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	<title>達文西機械人手術系統</title>
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	<pubDate>Fri, 21 Aug 2009 08:57:22 +0000</pubDate>
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		<title>台灣泌尿科醫學會98年大會資訊</title>
		<link>http://www.davinci.org.tw/?p=325</link>
		<comments>http://www.davinci.org.tw/?p=325#comments</comments>
		<pubDate>Fri, 21 Aug 2009 08:57:22 +0000</pubDate>
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		<category><![CDATA[最新訊息]]></category>

		<guid isPermaLink="false">http://www.davinci.org.tw/?p=325</guid>
		<description><![CDATA[台灣泌尿科醫學會「98年第16屆第2次會員大會暨第31次學術演講會」，謹訂於8月29~30日（六、日）假高雄榮民總醫院（高雄市大中一路386號）舉辦，這次大會特別邀請韓國延世大學附設醫院的Dr. Koon Ho Rha發表達文西手術專題演講，深信對各位醫師必有莫大之助益。
時　間：2009年8月29日 (六) 10:40 ~ 11:20
地　點：急診大樓六樓第五會議室
座　長：歐宴泉醫師
領　域：Minimal invasive surgery
講　題： 1000 Robotic Prostatectomies at Yonsei University : Lessons Learned
主講人： Prof. Rha, Koon Ho, M.D., FACS, Ph.D. （ Korea）
Associate Professor of Urology and Robotic and Minimally Invasive Surgery Center
此外，Dr. Rha也將手術試範達文西攝護腺根除術
Live Demonstration: Robotic Radical Prostatectomy
Prof. Rha, Koon Ho, M.D., FACS, Ph.D. （ Korea）
時　間：2009年8月30日 (日) 7:30 ~ 9:30
Opening: 張心湜 [...]]]></description>
			<content:encoded><![CDATA[<p>台灣泌尿科醫學會「98年第16屆第2次會員大會暨第31次學術演講會」，謹訂於8月29~30日（六、日）假高雄榮民總醫院（高雄市大中一路386號）舉辦，這次大會特別邀請韓國延世大學附設醫院的Dr. Koon Ho Rha發表達文西手術專題演講，深信對各位醫師必有莫大之助益。</p>
<p>時　間：2009年8月29日 (六) 10:40 ~ 11:20<br />
地　點：急診大樓六樓第五會議室<br />
座　長：歐宴泉醫師<br />
領　域：Minimal invasive surgery<br />
講　題： 1000 Robotic Prostatectomies at Yonsei University : Lessons Learned<br />
主講人： Prof. Rha, Koon Ho, M.D., FACS, Ph.D. （ Korea）<br />
Associate Professor of Urology and Robotic and Minimally Invasive Surgery Center</p>
<p>此外，Dr. Rha也將手術試範達文西攝護腺根除術</p>
<p>Live Demonstration: Robotic Radical Prostatectomy<br />
Prof. Rha, Koon Ho, M.D., FACS, Ph.D. （ Korea）<br />
時　間：2009年8月30日 (日) 7:30 ~ 9:30<br />
Opening: 張心<span style="font-size: x-small;">湜 教授<br />
</span>Moderator: 楊啟瑞 <span style="font-size: x-small;">教授, </span>邱文祥 <span style="font-size: x-small;">教授,  </span>歐宴泉 副<span style="font-size: x-small;">教授<br />
</span>Panel: 林嘉祥主任, 吳勝堂主任, 吳俊德主任</p>
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		<item>
		<title>聯合報98年3月29日元氣特刊內有達文西攝護腺切除術相關報導</title>
		<link>http://www.davinci.org.tw/?p=318</link>
		<comments>http://www.davinci.org.tw/?p=318#comments</comments>
		<pubDate>Mon, 30 Mar 2009 15:57:52 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
		<category><![CDATA[最新訊息]]></category>

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		<description><![CDATA[義大利文藝復興時期藝術家達文西，一張膾炙人口的「維特魯人」手稿，人體站在正方形和圓形裡張開手臂，被譽為黃金比例；五百多年後，醫界發明達文西機械手臂手術系統，替代人手開刀。]]></description>
			<content:encoded><![CDATA[<p>轉載於聯合報元氣特刊</p>
<p>記者施靜茹／報導</p>
<p>開刀房裡，傳統畫面大多是穿著綠色手術服的醫師、護士，圍在手術台周圍，全神貫注地為躺在手術台上病人開刀。<br />
