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Intuitive Surgical supplies hospitals with da Vinci systems that physicians use for soft-tissue surgery and Ion systems that guide a catheter for minimally invasive lung biopsies. It also trains care teams and helps hospitals establish and maintain programs using these systems. The United States accounts for most of its revenue.
Hospitals buy or lease the systems, then regularly purchase replacement instruments and accessories as procedures consume or wear out supplies. These repeat purchases generate most of the company’s revenue. Hospitals also pay for maintenance, repairs and technical support. Some leases charge for the system and service as procedures occur, tying those payments directly to use rather than a fixed schedule.
The business depends on hospitals having the funding to acquire systems and trained teams to use them, and on physicians choosing robotic-assisted procedures. Hospitals’ willingness to adopt and use the systems also depends on reimbursement for those procedures. Product availability and permitted uses vary by country and require local regulatory authorization; approval of a system does not necessarily mean that a hospital will be reimbursed for using it.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Intuitive Surgical’s results hinge on hospitals investing in and using surgical robots, with privately held CMR Surgical in surgery and Noah Medical in robotic lung diagnostics also worth watching for competitive pressure.
Medtronic competes for the same hospital spending as Intuitive Surgical, selling surgical stapling and energy instruments as well as robotic-assisted surgery systems. Watch its competing product introductions for pressure on da Vinci system and instrument sales.
Johnson & Johnson challenges Intuitive Surgical’s sales of stapling and energy instruments to hospitals and is developing competing surgical robots. Progress on those robots matters for hospitals’ future choices when buying da Vinci systems.
UFP Technologies Inc depends on Intuitive Surgical’s orders: it makes robotic-surgery drapes and other medical disposables for customers including Intuitive, which accounted for 24.3% of its 2025 sales. Sales to Intuitive are the line to watch for changes in that supplier relationship.
Stryker and Intuitive Surgical both depend on hospitals investing in technology-enabled surgery: Stryker sells Mako orthopedic robots and surgical equipment, while Intuitive sells soft-tissue surgical robots.
SS Innovations International Inc. competes with Intuitive Surgical for hospital purchases of surgical robots and recurring instruments, particularly in India’s growing robotic-surgery market. Watch SSi Mantra installations in India, where 154 of its 168 installed systems were located as of December 31, 2025.
STERIS benefits from the surgical activity that also drives Intuitive Surgical’s instrument sales, selling hospitals sterilization equipment, procedural consumables and services that prepare used instruments for reuse. Demand for its consumables and reprocessing services offers another view of procedure activity, though it is not specific to robotic surgery.
Intuitive Surgical Inc. earningsThis company
Intuitive Surgical’s report will show whether da Vinci and Ion procedures keep driving instrument and service revenue while the company protects margins.
Read da Vinci and Ion procedure growth alongside instruments and accessories revenue and product and service gross margins. More procedures translating into higher instrument revenue with steady margins would show that use of the installed base is converting into revenue without costs taking too much of the gain. If procedures rise but margins weaken, tariffs, da Vinci 5 costs or repair mix may be eroding that path. The test is whether procedure growth produces recurring revenue at sound economics.
