles, I would just have you look back earlier in the da Vinci experience in that these are long development cycles. 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 Stock Is Getting Close To Fair Value 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. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. A couple of things. 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. 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. In the U.S., procedures that are dependent on diagnostic pipelines also grew, albeit at lower rates as compared to benign procedures. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. To choose 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. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Intuitive Surgical, Inc. - AnnualReports.com And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. Transitory was out a few years ago and CMR has been out and now Medtronic. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Based in Sunnyvale, California. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. - Received full travel grant to attend Google I/O 2019. 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. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. Yasmeen Hmaidan - Student Researcher - MIT Media Lab | LinkedIn Yes. OK. And then just one quick follow-up. You may automatically receive Intuitive Surgical financial information by e-mail. We're doing that as a combination of My Intuitive plus some of the simulation work that we do, plus some of the machine learning and video analysis work that we do. We have a broad range of estimates. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. Please go ahead, sir. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. The Company 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. Supporting investors, corporations, start-ups, and academic research labs. Intuitive | ISRG Investor events & presentations Where are we going with this one? SP procedures grew 133% year over year, with much of that growth coming from the United States. And finally, we will host a question-and-answer session. 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. We think there's an opportunity to look at correlations between surgeon performance and outcomes. The painful part is the investment troughs are deep in the early and middle years of those product cycles. To change your e-mail options at Intuitive Announces Fourth Quarter Earnings, Intuitive Announces Preliminary Fourth Quarter and Full Year 2022 Results, Intuitive becomes largest robotic-assisted surgery provider to be accredited by the Royal College of Surgeons of England, Q4 2022 INTUITIVE Earnings Conference Call, INTUITIVE at J.P. Morgan Healthcare Conference, J.P. Morgan Healthcare Conference 2023 Presentation, Q3 2022 INTUITIVE Earnings Conference Call. Excellent communication and presentation skills. 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. The rise in earnings was driven by higher . As a result, we expect lower trade-in transactions over time. 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. We're clearly seeing that in markets like India, Taiwan, there's been an impact in terms of how they've handled that from a healthcare system perspective and the resulting impact on our procedures. Jamie, anything? On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. Utilization of clinical systems in the field, measured by procedures per system, increased approximately 55% compared with last year and increased 11% compared with last quarter. Leasing and alternative financing arrangements enable customer access to capital. We could see one large competitor approved in the second half of this year. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . Last quarter, we forecast 2021 procedure growth of 22% to 26%. However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. 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. . Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! Ladies and . Is Intuitive Surgical Stock Still Worth Buying Hand Over Fist in 2023? Copyright 2023 Intuitive Surgical. 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. Listen to Webcast. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. If You Invested $1,000 in Intuitive Surgical's IPO, This Is How Much But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. 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. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. 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. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 6%. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. [Operator instructions] As a reminder, this conference is being recorded. Non-GAAP income from operations. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. 2022 Proxy Statement 36.4 MB. EMCOR Group, Inc. (NYSE:EME) Q4 2022 Earnings Call Transcript Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! Bringing it all together. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. Thanks, Tycho. Intuitive Surgical jumps past $100 billion market value as 1st-quarter These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. Turning to gross profit. The results of the meta-analysis found that robotic-assisted thoracic surgery compared to VATs was associated with, among others, the following significant findings: 50.4 milliliters lower blood loss, a 50% lower chance of conversion to an open procedure, a 1.1 day shorter stay in the hospital and a 10% less chance of patient experience to postoperative complication. Gotcha. That says that we're not putting out more capital than folks need, even though it's been healthy capital quarters, it means our customers are getting good benefit out of what they're using those systems for. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . [Operator instructions] And for our first question, we will go to Tycho Peterson. The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. They use specialized instrumentation, including a miniaturized surgical camera and wristed instruments (i.e., scissors, scalpels, and forceps) that are designed to help with precise dissection and reconstruction deep inside the body. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. 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. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. Plan to attend GIANT 2022. 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. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. Fourth quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $439 million, or $1.23 per diluted share, compared with $473 million, or $1.29 per diluted share, in the fourth quarter of 2021. We're taking a first-principles approach to return-to-office environments with our team, bringing back face-to-face interactions for those tasks best completed in person while enabling hybrid work environments for tasks that are well accomplished by distributed teams. Well, I'll add one bit of color to that. 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. During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. Richard Wolf GmbH 10.6 . I'll now turn the time over to Marshall to take you through our financial performance in greater detail. Data Provided by Refinitiv. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. 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. Montreal, Quebec, Canada. Revenues are anticipated to be about $1.55 . Last page last E-mail Alerts. 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. 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. Today's press release and supplementary financial data tables have been posted to our website. 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. And we're building into the broader digital ecosystem for SP. 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 . 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. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. We placed four SP systems in the quarter, bringing the total installed base to 79. I'll maybe start with Marshall on the first one and then go to Gary for the second one. 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. As I conclude, for the balance of the year, we're focused on the following: first, agile and flexible support for our customers globally as they need it, often addressing the return of surgical patients to treatment. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. Thank you for your support on this extraordinary journey. Intuitive Surgical, and Verb Surgical, among other countless innovations. The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. The next page will display a menu of options. Analysts: . 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 . 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 . Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? your options for e-mail notification, please enter your e-mail address below and click Making the world smarter, happier, and richer. Please go ahead. 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? And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? Icey Jiang - Google Women Techmakers Scholar - LinkedIn 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. Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.neuropace.com, on the Investors page in the News & Events section. 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%. We also believe that growth benefited from some procedures that were previously deferred due to delays in testing and patient concern over COVID. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. And that if it hasn't delivered against the Quad Aim, if these systems can do some cases well, but not all cases well or they have stability issues or other things, that wears in pretty quickly. We expect our pro forma rate for the last six months of 2021 to be between 21% and 22% versus our previous guidance of 20% to 21%, reflecting a greater proportion of U.S. income for the year. 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. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. . 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. The instrumentation updates, there are other things, imaging updates and software updates that are really all focused around right instruments, right features for the right extension or right expansion. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. Our digital learning programs continue to be an important part of our overall learning initiatives. Submit. (4) Income tax expense includes the effect of the following items: One-time tax benefit from re-measurement of certain deferred tax assets, Discrete tax expense arising from the conclusion of a tax matter, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . Thanks for taking the question. Copyright 2023 Intuitive Surgical. I'll caution that what the next couple of quarters or next four quarters looks like in terms of hospital access to capital and their decision-making, capital is always lumpy.