CLAIM #32985 · Intuitive Surgical Inc (ISRG) · 2022Q2 earnings call · Jul 21, 2022 · due Dec 31, 2022
“We are also planning for decelerating spend growth after we complete some infrastructure projects, we need to support the company's expansion.”
Gary Guthart · CEO
In context
“i SP, we have expanded the number of colorectal IDE sites to help accelerate accrual, and we submitted another regulatory package for SP imaging and accessories in Japan, as we work on the necessary clearances to support an SP launch in the country. For our digital tools, Intuitive Hub installs grew nicely again in the quarter, and we're focused on ensuring outstanding customer experiences with data capture and media management, along with increasing utilization over time. On spending, we are committed to our innovation programs because we believe the forward opportunity for our products and services are important to our customers and to the company. We have some natural shock absorbers that decrease some of our variable spending as a result of the slowdown in da Vinci capital placements. We are also planning for decelerating spend growth after we complete some infrastructure projects, we need to support the company's expansion. Given our confidence in the future of our business, we have also returned cash to shareholders in the form of buybacks in the quarter. I'll now turn the time over to Jamie who will take you through our finances in greater detail. Jamie Samath: Good afternoon. I will describe the highlights of our performance on a non-GAAP or pro forma basis. I will also summarize our GAAP performance later in my prepared remarks. A reconciliation between our pro forma and GAAP results is posted on our website. Q2 procedure growth of 14% reflected an increase in U.S. procedures of 11% and OUS procedure growth of 22%. As a reminder procedures in the U.S. in the second quarter of last year included a recovery of procedures that were delayed as a result of the significant impact of Omicron variant. Brian will”
Verify independently
SEC filings for ISRG ↗ · Claim quote is verbatim from the 2022Q2 earnings call.