![]() Investors feared that since each da Vinci system costs upwards of $2 million, sales would decline due to higher financing costs. Federal Reserve pressing on the gas pedal hiking interest rates to mitigate inflation. The Omicron resurgence in Q1 was particularly harmful to Intuitive as hospitals temporarily resumed surgery restrictions. Since the beginning of 2022 shares fell to a post-pandemic low of $180.07 as the bear market ravaged stocks. While healthcare is a defensive sector during bear markets, medical devices have still been hit by the overall market declines. The spread of COVID vaccinations and boosters have enabled economies to re-open and hospitals to resume surgeries again, driving shares of Intuitive Surgical towards a double top just under $370 by December 2021. This impacted other medical device makers as well like Boston Scientific (NYSE: BSX), Abbott Labs (NYSE: ABT), Stryker (NYSE: SYK), Becton Dickinson (NYSE: BDX), and Medtronic (NYSE: MDT). The stock fell to a pandemic low of $120.17 as hospitals put surgery procedures on the back burner to free up operating and emergency rooms for COVID-19 patients. A two-decade-old piece of robotic technology would be deemed a legacy product in the tech world, but the da Vinci installs are still robust rising 13% to 7,364 systems performing over 10 million procedures throughout 69 countries in the past year. Food and Drug Administration (FDA) approval in 2000. It’s hard to believe that the da Vinci Surgical System developed by Intuitive Surgical (NASDAQ: ISRG) is turning 22 years old since its U.S.
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