Company Reports

Intuitive continues to benefit from the global adoption of robotic surgery, even in the procedures we didn't view as likely to convert. Our long-term positive view about the company's competitive position is unchanged even as new competitors (Medtronic and Johnson & Johnson) have finally arrived on the scene, and with the latest release of the next-generation platform, Intuitive should maintain its dominance.

Intuitive Surgical reported a sequential slowdown in procedure growth globally, as well as in sales of instruments and accessories, for the second quarter. Despite that, the company improved its gross margin guidance slightly.

Intuitive's first-quarter results were largely as expected. Shares are up slightly on the moderate uptick in guidance for procedure volume and margins.

Intuitive finished the year strong on procedure and earnings growth, but issued cautious guidance for 2026. This was positive for shares, which were up 4% after hours.

Intuitive delivered a strong third-quarter performance, which allowed the company to raise its full-year procedure guidance. Da Vinci 5 placements remain robust. The shares jumped by double digits following the release.

Intuitive continues to benefit from the global adoption of robotic surgery, even in the procedures we didn't view as likely to convert. Our long-term positive view about the company's competitive position is unchanged even as new competitors have finally arrived on the scene, and with the latest release of the next-generation platform, Intuitive should maintain its dominance.

Intuitive Surgical continues to benefit from the ongoing global adoption of robotic surgery, even in the procedures we didn't view as likely to convert. Our long-term positive view about the company's competitive positioning is unchanged even as new competitors have finally arrived on the scene, and with the latest release of the next-generation platform, Intuitive should maintain its dominance.

Intuitive had a solid overall second quarter as the da Vinci 5 rollout continues. Procedure growth remains strong globally despite macro uncertainties.

Intuitive delivered strong procedure growth in the quarter and raised full-year guidance. Tariffs will be a drag on the margins in 2025, but longer-term manufacturing strategy remains unchanged.

Intuitive Surgical continues to benefit from the ongoing global adoption of robotic surgery, even in the procedures we didn't view as likely to convert. Our long-term positive view about the company's competitive positioning is unchanged even as new competitors have finally arrived on the scene, and with the latest release of the next-generation platform, Intuitive should maintain its dominance.

Intuitive delivered strong performance in the quarter with procedure growth of 18% and overall growth of 25%. The next-generation platform continues to see strong uptake and Intuitive is rolling out da Vinci 5 surgical systems more broadly.

Intuitive delivered an excellent quarter with strong performance in procedure growth and both domestic and outside-the-US system placements and utilization rates. We're updating our assumptions but for now maintaining our fair value estimate. Shares are overvalued at current levels.

Intuitive Surgical continues to benefit from the ongoing global adoption of robotic surgery, even in the procedures we didn't view as likely to convert. Our long-term positive view about the company's competitive positioning is unchanged even as new competitors have finally arrived on the scene, and with the release of the next-generation platform early in 2024, Intuitive should maintain its dominance.

We are raising our fair value estimate for Intuitive to $265 per share from $253 due to continuing robust US procedure growth. Shares are expensive at current levels. Our wide moat rating is unchanged.

Intuitive's first quarter was ahead of our full-year expectations for procedure growth, but we're maintaining our fair value estimate as other drivers were largely in line with our model. We're maintaining our wide moat rating.

Intuitive Surgical continues to benefit from the ongoing global adoption of robotic surgery, even in the procedures we didn't view as likely to convert. Our long-term positive view about the company's competitive positioning is unchanged even as new competitors have finally arrived on the scene, and with the release of the next-generation platform, Intuitive should maintain its dominance.

As Intuitive Surgical prereleased key figures earlier in the month, there were no surprises in the fourth-quarter results. The main highlight was the company's announcement of the submission to the U.S. Food and Drug Administration for the fifth generation of the da Vinci platform, which could be approved later in the year. We're updating our model for the year-end financials and expect to publish the new report shortly. We're maintaining our wide moat rating.

Unsurprisingly, recent developments in weight loss drugs (GLP-1) and the resulting effect on weight-loss surgery dominated Intuitive Surgical's third-quarter earnings call despite bariatric procedures representing less than 5% of the total. While it is reasonable to assume that our and the market's prior expectations around bariatric penetration for robotics are too optimistic in light of the recent significant developments in weight loss therapies, this has little effect on our assumptions. We maintain our wide moat rating and $230 fair value estimate, but even with the stock pullback, shares remain in overvalued territory.

Intuitive Surgical fared remarkably well during the pandemic even as many hospitals struggled with tight capital budgets and elective surgeries were almost nonexistent during the COVID-19 peak. Now, with things returning to normal, the company is set to resume its march toward global adoption of robotic surgery. Our long-term positive view on the company's competitive positioning is unchanged, even as new rivals are entering the previously monopolistic area of robot-assisted surgery.

Intuitive Surgical delivered another quarter of material procedures growth, allowing it to raise its procedures guidance modestly. We are raising our fair value estimate to $230 to account for a healthy 2023. The company's wide moat is intact.