The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. While this did not have a material impact to our operating results in Q2, the outlook we are providing does not reflect any potential significant disruption or additional costs related to supply constraints. Last quarter, we forecast 2021 procedure growth of 22% to 26%. So I wouldn't start building lots of leverage into your models. The difference in the number of subjects reporting the need for prescription pain medication favored the robotic-assisted group in both comparisons." Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 2022 Proxy Statement 36.4 MB. [Operator instructions] And for our first question, we will go to Tycho Peterson. *Stock Advisor returns as of June 7, 2021. How close we are to maybe seeing something that you can monetize? To choose your options for e-mail notification, please enter your e-mail address below and click Submit . Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. 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? 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. Gary, a separate topic. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. So I think all of you on the call, you should expect increased alternatives for the customer base. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. 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. Ion system placements and procedures are excluded from our overall system and procedure counts. I think that's anecdotal. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We work closely and collaboratively . All Rights Reserved. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly? On the why side, it's -- bariatrics has been a little different than other procedure for us. Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Key business metrics for the second quarter were as follows. To change your e-mail options at 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. What was the second part of your question again, Larry? Our digital learning programs continue to be an important part of our overall learning initiatives. And we're pleased. Just to be clear on your answer to Tycho's question. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. Revenues are anticipated to be about $1.55 . 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. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. In May of this year, Dr. Karl LeBlanc from our Lady of the Lake Medical Center in Baton Rouge, Louisiana, published results from a multi-center study comparing short-term outcomes for incisional hernia, published in the Hernia Journal entitled Robotic-Assisted Laparoscopic and Open Incisional Hernia Repair: Early Outcomes from the Prospective Hernia study. 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. Intuitive Surgical's Q1 2021 adjusted earnings per share is expected to be $2.72 per Trefis analysis, over 3% above the consensus estimate of $2.63. See www.intuitive.com/trademarks. GAAP net income was $517 million or $4.25 per share for the second quarter of 2021, compared with GAAP net income of $68 million or $0.57 per share for the second quarter of 2020 and GAAP net income of $426 million or $3.51 per share for the last quarter. Examining procedure trends more deeply. 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. Full Time Faculty & Clinical Coordinator, Surgical Technologist Program Ask us about our $5,000 Sign on Bonus Rasmussen University Rasmussen University is seeking an experienced Surgical Technologist passionate about taking their own experience and translating that into helping students succeed in meeting their educational and professional goals. To choose European procedure growth was generally healthy, though varied by country. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Just anything you could talk to there would be helpful. We're doing what we call the procedure development and the trial development around other indications, we think there'll be an opportunity in thoracic, as well as other ones beyond it. There are several models of the da Vinci Surgical System. What we've seen, though, is that what happens in the PowerPoints and what happens a year later is different. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. We also -- the business came back faster than we had anticipated. Dec 2017 - Aug 20213 years 9 months. Contact Information. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. Mehr Brsen-Nachrichten . Cardio medical GmbH 10.4. Yes. Intangible asset charges consist of non-cash charges, such as the amortization of intangible assets as well as in-process R&D charges. 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. And I kind of articulated what those were, travel and so forth. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. 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. And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. And so we're going to continue to invest. In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. So energy and stapling and other things, we think that is possible. We placed four SP systems in the quarter, bringing the total installed base to 79. You may automatically receive Intuitive Surgical financial information by e-mail. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. Yeah. . Current page 1; Page 2; Page 3; . From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. Visit www.intuitive.com/en-us/products-and-services/ion. Turning to gross profit. 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. - Received full travel grant to attend Google I/O 2019. Rick Wise -- Stifel Financial Corp. -- Analyst. I think that would be a mistake. 2021 Intuitive Sustainability Report 7.8 MB. Go ahead, Mr. Hopkins. There are no upcoming events available at this time. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. Sure. You may automatically receive Intuitive Surgical financial information by e-mail. Now that the dust . Looking to our finances in the quarter. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? 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. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. In terms of our underlying numbers, we're growing at a little faster rate in the revision section, sleeves and bypass grow about the same rate. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. I think that when you think about our product cycles, I would just have you look back earlier in the da Vinci experience in that these are long development cycles. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which impacts customer spending and the Companys costs, including increased inflation and interest rates, the conflict in Ukraine, disruption to the Companys supply chain, including increased difficulties in obtaining a sufficient supply of materials in the semiconductor and other markets, the risk that the COVID-19 pandemic could lead to material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; closures of the Companys facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals, clearances, or certifications from the U.S. Food and Drug Administration (FDA), comparable regulatory authorities, or notified bodies; diversion of resources to respond to COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk of the Companys inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement, and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and market acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Companys completion of and ability to successfully integrate acquisitions, including Opheus Medical; procedure counts; intellectual property positions and litigation; competition in the medical device industry and in the specific markets of surgery in which the Company operates; risks associated with the Companys operations and any expansion outside of the United States; unanticipated manufacturing disruptions or the inability to meet demand for products; the Companys reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party, including but not limited to product liability claims; adverse publicity regarding us and the safety of the Companys products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risks and uncertainties. 