This growth rate compares with 9% last year and 8% last quarter. The rise in earnings was driven by higher . The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. Colorectal growth was strong, with solid growth in malignant hysterectomy, thoracic, and prostatectomy procedures. 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 . At the time you receive a -- by the time you're at -- that market penetration rates that are significant. China procedure growth remains strong and broad-based as a result of continued expansion of the installed base under the current quota. Can you talk about kind of next steps to the program here, particular geographies you're targeting? Jamie Samath Senior Vice President Finance. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. 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. We also -- the business came back faster than we had anticipated. Our focus right now is not rapid expansion of the installed base. Intuitive Surgical (ISRG) Q2 2021 Earnings Call Transcript (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. Phone: 408-523 . COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. NeuroPace Reports Fourth Quarter & Full Year 2022 Financial Results Investor's Business Daily . Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. 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 amortization of intangible assets, 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. Just so really speaking backward-looking, so far, so good. Pagination. 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. 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. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. China growth in the second quarter continued to be far higher than our other regions, primarily reflecting the 40% system installation growth over the past year. But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. Forward-looking statements relate to expectations concerning matters that are not historical facts. So here's kind of where we stand with the backlog. During 2020, da Vinci procedure volumes and system placements were significantly impacted by the COVID-19 pandemic, as healthcare systems around the world diverted resources to respond to COVID-19. Copyright 2023 Intuitive Surgical. 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. 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 meta-analysis combined 18 studies across different countries containing over 11,000 patients, of which just over 5,000 received da Vinci robotic-assisted thoracic surgery and just over 6,000 received VATs. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. 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. . You may automatically receive Intuitive Surgical financial information by e-mail. In terms of procedure categories, bariatrics continued the strength that we've seen for some time. We will now open the call to your questions. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. Intuitive Surgical Stock Is Getting Close To Fair Value Non-GAAP gross profit. And I guess why won't that continue? Are you seeing any impact thus far? Global Minimally Invasive Prostate Cancer Surgery Market Analysis by Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP. 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. Plan to attend GIANT 2022. You've been spending a lot there. 3 Reasons to Buy Intuitive Surgical, and 1 Reason to Sell And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. Gary will present the quarter's business and operational highlights. TransMedics : Investor Presentation - February 2023 One is we are focused on making sure that our ecosystem, our products, our systems, everything goes around it really delivers against the Quadruple Aim all the way through. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. Invest better with The Motley Fool. 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. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. The trade-in cycle has been a tailwind to system placements. These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. I'm just curious from what you see out there, is this broadly reflective of what you think is going on in the marketplace for surgical procedures? Cardio medical GmbH 10.4. 2021 Intuitive Sustainability Report 7.8 MB. Four of the systems placed in the first quarter were SP Systems, reflecting continued measured rollout of SP. So those are the drivers we watch. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. 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. Submit. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. (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. And that is both painful and an opportunity. Intuitive | ISRG in the News 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. Investors are cautioned not to place undue reliance on such forward-looking statements. Marshall L. Mohr Executive Vice President and Chief Financial Officer. Intuitive Surgical Inc. (NASDAQ: ISRG) Q1 2021 earnings call dated Apr. . Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. A couple of things. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. And with that, I'd like to turn it over to Jamie. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. Visit www.intuitive.com/en-us/products-and-services/ion. If You Invested $1,000 in Intuitive Surgical's IPO, This Is How Much So when we talk about My Intuitive, that really is putting the power of interaction and data at the surgeon level in their hands or at the robotics coordinator level in their hands. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. The reason I mentioned it early is I think when we've had pretty strong capital quarters the last few, one of the things we want to look for is, are we building unused capacity into the field that -- where procedures softer that would stall us out. The system features an ultra-thin, ultra-maneuverable catheter that allows navigation far into the peripheral lung and provides the unprecedented stability necessary for precision in biopsy. It's hard to have a precise measure on it. Investors have assigned a high trading . User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. Key business metrics for the second quarter were as follows. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Next, we go over to Larry Beigelsen with Wells Fargo. Submit. I will now summarize our GAAP results. Anna Stefani - HES Project Manager - Alira Health | LinkedIn Our pro forma spending grew over 24% from a year ago, representing increased investment in our business. 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. You've got COVID. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. To make the world smarter, happier, and richer. There appears to be some. So we don't really call them out as individual revenue lines. Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript To change your e-mail options at Intuitive Surgical, Inc. (ISRG) Q1 Earnings and Revenues Beat Estimates (2021) Dropped off in 2022. 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. And then on SG&A, kind of same kind of question. We could see one large competitor approved in the second half of this year. 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. The next page will display a menu of options. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Cost basis and return based on previous market day close. . Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 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. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. Pro forma gross margin for the second quarter of 2021 was 71.7%, compared with 62.4% for the second quarter of 2020 and 71.8% last quarter. Next, we'll go to Bob Hopkins with Bank of America. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. SP procedures grew 133% year over year, with much of that growth coming from the United States. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. European procedure growth was generally healthy, though varied by country. Transcript : Medistim ASA, Q4 2022 Earnings Call, Mar 01, 2023 Jamie will provide spend guidance later in this call. The next page will display a menu of options. Intuitive Surgical, Inc. (ISRG) - Yahoo Finance 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. Procedure growth drives capital purchases in many of our markets. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Yasmeen Hmaidan - Student Researcher - MIT Media Lab | LinkedIn Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. your options for e-mail notification, please enter your e-mail address below and click Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. Please go ahead. 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. ET. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. INTUITIVE at 2022 Wells Fargo Healthcare Conference. 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. 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. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. During the first half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in the U.S. and Europe followed by recoveries. And that has implications for the kind of imaging we do, it has implications for task analysis and training, and we're doing those things, and those can be aggregated across a surgical platform. 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. It flows from respect for and understanding of patients and care teams, their needs, and their environment. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. We are in the execution and launch phase of four efforts. 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. Intuitive Surgical Dives To 8-Month Low; Why It Could Still Outperform Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the quarter. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. 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. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. For full-year 2021, Intuitive Surgical revenues are estimated to be north of $5.7 billion, reflecting a 30% y-o-y growth, while the growth rate is expected to slow to low teens next year . And so I think you're going to see this quarter was extraordinary in terms of the operating profit margin and that we'll -- it will be lower in future quarters, given what I just described. We have continued the launch of our My Intuitive app, including launching to first users in Europe. And so we're going to continue to invest. These forward-looking statements should, therefore, be considered in light of various important factors, including, but not limited to, the following: the risk that the COVID-19 pandemic could lead to further material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; disruption to our supply chain, including increased difficulties in obtaining a sufficient amount of materials in the semiconductor and other markets; closures of our facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals or clearances from the U.S. Food and Drug Administration (FDA) due to the effects of the COVID-19 pandemic; the evaluation of the risks of robotic-assisted surgery in the presence of infectious diseases; diversion of management and other resources to respond to the COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk that the COVID-19 pandemic continues to disrupt local economies and causes economies in our key markets to enter prolonged recessions; the risk of our inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and market acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including our joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; our completion of and ability to successfully integrate acquisitions, including Orpheus Medical; procedures counts; regulatory approvals, clearances, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; intellectual property positions and litigation; competition in the medical device industry and in the specific markets in which we operate; risks associated with our operations outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; our reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party; product liability and other litigation claims; adverse publicity regarding us and the safety of our products and adequacy of training; our ability to expand into foreign markets; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risk factors.