Intuitive Maintains Strong Procedure Growth in 1Q, but System Sales, Predictably, Decelerate
Intuitive Surgical's procedure growth in the first quarter was largely aligned with what we saw in 2018. The 18% volume growth in the quarter allowed the firm to commit to the higher end of its full-year forecast, which is now slightly ahead of our targets. However, it appears that the system sales deceleration may be here sooner than we expected, offsetting the positive impact of strong procedure volume. For now, we are leaving our fair value estimate and our wide moat rating intact. The shares...Intuitive Surgical develops, manufactures, and markets the da Vinci? Surgical System and the Ion? endoluminal system. The systems consist of a surgeon console or consoles, a patient-side cart, a vision system, and proprietary instruments and accessories. The company's technology is designed to provide surgeons with a range of motion analogous to the motions of a human wrist, while filtering out the tremors inherent in a surgeon's hands. The company's primary platform for robotic-assisted surgery is its family of da Vinci Surgical Systems. The da Vinci Surgical System allows surgeons to operate while seated at an ergonomic console viewing a three-dimensional image of the surgical field.
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