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Edge2 May 2025
Intuitive Surgical: Enhancing Surgery with Robotic Precision
Intuitive Surgical has revolutionized surgery with robotics, building its dominant position through decades of innovation, validation, and expansion.
Intuitive Surgical (ISRG) investor relations material
Intuitive Surgical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Q3 2025 saw robust global procedure growth, with da Vinci procedures up 19% and Ion procedures up 52%, driving total worldwide procedure growth of 20% year-over-year.
Revenue increased 23% to $2.51 billion, with strong demand for da Vinci 5 upgrades and international placements.
The installed base of da Vinci systems grew 13% to 10,763 as of September 30, 2025, with 427 systems placed in Q3.
Operating income rose 32% to $760 million, GAAP net income was $704 million ($1.95/share), and non-GAAP net income was $867 million ($2.40/share).
$1.92 billion was spent on repurchasing 4 million shares in Q3 2025.
Financial highlights
Q3 2025 revenue grew 23% year-over-year to $2.51 billion; recurring revenue accounted for 85% of total revenue.
Instruments and accessories revenue grew 20% to $1.52 billion; systems revenue was $590 million.
Gross margin was 68% (pro forma), with GAAP gross margin at 66.4%, down from 69.1% last year due to tariffs and higher costs.
Free cash flow was $736 million for Q3; $2.14 billion for the first nine months of 2025.
Ended Q3 2025 with $8.43 billion in cash, cash equivalents, and investments.
Outlook and guidance
2025 da Vinci procedure growth guidance raised to 17–17.5%.
Pro forma/non-GAAP gross margin guidance for 2025 is 67–67.5% of revenue, with tariffs expected to impact by 70 basis points.
Operating expense growth expected at 11–13%; capital expenditures forecasted at $625–675 million.
Management notes potential headwinds from tariffs, supply chain risks, hospital staffing shortages, and macroeconomic/geopolitical factors.
Pro forma income tax rate for 2025 estimated at 21–22%.
Quantify tariff risk beyond 0.7% margin impact?
Impact of da Vinci 5 on system placement strategy?
Future capital allocation priorities after buyback?
Refurbished Xi's market expansion strategy
Force Feedback: patient outcome study progress?
OUS utilization drivers and gap to US utilization?
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Next Intuitive Surgical earnings date
Q4 202521 Jan, 2026
Next Intuitive Surgical earnings date
Q4 202521 Jan, 2026
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Frequently asked questions
Intuitive Surgical Inc. designs, manufactures, and markets robotic-assisted surgical systems, instruments, and accessories. The company’s flagship product, the da Vinci Surgical System, enables minimally invasive procedures across urology, gynecology, general surgery, and other specialties. Intuitive Surgical also provides training, services, and software solutions to support surgical teams and hospital systems worldwide. The company is headquartered in Sunnyvale, California, and its shares are listed on the NASDAQ.
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