Marshall will provide a review of our financial results. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. Contact Information. 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. Intuitive Surgical Investor Presentation. COVID-19 has had, and may continue to have, an adverse impact on the Companys procedure volumes. Intuitive Surgical Asensus Surgical . Next, we're going to the line of Rick Wise with Stifel. OK. Well, thank you, and our moderator, that was our last question. 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. 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. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. Calvin Darling -- Senior Director of Finance, Investor Relations. And we expect those to come back as COVID goes away and the restrictions on travel and the restrictions on other activities go away. Both gynecology and urology procedure annualized growth strengthened in the quarter, as pandemic pressures eased in the U.S. The fourth quarter 2022 system placements included 154systems placed under operating lease and usage-based arrangements, compared with 143 systems in thefourth quarter of 2021. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. You go from an issue to identification to closure more quickly. The decrease relative to these prior periods reflects geographic mix and volume discounts provided to customers purchasing multiple systems. You may automatically receive Intuitive Surgical financial information by e-mail. To choose In Europe, the impact of COVID in the second quarter of 2021 varied regionally with slower recovery in Italy and France, while we saw early stages of a recovery in the U.K. 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. Fourth quarter 2022 GAAP income from operations decreased to $373 million, compared with $450 million in the fourth quarter of 2021. Product and customer mix fluctuate quarter to quarter, which can cause fluctuations in gross margins. You may automatically receive Intuitive Surgical financial information by e-mail. Copyright 2023 Intuitive Surgical. In addition to that, we still think this is a great opportunity to continue to invest in the ecosystem of products and capabilities at this point in time before competition really gets any kind of toehold. This presentation contains forward-looking statements. Ladies and . Fourth quarter 2021 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $477 million, or $1.30 per diluted share, compared with $434 million, or $1.19 per diluted share, in the fourth quarter of 2020. 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. Invest better with The Motley Fool. Pro forma gross margin for the second quarter of 2021 was 71.7%, compared with 62.4% for the second quarter of 2020 and 71.8% last quarter. Constant currency revenue growth. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. It is in fact a physically taxing procedure, as Gary described. You may automatically receive Intuitive Surgical financial information by e-mail. 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. 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. your options for e-mail notification, please enter your e-mail address below and click In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. 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. COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. 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? With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. We are building tools and capabilities that allow hospital departments and departments of surgery to manage their program and look across programmatics for efficiency, for learning, for outcomes, and these things interlink. I will now turn to our financial outlook for 2021. I guess first question on guidance. Senior Director-Finance & Investor Relations: Julian N. Nikolchev: Senior VP-Corporate Development & Strategy: We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. Macroeconomic conditions created by COVID could regionally impact hospital capital spending. Most of our offices globally are reopening with this hybrid approach. For more information, please visit the Companys website at www.intuitive.com. Intuitive Surgical, and Verb Surgical, among other countless innovations. Corporate Governance Guidelines 384.4 KB. Our overall second-quarter procedure growth was 68%, compared to a decline of 19% during the second quarter of 2020, which reflected a significant adverse impact from the COVID-19 pandemic. INTUITIVE at 2022 Wells Fargo Healthcare Conference. Building a great robot is a hard first step. Fourth quarter 2021 instruments and accessories revenue increased by 13% to $843million, compared with $747million in the fourth quarter of 2020, primarily driven by approximately 19% growth in da Vinci procedure volume, partially offset by stocking orders in the prior year associated with the Companys launch of Extended Use Instruments. . 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. Current page 1; Page 2; Page 3; . Ion system placements and procedures are excluded from our overall system and procedure counts. any time, re-enter your e-mail address and click Submit, then adjust your form entries. You may automatically receive Intuitive Surgical financial information by e-mail. 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. It's taking getting the advanced instruments, put them together as a set, getting our workflows and our clinical pathways right, and I think that's been powerful to date. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. As part of our mission, we believe that minimally invasive care is life-enhancing care. SUNNYVALE, Calif., Jan. 20, 2022 (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 December 31, 2021.Reported revenue and procedure results are consistent with the Company's press release issued on January 12, 2022. European procedure growth was generally healthy, though varied by country. 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. 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. Yeah. Thanks. Leasing represented 33% of current quarter placements, compared with 29% last year and 43% last quarter. That will play out over the next several quarters as we accrue patients. . Thank you for joining us today. Go ahead, Mr. Hopkins. Presenter SpeechKari Krogstad Okay. Congrats on the quarter. And so we watch that number because we know it's highly sensitive. Gary, a separate topic. SUNNYVALE, Calif., Jan. 20, 2022 (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, 2021. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 8.4% to $14.72. 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. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. I will now summarize our GAAP results. We expect spending on activities restricted by COVID to increase as the impacts of the pandemic decline. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. Additional revenue statistics and trends are as follows. Finally, we are strengthening our digital capabilities across our ecosystem. The next page will display a menu of options. OK. And last one on SP. The next page will display a menu of options. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. What we've seen, though, is that what happens in the PowerPoints and what happens a year later is different. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. 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. So we're making those investments to move that forward. PROCEPT BioRobotics is a surgical robotics company enabling better patient care by developing transformative solutions in urology. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. In Q2, we launched our SureForm stapling line in India. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. That's right -- theythink these 10stocks are even better buys. 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. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. 2 Healthcare Stocks You Can Buy and Hold for the Next Decade, Why Things Could Get Worse Before They Get Better for This Growth Stock, 2 Stocks to Buy No Matter What Happens This Year, Why Intuitive Surgical Stock Slumped in January. In fact, our commentary is a little bit the opposite that these are being highly utilized. ISRG stock has split before. That low end also reflects some impact of a resurgence in the U.S. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. Larry Biegelsen -- Wells Fargo Securities -- Analyst. You have to do it. I know last quarter, you kind of brought up the concept of going after thoracic and some additional other areas. And with that, I'd like to turn it over to Jamie. 06/14/22 - 1:20 PM PDT. It's the impact on hospitalizations. The rise in earnings was driven by higher . So it's not a scientific study, just my view. They're giving their PowerPoints about what they think is going to happen next and some other things. Even then, it's not enough. This article is a transcript of this conference call produced for The Motley Fool. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. 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. The stock movement pushed Intuitive . Health . And basically, still underpenetrated, big opportunity. Supporting investors, corporations, start-ups, and academic research labs. And we're pleased. Turning to our innovation and commercialization efforts. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. Leasing and alternative financing arrangements enable customer access to capital. 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: 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. Good afternoon. 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. Just anything you could talk to there would be helpful. However, as the installed base of older-generation product declines, the number of trade-ins will decline over time. Our focus is in clinical capability and productivity of the installed base we have. Intuitive(Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Just to be clear on your answer to Tycho's question. And so I think you're going to see this quarter was extraordinary in terms of the operating profit margin and that we'll -- it will be lower in future quarters, given what I just described. To change your e-mail options at any time, re-enter your e-mail address and click Submit, then adjust your form entries. Cardio medical GmbH 10.4. But as you heard in our prepared comments, a significant increase in hospitalization is not reflected in the guidance range. Based in Sunnyvale, California. So we're excited about that because it gives them fast and easy access. 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. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent Form 10-K filed on February 10, 2021; and Form 10-Q filed on April 21, 2021. We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. your options for e-mail notification, please enter your e-mail address below and click 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. 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. Statements using words such as estimates, projects, believes, anticipates, plans, expects, intends, may, will, could, should, would, targeted, and similar words and expressions are intended to identify forward-looking statements. So I think those are the key kind of procedure highlights. . So it takes a while. 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.