Bank of Nova Scotia boosted its holdings in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG – Free Report) by 13.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 618,138 shares of the medical equipment provider’s stock after buying an additional 75,579 shares during the quarter. Bank of Nova Scotia owned 0.17% of Intuitive Surgical worth $284,959,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of ISRG. Norges Bank acquired a new stake in shares of Intuitive Surgical in the fourth quarter worth $2,856,987,000. J. Stern & Co. LLP lifted its position in Intuitive Surgical by 18,504.6% during the fourth quarter. J. Stern & Co. LLP now owns 2,127,248 shares of the medical equipment provider’s stock valued at $1,204,788,000 after purchasing an additional 2,115,814 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Intuitive Surgical by 1,043.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,342,121 shares of the medical equipment provider’s stock valued at $760,124,000 after purchasing an additional 1,224,734 shares during the period. Polen Capital Management LLC purchased a new stake in Intuitive Surgical in the fourth quarter valued at $477,225,000. Finally, Amundi boosted its holdings in Intuitive Surgical by 29.7% in the third quarter. Amundi now owns 3,227,472 shares of the medical equipment provider’s stock valued at $1,451,362,000 after purchasing an additional 739,444 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In Several equities research analysts have weighed in on ISRG shares. Robert W. Baird cut their price target on Intuitive Surgical from $525.00 to $500.00 and set an “outperform” rating on the stock in a research report on Friday, July 17th. Bank of America lowered their target price on Intuitive Surgical from $520.00 to $515.00 in a research note on Friday, June 12th. Mizuho set a $500.00 target price on Intuitive Surgical and gave the stock a “neutral” rating in a report on Wednesday, July 15th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Intuitive Surgical in a report on Monday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Intuitive Surgical in a research report on Tuesday, May 19th. Twenty-one research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Intuitive Surgical has an average rating of “Moderate Buy” and a consensus target price of $523.46.
Get Our Latest Analysis on ISRG
Trending Headlines about Intuitive Surgical Here are the key news stories impacting Intuitive Surgical this week:
Positive Sentiment: Intuitive outlined its AI-enabled future for surgical care, including a five-layer AI framework and real-time telesurgical collaboration, reinforcing its innovation pipeline and potential to deepen its competitive moat. Intuitive Shares Vision for an AI-Enabled Future of Healthcare Positive Sentiment: Analyst coverage continues to view ISRG as an attractive long-term MedTech growth name, citing the expanding robotic surgery ecosystem and innovation pipeline. ISRG vs. ABT: Which MedTech Giant Is the Smarter Investment Now? Positive Sentiment: CONMED expanded AirSeal robotic compatibility for the da Vinci 5 hex cannula, which supports broader adoption of Intuitive’s newest system. CONMED Expands AirSeal Robotic Solution for da Vinci 5 Hex Cannula Neutral Sentiment: Multiple analyst roundups reiterated that Wall Street generally still rates ISRG favorably, but these reports were largely commentary rather than new fundamental catalysts. Wall Street Analysts Think Intuitive Surgical (ISRG) Is a Good Investment: Is It? Neutral Sentiment: Recent coverage also emphasized that Intuitive remains a premium valuation story, with valuation support coming from margins, AI software, and international growth, but with slower U.S. procedure growth creating uncertainty. Can ISRG Maintain Its Premium Valuation Amid Slower Procedure Growth? Negative Sentiment: J&J’s entry into U.S. robotic surgery increased concerns that da Vinci’s dominance could face real competition, helping pressure sentiment toward ISRG. J&J enters US robotic surgery market after device gets marketing authorization Negative Sentiment: Analysts have also trimmed fair value estimates and growth assumptions, citing slower procedure growth and broader MedTech multiple compression, which reinforces concerns that upside may be more limited near term. Intuitive Surgical (ISRG) Stock Sees Fair Value Cut As Analysts Trim Growth Views Insider Buying and Selling at Intuitive Surgical In other news, Director Amy L. Ladd sold 500 shares of Intuitive Surgical stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $473.46, for a total value of $236,730.00. Following the sale, the director owned 239 shares in the company, valued at $113,156.94. This trade represents a 67.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Iman Jeddi sold 5,625 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $420.55, for a total transaction of $2,365,593.75. Following the sale, the senior vice president directly owned 6,463 shares of the company’s stock, valued at $2,718,014.65. This represents a 46.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,169 shares of company stock valued at $3,059,135 over the last ninety days. Corporate insiders own 0.60% of the company’s stock.
Intuitive Surgical Price Performance Shares of ISRG stock opened at $332.02 on Friday. Intuitive Surgical, Inc. has a 1-year low of $328.57 and a 1-year high of $603.88. The company has a market cap of $117.30 billion, a price-to-earnings ratio of 38.03, a PEG ratio of 2.47 and a beta of 1.46. The stock has a 50 day simple moving average of $408.55 and a 200-day simple moving average of $460.85.
Intuitive Surgical (NASDAQ:ISRG – Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The medical equipment provider reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.32. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.83 billion. Intuitive Surgical had a net margin of 28.45% and a return on equity of 16.91%. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.81 EPS. Analysts anticipate that Intuitive Surgical, Inc. will post 8.84 earnings per share for the current fiscal year.
Intuitive Surgical Profile (Free Report)
Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, California, is a medical technology company focused on the design, manufacture and service of robotic-assisted surgical systems. The company is best known for its da Vinci surgical systems, which enable minimally invasive procedures by translating a surgeon’s hand movements into finer, scaled motions of small instruments inside the patient. Intuitive’s business centers on supplying hospitals and surgical centers with systems, instruments and related technologies that aim to improve precision, visualization and control in the operating room.
In addition to its core surgical platforms, Intuitive markets a portfolio of reusable and disposable instruments, accessories, and proprietary software, and provides training, servicing and clinical support to its customers.
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The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?
Let's take a look at what these Wall Street heavyweights have to say about Intuitive Surgical, Inc. (ISRG - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
Intuitive Surgical currently has an average brokerage recommendation (ABR) of 1.69, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 32 brokerage firms. An ABR of 1.69 approximates between Strong Buy and Buy.
Of the 32 recommendations that derive the current ABR, 21 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 65.6% and 6.3% of all recommendations.
Brokerage Recommendation Trends for ISRG
Check price target & stock forecast for Intuitive Surgical here>>>
While the ABR calls for buying Intuitive Surgical, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.
Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Is ISRG a Good Investment?In terms of earnings estimate revisions for Intuitive Surgical, the Zacks Consensus Estimate for the current year has increased 3.1% over the past month to $10.7.
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Intuitive Surgical. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Therefore, the Buy-equivalent ABR for Intuitive Surgical may serve as a useful guide for investors.
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
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VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Intuitive Surgical, Inc. (ISRG - Free Report) Headquartered Sunnyvale, CA, Intuitive Surgical Inc designs, manufactures and markets the da Vinci surgical system, Ion endoluminal system and related instruments and accessories. The da Vinci surgical system is an advanced robot-assisted surgical system. The surgical system comprises a surgeon’s console, patient-side cart, 3-D vision system, da Vinci Skills Simulator and Firefly Fluorescence Imaging.
ISRG is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. ISRG has a Growth Style Score of B, forecasting year-over-year earnings growth of 19.8% for the current fiscal year.
For fiscal 2026, 10 analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.31 to $10.70 per share. ISRG boasts an average earnings surprise of +16.5%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, ISRG should be on investors' short list.
SUNNYVALE, Calif., July 23, 2026 (GLOBE NEWSWIRE) -- Intuitive (NASDAQ: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, will outline its vision for how artificial intelligence (AI) can help shape the future of surgical care and address key healthcare challenges at the Society of Robotic Surgery's (SRS) annual conference in Hollywood, Florida.
Key Takeaways Rising P/E ratios often signal investor confidence, earnings strength and further upside potential. The screen identifies stocks with accelerating earnings growth and sustained price momentum. AIM, HAS, FOX, COR and ISRG pair rising P/Es with strong earnings performance. Investors often opt for the stock-picking approach that involves stocks with a low price-to-earnings (P/E) ratio. This strategy is based on the notion that the lower the P/E ratio is, the higher the stock value. The reasoning behind this is straightforward — when a stock's current market price does not adequately reflect its higher earnings, it suggests potential for growth.
But there is more to this whole P/E story. Because not just low P/E, stocks with a rising P/E can also fetch strong returns. In this regard, investors can bet on the likes of AIM ImmunoTech (AIM - Free Report) , Hasbro (HAS - Free Report) , Fox (FOX - Free Report) , Cencora Inc. (COR - Free Report) and Intuitive Surgical (ISRG - Free Report) .
Rising P/E: A Useful ToolThe concept is that as earnings rise, so should the price of the stock. As forecasts for expected earnings come in higher, strong demand for the stock should continue to push up its prices. After all, astock's P/E gives an indication of how much investors are ready to shell out per dollar of earnings.
Suppose an investor wants to buy a stock with a P/E ratio of 30. This means that he is willing to shell out $30 for only $1 worth of earnings as he expects earnings of the company to rise at a faster pace in the future owing to strong fundamentals.
So, if the P/E of a stock is rising steadily, it means that investors are assured of its inherent strength and expect some strong positives out of it.
Also, studies have revealed that stocks have seen their P/E ratios jump over 100% from their breakout point in the cycle. So, if you can pick stocks early in their breakout cycle, you can end up seeing considerable gains.
The Winning StrategyIn order to shortlist stocks that are exhibiting an increasing P/E, we chose the following as our primary screening parameters.
EPS growth estimate for the current year is greater than or equal to last year’s actual growth
Percentage change in last year’s EPS should be greater than or equal to zero
(These two criteria point to flat earnings or a growth trend over the years.)
Percentage change in price over four weeks greater than the percentage change in price over 12 weeks
Percentage change in price over 12 weeks greater than percentage change in price over 24 weeks
(These two criteria show that price of the stock is increasing consistently over the said timeframes.)
Percentage price change for four weeks relative to the S&P 500 greater than the percentage price change for 12 weeks relative to the S&P 500
Percentage price change for 12 weeks relative to the S&P 500 greater than the percentage price change for 24 weeks relative to the S&P 500
(Here, the case for consistent price gains gets even stronger as it displays percentage price changes relative to the S&P 500.)
Percentage price change for 12 weeks is 20% higher than or equal to the percentage price change for 24 weeks, but it should not exceed 100%
(A 20% increase in the price of a stock from the breakout point gives cues of an impending uptrend. But a jump of over 100% indicates that there is limited scope for further upside and that the stock might be due for a reversal.)
In addition, we place a few other criteria that lead us to some likely outperformers.
Zacks Rank less than or equal to 2: Only companies with a Zacks Rank #1 (Strong Buy) or 2 (Buy) can get through.
Average 20-day Volume greater than or equal to 50,000: High trading volume implies that the stocks have adequate liquidity.
Just these few criteria narrowed down the universe from over 7,700 stocks to just 62.
Here are five out of the 62 stocks:
AIM ImmunoTech: The Zacks Rank #2 (Buy) AIM ImmunoTechis an immuno-pharma company. It is focused on the research and development of therapeutics to treat multiple types of cancers and immune-deficiency diseases. You can see the complete list of today’s Zacks #1 Rank stocks here.
The average four-quarter earnings surprise of AIM is 52.66%.
Hasbro: The Zacks Rank #2 company designs, manufactures and markets games, toys and licensed products.
The average four-quarter earnings surprise of HAS is 23.60%.
Fox: The Zacks Rank #2 company produces and distributes news, sports and entertainment content.
The average four-quarter earnings surprise of FOX is 38.99%.
Cencora: The Zacks Rank #2 company is one of the largest pharmaceutical distribution and healthcare solutions providers globally.
The average four-quarter earnings surprise of COR is 1.59%.
Intuitive Surgical: The Zacks Rank #2 company designs, manufactures and markets the da Vinci surgical system, Ion endoluminal system and related instruments and accessories.
The average four-quarter earnings surprise of ISRG is 16.53%.
Key Takeaways ISRG's recurring revenue rose 19% to $2.47 billion, accounting for 85% of total revenue.Da Vinci and Ion procedures grew 16%, led by 36% Ion growth and a 61% increase in SP procedures.Intuitive Surgical faces slower U.S. growth, bariatric declines and pressure on China placements. Intuitive Surgical (ISRG - Free Report) remains a procedure-driven growth story built around robotic systems, instruments, services and software.
The central question for investors is whether da Vinci 5, SP, Ion and digital tools can keep expanding clinical reach while offsetting weaker areas such as bariatric surgery, U.S. deferrable procedures and China placements.
ISRG Builds on a Broad Robotic PlatformIntuitive Surgical’s platform spans da Vinci multi-port systems, the da Vinci SP single-port platform and Ion. Da Vinci supports robot-assisted soft tissue surgery across general surgery, urology, gynecology, cardiothoracic care and head and neck specialties.
Ion extends the company into minimally invasive lung biopsy through a flexible, robotic-assisted, catheter-based platform. ISRG is building a broader care ecosystem designed to widen procedure reach across specialties and settings.
Intuitive Surgical Gains From Recurring RevenueRecurring revenue is central to the model because instruments, accessories, leases and services rise with utilization and installed-base growth. In the second quarter of 2026, recurring revenue increased 19% to $2.47 billion.
That represented 85% of total revenue, making the business less dependent on one-time system sales. Instruments and accessories revenues rose 18% to $1.73 billion, while service revenues grew 21% to $472 million.
ISRG Procedure Growth Still Drives the StoryProcedure volume remains the key operating indicator. In the second quarter of 2026, total da Vinci and Ion procedures increased 16% year over year, including 15% da Vinci growth and 36% Ion growth.
International da Vinci procedures rose 20%, with Europe and Asia each up 20%. SP procedures increased 61%, while cardiac and nipple-sparing mastectomy procedures rose 39% and 43%, respectively. Management maintained its 2026 da Vinci procedure growth outlook of 13.5% to 15.5%, with expectations near the midpoint.
Intuitive Surgical Expands the Ecosystem With Digital ToolsSoftware and data are becoming more important to the Intuitive Surgical’s business model. The company began rolling out more than 100 planned da Vinci 5 updates focused on telepresence, simulation-based training and care-team workflow.
It also completed its first My Intuitive+ renewals, covering telepresence, simulation and artificial intelligence-driven case insights. No customer in the initial cohort opted out, suggesting these tools can deepen engagement and make the installed base more valuable.
What ISRG Investors Should Watch NextThe bottom line is that ISRG still has a clear platform-dependent growth scenario. Da Vinci 5 upgrades, Ion adoption, SP growth, recurring revenue and digital tools all support a wider ecosystem.
Risks remain visible. U.S. da Vinci procedure growth moderated to 12% in the second quarter from 14% in the first quarter, bariatric procedures declined at a high-single-digit rate and China remains pressured by lower tender activity, local competition and policy-driven pricing.
Medtronic plc (MDT - Free Report) and Johnson & Johnson (JNJ - Free Report) are relevant comparables for investors tracking surgical robotics and digitally enabled medical technology. Their presence keeps the competitive context important, even as ISRG maintains a competitive moat with high installed systems, improving utilization and procedure-linked revenue as well as strong clinical evidence.
Investors should pair this operating view with ISRG’s current Zacks Rank #2 (Buy) and Zacks Style Scores of B before forming a fuller stock view. The Zacks Rank is a short-term timeliness indicator, while the Style Scores help evaluate value, growth and momentum characteristics. Higher grades, especially A or B, are more favorable when considered alongside top-ranked stocks, but they should be weighed with procedure trends, placement dynamics and margin risks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways ISRG procedures rose 16% as revenue increased 19% to $2.89 billion in the second quarter.Intuitive Surgical's Ion procedures climbed 36%, with its installed base reaching 1,096 systems.ISRG faces tariff costs, weaker bariatric demand and margin pressure from newer product mix. Intuitive Surgical (ISRG - Free Report) is being shaped by more than quarterly revenue growth. The company is tied to wider robotic surgery adoption, expansion into minimally invasive diagnostics and deeper use of software inside hospital programs.
Those themes still come with limits. Tariffs, product mix, hospital spending patterns and shifting procedure demand remain important.
ISRG Benefits From Robotic Care ExpansionIntuitive Surgical remains positioned around the move toward minimally invasive and robot-assisted care. Its da Vinci platform supports procedures across general surgery, urology, gynecology, cardiothoracic care, and head and neck specialties.
Worldwide procedures across da Vinci and Ion rose 16% year over year in second-quarter 2026, including 15% growth for da Vinci. Revenue increased 19% to $2.89 billion, supported by procedure volumes, leasing revenues and installed-base expansion. Medtronic plc (MDT - Free Report) and Johnson & Johnson (JNJ - Free Report) give investors broader medtech comparisons, while ISRG offers a more focused robotic care profile.
Intuitive Surgical Pushes Beyond Surgery With IonIon expands Intuitive Surgical beyond traditional surgery into diagnostic, endoluminal procedures. The flexible, robotic-assisted catheter platform supports minimally invasive lung biopsy, extending the company’s opportunity outside soft tissue surgery. This also helps the company to tap the lucrative lung cancer market.
Ion procedures increased 36% to 48,000 in the quarter, while cumulative procedures exceeded 400,000. Intuitive Surgical placed 55 Ion systems, expanded the Ion installed base 21% year over year to 1,096 systems, and has installed Ion in 12 countries outside the United States.
ISRG Turns Software Into a Strategic AssetSoftware is becoming a larger part of Intuitive Surgical’s platform value. The company began rolling out the first phase of more than 100 da Vinci 5 updates aimed at telepresence, simulation-based training and care-team workflow.
The My Intuitive+ renewal cycle adds another signal. The company executed its first renewals for offerings covering telepresence, simulation and AI-driven case insights, and no customer in the initial cohort opted out. Better training, workflow support and case insights can make the installed base more useful over time.
Intuitive Surgical Faces Cost and Demand ShiftsThe trend story is not one-sided. Intuitive Surgical remains exposed to tariffs, freight, semiconductor memory costs and the mix of newer products. Its second-quarter adjusted gross margin was 70%, helped by a $36 million pretax tariff refund. Excluding that benefit, the margin would have been 68.7%.
Management raised its 2026 adjusted gross margin outlook to 68-69%, but the range still includes an estimated tariff impact equal to 1% of revenues. U.S. da Vinci procedures grew 12% in the quarter, down from 14% in the first quarter, as some benign procedures were deferred. Bariatric procedures declined at a high-single-digit rate amid greater GLP-1 use.
What Trend Signals Mean for ISRGISRG’s trend profile remains attractive, but not frictionless. Robotics adoption, Ion lung biopsy growth and digital ecosystem development support the expansion case, while tariffs, capital budgets and procedure mix create constraints.
The current operating picture also makes Zacks Rank and Style Scores important for context. Zacks Rank reflects earnings estimate revision trends, while Style Scores help investors evaluate value, growth and momentum characteristics. A favorable combination is most useful when a stock has a top Zacks Rank and stronger Style Scores.
ISRG’s current Zacks Rank #2 (Buy), Value Score of D, Growth Score of B, Momentum Score of A and VGM Score of B should be checked separately. Investors should pair the company’s trend signals with those indicators before deciding whether the setup supports a bullish or selective stance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways ISRG revenues rose 18.5% to $2.89 billion as worldwide da Vinci and Ion procedures increased 16%.Intuitive Surgical held $8.63 billion in liquidity and generated $1.8 billion in first-half free cash flow.Tariffs, weaker bariatric demand, China pressure and trade-in-heavy placements keep execution risks elevated. Intuitive Surgical (ISRG - Free Report) still offers investors a high-quality growth profile, but the case is not just about procedure gains.
The buy-or-wait debate depends on whether procedure growth, recurring revenues and financial flexibility can offset tariff pressure, mix changes and uneven hospital capital spending.
ISRG Still Has a Durable Growth EngineIntuitive Surgical’s growth engine is driven by strong performance across all its segments. Revenues rose 18.5% year over year to $2.89 billion, helped by higher procedure volumes, system leasing revenues, installed-base expansion and rising service revenues.
Worldwide procedures across da Vinci and Ion increased 16%. Da Vinci procedures grew roughly 15%, while Ion procedures advanced 36%, showing growth from the core surgical platform and newer diagnostic applications.
The installed base also supports a compounding model. Intuitive Surgical placed 468 da Vinci systems, including 246 da Vinci 5 systems, and placed 55 Ion systems.
