{ "run": { "id": "cmnr149yr04hyp658w64diods", "region": "US", "assetId": "cmnr149y504hup658z5no7ewr", "ticker": "ISRG", "snapshotId": "cmnr149yk04hwp6582deg1nhc", "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux", "createdAt": "2026-04-09T05:21:09.745Z", "promptTemplate": { "id": "cmnqt07si0005lm3jzpxuu1ux", "name": "Oficial 08.apr.2026", "version": 1 }, "snapshot": { "id": "cmnr149yk04hwp6582deg1nhc", "assetId": "cmnr149y504hup658z5no7ewr", "asOf": "2026-04-08T20:00:02.000Z", "snapshot": { "asOf": "2026-04-08T20:00:02.000Z", "quote": { "asOf": "2026-04-08T20:00:02.000Z", "open": null, "price": 462.28, "dayLow": 460.24, "volume": 2224246, "dayHigh": 471.98, "currency": "USD", "prevClose": 452.95, "week52Low": 427.84, "week52High": 603.88 }, "fundamentals": { "pe": 70.795, "beta": 1.27789687250028, "epsTTM": 8, "fcfTTM": 1734700000, "growth": { "epsYoy": 0.2232415902140673, "revenueYoy": 0.2050502268890459 }, "sector": "Orthopedic, Prosthetic & Surgical Appliances & Supplies", "margins": { "net": 0.2837640466183791, "gross": 0.6599600584220096, "operating": 0.2926565123649985 }, "website": "http://intuitive.com", "industry": null, "pegRatio": 3.17122808219178, "ebitdaTTM": 3993900000, "forwardPe": 69.0682926829268, "marketCap": 193900000000, "totalCash": 3368000000, "totalDebt": null, "debtEquity": null, "quickRatio": 3.71956933506131, "revenueTTM": 10064700000, "companyName": "INTUITIVE SURGICAL INC", "priceToBook": 11.2661500303762, "currentRatio": 4.874638620277141, "dividendYield": null, "returnOnAssets": 0.1395983126982653, "returnOnEquity": 0.160233393177738, "analystOpinions": null, "businessSummary": "Intuitive Surgical, Inc. is an American biotechnology company that develops, manufactures, and markets robotic products designed to improve clinical outcomes of patients through minimally invasive surgery, most notably with the da Vinci Surgical System. The company is part of the Nasdaq-100, S&P 100 and S&P 500. As of 31 December 2021, Intuitive Surgical had an installed base of 6,730 da Vinci Surgical Systems, including 4,139 in the U.S., 1,199 in Europe, 1,050 in Asia, and 342 in the rest of the world.", "enterpriseValue": null, "analystTargetLow": null, "analystTargetHigh": null, "analystTargetMean": null, "fullTimeEmployees": 17021, "sharesOutstanding": 355130237, "enterpriseToEbitda": null, "analystTargetMedian": null, "enterpriseToRevenue": null, "operatingCashflowTTM": 3030500000, "analystRecommendationKey": null } }, "createdAt": "2026-04-09T05:21:09.740Z" }, "results": [ { "id": "cmnr149yt04i0p658vetgozvu", "runId": "cmnr149yr04hyp658w64diods", "modelId": "anthropic", "status": "SUCCESS", "rawOutput": "{\"model\":\"ai-equity-research-v1\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"ISRG\",\"currency\":\"USD\",\"current_price\":462.28,\"target_price_6m\":495,\"target_price_12m\":520,\"recommendation\":\"BUY\",\"confidence\":0.58,\"thesis_bullets\":[\"Leading robotic surgery platform with strong competitive moat and installed base\",\"Revenue growing >20% YoY with expanding procedure volumes globally\",\"Da Vinci 5 platform driving upgrade cycle and new customer acquisitions\",\"Premium 70x PE valuation limits upside; multiple compression risk is material\",\"Fortress balance sheet with $3.4B cash, zero debt, supports sustained R&D investment\"],\"key_drivers\":[{\"driver\":\"Procedure volume growth driving recurring instrument/accessory revenue\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Da Vinci 5 upgrade cycle accelerating system placements\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"International expansion in Asia and emerging markets\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Operating margin expansion from scale and mix shift\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Ion platform gaining traction in lung biopsy market\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Elevated PE multiple (70x) vulnerable to sentiment shifts\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Potential macro slowdown reducing hospital capital budgets\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Competitive entry from Medtronic Hugo and J&J Ottava\",\"impact\":\"MED\",\"direction\":\"NEG\"}],\"risks\":[\"Significant PE multiple compression if growth decelerates below 15%\",\"Competitive robotic platforms eroding pricing power and market share\",\"Regulatory or reimbursement headwinds in key geographies\",\"Hospital capex cycle downturn delays system placements\",\"Tariff or trade disruption impacting international supply chain\"],\"assumptions\":{\"revenue_cagr_3y\":0.17,\"ebit_margin_target\":0.32,\"wacc\":0.095,\"terminal_multiple\":35},\"scenarios\":{\"bear\":{\"target_price\":400,\"prob\":0.2,\"notes\":\"Multiple compresses to ~45x on slower procedure growth and macro headwinds.