Intuitive Surgical raising 2026 da Vinci procedure outlook

 

Intuitive Surgical Q1 2026 non-GAAP EPS $2.50 (+38% YoY) on $2.77B revenue, margin expansion, beating estimates and raising 2026 da Vinci procedure outlook

• Revenue grew 23% to $2.77B on 17% procedure growth; recurring revenue comprised 86% of total.
• Non-GAAP operating margin reached 39% and gross margin 67.8%, both improving on operating leverage.
• Q1 2026 net income was $822M, up 23% year over year.
• Placed 431 da Vinci systems (+17%), including 232 da Vinci 5; Ion and SP platforms remained strong.
• Raised 2026 da Vinci procedure growth outlook to 13.5–15.5% from 13–15% previously.
• Company expects 2026 non-GAAP gross margin of 67.5%-68.5%, raising full-year guidance by 50bps despite modest oil and memory headwinds.
• U.S. general surgery, cholecystectomy, appendectomy and benign gynecology robust, while bariatric procedures declined ~10% due to GLP-1s.
• China and Japan underperformed with low tenders, pricing pressure and capital constraints driving below-average procedure growth.
• Innovation-led revenue growth outpaced procedures via da Vinci 5 pricing, SP stapler adoption and expanding digital capabilities.

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