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Intuitive Surgical, Inc.

This article was originally published in The Gray Sheet

Executive Summary

Developer of the da Vinci tele-robotic endoscopic surgical system goes public via initial offering of 5 mil. shares at $9 each on June 13. The $45 mil. total is considerably less than the $115 mil. originally anticipated in a March filing with the Securities and Exchange Commission (1"The Gray Sheet" April 3, p. 21). The Mountain View, California firm will use a portion of the proceeds to facilitate sales force expansion and R&D activity. The shares trade on the Nasdaq exchange under the symbol "ISRG." Underwriters Lehman Brothers, Bear Stearns, FleetBoston Robertson Stephens, UBS Warburg and Fidelity Capital Markets have a 30-day option to purchase up to 750,000 additional shares to cover over-allotments. Separately, Intuitive Surgical announces June 19 the "world's first" totally endoscopic radical prostatectomy with the da Vinci system, at Frankfurt University Hospital, Germany
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