- On the heels of last week's "follow up" bear piece, Citron Research pens an open letter to Intuitive Surgical (ISRG +4.5%).
- Citron alleges "gross misuse" of the FDA's MAUDE dataset (the subject of last week's report) in a chart published on ISRG's corporate website.
- Here is one of Citron's "stand out" points: ISRG's "computation and graphing comparison of MAUDE adverse event rates is misleading [because] it is extremely unlikely that FDA AERs on surgeries outside the U.S. will ever be filed. Nevertheless, [ISRG] chooses as a denominator 'completed worldwide surgical procedures.'"
- Citron also says September's MAUDE reports show "another 102 injury-type reports and another four death-type reports, [exceeding] August's record high, which was itself four times any previous reporting period in the company's history."
- Full letter