intuitive surgical investor presentation 2021intuitive surgical investor presentation 2021
Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. Keep up-to-date with changes . I will describe the highlights of our performance on a non-GAAP or pro forma basis. Google's Women Techmakers program provides visibility, community, and resources for women in technology. For nearly three decades we've created products and services born of inspiration and intelligencefrom robotic-assisted surgical systems to data generation that unlocks the potential to benefit care systems worldwide. And that if it hasn't delivered against the Quad Aim, if these systems can do some cases well, but not all cases well or they have stability issues or other things, that wears in pretty quickly. And at this time, I would like to turn the conference over to our host, senior director of finance, investor relations for Intuitive, Mr. Calvin Darling. I mean, how do you know there was catch-up from the backlog in Q2? We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. We placed four SP systems in the quarter, bringing the total installed base to 79. 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. 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. The meta-analysis combined 18 studies across different countries containing over 11,000 patients, of which just over 5,000 received da Vinci robotic-assisted thoracic surgery and just over 6,000 received VATs. Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. They're calling on customers. As I believe that focusing on patient-centered strategies combined with leveraging data for research can help to improve the diagnosis, treatment, and prevention of diseases.<br><br>Patient-centered: I'm raising the bar on patient . Just a couple of comments. Yasmeen Hmaidan - Student Researcher - MIT Media Lab | LinkedIn Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. To the extent that COVID impacts procedures, it will also impact capital purchases. TransMedics : Investor Presentation - February 2023 Starting with procedures. Having said that, it's a difficult procedure for surgeons to perform. EMCOR Group, Inc. (NYSE:EME) Q4 2022 Earnings Call Transcript Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. To change your e-mail options at Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. Intuitive Surgical, Inc. - AnnualReports.com We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. During 2020, da Vinci procedure volumes and system placements were significantly impacted by the COVID-19 pandemic, as healthcare systems around the world diverted resources to respond to COVID-19. . To change your e-mail options at The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . Newsroom | Intuitive | Robotic Surgery Company - Intuitive Surgical Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. We're doing that as a combination of My Intuitive plus some of the simulation work that we do, plus some of the machine learning and video analysis work that we do. Please go ahead. Last quarter, we forecast 2021 procedure growth of 22% to 26%. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. Jamie, I'll let you take it from there. Jamie Samath -- Senior Vice President of Finance. Next, we go over to Larry Beigelsen with Wells Fargo. Our pro forma effective tax rate for the second quarter was approximately 25%. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. Congrats on the quarter. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Intuitive Surgical (ISRG) Q3 2021 Earnings Call Transcript The higherfourth quarter revenue was driven by growth in da Vinci procedure volume, partially offset by a decline in system placements and foreign currency impacts. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? Just so really speaking backward-looking, so far, so good. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Even though we've seen growth in the procedures that were specifically targeted by extended use instruments, it's hard to discern what is COVID-related versus what is not. [Operator Instructions] As a reminder, today's call is being recorded. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. 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. Second-quarter 2021 OUS procedure growth was driven by growth in prostatectomy procedures and earlier-stage growth in kidney cancer procedures, general surgery, gynecology, and thoracic. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. The Company 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. 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. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . Why Intuitive Surgical's Share Slump Is a Gift for Investors With respect to operating expenses, on our last call, we forecast to grow full-year pro forma 2021 operating expenses between 18% and 22% above 2020 levels. We are developing and deploying technology-enabled ecosystems to support our customers' pursuit of the Quadruple Aim, better outcomes, better patient experiences, better care team experiences, and lower total cost to treat per patient episode. We will now open the call to your questions. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. 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%. Phone: 408-523-2161 Intangible asset charges consist of non-cash charges, such as the amortization of intangible assets as well as in-process R&D charges. We could see one large competitor approved in the second half of this year. I think we're going to have to let it play for another few quarters to see. 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. 5001-10,000 Employees. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. General surgery growth in the U.S. was strong, and in addition to the positive impact from patient backlogs, reflected increasing access for surgeons to our fourth-generation technology. Listen to Webcast. All of that, to me, indicates that the business feels in balance. - building a financial model and investor presentation for fundraising . Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. OpenText Collaborates with Bayer to Simplify Digital Operations Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. Annualized U.S. procedure growth rates are returning to historical levels for procedures with longer diagnostic pipelines as patients have started returning to screening and diagnostic testing. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Thirty-eight percent of systems placed in the second quarter involved trade-ins, which is lower than the 40% last year and the 44% last quarter. One on procedures, one on competition. Having said all of that, it's been a short period since they've had extended use instruments. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. your options for e-mail notification, please enter your e-mail address below and click The Motley Fool owns shares of and recommends Intuitive Surgical. . Intuitive Announces Fourth Quarter Earnings | Intuitive Surgical 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). Listen to Webcast. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. And I kind of articulated what those were, travel and so forth. 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. 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. Trade-in activity can fluctuate and be difficult to predict. 