intuitive surgical investor presentation 2021

The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. And Jamie, as to kind of where we are. Intuitive Surgical Investor Relations. They're calling on customers. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. 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. 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. Sure. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . your options for e-mail notification, please enter your e-mail address below and click We also believe that growth benefited from some procedures that were previously deferred due to delays in testing and patient concern over COVID. That concludes our prepared comments. 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. Good afternoon. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. 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. 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. China continued the strength that we've seen over the last couple of quarters. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. Having said that, it's a difficult procedure for surgeons to perform. Gary will present the quarter's business and operational highlights. And so we'll spend there. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Looking forward, we see the following capital revenue dynamics. Fourth quarter 2022 GAAP income from operations included share-based compensation expense of $129 million, compared with $120 million in the fourth quarter of 2021. J.P. Morgan Healthcare Conference 2023 Presentation 4.2 MB. 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. We're doing what we call the procedure development and the trial development around other indications, we think there'll be an opportunity in thoracic, as well as other ones beyond it. On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the quarter. And so we watch that number because we know it's highly sensitive. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. To the extent that COVID impacts procedures, it will also impact capital purchases. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. [Operator instructions] And for our first question, we will go to Tycho Peterson. However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. any time, re-enter your e-mail address and click Submit, then adjust your form entries. And we think that the extended use instruments lowers barriers for purchases of systems. Later we will have a question-and-answer session. 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. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . Montreal, Quebec, Canada. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. To change your e-mail options at 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. 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. Listen to Webcast. Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. Readers are cautioned not to place undue reliance on these forward-looking statements, 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 December 31, 2020, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, as updated by the Companys other filings with the Securities and Exchange Commission. Intuitive Surgical's Q3 2021 adjusted earnings per share (EPS) is expected to be $1.22 per Trefis analysis, slightly above the consensus estimate of $1.17. This growth rate compares with 9% last year and 8% last quarter. Just anything you could talk to there would be helpful. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Intuitive advances minimally invasive care by innovating at the point of possibility. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. 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. . 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. To choose How are you thinking about competition? J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . 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. 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. Copyright 2023 Intuitive Surgical. Utilization of clinical systems in the field, measured by procedures per system, increased approximately 55% compared with last year and increased 11% compared with last quarter. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. 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. For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. 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. To change your e-mail options at It's taking getting the advanced instruments, put them together as a set, getting our workflows and our clinical pathways right, and I think that's been powerful to date. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. We kind of outlined what was assumed in the high end of the procedure guidance. 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. Current quarter system placements included 63 into Europe, 16 into Japan, and 19 into China, compared with 18 into Europe, 18 into Japan, and 21 into China in the second quarter of 2020. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. The fourth quarter 2022 system placements included 154systems placed under operating lease and usage-based arrangements, compared with 143 systems in thefourth quarter of 2021. 2022 Proxy Statement 36.4 MB. Please go ahead. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. See www.intuitive.com/trademarks. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. For more information, please visit the Companys website at www.intuitive.com. Based in Sunnyvale, California. Marshall L. Mohr Executive Vice President and Chief Financial Officer. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. There appears to be some. [Operator instructions] As a reminder, this conference is being recorded. 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. The authors concluded in part, "When compared to open, the robotic-assisted surgery group is associated with a comparable operative time, shorter length of stay and lower reoperation rate through 30 days. Are you seeing any impact thus far? And so we see that as a benefit also with respect to feedback from surgeons. Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. 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. ET. With an initial focus on BPH, the company's AquaBeam Robotic System delivering Aquablation therapy, is the first FDA-cleared, automated surgical robot for the treatment of lower urinary tract symptoms (LUTS) due to benign prostatic hyperplasia (BPH). Yeah. . Long-term incentive plan expense relates to phantom share awards granted in China by the Companys joint venture, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., to its employees that vest over four years and can remain outstanding for seven to ten years. . 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. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. Those things are ongoing now. Our total Ion clinical experience is approximately 4,000 cases to date. 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. I don't know how much of an update you can give us, but just something on what's happening at that level in terms of software tools and services? And then now we have rolled it out to most other markets in the first six months of this year, except for China where there are longer regulatory timelines. Hong Kong. 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. 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.

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