<strong><br />
3D遙控 靈感來自達文西</strong><br />
但近年的開攝護腺癌、心臟外科手術房有點不一樣，在病人傷口忙碌進出的，是四支架設在手術台車的機械手臂，一旁一台有如行控中心的手術控制台，主治醫師埋首注視3D畫面，映入眼簾是如同在手術台看到立體組織，雙手使用主控制器給予機械手臂手術指令。<br />
義大利文藝復興時期藝術家達文西，一張膾炙人口的「維特魯人」手稿，人體站在正方形和圓形裡張開手臂，被譽為黃金比例；五百多年後，醫界發明達文西機械手臂手術系統，替代人手開刀。</p>
<p><strong>第一、二期 可選擇手術</strong><br />
國人一年約2300例攝護腺癌病例，其中1/3屬第一、二期可開刀的病例，可選擇傳統開放性手術、腹腔鏡或最新的達文西機械手臂手術；1/3為第三期病例，較建議進行放射線治療，加2年荷爾蒙療法；1/3病例，為癌細胞轉移至其他部位的第四期，則建議進行荷爾蒙治療。<br />
切除攝護腺癌組織的傳統開放性手術，泌尿外科醫師已用它20多年，它開的傷口較大，約10到15公分，但好處是健保有給付；問世已十年的腹腔鏡手術，透過五個小傷口進入切除癌細胞，對術中出血少、術後疼痛、尿失禁、性功能保留，都較傳統開放性手術佳。</p>
<p><strong>操作精密 費用約20萬</strong><br />
而2002年在美國問世，2004年引進台灣的達文西機械手臂手術系統，較腹腔鏡又更進一步，在小便控制、性功能保，又優於腹腔鏡，唯手術費較高，前者約3至5萬元，後者約20萬元。<br />
機械手臂手術提供主刀醫師立體視野，更精確進行器械操作，機械手臂的7個自由度，模擬人的手指靈活度，消除主刀者不必要的顫抖，並操作人手不能觸及的狹小空間和精細手術動作，醫生在縫合膀胱及尿道時，更為順利，有別於傳統開放性手術和腹腔鏡手術。</p>
<p><strong>主開攝護腺 也用於心臟</strong><br />
它的四支手臂，一支負責拿內視鏡；另外兩支隻手臂，配合主刀醫師在主控制器，拿燒灼器、夾子和縫針等；另一支為備用手臂，隨時遞上手術時需要的器械。<br />
機械手臂手術在國內主要做攝護腺癌手術，有些醫院做心臟冠狀動脈繞道術、心中膈缺損、二尖瓣膜修補術、膀胱切除術和胃繞道手術等，也會用到它。<br />
目前國內醫院具有該設備者有：三總、林口長庚、振興醫院、台中榮總、台北市立忠孝醫院。截至目前為止，國內已完成約400例達文西機械手臂攝護腺根除術。</p>
<p><strong>術後回診 需測PSA指數</strong><br />
做了攝護腺癌手術後，病患都關心癌症能否獲得控制，醫師會建議病患回診抽血驗攝護腺特異抗原（PSA）指數，如指數大於0.2，較可能有復發跡象，或許是癌細胞殘存或潛藏，必要時需回診做放射線或荷爾蒙治療。<br />
「醫師，我不想做切片，聽說這樣癌細胞會擴散？」門診中，醫師常聽攝護腺病患憂慮地詢問，醫師要澄清，取得攝護腺癌組織，是不會造成癌細胞擴散，有切片，才有助於對病患做出較好的治療判斷。</p>
<p>諮詢對象 台中榮民總醫院泌尿外科主治醫師歐宴泉、三軍總醫院泌尿外科主治醫師吳勝堂</p>
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		<item>
		<title>恭喜林口長庚泌尿科成功完成100台達文西機械手臂手術</title>
		<link>http://www.davinci.org.tw/?p=305</link>
		<comments>http://www.davinci.org.tw/?p=305#comments</comments>
		<pubDate>Thu, 05 Mar 2009 03:12:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
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		<description><![CDATA[長庚紀念醫院林口分院為了提供患者更好的治療服務於2006年9月裝置達文西機械手臂手術系統，目前院內運用此系統的科別有泌尿科、婦產科、一般外科、心臟外科、胸腔外科等，其中以泌尿科手術量最多。]]></description>
			<content:encoded><![CDATA[<p>長庚紀念醫院林口分院為了提供患者更好的治療服務於2006年9月裝置達文西機械手臂手術系統，目前院內運用此系統的科別有泌尿科、婦產科、一般外科、心臟外科、胸腔外科等，其中以泌尿科手術量最多。2009年3月3日泌尿科吳俊德醫師又成功完成一例達文西攝護腺切除術，這是林口長庚泌尿科至今成功完成的第100例機械手臂手術。這些手術主要由馮思中醫師、崔克宏醫師及吳俊德醫師執行，手術類型除了治療攝護腺癌的根除性攝護腺切除術外還包括膀胱切除術、部分腎臟切除術及輸尿管重建手術。<br />
吳俊德醫師表示達文西機械手臂動作精密，可以讓醫師在患者體內執行複雜的手術動作，手術結果與傳統手術無異，但是傷口小、失血量少。已是國外治療攝護腺癌的主流方式。</p>
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		<title>回顧: International Robotic Urology Symposium</title>
		<link>http://www.davinci.org.tw/?p=275</link>
		<comments>http://www.davinci.org.tw/?p=275#comments</comments>
		<pubDate>Mon, 16 Feb 2009 15:58:10 +0000</pubDate>
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		<category><![CDATA[最新訊息]]></category>

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		<description><![CDATA[2009年的International Robotic Urology Symposium (IRUS)於1月12-14日在拉斯維加斯順利舉行. 今年的IRUS規模盛大, 共有超過480位來自世界各地的醫療人員參加.台灣則有林口長庚泌尿科吳俊德醫師參加.]]></description>
