intuitive surgical investor presentation 2021

For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. 10/08/22 - 11:00 AM EDT. The next page will display a menu of options. ET. The results of the meta-analysis found that robotic-assisted thoracic surgery compared to VATs was associated with, among others, the following significant findings: 50.4 milliliters lower blood loss, a 50% lower chance of conversion to an open procedure, a 1.1 day shorter stay in the hospital and a 10% less chance of patient experience to postoperative complication. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. I think our customers will take their time to evaluate new things as they go. But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. 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. Turning to gross profit. Phone: 408-523-2161 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. Please go ahead, sir. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. From the low-end perspective, the 27% reflected there is greater summer seasonality that reflects the possibility of an impact due to pent-up demand for vacation, especially for healthcare workers that have worked extensively during this period with COVID. 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. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. In the U.S., Q2 procedure results were positively impacted by a continuing recovery from COVID-19, including, we believe, a number of procedures that had been previously deferred. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. your options for e-mail notification, please enter your e-mail address below and click Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. It is in fact a physically taxing procedure, as Gary described. To change your e-mail options at Q2 2022 INTUITIVE Earnings Conference Call. 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. Thank you. I'll speak to my impression, but I caveat it, it's one person's impression. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems . The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. Instruments and accessories, training programs, support staff, analytics capability, publication, scientific publications demonstrating what you've done, the analytics, and evidence-based build are all, I think, important. And I'd just be curious to -- since you all are calling it out repeatedly as an important incremental growth driver, where are we now, in your view, in that, I'm sure, multiyear, long-term adoption process? Sure. 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. (1) Services revenue includes the effect of the following item: (2) Selling, general and administrative includes the effect of the following item: (3) Income from operations includes the effect of the following item: (4) Interest and other income, net includes the effect of the following item: (5) Income tax expense includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements. It's not just the robot. The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. Lease buyout revenue has varied significantly quarter to quarter and will likely continue to do so. Hi, Gary. ISRG stock has split before. [Operator instructions] And for our first question, we will go to Tycho Peterson. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. 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. 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. [Operator instructions] As a reminder, this conference is being recorded. Non-GAAP income from operations. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . 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. Presentation: Operator. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. With respect to operating expenses, on our last call, we forecast to grow full-year pro forma 2021 operating expenses between 18% and 22% above 2020 levels. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. It's a highly penetrated laparoscopic indication in the United States. 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. Even then, it's not enough. 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. 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. Key business metrics for the second quarter were as follows. Yes. Transitory was out a few years ago and CMR has been out and now Medtronic. 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. In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. Yes. Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.neuropace.com, on the Investors page in the News & Events section. Intuitive Surgical, and Verb Surgical, among other countless innovations. They're calling on customers. Jamie will take you through procedure dynamics in more detail later in the call. I mean, how do you know there was catch-up from the backlog in Q2? INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Roughly a third of our team works in the manufacturer test and distribution of our products. In there is OUS markets continue to be choppy given that, in many cases, those markets are behind the U.S., for example, in their vaccination rollouts, and that leaves the possibility of continued resurgences and localized lockdowns. 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. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. Analysts: . We will now open the call to your questions. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. Please go ahead. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. 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 think there's an opportunity to look at correlations between surgeon performance and outcomes. Our actual tax rate will fluctuate with changes in the geographic mix of income, changes in taxation made by local authorities, and with the impact of one-time items. 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. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. 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. 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. Listen to Webcast. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. The Zacks . Doctors talking to us about further expansion of utilization. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Some of them are included in our service contracts, some of them are on a per-use basis. Health . That said, other teams are out. All Rights Reserved. China procedure growth remains strong and broad-based as a result of continued expansion of the installed base under the current quota. We kind of outlined what was assumed in the high end of the procedure guidance. 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. Our total Ion clinical experience is approximately 4,000 cases to date. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. Bringing it all together. 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. