Intuitive Surgical Inc.

Sunnyvale, United Stateswww.intuitive.com/
Invested through
  • Triodos Global Equities Impact Fund
  • Triodos Impact Mixed Fund - Defensive
  • Triodos Impact Mixed Fund - Neutral
  • Triodos Impact Mixed Fund - Offensive
Asset ClassesListed equity
Impact strategyImpact Equities and Bonds
Bloomberg tickerISRG US
ISIN codeUS46120E6023
Industry groupHealth Care Equipment & Services
Aligned with SDGs
  • Good health and well-being

Intuitive Surgical was founded in 1995 and is the pioneer and global technology leader in robotic-assisted, minimally invasive surgery. The company develops, manufactures and markets the da Vinci surgical system, through which it aims to make surgery more effective, less invasive and easier on surgeons, patients and their families.

Da Vinci's main clinical applications are general, gynaecologic, urologic, (cardio)thoracic and head & neck (TORS) surgery. Especially general surgery is growing at a quick pace. This category includes hernia repair, colorectal surgery (treating cancerous conditions of the lower digestive system), cholecystectomy (surgical removal of gall bladder) and bariatric surgery (treating patients for morbid obesity and its secondary effects, such as diabetes).

ISRG's revenues can be broken down into three categories: systems (30% of total), instruments & accessories (54%) and services (16%). About 72% of total revenues can be considered recurring, i.e. instruments & accessories, services and the operating lease part of systems. ISRG enjoys strong EBITDA margins of 35-40%.

Currently ~6,000 da Vinci systems are installed worldwide, of which the majority in the US. ISRG's CEO is Gary Guthart (since 2010) and the CFO is Jamie Samath (since 2021). ISRG is headquartered in Sunnyvale, California."

Investment rationale

Robotic surgery enables surgeons to conduct their procedures with less impact on the patient: greater consistency, reduced pain and discomfort, faster recovery times, smaller incisions and reduced blood loss are some of the main benefits. All this causes patients to recover more quickly from surgical procedures, meaning patients can return home quicker leading to better availability of hospital beds. For surgeons, Intuitive Surgical's da Vinci systems enhance the possibilities to commit surgery, leading to better patient outcomes. It gives the physician greater visualization, dexterity and precision and makes long surgeries more comfortable to perform.