Shares of Medtronic (MDT) are climbed higher since Monday the 6th of June 2016 after the company announced its plans to build a robot that will help perform surgeries by 2019.

Shares of Medtronic have been going up this entire week. They have gone up 3% since they opened this week on Monday and is still going up today, after the company announced on Monday the 6th of June that it is developing a robotic surgical system to be introduced by 2019.

Medtronic’s Bryan Hanson, head of the minimally invasive therapies group, told reporters that the robot will generate “material revenue” for the Dublin-based medical technology and services company when it is launched sometime before the 2019 fiscal year.

In robotic-assisted surgery, the surgeon guides the robot’s mechanical hands from a computer console to perform the procedure. The robot can make smaller incisions than the traditional incisions made by a human’s hands and this approach is increasingly used in procedures such as hysterectomy and prostatectomy.

Medtronic’s robot will compete against other companies such as Intuitive Surgical Inc (ISRG) and its da Vinci system, which is the only robot on the market that performs abdominal surgery. Also, Johnson & Johnson (JNJ) and Alphabet’s (GOOGL) Google launched a startup company Verb Surgical to build a surgical robot. Medtronic Inc’s robot is expected to face competition from this too.

Medtronic’s offering will aim to lower costs associated with robotic surgery. “It is costly today. We are going to be looking to eliminate that as a barrier,” Hanson said.

Minneapolis-based Medtronic has 150 employees working on its robotic system across locations in Massachusetts, Connecticut, Colorado, and Germany, Hanson further added.

The company, whose products range from pacemakers and heart valves to spinal implants, also announced its plans to introduce its first hip and knee replacement devices as part of an Orthopedic Solutions offering for hospitals adjusting to a new Medicare bundled payment program.

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The Medicare plan ties reimbursement to quality and spending targets for the procedure and a recovery period after the patient leaves the hospital.

Medtronic said it has acquired a company, Responsive Orthopedics, which will make the devices. It expects to have a knee available in the first half of 2017 and a hip the following year.

In addition to this, Barclays raised its price target on the stock to $93 from $90 and reiterated its “overweight” rating, after attending the company’s analysts meeting on Monday the 6th of June.

“The fundamental environment, details in the operational plan and Medtronic’s execution and pipeline give us more confidence in the potential for upside to our forecasts,” Barclays analysts said in an investor note.

The company’s strengths is said to be in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels. Even though Medtronic shows weak operating cash flow, its numerous strengths have been able to cover up for this.