2 Healthcare Stocks You Can Buy and Hold for the Next Decade, Why Things Could Get Worse Before They Get Better for This Growth Stock, 2 Stocks to Buy No Matter What Happens This Year, Why Intuitive Surgical Stock Slumped in January. The constant currency revenue percentage change is calculated by determining the increase in the current period constant currency revenue over the prior period revenue. In there is OUS markets continue to be choppy given that, in many cases, those markets are behind the U.S., for example, in their vaccination rollouts, and that leaves the possibility of continued resurgences and localized lockdowns. I think we're going to have to let it play for another few quarters to see. To choose Yeah, sure. This presentation contains forward-looking statements. your options for e-mail notification, please enter your e-mail address below and click Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. I don't know how much of an update you can give us, but just something on what's happening at that level in terms of software tools and services? 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. The Zacks . Additional revenue statistics and trends are as follows. Gary will present the quarter's business and operational highlights. I will describe the highlights of our performance on a non-GAAP or pro forma basis. 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. I think they are ecosystem enablers and can result in very high customer satisfaction when done well. You've been spending a lot there. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year . Turning to our single-port system. OK. Well, thank you, and our moderator, that was our last question. It's a highly penetrated laparoscopic indication in the United States. And so we have some indications that we saw backlog reflected in the Q2 results. Mai 2022: CI. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding intangible asset charges, non-cash impairment charges and recoveries, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, litigation charges and recoveries, 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, a one-time tax benefit from re-measurement of certain deferred tax assets, and the net tax effects related to intra-entity transfers of non-inventory assets. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. 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. 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. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. Corporate Governance Guidelines 384.4 KB. Listen to Webcast. Affiliated with the world's largest international neurotechnology community, NeurotechX, with 18,000+ members . Invest better with The Motley Fool. May 2021 - Present 1 year 10 months. 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. Intuitive advances minimally invasive care by innovating at the point of possibility. So we're making those investments to move that forward. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. And U.S. general surgery, in particular, performed well. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. 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. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. (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. Listen to Webcast. I will now summarize our GAAP results. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Montreal, Quebec, Canada. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. We could see one large competitor approved in the second half of this year. An investor who invested $10,000 in Warren Buffett's hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made . Obviously, you made some comments about variance and not factoring in kind of an increase. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. Let me start with why I think it's adopting, and I'm going to turn to Jamie as to where -- what inning of the baseball game are we in, I'll let Jamie take that. Intuitive Surgical, and Verb Surgical, among other countless innovations. 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. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. 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. Yeah. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. Jamie will provide additional procedure commentary later in this call. Constant currency revenue growth. Driven by steady sales of da Vinci and increasing surgical procedures, Intuitive Surgical recorded $5.71 billion in revenue for 2021, up 82% over the past five years despite COVID-19 slowdowns. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? 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. For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. Listen to Webcast. Today's press release and supplementary financial data tables have been posted to our website. 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. . We think about digital as enabling and accelerating a lot of different parts of the ecosystem. Leasing represented 33% of current quarter placements, compared with 29% last year and 43% last quarter. From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. 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. 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. Please go ahead, sir. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most. 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. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. J.P. Morgan Healthcare Conference 2023 Presentation 4.2 MB. It links into some of the other things you're talking about. 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. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. As customers continue to upgrade to fourth-generation capabilities, the population of installed SIs is decreasing, particularly in the U.S. were 110 trade-ins were completed in the second quarter, leaving an installed base of SIs of approximately 500 systems. 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. Minimum 15 minutes delayed. Ladies and . Our second-quarter pro forma net income was $477 million or $3.92 per share, compared with $132 million or $1.11 per share for the second quarter of 2020 and $427 million or $3.52 per share for the last quarter. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. 3 min read. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. 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. Please go ahead. Or is it too early, and you're just saying that might happen in the future? I hear your question is asking us how much is left, how much of the catch-up is left. Can you maybe just talk a little bit about the road map? So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. General surgery growth in the U.S. was strong, and in addition to the positive impact from patient backlogs, reflected increasing access for surgeons to our fourth-generation technology. Pagination. You've got COVID. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. (2021) Dropped off in 2022. And we expect those to come back as COVID goes away and the restrictions on travel and the restrictions on other activities go away. And I guess why won't that continue? INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. In the quarter, we continued to engage customers in data analytics and opportunity analysis for surgical programs, cornerstone of our Your Data, Your Truth analytics efforts. In other words, happy, very satisfied customers. We have continued the launch of our My Intuitive app, including launching to first users in Europe. Moving on to gross margin and operating expenses. SP procedures grew 133% year over year, with much of that growth coming from the United States. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. was $381million, or $1.04 per diluted share, compared with $365million, or $1.01 per diluted share, in the fourth quarter of 2020.

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