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Intuitive Surgical Inc ISRG

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Morningstar’s Analysis

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Intuitive's Procedures Rebound in Q1, Setting the Firm for Strong Recovery

Alex Morozov, CFA Regional Director

Analyst Note

| Alex Morozov, CFA |

Intuitive Surgical's strong growth in procedures in the first quarter was the most surprising development in its performance. With a 17% year-on-year recovery, procedures now have returned to the prepandemic level, and the company's confident guidance for a 22%-26% growth in full-year procedures implies significant pent-up demand. We updated our model for the first quarter and incorporated new assumptions for the pace of procedure bounceback; as a result we are raising our fair value estimate to $500 per share. We maintain our wide moat rating for the firm.

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Company Profile

Business Description

Intuitive Surgical develops, produces, and markets a robotic system for assisting minimally invasive surgery. It also provides the instrumentation, disposable accessories, and warranty services for the system. The company has placed nearly 6,000 da Vinci systems in hospitals worldwide, with nearly 4,000 installations in the United States and a growing number in emerging markets.

1020 Kifer Road
Sunnyvale, CA, 94086-5304
T +1 408 523-2100
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Aggressive Growth
Employees 8,081