CLAIM #33109 · Intuitive Surgical Inc (ISRG) · 2023Q2 earnings call · Jul 20, 2023 · due Dec 31, 2023
“Again, you get kind of half an impact in Q2 and the full impact in Q3 and Q4.”
Jamie Samath · CFO
In context
“am like that surgeon, quite excited. Frederick Wise: Great. Just a follow-up, quick follow-up. You -- I think, if I remember correctly, took a 5% across-the-board price hike on instrumentation. I don't know if I'm remembering correctly, that was to kick in like June 1. Did that happen? Did it help the quarter? And should I assume that it's going to be a little bit of an offset or a little bit of an instrument tailwind in the second half and beyond? Jamie Samath: It was largely implemented in Q2, Rick. It wasn't effective at the beginning of the quarter, I'd say, roughly half of the quarter benefited from the price increase. Our estimate for the impact of the price increase is consistent with what we said last quarter, roughly about $100 million impact to revenue and profit for the year. Again, you get kind of half an impact in Q2 and the full impact in Q3 and Q4. Gary Guthart: A reminder, our motivations on that, we've been quite conservative on pricing. Our input pricing in the last few years has gone up in terms of raw material and labor content. We have offset most of that through efficiency and scale advantages, but we felt like it was time to share some of that with our customers, and that was what was behind the price increase. Operator: We go to the next line. I have Richard of Truist Security. Richard Newitter: Richard Newitter here. Jamie, maybe for you on the guidance, 20% to 22%, very healthy. I'm just curious on thinking about the low end of the range there. You specifically mentioned you contemplate bariatric surgery growth trends, eroding a little bit from the 2Q levels. What's the pace of erosion there that you're thinking about”
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SEC filings for ISRG ↗ · Claim quote is verbatim from the 2023Q2 earnings call.