今年 COA 期间，史赛克把近期数智骨科领域的核心进展集中带到了现场： Mako 机器人在中国的手术量突破三万例，两款全髋关节新品首次发布 ，多位国内外专家分享复杂病例经验，业内新书《数智骨科关节外科手术学》也选择 在史赛克展台进行首次发布。 这些内容覆盖了机器人应用、假体技术、临床经验与学术交流等多个维度，信息量之大，让人能从清晰的事实里感受到史赛克过去几年的投入方向： 数智骨科正以可验证、可使用、可传递的方式持续向前。 # 三万例之 后 ，真实世界的使用方式逐渐稳定 自 2016 年在中国开展临床试验以来，Mako 已逐步覆盖 单髁、全髋、全膝 三类术式。十年间，117家医院参与，318位医师持续实践，63场授证培训构建了相对 稳定的学习路径。 此次在中国完成三万例手术这一节点，让"真实世界证据"第一次具备讨论意义：规模足够大、病例够复杂、经验也积累得足够稳定。如今的关注点已经转向一个更 接近临床本质的问题—— Mako 到底改变了手术的哪些部分。 从多位专家的分享中，Mako 的优势正越来越集中到两个方向：规划更可控，执行更稳定。 规划层面：从"三维模型"走向"动态理解" 基于 CT 的三维建模，让骨性 ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 totaled $7.5 million, with system revenue of $1.9 million and recurring revenue of $5.6 million, compared to $4.4 million and $4.8 million in the prior year [15] - Gross margin for Q3 2025 was 55% of revenue, with recurring revenue gross margin at 67% and system gross margin at 19% [15] - Operating loss for Q3 2025 was $6.6 million, compared to $6.3 million in the previous year, while adjusted operating loss was $2.5 million, down from $3.1 million [16] Business Line Data and Key Metrics Changes - Recurring revenue growth was driven by a full quarter's contribution from MAPIT catheters and initial sales of the Magic ablation catheter and Magic Sweep high-density mapping catheter [15] - The company has seen over $300,000 in revenue from the Magic Sweep catheter in its first two months of launch [8] Market Data and Key Metrics Changes - The company received hospital orders for two Genesis robots from European hospitals, indicating a healthy pipeline and continued interest, particularly in Europe [4] - The launch of Genesis X is expected to enhance system opportunities and is anticipated to outpace Genesis orders following its full launch [5][24] Company Strategy and Development Direction - The company aims to scale robotic system sales and build a high-margin recurring revenue business with its catheter portfolio, supporting a razor-razor blade business model [3] - The company is focusing on expanding its catheter portfolio, which is crucial for driving revenue and enhancing the value of its robotic systems [48] Management's Comments on Operating Environment and Future Outlook - Management expects revenue for the current quarter to exceed $9 million, with over 20% annual revenue growth for the full year 2025 [18] - The company anticipates sustained growth in both system and recurring revenue through 2026, with quarterly revenue expected to surpass an average of $10 million [18] Other Important Information - The company has a robust pipeline of innovation efforts, including multiple products in late stages of regulatory review and development projects [9] - The company had cash and cash equivalents of $10.5 million as of September 30, with no debt [17] Q&A Session Summary Question: Update on Genesis X sales pipeline and order mix - Management views Genesis X as additive to Genesis, with continued demand for Genesis systems expected alongside Genesis X orders [21][22] Question: Pricing strategy for Genesis X and revenue expectations - Genesis X will be sold at a premium price compared to Genesis, with expectations for initial non-EP applications in the coming year [26][27] Question: Timeline for full launch of Genesis X and Magic catheter approval - Full launch of Genesis X is expected in early 2026, contingent on manufacturing ramp-up and FDA approval for the Magic catheter [33] Question: Revenue mix expectations for 2026 - The company expects system revenue to be between 30%-50% of overall revenue, with recurring revenues scaling as catheter approvals progress [35] Question: FDA interactions regarding Magic catheter - Management reported a comprehensive review by the FDA with no significant issues, and they feel positive about their responses to FDA inquiries [39] Question: Changes in Q4 revenue guidance - The company adjusted Q4 guidance due to timing of approvals and market conditions, but remains optimistic about the ramp-up of new devices [41]

Core Insights - Intuitive Surgical (ISRG.US) shares surged over 16% pre-market, reaching $540, following the release of its Q3 earnings report [1] Financial Performance - Total revenue for Q3 increased by 22.9% year-over-year to $2.505 billion, surpassing market expectations of $2.4 billion [1] - Adjusted earnings per share were reported at $2.40, exceeding the market forecast of $1.98 [1] Guidance and Forecast - The company slightly raised its adjusted gross margin forecast for the year from 66-67% to 67-67.5%, primarily due to a minor adjustment in tariff impact assessment [1]

