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. 06/14/22 - 1:20 PM PDT. 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. Q2 2022 INTUITIVE Earnings Conference Call. . Copyright 2023 Intuitive Surgical. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. Yes, Tycho. Lastly, we continue to digitally enhance our ecosystem. 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. From the top, I think you said the right thing, which is there's a little bit of a decoupling thus far of infection from hospitalization. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. While this did not have a material impact to our operating results in Q2, the outlook we are providing does not reflect any potential significant disruption or additional costs related to supply constraints. Or any color you can provide on that? We anticipate iterating our approach as we learn and the year progresses. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. This growth rate compares with 9% last year and 8% last quarter. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. Marshall L. Mohr Executive Vice President and Chief Financial Officer. So those are the drivers we watch. 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. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . 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. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Intuitive | ISRG in the News 2021 Intuitive Surgical Inc - - USD 2020 Intuitive Surgical Inc . NeuroPace Reports Fourth Quarter & Full Year 2022 Financial Results Why Intuitive Surgical's Share Slump Is a Gift for Investors Some of them are fully included because we feel like they make us more efficient and to make them more efficient. (USD millions), considering 2021 as the base year . It last split in October of 2017. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. Customer adjustment of buying patterns will reduce I&A revenue per procedure. To the extent that hospitalizations expand significantly due to COVID and its variants, like currently being experienced in parts of the world, it could negatively impact da Vinci procedures. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2022 $580 calls on Intuitive . We will now open the call to your questions. Just a couple of comments. COVID has delayed some work in R&D and clinical trials, leading to some underspend in programs, prototypes, and some delay in hiring. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. It has been. To change your e-mail options at Mai 2022: CI. 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. 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. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . Keep up-to-date with changes . Based in Sunnyvale, California. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. We look forward to talking with you again in three months. Partly, it's delays in getting in and getting tested and starting the journey and then getting in and having a procedure or treatment, whatever that might be. And basically, still underpenetrated, big opportunity. Jamie will provide additional procedure commentary later in this call. Thanks. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%. But can you maybe just talk through the thought process there and how you're thinking about any potential risks in the back half of the year from the variant cases? Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. It's taking getting the advanced instruments, put them together as a set, getting our workflows and our clinical pathways right, and I think that's been powerful to date. Listen to Webcast. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. 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. Second-quarter revenue reflected growth in both procedures and system placements. [Inaudible] on a nice quarter. Intuitive Surgical jumps past $100 billion market value as 1st-quarter OK. And last one on SP. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Supporting investors, corporations, start-ups, and academic research labs. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Good afternoon, everybody. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. You've been spending a lot there. A couple of things. And our posture to that has been -- it may delay some sales as we may have some competitive conversations and tenders, and we'll lose some. To change your e-mail options at There are no upcoming events available at this time. 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. 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. Copyright 2023 Intuitive Surgical. 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. These forward-looking statements are necessarily estimates reflecting the judgment of the Companys management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. 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. your options for e-mail notification, please enter your e-mail address below and click The next page will display a menu of options. How close we are to maybe seeing something that you can monetize? 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. 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. And those two things come together, they also allow hospitals to start to address the backlog that's accumulated. What's the Outlook for Intuitive Surgical? | The Motley Fool Conversion rates to open surgery were lower in the robotic group compared to the laparoscopic group, 0.6% as compared to 4.9%, and reoperation rates in the 30 days post procedure were comparable between robotic and laparoscopic and lower for robotic as compared to open, 0.6% as compared to 3.1%. 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. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. The Company placed 369 da Vinci Surgical Systems, a decrease of 4% compared with 385 in the fourth quarter of 2021. During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. We're clearly seeing that in markets like India, Taiwan, there's been an impact in terms of how they've handled that from a healthcare system perspective and the resulting impact on our procedures. For full-year 2021, Intuitive Surgical revenues are estimated to be north of $5.7 billion, reflecting a 30% y-o-y growth, while the growth rate is expected to slow to low teens next year . The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. 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. . You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. Last quarter, we forecast 2021 procedure growth of 22% to 26%. Laparoscopy Surgical Robotic System and Consumables Market [2023-2030 We've seen a few teams come out and field systems that are alternatives to ours. any time, re-enter your e-mail address and click Submit, then adjust your form entries. The painful part is the investment troughs are deep in the early and middle years of those product cycles. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. 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. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? So I apologize for the short-term-oriented question, but you're the first large-cap company to report here.