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. So first question for me is just trying to dissect your procedure results a little bit more because some really interesting comments, that you saw strength in benign cases, some catch-up cases. 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. The authors concluded, "The results revealed that robotic-assisted thoracic surgery is a feasible and safe technique compared with VATs in terms of short-term and long-term outcomes." And I guess why won't that continue? Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days. On our last call, we forecast our 2021 full-year pro forma gross profit margin to be within 70% and 71% of revenue. This article is a transcript of this conference call produced for The Motley Fool. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. Invest better with The Motley Fool. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. Fourth quarter 2022 as reported revenue increased 7%compared to thefourth quarter of 2021. Gary S. Guthart Chief Executive Officer, Member of the Board of Directors. Go ahead, Mr. Hopkins. I just wondered, are you suggesting or should we be thinking that we could be in the front of a new wave of capital acquisition, with again, capital released because of the need to add additional systems to accommodate the expanding number of procedures? 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. And that is both painful and an opportunity. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. Lastly, we continue to digitally enhance our ecosystem. Please note that this conference call will be available for audio replay on our website at intuitive.com on the latest Events section under our Investor Relations page. Extended use instruments were introduced into the U.S. and Europe in the fourth quarter, in most other markets in the first six months of this year, except China due to regulatory timelines. Copyright 2023 Intuitive Surgical. See www.intuitive.com/trademarks. 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 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. 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. Third, we are launching and refining our flexible diagnostic platform, Ion, by working with early customers to help establish high-performing sites and by improving our technology and supply chain capabilities. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. 07/21/22 - 1:30 PM PDT. Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. We also saw an increase in our IDN customers opening new da Vinci and Ion programs in hospitals within their network that did not previously have an Intuitive robotics program, indicating their interest in diversifying access to Intuitive programs across their networks. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. Intuitive advances minimally invasive care by innovating at the point of possibility. Health . It links into some of the other things you're talking about. Intuitive Surgical (ticker: ISRG ) reported an adjusted fourth-quarter profit of $1.30 a share, beating forecasts for $1.28 a share, on sales of $1.55 billion, which topped expectations for $1.52 . GAAP net income was $517 million or $4.25 per share for the second quarter of 2021, compared with GAAP net income of $68 million or $0.57 per share for the second quarter of 2020 and GAAP net income of $426 million or $3.51 per share for the last quarter. Lease buyout revenue has varied significantly quarter to quarter and will likely continue to do so. . Larry Biegelsen -- Wells Fargo Securities -- Analyst. Looking forward, we see the following capital revenue dynamics. 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. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. We think about digital as enabling and accelerating a lot of different parts of the ecosystem. So we're excited about that because it gives them fast and easy access. (4) Income tax expense 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, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. 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. 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. 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. The instrumentation updates, there are other things, imaging updates and software updates that are really all focused around right instruments, right features for the right extension or right expansion. We are in the execution and launch phase of four efforts. Jamie Samath Senior Vice President Finance. Q2 2022 INTUITIVE Earnings Conference Call. It's physically demanding. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. There were nearly 1,500 Ion procedures completed in the second quarter. Intuitive Surgical Asensus Surgical . And sequential growth in what they can do with the system remains our focus on SP for now. ET. OK. And last one on SP. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. 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. Leasing and alternative financing arrangements enable customer access to capital. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. Yes. You go from an issue to identification to closure more quickly. Submit. COVID-19 has had, and will likely continue to have, an adverse impact on the Companys procedure volumes. 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. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. Congrats on the quarter. You're developing, trying to increase efficiency, decrease costs, that kind of thing. Of those patients, 43% were in the da Vinci robotic cohort, 35% in the laparoscopic cohort, and 22% in the open cohort. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. 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. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. I mean, how do you know there was catch-up from the backlog in Q2? Compound annual growth between the second quarters of 2019 and 2021 was 16.5%. So energy and stapling and other things, we think that is possible. That means that utilization will go up kind of naturally, that that mix moves toward a higher utilization mix. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. The second reason to invest in Intuitive Surgical is its incredible profitability. We've seen that in some OUS markets. Q2 growth was driven by particular strength in benign procedures, including bariatrics, hernia repair, cholecystectomy, and benign hysterectomy, reflecting in part, we believe, a partial catch-up in these procedures related to the previous deferral of elective surgeries.
Ryzer Softball Camps 2022,
Albany Gamefowl Best Crosses,
Shooting In Mccomb Ms June 2020,
Supercross 4 Tips,
Houses For Rent Near East Dublin, Ga,
Articles I