Medtronic plc (MDT - Free Report) remains a relevant comparison as surgical robotics becomes a broader medtech battleground. Johnson & Johnson (JNJ - Free Report) also belongs in the discussion as large device companies invest in operating-room platforms.
Intuitive Surgical’s Balance Sheet Adds FlexibilityIntuitive Surgical ended the second quarter with $8.63 billion in cash, cash equivalents and investments, up $650 million sequentially. That liquidity matters because this business requires constant investment.
The company generated $1.8 billion of free cash flow in the first half of 2026, up 71% from the prior-year period. Cash generation funded $379 million of share repurchases and $112 million of capital expenditures.
This financial base gives Intuitive Surgical room to keep investing through cycles. Management is prioritizing research and development growth to support platforms, instruments and digital capabilities.
ISRG Faces Pressure on Margins and MixThe caution case starts with margins. Intuitive Surgical raised its 2026 adjusted gross margin outlook to 68-69%, but that range still includes an estimated tariff impact equal to 1% of revenues.
Second-quarter adjusted gross margin was 70%, helped by a $36 million pretax refund of previously paid tariffs. Excluding that benefit, the margin would have been 68.7%.
Procedure mix is another constraint. U.S. da Vinci procedures rose 12%, down from 14% in the first quarter, as some benign procedures were deferred.
Bariatric procedures declined at a high-single-digit rate amid greater GLP-1 use. Cholecystectomy growth and lower bariatric volumes also limited instrument and accessory revenue per procedure.
Intuitive Surgical’s Placement Risks Deserve AttentionSystem placement trends need context. Da Vinci placements rose 18.5% year over year to 468 systems, but about half of U.S. placements were trade-ins.
Leasing gives hospitals more flexibility, representing 54% of total da Vinci placements. Still, capital purchases remain sensitive to hospital budgets, financing conditions and government tender timing.
Outside the United States, China remains a pressure point because of lower tender activity, domestic competition and policy-driven pricing. Parts of Europe also face government budget constraints.
How ISRG’s Stock Case Comes TogetherISRG’s investment case is a balance between durable quality and real execution risk. The bull case rests on recurring revenue, procedure growth, platform breadth and a cash-rich balance sheet.
The cautious case is also clear. Tariffs, regional capital cycles, weaker bariatric demand and the planned extended-use instrument program could reduce revenue per procedure before higher volumes offset the impact.
The stock’s operating profile should be paired with ISRG’s current Zacks Rank #2 (Buy) and Zacks Style Scores of B before investors form a view. The Zacks Rank focuses on earnings estimate revisions, while the Style Scores frame value, growth and momentum characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For now, Intuitive Surgical looks more like a quality business that needs selective entry discipline than an all-clear buy. Strong growth supports the long-term story, but margin and placement risks keep the debate active.
Key Takeaways Intuitive Surgical kept full-year procedure growth guidance despite slower U.S. da Vinci procedures.ISRG expanded operating margin and raised gross margin outlook on cost cuts and manufacturing efficiencies.Intuitive Surgical's advanced AI software, robotics and international expansion will support long-term growth. Intuitive Surgical (ISRG - Free Report) continues to command a valuation premium over the medical technology industry, though that premium has narrowed significantly. The stock currently trades at 9.89X forward 12-month sales, its lowest level in the past 18 months compared with a historical median of 15.89X, while the industry trades at 3.77X. The compressed multiple reflects investor concerns over moderating U.S. procedure growth, but the company's latest results suggest its long-term competitive advantages remain intact.
The key overhang is slowing procedure growth. U.S. da Vinci procedures rose 12% in the second quarter, below recent trends, as management cited deferred benign surgeries due to changes in ACA premium subsidies and the law of large numbers. However, the company maintained its full-year procedure growth guidance of 13.5-15.5%, expecting results near the midpoint, indicating confidence that deferred demand will eventually return.
Meanwhile, profitability continues to strengthen. Second-quarter adjusted gross margin expanded 30 basis points (bps) to 70% and adjusted operating margin expanded 330 bps to 42%, supported by product cost reductions, operating leverage and robust adoption of da Vinci 5. Management also raised its full-year gross margin outlook by 50 bps to 68-69%, highlighting the ability of the business to offset inflationary pressures through scale and manufacturing efficiencies.
Beyond procedures, Intuitive Surgical is widening its competitive moat through software and ecosystem expansion. The company rolled out the first wave of more than 100 planned da Vinci 5 software updates, renewed its My Intuitive+ AI-enabled digital platform without customer opt-outs and continues to invest heavily in AI and workflow automation. Product innovation remains robust with continued momentum in SP and Ion, expansion of XiR into cost-sensitive markets, development of a next-generation GI robotic platform and new cardiac-specific technologies.
Geographic diversification also provides an important growth lever. While China remains challenging, strong momentum in Europe, India, Japan and other international markets, coupled with favorable reimbursement changes and broader robotic adoption, supports long-term expansion. Investments in new indications, higher-value software offerings and next-generation robotics reinforce Intuitive Surgical's durable growth profile. Although near-term procedure moderation may keep valuation multiples below historical peaks, the company's innovation engine, recurring revenue model and expanding global footprint justify its continued premium over industry peers.
Peer UpdatesGlaukos (GKOS - Free Report) continues to command a premium valuation, trading at 12.54X forward sales, well above its five-year median of 9.9X and the industry's 3.77X, reflecting investors' confidence in its ability to create entirely new ophthalmology markets. The first quarter reinforced this narrative with 41% revenue growth, driven by rapid adoption of iDose TR, a raised full-year revenue outlook and the commercial launch of Epioxa. Management believes Epioxa can become another transformational growth platform. Beyond these launches, an expanding clinical pipeline, growing reimbursement support, international glaucoma expansion and a disciplined focus on operating leverage strengthen the long-term investment case. While execution risks around Epioxa reimbursement and competitive pressures remain, sustained innovation, multiple growth drivers and a diversified ophthalmology portfolio support Glaukos' ability to justify its premium valuation over time.
IDEXX Laboratories (IDXX - Free Report) trades at 8.81x forward sales, below its five-year median of 10.14x but still well above the industry's 3.77x, reflecting its durable competitive advantages in veterinary diagnostics. The first quarter demonstrated why investors continue to assign a premium, as the company delivered 14% reported revenue growth, expanded operating margins and raised full-year guidance despite declining clinic visits. Growth continues to be driven by higher diagnostics utilization, premium instrument placements, expanding recurring revenues, cloud-based software adoption and AI-enabled innovations such as inVue Dx and Cancer Dx. High customer retention, increasing international penetration and continued software integration further reinforce recurring revenue visibility. Although softer wellness visits remain a near-term headwind, IDEXX's innovation-led ecosystem, pricing power and expanding diagnostics penetration position the company to sustain a premium valuation relative to peers over the long run.
ISRG’s Price Performance, Valuation and EstimatesShares of ISRG have lost 38.2% so far this year compared with a 16.3% decline for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Intuitive Surgical trades at a forward price-to-sales of 9.89X, above the industry average. It is trading close to its five-year low of 9.66X. ISRG carries a Value Score of D.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Intuitive Surgical’s 2026 earnings implies a 17.3% rise from the year-ago period’s level.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Intuitive Surgical (ISRG 0.95%) delivered its second-quarter earnings report last week. It crushed the average analyst bottom-line estimate for profitability and edged past the consensus for revenue. Why, then, was the stock punished by a concentrated investor sell-off that it hasn't yet recovered from?
Here's a look at the quarter and -- more importantly -- whether the company's weakened share price makes it an irresistible bargain.
Image source: The Motley Fool.
Robots in the room Intuitive -- a next-generation medical device company that specializes in surgical robots -- booked total revenue of $2.89 billion, up almost 19% year over year, in the quarter.
That was on the back of a roughly 16% rise in the number of procedures performed by the company's robots. Currently, Intuitive offers two product lines, da Vinci (for general surgical use) and Ion (a specialized system for diagnosing lung issues).
Breaking that down further, da Vinci procedures worldwide rose by around 15%, and those for Ion advanced at a 36% clip. Those figures from U.S. procedures were 12% for da Vinci -- down from 14% in the first quarter -- and 21% for Ion.
The number of da Vinci systems in place with clients at the end of the quarter was 11,710, 12% higher than at the same time in 2025. The installed base of Ion rose by 21% to 1,096.
Turning to profitability, net income not under generally accepted accounting principles (GAAP) landed at just over $1 billion, or $2.80 per share. That represented a nearly 26% improvement over the year-ago profit. On average, prognosticators tracking Intuitive stock were expecting $2.82 billion in revenue and merely $2.51 per share in non-GAAP (adjusted) net income.
Intuitive charges its clients for the single- and limited-use instruments needed for each Ion or da Vinci procedure; purchasing or leasing the system is only the initial expense for those customers. On top of that, the company earns its keep from services such as training and maintenance; these are highly sophisticated robotic surgical tools, after all.
Intuitive makes most of its revenue from the per-procedure charges. It breaks its top line down into three streams, with these fees comprising the instruments and accessories category. This brought in more than $1.73 billion in the quarter, for growth of 18%.
As for the other two, systems is the company's revenue bucket for those initial customer buys/leases. This also grew handsomely, rising by 19% to $685 million. Finally, services (again, maintenance, training, etc.) increased by 21% to over $472 million.
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Eyes on the declines In other words, there was growth all over the place in Intuitive's fundamentals. So why the sell-off?
Most likely, the culprit was the decline in growth of da Vinci procedures in the U.S., its most important market. Also, management maintained its guidance for da Vinci worldwide procedure growth of around 13.5% to 15.5% for the full year, with adjusted gross profit margin hitting 68% to 69%.
So da Vinci procedures experienced a sequential slowdown in the company's most critical market, and for 2026, international growth might land a bit below the second-quarter result.
On top of that, in Intuitive's conference call disseminating the quarter's results, management indicated that closer scrutiny of high expenses in China's healthcare system could put some pressure on its business in that sizable market.
The power of incumbency To me, this is a classic case of high expectations meeting closer-to-the-ground reality. Even the most innovative companies can't keep high growth rates forever. Yet I don't feel that the da Vinci procedure dynamic represents a sufficient (current and potential) slowdown to warrant selling out of Intuitive.
Which, let's bear in mind, is still a leader in robotic surgery after all these years -- da Vinci was introduced over 25 years ago. Intuitive still has a mighty market share approaching 80% in soft-tissue procedures, even though monster rivals like device king Medtronic have spent, and are continuing to spend, billions of dollars developing rival systems.
With its relatively long presence in this niche yet high-potential healthcare segment, Intuitive is well established with practitioners and hospital operators. It's also, thanks to its business model, locked in as a robo-surgery provider with many of them. It isn't easy or quick to switch to a new system, nor are there many choices on the market.
Meanwhile, this planet's population -- and that of the U.S. -- is aging proportionally, meaning it'll require more healthcare. And, it follows, more surgical procedures that Intuitive's machines can assist with.
Given all that, I wouldn't be worried about slight dips in Intuitive's growth. I also wouldn't fret about the company's seemingly high valuations, given its potential to at least sustain its double-digit growth cadence. For me, this stock is clearly and compellingly a buy candidate.
Intuitive Surgical (ISRG +1.08%), maker of the da Vinci robotic-assisted surgical systems, recently posted a strong quarter. But despite consistently solid numbers, the stock itself has been in a tailspin this year. As of Monday's close, it was down 38% thus far in 2026, and it's not just trading at a new 52-week low, but it's at a multi-year low as well; the last time it was at these levels was back in early 2024.
What's behind the stock's struggles this year, and could this be a glorious opportunity for long-term investors to buy the stock at a discount?
Image source: Getty Images.
Intuitive Surgical's growth has been looking much better of late Last week, Intuitive Surgical posted its second-quarter numbers, which yet again featured double-digit growth. Revenue of $2.9 billion for the period ending June 30 rose by 19% year over year. Over the past year, its growth rate has been comfortably above 15%. With hospitals resuming normal procedures and demand being higher, it's looking more like a top growth stock again.
ISRG Revenue (Quarterly YoY Growth) data by YCharts
The number of da Vinci procedures rose by 15%, and the install base for the surgical system also rose by 12%, totaling 11,710 as of the end of the period. It's an excellent sign that the business is growing well and with a higher install base, winning over new customers as well, setting itself up for even more growth ahead.
However, despite the solid numbers, the stock has been struggling this year. The company's Chief Financial Officer, Jamie Samath, noted that the expiration of the Affordable Care Act's enhanced premiums had a "modest adverse impact" on procedures during the quarter, which may help explain some of the market's apprehension. There's also been a decline in bariatric cases due to the rising popularity of GLP-1 weight loss drugs.
While the business has been doing well, these headwinds are preventing Intuitive from doing even better.
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Intuitive Surgical stock is currently trading at 33 times its estimated future earnings (based on analyst estimates), which is considerably lower than its past levels, as it wasn't uncommon for the multiple to be as high as around 70. Its elevated valuation may have also been a key reason for the stock's decline this year.
However, now with a lighter valuation, Intuitive's stock may be a great buy. The company has been posting strong numbers, and with plenty of growth opportunities still out there related to robotic-assisted surgery, this can be an excellent investment to buy and hold for the long haul.
David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intuitive Surgical. The Motley Fool recommends the following options: long January 2028 $520 calls on Intuitive Surgical and short January 2028 $530 calls on Intuitive Surgical. The Motley Fool has a disclosure policy.
Andra AP fonden grew its position in Intuitive Surgical, Inc. (NASDAQ:ISRG – Free Report) by 139.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 50,050 shares of the medical equipment provider’s stock after purchasing an additional 29,168 shares during the period. Andra AP fonden’s holdings in Intuitive Surgical were worth $23,073,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in ISRG. Draper Asset Management LLC boosted its stake in shares of Intuitive Surgical by 41.9% in the fourth quarter. Draper Asset Management LLC now owns 5,029 shares of the medical equipment provider’s stock valued at $2,848,000 after buying an additional 1,485 shares during the period. Deutsche Bank AG lifted its holdings in shares of Intuitive Surgical by 9.6% in the fourth quarter. Deutsche Bank AG now owns 1,522,191 shares of the medical equipment provider’s stock worth $862,108,000 after acquiring an additional 132,966 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Intuitive Surgical by 29.3% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 71,077 shares of the medical equipment provider’s stock worth $40,255,000 after buying an additional 16,119 shares during the last quarter. Procyon Advisors LLC grew its position in Intuitive Surgical by 787.8% during the 4th quarter. Procyon Advisors LLC now owns 4,794 shares of the medical equipment provider’s stock worth $2,715,000 after acquiring an additional 4,254 shares during the last quarter. Finally, Robinhood Asset Management LLC bought a new stake in Intuitive Surgical during the 4th quarter worth approximately $6,478,000. Institutional investors and hedge funds own 83.64% of the company’s stock.
Wall Street Analysts Forecast Growth ISRG has been the subject of several analyst reports. Wall Street Zen upgraded shares of Intuitive Surgical from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Raymond James Financial reiterated an “outperform” rating and issued a $483.00 price target (down from $577.00) on shares of Intuitive Surgical in a report on Friday. Wells Fargo & Company reiterated an “overweight” rating and set a $487.00 price objective (down from $654.00) on shares of Intuitive Surgical in a report on Friday. Bank of America decreased their price target on Intuitive Surgical from $520.00 to $515.00 in a report on Friday, June 12th. Finally, Mizuho set a $500.00 target price on shares of Intuitive Surgical and gave the company a “neutral” rating in a report on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $523.46.
Get Our Latest Research Report on ISRG
Intuitive Surgical Trading Up 2.2% Shares of NASDAQ ISRG opened at $353.17 on Tuesday. Intuitive Surgical, Inc. has a 12 month low of $342.10 and a 12 month high of $603.88. The firm has a market capitalization of $125.08 billion, a price-to-earnings ratio of 40.45, a PEG ratio of 2.80 and a beta of 1.46. The business has a 50-day moving average of $413.94 and a 200-day moving average of $465.58.
Intuitive Surgical (NASDAQ:ISRG – Get Free Report) last announced its earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.42. Intuitive Surgical had a net margin of 28.45% and a return on equity of 17.09%. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the firm posted $1.81 earnings per share. Intuitive Surgical’s quarterly revenue was up 23.0% on a year-over-year basis. On average, analysts predict that Intuitive Surgical, Inc. will post 8.62 earnings per share for the current year.
Insider Transactions at Intuitive Surgical In related news, SVP Iman Jeddi sold 5,625 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $420.55, for a total value of $2,365,593.75. Following the transaction, the senior vice president owned 6,463 shares of the company’s stock, valued at $2,718,014.65. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $424.14, for a total value of $169,656.00. Following the sale, the executive vice president owned 5,720 shares in the company, valued at $2,426,080.80. The trade was a 6.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,169 shares of company stock valued at $3,059,135 in the last quarter. Insiders own 0.60% of the company’s stock.
Key Headlines Impacting Intuitive Surgical Here are the key news stories impacting Intuitive Surgical this week:
Positive Sentiment: Some market commentary argues ISRG’s recent correction may have reset expectations, with oversold technical conditions and improving earnings estimate revisions potentially setting up a near-term rebound. Down 15% in 4 Weeks, Here’s Why You Should You Buy the Dip in Intuitive Surgical (ISRG) Positive Sentiment: Zacks highlighted Intuitive Surgical as a trending stock with strong growth characteristics, saying the company’s fundamentals and growth profile may appeal to investors looking for long-term outperformance. 3 Reasons Growth Investors Will Love Intuitive Surgical (ISRG) Positive Sentiment: Another piece noted investor interest in ISRG remains elevated, suggesting the stock is staying on traders’ radar even after recent weakness. Intuitive Surgical, Inc. (ISRG) Is a Trending Stock: Facts to Know Before Betting on It Neutral Sentiment: Commentary focused on whether investors should prioritize Intuitive Surgical’s current robot sales or its longer-term growth opportunity, reinforcing the debate around valuation versus future expansion. What’s More Important For Intuitive Surgical: Today’s Robots Or Tomorrow’s Growth? Negative Sentiment: Several analyst updates were cautious, with firms including Stifel, Sanford C. Bernstein, and Citigroup lowering price targets or expectations, which likely added to the selling pressure on ISRG. Stifel Nicolaus Lowers Intuitive Surgical (NASDAQ:ISRG) Price Target to $550.00 About Intuitive Surgical (Free Report)
Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, California, is a medical technology company focused on the design, manufacture and service of robotic-assisted surgical systems. The company is best known for its da Vinci surgical systems, which enable minimally invasive procedures by translating a surgeon’s hand movements into finer, scaled motions of small instruments inside the patient. Intuitive’s business centers on supplying hospitals and surgical centers with systems, instruments and related technologies that aim to improve precision, visualization and control in the operating room.
In addition to its core surgical platforms, Intuitive markets a portfolio of reusable and disposable instruments, accessories, and proprietary software, and provides training, servicing and clinical support to its customers.
See Also Five stocks we like better than Intuitive Surgical The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding ISRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuitive Surgical, Inc. (NASDAQ:ISRG – Free Report).
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AlTi Global Inc. grew its holdings in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG – Free Report) by 353.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,023 shares of the medical equipment provider’s stock after purchasing an additional 2,356 shares during the quarter. AlTi Global Inc.’s holdings in Intuitive Surgical were worth $1,394,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Fiduciary Financial Group LLC boosted its position in shares of Intuitive Surgical by 2.1% in the fourth quarter. Fiduciary Financial Group LLC now owns 920 shares of the medical equipment provider’s stock worth $521,000 after purchasing an additional 19 shares during the period. Prosperity Consulting Group LLC raised its position in shares of Intuitive Surgical by 0.5% during the 3rd quarter. Prosperity Consulting Group LLC now owns 4,033 shares of the medical equipment provider’s stock valued at $1,804,000 after purchasing an additional 19 shares during the period. Sunburst Financial Group LLC lifted its stake in shares of Intuitive Surgical by 4.3% during the 4th quarter. Sunburst Financial Group LLC now owns 485 shares of the medical equipment provider’s stock valued at $275,000 after buying an additional 20 shares in the last quarter. WoodTrust Financial Corp boosted its holdings in Intuitive Surgical by 0.5% in the 4th quarter. WoodTrust Financial Corp now owns 4,180 shares of the medical equipment provider’s stock worth $2,367,000 after buying an additional 20 shares during the period. Finally, North Star Investment Management Corp. boosted its holdings in Intuitive Surgical by 8.5% in the 4th quarter. North Star Investment Management Corp. now owns 269 shares of the medical equipment provider’s stock worth $152,000 after buying an additional 21 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.
Wall Street Analyst Weigh In A number of research firms have commented on ISRG. Raymond James Financial reissued an “outperform” rating and set a $483.00 price target (down from $577.00) on shares of Intuitive Surgical in a report on Friday. BMO Capital Markets reissued an “outperform” rating on shares of Intuitive Surgical in a research note on Monday. Robert W. Baird lowered their price target on Intuitive Surgical from $525.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Intuitive Surgical in a research note on Tuesday, May 19th. Finally, Evercore set a $430.00 price objective on shares of Intuitive Surgical in a report on Monday, July 6th. Twenty-one analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $523.46.
Read Our Latest Research Report on Intuitive Surgical
Intuitive Surgical Stock Performance NASDAQ:ISRG opened at $353.17 on Tuesday. The firm has a market capitalization of $125.08 billion, a PE ratio of 40.45, a PEG ratio of 2.80 and a beta of 1.46. The stock’s fifty day moving average is $413.94 and its 200 day moving average is $465.58. Intuitive Surgical, Inc. has a fifty-two week low of $342.10 and a fifty-two week high of $603.88.
Intuitive Surgical (NASDAQ:ISRG – Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The medical equipment provider reported $2.50 EPS for the quarter, topping the consensus estimate of $2.08 by $0.42. Intuitive Surgical had a net margin of 28.45% and a return on equity of 17.09%. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.62 billion. During the same period in the previous year, the firm earned $1.81 earnings per share. Intuitive Surgical’s quarterly revenue was up 23.0% compared to the same quarter last year. Equities analysts forecast that Intuitive Surgical, Inc. will post 8.62 EPS for the current year.
Insider Activity at Intuitive Surgical In related news, SVP Iman Jeddi sold 5,625 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $420.55, for a total value of $2,365,593.75. Following the sale, the senior vice president directly owned 6,463 shares of the company’s stock, valued at $2,718,014.65. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $424.14, for a total value of $169,656.00. Following the completion of the sale, the executive vice president owned 5,720 shares in the company, valued at approximately $2,426,080.80. The trade was a 6.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 7,169 shares of company stock worth $3,059,135. Insiders own 0.60% of the company’s stock.
Key Intuitive Surgical News Here are the key news stories impacting Intuitive Surgical this week:
Positive Sentiment: Some market commentary argues ISRG’s recent correction may have reset expectations, with oversold technical conditions and improving earnings estimate revisions potentially setting up a near-term rebound. Down 15% in 4 Weeks, Here’s Why You Should You Buy the Dip in Intuitive Surgical (ISRG) Positive Sentiment: Zacks highlighted Intuitive Surgical as a trending stock with strong growth characteristics, saying the company’s fundamentals and growth profile may appeal to investors looking for long-term outperformance. 3 Reasons Growth Investors Will Love Intuitive Surgical (ISRG) Positive Sentiment: Another piece noted investor interest in ISRG remains elevated, suggesting the stock is staying on traders’ radar even after recent weakness. Intuitive Surgical, Inc. (ISRG) Is a Trending Stock: Facts to Know Before Betting on It Neutral Sentiment: Commentary focused on whether investors should prioritize Intuitive Surgical’s current robot sales or its longer-term growth opportunity, reinforcing the debate around valuation versus future expansion. What’s More Important For Intuitive Surgical: Today’s Robots Or Tomorrow’s Growth? Negative Sentiment: Several analyst updates were cautious, with firms including Stifel, Sanford C. Bernstein, and Citigroup lowering price targets or expectations, which likely added to the selling pressure on ISRG. Stifel Nicolaus Lowers Intuitive Surgical (NASDAQ:ISRG) Price Target to $550.00 About Intuitive Surgical (Free Report)
Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, California, is a medical technology company focused on the design, manufacture and service of robotic-assisted surgical systems. The company is best known for its da Vinci surgical systems, which enable minimally invasive procedures by translating a surgeon’s hand movements into finer, scaled motions of small instruments inside the patient. Intuitive’s business centers on supplying hospitals and surgical centers with systems, instruments and related technologies that aim to improve precision, visualization and control in the operating room.
In addition to its core surgical platforms, Intuitive markets a portfolio of reusable and disposable instruments, accessories, and proprietary software, and provides training, servicing and clinical support to its customers.
See Also Five stocks we like better than Intuitive Surgical The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story
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Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.
That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.
However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.
Our proprietary system currently recommends Intuitive Surgical, Inc. (ISRG - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.
Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.
Here are three of the most important factors that make the stock of this company a great growth pick right now.
Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Intuitive Surgical is 16.9%, investors should actually focus on the projected growth. The company's EPS is expected to grow 17% this year, crushing the industry average, which calls for EPS growth of 10.7%.
Cash Flow GrowthCash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds.
Right now, year-over-year cash flow growth for Intuitive Surgical is 15.8%, which is higher than many of its peers. In fact, the rate compares to the industry average of 0.9%.
While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 19.5% over the past 3-5 years versus the industry average of 8%.
Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The current-year earnings estimates for Intuitive Surgical have been revising upward. The Zacks Consensus Estimate for the current year has surged 0.5% over the past month.
Bottom LineIntuitive Surgical has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
This combination positions Intuitive Surgical well for outperformance, so growth investors may want to bet on it.
Intuitive Surgical, Inc. (ISRG - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Over the past month, shares of this company have returned -15.1%, compared to the Zacks S&P 500 composite's +0.6% change. During this period, the Zacks Medical - Instruments industry, which Intuitive Surgical falls in, has gained 3.9%. The key question now is: What could be the stock's future direction?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Intuitive Surgical is expected to post earnings of $2.59 per share for the current quarter, representing a year-over-year change of +7.9%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The consensus earnings estimate of $10.45 for the current fiscal year indicates a year-over-year change of +17%. This estimate has changed +0.5% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $11.71 indicates a change of +12.1% from what Intuitive Surgical is expected to report a year ago. Over the past month, the estimate has changed +0.3%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Intuitive Surgical.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Intuitive Surgical, the consensus sales estimate of $2.88 billion for the current quarter points to a year-over-year change of +15%. The $11.72 billion and $13.18 billion estimates for the current and next fiscal years indicate changes of +16.5% and +12.4%, respectively.
Last Reported Results and Surprise HistoryIntuitive Surgical reported revenues of $2.89 billion in the last reported quarter, representing a year-over-year change of +18.5%. EPS of $2.8 for the same period compares with $2.19 a year ago.
Compared to the Zacks Consensus Estimate of $2.81 billion, the reported revenues represent a surprise of +3.08%. The EPS surprise was +12.9%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Intuitive Surgical is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Intuitive Surgical. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.
A downtrend has been apparent in Intuitive Surgical, Inc. (ISRG - Free Report) lately with too much selling pressure. The stock has declined 15.1% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why a Trend Reversal is Due for ISRGThe heavy selling of ISRG shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 29.5. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.
The RSI value is not the only factor that indicates a potential turnaround for the stock in the near term. On the fundamental side, there has been strong agreement among the sell-side analysts covering the stock in raising earnings estimates for the current year. Over the last 30 days, the consensus EPS estimate for ISRG has increased 0.5%. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, ISRG currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
SummaryIntuitive Surgical, Inc. has declined ~38% since my previous Hold, driven by valuation concerns and recent structural headwinds.Despite ISRG's Q2 2026 earnings growth, margin expansion, and raised guidance, markets reacted to a slowdown in U.S. procedure growth.Pressures stem from expiring ACA subsidies impacting elective surgeries and weight loss drugs reducing bariatric procedure demand.ISRG stock valuation now overcompensates for deteriorated fundamentals, shifting the risk-reward asymmetry to a Buy opportunity. Valeria Titarenco/iStock via Getty Images
More than a year ago, I had rated Intuitive Surgical, Inc. (ISRG) a Hold, with most of the concerns centered around the price more than anything else. Since then, the stock started to
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Shares of Intuitive Surgical (ISRG 14.22%) fell this past week on concerns that the robotic surgery leader's growth is slowing.
Image source: Intuitive Surgical.
Solid Q2 results Intuitive saw a 16% year-over-year rise in worldwide procedures in the second quarter. Procedures with its da Vinci robotic surgical platform rose 15%, while procedures with its Ion robotic-assisted platform for minimally invasive lung biopsies surged 36%.
Intuitive placed 468 da Vinci and 55 Ion systems during the quarter. That contributed to a 12% increase in Intuitive's da Vinci installed base to 11,710 systems and a 21% jump in its Ion installed base to 1,096 systems.
In all, Intuitive's revenue climbed 19% to $2.9 billion, driven by higher system leasing fees and sales of instruments and accessories.
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The robotic technology pioneer's adjusted net income, in turn, grew 25% to $1 billion, or $2.80 per share. That topped Wall Street's estimates, which had called for per-share profits of $2.50.
Intuitive's outlook indicates a slower pace of expansion Yet investors appeared to focus more on Intuitive's guidance for the second half of 2026.
Management sees worldwide da Vinci procedure growth at the midpoint of its previously issued range of 13.5% to 15.5%. By besting expectations in the second quarter and not raising its full-year guidance, Intuitive is essentially forecasting slower growth for the rest of the year.
Wall Street responded with multiple price target cuts for Intuitive's stock, and many investors decided to sell their shares.
Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intuitive Surgical. The Motley Fool recommends the following options: long January 2028 $520 calls on Intuitive Surgical and short January 2028 $530 calls on Intuitive Surgical. The Motley Fool has a disclosure policy.
Allspring Global Investments Holdings LLC lowered its holdings in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG – Free Report) by 5.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 137,212 shares of the medical equipment provider’s stock after selling 8,356 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Intuitive Surgical were worth $63,728,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in the business. Independent Financial Group LLC purchased a new stake in Intuitive Surgical during the first quarter valued at about $3,947,000. Aware Super Pty Ltd as trustee of Aware Super purchased a new position in shares of Intuitive Surgical in the first quarter worth about $15,226,000. W.G. Shaheen & Associates DBA Whitney & Co increased its holdings in shares of Intuitive Surgical by 1.0% in the first quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 2,542 shares of the medical equipment provider’s stock worth $1,172,000 after buying an additional 25 shares during the period. Evergreen Advisors LLC bought a new stake in shares of Intuitive Surgical in the 1st quarter valued at about $35,000. Finally, Wealthfront Advisers LLC lifted its stake in shares of Intuitive Surgical by 3.7% in the 1st quarter. Wealthfront Advisers LLC now owns 47,988 shares of the medical equipment provider’s stock valued at $22,122,000 after acquiring an additional 1,732 shares during the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.
Analyst Ratings Changes Several equities analysts recently issued reports on ISRG shares. Sanford C. Bernstein reduced their price target on Intuitive Surgical from $750.00 to $685.00 and set an “outperform” rating on the stock in a research report on Friday. Piper Sandler reiterated an “overweight” rating and issued a $470.00 price objective (down from $580.00) on shares of Intuitive Surgical in a research report on Friday. Weiss Ratings reissued a “hold (c)” rating on shares of Intuitive Surgical in a research note on Tuesday, May 19th. Bank of America cut their target price on shares of Intuitive Surgical from $520.00 to $515.00 in a report on Friday, June 12th. Finally, Robert W. Baird decreased their target price on shares of Intuitive Surgical from $525.00 to $500.00 and set an “outperform” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $523.46.
Get Our Latest Research Report on ISRG
Insider Activity In related news, SVP Iman Jeddi sold 5,625 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $420.55, for a total transaction of $2,365,593.75. Following the transaction, the senior vice president owned 6,463 shares in the company, valued at $2,718,014.65. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy L. Ladd sold 119 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $463.50, for a total transaction of $55,156.50. Following the completion of the sale, the director owned 120 shares in the company, valued at $55,620. This represents a 49.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,169 shares of company stock valued at $3,059,135 in the last 90 days. 0.60% of the stock is currently owned by insiders.
Intuitive Surgical Price Performance Shares of NASDAQ:ISRG opened at $345.42 on Friday. The company has a market cap of $122.33 billion, a P/E ratio of 39.57, a PEG ratio of 3.27 and a beta of 1.46. Intuitive Surgical, Inc. has a 1 year low of $344.55 and a 1 year high of $603.88. The stock’s fifty day moving average price is $415.28 and its 200-day moving average price is $467.88.
Intuitive Surgical (NASDAQ:ISRG – Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The medical equipment provider reported $2.50 EPS for the quarter, topping the consensus estimate of $2.08 by $0.42. Intuitive Surgical had a return on equity of 17.09% and a net margin of 28.45%.The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the company earned $1.81 EPS. Intuitive Surgical’s revenue for the quarter was up 23.0% on a year-over-year basis. On average, sell-side analysts anticipate that Intuitive Surgical, Inc. will post 8.57 earnings per share for the current year.
Key Stories Impacting Intuitive Surgical Here are the key news stories impacting Intuitive Surgical this week:
Positive Sentiment: Intuitive Surgical reported stronger-than-expected Q2 revenue and earnings, helped by solid demand for its da Vinci robotic surgery systems and continued adoption of its products. Reuters article Positive Sentiment: The company still reported healthy procedure growth overall, with worldwide procedures rising and placements of robotic systems remaining strong, which supports the long-term investment case. Yahoo Finance article Neutral Sentiment: Several analysts lowered price targets after the report, but most kept bullish ratings such as overweight, buy, or outperform, suggesting Wall Street still sees meaningful upside despite the near-term pullback. Benzinga article Negative Sentiment: Management did not raise its forecast for procedure growth, and investors reacted badly to slower U.S. procedure growth and a cautious full-year outlook. Benzinga article Negative Sentiment: Reuters also noted concerns that changes to some insurance plans could reduce demand, adding to worries about slower U.S. growth and a softer near-term procedure trajectory. Reuters article About Intuitive Surgical (Free Report)
Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, California, is a medical technology company focused on the design, manufacture and service of robotic-assisted surgical systems. The company is best known for its da Vinci surgical systems, which enable minimally invasive procedures by translating a surgeon’s hand movements into finer, scaled motions of small instruments inside the patient. Intuitive’s business centers on supplying hospitals and surgical centers with systems, instruments and related technologies that aim to improve precision, visualization and control in the operating room.
In addition to its core surgical platforms, Intuitive markets a portfolio of reusable and disposable instruments, accessories, and proprietary software, and provides training, servicing and clinical support to its customers.
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Intuitive Surgical (NASDAQ:ISRG) reported a solid second quarter of 2026, with management pointing to continued global adoption of its da Vinci, da Vinci SP and Ion platforms, even as U.S. procedure growth moderated and China remained challenging.
Chief Executive Officer Dave Rosa said total procedures increased 16% in the quarter, driven by 15% growth in da Vinci procedures and 36% growth in Ion procedures. The installed base of da Vinci and Ion systems rose 12% and 21%, respectively, and the company ended the quarter with nearly 13,000 systems installed worldwide.
“Our performance in Q2 was solid,” Rosa said. “We saw continued global adoption across our MultiPort, da Vinci SP, and Ion platforms and steady execution by our teams.”
Revenue rises 19% as recurring revenue remains dominant Chief Financial Officer Jamie Samath said second-quarter revenue increased 19% year over year to $2.89 billion, or 18% on a constant-currency basis. Recurring revenue rose 19% to $2.47 billion and represented 85% of total revenue.
Non-GAAP operating margin was 42%, and non-GAAP earnings per share increased 28% from the prior year to $2.80. Non-GAAP net income was $1 billion, compared with $798 million a year earlier. On a GAAP basis, net income was $818 million, or $2.29 per share, compared with $658 million, or $1.81 per share, in the second quarter of last year.
Samath said the quarter’s results included a $36 million pre-tax benefit tied to the refund of previously paid IEEPA tariffs. Non-GAAP gross margin was 70%, or 68.7% excluding that tariff refund benefit, compared with 67.9% in the prior-year period.
The company ended the quarter with $8.6 billion in cash and investments, up from $8 billion in the prior quarter. Samath said the increase was driven by operating cash flow, partly offset by $379 million in stock repurchases and $112 million in capital expenditures. Free cash flow for the first half of 2026 was $1.8 billion, up 71% from the first six months of 2025.
U.S. procedure growth slows, international markets expand In the U.S., da Vinci procedure growth was 12%, led by general surgery, while after-hours procedures increased 26%. Rosa said U.S. growth moderated from recent trends and from the company’s expectations at the start of the year, particularly in procedures that can be deferred.
“In our customer conversations, some have said that changes in patient coverage and premium dynamics may be affecting when patients seek care and move forward with treatment,” Rosa said. Samath added that customer feedback suggested a “modest adverse impact” on U.S. da Vinci procedure growth from patients affected by the expiration of subsidies for ACA enhanced premiums.
Samath also said U.S. da Vinci bariatric cases continued to be affected by rising GLP-1 usage, declining in the high single digits during the quarter.
Outside the U.S., da Vinci procedure growth was 20%. Rosa said Europe and Asia each grew 20%, while rest-of-world markets increased 22%. Samath highlighted strong results in India, Italy, Taiwan and the U.K., as well as solid growth in distributor markets and Germany. He said procedure growth in China and Japan was slightly ahead of the global average but continued to be affected by market-specific dynamics.
Capital placements rise on demand for newer platforms Intuitive placed 468 da Vinci systems in the quarter, up from 395 in the year-ago period. Of those placements, 246 were da Vinci 5 systems, including 114 dual consoles. The da Vinci 5 installed base is now just over 1,700 systems, used by more than 15,000 surgeons since launch, Samath said.
The company also placed 55 Ion systems, compared with 54 last year. Systems revenue increased 19% to $685 million.
U.S. da Vinci placements rose 24% to 267 systems, driven by adoption of and upgrades to da Vinci 5. Samath said almost all of the increase in U.S. placements came from trade-in activity, reflecting customer interest in upgrading. The company also placed 27 systems at ambulatory surgery centers, a level Samath described as significantly higher than Intuitive’s history. Twenty of those 27 placements were XiR systems.
Outside the U.S., Intuitive placed 201 systems, up 12% from last year. Placements included 75 systems in Asia, 79 in Europe and 47 in rest-of-world markets. In China, the company placed two systems, including its first da Vinci 5 system in Hong Kong. Samath noted that da Vinci 5 is not cleared in mainland China.
Rosa said adoption of da Vinci XiR is increasing, especially in more cost-constrained countries outside the U.S. and in U.S. ambulatory surgery centers. He said XiR expands access where a customer’s procedure mix and economics align with the capabilities and cost profile of Intuitive’s fourth-generation systems.
SP and Ion platforms continue to gain traction Intuitive placed 38 da Vinci SP systems in the quarter, bringing the global installed base to 445 systems. SP procedures increased 61%, driven by strength in Korea and the U.S. and early-stage momentum in Europe, Japan and Taiwan. Samath said U.S. SP system utilization increased 25% from the prior-year quarter.
The SP stapler launch also continued to expand. In the U.S., where it is in broad release, Samath said the stapler was used in nearly 60% of eligible cases, up from just under 40% in the prior quarter. Internationally, the stapler is in broad launch across Europe and Korea, with availability expected to extend to Japan in the third quarter.
Ion procedures increased 36% to 48,000 and now exceed 400,000 cumulatively. Rosa said Intuitive’s commercial teams have installed Ion systems in 12 countries outside the U.S., and the company continues to support U.S. utilization growth while generating evidence needed for international adoption.
Outlook maintained for da Vinci procedures Dan Connally said Intuitive is maintaining its full-year 2026 da Vinci procedure growth forecast of 13.5% to 15.5%, with an expectation closer to the midpoint. The company continues to expect growth to be driven mainly by U.S. general surgery, including after-hours procedures, and non-urology procedures internationally.
Connally said the outlook factors in the impact of changes to ACA premium subsidies and U.S. patient behavior, China tender volumes and competitive intensity, capital pressure in parts of Europe, prior capital challenges in Japan and the effect of pharmaceutical products for obesity management.
The company raised its non-GAAP gross profit margin forecast to a range of 68% to 69% of revenue, from a prior range of 67.5% to 68.5%. Connally said the new outlook still assumes higher input costs in areas including freight and semiconductor memory, as well as faster growth of newer products such as da Vinci 5 and Ion.
Intuitive now expects non-GAAP operating expense growth of 11% to 13%. Connally said R&D has recently grown faster than SG&A and that the company expects that trend to continue through the rest of 2026.
