Investor Presentation Q2 2015

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 non-

surgical 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 & 2015

Priorities

Corporate Overview and Business Model

Corporate Overview Founded in 1995, IPO 2000

Approximately 570,000 da Vinci procedures performed in 2014, up 9% from 2013

Q115 procedures up approximately 13%

2014 Revenue - $2.13B, down 6% from 2013

Capital -24%, Recurring +5%

Q115 Non-GAAP Revenue* up 9%

3,317 da Vinci System installed base as of 3/31/15

2,254 United States, 556 Europe, 507 Rest of World

Numerous FDA and International Regulatory Clearances

Primary Markets - Urology, Gynecology, General Surgery, Cardiothoracic

. *Non-GAAP Revenue of Q114 included $25.6 million of net revenue associated with da Vinci Xi trade-out offers. Non-GAAP Revenue for Q115 was equal to GAAP revenue.

Annual Service Agreement $100K - $170K/Year 2014 Rev = $429M

da Vinci Surgical System

$0.6M - $2.5M

2014 Rev = $633M

Instruments &

Accessories

$700-$3,200

per procedure

2014 Rev $1,070M

Recurring Revenue Model

Annual Service Rev Per System

da Vinci Surgical System ASP

Inst & Accy Rev Per Procedure

2014 Range of Pricing to Meet Multiple Segments

$0.6M

$170K $100K

$3,200 $700

$2.5M

da Vinci Si-e

Single-Site

Dual Console Xi Firefly

Endowrist Vessel Sealer Stapler

Typically Benign Typically Cancer

2014: $1.5M

2014: $1,880

2014: $140K Dual Console Xi da Vinci Si-e

Includes company estimates and approximate ranges

Business Review

2014 Objectives Drive adoption in General

Surgery

Launch key new products da Vinci Xi

Increase organizational capability in direct international markets

Areas of Strength General Surgery growth

European capital and clinical performance

Clinical performance in Asia

Xi Launch

Wristed needle driver development

Challenges Stapler stop-use

US Gynecology macro-environment

Single-Site Cholecystectomy

2014 Commentary

Areas of Strength

Procedure growth U.S. general surgery, U.S. dVP macro trends, and international

Stapler U.S.: Resumed shipping Si version and launched Xi version

Europe: Obtained CE Mark status for Si and Xi versions

Received da Vinci Xi clearance in Japan

Challenges

Gross margin pressure Fx headwinds; new product costs

Q1 2015 Commentary

Annual Worldwide Procedures

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2009 2010 2011 2012 2013 2014 2015

Urology Gynecology General Surgery Other

Company Estimates

2015 Guidance: 8-11% Growth 2014:

9% Growth

Company estimates

U.S. Urology Procedures

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2006 2007 2008 2009 2010 2011 2012* 2013 2014

Prostate Kidney Other

Company estimates

* U.S. Preventive Services Task Force Recommends Against PSA testing 5/2012

050,000

100,000

150,000

200,000

250,000

2009 2010 2011 2012 2013 2014

Benign Hysterectomy Malignant Hysterectomy Other

U.S. Gynecology Procedures

Company estimates

U.S. General Surgery Procedures

0

20,000

40,000

60,000

80,000

100,000

120,000

2009 2010 2011 2012 2013 2014

Upper GI / HPB Lower GI / Colorectal Other

Company estimates

2014 Revenue - $641M, up from $639M in 2013

30% of 2014 total revenue

Approximately 121,000 procedures performed in 2014, up 20% from 2013; Q1 2015 up 22%

Strength in EU Systems and Procedures

Strength in Asia Procedures

Significant investments supporting long term growth

Japan: Transition to direct sales structure, clinical trials, organizational growth

Europe: Sales coverage, clinical data and analysis

International Performance

OUS Annual Procedures

Company Estimates

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2009 2010 2011 2012 2013 2014

Europe Asia Rest of World

Company estimates

da Vinci Xi

Designed for multi-quadrant surgical access

Narrower arms with greater reach

Lighter, slimmer endoscopes that can move between ports

Computer assisted, streamlined set up

Compatible surgical simulator

Why Xi Matters

Despite my obvious interest in minimally invasive surgery I had resisted adopting previous da Vinci platforms because of what I felt were limitations. The da Vinci Xi platform is a game changer for me. I now feel that this technology will not just equal my standard laparoscopic abilities but actually will allow me to reach new levels in providing surgical care to my patients.

