Intuitive (the “Company”) (Nasdaq: ISRG), a global technology
leader in minimally invasive care and the pioneer of
robotic-assisted surgery, today announced certain unaudited
preliminary fourth quarter and full year 2022 financial results
ahead of its presentation at the 41st Annual J.P. Morgan Healthcare
Conference on January 11, 2023.
Financial and Operational Highlights
- Fourth quarter
2022 worldwide da Vinci procedures grew approximately 18%
compared with the fourth quarter of 2021. The fourth quarter of
2022 reflected a resurgence in COVID-19 in China, which negatively
impacted procedure volumes in the region. The fourth quarter of
2021 reflected COVID-19 disruptions later in the quarter in the
U.S. and Europe, which also impacted the Company’s procedures. The
compound annual growth rate between the fourth quarter of 2019 and
the fourth quarter of 2022 was approximately 14%.
- Full year 2022
worldwide da Vinci procedures grew approximately
18% compared with 2021. The compound annual growth rate
between the full year of 2019 and the full year of 2022 was
approximately 15%. The Company expects worldwide da Vinci
procedures to increase approximately 12% to 16% in 2023 as compared
to 2022.
- The Company
placed 369 da Vinci Surgical Systems in
the fourth quarter of 2022, a decrease of 4% compared
with 385 in the fourth quarter of 2021. The
Company placed 1,264 da Vinci Surgical Systems in 2022, a
decrease of 6% compared with 1,347 systems in 2021.
- Preliminary
fourth quarter 2022 revenue of approximately $1.66 billion
increased 7% compared with $1.55 billion in
the fourth quarter of 2021. Preliminary 2022 revenue of
approximately $6.22 billion increased 9% compared
with $5.71 billion in 2021.
Preliminary Results
The Company expects fourth quarter 2022 revenue
of approximately $1.66 billion, an increase of 7% compared with
$1.55 billion in the fourth quarter of 2021. The Company expects
2022 revenue of approximately $6.22 billion, an increase of 9%
compared with $5.71 billion in 2021. The unaudited results in this
press release are preliminary and subject to the completion of the
Company’s final closing procedures and annual independent audit
and, therefore, are subject to adjustment.
Preliminary fourth quarter 2022 instruments and
accessories revenue increased by 12% to approximately $941 million,
compared with $843 million in the fourth quarter of 2021, primarily
driven by growth in da Vinci procedure volume, partially offset by
customer buying patterns and foreign currency impacts. Preliminary
full year 2022 instruments and accessories revenue increased by 13%
to approximately $3.52 billion, compared with $3.10 billion for
2021, primarily driven by growth in da Vinci procedure volume,
partially offset by foreign currency impacts and customer buying
patterns in 2022 and the benefit of stocking orders in 2021
associated with the launch of the Company’s Extended Use
Program.
Fourth quarter 2022 da Vinci procedures
increased approximately 18% compared with the fourth quarter of
2021. In 2022, approximately 1,875,000 surgical procedures were
performed with da Vinci Surgical Systems, an increase of
approximately 18% compared with approximately 1,594,000 surgical
procedures performed with da Vinci Surgical Systems in 2021. The
growth in the Company’s overall procedure volume in 2022 was
primarily driven by growth in U.S. general surgery procedures and
outside of the U.S. cancer procedures. The Company expects
worldwide da Vinci procedures to increase approximately 12% to 16%
in 2023.
Preliminary fourth quarter 2022 systems
revenue decreased by 4% to approximately $451 million, compared
with $470 million in the fourth quarter of 2021. Preliminary full
year 2022 systems revenue decreased by 1% to approximately $1.68
billion, compared with $1.69 billion in 2021. The Company placed
369 da Vinci Surgical Systems in the fourth quarter of 2022,
compared with 385 systems in the fourth quarter of 2021. The fourth
quarter 2022 system placements included 154 systems placed under
operating lease and usage-based arrangements, compared with 143
systems in the fourth quarter of 2021. The Company placed
1,264 da Vinci Surgical Systems in 2022, compared with
1,347 systems in 2021. The 2022 system placements included 492
systems placed under operating lease and usage-based arrangements,
compared with 517 systems in 2021.
Impact of COVID-19 Pandemic
During 2022, the impact of the COVID-19 pandemic
on the Company’s business has differed by geography and region.
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. During the second half of 2022, the Company saw
COVID-19 resurgences impact da Vinci procedure volumes in China.
COVID-19 has had, and may continue to have, an adverse impact on
the Company’s procedure volumes.
Commenting on the announcement, Intuitive CEO
Gary Guthart said, “Our customers continued to grow their adoption
of our training, products, and services in the fourth quarter and
for the full year. We remain focused on supporting our customers’
drive to improve the quadruple aim in acute interventions.”
