Intuitive Surgical, Inc. (ISRG) Presents at Annual Shareholder Meeting Broker Conference Call - (Transcript)

Summary of Intuitive Surgical, Inc. Annual Shareholders Meeting Company Overview - Company: Intuitive Surgical, Inc. (NASDAQ: ISRG) - Date of Meeting: April 22, 2021 - Participants: Craig Barratt (Chairman), Gary Guthart (CEO), and other board members and management team members [1][2][3][4][5][6] Key Points Discussed Industry and Market Performance - Procedures: Over 1.2 million procedures performed in 2020, with a final count of almost 1.25 million [18] - Installed Systems: 936 da Vinci systems placed in 2020, with a total installed base of approximately 6,000 systems [18] - Clinical Studies: Over 3,000 peer-reviewed clinical journal articles published in 2020, totaling over 24,000 publications [18] - Market Recovery: Recovery in the use of da Vinci systems as COVID-19 impacts decline, with a 16% growth in Q1 2021 compared to the previous year [22][23] Financial Performance - Revenue Growth: 18% revenue growth in Q1 2021 compared to Q1 2020 [25] - Future Opportunities: Estimated 6 million procedures annually that could utilize current products, compared to 1.25 million performed in 2020, indicating significant growth potential [25][26] - Operating Expenses: Expected growth in operating expenses between 18% and 22% for the fiscal year [48] Product Development and Innovation - New Technologies: Introduction of augmented reality programs (Iris) for preoperative imaging and a single-port system that has seen a 64% year-over-year growth in procedures [38][40] - Ion System: Flexible bronchoscopy system (Ion) designed for lung cancer diagnosis, with demand exceeding initial supply capabilities [42][43] - Investment Philosophy: Focus on organic innovation, operational efficiencies, and partnerships to enhance product offerings and market reach [44][45] Customer Engagement and Satisfaction - Net Promoter Score: Strong customer perception measured by Net Promoter Score, indicating high satisfaction even during the pandemic [35][36] - Customer Support: Initiatives to support customers during the pandemic, including financial relief programs and flexible capital arrangements [36][37] Challenges and Risks - Supply Chain Issues: Global supply chain stresses, particularly for semiconductor chips, could impact future guidance and operational capabilities [49] - Regulatory Delays: Lengthening regulatory timelines for new product clearances in the U.S. and Europe [21] Future Outlook - Guidance: Full-year procedure growth expected between 22% and 26%, contingent on the pandemic's trajectory [48] - Long-term Vision: Commitment to minimally invasive care as a durable solution, with ongoing investments in innovation and customer relationships [49] Additional Important Information - Meeting Structure: The meeting included formal business proposals, including the election of directors and approval of executive compensation [10][12][13] - Voting Results: All proposals, including the election of directors and compensation approval, received sufficient affirmative votes [15][14] This summary encapsulates the key discussions and insights from the Intuitive Surgical, Inc. Annual Shareholders Meeting, highlighting the company's performance, strategic direction, and market challenges.