Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>Despite challenging macroeconomic environment, <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> reported stellar Q3 results, with revenue growing 11% y/y to $1.56 billion, mainly driven by da Vinci procedure growth of 20%.</li>
<li>Q3 procedure growth reflected U.S. and OUS procedures growth of 18% and 24%, respectively. Management has raised 2022 da Vinci procedure growth guidance to 17–18% from 14.0–16.5% earlier.   </li>
<li>System placement improved 9% q/q to 305 placements, with system ASP remaining at $1.5 million, consistent with last quarter. As of 3Q22, installed base grew 13% y/y to 7,364 systems.</li>
</ul>


Despite challenging macroeconomic environment, Intuitive Surgical (ISRG US) reported stellar Q3 results, with revenue growing 11% y/y to $1.56 billion, mainly driven by da Vinci procedure growth of 20%.
Q3 procedure growth reflected U.S. and OUS procedures growth of 18% and 24%, respectively. Management has raised 2022 da Vinci procedure growth guidance to 17–18% from 14.0–16.5% earlier.   
System placement improved 9% q/q to 305 placements, with system ASP remaining at $1.5 million, consistent with last quarter. As of 3Q22, installed base grew 13% y/y to 7,364 systems.


Intuitive Surgical (ISRG US): Better-Than-Expected Q3 2022 Results; Raised Procedure Growth Guidance

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.</li>
<li>The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.</li>
<li>Today we are flagging Outset Med., NVIDIA, Intuitive Surgical, Plug Power</li>
</ul>


This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.
The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.
Today we are flagging Outset Med., NVIDIA, Intuitive Surgical, Plug Power


Breaking Growth Short Candidates:  Outset Med., NVIDIA, Intuitive Surgical, Plug Power

<ul>
<li>This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.</li>
<li>The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.</li>
<li>Today we are flagging: Shopify, Snowflake, Intuitive Surgical, and ServiceNow</li>
</ul>


This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.
The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.
Today we are flagging: Shopify, Snowflake, Intuitive Surgical, and ServiceNow


Breaking Growth Short Candidates: Shopify, Snowflake, Intuitive Surgical, ServiceNow

<ul>
<li>
<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> reported Q2 results, which missed expectations. Overall performance was impacted by COVID-19 resurgence and macro headwinds including inflation and supply chain constraint.</li>
<li>Despite lockdowns in its second biggest market of China, the company reported worldwide da Vinci procedures growth of 14% y/y, in-line with earlier full-year guidance range of 12–16%.</li>
<li>With China showing signs of recovery, Intuitive now expects worldwide da Vinci procedures to grow 14.0–16.5% in 2022. However, soft U.S. hospital capex remains an area of concern.  </li>
</ul>



Intuitive Surgical (ISRG US) reported Q2 results, which missed expectations. Overall performance was impacted by COVID-19 resurgence and macro headwinds including inflation and supply chain constraint.
Despite lockdowns in its second biggest market of China, the company reported worldwide da Vinci procedures growth of 14% y/y, in-line with earlier full-year guidance range of 12–16%.
With China showing signs of recovery, Intuitive now expects worldwide da Vinci procedures to grow 14.0–16.5% in 2022. However, soft U.S. hospital capex remains an area of concern.  


Intuitive Surgical (ISRG US): Q2 2022 Results Missed Expectations; Raised Procedure Growth Guidance

<ul>
<li>This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.</li>
<li>The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.</li>
<li>Today we are flagging Repligen, Snap, Dynatrace Inc, Intuitive Surgical</li>
</ul>


This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.
The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.
Today we are flagging Repligen, Snap, Dynatrace Inc, Intuitive Surgical


Breaking Growth Short Candidates: Repligen, Snap, Dynatrace, Intuitive Surgical

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Intuitive Surgical (ISRG US)