ISRG · 10-Q · 2026Q2

INTUITIVE SURGICAL INC

Filed 2026-07-21 · Healthcare · View original filing on EDGAR

Ranked Events

• Trade Policy and TariffsImportance 72 · Surprise 100
  Beginning in 2025, the U.S. implemented baseline tariffs and higher country- and product-specific rates affecting trading partners including Mexico, Germany, and China. After the U.S. Supreme Court invalidated…
• Strategic InitiativesImportance 68 · Surprise 58
  Intuitive’s principal product-development initiatives include its multi-port, Ion, and SP platforms, digital products and services, and other research projects. Research and development expense increased 18% to $370.6…
• Operating Income and MarginsImportance 64 · Surprise 56
  Operating income increased 31% to $972 million in the second quarter of 2026 from $743 million in the second quarter of 2025. The increase outpaced 19% revenue growth, indicating operating margin expansion during the…
• Product Launch and TransitionImportance 60 · Surprise 74
  Intuitive’s da Vinci 5 multi-port system had an installed base of 1,710 systems as of June 30, 2026, including 136 systems outside the U.S., while da Vinci SP had an installed base of 445 systems. Second-quarter…
• Geographic Revenue PerformanceImportance 59 · Surprise 48
  U.S. revenue increased 19% to $1.933 billion in the second quarter of 2026 and 17% to $3.717 billion in the first six months. OUS revenue increased 18% to $959 million quarterly and 28% to $1.947 billion year to date,…
• Income Tax Rate ChangesImportance 58 · Surprise 56
  Income tax expense increased 38% to $231.4 million in the second quarter of 2026 and 161% to $345.8 million in the first six months. The effective tax rate increased to 21.9% quarterly from 20.2% and to 17.3% year to…
• Capital AllocationImportance 58 · Surprise 42
  Intuitive Surgical repurchased 0.9 million common shares for an aggregate $380 million during the three months ended June 30, 2026. Cash, cash equivalents, and investments declined by $410 million from December 31,…
• Revenue Performance and MixImportance 54 · Surprise 40
  Second-quarter 2026 revenue increased 19% to $2.892 billion from $2.440 billion, while six-month revenue increased 21% to $5.663 billion from $4.693 billion. Instruments and accessories revenue rose 18% to $1.735…
• Procedure Volume TrendsImportance 48 · Surprise 56
  U.S. da Vinci procedures grew 12% in the second quarter of 2026 and 13% in the first six months, versus 14% growth in both comparable 2025 periods. OUS da Vinci procedures grew 20% in both 2026 periods, compared with…
• Operating Expense TrendsImportance 47 · Surprise 22
  SG&A increased 10% to $617.9 million in the second quarter and 9% to $1.231 billion in the first six months, while declining to 21% and 22% of revenue from 23% and 24%, respectively. SG&A growth was driven by higher…
• Gross Margin DriversImportance 45 · Surprise 50
  Product gross margin increased to 67.9% in the second quarter of 2026 from 66.5% and to 67.3% for the first six months from 65.6%. Quarterly product-margin expansion reflected $27.5 million of IEEPA tariff refunds,…
• Liquidity and Cash PositionImportance 43 · Surprise 32
  Cash, cash equivalents, and short- and long-term investments declined by $0.4 billion to $8.6 billion as of June 30, 2026, from $9.0 billion at December 31, 2025. The decline primarily resulted from common-stock…
• Regulatory Approval MilestonesImportance 41 · Surprise 60
  During 2026, Intuitive received China’s NMPA approval for the E-200 energy generator, FDA clearance for extended-use da Vinci 5 force-feedback instruments, and FDA clearance for selected thoracoscopically assisted…
• Reimbursement and Payer MixImportance 40 · Surprise 42
  Japan’s Ministry of Health, Labor, and Welfare reviews procedure reimbursement in April of even-numbered years, with university hospitals and surgical societies seeking coverage with Intuitive’s support. In April 2026,…
• China Surgical Robot QuotasImportance 40 · Surprise 42
  China’s 2023 quota permits 559 new surgical robots, including systems from competitors; as of June 30, 2026, Intuitive had placed 169 da Vinci systems under the quota and three under special approval. Since 2022,…
• ACA Coverage and GLP-1 DemandImportance 38 · Surprise 58
  U.S. da Vinci procedure growth was approximately 12% in the second quarter of 2026 and 13% for the first six months, but was modestly negatively affected by the expiration of enhanced ACA premium subsidies. U.S.…
• China Governance CampaignImportance 37 · Surprise 42
  System demand in China was adversely affected by competition from domestic robotic-assisted surgical manufacturers and a Chinese central-government focus on systematic governance. The healthcare-targeted campaign began…
• Macroeconomic Factors ImpactImportance 29 · Surprise 24
  Intuitive states that inflationary pressures, elevated interest rates, commodity-market disruptions, and geopolitical conflicts could materially adversely affect future results and liquidity. Elevated rates may impair…
• Supply Chain ConstraintsImportance 29 · Surprise 24
  Intuitive continues to experience extended delivery lead times and price volatility for semiconductor materials, particularly memory, as demand rises from data-processing and storage applications. Certain raw materials…
• Customer Capital SpendingImportance 17 · Surprise 24
  Some customers faced lower public healthcare funding and other financial pressures, leading to continued caution around overall capital spending. In China, tender cancellations and delays constrained system placements,…

Revenue by Product (in millions)

Revenue by Geography (in millions)