- Intuitive
Surgical’s minimally invasive bronchoscopy platform Ion may provide “some
of the most exciting advancements in robotic technology” in the coming
years, according to analysts at BTIG.
- While
Ion contributed an estimated $115 million of the company’s $6.2 billion in
revenue last year, the
analysts see scope for Intuitive to grow sales by capturing more of the
lung biopsy market and expanding into the ablation of tumors.
- Intuitive
competes for the bronchoscopy market with Johnson & Johnson’s Monarch
platform. The analysts estimate there are about twice as many Ion systems
as Monarch devices in use.
Intuitive’s success rests on its da Vinci robotic platform
and discussions of
the future of the company focus on whether J&J and Medtronic can challenge
the dominance of that device, the BTIG analysts said.
“Intuitive’s push into robotic bronchoscopy is purposeful,
not just simply for the bronchoscopy opportunity, but for its ability to serve
as both a diagnostic and therapeutic platform over time (including outside of
lung cancer),” the analysts wrote in a note to investors. “We believe some of
the most exciting advancements in robotic technology could come to Ion in the
years ahead.”
The Ion install base has grown from 50 in the first quarter
of 2021 to 376 at last count, according to the analysts, and is forecast to
rise to 589 by the end of the year. Even so, robotic systems are only used in a
fraction of procedures. BTIG, citing figures from Intuitive and the U.S. Food
and Drug Administration, estimates that Ion has penetrated 4.7% of the
bronchoscopy market.
In the first quarter, J&J said Monarch has been used in
25,000 procedures since its launch. Surgeons have used Ion in almost 41,000
procedures since Intuitive started reporting figures in 2021. Switching more
bronchoscopies to Ion may enable Intuitive to grow sales beyond the $161
million the platform is forecast to generate this year.
The analysts also have identified opportunities to expand
beyond bronchoscopies. Last year, Intuitive received regulatory approval for a
clinical trial of Ion ablation technology. The trial will assess the use of a
microwave-based energy source that could expand use of Ion to the ablation of
inoperable lung cancers.