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. ISRG Stock | News | INTUITIVE SURGICAL Stock Price Today | Analyst 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. From the low-end perspective, the 27% reflected there is greater summer seasonality that reflects the possibility of an impact due to pent-up demand for vacation, especially for healthcare workers that have worked extensively during this period with COVID. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. What we've seen, though, is that what happens in the PowerPoints and what happens a year later is different. I'm here together with my CFO, Thomas Jakobsen.. | 2 Mrz 2023 . 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . Susanne Feldt - Founder - Hermaid | LinkedIn I'll speak to my impression, but I caveat it, it's one person's impression. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Copyright 2023 Intuitive Surgical. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. That's helpful, Gary. However, to gain a more complete understanding of the body of evidence, we encourage all stakeholders to thoroughly review the extensive detail of scientific studies that have been published over the years. We did not repurchase any shares in the 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. To choose Growth in Japan was solid but was impacted by a relatively slow rollout of vaccines and the impact of localized lockdowns as a result of ongoing efforts to prevent resurgences of COVID-19. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. 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. In there is OUS markets continue to be choppy given that, in many cases, those markets are behind the U.S., for example, in their vaccination rollouts, and that leaves the possibility of continued resurgences and localized lockdowns. . OK, great. 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: 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. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. Visit www.intuitive.com/en-us/products-and-services/ion. The call will be webcast by Nasdaq OMX and can be accessed on Intuitives website at www.intuitive.com or by dialing (877) 692-8955 using the access code 5830756. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. 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? First, we are broadening access to our advanced instruments for our da Vinci Fourth Generation Multiport Systems through pursuit of additional clearances and launches outside the U.S. Second, we are expanding our da Vinci SP offering by broadening its regional and clinical indications and by adding it to its suite of instruments and accessories. Intuitive Surgical 10.5. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. The second reason to invest in Intuitive Surgical is its incredible profitability. In Q2, we launched our SureForm stapling line in India. And -- but right now, I think that remains to be seen how strong those other systems are. Next, we'll go to Bob Hopkins with Bank of America. Jamie Samath Senior Vice President of Finance 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. We don't actually know how much backlog was resolved in the quarter, how much backlog is left or the timing of the recovery of that might be. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. 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. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $27 million, or $0.07 per share, compared with $21 million, or $0.06 per share, in the fourth quarter of 2020. 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. ISRG stock has split before. To change your e-mail options at Sure. All Rights Reserved. How are you thinking about competition? And so we see that as a benefit also with respect to feedback from surgeons. Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. 2022 Proxy Statement 36.4 MB. So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. Higherfourthquarter revenue was driven by growth in da Vinci procedure volume and system placements. Hospitalizations of patients due to COVID have negatively impacted da Vinci procedures. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. 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 guess why won't that continue? any time, re-enter your e-mail address and click Submit, then adjust your form entries. INTUITIVE at 2022 Wells Fargo Healthcare Conference. That low end also reflects some impact of a resurgence in the U.S. I think our customers will take their time to evaluate new things as they go. 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. Lastly, we continue to digitally enhance our ecosystem. Gosh, that's awfully encouraging sounding. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. Gary will present the quarter's business and operational highlights. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. 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. Our focus right now is not rapid expansion of the installed base. 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. Anna Stefani - HES Project Manager - Alira Health | LinkedIn 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. Good afternoon, everybody. Intuitive Surgical Asensus Surgical . Marshall L. Mohr Executive Vice President and Chief Financial Officer. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. The first and second quarters of 2021 reflect leveraging fixed costs over higher production levels. Doctors talking to us about further expansion of utilization. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. We anticipate iterating our approach as we learn and the year progresses. Data Provided by Refinitiv. 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. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. Marshall will take you through our financial picture later in the call. As part of our mission, we believe that minimally invasive care is life-enhancing care. Revenues are anticipated to be about $1.55 . 06/14/22 - 1:20 PM PDT. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. Current page 1; Page 2; Page 3; . Driven by steady sales of da Vinci and increasing surgical procedures, Intuitive Surgical recorded $5.71 billion in revenue for 2021, up 82% over the past five years despite COVID-19 slowdowns. 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 10/08/22 - 11:00 AM EDT. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. That will play out over the next several quarters as we accrue patients. During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. The year-over-year increase in I&A revenue per procedure reflects increased usage of our advanced instruments, partially offset by the impact of extended use instruments. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. We continue to see significant utilization variance by region due to pandemic differences. For more information, please visit the Companys website at www.intuitive.com. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems . Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. Bringing it all together. Intuitive Surgical (ISRG) Q2 2021 Earnings Call Transcript That said, other teams are out. The Motley Fool recommends the following options: long January 2022 $580 calls on Intuitive Surgical and short January 2022 $600 calls on Intuitive Surgical. Fourth quarter 2022 non-GAAP* income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. You may automatically receive Intuitive Surgical financial information by e-mail.
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