Investor Presentation Q4 2015

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Investor

Presentation

Q4 2015

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Forward Looking Statement

These slides and any accompanying oral presentation by

Intuitive Surgical, Inc. contain estimates and forward-looking statements. Actual results may differ materially from those expressed or implied as a result of certain risks and

uncertainties. These risks and uncertainties are described in detail in the Company’s Securities and Exchange Commission filings.

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Risks

Serious complications may occur in any surgery, including da

Vinci® Surgery, up to and including death. Individual surgical

results may vary. Patients should talk to their doctor to decide if da Vinci® Surgery is right for them. Patients and doctors should review all available information on

non-surgical and non-surgical options in order to make an informed decision. Please also refer to

http://www.daVinciSurgery.com/Safety for Important Safety Information.

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Contents Outline

• Company Overview & Business

Model

• Business Review

• Opportunities & Catalysts for

Growth

• Corporate Assets & 2015

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Corporate Overview and

Business Model

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Corporate Overview

• Founded in 1995, IPO 2000

• Over 3 million da Vinci® procedures performed to date

• Approximately 570,000 da Vinci® procedures performed in

2014

• Q3 YTD 2015 da Vinci® procedures up approximately 14%

• Q3 YTD 2015 Revenue up 12%

• 3,477 da Vinci® System installed base as of 9/30/15

– 2,344 United States, 586 Europe, 547 Rest of World

• Numerous FDA and International Regulatory Clearances

• Primary Markets - Urology, Gynecology, General Surgery,

Cardiothoracic

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Annual Service Agreement

$100K - $170K/Year 2014 Rev = $429M

da Vinci®_{Surgical System}

$0.6M - $2.5M 2014 Rev = $633M Instruments & Accessories $700-$3,200 per procedure 2014 Rev $1,070M

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Annual Service Rev Per System

da Vinci®_{Surgical System ASP}

Inst & Accy Rev Per Procedure

2014 Range of Pricing to Meet Multiple

Segments

$0.6M $170K $100K $3,200 $700 $2.5M da Vinci Si-e Single-Site™ Dual Console Xi Firefly™ Endowrist® Vessel Sealer Stapler

Typically Benign Typically Cancer

2014: $1.5M

2014: $1,880

2014: $140K _{Dual Console Xi}

da Vinci Si-e

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Advanced Platforms Surgeon & Staff Training

Imaging Technical

Support Advanced

Instruments Clinical Support

Clinical Validation Data Analytics &

Genesis

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• Areas of Strength

– Procedure growth – U.S. general surgery, U.S. mature procedure patient trends, and international

– Expanding da Vinci Xi market and platform

• Japan Clearance End of Q1 15

• Phase 2 instruments shipping Q2 15

• Xi Table motion CE marked and FDA submission in Q2 15 • Xi Single-Site FDA submissions Q3 15

– Stapler

• Increasing utilization in da Vinci® procedures • 30mm 510(k) submission Q3 15

• Challenges

– Gross margin pressure – FX headwinds; new product costs

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Annual Worldwide Procedures

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2009 2010 2011 2012 2013 2014 2015 Urology Gynecology General Surgery Other

Company Estimates 2015 Guidance: 13-14% Growth 2014: 9% Growth Company estimates

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U.S. Urology Procedures

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 2006 2007 2008 2009 2010 2011 2012* 2013 2014 Prostate Kidney Other

Company estimates

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0 50,000 100,000 150,000 200,000 250,000 2009 2010 2011 2012 2013 2014

Benign Hysterectomy Malignant Hysterectomy Other

U.S. Gynecology Procedures

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U.S. General Surgery Procedures

0 20,000 40,000 60,000 80,000 100,000 120,000 2009 2010 2011 2012 2013 2014

Upper GI / HPB Lower GI / Colorectal Other

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

Approximately 121,000

procedures performed in

2014, up 20% from 2013;



Q3 YTD 2015 up 26%



Strength in Asia

procedures: China,

Japan, Korea



Significant investments

supporting long term

growth

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Japan: Buildout of

direct sales structure,

efforts to obtain

additional

reimbursements



Europe: Clinical data

and analysis, sales

coverage

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OUS Annual Procedures

Company Estimates 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 2009 2010 2011 2012 2013 2014

Europe Asia Rest of World

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da Vinci Xi

 Designed for multi-quadrant surgical access

 Narrower arms with greater

reach

 Lighter, slimmer endoscopes that can move between ports

 Computer assisted, streamlined

set up

 Compatible surgical simulator

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Why Xi Matters

“Despite my obvious interest in minimally

invasive surgery I had resisted adopting previous

da Vinci platforms because of what I felt were

limitations. The da Vinci Xi platform is a game

changer for me. I now feel that this technology

will not just equal my standard laparoscopic

abilities but actually will allow me to reach new

levels in providing surgical care to my patients.”

