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 think about digital as enabling and accelerating a lot of different parts of the ecosystem. Additional revenue statistics and trends are as follows. 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. 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. 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. So it's not a scientific study, just my view. 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. From the top, I think you said the right thing, which is there's a little bit of a decoupling thus far of infection from hospitalization. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . Our second-quarter pro forma net income was $477 million or $3.92 per share, compared with $132 million or $1.11 per share for the second quarter of 2020 and $427 million or $3.52 per share for the last quarter. Based in Sunnyvale, California. All Rights Reserved. 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. 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. Rick Wise -- Stifel Financial Corp. -- Analyst. Let me start with why I think it's adopting, and I'm going to turn to Jamie as to where -- what inning of the baseball game are we in, I'll let Jamie take that. The split must be approved by the shareholders but this is merely a formality. Visit www.intuitive.com/en-us/products-and-services/ion. I think we're going to have to let it play for another few quarters to see. And that has implications for the kind of imaging we do, it has implications for task analysis and training, and we're doing those things, and those can be aggregated across a surgical platform. Investors are cautioned not to place undue reliance on such forward-looking statements. Laparoscopy Surgical Robotic System and Consumables Market [2023-2030 Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. Where are we going with this one? Procedure growth drives capital purchases in many of our markets. Later we will have a question-and-answer session. Excellent communication and presentation skills. It is in fact a physically taxing procedure, as Gary described. . Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Corporate Governance Guidelines 384.4 KB. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Jamie will provide spend guidance later in this call. I will now turn to our financial outlook for 2021. Marshall L. Mohr Executive Vice President and Chief Financial Officer. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. So I wouldn't start building lots of leverage into your models. Jamie Samath Senior Vice President of Finance Intuitive Surgical Inc. (NASDAQ: ISRG) Q1 2021 earnings call dated Apr. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Contact Information. ISRG Stock | News | INTUITIVE SURGICAL Stock Price Today | Analyst 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. (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. Thanks. Some of them are included in our service contracts, some of them are on a per-use basis. 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. 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 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. Fourth quarter 2021 instruments and accessories revenue increased by 13% to $843million, compared with $747million in the fourth quarter of 2020, primarily driven by approximately 19% growth in da Vinci procedure volume, partially offset by stocking orders in the prior year associated with the Companys launch of Extended Use Instruments. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. It's taking getting the advanced instruments, put them together as a set, getting our workflows and our clinical pathways right, and I think that's been powerful to date. (USD millions), considering 2021 as the base year . And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. I think that's what's been driving our success in the early market. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. Surgical Technologist - Full Time Faculty & Clinical Coordinator So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. So we don't really call them out as individual revenue lines. I mean, how do you know there was catch-up from the backlog in Q2? Clinical Specialist - Chicago, IL Job in Chicago, IL at PROCEPT BioRobotics And sequential growth in what they can do with the system remains our focus on SP for now. Marshall will take you through our financial picture later in the call. And I have one follow-up. I guess first question on guidance. We kind of outlined what was assumed in the high end of the procedure guidance. Or is it too early, and you're just saying that might happen in the future? Next, we're going to the line of Rick Wise with Stifel. An investor who invested $10,000 in Warren Buffett's hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made . 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. It's physically demanding. During the quarter, a group from the Shenzhen Hospital Naval Medical University in China, published a meta-analysis in BMC cancer comparing robotic-assisted thoracic surgery versus video-assisted thoracic surgery, or VATs, for lung lobectomy or segmentectomy in patients with nonsmall cell lung cancer. We also expect spending to increase as a percentage of revenue as investments in headcount, infrastructure, and other support areas catch up to the growth in the business. Non-GAAP income from operations. And so we watch that number because we know it's highly sensitive. 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 . With respect to operating expenses, on our last call, we forecast to grow full-year pro forma 2021 operating expenses between 18% and 22% above 2020 levels. To choose During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. I'm just curious from what you see out there, is this broadly reflective of what you think is going on in the marketplace for surgical procedures? You have to do it. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. 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 . Some of them are fully included because we feel like they make us more efficient and to make them more efficient. Non-GAAP income from operations. It's the impact on hospitalizations. 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. Phone: 408-523 . 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 . 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. