Intuitive Surgical, Inc. (NASDAQ:ISRG) Q1 2024 Earnings Conference Call April 18, 2024 4:30 PM ET

Company Participants

Brian King - Head of Investor Relations
Gary Guthart - Chief Executive Officer
Jamie Samath - Chief Financial Officer

Conference Call Participants

Robbie Marcus - JPMorgan
Larry Biegelsen - Wells Fargo
Travis Steed - Bank of America
Rick Wise - Stifel
Adam Maeder - Piper Sandler
Drew Ranieri - Morgan Stanley
Matt Miksic - Barclays
Brandon Vazquez - William Blair
Jayson Bedford - Raymond James

Operator

Thank you everyone for standing by and welcome to the Intuitive Q1 2024 Earnings Release Call. At this time, all participants are on a listen-only mode. [Operator Instructions] As a reminder today’s call is being recorded.

I will now turn the call over to your host, Head of Investor Relations for Intuitive Surgical, Brian King. Please go ahead.

Brian King

Good afternoon and welcome to Intuitive’s first quarter earnings conference call. With me today we have Gary Guthart, our CEO, and Jamie Samath, our CFO.

Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent annual report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent filings. Our SEC filings can be found through our website or at the SEC's website.

Investors are cautioned not to place undue reliance on such forward-looking statements. Please note that this conference call will be available for audio replay on our website at intuitive.com on the events section under our investor relations page. Today's press release and supplementary financial data tables have been posted to our website.

Today's format will consist of providing you with highlights of our first quarter results as described in our press release announced earlier today, followed by a question-and-answer session. Gary will present the quarters business and operational highlights. Jamie will provide a review of our financial results. Then I will discuss procedure and clinical highlights and provide our updated financial outlook for 2024. And finally, we will host a question-and-answer session.

And with that, I will turn it over to Gary.

Gary Guthart

Thank you for joining us today. The first quarter of 2024 was a solid one for Intuitive, where core measures of our business remained healthy, including solid procedure growth and capital placements. Furthermore, our teams delivered important milestones across several parts of our Intuitive ecosystem, including launching our next generation of multi-port platform, da Vinci 5, launching our da Vinci SP platform in Europe, and improving our supply constraints for ion catheters. Some regional challenges existed in the quarter which we'll describe today. Taken together we remain enthusiastic about our opportunity and we'll work through near-term pressures by focusing on what we can control.