INTUITIVE SURGICAL (ISRG) Company Report

FDA clearance received for da Vinci 5 to perform selected cardiac procedures, including mitral valve repair and IMA mobilization for revascularization.
Significant market opportunity: cardiovascular disease causes nearly 18 million deaths annually, and over 2 million open-heart surgeries are performed worldwide each year.
Advanced capabilities: da Vinci 5 delivers 10,000× computing power, smart instruments capturing 1,000+ data points/sec, enhanced imaging, and an integrated digital ecosystem.
Infrastructure investment: a dedicated team and bespoke training programs established, with limited U.S. sites launching da Vinci 5 cardiac programs through 2026.

8 days ago

Press Release

Intuitive Surgical reports Q4 2025 results

ISRG

Earnings

Guidance Update

2025 revenue grew 21% to $10.1 billion, with pro forma operating margin of 37%; Q4 revenue was $2.87 billion (+19%) and pro forma EPS $2.53 (+15%)
Total procedures in 2025 rose 19% to 3.1 million, with Q4 procedure growth of 18%; the da Vinci installed base reached over 11,100 systems (+12%) and Ion systems neared 1,000 (+24%)
Generated $2.5 billion in free cash flow in 2025 (vs. $1.3 billion in 2024), repurchased $2.3 billion of stock, and closed the year with $9 billion in cash and investments
2026 outlook calls for da Vinci procedure growth of 13–15%, pro forma gross margin of 67–68%, operating expense growth of 11–15%, and a pro forma tax rate of 22–23%

Jan 22, 2026, 9:30 PM

Transcript

Intuitive Surgical reports Q4 2025 results

ISRG

Earnings

Guidance Update

Product Launch

2025 revenue was $10.1 billion, up 21% YoY; Proforma operating margin 37%, and Proforma EPS increased 22%
Q4 2025 revenue grew 19% to $2.87 billion; recurring revenue comprised 81% of total, and Proforma EPS was $2.53
Total 2025 procedures rose 19%: da Vinci procedures increased 18% to 3.1 million, Ion procedures grew 51% to over 144 000; the company placed 1 721 da Vinci and 195 Ion systems
2026 outlook: da Vinci procedure growth expected 13%–15%, Proforma gross margin 67%–68%, operating expense growth 11%–15%, tax rate 22%–23%

Jan 22, 2026, 9:30 PM

Transcript

Intuitive reports Q4 2025 results

ISRG

Earnings

Guidance Update

Product Launch

2025 revenue grew 21% to $10.1 billion; Q4 revenue up 19% to $2.87 billion.
Total procedures for 2025 increased 19%, driven by 18% growth in da Vinci procedures, 87% in single-port, and 51% in Ion procedures.
1,721 da Vinci systems placed in 2025, including 870 da Vinci 5, 107 SP, and 195 Ion systems; Q4 placements totaled 532 systems.
2026 outlook: anticipate 13–15% growth in da Vinci procedures, pro forma gross margin of 67–68%, and operating expense growth of 11–15%.
Progress on da Vinci 5 launch with new FDA clearances for cardiac procedures, rollout of My Intuitive Plus digital subscription, and expansion of SP and Ion capabilities.

Jan 22, 2026, 9:30 PM

Transcript

Intuitive Surgical announces Q4 2025 earnings

ISRG

Earnings

Guidance Update

Worldwide procedures (da Vinci and Ion combined) grew approximately 18% year-over-year in Q4, with da Vinci up 17% and Ion up 44%.
Q4 revenue reached $2.87 billion, a 19% increase, and GAAP net income was $795 million ( $2.21 diluted EPS).
The Company placed 532 da Vinci surgical systems (including 303 da Vinci 5 systems) and 42 Ion systems, expanding its da Vinci installed base to 11,106 systems (up 12%).
Q4 non-GAAP net income attributable to Intuitive was $914 million ( $2.53 diluted EPS), reflecting tax benefits from the release of unrecognized tax benefits.
2026 outlook: expects da Vinci procedure growth of 13–15%, non-GAAP gross margin of 67–68%, and operating expense growth of 11–15%.

