Last quarter, we forecast 2021 procedure growth of 22% to 26%. GAAP net income was $517 million or $4.25 per share for the second quarter of 2021, compared with GAAP net income of $68 million or $0.57 per share for the second quarter of 2020 and GAAP net income of $426 million or $3.51 per share for the last quarter. Building a great robot is a hard first step. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. 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. 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. Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. 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. Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. 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. 07/21/22 - 1:30 PM PDT. How close we are to maybe seeing something that you can monetize? 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 non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Intuitive has managed multiple ways of working for many years. Q2 growth was driven by particular strength in benign procedures, including bariatrics, hernia repair, cholecystectomy, and benign hysterectomy, reflecting in part, we believe, a partial catch-up in these procedures related to the previous deferral of elective surgeries. The call will be webcast by Nasdaq OMX and can be accessed on Intuitives website at www.intuitive.com or by dialing (877) 692-8955 using the access code 5830756. Looking to our finances in the quarter. 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. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. 2021 Proxy Statement - Special Meeting 224.6 KB. These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. Clinical trial sites completed enrollment for our PRECIsE clinical trial. 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. ISRG stock has split before. Submit. 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. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Intuitive Surgical, and Verb Surgical, among other countless innovations. In terms of penetration or adoption, we're in the early to mid-innings kind of range is what I'd say in the U.S. market. (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. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. 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. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. It's a highly penetrated laparoscopic indication in the United States. 10/08/22 - 11:00 AM EDT. Ladies and . On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. There appears to be some. They're calling on customers. Having said that, it's a difficult procedure for surgeons to perform. Listen to Webcast. 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. 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. 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. 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. your options for e-mail notification, please enter your e-mail address below and click So we're making those investments to move that forward. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. Sure. To choose Intuitive Surgical Is Falling After Earnings. This Analyst Thinks It's 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. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. And I have one follow-up. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . Thank you. 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. any time, re-enter your e-mail address and click Submit, then adjust your form entries. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. Intuitive Surgical Inc (ISRG) Q2 2021 Earnings Call Transcript 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. A couple of things I'd say. . We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. We believe value creation in surgery and acute care is foundationally human. 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. Health . There are no upcoming events available at this time. So we don't really call them out as individual revenue lines. Jamie will provide additional procedure commentary later in this call. And just, you know, on competition, it does seem like the noise is increasing. We have a broad range of estimates. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. Congrats on the quarter. We continue to see significant utilization variance by region due to pandemic differences. 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. OK. And then just one quick follow-up. Mai 2022: CI. Please go ahead, sir. During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. Keep up-to-date with changes . I think that's anecdotal. We also expect spending to increase as a percentage of revenue as investments in headcount, infrastructure, and other support areas catch up to the growth in the business. And I kind of articulated what those were, travel and so forth. 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. OK. That's helpful. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. And then on SG&A, kind of same kind of question. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. 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%. So those are the drivers we watch. 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. your options for e-mail notification, please enter your e-mail address below and click The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. Anna Stefani - HES Project Manager - Alira Health | LinkedIn Today's press release and supplementary financial data tables have been posted to our website. SUNNYVALE, Calif., Jan. 24, 2023 (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, 2022. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. 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. Field and marketing costs will tick up if the pandemic wanes. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. Second-quarter system placements of 328 systems increased 84%, compared with 178 systems for the second quarter of 2020, and increased 10%, compared with 298 systems last quarter. Non-GAAP income from operations. It flows from respect for and understanding of patients and care teams, their needs, and their environment. Intuitive Surgical, Inc. (ISRG) CEO Gary Guthart - SeekingAlpha Travel and associated costs in support of our field have also not recovered to pre-pandemic levels. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. 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. Ion system placements and procedures are excluded from our overall system and procedure counts. Gary, a separate topic. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. Thank you for your support on this extraordinary journey. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. We're doing what we call the procedure development and the trial development around other indications, we think there'll be an opportunity in thoracic, as well as other ones beyond it. Non-GAAP gross profit. My Intuitive allows surgeons and care team members to access their data, to manage their profile, their learning, and otherwise interact with Intuitive through an easy-to-use mobile app in the palm of their hand. Hong Kong. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. Intuitive Surgical Asensus Surgical . To make the world smarter, happier, and richer. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. Lusi Chien - Chief Commercial Officer - Nanome Inc. | LinkedIn Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The study contains 371 patients that underwent an incisional hernia repair procedure across 17 institutions within the United States between May 2016 and September 2019. The Company placed 369 da Vinci Surgical Systems, a decrease of 4% compared with 385 in the fourth quarter of 2021. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. 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. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . A reconciliation between our pro forma and GAAP results is posted on our website. Moving on to gross margin and operating expenses. OK, great. 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. Presentation: Operator. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. OK. Well, thank you, and our moderator, that was our last question. So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. To change your e-mail options at For more information, please visit the Companys website at www.intuitive.com. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. 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. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. 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. Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on our business, financial condition, and results of operations, the potential impact on our procedure volume, our expected business, procedures, and procedure adoption, future results of operations, future financial position, our ability to increase our revenues, the anticipated mix of our revenues between product and service revenues, our financing plans and future capital requirements, anticipated costs of revenue, anticipated expenses, our potential tax assets or liabilities, our investments, anticipated cash flows, our ability to finance operations from cash flows and similar matters, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which we operate and our beliefs and assumptions regarding those economies and markets. The trade-in cycle has been a tailwind to system placements. Laparoscopy Surgical Robotic System and Consumables Market [2023-2030 These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. 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. See www.intuitive.com/trademarks. And I know case rises have been largely decoupled from hospitalizations.