Chairman and CEO Lonnie Smith also chimed in on the macroeconomic challenges, observing that "... in some ways, we are in an excellent position in that our procedures are not procedures that you just casually do. These are procedures that people need to have." He also noted, "We don't have a bunch of debt. We have a lot of cash." In fact, the company felt confident enough to hike its full-year revenue guidance, which certainly indicates that Intuitive Surgical has reason to be upbeat about the near future.

ISRG recently bounced higher after dropping as low as the $110 level -- a region the shares haven't spent much time below since they first vaulted atop it in February 2007. If selling pressure surges again, this round-number region could once again provide a reliable backstop for the stock.

If the equity extends its rebound from chart support, it could be buoyed by an unwinding of short interest. The number of ISRG shares sold short increased by nearly 10% during the most recent reporting period, and now accounts for 5.7% of the equity's available float. If these bearish traders are pushed into covering their positions, the resulting buying pressure could push ISRG higher.

Plus, the stock has rarely been a better buy. Its average five-year price/earnings ratio is a whopping 77.8, but ISRG's p/e ratio was a manageable 26.09 at the end of November.

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.