Doctors and Segments and Regions--Q2 2013 Results from GSA
621 new doctors (43% annual growth rate) on the ISRG web site this quarter. Previous record-456. Of those 156 international (95% annual growth rate) and 465 domestic (37% annual growth rate). These numbers are indicative of future consumables and when the existing machines become fully utilized (72-82% capacity utilization est) the hospitals will be interested in additional systems.
The new hot growth area domestically is General Surgery, Colorectal included. 181 (39% of the new domestic surgeons). Greater than Gynecology! Even with ~10,000 benign/simple gynecologic procedures removed this quarter, there is still 7% growth domestically because of this new growth area. Future quarters will have this new growth area but the drop in benign/simple gynecologic surgeries will not proceed any further but should stabilize or even mitigate going forward--some of the "watchful waiting" choices will eventually need surgery.
Overseas are growing at 95%! They are currently ~20% of total volumes, but at this growth rate, it will not take long before this segment will more than make up for a slow down in US Gynecology growth. That is important to note....This quarters numbers reflect a SLOWDOWN in GROWTH, not a shrinking domestic market. If the market (hospitals, doctors and patients) percieves real value in ISRG's new capabilities (Firefly, single point surgery, HD 3D view of surgical field, removal of human tremor and scaling of surgical insturment movements, things to come, then ISRG is yet to grow. There are ~691,000 surgeons in the US, 6118 Da Vinci listed or less than 1%. Does not appear to be market saturation yet to me.