Management also discussed an Extended Use Program for a subset of EndoWrist instruments, expected to begin in the first half of 2027. Rosa said the initiative is intended to lower customer cost per procedure in certain benign procedures and cost-constrained geographies. Samath said the company is still finalizing pricing and plans to provide more detail on its next earnings call.
About Intuitive Surgical (NASDAQ:ISRG) Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, California, is a medical technology company focused on the design, manufacture and service of robotic-assisted surgical systems. The company is best known for its da Vinci surgical systems, which enable minimally invasive procedures by translating a surgeon’s hand movements into finer, scaled motions of small instruments inside the patient. Intuitive’s business centers on supplying hospitals and surgical centers with systems, instruments and related technologies that aim to improve precision, visualization and control in the operating room.
In addition to its core surgical platforms, Intuitive markets a portfolio of reusable and disposable instruments, accessories, and proprietary software, and provides training, servicing and clinical support to its customers.
Intuitive Surgical NASDAQ: ISRG was part of the artificial intelligence (AI)/robotics trade before it became mainstream.
The company manufactures the da Vinci robotic surgical system, which has an installed base of over 11,700 systems as of June 30, 2026.
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That was one highlight from the company’s Q2 2026 earnings report.
In the report, released after the market closed on July 16, the company delivered impressive numbers.
Second quarter 2026 revenue of $2.89 billion increased 19%, compared with $2.44 billion in the second quarter of 2025.
Second quarter 2026 non-GAAP net income attributable to Intuitive Surgical, Inc. was $1 billion, or $2.80 per diluted share, compared with $800 million, or $2.19 per diluted share, in the second quarter of 2025.
The Company repurchased 0.9 million shares of its common stock for $380 million in the second quarter of 2026.
Despite the strong report, ISRG fell approximately 10% in after-hours trading. The headline reason is that the company didn’t raise its full-year guidance for da Vinci procedures. The company’s prior guidance was 13.5% to 15.5%, which would mark its slowest growth in several years.
A Kink in the Company’s Critical FlywheelTo be fair, Intuitive Surgical is still posting impressive growth numbers for its da Vinci system. For the quarter just ended:
Worldwide da Vinci procedures grew approximately 15% year over year (YOY).
The company placed 468 da Vinci surgical systems, compared with 395 in the second quarter of 2025.
The second quarter 2026 da Vinci surgical system placements included 246 da Vinci 5 systems, compared with 180 in the second quarter of 2025.
The company grew its da Vinci surgical system installed base to 11,710 systems as of June 30, 2026, an increase of 12% YOY.
But it’s hard to overstate how important the da Vinci is to Intuitive Surgical’s growth. The system is a one-time purchase. But it spawns a host of services, instruments, and accessories that drive revenue and earnings.
To be fair, ISRG has been dropping since July 14. That’s when HCA Healthcare NYSE: HCA trimmed its full-year outlook, which implied fewer surgical procedures and sent all medical device stocks lower.
That's not necessarily what Intuitive Surgical is reporting. It’s just reporting slower growth. Yet growth is still growth.
Why Intuitive Surgical Stock Still Commands a Premium ValuationOverall MarketRank™94th Percentile
Analyst RatingModerate Buy
Upside/Downside51.5% Upside
Short Interest LevelHealthy
Dividend StrengthN/A
News Sentiment0.40 Insider TradingSelling Shares
Proj. Earnings Growth14.59%
See Full Analysis
At the close of trading on July 16, Intuitive Surgical traded for around 46x forward earnings. That’s a premium to the S&P 500, but for investors new to ISRG, it’s a discount to prior price-to-earnings (P/E) ratios, which at one point in the last few years were around 60x.
Nevertheless, ISRG is expensive at a time when investors are becoming more sensitive to the value they’re getting for the price. Some investors will point to companies like Medtronic NYSE: MDT and Boston Scientific NYSE: BSX, which are also in the medical device sector and trade at far lower multiples than Intuitive Surgical.
However, those companies have a broader product portfolio. Whereas Intuitive Surgical is laser-focused on the DaVinci system. The point is it’s not an apples-to-apples comparison. However, even as a standalone stock, ISRG has always commanded a premium price.
Intuitive Surgical Stock Breaks Below Long-Term SupportThe weekly chart shows that ISRG is now trading below its 200-week simple moving average (411.89) for the first time in years. This level served as reliable support throughout the 2023-2025 uptrend. Prior to the earnings report, shares had fallen roughly 32% from last year's peak near $590. The post-earnings drop to around $359 would represent a decisive break below that long-term trendline.
The weekly RSI sits at 35.97, its lowest reading since the 2022 bear market, though not yet in oversold territory below 30. That leaves room for further downside before technical buyers would typically step in. The trend structure—lower highs since early 2025—suggests momentum remains firmly with sellers for now. A reclaim of the 200-week average would be the first signal that the technical picture is stabilizing.
Why the Intuitive Surgical Sell-Off May Be OverdoneAt a time when high-speed algorithms are programmed to make buy/sell decisions based on raw data, this could be an overcorrection. It’s possible that the stock will reverse direction in the coming days. Analysts remain bullish on ISRG with a consensus price target of $530.92, representing nearly 50% updside potential.
That means if the stock continues to drop, as analysts maintain bullish targets, the opportunity for patient investors becomes even greater. The company may not have an impenetrable moat, but it’s still well fortified. For investors who have had ISRG on a watchlist, the time to buy may be coming.
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Intuitive Surgical remains a buy despite a nearly 30% stock decline and post-earnings volatility. Adoption metrics are resilient, with strong system placements and installed base growth offsetting softer U.S. procedure growth. Profitability improved: Q2 non-GAAP gross margin expanded to 70%, operating margin to 42.1%, and EPS beat by $0.30.
Intuitive Surgical, Inc. remains a compelling long-term compounder, with operational improvements and robust growth prospects despite recent market headwinds. ISRG delivered solid Q2 results: revenue and EPS beat estimates, da Vinci procedures grew 20%, and gross margin reached 70%, reinforcing ISRG's strong positioning. Current valuation near a 5-year low—~35x forward earnings—offers a more attractive entry point, with multiple compression creating a margin of safety.
Intuitive Surgical (ISRG) shares plummeted Friday after the maker of robotic surgical tools failed to raise the outlook for its flagship product despite better-than-expected second-quarter results.
Key Takeaways ISRG beat Q2 EPS and revenue estimates, yet shares fell 10.8% after hours on slower procedure growth.Worldwide da Vinci and Ion procedures rose about 16%, while recurring revenues reached 85% of total sales.ISRG kept its 2026 procedure growth outlook at 13.5-15.5% and raised its adjusted gross margin forecast. Intuitive Surgical, Inc. (ISRG - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $2.80, which beat the Zacks Consensus Estimate of $2.48 by 12.9%. The bottom line increased 27.9% from $2.19 in the year-ago quarter.
GAAP EPS was $2.28 versus $1.92 a year ago.
Revenue DetailsRevenues rose 18.5% year over year to $2.89 billion and surpassed the consensus estimate of $2.81 billion by 3.1%. Growth reflected higher procedure volumes, system leasing revenues and expansion of the installed base. Worldwide da Vinci and Ion procedures increased about 16%.
Recurring revenues reached $2.47 billion and represented about 85% of total quarterly revenues, highlighting the importance of procedure-driven instruments, accessories, leasing and service sales.
Despite this robust quarterly performance, the stock was down 10.8% during after-hours trading on July 16, likely due to weaker sequential procedure growth.
Instruments and accessories revenues increased 17.7% year over year to $1.73 billion. Growth was driven by higher da Vinci and Ion procedure volumes, along with a favorable mix of da Vinci 5 and single-port procedures.
Worldwide da Vinci procedure volume increased roughly 15% year over year, while Ion procedures climbed approximately 36%. U.S. da Vinci procedures rose 12%, led by general surgery, while procedures outside the United States advanced 20%.
Management noted some moderation in deferrable U.S. procedures, partly reflecting patient coverage and premium dynamics. Bariatric procedures also declined in the high-single digits amid increased use of GLP-1 obesity drugs. International growth remained strong, particularly in India, Italy, Taiwan and the United Kingdom.
Da Vinci instruments and accessories revenue per procedure was approximately $1,830, up from $1,800 a year earlier. Higher adoption of Force Feedback instruments and newer platforms supported the metric, while customer ordering patterns, increased cholecystectomy procedures and lower bariatric volumes limited growth.
ISRG System Placements Gain on da Vinci 5
Systems revenues totaled $685 million, up 19.2% from the prior-year quarter’s level. Intuitive Surgical placed 468 da Vinci systems, an 18.5% increase from 395 systems a year ago. The total included 246 da Vinci 5 systems compared with 180 in the second quarter of 2025.
The company also placed 55 Ion systems compared with 54 a year earlier. Da Vinci placements included 254 systems under operating lease arrangements, of which 131 were usage-based leases. Leasing represented 54% of total da Vinci placements and continued to offer customers greater capital flexibility.
The global da Vinci installed base increased 11.7% year over year to 11,710 systems. The Ion installed base grew 21.1% to 1,096 systems.
Services
Service revenues improved 20.8% to $472.4 million, supported by the larger installed base and higher service revenue per da Vinci system.
ISRG Margins Benefit From Tariff RefundsAdjusted gross profit rose to $2.02 billion from $1.66 billion a year earlier. The adjusted gross margin expanded to 70% from 67.9%. Excluding a $36 million pretax benefit related to refunds of previously paid tariffs, the margin would have been 68.7%.
Adjusted operating income increased 28.7% to $1.22 billion. The adjusted operating margin was approximately 42.1% compared with 38.8% in the prior-year quarter. Adjusted operating expenses rose 13%, reflecting higher headcount, variable compensation and facility costs as Intuitive Surgical continued investing in research and development.
ISRG Strengthens Cash Through OperationsIntuitive Surgical ended the quarter with $8.63 billion in cash, cash equivalents and investments, up $650 million sequentially. Cash generation from operations more than offset common-stock repurchases during the period.
Total assets increased to $20.88 billion from $20.11 billion in the first quarter of 2026.
The company repurchased 0.9 million shares for $379 million at an average price of $439 per share. Capital expenditures totaled $112 million, while free cash flow for the first six months of 2026 increased 71% year over year to $1.8 billion.
ISRG Maintains Procedure Growth OutlookIntuitive Surgical maintained its 2026 worldwide da Vinci procedure growth forecast of 13.5% to 15.5% and expects results to be closer to the midpoint. The outlook incorporates uncertainty surrounding U.S. patient behavior, China tender activity, competition and capital constraints in parts of Europe.
The company raised its adjusted gross margin outlook to 68-69% from 67.5-68.5%. The range includes an estimated tariff impact equal to 1% of revenues. Adjusted operating expense growth is now projected to be 11-13% compared with the earlier expectation of 11-14%.
Our TakeISRG ended the second quarter on a strong note, with earnings and revenues beating the Zacks Consensus Estimate.
Shares of Intuitive Surgical have lost 29% so far this year compared with the industry’s 14.2% decline. The S&P 500 Index has increased 10.9% during the same time frame.
Image Source: Zacks Investment Research
Intuitive Surgical's shares fell sharply after earnings release as investors likely focused on signs of moderating procedure growth rather than the headline beat. U.S. da Vinci procedure growth slowed to 12% in the second quarter from 14% in the first quarter, with management acknowledging that growth in elective procedures weakened amid uncertainty surrounding changes to Affordable Care Act (ACA) premium subsidies.
The company also highlighted that bariatric procedures continued to decline at a high-single-digit rate due to increasing adoption of GLP-1 weight-loss drugs. While management maintained its full-year procedure growth outlook, it refrained from raising guidance despite a strong first half and cautioned about tougher comparisons in the second half. Investors were also unsettled by the planned 2027 extension of instrument life, which could pressure recurring Instruments & Accessories revenues, even though management believes it will support broader adoption over time.
Nevertheless, Intuitive Surgical's long-term outlook remains compelling. Strong adoption of da Vinci 5, accelerating SP and Ion procedure growth, expanding ambulatory surgery center penetration through XiR, and continued software, AI and product innovations position the company for sustained growth. International opportunities, particularly in Japan and India, together with new clinical applications in cardiac, lung and gastrointestinal procedures, provide additional avenues for expansion beyond 2026.
Zacks Rank & Key Picks
Intuitive Surgical currently carries a Zacks Rank #2 (Buy).
Some better-ranked stocks from the broader medical space are Alcon (ALC - Free Report) , West Pharmaceutical Services (WST - Free Report) and Cardinal Health (CAH - Free Report) , each carrying a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Alcon reported first-quarter 2026 earnings per share of 85 cents, which beat the Zacks Consensus Estimate by 6.3%. Revenues of $2.69 billion surpassed the Zacks Consensus Estimate by 0.3%.
Alcon has an estimated long-term earnings growth rate of 11.5%. ALC’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 3.66%.
West Pharma reported first-quarter 2026 adjusted EPS of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $845 million surpassed the Zacks Consensus Estimate by 8.6%.
West Pharma has an estimated long-term earnings growth rate of 14.4%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.4%.
Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.
Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.3%.
Americké akciové indexy se drží v záporném teritoriu v čele s technologickým Nasdaqem, který oslabuje o 1,2 %, širší index S&P500 oslabuje o bezmála 0,9 %. Relativně nejlépe si stojí tradiční index Dow Jones se ztrátou -0,6 %.
Děje se tak na pozadí další eskalace konfliktu s Íránem, která zvyšuje obavy z narušení dodávek přes Hormuzský průliv a tlačí ceny ropy vzhůru o více než 4 %. Současně přetrvává vysoká volatilita v technologickém sektoru, především v polovodičovém segmentu, kde investoři zpochybňují vysoké valuace, udržitelnost současné poptávky po čipech a návratnost mimořádně vysokých kapitálových výdajů do AI infrastruktury. Nejistotu dále zvýšilo uvedení modelu Kimi K3 čínského startupu Moonshot AI, který podle prvních benchmarků dosahuje špičkových výsledků v programování a agentních úlohách a v některých dílčích testech překonává vybrané americké modely. V celkovém hodnocení však podle samotného výrobce za nejsilnějšími proprietárními modely nadále zaostává.
Všechny segmenty S&P500 vyjma energií (+1,1 %) dnes ztrácí. Nejhorší výkonnost vykazují komunikační služby (-2,6 %). Energetický sektor těží růstu ceny ropy o 4% na 82,1 USD/barel a zemního plynu o 2 % na 2,92 USD/mmbtu.
Daří se relativně i bezpečným přístavům. Zlato zpevňuje o 0,9 % a posunuje se těsně nad hladinu 4000 USD/oz, stříbro přidává 0,8 % s obchody u 56 USD/oz úrovně. Dluhopisy mírně zpevňují vyjma nejkratších splatností. Výnos 10letého vládního bondu se pohybuje na 4,55 % (vs. 4,57 % včera).
Větší individuální pohyby S&P500 konstituentů dnes vidíme na klesající straně, a to po výsledkových zklamáních. Nejhůře si stojí výrobce robotických chirurgických systémů, spol. Intuitive Surgical (ISRG -13 %). V čele poražených se po kvartálním report drží i přední streamovací společnost Netflix (NFLX -7 %). Svými výsledky naopak potěšila pojišťovna Travelers (TRV +8,3 %).
Index S&P 500 -0,88 % na 7467,76 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +1,1 % Komunikační služby -2,6 % Reality -0,2 % Zbytná spotřeba -1,5 % Průmysl -0,3 % Nezbytná spotřeba -0,9 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Travelers Cos (TRV) +8,3 % Intuitive Surgical (ISRG) -13 % Seagate Technology Holdings (STX) +5,5 % Cadence Design Systems (CDNS) -11 % Lumentum Holdings (LITE) +4,3 % Synopsys (SNPS) -10 % Casey's General Stores (CASY) +3,4 % Netflix (NFLX) -7,0 % HP (HPQ) +3,2 % Axon Enterprise (AXON) -5,4 %
David Lamač, Fio banka, a.s.
The robotic surgery company said U.S. procedure growth moderated relative to recent trends and its expectations at the start of the year, driven mainly by procedures that patients can defer.
China Competition And International HeadwindsDuring the earnings call, CEO David Rosa said the operating environment in China remains difficult.
“In China, the environment remains challenging. We continue to see lower tender activity, increased domestic robotic competition, and policy-driven pricing pressure.”
Rosa added that the company continues to navigate policy changes, including charge code revisions and China’s 15th Five-Year Plan quota process.
“We continue to operate through a dynamic policy environment, including charge code changes and the 15th Five-Year Plan quota process. We are engaging with provincial governments on the charge code policy and are progressing through the green channel process for both SP and Da Vinci 5. When cleared, these platforms will bring additional differentiated capabilities to Chinese customers and their patients.”
In Japan, Rosa noted that new reimbursement policies supporting robotic surgery took effect on June 1, expanding coverage for additional procedures and providing incentives for higher utilization.
US Procedure Growth SlowsChief Financial Officer Jamie Samath said the expiration of enhanced Affordable Care Act premium subsidies affected some patients and contributed to softer procedure growth.
“Patients impacted by the expiration of subsidies for ACA Enhanced premiums. Looking at benign procedures, a subset of which can be deferred, we saw a slight moderation in procedure growth rate that started in Q1. U.S. da Vinci Bariatric cases continued to feel the impact of rising GLP-1 usage, declining high single digits during the quarter.”
Analysts Cut Price ForecastsWilliam Blair said Intuitive Surgical’s more than 10% after-hours decline reflects elevated investor expectations rather than a deterioration in the company’s long-term outlook.
The brokerage said maintaining, rather than raising, its 2026 procedure growth guidance disappointed investors given the stock’s premium valuation.
It also flagged several near-term headwinds, including weaker Affordable Care Act-related procedure volumes, intensifying competition in China, slowing growth as the business scales, and pricing initiatives that could heighten competitive concerns.
William Blair said those factors may create uncertainty around earnings and limit upside over the next few quarters. However, it maintained its Outperform rating, citing Intuitive Surgical’s industry-leading earnings growth profile. The firm added that greater clarity on these issues, along with continued execution, could support the stock after several quarters.
Piper Sandler said U.S. procedure growth slowed by about 200 basis points sequentially and fell short of Wall Street expectations. The firm also noted that maintaining full-year procedure growth guidance of 13.5% to 15.5% disappointed investors. Analyst Adam Maeder reiterated an Overweight rating but lowered the price forecast to $470 from $580.
Intuitive Surgical Price ActionISRG Price Action: Intuitive Surgical shares were down 13.14% at $349.45 at the time of publication on Friday. The stock is trading at a new 52-week low, according to Benzinga Pro data.
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Diane King Hall discusses Intuitive Surgical (ISRG) earnings, explaining how GLP-1 trends have hit the company. She also talks about SpaceX (SPCX) shares coming back to Earth after scrubbing Starship's test flight, and HSBC's upgrade on Apple (AAPL) to buy from hold.
Intuitive Surgical (NASDAQ: ISRG) shares fell about 11% on Friday after the robotic surgery company reported second-quarter results that topped Wall Street expectations but disappointed investors with slower US procedure growth and a cautious full-year outlook.
The company reported second quarter revenue of $2.89 billion, up 19% from a year earlier and above analysts' consensus estimate of $2.82 billion.
Adjusted earnings came in at $2.80 per share, exceeding expectations of $2.51.
Despite the earnings beat, investors focused on signs of moderating procedure growth. US procedure growth slowed to 12% in the second quarter from 14% in the first quarter. Management attributed the slowdown to deferred treatments and changes in patient insurance coverage following the expiration of enhanced Affordable Care Act premium subsidies.
For 2026, Intuitive maintained its forecast for worldwide da Vinci procedure growth of 13.5% to 15.5% but said it expects results to be closer to the midpoint of the range. That implied growth of about 14.5% fell short of analysts' expectations of roughly 15.3%.
The company also reaffirmed its outlook for a non-GAAP gross profit margin of 68% to 69% of revenue, including an estimated 1% impact from tariffs, and projected non-GAAP operating expense growth of 11% to 13% for the year.
During Q2, worldwide procedures across the da Vinci and Ion platforms increased about 16% from a year earlier, with da Vinci procedures rising approximately 15% and Ion procedures growing 36%.
Intuitive placed 468 da Vinci surgical systems during the quarter, up from 395 a year earlier, including 246 of its da Vinci 5 systems. The installed base of da Vinci systems grew 12% year over year to 11,710, while the installed base of Ion systems increased 21% to 1,096.
