investor presentation q2 2019 - intuitive surgical
TRANSCRIPT
Investor PresentationQ2 2019
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 anduncertainties are described in detail in
the CompanyrsquosSecurities and Exchange Commission filings
2
Note Some products shown in this presentation may not yet have obtained
regulatory clearances in this country These products are therefore not for sale in
this market Please check with your local Regulatory contact for current status
As of 2018 there werehellip
1500+ peer reviewed articles published
1000000+procedures performed
3
900da Vinci systems placed
18000+ peer reviewed articles published
6000000+procedures performed
4986da Vinci systems placed globally
2018
Cumulative
2018 Commentary
Objectives
bull Continue adoption in General Surgery
bull Continue to develop core European
markets and Asian market access
bull Advance new platforms ndash da Vinci SP
System Ion and advanced
instrumentation
bull Support additional clinical and
economic validation by region
Areas of Strength
bull US general surgery growth
bull New system installs
bull Innovation pipeline
Challenges
bull Performance in some EU countries
bull Macro trade environment
4
Worldwide Procedure Trend
5
0
250000
500000
750000
1000000
1250000
2013 2014 2015 2016 2017 2018 2019
Urology Gynecology General Surgery Other
2018
18 Growth
2019 Guidance
15-17 Growth
UrologyGynecologyGeneral SurgeryOther Estimated Growth
Growth in procedure categories Global over past 10 years
0
50000
100000
150000
200000
250000
300000
350000
400000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
General Surgery Gynecology Urology Thoracic Surgery TORS
6
Gynecology
TORS
General Surgery
Urology
Thoracic
As of December 31 2018
System Placements
7
0
100
200
300
400
500
600
700
800
900
2016 2017 2018
Rest-of-World Asia Europe US
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2016 2017 2018
Rest-of-World Asia Europe US
+35 +13
Installed Base
Total Revenue
8
Dollar amounts in millions
$0
$500
$1000
$1500
$2000
$2500
$3000
$3500
2013 2014 2015 2016 2017 2018
Systems Service Instrumentsamp Accessories
2018
19 Growth
71 Recurring
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
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 anduncertainties are described in detail in
the CompanyrsquosSecurities and Exchange Commission filings
2
Note Some products shown in this presentation may not yet have obtained
regulatory clearances in this country These products are therefore not for sale in
this market Please check with your local Regulatory contact for current status
As of 2018 there werehellip
1500+ peer reviewed articles published
1000000+procedures performed
3
900da Vinci systems placed
18000+ peer reviewed articles published
6000000+procedures performed
4986da Vinci systems placed globally
2018
Cumulative
2018 Commentary
Objectives
bull Continue adoption in General Surgery
bull Continue to develop core European
markets and Asian market access
bull Advance new platforms ndash da Vinci SP
System Ion and advanced
instrumentation
bull Support additional clinical and
economic validation by region
Areas of Strength
bull US general surgery growth
bull New system installs
bull Innovation pipeline
Challenges
bull Performance in some EU countries
bull Macro trade environment
4
Worldwide Procedure Trend
5
0
250000
500000
750000
1000000
1250000
2013 2014 2015 2016 2017 2018 2019
Urology Gynecology General Surgery Other
2018
18 Growth
2019 Guidance
15-17 Growth
UrologyGynecologyGeneral SurgeryOther Estimated Growth
Growth in procedure categories Global over past 10 years
0
50000
100000
150000
200000
250000
300000
350000
400000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
General Surgery Gynecology Urology Thoracic Surgery TORS
6
Gynecology
TORS
General Surgery
Urology
Thoracic
As of December 31 2018
System Placements
7
0
100
200
300
400
500
600
700
800
900
2016 2017 2018
Rest-of-World Asia Europe US
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2016 2017 2018
Rest-of-World Asia Europe US
+35 +13
Installed Base
Total Revenue
8
Dollar amounts in millions
$0
$500
$1000
$1500
$2000
$2500
$3000
$3500
2013 2014 2015 2016 2017 2018
Systems Service Instrumentsamp Accessories
2018
19 Growth
71 Recurring
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
As of 2018 there werehellip
1500+ peer reviewed articles published
1000000+procedures performed
3
900da Vinci systems placed
18000+ peer reviewed articles published
6000000+procedures performed
4986da Vinci systems placed globally
2018
Cumulative
2018 Commentary
Objectives
bull Continue adoption in General Surgery
bull Continue to develop core European
markets and Asian market access
bull Advance new platforms ndash da Vinci SP
System Ion and advanced
instrumentation
bull Support additional clinical and
economic validation by region
Areas of Strength
bull US general surgery growth
bull New system installs
bull Innovation pipeline
Challenges
bull Performance in some EU countries
bull Macro trade environment
4
Worldwide Procedure Trend
5
0
250000
500000
750000
1000000
1250000
2013 2014 2015 2016 2017 2018 2019
Urology Gynecology General Surgery Other
2018
18 Growth
2019 Guidance
15-17 Growth
