Jan. 23 at 7:47 AM
$ISRG continues to prove why it trades at a premium — da Vinci and Ion procedure growth remains strong, and the market pays up for dominant medtech platforms with real moats.
That’s exactly why the comparison to
$TMDX matters. Medtech valuations are structurally elevated because of high barriers to entry, regulatory friction, and near-monopoly dynamics.
$TMDX checks many of the same boxes but is still in an earlier inning:
• Significantly larger untapped TAM
• Faster growth than most large-cap medtechs, including
$ISRG
• Yet trades at a meaningfully lower valuation multiple
The question isn’t whether
$TMDX deserves a premium — it’s when the market recognizes it. Once heart and lung volumes show clear acceleration, a re-rating feels justified.
Growth + monopoly dynamics eventually get priced. I’m positioned for that shift.
