intuitive surgical investor presentation 2021

From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. We work closely and collaboratively . Phone: 408-523 . Our pro forma spending grew over 24% from a year ago, representing increased investment in our business. Turning to our innovation and commercialization efforts. Congrats on the quarter. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. The Company grew its da Vinci Surgical System installed base to 6,730 systems as of, Fourth quarter 2021 GAAP net income attributable to Intuitive was $381million, or, Fourth quarter 2021 non-GAAP* net income attributable to Intuitive was. 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 an additional 20 Ion systems in the quarter, bringing the installed base to 70. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. Most of our offices globally are reopening with this hybrid approach. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. And finally, we will host a question-and-answer session. To choose Intuitive develops, manufactures and markets the da Vinci surgical system. 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. 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. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. Intuitive Surgical (ISRG) Q2 2021 Earnings Call Transcript 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. What was the second part of your question again, Larry? (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. Yes. It's a highly penetrated laparoscopic indication in the United States. Yeah, sure. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. To the extent that hospitalizations expand significantly due to COVID and its variants, like currently being experienced in parts of the world, it could negatively impact da Vinci procedures. Submit. Listen to Webcast. It's the impact on hospitalizations. If You Invested $1,000 in Intuitive Surgical's IPO, This Is How Much Please go ahead. We expect these programs to continue their ramp as our labs and development programs recover efficiency. You've got COVID. And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. Dec 2017 - Aug 20213 years 9 months. 10/08/22 - 11:00 AM EDT. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. Last quarter, we forecast 2021 procedure growth of 22% to 26%. In Europe, the impact of COVID in the second quarter of 2021 varied regionally with slower recovery in Italy and France, while we saw early stages of a recovery in the U.K. Icey Jiang - Google Women Techmakers Scholar - LinkedIn We could see one large competitor approved in the second half of this year. Intuitive Surgical, Inc. (ISRG) - Yahoo Finance We expect spending on activities restricted by COVID to increase as the impacts of the pandemic decline. Our SEC filings can be found through our website or at the SEC's website. That low end also reflects some impact of a resurgence in the U.S. Key business metrics for the second quarter were as follows. Listen to Webcast. The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. Intangible asset charges consist of non-cash charges, such as the amortization of intangible assets as well as in-process R&D charges. We believe value creation in surgery and acute care is foundationally human. A couple of things I'd say. Laparoscopy Surgical Robotic System and Consumables Market [2023-2030 Finally, we are strengthening our digital capabilities across our ecosystem. The next page will display a menu of options. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. 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. The second quarter of 2020 included $59 million of service credits issued in conjunction with our Customer Relief Program, higher period costs associated with lower production, and higher excess and obsolete inventory charges. You've been spending a lot there. Looking forward, we see the following capital revenue dynamics. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. That's great. Leasing and alternative financing arrangements enable customer access to capital. 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. A contribution to the Intuitive Foundation reduced fourth quarter 2021 GAAP and non-GAAP* income from operations by $30 million. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. 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. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. 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. Next, we go over to Larry Beigelsen with Wells Fargo. 2021 Proxy Statement - Special Meeting 224.6 KB. Over 5 years of experience in working with experienced consultants in the banking and high-tech sectors to drive projects and initiatives in a cross-cultural environment. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Intuitive Surgical, and Verb Surgical, among other countless innovations. As a result, we expect lower trade-in transactions over time. And the capital to support that demand has not run ahead of the procedure demand. 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. And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. We're OK. We're not frightened of that. A reconciliation between our pro forma and GAAP results is posted on our website. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. Global Minimally Invasive Prostate Cancer Surgery Market Analysis by Procedure growth drives capital purchases in many of our markets. Just in 2021 there were more than . 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. And then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. 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. 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. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. Amy C. - Director of Clinical and Commercial Operations - Bertis Conversion rates to open surgery were lower in the robotic group compared to the laparoscopic group, 0.6% as compared to 4.9%, and reoperation rates in the 30 days post procedure were comparable between robotic and laparoscopic and lower for robotic as compared to open, 0.6% as compared to 3.1%. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. So here's kind of where we stand with the backlog. We are developing and deploying technology-enabled ecosystems to support our customers' pursuit of the Quadruple Aim, better outcomes, better patient experiences, better care team experiences, and lower total cost to treat per patient episode. SUNNYVALE, Calif., Jan. 24, 2023 (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, 2022. 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. To choose Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. Investors have assigned a high trading . Mai 2022: CI. 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. I will also summarize our GAAP performance later in my prepared remarks. What to Watch in Intuitive Surgical's Upcoming Earnings Report 07/21/22 - 1:30 PM PDT. All Rights Reserved. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. And we're building into the broader digital ecosystem for SP. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. 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. And I suspect that's most of what we're seeing, at least in the United States in terms of that. And then now we have rolled it out to most other markets in the first six months of this year, except for China where there are longer regulatory timelines. Intuitive | Robotic Surgery Conference | 360 Program - Intuitive Surgical Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. 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 TO NON-GAAP FINANCIAL MEASURES(IN MILLIONS, EXCEPT PER SHARE DATA), Contact: Investor Relations(408) 523-2161. Intuitive Surgical Is Falling After Earnings. This Analyst Thinks It's 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. 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. The trade-in cycle has been a tailwind to system placements. May 2021 - Present 1 year 10 months. 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? And -- but right now, I think that remains to be seen how strong those other systems are. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . So it's not a scientific study, just my view. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. your options for e-mail notification, please enter your e-mail address below and click as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Growth in our second largest market, China, continued to be strong with multiple specialties contributing. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Intuitive | ISRG Investor events & presentations - Intuitive Surgical I think that's anecdotal. All Rights Reserved. I hear your question is asking us how much is left, how much of the catch-up is left. 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. Our overall second-quarter procedure growth was 68%, compared to a decline of 19% during the second quarter of 2020, which reflected a significant adverse impact from the COVID-19 pandemic. Yes. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . Sure. EMCOR Group, Inc. (NYSE:EME) Q4 2022 Earnings Call Transcript And I guess why won't that continue? SP procedures grew 133% year over year, with much of that growth coming from the United States. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! In fact, our commentary is a little bit the opposite that these are being highly utilized. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. 06/14/22 - 1:20 PM PDT. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. I'll maybe start with Marshall on the first one and then go to Gary for the second one. 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. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP EPS exclude items such as amortization of intangible assets, SBC and long-term incentive plan expenses, excess tax benefits or deficiencies associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfer of non-inventory assets, which are primarily recurring items. Intuitive Surgical Investor Presentation. I think our customers will take their time to evaluate new things as they go. It links into some of the other things you're talking about. For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. Higherfourthquarter revenue was driven by growth in da Vinci procedure volume and system placements. The Motley Fool owns shares of and recommends Intuitive Surgical. I think they are ecosystem enablers and can result in very high customer satisfaction when done well. Copyright 2023 Intuitive Surgical. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. What To Expect From Intuitive Surgical's Q1? - Forbes Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. 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. One is we are focused on making sure that our ecosystem, our products, our systems, everything goes around it really delivers against the Quadruple Aim all the way through. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. Gosh, that's awfully encouraging sounding. Non-GAAP income from operations. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Today's press release and supplementary financial data tables have been posted to our website. What's left to do from maybe a product or procedure or instrument point of view? Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. The painful part is the investment troughs are deep in the early and middle years of those product cycles.