Analyst Conference Summary

conference date: January 20, 2022 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2021 (fourth quarter, Q4 2021)

Forward-looking statements

Overview: Strong y/y growth.

Basic data (GAAP):

Revenue was $ billion, down % sequentially from $1.40 billion and up % from $ billion in the year-earlier quarter.

Net income was $ million, down % sequentially from $381 million, and up % from $ million year-earlier.

EPS (earnings per share, diluted) were $, down % sequentially from $1.04 and up % from $ year-earlier.

Note stock split 3 for 1 on October 5, 2021.

Guidance:

Conference Highlights:

CEO Gary Guthart said, ""

Global procedures grew % y/y. U.S. procedure growth grew % y/y.

Revenue from Da Vinci system sales was $ million, down % sequentially from $415 million and up % y/y from $ million. systems shipped, up % sequentially from 336, and up % from year-earlier; includes leased systems or %. About % of sales involved trade-ins. systems sold were SP, for a total of . Average system price of $ million, % y/y due to volume discounts. Installed base is now systems, up % y/y. systems shipped to China. systems outside U.S. total. % increase in utilization y/y. Trade in cycle has been a tail wind.

Revenue from instruments and accessories was $ million, down % sequentially from $755 million, and up % y/y from $ million. $ per procedure increased y/y. Procedures per system increased % y/y. Seeing increased usage of extended use products.

Revenue from services was $ million, up % sequentially from $233 million and up % from $ million year-earier.

Ion flexible robotics shipped systems in the quarter. Clinical trial results continue to generate momentum. Adoption of newly launched products like staplers and vessel sealers has been strong. SP access port was used in surgeries for the first time in Q1 2021 and the clinical database continues to grow. Working on more clearances for the SP program.

Non-GAAP numbers: Net income was $ million, down % sequentially from $435 million and up % from $ million year-earlier. Non-GAAP EPS was $, down % sequentially from $1.19, and up % from $ year-earlier. Non-GAAP numbers exclude trade out revenues and stock-based compensation.

The cash and equivalents balance ended at $ billion, up sequentially from $8.22 billion. There is no debt. Repurchased no shares.

Cost of revenue was $ million, leaving gross profit of $ billion. Operating expenses of $ million included: $ million for selling, general, and administrative; $ million for research and development. Leaving income from operations of $ million. Interest and other income was $ million. Income tax $ million. Income attributed to non-controlling interest $ million.

Q&A summary:

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