Second-quarter systems revenue rose to $685 million from $575 million a year earlier, driven by higher leasing revenue, increased average selling prices and more system placements. Instruments and accessories revenue climbed 18% to $1.73 billion, supported by higher procedure volumes.
The company ended the quarter with $8.63 billion in cash, cash equivalents and investments, up $650 million from the prior quarter, and repurchased approximately 0.9 million shares for $380 million.
Over the past several months, generative AI (GenAI) has evolved from experimental to practical applications in the Medical Instruments industry. Companies are leveraging the technology to generate synthetic medical images, simulate disease progression, create potential drug molecules and predicttheir effects, helping accelerate the traditionally long and costly drug development process. McKinsey's fourth-quarter 2025 survey of U.S. healthcare leaders underscores this shift, with 50% reporting GenAI implementation at their organizations and more than 80% deploying their first use cases to end users.
At the same time, regulatory bodies worldwide are keeping pace. The European Union AI Act (EU AI Act) 2024, the world’s first comprehensive AI law, introduced strict requirements for high-risk AI systems, including AI-based medical software, risk-mitigation systems and clear user information. The AI Act’s transparency rules are set to take effect in August 2026. The FDA's cumulative total of AI/ML-enabled medical devices exceeded 1,400 from September 1995 through the end of 2025.
Grand View Research estimates the global AI in the healthcare market to expand at a CAGR of 38.9% from 2026 to 2033. Amid industry-wide challenges, companies like Intuitive Surgical (ISRG - Free Report) , Alcon (ALC - Free Report) and LivaNova (LIVN - Free Report) appear well-positioned to benefit from continued AI adoption.
Industry Description The Zacks Medical - Instruments industry is highly fragmented, with participants engaged in research and development (R&D) in therapeutic areas. This FDA-regulated sector encompasses a vast array of products, from transcatheter valves and orthopedic devices to advanced imaging equipment and robotics. Recent trends highlight the integration of AI in diagnostics, the expansion of telemedicine, the rise of robotic-assisted surgeries and developments in 3D printing, continuous glucose monitoring systems and gene editing. The rise of GenAI is also reshaping MedTech, from speeding up patient recruitment to optimizing trial designs and improving regulatory processes. The FDA’s Total Product Life Cycle approach supports faster development of safe and effective medical devices critical to public health.
3 Trends Shaping the Future of the Medical Instruments Industry GenAI Revolution: Over the past couple of years, there has been a significant increase in the adoption of GenAI within the medical instrument space, with hyper-personalization being the primary feature of GenAI-driven treatment options. GenAI, while analyzing vast and complex genetic and molecular data, is expected to help healthcare reach new heights in terms of predictive treatment options and smart hospital systems. According to Coherent Market Insights, global GenAI in the healthcare market is projected to expand at a CAGR of 26.2% between 2026 and 2033. The market is expected to benefit from widespread adoption of electronic health records (EHR), which provide the high-quality clinical datasets needed to train genAI models, along with increasing investment in AI-enabled drug discovery and precision medicine across the pharmaceutical and biotechnology sectors. The application of AI in the diagnostics space is growing enormously, with the market expected to witness a CAGR of 32.2% by 2034.
M&A Trend:The medical instrument space has been benefiting from the ongoing merger and acquisition (M&A) trend. It is a known fact that smaller and mid-sized industry players attempt to compete with the big shots through consolidation. The big players attempt to enter new markets through a niche product. According to PWC’s June 2026 report, medtech M&A deal value reached $36.5 billion in the first half of 2026, marking continued M&A momentum following a decade-high 2025. Strategic acquirers continued targeting higher-growth categories, including cardiovascular, neurostimulation and ecosystem platforms spanning connected devices, patient monitoring and workflow capabilities. Among the top deals are Boston Scientific’s $15 billion agreement to acquire Penumbra, Danaher’s agreement to acquire Masimo for $10 billion and American Industrial Partners’ $1.27 billion agreement to purchase Avanos Medical. Meanwhile, Medtronic recently completed its acquisition of Salt Lake City, UT-based Scientia Vascular for $550 million.
Business Trend Disruption: The IMF’s July 2026 World Economic Outlook (WEO) notes that global growth is projected at 3% in 2026 and 3.4% in 2027, down from the average of 3.5% observed in 2024-25 and broadly unchanged on a cumulative basis compared with the forecasts in the April 2026 Report. The modest slowdown reflects the impact of the Middle East conflict being partly offset by accelerated demand in the global technology cycle, driven by advances in AI and its adoption. Global headline inflation is expected to rise from 4.1% in 2025 to 4.7% in 2026, before declining to 3.9% in 2027. Slightly revised upward from April, these projections indicate that the disinflation trend in place since the beginning of 2024 has stalled. The IMF also apprehends that the possibility of renewed Middle East conflict looms large and could extend commodity price volatility, threaten supply chains, raise prices and weigh on financial conditions.
Zacks Industry Rank Indicates Dull Prospects The Zacks Medical Instruments industry’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates gloomy near-term prospects. The industry, housed within the broader Zacks Medical sector, currently carries a Zacks Industry Rank #177, which places it in the bottom 28% of 247 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
We will present a few stocks that have the potential to outperform the market based on a strong earnings outlook. It is worth taking a look at the industry’s shareholder returns and current valuation first.
Industry Underperforms S&P 500 & Sector The industry has underperformed the Zacks S&P 500 composite and the sector over the past year.
The industry has declined 7.2% against the broader sector’s rise of 10.4%. The S&P 500 has returned 23.8% in a year.
1-Year Price Performance
Image Source: Zacks Investment Research
Industry's Current Valuation On the basis of the forward 12-month price-to-earnings (P/E), which is commonly used for valuing medical stocks, the industry is currently trading at 25.28X compared with the broader industry’s 20.98X and the S&P 500’s 21.21X.
Over the past five years, the industry has traded as high as 41.01X, as low as 24.67X and at the median of 31.75X, as the charts show below.
Price-to-Earnings Forward 12 Months (F12M)
Image Source: Zacks Investment Research
Price-to-Earnings Forward 12 Months (F12M)
Image Source: Zacks Investment Research
3 Stocks to Buy Right Now Intuitive Surgical: Based in Sunnyvale, CA, Intuitive Surgical is a global leader in minimally invasive care and the pioneer of robotic-assisted surgery. The company’s technologies include the da Vinci surgical systems and the Ion endoluminal system. In the second quarter of 2026, Intuitive Surgical delivered 19% year-over-year revenue growth, driven by higher procedure volume and da Vinci system leasing revenues, as well as an increase in the installed base of da Vinci and Ion systems.
The Zacks Consensus Estimate for this Zacks Rank #2 (Buy) company’s 2026 earnings per share (EPS) indicates a 16.6% rise over 2025. The consensus mark for 2026 revenues implies a 16.5% improvement. ISRG has an earnings yield of 2.7% against the industry’s negative 3% yield.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Price & Consensus: ISRG
Image Source: Zacks Investment Research
Alcon: Switzerland-based Alcon is a leading eye care company operating in the ophthalmic surgical and vision care markets. The company continues to gain market share in U.S. Advanced Technology Intraocular Lenses (AT-IOLs), surgical equipment and consumables, contact lenses and dry eye. Alcon’s innovation pipeline remains active, with upcoming launches of a new eye-whitening treatment, the Unity M microscope and the Unity DX whole-eye diagnostic device.
The Zacks Consensus Estimate for this Zacks Rank #2 company’s 2026 EPS calls for 14% growth. The consensus mark for 2026 revenues indicates a 7.3% improvement. ALC has an earnings yield of 5.2% against the industry’s negative 3% yield.
Price & Consensus: ALC
Image Source: Zacks Investment Research
LivaNova: London, UK-based LivaNova designs, develops and markets cardiopulmonary andneuromodulation products. In the first quarter of 2026, the company witnessed strength across all the regions, driven by durable performance in its cardiopulmonary and epilepsy businesses. LivaNova also achieved key regulatory and clinical milestones, serving as a strong foundation for its planned entry into the high-growth, high-margin obstructive sleep apnea (OSA) market next year.
The Zacks Consensus Estimate for this Zacks Rank #2 company’s 2026 EPS implies year-over-year growth of 8.7%. The consensus mark for 2026 revenues indicates an improvement of 8.3%. LIVN has an earnings yield of 5.4% against the industry’s negative 3% yield.
Price & Consensus: LIVN
Image Source: Zacks Investment Research
Index Dow Jones -0,17 % na 52463,68 b., S&P 500 -1,2 % na 7443,7 b., Nasdaq Composite -2,35 % na 25273,06 b.
Americké akcie směřují k dalšímu ztrátovému dni, když představení nového AI modelu od čínského startupu otřáslo technologickým sektorem, včetně polovodičů. Čínský startup Moonshot AI v pátek vydal nový model Kimi K3, který podle vyjádření firmy do značné míry stírá výkonnostní náskok předních amerických modelů umělé inteligence. Moonshot uvedl, že Kimi K3 překonal modely GPT 5.5 od OpenAI a Claude Opus 4.8 od Anthropic v několika testech zaměřených na programování a agentní AI. Tento krok tak podle Yahoo Finance oživil vzpomínky na loňský „DeepSeek moment“, kdy jiný čínský model krátce otřásl Wall Street a vyvolal prudký výprodej akcií spojených s umělou inteligencí.
Akcie Netflixu klesají o 11 % poté, co streamovací společnost zveřejnila výsledky hospodaření za druhé čtvrtletí roku 2026. Výnosy i zisk na akcii byly meziročně vyšší, výnosy však mírně nedosáhly na odhad analytiků. Volný peněžní tok výrazně zaostal za očekáváním kvůli vyšším daňovým platbám souvisejícím s poplatkem za ukončení smlouvy s Warner Bros. Discovery. Firma zároveň zveřejnila výhled na třetí čtvrtletí a zpřesněnou celoroční prognózu, které na úrovni výnosů, zisku na akcii a provozní marže zaostaly za konsenzem trhu.
Akcie společnosti Intuitive Surgical oslabují o 9,3 % poté, co tento výrobce robotických chirurgických systémů vykázal za druhé čtvrtletí slabší růst prodejů svých systémů da Vinci v USA. Firma zároveň poukázala na dopady změn v dotacích v rámci zákona o dostupné péči (ACA), kvůli nimž pacienti odkládali zákroky. Společnost sice potvrdila svůj celoroční výhled růstu počtu operačních výkonů, analytici z Jefferies však upozornili, že investoři očekávali jeho zvýšení.
Pojišťovna Travelers (+7,7 %) vykázala za druhé čtvrtletí čisté předepsané pojistné, které překonalo průměrný odhad analytiků. Společnost v rámci výsledků za druhý kvartál oznámila čisté předepsané pojistné ve výši 11,53 mld. USD, což představuje meziroční pokles o 0,1 %, zatímco tržní konsenzus konsensu Bloomberg činil 11,4 mld. USD. Jádrový zisk na akcii dosáhl 10,04 USD oproti 6,51 USD v předchozím roce a celkové výnosy meziročně vzrostly o 0,3 % na 12,15 mld. USD.
Index S&P 500 -1,2 % na 7443,7 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +1,8 % Komunikační služby -3,1 % Nezbytná spotřeba +1,6 % Informační technologie -3 % Utility +1,3 % Zbytná spotřeba -0,9 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Travelers Cos (TRV) +7,7 % Netflix (NFLX) -11 % Erie Indemnity (ERIE) +4,0 % Cadence Design Systems (CDNS) -9,5 % Hartford Insurance Group (HIG) +3,9 % Intuitive Surgical (ISRG) -9,3 % Casey's General Stores (CASY) +3,7 % Advanced Micro Devices (AMD) -8,1 % Allstate Corp (ALL) +3,6 % Flex (FLEX) -7,9 % Zdroj: Bloomberg, Yahoo Finance
Intuitive Surgical shares fell more than 12% before the bell on Friday after it maintained its global growth forecast for procedures performed with its da Vinci surgical robots and warned that changes to some insurance plans could hurt demand.
Intuitive Surgical Inc. (NASDAQ:ISRG) posted better-than-expected second-quarter results after Thursday’s closing bell.
Intuitive Surgical reported quarterly earnings of $2.80 per share, which beat the Street estimate of $2.50 by 12%, according to Benzinga Pro data. Quarterly revenue came in at $2.89 billion, which beat the analyst consensus estimate of $2.82 billion.
"We are pleased with company performance this quarter, which reflects the strength of our portfolio — from da Vinci and Ion to our growing digital solutions," said Dave Rosa, Intuitive CEO.
Intuitive Surgical shares fell 11.1% to $357.76 in pre-market trading.
These analysts made changes to their price targets on Intuitive Surgical following earnings announcement.
BTIG analyst Ryan Zimmerman maintained the stock with a Buy and lowered the price target from $512 to $469. Baird analyst David Rescott maintained Intuitive Surgical with an Outperform rating and cut the price target from $525 to $500. Considering buying ISRG stock? Here’s what analysts think:
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U.S. stock futures were lower this morning, with the Nasdaq 100 futures falling around 2% on Friday.
Shares of Intuitive Surgical Inc (NASDAQ:ISRG) fell sharply in pre-market trading after the company reported second-quarter financial results.
Intuitive Surgical reported quarterly earnings of $2.80 per share, which beat the Street estimate of $2.50 by 12%, according to Benzinga Pro data. Quarterly revenue came in at $2.89 billion, which beat the analyst consensus estimate of $2.82 billion.
Intuitive Surgical shares dipped 11.3% to $357.01 in pre-market trading.
Here are some other stocks moving lower in pre-market trading.
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Intuitive Surgical shares fell about 12% in premarket trading on Friday.
The decline came after the robotic surgery company issued a full-year procedure growth forecast that disappointed investors.
The weak outlook overshadowed stronger-than-expected second-quarter earnings and revenue.
The maker of the da Vinci robotic surgery platform reported adjusted earnings of $2.80 per share for the quarter, comfortably ahead of analysts' estimates of $2.51.
Revenue rose 19% year over year to $2.89 billion, beating Wall Street expectations of $2.82 billion.
Despite the earnings beat, investors focused on management's projection that da Vinci procedure growth for 2026 will range between 13.5% and 15.5%, with growth expected to be near the midpoint of 14.5%.
The company continued to benefit from the growing adoption of its robotic-assisted surgery platforms.
Worldwide procedures performed using the company's da Vinci and Ion systems increased by about 16% during the quarter.
Da Vinci procedures rose approximately 15%, while procedures using the Ion endoluminal system surged 36%.
Intuitive placed 468 da Vinci surgical systems during the quarter, compared with 395 in the same period last year.
The figure included 246 installations of its latest da Vinci 5 platform.
The company's installed base also continued to expand.
As of June 30, Intuitive had 11,710 da Vinci systems installed globally, up 12% from a year earlier.
The installed base for Ion systems grew 21% to 1,096 units.
Revenue from instruments and accessories, which represents the company's largest and most recurring business, climbed 18% to $1.73 billion.
Systems revenue increased to $685 million from $575 million a year ago.
The company also benefited from a one-time tariff-related refund worth $28 million after tax, equivalent to $0.08 per share.
Management expects adjusted gross margins of between 68% and 69% of revenue for 2026, an improvement from its earlier guidance of 67.5% to 68.5%.
The forecast includes an estimated one percentage point impact from tariffs.
The company also projected adjusted operating expense growth of 11% to 13%.
However, market attention centered on the procedure growth outlook, which many investors viewed as conservative given the company's premium valuation and long history of double-digit expansion.
The results also come shortly after hospital operator HCA Healthcare warned about softer surgical procedure demand and a rise in uninsured patients following the expiration of pandemic-era Affordable Care Act subsidies.
Analysts remain optimistic despite concernsISRG shares have declined about 29% this year, reflecting concerns over slowing growth, increasing competition, and premium valuations.
TD Cowen recently lowered its price target on the stock to $520 from $585 while maintaining a Buy rating.
The brokerage cited competitive pressures, remanufactured surgical instruments, international market challenges, and valuation concerns as factors weighing on sentiment.
Even after lowering its target, TD Cowen's revised valuation still implies roughly 29% upside from Thursday's closing price.
Stifel has maintained a more optimistic stance.
The brokerage reiterated its Buy rating and $670 price target following a survey of 100 robotic surgeons across multiple specialties.
The survey suggested surgeons continue to view Intuitive's technology leadership favourably despite the emergence of new competitors in robotic surgery.
According to Stifel, recently announced upgrades to the da Vinci 5 platform further strengthen the company's competitive position.
The US robotic surgery market is entering its first significant competitive phase in more than two decades after Intuitive largely dominated the segment.
Some market commentators believe the recent sell-off has made the stock more attractive.
The Motley Fool's James Halley noted that Intuitive's forward price-to-earnings multiple has fallen to around 36 times, well below its five-year average of more than 58 times.
"This compression offers a much more attractive entry point into a company where more than 80% of revenue is highly durable and recurring, from instruments, accessories, and services," Halley said.
Wall Street remains broadly positive on the company despite the recent weakness.
According to analyst estimates, the average price target has moderated from $556.89 to $521.37, with forecasts ranging from $366 to $750 per share.
Based on Wednesday's closing price, the consensus target still implies approximately 30% upside.
Among 35 analysts covering the stock, 24 recommend buying Intuitive Surgical, while 10 rate it a Hold and only one recommends selling, indicating that most analysts continue to view the current weakness as a short-term setback rather than a deterioration in the company's long-term growth prospects.
Intuitive Surgical (ISRG +3.55%) is an aggressive growth stock. That means it is appropriate only for investors who can handle some risk. The risk is on clear display today, with the stock down around 35% from its all-time high, reached in early 2025. But history suggests that this is likely to be a temporary setback. Here's what you need to know.
On the surface, Intuitive Surgical makes da Vinci surgical robots. Indeed, the company is a leader in the surgical robotics space. The technology generally provides for less invasive procedures and better surgical outcomes. And it is being approved for an increasing number of surgical procedures, expanding the playing field even as the number of surgical robots in place increases.
Image source: Getty Images.
To put a number on this dynamic, Intuitive Surgical had 11,395 da Vinci systems in place at the end of the first quarter of 2026. That was up 12% year over year, but the number of surgeries performed jumped by 17%. This is important because only about 25% of the medical device maker's revenue comes from robot sales; the rest comes from the sale of services, instruments, and accessories.
The company's parts and services sales are annuity-like in nature and represent the real flywheel of this healthcare business. Even if the sale of new da Vinci systems were to slow down, the company would still have a strong earnings foundation.
There's a problem with Intuitive Surgical's stock Investors know all about Intuitive Surgical's growth story. And it has long been afforded a premium valuation. At the early 2025 peak, the price-to-earnings (P/E) ratio was a shockingly high 95x. When companies get to valuations like that, even the biggest bulls can get nervous. The slightest concern can lead to a sell-off. And, as noted above, that's exactly what has happened. A key issue is the company's expectation that the number of surgeries performed with a da Vinci robot will increase by 13% to 15% in 2026, a drop from 18% in 2025. Still, the first quarter of 2026 came in above that range, so the company's guidance may be conservative.
Today's Change
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The deep drawdown Intuitive Surgical has experienced has pushed its P/E to 47x. That's still quite high, noting that the S&P 500 index has an average P/E of 27.5x. But Intuitive Surgical's five-year average P/E is 68x. Compared to its own trading history, the stock looks relatively cheap.
And, just as important, this isn't the first time the company's stock has sold off like this. In fact, it has gone through swings like this at least eight times since its initial public offering. Each time it has, it has eventually gone on to higher highs.
ISRG data by YCharts
To be fair, Intuitive Surgical is up against more competitors today, including medical device giant Medtronic. So it is entirely possible that growth slows somewhat. However, all the da Vinci robots currently in place will continue generating parts and services revenue. And the expanding use of surgical robots will mean that the business has a growth driver beyond the sale of new da Vinci systems. Simply put, the growth story isn't over here.
Probably worth a look for more aggressive investors Given the still lofty valuation, Intuitive Surgical isn't going to interest value investors. And it doesn't pay a dividend, so income investors won't find it appealing, either. However, if you are a more aggressive growth investor, this drawdown could open up a buying opportunity. At least, that's what history suggests. But be prepared to hold for the long term if you do buy the stock, because history also shows that this stock's drawdowns can get even deeper and last for a few years.
Intuitive Surgical, Inc. (ISRG - Free Report) reported $2.89 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 18.5%. EPS of $2.80 for the same period compares to $2.19 a year ago.
