It's taking getting the advanced instruments, put them together as a set, getting our workflows and our clinical pathways right, and I think that's been powerful to date. All Rights Reserved. Intuitive Surgical jumps past $100 billion market value as 1st-quarter Corporate Governance Guidelines 384.4 KB. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. That's great. You have to do it. Investor's Business Daily . In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. I mean, how do you know there was catch-up from the backlog in Q2? Intuitive Surgical, Inc. (ISRG) - Yahoo Finance Yeah, sure. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. During the first half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in the U.S. and Europe followed by recoveries. This press release contains forward-looking statements. The difference in the number of subjects reporting the need for prescription pain medication favored the robotic-assisted group in both comparisons." 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. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP. The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. Those things are ongoing now. And so we're going to continue to invest. 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. Ladies and . 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. We could see one large competitor approved in the second half of this year. That concludes our prepared comments. Yes, Tycho. - Received full travel grant to attend Google I/O 2019. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. Calvin Darling -- Senior Director of Finance, Investor Relations. Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. We are developing and deploying technology-enabled ecosystems to support our customers' pursuit of the Quadruple Aim, better outcomes, better patient experiences, better care team experiences, and lower total cost to treat per patient episode. Yeah. 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. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . You may automatically receive Intuitive Surgical financial information by e-mail. Please go ahead. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 million during the quarter, primarily driven by share repurchases of $1 billion and capital expenditures, partially offset by cash generated from operations. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Clinical trial sites completed enrollment for our PRECIsE clinical trial. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. And I have one follow-up. You may automatically receive Intuitive Surgical financial information by e-mail. 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. Copyright 2023 Intuitive Surgical. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Thoracic Surgery Market: Industry Analysis and Forecast (2021-2029) On the why side, it's -- bariatrics has been a little different than other procedure for us. Cardio medical GmbH 10.4. Intuitive Surgical Is Falling After Earnings. This Analyst Thinks It's While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. So it's not a scientific study, just my view. Susanne Feldt - Founder - Hermaid | LinkedIn 3 Reasons to Buy Intuitive Surgical, and 1 Reason to Sell Q2 2022 INTUITIVE Earnings Conference Call. Fourth quarter 2021 instruments and accessories revenue increased by 13% to $843million, compared with $747million in the fourth quarter of 2020, primarily driven by approximately 19% growth in da Vinci procedure volume, partially offset by stocking orders in the prior year associated with the Companys launch of Extended Use Instruments. I think the product ecosystem with XI with a 60-millimeter stapler is in good shape, and we're getting good feedback from surgeons in that regard. Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. You go from an issue to identification to closure more quickly. 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. 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. 06/14/22 - 1:20 PM PDT. 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. All Rights Reserved. Please go ahead, sir. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. One on procedures, one on competition. Field and marketing costs will tick up if the pandemic wanes. So our customers are asking us for advanced instrumentation. I will also summarize our GAAP performance later in my prepared remarks. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. In the quarter, we continued to engage customers in data analytics and opportunity analysis for surgical programs, cornerstone of our Your Data, Your Truth analytics efforts. We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. 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 . So short answer there is just kind of a reminder of what we're trying to do. There are several models of the da Vinci Surgical System. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. Colorectal growth was strong, with solid growth in malignant hysterectomy, thoracic, and prostatectomy procedures. 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. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. So bariatric obviously has been highly laparoscopically penetrated historically. We think we stand up pretty well to those comparisons, and we're ready to help them pursue their aims as the year proceeds. 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. Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. Sure. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. Having said that, it's a difficult procedure for surgeons to perform. The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. . Gary, a separate topic. 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. 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. The next page will display a menu of options. Investors have assigned a high trading . Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. 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. The split must be approved by the shareholders but this is merely a formality. Our fully integrated advanced instruments portfolio has been a strong addition to our multiport ecosystem, allowing for high-quality tissue interaction controlled from the surgeon's console while optimizing workflow. 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. Senior Director-Finance & Investor Relations: Julian N. Nikolchev: Senior VP-Corporate Development & Strategy: Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. 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. Our SEC filings can be found through our website or at the SEC's website. 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. 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. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. I think we're going to have to let it play for another few quarters to see. 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. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth 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. So it takes a while. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. 