In today’s briefing:
- China Healthcare Weekly (Jul.21) – New Growth Points by NDRC, License-In Model Isn’t Outdated, Intco
- Intuitive Surgical (ISRG US): Robust Procedure Volume Drove 2Q23 Result; 2023 Outlook Raised
China Healthcare Weekly (Jul.21) – New Growth Points by NDRC, License-In Model Isn’t Outdated, Intco
- NDRC issued “Guiding Catalogue for Industrial Structure Adjustment“. The newly proposed adjustments deserve investors’ attention, because they are the areas where investors could receive excess returns in China healthcare.
- Obtaining assets from external sources remains paramount for MNCs. License-in mode isn’t outdated. As long as companies can make money, the ways to acquire assets can be diversified.
- Intco’s performance/stock price has bottomed out, and would gradually resume growth/rebound afterwards. Its market value would return to RMB20-30 billion. Intco would achieve a distress reversal, with attractive investment value.
Intuitive Surgical (ISRG US): Robust Procedure Volume Drove 2Q23 Result; 2023 Outlook Raised
- 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.
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