Intuitive Surgical: Beyond Urology—New Procedures Are Expanding the Addressable Market!

Intuitive Surgical reported its first quarter of fiscal year 2026 with overall revenue increasing 23% year-over-year to $2.77 billion, supported by a 17% total procedure growth encompassing 16% growth in da Vinci procedures and 39% growth in Ion procedures. Recurring revenue was strong at 86% of total revenue, reaching $2.4 billion. The company experienced leverage of fixed costs, resulting in a robust non-GAAP operating margin of 39%. Growth was driven by strong procedure adoption in the U.S. and certain international markets, with procedural increases noted in general surgery, benign gynecology, and single port (SP) platforms, while bariatric procedures declined due to the impact of obesity management pharmaceuticals. Geographically, the U.S. market saw a 14% increase in da Vinci procedures, buoyed by after-hours utilization and higher overall use, particularly of the da Vinci 5 system, which is associated with higher utilization rates than previous models.