Core Insights - The company reported a third-quarter revenue of $2.51 billion, a 23% increase from $2.04 billion in the same quarter of 2024 [1] - GAAP net income was $704 million, with diluted earnings per share of $1.95, compared to $565 million and $1.56 in the previous year [1] - Non-GAAP net income reached $867 million, with diluted earnings per share of $2.40, up from $669 million and $1.84 year-over-year [1] Revenue Growth Drivers - Revenue growth was primarily driven by an increase in surgical volume, deployment of the da Vinci surgical systems, and expansion of device installations [1] - The company deployed 427 da Vinci systems in the quarter, up from 379 units in the same period last year; Ion systems deployment was 50 units, down from 58 units [1] - Surgical volume increased approximately 20% year-over-year, with da Vinci system surgeries growing about 19% and Ion system surgeries increasing by approximately 52% [1] Financial Position and Future Outlook - As of the end of the third quarter of 2025, the company had cash, cash equivalents, and investments totaling $8.43 billion, a decrease of $1.1 billion from the beginning of the quarter [2] - The decrease was mainly due to cash used for common stock repurchases and capital expenditures, partially offset by cash from operating activities [2] - The company repurchased 4 million shares for $1.92 billion [2] - For 2025, the company expects a global surgical volume growth rate of approximately 17% to 17.5%, with a non-GAAP gross margin projected between 67% and 67.5% [2] - Non-GAAP operating expense growth is anticipated to be between 11% and 13% for 2025 [2]

Financial Data and Key Metrics Changes - In Q3 2025, revenue grew 23% to $2.5 billion, with pro forma operating margin at 39% and pro forma earnings per share increasing by 30% [19][32][36] - Pro forma gross margin for the quarter was 68%, down from 69.1% in Q3 of the previous year, attributed to tariffs and a greater mix of lower-margin revenue [33] - Pro forma net income for Q3 was $867 million, compared to $669 million last year, with pro forma earnings per share at $2.40 [36][37] Business Line Data and Key Metrics Changes - Total procedure growth was 20%, with da Vinci procedures increasing by 19% and ION procedures by 52% [19][20][7] - The installed base of da Vinci systems increased by 13% to nearly 10,800 systems, while average system utilization grew by 4% [20][21] - ION platform saw a 52% increase in procedures, with the installed base up by 30% to approximately 950 systems [20][21] Market Data and Key Metrics Changes - In the U.S., total procedures increased by 18%, with da Vinci procedures growing by 16% and ION procedures by 48% [21][23] - Outside the U.S., total procedures grew by 25%, driven by strong results in India, Canada, Korea, Taiwan, and Brazil [23][24] - Average system utilization in international markets grew by 8% in Q3, reflecting strong multi-specialty procedure growth [24] Company Strategy and Development Direction - The company aims to focus on the full launch of da Vinci V, increasing adoption of focused procedures, and driving progress in product quality and manufacturing optimization [16] - Plans to offer refurbished Xi systems as part of a broader portfolio to expand access in certain geographies [9] - The company is committed to enhancing digital tools and integrating AI and machine learning into surgical processes [96] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for da Vinci V and the potential for increased utilization as more systems are adopted [6][19] - The company updated its 2025 guidance for da Vinci procedure growth to a range of 17% to 17.5% [44] - Management acknowledged challenges in the bariatric market and competitive pressures in China but remains focused on navigating these dynamics [88][89] Other Important Information - The company placed 427 da Vinci systems in Q3, a 13% increase from the previous year, with 240 being da Vinci V systems [26][28] - Service revenue increased by 20% to $396 million, reflecting a 13% increase in the da Vinci installed base [32] - The company ended the quarter with $8.4 billion in cash and investments, down from $9.5 billion last quarter, primarily due to share repurchases [37] Q&A Session Summary Question: Trends driving procedure volume growth and sustainability - Management noted strong growth in U.S. da Vinci procedures, with Q3 growth at 16%, driven by benign general surgery and elective procedures [50][51] Question: Refurbished Xi systems and market potential - Management highlighted the importance of refurbished Xi systems for cost-sensitive customers and noted that 20 refurbished XIs have been sold so far [59][60] Question: Utilization of da Vinci systems in ASCs - Management indicated that capital costs are a greater constraint than sterilization challenges for ASCs, with a focus on increasing interest in the ASC market [102][104] Question: Impact of haptics and force feedback technology - Management discussed the potential of da Vinci V to make robotic surgery more ubiquitous, particularly in benign general surgery [107]

