Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript Ion system placements and procedures are excluded from our overall system and procedure counts. INTUITIVE at 2022 Wells Fargo Healthcare Conference. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. It links into some of the other things you're talking about. Good afternoon. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. 3 Reasons to Buy Intuitive Surgical, and 1 Reason to Sell And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. Or any color you can provide on that? Higherfourthquarter revenue was driven by growth in da Vinci procedure volume and system placements. How are you thinking about competition? (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. 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. J.P. Morgan Healthcare Conference 2023 Presentation 4.2 MB. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. Non-GAAP income from operations. Intuitive Surgical Inc (ISRG) Q2 2021 Earnings Call Transcript 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. The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. Intuitive Surgical Dives To 8-Month Low; Why It Could Still Outperform Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. We've seen that in some OUS markets. European procedure growth was generally healthy, though varied by country. OK. Well, thank you, and our moderator, that was our last question. Intuitive | ISRG for Investors To choose The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. The next page will display a menu of options. Q2 2022 INTUITIVE Earnings Conference Call. This article is a transcript of this conference call produced for The Motley Fool. Minimally Invasive Care | About Us | Intuitive - Intuitive Surgical OK. That's helpful. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. 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. Jan 2023 - Present3 months. [Inaudible] on a nice quarter. 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 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. 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. In terms of penetration or adoption, we're in the early to mid-innings kind of range is what I'd say in the U.S. market. These awards are valued based on certain key performance metrics. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. *Stock Advisor returns as of June 7, 2021. 2021 Intuitive Sustainability Report 7.8 MB. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. 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. So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. There are several models of the da Vinci Surgical System. That's great. Bringing it all together. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. Phone: 408-523-2161 While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. OK, great. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. 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 . There are no upcoming events available at this time. 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%. 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 . You're developing, trying to increase efficiency, decrease costs, that kind of thing. So here's kind of where we stand with the backlog. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. I mean, how do you know there was catch-up from the backlog in Q2? And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Lease buyout revenue has varied significantly quarter to quarter and will likely continue to do so. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. Transcript : Medistim ASA, Q4 2022 Earnings Call, Mar 01, 2023 It flows from respect for and understanding of patients and care teams, their needs, and their environment. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. (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. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. 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. Our SEC filings can be found through our website or at the SEC's website. All Rights Reserved. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. 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. 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. Intuitive | ISRG Investor events & presentations - Intuitive Surgical These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which impacts customer spending and the Companys costs, including increased inflation and interest rates, the conflict in Ukraine, disruption to the Companys supply chain, including increased difficulties in obtaining a sufficient supply of materials in the semiconductor and other markets, the risk that the COVID-19 pandemic could lead to material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; closures of the Companys facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals, clearances, or certifications from the U.S. Food and Drug Administration (FDA), comparable regulatory authorities, or notified bodies; diversion of resources to respond to COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk of the Companys inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement, and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and market acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Companys completion of and ability to successfully integrate acquisitions, including Opheus Medical; procedure counts; intellectual property positions and litigation; competition in the medical device industry and in the specific markets of surgery in which the Company operates; risks associated with the Companys operations and any expansion outside of the United States; unanticipated manufacturing disruptions or the inability to meet demand for products; the Companys reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party, including but not limited to product liability claims; adverse publicity regarding us and the safety of the Companys products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risks and uncertainties. And with that, I'd like to turn it over to Jamie. 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. Finally, we are strengthening our digital capabilities across our ecosystem. Yes. So that's a multi-quarter conversation. I'll maybe start with Marshall on the first one and then go to Gary for the second one. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 6%. 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. Follow Allison Gatlin on Twitter at @IBD_AGatlin . During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. 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? In addition, COVID delayed some R&D work, resulting in underspend on prototypes. 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. J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . While the percentage of systems placed under operating leases fluctuates quarter to quarter, we believe leasing will increase as a percentage of sales over time, which will result in the deferral of otherwise current revenue into future periods. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. Bob Hopkins -- Bank of America Merrill Lynch -- Analyst. 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. 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. 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. Procedures recovered nicely in Q2. Gotcha. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020.
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