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. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . 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. Or is it too early, and you're just saying that might happen in the future? Roughly a third of our team works in the manufacturer test and distribution of our products. In Q2, we launched our SureForm stapling line in India. Our teams continue to work closely with hospitals, physicians, and care teams in pursuit of what our customers have termed the Quadruple Aim: Better, more predictable patient outcomes, better experiences for patients, better experiences for their care teams, and ultimately, a lower total cost to treat. We expect spending on activities restricted by COVID to increase as the impacts of the pandemic decline. Ladies and . Just to be clear on your answer to Tycho's question. 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. In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. Richard Wolf GmbH 10.6 . Marshall will provide a review of our financial results. . Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. OK. And last one on SP. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? So I think those are the key kind of procedure highlights. 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. Having said that, it's a difficult procedure for surgeons to perform. Copyright 2023 Intuitive Surgical. Growth in our second largest market, China, continued to be strong with multiple specialties contributing. We launched our Force bipolar energy instrument along with our extended use instruments program in Japan, and we launched our SynchroSeal energy instrument and E-100 energy generator in Korea. 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. Jamie will provide additional procedure commentary later in this call. Compound annual growth between the second quarters of 2019 and 2021 was 16.5%. Thanks for taking the question. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . My name is Kari Krogstad. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. That's great. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. 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. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. Fourth quarter 2022 GAAP income from operations included share-based compensation expense of $129 million, compared with $120 million in the fourth quarter of 2021. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. One is we are focused on making sure that our ecosystem, our products, our systems, everything goes around it really delivers against the Quadruple Aim all the way through. The authors concluded, "The results revealed that robotic-assisted thoracic surgery is a feasible and safe technique compared with VATs in terms of short-term and long-term outcomes." . Newsroom | Intuitive | Robotic Surgery Company - Intuitive Surgical And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. See www.intuitive.com/trademarks. 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. The next page will display a menu of options. Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. 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. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. any time, re-enter your e-mail address and click Submit, then adjust your form entries. We've seen a few teams come out and field systems that are alternatives to ours. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . Leasing and alternative financing arrangements enable customer access to capital. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Jamie, I'll let you take it from there. Jamie will provide spend guidance later in this call. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. First, we are broadening access to our advanced instruments for our da Vinci Fourth Generation Multiport Systems through pursuit of additional clearances and launches outside the U.S. Second, we are expanding our da Vinci SP offering by broadening its regional and clinical indications and by adding it to its suite of instruments and accessories. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. your options for e-mail notification, please enter your e-mail address below and click Is Intuitive Surgical Stock Still Worth Buying Hand Over Fist in 2023? I hear your question is asking us how much is left, how much of the catch-up is left. It's not just the robot. As the phases of the pandemic evolve, we're supporting our team in addressing the opportunities and challenges posed by the pandemic and the ways we work. All Rights Reserved. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. Yeah, sure. 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. 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. 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. So it's not a scientific study, just my view. Copyright 2023 Intuitive Surgical. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Finally, our team is making good progress in scaling our operations. Thanks. Non-GAAP gross profit. 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. I think they are ecosystem enablers and can result in very high customer satisfaction when done well. 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. From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. We are in the execution and launch phase of four efforts. Looking at the past eight quarters in context, our compound annual growth rate for procedures for the period Q2 2019 through Q2 2021 of 16.5% is approximately the growth we would have expected absent the pandemic. 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. I'll speak to my impression, but I caveat it, it's one person's impression. The next page will display a menu of options. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Global Minimally Invasive Prostate Cancer Surgery Market Analysis by Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. The system features an ultra-thin, ultra-maneuverable catheter that allows navigation far into the peripheral lung and provides the unprecedented stability necessary for precision in biopsy. We think there's an opportunity to look at correlations between surgeon performance and outcomes. And I suspect that's most of what we're seeing, at least in the United States in terms of that. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. (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. I mean, how do you know there was catch-up from the backlog in Q2? Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. This presentation contains forward-looking statements. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Want $1 Million in Retirement? Intuitive Surgical Stock Nears $1,000 As The Covid Recovery Continues They're calling on customers. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. 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. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. Just in 2021 there were more than . The fourth quarter 2021 system shipments included 143systems shipped under operating lease and usage-based arrangements, compared with 120 systems in thefourth quarter of 2020. 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. - building a financial model and investor presentation for fundraising . 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 . 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. 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. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. Or any color you can provide on that? These forward-looking statements should, therefore, be considered in light of various important factors, including, but not limited to, the following: the risk that the COVID-19 pandemic could lead to further material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; disruption to our supply chain, including increased difficulties in obtaining a sufficient amount of materials in the semiconductor and other markets; closures of our facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals or clearances from the U.S. Food and Drug Administration (FDA) due to the effects of the COVID-19 pandemic; the evaluation of the risks of robotic-assisted surgery in the presence of infectious diseases; diversion of management and other resources to respond to the COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk that the COVID-19 pandemic continues to disrupt local economies and causes economies in our key markets to enter prolonged recessions; the risk of our inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; 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 our joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; our completion of and ability to successfully integrate acquisitions, including Orpheus Medical; procedures counts; regulatory approvals, clearances, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; intellectual property positions and litigation; competition in the medical device industry and in the specific markets in which we operate; risks associated with our operations outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; our reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party; product liability and other litigation claims; adverse publicity regarding us and the safety of our products and adequacy of training; our ability to expand into foreign markets; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risk factors.

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