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. The number we're watching closely is hospitalization. Just in 2021 there were more than . And I'd just be curious to -- since you all are calling it out repeatedly as an important incremental growth driver, where are we now, in your view, in that, I'm sure, multiyear, long-term adoption process? The Company ended the fourth quarter of 2021 with $8.6 billion in cash, cash equivalents, and investments, an increase of $400million during the quarter, primarily driven by cash generated from operations. 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. As part of our mission, we believe that minimally invasive care is life-enhancing care. 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. 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. Plan to attend GIANT 2022. In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. Current page 1; Page 2; Page 3; . And our posture to that has been -- it may delay some sales as we may have some competitive conversations and tenders, and we'll lose some. A couple of things I'd say. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. Copyright 2023 Intuitive Surgical. I think our customers will take their time to evaluate new things as they go. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Intuitive | ISRG Investor events & presentations - Intuitive Surgical Why Intuitive Surgical's Share Slump Is a Gift for Investors Gotcha. Intuitive brings more than two decades of leadership in robotic-assisted surgical technology and solutions to its offerings and develops, manufactures, and markets the da Vinci Surgical System and the Ion endoluminal system. I will also summarize our GAAP performance later in my prepared remarks. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. And we think that the extended use instruments lowers barriers for purchases of systems. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. ET. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. May 2021 - Present 1 year 10 months. Good afternoon. Icey Jiang - Google Women Techmakers Scholar - LinkedIn So I think those are the key kind of procedure highlights. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . What's the Outlook for Intuitive Surgical? | The Motley Fool Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. We have a broad range of estimates. Listen to Webcast. Yes. Submit. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. Intuitive Announces First Quarter Earnings | Intuitive Surgical Fourth quarter 2021 GAAP income from operations included share-based compensation expense of $120 million, compared with $104 million in the fourth quarter of 2020. It last split in October of 2017. This presentation contains forward-looking statements. Our digital learning programs continue to be an important part of our overall learning initiatives. Readers are cautioned not to place undue reliance on these forward-looking statements, 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 December 31, 2020, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, as updated by the Companys other filings with the Securities and Exchange Commission. Yes. You've been spending a lot there. The first and second quarters of 2021 reflect leveraging fixed costs over higher production levels. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most. Tuesday, October 18, 2022 4:30 PM EDT . 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. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. 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. Looking to our finances in the quarter. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. And as we've said in the past, if we can bring the right system with the right instruments, the right imaging, and the right usability, the right ease of use, we think that surgeons will care. Can you talk about kind of next steps to the program here, particular geographies you're targeting? So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. 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. Customer appreciation and recurring use of our products has been growing nicely. Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript Revenues are anticipated to be about $1.55 . We will now open the call to your questions. Montreal, Quebec, Canada. Listen to Webcast. I will now summarize our GAAP results. 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." Can you maybe just talk a little bit about the road map? Intuitive Surgical's adjusted net . I will describe the highlights of our performance on a non-GAAP or pro forma basis. Intuitive has managed multiple ways of working for many years. Jamie, I'll let you take it from there. I would just add, Bob, as you saw the COVID hospitalization rates in the U.S. come down in March and into Q2, that frees hospital resources to increase the level of surgery that we do. Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. Please go ahead. 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. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. 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. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. Jamie, anything? We've seen a few teams come out and field systems that are alternatives to ours. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. Submit. 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. Phone: 408-523-2161 We are in the execution and launch phase of four efforts. Presentation: Operator. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. Our total Ion clinical experience is approximately 4,000 cases to date. 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. . Yeah. Intuitive Surgical Dives To 8-Month Low; Why It Could Still Outperform Long-term incentive plan expense relates to phantom share awards granted in China by the Companys joint venture, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., to its employees that vest over four years and can remain outstanding for seven to ten years. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. 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. Please note that this conference call will be available for audio replay on our website at intuitive.com on the latest Events section under our Investor Relations page. The next page will display a menu of options. 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. And Jamie, as to kind of where we are. Global Minimally Invasive Prostate Cancer Surgery Market Analysis by

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