Intuitive Surgical 8-K
PositiveEarningsNew guidance
Rising da Vinci and Ion procedures and more da Vinci 5 placements fueled revenue growth.
Filed 2026-04-21 16:09 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with FY2026 guidance. Revenue rose 23% Y/Y, driven by procedure growth, higher da Vinci system placements and a larger installed base. Intuitive also repurchased $1.1B of stock.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $2.77B | $2.25B | 23% |
| Income from operations (GAAP) | $855M | $578M | 48% |
| Income from operations (non-GAAP) | $1.08B | $768M | 40% |
| Net income attributable to Intuitive Surgical, Inc. (GAAP) | $822M | $698M | 18% |
| Net income attributable to Intuitive Surgical, Inc. (non-GAAP) | $901M | $662M | 36% |
| Diluted EPS (GAAP) | $2.28 | $1.92 | 19% |
| Diluted EPS (non-GAAP) | $2.50 | $1.81 | 38% |
- Revenue growth reflected approximately 17% growth in combined da Vinci and Ion procedures; da Vinci placements increased to 431 from 367, including 232 da Vinci 5 systems vs 147.
- Instruments and accessories revenue was $1.69B, up 23% Y/Y; systems revenue was $651M vs $523M.
- Cash, cash equivalents and investments ended the quarter at $7.98B, down $1.05B, primarily from share repurchases and a business acquisition, partly offset by operating cash generation. The company repurchased 2.3M shares for $1.1B; weighted-average diluted shares were 359.8M vs 364.6M, down 1.3% Y/Y. The da Vinci installed base grew 12% to 11,395 systems and the Ion installed base grew 22% to 1,041.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| da Vinci procedure growth | FY2026 | ≈13.5%-15.5% | — | — |
| Gross profit margin (non-GAAP) | FY2026 | 67.5%-68.5% of revenue | — | — |
| Operating expense growth (non-GAAP) | FY2026 | 11%-14% | — | — |
The gross margin range includes an estimated tariff impact of 1.0% of revenue and assumes tariffs in effect at the time of the release remain in place through year-end; additional tariffs beyond expectations could materially affect results.
Investor Takeaways
- Watch procedure growth against the FY2026 range; Q1 combined da Vinci and Ion procedures grew approximately 17% Y/Y.
- Tariff changes are a key risk to the FY2026 non-GAAP gross margin outlook.
The summary is written by an AI model reading the filing.
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