Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In 3Q23, <a href="https://www.smartkarma.com/entities/intuitive-surgical-inc" target="_blank" data-smartkarma-citation="entities:15853:1" rel="noopener">Intuitive Surgical (ISRG US)</a> recorded 12% YoY revenue growth to $1.74B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.</li>
<li>3Q23 procedure growth was 19%, versus 20% in 3Q22 and 22% in 2Q23. Systems revenue declined 11%, due to higher number of systems placed under lease and lower China demand.</li>
<li>The company now expects 2023 procedure volume growth of 21–22%, up from previous estimates of 20–22%. Significant material supply chain disruptions or hospital capacity constraints are not expected.</li>
</ul>


In 3Q23, Intuitive Surgical (ISRG US) recorded 12% YoY revenue growth to $1.74B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
3Q23 procedure growth was 19%, versus 20% in 3Q22 and 22% in 2Q23. Systems revenue declined 11%, due to higher number of systems placed under lease and lower China demand.
The company now expects 2023 procedure volume growth of 21–22%, up from previous estimates of 20–22%. Significant material supply chain disruptions or hospital capacity constraints are not expected.


Intuitive Surgical (ISRG US): Mixed Q3 Result; Encouraging Procedure Growth Is the Key Positive

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Intuitive Surgical managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>Cholecystectomy and hernia repair procedures grew more frequently in general surgery.</li><li>SP procedure growth was accretive in the quarter, with a 40% global increase driven by accelerated growth in the United States.</li></ul>

Intuitive Surgical managed to exceed analyst expectations in terms of revenue as well as earnings.Cholecystectomy and hernia repair procedures grew more frequently in general surgery.SP procedure growth was accretive in the quarter, with a 40% global increase driven by accelerated growth in the United States.

Intuitive Surgical Inc.: Can The da Vinci System Be A Game Changer For The Medical Industry? – Key Drivers

<ul>
<li>In 2Q23, <a href="https://www.smartkarma.com/entities/intuitive-surgical-inc" target="_blank" data-smartkarma-citation="entities:15853:1" rel="noopener">Intuitive Surgical (ISRG US)</a> recorded 15% YoY revenue growth to $1.76B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.</li>
<li>2Q23 procedure growth was 22%, compared to 14% for 2Q22 and 26% last quarter. Areas of strength included general surgery and gynecology for benign conditions, particularly in the U.S.</li>
<li>The company now expects 2023 procedure volume growth of 20–23%, up from previous estimates of 18–21% growth. Significant material supply chain disruptions or hospital capacity constraints are not expected.</li>
</ul>


In 2Q23, Intuitive Surgical (ISRG US) recorded 15% YoY revenue growth to $1.76B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
2Q23 procedure growth was 22%, compared to 14% for 2Q22 and 26% last quarter. Areas of strength included general surgery and gynecology for benign conditions, particularly in the U.S.
The company now expects 2023 procedure volume growth of 20–23%, up from previous estimates of 18–21% growth. Significant material supply chain disruptions or hospital capacity constraints are not expected.


Intuitive Surgical (ISRG US): Robust Procedure Volume Drove 2Q23 Result; 2023 Outlook Raised

<ul><li>Intuitive Surgical managed an all-around beat in the last quarter with decent revenue and products growth.</li><li>The new capital installs were quite strong, with customers building their Ion and da Vinci system capabilities.</li><li>A capable product portfolio and strong growth in procedures have supported quite a healthy capital placement quarter.</li></ul>

Intuitive Surgical managed an all-around beat in the last quarter with decent revenue and products growth.The new capital installs were quite strong, with customers building their Ion and da Vinci system capabilities.A capable product portfolio and strong growth in procedures have supported quite a healthy capital placement quarter.

Intuitive Surgical Inc.: Robust Growth in Procedures and Products – Key Drivers

<ul><li>This is our first report on Intuitive Surgical, one of the largest players in robotic surgery offerings across the globe.</li><li>Korean growth remained steady, while Japanese procedure growth quickened compared to Q2.</li><li>We initiate coverage on the stock of Intuitive Surgical with a ‘Hold’ rating.</li></ul>

This is our first report on Intuitive Surgical, one of the largest players in robotic surgery offerings across the globe.Korean growth remained steady, while Japanese procedure growth quickened compared to Q2.We initiate coverage on the stock of Intuitive Surgical with a ‘Hold’ rating.

Intuitive Surgical Inc.: Initiation of Coverage – Recent Approvals & Other Drivers

United States

Intuitive Surgical, Inc. design, manufactures, and markets surgical systems. The Company offers endoscopes, endoscopic retractors and disectors, scissors, scalpels, forceps, needle holders, electrocautery, ultrasonic cutters, and accessories during surgical procedures. Intuitive Surgical operates worldwide.

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Intuitive Surgical (ISRG US)