ISRG Filings — Intuitive Surgical, Inc. - FilingSpy
ISRG
Intuitive Surgical, Inc.
A maker of robotic-assisted surgical systems, Intuitive Surgical builds the da Vinci platforms used by surgeons for minimally invasive procedures across urology, gynecology, and other fields, plus the Ion system for lung biopsies. The technology grew out of military-funded robotics research at SRI International; the company was founded in 1995 in California. Its early prototype was nicknamed "Lenny," a nod to Leonardo da Vinci, whose name the surgical system eventually adopted.
Q2 2026 revenue rose 19% to $2.89B with gross margin up 150 bps to 67.8% on tariff refunds.
widened 150 to 67.8% as tariff refunds cut costs. rose 19% to $2.89B and rose 31% to $972M, driven by 15% da Vinci procedure growth and 468 system placements including 246 da Vinci 5 units. The business is growing on recurring procedures while cash fell after $1.44B in buybacks.
Key takeaways
improved to 67.8% from 66.3% a year earlier, helped by $35.9M in IEEPA tariff refunds, lower logistics costs, and fixed overhead , partly offset by higher .
rose 19% to $2.89B, with instruments and accessories up 18% to $1.73B and systems revenue up 19% to $685M on 468 da Vinci placements including 246 da Vinci 5 systems.
Da Vinci procedures increased 15% to about 889,000, with U.S. up 12% and outside-U.S. up 20% led by colorectal, hernia, and urology.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 19% to $2.89B on 15% da Vinci procedure growth and higher system placements, with gross margin up 150 bps to 67.8%.
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Total grew 19% to $2.89B, driven by 18% higher instruments and accessories revenue ($1.73B) and 19% higher systems revenue ($685M).
rose 31% to $972M while SG&A rose 10% and R&D rose 18% from headcount growth and higher project costs.
Cash and investments fell $0.4B to $8.63B, mainly from $1.44B in and a $528M acquisition, partially offset by $1.97B in .
Ion placements were 55, up 2%, with an of 1,096 systems up 21%.
What changed
Q2 2026 rose to 67.8% after Q1 2026 was 66.1% and management carried $28M of tariff cost; the Q2 2025 watch on tariff pressure reversed as IEEPA refunds of $35.9M aided margin.
Da Vinci 5 placement share was 246 of 468 units at an implied ASP above the Q1 2026 $1.74M, continuing the 2025 trend of rising ASP after 2025 ASP reached $1.60M.
Ion procedure growth was not stated for Q2 but placements rose 2% to 55; the Q1 2026 figure was 39% to about 42,700, a deceleration from 51% full-year 2025.
Full-year 2026 is against the prior $650-725M range; Q2 was not reported but was $1.97B in the quarter.
China was not called out as below expectations this quarter after Q1 2026 noted placements below expectations from competition and a governance campaign.
What to watch
Q3 2026 trajectory as higher offset tariff refunds and da Vinci 5 costs persist.
Q3 2026 Da Vinci 5 placement share and system ASP after 246 of 468 units placed in Q2.
Q3 2026 Ion procedure growth rate after Q2 placements rose 2% to 55.
Full-year 2026 against the $650-725M range and its effect on after $1.97B in Q2.
Da Vinci procedures increased 15% to ~889K, with U.S. up 12% on general surgery and gynecology growth, and OUS up 20% led by colorectal, hernia, and urology.
468 da Vinci systems were placed (up 18%), including 246 da Vinci 5 systems; Ion placements were 55 (up 2%), with an of 1,096 systems (up 21%).
Product improved to 67.9% from 66.5%, helped by of $35.9M, lower logistics costs, and fixed overhead , partly offset by higher intangible .
rose 31% to $972M, while SG&A and R&D expenses increased 10% and 18% respectively, reflecting headcount growth and higher project costs.
Cash and investments fell $0.4B to $8.63B, mainly due to $1.44B in stock repurchases and a $528M acquisition, partially offset by $1.97B in .
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our market risk during the six months ended June 30, 2026, compared to the disclosures in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.
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There have been no material changes in our market risk during the six months ended June 30, 2026, compared to the disclosures in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.
The information included in Note 8 to the Condensed Consolidated Financial Statements (Unaudited) included in Part I, Item 1 of this Quarterly Report is incorporated herein by reference.
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The information included in Note 8 to the Condensed Consolidated Financial Statements (Unaudited) included in Part I, Item 1 of this Quarterly Report is incorporated herein by reference.
Third-party remanufactured instruments and unauthorized service for da Vinci and Ion systems pose revenue, safety, and reputational risks.
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Third parties sell remanufactured or unauthorized instruments and accessories for da Vinci systems, often at lower prices, which could reduce our instrument and accessory .
Unauthorized service and maintenance on da Vinci and Ion systems by third parties may further erode and create patient safety risks if products malfunction.
Regulatory clearances for remanufactured instruments could expand third-party offerings, intensifying competitive pressure on our sales.
Safety incidents from third-party products or service could generate negative publicity and harm our reputation, even if we are not at fault.
New or evolving laws regulating third-party interactions with our systems may impose additional compliance burdens or restrictions.