All Rights Reserved. You may automatically receive Intuitive Surgical financial information by e-mail. Corporate Governance Guidelines 384.4 KB. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year . Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? 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. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. Excellent communication and presentation skills. Fourth quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $439 million, or $1.23 per diluted share, compared with $473 million, or $1.29 per diluted share, in the fourth quarter of 2021. 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. . The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. Our total Ion clinical experience is approximately 4,000 cases to date. Turning to gross profit. Leasing and alternative financing arrangements enable customer access to capital. The authors concluded in part, "When compared to open, the robotic-assisted surgery group is associated with a comparable operative time, shorter length of stay and lower reoperation rate through 30 days. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. your options for e-mail notification, please enter your e-mail address below and click 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. . And then on SG&A, kind of same kind of question. Phone: 408-523-2161 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. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. First quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $413 million, or $1.13 per diluted share, compared with $427 million, or $1.17 per diluted share, in the first quarter of 2021. 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. Submit. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? 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. 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. Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. Lastly, we continue to digitally enhance our ecosystem. Submit. To change your e-mail options at Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. 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? Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. You may automatically receive Intuitive Surgical financial information by e-mail. Intuitive Surgical Inc. (NASDAQ: ISRG) Q1 2021 earnings call dated Apr. So it takes a while. And the capital to support that demand has not run ahead of the procedure demand. 10/08/22 - 11:00 AM EDT. In the quarter, strong trade-ins of older-generation systems for our fourth-generation products and strength in multi-system deals continue to support our thesis that customers that know us best continue to invest with us going forward. 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. You may automatically receive Intuitive Surgical financial information by e-mail. Our focus right now is not rapid expansion of the installed base. 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. 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 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. 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. Non-GAAP income from operations. 2022 Proxy Statement 36.4 MB. Intuitive Surgical's adjusted net . You're developing, trying to increase efficiency, decrease costs, that kind of thing. [Inaudible] on a nice quarter. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. In addition, COVID delayed some R&D work, resulting in underspend on prototypes. Next, we go over to Larry Beigelsen with Wells Fargo. Clinical trial sites completed enrollment for our PRECIsE clinical trial. We could see one large competitor approved in the second half of this year. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. Turning to our innovation and commercialization efforts. (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. Transitory was out a few years ago and CMR has been out and now Medtronic. . And I know case rises have been largely decoupled from hospitalizations. 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. We don't actually know how much backlog was resolved in the quarter, how much backlog is left or the timing of the recovery of that might be. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. 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. 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. Intuitive Surgical 10.5. 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. You've got COVID. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. (1) Services revenue includes the effect of the following item: (2) Selling, general and administrative includes the effect of the following item: (3) Income from operations includes the effect of the following item: (4) Interest and other income, net includes the effect of the following item: (5) Income tax expense includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements. Doctors talking to us about further expansion of utilization. A contribution to the Intuitive Foundation reduced fourth quarter 2021 GAAP and non-GAAP* income from operations by $30 million. 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. Phone: 408-523 . 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. So I wouldn't start building lots of leverage into your models. May 2021 - Present 1 year 10 months. To choose Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. This press release contains forward-looking statements. Marshall L. Mohr Executive Vice President and Chief Financial Officer. This growth rate compares with 9% last year and 8% last quarter. Analysts: . 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. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Q2 2022 INTUITIVE Earnings Conference Call. Jamie will provide spend guidance later in this call. So I think those are the key kind of procedure highlights. Philip Kim, our head of investor relations, will not be joining on today's call as he's currently on paternity leave following the birth of his daughter. ISRG stock has split before. 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. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. Finally, we are strengthening our digital capabilities across our ecosystem. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. The Motley Fool owns shares of and recommends Intuitive Surgical. Second-quarter revenue reflected growth in both procedures and system placements. any time, re-enter your e-mail address and click Submit, then adjust your form entries. As the phases of the pandemic evolve, we're supporting our team in addressing the opportunities and challenges posed by the pandemic and the ways we work. Looking to our finances in the quarter. So we're excited about that because it gives them fast and easy access. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. 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. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. Procedures recovered nicely in Q2. The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. 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. Are you seeing any impact thus far? 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? So that's a multi-quarter conversation. We kind of outlined what was assumed in the high end of the procedure guidance. Just in terms of intra-quarter procedure trends, if you're asking, Larry, month by month, there was nothing notable actually that we would call out. Procedure growth drives capital purchases in many of our markets. The high end of the range assumes strength in U.S. general surgery, a return to normalized diagnostic pipelines, the vaccines are effective against any new COVID-19 variants and the vaccine rollouts in OUS markets continue as currently expected by governments around the world. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. To change your e-mail options at Invest better with The Motley Fool. 07/21/22 - 1:30 PM PDT. 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. 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. So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. That's great. Email: [email protected]. 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. It is in fact a physically taxing procedure, as Gary described. So energy and stapling and other things, we think that is possible. Thanks for taking the question. Given the stronger recovery of procedures we have experienced so far, particularly in the U.S., and strength in U.S. general surgery, we are now increasing our forecast and expect full-year 2021 procedure growth of 27% to 30%. Follow Allison Gatlin on Twitter at @IBD_AGatlin . So we're making those investments to move that forward. Unrealized gain (loss) - net of tax expense (recovery) effect of $347 and $37 for the three months ended December 31, 2022 and 2021, respectively; ($859) and $(354) for the six months ended . What's left to do from maybe a product or procedure or instrument point of view? I think there's elements of our spend that have been restrained because of -- restricted because of COVID and its impact. Submit. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. 10/08/22 - 11:00 AM EDT. In the U.S., Q2 procedure results were positively impacted by a continuing recovery from COVID-19, including, we believe, a number of procedures that had been previously deferred. Where are we going with this one? Just so really speaking backward-looking, so far, so good. I will also summarize our GAAP performance later in my prepared remarks. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. I will describe the highlights of our performance on a non-GAAP or pro forma basis. Next, we're going to the line of Rick Wise with Stifel. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. Jamie Samath Senior Vice President Finance. We anticipate iterating our approach as we learn and the year progresses. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Moving on to gross margin and operating expenses. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading Risk Factors in the Companys Annual Report on Form 10-K for the year ended December31, 2021, and the Companys Quarterly report on Form 10-Q for the quarter ended September 30, 2022, as updated by the Companys other filings with the Securities and Exchange Commission.

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