Our total Ion clinical experience is approximately 4,000 cases to date. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly? The split must be approved by the shareholders but this is merely a formality. Making the world smarter, happier, and richer. So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. This article is a transcript of this conference call produced for The Motley Fool. 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. 06/14/22 - 1:20 PM PDT. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . In Europe, the impact of COVID in the second quarter of 2021 varied regionally with slower recovery in Italy and France, while we saw early stages of a recovery in the U.K. 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. The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. Data Provided by Refinitiv. Outside the U.S., we placed 115 systems in the second quarter, compared with 72 in the second quarter of 2020 and 108 systems last quarter. Our SEC filings can be found through our website or at the SEC's website. Intuitive Surgical's Q3 2021 adjusted earnings per share (EPS) is expected to be $1.22 per Trefis analysis, slightly above the consensus estimate of $1.17. 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. 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. Revenues are anticipated to be about $1.55 . The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. Investor's Business Daily . Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. We did not repurchase any shares in the quarter. The difference in the number of subjects reporting the need for prescription pain medication favored the robotic-assisted group in both comparisons." These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which impacts customer spending and the Companys costs, including increased inflation and interest rates, the conflict in Ukraine, disruption to the Companys supply chain, including increased difficulties in obtaining a sufficient supply of materials in the semiconductor and other markets, the risk that the COVID-19 pandemic could lead to material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; closures of the Companys facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals, clearances, or certifications from the U.S. Food and Drug Administration (FDA), comparable regulatory authorities, or notified bodies; diversion of resources to respond to COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk of the Companys inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement, and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and market acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Companys completion of and ability to successfully integrate acquisitions, including Opheus Medical; procedure counts; intellectual property positions and litigation; competition in the medical device industry and in the specific markets of surgery in which the Company operates; risks associated with the Companys operations and any expansion outside of the United States; unanticipated manufacturing disruptions or the inability to meet demand for products; the Companys reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party, including but not limited to product liability claims; adverse publicity regarding us and the safety of the Companys products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risks and uncertainties. . [Inaudible] on a nice quarter. The Company grew its da Vinci Surgical System installed base to 6,730 systems as of, Fourth quarter 2021 GAAP net income attributable to Intuitive was $381million, or, Fourth quarter 2021 non-GAAP* net income attributable to Intuitive was. And the capital to support that demand has not run ahead of the procedure demand. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. Constant currency revenue growth. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. Today's press release and supplementary financial data tables have been posted to our website. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? OK. And then just one quick follow-up. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. The reason I mentioned it early is I think when we've had pretty strong capital quarters the last few, one of the things we want to look for is, are we building unused capacity into the field that -- where procedures softer that would stall us out. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. 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. 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. Hi, Gary. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. 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. 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. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Can you maybe just talk a little bit about the road map? 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? 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. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. Intuitive Surgical (ticker: ISRG ) reported an adjusted fourth-quarter profit of $1.30 a share, beating forecasts for $1.28 a share, on sales of $1.55 billion, which topped expectations for $1.52 . And so we see that as a benefit also with respect to feedback from surgeons. 07/21/22 - 1:30 PM PDT. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. And U.S. general surgery, in particular, performed well. What was the second part of your question again, Larry? 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. Our pro forma spending grew over 24% from a year ago, representing increased investment in our business. And then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. 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. And I kind of articulated what those were, travel and so forth. 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. Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. Unrealized gain (loss) - net of tax expense (recovery) effect of $347 and $37 for the three months ended December 31, 2022 and 2021, respectively; ($859) and $(354) for the six months ended . At this time, all participants are in listen-only mode. That said, other teams are out. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. Submit. It affirms that "RAS devices have been cleared for use in certain types of surgical procedures commonly performed in patients with cancer, such as hysterectomy, prostatectomy and colectomy. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. And sequential growth in what they can do with the system remains our focus on SP for now. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . *Average returns of all recommendations since inception. Intuitive Surgical's adjusted net . Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Supporting investors, corporations, start-ups, and academic research labs. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. Listen to Webcast. 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? (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. Next, we will go to Amit Hazan with Goldman Sachs. ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . ISRG stock has split before. Customer appreciation and recurring use of our products has been growing nicely. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. 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. I'm here together with my CFO, Thomas Jakobsen.. | 2 Mrz 2023 . They're giving their PowerPoints about what they think is going to happen next and some other things. Thank you for your support on this extraordinary journey. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. 2022 Proxy Statement 36.4 MB. *Stock Advisor returns as of June 7, 2021. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive Surgical, Inc. divided by non-GAAP diluted shares, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. We also -- the business came back faster than we had anticipated. Buy These 2 Stocks in 2023 and Hold for the Next Decade, 2 Growth Stocks to Buy Before the Big Bull Rally, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Intuitive Surgical Investor Relations. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, a gain on the sale of a business, gains (losses) on strategic investments, adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects, and tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets. OK. And last one on SP. 5001-10,000 Employees. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. 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. Intuitive Surgical's adjusted net income of $435 million in Q3 2021 reflected a good 30% rise from its $334 million figure in the prior-year quarter. I think the noise levels will go up. A couple of things I'd say. Affiliated with the world's largest international neurotechnology community, NeurotechX, with 18,000+ members . Intuitive Surgical 10.5. Intuitive has managed multiple ways of working for many years. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. Some of them are included in our service contracts, some of them are on a per-use basis. 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. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. 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. It last split in October of 2017. Submit. 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. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. Can you talk about kind of next steps to the program here, particular geographies you're targeting? 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. 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. Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? Just a couple of comments. We continue to see significant utilization variance by region due to pandemic differences. 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. It's not just the robot. Trade-in activity can fluctuate and be difficult to predict. Ion system placements and procedures are excluded from our overall system and procedure counts. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Submit. Second-quarter system average selling prices decreased to $1.55 million from $1.65 million for both the second quarter of 2020 and the first quarter of 2021. Jamie will provide spend guidance later in this call. 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. Good afternoon, everybody. 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. I'll maybe start with Marshall on the first one and then go to Gary for the second one. Our pro forma effective tax rate for the second quarter was approximately 25%. And I suspect that's most of what we're seeing, at least in the United States in terms of that. The next page will display a menu of options. Intuitive Surgical, Inc. is the global technology leader in robotic-assisted minimally invasive surgery (MIS). These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. To choose 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. Jamie Samath -- Senior Vice President of Finance. At the time you receive a -- by the time you're at -- that market penetration rates that are significant. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. The stock movement pushed Intuitive . Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

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