intuitive surgical investor presentation 2021 intuitive surgical investor presentation 2021

Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. All Rights Reserved. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. 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. Gary will present the quarter's business and operational highlights. 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. What was the second part of your question again, Larry? 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. That's helpful, Gary. Forward-looking statements relate to expectations concerning matters that are not historical facts. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. Sure. So I think all of you on the call, you should expect increased alternatives for the customer base. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. Yes, Tycho. 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%. Outside the U.S., we placed 115 systems in the second quarter, compared with 72 in the second quarter of 2020 and 108 systems last quarter. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. European procedure growth was generally healthy, though varied by country. Some of them are included in our service contracts, some of them are on a per-use basis. It doesn't seem like the backlog would be exhausted just after one quarter. 06/14/22 - 1:20 PM PDT. Our focus is in clinical capability and productivity of the installed base we have. Turning to gross profit. 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 our posture to that has been -- it may delay some sales as we may have some competitive conversations and tenders, and we'll lose some. Please go ahead, sir. Most of our offices globally are reopening with this hybrid approach. On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the quarter. You've been spending a lot there. They're giving their PowerPoints about what they think is going to happen next and some other things. 07/21/22 - 1:30 PM PDT. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. 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 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. Intuitive Surgical's adjusted net . In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. I think we're going to have to let it play for another few quarters to see. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. The next page will display a menu of options. 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%. And we're pleased. 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. That concludes our prepared comments. You may automatically receive Intuitive Surgical financial information by e-mail. You may automatically receive Intuitive Surgical financial information by e-mail. 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. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. There were nearly 1,500 Ion procedures completed in the second quarter. Investor's Business Daily . 2021 Proxy Statement - Special Meeting 224.6 KB. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. Q2 2022 INTUITIVE Earnings Conference Call. any time, re-enter your e-mail address and click Submit, then adjust your form entries. I think the noise levels will go up. Richard Wolf GmbH 10.6 . This press release contains forward-looking statements. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. All Rights Reserved. INTUITIVE at 2022 Wells Fargo Healthcare Conference. Affiliated with the world's largest international neurotechnology community, NeurotechX, with 18,000+ members . 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. Thanks. Please go ahead. 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. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. To choose We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. The first and second quarters of 2021 reflect leveraging fixed costs over higher production levels. 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. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. Thanks. We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. *Average returns of all recommendations since inception. 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. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. And as we've said in the past, if we can bring the right system with the right instruments, the right imaging, and the right usability, the right ease of use, we think that surgeons will care. And I guess why won't that continue? The number we're watching closely is hospitalization. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. Conversion rates to open surgery were lower in the robotic group compared to the laparoscopic group, 0.6% as compared to 4.9%, and reoperation rates in the 30 days post procedure were comparable between robotic and laparoscopic and lower for robotic as compared to open, 0.6% as compared to 3.1%. Thank you. At the time you receive a -- by the time you're at -- that market penetration rates that are significant. Or any color you can provide on that? 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. 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. Current quarter system placements included 63 into Europe, 16 into Japan, and 19 into China, compared with 18 into Europe, 18 into Japan, and 21 into China in the second quarter of 2020. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. (2) Selling, general and administrative 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, Gains on strategic investments, net of tax, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. OK, great. Next, we'll go to Bob Hopkins with Bank of America. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. Tuesday, October 18, 2022 4:30 PM EDT . OK. Well, thank you, and our moderator, that was our last question. 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. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. 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. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. 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. Thanks for taking the question. 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. So from a core demand point of view or disease state, that's clearly out there and accumulating, and it has to get processed through. - building a financial model and investor presentation for fundraising . All Rights Reserved. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. Moving on to capital placements. 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. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. Go ahead, Mr. Hopkins. Can you maybe just talk a little bit about the road map? And that if it hasn't delivered against the Quad Aim, if these systems can do some cases well, but not all cases well or they have stability issues or other things, that wears in pretty quickly. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. 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. 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 . COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. 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. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. Intuitive Surgical Inc. (NASDAQ: ISRG) Q1 2021 earnings call dated Apr. I think our customers will take their time to evaluate new things as they go. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about our results of operations, growth strategy and commercial opportunity. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. Intuitive Surgical, Inc.Which belongs to the Zacks Medical - Instruments industry, posted revenues of $1.29 billion for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 16. . So those are the drivers we watch. Minimum 15 minutes delayed. COVID has impacted global supplies of semiconductors and other materials used in our products, while we carry safety stocks of critical components and are otherwise working to secure supply necessary to ensure fulfillment of customer demand, global shortages could result in higher production costs and production development and regulatory delays. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. 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. Submit. Intuitive Surgical, and Verb Surgical, among other countless innovations. And I kind of articulated what those were, travel and so forth. COVID has delayed some work in R&D and clinical trials, leading to some underspend in programs, prototypes, and some delay in hiring. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. To change your e-mail options at Our digital learning programs continue to be an important part of our overall learning initiatives. And at this time, I would like to turn the conference over to our host, senior director of finance, investor relations for Intuitive, Mr. Calvin Darling. 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. Presenter SpeechKari Krogstad Okay. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. In this Backstage Pass video, which aired Sept. 29, Motley Fool contributor Brian Withers shares his thoughts on Intuitive Surgical, highlighting the metrics investors need to watch when the . Copyright 2023 Intuitive Surgical. So our customers are asking us for advanced instrumentation. I'm here together with my CFO, Thomas Jakobsen.. | 2 Mrz 2023 . Cardio medical GmbH 10.4. The split must be approved by the shareholders but this is merely a formality. 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. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. The Motley Fool owns shares of and recommends Intuitive Surgical. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. 06/14/22 - 1:20 PM PDT. Is Intuitive Surgical Stock Still Worth Buying Hand Over Fist in 2023? On the why side, it's -- bariatrics has been a little different than other procedure for us. Health . 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. To the extent that COVID impacts procedures, it will also impact capital purchases. The stock movement pushed Intuitive . The Company defines non-GAAP income from operations as income from operations, excluding intangible asset charges, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, and litigation charges and recoveries. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . To change your e-mail options at That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. your options for e-mail notification, please enter your e-mail address below and click Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. Lastly, we continue to digitally enhance our ecosystem. 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. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. We believe value creation in surgery and acute care is foundationally human. Just on the recent spread of COVID and variants and the potential impact on demand and hospitals' ability to do procedures, are you starting to see that impact now? Today's format will consist of providing you with highlights of our second-quarter results as described in our press release announced earlier today followed by a question-and-answer session. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. 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. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. Phone: 408-523-2161 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. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument.