intuitive surgical investor presentation 2021
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. 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. So we're excited about that because it gives them fast and easy access. 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. 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. 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. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Health . Intuitive has managed multiple ways of working for many years. 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. And we're building into the broader digital ecosystem for SP. Listen to Webcast. 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. 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. OK. That's helpful. Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript 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. Copyright 2023 Intuitive Surgical. You may automatically receive Intuitive Surgical financial information by e-mail. OK. And last one on SP. What's the Outlook for Intuitive Surgical? | The Motley Fool 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. 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. Can you maybe just talk a little bit about the road map? Cost basis and return based on previous market day close. Intuitive Surgical Inc (ISRG) Q2 2021 Earnings Call Transcript Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. We look forward to talking with you again in three months. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. Investors have assigned a high trading . 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. Intuitive Surgical Dives To 8-Month Low; Why It Could Still Outperform Yasmeen Hmaidan - Student Researcher - MIT Media Lab | LinkedIn China growth in the second quarter continued to be far higher than our other regions, primarily reflecting the 40% system installation growth over the past year. 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%. 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. 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. So we're making those investments to move that forward. See www.intuitive.com/trademarks. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. The trade-in cycle has been a tailwind to system placements. 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. 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. 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. . 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. 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. 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. Email: investor.relations@intusurg.com. Just to be clear on your answer to Tycho's question. 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. During the first half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in the U.S. and Europe followed by recoveries. It's hard to have a precise measure on it. Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. your options for e-mail notification, please enter your e-mail address below and click 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? 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 . I think our customers will take their time to evaluate new things as they go. ISRG stock has split before. 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. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! Third, driving depth and excellence in regional performance, particularly in Europe and Asia. In terms of our underlying numbers, we're growing at a little faster rate in the revision section, sleeves and bypass grow about the same rate. That said, other teams are out. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. We also -- the business came back faster than we had anticipated. Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. (2021) Dropped off in 2022. I'll caution that what the next couple of quarters or next four quarters looks like in terms of hospital access to capital and their decision-making, capital is always lumpy. Google's Women Techmakers program provides visibility, community, and resources for women in technology. Just a couple of comments. 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. 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. your options for e-mail notification, please enter your e-mail address below and click Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. 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. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. You go from an issue to identification to closure more quickly. 07/21/22 - 1:30 PM PDT. Field and marketing costs will tick up if the pandemic wanes. 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. Customer adjustment of buying patterns will reduce I&A revenue per procedure. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. 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. For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. All of that, to me, indicates that the business feels in balance. I'll maybe start with Marshall on the first one and then go to Gary for the second one. 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. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. Our total Ion clinical experience is approximately 4,000 cases to date. Intangible asset charges consist of non-cash charges, such as the amortization of intangible assets as well as in-process R&D charges. Intuitive Surgical Inc. (ISRG) Q1 2021 Earnings Call Transcript (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. 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. To make the world smarter, happier, and richer. Transcript : Medistim ASA, Q4 2022 Earnings Call, Mar 01, 2023 Ion system placements and procedures are excluded from our overall system and procedure counts. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . 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. Thanks. That will play out over the next several quarters as we accrue patients. Presentation: Operator. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. What To Expect From Intuitive Surgical's Q3? | Nasdaq (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. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. What To Expect From Intuitive Surgical's Q1? - Forbes 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 . 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . Submit. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. At the time you receive a -- by the time you're at -- that market penetration rates that are significant. 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. All Rights Reserved. We launched our Force bipolar energy instrument along with our extended use instruments program in Japan, and we launched our SynchroSeal energy instrument and E-100 energy generator in Korea. Susanne Feldt - Founder - Hermaid | LinkedIn Next, we're going to the line of Rick Wise with Stifel. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. Cardio medical GmbH 10.4. And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. A couple of things. Copyright 2023 Intuitive Surgical. 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. Submit. And that is both painful and an opportunity. Intuitive Surgical, Inc. (ISRG) CEO Gary Guthart - SeekingAlpha And I kind of articulated what those were, travel and so forth. Third, we are launching and refining our flexible diagnostic platform, Ion, by working with early customers to help establish high-performing sites and by improving our technology and supply chain capabilities. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. So I think those are the key kind of procedure highlights. Second-quarter revenue reflected growth in both procedures and system placements. To change your e-mail options at Good afternoon. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. Compound annual growth between the second quarters of 2019 and 2021 was 16.5%. Please go ahead. 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. Our pro forma spending grew over 24% from a year ago, representing increased investment in our business. I think the thing that we'd call out is it's not the case rates per se to monitor. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. All Rights Reserved. It is in fact a physically taxing procedure, as Gary described. Laparoscopy Surgical Robotic System and Consumables Market [2023-2030 Listen to Webcast. 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. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. 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. (1) Services revenue includes the effect of the following item: (2) Selling, general and administrative includes the effect of the following item: (3) Income from operations includes the effect of the following item: (4) Interest and other income, net includes the effect of the following item: (5) Income tax expense includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements. Some of them are included in our service contracts, some of them are on a per-use basis. SP procedures grew 133% year over year, with much of that growth coming from the United States. any time, re-enter your e-mail address and click Submit, then adjust your form entries. So when we talk about My Intuitive, that really is putting the power of interaction and data at the surgeon level in their hands or at the robotics coordinator level in their hands. Yeah. We have continued the launch of our My Intuitive app, including launching to first users in Europe. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. Having said that, it's a difficult procedure for surgeons to perform. But I don't have scientific evidence. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Intuitive Surgical's Q1 2021 adjusted earnings per share is expected to be $2.72 per Trefis analysis, over 3% above the consensus estimate of $2.63. In short, our commercial business has recovered more quickly than our spending due to the different ways that pandemic impacts our customers, our supply chains, and our hiring. 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. Just in 2021 there were more than . The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . And U.S. general surgery, in particular, performed well. 2021 Intuitive Sustainability Report 7.8 MB. 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 so we see that as a benefit also with respect to feedback from surgeons. Well, I'll add one bit of color to that. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. Thanks, Tycho. Phone: 408-523-2161 PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. And then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. First, we are broadening access to our advanced instruments for our da Vinci Fourth Generation Multiport Systems through pursuit of additional clearances and launches outside the U.S. Second, we are expanding our da Vinci SP offering by broadening its regional and clinical indications and by adding it to its suite of instruments and accessories. ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. Where are we going with this one? And with that, I'd like to turn it over to Jamie. You've got COVID. 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. We believe value creation in surgery and acute care is foundationally human. 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. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. Please go ahead, sir. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. was $381million, or $1.04 per diluted share, compared with $365million, or $1.01 per diluted share, in the fourth quarter of 2020. - Received full travel grant to attend Google I/O 2019. Turning to our innovation and commercialization efforts. And basically, still underpenetrated, big opportunity. 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. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. Marshall L. Mohr Executive Vice President and Chief Financial Officer. Icey Jiang - Google Women Techmakers Scholar - LinkedIn EMCOR Group, Inc. (NYSE:EME) Q4 2022 Earnings Call Transcript