any time, re-enter your e-mail address and click Submit, then adjust your form entries. Customer adjustment of buying patterns will reduce I&A revenue per procedure. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. 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. At this time, all participants are in listen-only mode. I'll maybe start with Marshall on the first one and then go to Gary for the second one. 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. Can you maybe just talk a little bit about the road map? You may automatically receive Intuitive Surgical financial information by e-mail. Our SEC filings can be found through our website or at the SEC's website. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. China procedure growth remains strong and broad-based as a result of continued expansion of the installed base under the current quota. 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. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. Starting with procedures. As customers continue to upgrade to fourth-generation capabilities, the population of installed SIs is decreasing, particularly in the U.S. were 110 trade-ins were completed in the second quarter, leaving an installed base of SIs of approximately 500 systems. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. See www.intuitive.com/trademarks. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. You've got COVID. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Most of our offices globally are reopening with this hybrid approach. Later we will have a question-and-answer session. Phone: 408-523 . Just so really speaking backward-looking, so far, so good. 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. That concludes our prepared comments. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. 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. The first and second quarters of 2021 reflect leveraging fixed costs over higher production levels. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. 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. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 2021 Intuitive Sustainability Report 7.8 MB. That low end also reflects some impact of a resurgence in the U.S. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. We expect these programs to continue their ramp as our labs and development programs recover efficiency. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. Procedures recovered nicely in Q2. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most. 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. 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 . That said, other teams are out. Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. You have to do it. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. Today's press release and supplementary financial data tables have been posted to our website. Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. So our customers are asking us for advanced instrumentation. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. 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. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. 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. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. 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. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . 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. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. Intuitive Surgical -Export management Iqm selezione - 07.2021 . On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the 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. Just in 2021 there were more than . Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of the Companys business within the period. *Average returns of all recommendations since inception. They're calling on customers. All of that, to me, indicates that the business feels in balance. I think the thing that we'd call out is it's not the case rates per se to monitor. Presentation: Operator. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. To choose And so we'll spend there. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. To change your e-mail options at Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. The Motley Fool has a disclosure policy. Submit. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Yes, Tycho. The next page will display a menu of options. 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. 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. OK. And then just one quick follow-up. Conversion rates to open surgery were lower in the robotic group compared to the laparoscopic group, 0.6% as compared to 4.9%, and reoperation rates in the 30 days post procedure were comparable between robotic and laparoscopic and lower for robotic as compared to open, 0.6% as compared to 3.1%. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. 07/21/22 - 1:30 PM PDT. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. 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. . In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. Higherfourthquarter revenue was driven by growth in da Vinci procedure volume and system placements. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. Non-GAAP gross profit. 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. And finally, we will host a question-and-answer session. 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. And I know case rises have been largely decoupled from hospitalizations. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. 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. To choose The compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. . Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. And I suspect that's most of what we're seeing, at least in the United States in terms of that. How are you thinking about competition? The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP. 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. Plan to attend GIANT 2022. 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. Ladies and . Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.neuropace.com, on the Investors page in the News & Events section. All Rights Reserved. We anticipate iterating our approach as we learn and the year progresses. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. And I have one follow-up. Intuitive Surgical Asensus Surgical . The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. Google's Women Techmakers program provides visibility, community, and resources for women in technology. Intuitive brings more than two decades of leadership in robotic-assisted surgical technology and solutions to its offerings and develops, manufactures, and markets the da Vinci Surgical System and the Ion endoluminal system. 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. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. Phone: 408-523-2161 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. Looking to our finances in the quarter. Calvin Darling -- Senior Director of Finance, Investor Relations. So that's a multi-quarter conversation. Jamie will take you through procedure dynamics in more detail later in the call. Listen to Webcast. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. It links into some of the other things you're talking about. Invest better with The Motley Fool. The next page will display a menu of options. Q2 growth was driven by particular strength in benign procedures, including bariatrics, hernia repair, cholecystectomy, and benign hysterectomy, reflecting in part, we believe, a partial catch-up in these procedures related to the previous deferral of elective surgeries. The painful part is the investment troughs are deep in the early and middle years of those product cycles. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. Having said all of that, it's been a short period since they've had extended use instruments. What's left to do from maybe a product or procedure or instrument point of view? 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. 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. 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. And -- but right now, I think that remains to be seen how strong those other systems are. (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. Our focus right now is not rapid expansion of the installed base. But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. And I'd just be curious to -- since you all are calling it out repeatedly as an important incremental growth driver, where are we now, in your view, in that, I'm sure, multiyear, long-term adoption process? Thoracic Surgery Market was valued at USD 3.1 Billion in 2021, and it is expected to reach a CAGR of 7.18 % . Intuitive Surgical Investor Presentation. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. To change your e-mail options at 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. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. They're giving their PowerPoints about what they think is going to happen next and some other things. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. Thank you for your support on this extraordinary journey. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021.