Core Insights - South Africa's Stellenbosch University, in collaboration with a local hospital, successfully performed the country's first robot-assisted donor kidney removal surgery [1] Group 1: Surgical Innovation - The surgery involved a 45-year-old mother donating a kidney to her 24-year-old daughter, executed by a joint team from Tygerberg Hospital and Stellenbosch University [1] - Urologists utilized a robotic platform to control four mechanical arms, allowing for high precision in the donor kidney removal [1] - The procedure took less than 90 minutes, resulting in smaller incisions, reduced postoperative pain, and faster recovery [1] Group 2: Patient Outcomes - The donor mother was discharged the day after the surgery, indicating a smooth recovery process [1] - The transplanted kidney began producing urine, signifying normal organ function post-transplant [1]

Financial Data and Key Metrics Changes - The company reported double-digit organic sales growth of 10.2% and adjusted EPS growth of 11.4% for Q2 2025, compared to 9% in Q2 2024 [5][12] - Adjusted earnings per share reached $3.13, up 11.4% from the same quarter last year, driven by robust sales growth and margin expansion [13][20] - Adjusted gross margin improved to 65.4%, a 120 basis point increase over 2024, while adjusted operating margin was 25.7%, up 110 basis points [20][21] Business Line Data and Key Metrics Changes - MedSurg and Neurotechnology experienced organic sales growth of 11%, with 12.5% growth in the US and 5.7% internationally [12][16] - Instruments had US organic sales growth of 10.1%, driven by strong performance in Surgical Technologies [13] - Endoscopy saw US organic sales growth of 18.6%, fueled by demand for operating room infrastructure and new product launches [14] - Orthopedics achieved organic sales growth of 9%, with US growth of 9.7% and international growth of 7.5% [16][19] Market Data and Key Metrics Changes - US organic sales growth was 11.5%, with double-digit growth in endoscopy, neurocranial, trauma, and extremities businesses [5][16] - International sales growth was 6.5%, with notable contributions from South Korea and emerging markets [5][16] - The company anticipates continued strength in procedural volumes and capital demand, supported by healthy hospital capex budgets [8][9] Company Strategy and Development Direction - The company is focused on innovation and maintaining a healthy deal pipeline for potential M&A opportunities [6][10] - The integration of Inari Medical is progressing, with expectations of double-digit pro forma revenue growth for 2025 [11][66] - The company is optimistic about international markets as significant growth opportunities, despite current supply chain challenges [5][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of growth and earnings power across businesses, raising the full-year 2025 outlook [6][22] - The company expects organic net sales growth of 9.5% to 10% and adjusted EPS in the range of $13.4 to $13.6 for 2025 [21][22] - Supply chain issues are expected to persist, particularly in the medical division, but overall demand remains strong [28][56] Other Important Information - The company reached a milestone of 2,000,000 robotic procedures performed with Mako, solidifying its leadership in orthopedic robotics [9] - The launch of new products, including LifePack 35, is on track, with European approval received [10][21] - The company is actively monitoring the impact of Medicaid exchange cuts on elective procedures, noting that it represents an immaterial amount of procedures [69] Q&A Session Summary Question: What gives confidence to raise organic growth and EPS guidance? - Management cited continued procedural strength and strong capital demand as key factors, with supply issues primarily affecting the medical division [25][27] Question: How is the supply issue impacting growth? - Supply issues are limited to the medical division, with expectations for resolution throughout the year, while other segments remain strong [28][56] Question: What is driving the strength in underlying margins? - Focus on pricing, manufacturing efficiency, and operational improvements have contributed to margin strength [34][36] Question: How is the outpatient rule affecting ASC build-out? - Management sees no slowdown in ASC trends, with expectations for continued growth across various specialties [39][40] Question: What is the impact of tariffs on the business? - The estimated net impact from tariffs for 2025 is approximately $175 million, reflecting changes in bilateral agreements and manufacturing locations [43][46] Question: What is the outlook for the Mako robotic system? - The company expects continued momentum in Mako installations, with significant opportunities for growth in operating rooms that do not yet have robots [48][96] Question: How is the integration of Inari progressing? - The integration is on track, with expectations for double-digit growth in 2025 despite some initial challenges [61][66] Question: What are the company's plans for future M&A? - The company has a healthy pipeline for potential acquisitions, with a focus on tuck-in deals and the possibility of larger transactions [100][102]

