NEW YORK, Jan 23, 2026, 13:25 EST — Regular session
- Intuitive Surgical shares slipped 0.2% by midday following the company’s announcement of a more cautious procedure-growth forecast for 2026
- Q4 revenue climbed 19%, with adjusted profit beating Wall Street forecasts, driven by increased da Vinci placements
- Investors are factoring in tariff risks and rising competition as rivals launch new surgical robots
Intuitive Surgical shares slipped roughly 0.2% to $524.65 on Friday, retreating from an early gain. The surgical-robot maker reported a fourth-quarter beat but tempered expectations with a 2026 outlook signaling slower growth in its core da Vinci procedures.
Why this matters now: procedure growth—the count of operations performed with da Vinci and Ion systems—fuels recurring sales of instruments and accessories, making it the key metric investors focus on initially. Intuitive flagged a slowdown, forecasting global da Vinci procedure growth of around 13% to 15% in 2026, down from 18% in 2025. (SEC)
The company quantified the tariff risk, projecting a 2026 non-GAAP gross margin of 67% to 68%. This forecast factors in an estimated tariff impact of roughly 1.2% of revenue, give or take 10 basis points. (SEC)
Intuitive reported a 19% jump in fourth-quarter revenue to $2.87 billion. Non-GAAP net income came in at $914 million, translating to $2.53 per share. The results were disclosed Thursday in a securities filing. (SEC)
The beat was driven by volume and placements. Intuitive installed 532 da Vinci systems during the quarter, of which 303 were da Vinci 5 models. By the end of 2025, the company’s installed base reached 11,106 da Vinci systems, according to the earnings release. (SEC)
Procedure volume held firm late in the year. Intuitive reported that global procedures on da Vinci and Ion platforms rose roughly 18% year-over-year, with da Vinci up about 17% and Ion surging around 44%. (SEC)
During the earnings call, management highlighted efforts to grow in cardiac robotic surgery and ambulatory surgery centers. CEO Dave Rosa pointed out that FDA clearances this month for multiple cardiac procedures on the da Vinci 5 system have “pav[ed] the way” for broader adoption. He added, “We believe deeply that patients requiring cardiac surgery can benefit from a minimally invasive approach with da Vinci.” (MedTech Dive)
Truist Securities analyst Richard Newitter highlighted that angle, suggesting cardiac procedures might give Intuitive an edge as competitors ramp up efforts. He noted that Intuitive’s updated XiR systems “should help garner deeper robotic surgery adoption in ASCs,” where costs are lower but reimbursement tends to be more constrained. (MedTech Dive)
That said, the outlook flagged some red flags investors watch closely. Intuitive cautioned that further tariff changes might prove “material,” highlighting key variables shaping its 2026 forecast — including U.S. funding and reimbursement changes, capital limits in Europe and Japan, and competitive pressure in China. (SEC)
The downside scenario is straightforward: if procedure growth slips under the 13%-15% range, demand for instruments could weaken and system utilization might fall short, with tariff pressures hitting harder than the company currently anticipates. This would probably drag the multiple back into focus. (SEC)
Coming up, traders will keep an eye on early-2026 procedure guidance and any updates regarding tariffs and system placements as the quarter progresses. Intuitive’s next earnings report is scheduled for April 21, according to Investing.com’s calendar. (Investing)
