ISRG Bets on SP Platform to Capture Rising ASC Procedure Volume

Core Insights - Intuitive Surgical's da Vinci 5 is the leading system for complex inpatient procedures, while the SP platform is emerging as a solution for ambulatory surgical centers (ASCs) [1][5] - The dual-platform strategy may be crucial for capturing growth in both hospital and ASC settings as outpatient care expands in the U.S. [1][5] Company Performance - In Q2 2025, SP procedures increased by 88% year-over-year, with a 30% rise in utilization [2][11] - The SP platform is particularly well-suited for ASCs due to its compact design and cost efficiency [2][11] Product Development - Intuitive Surgical is introducing SP-enabling tools, such as a stapler and new colorectal indications, to align with outpatient surgery trends [3] - The SP platform is designed to complement existing systems, allowing hospitals to upgrade while efficiently serving ASCs [4] Market Dynamics - As healthcare providers shift procedures to lower-cost outpatient settings, Intuitive Surgical's adaptability will be key [5] - The SP platform's growth indicates its potential to become a primary option for ASCs, providing a dual advantage alongside the da Vinci 5 for hospitals [5] Competitive Landscape - Other companies like STERIS and CONMED are also targeting ASC growth with tailored products and services [6][8] - STERIS focuses on infection prevention and perioperative solutions, while CONMED emphasizes efficiency and compliance in outpatient procedures [6][8] Financial Metrics - Intuitive Surgical's shares have decreased by 15.5% year-to-date, compared to an 8.7% decline in the industry [10] - The company has a forward price-to-earnings ratio of 49.26, which is above the industry average but lower than its five-year median of 71.63 [13]