Sharpening Pencils On My Intuitive+: We See A Nice (New) Revenue Stream

研报英文原文证据摘录

Sharpening Pencils On My Intuitive+: We See A Nice (New) Revenue Stream

C O M PA N Y N O T E

M a y 1 3 , 2 0 2 6

Intuitive Surgical (ISRG) Overweight

CONCLUSION PRICE: US$431.87

In recent quarters, ISRG has talked more about its digital offering and the importance of TARGET: US$580.00

having a broader ecosystem. We wholeheartedly agree with this strategy and believe this ~50x FY2027E EPS estimate of $11.48

approach will introduce new revenue streams into the business over time (not in Street

models). This brings us to My Intuitive+. Recall DV5 comes with an initial 1-year My Intuitive Adam C. Maeder

Sr. Research Analyst, Piper Sandler & Co.+ subscription, but customers are required to renew each year to access these features 212 284-9392, adam.maeder@psc.com

(Case Insights, telepresence, and SimNow2) thereafter. In the note/analysis below, we

Kyle Winborne

sharpen our pencils to gauge what the potential monetization strategy and P&L impact Research Analyst, Piper Sandler & Co.

could look for ISRG over the near to medium term. Our illustrative/speculative modeling 212 466-8060, kyle.winborne@psc.com

exercise suggests that My Intuitive+ could drive an incremental ~$20M, ~$52M, and ~$87M Andrea Irawan

of revenue to FY26/FY27/FY28 numbers. Bigger picture, we see upside to estimates and Research Analyst, Piper Sandler & Co.

have conviction in the durability of ISRG’s best-in-class top-line growth and margin profile. 212 284-9587, andrea.irawan@psc.com

Reiterate OW/$580 PT Changes Previous Current

Rating — Overweight

• Meet My Intuitive+. The My Intuitive+ digital subscription package is only available Price Tgt — US$580.00

with the da Vinci 5 (DV5) system. This offering includes Case Insights, which allows FY26E Rev (mil) — US$11,641.6