I'll now turn the time over to Marshall to take you through our financial performance in greater detail. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. Utilization of clinical systems in the field, measured by procedures per system, increased approximately 55% compared with last year and increased 11% compared with last quarter. J.P. Morgan Healthcare Conference 2023 Presentation 4.2 MB. 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. We also -- the business came back faster than we had anticipated. Revenues are anticipated to be about $1.55 . We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. 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. Now that the dust . 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. Are you seeing any impact thus far? On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. And finally, we will host a question-and-answer session. 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. It links into some of the other things you're talking about. 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. 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. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. 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. To choose As part of our mission, we believe that minimally invasive care is life-enhancing care. Phone: 408-523 . Thoracic Surgery Market was valued at USD 3.1 Billion in 2021, and it is expected to reach a CAGR of 7.18 % . any time, re-enter your e-mail address and click Submit, then adjust your form entries. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. 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. Submit. Thanks. Intuitive Surgical didn't offer an outlook for 2021. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. Given the stronger recovery of procedures we have experienced so far, particularly in the U.S., and strength in U.S. general surgery, we are now increasing our forecast and expect full-year 2021 procedure growth of 27% to 30%. 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. This press release contains forward-looking statements. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. 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. You may automatically receive Intuitive Surgical financial information by e-mail. That said, other teams are out. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. First, we are broadening access to our advanced instruments for our da Vinci Fourth Generation Multiport Systems through pursuit of additional clearances and launches outside the U.S. Second, we are expanding our da Vinci SP offering by broadening its regional and clinical indications and by adding it to its suite of instruments and accessories. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. We expect these programs to continue their ramp as our labs and development programs recover efficiency. Intuitive Surgical -Export management Iqm selezione - 07.2021 . Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. Hi, Gary. Building a great robot is a hard first step. Investors have assigned a high trading . All Rights Reserved. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. 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. Additionally, constant currency revenue growth is reported on a non-GAAP* basis. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See www.intuitive.com/trademarks. 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. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? Just a couple of comments. Yeah. Marshall will take you through our financial picture later in the call. How are you thinking about competition? We've seen that in some OUS markets. 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. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. Ion procedures grew sixfold over Q2 2020 to nearly 1,500 procedures in the quarter, reflecting recovery from the pandemic, the growth in new sites, and growth in utilization at existing sites. Fourth quarter 2022 constant currency revenue increased 10% compared to the fourth quarter of 2021. To choose You go from an issue to identification to closure more quickly. From the low-end perspective, the 27% reflected there is greater summer seasonality that reflects the possibility of an impact due to pent-up demand for vacation, especially for healthcare workers that have worked extensively during this period with COVID. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. To choose 07/21/22 - 1:30 PM PDT. I mean, how do you know there was catch-up from the backlog in Q2? 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. Field and marketing costs will tick up if the pandemic wanes. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. Marshall will provide a review of our financial results. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. Go ahead, Mr. Hopkins. your options for e-mail notification, please enter your e-mail address below and click These forward-looking statements should, therefore, be considered in light of various important factors, including, but not limited to, the following: the risk that the COVID-19 pandemic could lead to further material delays and cancellations of, or reduced demand for, procedures; curtailed or delayed capital spending by hospitals; disruption to our supply chain, including increased difficulties in obtaining a sufficient amount of materials in the semiconductor and other markets; closures of our facilities; delays in surgeon training; delays in gathering clinical evidence; delays in obtaining new product approvals or clearances from the U.S. Food and Drug Administration (FDA) due to the effects of the COVID-19 pandemic; the evaluation of the risks of robotic-assisted surgery in the presence of infectious diseases; diversion of management and other resources to respond to the COVID-19 outbreaks; the impact of global and regional economic and credit market conditions on healthcare spending; the risk that the COVID-19 pandemic continues to disrupt local economies and causes economies in our key markets to enter prolonged recessions; the risk of our inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and market acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including our joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; our completion of and ability to successfully integrate acquisitions, including Orpheus Medical; procedures counts; regulatory approvals, clearances, and restrictions or any dispute that may occur with any regulatory body; guidelines and recommendations in the healthcare and patient communities; intellectual property positions and litigation; competition in the medical device industry and in the specific markets in which we operate; risks associated with our operations outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; our reliance on sole and single source suppliers; the results of legal proceedings to which we are or may become a party; product liability and other litigation claims; adverse publicity regarding us and the safety of our products and adequacy of training; our ability to expand into foreign markets; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements; and other risk factors. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. Trade-in activity can fluctuate and be difficult to predict. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. Just to be clear on your answer to Tycho's question. General surgery growth in the U.S. was strong, and in addition to the positive impact from patient backlogs, reflected increasing access for surgeons to our fourth-generation technology. 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. 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. The stock split will take place after market close on October 5th, 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. Even though we've seen growth in the procedures that were specifically targeted by extended use instruments, it's hard to discern what is COVID-related versus what is not. Please go ahead, sir. To understand our system placement and capital performance over this period, we look to annual system utilization trends, which have recovered to utilization rates at the high end of our historical averages. Where are we going with this one? We placed four SP systems in the quarter, bringing the total installed base to 79. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. Pagination. Second-quarter system average selling prices decreased to $1.55 million from $1.65 million for both the second quarter of 2020 and the first quarter of 2021. Having said that, it's a difficult procedure for surgeons to perform. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about our results of operations, growth strategy and commercial opportunity. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading Risk Factors in the Companys Annual Report on Form 10-K for the year ended December31, 2021, and the Companys Quarterly report on Form 10-Q for the quarter ended September 30, 2022, as updated by the Companys other filings with the Securities and Exchange Commission. The Company placed 369 da Vinci Surgical Systems, a decrease of 4% compared with 385 in the fourth quarter of 2021. 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. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner.