Intuitive Surgical, Inc. develops robotic products for minimally invasive surgery. It is listed on NASDAQ-100 and S&P 500. As of 2021, they had 6,730 da Vinci Surgical Systems worldwide.
Computer Motion founded to develop surgical robots
Computer Motion was established in 1989 with the specific goal of creating surgical robots by utilizing NASA technology originally designed for remote equipment assembly in space.
1990
Development of da Vinci Surgical System Begins
In the late 1980s, research at SRI International led to the development of a prototype robotic surgical system, which eventually became the da Vinci Surgical System. Funding was received from the National Institutes of Health in 1990.
1994
Dr. Frederick Moll's Interest in Robotic Surgery
In 1994, Dr. Frederick Moll showed serious interest in the robotic surgery system developed by SRI, after a career involving innovations in laparoscopy and founding companies like Endotherapeutics and Origin Medsystems, Inc.
1995
Founding of Intuitive Surgical
In 1995, Intuitive Surgical was founded by a group of innovative individuals who aimed to revolutionize the field of surgery with robotic assistance.
1997-03
Development of Mona Prototype
In March 1997, the prototype of a medical equipment named Mona, derived from the SRI System, was completed and named after Leonardo da Vinci's famous painting Mona Lisa.
1998-06
Intuitive Surgical Founding
Intuitive Surgical was founded in June 1998, focusing on surgical appliance and supplies manufacturing.
1998-12
Mechanical Engineering Article on Microsurgery
In December 1998, an article in Mechanical Engineering focused on the advancements in microsurgery techniques.
1999-11
Robotics World Article on Robotic Systems in Operating Rooms
An article in Robotics World in November/December 1999 discussed how robotic systems were transforming operating rooms.
2001-06
FDA approval for da Vinci in prostate surgery
In June 2001, the FDA granted approval for the use of da Vinci surgical system in prostate surgery, marking a significant milestone for Intuitive Surgical.
2002
Founding of Hansen Medical by Moll and Younge
In 2002, Frederic Moll and Robert Younge departed from Intuitive Surgical to establish Hansen Medical, a medical start-up focused on developing a robotic system for performing procedures with diagnostic catheters.
2003-06
Merger between Intuitive Surgical and Computer Motion
In June 2003, Intuitive Surgical and Computer Motion agreed to merge, resolving the litigation between the two companies. This merger proved to be successful as it eliminated competition between the da Vinci and Zeus systems, leading to increased sales and operational efficiencies.
2004-02-26
Wall Street Journal Article on Robots in the Operating Room
The Wall Street Journal published an article on February 26, 2004, discussing the presence of robots in operating rooms.
2008
Challenges Faced by Hospitals with da Vinci Surgical System
In 2008, The New York Times reported that many hospitals and clinics struggled to recover the costs associated with the da Vinci Surgical System, which costs approximately $1.5 million. This highlighted the financial challenges institutions faced in adopting advanced medical technologies.
2009-04
Release of da Vinci SI Surgical System
The da Vinci SI Surgical System, a minimally invasive surgical robot, was released in April 2009 with an estimated cost of $1.75 million. It is commonly used for various surgical procedures including prostatectomies, cardiac valve repair, and gynaecologic surgeries.
2010
Fred Moll Becomes CEO
In January 2010, Fred Moll became the Chief Executive Officer of Intuitive Surgical.
2014
Introduction of da Vinci Xi System
The fourth generation robot, da Vinci Xi System, was introduced with a brand-new designed patient cart to ensure maximum mobility and flexibility during surgery. It featured improved access around the patient at any quadrant and redesigned arms for greater internal range of motion.
2015
Continued Growth and Adoption
In 2015 and beyond, Intuitive Surgical continued to broaden the adoption of robotic-assisted surgery, solidifying its position as a leader in the field.
2017
Financial Performance in 2017
For the fiscal year 2017, Intuitive Surgical reported earnings of US$660 million, with an annual revenue of US$3.129 billion. The company experienced a 15.7% increase in revenue compared to the previous fiscal cycle.
2018-06
Settlement of Class Action Lawsuits against Intuitive Surgical
In June 2018, Intuitive Surgical settled class action lawsuits for $43 million. The lawsuits alleged issues related to the company's practices. This legal settlement marked a significant event in the company's history.
2020
Release of da Vinci Single-Port (SP) platform
Intuitive Surgical released the new model of robot, the da Vinci Single-Port (SP) platform. Approved by the FDA in 2018 for urology patients, it has been used successfully in complex urological procedures like prostatectomy, donor nephrectomy, and cystectomy.
2021
Lawsuit Against Intuitive Surgical for Monopolistic Practices
In 2021, Intuitive Surgical faced a lawsuit accusing the company of abusing its monopolistic position. The lawsuit specifically mentioned anticompetitive behavior in the aftermarket business of replacement parts. This legal challenge raised concerns about the company's market dominance.
2022-08
Upcoming Trial between Rebotix and Intuitive Surgical
As of August 2022, the legal battle between Rebotix Repair and Intuitive Surgical is expected to proceed to trial after Intuitive's dismissal request was denied. The lawsuit involves allegations of overcharging hospitals for replacement parts, indicating ongoing legal challenges for the company.