			<content:encoded><![CDATA[<p>2009年的International Robotic Urology Symposium (IRUS)於1月12-14日在拉斯維加斯順利舉行. 今年的IRUS規模盛大, 共有超過480位來自世界各地的醫療人員參加. 台灣則有林口長庚泌尿科吳俊德醫師參加.<br />
今年重點有:</p>
<ul>
<li>手術多方發展: 攝護腺切除術, 腎臟手術, 小兒, 膀胱, 腎上腺, 婦科, 及婦女泌尿等方面手術.</li>
<li>實用報告改進預後的先進手術技巧.</li>
<li>多場機械手術現場轉播 包括: 根除性攝護腺切除術, 根除性膀胱切除術, 及部分腎切除術.</li>
<li>Dr. Mani Menon利用三維立體高解析影像發表他的達文西攝護腺切除術病例報告</li>
<li>特別課程:腎臟手術, 根除性膀胱切除術, 及尿改流手術, 婦科手術, 小兒泌尿, 機械手臂手術開刀房管理, 及機械手臂手術的履行, 計畫, 及其經濟效應.</li>
</ul>
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		<title>2008 World Congress of Endourology: 回顧</title>
		<link>http://www.davinci.org.tw/?p=267</link>
		<comments>http://www.davinci.org.tw/?p=267#comments</comments>
		<pubDate>Thu, 11 Dec 2008 09:52:08 +0000</pubDate>
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		<description><![CDATA[第26屆World Congress of Endourology(簡稱WCE)於上周在上海舉行。為期四天的會議(11月30日至12月3日)共有2100位來自世界各地的泌尿科醫師參予。由於本屆WCE是與中華泌尿外科醫學會(Chinese Urologic Association)的年會一起舉辦，所以中國醫師的出席率特別高，估計有900位中國醫師參予WCE。]]></description>
			<content:encoded><![CDATA[<p>第26屆World Congress of Endourology(簡稱WCE)於上周在上海舉行。為期四天的會議(11月30日至12月3日)共有2100位來自世界各地的泌尿科醫師參予。由於本屆WCE是與中華泌尿外科醫學會(Chinese Urologic Association)的年會一起舉辦，所以中國醫師的出席率特別高，估計有900位中國醫師參予WCE。<br />
本屆WCE共有158篇機械手臂手術相關的文獻摘要的發表，佔全部發表文獻的9%，比上屆多了30%。文獻題目多而廣，但大致可分類為幾個主題:<br />
●泌尿科機械手臂手術國際化發展<br />
●達文西攝護腺切除術帶來更好的治癌效果<br />
●手術技巧的改善及改善後的效果<br />
●達文西部分腎切除術的成長及效果<br />
●機械手臂在其他泌尿科手術的發展<br />
12月2日有兩場達文西攝護腺切除術手術示範，示範醫師為美國Florida Hospital的Dr. Vipul Patel及韓國延世大學的Dr. Koon Ho Rha。估計有超過600位醫師觀摩手術示範。<br />
UCI的Tom Ahlering報告機械人手術最新發展，達文西機械手臂提供更穩定的手術影像、更精細的動作和更廣的手術適應症，機械人手術在泌尿外科臨床的應用正在成為一種必然的選擇。</p>
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		<item>
		<title>林口長庚泌尿科醫師馮思中及吳俊德成為da Vinci Surgery.com推薦醫師</title>
		<link>http://www.davinci.org.tw/?p=263</link>
		<comments>http://www.davinci.org.tw/?p=263#comments</comments>
		<pubDate>Wed, 17 Sep 2008 08:10:19 +0000</pubDate>
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		<guid isPermaLink="false">http://www.davinci.org.tw/?p=263</guid>
		<description><![CDATA[恭喜長庚紀念醫院的馮思中醫師及吳俊德醫師成為da Vinci Surgery.com推薦醫師。]]></description>
			<content:encoded><![CDATA[<p>恭喜長庚紀念醫院的馮思中醫師及吳俊德醫師成為da Vinci Surgery.com推薦醫師。<br />
馮醫師及吳醫師服務於林口院區泌尿科，擅長達文西攝護腺切除術。兩位醫師已在台灣各自成功完成超過二十多例達文西攝護腺切除術。<br />
馮思中醫師及吳俊德醫師是繼三總吳勝堂醫師及中榮歐宴泉醫師後正式被da Vinci Surgery.com推薦的台灣醫師。<br />
關於兩位醫師的詳細資料請洽林口長庚。</p>
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		<item>
		<title>達文西子宮切除術手術教學轉播</title>
		<link>http://www.davinci.org.tw/?p=254</link>
		<comments>http://www.davinci.org.tw/?p=254#comments</comments>
		<pubDate>Mon, 08 Sep 2008 01:36:24 +0000</pubDate>
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		<description><![CDATA[OR Live 於美東時間2008年9月18日下午4-5:30傳播一系列婦產科相關的達文西機械人手術.
OR Live將從University of Michigan Health System傳播複雜性的子宮切除術教學, 病患有嚴重子宮內膜異位, 曾動過手術及子宮體積異大等複雜病史. 主刀醫師為Arnold P. Advincula, MD.
