intuitive surgical investor presentation 2021 intuitive surgical investor presentation 2021

any time, re-enter your e-mail address and click Submit, then adjust your form entries. Corporate Governance Guidelines 384.4 KB. 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. I think the thing that we'd call out is it's not the case rates per se to monitor. Listen to Webcast. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. To change your e-mail options at (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. At the "Pitching to Investors Programme" you will have an exclusive 10-minute pitching slot on stage for you to showcase your company to our entire audience and the biggest community of investors. So we're making those investments to move that forward. The meta-analysis combined 18 studies across different countries containing over 11,000 patients, of which just over 5,000 received da Vinci robotic-assisted thoracic surgery and just over 6,000 received VATs. [Inaudible] on a nice quarter. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. We've seen a few teams come out and field systems that are alternatives to ours. 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. 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. 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. SP procedures grew 133% year over year, with much of that growth coming from the United States. I will also summarize our GAAP performance later in my prepared remarks. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . Finally, our team is making good progress in scaling our operations. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. Marshall L. Mohr Executive Vice President and Chief Financial Officer. But I don't have scientific evidence. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. The study contains 371 patients that underwent an incisional hernia repair procedure across 17 institutions within the United States between May 2016 and September 2019. 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. Submit. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. We are in the execution and launch phase of four efforts. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. You've got COVID. Outside the U.S., we placed 115 systems in the second quarter, compared with 72 in the second quarter of 2020 and 108 systems last quarter. 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. 06/14/22 - 1:20 PM PDT. And basically, still underpenetrated, big opportunity. Investor's Business Daily . I'll maybe start with Marshall on the first one and then go to Gary for the second one. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. Good afternoon. So bariatric obviously has been highly laparoscopically penetrated historically. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? Our technologies include the da Vinci surgical system and the Ion endoluminal system. 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. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. 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. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. To choose Obviously, you made some comments about variance and not factoring in kind of an increase. 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. Second-quarter system placements of 328 systems increased 84%, compared with 178 systems for the second quarter of 2020, and increased 10%, compared with 298 systems last quarter. Please go ahead, sir. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. You may automatically receive Intuitive Surgical financial information by e-mail. 5001-10,000 Employees. We will now open the call to your questions. Please go ahead, sir. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. Jamie will take you through procedure dynamics in more detail later in the call. Finally, we are strengthening our digital capabilities across our ecosystem. Thanks, Tycho. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. 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. Our teams continue to work closely with hospitals, physicians, and care teams in pursuit of what our customers have termed the Quadruple Aim: Better, more predictable patient outcomes, better experiences for patients, better experiences for their care teams, and ultimately, a lower total cost to treat. 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? Driven by steady sales of da Vinci and increasing surgical procedures, Intuitive Surgical recorded $5.71 billion in revenue for 2021, up 82% over the past five years despite COVID-19 slowdowns. The next page will display a menu of options. It's not just the robot. 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. Jamie will provide spend guidance later in this call. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. In fact, our commentary is a little bit the opposite that these are being highly utilized. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. Can you talk about kind of next steps to the program here, particular geographies you're targeting? We think about digital as enabling and accelerating a lot of different parts of the ecosystem. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. We believe value creation in surgery and acute care is foundationally human. Last quarter, we forecast 2021 procedure growth of 22% to 26%. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Taken together, this combination of a recovery in procedures and healthy utilization supports our solid capital placement trends and rounds out a healthy commercial recovery year to date. The Motley Fool has a disclosure policy. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . Non-GAAP income from operations. To choose My Intuitive allows surgeons and care team members to access their data, to manage their profile, their learning, and otherwise interact with Intuitive through an easy-to-use mobile app in the palm of their hand. (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. your options for e-mail notification, please enter your e-mail address below and click Please go ahead. ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. Or any color you can provide on that? So right now, we talked in the script about adding our work or IDE around colorectal, we're excited about that. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. The split must be approved by the shareholders but this is merely a formality. 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. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . Compound annual growth between the second quarters of 2019 and 2021 was 16.5%. And U.S. general surgery, in particular, performed well. And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. 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. 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. Gosh, that's awfully encouraging sounding. Examining procedure trends more deeply. 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. It last split in October of 2017. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. 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. Next, we'll go to Bob Hopkins with Bank of America. 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. While the percentage of systems placed under operating leases fluctuates quarter to quarter, we believe leasing will increase as a percentage of sales over time, which will result in the deferral of otherwise current revenue into future periods. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly? 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. 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. Bringing it all together. So that's a multi-quarter conversation. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. 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. One on procedures, one on competition. 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. 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. Customer adjustment of buying patterns will reduce I&A revenue per procedure. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. 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. Forward-looking statements relate to expectations concerning matters that are not historical facts. Our pro forma effective tax rate for the second quarter was approximately 25%. 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 outlook we are providing on today's call does not reflect risks associated with a significant increase in COVID-related hospitalizations in relation to the Delta variant or other potential new variants. Mai 2022: CI. Our pro forma spending grew over 24% from a year ago, representing increased investment in our business. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. 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. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. 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. 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. 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 go from an issue to identification to closure more quickly. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent Form 10-K filed on February 10, 2021; and Form 10-Q filed on April 21, 2021. 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. Hong Kong. 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? Submit. Thank you for your support on this extraordinary journey. 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. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. Yes. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. And the capital to support that demand has not run ahead of the procedure demand. I think that's what's been driving our success in the early market. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. It's the impact on hospitalizations. With respect to operating expenses, on our last call, we forecast to grow full-year pro forma 2021 operating expenses between 18% and 22% above 2020 levels.