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Intuitive 360 is an annual conference for executive, clinical, and operational leadership focusing on robotic service line development and the surgical care team. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. I think we're going to have to let it play for another few quarters to see. J.P. Morgan Healthcare Conference 2023 Presentation 4.2 MB. Listen to Webcast. The rise in earnings was driven by higher . Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. Finally, we expect to continue to invest in expanding and accelerating our ecosystem of products and capabilities. And we've received feedback -- positive feedback from surgeons who have indicated that system access has been a key driver for increased procedures. 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. I will describe the highlights of our performance on a non-GAAP or pro forma basis. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. The stock movement pushed Intuitive . The Company defines non-GAAP income from operations as income from operations, excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, and a gain on the sale of a business. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding intangible asset charges, non-cash impairment charges and recoveries, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, litigation charges and recoveries, 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, a one-time tax benefit from re-measurement of certain deferred tax assets, and the net tax effects related to intra-entity transfers of non-inventory assets. China procedure growth remains strong and broad-based as a result of continued expansion of the installed base under the current quota. Capital placements for the first six months of 2021 were in line with procedure and utilization growth. You may automatically receive Intuitive Surgical financial information by e-mail. Larry Biegelsen -- Wells Fargo Securities -- Analyst. Thank you. Intuitive develops, manufactures and markets the da Vinci surgical system. Driven by steady sales of da Vinci and increasing surgical procedures, Intuitive Surgical recorded $5.71 billion in revenue for 2021, up 82% over the past five years despite COVID-19 slowdowns. Total second-quarter revenue was $1.464 billion, representing a 72% increase from last year and a 13% increase from last quarter. 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. Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. The Company excludes a one-time tax benefit from re-measurement of certain deferred tax assets, because it is discrete in nature, and 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. During 2021, COVID-19 resurgences continued to impact da Vinci procedure volumes. We are now slightly increasing our forecast and expect full-year gross profit margin to be between 70.5% and 71.5% of revenue. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. OK. And last one on SP. 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. Well, I'll add one bit of color to that. How are you thinking about competition? The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. Add to that, the uncertainty of wave 4, possibility of wave 4 makes it tough to put a number on, Larry. Please go ahead. Where are we going with this one? While there is likely some amount of backlog that has not yet been addressed, it is difficult to estimate the extent of the remaining backlog and when it will affect future procedure growth. Montreal, Quebec, Canada. Non-GAAP gross profit. 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 placed 369 da Vinci Surgical Systems, a decrease of 4% compared with 385 in the fourth quarter of 2021. 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. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Follow Allison Gatlin on Twitter at @IBD_AGatlin . Non-GAAP income from operations. My Intuitive allows surgeons and care team members to access their data, to manage their profile, their learning, and otherwise interact with Intuitive through an easy-to-use mobile app in the palm of their hand. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. Submit. To change your e-mail options at For important safety information, indications for use, risks, full cautions, and warnings, please refer to www.intuitive.com/safety. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. Second-quarter system average selling prices decreased to $1.55 million from $1.65 million for both the second quarter of 2020 and the first quarter of 2021. And we expect those to come back as COVID goes away and the restrictions on travel and the restrictions on other activities go away. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. 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. Yeah. 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. The second reason to invest in Intuitive Surgical is its incredible profitability. Just so really speaking backward-looking, so far, so good. Just anything you could talk to there would be helpful. So it's hard to time it out, and it doesn't time out over one or two quarters, it times out over years. Full Time Faculty & Clinical Coordinator, Surgical Technologist Program Ask us about our $5,000 Sign on Bonus Rasmussen University Rasmussen University is seeking an experienced Surgical Technologist passionate about taking their own experience and translating that into helping students succeed in meeting their educational and professional goals. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. That low end also reflects some impact of a resurgence in the U.S. A couple of things I'd say. Roughly a third of our team works in the manufacturer test and distribution of our products. There were nearly 1,500 Ion procedures completed in the second quarter. These forward-looking statements are necessarily estimates reflecting the judgment of the Companys 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. I think that would be a mistake. J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . So good morning, everyone, and welcome to Medistim's Fourth Quarter Presentation for 2022. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. That's great. And at this time, I would like to turn the conference over to our host, senior director of finance, investor relations for Intuitive, Mr. Calvin Darling. And I know case rises have been largely decoupled from hospitalizations. 2021 : 2022 : 2021 : Revenue $ 12,789 $ 10,997 $ 45,520 $ 45,183 : Cost of goods sold : 3,986 . User Experience for digital health innovations:<br>I work with startups and corporations and design user-centered products, services, and digital business models. your options for e-mail notification, please enter your e-mail address below and click Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. From a market perspective, about 60%-ish or so are sleeves, about 15% are revisions. 07/21/22 - 1:30 PM PDT. Third, driving depth and excellence in regional performance, particularly in Europe and Asia. See www.intuitive.com/trademarks. Are you seeing any impact thus far? In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. Keep up-to-date with changes . During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. With an initial focus on BPH, the company's AquaBeam Robotic System delivering Aquablation therapy, is the first FDA-cleared, automated surgical robot for the treatment of lower urinary tract symptoms (LUTS) due to benign prostatic hyperplasia (BPH). Moving on to gross margin and operating expenses. Today's press release and supplementary financial data tables have been posted to our website. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. And so we'll spend there. In the quarter, we continued to engage customers in data analytics and opportunity analysis for surgical programs, cornerstone of our Your Data, Your Truth analytics efforts. This growth rate compares with 9% last year and 8% last quarter. Supporting investors, corporations, start-ups, and academic research labs. And basically, still underpenetrated, big opportunity. Fourth quarter 2021 GAAP income from operations included share-based compensation expense of $120 million, compared with $104 million in the fourth quarter of 2020. OK. Well, thank you, and our moderator, that was our last question. 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. The difference in the number of subjects reporting the need for prescription pain medication favored the robotic-assisted group in both comparisons." Moving on to capital placements. Shifting to the extended use program, you know, you've been out for around six months, smaller rollout in Europe in the fourth quarter. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. During the second half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. 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. It's not just the robot. 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. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. For more information, please visit the Companys website at www.intuitive.com. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. I've had the privilege of seeing Intuitive develop the use of robotics in multiple clinical indications over the years. It last split in October of 2017. Excellent communication and presentation skills. Intuitive Surgical Asensus Surgical . Can you maybe just talk a little bit about the road map? Presentation: Operator. Health . INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. 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. I will now turn to our financial outlook for 2021. I think they are ecosystem enablers and can result in very high customer satisfaction when done well. One on procedures, one on competition. OK, great. 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? 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. I think what we're seeing is that the longer diagnostic pipelines have had this kind of double effect from the pandemic. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. 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. . 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.