Intuitive Surgical Inc

ISRG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$931.00	Wmjhj	Rctstllyz

Intuitive's Procedures Rebound in Q1, Setting the Firm for Strong Recovery

Alex Morozov

Apr 21, 2021

Intuitive Surgical's strong growth in procedures in the first quarter was the most surprising development in its performance. With a 17% year-on-year recovery, procedures now have returned to the prepandemic level, and the company's confident guidance for a 22%-26% growth in full-year procedures implies significant pent-up demand. We updated our model for the first quarter and incorporated new assumptions for the pace of procedure bounceback; as a result we are raising our fair value estimate to $500 per share. We maintain our wide moat rating for the firm.

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