microcapfun:
<<The fall in the stock price (ISRG) after the 2000 IPO was to a large extent related to the collapse of the Nasdaq from ~5200 to ~1200. The rise in the share price in 2004/5 benefited from the Nasdaq’s recovery.>>


** ISRP’s share price is adjusted for 1-for-2 reverse split (Jun 2003)**

ISRP was IPO on June 13, 2000 at $18 (actual price $9). First day it was closed at $18.06 and Nasdaq was 3851. I used the June 13 data as the base:

2000 June 13: ISRG = 18 (Nasdaq = 3851)
2000 Dec 29: ISRG = 17 = down 6% (Nasdaq = 2470 down 36%)
2001 Dec 31: ISRG = 20 = up 11% (Nasdaq = 1950 down 49%)
2002 Dec 31: ISRG = 12 down 32% (Nasdaq = 1335 down 65%)
2003 Dec 31: ISRG = 17 down 6% (Nasdaq = 2003 down 48%)
2004 Dec 31: ISRG = 40 up 122% (Nasdaq = 2175 down 44%)
2005 Dec 30: ISRG = 117 up 550% (Nasdaq = 2205 down 43%)

I don’t see any relationship between Nasdaq and ISRG’s share price.

ISRG’s consistent quarterly revenue and earning growth since 2004 pushed the share price above $100. It got nothing to do with Nasdaq.

If ARAY has the same consistent quarterly revenue and earning growth, it would be over $100 too, regardless of Nasdaq.