intuitive surgical investor presentation 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. And with that, I'd like to turn it over to Jamie. Thank you. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. Marshall will provide a review of our financial results. Travel and associated costs in support of our field have also not recovered to pre-pandemic levels. To change your e-mail options at On the benign side, often the diagnostic pipelines are shorter. However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. 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. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. Procedure growth drives capital purchases in many of our markets. It affirms that "RAS devices have been cleared for use in certain types of surgical procedures commonly performed in patients with cancer, such as hysterectomy, prostatectomy and colectomy. For more information, please visit the Companys website at www.intuitive.com. Non-GAAP income from operations. Pro forma operating expenses increased 24% compared with the second quarter of 2020 and increased 5% compared with last quarter. Our second-quarter pro forma net income was $477 million or $3.92 per share, compared with $132 million or $1.11 per share for the second quarter of 2020 and $427 million or $3.52 per share for the last quarter. To the extent that COVID impacts procedures, it will also impact capital purchases. 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. And that has implications for the kind of imaging we do, it has implications for task analysis and training, and we're doing those things, and those can be aggregated across a surgical platform. For more information, please visit the Companys website at www.intuitive.com. So from a core demand point of view or disease state, that's clearly out there and accumulating, and it has to get processed through. Presenter SpeechKari Krogstad Okay. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . Even then, it's not enough. The increase in instruments and accessories revenue was primarily driven by approximately 18% growth in da Vinci procedure volume, partially offset by customer buying patterns and foreign currency impacts. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. These awards are valued based on certain key performance metrics. your options for e-mail notification, please enter your e-mail address below and click SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. 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. Submit. On the why side, it's -- bariatrics has been a little different than other procedure for us. Contact Information. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Excellent communication and presentation skills. Just in terms of intra-quarter procedure trends, if you're asking, Larry, month by month, there was nothing notable actually that we would call out. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. Just to be clear on your answer to Tycho's question. Tuesday, October 18, 2022 4:30 PM EDT . Google's Women Techmakers program provides visibility, community, and resources for women in technology. All Rights Reserved. Doctors talking to us about further expansion of utilization. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year compound annual growth rate basis. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. Jamie, I'll let you take it from there. We work closely and collaboratively . any time, re-enter your e-mail address and click Submit, then adjust your form entries. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. 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. Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. 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. 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. As I conclude, for the balance of the year, we're focused on the following: first, agile and flexible support for our customers globally as they need it, often addressing the return of surgical patients to treatment. And then on SG&A, kind of same kind of question. . Listen to Webcast. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. 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. 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. All Rights Reserved. All Rights Reserved. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. Sure. 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. 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 Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. I will now summarize our GAAP results. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. 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 . From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. One on procedures, one on competition. Richard Wolf GmbH 10.6 . Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. It has been. And the capital to support that demand has not run ahead of the procedure demand. Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. Just a couple of comments. And I think you've alluded to adding additional instruments and accessories, so can you talk on the hardware side as well? In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. Larry Biegelsen -- Wells Fargo Securities -- Analyst. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. Our teams continue to work closely with hospitals, physicians, and care teams in pursuit of what our customers have termed the Quadruple Aim: Better, more predictable patient outcomes, better experiences for patients, better experiences for their care teams, and ultimately, a lower total cost to treat. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . The Motley Fool owns shares of and recommends Intuitive Surgical. Submit. 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. That concludes our prepared comments. Current page 1; Page 2; Page 3; . The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Listen to Webcast. To choose 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). You may automatically receive Intuitive Surgical financial information by e-mail. Now turning to the clinical side of our business. Finally, we are strengthening our digital capabilities across our ecosystem. 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 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. This growth rate compares with 9% last year and 8% last quarter. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. 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. A couple of things I'd say. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding intangible asset charges, non-cash impairment charges and recoveries, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, litigation charges and recoveries, 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, a one-time tax benefit from re-measurement of certain deferred tax assets, and the net tax effects related to intra-entity transfers of non-inventory assets. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. 06/14/22 - 1:20 PM PDT. 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. That will play out over the next several quarters as we accrue patients. In the U.S., procedures that are dependent on diagnostic pipelines also grew, albeit at lower rates as compared to benign procedures. 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.