Vincent Lam presented his in-depth investment thesis on Intuitive Surgical (Nasdaq: ISRG7) at Wide-Moat Investing Summit 2013.
The Bottom Line: Global leader in robotic-assisted surgery with its da Vinci Surgical System. Revolutionised surgery through disruptive technology. 2, 710 da Vinci systems worldwide: 1,957 in the US, 430 Europe, 323 rest of the world. Razor/ razor blade business model with the da Vinci Surgical System representing 43% of 2012 revenue of $2.2 billion and the rest from recurring revenue based on instruments and accessories (41%) and annual service agreements (16%). The moat is based on: patent- protected technology, large installed base, FDA clearances and body of clinical data. No debt, $1.3 billion cash and ST investments. Incentivized and capable CEO Gary Guthart (47) joined in 1996, owns 0.7% (worth $100+ million). Proof will be in the procedure growth. Note: This session was recorded on July 4, 2013.
About the instructor:
Giles Warren joined Seilern Investment Management Ltd. in 1997. Giles, who is a shareholder of Seilern Investment Management Ltd., currently serves as fund manager and head of research at the firm. Seilern Investment Management Ltd., founded in 1989, is a London-based investment firm whose investment philosophy is based on the conviction that above average returns can be achieved by investing in high-quality, growing and international businesses with a long-term approach and backed by investors and a team of investment professionals who share this philosophy. Giles graduated from Edinburgh University with an Honours degree in Politics and Economic History.
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