Intuitive Announces Second Quarter Earnings
Intuitive (NASDAQ: ISRG) reported strong Q2 2025 financial results with revenue reaching $2.44 billion, up 21% year-over-year. The company's worldwide da Vinci procedures grew 17%, with 395 new system placements bringing the total installed base to 10,488 systems, a 14% increase from the previous year.
Key highlights include GAAP net income of $658 million ($1.81 per diluted share) and non-GAAP net income of $798 million ($2.19 per diluted share). The company secured important regulatory approvals, including European MDR certification and Japanese clearance for its da Vinci 5 surgical system.
For 2025, Intuitive projects worldwide da Vinci procedure growth of 15.5% to 17% and expects non-GAAP operating expense growth of 10% to 14%.
Intuitive (NASDAQ: ISRG) ha riportato solidi risultati finanziari per il secondo trimestre 2025, con ricavi pari a 2,44 miliardi di dollari, in aumento del 21% rispetto all'anno precedente. Le procedure da Vinci a livello globale sono cresciute del 17%, con 395 nuovi sistemi installati che portano il totale a 10.488 sistemi, un incremento del 14% rispetto all'anno precedente.
I punti salienti includono un utile netto GAAP di 658 milioni di dollari (1,81 dollari per azione diluita) e un utile netto non-GAAP di 798 milioni di dollari (2,19 dollari per azione diluita). L'azienda ha ottenuto importanti approvazioni regolatorie, tra cui la certificazione MDR europea e l'autorizzazione giapponese per il sistema chirurgico da Vinci 5.
Per il 2025, Intuitive prevede una crescita delle procedure da Vinci a livello mondiale tra il 15,5% e il 17% e un aumento delle spese operative non-GAAP tra il 10% e il 14%.
Intuitive (NASDAQ: ISRG) reportó sólidos resultados financieros para el segundo trimestre de 2025, con ingresos que alcanzaron los 2,44 mil millones de dólares, un aumento del 21% interanual. Los procedimientos da Vinci a nivel mundial crecieron un 17%, con 395 nuevas instalaciones de sistemas que elevan la base total a 10,488 sistemas, un incremento del 14% respecto al año anterior.
Los aspectos destacados incluyen un ingreso neto GAAP de 658 millones de dólares (1,81 dólares por acción diluida) y un ingreso neto no GAAP de 798 millones de dólares (2,19 dólares por acción diluida). La compañía obtuvo importantes aprobaciones regulatorias, incluyendo la certificación MDR europea y la autorización japonesa para su sistema quirúrgico da Vinci 5.
Para 2025, Intuitive proyecta un crecimiento mundial de procedimientos da Vinci del 15,5% al 17% y espera un aumento de gastos operativos no GAAP del 10% al 14%.
Intuitive (NASDAQ: ISRG)는 2025년 2분기 강력한 재무 실적을 보고했으며, 매출은 24억 4천만 달러로 전년 대비 21% 증가했습니다. 전 세계 da Vinci 수술 건수는 17% 성장했으며, 395대의 신규 시스템 설치로 총 설치 시스템 수는 10,488대로 전년 대비 14% 증가했습니다.
주요 성과로는 GAAP 순이익 6억 5,800만 달러(주당 희석 이익 1.81달러)와 비GAAP 순이익 7억 9,800만 달러(주당 희석 이익 2.19달러)가 있습니다. 회사는 유럽 MDR 인증과 일본에서 da Vinci 5 수술 시스템에 대한 승인 등 중요한 규제 승인을 획득했습니다.
2025년에는 전 세계 da Vinci 수술 건수가 15.5%에서 17%까지 성장할 것으로 예상하며, 비GAAP 운영 비용은 10%에서 14% 증가할 것으로 전망합니다.
Intuitive (NASDAQ : ISRG) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires atteignant 2,44 milliards de dollars, en hausse de 21 % par rapport à l'année précédente. Les procédures da Vinci dans le monde ont augmenté de 17 %, avec 395 nouvelles installations de systèmes portant la base installée totale à 10 488 systèmes, soit une augmentation de 14 % par rapport à l'année précédente.
Les points clés incluent un résultat net GAAP de 658 millions de dollars (1,81 dollar par action diluée) et un résultat net non-GAAP de 798 millions de dollars (2,19 dollars par action diluée). L'entreprise a obtenu d'importantes approbations réglementaires, notamment la certification MDR européenne et l'autorisation japonaise pour son système chirurgical da Vinci 5.
