tribution The company provides its products through a direct sales organization in the U.S., majority of Western Europe excluding Spain, Portugal, Italy, and Greece, and beginning with its acquisition of its Korean distributor, Korea. Beginning in 2013, the company also established a direct sales structure in the Czech Republic, Slovakia, and Hungary. Business Strategy The company’s business strategy includes patient value, surgeon value, and hospital value. Its strategy is to improve its candidate surgical procedures in various ways, such as convert candidate open procedures to da Vinci Surgery; facilitate difficult MIS operations; and offer a less invasive single port surgical option. Research and Development The company invested $167.7 million of research and development expenses for the year ended December 31, 2013. It has alliances with various companies, including Erbe Elektromedizin GMBH; Johnson & Johnson K.K. Medical Company; Olympus/Gyrus; Novadaq Technologies, Inc.; and Mimic Technologies, Inc. Intellectual Property As of December 31, 2013, the company held ownership or exclusive field-of-use licenses for approximately 1,500 U.S. and foreign patents, and approximately 1,400 U.S. and foreign patent applications. Intuitive, Intuitive Surgical, da Vinci, da Vinci S, da Vinci Si HD Surgical System, da Vinci S HD Surgical System, da Vinci Si, da Vinci Si-e, EndoWrist, EndoWrist One, EndoWrist Stapler 45, Single-Site, DVSTAT, Firefly, InSite, and da Vinci Connect are trademarks of the company. Government Regulation The company’s products and operations are subject to extensive and rigorous regulation by the FDA, the state of California and countries or regions in which the company markets its products. The FDA and the Federal Trade Commission also regulate the advertising claims of its products to ensure that the claims the company makes are consistent with its regulatory clearances. The company’s manufacturing processes are required to comply with the FDA’s Good Manufacturing Practice, requirements contained in its Quality System Regulation, and associated regulations and guidance. Seasonality Benign procedures represented a higher percentage of the company’s total procedures in the fourth quarter of 2013 (year ending December 2013). Significant Events In April 2014, Teleflex Incorporated has partnered with Intuitive Surgical to manufacture Weck(R) disposable trocar seals and obturators for the new da Vinci Xi Surgical System. Competition The company’s major competitors include Ethicon Endo-Surgery, Inc. and Covidien plc. History Intuitive Surgical, Inc. was founded in 1995.
intuitive surgical inc (ISRG:NASDAQ GS)
1020 Kifer Road
Sunnyvale, CA 94086
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