Now that the dust . In the United States, procedure growth was strong in the quarter, driven by growth in bariatric surgery, hernia repair, and cholecystectomy. As a result, we expect lower trade-in transactions over time. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. 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? Please go ahead, sir. 3 min read. So I wouldn't start building lots of leverage into your models. Based in Sunnyvale, California. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, a gain on the sale of a business, gains (losses) on strategic investments, adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects, and tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets. Field and marketing costs will tick up if the pandemic wanes. Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. Or any color you can provide on that? We think there is an opportunity to accelerate learning and to drive increased insight for a surgeon into their own progress. 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. ISRG stock has split before. The increase in instruments and accessories revenue was primarily driven by approximately 18% growth in da Vinci procedure volume, partially offset by customer buying patterns and foreign currency impacts. 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. I think that when you think about our product cycles, I would just have you look back earlier in the da Vinci experience in that these are long development cycles. You may automatically receive Intuitive Surgical financial information by e-mail. OK. And last one on SP. To choose The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. Moving on to gross margin and operating expenses. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. Jamie will discuss procedure and clinical highlights and provide an update of our financial outlook. Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. Our actual gross profit margin will vary quarter to quarter depending largely on product, regional, and trade-in mix, the impact of product cost reductions, and manufacturing efficiencies and pricing pressure. And finally, we will host a question-and-answer session. And with that, I'd like to turn it over to Jamie. Marshall will provide a review of our financial results. 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. Tuesday, October 18, 2022 4:30 PM EDT . Unrealized gain (loss) - net of tax expense (recovery) effect of $347 and $37 for the three months ended December 31, 2022 and 2021, respectively; ($859) and $(354) for the six months ended . INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. Current quarter system placements included 63 into Europe, 16 into Japan, and 19 into China, compared with 18 into Europe, 18 into Japan, and 21 into China in the second quarter of 2020. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Companys business. 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. Intuitive Surgical Inc. (NASDAQ: ISRG) Q1 2021 earnings call dated Apr. 06/14/22 - 1:20 PM PDT. The Motley Fool owns shares of and recommends Intuitive Surgical. You may automatically receive Intuitive Surgical financial information by e-mail. You may automatically receive Intuitive Surgical financial information by e-mail. We expect our pro forma rate for the last six months of 2021 to be between 21% and 22% versus our previous guidance of 20% to 21%, reflecting a greater proportion of U.S. income for the year. any time, re-enter your e-mail address and click Submit, then adjust your form entries. 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. To change your e-mail options at We work closely and collaboratively . 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. We're doing that as a combination of My Intuitive plus some of the simulation work that we do, plus some of the machine learning and video analysis work that we do. In fact, our commentary is a little bit the opposite that these are being highly utilized. With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. We're taking a first-principles approach to return-to-office environments with our team, bringing back face-to-face interactions for those tasks best completed in person while enabling hybrid work environments for tasks that are well accomplished by distributed teams. I'll speak to my impression, but I caveat it, it's one person's impression. Thank you for joining us today. We expanded our installed base of da Vinci Systems over the last year by 10% to approximately 6,335 systems. I would just add, Bob, as you saw the COVID hospitalization rates in the U.S. come down in March and into Q2, that frees hospital resources to increase the level of surgery that we do. So here's kind of where we stand with the backlog. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. And so we see that as a benefit also with respect to feedback from surgeons. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP. Each quarter on these calls, we highlight certain recently published studies that we deem to be notable. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. COVID has impacted global supplies of semiconductors and other materials used in our products, while we carry safety stocks of critical components and are otherwise working to secure supply necessary to ensure fulfillment of customer demand, global shortages could result in higher production costs and production development and regulatory delays. It's a highly penetrated laparoscopic indication in the United States. Compound annual growth between the second quarters of 2019 and 2021 was 16.5%. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. 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. Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. 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 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." In addition, COVID delayed some R&D work, resulting in underspend on prototypes. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems . And I'm actually curious more what's going on with service and software at the hospitalwide kind of department of surgery level. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. Investor's Business Daily . And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Or is this simply and primarily just something about the pandemic accelerating the use of da Vinci and robotics surgery broadly? Turning to gross profit. In the U.S., procedures that are dependent on diagnostic pipelines also grew, albeit at lower rates as compared to benign procedures. So we're excited about that because it gives them fast and easy access. How close we are to maybe seeing something that you can monetize? 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. . 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. We have continued the launch of our My Intuitive app, including launching to first users in Europe. Just anything you could talk to there would be helpful. 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. And basically, still underpenetrated, big opportunity. It last split in October of 2017. Fourth quarter 2022 GAAP income from operations included share-based compensation expense of $129 million, compared with $120 million in the fourth quarter of 2021. Instrument and accessory revenue per procedure of $1,940 increased, compared with $1,900 per procedure for the second quarter of last year, and decreased, compared with $1,950 per procedure in the first quarter. Today's press release and supplementary financial data tables have been posted to our website. 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%. Turning to our single-port system. Yes, Tycho. The next page will display a menu of options. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $27 million, or $0.07 per share, compared with $21 million, or $0.06 per share, in the fourth quarter of 2020. Clinical trial sites completed enrollment for our PRECIsE clinical trial. Next, we're going to the line of Rick Wise with Stifel. Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. Submit. ET. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. SP procedures grew 133% year over year, with much of that growth coming from the United States. Tycho Peterson -- JPMorgan Chase & Co. -- Analyst. Submit. Just in 2021 there were more than . This press release contains forward-looking statements. Thanks for taking the question. I think that's anecdotal. And that is both painful and an opportunity. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. Jamie will take you through procedure dynamics in more detail later in the call. So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. 07/21/22 - 1:30 PM PDT. Making the world smarter, happier, and richer. 10 stocks we like better thanIntuitive SurgicalWhen our award-winning analyst team hasa stock tip, it can pay to listen. Obviously, you made some comments about variance and not factoring in kind of an increase. Buy These 2 Stocks in 2023 and Hold for the Next Decade, 2 Growth Stocks to Buy Before the Big Bull Rally, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. These forward-looking statements are necessarily estimates reflecting the best judgment of the our 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. There are no upcoming events available at this time. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. Please go ahead. Intuitive Surgical (ISRG 0.58%) Q3 2021 Earnings Call Oct 19, 2021, 4:30 p.m. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Intuitive Surgicalwasn't one of them! In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. 2022 Proxy Statement 36.4 MB. These awards were modified in the fourth quarter of 2021 and are now valued based on certain key performance metrics. We expect these programs to continue their ramp as our labs and development programs recover efficiency. A couple of things. 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. Growth in the U.K. was strong, with a slower recovery in France, Italy, and Germany. 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.