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System Placement Trend

0 20 40 60 80 100 120 140 160 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2014 2015

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System Mix Trend

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q114 Q214 Q314 Q414 Q115 Q215 Q315 S / Sie Si Xi

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Europe 586 USA 2,344

Australia/ New Zealand 37 Japan 215 South Korea 53 China 46 India 35 Taiwan 27 Singapore 7 Thailand 6 Other 9

Installs by Country and Region

Saudi Arabia 14 Israel 7 Qatar 6 Other 9 Brazil 16 Mexico 7 Argentina 6 Chile 5 Venezuela 5 Other 8 Latin America 47 Denmark 18 Norway 11 Czech Republic 7 Austria 7 Finland 5 Ireland 3 Other 3 Distribution Italy 84 Turkey 34 Spain 31 Russia 25 Greece 9 Romania 7 Other 11 Direct France 90 Germany 77 UK 55 Belgium 34 Switzerland 28 Sweden 26 Netherlands 21 Asia 398 Canada 25

Intuitive sells directly to customers in the US, Korea, Japan, and the European countries indicated above. Sales are through distributor partners in all other areas of the world including, Canada, Latin America, the Middle East, Asia and Australia.

South Africa 4

da Vinci® System Installed Base

Middle East

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Trended da Vinci® System Installed

Base

0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q310 Q311 Q312 Q313 Q314 Q315 United States International

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Opportunities and Catalysts for

Growth

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Open Surgery Remains Common – U.S.

Source: ISI data as well as estimates

Yr: 2004

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Prostate Malignant Hyst Benign Hyst

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Open Surgery Remains Common – U.S.

Source: ISI Data as well as Estimates

Yr: 2014

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Prostate Malignant Hyst Benign Hyst

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Open Surgery Remains Common – U.S.

Source: ISI data as well as estimates

Yr: 2014

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Prostate Malignant Hyst

Benign Hyst Colorectal Ventral Hernia

Thoracic Robotic Other MIS Open

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Open Surgery Remains Common – OUS

Source: ISI data as well as estimates. OUS defined as Western Europe, Canada, Australia, South Korea and Japan

Yr: 2014

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Prostate Malignant Hyst

Colorectal Gastrectomy Thoracic

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Total Procedure Markets

• We estimate 2 – 4 million procedures available

for products on the market today in countries

for which we have clearances

• Over time, opportunity OUS will be greater

than U.S.

• Roughly half of opportunity based on

underlying cancer as cause

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Clinical and Economic Validation –

Overview of the Database

• To date, there are approximately 9,500 peer-reviewed clinical publications studying da Vinci use

• Approximately 99% of these studies are independent of ISI • Of these, approximately 1,400 are comparative studies

• In 2014, 1,600 new studies were published, of which ~400

were comparative

• There are now approximately 25 government sponsored assessments of da Vinci surgery spanning ~14 countries

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Which is the right

comparison?

Populations Matter

(e.g., Rectal Resection)

Laparoscopy Open Surgery da Vinci LAR Mar ke t Sh ar e %

MIS Surgeon Perspective

dV vs Lap

}

Patient Perspective

Open vs MIS

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Areas of Investment in Clinical and

Economic Analyses

• U.S. – Hernia registry, Gynecologic Oncology

registry

• Japan – Urology and General Surgery

• Germany – Urology and General Surgery

• U.K. – Colorectal registry

• France – Colorectal registry

• Numerous economic studies

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ISI Investments to Improve Surgery

• Advanced imaging (e.g., Firefly Fluorescence

Imaging)

• Computer-enhanced precision at tissue (e.g.,

Smart-clamp for stapling)

• Less invasive access (e.g., single-port and

natural orifice surgery)

• Training technologies (e.g., simulation,

dual-console, setup assist)

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Product Milestones

• Continue da Vinci Xi Launch:

– Xi Vessel Sealer launched Q2 14 – Xi Firefly launched Q3 14

– Clearance in Korea Q4 14

– 45mm Xi Stapler launched Q1 15 – Clearance in Japan end of Q1 15

– Xi Table motion CE Marked and 510(k) submitted in Q2 15

– Xi Single-Site 510(k) submitted Q3 15

– 30mm Xi Stapler 510(k) submitted Q3 15

• Single-Site wristed needle driver for Si

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Integration of da Vinci Sp

Current Xi Configuration

• Deliver technical milestones in 2015 – 10 Prototypes built • Clinical evaluations – Transoral and Transabdominal emphasis

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Integration of da Vinci Sp

Xi with Sp Patient Cart and Instruments

• Deliver technical milestones in 2015 – 10 Prototypes built • Clinical evaluations – Transoral and Transabdominal emphasis

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2015 Priorities and

Corporate Assets

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2015 Priorities

• Expanding the application of da Vinci in general

surgery, particularly colorectal surgery and hernia

repair

• Filling out our product line for da Vinci Xi and

launching in key markets globally

• Developing our organizational capabilities and

markets in Europe and Asia

• Advancing our technologies to improve surgery

• Lowering our direct product costs

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 Extraordinary people

 3,477 da Vinci® System installed base 9/30/15

 Numerous FDA and international regulatory clearances

 Extensive instrument and accessory product line

 Intuitive Surgical training centers worldwide

 Ownership of or exclusive rights to over 1,900 U.S. and

foreign patents and more than 1,500 US and foreign patent applications

 da Vinci® patient awareness

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