Dr. Advincula是婦產科副教授也是婦產科微創手術部門主任. 他將探討手術處理複雜病理的策略及如何充分運用達文西機械人系統的優點. Dr. Advincula會利用達文西機械人系統的四隻手臂完成全腹腔鏡子宮切除術.
美國FDA於2001年通過第一代達文西機械人系統並於2006年通過第二代達文西機械人系統. 達文西機械人不是自主性的, 達文西機械人是一套主僕系統, 它只依照主刀醫生的指示動作.
Surgical Tutorial on Complex da Vinci® Hysterectomy: http://www.or-live.com/daVinci/2270/#
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			<content:encoded><![CDATA[<p><a href="http://www.or-live.com">OR Live</a> 於美東時間2008年9月18日下午4-5:30傳播一系列婦產科相關的達文西機械人手術.</p>
<p>OR Live將從University of Michigan Health System傳播複雜性的子宮切除術教學, 病患有嚴重子宮內膜異位, 曾動過手術及子宮體積異大等複雜病史. 主刀醫師為Arnold P. Advincula, MD.</p>
<p>Dr. Advincula是婦產科副教授也是婦產科微創手術部門主任. 他將探討手術處理複雜病理的策略及如何充分運用達文西機械人系統的優點. Dr. Advincula會利用達文西機械人系統的四隻手臂完成全腹腔鏡子宮切除術.</p>
<p>美國FDA於2001年通過第一代達文西機械人系統並於2006年通過第二代達文西機械人系統. 達文西機械人不是自主性的, 達文西機械人是一套主僕系統, 它只依照主刀醫生的指示動作.</p>
<p style="TEXT-ALIGN: justify">Surgical Tutorial on Complex <em>da Vinci®</em> Hysterectomy: <a href="http://www.or-live.com/daVinci/2270/">http://www.or-live.com/daVinci/2270/</a>#</p>
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		<title>機械手臂輔助於泌尿科手術的應用: 經驗分享</title>
		<link>http://www.davinci.org.tw/?p=248</link>
		<comments>http://www.davinci.org.tw/?p=248#comments</comments>
		<pubDate>Mon, 25 Aug 2008 08:15:47 +0000</pubDate>
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		<description><![CDATA[台灣泌尿科醫學會將於2008年8月29日舉辦機械手臂輔助於泌尿科手術的經驗分享座談會. 請各界醫療工作者踴躍參加. ]]></description>
			<content:encoded><![CDATA[<p>台灣泌尿科醫學會將於2008年8月29日舉辦機械手臂輔助於泌尿科手術的經驗分享座談會. 請各界醫療工作者踴躍參加. </p>
<p>日期: 2008年8月29日 星期五<br />
時間: 18:40-19:30<br />
地點: 台大醫院國際會議中心 201室<br />
地址: 台北市徐州街2號</p>
<p>主講者:<br />
林口長庚 吳俊德醫師<br />
台中榮總 歐宴泉醫師<br />
三軍總醫院 吳勝堂醫師<br />
北市聯合醫院 忠孝院區 盧星華醫師 </p>
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		<title>CNN: 機械人減少手術副作用</title>
		<link>http://www.davinci.org.tw/?p=149</link>
		<comments>http://www.davinci.org.tw/?p=149#comments</comments>
		<pubDate>Mon, 11 Aug 2008 04:05:41 +0000</pubDate>
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		<description><![CDATA[CNN提到達文西攝護腺切除術過去幾年快速成長 已由2004年的10,000台增加到2008年的70,000台(預估)。其他運用達文西機械手術系統的術式還有子宮切除術、腎切除及一些心臟手術。

機械人手術的主要優點是較少手術副作用及回復期較短。
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			<content:encoded><![CDATA[<p>CNN對達文西攝護腺切除術的報導</p>
<p>CNN提到達文西攝護腺切除術過去幾年快速成長 已由2004年的10,000台增加到2008年的70,000台(預估)。其他運用達文西機械手術系統的術式還有子宮切除術、腎切除及一些心臟手術。</p>
<p>機械人手術的主要優點是較少手術副作用及回復期較短。</p>
<p>服務於亞特蘭大St. Joseph Hospital的Dr. Nikhil Shah已經完成600例達文西攝護腺切除術，Dr. Shah認為達文西是一個提高手術精準度的工具，可以減少對控制排尿及勃起神經的傷害，&#8221;我可以幫助男性保留尊嚴同時除去癌細胞&#8221; Dr. Shah表示。</p>
<p>研究發現達文西攝護腺切除術比傳統手術多出許多優點，失血量及傷口小是明顯地優點，但將達文西攝護腺切除術稱為治療攝護腺癌的&#8221;黃金標準&#8221;還言之過早。並不是所有病人都適合達文西攝護腺切除術，太過肥胖及癌細胞已擴散的病人就可能不適合。&#8221;跟你的醫師討論哪種治療方式適合你的病情是很重要的&#8221;Dr. Shah說。</p>
<p>達文西攝護腺切除術收費平均為美金$15000約新台幣47萬</p>
<p><a href="http://edition.cnn.com/2008/HEALTH/conditions/08/05/robotic.prostate.surgery/#cnnSTCVideo">http://edition.cnn.com/2008/HEALTH/conditions/08/05/robotic.prostate.surgery/#cnnSTCVideo</a></p>
<p>台灣有提供達文西攝護腺切除術的醫院為三軍總醫院、振興醫院、台中榮民醫院及林口長庚醫院。自費收費約為新台幣20萬。<a href="http://edition.cnn.com/2008/HEALTH/conditions/08/05/robotic.prostate.surgery/#cnnSTCVideo"></a></p>
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		<title>商業周刊: 機器人手術系統製造商　本益比75倍高過頭？</title>
		<link>http://www.davinci.org.tw/?p=143</link>
		<comments>http://www.davinci.org.tw/?p=143#comments</comments>
		<pubDate>Fri, 08 Aug 2008 08:14:16 +0000</pubDate>
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		<description><![CDATA[去年秋天，醫生告訴我，我得了前列腺癌，他的口氣充滿同情又有些緊繃，彷彿料準我下一秒鐘會崩潰。

毋需擔心，我沒崩潰，而是立刻和他討論有哪些療法、結果各是如何。

一如既往，深入研究總能讓我擺脫擔憂。討論的結果，我們認為最好的療法是透過醫療設備製造商Intuitive Surgical生產的機器人動手術——一套稱為「達文西機器人」（da Vinci robt）的微創手術系統。（編按：微創手術指的是與傳統手術相較，手術的傷口小，因此對身體組織的破壞也較小的手術方式。）
]]></description>
			<content:encoded><![CDATA[<p>本篇文章摘自：<a href="http://www.davinci.org.tw/menu.php?id=1302&amp;mid=0000000001"> 商業周刊第 1081 期</a><br />
譯文者：尹 鳴</p>
<p>去年秋天，醫生告訴我，我得了前列腺癌，他的口氣充滿同情又有些緊繃，彷彿料準我下一秒鐘會崩潰。</p>
<p>毋需擔心，我沒崩潰，而是立刻和他討論有哪些療法、結果各是如何。</p>
<p>一如既往，深入研究總能讓我擺脫擔憂。討論的結果，我們認為最好的療法是透過醫療設備製造商Intuitive Surgical生產的機器人動手術——一套稱為「達文西機器人」（da Vinci robt）的微創手術系統。（編按：微創手術指的是與傳統手術相較，手術的傷口小，因此對身體組織的破壞也較小的手術方式。）</p>
<p>我知道Intuitive Surgical這家公司是近來極為熱門的成長股之一，於是，我決定將得病這件事轉變成一項工作任務；我閱讀了一大堆醫學期刊，並且訪問很多很多醫生。</p>
<p>我還是沒辦法告訴你，我對自己得癌症的感覺；不過我可以告訴你，我對Intuitive Surgical這家公司的看法。</p>
<p>第二季營收出爐：較第一季成長逾五○％</p>
<p>Intuitive Surgical在七月二十三日公布的第二季財報顯示，該季營收較前一季成長超過五○％，再次優於市場預期，該公司股價當天立即大漲超過五十美元（編按：從每股二百八十美元上漲到三百三十一美元）。</p>
<p>目前Intuitive Surgical股價已經來到每股三百二十二美元（編按：七月二十五日收盤價），本益比以今年的獲利預估計算高達七十五倍，讓這支個股成為S&amp;P五百當中，本益比最高的個股之一。</p>
<p>這麼高的比益比，反映出這家公司生產的「達文西機器人」，在機器人微創手術領域獨步全球的地位。<br />
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<p>英文原稿如下</p>
<p><span style="font-size: 10pt; color: #0253b7;"><img id="EC__x0000_i1026" src="http://by137w.bay137.mail.live.com/mail/SafeRedirect.aspx?hm__tg=http://64.4.48.121/att/GetAttachment.aspx&amp;hm__qs=file%3dfb1436b8-142d-419a-93ab-9756adff1bc8.gif%26ct%3daW1hZ2UvZ2lm%26name%3daW1hZ2UwMDIuZ2lm%26inline%3d1%26rfc%3d0%26empty%3dFalse%26imgsrc%3dcid%253aimage002.gif%254001C8F3D7.370C4B90&amp;oneredir=1&amp;ip=10.1.106.112&amp;d=d292&amp;mf=32" alt="Barron's Online" width="190" height="74" /></span></p>
