intuitive surgical investor presentation 2021

I think our customers will take their time to evaluate new things as they go. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? Minimum 15 minutes delayed. At this time, all participants are in listen-only mode. And then on SG&A, kind of same kind of question. 2022 Proxy Statement 36.4 MB. 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. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. And that is both painful and an opportunity. Leasing and alternative financing arrangements enable customer access to capital. I will also summarize our GAAP performance later in my prepared remarks. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. 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. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. You may automatically receive Intuitive Surgical financial information by e-mail. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. See www.intuitive.com/trademarks. The second reason to invest in Intuitive Surgical is its incredible profitability. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. They're calling on customers. The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. 2021 Proxy Statement - Special Meeting 224.6 KB. 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. Some of them are included in our service contracts, some of them are on a per-use basis. Roughly a third of our team works in the manufacturer test and distribution of our products. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. We placed four SP systems in the quarter, bringing the total installed base to 79. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. All Rights Reserved. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! 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. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. So those are the drivers we watch. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. 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. This growth rate compares with 9% last year and 8% last quarter. So I'd encourage those folks on the call, it's likely to be a comparison of ecosystems in delivering the Quad Aim over time. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of the Companys business within the period. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. Copyright 2023 Intuitive Surgical. Google's Women Techmakers program provides visibility, community, and resources for women in technology. 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. Intuitive Surgical, and Verb Surgical, among other countless innovations. Just anything you could talk to there would be helpful. These programs together trained over 2,200 care team members in the quarter, showing organizational strength and localizing programs, and responding with agility to pandemic-influenced demand. 07/21/22 - 1:30 PM PDT. Is Intuitive Surgical Stock Still Worth Buying Hand Over Fist in 2023? I think the noise levels will go up. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. The stock split will take place after market close on October 5th, 2021. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. 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. It's physically demanding. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. 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. Listen to Webcast. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. This article is a transcript of this conference call produced for The Motley Fool. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. Our installed base of SP Systems is now 79: eight in Korea and 71 in the U.S. We completed first cases associated with a U.S. colorectal clinical trial in the second quarter. (USD millions), considering 2021 as the base year . INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . 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. Please go ahead, sir. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. 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. So it's not a scientific study, just my view. Transitory was out a few years ago and CMR has been out and now Medtronic. In terms of procedure categories, bariatrics continued the strength that we've seen for some time. Intuitive develops, manufactures and markets the da Vinci surgical system. Visit www.intuitive.com/en-us/products-and-services/ion. Clinical trial sites completed enrollment for our PRECIsE clinical trial. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. Listen to Webcast. Can you maybe just talk a little bit about the road map? There were nearly 1,500 Ion procedures completed in the second quarter. Looking to our finances in the quarter. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. Turning to gross profit. 10/08/22 - 11:00 AM EDT. Good afternoon. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. 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. We also believe that growth benefited from some procedures that were previously deferred due to delays in testing and patient concern over COVID. 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. Trade-in activity can fluctuate and be difficult to predict. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? 2021 Intuitive Sustainability Report 7.8 MB. You have to do it. The Zacks . 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. 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. Listen to Webcast. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. Invest better with The Motley Fool. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. My name is Kari Krogstad. 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. COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. 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. It's not just the robot. The Company placed 369 da Vinci Surgical Systems, a decrease of 4% compared with 385 in the fourth quarter of 2021. 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. Jan 2023 - Present3 months. The rise in earnings was driven by higher . 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. Second-quarter 2021 OUS procedure growth was driven by growth in prostatectomy procedures and earlier-stage growth in kidney cancer procedures, general surgery, gynecology, and thoracic. Health . For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. We look forward to talking with you again in three months. And so we'll spend there. your options for e-mail notification, please enter your e-mail address below and click Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. On the benign side, often the diagnostic pipelines are shorter. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. Our overall second-quarter procedure growth was 68%, compared to a decline of 19% during the second quarter of 2020, which reflected a significant adverse impact from the COVID-19 pandemic. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. That's helpful, Gary. 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. To choose But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. 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 . Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. 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. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . So energy and stapling and other things, we think that is possible. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. Forward-looking statements relate to expectations concerning matters that are not historical facts. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent Form 10-K filed on February 10, 2021; and Form 10-Q filed on April 21, 2021. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Next, we go over to Larry Beigelsen with Wells Fargo. Yes. 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. 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. is the global technology leader in robotic-assisted minimally invasive surgery (MIS). Building a great robot is a hard first step. . I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. Yeah. Marshall L. Mohr Executive Vice President and Chief Financial Officer. 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. 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. Moving on to gross margin and operating expenses. Making the world smarter, happier, and richer. Jamie will take you through procedure dynamics in more detail later in the call. We have continued the launch of our My Intuitive app, including launching to first users in Europe. Tuesday, October 18, 2022 4:30 PM EDT . It has been. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. I hear your question is asking us how much is left, how much of the catch-up is left. Jamie Samath Senior Vice President of Finance 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 are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. Fourth quarter 2021 GAAP income from operations included share-based compensation expense of $120 million, compared with $104 million in the fourth quarter of 2020. Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. Bringing it all together. All Rights Reserved. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. Just so really speaking backward-looking, so far, so good. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. 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. Hong Kong. I think that's anecdotal. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. 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. 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. Investor's Business Daily . We think there's an opportunity to look at correlations between surgeon performance and outcomes. 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. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. It's the impact on hospitalizations. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. Q2 2022 INTUITIVE Earnings Conference Call. The next page will display a menu of options. I think the thing that we'd call out is it's not the case rates per se to monitor. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 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. Utilization of clinical systems in the field, measured by procedures per system, increased approximately 55% compared with last year and increased 11% compared with last quarter. At the time you receive a -- by the time you're at -- that market penetration rates that are significant. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems . Jamie, anything? Intuitive Surgical Investor Relations. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. 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: 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. However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. So here's kind of where we stand with the backlog. The stock movement pushed Intuitive . OK. And then just one quick follow-up. 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. 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. Jamie Samath Senior Vice President Finance. Our total Ion clinical experience is approximately 4,000 cases to date. I just wondered, are you suggesting or should we be thinking that we could be in the front of a new wave of capital acquisition, with again, capital released because of the need to add additional systems to accommodate the expanding number of procedures? 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. And so we see that as a benefit also with respect to feedback from surgeons. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . ISRG stock has split before. 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. Last page last E-mail Alerts. (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. So I think those are the key kind of procedure highlights. From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. So bariatric obviously has been highly laparoscopically penetrated historically. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. 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. (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. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. 10/08/22 - 11:00 AM EDT. We're clearly seeing that in markets like India, Taiwan, there's been an impact in terms of how they've handled that from a healthcare system perspective and the resulting impact on our procedures.

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