Core Insights - Intuitive Surgical reported solid Q2 financial results, with a notable growth in sales and earnings, but shares did not rise significantly due to a conservative outlook on future growth [1][2][8] Financial Performance - Q2 sales reached $2.44 billion, a growth of over 21% year-over-year, surpassing Wall Street estimates by approximately $90 million [3] - Adjusted net income per diluted share was $2.19, reflecting a 23% increase, exceeding analyst expectations of $1.92 [3] Key Metrics and Guidance - Da Vinci procedure growth remained strong at 17%, consistent with Q1 and the full year 2024 [2] - The company raised its 2025 full-year guidance, increasing da Vinci procedure growth expectations by 25 basis points to a midpoint of 16.25% [4] - Adjusted gross margin forecast was boosted by 75 basis points to 66.5%, attributed to a reduced estimated tariff impact [4] Product Performance - Intuitive placed 180 da Vinci 5 systems in Q2, marking a 157% increase from the previous year, indicating strong interest in the new product [5] - The da Vinci SP system saw an 88% increase in procedure growth, while the Ion lung biopsy robot experienced a 52% growth [11] International Market Challenges - International system placements fell to 179 from 192 a year ago, impacted by budgetary pressures in Japan, China, and Europe [6] Long-Term Outlook - The robotics-assisted surgery market remains under-penetrated, providing a long-term growth opportunity for Intuitive Surgical, especially internationally [9] - A new factory opened in Bulgaria aims to meet future international demand [9] Analyst Ratings and Price Targets - Current price target for Intuitive Surgical is $593.09, indicating a potential upside of 16% based on analyst ratings [12] - Analysts may raise price targets following the positive earnings results, suggesting increased near-term upside potential [13]

Economic Growth and Trade Agreement - The UK economy grew at a rate of 0.7% in the first quarter of 2025, marking the fastest growth in a year and making it the fastest-growing economy in the G7 [2][6] - The UK-US trade agreement, effective from June 30, 2025, reduces tariffs on UK automotive and aerospace exports to the US, with a 10% tariff on cars and a 0% tariff on aircraft engines and parts [6] Currency Stability - Following the economic news and trade agreement, the British pound remains stable, with an exchange rate of 1.37 against the US dollar and 9.8 against the Chinese yuan [8][9] Political Landscape - The rise of the Reform Party in London poses a threat to other political parties, with membership doubling since the last election and increasing support among potential voters [10] Healthcare Innovations - The UK Health Secretary announced that robotic-assisted surgeries will become a core part of the NHS development plan over the next decade, aiming for 1 in 8 surgeries to be robot-assisted [12][15] Upcoming IPO - Greek industrial giant Metlen plans to list on the London Stock Exchange on August 4, 2025, with a market value of approximately £5.1 billion [17][18] Cryptocurrency Investments - Several London-listed companies have announced investments in Bitcoin, capitalizing on a 74% increase in Bitcoin's value over the past year, with notable stock price surges following these announcements [20][22] Crime Rates in Newport - Newport has become the town with the highest crime rate in Wales, largely due to drug-related issues, with a crime rate of 121 per 1,000 people, significantly above the Welsh average [24]

Group 1 - The company MicroPort Robotics-B (02252) reported that as of the announcement date, the cumulative order volume for its core products in endoscopy, orthopedics, and vascular intervention exceeded 130 units [1] - The Tumi endoscopic surgical robot has achieved over 70 cumulative commercial orders globally, with nearly 20 new commercial orders signed in 2025, and the total installed base has surpassed 50 units [1] - Tumi has accelerated its clinical application, with over 10,000 human clinical surgeries performed globally to date [1] Group 2 - As of 2025, Tumi has received registration certification in over 10 countries or regions, with a total of more than 30 certified countries or regions worldwide [1] - The Tumi robot's clinical effectiveness, stability, safety, innovation level, and technological content have been increasingly recognized by international regulatory authorities [1] - The Honghu orthopedic surgical robot received registration approval from Health Canada in January 2025, expanding its presence in the global orthopedic surgical robot market [1] Group 3 - Following the global first registration approval for Tumi's remote surgery application in April 2025, the company continues to explore clinical applications in this field [2] - Tumi recently assisted Belgian surgeons in completing two remote surgeries, marking the first robot-assisted remote human surgeries in Europe [2] - The surgeries utilized a hospital's conventional network (V-LAN) with a bidirectional delay of only 20 milliseconds, ensuring the precision required for remote robotic surgery [2]