Pour 2025, Intuitive prévoit une croissance mondiale des procédures da Vinci de 15,5 % à 17 % et s'attend à une augmentation des dépenses d'exploitation non-GAAP de 10 % à 14 %.
Intuitive (NASDAQ: ISRG) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Umsatz von 2,44 Milliarden US-Dollar, was einem Anstieg von 21 % im Jahresvergleich entspricht. Die weltweiten da Vinci-Verfahren wuchsen um 17 %, mit 395 neuen Systeminstallationen, die die Gesamtzahl auf 10.488 Systeme erhöhten, ein Anstieg von 14 % gegenüber dem Vorjahr.
Wichtige Highlights sind ein GAAP-Nettogewinn von 658 Millionen US-Dollar (1,81 US-Dollar je verwässerter Aktie) und ein Non-GAAP-Nettogewinn von 798 Millionen US-Dollar (2,19 US-Dollar je verwässerter Aktie). Das Unternehmen erhielt wichtige behördliche Zulassungen, darunter die MDR-Zertifizierung in Europa und die Zulassung in Japan für sein da Vinci 5-Chirurgiesystem.
Für 2025 prognostiziert Intuitive ein weltweites Wachstum der da Vinci-Verfahren von 15,5 % bis 17 % und erwartet ein Wachstum der Non-GAAP-Betriebskosten von 10 % bis 14 %.
- Revenue increased 21% year-over-year to $2.44 billion
- Worldwide da Vinci procedures grew 17% compared to Q2 2024
- System placements increased to 395 units from 341 year-over-year
- Non-GAAP net income grew to $798 million from $641 million year-over-year
- Obtained EU MDR certification and Japan regulatory clearance for da Vinci 5
- Strong cash position of $9.53 billion, up $431 million during the quarter
- Expected decline in non-GAAP gross profit margin to 66-67% in 2025 from 69.1% in 2024
- Potential material impact from tariffs on financial results
- Higher operating expenses with 10-14% growth projected for 2025
Insights
Intuitive delivers exceptional Q2 with 21% revenue growth, expanding market penetration with da Vinci 5, and strong procedure growth across platforms.
Intuitive Surgical has delivered an exceptional second quarter, with revenue growing 21% to
The core growth driver remains procedure volume, which increased
System placements showed remarkable strength with 395 da Vinci systems placed versus 341 last year. The da Vinci 5 system is demonstrating impressive market acceptance with 180 placements, more than doubling the 70 placements in Q2 2024. This rapid adoption indicates hospitals are seeing clear clinical and economic advantages justifying the capital investment.
Particularly noteworthy is the expanding installed base, now at 10,488 systems, up
Profitability metrics show excellent operational leverage, with GAAP net income growing
The regulatory approvals for da Vinci 5 in Europe (MDR certification) and Japan will open significant new markets for their latest technology. Their strong cash position of
The company's full-year procedure growth guidance of
SUNNYVALE, Calif., July 22, 2025 (GLOBE NEWSWIRE) -- Intuitive (the “Company”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended June 30, 2025.
Q2 Highlights
- Worldwide da Vinci procedures grew approximately
17% compared with the second quarter of 2024. - The Company placed 395 da Vinci surgical systems, compared with 341 in the second quarter of 2024. The second quarter 2025 da Vinci surgical system placements included 180 da Vinci 5 systems, compared with 70 in the second quarter of 2024.
- The Company grew its da Vinci surgical system installed base to 10,488 systems as of June 30, 2025, an increase of
14% compared with 9,203 as of June 30, 2024. - Second quarter 2025 revenue of
$2.44 billion increased21% compared with$2.01 billion in the second quarter of 2024. - Second quarter 2025 GAAP net income attributable to Intuitive was
$658 million , or$1.81 per diluted share, compared with$527 million , or$1.46 per diluted share, in the second quarter of 2024. - Second quarter 2025 non-GAAP* net income attributable to Intuitive was
$798 million , or$2.19 per diluted share, compared with$641 million , or$1.78 per diluted share, in the second quarter of 2024. - In July 2025, the Company obtained European certification in accordance with the EU MDR for its da Vinci 5 surgical system for adult and pediatric use in minimally invasive endoscopic procedures across abdominopelvic and thoracoscopic surgical procedures, including urologic, gynecologic, and general laparoscopic procedures, excluding the use of force feedback. The Company intends to seek European certification for the use of force feedback in the future.
