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Tuesday, October 18, 2022 4:30 PM EDT . We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which impacts customer spending and the Companys costs, including increased inflation and interest rates, the conflict in Ukraine, disruption to the Companys supply chain, including increased difficulties in obtaining a sufficient supply of materials in the semiconductor and other markets, the risk that the COVID-19 pandemic could lead to material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; closures of the Companys facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals, clearances, or certifications from the U.S. Food and Drug Administration (FDA), comparable regulatory authorities, or notified bodies; diversion of resources to respond to COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk of the Companys inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; 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 the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Companys completion of and ability to successfully integrate acquisitions, including Opheus Medical; procedure counts; intellectual property positions and litigation; competition in the medical device industry and in the specific markets of surgery in which the Company operates; risks associated with the Companys operations and any expansion outside of the United States; unanticipated manufacturing disruptions or the inability to meet demand for products; the Companys reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party, including but not limited to product liability claims; adverse publicity regarding us and the safety of the Companys products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risks and uncertainties. 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%. We also -- the business came back faster than we had anticipated. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Partly, it's delays in getting in and getting tested and starting the journey and then getting in and having a procedure or treatment, whatever that might be. Later we will have a question-and-answer session. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . Key business metrics for the second quarter were as follows. We kind of outlined what was assumed in the high end of the procedure guidance. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . Rick Wise -- Stifel Financial Corp. -- Analyst. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. 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. The stock movement pushed Intuitive . All Rights Reserved. INTUITIVE at 2022 Wells Fargo Healthcare Conference. A reconciliation between our pro forma and GAAP results is posted on our website. Customer adjustment of buying patterns will reduce I&A revenue per procedure. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. 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. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! Can you maybe just talk a little bit about the road map? That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. 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. The instrumentation updates, there are other things, imaging updates and software updates that are really all focused around right instruments, right features for the right extension or right expansion. Gary, a separate topic. BSD Medical Corporation Medtronic Ethicon Endo-Surgery Olympus Corporation Siemens Healthcare Intuitive Surgical . 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. I'll maybe start with Marshall on the first one and then go to Gary for the second one. 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. Phone: 408-523-2161 Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. To understand our system placement and capital performance over this period, we look to annual system utilization trends, which have recovered to utilization rates at the high end of our historical averages. Obviously, you made some comments about variance and not factoring in kind of an increase. J.P. Morgan Healthcare Conference 2023 Presentation 4.2 MB. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. The next page will display a menu of options. Yeah, sure. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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 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. Having said all of that, it's been a short period since they've had extended use instruments. 2021 Intuitive Sustainability Report 7.8 MB. Four of the systems placed in the first quarter were SP Systems, reflecting continued measured rollout of SP. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. As a result, we expect lower trade-in transactions over time. So that's a multi-quarter conversation. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. 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 . Intuitive Surgical Investor Relations. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. They're calling on customers. It's a highly penetrated laparoscopic indication in the United States. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. All of that, to me, indicates that the business feels in balance. 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 intangible asset charges, re-measurement of contingent consideration, 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. How are you thinking about competition? Q2 2022 INTUITIVE Earnings Conference Call. Lastly, we continue to digitally enhance our ecosystem. 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. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. So our customers are asking us for advanced instrumentation. COVID has impacted global supplies of semiconductors and other materials used in our products, while we carry safety stocks of critical components and are otherwise working to secure supply necessary to ensure fulfillment of customer demand, global shortages could result in higher production costs and production development and regulatory delays. 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. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. Thank you. 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. We have a broad range of estimates. 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. Second-quarter revenue reflected growth in both procedures and system placements. Follow Allison Gatlin on Twitter at @IBD_AGatlin . In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. 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. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. And as we've said in the past, if we can bring the right system with the right instruments, the right imaging, and the right usability, the right ease of use, we think that surgeons will care. 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 compound annual growth rate between the full year of 2019 and the full year of 2021 was approximately 12%. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. 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. All Rights Reserved. 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 so we'll spend there. 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. 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. 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. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. Copyright 2023 Intuitive Surgical. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Intuitive Surgical's adjusted net income of $435 million in Q3 2021 reflected a good 30% rise from its $334 million figure in the prior-year quarter.

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