. Transitory was out a few years ago and CMR has been out and now Medtronic. (USD millions), considering 2021 as the base year . Travel and associated costs in support of our field have also not recovered to pre-pandemic levels. Health . Jan 2023 - Present3 months. Well, I'll add one bit of color to that. So we're making those investments to move that forward. Intuitive Surgical, and Verb Surgical, among other countless innovations. INTUITIVE at 2022 Wells Fargo Healthcare Conference. Non-GAAP income from operations. A couple of things. [Operator instructions] And for our first question, we will go to Tycho Peterson. 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. Invest better with The Motley Fool. And I suspect that's most of what we're seeing, at least in the United States in terms of that. 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. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. 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. We have continued the launch of our My Intuitive app, including launching to first users in Europe. Please go ahead, sir. Surgical Technologist - Full Time Faculty & Clinical Coordinator The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . 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? We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. So first question for me is just trying to dissect your procedure results a little bit more because some really interesting comments, that you saw strength in benign cases, some catch-up cases. I'll maybe start with Marshall on the first one and then go to Gary for the second one. 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. May 2021 - Present 1 year 10 months. What to Watch in Intuitive Surgical's Upcoming Earnings Report We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. Yeah. 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. NeuroPace Reports Fourth Quarter & Full Year 2022 Financial Results OK. And last one on SP. Intuitive Surgical (ISRG) Q2 2021 Earnings Call Transcript Field and marketing costs will tick up if the pandemic wanes. Later we will have a question-and-answer session. Bringing it all together. Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. You may automatically receive Intuitive Surgical financial information by e-mail. Leasing represented 33% of current quarter placements, compared with 29% last year and 43% last quarter. Moving on to gross margin and operating expenses. . In the U.S., procedures that are dependent on diagnostic pipelines also grew, albeit at lower rates as compared to benign procedures. See www.intuitive.com/trademarks. Four of the systems placed in the first quarter were SP Systems, reflecting continued measured rollout of SP. Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. I think the noise levels will go up. 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 I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. 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. It's not just the robot. 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. 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. 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. Intuitive Surgical, Inc. - AnnualReports.com The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. 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. Yeah. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. 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. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Yes, Tycho. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . General surgery growth in the U.S. was strong, and in addition to the positive impact from patient backlogs, reflected increasing access for surgeons to our fourth-generation technology. We're taking a first-principles approach to return-to-office environments with our team, bringing back face-to-face interactions for those tasks best completed in person while enabling hybrid work environments for tasks that are well accomplished by distributed teams. To change your e-mail options at With an initial focus on BPH, the company's AquaBeam Robotic System delivering Aquablation therapy, is the first FDA-cleared, automated surgical robot for the treatment of lower urinary tract symptoms (LUTS) due to benign prostatic hyperplasia (BPH). Utilization of clinical systems in the field, measured by procedures per system, increased approximately 55% compared with last year and increased 11% compared with last quarter. All Rights Reserved. Current page 1; Page 2; Page 3; . Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. I think they are ecosystem enablers and can result in very high customer satisfaction when done well. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. 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? 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. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. I think the thing that we'd call out is it's not the case rates per se to monitor. 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. Next, we go over to Larry Beigelsen with Wells Fargo. All of that, to me, indicates that the business feels in balance. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. Yes. INTUITIVE at 2022 Wells Fargo Healthcare Conference. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. Good afternoon. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. 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. Pro forma gross margin for the second quarter of 2021 was 71.7%, compared with 62.4% for the second quarter of 2020 and 71.8% last quarter. 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. The call will be webcast by Nasdaq OMX and can be accessed on Intuitives website at www.intuitive.com or by dialing (844) 867-6169 using the access code 525958. Ladies and . 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. 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. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. 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. 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%. That says that we're not putting out more capital than folks need, even though it's been healthy capital quarters, it means our customers are getting good benefit out of what they're using those systems for. So I wouldn't start building lots of leverage into your models. As part of our mission, we believe that minimally invasive care is life-enhancing care. To change your e-mail options at ET. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. Global Minimally Invasive Prostate Cancer Surgery Market Analysis by Intuitive Announces First Quarter Earnings | Intuitive Surgical Intuitive Surgical Inc (ISRG) Q2 2021 Earnings Call Transcript 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. Next, we will go to Amit Hazan with Goldman Sachs. 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 . Non-GAAP income from operations. 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 actual gross profit margin will vary quarter to quarter depending largely on product, regional, and trade-in mix, the impact of product cost reductions, and manufacturing efficiencies and pricing pressure. 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 defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. Next, we'll go to Bob Hopkins with Bank of America. The trade-in cycle has been a tailwind to system placements. 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. 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. Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript Our installed base of SP Systems is now 79: eight in Korea and 71 in the U.S. We completed first cases associated with a U.S. colorectal clinical trial in the second quarter. Listen to Webcast. 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. Our technologies include the da Vinci surgical system and the Ion endoluminal system. And Jamie, as to kind of where we are. We will now open the call to your questions. At this time, all participants are in listen-only mode. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly? Customer adjustment of buying patterns will reduce I&A revenue per procedure. There were nearly 1,500 Ion procedures completed in the second quarter. 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. Thanks for taking the question. Trade-in activity can fluctuate and be difficult to predict. The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. I will now summarize our GAAP results. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. 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. Taken together, this combination of a recovery in procedures and healthy utilization supports our solid capital placement trends and rounds out a healthy commercial recovery year to date. The split must be approved by the shareholders but this is merely a formality. 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. . And basically, still underpenetrated, big opportunity. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. Second-quarter revenue reflected growth in both procedures and system placements. Having said that, it's a difficult procedure for surgeons to perform. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. And finally, we will host a question-and-answer session. Examining procedure trends more deeply. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. 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. That's great. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. The fourth quarter 2022 system placements included 154systems placed under operating lease and usage-based arrangements, compared with 143 systems in thefourth quarter of 2021. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. Philip Kim, our head of investor relations, will not be joining on today's call as he's currently on paternity leave following the birth of his daughter. Gotcha. Can you maybe just talk a little bit about the road map? 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. Intuitive Surgical Dives To 8-Month Low; Why It Could Still Outperform Mehr Brsen-Nachrichten . The Motley Fool owns shares of and recommends Intuitive Surgical. So that's a multi-quarter conversation. The next page will display a menu of options. Please go ahead. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. European procedure growth was generally healthy, though varied by country. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. 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. 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. We placed four SP systems in the quarter, bringing the total installed base to 79. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. So I think those are the key kind of procedure highlights. Plan to attend GIANT 2022. 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. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. 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. Presenter SpeechKari Krogstad Okay. Submit. That concludes our prepared comments. 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. Yes. Email: investor.relations@intusurg.com. Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. Rick Wise -- Stifel Financial Corp. -- Analyst. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. Please go ahead. 2022 Proxy Statement 36.4 MB. 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. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. Thirty-eight percent of systems placed in the second quarter involved trade-ins, which is lower than the 40% last year and the 44% last quarter. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . 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 flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. In May of this year, Dr. Karl LeBlanc from our Lady of the Lake Medical Center in Baton Rouge, Louisiana, published results from a multi-center study comparing short-term outcomes for incisional hernia, published in the Hernia Journal entitled Robotic-Assisted Laparoscopic and Open Incisional Hernia Repair: Early Outcomes from the Prospective Hernia study. I mean, how do you know there was catch-up from the backlog in Q2? But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. your options for e-mail notification, please enter your e-mail address below and click Fourth quarter 2021 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $477 million, or $1.30 per diluted share, compared with $434 million, or $1.19 per diluted share, in the fourth quarter of 2020.

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