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Intuitive Surgical Plans Stock Offering

April 24, 1998|Bloomberg News

Intuitive Surgical Inc. plans to go public in an initial stock offering that could raise $50 million to help bring its microsurgery technology to market. The Mountain View-based company did not disclose the number and price of the common shares it expects to sell. The offering's value before expenses was estimated at $50 million only in order to calculate the Securities and Exchange Commission filing fee. Intuitive is developing a microsurgery system designed to make it easier for doctors to manipulate tiny tools inside patients. With no revenue so far, Intuitive had a deficit of $35.3 million as of March 31, and "expects to expend substantial additional funds and continue to incur significant operating losses for the foreseeable future," the filing said.

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