New York, Jan 25, 2026, 15:28 EST — Market closed.
- ISRG ended Friday’s session at $523.99, slipping roughly 0.4%.
- Intuitive expects da Vinci procedure volumes to rise 13%–15% by 2026 but warned that tariffs could pressure its margin forecast.
- Investors are factoring in new cardiac clearances for da Vinci 5 alongside a recent milestone of 20 million patients.
Intuitive Surgical (ISRG) shares closed Friday at $523.99, slipping roughly 0.4% following the company’s cautious growth forecast for 2026. U.S. markets will resume trading on Monday.
The main question now: Is Intuitive’s forecast for procedure growth cautious, or a sign that hospital demand is genuinely slowing? “Procedure growth” measures how many surgeries use its systems, a key figure since it fuels recurring sales of instruments, accessories, and service. Leerink Partners’ Mike Kratky said the guidance “leaves room for upside,” boosting his price target to $622 from $600, while maintaining an outperform rating. 1
Intuitive reported a 19% jump in fourth-quarter revenue to $2.87 billion, with adjusted earnings hitting $2.53 per share, a non-GAAP figure that excludes certain expenses. Procedures worldwide using its da Vinci and Ion systems increased roughly 18%, while the da Vinci installed base expanded 12% to 11,106 units and Ion climbed to 995 systems. The company ended the quarter with $9.03 billion in cash and investments. Looking ahead to 2026, Intuitive forecast da Vinci procedure growth between 13% and 15%, alongside an adjusted gross margin forecast of 67% to 68%, factoring in a tariff impact of about 1.2% of revenue. 2
Intuitive reported that over 20 million patients worldwide have undergone surgery using da Vinci systems. In 2025 alone, more than 3.1 million procedures were performed with the technology. CEO Dave Rosa attributed this milestone to “the dedication of surgeons and care teams around the globe.” 3
Rosa informed investors that the company secured FDA clearance for several cardiac procedures on its da Vinci 5 robot, with plans for a “measured rollout” to aid training and adoption, according to MedTech Dive. These clearances apply to instruments lacking “force feedback”—the tech that allows surgeons to feel tissue resistance through the robot. Intuitive is also developing cardiac-specific tools, the report noted. This move into cardiac and ambulatory surgery centers comes as Medtronic and Johnson & Johnson push their own surgical robots, adding complexity for investors ahead of the week. 4
Another factor to watch is the pricing pressure hitting the high-margin “razor-and-blades” segment—the instruments and accessories hospitals purchase for every procedure—as third parties push remanufactured alternatives. “The impact from remanufactured instruments is too early to tell,” Mizuho analyst Anthony Petrone noted, according to 6 .
What could derail things: if procedure growth slips toward the low end of Intuitive’s forecast — or if hospital capital spending tightens more — investors might begin doubting the speed of system placements and the stability of instrument sales. Tariffs add another layer of risk; any bigger impact than management’s baked-in margin assumptions would probably hit profit forecasts fast.
Traders will be eyeing early-session volume this week to gauge whether the market continues to de-risk the stock after the guidance reset, as well as any new analyst reactions following the latest results. Intuitive is set to report next on April 21, per Investing.com’s earnings calendar, bringing procedure trends and margin outlook back into the spotlight as the next key catalyst. 5
