Mai 2022: CI. I think the product ecosystem with XI with a 60-millimeter stapler is in good shape, and we're getting good feedback from surgeons in that regard. Second-quarter OUS procedure volume grew approximately 51%, compared with a 7% decline for the second quarter of 2020 and 23% growth last quarter. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. So energy and stapling and other things, we think that is possible. See www.intuitive.com/trademarks. We also believe that growth benefited from some procedures that were previously deferred due to delays in testing and patient concern over COVID. I don't know how much of an update you can give us, but just something on what's happening at that level in terms of software tools and services? The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on our business, financial condition, and results of operations, the potential impact on our procedure volume, our expected business, procedures, and procedure adoption, future results of operations, future financial position, our ability to increase our revenues, the anticipated mix of our revenues between product and service revenues, our financing plans and future capital requirements, anticipated costs of revenue, anticipated expenses, our potential tax assets or liabilities, our investments, anticipated cash flows, our ability to finance operations from cash flows and similar matters, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which we operate and our beliefs and assumptions regarding those economies and markets. Larry Biegelsen -- Wells Fargo Securities -- Analyst. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. 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. To choose Montreal, Quebec, Canada. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. 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. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. You may automatically receive Intuitive Surgical financial information by e-mail. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. Jamie Samath -- Senior Vice President of Finance. SUNNYVALE, Calif., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Intuitive (the Company) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended December31, 2022. In Europe, procedure growth varied by country based on the relative impact of and recovery from the pandemic. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. The Company ended the first quarter of 2022 with $8 .40 billion in cash, cash equivalents, and investments, a decrease of $218 . Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. was $381million, or $1.04 per diluted share, compared with $365million, or $1.01 per diluted share, in the fourth quarter of 2020. 07/21/22 - 1:30 PM PDT. The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. We anticipate iterating our approach as we learn and the year progresses. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. The study contains 371 patients that underwent an incisional hernia repair procedure across 17 institutions within the United States between May 2016 and September 2019. And we think that the extended use instruments lowers barriers for purchases of systems. The Company defines non-GAAP gross profit as gross profit, excluding amortization of intangible assets and SBC and long-term incentive plan expenses. Instruments and accessories, training programs, support staff, analytics capability, publication, scientific publications demonstrating what you've done, the analytics, and evidence-based build are all, I think, important. 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. ET. Second-quarter revenue reflected growth in both procedures and system placements. So short answer there is just kind of a reminder of what we're trying to do. You've been spending a lot there. The second quarter of 2020 included $59 million of service credits issued in conjunction with our Customer Relief Program, higher period costs associated with lower production, and higher excess and obsolete inventory charges. In other words, happy, very satisfied customers. Moving on to capital placements. Intuitive advances minimally invasive care by innovating at the point of possibility. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Having said all of that, it's been a short period since they've had extended use instruments. You may automatically receive Intuitive Surgical financial information by e-mail. That concludes our prepared comments. - building a financial model and investor presentation for fundraising . So our customers are asking us for advanced instrumentation. 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." But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future. Turning to our single-port system. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Just so really speaking backward-looking, so far, so good. Doctors talking to us about further expansion of utilization. All Rights Reserved. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. Copyright 2023 Intuitive Surgical. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., net income per diluted share attributable to Intuitive Surgical, Inc., and diluted shares are reported on a GAAP and non-GAAP* basis. 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. OK. That's helpful. I'll speak to my impression, but I caveat it, it's one person's impression. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. The next page will display a menu of options. 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. The compounded annual utilization growth rate between the second quarters of 2019 and 2021 was 6%. During the first half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in the U.S. and Europe followed by recoveries. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Please go ahead, sir. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. In the quarter, we completed a number of placements with larger IDNs that prefer to purchase rather than lease product. [Operator instructions] And for our first question, we will go to Tycho Peterson. The pandemic has reordered the quarter in which procedures were performed, and we believe it has delayed some procedures that are likely to return in the future and may cause a small number of patients to permanently forgo surgery. 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. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 6%. See www.intuitive.com/trademarks. 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. 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 amortization of intangible assets, 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. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 . It flows from respect for and understanding of patients and care teams, their needs, and their environment. 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. Our total Ion clinical experience is approximately 4,000 cases to date. The Company defines non-GAAP gross profit as gross profit, excluding intangible asset charges and SBC and long-term incentive plan expenses. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. So from a core demand point of view or disease state, that's clearly out there and accumulating, and it has to get processed through. Richard Wolf GmbH 10.6 . . Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. Today's press release and supplementary financial data tables have been posted to our website. Good afternoon, everybody. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. Our focus is in clinical capability and productivity of the installed base we have. And then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. INTUITIVE SURGICAL, INC.-13.55%: 80 376: BOSTON SCIENTIFIC CORPORATION: 1.19%: 67 033: SIEMENS . Copyright 2023 Intuitive Surgical. Listen to Webcast. Annualized U.S. procedure growth rates are returning to historical levels for procedures with longer diagnostic pipelines as patients have started returning to screening and diagnostic testing. The system features an ultra-thin, ultra-maneuverable catheter that allows navigation far into the peripheral lung and provides the unprecedented stability necessary for precision in biopsy. Next, we will go to Amit Hazan with Goldman Sachs. And as competition progresses in various markets, we will likely experience longer selling cycles and price pressures. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys joint venture, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., to its employees that vest over four years and can remain outstanding for seven to ten years. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. The charge associated with the deferred-tax asset and a higher mix of U.S. income drove the 25% current quarter pro forma rate. The split must be approved by the shareholders but this is merely a formality. To the extent that COVID impacts procedures, it will also impact capital purchases. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. It last split in October of 2017. So I think those are the key kind of procedure highlights. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Sure. To change your e-mail options at 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. Cardio medical GmbH 10.4. And we also see, I think, increased patient confidence is a function of the improving vaccination rates. As I conclude, for the balance of the year, we're focused on the following: first, agile and flexible support for our customers globally as they need it, often addressing the return of surgical patients to treatment. 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. And with that, I'd like to turn it over to Jamie. 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. Examining procedure trends more deeply. We are developing and deploying technology-enabled ecosystems to support our customers' pursuit of the Quadruple Aim, better outcomes, better patient experiences, better care team experiences, and lower total cost to treat per patient episode. Transitory was out a few years ago and CMR has been out and now Medtronic. Lastly, we continue to digitally enhance our ecosystem. 2022 Proxy Statement 36.4 MB. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. We are also working on our regulatory filings to bring SP to Europe under the European Union's new medical device regulation framework. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. 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. For nearly three decades we've created products and services born of inspiration and intelligencefrom robotic-assisted surgical systems to data generation that unlocks the potential to benefit care systems worldwide. 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. The Zacks . The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. 3.5 Leading Players of Laparoscopy Surgical Robotic System and Consumables by Type in 2021 3.6 Conclusion of Segment by . 3 min read. Plan to attend GIANT 2022. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. 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. 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. 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. So I think all of you on the call, you should expect increased alternatives for the customer base. 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Want $1 Million in Retirement? Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. 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. 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. OK. And then just one quick follow-up. Fourth quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $439 million, or $1.23 per diluted share, compared with $473 million, or $1.29 per diluted share, in the fourth quarter of 2021.