Second-quarter revenue reflected growth in both procedures and system placements. 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. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. We also saw an increase in our IDN customers opening new da Vinci and Ion programs in hospitals within their network that did not previously have an Intuitive robotics program, indicating their interest in diversifying access to Intuitive programs across their networks. . Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. 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. To change your e-mail options at The first and second quarters of 2021 reflect leveraging fixed costs over higher production levels. And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. Now turning to the clinical side of our business. Non-GAAP income from operations. These forward-looking statements are necessarily estimates reflecting the best judgment of the our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Our SEC filings can be found through our website or at the SEC's website. Based in Sunnyvale, California. User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. And so we have some indications that we saw backlog reflected in the Q2 results. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. Global Minimally Invasive Prostate Cancer Surgery Market Analysis by Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. Starting with procedures. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. your options for e-mail notification, please enter your e-mail address below and click Presentation: Operator. So energy and stapling and other things, we think that is possible. Listen to Webcast. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. 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. 10/08/22 - 11:00 AM EDT. Good afternoon, everybody. The pandemic has reordered the quarter in which procedures were performed, and we believe it has delayed some procedures that are likely to return in the future and may cause a small number of patients to permanently forgo surgery. 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? Transitory was out a few years ago and CMR has been out and now Medtronic. 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. 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. Most of our offices globally are reopening with this hybrid approach. I think the thing that we'd call out is it's not the case rates per se to monitor. 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. Yes. *Average returns of all recommendations since inception. And I guess why won't that continue? 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. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. Yasmeen Hmaidan - Student Researcher - MIT Media Lab | LinkedIn 2021 Intuitive Sustainability Report 7.8 MB. Intuitive Surgical Stock - TipRanks.com Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. Jamie, in his commentary, said that a lot of those procedures are benign procedures, many of them are shorter duration than longer or more complex disease states. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. It's a highly penetrated laparoscopic indication in the United States. 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. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. Thoracic Surgery Market: Industry Analysis and Forecast (2021-2029) In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. So those are the drivers we watch. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. It affirms that "RAS devices have been cleared for use in certain types of surgical procedures commonly performed in patients with cancer, such as hysterectomy, prostatectomy and colectomy. System placements came in above plan, and system ASP and I&A revenue per procedure tracked slightly above our expectations, together driving revenue of $1.46 billion in Q2. 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. What To Expect From Intuitive Surgical's Q3? | Nasdaq 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. The instrumentation updates, there are other things, imaging updates and software updates that are really all focused around right instruments, right features for the right extension or right expansion. Forward-looking statements relate to expectations concerning matters that are not historical facts. 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. Our pro forma effective tax rate for the second quarter was approximately 25%. A contribution to the Intuitive Foundation reduced fourth quarter 2021 GAAP and non-GAAP* income from operations by $30 million. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . ET. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. Trade-in activity can fluctuate and be difficult to predict. OK. Well, thank you, and our moderator, that was our last question. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. As I conclude, for the balance of the year, we're focused on the following: first, agile and flexible support for our customers globally as they need it, often addressing the return of surgical patients to treatment. And then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. It last split in October of 2017. 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. Copyright 2023 Intuitive Surgical. The Zacks . You've been spending a lot there. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. We think there's an opportunity to look at correlations between surgeon performance and outcomes. Now that the dust . Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $27 million, or $0.07 per share, compared with $21 million, or $0.06 per share, in the fourth quarter of 2020. Last quarter, we forecast 2021 procedure growth of 22% to 26%. Thank you. Jamie Samath Senior Vice President of Finance 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. Email: investor.relations@intusurg.com. (4) Income tax expense 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, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. There appears to be some. Thanks, Tycho. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. It's taking getting the advanced instruments, put them together as a set, getting our workflows and our clinical pathways right, and I think that's been powerful to date. Copyright 2023 Intuitive Surgical. The trade-in cycle has been a tailwind to system placements. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. European procedure growth was generally healthy, though varied by country. Looking to our finances in the quarter. Please go ahead. Hong Kong. In other words, happy, very satisfied customers. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. It's not just the robot. 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. The next page will display a menu of options. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. 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. So it takes a while. Keep up-to-date with changes . SP procedures grew 133% year over year, with much of that growth coming from the United States. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. 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. And the capital to support that demand has not run ahead of the procedure demand. Field and marketing costs will tick up if the pandemic wanes. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. And that is both painful and an opportunity. The call will be webcast by Nasdaq OMX and can be accessed on Intuitives website at www.intuitive.com or by dialing (877) 692-8955 using the access code 5830756. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. Well, I'll add one bit of color to that. They use specialized instrumentation, including a miniaturized surgical camera and wristed instruments (i.e., scissors, scalpels, and forceps) that are designed to help with precise dissection and reconstruction deep inside the body. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. Investors are cautioned not to place undue reliance on such forward-looking statements. [Operator instructions] And for our first question, we will go to Tycho Peterson. Data Provided by Refinitiv. 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. 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. Laparoscopy Surgical Robotic System and Consumables Market [2023-2030 It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. 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. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. 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. Transcript : Medistim ASA, Q4 2022 Earnings Call, Mar 01, 2023 We are in the execution and launch phase of four efforts. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. Intuitive Surgical, and Verb Surgical, among other countless innovations. 3 Reasons to Buy Intuitive Surgical, and 1 Reason to Sell 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. Even then, it's not enough. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. And Jamie, as to kind of where we are. It has been. Intuitive advances minimally invasive care by innovating at the point of possibility. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Intuitive Surgical's Q3 2021 adjusted earnings per share (EPS) is expected to be $1.22 per Trefis analysis, slightly above the consensus estimate of $1.17. This growth rate compares with 9% last year and 8% last quarter. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Google's Women Techmakers program provides visibility, community, and resources for women in technology. We've seen that in some OUS markets. Next, we're going to the line of Rick Wise with Stifel. The number we're watching closely is hospitalization. My name is Kari Krogstad. See www.intuitive.com/trademarks. Visit www.intuitive.com/en-us/products-and-services/ion. Yeah. The Motley Fool owns shares of and recommends Intuitive Surgical. So we don't really call them out as individual revenue lines. The authors concluded, "The results revealed that robotic-assisted thoracic surgery is a feasible and safe technique compared with VATs in terms of short-term and long-term outcomes." The next page will display a menu of options. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. Non-GAAP gross profit. 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. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. Jamie will take you through procedure dynamics in more detail later in the call. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. In the U.S., procedures that are dependent on diagnostic pipelines also grew, albeit at lower rates as compared to benign procedures. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. 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. In fact, our commentary is a little bit the opposite that these are being highly utilized. So bariatric obviously has been highly laparoscopically penetrated historically. Shares of Intuitive Surgical jumped as much as 9.8% on Wednesday to a record high of $891.15 after the robotic surgery company crushed first quarter earnings. Excellent communication and presentation skills. Cost basis and return based on previous market day close. Please go ahead. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. All Rights Reserved. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. 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. . Some of them are included in our service contracts, some of them are on a per-use basis. Intuitive | ISRG for Investors All Rights Reserved. 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. NeuroPace Reports Fourth Quarter & Full Year 2022 Financial Results
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