It's a highly penetrated laparoscopic indication in the United States. Intuitive Announces Fourth Quarter Earnings, www.intuitive.com/en-us/products-and-services/ion, Less: net income (loss) attributable to noncontrolling interest in joint venture. Go ahead, Mr. Hopkins. . 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. Next, we will go to Amit Hazan with Goldman Sachs. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . ET. Again, if you look across that two-year period, try to look through the pandemic kind of ups and downs, what we're seeing is that procedure demand is there. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. In fact, our commentary is a little bit the opposite that these are being highly utilized. Ion system placements and procedures are excluded from our overall system and procedure counts. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. Good afternoon. Submit. 06/14/22 - 1:20 PM PDT. It links into some of the other things you're talking about. Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . Bringing it all together. Listen to Webcast. For more information, please visit the Companys website at www.intuitive.com. 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%. Jamie will take you through procedure dynamics in more detail later in the call. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. Intuitive Surgical Investor Presentation. There were nearly 1,500 Ion procedures completed in the second quarter. We anticipate iterating our approach as we learn and the year progresses. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. I think that's anecdotal. Lease buyout revenue has varied significantly quarter to quarter and will likely continue to do so. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. Intuitive Surgical, and Verb Surgical, among other countless innovations. Having said all of that, it's been a short period since they've had extended use instruments. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. (1) Services revenue includes the effect of the following item: (2) Selling, general and administrative includes the effect of the following item: (3) Income from operations includes the effect of the following item: (4) Interest and other income, net includes the effect of the following item: (5) Income tax expense includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements. INTUITIVE SURGICAL, INC.UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN MILLIONS, EXCEPT PER SHARE DATA), INTUITIVE SURGICAL, INC.UNAUDITED TWELVE MONTHS ENDED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN MILLIONS, EXCEPT PER SHARE DATA), INTUITIVE SURGICAL, INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN MILLIONS), INTUITIVE SURGICAL, INC.UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(IN MILLIONS, EXCEPT PER SHARE DATA), Contact: Investor Relations(408) 523-2161. 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. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth 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. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. Jamie Samath Senior Vice President Finance. The next page will display a menu of options. 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. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. To make the world smarter, happier, and richer. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. 07/21/22 - 1:30 PM PDT. 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. We did not repurchase any shares in the quarter. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. The rise in earnings was driven by higher . Fourth quarter 2022 GAAP net income attributable to Intuitive Surgical, Inc. was $325 million, or $0.91 per diluted share, compared with $381 million, or $1.04 per diluted share, in the fourth quarter of 2021. 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. The first and second quarters of 2021 reflect leveraging fixed costs over higher production levels. J.P. Morgan Healthcare Conference 2023 Presentation 4.2 MB. your options for e-mail notification, please enter your e-mail address below and click 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. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. Please go ahead. Revenues are anticipated to be about $1.55 . China continued the strength that we've seen over the last couple of quarters. . We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. Having said that, it's a difficult procedure for surgeons to perform. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . Trade-in activity can fluctuate and be difficult to predict. Yeah. That will play out over the next several quarters as we accrue patients. Leasing represented 33% of current quarter placements, compared with 29% last year and 43% last quarter. Invest better with The Motley Fool. 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. You're developing, trying to increase efficiency, decrease costs, that kind of thing. Thank you. The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. 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. You may automatically receive Intuitive Surgical financial information by e-mail. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. Intuitive Surgical (ISRG-0.90%) investors who weren't expecting it to perform a three-for-one stock split recently woke up to what looked like an overnight loss of more than 60%. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Good afternoon, everybody. In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. Starting with procedures. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. 10/08/22 - 11:00 AM EDT. 07/21/22 - 1:30 PM PDT. Investors are cautioned not to place undue reliance on such forward-looking statements. The stock split will take place after market close on October 5th, 2021. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on the Companys business, financial condition, and results of operations, future results of operations, future financial position, the Companys financing plans and future capital requirements, the Companys potential tax assets or liabilities, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which the Company operates and the Companys beliefs and assumptions regarding these economies and markets. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. 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. 3 min read. Gary, a separate topic. I think we're going to have to let it play for another few quarters to see. The stock movement pushed Intuitive . Copyright 2023 Intuitive Surgical. That said, other teams are out. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. 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. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. [Operator instructions] And for our first question, we will go to Tycho Peterson. [Operator instructions] As a reminder, this conference is being recorded. . 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. Health . These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. 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. We've seen a few teams come out and field systems that are alternatives to ours. Please go ahead. (2021) Dropped off in 2022. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. Affiliated with the world's largest international neurotechnology community, NeurotechX, with 18,000+ members . 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? Looking forward, we see the following capital revenue dynamics. But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. Incredible returns through ups and downs. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 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. See www.intuitive.com/trademarks. Please go ahead, sir. You may automatically receive Intuitive Surgical financial information by e-mail. 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. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. SUNNYVALE, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Intuitive (the Company) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended December31, 2021. I think our customers will take their time to evaluate new things as they go. I guess first question on guidance. We've seen that in some OUS markets. 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 . 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. Ladies and . Yes. Turning to our innovation and commercialization efforts. Rick Wise -- Stifel Financial Corp. -- Analyst. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. 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. Data Provided by Refinitiv. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. Listen to Webcast. That's great. 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. 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. Intuitive Surgical Investor Relations. 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. Yeah. Where are we going with this one? 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. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. In addition, COVID delayed some R&D work, resulting in underspend on prototypes. 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. 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. 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. That's right -- theythink these 10stocks are even better buys. There are no upcoming events available at this time. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent Form 10-K filed on February 10, 2021; and Form 10-Q filed on April 21, 2021. I will also summarize our GAAP performance later in my prepared remarks. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. We recognized $26 million of lease buyout revenue in the second quarter, compared with $9 million last year and $19 million last quarter. (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. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. Procedure growth drives capital purchases in many of our markets. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. As part of our mission, we believe that minimally invasive care is life-enhancing care. 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. To change your e-mail options at Intuitive advances minimally invasive care by innovating at the point of possibility. The fourth quarter 2021 system shipments included 143systems shipped under operating lease and usage-based arrangements, compared with 120 systems in thefourth quarter of 2020. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. Cost basis and return based on previous market day close. Thank you for your support on this extraordinary journey. Thanks. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. 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. To choose Marshall will take you through our financial picture later in the call. The Motley Fool owns shares of and recommends Intuitive Surgical. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. All Rights Reserved. We continue to see significant utilization variance by region due to pandemic differences. To choose 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. So we're making those investments to move that forward. And so we see that as a benefit also with respect to feedback from surgeons. Customer adjustment of buying patterns will reduce I&A revenue per procedure. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. On the benign side, often the diagnostic pipelines are shorter. Investor's Business Daily . And then on SG&A, kind of same kind of question. So short answer there is just kind of a reminder of what we're trying to do. Thoracic Surgery Market was valued at USD 3.1 Billion in 2021, and it is expected to reach a CAGR of 7.18 % . Calvin Darling -- Senior Director of Finance, Investor Relations. Key business metrics for the second quarter were as follows. Investors have assigned a high trading . The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. You've been spending a lot there. We have continued the launch of our My Intuitive app, including launching to first users in Europe. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. 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 year-over-year increase in I&A revenue per procedure reflects increased usage of our advanced instruments, partially offset by the impact of extended use instruments. It's physically demanding. We could see one large competitor approved in the second half of this year. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. 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.
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