Investor Presentation Q4 2015

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 Companys Securities and Exchange Commission

filings.

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 surgical options in order to make an informed

decision. Please also refer to

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

Information.

Contents Outline

Company Overview & Business Model

Business Review

Opportunities & Catalysts for Growth

Corporate Assets & 2015

Priorities

Corporate Overview and Business Model

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

.

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

Recurring Revenue Model

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

Includes company estimates and approximate ranges

Advanced Platforms Surgeon & Staff Training

Imaging Technical Support

Advanced Instruments

Clinical Support

Clinical Validation Data Analytics & Genesis

da Vinci Ecosystem

Business Review

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

Q3 YTD 2015 Commentary

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

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

* U.S. Preventive Services Task Force Recommends Against PSA testing 5/2012

050,000

100,000

150,000

200,000

250,000

2009 2010 2011 2012 2013 2014

Benign Hysterectomy Malignant Hysterectomy Other

U.S. Gynecology Procedures

Company estimates

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

Company estimates

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

Japan: Buildout of direct sales structure, efforts to obtain additional reimbursements

Europe: Clinical data and analysis, sales coverage

International Performance

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

Company estimates

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

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.

B. Harkins, MD, FACS General Surgeon, Texas

System Placement Trend

0

20

40

60

80

100

120

140

160

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015

U.S. Europe Japan Rest-of-World

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

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

36

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

Opportunities and Catalysts for Growth

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 MalignantHyst

Benign Hyst

Robotic Other MIS Open

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 MalignantHyst

Benign Hyst

Robotic Other MIS Open

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 MalignantHyst

Benign Hyst Colorectal VentralHernia

Thoracic

Robotic Other MIS Open

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 MalignantHyst

Colorectal Gastrectomy Thoracic

Other MIS Robotic Open

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

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

Which is the right comparison?

Populations Matter (e.g., Rectal Resection)

Laparoscopy

Open Surgery

da Vinci LAR

Mar

ket

Shar

e %

MIS Surgeon Perspective dV vs Lap }

Patient Perspective Open vs MIS }

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

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)

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 launched Q4 14

Integration of da Vinci Sp Current Xi Configuration

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

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

2015 Priorities and

Corporate Assets

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

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

Corporate Assets