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 Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. Our focus right now is not rapid expansion of the installed base. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. 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. All Rights Reserved. Data Provided by Refinitiv. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. Intuitive Surgical Stock Appears To Be A Better Bet Over This - Forbes 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. Health . Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP EPS exclude items such as intangible asset charges, re-measurement of contingent consideration, SBC and long-term incentive plan expenses, excess tax benefits or deficiencies associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfer of non-inventory assets, which are primarily recurring items. 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. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. We look forward to talking with you again in three months. The stock split will take place after market close on October 5th, 2021. 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. (1) Selling, general and administrative includes the effect of the following item: (2) Income from operations includes the effect of the following items: (3) Interest and other income, net includes the effect of the following item: (4) Income tax expense includes the effect of the following item: Excess tax benefits related to share-based compensation arrangements, (5) Diluted net income per share attributable to, Amortization of intangible assets, net of tax, Gains (losses) on strategic investments, net of tax. Finally, we are strengthening our digital capabilities across our ecosystem. 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. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. 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 compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. The high end of the range assumes strength in U.S. general surgery, a return to normalized diagnostic pipelines, the vaccines are effective against any new COVID-19 variants and the vaccine rollouts in OUS markets continue as currently expected by governments around the world. 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. Today's press release and supplementary financial data tables have been posted to our website. Listen to Webcast. 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. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . Gosh, that's awfully encouraging sounding. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. The next page will display a menu of options. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . Thank you for joining us today. And so we have some indications that we saw backlog reflected in the Q2 results. In the U.S., procedures that are dependent on diagnostic pipelines also grew, albeit at lower rates as compared to benign procedures. Turning to our single-port system. Our technologies include the da Vinci surgical system and the Ion endoluminal system. And I guess why won't that continue? Intuitive | ISRG for Investors [Operator instructions] As a reminder, this conference is being recorded. That low end also reflects some impact of a resurgence in the U.S. Thank you for your support on this extraordinary journey. SP procedures grew 133% year over year, with much of that growth coming from the United States. Having said all of that, it's been a short period since they've had extended use instruments. We think there's an opportunity to look at correlations between surgeon performance and outcomes. 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 believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Companys business. Intuitive Surgical Inc. (ISRG) Q4 2021 Earnings Call Transcript And with that, I'd like to turn it over to Jamie. Just to be clear on your answer to Tycho's question. Forward-looking statements relate to expectations concerning matters that are not historical facts. A reconciliation between our pro forma and GAAP results is posted on our website. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. So I wouldn't start building lots of leverage into your models. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. 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. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. And then now we have rolled it out to most other markets in the first six months of this year, except for China where there are longer regulatory timelines. In other words, happy, very satisfied customers. 07/21/22 - 1:30 PM PDT. What was the second part of your question again, Larry? Follow Allison Gatlin on Twitter at @IBD_AGatlin . NeuroPace Reports Fourth Quarter & Full Year 2022 Financial Results SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Can you maybe just talk a little bit about the road map? That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. 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. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. Good afternoon. 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. To understand our system placement and capital performance over this period, we look to annual system utilization trends, which have recovered to utilization rates at the high end of our historical averages. Given the stronger recovery of procedures we have experienced so far, particularly in the U.S., and strength in U.S. general surgery, we are now increasing our forecast and expect full-year 2021 procedure growth of 27% to 30%. Yasmeen Hmaidan - Student Researcher - MIT Media Lab | LinkedIn You may automatically receive Intuitive Surgical financial information by e-mail. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. To change your e-mail options at Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP. Intuitive Surgical 10.5. 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. Growth in Japan was solid but was impacted by a relatively slow rollout of vaccines and the impact of localized lockdowns as a result of ongoing efforts to prevent resurgences of COVID-19. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. 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. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. Intuitive Surgical, Inc. (ISRG) Q1 Earnings and Revenues Beat Estimates In the quarter, strong trade-ins of older-generation systems for our fourth-generation products and strength in multi-system deals continue to support our thesis that customers that know us best continue to invest with us going forward. I will now summarize our GAAP results. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. The higherfourth quarter revenue was driven by growth in da Vinci procedure volume, partially offset by a decline in system placements and foreign currency impacts. Intuitive Surgical Stock - TipRanks.com This presentation contains forward-looking statements. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. Thanks. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner.