Stryker pays $400 million for a rival robot as Intuitive files a gut endoscope with no revenue date
Intuitive has asked the FDA to clear a flexible robotic endoscope for the gastrointestinal tract, a market with no revenue date. The same week, Stryker paid $400 million for US rights to a rival robot, weeks before Intuitive's October 20 earnings test.
Vincent Jiang · 2 min read
An endoscope for the gut, a filing with no revenue date
Intuitive Surgical−0.27% — Intuitive Surgical, down 0.27 percent as of its last quote, the Sunnyvale maker of the da Vinci surgical robot, submitted a next-generation flexible robotic endoscope to the FDA for 510(k) clearance, in news dated October 13 1. The system is built to work inside the gastrointestinal tract, and chief executive David Rosa says it combines what the company learned from da Vinci and its Ion lung-biopsy robot 2. Management's own framing is blunt: early stage, no near-term revenue 2.
The rivals spent the same week buying in
Stryker+0.60% — Stryker, up 0.60 percent as of its last quote, the US device giant, put about $400 million into CMR Surgical of Cambridge for exclusive US rights to sell the Versius soft-tissue robot, plus an option to acquire the company 3. Medtronic−0.68% — Medtronic, down 0.68 percent as of its last quote announced a robotics partnership with Cornerstone Robotics, an investment MassDevice pegs at $700 million, and raised its fiscal 2027 organic growth outlook to 7.25-7.75% after a $9.76 billion quarter 34. Johnson & Johnson+0.68% — Johnson & Johnson, up 0.68 percent today won FDA authorization for its Ottava robot in July 5. In India, SS Innovations' installed base hit 238 systems, up 42%, on procedures up 79% 1. All of it points at the soft-tissue market where MassDevice calls Intuitive the industry leader 3.
The annuity the challengers are circling
Intuitive's economics are razors and blades. Some 11,710 da Vinci systems were installed as of June 30, and every procedure consumes instruments and accessories 6. Second-quarter procedures grew 16%, revenue reached $2.89 billion, up 18.4%, and net profit rose to $818.1 million 67. That annuity carries a $148.5 billion market value at 47.8 times trailing earnings, with the stock far below its 52-week high of $603.88 7.
Quarterly revenue is up two-thirds in three years, to $2.89 billion
Data
| Quarterly revenue | |
|---|---|
| Q3 '23 | $1.74B |
| Q4 '23 | $1.93B |
| Q1 '24 | $1.89B |
| Q2 '24 | $2.01B |
| Q3 '24 | $2.04B |
| Q4 '24 | $2.41B |
| Q1 '25 | $2.25B |
| Q2 '25 | $2.44B |
| Q3 '25 | $2.51B |
| Q4 '25 | $2.87B |
| Q1 '26 | $2.77B |
| Q2 '26 | $2.89B |
What October 20 prices
The crack is demand at home. US procedure growth slowed to 12% in the second quarter while international grew 20%, China pricing is a headwind, and Wall Street expects Q3 revenue of $2.88 billion, 15% growth, a step down from 18.4% 8. Against that, Intuitive beat estimates four straight quarters, and raised its 2026 adjusted gross-margin outlook to 68-69% 8. The report lands after the close on October 20 8. Watch procedures and placements. The challengers paid hundreds of millions for options on this market. Intuitive filed for one and attached no revenue date at all.
Worldwide procedures still grew 16%, but the US engine slowed to 12%
Data
| Year-over-year procedure growth | |
|---|---|
| Worldwide | 16% |
| United States | 12% |
| International | 20% |
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
