My Foolish colleague Billy Fisher is spot-on with his history lesson on Intuitive Surgical (NASDAQ:ISRG). We're very much in agreement that this is the dominant player in the robotic surgery market and the company has had a heck of a four-year run. We also agree that Intuitive has a very bright future ahead of it, as it continues its penetration of the prostatectomy market and expands into other procedures. There's also significant opportunity internationally, a market opportunity that management feels is about half as big as the domestic market.

Where we part ways is whether or not you should actually buy shares right now at today's prices. After reading his argument, I remain unconvinced that Intuitive is a buy anywhere near $200 a share.

Billy cites a Bear Stearns analyst who says that sales could hit $1 billion by 2009. Maybe they can. That's a 38% annual growth rate from the $373 million racked up in 2006.

Here's the thing. I assumed 30% free cash flow growth over the next five years and 15% for years six to 20 in my discounted cash flow analysis. That got me an intrinsic value for the company right near $210.

The rosy picture painted by my colleague and the analyst community is what's required for you to make any money buying Intuitive right now, and that's what I call priced to perfection. Thanks very much, but I'm going to take a pass.

You're not done yet! Read the other arguments and then vote for the winner.

Fool biotech analyst and health-care sector head Charly Travers does not own shares of any company mentioned in this article. Intuitive is a Motley Fool Rule Breakers recommendation. The Motley Fool has a disclosure policy.