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Intuitive Surgical

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Intuitive Surgical Inc.
Company typePublic (Nasdaq: ISRG)
IndustryMedical Appliances & Equipment
Founded1995
HeadquartersSunnyvale, California, USA
Key people
Gary S. Guthart, CEO
Lonnie M. Smith, Chairman
Productsda Vinci Surgical System
RevenueIncrease $600.8 million USD (2007)[1]
Increase $206.7 million USD (2007) [1]
Increase $144.5 million USD (2007) [1]
Number of employees
935
Websitewww.intuitivesurgical.com

Intuitive Surgical Inc. (Nasdaq: ISRG) is a corporation that manufactures robotic surgical systems, most notably the da Vinci Surgical System. The da Vinci Surgical System allows surgery to be performed remotely using robotic manipulators. The company is part of the Nasdaq-100 and S&P 500. Intuitive Surgical has installed over 1,242 systems worldwide as of July, 2009.[2]

History

The research that eventually led to the development of the da Vinci Surgical System was performed in the late 1980s at non-profit research institute SRI International.[3] In 1990, SRI received funding from the National Institutes of Health. SRI developed a prototype robotic surgical system that caught the interest of the Defense Advanced Research Projects Administration (DARPA), which was interested in the system for its potential to allow surgeons to operate remotely on soldiers wounded on the battlefield.

In 1994, Dr. Frederick Moll became interested in the SRI System, as the device was known at the time. At the time, Moll was employed by Guidant. He tried to interest Guidant in backing it, to no avail. In 1995, Moll was introduced to John Freund, who had recently left Acuson Corporation. Freund negotiated an option to acquire SRI's intellectual property and incorporated a new company that he named Intuitive Surgical Devices, Inc. At that point Freund, Moll, and Robert Younge (also from Acuson) wrote the business plan for the company and raised its initial venture capital. Early investors included the Mayfield Fund, Sierra Ventures, and Morgan Stanley.

The company refined the SRI System into a prototype known originally as "Lenny" (after the young Leonardo da Vinci), which was ready for testing in 1997. As the company's prototypes became more advanced, they were named using da Vinci themes. One was named "Leonardo", and another was "Mona". The final version of the prototype was nicknamed the da Vinci Surgical System, and the name stuck when the system was eventually commercialized. After further testing, Intuitive Surgical began marketing this system in Europe in 1999, while awaiting FDA approval in the United States.

The company raised $46 million in an initial public offering in 2000. That same year, the FDA approved use of the da Vinci Surgical System for general laparoscopic surgery, which can be used to address gallbladder disease and gastroesophageal disease. In 2001, the FDA approved use of the system for prostate surgery. The FDA has subsequently approved the system for thoracoscopic surgery, cardiac procedures performed with adjunctive incisions, and gynecologic procedures.[4]

Shortly before going public, Intuitive Surgical was sued for patent infringement by Computer Motion, Inc, its chief rival. Computer Motion had actually gotten into the robotic surgery field earlier than Intuitive Surgical. Computer Motion had its own system, known as the ZEUS Robotic Surgical System. Although the ZEUS system was approved in Europe, the FDA had not yet approved it for any procedure at the time that the FDA first approved the da Vinci system. The uncertainty created by the litigation between the companies was a drag on each company's growth.

In 2003, Intuitive Surgical and Computer Motion agreed to merge, thus ending the litigation between them.[5]. The ZEUS system was phased out in favor of the da Vinci system.

Cost

A da Vinci Surgical System costs approximately $1.5 Million dollars.[6] The new da Vinci SI released in April 2009 cost about $1.75 Million. In addition, there are maintenance contracts plus expenditures for instruments used during surgery.

Conditions treated using da Vinci Surgical System

The da Vinci Surgical System has been cleared by the U.S. Food and Drug Administration (FDA) for adult and pediatric use in urologic surgical procedures, general laparoscopic surgical procedures, gynecologic laparoscopic surgical procedures, and thoracoscopically assisted cardiotomy procedures. It may also be used with adjunctive mediastinotomy to perform coronary anastomosis during cardiac revascularization.

The most common procedure performed with the da Vinci Surgical System is radical prostatectomy (removal of the prostate gland), normally performed as a treatment for prostate cancer. In addition, da Vinci has been used in the following procedures, among others:[7]

Urology

  • Radical prostatectomy, pyeloplasty, cystectomy, nephrectomy, ureteral reimplantation
  • da Vinci Pyeloplasty
  • da Vinci Cystectomy
  • da Vinci Nephrectomy
  • da Vinci Partial Nephrectomy
  • da Vinci Ureteral Reimplantation

Gynecology

  • Hysterectomy, myomectomy, sacrocolpopexy

Cardiac

  • Mitral valve repair, atrial septal defect closure, cardiac bypass, ablation

General Surgery

  • Cholecystectomy, Nissen fundoplication, Heller myotomy, gastric bypass, donor nephrectomy, adrenalectomy, splenectomy, bowel resection

Pediatric Surgery

  • Pyeloplasty
  • Ureteral reimplantation
  • Cholecystectomy
  • Nissen fundoplication
  • Aortic ring ligation
  • Patent ductus ateriosus ligation (PDA)
  • Atrial septal defect closure

Thoracic Surgery

  • da Vinci Thymectomy
  • da Vinci Lobectomy
  • da Vinci Esophagectomy
  • da Vinci Mediastinal Tumor Resection


References

  1. ^ a b c Intuitive Surgical, Inc. (2008-02-14). "Form 10-K Annual Report for 2007". SEC. Retrieved 2009-01-15.
  2. ^ Intuitive Surgical, Inc. (2008-10-17). "Form 10-Q for Quarter Ending September 30, 2008". SEC. Retrieved 2009-01-15.
  3. ^ "Intuitive Surgical." International Directory of Company Histories. The Gale Group, Inc, 2006. Answers.com 30 Jan. 2009. http://www.answers.com/topic/intuitive-surgical-inc (other facts from History section from same source)
  4. ^ http://www.intuitivesurgical.com/corporate/companyprofile/index.aspx
  5. ^ http://sec.edgar-online.com/2003/03/07/0000891618-03-001169/Section10.asp Merger information
  6. ^ http://www.jyi.org/news/nb.php?id=1499
  7. ^ http://www.intuitivesurgical.com/products/fdaclearance/index.aspx
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