Intuitive Surgical, Inc. (ISRG) Q1 Earnings and Revenues Beat Estimates Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. 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. Bringing it all together. 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. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. 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. You may automatically receive Intuitive Surgical financial information by e-mail. The Company grew its da Vinci Surgical System installed base to 7,544 systems as of, Fourth quarter 2022 GAAP net income attributable to Intuitive was, Fourth quarter 2022 non-GAAP* net income attributable to Intuitive was. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. Gotcha. I think that would be a mistake. Intuitive | ISRG in the News The Motley Fool has a disclosure policy. 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. 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. is the global technology leader in robotic-assisted minimally invasive surgery (MIS). Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. A couple of things I'd say. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. I guess first question on guidance. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. Global Minimally Invasive Prostate Cancer Surgery Market Analysis by So it takes a while. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . Juliet Chou - Governance Coordinator - Engineers Canada - LinkedIn Minimum 15 minutes delayed. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . Some of them are fully included because we feel like they make us more efficient and to make them more efficient. Maybe just at the beginning of your comments, I was struck that you emphasized that da Vinci utilization rates are, if I understood you correctly, at the high end of historical averages. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. Email: investor.relations@intusurg.com. (6) Diluted net income per share includes the effect of the following items: Gains (losses) on strategic investments, net of tax, Less: net income attributable to noncontrolling interest in joint venture. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Listen to Webcast. Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. EMCOR Group, Inc. (NYSE:EME) Q4 2022 Earnings Call Transcript Constant currency revenue growth. 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. 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. All of that, to me, indicates that the business feels in balance. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. Or any color you can provide on that? Leasing and alternative financing arrangements enable customer access to capital. Turning to our single-port system. Transitory was out a few years ago and CMR has been out and now Medtronic. Listen to Webcast. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. I'll speak to my impression, but I caveat it, it's one person's impression. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. Jamie, I'll let you take it from there. On the why side, it's -- bariatrics has been a little different than other procedure for us. 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. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. Ladies and . And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. Just on the recent spread of COVID and variants and the potential impact on demand and hospitals' ability to do procedures, are you starting to see that impact now? Good afternoon. The split must be approved by the shareholders but this is merely a formality. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Turning to gross profit. That will play out over the next several quarters as we accrue patients. Intuitive Surgical Stock Nears $1,000 As The Covid Recovery Continues 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. There are no upcoming events available at this time. 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Want $1 Million in Retirement? Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! Customer appreciation and recurring use of our products has been growing nicely. In Q2, we launched our SureForm stapling line in India. Intuitive Surgical jumps past $100 billion market value as 1st-quarter 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. To choose 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. If You Invested $1,000 in Intuitive Surgical's IPO, This Is How Much Data Provided by Refinitiv. I'm just curious what the net effect there is from the savings and expense perspective and R&D, whether this is maybe the beginning of you starting to see some leverage off of the 10% you've been at for the last couple of years. Compound annual growth between the second quarters of 2019 and 2021 was 16.5%. Here's Why You Should Invest in Intuitive Surgical (ISRG) Now We continue to see significant utilization variance by region due to pandemic differences. A couple of things. 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. To choose From the low-end perspective, the 27% reflected there is greater summer seasonality that reflects the possibility of an impact due to pent-up demand for vacation, especially for healthcare workers that have worked extensively during this period with COVID. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. 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. The Company defines non-GAAP income from operations as income from operations, excluding intangible asset charges, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, and litigation charges and recoveries. Presenter SpeechKari Krogstad Okay. Yes, Tycho. Intuitive Announces Fourth Quarter Earnings | Intuitive Surgical Non-GAAP income from operations. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. Surgical Technologist - Full Time Faculty & Clinical Coordinator You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The 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. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. Invest better with The Motley Fool. 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. There are several models of the da Vinci Surgical System. In Europe, the impact of COVID in the second quarter of 2021 varied regionally with slower recovery in Italy and France, while we saw early stages of a recovery in the U.K. 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. Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. Intuitive Surgical (ISRG) Q2 2021 Earnings Call Transcript 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. And then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. 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 . For nearly three decades we've created products and services born of inspiration and intelligencefrom robotic-assisted surgical systems to data generation that unlocks the potential to benefit care systems worldwide. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. 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 U.S. general surgery, in particular, performed well. The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $27 million, or $0.07 per share, compared with $21 million, or $0.06 per share, in the fourth quarter of 2020. Sure. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. What's the Outlook for Intuitive Surgical? | The Motley Fool Non-GAAP gross profit. What was the second part of your question again, Larry? And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. 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. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. Our total Ion clinical experience is approximately 4,000 cases to date. