ISRG · Intuitive Surgical, Inc.

Intuitive Surgical delivered robust first quarter 2026 results with revenue growth of 23% to $2.77 billion, driven by strong procedure volume expansion and increased system placements. Worldwide procedures grew approximately 17% year-over-year, with da Vinci procedures up 16% and Ion procedures surging 39%. The company placed 431 da Vinci surgical systems during the quarter, including 232 next-generation da Vinci 5 systems, representing significant adoption of the newer platform. The installed base expanded to 11,395 da Vinci systems (up 12%) and 1,041 Ion systems (up 22%), providing a foundation for recurring instrument and accessory revenue. Revenue growth was broad-based, with instruments and accessories revenue increasing 23% to $1.69 billion and systems revenue rising to $651 million. Profitability improved substantially, with GAAP income from operations increasing to $855 million from $578 million in the prior year quarter, and GAAP net income reaching $822 million ($2.28 per diluted share). Non-GAAP metrics showed even stronger performance at $1.08 billion operating income and $901 million net income ($2.50 per diluted share). The company returned $1.1 billion to shareholders through share repurchases and ended the quarter with $7.98 billion in cash, cash equivalents, and investments. Management provided full-year 2026 guidance including worldwide da Vinci procedure growth of 13.5% to 15.5%, non-GAAP gross profit margin of 67.5% to 68.5% (including an estimated 1.0% tariff impact), and non-GAAP operating expense growth of 11% to 14%. CEO Dave Rosa highlighted expanded adoption of the company's da Vinci, Ion, and digital platforms and commitment to supporting customers in achieving the quintuple aim of better patient outcomes, improved experiences, lower costs, and expanded access to minimally invasive care.