The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. So it's not a scientific study, just my view. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. There are no upcoming events available at this time. Yeah, sure. We have continued the launch of our My Intuitive app, including launching to first users in Europe. Finally, we are strengthening our digital capabilities across our ecosystem. I think we're going to have to let it play for another few quarters to see. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. For more information, please visit the Companys website at www.intuitive.com. 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. Having said all of that, it's been a short period since they've had extended use instruments. (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. Current quarter system placements included 63 into Europe, 16 into Japan, and 19 into China, compared with 18 into Europe, 18 into Japan, and 21 into China in the second quarter of 2020. Marshall L. Mohr Executive Vice President and Chief Financial Officer. [Operator instructions] As a reminder, this conference is being recorded. 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. Examining procedure trends more deeply. So from a core demand point of view or disease state, that's clearly out there and accumulating, and it has to get processed through. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. 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. Partly, it's delays in getting in and getting tested and starting the journey and then getting in and having a procedure or treatment, whatever that might be. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. All Rights Reserved. Growth in our second largest market, China, continued to be strong with multiple specialties contributing. 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. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. any time, re-enter your e-mail address and click Submit, then adjust your form entries. So I wouldn't start building lots of leverage into your models. Marshall will provide a review of our financial results. So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. And I know case rises have been largely decoupled from hospitalizations. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. Ion system placements and procedures are excluded from our overall system and procedure counts. The trade-in cycle has been a tailwind to system placements. Minimum 15 minutes delayed. Making the world smarter, happier, and richer. your options for e-mail notification, please enter your e-mail address below and click Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Please go ahead. Good afternoon. Key business metrics for the second quarter were as follows. This press release contains forward-looking statements. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days. And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. 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. Non-GAAP gross profit. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. In Q2, we launched our SureForm stapling line in India. Our focus right now is not rapid expansion of the installed base. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Bringing it all together. Looking at the past eight quarters in context, our compound annual growth rate for procedures for the period Q2 2019 through Q2 2021 of 16.5% is approximately the growth we would have expected absent the pandemic. Outside the U.S., we placed 115 systems in the second quarter, compared with 72 in the second quarter of 2020 and 108 systems last quarter. 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 choose Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. (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. 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. 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 . 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. 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. 5001-10,000 Employees. My Intuitive allows surgeons and care team members to access their data, to manage their profile, their learning, and otherwise interact with Intuitive through an easy-to-use mobile app in the palm of their hand. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on the Companys business, financial condition, and results of operations, future results of operations, future financial position, the Companys financing plans and future capital requirements, the Companys potential tax assets or liabilities, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which the Company operates and the Companys beliefs and assumptions regarding these economies and markets. Yeah. 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. Intuitive Surgical Investor Presentation. Affiliated with the world's largest international neurotechnology community, NeurotechX, with 18,000+ members . Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. Congrats on the quarter. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. Intuitive Surgical -Export management Iqm selezione - 07.2021 . Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. This article is a transcript of this conference call produced for The Motley Fool. Intuitive Surgical's adjusted net . 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. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. Dec 2017 - Aug 20213 years 9 months. 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. And we expect those to come back as COVID goes away and the restrictions on travel and the restrictions on other activities go away. We think there's an opportunity to look at correlations between surgeon performance and outcomes. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 million during the quarter, primarily driven by share repurchases of $1 billion and capital expenditures, partially offset by cash generated from operations. Next, we're going to the line of Rick Wise with Stifel. 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. Investors are cautioned not to place undue reliance on such forward-looking statements. 10/08/22 - 11:00 AM EDT. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 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. Can you maybe just talk a little bit about the road map? Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. So I think those are the key kind of procedure highlights. Thanks for taking the question. I hear your question is asking us how much is left, how much of the catch-up is left. To change your e-mail options at Can you talk about kind of next steps to the program here, particular geographies you're targeting? Last page last E-mail Alerts. any time, re-enter your e-mail address and click Submit, then adjust your form entries. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . 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? 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. SP procedures grew 133% year over year, with much of that growth coming from the United States. To choose Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. Just on the recent spread of COVID and variants and the potential impact on demand and hospitals' ability to do procedures, are you starting to see that impact now? 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. Starting with procedures. All of that, to me, indicates that the business feels in balance. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . Moving on to capital placements. But can you maybe just talk through the thought process there and how you're thinking about any potential risks in the back half of the year from the variant cases?