Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Tencent: A summary of recent WeChat Mini Games conference: Ecosystem, Content, and Party Games</li>
<li>BABA: Alibaba announces replacement of CEO / Chairman Daniel Zhang.</li>
<li>ISRG/2252.hk: Da Vinci 4th generation surgical robots approved by CDE, to start local production in 2026</li>
</ul>


Tencent: A summary of recent WeChat Mini Games conference: Ecosystem, Content, and Party Games
BABA: Alibaba announces replacement of CEO / Chairman Daniel Zhang.
ISRG/2252.hk: Da Vinci 4th generation surgical robots approved by CDE, to start local production in 2026


China TMT Update June 21:Tencent/Baba/ISRG/2252.hk:Mini Games/Baba New Management/Surgical Robots

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 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

<ul>
<li>Despite the macroeconomic headwinds, Q3 results from the large medtech companies showed some encouraging signs including healthy procedure volume growth depicting recovery in the medtech sector globally.</li>
<li>Amidst fear of recession, most of these companies reported healthy system placement and no order cancellation. Diabetes, with a large underpenetrated addressable population, remains one of the most resilient segments.</li>
<li>Financial performances of APAC medtech companies are expected to be driven by healthy global procedure volume growth and Fx, partially offset by macroeconomic headwinds including inflation and supply constraints.</li>
</ul>


Despite the macroeconomic headwinds, Q3 results from the large medtech companies showed some encouraging signs including healthy procedure volume growth depicting recovery in the medtech sector globally.
Amidst fear of recession, most of these companies reported healthy system placement and no order cancellation. Diabetes, with a large underpenetrated addressable population, remains one of the most resilient segments.
Financial performances of APAC medtech companies are expected to be driven by healthy global procedure volume growth and Fx, partially offset by macroeconomic headwinds including inflation and supply constraints.


Global Medtech Trends: Readouts from Early Birds of Q3 Earnings Season- Positives and Negatives

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 UW)

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

In 2Q23, Intuitive recorded 15% YoY revenue growth to $1.76B, led by da Vinci procedure volume growth of 22%. The company raised 2023 procedure...

Tina Banerjee

China TMT Update June 21:Tencent/Baba/ISRG/2252.hk:Mini Games/Baba New Management/Surgical Robots

Tencent: A summary of recent WeChat Mini Games conference/BABA: Alibaba announces replacement of CEO; ISRG/2252.hk: Da Vinci 4th generation...

Blue Lotus Research Institute

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

Intuitive Surgical managed an all-around beat in the last quarter with decent revenue and products growth. The new capital installs were quite...

Baptista Research

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

This is our first report on Intuitive Surgical, one of the largest players in robotic surgery offerings across the globe. Korean growth remained...

Baptista Research

Global Medtech Trends: Readouts from Early Birds of Q3 Earnings Season- Positives and Negatives

Q3 results of large U.S. medtech companies recorded procedure volume growth. However, macroeconomic headwinds are expected to prevail. Similar...

Tina Banerjee

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