<p class="EC_MsoNormal"><strong><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-weight: bold; font-size: 10pt; font-family: 'Trebuchet MS';">Robot Dreams </span></span></strong></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">By BILL ALPERT</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Prostate cancer put our man up close and personal with a surgical robot made by Intuitive. But does a terrific technology justify the stock&#8217;s valuation?</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">WHEN HE TOLD ME I HAD PROSTATE CANCER, my doctor&#8217;s tone was sympathetic and vigilant &#8212; as if ready to catch me should I collapse. He needn&#8217;t have worried. I instantly reverted to reporting mode, grilling him about treatments and outcomes. Diving into the research, I could escape my angst, just as I&#8217;ve always done. All the better, then, when it turned out the best treatment would be surgery with a robot <span style="color: #000000;"><span style="color: #000000;">from <a href="http://online.barrons.com/public/quotes/main.html?type=djn&amp;symbol=ISRG" target="_blank"><span style="color: #000000;"><span style="color: #000000; text-decoration: none;">Intuitive Surgical</span></span></a> . I knew it was one of the hottest growth stocks of our time. I was elated to find a way</span></span> to turn my sickness into a work assignment. There were stacks of medical journals to read, doctors to interview.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">I still can&#8217;t tell you how I feel about the cancer. But I can tell you about Intuitive. Its stock jumped more than 50 bucks Wednesday, after the Sunnyvale, Calif., company reported better than 50% growth in June-quarter sales and once again beat earnings estimates. At 322 each, the shares now go for more than 75 times trailing 12-month earnings, giving Intuitive one of the handsomest multiples in the Standard &amp; Poor&#8217;s 500. That multiple reflects the alacrity with which surgeons have adopted the company&#8217;s da Vinci robot, a four-armed marvel the doctor controls from an operating-room console. Patients have less bleeding and scarring, and can get back on their feet without a long, expensive hospital stay.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">But Intuitive&#8217;s volatile and pricey shares also bespeak the desperation of investors mobbing a quality growth story in a lousy economy and stock market. That momentum mob seems heedless of how suddenly this expensive stock could become a victim of the robot&#8217;s success.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">You can gauge the market for robotic surgery better than you can for some other new technologies&#8230;like Google&#8217;s, for example. About 40% of the country&#8217;s large hospitals already have at least one da Vinci robot. When Intuitive (ticker: ISRG) finishes placing its robots, it will see a falloff in the systems sales that have contributed more than half of its revenue.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Sales of disposable instruments and accessories for each operation will continue, but the growth rate of those revenues will also decline once the da Vinci gets its share of the relatively fixed number of surgical procedures performed each year.</span></span></p>
<p class="EC_MsoNormal"><img src="http://by137w.bay137.mail.live.com/mail/SafeRedirect.aspx?hm__tg=http://64.4.48.121/att/GetAttachment.aspx&amp;hm__qs=file%3d641a1fcf-52cc-4931-9fc5-8f12116021d5.jpg%26ct%3daW1hZ2UvanBlZw_3d_3d%26name%3daW1hZ2UwMDMuanBn%26inline%3d1%26rfc%3d0%26empty%3dFalse%26imgsrc%3dcid%253aimage003.jpg%254001C8F3D7.370C4B90&amp;oneredir=1&amp;ip=10.1.106.112&amp;d=d292&amp;mf=32" alt="[surgical robot]" width="200" height="273" align="left" /><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">In its report last week, Intuitive allowed that procedure growth has slowed for the kind of robotic prostate surgery that I had last fall. The robot took seven years to garner the majority of the 90,000 prostate procedures conducted annually.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Robotics is gaining share more quickly in the rather larger market for hysterectomies and other surgeries performed by gynecologists.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">But after that, there are only a handful of remaining high-volume procedures in the U.S. and abroad. Each of these additional kinds of procedures will contribute, perhaps, a buck a share in earnings from ongoing sales of instruments. That would just about offset the earnings hole from slowing sales of systems, leaving Intuitive with maybe the same $8 or $9 a share in annual earnings that Wall Street predicts for the next couple of years.