UrologyGynecologyGeneral SurgeryOther Estimated Growth
Growth in procedure categories Global over past 10 years
0
50000
100000
150000
200000
250000
300000
350000
400000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
General Surgery Gynecology Urology Thoracic Surgery TORS
6
Gynecology
TORS
General Surgery
Urology
Thoracic
As of December 31 2018
System Placements
7
0
100
200
300
400
500
600
700
800
900
2016 2017 2018
Rest-of-World Asia Europe US
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2016 2017 2018
Rest-of-World Asia Europe US
+35 +13
Installed Base
Total Revenue
8
Dollar amounts in millions
$0
$500
$1000
$1500
$2000
$2500
$3000
$3500
2013 2014 2015 2016 2017 2018
Systems Service Instrumentsamp Accessories
2018
19 Growth
71 Recurring
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
2018 Commentary
Objectives
bull Continue adoption in General Surgery
bull Continue to develop core European
markets and Asian market access
bull Advance new platforms ndash da Vinci SP
System Ion and advanced
instrumentation
bull Support additional clinical and
economic validation by region
Areas of Strength
bull US general surgery growth
bull New system installs
bull Innovation pipeline
Challenges
bull Performance in some EU countries
bull Macro trade environment
4
Worldwide Procedure Trend
5
0
250000
500000
750000
1000000
1250000
2013 2014 2015 2016 2017 2018 2019
Urology Gynecology General Surgery Other
2018
18 Growth
2019 Guidance
15-17 Growth
UrologyGynecologyGeneral SurgeryOther Estimated Growth
Growth in procedure categories Global over past 10 years
0
50000
100000
150000
200000
250000
300000
350000
400000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
General Surgery Gynecology Urology Thoracic Surgery TORS
6
Gynecology
TORS
General Surgery
Urology
Thoracic
As of December 31 2018
System Placements
7
0
100
200
300
400
500
600
700
800
900
2016 2017 2018
Rest-of-World Asia Europe US
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2016 2017 2018
Rest-of-World Asia Europe US
+35 +13
Installed Base
Total Revenue
8
Dollar amounts in millions
$0
$500
$1000
$1500
$2000
$2500
$3000
$3500
2013 2014 2015 2016 2017 2018
Systems Service Instrumentsamp Accessories
2018
19 Growth
71 Recurring
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Worldwide Procedure Trend
5
0
250000
500000
750000
1000000
1250000
2013 2014 2015 2016 2017 2018 2019
Urology Gynecology General Surgery Other
2018
18 Growth
2019 Guidance
15-17 Growth
UrologyGynecologyGeneral SurgeryOther Estimated Growth
Growth in procedure categories Global over past 10 years
0
50000
100000
150000
200000
250000
300000
350000
400000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
General Surgery Gynecology Urology Thoracic Surgery TORS
6
Gynecology
TORS
General Surgery
Urology
Thoracic
As of December 31 2018
System Placements
7
0
100
200
300
400
500
600
700
800
900
2016 2017 2018
Rest-of-World Asia Europe US
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2016 2017 2018
Rest-of-World Asia Europe US
+35 +13
Installed Base
Total Revenue
8
Dollar amounts in millions
$0
$500
$1000
$1500
$2000
$2500
$3000
$3500
2013 2014 2015 2016 2017 2018
Systems Service Instrumentsamp Accessories
2018
19 Growth
71 Recurring
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Growth in procedure categories Global over past 10 years
0
50000
100000
150000
200000
250000
300000
350000
400000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
General Surgery Gynecology Urology Thoracic Surgery TORS
6
Gynecology
TORS
General Surgery
Urology
Thoracic
As of December 31 2018
System Placements
7
0
100
200
300
400
500
600
700
800
900
2016 2017 2018
Rest-of-World Asia Europe US
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2016 2017 2018
Rest-of-World Asia Europe US
+35 +13
Installed Base
Total Revenue
8
Dollar amounts in millions
$0
$500
$1000
$1500
$2000
$2500
$3000
$3500
2013 2014 2015 2016 2017 2018
Systems Service Instrumentsamp Accessories
2018
19 Growth
71 Recurring
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
System Placements
7
0
100
200
300
400
500
600
700
800
900
2016 2017 2018
Rest-of-World Asia Europe US
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2016 2017 2018
Rest-of-World Asia Europe US
+35 +13
Installed Base
Total Revenue
8
Dollar amounts in millions
$0
$500
$1000
$1500
$2000
$2500
$3000
$3500
2013 2014 2015 2016 2017 2018
Systems Service Instrumentsamp Accessories
2018
19 Growth
71 Recurring
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Total Revenue
8
Dollar amounts in millions
$0
$500
$1000
$1500
$2000
$2500
$3000
$3500
2013 2014 2015 2016 2017 2018
Systems Service Instrumentsamp Accessories
2018
19 Growth
71 Recurring
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Q1 2019 Highlights
Da Vinci Procedure Growth
18 Q1 vs Q1 rsquo18
17 US Driven by general surgery thoracic and
benign gynecology procedures
21 OUS Driven by urology early stage general
surgery and gynecology
Strength in France Germany and Japan
Da Vinci Surgical Systems Shipped
235 vs 185 in Q1 rsquo18
Da Vinci Installed Base
5114 globally up 13 vs Q1 lsquo18
9
FDA 510(k) Clearances
Iontrade endoluminal system for lung biopsy
Iristrade augmented reality overlay software