\"},\"base\":{\"target_price\":520,\"prob\":0.55,\"notes\":\"Steady 18% EPS growth with moderate multiple compression to ~55x forward earnings.\"},\"bull\":{\"target_price\":650,\"prob\":0.25,\"notes\":\"Da Vinci 5 cycle exceeds expectations; multiple sustained near 65x on accelerating growth.\"}},\"method_notes\":\"Forward PE-based valuation anchored on projected FY EPS of ~$9.50 (18% growth). Base case applies ~55x multiple reflecting slight compression from current 70x given maturation. 12M expected return ~12.5% supports BUY. PEG of 3.17 signals rich valuation but justified by durable competitive moat, recurring revenue mix, and zero-debt balance sheet. Confidence moderate due to elevated multiple sensitivity. 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While fundamentals remain robust, the current 70x P/E multiple suggests limited alpha potential over the next 12 months, justifying a HOLD rating. 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While fundamentals remain robust, the current 70x P/E multiple suggests limited alpha potential over the next 12 months, justifying a HOLD rating. Not investment advice.", "current_price": 462.28, "recommendation": "HOLD", "thesis_bullets": [ "Dominant market share in robotic-assisted surgery with high switching costs for hospitals.", "Recurring revenue from instruments and accessories provides strong cash flow stability.", "Da Vinci 5 rollout offers significant technological upgrades and pricing power.", "Expansion into diagnostic procedures via Ion platform diversifies long-term revenue.", "Current valuation at 70x P/E reflects high expectations, limiting near-term upside." ], "target_price_6m": 472, "target_price_12m": 485 }, "errorsJson": { "attempts": [ { "error": "not_json_object: Output must be a single JSON object (no markdown/code fences, no extra text).", "attempt": 0, "rawOutputTruncated": "{\"model\":\"Equity Research Analyst 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"modelId": "openai.gpt-5.4", "status": "SUCCESS", "rawOutput": "{\"model\":\"OpenAI o3\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"ISRG\",\"currency\":\"USD\",\"current_price\":462.28,\"target_price_6m\":445,\"target_price_12m\":440,\"recommendation\":\"HOLD\",\"confidence\":0.64,\"thesis_bullets\":[\"da Vinci installed base drives recurring instruments and service revenue.\",\"Procedures still outgrow medtech peers, supporting double-digit top-line growth.\",\"Net cash and strong cash generation reduce balance-sheet risk.\",\"Valuation remains demanding versus growth, limiting multiple expansion.\",\"Hospital budget cycles and competition could slow system placements.\"],\"key_drivers\":[{\"driver\":\"Procedure growth\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Installed base expansion\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Instruments and accessories mix\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Ion 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\"driver\": \"System installation expansion\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Recurring revenue mix\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"EBIT margin expansion\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Competitive intensity\",\n \"impact\": \"HIGH\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Hospital capital budgets\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"New indication approvals\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Valuation multiple compression\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n }\n ],\n \"risks\": [\n \"Intensifying competition from Medtronic and J&J\",\n \"Hospital capex slowdown in economic downturn\",\n \"Regulatory delays for new procedures\",\n \"Potential multiple contraction from high valuation\",\n \"Supply chain or manufacturing disruptions\"\n ],\n 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