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. Intuitive Surgical Is Falling After Earnings. This Analyst Thinks It's I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. How close we are to maybe seeing something that you can monetize? Intuitive Surgical's adjusted net . Hi, Gary. A reconciliation between our pro forma and GAAP results is posted on our website. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. Most of our offices globally are reopening with this hybrid approach. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. Just to be clear on your answer to Tycho's question. Last quarter, we forecast 2021 procedure growth of 22% to 26%. Tuesday, October 18, 2022 4:30 PM EDT . Intuitive Announces Fourth Quarter Earnings | Intuitive Surgical And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. Jamie will provide additional procedure commentary later in this call. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. We also expect spending to increase as a percentage of revenue as investments in headcount, infrastructure, and other support areas catch up to the growth in the business. We will now open the call to your questions. (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. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about our results of operations, growth strategy and commercial opportunity. Intuitive Surgical (ISRG-0.90%) investors who weren't expecting it to perform a three-for-one stock split recently woke up to what looked like an overnight loss of more than 60%. Pagination. And at this time, I would like to turn the conference over to our host, senior director of finance, investor relations for Intuitive, Mr. Calvin Darling. 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. From a U.S. perspective, I think it's early, and I think we're simply acknowledging the risk. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. Hong Kong. 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? 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. 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. You're developing, trying to increase efficiency, decrease costs, that kind of thing. The high end of the range assumes strength in U.S. general surgery, a return to normalized diagnostic pipelines, the vaccines are effective against any new COVID-19 variants and the vaccine rollouts in OUS markets continue as currently expected by governments around the world. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. Here's Why You Should Invest in Intuitive Surgical (ISRG) Now Our focus right now is not rapid expansion of the installed base. In Q2, we launched our SureForm stapling line in India. We think there's an opportunity to look at correlations between surgeon performance and outcomes. I'm just curious from what you see out there, is this broadly reflective of what you think is going on in the marketplace for surgical procedures? Congrats on the quarter. 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. 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. 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. Gosh, that's awfully encouraging sounding. During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. The constant currency revenue percentage change is calculated by determining the increase in the current period constant currency revenue over the prior period revenue. Ion system placements and procedures are excluded from our overall system and procedure counts. Intuitive Surgical Stock Is Getting Close To Fair Value Yeah. Go ahead, Mr. Hopkins. In other words, happy, very satisfied customers. That's helpful, Gary. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. 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. 10/08/22 - 11:00 AM EDT. 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. 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. You may automatically receive Intuitive Surgical financial information by e-mail. In the quarter, we continued to engage customers in data analytics and opportunity analysis for surgical programs, cornerstone of our Your Data, Your Truth analytics efforts. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. We're taking a first-principles approach to return-to-office environments with our team, bringing back face-to-face interactions for those tasks best completed in person while enabling hybrid work environments for tasks that are well accomplished by distributed teams. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. And I kind of articulated what those were, travel and so forth. It flows from respect for and understanding of patients and care teams, their needs, and their environment. We're doing that as a combination of My Intuitive plus some of the simulation work that we do, plus some of the machine learning and video analysis work that we do. Listen to Webcast. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. Transcript : Medistim ASA, Q4 2022 Earnings Call, Mar 01, 2023 We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. So I wouldn't start building lots of leverage into your models. 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. We anticipate iterating our approach as we learn and the year progresses. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. All Rights Reserved. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. Listen to Webcast. 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. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. In addition to that, we still think this is a great opportunity to continue to invest in the ecosystem of products and capabilities at this point in time before competition really gets any kind of toehold. All Rights Reserved. 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. The trade-in cycle has been a tailwind to system placements. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. Or any color you can provide on that? So I think all of you on the call, you should expect increased alternatives for the customer base. The stock split will take place after market close on October 5th, 2021. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. 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. Please go ahead, sir. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. 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. China continued the strength that we've seen over the last couple of quarters. The rise in earnings was driven by higher . 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. any time, re-enter your e-mail address and click Submit, then adjust your form entries. And so we'll spend there. In terms of penetration or adoption, we're in the early to mid-innings kind of range is what I'd say in the U.S. market. OpenText Collaborates with Bayer to Simplify Digital Operations Second-quarter revenue reflected growth in both procedures and system placements. - building a financial model and investor presentation for fundraising . 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 pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. The Company placed 369 da Vinci Surgical Systems, a decrease of 4% compared with 385 in the fourth quarter of 2021. Having said that, it's a difficult procedure for surgeons to perform. It has been. For more information, please visit the Companys website at www.intuitive.com. 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 . Gotcha. Roughly a third of our team works in the manufacturer test and distribution of our products. [Operator instructions] As a reminder, this conference is being recorded. A couple of things. 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. But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. Montreal, Quebec, Canada. So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. TransMedics : Investor Presentation - February 2023 Sure. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Clinical Specialist - Chicago, IL Job in Chicago, IL at PROCEPT BioRobotics What's the Outlook for Intuitive Surgical? | The Motley Fool Q2 2022 INTUITIVE Earnings Conference Call. To change your e-mail options at Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. I hear your question is asking us how much is left, how much of the catch-up is left.