Da Vinci SPreg transoral surgery indication
SureFormtrade 45mm stapler
Revenue
$974 million
15 growth vs Q1 rsquo18
Proforma Operating Profit
$362 million
4 growth vs Q1 lsquo18
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
da Vincireg Surgical System
$05M - $25M
2018 Rev $1127M
Recurring Revenue Model
Service
$80K - $190KYear
2018 Rev $635M
Instruments amp Accessories
$700-$3500 per Procedure
2018 Rev $1962M
2018 71 Recurring Revenue
bull Including $51M Systems Leasing
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Da Vinci Systems Operating Leasing Program
11
bull Da Vinci direct leasing program established in 2013 with
expansion to date
bull Enables customers to establish or expand their robotics
programs without the initial capital investment
bull Overall economics roughly equivalent to systems sold
outright
bull Revenue and gross profit earned ratably over the lease
term rather than at the time of placement for systems
sold
bull 33 of Q119 system placements and 8 of installed
systems were under operating leases
231200
251290
332
0
10
20
30
40
50
60
70
80
90
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
US Non-US Leasing Percentage
194
231
279
350
423
45
67
8
-
50
100
150
200
250
300
350
400
450
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease I
nsta
lled B
ase
Operating Leases of Total Installed Base
$100M
$120M
$145M
$177M
$204M
$610k $619k $628k $634k
$583k
0
5
10
15
20
25
Q118 Q218 Q318 Q418 Q119
Opera
ting L
ease R
evenue T
rend
Operating Lease Revenue Avg Revenue per System
Syste
ms P
lace
d V
ia O
pe
ratin
g L
ea
se
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
da Vinci System Installed Base
Approximately 5114 Worldwide as of March 31 2019
USA
3283
Europe
893
Asia
661
Rest of World 277423 of 5114 installed systems under operating lease
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Where are we heading in 2019 and beyond
13
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Our goal is not a mystery
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
requires
14
more than minimally
invasive tools
more than digital
technology
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
How we get there Through ingenuity and intelligent technology that expands the potential of physicians to heal without constraints
15
Better outcomes
Better patient experience
Better care team experience
Lower total cost of care
Advanced tools
amp technologies
Augmentation of
care team capabilities
Data analytics for deep
insight and guidance
Substitution of
Invasive modalities
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
16
FDA 510(k)
Clearance
Q1 lsquo19
Da Vinci SP for
transoral
surgery
indication
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
17
FDA Clearance
Q1 lsquo19
Iontrade endoluminal
system to enable
minimally invasive
biopsy in the
peripheral lung
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
18
Simulation
is becoming
increasingly
capable
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Meaningful insights are key to achieving more predictable
outcomes
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Minimally invasive interventions are a
sophisticated ecosystem of highly trained
professionals organized around the care for
an ill person
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Care team Control center
22
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Intelligent Surgery
23
Smart systems
amp instruments
Cloud-based systems
EndoWrist instruments
Advanced visualization
Human
understanding
Time and Motion Studies
Design
Human Factors
Digital
insights
Procedure reports
Strategic and financial insights
OR operational Insights
+ +
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Our investment philosophy
24
The need for improvement
in acute interventions is
substantial and durable we
are assertive in pursuit of
organic innovation in products
and regions as first priority
As we grow we invest in
operational efficiencies at
scale to allow for flexibility in
pricing for customers and re-
investment in our business
We pursue partnerships
and acquisitions that can
accelerate outcome and
efficiency improvements
We return capital to
shareholders with a
focus on long-term value
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Intuitive Japan
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(Est)
April 2012
Prostatectomy reimbursed
June 2014
Intuitive opens direct office
April 2018
Additional procedures reimbursedJa
pa
n P
roce
du
res
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Recent Regional Investments
26
Invested in China through Intuitive Fosun
Pharma joint venture ndash Chindex division of Fosun
Pharma integration into JV starting in Q1 2019
Acquired Intuitive business in Taiwan in Q4 2018
Acquired Intuitive business in India in Q2 2018
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
2019 PrioritiesAccelerate access to and quality of surgery and acute interventions
Support Adoption in General Surgery and in key procedures in OUS markets
Launch da Vinci SP and Ion platforms
Drive intelligent surgery innovation
Drive clinical and economic validation in emerging regions amp procedures
27
Intuitivecom
Intuitivecom