Q4 2013 Earnings Call Transcript

Transcript Call Date 01/23/2014

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Intuitive Surgical Fourth Quarter Earnings Release. At this time, all participants are in a listen-only mode. Later on, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Senior Director of Finance, Mr. Calvin Darling. Please go ahead.

Calvin Darling - Senior Director of Finance: Thank you. Good afternoon, and welcome to Intuitive Surgical's fourth quarter earnings conference call. With me today, we have Gary Guthart, our President and CEO; Marshall Mohr, our Chief Financial Officer; and (Patrick Clingan), Director of Finance.

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 the Company's Securities and Exchange Commission filings, including in our most recent Form 10-K filed on February 4, 2013, and our Form 10-Q filed on October 18, 2013. These filings can be found through our website or at the SEC's EDGAR database. Prospective 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 intuitivesurgical.com on the Audio Archive section under our Investor Relations page. In addition, 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 fourth quarter results as described in our press release announced earlier today, followed by a question-and-answer session. Gary will present the quarter's business and operational highlights. Marshall will provide a review of our fourth quarter financial results. Patrick will discuss marketing and clinical highlights, and I will provide our financial outlook for 2014. Finally we will host a question-and-answer session.

With that, I will turn it over to Gary.

Gary S. Guthart, Ph.D. - President and CEO: Thank you for joining us on the call today. 2013 was a challenging year for Intuitive. Trends that emerged in the second quarter of 2013 continued through the balance of the year, including revenue uncertainties for United States customers due to pressure on gynecologic surgery broadly, the implementation of the Affordable Care Act and confusion surrounding the public debate regarding some da Vinci procedures.

These factors resulted in the slowing of our growth in gynecology and a subsequent decline in the sale of systems in the United States. The year also featured several strengths in our business. Among them the publication of several large studies supporting the clinical and economic value of da Vinci use. We also experienced the acceleration of procedure growth in Europe and Japan, broad-based growth in general surgery procedures in the United States and continued adoption of our new products worldwide.

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