intuitive surgical investor presentation 2021

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. The painful part is the investment troughs are deep in the early and middle years of those product cycles. Incredible returns through ups and downs. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. Copyright 2023 Intuitive Surgical. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. Jamie Samath -- Senior Vice President of Finance. The Company grew its da Vinci Surgical System installed base to 6,730 systems as of, Fourth quarter 2021 GAAP net income attributable to Intuitive was $381million, or, Fourth quarter 2021 non-GAAP* net income attributable to Intuitive was. (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. Leasing and alternative financing arrangements enable customer access to capital. And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. Jan 2023 - Present3 months. Presentation: Operator. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. I think that when you think about our product cycles, I would just have you look back earlier in the da Vinci experience in that these are long development cycles. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Pagination. 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 . During the quarter, a group from the Shenzhen Hospital Naval Medical University in China, published a meta-analysis in BMC cancer comparing robotic-assisted thoracic surgery versus video-assisted thoracic surgery, or VATs, for lung lobectomy or segmentectomy in patients with nonsmall cell lung cancer. 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. Intuitive Surgical didn't offer an outlook for 2021. 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. 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. 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. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. Q2 2022 INTUITIVE Earnings Conference Call. Later we will have a question-and-answer session. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . Last quarter, we forecast 2021 procedure growth of 22% to 26%. 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. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. You have to do it. Lastly, we continue to digitally enhance our ecosystem. your options for e-mail notification, please enter your e-mail address below and click Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. Trade-in activity can fluctuate and be difficult to predict. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . You may automatically receive Intuitive Surgical financial information by e-mail. Our actual tax rate will fluctuate with changes in the geographic mix of income, changes in taxation made by local authorities, and with the impact of one-time items. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . Next, we'll go to Bob Hopkins with Bank of America. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. 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. To change your e-mail options at All Rights Reserved. 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? 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%. 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. 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 we're early in the Ion product cycle, and we're early in the SP or early mid in SP. Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. 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. Our technologies include the da Vinci surgical system and the Ion endoluminal system. So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. To choose Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Customer appreciation and recurring use of our products has been growing nicely. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Keep up-to-date with changes . It's the impact on hospitalizations. For more information, please visit the Companys website at www.intuitive.com. To change your e-mail options at That concludes our prepared comments. GAAP net income was $517 million or $4.25 per share for the second quarter of 2021, compared with GAAP net income of $68 million or $0.57 per share for the second quarter of 2020 and GAAP net income of $426 million or $3.51 per share for the last quarter. Ion system placements and procedures are excluded from our overall system and procedure counts. INTUITIVE at 2022 Wells Fargo Healthcare Conference. INTUITIVE at 2022 Wells Fargo Healthcare Conference. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. Good afternoon. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. 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. Yeah. But I don't have scientific evidence. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. Gosh, that's awfully encouraging sounding. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on the Companys business, financial condition, and results of operations, future results of operations, future financial position, the Companys financing plans and future capital requirements, the Companys potential tax assets or liabilities, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which the Company operates and the Companys beliefs and assumptions regarding these economies and markets. 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. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. May 2021 - Present 1 year 10 months. . The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. Fourth quarter 2021 instruments and accessories revenue increased by 13% to $843million, compared with $747million in the fourth quarter of 2020, primarily driven by approximately 19% growth in da Vinci procedure volume, partially offset by stocking orders in the prior year associated with the Companys launch of Extended Use Instruments. And U.S. general surgery, in particular, performed well. So we don't really call them out as individual revenue lines. Just a couple of comments. OK. That's helpful. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! I'll maybe start with Marshall on the first one and then go to Gary for the second one. Thanks for taking the question. To the extent that COVID impacts procedures, it will also impact capital purchases. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. At this time, all participants are in listen-only mode. European procedure growth was generally healthy, though varied by country. Now turning to the clinical side of our business. Copyright 2023 Intuitive Surgical. You go from an issue to identification to closure more quickly. Good afternoon. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. Marshall will take you through our financial picture later in the call. It's physically demanding. your options for e-mail notification, please enter your e-mail address below and click At the time you receive a -- by the time you're at -- that market penetration rates that are significant. Intangible asset charges consist of non-cash charges, such as the amortization of intangible assets as well as in-process R&D charges. So our customers are asking us for advanced instrumentation. 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. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. We also -- the business came back faster than we had anticipated. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. [Operator instructions] As a reminder, this conference is being recorded. 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. Our installed base of SP Systems is now 79: eight in Korea and 71 in the U.S. We completed first cases associated with a U.S. colorectal clinical trial in the second quarter. Mai 2022: CI. Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. Gary, a separate topic. We are in the execution and launch phase of four efforts. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. Jamie will provide additional procedure commentary later in this call. Submit. 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. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? Investor's Business Daily . The Company defines non-GAAP income from operations as income from operations, excluding intangible asset charges, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, and litigation charges and recoveries. So short answer there is just kind of a reminder of what we're trying to do. 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. 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Want $1 Million in Retirement? Starting with procedures. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. Please go ahead, sir. 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. 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? China procedure growth remains strong and broad-based as a result of continued expansion of the installed base under the current quota. 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.

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