Intuitive Surgical

The da Vinci surgical robot, a set of camera-and-instrument arms a surgeon controls from a console, is the product that built Intuitive Surgical. Sold and leased to hospitals since 2000, the systems are expensive, but the real business is the recurring one: every procedure consumes Intuitive's proprietary instruments and accessories, and the installed base of roughly ten thousand robots generates that revenue year after year. This razor-and-blades model, plus service contracts, gives the Sunnyvale, California company steady, high-margin sales that grow with surgical volumes rather than one-off equipment orders. Founded in 1995, Intuitive has kept a commanding lead in soft-tissue robotic surgery and is extending it with newer platforms like the Ion system for lung biopsies. Its main risk is less competition than the pace at which hospitals adopt robotic procedures.

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