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">What stock multiple investors would put on such steady-state earnings is harder to predict. Shares of profitable medical-device makers that saturated their markets, like coronary-stent maker <span style="color: #000000;"><span style="color: #000000;"><a href="http://online.barrons.com/public/quotes/main.html?type=djn&amp;symbol=bsx" target="_blank"><span style="color: #000000;"><span style="color: #000000; text-decoration: none;">Boston Scientific</span></span></a></span></span> (BSX), have settled into earnings multiples in the high teens. Even if that earnings arithmetic proves too stingy, Intuitive shares could fall by at least 25% once most people get their surgery robotically, as I did. The volatile stock has fallen as much twice this year already, as it changes among momentum investors&#8217; fickle hands.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">The company and its fans say growth is far from slacking. &#8220;We don&#8217;t think we are anywhere near saturation in anything,&#8221; says Intuitive&#8217;s vice president of finance, Benjamin Gong.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">MY BIOPSY FOUND CANCER, BUT THE DISEASE probably hadn&#8217;t spread beyond the prostate. That made me a lucky cancer patient. By having the prostate cut out completely, I could probably get rid of the cancer. As with other surgeries, studies show that the doctors who do the most prostate procedures have the best success. So I began looking for a high-volume surgeon in the New York area. It&#8217;s exactly this sort of active search by patients that has driven market share to da Vinci procedures.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">I found my way to Ash Tewari, the cheerful director of the robotic prostatectomy program at Weill Cornell Medical Center. Tewari does more than 600 prostate surgeries a year. Unlike other da Vinci surgeons I&#8217;ve interviewed, Tewari owns no Intuitive stock. &#8220;I want to keep my life simple,&#8221; he says.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">He trained at Henry Ford Hospital in Detroit, where doctors perfected the prostate operation that put Intuitive on the road to success. Engineers had long tinkered with surgical robotics for NASA and the military, but it wasn&#8217;t until 1999 that Intuitive introduced a really useful system &#8212; the da Vinci.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Other minimally invasive tools can require that the surgeon stand and move awkwardly, lowering his hands to raise the instrument.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">The da Vinci instruments have wrists, allowing the surgeon to work the controls more intuitively, while sitting comfortably at a console that gives a 12-times magnified, 3-D view of the surgical field. Hand tremors can be filtered out and movements scaled down. &#8220;It boils down to two things,&#8221; says Tewari. &#8220;I can see things better, and I can go into very narrow corners.&#8221;</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Prostate surgery suits the robot. In a narrow area, the doctor must do a lot of precision work to avoid rendering the patient incontinent and impotent. Those possibilities scare guys into shopping around for the very best surgery. And the evidence so far shows that da Vinci prostate surgery is as good or better than the traditional approach.</span></span></p>
<p class="EC_MsoNormal"><a name="PAGE1" target="_blank"></a><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">I have only four small scars from my operation instead of a big gash. My recovery was quick. Tewari made me walk a mile in the hospital corridor before going home the day after surgery. He had me walk three miles a day thereafter. In a week, I was ready to go back to work.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Urologists rate prostate surgeries in terms of what they call the Trifecta: potency, continence and cancer control. Studies show that after da Vinci surgery, success rates are comparable to traditional open surgery for the first two measures. Cancer control takes longer to prove because prostate cancer develops slowly. It can take seven years to know if one kind of prostate-cancer treatment is failing more often than another, and the da Vinci has been in wide use for only a few years.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">The early signs are good, however, with blood tests taken five years after surgery showing no evidence of recurrence in about 84% of da Vinci patients (whose cancers were caught when still confined in the prostate, like mine) &#8212; which is comparable to open surgery. Tewari says the most important factors in a successful outcome are the stage of the cancer and the skills of the surgeon, regardless of whether the surgeon uses the robot.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">AS GUYS HAVE CLAMORED TO HAVE A ROBOT CUT out their prostates, da Vinci procedures have burgeoned. About 55,000 fellows around the world went under the da Vinci in 2007. With other kinds of da Vinci surgeries, there were a total of 85,000 robotic operations last year, an increase from 2006 of almost 75%.