The reported revenue represents a surprise of +3.08% over the Zacks Consensus Estimate of $2.81 billion. With the consensus EPS estimate being $2.48, the EPS surprise was +12.9%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Intuitive Surgical performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total System Units Placed - Total Company: 468 versus 442 estimated by four analysts on average.Da Vinci Surgical System Installed Base: 11,710 versus 11,744 estimated by three analysts on average.Total Number of Procedures: 889,000 versus 886,653 estimated by three analysts on average.Revenue- Product (Instruments and accessories and Systems): $2.42 billion compared to the $2.34 billion average estimate based on five analysts. The reported number represents a change of +18.1% year over year.Revenue- Services: $472.4 million compared to the $441.53 million average estimate based on five analysts. The reported number represents a change of +20.8% year over year.Revenue- Systems: $685 million versus the five-analyst average estimate of $643.02 million. The reported number represents a year-over-year change of +19.2%.Revenue- Instruments and accessories: $1.73 billion versus the five-analyst average estimate of $1.7 billion. The reported number represents a year-over-year change of +17.7%.View all Key Company Metrics for Intuitive Surgical here>>>
Shares of Intuitive Surgical have returned -3.3% over the past month versus the Zacks S&P 500 composite's +0.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
CompaniesJuly 16 (Reuters) - Intuitive Surgical (ISRG.O), opens new tab on Thursday maintained its 2026 forecast for worldwide growth in procedures assisted by its cutting-edge da Vinci robots, after beating Wall Street estimates for second-quarter profit and revenue on strong demand for its surgical systems.
Shares of the company were down over 9% in extended trading.
Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
Intuitive is a dominant player in the surgical robotics market, with consistent demand for its da Vinci robots from hospitals addressing a backlog of medical procedures and broadening access to minimally invasive care.
Intuitive maintained its 2026 forecast for worldwide growth in da Vinci-assisted procedures at 13.5% to 15.5%, and said it expects growth to land near the midpoint of that range.
The volume of da Vinci procedures rose 15% globally in the second quarter from a year ago, the company said.
Intuitive's results follow Tuesday's warning from hospital operator HCA Healthcare (HCA.N), opens new tab about softer demand for surgical procedures and a rise in uninsured patients, as many Americans have dropped Affordable Care Act plans after pandemic-era subsidies expired.
On an adjusted basis, the medical device maker reported earnings of $2.8 per share for the quarter, beating analysts' estimates of $2.5 per share, according to data compiled by LSEG.
Revenue for the second quarter came in at $2.89 billion, compared with analysts' estimates of $2.82 billion.
Intuitive now projects its 2026 adjusted gross profit margin to be between 68% and 69% of revenue, higher than the 67.5% to 68.5% it previously forecast.
Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Jonathan Ananda
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Intuitive Surgical's Selloff Sets Up a 30% Rebound OpportunityIntuitive Surgical NASDAQ: ISRG reported a solid second quarter of 2026, with management pointing to continued global adoption of its da Vinci, da Vinci SP and Ion platforms, even as U.S. procedure growth moderated and China remained challenging.
Chief Executive Officer Dave Rosa said total procedures increased 16% in the quarter, driven by 15% growth in da Vinci procedures and 36% growth in Ion procedures. The installed base of da Vinci and Ion systems rose 12% and 21%, respectively, and the company ended the quarter with nearly 13,000 systems installed worldwide.
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5 Stocks Racing Ahead as AI Supercharges Robotics“Our performance in Q2 was solid,” Rosa said. “We saw continued global adoption across our MultiPort, da Vinci SP, and Ion platforms and steady execution by our teams.”
Revenue rises 19% as recurring revenue remains dominant Chief Financial Officer Jamie Samath said second-quarter revenue increased 19% year over year to $2.89 billion, or 18% on a constant-currency basis. Recurring revenue rose 19% to $2.47 billion and represented 85% of total revenue.
Beyond Biotech—3 Healthcare Stocks for Growth-Minded InvestorsNon-GAAP operating margin was 42%, and non-GAAP earnings per share increased 28% from the prior year to $2.80. Non-GAAP net income was $1 billion, compared with $798 million a year earlier. On a GAAP basis, net income was $818 million, or $2.29 per share, compared with $658 million, or $1.81 per share, in the second quarter of last year.
Samath said the quarter’s results included a $36 million pre-tax benefit tied to the refund of previously paid IEEPA tariffs. Non-GAAP gross margin was 70%, or 68.7% excluding that tariff refund benefit, compared with 67.9% in the prior-year period.
The company ended the quarter with $8.6 billion in cash and investments, up from $8 billion in the prior quarter. Samath said the increase was driven by operating cash flow, partly offset by $379 million in stock repurchases and $112 million in capital expenditures. Free cash flow for the first half of 2026 was $1.8 billion, up 71% from the first six months of 2025.
U.S. procedure growth slows, international markets expand In the U.S., da Vinci procedure growth was 12%, led by general surgery, while after-hours procedures increased 26%. Rosa said U.S. growth moderated from recent trends and from the company’s expectations at the start of the year, particularly in procedures that can be deferred.
“In our customer conversations, some have said that changes in patient coverage and premium dynamics may be affecting when patients seek care and move forward with treatment,” Rosa said. Samath added that customer feedback suggested a “modest adverse impact” on U.S. da Vinci procedure growth from patients affected by the expiration of subsidies for ACA enhanced premiums.
Samath also said U.S. da Vinci bariatric cases continued to be affected by rising GLP-1 usage, declining in the high single digits during the quarter.
Outside the U.S., da Vinci procedure growth was 20%. Rosa said Europe and Asia each grew 20%, while rest-of-world markets increased 22%. Samath highlighted strong results in India, Italy, Taiwan and the U.K., as well as solid growth in distributor markets and Germany. He said procedure growth in China and Japan was slightly ahead of the global average but continued to be affected by market-specific dynamics.
Capital placements rise on demand for newer platforms Intuitive placed 468 da Vinci systems in the quarter, up from 395 in the year-ago period. Of those placements, 246 were da Vinci 5 systems, including 114 dual consoles. The da Vinci 5 installed base is now just over 1,700 systems, used by more than 15,000 surgeons since launch, Samath said.
The company also placed 55 Ion systems, compared with 54 last year. Systems revenue increased 19% to $685 million.
U.S. da Vinci placements rose 24% to 267 systems, driven by adoption of and upgrades to da Vinci 5. Samath said almost all of the increase in U.S. placements came from trade-in activity, reflecting customer interest in upgrading. The company also placed 27 systems at ambulatory surgery centers, a level Samath described as significantly higher than Intuitive’s history. Twenty of those 27 placements were XiR systems.
Outside the U.S., Intuitive placed 201 systems, up 12% from last year. Placements included 75 systems in Asia, 79 in Europe and 47 in rest-of-world markets. In China, the company placed two systems, including its first da Vinci 5 system in Hong Kong. Samath noted that da Vinci 5 is not cleared in mainland China.
Rosa said adoption of da Vinci XiR is increasing, especially in more cost-constrained countries outside the U.S. and in U.S. ambulatory surgery centers. He said XiR expands access where a customer’s procedure mix and economics align with the capabilities and cost profile of Intuitive’s fourth-generation systems.
SP and Ion platforms continue to gain traction Intuitive placed 38 da Vinci SP systems in the quarter, bringing the global installed base to 445 systems. SP procedures increased 61%, driven by strength in Korea and the U.S. and early-stage momentum in Europe, Japan and Taiwan. Samath said U.S. SP system utilization increased 25% from the prior-year quarter.
The SP stapler launch also continued to expand. In the U.S., where it is in broad release, Samath said the stapler was used in nearly 60% of eligible cases, up from just under 40% in the prior quarter. Internationally, the stapler is in broad launch across Europe and Korea, with availability expected to extend to Japan in the third quarter.
Ion procedures increased 36% to 48,000 and now exceed 400,000 cumulatively. Rosa said Intuitive’s commercial teams have installed Ion systems in 12 countries outside the U.S., and the company continues to support U.S. utilization growth while generating evidence needed for international adoption.
Outlook maintained for da Vinci procedures Dan Connally said Intuitive is maintaining its full-year 2026 da Vinci procedure growth forecast of 13.5% to 15.5%, with an expectation closer to the midpoint. The company continues to expect growth to be driven mainly by U.S. general surgery, including after-hours procedures, and non-urology procedures internationally.
Connally said the outlook factors in the impact of changes to ACA premium subsidies and U.S. patient behavior, China tender volumes and competitive intensity, capital pressure in parts of Europe, prior capital challenges in Japan and the effect of pharmaceutical products for obesity management.
The company raised its non-GAAP gross profit margin forecast to a range of 68% to 69% of revenue, from a prior range of 67.5% to 68.5%. Connally said the new outlook still assumes higher input costs in areas including freight and semiconductor memory, as well as faster growth of newer products such as da Vinci 5 and Ion.
Intuitive now expects non-GAAP operating expense growth of 11% to 13%. Connally said R&D has recently grown faster than SG&A and that the company expects that trend to continue through the rest of 2026.
Management also discussed an Extended Use Program for a subset of EndoWrist instruments, expected to begin in the first half of 2027. Rosa said the initiative is intended to lower customer cost per procedure in certain benign procedures and cost-constrained geographies. Samath said the company is still finalizing pricing and plans to provide more detail on its next earnings call.
About Intuitive Surgical (NASDAQ:ISRG)Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, California, is a medical technology company focused on the design, manufacture and service of robotic-assisted surgical systems. The company is best known for its da Vinci surgical systems, which enable minimally invasive procedures by translating a surgeon's hand movements into finer, scaled motions of small instruments inside the patient. Intuitive's business centers on supplying hospitals and surgical centers with systems, instruments and related technologies that aim to improve precision, visualization and control in the operating room.
In addition to its core surgical platforms, Intuitive markets a portfolio of reusable and disposable instruments, accessories, and proprietary software, and provides training, servicing and clinical support to its customers.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Intuitive Surgical, Inc. (ISRG - Free Report) came out with quarterly earnings of $2.8 per share, beating the Zacks Consensus Estimate of $2.48 per share. This compares to earnings of $2.19 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +12.90%. A quarter ago, it was expected that this company would post earnings of $2.08 per share when it actually produced earnings of $2.5, delivering a surprise of +20.19%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Intuitive Surgical, which belongs to the Zacks Medical - Instruments industry, posted revenues of $2.89 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.08%. This compares to year-ago revenues of $2.44 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Intuitive Surgical shares have lost about 31.3% since the beginning of the year versus the S&P 500's gain of 10.6%.
What's Next for Intuitive Surgical?While Intuitive Surgical has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Intuitive Surgical was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.59 on $2.88 billion in revenues for the coming quarter and $10.41 on $11.72 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Instruments is currently in the bottom 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Artivion (AORT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This biological medical device maker is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -45.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Artivion's revenues are expected to be $120.9 million, up 7% from the year-ago quarter.
Live Coverage Updates appear automatically as they are published.
Live Updates Pinned 1 hour ago
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This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Intuitive Surgical’s Q2 earnings.
Simply stay on this page, and new updates will appear below automatically. We expect Intuitive Surgical to release earnings shortly after 4:00 p.m. ET.
1 minute ago
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That wraps up our initial coverage of Intuitive Surgical’s Q2 results. Thank you for stopping by!
22 minutes ago
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Intuitive Surgical (NASDAQ:ISRG | ISRG Price Prediction) is down 7.5% after Q2 earnings.
Does the Reaction Fit the Results? The company reported a strong beat: +11.83% on EPS, revenue up 18.54%, and non-GAAP gross margin expanding to 70.0% from 67.9%.
The gross margin guidance was raised to 68.0%–69.0%, directly refuting fears about the da Vinci 5 margin.
Historical Context Prior beats averaged a +3.48% day-of move, so today matches the pattern. Yet Q1 2026 popped +7.16% then faded -9.41% over 30 days.
What the Market Is Watching Procedure guidance was held at 13.5%–15.5%, not raised, which might be a concern that drove the sell-off.
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Demand for Intuitive Surgical’s newest robotic system remained strong, with da Vinci 5 placements increasing 37% year over year to 246.
Total da Vinci placements rose 18% to 468, helping systems revenue increase 19% to $685 million.
More than half of da Vinci placements used operating leases, including 131 usage-based systems. This structure could limit upfront systems revenue but expand recurring revenue as utilization grows.
Intuitive Surgical now has 11,710 da Vinci systems installed worldwide, up 12% from one year ago.
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Intuitive Surgical delivered a strong second quarter, with revenue increasing 19% to $2.89 billion and adjusted EPS climbing 28% to $2.80.
Both figures exceeded Wall Street’s expectations, although EPS included an $0.08 benefit from refunds of tariffs paid in prior periods.
Total procedures increased 16% year over year, including 15% growth for da Vinci procedures and 36% growth for Ion procedures.
Management continues to expect full-year da Vinci procedure growth of 13.5% to 15.5%, likely near the midpoint of that range.
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Intuitive Surgical just reported earnings, with shares initially down 7% following the report. Here are the key numbers:
Revenue: $2.89 billion vs. $2.83 billion expected Adjusted EPS: $2.80 vs. $2.50 expected Guidance:
Worldwide da Vinci procedure growth: 13.5% to 15.5% Non-GAAP gross margin: 68.0% to 69.0% Non-GAAP operating expense growth: 11% to 13% Quick Read:
Intuitive Surgical comfortably beat expectations, with revenue rising 18.4% and adjusted EPS climbing 27.9% year over year.
Despite the beat, shares are falling as investors focus on the procedure-growth outlook and whether future growth can justify the stock’s premium valuation.
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Bull Case Beat streak intact: Four consecutive EPS beats, capped by Q1’s $2.50 vs. $2.1068 earnings report. da Vinci 5 momentum: 232 placements in Q1 with 11% higher utilization than Xi. Recurring engine: Instruments & accessories revenue reached $1.69 billion, +23%, backed by $7.98 billion cash. Sentiment lean: Composite score 65.03 (Bullish); average analyst price target of $558.01 vs current share price of $401.96. Bear Case Post-beat fade: Average 30-day change of -2.28% after prior beats. Margin compression: 1.0% tariff drag; gross margin guide 67.5%-68.5%. Macro chill: Consumer sentiment at 44.8 threatens hospital capex. Valuation reset: P/E of 49 with the stock down 31.32% YTD. 1 hour ago
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The current full-year framework for Intuitive Surgical (NASDAQ:ISRG) calls for 13.5% to 15.5% da Vinci procedure growth and a 67.5% to 68.5% non-GAAP gross margin, embedding a 1.0% tariff drag.
Management historically guides conservatively, then walks the range up: 2025 started at 15.5%–17% and ended at 18%.
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Polymarket’s crowd assigns a 46.5% probability to Q2 procedure growth landing in the 15%–17.5% range, with 34.5% for a sub-15% result.
With four straight EPS beats averaging 18.66% most recently, the headline number matters less than the raise.
1 hour ago
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With Intuitive Surgical (NASDAQ:ISRG) set to report Q2 earnings tonight shortly after 4:00 PM ET, here’s the framework for tonight’s call.
Top 5 Analyst Questions Does FY2026 da Vinci procedure guidance of 13.5%–15.5% get raised after crowd bets favor 15%–17.5% growth? Any read-through from HCA’s July 14 surgical volume warning? Is the 1.0% tariff drag holding? da Vinci 5 mix and ASP trajectory after 232 placements in Q1? Buyback pace after $1.1B repurchased in Q1? Key Topics and Buzzwords Listen for: “quintuple aim,” “installed base leverage,” “usage-based leasing,” “capital constrained customers,” force feedback EU approval. Ion sustainability after 39% Q1 procedure growth; direct sales transition in Italy, Spain, Portugal. Red Flags Procedure miss versus guide, tariff drag expansion, gross margin cut below 67.5%, Hugo/Ottava share commentary, or hospital capex softness. 2 hours ago
Live
Intuitive Surgical’s (NASDAQ: ISRG) second-quarter report tonight will test whether the company can defend its premium valuation as procedure growth slows and tariffs pressure margins.
The biggest number to watch is procedure growth. After expanding 18% in 2025, management currently expects growth of 13.5% to 15.5% in fiscal 2026.
Investors will also be watching the mix of da Vinci 5 placements and utilization gains, which could determine the strength of the systems revenue narrative heading into the second half.
Management has estimated that tariffs will result in a drag equal to approximately 1% of revenue due to exposure across Mexico, Germany, and China. Any additional pressure could weigh on gross margins.
Shares have declined 21.92% over the past year. A guidance increase tonight could reinvigorate the growth-at-a-reasonable-price case, but a reduction in margin estimates would likely cement the stock’s ongoing derating.
Intuitive Surgical (NASDAQ:ISRG) reports Q2 earnings results at 4:40 PM ET tonight after the bell. The robotic surgery leader enters the earnings report tonight with a $142.05 billion market cap, while shares are down 29.3% year to date.
Momentum Meets a Valuation Reset Q1 delivered a fourth straight beat, with non-GAAP EPS of $2.50 topping the $2.11 consensus and revenue of $2.77 billion growing 23% year over year. Yet the stock has fallen 13.81% since that April 21 filing.
Q1 gross margin expanded to 67.8% from 66.4%, with da Vinci procedures up 16% and Ion procedures up 39%. Management nudged FY26 procedure growth to 13.5%-15.5%, still a step down from 2025.
The stock trades at about $400.55 as of 2:40 PM ET, against an average analyst price target of $558.01.
Consensus and Crowd Estimates Metric Value Frame FY26 da Vinci procedure growth 13.5%-15.5% Guidance FY26 non-GAAP gross margin 67.5%-68.5% Guidance Q2 procedure growth (crowd) 15%-17.5% at 36.5% Polymarket Forward P/E 39 Valuation Polymarket traders assign a 63% combined probability to Q2 procedure growth landing between 12.5% and 17.5%, and only 8% odds to a sub-12.5% miss. The setup skews toward in-range execution rather than a blowout.
Margins, Tariffs, and da Vinci 5 Take Center Stage Tonight, I’ll be watching ISRG’s gross margin closely. CFO Jamie Samath flagged that oil and memory input costs will hit harder later in the year, saying “we do expect those to have a greater unfavorable impact in the remainder of the year.” Any drift above the 1.0% of revenue tariff assumption would compress the margin story.
Investors will also focus on da Vinci 5 placement mix. Q1 delivered 232 da Vinci 5 systems out of 431 total placements, with da Vinci 5 utilization running 11% above Xi. That mix drives ASPs and downstream I&A revenue.
International tone matters too. Rosa cited “ongoing challenges in China and Japan,” with new Japanese reimbursements for 7 procedures beginning June 2026. I’ll track whether early June signal reads bullish. Ion momentum, SP procedure growth of 68%, and Force Feedback rollout round out the watchlist.
Earnings History Quarter EPS Surprise 1-Day Move 1-Week Move 30-Day Move Q1 2026 +18.66% -0.99% -6.16% -9.41% Q4 2025 +11.51% +0.92% -3.77% -3.40% Q3 2025 +20.65% +4.61% +2.00% +6.56% Q2 2025 +13.22% -2.66% -0.29% -5.14% On average, shares moved -0.50% one week after earnings across the past year.
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SUNNYVALE, Calif., July 16, 2026 (GLOBE NEWSWIRE) -- Intuitive (the “Company”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended June 30, 2026.
Q2 Highlights
Worldwide procedures (da Vinci and Ion combined) grew approximately 16% compared with the second quarter of 2025. Da Vinci procedures grew approximately 15%, and Ion procedures grew approximately 36%.The Company placed 468 da Vinci surgical systems, compared with 395 in the second quarter of 2025. The second quarter 2026 da Vinci surgical system placements included 246 da Vinci 5 systems, compared with 180 in the second quarter of 2025. The Company placed 55 Ion endoluminal systems, compared with 54 in the second quarter of 2025.The Company grew its da Vinci surgical system installed base to 11,710 systems as of June 30, 2026, an increase of 12% compared with 10,488 as of June 30, 2025. The Company grew its Ion endoluminal system installed base to 1,096 systems as of June 30, 2026, an increase of 21% compared with 905 as of June 30, 2025.Second quarter 2026 revenue of $2.89 billion increased 19%, compared with $2.44 billion in the second quarter of 2025.Second quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. was $818 million, or $2.29 per diluted share, compared with $658 million, or $1.81 per diluted share, in the second quarter of 2025.Second quarter 2026 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $1.00 billion, or $2.80 per diluted share, compared with $0.80 billion, or $2.19 per diluted share, in the second quarter of 2025.Second quarter 2026 GAAP and non-GAAP* net income attributable to Intuitive Surgical, Inc. included a benefit of $28 million, net of tax, or $0.08 per diluted share, related to refunds for tariffs paid in prior periods under the International Emergency Economic Powers Act (“IEEPA”).The Company repurchased 0.9 million shares of its common stock for $0.38 billion in the second quarter of 2026. Q2 Financial Summary
Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.
