intuitive surgical investor presentation 2021

Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. Most of our offices globally are reopening with this hybrid approach. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. The constant currency revenue percentage change is calculated by determining the increase in the current period constant currency revenue over the prior period revenue. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. Intuitive advances minimally invasive care by innovating at the point of possibility. Jamie Samath -- Senior Vice President of Finance. The pandemic has reordered the quarter in which procedures were performed, and we believe it has delayed some procedures that are likely to return in the future and may cause a small number of patients to permanently forgo surgery. To choose 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 -- but right now, I think that remains to be seen how strong those other systems are. 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 expect these programs to continue their ramp as our labs and development programs recover efficiency. 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. Lease buyout revenue has varied significantly quarter to quarter and will likely continue to do so. Philip Kim, our head of investor relations, will not be joining on today's call as he's currently on paternity leave following the birth of his daughter. [Operator instructions] As a reminder, this conference is being recorded. We also -- the business came back faster than we had anticipated. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. At the time you receive a -- by the time you're at -- that market penetration rates that are significant. For full-year 2021, Intuitive Surgical revenues are estimated to be north of $5.7 billion, reflecting a 30% y-o-y growth, while the growth rate is expected to slow to low teens next year . For more information, please visit the Companys website at www.intuitive.com. Richard Wolf GmbH 10.6 . ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. *Average returns of all recommendations since inception. 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. That concludes our prepared comments. Thank you. During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. We're OK. We're not frightened of that. The call will be webcast by Nasdaq OMX and can be accessed on Intuitives website at www.intuitive.com or by dialing (844) 867-6169 using the access code 525958. Visit www.intuitive.com/en-us/products-and-services/ion. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. Our total Ion clinical experience is approximately 4,000 cases to date. Q2 2022 INTUITIVE Earnings Conference Call. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. Let me start with why I think it's adopting, and I'm going to turn to Jamie as to where -- what inning of the baseball game are we in, I'll let Jamie take that. 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. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. There are no upcoming events available at this time. Copyright 2023 Intuitive Surgical. 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. All Rights Reserved. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. May 2021 - Present 1 year 10 months. In reporting the results, adjusted using a propensity weighted approach, the authors noted that during the two- to four-week standard of care visit period, fewer patients report the need to take prescription pain medication for the robotic cohort as compared to the laparoscopic and open cohorts: 65.2% for the robotic cohort as compared to 78.8% for the laparoscopic cohort, compared to 79.8% for the open cohort. I just wondered, are you suggesting or should we be thinking that we could be in the front of a new wave of capital acquisition, with again, capital released because of the need to add additional systems to accommodate the expanding number of procedures? 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. 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. There appears to be some. 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. 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 December 31, 2021.Reported revenue and procedure results are consistent with the Company's press release issued on January 12, 2022. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. So we're excited about that because it gives them fast and easy access. 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. However, that charge generated -- that change generated a long-term benefit of $66 million that is recognized currently in GAAP income and will be recognized ratably over approximately 10 years in pro forma income. Supporting investors, corporations, start-ups, and academic research labs. 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. There were nearly 1,500 Ion procedures completed in the second quarter. That says that we're not putting out more capital than folks need, even though it's been healthy capital quarters, it means our customers are getting good benefit out of what they're using those systems for. 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. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. To choose System placements came in above plan, and system ASP and I&A revenue per procedure tracked slightly above our expectations, together driving revenue of $1.46 billion in Q2. At this time, all participants are in listen-only mode. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. 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. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Our SEC filings can be found through our website or at the SEC's website. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. Intuitive Surgical's adjusted net . 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. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. INTUITIVE at 2022 Wells Fargo Healthcare Conference. You may automatically receive Intuitive Surgical financial information by e-mail. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Gosh, that's awfully encouraging sounding. Key business metrics for the second quarter were as follows. 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. However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. In terms of penetration or adoption, we're in the early to mid-innings kind of range is what I'd say in the U.S. market. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. Next, we'll go to Bob Hopkins with Bank of America. 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. Today's format will consist of providing you with highlights of our second-quarter results as described in our press release announced earlier today followed by a question-and-answer session. It is in fact a physically taxing procedure, as Gary described. We expect our pro forma rate for the last six months of 2021 to be between 21% and 22% versus our previous guidance of 20% to 21%, reflecting a greater proportion of U.S. income for the year. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 million during the quarter, primarily driven by share repurchases of $1 billion and capital expenditures, partially offset by cash generated from operations. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. Intuitive Surgical, Inc. is the global technology leader in robotic-assisted minimally invasive surgery (MIS). The stock split will take place after market close on October 5th, 2021. It's the impact on hospitalizations. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. Our overall second-quarter procedure growth was 68%, compared to a decline of 19% during the second quarter of 2020, which reflected a significant adverse impact from the COVID-19 pandemic. Our focus right now is not rapid expansion of the installed base. The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. Finally, our team is making good progress in scaling our operations. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. To change your e-mail options at Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. 06/14/22 - 1:20 PM PDT. You go from an issue to identification to closure more quickly. Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. 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. Yeah. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. 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. Customer adjustment of buying patterns will reduce I&A revenue per procedure. And sequential growth in what they can do with the system remains our focus on SP for now. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. Can you maybe just talk a little bit about the road map? To make the world smarter, happier, and richer. Congrats on the quarter. Doctors talking to us about further expansion of utilization. Good afternoon. For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. Just a couple of comments. To choose Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. To choose Jamie will provide spend guidance later in this call. So that's a multi-quarter conversation. We will now open the call to your questions. ET. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on our business, financial condition, and results of operations, the potential impact on our procedure volume, our expected business, procedures, and procedure adoption, future results of operations, future financial position, our ability to increase our revenues, the anticipated mix of our revenues between product and service revenues, our financing plans and future capital requirements, anticipated costs of revenue, anticipated expenses, our potential tax assets or liabilities, our investments, anticipated cash flows, our ability to finance operations from cash flows and similar matters, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which we operate and our beliefs and assumptions regarding those 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 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. Current page 1; Page 2; Page 3; . The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. 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 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. Field and marketing costs will tick up if the pandemic wanes. 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. In Europe, the impact of COVID in the second quarter of 2021 varied regionally with slower recovery in Italy and France, while we saw early stages of a recovery in the U.K. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. You have to do it. All Rights Reserved. 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. Statements using words such as estimates, projects, believes, anticipates, plans, expects, intends, may, will, could, should, would, targeted, and similar words and expressions are intended to identify forward-looking statements. And with that, I'd like to turn it over to Jamie. I will now turn to our financial outlook for 2021. To change your e-mail options at 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 think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. 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. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Non-GAAP gross profit. With regard to income tax, we expect the range of our second-half 2021 pro forma tax rate to be between 21% and 22% of pre-tax income, slightly higher than the range we provided on the last call, reflecting a higher mix of U.S. income. These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. 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. Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. In fact, our commentary is a little bit the opposite that these are being highly utilized. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. 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.

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