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">That demand drives hospitals to invest in robot systems. The worldwide installed base of da Vinci robots grew 42% last year, to almost 800, with about 600 of those in North America. A system sells for more than $1.3 million. The hospital pays another $135,000 a year for service and support. Each procedure consumes $1,500 to $2,000 in disposable instruments and accessories.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Intuitive became profitable within a couple of years of its $9-a-share initial public offering in 2000. Revenue grew 61% in 2007, to $600 million. Of that revenue total, about 54% came from system sales, and the remainder was the recurring revenue from instruments and service.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Chief Executive Lonnie Smith has run a thrifty business. Gross margins on both systems and consumables are 70%. Operating margins are almost 35%, and if you add back noncash charges for stock options, cash margins from operations approach 45%. Net income in 2007 was about $140 million, or $3.70 a share.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Last week, when Intuitive reported its excellent financial results for the June quarter, the company raised its guidance for the current year. Revenues could grow 45% to 47%, to reach $871 million to $883 million. Investors received the news cheerfully, boosting the shares 18% to as high as 331. Analysts boosted their price targets. Tao Levy of Deutsche Bank increased his target from 360 to 365, arguing that the stock should trade at 46 times his estimate for the next 12 months&#8217; earnings of about $7.90 a share.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Others are even more bullish. Lazard Capital Markets analyst Sean Lavin thinks Intuitive deserves a multiple of 60 times his 2009 earnings estimate of $7.05, yielding a price target of $420.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">To get the stock to such levels, Intuitive has to sell a lot more da Vinci systems and doctors have to perform a lot more procedures. At investor meetings, Intuitive executives sketch out the number of systems they think they can sell.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">The thousand largest hospitals in the U.S. (those with more than 325 beds) should be good for three systems each, says the company. The next thousand hospitals could have one da Vinci apiece. Hospitals in the rest of the world could buy 2,000 more, Intuitive says, for a worldwide total of 6,000 robots. Through June, the company had sold 946 da Vincis worldwide, so Intuitive thinks it has penetrated only 15% of the hospital market.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">THE COMPANY&#8217;S MEASURE OF THE MARKET FOR ROBOTS may be far too optimistic. Jose J. Haresco, an analyst at Merriman Curhan Ford in San Francisco, thinks there&#8217;s room for about 1,800 da Vinci robots in the U.S. and 600 more abroad. Intuitive&#8217;s dream of three robots in every big hospital isn&#8217;t yet supported by the evidence. One hospital near me, in Hackensack, N.J., has five da Vincis. But the average among large hospitals so far is 1.3 robots each.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Early-adopter hospitals and surgeons have been able to keep their da Vincis pretty busy. My surgeon, Ash Tewari, for example, works two machines to capacity almost single-handedly.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">In San Antonio, gynecologist Vincenzo Sabella and his associates have done hundreds of procedures with the two da Vincis at St. Luke&#8217;s Baptist Hospital. That hospital had an exclusive concession on San Antonio from Intuitive until just recently, says Sabella. All the other hospitals in town are now getting robots. As their exclusives expire, will Intuitive&#8217;s early adopters &#8212; and everyone else &#8212; keep as busy? For every high-volume program like Tewari&#8217;s in New York, there is a hospital that uses its robot only a few times a month.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">The company, in its financial presentations, suggests that the world could keep 6,000 robots busy. Intuitive figures that consumables and service contracts could bring in $573,000 a year per system, resulting in $3.4 billion in annual recurring revenue. At today&#8217;s rate of $135,000 for annual service and the consumables average of $1,750 per procedure, those numbers imply five procedures a week per robot &#8212; which well exceeds today&#8217;s average of about three procedures.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Taking the company&#8217;s numbers and projecting a decline in research and selling expenses once the hospital market for robots is saturated, you&#8217;d have a profit of perhaps half that $3.4 billion a year. That generous calculus might justify today&#8217;s $13 billion market cap.