Intuitive Surgical (ISRG) Beats Quarterly Estimates on Strong Demand for Its da Vinci Systems
- Jonathan Poyer
- 5 days ago
- 2 min read
Intuitive Surgical reported second-quarter revenue of $2.89 billion, an increase of 19% from $2.44 billion one year earlier.
Second-Quarter Financial Highlights
Metric | Q2 2026 | Year-over-year change |
Revenue | $2.89B | +19% |
GAAP net income | $818M | +24% |
GAAP diluted EPS | $2.29 | +27% |
Non-GAAP net income | $1.00B | +26% |
Non-GAAP diluted EPS | $2.80 | +28% |
da Vinci systems placed | 468 | +18% |
da Vinci 5 systems placed | 246 | +37% |
Main Revenue Drivers
Instruments and accessories revenue increased 18% to $1.73 billion. The principal drivers were:
Approximately 15% growth in da Vinci procedure volume
Approximately 36% growth in Ion procedure volume
Continued expansion of the installed system base
Systems revenue increased to $685 million from $575 million. Growth reflected:
More da Vinci system placements
Higher average selling prices
A larger system-leasing installed base
Greater adoption of the da Vinci 5 platform
Intuitive placed 468 da Vinci systems during the quarter, including 246 da Vinci 5 systems. The total da Vinci installed base increased 12% to 11,710 systems, while the Ion installed base increased 21% to 1,096 systems.
Earnings & Investor Call Context
Management maintained its 2026 worldwide da Vinci procedure-growth forecast of 13.5% to 15.5% and said it expects performance near the midpoint.
That decision appeared to temper enthusiasm around an otherwise strong quarter. Investors had been watching for a potential guidance increase after the company delivered approximately 15% second-quarter da Vinci procedure growth.
The company did raise its expected non-GAAP gross-margin range to 68%–69% of revenue from the previous 67.5%–68.5% range.
Management attributed the quarter’s growth to:
Expanding robotic-procedure volumes
Higher leasing revenue
Growth in the da Vinci and Ion installed bases
Continued da Vinci 5 adoption
Broader global access to minimally invasive surgery
The principal issue for investors is not current demand, which remains strong. It is whether procedure growth will decelerate during the second half of 2026.
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