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. So here's kind of where we stand with the backlog. 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. Good afternoon, everybody. And I know case rises have been largely decoupled from hospitalizations. Trade-in activity can fluctuate and be difficult to predict. Q2 2022 INTUITIVE Earnings Conference Call. Listen to Webcast. Additional revenue statistics and trends are as follows. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. Finally, our team is making good progress in scaling our operations. We also saw an increase in our IDN customers opening new da Vinci and Ion programs in hospitals within their network that did not previously have an Intuitive robotics program, indicating their interest in diversifying access to Intuitive programs across their networks. Listen to Webcast. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! 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. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. 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. 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 . 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. 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 there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. Gosh, that's awfully encouraging sounding. Our focus right now is not rapid expansion of the installed base. Montreal, Quebec, Canada. Based on market data, we believe that diagnostic pipelines in the U.S. began to recover from the impact of the pandemic in March, with a lag in the recovery of associated procedures. To change your e-mail options at 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. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. Intuitive Surgical jumps past $100 billion market value as 1st-quarter System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. So when we talk about My Intuitive, that really is putting the power of interaction and data at the surgeon level in their hands or at the robotics coordinator level in their hands. You may automatically receive Intuitive Surgical financial information by e-mail. I think the noise levels will go up. Dec 2017 - Aug 20213 years 9 months. We don't actually know how much backlog was resolved in the quarter, how much backlog is left or the timing of the recovery of that might be. 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. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. 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. Yeah. Invest better with The Motley Fool. Revenues are anticipated to be about $1.55 . 07/21/22 - 1:30 PM PDT. Yes. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. We kind of outlined what was assumed in the high end of the procedure guidance. 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. Copyright 2023 Intuitive Surgical. So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. . Submit. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. Lastly, we continue to digitally enhance our ecosystem. The trade-in cycle has been a tailwind to system placements. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. They're giving their PowerPoints about what they think is going to happen next and some other things. On the why side, it's -- bariatrics has been a little different than other procedure for us. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. Copyright 2023 Intuitive Surgical. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Intuitive Surgical Investor Relations. (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. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. I think we're going to have to let it play for another few quarters to see. ISRG Stock | News | INTUITIVE SURGICAL Stock Price Today | Analyst Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. 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. European procedure growth was generally healthy, though varied by country. 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. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. (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. That's right -- theythink these 10stocks are even better buys. Intuitive Surgical, Inc.Which belongs to the Zacks Medical - Instruments industry, posted revenues of $1.29 billion for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 16. . For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. And I kind of articulated what those were, travel and so forth. So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. Mai 2022: CI. Just anything you could talk to there would be helpful. 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. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. 10/08/22 - 11:00 AM EDT. On the benign side, often the diagnostic pipelines are shorter. Intuitive develops, manufactures and markets the da Vinci surgical system. In addition to that, we still think this is a great opportunity to continue to invest in the ecosystem of products and capabilities at this point in time before competition really gets any kind of toehold. Investors have assigned a high trading . We think about digital as enabling and accelerating a lot of different parts of the ecosystem. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Is Intuitive Surgical Stock Still Worth Buying Hand Over Fist in 2023? How close we are to maybe seeing something that you can monetize? To change your e-mail options at The number we're watching closely is hospitalization. Intuitive Surgical (ISRG) Q2 2021 Earnings Call Transcript And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? OK. Well, thank you, and our moderator, that was our last question. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. I hear your question is asking us how much is left, how much of the catch-up is left. Intuitive Surgical (ISRG) Posts Robust Preliminary Q4 Results 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. 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. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. 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. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. In fact, our commentary is a little bit the opposite that these are being highly utilized. Doctors talking to us about further expansion of utilization. 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. 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. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. As part of our mission, we believe that minimally invasive care is life-enhancing care. Extended use instruments were introduced into the U.S. and Europe in the fourth quarter, in most other markets in the first six months of this year, except China due to regulatory timelines. And U.S. general surgery, in particular, performed well. These awards are valued based on certain key performance metrics. Transcript : Medistim ASA, Q4 2022 Earnings Call, Mar 01, 2023 We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. Please go ahead, sir. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? As a result, we expect lower trade-in transactions over time. We expect spending on activities restricted by COVID to increase as the impacts of the pandemic decline. Yasmeen Hmaidan - Student Researcher - MIT Media Lab | LinkedIn 2021 Intuitive Sustainability Report 7.8 MB. That's helpful, Gary. Intuitive Surgical Stock - TipRanks.com 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. You may automatically receive Intuitive Surgical financial information by e-mail. And so we have some indications that we saw backlog reflected in the Q2 results. Laparoscopy Surgical Robotic System and Consumables Market [2023-2030 It flows from respect for and understanding of patients and care teams, their needs, and their environment. If You Invested $1,000 in Intuitive Surgical's IPO, This Is How Much Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. So I wouldn't start building lots of leverage into your models. All Rights Reserved. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. To change your e-mail options at The rise in earnings was driven by higher . Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. Congrats on the quarter. And I suspect that's most of what we're seeing, at least in the United States in terms of that. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. Cost basis and return based on previous market day close. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. I think our customers will take their time to evaluate new things as they go. SP procedures grew 133% year over year, with much of that growth coming from the United States. Our digital learning programs continue to be an important part of our overall learning initiatives. We work closely and collaboratively . Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. Please go ahead. Jamie will provide additional procedure commentary later in this call. And the capital to support that demand has not run ahead of the procedure demand. Lease buyout revenue has varied significantly quarter to quarter and will likely continue to do so. Thank you. These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. [Operator Instructions] As a reminder, today's call is being recorded. From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . Where are we going with this one? Hong Kong. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. 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. Good afternoon. The split must be approved by the shareholders but this is merely a formality. See www.intuitive.com/trademarks. Marshall will take you through our financial picture later in the call. any time, re-enter your e-mail address and click Submit, then adjust your form entries. But can you maybe just talk through the thought process there and how you're thinking about any potential risks in the back half of the year from the variant cases? At this time, all participants are in listen-only mode. OK, great. I think there's elements of our spend that have been restrained because of -- restricted because of COVID and its impact. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. Intuitive Announces First Quarter Earnings | Intuitive Surgical Capital placements for the first six months of 2021 were in line with procedure and utilization growth. 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. Intuitive Surgical Is Falling After Earnings. This Analyst Thinks It's Additionally, constant currency revenue growth is reported on a non-GAAP* basis. Jan 2023 - Present3 months. Next, we go over to Larry Beigelsen with Wells Fargo. 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. 5001-10,000 Employees. Finally, we are strengthening our digital capabilities across our ecosystem. So that's a multi-quarter conversation. Jamie Samath Senior Vice President Finance. Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. Marshall L. Mohr Executive Vice President and Chief Financial Officer. INTUITIVE at 2022 Wells Fargo Healthcare Conference. 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. Now that the dust . You've been spending a lot there. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. Second-quarter revenue reflected growth in both procedures and system placements. Thoracic Surgery Market: Industry Analysis and Forecast (2021-2029) Starting with procedures. The next page will display a menu of options. It is in fact a physically taxing procedure, as Gary described. 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. 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. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. Just to be clear on your answer to Tycho's question. The second quarter of 2020 included $59 million of service credits issued in conjunction with our Customer Relief Program, higher period costs associated with lower production, and higher excess and obsolete inventory charges. Pitching to investors 2023 | GIANT Health London 6th-7th December 2022 You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. Just a couple of comments. Our overall second-quarter procedure growth was 68%, compared to a decline of 19% during the second quarter of 2020, which reflected a significant adverse impact from the COVID-19 pandemic. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. Or any color you can provide on that? What To Expect From Intuitive Surgical's Q3? | Nasdaq I mean, how do you know there was catch-up from the backlog in Q2? And I guess why won't that continue? Keep up-to-date with changes . Third, driving depth and excellence in regional performance, particularly in Europe and Asia. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. 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. 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. Constant currency revenue growth. 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. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. 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. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. The next page will display a menu of options. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly? Second-quarter 2021 OUS procedure growth was driven by growth in prostatectomy procedures and earlier-stage growth in kidney cancer procedures, general surgery, gynecology, and thoracic. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., net income per diluted share attributable to Intuitive Surgical, Inc., and diluted shares are reported on a GAAP and non-GAAP* basis. 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. So it's not a scientific study, just my view. Plan to attend GIANT 2022. As I believe that focusing on patient-centered strategies combined with leveraging data for research can help to improve the diagnosis, treatment, and prevention of diseases.<br><br>Patient-centered: I'm raising the bar on patient . Just so really speaking backward-looking, so far, so good. 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 December 31, 2021.Reported revenue and procedure results are consistent with the Company's press release issued on January 12, 2022. However, that charge generated -- that change generated a long-term benefit of $66 million that is recognized currently in GAAP income and will be recognized ratably over approximately 10 years in pro forma income. Mehr Brsen-Nachrichten . So I think those are the key kind of procedure highlights. Hi, Gary. any time, re-enter your e-mail address and click Submit, then adjust your form entries. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. 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. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. We also -- the business came back faster than we had anticipated. Please go ahead. Thank you for your support on this extraordinary journey. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. Can you talk about kind of next steps to the program here, particular geographies you're targeting? 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.