intuitive surgical investor presentation 2021

I mean, how do you know there was catch-up from the backlog in Q2? Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. At this time, all participants are in listen-only mode. 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. While there is likely some amount of backlog that has not yet been addressed, it is difficult to estimate the extent of the remaining backlog and when it will affect future procedure growth. 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. In this Backstage Pass video, which aired Sept. 29, Motley Fool contributor Brian Withers shares his thoughts on Intuitive Surgical, highlighting the metrics investors need to watch when the . any time, re-enter your e-mail address and click Submit, then adjust your form entries. (6) Diluted net income per share includes the effect of the following items: Gains (losses) on strategic investments, net of tax, Less: net income attributable to noncontrolling interest in joint venture. All of that, to me, indicates that the business feels in balance. And sequential growth in what they can do with the system remains our focus on SP for now. And we expect those to come back as COVID goes away and the restrictions on travel and the restrictions on other activities go away. 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. So we don't really call them out as individual revenue lines. In addition, COVID delayed some R&D work, resulting in underspend on prototypes. And I know case rises have been largely decoupled from hospitalizations. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. You've been spending a lot there. INTUITIVE at 2022 Wells Fargo Healthcare Conference. . Good afternoon. 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. European procedure growth was generally healthy, though varied by country. Gotcha. Today's format will consist of providing you with highlights of our second-quarter results as described in our press release announced earlier today followed by a question-and-answer session. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. Go ahead, Mr. Hopkins. Jamie, I'll let you take it from there. You have to do it. Procedure growth in the U.S. was led by bariatric cholecystectomy and hernia procedures. It also reflects lower diagnostic pipelines and perhaps some reluctance for patients to visit hospitals. Next, we will go to Amit Hazan with Goldman Sachs. Marshall will provide a review of our financial results. The next page will display a menu of options. . During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. Marshall, the operating margin coming in at the 43%, I'm just wondering how much we can extrapolate here? ISRG stock has split before. While the percentage of systems placed under operating leases fluctuates quarter to quarter, we believe leasing will increase as a percentage of sales over time, which will result in the deferral of otherwise current revenue into future periods. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. (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. 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. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. You're developing, trying to increase efficiency, decrease costs, that kind of thing. Please go ahead. This presentation contains forward-looking statements. 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. Submit. Forward-looking statements relate to expectations concerning matters that are not historical facts. ET. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. There are no upcoming events available at this time. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. How are you thinking about competition? So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. 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. Yeah. ET. 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 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. 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. 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 . For more information, please visit the Companys website at www.intuitive.com. Data Provided by Refinitiv. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. They're giving their PowerPoints about what they think is going to happen next and some other things. 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. Minimum 15 minutes delayed. Email: investor.relations@intusurg.com. 2 Healthcare Stocks You Can Buy and Hold for the Next Decade, Why Things Could Get Worse Before They Get Better for This Growth Stock, 2 Stocks to Buy No Matter What Happens This Year, Why Intuitive Surgical Stock Slumped in January. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Next, we go over to Larry Beigelsen with Wells Fargo. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . There appears to be some. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . 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? Marshall L. Mohr Executive Vice President and Chief Financial Officer. The outlook we are providing on today's call does not reflect risks associated with a significant increase in COVID-related hospitalizations in relation to the Delta variant or other potential new variants. Please go ahead. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive Surgical, Inc. divided by non-GAAP diluted shares, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period. And so we're going to continue to invest. These system-controlled staplers, vessel sealers, and energy instruments support a range of procedures from bariatrics to colorectal procedures, to thoracic and gynecologic applications. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. And so we'll spend there. Just on the recent spread of COVID and variants and the potential impact on demand and hospitals' ability to do procedures, are you starting to see that impact now? - building a financial model and investor presentation for fundraising . And we also see, I think, increased patient confidence is a function of the improving vaccination rates. Yeah, sure. I think the thing that we'd call out is it's not the case rates per se to monitor. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. There were nearly 1,500 Ion procedures completed in the second quarter. (2) Selling, general and administrative includes the effect of the following items: One-time tax benefit from re-measurement of certain deferred tax assets, Discrete tax expense arising from the conclusion of a tax matter, Gains on strategic investments, net of tax, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. Sales increased 17% to $1.55 billion, just ahead of ISRG stock analysts' projections for . It's a highly penetrated laparoscopic indication in the United States. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. Current page 1; Page 2; Page 3; . China procedure growth remains strong and broad-based as a result of continued expansion of the installed base under the current quota. 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. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. I think that's what's been driving our success in the early market. What was the second part of your question again, Larry? This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. 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. And then on SG&A, kind of same kind of question. You've got COVID. Intuitive Surgical's Q1 2021 adjusted earnings per share is expected to be $2.72 per Trefis analysis, over 3% above the consensus estimate of $2.63. Intuitive Announces Fourth Quarter Earnings, www.intuitive.com/en-us/products-and-services/ion, Less: net income (loss) attributable to noncontrolling interest in joint venture. Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. Copyright 2023 Intuitive Surgical. I'm just curious what the net effect there is from the savings and expense perspective and R&D, whether this is maybe the beginning of you starting to see some leverage off of the 10% you've been at for the last couple of years. That said, other teams are out. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. Yeah. A couple of things. ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. And we think that the extended use instruments lowers barriers for purchases of systems. 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. Analysts: . The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Marshall L. Mohr Executive Vice President and Chief Financial Officer. There are several models of the da Vinci Surgical System. We have a broad range of estimates. What's left to do from maybe a product or procedure or instrument point of view? We think we stand up pretty well to those comparisons, and we're ready to help them pursue their aims as the year proceeds. What we've seen, though, is that what happens in the PowerPoints and what happens a year later is different. The second reason to invest in Intuitive Surgical is its incredible profitability. Well, I'll add one bit of color to that. 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. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. Rick Wise -- Stifel Financial Corp. -- Analyst. In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. They use specialized instrumentation, including a miniaturized surgical camera and wristed instruments (i.e., scissors, scalpels, and forceps) that are designed to help with precise dissection and reconstruction deep inside the body. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. 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 -- but right now, I think that remains to be seen how strong those other systems are. (2021) Dropped off in 2022. Next, we'll go to Bob Hopkins with Bank of America. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. - Received full travel grant to attend Google I/O 2019. Next, we're going to the line of Rick Wise with Stifel. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. So we're making those investments to move that forward. Last page last E-mail Alerts. 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. Excellent communication and presentation skills. That's right -- theythink these 10stocks are even better buys. 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. Please go ahead. 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. 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. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. 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.