This was for leverage. $7.5M doesn't get TMDIF too far down the road. This was pure stupidity by MDT and an offer ISRG couldn't pass up. The question is "do the patents ISRG just licensed make a functional ENOS?" IDK. Could be a quick deal for what patents were available to ensure ISRG can be a partner with TMDIF in the future. And from TMDI's perspective - to get Martha's attention. This is the 2nd separate event to get Martha's attention. The PR of the 3-Arm ENOS and now a license agreement with the 800# gorilla. $7.5M for what ISRG got is a fire sale, and peanuts to ISRG. I'm thinking ISRG did this before MDT could do a deal, and make it VERY painful for MDT to finish an acquisition. Otherwise, why do it if the original license deal with MDT creates a problem to build the ENOS II? Now which ever company decides they "need/want" ENOS will have to buy up big. ISRG can own everything licensed to MDT if they buy TMDIF. Either way, I see the share price going higher. Don't know when or by how much. There's got to be a lot more than just a $7.5M license agreement. MDT better hope and pray this agreement doesn't have any payment for future development terms and conditions with it. If MDT was thinking of making a low-ball offer, or did - they really screwed up to take ENOS off the market. If HUGO is only moderately competitive, even with upgraded arms, end effectors and controllers vs DaVinci, then MDT just let ISRG control the pace and rules of the future development of SP RS, and I think it will cost them an extra $2B-3B. IMO. This BO is for the future of SP RAS for then next 20-30 years. The value of a BO is to buy the future and not let time dictate when you launch a new product. I think the deciding factor will be whether MDT can make HUGO compete with DaVinci, or if ISRG feels a 3-arm ENOS is better than what they have as a SP and the next version of their SP. In my mind ENOS is more valuable to ISRG, b/c is they can develop ENOS III and really hurt MDT in the process. MDT builds their version of ENOS - ISRG says so what? This is billionaire chess. It's not the next move or 2, it's the next 3 or 4. MDT has to buy TMDIF for ENOS for the near-future and ENOS II and the rest of the patents or lose. Who ever buys TMDIF gets ENOS and the3rd arm version, and they win the next 25 years of SP RAS. What ever terms may be contained in the ISRG license agreement are going to be very interesting. JMO. Good Luck to All. Regards, BK.
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