Average length of Stay for Intuitive Reps

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Anonymous said:
To those who have worked for or currently work for Intutive. If you were starting day one today, it wouldn't seem that the stock option vesting would be nearly as attractive. Strike price in the $400's, 4 years down the line when it vests it would be hard to imagine the value being what it was if you were a rep starting 3-4 years ago and just vested now. Thoughts?
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Its not about vested options to relative newcomers like myself. It's the fact that I get to purchase stock at a 15% discount throughout the year. AND, I get to purchase it at 15% less than the lowest market value price it has been that purchase period which is 2 years. The ESPP program at Intuitive is absolutely amazing!
 








Former ISRG employee said:
I would double check your ESPP window, I think it is the lowest price in a 6 month window.
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You're both wrong. When you start you purchase at the lowest price for that 6mo period. Assuming the price doesn't ever go lower than the initial purchase price, that price is locked in for 4 full periods (2 years). If the stock price goes lower than your initial purchase price, then it starts all over again.
 




Anonymous said:
You're both wrong. When you start you purchase at the lowest price for that 6mo period. Assuming the price doesn't ever go lower than the initial purchase price, that price is locked in for 4 full periods (2 years). If the stock price goes lower than your initial purchase price, then it starts all over again.
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With the share price being as high as it is, it's not as sweet of a deal as it was three years ago. The IRS has a 25k limit on ESPP. 25000/440=all the shares you can buy in a year. Go over that and they'll stop your ESPP contributions. Also be weary about how long you hold the shares after you make the ESPP purchase. ISI doesn't deduck taxes, so you can get hit with a 30k tax bill if you have short term gains. ISI HR fails to tell this to anyone.
 




Anonymous said:
With the share price being as high as it is, it's not as sweet of a deal as it was three years ago. The IRS has a 25k limit on ESPP. 25000/440=all the shares you can buy in a year. Go over that and they'll stop your ESPP contributions. Also be weary about how long you hold the shares after you make the ESPP purchase. ISI doesn't deduck taxes, so you can get hit with a 30k tax bill if you have short term gains. ISI HR fails to tell this to anyone.
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To my knowledge, no company deducts taxes for ESPP. Any time you cash out on ESPP, you will pay taxes at the end of the year. Doesn't make it any different than if they deducted those taxes from our pay check. Only difference is that you have a much larger chunk to pay at the end of the year.
 








Anonymous said:
Welch Allyn is a top tier (industry leader) medical equipment and device company that keeps their reps for over 20 years. Its almost impossible to find an opening for a rep. job at this company because they treat their employees great. Everything is about the culture of the company. If a company wants to waste money hiring, and training reps. just to move on and disrupt the customer relationship then that says little about the company no matter how you slice and dice the excuses. This job is for inexperienced reps. who are too naive to know that it wont be a long term career choice. Does not sound like a good company at all.
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We need more Welch Allyn's and less Intuitives in the marketplace. I will bet that Welch Allyn is making their numbers and is a far more productive company. If Intuitive is truly the way they are represented here, I hope the company fails and the people there are using them and ripping them off blind because they would deserve nothing less.
 




Hiring mostly ex Pharma reps in my area . The company is growing so quick they are cutting territories and expecting procedure growth in other specialties . AWESOME technology , that will only get better , but the hey day for ground floor is gone . BURN and churn . Appears to be long term if you are new to devices , but reality is YOUR QOL is not worth it . BUT HEY I AM INTO YOUR STOCK AT 250 .
 




Anonymous said:
Hiring mostly ex Pharma reps in my area . The company is growing so quick they are cutting territories and expecting procedure growth in other specialties . AWESOME technology , that will only get better , but the hey day for ground floor is gone . BURN and churn . Appears to be long term if you are new to devices , but reality is YOUR QOL is not worth it . BUT HEY I AM INTO YOUR STOCK AT 250 .
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Congrats on getting in at $250. That's awesome and the stock will continue to rise so hang on for the ride!

I've seen the last 5 or 6 new rep training classes coming out of Sunnyvale and I can tell you that you're incorrect regarding ex-pharma reps. Almost all the reps that come to Intuitive are from Ethicon, Applied, Covidien, Medtronic, Angio, Boston Sci, J&J and other great device companies. Some of them may have some pharmaceutical sales in their background at some point, but I can think of maybe a handful in the last 1-2 years that came straight out of pharma.