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">But those numbers imply that da Vinci surgeons would be carrying out 1.5 million procedures a year, worldwide It&#8217;s hard to get to such numbers using a bottom-up model of available surgical procedures. That kind of analysis points to only about one million procedures a year.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Consider some numbers from last Tuesday&#8217;s earnings call. While Intuitive raised its guidance for this year&#8217;s growth in total procedures from 55% to between 57% and 58%, it tempered its forecast for growth in prostate procedures &#8212; the company&#8217;s leading market &#8212; from 40% to between 35% and 39%. &#8220;No surprises here,&#8221; said CEO Lonnie Smith. &#8220;It&#8217;s just a matter of moving through the adoption curve.&#8221; The modified growth rate is still strong, but it suggests the da Vinci&#8217;s share gains in prostate surgery are slowing after reaching about two-thirds of the 90,000 in annual U.S. procedures.</span></span></p>
<p class="EC_MsoNormal"><a name="PAGE2" target="_blank"></a><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Finance V.P. Ben Gong, and bulls like Deutsche Bank&#8217;s Tao Levy, are quick to change the subject to hysterectomies. There are an estimated 600,000 performed in the U.S. each year. Many of these procedures already qualify as minimally invasive; gynecologists pioneered surgery through laparoscopic key-hole incisions. Yet Intuitive thinks surgeons could use the da Vinci for about 250,000 complex hysterectomies currently done with open incisions.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">&#8220;The learning curve is much more simple for the gynecological surgeon than for the urologist,&#8221; says Jeanne Hassebroek-Johnson, whose practice in Sioux Falls, S.D., has become known for its da Vinci surgery.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Gynecologists who don&#8217;t want to take time to become proficient with the da Vinci have argued that their long relationships with their patients will keep the patients from deserting them. Thomas Payne, with a busy da Vinci practice in Baton Rouge, La., scoffs at that argument: When women hear about the quick recovery that robotic surgery allows, they forget their loyalty to their gynecologist.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Intuitive predicts that the number of da Vinci hysterectomies performed this year will increase by 150% over last year&#8217;s 13,000. &#8220;We&#8217;re in the early stages of a very steep curve,&#8221; says Gong.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Gynecologists are starting to use the robot for other operations, too. The company hopes to get a fair share of the 60,000 annual surgeries for vaginal prolapse and the 55,000 operations for removing uterine fibroids. Outside of gynecology, the robot is seeing action in some of the 50,000 kidney-cancer surgeries and the 20,000 repairs of the heart&#8217;s mitral valve. The company won&#8217;t itemize these da Vinci procedures, but subtracting Intuitive&#8217;s 2008 forecast for prostatectomies worldwide (75,000) and hysterectomies (33,000) from the forecast total (135,000) suggests that all other da Vinci procedures could amount to 27,000.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Adding up the various kinds of procedures that Intuitive is currently targeting in the U.S., a very generous total might come to half a million da Vinci surgeries a year (see nearby table, The Limits of Innovation). That&#8217;s far below the 1.5 million implied by the bullish model.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">INTUITIVE&#8217;S CHIEF FINANCIAL OFFICER, MARSHALL MOHR, urged me not to overlook the robot&#8217;s opportunities abroad. International sales have so far contributed a bit more than 20% of revenue, so there&#8217;s certainly upside. The system was approved just this month in China, and has yet to be approved in Japan. &#8220;We&#8217;re very early in the adoption cycle overseas,&#8221; Mohr says.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Many analysts predict that the international market for da Vinci procedures will prove slightly larger than that in the U.S. That would bring the worldwide opportunity above a million annual procedures, still well below 1.5 million.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">Don&#8217;t allow my ungrateful scrutiny of Intuitive&#8217;s stock price to blind you to the terrific benefits that the company delivered to patients like me: less surgical trauma; a shorter and cheaper hospital stay; a quicker return to my supposedly productive work.</span></span></p>
<p class="EC_MsoNormal"><span style="font-size: x-small; font-family: Trebuchet MS;"><span style="font-size: 10pt; font-family: 'Trebuchet MS';">But those who buy the stock at these levels may find themselves abandoned by momentum investors when the da Vinci robot&#8217;s steep ascent levels off.</span></span></p>
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