Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. 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. Yeah. 06/14/22 - 1:20 PM PDT. So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. On the why side, it's -- bariatrics has been a little different than other procedure for us. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. Non-GAAP gross profit. The next page will display a menu of options. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. Jamie will take you through procedure dynamics in more detail later in the call. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. 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. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. Listen to Webcast. The increase compared to prior year reflects costs associated with higher headcount, increased variable compensation, and increased spending in areas impacted by COVID. 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. There are several models of the da Vinci Surgical System. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. We launched our Force bipolar energy instrument along with our extended use instruments program in Japan, and we launched our SynchroSeal energy instrument and E-100 energy generator in Korea. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. Contact Information. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. Copyright 2023 Intuitive Surgical. 2021 Proxy Statement - Special Meeting 224.6 KB. It has been. Excellent communication and presentation skills. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. 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. In fact, our commentary is a little bit the opposite that these are being highly utilized. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. Affiliated with the world's largest international neurotechnology community, NeurotechX, with 18,000+ members . Lastly, we continue to digitally enhance our ecosystem. For more information, please visit the Companys website at www.intuitive.com. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. 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. 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. Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. We think we stand up pretty well to those comparisons, and we're ready to help them pursue their aims as the year proceeds. And then given that it's cancer procedure, in some cases, it's a little bit longer follow-up. These programs together trained over 2,200 care team members in the quarter, showing organizational strength and localizing programs, and responding with agility to pandemic-influenced demand. With regard to income tax, we expect the range of our second-half 2021 pro forma tax rate to be between 21% and 22% of pre-tax income, slightly higher than the range we provided on the last call, reflecting a higher mix of U.S. income. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. 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. 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. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. 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. Q2 2022 INTUITIVE Earnings Conference Call. Moving on to capital placements. And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? . Jamie, I'll let you take it from there. What's left to do from maybe a product or procedure or instrument point of view? Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. In terms of our underlying numbers, we're growing at a little faster rate in the revision section, sleeves and bypass grow about the same rate. Doctors talking to us about further expansion of utilization. Our fully integrated advanced instruments portfolio has been a strong addition to our multiport ecosystem, allowing for high-quality tissue interaction controlled from the surgeon's console while optimizing workflow. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. That low end also reflects some impact of a resurgence in the U.S. Last page last E-mail Alerts. 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. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. Hong Kong. Jamie will provide spend guidance later in this call. ET. China continued the strength that we've seen over the last couple of quarters. Thank you for joining us today. This article is a transcript of this conference call produced for The Motley Fool. See www.intuitive.com/trademarks. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. Travel and associated costs in support of our field have also not recovered to pre-pandemic levels. I'm here together with my CFO, Thomas Jakobsen.. | 2 Mrz 2023 . 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. Forward-looking statements relate to expectations concerning matters that are not historical facts. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. And Jamie, as to kind of where we are. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. 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. 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. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. In the quarter, strong trade-ins of older-generation systems for our fourth-generation products and strength in multi-system deals continue to support our thesis that customers that know us best continue to invest with us going forward. We think there's an opportunity to look at correlations between surgeon performance and outcomes. 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%. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. So here's kind of where we stand with the backlog. 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. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . One is we are focused on making sure that our ecosystem, our products, our systems, everything goes around it really delivers against the Quadruple Aim all the way through. We will now open the call to your questions. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on the Companys business, financial condition, and results of operations, future results of operations, future financial position, the Companys financing plans and future capital requirements, the Companys potential tax assets or liabilities, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which the Company operates and the Companys beliefs and assumptions regarding these economies and markets. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. Current page 1; Page 2; Page 3; . Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. And I'd just be curious to -- since you all are calling it out repeatedly as an important incremental growth driver, where are we now, in your view, in that, I'm sure, multiyear, long-term adoption process? Gary will present the quarter's business and operational highlights. 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: constant currency revenue, 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.
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