B. Harkins, MD, FACS General Surgeon, Texas

System Placement Trend

0

20

40

60

80

100

120

140

160

180

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2013 2014 2015

U.S. Europe Japan Rest-of-World

System Mix Trend

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q114 Q214 Q314 Q414 Q115

U.S. System Mix

S / Sie Si Xi

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q114 Q214 Q314 Q414 Q115

Europe System Mix

S / Sie Si Xi

Europe

556

USA

2,254

Australia/New

Zealand 34

Japan 194

South Korea 50

China 46

India 29

Taiwan 25

Singapore 7

Thailand 6

Other 8

Installs by Country and Region

Saudi Arabia 13

Israel 7

Qatar 6

Other 9

Middle

East

35

Brazil 15

Mexico 7

Argentina 5

Chile 5

Other 12

Latin

America

44

Denmark 15

Norway 11

Czech Republic 7

Austria 6

Finland 5

Ireland 3

Other 4

Distribution

Italy 81

Spain 30

Turkey 33

Russia 25

Greece 9

Romania 6

Other 9

Direct

France 86

Germany 74

UK 48

Belgium 33

Switzerland 27

Sweden 24

Netherlands 20

Asia

365

Canada 25

Intuitive sells directly to customers in the US, Korea, and the European countries indicated above. In June 2014 direct sales rights were obtained in Japan. Sales are through distributor partners in all other areas of the world including, Canada, Latin America, the Middle East, Asia and Australia.

South Africa 4

da Vinci System Installed Base

Trended da Vinci System Installed Base

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Q110 Q111 Q112 Q113 Q114 Q115

United States

International

Opportunities and Catalysts for Growth

Open Surgery Remains Common U.S.

Source: ISI data as well as estimates

Yr: 2004

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Prostate MalignantHyst

Benign Hyst

Robotic Other MIS Open

Open Surgery Remains Common U.S.

Source: ISI data as well as estimates

Yr: 2014

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Prostate MalignantHyst

Benign Hyst Colorectal VentralHernia

Thoracic

Robotic Other MIS Open

Open Surgery Remains Common OUS

Source: ISI data as well as estimates. OUS defined as Western Europe, Canada, Australia, South Korea and Japan

Yr: 2014

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Prostate MalignantHyst

Colorectal Gastrectomy Thoracic

Other MIS Robotic Open

Total Procedure Markets

We estimate 2 4 million procedures available for products on the market today in countries for which we have clearances

Over time, opportunity OUS will be greater than U.S.

Roughly half of opportunity based on underlying cancer as cause

Clinical and Economic Validation Overview of the Database

To date, there are approximately 8,500 peer-reviewed clinical publications studying da Vinci use

Approximately 99% of these studies are independent of ISI

Of these, approximately 1,400 are comparative studies

In 2014, 1,600 new studies were published, of which ~400 were comparative

There are now approximately 25 government sponsored assessments of da Vinci surgery spanning ~14 countries

Which is the right comparison?

Populations Matter (e.g., Rectal Resection)

Laparoscopy

Open Surgery

da Vinci LAR

Mar

ket

Shar

e %

MIS Surgeon Perspective dV vs Lap }

Patient Perspective Open vs MIS }

Areas of Investment in Clinical and Economic Analyses

U.S. Hernia registry, Gynecologic Oncology registry

Japan Urology and General Surgery

Germany Urology and General Surgery

U.K. Colorectal registry

France Colorectal registry

Numerous economic studies

ISI Investments to Improve Surgery

Advanced imaging (e.g., Firefly Fluorescence Imaging)

Computer-enhanced precision at tissue (e.g., Smart-clamp for stapling)

Less invasive access (e.g., single-port and natural orifice surgery)

Training technologies (e.g., simulation, dual-console, setup assist)

Product Milestones

Continue da Vinci Xi Product Launch:

Xi Vessel Sealer launched Q2 14

Xi Firefly launched Q3 14

Clearance in Korea Q4 14

Xi Stapler launch Q1 15

Clearance in Japan End of Q1 15

Xi Table motion submission Q3 15

Xi Single-Site submission H2 15

Single-Site wristed needle driver for Si launched Q4 14

Integration of da Vinci Sp Current Xi Configuration

Deliver technical milestones in 2015 Initiate customer evaluations

Integration of da Vinci Sp Xi with Sp Patient Cart and Instruments

Deliver technical milestones in 2015 Initiate customer evaluations

2015 Priorities and

Corporate Assets

Extraordinary people

3,317 da Vinci System installed base 3/31/15

Numerous FDA and international regulatory clearances

Extensive instrument and accessory product line

Intuitive Surgical training centers worldwide

Ownership of or exclusive rights to over 1,750 U.S. and foreign patents and more than 1,500 US and foreign

patent applications

da Vinci patient awareness

Corporate Assets

2015 Priorities

Drive adoption of colorectal surgery and hernia repair

Complete da Vinci Xi launch additional products and international markets; reduce product costs

Develop market and organizational capabilities in EU and Asia

Initiate customer learning on da Vinci Sp