Intuitive Surgical: GI tract – multiple TAM unlocks coming

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Intuitive Surgical: GI tract – multiple TAM unlocks coming

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Intuitive Surgical

GI tract – multiple TAM unlocks coming

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Seeing more of the $1bn/ year R&D…TAM expanding 20 July 2026

Last week ISRG said it had filed a 510(k) submission for a non-commercial endoluminal Equity

(flexible robotic endoscope) system for the GI tract. This is important as core US

procedures move into the 2H of the adoption curve. Here we go over our initial quick Travis Steed Research Analyst

thoughts (more details inside). It will take time for this new market to develop, but we BofAS

see potential to add millions of potential procedures to the TAM and room to place +1travis.steed@bofa.com404 607 3251

thousands of GI robots. We do not think this is a niche opportunity. ISRG probably won’t Stephanie Elghazi

be alone here (i.e., MDT has a big GI presence and has invested in endoluminal); however, Research Analyst

BofAS

developing and scaling into new robotic markets is where ISRG has a competitive edge. stephanie.elghazi@bofa.com

TAM expansion harder to see because at a different stage AidanResearchLaheyAnalyst

ISRG has historically grown in the US from converting existing surgeries from open/lap aidan.lahey@bofa.com

to robotics. Once robotics was established it was easier over the last decade to see how Gracia Mahoney

ISRG’s procedures would continue to grow. Now that US penetration is higher in these Research Analyst

core soft tissue surgeries, the next stage of growth is there, but it’s not as easy to see. gracia.mahoney@bofa.com

New TAM expansion can come by creating new procedures out of disease states not Enjia Cao

treated surgically today to advance the standard of care (think Edwards and mitral Research Analyst