- In June 2025, the Company obtained regulatory clearance in Japan for the da Vinci 5 surgical system for use in all surgical specialties and procedures indicated for da Vinci Xi, except for cardiac indications.
Q2 Financial Summary
Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.
Second quarter 2025 revenue was
Second quarter 2025 instruments and accessories revenue increased by
Second quarter 2025 systems revenue was
Second quarter 2025 GAAP income from operations increased to
Second quarter 2025 GAAP net income attributable to Intuitive Surgical, Inc. was
Second quarter 2025 non-GAAP* net income attributable to Intuitive Surgical, Inc. was
The Company ended the second quarter of 2025 with
“We’re pleased with our solid performance this quarter, highlighted by continued customer adoption of our newer and existing platforms, including da Vinci 5,” stated Dave Rosa, Intuitive CEO. “We are committed to advancing care, and helping our customers provide better patient outcomes, better patient and care team experiences, broadening access to care and decreasing the total cost of care.”
2025 Financial Outlook
The Company expects the following results for the full year of 2025:
- Worldwide da Vinci procedure growth of approximately
15.5% to17% in 2025, compared to17% in 2024. - Non-GAAP* gross profit margin to be within a range of
66% and67% of revenue in 2025, compared to69.1% in 2024. This range includes an estimated impact from tariffs of1.0% of revenue, plus or minus 20 basis points. - Non-GAAP* operating expense growth of
10% to14% in 2025, compared to10% in 2024.
The updated range for expected non-GAAP* gross profit margin reflects the Company’s estimates of the adverse impact from tariffs that are currently in effect as of the time of this press release and assumes such tariffs remain in place. Should additional tariffs be implemented or existing tariffs be modified, the additional impact on the Company’s financial results in 2025, including the change in expected non-GAAP* gross profit margin, could be material. The ultimate effect of tariffs will depend on various factors, including the proportion of components procured and finished goods manufactured outside of the United States and the amount, scope, nature, and timing of the tariffs.
The 2025 financial outlook provided above includes forward-looking, non-GAAP financial measures, which management uses in measuring performance. We do not provide a reconciliation of non-GAAP outlook measures to corresponding GAAP measures on a forward-looking basis, because we are unable to predict with reasonable certainty the exact timing and ultimate outcome of certain items, including but not limited to legal proceedings, without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to Intuitive’s results computed in accordance with GAAP. For additional information regarding the nature of these items, refer to the reconciliations of historical GAAP to non-GAAP measures included elsewhere in this release.
Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/.
Webcast and Conference Call Information
Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the second quarter 2025 financial results. The call will be webcast live and can be accessed on Intuitive’s website at www.intuitive.com. For those individuals planning to participate on the call, registration can be completed online at https://register-conf.media-server.com/register/BIce4ff910277b4e438ebb356ec90815a5 to receive dial-in details and an individual pin. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic-assisted surgery. Our technologies include the da Vinci surgical systems and the Ion endoluminal system. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most.
Product and brand names/logos are trademarks or registered trademarks of Intuitive or their respective owner. See www.intuitive.com/trademarks.
For more information, please visit the Company’s website at www.intuitive.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations concerning matters that are not historical facts. Statements using words such as “estimates,” “projects,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “may,” “will,” “could,” “should,” “would,” “targeted,” and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are necessarily estimates reflecting the judgment of the Company’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements include, but are not limited to the following: statements related to future results of operations, including expected procedure growth in 2025, expected non-GAAP gross profit margins in 2025, and expected non-GAAP operating expense growth in 2025; future financial position; the adoption by customers of the Company’s products; and the Company’s commitment to advancing care, helping customers provide better patient outcomes and better patient and care team experiences, broadening access to care, and decreasing the total cost of care. These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which may impact customer spending and the Company’s costs, including tariffs, the levels of inflation, and interest rates; the conflict between Ukraine and Russia; conflicts in the Middle East; disruption to the Company’s supply chain, including difficulties in obtaining a sufficient supply of materials; curtailed or delayed capital spending by hospitals; the impact of global and regional economic and credit market conditions on healthcare spending; delays in obtaining new product approvals, clearances, or certifications from the United States (“U.S.”) Food and Drug Administration (“FDA”), comparable regulatory authorities, or notified bodies; the risk of the Company’s inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement, and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and customer acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Company’s completion of and ability to successfully integrate acquisitions; intellectual property positions and litigation; risks associated with the Company’s operations and any expansion outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; the Company’s reliance on sole- and single-sourced suppliers; the results of legal proceedings to which the Company is or may become a party; adverse publicity regarding the Company and the safety of the Company’s products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements (including changes to tariffs imposed by the U.S. on imports from various countries, including Mexico, where the Company currently manufactures a significant majority of our instruments and accessories, Germany, where the Company currently manufactures a majority of our endoscopes, and China, where the Company currently imports certain materials); and other risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the Company’s other filings with the Securities and Exchange Commission. The Company’s actual results may differ materially and adversely from those expressed in any forward-looking statement, and the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law.
