Intuitive Surgical, Inc. (NASDAQ: ISRG) is the global technology leader in minimally invasive robotic-assisted surgery. The Company's da Vinci® Surgical System offers surgeons superior 3D HD visualization, enhanced dexterity, greater precision and control, as well as ergonomic comfort for the optimal performance of minimally invasive surgery (MIS). The da Vinci System allows surgeons to perform even complex procedures, like heart valve and cancer surgery, through 1–2 cm incisions.
The da Vinci Surgical System is allowing hospitals everywhere to extend the benefits of MIS to a broader base of patients. An investment in an MIS initiative built around the da Vinci Surgical System can provide hospitals with greater productivity and operational efficiencies. Improved operational efficiencies may result in a lower rate of complications and infections, reduced need for blood transfusions and post-operative pain management, simplified post-operative nursing care, and shorter length of stay.
The original prototype for the da Vinci System was developed in the late 1980s at the former Stanford Research Institute under contract to the U.S. Army. While initial work was funded in the interest of developing a system for remotely performing battlefield surgery, possible commercial applications were even more compelling. It was clear to those involved that this technology could accelerate the application of a minimally invasive surgical approach to a broader range of procedures.
In 1995, Intuitive Surgical was founded to test this theory. In January 1999, Intuitive launched the da Vinci System, and in 2000 became the first robotic surgical system cleared by the FDA for general laparoscopic surgery. In the following years, the FDA cleared the da Vinci System for thoracoscopic (chest) surgery, cardiac procedures performed with adjunctive incisions, as well as urologic, gynecologic, pediatric, and transoral otolaryngology procedures. In June 2000, Intuitive Surgical completed a successful initial public offering. This was followed by a second successful public offering in 2003. In 2003, the company also acquired its principal competitor, Computer Motion, Inc., strengthening the company’s intellectual property holdings.
As of December 31, 2012, there were 2,585 da Vinci Systems installed in approximately 2,025 hospitals worldwide. Intuitive Surgical holds ownership of or exclusive rights to over 1,250 U.S. and foreign patents and more than 1,150 US and foreign patent applications as of December 31, 2012. Intuitive Surgical’s patents and patent applications relate to a number of important aspects of its technology, including the surgeon console, electromechanical arms, vision system, endoscope positioning system, and EndoWrist® instruments. In addition to developing its own proprietary technologies, Intuitive Surgical has established relationships with several industry leaders, including IBM Corporation, Massachusetts Institute of Technology (MIT), John Hopkins University (JHU), and Heartport, Inc. (Johnson & Johnson). Intuitive has also entered into industry collaborations with companies including Ethicon Endo-Surgery (Johnson & Johnson), Luna Innovations, Power Medical Interventions, Teleflex Medical, InTouch Health, Stryker, Novadaq, and Mimic.
Headquartered in Sunnyvale, California, Intuitive Surgical has more than 2,362 employees worldwide. Intuitive Surgical ended 2012 with cash, cash equivalents, and investments of $2.9 billion, up 34% over 2011. Fiscal year 2012 revenue was $2.18 billion up 24% compared to 2011.
Approximately 450,000 da Vinci procedures were performed in 2012, up approximately 25% compared to 2011. The da Vinci System is the #1 option for minimally invasive hysterectomy in the U.S. for benign reasons,1 and the #1 treatment for women facing gynecologic cancer.2 For prostate cancer patients, da Vinci Surgery is used in four out of five radical prostatectomies in the U.S.3
Intuitive Surgical, Inc.
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All surgery presents risk, including da Vinci® Surgery and other minimally invasive procedures. Serious complications may occur in any surgery, up to and including death. Examples of serious or life-threatening complications which may require hospitalization include injury to tissues or organs, bleeding, infection or internal scarring that can cause long-lasting dysfunction or pain. Temporary pain or nerve injury has been linked to the inverted position often used during abdominal and pelvic surgery. Risks of surgery also include potential for equipment failure and human error. Risks specific to minimally invasive surgery may include: A long operation and time under anesthesia, conversion to another technique or the need for additional or larger incisions. If your surgeon needs to convert the procedure, it could mean a long operative time with additional time under anesthesia and increased complications. Temporary pain or discomfort may result from pneumoperitoneum, the presence of air or gas in the abdominal cavity used by surgeons in minimally invasive surgery. Research suggests that there could be an increased risk of incision-site hernia with single-incision surgery. Results, including cosmetic results, may vary. Patients who bleed easily, who have abnormal blood clotting, are pregnant or morbidly obese are typically not candidates for minimally invasive surgery, including da Vinci® Surgery. For more complete information on surgical risks, safety, and indications for use, please refer to http://www.davincisurgery.com/safety/. Patients should talk to their doctors about their surgical experience and to decide if da Vinci Surgery is right for them. Other options may be available. Intuitive Surgical reviews clinical literature from the highest level of evidence available to provide benefit and risk information about use of the da Vinci Surgical System in specific representative procedures. We encourage patients and physicians to review all available information on surgical options and treatment in order to make an informed decision. Clinical studies are available through the National Library of Medicine at www.ncbi.nlm.nih.gov/pubmed.
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1Claim based on Solucient market analysis and internal Intuitive Surgical data on file.
2Since da Vinci Hysterectomy procedure numbers grow rapidly, Intuitive Surgical does market share on an instantaneous (i.e. quarterly) basis. In 1Q12, there were 9,295 da Vinci Hysterectomy cancer procedures in the US. Assuming cancer has no seasonality, which is the case, there are ~13,750 cases per quarter (55,000 / 4). 9295/13750=68%
3National Cancer Institute. NCI Cancer Bulletin. Tracking the Rise of Robotic Surgery for Prostate Cancer. Aug. 9, 2011 Vol. 8/Number 16. Available from: http://www.cancer.gov/ncicancerbulletin/080911/page4.
About the da Vinci System