Intuitive Surgical (ISRG): Moat Analysis
Intuitive's moat is an installed-base switching cost: once surgeons and whole OR teams train on da Vinci, replacing it means retraining everyone and accepting patient risk, so it deepens with every procedure. It deterred all entry for 20 years. Now Medtronic's Hugo (Dec 2025) and J&J's Ottava (Jul 2026) are FDA-cleared, but clearance isn't adoption. Verdict: Exceptional / Intact, under threat. The watch is real adoption, not the numbers.
22 aug