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Intuitive Surgical, Inc.
S&P 500 Nasdaq 100
$128.7B
Market Cap
72.0
P/E
3.88
PEG
20.6%
ROCE
16.7%
ROE
0.01
D/E
29.3%
OPM
-37.7%
% from 52W High
28
α RS
🔍 ISRG is showing a high-conviction setup because it matches 18 of 39 tracked screener presets, an ECS of 57.6 last quarter, and it's hugging the 21 EMA. Net: Broad signal stack, not a recommendation. ? Conviction ECS Technicals
Sources
Conviction 18/39 · ECS 57.6 · hugging 21 EMA
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🌏 Global Investor Returns
Currency-adjusted total returns for ISRG including FX impact
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📈 Price History
Ratio Health
Excellent
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By Category
📊 Sector Averages
About

Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. It offers the da Vinci Surgical System that enables surgical procedures using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic endoluminal procedures enabling minimally invasive biopsies in the lung. The company also provides a suite of stapling, energy, and core instrumentation for its multi-port da Vinci surgical systems; progressive learning pathways to support the use of its technology; infrastructure of customer service and support specialists, a complement of services to its customers, including installation, repair, maintenance, 24/7 technical support, and proactive system health monitoring; and integrated digital capabilities providing connected offerings, streamlining performance for hospitals with program-enhancing insights. It sells its products through direct sales organizations, such as capital and clinical sales teams. Intuitive Surgical, Inc. was incorporated in 1995 and is headquartered in Sunnyvale, California.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding ISRG
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 635.3K $292.9M 0.38% Mar 2026
Jim Simons Renaissance Technologies LLC 139.4K $64.3M 0.10% Mar 2026
Cathie Wood ARK Investment Management 69.0K $31.8M 0.25% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$2.89B
+19% YoY
Operating Income (Non-GAAP)
$1.22B
+28% YoY
Operating Margin (Non-GAAP)
42.0%
+3.1pp YoY
Net Income (Non-GAAP)
$1.00B
+25% YoY
What Went Right
  • Worldwide procedures grew 16%, with da Vinci up 15% and Ion up 36%.
  • Revenue rose 19% to $2.89B and non-GAAP EPS increased 28% to $2.80.
  • Capital placements were strong: 468 da Vinci systems, up 18% YoY, and 55 Ion systems.
What to Watch
  • U.S. da Vinci procedure growth slowed to 12%, partly attributed to ACA premium subsidy expiration and deferrable procedures.
  • China remains challenging with lower tender activity, domestic competition and pricing pressure; da Vinci 5 is not cleared in mainland China.
  • Extended Use Program in 1H27 will lower instrument cost per use, pressuring future INA revenue per procedure; pricing is still being finalized.
Management Guidance
  • FY2026 da Vinci procedure growth maintained at 13.5%–15.5%, expected closer to midpoint.
  • FY2026 non-GAAP gross margin raised to 68%–69% of revenue from 67.5%–68.5%.
  • FY2026 non-GAAP operating expense growth guided to 11%–13%; non-GAAP tax rate 22%–23%.
Investor Lens
The thesis remains intact despite a modest U.S. procedure growth slowdown. Momentum in da Vinci 5, SP and Ion, plus a strong capital quarter, drove revenue 19% higher and kept guidance largely unchanged. Management raised gross margin guidance while flagging 2027 Extended Use pricing as a deliberate growth-for-some-profitability trade-off. China and GLP-1-related bariatric weakness remain the main overhangs, but overall execution is solid.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Solid Q2: revenue +19%, procedures +16%, EPS $2.80.
Revenue
Revenue rose 19% YoY to $2.89B (18% constant currency). Recurring revenue was $2.47B, up 19% and representing 85% of total revenue. Instruments and accessories revenue grew 18% to $1.73B.
Profitability
Non-GAAP net income was $1.00B versus $798M last year, with non-GAAP EPS up 28% to $2.80. GAAP net income was $818M, or $2.29 per share. Results included a $36M pre-tax IEEPA tariff refund benefit.
Margins
Non-GAAP operating margin was 42%, up from roughly 38.9% in the prior year. Non-GAAP gross margin was 70% (68.7% excluding the tariff refund), versus 67.9% last year. Non-GAAP operating expenses grew 13% YoY, with R&D growing faster than SG&A.
Balance Sheet
Cash and investments ended the quarter at $8.6B, up from $8.0B last quarter. Free cash flow for the first half of 2026 was $1.8B, up 71% YoY. Q2 capex was $112M and share repurchases totaled $379M at an average price of $439 per share.
Key Risks
U.S. da Vinci procedure growth slowed to 12% due to ACA subsidy expiration and deferrable procedures; U.S. bariatric cases declined high single digits amid GLP-1 usage. China remains weak due to lower tender activity, domestic competition and pricing pressure. The Extended Use Program, expected in 1H27, could lower INA revenue per procedure.
Outlook
Management maintained FY2026 da Vinci procedure growth of 13.5%–15.5%, expecting to land closer to midpoint. It raised FY2026 non-GAAP gross margin guidance to 68%–69% and guided non-GAAP opex growth to 11%–13%.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-16
Q2 delivered strong revenue and procedure growth, driven by robust adoption of da Vinci 5, SP, and Ion platforms. Guidance for 2026 remains positive, with continued innovation, stable capital demand, and expanding access in cost-sensitive markets.
Q1 2026 Q1 2026 2026-04-21
Q1 2026 delivered strong 17% procedure growth and 23% revenue growth, led by robust adoption of da Vinci 5, Ion, and SP platforms, with notable expansion in the U.S. and Europe. Guidance for full-year procedure growth and gross margin was raised, while ongoing challenges persist in China and Japan.
Q4 2025 Q4 2025 2026-01-22
2025 saw 21% revenue growth, strong global procedure expansion, and robust adoption of da Vinci 5 and Ion platforms. 2026 guidance anticipates 13%-15% procedure growth, stable margins, and continued investment in R&D amid macro and competitive pressures.
Q3 2025 Q3 2025 2025-10-21
Q3 2025 delivered 20% global procedure growth, 23% revenue growth, and strong Da Vinci 5 adoption, with upgrades and international placements driving results. Guidance for 2025 was raised, and new digital and clinical advances were highlighted.
Q2 2025 Q2 2025 2025-07-22
Q2 saw 21% revenue growth, strong procedure and system placement gains, and robust adoption of new platforms despite international macro challenges. 2025 guidance was raised for procedure growth and gross margin, with continued investment in innovation and manufacturing capacity.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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