The ground floor for Prostatectomy and Hysterectomy is done, but the company is expanding to General Surgery, Colorectal, Thoracic and ENT. Our newly approved instruments will be implemented and will expand surgical capabilities in GYN and URO. Trust me when I tell you that Intuitive will continue to grow which will keep you stock climbing higher and higher.

We were churn and burn there for a few years but over the last couple years have learned some good lessons. Eventually we'll get over that stereotype. Our attrition rate is now around 16-17% which is the industry average and we have no plans for layoffs unlike our peers in other markets. My comp plan as a CSR is excellent, and I am truly excited to make this much income.
 




Average tenure is 24 months or less. I was one of the old ISI reps who made it 3.8 years and was part of their FST training program... what a joke. Management wants a military culture mindset meaning you take orders, do exactly what your told, and don't think outside the box or else you get railroaded out of the company. All the bad stuff you read is all true. For the kool-aid crowd, it's a great job and you can make great money, just regurgitate all the nonsense managment tells you and you will be fine. Then one day you will wake up and say WHF? Why am I taking advice from some former pharma manager that has never stepped foot in an OR? Why do dumbasses keep getting promoted because they spew BS back to the senior managers like CB, CB, GV and the rest of them. They hire buddies from former companies who suck up, and the CSM's are just a mouthpiece for the J-OFFS at the top. They don't really manage people, they just care about how many cases you can move up, or get a "stalled-Surgeon" re-engaged. I was part of the development of these stupid programs and they like to take a strategy that worked once in some remote part of the country and make it the "standard practice" Completely idiotic. These top managers will all move on when competition hits just like they did when they were at US Surgical and Ethicon handed them their ass. They abuse people and then wonder why they all leave when a competitor comes to market. Complete a-holes.
 




Anonymous said:
Average tenure is 24 months or less. I was one of the old ISI reps who made it 3.8 years and was part of their FST training program... what a joke. Management wants a military culture mindset meaning you take orders, do exactly what your told, and don't think outside the box or else you get railroaded out of the company. All the bad stuff you read is all true. For the kool-aid crowd, it's a great job and you can make great money, just regurgitate all the nonsense managment tells you and you will be fine. Then one day you will wake up and say WHF? Why am I taking advice from some former pharma manager that has never stepped foot in an OR? Why do dumbasses keep getting promoted because they spew BS back to the senior managers like CB, CB, GV and the rest of them. They hire buddies from former companies who suck up, and the CSM's are just a mouthpiece for the J-OFFS at the top. They don't really manage people, they just care about how many cases you can move up, or get a "stalled-Surgeon" re-engaged. I was part of the development of these stupid programs and they like to take a strategy that worked once in some remote part of the country and make it the "standard practice" Completely idiotic. These top managers will all move on when competition hits just like they did when they were at US Surgical and Ethicon handed them their ass. They abuse people and then wonder why they all leave when a competitor comes to market. Complete a-holes.
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Yeah. This is completely true. It's a culture that rewards those who best fondle the balls of their managers. I'll vouch for the lesser CB being the biggest fan of subordinate ball fondling among upper management. I swear if someone were to peel back his skin one would find a Gary Guthart designed sales management robot, with chief operating protocols like reciting company rhetoric and being a soulless, subhuman prick.

Company makes great shit though, can't deny that. Just management... blarghhhhhh!
 












2-3 years. When your stock options start maturing where you are earning over 20K a month they fire you to hire a rep that they can pay for half of what they were paying you. Upper management has a ranking system that takes into consideration the amount of money ISRG is paying reps in options.
 




Covidien EBD is the same way! Reps don't make it more than 3 years. You bust a$$ and hit huge numbers and then when you have sold everything you can and can't make a ridiculous quota year 4, out you go on a plan. Same reason as earlier post, they want fresh, naive soldiers that don't realize that they are being lied to and stolen from.

Whatever you do, do not interview with Covidien EBD in Michigan. Total loser managing that region for like 3 years now. He has been in last place ever since his hire date, and will continue to be employed because of his corrupt relationship with the President of the company.

Corrupt organization.

Thanks.
 




Anonymous said:
2-3 years. When your stock options start maturing where you are earning over 20K a month they fire you to hire a rep that they can pay for half of what they were paying you. Upper management has a ranking system that takes into consideration the amount of money ISRG is paying reps in options.
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This is BS. They don't rank you by # of options. Where in the hell did you come up w/ that idea?
 








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