Bernstein analyst Lee Hambright, writing today in a note to investors, said Fridley, Minn.-based Medtronic is slated to reveal the device during its Sept. 24 analyst day, according to Seeking Alpha.
The as-yet-unnamed product is due to hit the market outside the U.S. next year, Hambright wrote.
Medtronic’s offering could have an impact on Intuitive’s business, he wrote, but that could be years away.
In March, Sunnyvale, Calif.-based Intuitive won a new indication from the FDA covering single-port radical tonsillectomy and tongue base resection procedures for the da Vinci SP. In June 2018, da Vinci SP won expanded clearance, after it was initially cleared for urological procedures in April 2014.
ISRG shares were off -0.1% to $499.86 apiece today in late-morning trading. MDT shares gained 0.6%, rising to $101.50.