Intuitive Surgical (ISRG) lagged the market in 2025 with an 8% gain, but the fundamentals seem intact. Medtronic is ramping up competition with its Hugo system, but ISRG has a solid moat with over 10,000 da Vinci systems already installed. The main defense here is switching costs. It's hard for hospitals to justify buying new machines and retraining surgeons. Plus, most revenue comes from the recurring sale of instruments and accessories rather than the robots themselves.