Intuitive Surgical, Inc

Intuitive Surgical designs and sells robotic-assisted surgical systems and related instruments, accessories, software, and services used to perform minimally invasive procedures. Its core platform, da Vinci, is used across soft-tissue surgery, while Ion extends the company into endoluminal diagnostics and broader procedural workflows.

35,2 %

66,0 %

28,4 %

+20,5 %

4.87

3.96

— Intuitive Surgical, Inc
%
Robotic surgical systems25% Capital equipment platforms for minimally invasive soft-tissue surgery, including da Vinci 5, Xi, X, and SP.
Instruments and accessories45% Recurring consumables and procedure-specific tools used with installed da Vinci systems.
Service and support20% Maintenance, customer support, learning, and related services for installed systems and users.
Digital software and analytics5% My Intuitive and My Intuitive+ tools that provide performance insights, training, and workflow support.
Diagnostic endoluminal systems5% Ion system and related rollout activities for lung and other diagnostic applications.

Customers are hospitals, health systems, ambulatory surgery centers, and physicians that adopt robotic-assisted surgery...

  • Hospital surgical programsprimary

    Buy da Vinci systems, instruments, and service to build or expand robotic surgery programs and attract procedures.

  • Surgeons and clinical teamsprimary

    Use the systems and digital tools to improve precision, training, collaboration, and case review.

  • Ambulatory and outpatient providerssecondary

    Adopt smaller or more flexible robotic platforms for selected procedures and throughput-sensitive settings.

  • Government and public healthcare buyerssecondary

    Purchase through direct sales or distributors in certain countries where procurement is centralized.

  • Diagnostic procedure centersemerging

    Use Ion for endoluminal diagnostic applications as the company expands beyond surgery.

The U.S. remains the largest market, accounting for 68% of revenue in Q1 2025, while the company is expanding its OUS...

  • •U.S. generated 68% of revenue in Q1 2025
  • •OUS revenue was 32% of revenue in Q1 2025
  • •Direct sales in Europe, Japan, South Korea, India, Taiwan, and Canada
  • •China sales run through Fosun joint ventures plus some distributors
  • •OUS growth is strategically important as procedures expand outside the U.S.

Intuitive is focused on expanding minimally invasive care by improving clinical outcomes, lowering total episode cost,...

01
Scale da Vinci 5 and advanced instrumentsshort-term

Higher-feature systems and procedure-specific tools support complex cases and reinforce platform differentiation.

02
Expand outside the United Statesmedium-term

OUS procedures are growing faster proportionally and can reduce dependence on the U.S. market.

03
Deepen digital and data-enabled workflowmedium-term

Analytics, telepresence, and training tools increase customer stickiness and improve utilization.

04
Broaden Ion adoption in diagnosticsmedium-term

Ion extends the company into a new clinical workflow and adds a growth avenue beyond surgery.

05
Increase manufacturing and supply-chain controllong-term

Vertical integration and automation support quality, availability, and cost as volumes rise.

The business depends on continued adoption of robotic-assisted procedures, strong clinical evidence, and favorable...

high

Competitive pressure in robotic surgery

Rivals in surgical robotics and alternative procedures can win customers or force lower pricing.

Scope
da Vinci systems and instruments
Materiality
high
high

Regulatory and quality compliance

Medical devices face extensive FDA and foreign requirements, and failures can lead to enforcement or recalls.

Scope
global commercial operations
Materiality
high
high

China market and policy risk

Pricing pressure and provincial or national healthcare limits could reduce revenue and margins.

Scope
China joint venture and distributor channels
Materiality
high
high

Adoption and reimbursement risk

If patients, physicians, or hospitals do not see clear value, procedure growth can slow.

Scope
soft-tissue robotic surgery
Materiality
high
medium

Cybersecurity and AI-related product risk

Connected devices and analytics tools can create data, performance, and liability exposure.

Scope
digital portfolio and connected systems
Materiality
medium
Revenue recognition for bundled system arrangements
Affects timing and mix of revenue between upfront and recurring recognition
Operating lease and sales-type lease accounting
Can shift revenue and margin timing across periods
Seasonality and quarter-to-quarter comparability
Can distort short-term growth and margin trends
Inventory valuation
Affects gross profit and cost of sales
Goodwill and intangible asset impairment
Can create non-cash charges to operating results
Income tax estimates and uncertain tax positions
Can move the tax provision and net income

INTUITIVE SURGICAL INC

ISRG · Orthopedic, Prosthetic & Surgical Appliances & Supplies

SHOULDER INNOVATIONS, INC.

SI · Surgical & Medical Instruments & Apparatus

Vicarious Surgical Inc.

RBOT · Orthopedic, Prosthetic & Surgical Appliances & Supplies

Intuitive Machines, Inc.

LUNR · Search, Detection, Navigation, Guidance, Aeronautical Sys

Sensus Healthcare, Inc.

SRTS · Surgical & Medical Instruments & Apparatus

SKINVISIBLE, INC.

SKVI · Pharmaceutical Preparations

: 11/08/2026