Additional unaudited preliminary revenue and
procedure information has been posted to the Investor Relations
section of the Intuitive website at: https://isrg.gcs-web.com/.
The Company is scheduled to present at the 2023
J.P. Morgan Healthcare Conference on January 11, 2023, at 9:00
a.m. PST. The Company is scheduled to report its fourth quarter
2022 results during a conference call on January 24, 2023, at
which point the Company will discuss the 2022 financial results in
more detail. Dial-in and webcast access information for both of
these events are also available in the Investor Relations section
of the Intuitive website.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in
Sunnyvale, California, is a global leader in minimally invasive
care and the pioneer of robotic surgery. Our technologies include
the da Vinci surgical system and the Ion endoluminal system. 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. 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.
Product and brand names/logos are trademarks or
registered trademarks of Intuitive Surgical or their respective
owner. See www.intuitive.com/trademarks.
For more information, please visit the Company’s website at
www.intuitive.com.
Forward-Looking Statements
The Company has not filed its Annual Report on
Form 10-K for the year ended December 31, 2022. Accordingly, all
financial results described in this press release should be
considered unaudited preliminary results and are subject to change
to reflect any corrections or adjustments, or changes in accounting
estimates, that are identified prior to the time that the Company
is in a position to complete these filings. Actual results could
differ materially from these preliminary results.
This press release contains forward-looking
statements, including statements regarding the Company’s unaudited
preliminary financial and operational results for the fourth
quarter and full year 2022, expected procedure growth in 2023, and
the adoption of the Company’s training, products, and services by
its customers. 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. These forward-looking statements are
necessarily estimates reflecting the judgment of the Company’s
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. These forward-looking
statements include, but are not limited to, statements related to
the expected impacts of the COVID-19 pandemic on the Company’s
business, financial condition, and results of operations, future
results of operations, future financial position, the Company’s
financing plans and future capital requirements, the Company’s
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
Company’s beliefs and assumptions regarding these economies and
markets. These forward-looking statements should be considered in
light of various important factors, including, but not limited to,
the following: completion of the Company’s final closing
procedures, final adjustments, and other developments that may
arise in the course of audit and review procedures, overall
macroeconomic environment that impacts customer spending and the
Company’s costs, including increased inflation and interest rates,
the conflict in Ukraine, disruption to the Company’s supply chain,
including increased difficulties in obtaining a sufficient supply
of materials in the semiconductor and other markets, the risk that
the COVID-19 pandemic could lead to material delays and
cancellations of, or reduced demand for, procedures; curtailed or
delayed capital spending by hospitals; closures of the Company’s
facilities; delays in surgeon training; delays in gathering
clinical evidence; delays in obtaining new product approvals,
clearances, or certifications from the U.S. Food and Drug
Administration (“FDA”); diversion of resources to respond to
COVID-19 outbreaks; the risk that the COVID-19 virus causes
economies in the Company’s key markets to enter prolonged
recessions; the impact of global and regional economic and credit
market conditions on healthcare spending; the risk of the Company’s
inability to comply with complex FDA and other regulations, which
may result in significant enforcement actions; regulatory
approvals, clearances, certifications, and restrictions or any
dispute that may occur with any regulatory body; guidelines and
recommendations in the healthcare and patient communities;
healthcare reform legislation in the U.S. and its impact on
hospital spending, reimbursement, and fees levied on certain
medical device revenues; changes in hospital admissions and actions
by payers to limit or manage surgical procedures; the timing and
success of product development and market acceptance of developed
products; the results of any collaborations, in-licensing
arrangements, joint ventures, strategic alliances, or partnerships,
including the joint venture with Shanghai Fosun Pharmaceutical
(Group) Co., Ltd.; the Company’s completion of and ability to
successfully integrate acquisitions; intellectual property
positions and litigation; competition in the medical device
industry and in the specific markets of surgery in which the
Company operates; risks associated with the Company’s operations
and any expansion outside of the United States; unanticipated
manufacturing disruptions or the inability to meet demand for
products; the Company’s reliance on sole and single source
suppliers; the results of legal proceedings to which the Company is
or may become a party, including but not limited to product
liability claims; adverse publicity regarding the Company and the
safety of the Company’s products and adequacy of training; the
impact of changes to tax legislation, guidance, and
interpretations; changes in tariffs, trade barriers, and regulatory
requirements; and other risk factors. 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
Company’s Annual Report on Form 10-K for the year ended
December 31, 2021, and the Company’s Quarterly Report on Form
10-Q for the quarter ended September 30, 2022, as updated by the
Company’s other filings with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update
or release any revisions to these forward-looking statements,
except as required by law.
Contact: Investor Relations
(408) 523-2161
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