Jan 22, 2026, 9:05 PM

8-K

Intuitive Surgical announces Q4 2025 results

ISRG

Earnings

Guidance Update

Q4 2025 revenue of $2.87 billion, up 19% year-over-year
GAAP net income of $795 million (EPS $2.21) and non-GAAP net income of $914 million (EPS $2.53)
Worldwide procedures grew ~18%, with 532 da Vinci system placements vs. 493 in Q4 2024
2026 outlook: da Vinci procedure growth of 13%–15%, non-GAAP gross margin of 67%–68%, and operating expense growth of 11%–15%

Jan 22, 2026, 9:05 PM

Press Release

Intuitive Surgical details 2025 performance and 2026 outlook at JPM Healthcare Conference

ISRG

Guidance Update

Product Launch

Hit 20 million cumulative procedures in Q4 2025, adding 3.2 million procedures (3 million multi-port, 55 k SP, 140 k Ion) and 1,900 new systems for a 12,000-unit installed base
Delivered 19% procedure growth, 13% installed-base growth, and 21% revenue growth to $10 billion in 2025 despite GLP-1 headwinds and macro pressures, led by US general surgery and acute-care cases
Launched da Vinci 5 globally with 270 k procedures, 1,200 systems, and 11% higher utilization vs. Xi, while rolling out force feedback, clip applier, hyperspectral imaging and other feature updates
Expanded da Vinci SP (87% procedure growth, 39% installed-base growth, 29% utilization) and Ion (51% procedure growth, 24% installed-base growth, 9% utilization), targeting a 700 k procedure line of sight for Ion and building a digital ecosystem with Case Insights and telecollaboration
Issued 2026 guidance of 13–15% procedure growth, driven by continued DV5/SP/Ion adoption, US general surgery trends, global expansion, and investments in manufacturing, market access and R&D

Jan 14, 2026, 5:00 PM

Transcript

Intuitive Surgical outlines strong 2025 results and 2026 priorities

ISRG

Product Launch

Guidance Update

2025 performance: 3.2 million procedures in 2025 (+19% YoY), $10 billion in revenue (+21%), and a 12,000-system installed base, marking 20 million cumulative procedures since inception.
da Vinci 5 launch: Achieved 270,000 procedures, 1,200 system installations, and over 10,000 trained surgeons, with 11% higher U.S. utilization versus Xi.
Platform growth: Single-Port saw 87% procedure growth and Ion recorded 51% growth, expanding da Vinci line-of-sight from 3 million to 9 million procedures and setting a 700,000-procedure Ion biopsy opportunity.
2026 outlook: Targets 13–15% da Vinci procedure growth with priorities on SP and Ion expansion, digital ecosystem development, manufacturing scale-up, and R&D for new indications.

Jan 14, 2026, 5:00 PM

Transcript

Intuitive Surgical outlines 2025 performance and 2026 strategic priorities

ISRG

Product Launch

In Q4 2025, Intuitive reached 20 million cumulative procedures and delivered 3.2 million procedures in 2025, supported by 1,900 new system placements and an installed base of 12,000 systems.
The da Vinci 5 platform achieved 270,000 procedures with 1,200 systems installed and 11% higher utilization versus Xi in the U.S. across its cleared regions.
The da Vinci SP platform posted 87% procedure growth, 39% installed-base growth, and 29% utilization growth in 2025.
The Ion bronchoscopic system delivered 51% procedure growth, 24% installed-base growth, and 9% utilization growth, advancing its role in lung cancer diagnosis.
For 2026, Intuitive plans to expand platform growth (da Vinci 5, SP, Ion), enhance its digital ecosystem, scale manufacturing quality, and invest in early-stage R&D to broaden its procedure line of sight.

Jan 14, 2026, 5:00 PM

Transcript

Intuitive Surgical announces preliminary Q4 and full year 2025 results

ISRG

Earnings

Guidance Update

Preliminary Q4 revenue of $2.87 billion (+19% YoY) and full year 2025 revenue of $10.06 billion (+21% YoY)
Worldwide procedures grew 18% in Q4 (da Vinci +17%, Ion +44%) and 19% for full year (da Vinci +18%, Ion +51%)
Da Vinci system placements: Q4 at 532 units (303 da Vinci 5) vs 493 (174 da Vinci 5) last year; full year placements of 1,721 systems (870 da Vinci 5) vs 1,526 (362 da Vinci 5)
Guidance for 2026 expects da Vinci procedures to increase 13%–15%