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. Yeah. The number we're watching closely is hospitalization. Intuitive advances minimally invasive care by innovating at the point of possibility. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on the Companys business, financial condition, and results of operations, future results of operations, future financial position, the Companys financing plans and future capital requirements, the Companys potential tax assets or liabilities, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which the Company operates and the Companys beliefs and assumptions regarding these economies and markets. Lastly, we continue to digitally enhance our ecosystem. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. 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. COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. Submit. ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. Our technologies include the da Vinci surgical system and the Ion endoluminal system. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. I guess first question on guidance. In terms of our underlying numbers, we're growing at a little faster rate in the revision section, sleeves and bypass grow about the same rate. We continue to see significant utilization variance by region due to pandemic differences. I think that when you think about our product cycles, I would just have you look back earlier in the da Vinci experience in that these are long development cycles. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. 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. An investor who was able to pick up $1,000 worth of Intuitive Surgical shares at its IPO price and held on has seen that investment grow to a whopping . Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. Let me start with why I think it's adopting, and I'm going to turn to Jamie as to where -- what inning of the baseball game are we in, I'll let Jamie take that. 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. That low end also reflects some impact of a resurgence in the U.S. OK, great. Submit. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. So we're excited about that because it gives them fast and easy access. Those things are ongoing now. Ladies and . The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. . your options for e-mail notification, please enter your e-mail address below and click Trade-in activity can fluctuate and be difficult to predict. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. Hong Kong. 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. Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. . 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. At the time you receive a -- by the time you're at -- that market penetration rates that are significant. In Q2, we launched our SureForm stapling line in India. 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. 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. Gary, a separate topic. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Annualized U.S. procedure growth rates are returning to historical levels for procedures with longer diagnostic pipelines as patients have started returning to screening and diagnostic testing. Yes, Tycho. We placed four SP systems in the quarter, bringing the total installed base to 79. While there is likely some amount of backlog that has not yet been addressed, it is difficult to estimate the extent of the remaining backlog and when it will affect future procedure growth. Intuitive has managed multiple ways of working for many years. Intuitive Announces Fourth Quarter Earnings, Intuitive Announces Preliminary Fourth Quarter and Full Year 2022 Results, Intuitive becomes largest robotic-assisted surgery provider to be accredited by the Royal College of Surgeons of England, Q4 2022 INTUITIVE Earnings Conference Call, INTUITIVE at J.P. Morgan Healthcare Conference, J.P. Morgan Healthcare Conference 2023 Presentation, Q3 2022 INTUITIVE Earnings Conference Call. Please go ahead. We did not repurchase any shares in the quarter. 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. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. Based in Sunnyvale, California. ET. 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. So that's a multi-quarter conversation. 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. 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 December 31, 2021.Reported revenue and procedure results are consistent with the Company's press release issued on January 12, 2022. Are you seeing any impact thus far? The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. your options for e-mail notification, please enter your e-mail address below and click Good afternoon. To change your e-mail options at We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? any time, re-enter your e-mail address and click Submit, then adjust your form entries. The year-over-year increase in I&A revenue per procedure reflects increased usage of our advanced instruments, partially offset by the impact of extended use instruments. There are no upcoming events available at this time. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. Next, we'll go to Bob Hopkins with Bank of America. (USD millions), considering 2021 as the base year . Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. Second-quarter revenue reflected growth in both procedures and system placements. 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. Phone: 408-523 . In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. 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. Our digital learning programs continue to be an important part of our overall learning initiatives. As part of our mission, we believe that minimally invasive care is life-enhancing care. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. any time, re-enter your e-mail address and click Submit, then adjust your form entries. All Rights Reserved. Intuitive Surgical Investor Relations. 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 . Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. Please note that this conference call will be available for audio replay on our website at intuitive.com on the latest Events section under our Investor Relations page. And that is both painful and an opportunity. 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. 2021 Intuitive Sustainability Report 7.8 MB. 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. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. 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. Extended use instruments were introduced into the U.S. and Europe in the fourth quarter, in most other markets in the first six months of this year, except China due to regulatory timelines. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%.

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