Second quarter 2026 revenue was $2.89 billion, an increase of 19% compared with $2.44 billion in the second quarter of 2025. The higher second quarter revenue was driven by growth in procedure volume, higher da Vinci system leasing revenue, and an increase in the installed base of da Vinci and Ion systems.
Second quarter 2026 instruments and accessories revenue increased by 18% to $1.73 billion, compared with $1.47 billion in the second quarter of 2025. The increase in instruments and accessories revenue was primarily driven by approximately 15% growth in da Vinci procedure volume and approximately 36% growth in Ion procedure volume.
Second quarter 2026 systems revenue was $685 million, compared with $575 million in the second quarter of 2025. The higher systems revenue reflected a higher lease installed base, higher da Vinci system average selling prices, and increased da Vinci system placements compared with the second quarter of 2025. The Company placed 468 da Vinci surgical systems, of which 246 were da Vinci 5 systems, in the second quarter of 2026, compared with 395 systems, of which 180 were da Vinci 5 systems, in the second quarter of 2025. The second quarter 2026 da Vinci surgical system placements included 254 systems placed under operating lease arrangements, of which 131 systems were placed under usage-based operating lease arrangements, compared with 193 systems placed under operating lease arrangements, of which 124 systems were placed under usage-based operating lease arrangements in the second quarter of 2025.
Second quarter 2026 GAAP income from operations increased to $972 million, compared with $743 million in the second quarter of 2025. Second quarter 2026 GAAP income from operations included share-based compensation expense of $213 million, compared with $200 million in the second quarter of 2025. Second quarter 2026 non-GAAP* income from operations increased to $1.22 billion, compared with $0.95 billion in the second quarter of 2025.
Second quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. was $818 million, or $2.29 per diluted share, compared with $658 million, or $1.81 per diluted share, in the second quarter of 2025. Second quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $17 million, or $0.05 per diluted share, compared with $33 million, or $0.09 per diluted share, in the second quarter of 2025. Additionally, second quarter 2026 GAAP net income included a benefit of $28 million, net of tax, or $0.08 per diluted share, related to refunds for tariffs paid in prior periods under IEEPA.
Second quarter 2026 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $1.00 billion, or $2.80 per diluted share, compared with $0.80 billion, or $2.19 per diluted share, in the second quarter of 2025. Second quarter 2026 non-GAAP* net income included a benefit of $28 million, net of tax, or $0.08 per diluted share, related to refunds for tariffs paid in prior periods under IEEPA.
The Company ended the second quarter of 2026 with $8.63 billion in cash, cash equivalents, and investments, an increase of $0.65 billion during the quarter, primarily driven by cash generated from operations, partially offset by cash used for repurchases of common stock.
“We are pleased with company performance this quarter, which reflects the strength of our portfolio – from da Vinci and Ion to our growing digital solutions,” said Dave Rosa, Intuitive CEO. “Our commitment to customers around the world – our north star – remains the same: helping them deliver better patient outcomes, better patient and care team experiences, lower costs, and broader access to minimally invasive care.”
2026 Financial Outlook
The Company expects the following results for the full year of 2026:
Worldwide da Vinci procedure growth of approximately 13.5% to 15.5% in 2026. The Company expects to be closer to the midpoint of this range.Non-GAAP* gross profit margin to be within a range of 68.0% to 69.0% of revenue in 2026. This range includes an estimated impact from tariffs of 1.0% of revenue.Non-GAAP* operating expense growth of 11% to 13% in 2026. The range for expected non-GAAP* gross profit margin reflects the Company’s estimates of the adverse impact from tariffs that are currently in effect as of the time of this press release and assumes such tariffs remain in place through the end of the year. Should additional tariffs beyond our expectations be implemented, the additional impact on the Company’s financial results in 2026, including the change in expected non-GAAP* gross profit margin, could be material. The ultimate effect of tariffs will depend on various factors, including the proportion of components procured and finished goods manufactured outside of the United States and the amount, scope, nature, and timing of the tariffs.
The 2026 financial outlook provided above includes forward-looking, non-GAAP financial measures, which management uses in measuring performance. We do not provide a reconciliation of non-GAAP outlook measures to corresponding GAAP measures on a forward-looking basis, because we are unable to predict with reasonable certainty the exact timing and ultimate outcome of certain items, including but not limited to legal proceedings, without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP. For additional information regarding the nature of these items, refer to the reconciliations of historical GAAP to non-GAAP measures included elsewhere in this release.
Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/.
Webcast and Conference Call Information
Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the second quarter 2026 financial results. The call will be webcast live and can be accessed on Intuitive’s website at www.intuitive.com. For those individuals planning to participate on the call, registration can be completed online at https://edge.media-server.com/mmc/p/dekvotz4/ to receive dial-in details and an individual pin. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic-assisted surgery. Our technologies include the da Vinci surgical systems and the Ion endoluminal system. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most.
Product and brand names/logos are trademarks or registered trademarks of Intuitive or their respective owner. See www.intuitive.com/trademarks.
For more information, please visit the Company’s website at www.intuitive.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements relate to expectations concerning matters that are not historical facts. Statements using words such as “estimates,” “projects,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “may,” “will,” “could,” “should,” “commit,” “would,” “seek,” “potential,” “targeted,” and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are necessarily estimates reflecting the judgment of the Company’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements include, but are not limited to the following: statements related to future results of operations, including expected procedure growth in 2026, expected non-GAAP gross profit margins in 2026, and expected non-GAAP operating expense growth in 2026; future financial position; the goals the Company shares with its customers, including improving patient outcomes; the estimated impact from tariffs, including the potential for material adverse impact on the Company’s financial results if additional tariffs beyond the Company’s current expectations are implemented; expectations regarding the continuation of share-based compensation expense as a significant recurring expense; the Company’s strategic vision for the future of minimally invasive care; and the Company’s inability to predict with reasonable certainty the exact timing and ultimate outcome of certain items, including legal proceedings. These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which may impact customer spending and the Company’s costs, including tariffs, the levels of inflation, and interest rates; the conflict in Ukraine; conflicts in the Middle East, including Israel and Iran; disruption to the Company’s supply chain, including increased difficulties in obtaining a sufficient supply of materials; curtailed or delayed capital spending by hospitals; the impact of global and regional economic and credit market conditions on healthcare spending; delays in obtaining new product approvals, clearances, or certifications from the United States (“U.S.”) Food and Drug Administration (“FDA”), comparable regulatory authorities, or notified bodies; the risk of the Company’s inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement, and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and customer acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Company’s completion of and ability to successfully integrate acquisitions, including the recently completed acquisition of the da Vinci and Ion distribution businesses in Italy, Spain, and Portugal and the transition from a distributor to a direct sales model in those markets; intellectual property positions and litigation; competition from companies offering alternative surgical approaches or robotic-assisted surgical systems, including domestic competitors in certain geographic markets such as China; risks associated with the Company’s operations and any expansion outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; the Company’s reliance on sole- and single-sourced suppliers; the results of legal proceedings to which the Company is or may become a party; adverse publicity regarding the Company and the safety of the Company’s products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements (including changes to tariffs imposed by the U.S. on imports from various countries, including Mexico, where the Company currently manufactures a significant majority of its instruments and accessories, Germany, where the Company currently manufactures a majority of its endoscopes, and China, where the Company currently imports certain materials); hospital staffing constraints and labor availability; cybersecurity risks, including risks to the Company’s supply chain; and other risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company’s other filings with the Securities and Exchange Commission (“SEC”). The Company’s actual results may differ materially and adversely from those expressed in any forward-looking statement, and the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law.
*About Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive, and non-GAAP net income per diluted share attributable to Intuitive (“EPS”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (“SBC”) and long-term incentive plan (“LTIP”) expenses, acquisition-related items, gains on the sale of businesses and assets, and other special items. LTIP expense relates to phantom share awards granted in China by the Company’s Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. These awards are valued based on certain key performance metrics. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of the Company’s business within the period. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to its historical performance. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Company’s business.
Non-GAAP gross profit. The Company defines non-GAAP gross profit as gross profit, excluding SBC and LTIP expenses, amortization of intangible assets, and acquisition-related items.
Non-GAAP income from operations. The Company defines non-GAAP income from operations as income from operations, excluding SBC and LTIP expenses, amortization of intangible assets, a facilities asset abandonment charge, litigation charges, acquisition-related items, and gains on the sale of businesses and assets.
Non-GAAP net income attributable to Intuitive and EPS. The Company defines non-GAAP net income as net income attributable to Intuitive, excluding SBC and LTIP expenses, amortization of intangible assets, a facilities asset abandonment charge, litigation charges, acquisition-related items, gains on the sale of businesses and assets, gains or losses on strategic investments, tax adjustments, including the excess tax benefits associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets, and adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects. The Company excludes the excess tax benefits associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the ongoing results of its core operations. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Company’s operating results. The Company’s calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive divided by diluted shares outstanding, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period.
There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive, and non-GAAP EPS exclude items such as SBC and LTIP expenses, amortization of intangible assets, excess tax benefits associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfers of non-inventory assets, which are primarily recurring items. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive and non-GAAP EPS together with net income attributable to Intuitive and net income per share attributable to Intuitive calculated in accordance with GAAP.
INTUITIVE SURGICAL, INC.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA)
Three Months Ended June 30,
2026 March 31,
2026 June 30,
2025Revenue: Instruments and accessories$1,734.9 $1,686.4 $1,474.1 Systems 685.0 650.7 574.7 Services 472.4 433.7 391.2 Total revenue 2,892.3 2,770.8 2,440.0 Cost of revenue: Product 777.0 780.0 686.2 Service 154.9 160.3 135.9 Total cost of revenue (1) 931.9 940.3 822.1 Gross profit 1,960.4 1,830.5 1,617.9 Operating expenses: Selling, general, and administrative 617.9 613.3 561.2 Research and development 370.6 361.9 313.3 Total operating expenses 988.5 975.2 874.5 Income from operations (2) 971.9 855.3 743.4 Interest and other income (expense), net 82.7 85.1 88.7 Income before taxes 1,054.6 940.4 832.1 Income tax expense (benefit) (3) 231.4 114.4 167.9 Net income 823.2 826.0 664.2 Less: net income attributable to noncontrolling interest in joint venture 5.1 4.5 5.8 Net income attributable to Intuitive Surgical, Inc.$818.1 $821.5 $658.4 Net income per share attributable to Intuitive Surgical, Inc.: Basic$2.31 $2.31 $1.84 Diluted (4)$2.29 $2.28 $1.81 Weighted average shares outstanding: Basic 354.1 354.9 358.5 Diluted 357.3 359.8 364.1 (1) Cost of revenue includes the following benefits related to refunds recognized for tariffs paid in prior periods under IEEPA:Product$27.5 $— $— Service$8.4 $— $— (2) Income from operations includes the effect of the following items: Amortization of intangible assets$(24.0) $(7.1) $(3.2)Expensed IP charged to R&D$— $— $(1.6)(3) Income tax expense (benefit) includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements$(17.3) $(73.3) $(32.9)Discrete tax benefit from release of unrecognized tax benefits$— $(1.6) $— (4) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items: IEEPA tariff refunds, net of tax$0.08 $— $— Amortization of intangible assets, net of tax$(0.05) $(0.02) $(0.01)Expensed IP charged to R&D, net of tax$— $— $— Excess tax benefits related to share-based compensation arrangements$0.05 $0.20 $0.09 Discrete tax benefit from release of unrecognized tax benefits$— $— $— INTUITIVE SURGICAL, INC.
UNAUDITED YEAR-TO-DATE CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA) Six Months Ended June 30, 2026 2025 Revenue: Instruments and accessories$3,421.3 $2,841.8 Systems 1,335.7 1,097.4 Services 906.1 754.2 Total revenue 5,663.1 4,693.4 Cost of revenue: Product 1,557.0 1,356.9 Service 315.2 260.9 Total cost of revenue (1) 1,872.2 1,617.8 Gross profit 3,790.9 3,075.6 Operating expenses: Selling, general, and administrative 1,231.2 1,124.6 Research and development 732.5 629.5 Total operating expenses 1,963.7 1,754.1 Income from operations (2) 1,827.2 1,321.5 Interest and other income, net 167.8 179.1 Income before taxes 1,995.0 1,500.6 Income tax expense (3) 345.8 132.7 Net income 1,649.2 1,367.9 Less: net income attributable to noncontrolling interest in joint venture 9.6 11.1 Net income attributable to Intuitive Surgical, Inc.$1,639.6 $1,356.8 Net income per share attributable to Intuitive Surgical, Inc.: Basic$4.63 $3.79 Diluted (4)$4.57 $3.72 Weighted average shares outstanding: Basic 354.5 358.0 Diluted 358.5 364.4 (1)Cost of revenue includes the following benefits related to refunds recognized for tariffs paid in prior periods under IEEPA:Product$27.5 $— Service$8.4 $— (2) Income from operations includes the effect of the following items: Amortization of intangible assets$(31.1) $(6.6)Expensed IP charged to R&D$— $(6.7)(3) Income tax expense includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements$(90.6) $(178.3)Discrete tax benefit from release of unrecognized tax benefits$(1.6) $(0.5)(4) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items:IEEPA tariff refunds, net of tax$0.08 $— Amortization of intangible assets, net of tax$(0.06) $(0.01)Expensed IP charged to R&D, net of tax$— $(0.01)Excess tax benefits related to share-based compensation arrangements$0.25 $0.49 Discrete tax benefit from release of unrecognized tax benefits$— $— INTUITIVE SURGICAL, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS)
June 30,
2026 December 31,
2025Cash, cash equivalents, and investments$8,625.5 $9,034.1Accounts receivable, net 1,673.2 1,527.3Inventory 2,028.7 1,840.0Property, plant, and equipment, net 5,551.5 5,342.4Goodwill 580.6 370.3Deferred tax assets 652.4 1,018.6Other assets 1,764.7 1,326.0Total assets$20,876.6 $20,458.7 Accounts payable and other liabilities$1,916.9 $1,918.9Deferred revenue 662.0 598.1Total liabilities 2,578.9 2,517.0Stockholders’ equity 18,297.7 17,941.7Total liabilities and stockholders’ equity$20,876.6 $20,458.7 INTUITIVE SURGICAL, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(IN MILLIONS, EXCEPT PER SHARE DATA)
Three Months Ended Six Months Ended June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025GAAP gross profit $1,960.4 $1,830.5 $1,617.9 $3,790.9 $3,075.6 GAAP gross profit margin (1) 67.8% 66.1% 66.3% 66.9% 65.5%Share-based compensation expense 36.2 36.0 36.6 72.2 72.8 Long-term incentive plan expense (0.1) 0.1 0.1 — 0.4 Amortization of intangible assets 23.3 6.6 2.5 29.9 4.9 Acquisition-related items 4.1 5.9 — 10.0 — Non-GAAP gross profit $2,023.9 $1,879.1 $1,657.1 $3,903.0 $3,153.7 Non-GAAP gross profit margin (1) 70.0% 67.8% 67.9% 68.9% 67.2% GAAP income from operations $971.9 $855.3 $743.4 $1,827.2 $1,321.5 Share-based compensation expense 209.9 209.5 196.2 419.4 381.4 Long-term incentive plan expense (0.4) 0.5 0.3 0.1 1.1 Amortization of intangible assets 24.0 7.1 3.2 31.1 6.6 Facilities asset abandonment charge 6.9 — — 6.9 — Litigation charges — 6.3 3.5 6.3 3.5 Gains on sale of businesses and assets — (7.9) — (7.9) — Acquisition-related items 5.7 6.0 — 11.7 — Non-GAAP income from operations $1,218.0 $1,076.8 $946.6 $2,294.8 $1,714.1 GAAP net income attributable to Intuitive Surgical, Inc. $818.1 $821.5 $658.4 $1,639.6 $1,356.8 Share-based compensation expense 209.9 209.5 196.2 419.4 381.4 Long-term incentive plan expense (0.4) 0.5 0.3 0.1 1.1 Amortization of intangible assets 24.0 7.1 3.2 31.1 6.6 Facilities asset abandonment charge 6.9 — — 6.9 — Litigation charges — 6.3 3.5 6.3 3.5 Gains on sale of businesses and assets — (7.9) — (7.9) — (Gains) losses on strategic investments (0.2) (0.6) 4.4 (0.8) 5.0 Acquisition-related items 5.7 6.0 — 11.7 — Tax adjustments (2) (62.1) (141.1) (67.8) (203.2) (294.4)Adjustments attributable to noncontrolling interest in joint venture 0.2 (0.2) (0.3) — (0.6)Non-GAAP net income attributable to Intuitive Surgical, Inc. $1,002.1 $901.1 $797.9 $1,903.2 $1,459.4 GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted $2.29 $2.28 $1.81 $4.57 $3.72 Share-based compensation expense 0.59 0.58 0.54 1.17 1.05 Long-term incentive plan expense — — — — — Amortization of intangible assets 0.07 0.02 0.01 0.09 0.02 Facilities asset abandonment charge 0.02 — — 0.02 — Litigation charges — 0.02 0.01 0.02 0.01 Gains on sale of businesses and assets — (0.02) — (0.02) — (Gains) losses on strategic investments — — 0.01 — 0.01 Acquisition-related items 0.01 0.01 — 0.03 — Tax adjustments (2) (0.18) (0.39) (0.19) (0.57) (0.81)Adjustments attributable to noncontrolling interest in joint venture — — — — — Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted $2.80 $2.50 $2.19 $5.31 $4.00 (1) Gross profit margin is calculated by dividing gross profit by revenue. (2) For the three months ended June 30, 2026, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(17.3) million, or $(0.05) per diluted share; (b) the tax impact related to intra-entity transfers of non-inventory assets of $10.7 million, or $0.03 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(55.5) million, or $(0.16) per diluted share. For the three months ended June 30, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(32.9) million, or $(0.09) per diluted share; (b) the tax impact related to intra-entity transfers of non-inventory assets of $10.7 million, or $0.03 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(45.6) million, or $(0.13) per diluted share. For the six months ended June 30, 2026, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(90.6) million, or $(0.25) per diluted share; (b) tax impact related to intra-entity transfers of non-inventory assets of $21.4 million, or $0.06 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(134.0) million, or $(0.37) per diluted share. For the six months ended June 30, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(178.3) million, or $(0.49) per diluted share; (b) tax impact related to intra-entity transfers of non-inventory assets of $21.4 million, or $0.06 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(137.5) million, or $(0.38) per diluted share.
Contact: Investor Relations
(408) 523-2161
ISRG stock is moving. Watch the price action here. Intuitive Surgical reported quarterly earnings of $2.80 per share, which beat the Street estimate of $2.50 by 12%, according to Benzinga Pro data.
Quarterly revenue came in at $2.89 billion, which beat the analyst consensus estimate of $2.82 billion.
Intuitive Surgical reported the following second-quarter highlights:
“We are pleased with company performance this quarter, which reflects the strength of our portfolio — from da Vinci and Ion to our growing digital solutions,” said Dave Rosa, Intuitive CEO.
ISRG Stock Price Activity: According to data from Benzinga Pro, Intuitive Surgical stock was down 8.53% to $368.99 in Thursday’s extended trading.
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Key Takeaways Intuitive Surgical is relying on technology, clinical evidence and its ecosystem to defend market leadership.ISRG uses da Vinci 5 and refurbished XiR to serve different budgets while protecting premium positioning.Intuitive Surgical emphasizes value, training, AI tools and services instead of competing on price. Intuitive Surgical (ISRG - Free Report) is navigating an increasingly competitive robotic surgery landscape as domestic Chinese manufacturers, European innovators and large global medtech companies expand their presence. Management acknowledged persistent competitive and pricing pressures in China, particularly amid lower tender activity and policy-driven pricing. The company, however, remains confident that it can preserve its leadership through differentiated technology, strong clinical evidence and a comprehensive ecosystem, rather than competing solely on price.
