Intuitive Surgical, Inc. (ISRG) BofA Securities 2024 Health Care Conference (Transcript)

Intuitive Surgical, Inc. (NASDAQ:ISRG) BofA Securities 2024 Health Care Conference May 15, 2024 11:00 AM ET

Company Participants

Brian King – Head of Investor Relations
Brandon Lamm – Investor Relations

Conference Call Participants

Travis Steed – Bank of America

Travis Steed

We’ve got Intuitive Surgical. Got, Brian King, Vice President Treasurer, Head of Investor Relations. We also have Brandon Lamm up here from Investor Relations as well. Thanks for joining us.

Brian King

Thank you for having us.

Brandon Lamm

Thanks for having us.

Travis Steed

I think you wanted to do an opening forward-looking statement.

Brandon Lamm

Yes. Thanks. Just as a reminder, comments in today’s meeting 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 SEC filings, including our most recent 10-K and 10-Q. Investors are cautioned not to place undue reliance on such forward-looking statements.

Brian King

Thanks, Brendan.

Question-and-Answer Session

Q – Travis Steed

Great. Thanks a lot. So, I wanted to start with the Q1 procedure growth, just kind start their level set. It came in, I think stronger than most people thought really tough comp. Just curious what happened, what kind of drove the upside in Q1? And how much of that is kind of sustainable strength here?

Brian King

Yes. So Q1 essentially had 16% procedure growth versus comparison of the prior year at 26%, right? We had really been emphasizing last year that we saw the benefit of patient backlog, which we assume is actually moderated through 2023. And what do we see in Q1 of 2024, you really saw strength in areas where you continue to see strength in, let’s say, globally in areas like cholecystectomy, foregut procedures, colon resection, for example and in the U.S. in particular, which

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