Bryce

Red flag is obviously competition.

So there's two major competitors, Medtronic Hugo and Johnson & Johnson Otava.

So they are in the space, but not as prolific, but got to watch them.

The second is actually JLP1.

So the main type of surgery that the system is doing at the moment is called bariatric surgery, which is the tightening of the stomach.

I think they put a rubber band on it or something.

It's actually seen a 34% drop in surgery because JLP1 is taking over.

We have weight loss drugs that work now.

Exactly.

Yeah, yeah.

So it's like, does JLP1 also spread into other categories that they're doing surgeries in?

And then finally, just like total procedure growth starts falling, like they're not actually executing.

In terms of how I want to measure that, so revenue growth is important to watch, but total procedure volume revenue growth

DaVinci V5, which is their latest system.

I want to look at the number of placements that are going year on year into hospital.

And then, as we said, part of the business model is revenue growth for the instruments that they do.

And so looking at that as well.

That's the card.

Pretty straightforward.

So Medtronics is listed and Johnson & Johnson are listed.