intuitive surgical investor presentation 2021

intuitive surgical investor presentation 2021

Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . 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. First quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $413 million, or $1.13 per diluted share, compared with $427 million, or $1.17 per diluted share, in the first quarter of 2021. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. To change your e-mail options at Again, if you look across that two-year period, try to look through the pandemic kind of ups and downs, what we're seeing is that procedure demand is there. Looking at the past eight quarters in context, our compound annual growth rate for procedures for the period Q2 2019 through Q2 2021 of 16.5% is approximately the growth we would have expected absent the pandemic. Even then, it's not enough. Fourth quarter 2022 GAAP income from operations also included litigation charges of $21million. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. Gary, a separate topic. The Motley Fool owns shares of and recommends Intuitive Surgical. Outside the U.S., we placed 115 systems in the second quarter, compared with 72 in the second quarter of 2020 and 108 systems last quarter. 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. Our digital learning programs continue to be an important part of our overall learning initiatives. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. 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. Feb 2021 - Jun 2021 5 months Advised and supported life science entrepreneurs through market validation, regulatory, reimbursement, intellectual property, investor narrative, and talent . In short, our commercial business has recovered more quickly than our spending due to the different ways that pandemic impacts our customers, our supply chains, and our hiring. 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. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. 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. 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. Intuitive Surgical (ticker: ISRG ) reported an adjusted fourth-quarter profit of $1.30 a share, beating forecasts for $1.28 a share, on sales of $1.55 billion, which topped expectations for $1.52 . To make the world smarter, happier, and richer. On the benign side, often the diagnostic pipelines are shorter. Investors have assigned a high trading . [Operator Instructions] As a reminder, today's call is being recorded. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. 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. Fourth quarter 2022 GAAP income from operations included share-based compensation expense of $129 million, compared with $120 million in the fourth quarter of 2021. Jamie Samath -- Senior Vice President of Finance. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. The high end of the range assumes strength in U.S. general surgery, a return to normalized diagnostic pipelines, the vaccines are effective against any new COVID-19 variants and the vaccine rollouts in OUS markets continue as currently expected by governments around the world. There are no upcoming events available at this time. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. Over 5 years of experience in working with experienced consultants in the banking and high-tech sectors to drive projects and initiatives in a cross-cultural environment. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. 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. OK, great. A couple of things. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Thanks. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Thanks for taking the question. 07/21/22 - 1:30 PM PDT. Jan 2023 - Present3 months. 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. So I'd encourage those folks on the call, it's likely to be a comparison of ecosystems in delivering the Quad Aim over time. Or is it too early, and you're just saying that might happen in the future? Thanks, Tycho. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. But I don't have scientific evidence. Q2 2022 INTUITIVE Earnings Conference Call. That concludes our prepared comments. So those are the drivers we watch. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly? Is Intuitive Surgical Stock Still Worth Buying Hand Over Fist in 2023? I think there's elements of our spend that have been restrained because of -- restricted because of COVID and its impact. Lastly, we continue to digitally enhance our ecosystem. You're developing, trying to increase efficiency, decrease costs, that kind of thing. 3 min read. 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. And basically, still underpenetrated, big opportunity. Turning to our single-port system. . 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. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. 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. 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. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. 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. 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. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. The Company's da Vinci Surgical System offers surgeons superior visualization, enhanced dexterity, greater precision and ergonomic comfort for the optimal performance of MIS. 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. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. You have to do it. 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. On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the quarter. Having said all of that, it's been a short period since they've had extended use instruments. Follow Allison Gatlin on Twitter at @IBD_AGatlin . 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. Our focus right now is not rapid expansion of the installed base. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. I think that's anecdotal. 2022 Proxy Statement 36.4 MB. All Rights Reserved. And we think that the extended use instruments lowers barriers for purchases of systems. 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. 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.

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