Intuitive Surgical, Inc. (ISRG)

Intuitive reported third-quarter 2026 revenue of $3.05 billion on 20 October, up 22 percent from $2.51 billion a year earlier 1.

It placed 546 da Vinci surgical systems, compared with 427 in the third quarter of 2025, and grew its installed base to 12,094 systems 1.

Worldwide procedures, da Vinci and Ion combined, grew approximately 15 percent from the third quarter of 2025 1.

Net income attributable to the company was $523 million, or $1.49 per diluted share, after a $450 million charge to settle an antitrust class action 12.

The settlement remains subject to preliminary and final approval by the court, which is the open step 2.

For 2026, the company expects worldwide da Vinci procedure growth of approximately 14 to 15 percent 1.

On 29 October 2026 the board raised its size from ten to eleven members and appointed Aaron Martin, effective 1 January 2027, the company said in a filing on 2 November 4.

The company says it has pursued its mission since its founding over 30 years ago 3.

Its core product is the da Vinci surgical system, which the company describes as designed to enable surgeons to perform a wide range of surgical procedures 2.

In 2019 the FDA cleared the Ion endoluminal system, a flexible, robotic-assisted, catheter-based platform that gave the company a second line beside da Vinci 23.

Total revenue increased by 21 percent to $10.1 billion for the year ended 31 December 2025 3.

The company says that growth was primarily driven by 19 percent higher instruments and accessories revenue, the parts used in each operation 3.

That line reached $6.02 billion, which the company attributes primarily to approximately 18 percent higher da Vinci procedure volume 3.

Systems revenue, the sale or lease of the robots themselves, rose 26 percent to $2.47 billion, driven primarily by more da Vinci placements 3.

Service revenue, the upkeep of robots already in hospitals, rose 20 percent to $1.57 billion because a larger installed base produced more service revenue 3.

Customers performed approximately 3,153,000 da Vinci procedures in 2025, growth of approximately 18 percent against approximately 17 percent in 2024 3.

By the end of 2025 the da Vinci installed base was approximately 11,106 systems and the Ion base approximately 995 3.

In July 2025 the company received regulatory clearance in Japan for its latest da Vinci 5 surgical system 3.

da Vinci

In the third quarter of 2026, 315 of the 546 systems placed were da Vinci 5 systems, against 240 in the third quarter of 2025 1.

Customers used the systems, on average, for over 10,000 procedures per day, the chief executive said in the release 1.

Of those placements, 291 were under operating lease arrangements, where a hospital pays over time instead of buying the robot 1.

The company also sells a single-port system, which it says is designed for single-incision or natural orifice surgery 3.

The da Vinci installed base of 12,094 systems on 30 September 2026 was an increase of 12 percent compared with 10,763 a year earlier 1.

The company grew its Ion installed base by 21 percent compared with 954 on 30 September 2025 1.

Instruments, systems and service

Third-quarter instruments and accessories revenue increased by 18 percent to $1.80 billion, compared with $1.52 billion a year earlier 1.

Systems revenue was $769 million, compared with $590 million in the third quarter of 2025 1.

In plain terms, instruments follow how often surgeons operate, systems follow how many robots hospitals add, and service follows how many robots are already in use 3.

Ion

The Ion endoluminal system is a flexible, robotic-assisted, catheter-based platform, and the company grew its Ion installed base to 1,152 systems as of 30 September 2026 12.

Plants and people

The company manufactures its systems at facilities in Sunnyvale, California, and Peachtree Corners, Georgia 3.

Instruments and accessories are produced in Sunnyvale and in Mexicali, Mexico 3.

As of 31 December 2025 it had approximately 17,021 full-time employees 3.

On 29 October 2026 the board added a seat and named Aaron Martin, President of Insurance at Humana, as a director from 1 January 2027 45.

The board has determined that Martin is an independent director, and he will not be appointed to any committees as of the effective date 4.

Rivals and problems

The company's release names domestic competitors in certain geographic markets such as China as a competitive risk 1.

The company expects tariffs to cost an estimated 0.9 percent of revenue in 2026, excluding recognized tariff refunds 1.

The antitrust class action is now settled in principle for a one-time payment and mutually agreed injunctive relief, subject to court approval 2.

The trade outlet reported that the hospital class action alleged the company monopolized the market for servicing its da Vinci surgical robots, and that a California federal judge must approve the settlement 6.

The umbrella, in words

The company completed the acquisition of the da Vinci and Ion distribution businesses in Italy, Spain, and Portugal, moving those markets from a distributor to a direct sales model 1.

For 2026, the company expects worldwide da Vinci procedure growth of approximately 14 to 15 percent 1.

It expects non-GAAP gross profit margin, revenue minus production costs, within a range of 68.7 to 69.3 percent of revenue in 2026 1.

It expects non-GAAP operating expense growth of 11 to 13 percent in 2026 1.

That range includes an estimated tariff impact of 0.9 percent of revenue, excluding recognized tariff refunds 1.

The 2026 procedure growth range compares with approximately 18 percent growth in 2025 13.

The next step on the antitrust matter is the court, which must give preliminary and final approval of the settlement 2.

The antitrust settlement remains subject to preliminary and final approval by the court, and the company says approval is not assured 2.

The company says it continues to monitor the availability and pricing of certain critical components and materials 2.