Yeah. Procedures recovered nicely in Q2. For more information, please visit the Companys website at www.intuitive.com. System placements in the quarter reflected procedure growth and hospitals upgrading to -- in order to access or standardize on fourth-generation capabilities. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. We have continued the launch of our My Intuitive app, including launching to first users in Europe. 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. Gosh, that's awfully encouraging sounding. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. The high end of the range assumes strength in U.S. general surgery, a return to normalized diagnostic pipelines, the vaccines are effective against any new COVID-19 variants and the vaccine rollouts in OUS markets continue as currently expected by governments around the world. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. We are refining our estimate and expect our full-year pro forma operating expense growth to be between 17% and 21%. - building a financial model and investor presentation for fundraising . The company strives to make surgery more effective, less invasive and easier on surgeons, patients and their families. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. To change your e-mail options at Gary, just with you, just thinking through the My Intuitive and what you're doing at the surgeon level. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. We also note the increasing number of COVID-19 cases in certain geographies associated with the Delta variant. 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. 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. Or any color you can provide on that? I think all of us know, and we, as consumers know that customers like choice, perfectly fair. 20, 2021Corporate Participants: Philip Kim Head of Investor Relations. Thank you for joining us today. The Board of Directors of Intuitive Surgical approved a 3:1 stock split on August 5th, 2021. Our total Ion clinical experience is approximately 4,000 cases to date. INTUITIVE at 2022 Wells Fargo Healthcare Conference. Intuitive Announces Preliminary Fourth Quarter and Full Year 2021 Results. You may automatically receive Intuitive Surgical financial information by e-mail. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Submit. The higherfourth quarter revenue was driven by growth in da Vinci procedure volume, partially offset by a decline in system placements and foreign currency impacts. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . The Zacks . We continue to operate in a challenging supply chain environment and have experienced longer lead times and delayed deliveries from our suppliers. And finally, we will host a question-and-answer session. In closing, we continue to believe there is a substantial and durable opportunity to fundamentally improve surgery and acute interventions. 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. 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. Intuitive Surgical Inc (NASDAQ: ISRG) Q2 2021 earnings call dated Jul. 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%. OK, great. *Average returns of all recommendations since inception. From the low-end perspective, the 27% reflected there is greater summer seasonality that reflects the possibility of an impact due to pent-up demand for vacation, especially for healthcare workers that have worked extensively during this period with COVID. Invest better with The Motley Fool. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. And I suspect that's most of what we're seeing, at least in the United States in terms of that. And I know case rises have been largely decoupled from hospitalizations. 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. Please go ahead, sir. We also believe that growth benefited from some procedures that were previously deferred due to delays in testing and patient concern over COVID. Yes. 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. The Company presents constant currency revenue to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency fluctuations. Lease buyout revenue has varied significantly quarter to quarter and will likely continue to do so. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. 2021 Intuitive Sustainability Report 7.8 MB. Conversion rates to open surgery were lower in the robotic group compared to the laparoscopic group, 0.6% as compared to 4.9%, and reoperation rates in the 30 days post procedure were comparable between robotic and laparoscopic and lower for robotic as compared to open, 0.6% as compared to 3.1%. We will now open the call to your questions. To change your e-mail options at 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. Those things are ongoing now. In May of this year, Dr. Karl LeBlanc from our Lady of the Lake Medical Center in Baton Rouge, Louisiana, published results from a multi-center study comparing short-term outcomes for incisional hernia, published in the Hernia Journal entitled Robotic-Assisted Laparoscopic and Open Incisional Hernia Repair: Early Outcomes from the Prospective Hernia study. Even then, it's not enough. Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. Jamie, anything? Investors have assigned a high trading . (2) Selling, general and administrative 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, Gains on strategic investments, net of tax, Accounts payable and other accrued liabilities, Total liabilities and stockholders equity, Adjustments attributable to noncontrolling interest in joint venture. I'll now turn the time over to Marshall to take you through our financial performance in greater detail. And the capital to support that demand has not run ahead of the procedure demand. And so we'll see over time, we'll be able to measure a little bit better over time, and we'll monitor it. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. There are no upcoming events available at this time. Moving on to gross margin and operating expenses. Jamie Samath Senior Vice President of Finance Minimum 15 minutes delayed. Just to be clear on your answer to Tycho's question. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. System placements came in above plan, and system ASP and I&A revenue per procedure tracked slightly above our expectations, together driving revenue of $1.46 billion in Q2. Field and marketing costs will tick up if the pandemic wanes. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. So we don't really call them out as individual revenue lines. Philip Kim, our head of investor relations, will not be joining on today's call as he's currently on paternity leave following the birth of his daughter. So we're excited about that because it gives them fast and easy access. Thirty-eight percent of systems placed in the second quarter involved trade-ins, which is lower than the 40% last year and the 44% last quarter. Investor's Business Daily . However, we anticipate more customers will seek leasing or alternative financing arrangements than reflected in historical run rates. Email: investor.relations@intusurg.com. 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. I'll speak to my impression, but I caveat it, it's one person's impression. Can you talk about kind of next steps to the program here, particular geographies you're targeting? And then has the elasticity relative to the extended use program and the pricing adjustments played out relative to your expectations? To the extent that COVID impacts procedures, it will also impact capital purchases. It has been. Just so really speaking backward-looking, so far, so good. SP procedures grew 133% year over year, with much of that growth coming from the United States. 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading Risk Factors in the Companys Annual Report on Form 10-K for the year ended December31, 2021, and the Companys Quarterly report on Form 10-Q for the quarter ended September 30, 2022, as updated by the Companys other filings with the Securities and Exchange Commission. Another third works closely with customers in the field, and the remaining third have traditionally worked in lab and office environments. Second-quarter 2021 OUS procedure growth was driven by growth in prostatectomy procedures and earlier-stage growth in kidney cancer procedures, general surgery, gynecology, and thoracic. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. Bob Hopkins -- Bank of America Merrill Lynch -- Analyst. The Company excludes the excess tax benefits or deficiencies associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the on-going results of its core operations. So I wouldn't start building lots of leverage into your models. How close we are to maybe seeing something that you can monetize? In reporting the results, adjusted using a propensity weighted approach, the authors noted that during the two- to four-week standard of care visit period, fewer patients report the need to take prescription pain medication for the robotic cohort as compared to the laparoscopic and open cohorts: 65.2% for the robotic cohort as compared to 78.8% for the laparoscopic cohort, compared to 79.8% for the open cohort. Are you seeing any impact thus far? Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. 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. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. And I guess why won't that continue? We expect spending on activities restricted by COVID to increase as the impacts of the pandemic decline. And finally, expanding our clinical, economic, and analytical evidence base for key procedures and countries. Plan to attend GIANT 2022. Intuitive Surgical didn't offer an outlook for 2021. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. The rise in earnings was driven by higher . 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. OUS markets grew 51% year over year or 19% on a two-year compound annual growth rate basis. And so we watch that number because we know it's highly sensitive. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. Marshall will take you through our financial picture later in the call. Last page last E-mail Alerts. A couple of things I'd say. Taken together, this combination of a recovery in procedures and healthy utilization supports our solid capital placement trends and rounds out a healthy commercial recovery year to date. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release. Our installed base of SP Systems is now 79: eight in Korea and 71 in the U.S. We completed first cases associated with a U.S. colorectal clinical trial in the second quarter. 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." Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. China growth in the second quarter continued to be far higher than our other regions, primarily reflecting the 40% system installation growth over the past year. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. 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. 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 so we have some indications that we saw backlog reflected in the Q2 results. That's great. How are you thinking about competition? 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. That's right -- theythink these 10stocks are even better buys. Finally, our team is making good progress in scaling our operations. Transitory was out a few years ago and CMR has been out and now Medtronic. Go ahead, Mr. Hopkins. In Q2, we launched our SureForm stapling line in India. 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. Pagination. During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. 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. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. I think the noise levels will go up. The compound annual revenue growth rate between the second quarters of 2019 and 2021 was 15%. Please go ahead. The adjustments between pro forma and GAAP net income are outlined and quantified on our website. 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.