Intuitive's Procedure Growth Is Impressive, but Beware of Rich Valuation
Intuitive's procedure growth continues to defy our expectations. While we aren't surprised by the strong uptake of robotic-assisted surgery in general surgery, mature procedures remain at elevated levels. Midway through the year, Intuitive's procedure growth sits at 17%, well above our forecast and the company's own guidance. We're raising our forecast for procedures to 16% for the full year, which leads to a boost in our fair value estimate to $275 per share from $257. We are maintaining our wi...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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