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The source provides an extensive investment analysis of Intuitive Surgical, Inc. (ISRG), the global leader in robotic-assisted surgery, centered on its powerful "razor-and-blades" business model. This model relies on the initial sale of its da Vinci systems (the "razor") to generate highly predictable, high-margin recurring revenue from proprietary instruments and accessories (the "blades") used in every procedure. The analysis details the company's formidable competitive moat, built on a massive installed base, high customer switching costs, and the recent strategic launch of the next-generation da Vinci 5 system. Furthermore, the text addresses the significant risk posed by intensifying competition from rivals like Medtronic and Johnson & Johnson, concluding that the company maintains a premium valuation based on high expectations for its long growth runway in an underpenetrated global market.