intuitive surgical investor presentation 2021 intuitive surgical investor presentation 2021

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. 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. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. This growth rate compares with 9% last year and 8% last quarter. any time, re-enter your e-mail address and click Submit, then adjust your form entries. The split must be approved by the shareholders but this is merely a formality. [Operator instructions] And for our first question, we will go to Tycho Peterson. But I don't have scientific evidence. Even then, it's not enough. Contact Information. OK. That's helpful. There are no upcoming events available at this time. 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. Investors have assigned a high trading . We believe value creation in surgery and acute care is foundationally human. Roughly a third of our team works in the manufacturer test and distribution of our products. 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. Thanks. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The fourth quarter 2022 system placements included 154systems placed under operating lease and usage-based arrangements, compared with 143 systems in thefourth quarter of 2021. And our posture to that has been -- it may delay some sales as we may have some competitive conversations and tenders, and we'll lose some. I think there's elements of our spend that have been restrained because of -- restricted because of COVID and its impact. Clinical trial sites completed enrollment for our PRECIsE clinical trial. Marshall will provide a review of our financial results. This article is a transcript of this conference call produced for The Motley Fool. SP procedures grew 133% year over year, with much of that growth coming from the United States. 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. Our teams continue to work closely with hospitals, physicians, and care teams in pursuit of what our customers have termed the Quadruple Aim: Better, more predictable patient outcomes, better experiences for patients, better experiences for their care teams, and ultimately, a lower total cost to treat. Thank you for joining us today. What's left to do from maybe a product or procedure or instrument point of view? The study contains 371 patients that underwent an incisional hernia repair procedure across 17 institutions within the United States between May 2016 and September 2019. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. We've seen that in some OUS markets. 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 next page will display a menu of options. Intuitive brings more than two decades of leadership in robotic-assisted surgical technology and solutions to its offerings and develops, manufactures, and markets the da Vinci Surgical System and the Ion endoluminal system. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. Marshall will take you through our financial picture later in the call. Constant currency revenue growth. Listen to Webcast. 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. We could see one large competitor approved in the second half of this year. Jamie, I'll let you take it from there. Intuitive Announces Fourth Quarter Earnings, www.intuitive.com/en-us/products-and-services/ion, Less: net income (loss) attributable to noncontrolling interest in joint venture. 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. We look forward to talking with you again in three months. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. Procedures recovered nicely in Q2. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. My name is Kari Krogstad. Doctors talking to us about further expansion of utilization. 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 . 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. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? May 2021 - Present 1 year 10 months. Intuitive Surgical, and Verb Surgical, among other countless innovations. It's hard to have a precise measure on it. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. The outlook we are providing on today's call does not reflect risks associated with a significant increase in COVID-related hospitalizations in relation to the Delta variant or other potential new variants. 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. Non-GAAP gross profit. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. Hong Kong. You may automatically receive Intuitive Surgical financial information by e-mail. Google's Women Techmakers program provides visibility, community, and resources for women in technology. Jamie, anything? Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. So bariatric obviously has been highly laparoscopically penetrated historically. 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 . Sure. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Revenues are anticipated to be about $1.55 . While there is likely some amount of backlog that has not yet been addressed, it is difficult to estimate the extent of the remaining backlog and when it will affect future procedure growth. 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. To change your e-mail options at Listen to Webcast. It has been. 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. To choose And as we've said in the past, if we can bring the right system with the right instruments, the right imaging, and the right usability, the right ease of use, we think that surgeons will care. Incredible returns through ups and downs. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. However, to gain a more complete understanding of the body of evidence, we encourage all stakeholders to thoroughly review the extensive detail of scientific studies that have been published over the years. 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. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys joint venture, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., to its employees that vest over four years and can remain outstanding for seven to ten years. The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. Some of them are included in our service contracts, some of them are on a per-use basis. 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. 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. . The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. 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. Please go ahead. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. 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. And so we see that as a benefit also with respect to feedback from surgeons. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. 2022 Proxy Statement 36.4 MB. All Rights Reserved. The stock split will take place after market close on October 5th, 2021. 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. (USD millions), considering 2021 as the base year . And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? As part of our mission, we believe that minimally invasive care is life-enhancing care. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. We placed four SP systems in the quarter, bringing the total installed base to 79. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. (6) Diluted net income per share includes the effect of the following items: Gains (losses) on strategic investments, net of tax, Less: net income attributable to noncontrolling interest in joint venture. Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. And we think that the extended use instruments lowers barriers for purchases of systems. Even though we've seen growth in the procedures that were specifically targeted by extended use instruments, it's hard to discern what is COVID-related versus what is not. . And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. So I think all of you on the call, you should expect increased alternatives for the customer base. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. And then on SG&A, kind of same kind of question. 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 Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. Yes. Last quarter, we forecast 2021 procedure growth of 22% to 26%. 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. The results of the meta-analysis found that robotic-assisted thoracic surgery compared to VATs was associated with, among others, the following significant findings: 50.4 milliliters lower blood loss, a 50% lower chance of conversion to an open procedure, a 1.1 day shorter stay in the hospital and a 10% less chance of patient experience to postoperative complication. Thirty-eight percent of systems placed in the second quarter involved trade-ins, which is lower than the 40% last year and the 44% last quarter. - building a financial model and investor presentation for fundraising . I'm just curious what the net effect there is from the savings and expense perspective and R&D, whether this is maybe the beginning of you starting to see some leverage off of the 10% you've been at for the last couple of years. Q2 2022 INTUITIVE Earnings Conference Call. 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. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. 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. In reporting the results, adjusted using a propensity weighted approach, the authors noted that during the two- to four-week standard of care visit period, fewer patients report the need to take prescription pain medication for the robotic cohort as compared to the laparoscopic and open cohorts: 65.2% for the robotic cohort as compared to 78.8% for the laparoscopic cohort, compared to 79.8% for the open cohort. Colorectal growth was strong, with solid growth in malignant hysterectomy, thoracic, and prostatectomy procedures. Dec 2017 - Aug 20213 years 9 months. I will also summarize our GAAP performance later in my prepared remarks. You go from an issue to identification to closure more quickly. Marshall L. Mohr Executive Vice President and Chief Financial Officer. An investor who was able to pick up $1,000 worth of Intuitive Surgical shares at its IPO price and held on has seen that investment grow to a whopping . Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. There are several models of the da Vinci Surgical System. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. 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. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. We work closely and collaboratively . The rise in earnings was driven by higher . The Motley Fool owns shares of and recommends Intuitive Surgical. Jamie Samath -- Senior Vice President of Finance. Turning to our innovation and commercialization efforts. 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. 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. Yes. Travel and associated costs in support of our field have also not recovered to pre-pandemic levels. 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.