*About Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP net income per diluted share attributable to Intuitive Surgical, Inc. (“EPS”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (“SBC”) and long-term incentive plan expenses, and other special items. Long-term incentive plan expense relates to phantom share awards granted in China by the Company’s Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. These awards are valued based on certain key performance metrics. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of the Company’s business within the period. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to its historical performance. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Company’s business.
Non-GAAP gross profit. The Company defines non-GAAP gross profit as gross profit, excluding SBC and long-term incentive plan expenses and amortization of intangible assets.
Non-GAAP income from operations. The Company defines non-GAAP income from operations as income from operations, excluding SBC and long-term incentive plan expenses, amortization of intangible assets, and litigation charges.
Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding SBC and long-term incentive plan expenses, amortization of intangible assets, litigation charges, gains or losses on strategic investments, tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets, and adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects. The Company excludes the excess tax benefits or deficiencies associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the ongoing results of its core operations. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Company’s operating results. The Company’s calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive Surgical, Inc. divided by diluted shares outstanding, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period.
There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP EPS exclude items such as SBC and long-term incentive plan expenses, amortization of intangible assets, excess tax benefits or deficiencies associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfer of non-inventory assets, which are primarily recurring items. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP.
| INTUITIVE SURGICAL, INC. UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||||||
| Three Months Ended | |||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||||
| Revenue: | |||||||||||
| Instruments and accessories | $ | 1,474.1 | $ | 1,367.7 | $ | 1,244.4 | |||||
| Systems | 574.7 | 522.7 | 448.2 | ||||||||
| Services | 391.2 | 363.0 | 317.3 | ||||||||
| Total revenue | 2,440.0 | 2,253.4 | 2,009.9 | ||||||||
| Cost of revenue: | |||||||||||
| Product | 686.2 | 670.7 | 539.4 | ||||||||
| Service | 135.9 | 125.0 | 97.8 | ||||||||
| Total cost of revenue | 822.1 | 795.7 | 637.2 | ||||||||
| Gross profit | 1,617.9 | 1,457.7 | 1,372.7 | ||||||||
| Operating expenses: | |||||||||||
| Selling, general and administrative | 561.2 | 563.4 | 525.3 | ||||||||
| Research and development | 313.3 | 316.2 | 280.1 | ||||||||
| Total operating expenses | 874.5 | 879.6 | 805.4 | ||||||||
| Income from operations (1) | 743.4 | 578.1 | 567.3 | ||||||||
| Interest and other income (expense), net | 88.7 | 90.4 | 87.2 | ||||||||
| Income before taxes | 832.1 | 668.5 | 654.5 | ||||||||
| Income tax expense (benefit) (2) | 167.9 | (35.2 | ) | 123.0 | |||||||
| Net income | 664.2 | 703.7 | 531.5 | ||||||||
| Less: net income attributable to noncontrolling interest in joint venture | 5.8 | 5.3 | 4.6 | ||||||||
| Net income attributable to Intuitive Surgical, Inc. | $ | 658.4 | $ | 698.4 | $ | 526.9 | |||||
| Net income per share attributable to Intuitive Surgical, Inc.: | |||||||||||
| Basic | $ | 1.84 | $ | 1.95 | $ | 1.48 | |||||
| Diluted (3) | $ | 1.81 | $ | 1.92 | $ | 1.46 | |||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 358.5 | 357.5 | 355.0 | ||||||||
| Diluted | 364.1 | 364.6 | 361.0 | ||||||||
| (1) Income from operations includes the effect of the following items: | |||||||||||