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 06/14/22 - 1:20 PM PDT. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. 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. Thank you. any time, re-enter your e-mail address and click Submit, then adjust your form entries. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. Our focus right now is not rapid expansion of the installed base. An investor who was able to pick up $1,000 worth of Intuitive Surgical shares at its IPO price and held on has seen that investment grow to a whopping . Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Intuitive Surgical Stock Is Getting Close To Fair Value In addition, COVID delayed some R&D work, resulting in underspend on prototypes. Some of them are included in our service contracts, some of them are on a per-use basis. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. Marshall L. Mohr Executive Vice President and Chief Financial Officer. 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. . 3 min read. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. Yes. (2) Selling, general and administrative includes the effect of the following items: One-time tax benefit from re-measurement of certain deferred tax assets, Discrete tax expense arising from the conclusion of a tax matter, Gains on strategic investments, net of tax, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. So short answer there is just kind of a reminder of what we're trying to do. Rick Wise -- Stifel Financial Corp. -- Analyst. Fourth quarter 2022 GAAP income from operations included share-based compensation expense of $129 million, compared with $120 million in the fourth quarter of 2021. Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. your options for e-mail notification, please enter your e-mail address below and click This article is a transcript of this conference call produced for The Motley Fool. Hi, Gary. 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. The rise in earnings was driven by higher . Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. Gosh, that's awfully encouraging sounding. Driven by steady sales of da Vinci and increasing surgical procedures, Intuitive Surgical recorded $5.71 billion in revenue for 2021, up 82% over the past five years despite COVID-19 slowdowns. In the U.S., Q2 procedure results were positively impacted by a continuing recovery from COVID-19, including, we believe, a number of procedures that had been previously deferred. 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. I'll maybe start with Marshall on the first one and then go to Gary for the second one. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. To the extent that hospitalizations expand significantly due to COVID and its variants, like currently being experienced in parts of the world, it could negatively impact da Vinci procedures. 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. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. 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. Intuitive | Robotic Surgery Conference | 360 Program - Intuitive Surgical Listen to Webcast. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. ET. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. This presentation contains forward-looking statements. All Rights Reserved. Gary, a separate topic. COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. Hong Kong. Copyright 2023 Intuitive Surgical. Are you seeing any impact thus far? Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . Our pro forma spending grew over 24% from a year ago, representing increased investment in our business. The difference in the number of subjects reporting the need for prescription pain medication favored the robotic-assisted group in both comparisons." Marshall will take you through our financial picture later in the call. 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%. Please go ahead. your options for e-mail notification, please enter your e-mail address below and click Plan to attend GIANT 2022. 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. Intuitive Surgical didn't offer an outlook for 2021. Now turning to the clinical side of our business. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. Thank you for your support on this extraordinary journey. 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 . The outlook we are providing on today's call does not reflect risks associated with a significant increase in COVID-related hospitalizations in relation to the Delta variant or other potential new variants. Icey Jiang - Google Women Techmakers Scholar - LinkedIn Cost basis and return based on previous market day close. 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. In reporting the results, adjusted using a propensity weighted approach, the authors noted that during the two- to four-week standard of care visit period, fewer patients report the need to take prescription pain medication for the robotic cohort as compared to the laparoscopic and open cohorts: 65.2% for the robotic cohort as compared to 78.8% for the laparoscopic cohort, compared to 79.8% for the open cohort. COVID has impacted global supplies of semiconductors and other materials used in our products, while we carry safety stocks of critical components and are otherwise working to secure supply necessary to ensure fulfillment of customer demand, global shortages could result in higher production costs and production development and regulatory delays. Listen to Webcast. 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." Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. Pitching to investors 2023 | GIANT Health London 6th-7th December 2022 INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. At this time, all participants are in listen-only mode. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Yasmeen Hmaidan - Student Researcher - MIT Media Lab | LinkedIn From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. Intuitive Surgical Inc. (ISRG) Q1 2021 Earnings Call Transcript These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. We are building tools and capabilities that allow hospital departments and departments of surgery to manage their program and look across programmatics for efficiency, for learning, for outcomes, and these things interlink. Our focus is in clinical capability and productivity of the installed base we have. On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the quarter. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. Submit. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. And so we have some indications that we saw backlog reflected in the Q2 results. So I think those are the key kind of procedure highlights. This press release contains forward-looking statements. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. SP procedures grew 133% year over year, with much of that growth coming from the United States. All Rights Reserved. Well, I'll add one bit of color to that. Calvin Darling -- Senior Director of Finance, Investor Relations. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding intangible asset charges, non-cash impairment charges and recoveries, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, litigation charges and recoveries, gains (losses) on strategic investments, adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects, and tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements, a one-time tax benefit from re-measurement of certain deferred tax assets, and the net tax effects related to intra-entity transfers of non-inventory assets.
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