Intuitive Surgical at Goldman Sachs Conference

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A digest of some of the top insights that I’ve gathered from this week’s earnings calls.  Full notes can be found here.

Started to see growth slow in 2013

“In 2013, what we started to see was a lot of slowing in the growth in our U.S. benign gynecology franchise.”

MIS has reached a saturation point

“the other part is also about MIS surgery has reached a bit of a saturation point. And if you look at exiting 2013 between robotic, laparoscopic and – when you look at where we exited 2013, you combine robotic, laparoscopic and vaginal surgery for hysterectomy and actually it’s approaching 80%.”

Days of significant share gain are largely behind us in hysterectomy

“f you look back to prior robotics, it was all vaginal and laparoscopic surgery represented about 40% of all hysterectomy. And so robotics has been able to expand the market from 40% to 80%. But the days of significant share gains relative to open surgery are largely behind us”

The hand off in growth drivers to international and Gen Surg hasn’t been seamless

“The hand-off is currently taking place between U.S. GYN as the growth driver domestically and U.S. general surgery and our international business as the growth drivers moving forward just hasn’t been seamless.”

General surgery is different than urology and gynecology because more types of procedures

“general surgery is a category with multiple sub-specialties within it. And so if you look at the way in which we grown in general surgery is a lot of different than how we grew in urology and gynecology where there is really one key procedure like prostatectomy or hysterectomy where our growth came from.”