Intuitive Announces Fourth Quarter Earnings

SUNNYVALE, CA (STL.News) 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.

Q4 Highlights

  • Worldwide da Vinci procedures increased approximately 19% compared with the fourth quarter of 2020, driven primarily by growth in U.S. general surgery procedures and growth in OUS markets.  The fourth quarter of 2020 reflected significant disruption caused by the COVID-19 pandemic, and the fourth quarter of 2021 reflected a COVID-19 resurgence later in the quarter, which also impacted our procedures.  The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was approximately 13%.
  • The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020.
  • The Company grew its da Vinci Surgical System installed base to 6,730 systems as of December 31, 2021, an increase of 12% compared with 5,989 as of the end of the fourth quarter of 2020.
  • Fourth-quarter 2021 revenue of $1.55 billion increased 17% compared with $1.33 billion in the fourth quarter of 2020.  The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was approximately 10%.
  • Fourth-quarter 2021 GAAP net income attributable to Intuitive was $381 million, or $1.04 per diluted share, compared with $365 million, or $1.01 per diluted share, in the fourth quarter of 2020.
  • Fourth-quarter 2021 non-GAAP* net income attributable to Intuitive 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.

Q4 Financial Summary

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. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.

Fourth-quarter 2021 revenue was $1.55 billion, an increase of 17% compared with $1.33 billion in the fourth quarter of 2020.  Higher fourth-quarter revenue was driven by growth in da Vinci procedure volume and system placements.  The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%.

Fourth-quarter 2021 instruments and accessories revenue increased by 13% to $843 million, compared with $747 million 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 Company’s launch of Extended Use Instruments.  The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%.

Fourth-quarter 2021 systems revenue increased by 28% to $470 million, compared with $367 million in the fourth quarter of 2020.  The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020.  The fourth quarter 2021 system shipments included 143 systems shipped under operating lease and usage-based arrangements, compared with 120 systems in the fourth quarter of 2020.  The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 6%.

Fourth-quarter 2021 GAAP income from operations increased to $450 million, compared with $416 million in the fourth quarter of 2020. Fourth-quarter 2021 GAAP income from operations included a share-based compensation expense of $120 million, compared with $104 million in the fourth quarter of 2020.  Fourth-quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020.  A contribution to the Intuitive Foundation reduced fourth-quarter 2021 GAAP and non-GAAP* income from operations by $30 million.

Fourth-quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. was $381 million, or $1.04 per diluted share, compared with $365 million, or $1.01 per diluted share, in the fourth quarter of 2020.  Fourth-quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $27 million, or $0.07 per share, compared with $21 million, or $0.06 per share, in the fourth quarter of 2020.

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.

The Company ended the fourth quarter of 2021 with $8.6 billion in cash, cash equivalents, and investments, an increase of $400 million during the quarter, primarily driven by cash generated from operations.

NOTE: This is NOT the complete release, but a summary.  CLICK to visit Intuit website.

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