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. May 2021 - Present 1 year 10 months. Good afternoon. But I don't have scientific evidence. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . 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. So first question for me is just trying to dissect your procedure results a little bit more because some really interesting comments, that you saw strength in benign cases, some catch-up cases. Instrument and accessory revenue per procedure of $1,940 increased, compared with $1,900 per procedure for the second quarter of last year, and decreased, compared with $1,950 per procedure in the first quarter. 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. Marshall will provide a review of our financial results. . The pandemic has reordered the quarter in which procedures were performed, and we believe it has delayed some procedures that are likely to return in the future and may cause a small number of patients to permanently forgo surgery. 2022 Proxy Statement 36.4 MB. That concludes our prepared comments. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. Jamie will provide spend guidance later in this call. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. Please go ahead. Now that the dust . Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. 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. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Having said all of that, it's been a short period since they've had extended use instruments. (USD millions), considering 2021 as the base year . . The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. Newsroom | Intuitive | Robotic Surgery Company - Intuitive Surgical Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. Thank you for your support on this extraordinary journey. Second-quarter revenue reflected growth in both procedures and system placements. Those things are ongoing now. We're OK. We're not frightened of that. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. 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. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. . At this time, all participants are in listen-only mode. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. From the low-end perspective, the 27% reflected there is greater summer seasonality that reflects the possibility of an impact due to pent-up demand for vacation, especially for healthcare workers that have worked extensively during this period with COVID. 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. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. 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. We expect our pro forma rate for the last six months of 2021 to be between 21% and 22% versus our previous guidance of 20% to 21%, reflecting a greater proportion of U.S. income for the year. In fact, our commentary is a little bit the opposite that these are being highly utilized. Thanks, Tycho. 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. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. your options for e-mail notification, please enter your e-mail address below and click Key business metrics for the second quarter were as follows. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. 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. 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. Yeah, sure. I think the thing that we'd call out is it's not the case rates per se to monitor. Our fully integrated advanced instruments portfolio has been a strong addition to our multiport ecosystem, allowing for high-quality tissue interaction controlled from the surgeon's console while optimizing workflow. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . And U.S. general surgery, in particular, performed well. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. You may automatically receive Intuitive Surgical financial information by e-mail. 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. 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. And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. Icey Jiang - Google Women Techmakers Scholar - LinkedIn Just a couple of comments. It's physically demanding. To change your e-mail options at Intuitive Surgical Stock Looks Attractive After Its Recent Fall - Forbes So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. Intuitive Surgical, and Verb Surgical, among other countless innovations. 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. 07/21/22 - 1:30 PM PDT. And I have one follow-up. 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. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. Intuitive Surgical, Inc. - AnnualReports.com The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. This growth rate compares with 9% last year and 8% last quarter. To choose So those are the drivers we watch. The Company ended the fourth quarter of 2021 with $8.6 billion in cash, cash equivalents, and investments, an increase of $400million during the quarter, primarily driven by cash generated from operations. Montreal, Quebec, Canada. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. Copyright 2023 Intuitive Surgical. We have continued the launch of our My Intuitive app, including launching to first users in Europe. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. Calvin Darling -- Senior Director of Finance, Investor Relations. Investors have assigned a high trading . The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. Intuitive | ISRG Investor events & presentations The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. To the extent that COVID impacts procedures, it will also impact capital purchases. What To Expect From Intuitive Surgical's Q3? | Nasdaq 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? It's a highly penetrated laparoscopic indication in the United States. Copyright 2023 Intuitive Surgical. Intuitive Surgical, Inc. (ISRG) CEO Gary Guthart - SeekingAlpha The authors concluded, "The results revealed that robotic-assisted thoracic surgery is a feasible and safe technique compared with VATs in terms of short-term and long-term outcomes." Maybe just at the beginning of your comments, I was struck that you emphasized that da Vinci utilization rates are, if I understood you correctly, at the high end of historical averages. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Presenter SpeechKari Krogstad Okay. Our total Ion clinical experience is approximately 4,000 cases to date. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. Intuitive Surgical Is Falling After Earnings. This Analyst Thinks It's Current page 1; Page 2; Page 3; . Listen to Webcast. It is in fact a physically taxing procedure, as Gary described. 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. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? Jamie will take you through procedure dynamics in more detail later in the call. Intuitive Surgical didn't offer an outlook for 2021. The second reason to invest in Intuitive Surgical is its incredible profitability. Jamie Samath Senior Vice President Finance. You may automatically receive Intuitive Surgical financial information by e-mail. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the quarter. 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. I will also summarize our GAAP performance later in my prepared remarks. The Company excludes a one-time tax benefit from re-measurement of certain deferred tax assets, because it is discrete in nature, and excludes the excess tax benefits or deficiencies associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the on-going results of its core operations. 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. 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. From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! any time, re-enter your e-mail address and click Submit, then adjust your form entries. Invest better with The Motley Fool. Having said that, it's a difficult procedure for surgeons to perform. And I kind of articulated what those were, travel and so forth. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. Submit. Copyright 2023 Intuitive Surgical. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. Based on market data, we believe that diagnostic pipelines in the U.S. began to recover from the impact of the pandemic in March, with a lag in the recovery of associated procedures. [Operator instructions] As a reminder, this conference is being recorded. 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. To change your e-mail options at You may automatically receive Intuitive Surgical financial information by e-mail. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. Clinical trial sites completed enrollment for our PRECIsE clinical trial. 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. Dec 2017 - Aug 20213 years 9 months. Please go ahead. 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. Intuitive Surgical Inc. (ISRG) Q1 2021 Earnings Call Transcript Supporting investors, corporations, start-ups, and academic research labs. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Intuitive Surgical Stock - TipRanks.com The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. 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. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. 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. These forward-looking statements are necessarily estimates reflecting the judgment of the Companys management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Just to be clear on your answer to Tycho's question. It has been. Yes. Intuitive advances minimally invasive care by innovating at the point of possibility. We continue to see significant utilization variance by region due to pandemic differences. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. 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. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. 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. Yes. Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. The rise in earnings was driven by higher . Based in Sunnyvale, California. 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. INTUITIVE at 2022 Wells Fargo Healthcare Conference. 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. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. Investor's Business Daily . Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. Please go ahead, sir. My name is Kari Krogstad. It's not just the robot. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. The reason I mentioned it early is I think when we've had pretty strong capital quarters the last few, one of the things we want to look for is, are we building unused capacity into the field that -- where procedures softer that would stall us out. 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? 10/08/22 - 11:00 AM EDT. As I believe that focusing on patient-centered strategies combined with leveraging data for research can help to improve the diagnosis, treatment, and prevention of diseases.<br><br>Patient-centered: I'm raising the bar on patient . These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . Susanne Feldt - Founder - Hermaid | LinkedIn Incredible returns through ups and downs. Copyright 2023 Intuitive Surgical. And then on SG&A, kind of same kind of question. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. This presentation contains forward-looking statements. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. We work closely and collaboratively . 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. Yes. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. I'm here together with my CFO, Thomas Jakobsen.. | 2 Mrz 2023 . 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. 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 actual gross profit margin will vary quarter to quarter depending largely on product, regional, and trade-in mix, the impact of product cost reductions, and manufacturing efficiencies and pricing pressure. As a result, we expect lower trade-in transactions over time. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. Pro forma gross margin for the second quarter of 2021 was 71.7%, compared with 62.4% for the second quarter of 2020 and 71.8% last quarter. And that is both painful and an opportunity. 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. .