You may automatically receive Intuitive Surgical financial information by e-mail. 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 we're excited about that because it gives them fast and easy access. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. I think we're going to have to let it play for another few quarters to see. 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. 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. I will describe the highlights of our performance on a non-GAAP or pro forma basis. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . 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. OK, great. The Company grew its da Vinci Surgical System installed base to 6,730 systems as of, Fourth quarter 2021 GAAP net income attributable to Intuitive was $381million, or, Fourth quarter 2021 non-GAAP* net income attributable to Intuitive was. 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. Intuitive Surgical's adjusted net . Can you maybe just talk a little bit about the road map? And the capital to support that demand has not run ahead of the procedure demand. See www.intuitive.com/trademarks. Having said that, it's a difficult procedure for surgeons to perform. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. The Company defines non-GAAP income from operations as income from operations, excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, and a gain on the sale of a business. Doctors talking to us about further expansion of utilization. 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. And -- but right now, I think that remains to be seen how strong those other systems are. It is in fact a physically taxing procedure, as Gary described. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Investor's Business Daily . The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. 10/08/22 - 11:00 AM EDT. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. On the benign side, often the diagnostic pipelines are shorter. 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. 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. Please go ahead. Supporting investors, corporations, start-ups, and academic research labs. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. Q2 2022 INTUITIVE Earnings Conference Call. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. 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. Moving on to capital placements. The Zacks . And we're pleased. Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? That concludes our prepared comments. So here's kind of where we stand with the backlog. 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. User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. 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. Intuitive Surgical, Inc. is the global technology leader in robotic-assisted minimally invasive surgery (MIS). Hi, Gary. (1) Selling, general and administrative includes the effect of the following item: (2) Income from operations includes the effect of the following items: (3) Interest and other income, net includes the effect of the following item: (4) Income tax expense includes the effect of the following item: Excess tax benefits related to share-based compensation arrangements, (5) Diluted net income per share attributable to, Amortization of intangible assets, net of tax, Gains (losses) on strategic investments, net of tax. 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. Non-GAAP gross profit. Just anything you could talk to there would be helpful. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. Jamie, I'll let you take it from there. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. 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. That low end also reflects some impact of a resurgence in the U.S. 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. Growth in our second largest market, China, continued to be strong with multiple specialties contributing. To choose Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. And just, you know, on competition, it does seem like the noise is increasing. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Trade-in activity can fluctuate and be difficult to predict. Intuitive Surgical Asensus Surgical . 5001-10,000 Employees. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. Second-quarter system placements of 328 systems increased 84%, compared with 178 systems for the second quarter of 2020, and increased 10%, compared with 298 systems last quarter. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. 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. your options for e-mail notification, please enter your e-mail address below and click Looking forward, we see the following capital revenue dynamics. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. And I know case rises have been largely decoupled from hospitalizations. Jamie Samath Senior Vice President Finance. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. The next page will display a menu of options. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. Key business metrics for the second quarter were as follows. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. We could see one large competitor approved in the second half of this year. 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. In other words, happy, very satisfied customers. So energy and stapling and other things, we think that is possible. Intuitive Surgical Investor Relations. Investors are cautioned not to place undue reliance on such forward-looking statements. 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. Jamie will provide additional procedure commentary later in this call. You may automatically receive Intuitive Surgical financial information by e-mail. 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. Moving on to gross margin and operating expenses. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. For more information, please visit the Companys website at www.intuitive.com. Investors have assigned a high trading . Excellent communication and presentation skills. INTUITIVE at 2022 Wells Fargo Healthcare Conference. 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. You're developing, trying to increase efficiency, decrease costs, that kind of thing. Invest better with The Motley Fool. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. Are you seeing any impact thus far? The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. Four of the systems placed in the first quarter were SP Systems, reflecting continued measured rollout of SP. 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. 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. Please go ahead. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. 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. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. 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. Based in Sunnyvale, California. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. What was the second part of your question again, Larry? 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. So we don't really call them out as individual revenue lines. 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. Jamie, in his commentary, said that a lot of those procedures are benign procedures, many of them are shorter duration than longer or more complex disease states. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. In the U.S., Q2 procedure results were positively impacted by a continuing recovery from COVID-19, including, we believe, a number of procedures that had been previously deferred. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. Richard Wolf GmbH 10.6 . Copyright 2023 Intuitive Surgical. You go from an issue to identification to closure more quickly. There were nearly 1,500 Ion procedures completed in the second quarter. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. 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. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Jamie will provide spend guidance later in this call. 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. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. Can you talk about kind of next steps to the program here, particular geographies you're targeting? Gosh, that's awfully encouraging sounding. Yes. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. Well, I'll add one bit of color to that. 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. Thank you for joining us today. Intuitive Surgical, Inc. engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for . I will also summarize our GAAP performance later in my prepared remarks. 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. Or is it too early, and you're just saying that might happen in the future? For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. We also expect spending to increase as a percentage of revenue as investments in headcount, infrastructure, and other support areas catch up to the growth in the business. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. It's physically demanding. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. 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. They're giving their PowerPoints about what they think is going to happen next and some other things. All of that, to me, indicates that the business feels in balance. We continue to see significant utilization variance by region due to pandemic differences. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . 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. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. 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. 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. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as intangible asset charges, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. Thoracic Surgery Market was valued at USD 3.1 Billion in 2021, and it is expected to reach a CAGR of 7.18 % . Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. 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. Colorectal growth was strong, with solid growth in malignant hysterectomy, thoracic, and prostatectomy procedures.
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