A key pillar of Intuitive Surgical's strategy is a tiered product portfolio that addresses varying customer budgets without diluting its premium positioning. The flagship da Vinci 5 targets hospitals seeking advanced capabilities such as Force Feedback, AI-enabled digital features and higher utilization, while the refurbished Xi (XiR) platform serves cost-sensitive markets, particularly outside the United States.
Management believes XiR offers a compelling value proposition because customers receive access to the full Intuitive Surgical ecosystem — including instruments, software, services and training — at a more affordable price point. This segmentation allows the company to compete across multiple price tiers while protecting margins on its latest-generation platform.
Rather than engaging in price wars, Intuitive Surgical continues to focus on value-based selling. Management said customer discussions increasingly focus on the overall value of a robotic surgery program — including improved patient outcomes, greater procedural efficiency, higher utilization and expansion of minimally invasive surgery — rather than the upfront purchase price of a robot. The company is also tailoring pricing and commercial strategies by geography while working with policymakers to strengthen reimbursement frameworks and demonstrate long-term clinical and economic benefits.
Perhaps Intuitive Surgical's strongest competitive moat remains its ecosystem. Beyond a large installed base, the company offers integrated surgeon training, digital services through My Intuitive+, telepresence capabilities, clinical evidence generation and AI-driven innovations powered by real-world surgical data. Management believes this combination of technology, outcomes data, service infrastructure and customer support creates a durable competitive advantage that will be difficult for newer entrants to replicate as global competition intensifies.
Peer UpdatesGlobus Medical (GMED - Free Report) is defending its position in robotic spine surgery by combining differentiated technology with a broader procedural ecosystem rather than competing on hardware alone. Management emphasized that ExcelsiusGPS continues to benefit from its ground-up design, navigation-based workflow, ease of use and proven reliability across nearly 130,000 robotic procedures. The company stated that newer competing systems are yet to match its accuracy and workflow efficiency.
GMED is also strengthening its moat through robotics pull-through, flexible leasing and rental models that expand placements while driving recurring implant revenues. Integration of patient-specific implants, navigation, robotics and surgical intelligence into a closed-loop ecosystem further differentiates Globus Medical, while aggressive surgeon recruitment and cross-selling help capture market share despite intensifying competition from Medtronic and other entrants.
Stereotaxis (STXS - Free Report) is responding to intensifying competition by transforming itself from a single-product robotics company into a comprehensive endovascular robotics platform. Rather than relying on its legacy robotic system, the company has launched GenesisX, MAGiC robotic ablation catheters and the Synchrony digital surgery cockpit, reducing its historical dependence on Johnson & Johnson while expanding recurring revenue opportunities.
Management believes GenesisX's ability to operate in existing catheter labs without construction significantly broadens its addressable market. At the same time, investments in AI, automation, wireless robotic platforms and the Robocath acquisition position Stereotaxis to compete across electrophysiology, neurovascular and cardiovascular interventions. By building an integrated ecosystem of robotics, proprietary devices and digital intelligence, the company aims to create a differentiated long-term competitive position despite growing global competition.
ISRG’s Price Performance, Valuation and EstimatesShares of ISRG have lost 32.9% so far this year compared with a 13% decline for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Intuitive Surgical trades at a forward price-to-earnings ratio of 34.18X, above the industry average. But, it is still lower than its five-year median of 69.50X. ISRG carries a Value Score of D.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Intuitive Surgical’s 2026 earnings implies a 16.6% rise from the year-ago period’s level.
Image Source: Zacks Investment Research
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Intuitive Surgical (ISRG +0.51%) is scheduled to report earnings after the market closes on July 16. The robotic healthcare stock has suffered so far this year, falling a little more than 30%, despite a strong first-quarter earnings report.
Positioning a trade or an investment right before an earnings report always carries a bit of event risk, but the current setup for Intuitive Surgical presents a compelling bull case.
It's worth noting that the stock has a recent history of earnings beats, bettering analysts' predictions in each of the past four quarters. If Intuitive reports better earnings than the current predictions of $2.81 billion in revenue and $2.48 in earnings per share (EPS), the stock will likely go up. However, it's important to take a longer view of the company's potential if you're planning on investing.
Here are three reasons why Intuitive Surgical's stock is a good long-term buy:
Image source: Getty Images.
The price is right, for now While Intuitive historically commands a premium multiple due to its absolute dominance in robotic surgery, the stock's sell-off this year has driven its forward price-to-earnings (P/E) multiple down to around 36x. That's a stark discount to its 5-year historical average of more than 58 times forward P/E. This compression offers a much more attractive entry point into a company where more than 80% of revenue is highly durable and recurring, from instruments, accessories, and services.
In the first quarter, recurring revenue from instruments and services grew 23% year over year to $2.12 billion. The increase in instruments and accessories revenue was primarily driven by approximately 16% growth in da Vinci procedure volume, customer buying patterns, and approximately 39% growth in Ion procedure volume.
Once a hospital installs a machine, it is effectively locked into the Intuitive ecosystem, creating a powerful, reliable revenue stream for investors.
It's worth noting that in the first quarter, revenue and EPS both grew by double-digit percentages, with revenue reported as $2.77 billion, up 23% year over year, and EPS of $2.28, up nearly 19% over the same period a year ago.
One reason for pessimism among investors is that GLP-1 obesity drugs are lowering bariatric surgical volumes. However, Intuitive is making up for that with the growth in other medical procedures performed using its systems. The other concern is that the company is now promoting a longer lifespan for its instruments to lower hospital costs, but while that may cut down on revenue from instruments and accessories, it also builds customer loyalty and improves the company's moat.
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Its da Vinci 5 system is seeing a nice uptake The central near-term driver for Intuitive is the rollout of its next-generation da Vinci 5 system. Early data show that hospital utilization of the da Vinci 5 is roughly 11% higher than the legacy Xi platform. Because customer adoption has moved faster than expected, the accelerating trade-in and upgrade cycle serves as a major fundamental catalyst that could drive an upside surprise in system placements and forward guidance.
The first quarter 2026 da Vinci surgical system placements included 232 da Vinci 5 systems, compared with 147 in the first quarter of 2025.
The launch of the da Vinci 5 platform introduces true hardware-enabled artificial intelligence and Force Feedback technology, which provide surgeons with a physical sense of resistance and tissue pressure for the first time. Beyond just a near-term upgrade cycle, this establishes the technology baseline for the next decade of surgery. It also creates a massive technical barrier that newer competitors will find difficult to replicate.
Expansion into diagnostics and soft tissue treatment For years, the company focused strictly on treating disease through general surgery with the da Vinci platform. With its Ion platform, it is moving upstream to own the diagnosis and early intervention stage as well.
The spearhead of this diagnostic expansion is the Ion endoluminal system, a robotic bronchoscopy platform designed for minimally invasive lung biopsies. Ion uses an ultrathin, highly flexible robotic catheter.
Ion feeds Intuitive's high-margin recurring revenue model. Each procedure requires single-use flexible needles, vision probes, and patient-specific 3D planning software. Furthermore, Intuitive is currently integrating adjunctive diagnostic technologies such as endobronchial ultrasound (EBUS) directly into the Ion workflow to increase revenue per procedure.
Intuitive is also deepening its moat in soft tissue treatment through its da Vinci SP (Single Port) platform. While the da Vinci 5 requires multiple small incisions across the abdomen, the SP platform allows an entire surgical team of camera and instruments to enter through one single 2.5-centimeter incision or a natural orifice. The SP platform is rapidly gaining traction in urology and transoral otolaryngology (head and neck surgeries), driving high-volume procedure growth.
So Intuitive Surgical looks undervalued heading into the Q2 report. For those with a multi-year horizon, the setup looks favorable.
Intuitive Surgical (ISRG 6.86%) has faced challenges over the past 12 months, and its shares have declined by 26% during this period. However, some Wall Street analysts remain bullish on the stock, with several setting price targets that imply reasonable upside from current levels. Take David Roman, an analyst at Goldman Sachs (GS +9.00%). He recently maintained a "buy" rating on the stock, giving it a 12-month price target of $558. That's 47% above Intuitive Surgical's current stock price. Should investors take Roman's advice and rush to buy the company's shares?
Image source: The Motley Fool.
Focus on the long game Intuitive Surgical's recent headwinds include lower-than-expected margins tied to the rollout of the da Vinci 5, the latest version of its famous robotic-assisted surgery (RAS) system, launched in 2024. The da Vinci 5 has experienced strong adoption, but it comes with lower margins than previous versions. The medical device specialist is also dealing with steep tariffs, leading to rising costs. It's not clear that the company can solve these issues within the next six to 12 months. However, there are still great reasons to be bullish on Intuitive Surgical's long-term outlook. Consider the company's da Vinci 5.
This newer product has several advantages over previous versions, including the Force Feedback Technology, which allows surgeons to feel the pressure and texture of tissue through the robotic controls, giving them a better sense of touch that could make delicate procedures safer, more precise, and easier to perform.
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With improved features like these, the da Vinci 5 could help expand the company's market by attracting surgeons or hospitals that had been hesitant to use the da Vinci system and, potentially, earn indications that previous versions couldn't. The result could be a much larger installed base and stronger, higher-margin recurring revenue from the sale of instruments and accessories.
They can also help Intuitive Surgical keep competitors at bay, especially as the company faces increased competition from several healthcare giants launching their own robotic systems. In other words, the da Vinci 5's lower margins could be worth the trouble. True, Intuitive Surgical recently updated the da Vinci 5's Force Feedback tools to last 15 uses instead of six -- which could lead to lower recurring revenue as hospitals order these instruments less often.
That's another reason some investors ran for the hills. However, Intuitive Surgical has previously expanded the maximum use count for some of its instruments, with minimal impact on top-line growth. Finally, Intuitive Surgical still has a large addressable market in the RAS industry. The minimally invasive procedures they enable surgeons to perform offer significant advantages over open procedures. Yet the market is underpenetrated and could grow even further as the world's population ages.
Meanwhile, Intuitive Surgical benefits from a wide moat due to high switching costs. For all those reasons, the stock is worth seriously considering on the dip. Will it soar by 47% over the next 12 months? Probably not, given that it still faces near-term headwinds. But the company's long-term prospects are strong.
Prosper Junior Bakiny has positions in Intuitive Surgical. The Motley Fool has positions in and recommends Goldman Sachs Group and Intuitive Surgical. The Motley Fool recommends the following options: long January 2028 $520 calls on Intuitive Surgical and short January 2028 $530 calls on Intuitive Surgical. The Motley Fool has a disclosure policy.
Intuitive Surgical's (ISRG 6.86%) stock is having a tough year. The stock has fallen 30% from its 52-week high, with a decline of more than 25% in the first seven months or so of 2026. There are multiple reasons for this drop, but the biggest issue isn't the company's business. Here's why this sell-off may not be as scary as it seems.
Intuitive Surgical has yet another big drawdown If you look back to Intuitive Surgical's initial public offering, it has suffered through eight drawdowns of 30% or more. So the current decline isn't really unusual for the growth-oriented stock.
Image source: Getty Images.
In fact, the medical device maker's recent performance has been pretty solid. In the fourth quarter of 2025, its installed base of surgical robots increased 12% year over year. In the first quarter of 2026, the installed base was larger 12% year over year, too. There hasn't been a dramatic shift in direction here.
That said, the real story isn't the number of new da Vinci surgical systems it sells. Robot sales only account for around 25% of the company's revenues. The rest comes from the sale of services, instruments, and accessories. These are annuity-like income streams that will continue to flow as long as the da Vinci robots that support them are in use. It is an attractive growth story, with each new da Vinci robot building an ever stronger income stream from selling what amounts to parts and services.
The big problem, and a smaller one The most notable issue for Intuitive Surgical's stock price is really investor perception. Even after the dramatic drawdown, the stock's price-to-earnings ratio remains lofty at 50x. What's shocking is that this figure is well below the five-year average of 69x. Over the past five years, the P/E has reached as high as 84x. Investors have a history of pricing in a lot of good news here.
With such a lofty P/E ratio, it doesn't take much of a shift in investor sentiment to cause a sizable stock pullback. So far, after each big pullback, however, the stock has eventually gone on to even higher highs. That doesn't mean that pattern will repeat this time around, but it does suggest growth investors who have been watching from the sidelines should take a second look at what might be a wish-list stock.
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The deeper issue here is that Intuitive Surgical is no longer the leader it once was. It helped create the surgical robotics market and remains one of the industry's most important players. But there are new, formidable competitors to consider, including Medtronic (MDT 5.11%), among others. That could make it harder for Intuitive Surgical to sell its robots in the future, even if the market is large enough to support more than one surgical robotic system. Still, hospitals that have bought a da Vinci system aren't going to suddenly stop using it just because other surgical robots are on the market.
Pay attention to new da Vinci placements, but remember the real flywheel When Intuitive Surgical reports second-quarter earnings, investors should pay close attention to the number of da Vinci systems it has in place. A dramatic slowdown in growth would be worrying and could further compress the stock's valuation. However, the story is much more robust than just the sale of robots, given that parts and services are the main drivers of revenues.
That's why you'll also want to look at the number of surgeries performed with a da Vinci system. The company entered 2026 expecting that figure to rise between 13% and 15%, down from 18% in 2025. However, the first quarter was above the target range at 17%, suggesting that Intuitive Surgical is still a fast-growing company even if investors are less excited about the future than they were not too long ago. And even if the full-year number drops to 13%, it will hardly suggest that Intuitive Surgical's business model is broken.
Zámořské akciové trhy během dnešního obchodování posílily, k čemuž přispěla nečekaně nízká čísla o červnové inflaci v USA, která zmírnila obavy z dalšího zvyšování úrokových sazeb ze strany Fedu. Širší index S&P 500 vzrostl o 0,38 % na 7543,86 bodu a technologický Nasdaq Composite si připsal 0,9 % na 26107,01 bodu, zatímco index Dow Jones zakončil se ziskem 0,02 % na hodnotě 52508,27 bodu. Pozitivní náladu na trhu podpořily také solidní hospodářské výsledky velkých bank na začátku nové výsledkové sezóny.
Z jednotlivých odvětví indexu S&P 500 zaznamenaly nejvýraznější růst informační technologie o 1,3 %, následované komunikačními službami, které přidaly 1,1 %, a finančním sektorem se ziskem 0,4 %. Naopak nejvíce oslabila zdravotní péče, která odepsala 1,9 %. V červených číslech skončila také nezbytná spotřeba se ztrátou 1,4 % a reality, které klesly o 0,4 %.
Mezi nejúspěšnější tituly dne se zařadila kyberbezpečnostní společnost Crowdstrike Holdings (CRWD) s nárůstem o 12 %. Výrazně posílila také investiční banka Goldman Sachs Group (GS) o 9,0 %, prodejce aut Carvana (CVNA) o 8,3 %, Palo Alto Networks (PANW) o 6,8 % a Monolithic Power Systems (MPWR) se ziskem 7,1 %. Na druhé straně po slabších kvartálních tržbách prudce propadla společnost IBM (IBM), která odepsala 25 %. Nedařilo se ani společnosti Biogen (BIIB) se ztrátou 8,2 %, HCA Healthcare (HCA) s poklesem o 7,0 %, Intuitive Surgical (ISRG) o 6,8 % a GE HealthCare Technologies (GEHC), která oslabila o 6,1 %.
Na komoditním trhu rostla severoamerická lehká ropa WTI o 1,9 % na 79,65 dolaru za barel a spotové zlato posílilo o 1,3 % na 4054,53 dolaru za unci. Americký dolar pod vlivem inflačních dat oslabil. Euro vůči němu vzrostlo o 0,4 % na 1,1424 dolaru a britská libra si připsala 0,3 % na 1,3383 dolaru, zatímco japonský jen posílil o 0,1 % na 162,19 jenu za dolar. Výnosy desetiletých američních vládních dluhopisů v reakci na nižší inflaci klesly o čtyři bazické body na 4,58 %. Bitcoin zaznamenal nárůst o 3,9 % na 64554,91 dolaru.
Index Dow Jones +0,02 % na 52508,27 b.
S&P 500 +0,38 % na 7543,86 b.
Nasdaq Composite +0,9 % na 26107,01 b.
Index S&P 500 +0,38 % na 7543,86 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Informační technologie +1,3 % Zdravotní péče -1,9 % Komunikační služby +1,1 % Nezbytná spotřeba -1,4 % Energie +0,4 % Reality -0,4 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Crowdstrike Holdings (CRWD) +12 % IBM (IBM) -25 % Goldman Sachs Group (GS) +9,0 % Biogen (BIIB) -8,2 % Carvana (CVNA) +8,3 % HCA Healthcare (HCA) -7,0 % Dell Technologies (DELL) +7,1 % Intuitive Surgical (ISRG) -6,8 % Palo Alto Networks (PANW) +6,8 % Stryker Corp (SYK) -6,1 %
Daniel Marván
Fio banka, a.s.
Prohlášení
Americké akciové trhy během probíhajícího obchodování převážně rostou, k čemuž přispívají mírnější data o americké inflaci, která oslabují obavy z brzkého zvyšování úrokových sazeb.
Zatímco technologický Nasdaq Composite posiluje o 1,01 % na 26134,09 bodu a širší S&P 500 si připisuje 0,4 % na úroveň 7545,34 bodu, index Dow Jones mírně ztrácí 0,14 % na 52422,92 bodu. Dobrou náladu na trhu podporují solidní výsledky velkých bank na začátku výsledkové sezóny a oživení u výrobců čipů, a to i přes prudký pád akcií International Business Machines Corp (IBM).
Mezi jednotlivými odvětvími indexu S&P 500 vykazují nejsilnější výkon informační technologie s růstem o 1,4 %, následované komunikačními službami, které si připisují 1 % a základními materiály s drobným ziskem 0,2 %. Naopak největší ztráty utrpěla zdravotní péče, která odepisuje 1,7 %. Oslabuje také nezbytná spotřeba o 1,1 % a reality, které klesají o 0,5 %.
V čele růstu stojí společnost Crowdstrike Holdings (CRWD), jejíž akcie posilují o 11 %. Výrazně se daří také Monolithic Power Systems (MPWR) a Goldman Sachs Group (GS), které shodně připisují 7,7 %. Dobře si vede také Dell Technologies (DELL) o 7,2 % a Palo Alto Networks (PANW) s růstem o 6,8 %. Na druhé straně zažívá propad o 25 % společnost IBM (IBM) kvůli slabším tržbám. Výrazně oslabují také HCA Healthcare (HCA) o 7,0 %, GE HealthCare Technologies (GEHC) o 6,7 %, Biogen (BIIB) o 6,6 % a Intuitive Surgical (ISRG) se ztrátou 5,8 %.
Nižší inflační tlaky tlačí dolů výnosy desetiletých amerických vládních dluhopisů, které klesají o čtyři bazické body na 4,58 %. Americký dolar v reakci na data oslabuje, takže euro vůči němu zpevňuje o 0,4 % na 1,1427 dolaru a britská libra posiluje o 0,2 % na 1,3381 dolaru, přičemž japonský jen roste rovněž o 0,2 % na 162,18 jenu za dolar. Na komoditním trhu se daří ropě i drahým kovům. Severoamerická lehká ropa WTI přidává 1,3 % na 79,12 dolaru za barel a spotové zlato roste o 1,4 % na 4058,60 dolaru za unci. V zelených číslech se pohybuje také Bitcoin, který posiluje o 3,9 % na 64556,63 dolaru.
Index Dow Jones -0,14 % na 52422,92 b.
S&P 500 +0,4 % na 7545,34 b.
Nasdaq Composite +1,01 % na 26134,09 b.
Index S&P 500 +0,4 % na 7545,34 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Informační technologie +1,4 % Zdravotní péče -1,7 % Komunikační služby +1 % Nezbytná spotřeba -1,1 % Základní materiály +0,2 % Reality -0,5 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Crowdstrike Holdings (CRWD) +11 % IBM (IBM) -25 % Monolithic Power Systems (MPWR) +7,7 % HCA Healthcare (HCA) -7,0 % Goldman Sachs Group (GS) +7,7 % GE HealthCare Technologies (GEHC) -6,7 % Dell Technologies (DELL) +7,2 % Biogen (BIIB) -6,6 % Palo Alto Networks (PANW) +6,8 % Intuitive Surgical (ISRG) -5,8 %
Daniel Marván, Fio banka, a.s.
