Вы находитесь на странице: 1из 31

Investor Presentation

Q2 2016

Forward Looking Statement


These slides and any accompanying oral presentation
by Intuitive Surgical, Inc. contain estimates and
forward-looking statements. Actual results may differ
materially from those expressed or implied as a result
of certain risks and uncertainties. These risks and
uncertainties are described in detail in the Companys
Securities and Exchange Commission filings.

Risks
Serious complications may occur in any surgery, including da
Vinci Surgery, up to and including death. Individual surgical
results may vary. Patients should talk to their doctor to
decide if da Vinci Surgery is right for them. Patients and
doctors should review all available information on nonsurgical and surgical options in order to make an informed
decision. Please also refer to
http://www.daVinciSurgery.com/Safety for Important Safety
Information.

Contents Outline
Company Overview & Business
Model
Business Review

Opportunities & Catalysts for


Growth
Corporate Assets & 2016
Priorities

COMPANY OVERVIEW AND


BUSINESS MODEL

Corporate Overview
Founded in 1995, IPO 2000
Over 3 million da Vinci procedures performed to date
Approximately 652,000 da Vinci procedures performed in
2015, up 14% from 2014
Q1 2016 procedures up approximately 17%

$2.38 billion 2015 Revenue, up 12% from 2014


Q1 2016 revenue up 12%

3,660 da Vinci System installed base as of 3/31/16


2,431 United States, 1,229 OUS

Numerous FDA and International Regulatory Clearances


Primary Markets - Urology, Gynecology, General Surgery,
Cardiothoracic

Recurring Revenue Model


Instruments &
Accessories

$700-$3,200
per procedure
2015 Rev $1,198M

Annual Service
Agreement
da Vinci Surgical System
$0.6M - $2.5M
2015 Rev = $722M

$100K - $170K/Year
2015 Rev = $465M

Multiple Segment Product Offering


2015: $1.54M

da Vinci Si-e
$0.6M

da Vinci Surgical System ASP


2015: $1,840

Single-Site
$700

Inst & Accy Rev Per Procedure

Dual Console Xi
Firefly
$2.5M Table Motion

Endowrist
Vessel Sealer
$3,200 Stapler

2015: $138K

da Vinci Si-e
$100K

Annual Service Rev Per System

Includes company estimates and approximate ranges

Dual Console Xi
$170K

Comprehensive Cost of Care


Instrument and accessory costs
Capital costs
OR time costs
Length of stay
Conversions to open surgery
Complications

Readmissions
Surgical site infections (SSI)

da Vinci Ecosystem
Family of da Vinci Systems

3D HD Imaging,
Fluorescent Imaging

Integrated Energy,
Stapling, Vessel Sealing

10,000 Peer-Reviewed Publications


1700+ Comparative Studies

~1400 Skill Simulators,


Dual Surgeon Consoles
24/7/365
Comprehensive
Support
40+ Training
Course Offerings

Analytics and
Efficiency Programs

BUSINESS REVIEW

2015 Commentary
2015 Objectives
Expanding da Vinci in general
surgery, particularly colorectal
surgery and hernia repair
Filling out our product line for
da Vinci Xi and launching in key
markets globally
Developing our organizational
capabilities and markets in
Europe and Asia
Advancing our technologies to
improve surgery
Lowering our direct product costs

Areas of Strength
General surgery growth
International procedure
growth
da Vinci Xi product line
and feature set
Growing acceptance of
robotic -assisted surgery
Extensive, established
da Vinci ecosystem

Challenges
Structural barriers in
some markets
Single-Site procedures

Q1 2016 Highlights
Approximately 17% procedure growth
Strength in US General Surgery, led by hernia repair and
colorectal procedures
Favorable US dVP and Gynecology macro trends

110 Systems placed: US 74, OUS 36


Increased proportion of system placements under
operating leases; 19 of 110 in Q1 2016

FDA clearance and US launch of da Vinci Xi table


motion, 30mm stapler, and Single-Site products

Worldwide Procedure Trend


2016 Guidance:
12-14% Growth

800,000
2015:
14% Growth

700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
2010

2011

Urology
Company estimates

2012
Gynecology

2013

2014

General Surgery

2015
Other

2016

US Procedure Trend
+11%

500,000
400,000
300,000

200,000
100,000
0
2010
Urology
Company estimates

2011

2012
Gynecology

2013
General Surgery

2014

2015
Other

OUS Procedure Trend


160,000

+26%

140,000
120,000
100,000
80,000
60,000

40,000
20,000
0
2010

2011

Europe
Company estimates

2012

2013

Asia

Rest of World

2014

2015

System Placement Trend


160
140

2015 +14%

Q116
+11%

120
100
80
60
40
20
0
Q1

Q2

Q3

Q4

Q1

2014
U.S.

Q2

Q3
2015

Europe

Asia

Rest-of-World

Q4

Q1
2016

Total Revenue*
$2,500
2015
70%
Recurring

$2,000
$1,500
$1,000
$500
$0
2010

2011
Systems

*Dollar amounts in millions

2012
Service

2013

2014
Inst & Accy

2015

Installs by Country and Region

da Vinci System Installed Base


Europe
616

USA
2,431
Asia
441

Rest of World: 172

OPPORTUNITIES AND CATALYSTS


FOR GROWTH

Open Surgery Remains Common U.S.


Yr: 2004
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Prostate

Malignant Benign Hyst


Hyst
Robotic

Source: ISI estimates and third party data

Other MIS

Open

Open Surgery Remains Common U.S.


Yr: 2015
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Prostate

Malignant Benign Hyst


Hyst
Robotic

Source: ISI estimates and third party data

Other MIS

Open

Open Surgery Remains Common U.S.


Yr: 2015
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Prostate

Malignant Benign Hyst Colorectal


Hyst
Robotic

Source: ISI estimates and third party data

Other MIS

Open

Ventral
Hernia

Thoracic

Total Procedure Markets


As many as 4 million annual procedures
available for products on the market today in
countries for which we have clearances
Over time, O.U.S. opportunity will be greater
than U.S.
Roughly half of opportunity based on
underlying cancer as cause

ISI Investments
Advanced imaging
Advanced instrumentation and computerenhanced precision at tissue
Less invasive access
Training technologies
Next generation robotic technologies
International organization
Continued clinical and economic validation

Building da Vinci Xi Value:


New Xi Products / Markets

Vessel Sealer and Firefly launched 2014


Korea Clearance Q4 14
45 mm Stapler launched Q1 15
Clearance in Japan end of Q1 15
Harmonic curved shears and other new
instruments FDA Cleared Q2 15
Table motion FDA Cleared Q1 16
Single-Site FDA Cleared Q1 16
30 mm Stapler FDA Cleared Q1 16

da Vinci Sp

The da Vinci SP is not commercially available. 2016 emphasis is on clinical investigations focused
on trans oral, trans abdominal, and trans anal procedures.

2016 PRIORITIES AND


CORPORATE ASSETS

2016 Priorities
Expand da Vinci in thoracic and general surgery,
particularly colorectal surgery and hernia repair
Advance key technologies extend our product
leadership position
Drive international performance and strengthen
our organization
Maximize total-cost-to-treat value for customers

Corporate Assets
Extraordinary people

3,660 da Vinci System installed base 3/31/16


Numerous FDA and international regulatory clearances
Extensive instrument and accessory product line

Intuitive Surgical training centers worldwide


Ownership of or exclusive rights to over 2,250 U.S. and
foreign patents and more than 1,550 US and foreign
patent applications
da Vinci patient awareness