I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. 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 . We are building tools and capabilities that allow hospital departments and departments of surgery to manage their program and look across programmatics for efficiency, for learning, for outcomes, and these things interlink. I guess first question on guidance. ISRG Stock | News | INTUITIVE SURGICAL Stock Price Today | Analyst We continue to see significant utilization variance by region due to pandemic differences. To choose Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . (2) Selling, general and administrative 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, Gains on strategic investments, net of tax, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. 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. All Rights Reserved. Next, we go over to Larry Beigelsen with Wells Fargo. Jamie Samath -- Senior Vice President of Finance. It doesn't seem like the backlog would be exhausted just after one quarter. Larry Biegelsen -- Wells Fargo Securities -- Analyst. 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. I mean, how do you know there was catch-up from the backlog in Q2? That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. 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. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. To make the world smarter, happier, and richer. See www.intuitive.com/trademarks. I think we're going to have to let it play for another few quarters to see. . Data Provided by Refinitiv. Intuitive Surgical Inc (ISRG) Q2 2021 Earnings Call Transcript There were nearly 1,500 Ion procedures completed in the second quarter. Pitching to investors 2023 | GIANT Health London 6th-7th December 2022 It flows from respect for and understanding of patients and care teams, their needs, and their environment. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. Copyright 2023 Intuitive Surgical. Fourth quarter 2021 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $477 million, or $1.30 per diluted share, compared with $434 million, or $1.19 per diluted share, in the fourth quarter of 2020. 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. 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. I'll speak to my impression, but I caveat it, it's one person's impression. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. So bariatric obviously has been highly laparoscopically penetrated historically. We're clearly seeing that in markets like India, Taiwan, there's been an impact in terms of how they've handled that from a healthcare system perspective and the resulting impact on our procedures. And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. I'm here together with my CFO, Thomas Jakobsen.. | 2 Mrz 2023 . Investors have assigned a high trading . 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? 3 min read. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. Marshall will take you through our financial picture later in the call. Last page last E-mail Alerts. OK. Well, thank you, and our moderator, that was our last question. EMCOR Group, Inc. (NYSE:EME) Q4 2022 Earnings Call Transcript PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. 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. TransMedics : Investor Presentation - February 2023 any time, re-enter your e-mail address and click Submit, then adjust your form entries. Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. Richard Wolf GmbH 10.6 . Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. 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. I think the noise levels will go up. Juliet Chou - Governance Coordinator - Engineers Canada - LinkedIn Intuitive Surgical (ISRG) Posts Robust Preliminary Q4 Results Jamie, I'll let you take it from there. Minimum 15 minutes delayed. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. Gary, a separate topic. 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. That said, other teams are out. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on our business, financial condition, and results of operations, the potential impact on our procedure volume, our expected business, procedures, and procedure adoption, future results of operations, future financial position, our ability to increase our revenues, the anticipated mix of our revenues between product and service revenues, our financing plans and future capital requirements, anticipated costs of revenue, anticipated expenses, our potential tax assets or liabilities, our investments, anticipated cash flows, our ability to finance operations from cash flows and similar matters, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which we operate and our beliefs and assumptions regarding those economies and markets. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Thanks. 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. 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. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. 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. 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 are cautioned not to place undue reliance on such forward-looking statements. The next page will display a menu of options. Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. Presentation: Operator. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. 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. Second-quarter 2021 OUS procedure growth was driven by growth in prostatectomy procedures and earlier-stage growth in kidney cancer procedures, general surgery, gynecology, and thoracic. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. Procedure growth drives capital purchases in many of our markets. Our digital learning programs continue to be an important part of our overall learning initiatives. Listen to Webcast. Minimally Invasive Care | About Us | Intuitive - Intuitive Surgical Intuitive Surgical Inc. (ISRG) Q4 2021 Earnings Call Transcript OK. That's helpful. Next, we're going to the line of Rick Wise with Stifel. 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . 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. What was the second part of your question again, Larry? 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. 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. (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. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. 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. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. Copyright 2023 Intuitive Surgical. You have to do it. To change your e-mail options at 2021 Proxy Statement - Special Meeting 224.6 KB. We have a broad range of estimates. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. I'll maybe start with Marshall on the first one and then go to Gary for the second one. INTUITIVE at 2022 Wells Fargo Healthcare Conference. 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. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. . We look forward to talking with you again in three months. Q2 growth was driven by particular strength in benign procedures, including bariatrics, hernia repair, cholecystectomy, and benign hysterectomy, reflecting in part, we believe, a partial catch-up in these procedures related to the previous deferral of elective surgeries. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! Looking forward, we see the following capital revenue dynamics. Ion procedures grew sixfold over Q2 2020 to nearly 1,500 procedures in the quarter, reflecting recovery from the pandemic, the growth in new sites, and growth in utilization at existing sites. The Company defines non-GAAP income from operations as income from operations, excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, and a gain on the sale of a business. Later we will have a question-and-answer session. Travel and associated costs in support of our field have also not recovered to pre-pandemic levels. 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 Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. We did not repurchase any shares in the quarter. Please go ahead. Intuitive Surgical's adjusted net income of $435 million in Q3 2021 reflected a good 30% rise from its $334 million figure in the prior-year quarter. Can you talk about kind of next steps to the program here, particular geographies you're targeting? Listen to Webcast. Intuitive Surgical jumps past $100 billion market value as 1st-quarter What we've seen, though, is that what happens in the PowerPoints and what happens a year later is different. Customer appreciation and recurring use of our products has been growing nicely. Marshall L. Mohr Executive Vice President and Chief Financial Officer. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. Moving on to gross margin and operating expenses. 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. They use specialized instrumentation, including a miniaturized surgical camera and wristed instruments (i.e., scissors, scalpels, and forceps) that are designed to help with precise dissection and reconstruction deep inside the body. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. [Operator instructions] And for our first question, we will go to Tycho Peterson. 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. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. In other words, happy, very satisfied customers. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. Leasing and alternative financing arrangements enable customer access to capital. . 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. These forward-looking statements are necessarily estimates reflecting the best judgment of the our 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. ET. Invest better with The Motley Fool. And we're building into the broader digital ecosystem for SP. 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. The next page will display a menu of options. The stock movement pushed Intuitive . 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. How are you thinking about competition? Congrats on the quarter. Lastly, we continue to digitally enhance our ecosystem. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. 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. I think the product ecosystem with XI with a 60-millimeter stapler is in good shape, and we're getting good feedback from surgeons in that regard. 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. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. We are in the execution and launch phase of four efforts. Procedures recovered nicely in Q2. Intuitive | ISRG for Investors 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. Jamie will take you through procedure dynamics in more detail later in the call.
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