SUNNYVALE, Calif., Jan 22, 2026, 13:58 PST
- Revenue for the fourth quarter climbed 19% to $2.87 billion, with adjusted earnings hitting $2.53 per share
- The company projects da Vinci procedure growth of roughly 13% to 15% in 2026 but warned of tariff pressure weighing on margins
- Shares climbed roughly 3% in after-hours trading
Intuitive Surgical topped Wall Street forecasts for Q4 profit and revenue on Thursday, buoyed by steady demand for its da Vinci surgical robots. The news pushed shares 3.3% higher in after-hours trading. 1
Investors are shifting their attention from quarterly sales to procedure growth — the count of surgeries performed using the robots — since that fuels repeat sales of instruments, accessories, and service. Hospitals are still clearing backlogs of postponed care, raising the question of how sustainable that demand will be amid tightening budgets and growing competition. 1
In a recent SEC filing, the Sunnyvale, California-based company projected global da Vinci-assisted procedures will increase roughly 13% to 15% in 2026, a slowdown from the roughly 18% growth expected in 2025. It also outlined a non-GAAP gross profit margin forecast between 67% and 68%, factoring in an estimated tariff impact of about 1.2% of revenue, with a margin of error around 10 basis points, or 0.10 percentage point. 2
Revenue climbed 19% to $2.87 billion. Non-GAAP net income came in at $914 million, or $2.53 per diluted share, according to the filing. The non-GAAP figure excludes items like share-based compensation and certain other charges to highlight the core business results. 2
Analysts expected roughly $2.27 per share on $2.76 billion in revenue, per a Seeking Alpha earnings preview. 3
Intuitive reported an 18% jump in global procedures using its da Vinci platform and Ion system during the quarter, with Ion procedures surging 44%. The firm installed 532 da Vinci systems in that span, including 303 units of the latest da Vinci 5 model, wrapping up 2025 with a total installed base of 11,106 systems. 2
Intuitive placed roughly 250 da Vinci systems on operating leases during the quarter, with 150 of those structured as usage-based leases—meaning customers pay according to how much they utilize the robot, the filing revealed. The company closed the quarter holding $9.03 billion in cash, cash equivalents, and investments. 2
Bernstein’s Lee Hambright described Intuitive’s 2026 procedure forecast as “conservative,” noting the company is “uniquely positioned” with several product cycles launching, according to TipRanks. On the other hand, UBS analyst Danielle Antalffy flagged the guidance as potentially “concerning to some,” citing the recent uptick in procedure volumes. 4
In December, Medtronic announced that U.S. regulators had cleared its Hugo robotic-assisted surgery system for select urologic procedures. This month, Johnson & Johnson submitted its Ottava robot to the FDA through a De Novo application — a route typically reserved for novel devices — targeting multiple general surgery operations in the upper abdomen. 5
At this month’s J.P. Morgan Healthcare Conference, Intuitive CEO Dave Rosa highlighted strong U.S. momentum in general surgery and acute care. He noted a sharp rise in after-hours procedures like appendectomies and gallbladder removals. “I like our chances,” Rosa said, emphasizing the training and support “ecosystem” surrounding da Vinci as a key factor when customers consider competitors. 6
The company noted its margin forecast is based on current tariffs remaining unchanged; any new duties or adjustments “could be material.” It also warned that hospitals might scale back or postpone capital expenditures, while supply chain issues and wider macroeconomic shocks could weigh on demand. 2
A Motley Fool analysis released Wednesday suggested that da Vinci 5 upgrades and new indications might sustain the franchise’s growth through 2031, despite rising competition. It also pointed to Intuitive’s sizable installed base as a key advantage, since recurring sales track closely with procedure volume. 7
