intuitive surgical investor presentation 2021

Turning to our innovation and commercialization efforts. I think there's elements of our spend that have been restrained because of -- restricted because of COVID and its impact. But I don't have scientific evidence. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. 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. ISRG stock has split before. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. (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. 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. Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. Doctors talking to us about further expansion of utilization. Intuitive Surgical Asensus Surgical . Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. To change your e-mail options at During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. We've seen a few teams come out and field systems that are alternatives to ours. 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. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. 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. Presenter SpeechKari Krogstad Okay. In other words, happy, very satisfied customers. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. I think the thing that we'd call out is it's not the case rates per se to monitor. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. I will describe the highlights of our performance on a non-GAAP or pro forma basis. System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. Jamie will provide spend guidance later in this call. 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. 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. 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. And basically, still underpenetrated, big opportunity. Copyright 2023 Intuitive Surgical. Marshall will provide a review of our financial results. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. And U.S. general surgery, in particular, performed well. 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. 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. Field and marketing costs will tick up if the pandemic wanes. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. Yes. And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. (USD millions), considering 2021 as the base year . In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. And I guess why won't that continue? You may automatically receive Intuitive Surgical financial information by e-mail. In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. 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. any time, re-enter your e-mail address and click Submit, then adjust your form entries. The Zacks . Examining procedure trends more deeply. . Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. It's the impact on hospitalizations. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. 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. 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? 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. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. Jamie will take you through procedure dynamics in more detail later in the call. Keep up-to-date with changes . From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. Revenues are anticipated to be about $1.55 . Submit. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. Second-quarter revenue reflected growth in both procedures and system placements. So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. I think we're going to have to let it play for another few quarters to see. 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. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. We recognized $26 million of lease buyout revenue in the second quarter, compared with $9 million last year and $19 million last quarter. Or is it too early, and you're just saying that might happen in the future? Bob Hopkins -- Bank of America Merrill Lynch -- Analyst. To change your e-mail options at We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. ET. 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? 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. 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. 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. Please go ahead, sir. Some of them are included in our service contracts, some of them are on a per-use basis. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. Minimum 15 minutes delayed. The Motley Fool owns shares of and recommends Intuitive Surgical. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. Even then, it's not enough. 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. 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. Having said that, it's a difficult procedure for surgeons to perform. And we think that the extended use instruments lowers barriers for purchases of systems. Intuitive Surgical's Q1 2021 adjusted earnings per share is expected to be $2.72 per Trefis analysis, over 3% above the consensus estimate of $2.63. Third, we are launching and refining our flexible diagnostic platform, Ion, by working with early customers to help establish high-performing sites and by improving our technology and supply chain capabilities. 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. Investors are cautioned not to place undue reliance on such forward-looking statements. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. 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. Instrument and accessory revenue per procedure of $1,940 increased, compared with $1,900 per procedure for the second quarter of last year, and decreased, compared with $1,950 per procedure in the first quarter. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. . COVID has delayed some work in R&D and clinical trials, leading to some underspend in programs, prototypes, and some delay in hiring. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! These awards are valued based on certain key performance metrics. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. And we're pleased. Yeah. 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. Invest better with The Motley Fool. I think the noise levels will go up. Shares of Intuitive Surgical jumped as much as 9.8% on Wednesday to a record high of $891.15 after the robotic surgery company crushed first quarter earnings. Thanks, Tycho. Yes, Tycho. (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. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. It's a highly penetrated laparoscopic indication in the United States. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. For more information, please visit the Companys website at www.intuitive.com. Are you seeing any impact thus far? - Received full travel grant to attend Google I/O 2019. So I wouldn't start building lots of leverage into your models. Even though we've seen growth in the procedures that were specifically targeted by extended use instruments, it's hard to discern what is COVID-related versus what is not. Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. 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. The Company defines non-GAAP income from operations as income from operations, excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, and a gain on the sale of a business. These forward-looking statements are necessarily estimates reflecting the best judgment of the our 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. Gosh, that's awfully encouraging sounding. So that's a multi-quarter conversation. . Can you maybe just talk a little bit about the road map? The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. Customer appreciation and recurring use of our products has been growing nicely. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Non-GAAP income from operations. In short, our commercial business has recovered more quickly than our spending due to the different ways that pandemic impacts our customers, our supply chains, and our hiring. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. Our focus right now is not rapid expansion of the installed base. And finally, we will host a question-and-answer session. 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. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. We have a broad range of estimates. Submit. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. . 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. Plan to attend GIANT 2022. 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. Or any color you can provide on that? any time, re-enter your e-mail address and click Submit, then adjust your form entries. Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? 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. Yes. Cost basis and return based on previous market day close. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . I hear your question is asking us how much is left, how much of the catch-up is left. Supporting investors, corporations, start-ups, and academic research labs. 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 . Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale.

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