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. - Received full travel grant to attend Google I/O 2019. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. You've got COVID. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. Intuitive Surgical -Export management Iqm selezione - 07.2021 . Yeah. I mean, how do you know there was catch-up from the backlog in Q2? Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. We did not repurchase any shares in the quarter. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. Our focus is in clinical capability and productivity of the installed base we have. 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. 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. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. Intuitive Surgical (ticker: ISRG ) reported an adjusted fourth-quarter profit of $1.30 a share, beating forecasts for $1.28 a share, on sales of $1.55 billion, which topped expectations for $1.52 . At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. And sequential growth in what they can do with the system remains our focus on SP for now. You're developing, trying to increase efficiency, decrease costs, that kind of thing. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Keep up-to-date with changes . Again, if you look across that two-year period, try to look through the pandemic kind of ups and downs, what we're seeing is that procedure demand is there. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. Intuitive Surgical Inc. (NASDAQ: ISRG) Q1 2021 earnings call dated Apr. The Motley Fool has a disclosure policy. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems . 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. [Operator instructions] As a reminder, this conference is being recorded. . 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. So those are the drivers we watch. Thank you. I think that would be a mistake. We expect these programs to continue their ramp as our labs and development programs recover efficiency. However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. *Average returns of all recommendations since inception. It affirms that "RAS devices have been cleared for use in certain types of surgical procedures commonly performed in patients with cancer, such as hysterectomy, prostatectomy and colectomy. Roughly a third of our team works in the manufacturer test and distribution of our products. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. We're OK. We're not frightened of that. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . 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. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. 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. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. To choose Intuitive Announces Fourth Quarter Earnings, Intuitive Announces Preliminary Fourth Quarter and Full Year 2022 Results, Intuitive becomes largest robotic-assisted surgery provider to be accredited by the Royal College of Surgeons of England, Q4 2022 INTUITIVE Earnings Conference Call, INTUITIVE at J.P. Morgan Healthcare Conference, J.P. Morgan Healthcare Conference 2023 Presentation, Q3 2022 INTUITIVE Earnings Conference Call. Today's press release and supplementary financial data tables have been posted to our website. Extended use instruments were introduced into the U.S. and Europe in the fourth quarter, in most other markets in the first six months of this year, except China due to regulatory timelines. SUNNYVALE, Calif., Jan. 20, 2022 (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, 2021. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. 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. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. All Rights Reserved. We kind of outlined what was assumed in the high end of the procedure guidance. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. . In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. [Operator Instructions] As a reminder, today's call is being recorded. So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. The system features an ultra-thin, ultra-maneuverable catheter that allows navigation far into the peripheral lung and provides the unprecedented stability necessary for precision in biopsy. How are you thinking about competition? Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. 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. Travel and associated costs in support of our field have also not recovered to pre-pandemic levels. So I think those are the key kind of procedure highlights. On the why side, it's -- bariatrics has been a little different than other procedure for us. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? You have to do it. Fourth quarter 2022 GAAP net income attributable to Intuitive Surgical, Inc. was $325 million, or $0.91 per diluted share, compared with $381 million, or $1.04 per diluted share, in the fourth quarter of 2021. Email: investor.relations@intusurg.com. How close we are to maybe seeing something that you can monetize? We will now open the call to your questions. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., net income per diluted share attributable to Intuitive Surgical, Inc., and diluted shares are reported on a GAAP and non-GAAP* basis. That's right -- theythink these 10stocks are even better buys. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. 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? I think all of us know, and we, as consumers know that customers like choice, perfectly fair. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. I guess first question on guidance. your options for e-mail notification, please enter your e-mail address below and click We continue to see significant utilization variance by region due to pandemic differences. And just, you know, on competition, it does seem like the noise is increasing. 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. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. You may automatically receive Intuitive Surgical financial information by e-mail. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. It doesn't seem like the backlog would be exhausted just after one quarter. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. So our customers are asking us for advanced instrumentation. Submit. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. Non-GAAP gross profit. - building a financial model and investor presentation for fundraising . The next page will display a menu of options. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. We anticipate iterating our approach as we learn and the year progresses. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Our digital learning programs continue to be an important part of our overall learning initiatives. any time, re-enter your e-mail address and click Submit, then adjust your form entries. And so we're going to continue to invest. And U.S. general surgery, in particular, performed well. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. Fourth quarter 2021 GAAP income from operations included share-based compensation expense of $120 million, compared with $104 million in the fourth quarter of 2020. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. Our focus right now is not rapid expansion of the installed base. Yes, Tycho. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. This presentation contains forward-looking statements. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. 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. Thanks for taking the question. 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. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. Intuitive Surgical 10.5. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. OK. That's helpful. 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. So here's kind of where we stand with the backlog. As part of our mission, we believe that minimally invasive care is life-enhancing care. System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. Good afternoon. Submit. 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. Yeah. We also saw an increase in our IDN customers opening new da Vinci and Ion programs in hospitals within their network that did not previously have an Intuitive robotics program, indicating their interest in diversifying access to Intuitive programs across their networks. Second-quarter revenue reflected growth in both procedures and system placements. So I think all of you on the call, you should expect increased alternatives for the customer base. 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. 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. Our total Ion clinical experience is approximately 4,000 cases to date. 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. 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 . 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. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. 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. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year . You may automatically receive Intuitive Surgical financial information by e-mail. Cardio medical GmbH 10.4. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. The increase in instruments and accessories revenue was primarily driven by approximately 18% growth in da Vinci procedure volume, partially offset by customer buying patterns and foreign currency impacts. 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. As customers continue to upgrade to fourth-generation capabilities, the population of installed SIs is decreasing, particularly in the U.S. were 110 trade-ins were completed in the second quarter, leaving an installed base of SIs of approximately 500 systems. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month.