| Amortization of intangible assets | $ | (3.2 | ) | $ | (3.4 | ) | $ | (5.0 | ) | ||
| Expensed IP charged to R&D | $ | (1.6 | ) | $ | (5.1 | ) | $ | (0.2 | ) | ||
| (2) Income tax expense (benefit) includes the effect of the following items: | |||||||||||
| Excess tax benefits related to share-based compensation arrangements | $ | (32.9 | ) | $ | (145.4 | ) | $ | (35.7 | ) | ||
| (3) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items: | |||||||||||
| Amortization of intangible assets, net of tax | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Expensed IP charged to R&D, net of tax | $ | — | $ | (0.01 | ) | $ | — | ||||
| Excess tax benefits related to share-based compensation arrangements | $ | 0.09 | $ | 0.40 | $ | 0.10 | |||||
| INTUITIVE SURGICAL, INC. UNAUDITED SIX MONTHS ENDED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||
| Six Months Ended | |||||||
| June 30, | |||||||
| 2025 | 2024 | ||||||
| Revenue: | |||||||
| Instruments and accessories | $ | 2,841.8 | $ | 2,403.3 | |||
| Systems | 1,097.4 | 866.4 | |||||
| Services | 754.2 | 630.8 | |||||
| Total revenue | 4,693.4 | 3,900.5 | |||||
| Cost of revenue: | |||||||
| Product | 1,356.9 | 1,093.8 | |||||
| Service | 260.9 | 188.6 | |||||
| Total cost of revenue | 1,617.8 | 1,282.4 | |||||
| Gross profit | 3,075.6 | 2,618.1 | |||||
| Operating expenses: | |||||||
| Selling, general and administrative | 1,124.6 | 1,016.8 | |||||
| Research and development | 629.5 | 564.6 | |||||
| Total operating expenses | 1,754.1 | 1,581.4 | |||||
| Income from operations (1) | 1,321.5 | 1,036.7 | |||||
| Interest and other income, net | 179.1 | 156.3 | |||||
| Income before taxes | 1,500.6 | 1,193.0 | |||||
| Income tax expense (2) | 132.7 | 114.1 | |||||
| Net income | 1,367.9 | 1,078.9 | |||||
| Less: net income attributable to noncontrolling interest in joint venture | 11.1 | 7.1 | |||||
| Net income attributable to Intuitive Surgical, Inc. | $ | 1,356.8 | $ | 1,071.8 | |||
| Net income per share attributable to Intuitive Surgical, Inc.: | |||||||
| Basic | $ | 3.79 | $ | 3.03 | |||
| Diluted (3) | $ | 3.72 | $ | 2.97 | |||
| Weighted average shares outstanding: | |||||||
| Basic | 358.0 | 354.2 | |||||
| Diluted | 364.4 | 360.8 | |||||
| (1) Income from operations includes the effect of the following items: | |||||||
| Amortization of intangible assets | $ | (6.6 | ) | $ | (10.1 | ) | |
| Expensed IP charged to R&D | $ | (6.7 | ) | $ | (0.2 | ) | |
| (2) Income tax expense includes the effect of the following items: | |||||||
| Excess tax benefits related to share-based compensation arrangements | $ | (178.3 | ) | $ | (146.8 | ) | |
| (3) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items: | |||||||
| Amortization of intangible assets, net of tax | $ | (0.01 | ) | $ | (0.02 | ) | |
| Expensed IP charged to R&D, net of tax | $ | (0.01 | ) | $ | — | ||
| Excess tax benefits related to share-based compensation arrangements | $ | 0.49 | $ | 0.41 | |||
| INTUITIVE SURGICAL, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN MILLIONS) | |||||
| June 30, 2025 | December 31, 2024 | ||||
| Cash, cash equivalents, and investments | $ | 9,532.5 | $ | 8,832.4 | |
| Accounts receivable, net | 1,269.2 | 1,225.4 | |||
| Inventory | 1,667.0 | 1,487.2 | |||
| Property, plant, and equipment, net | 4,985.3 | 4,646.6 | |||
| Goodwill | 348.7 | 347.5 | |||
| Deferred tax assets | 1,070.3 | 1,045.1 | |||
| Other assets | 1,290.2 | 1,159.0 | |||
| Total assets | $ | 20,163.2 | $ | 18,743.2 | |
| Accounts payable and other liabilities | $ | 1,638.4 | $ | 1,690.7 | |
| Deferred revenue | 571.7 | 522.9 | |||
| Total liabilities | 2,210.1 | 2,213.6 | |||
| Stockholders’ equity | 17,953.1 | 16,529.6 | |||
| Total liabilities and stockholders’ equity | $ | 20,163.2 | $ | 18,743.2 | |
| INTUITIVE SURGICAL, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||||
| GAAP gross profit | $ | 1,617.9 | $ | 1,457.7 | $ | 1,372.7 | $ | 3,075.6 | $ | 2,618.1 | |||||||||
| Share-based compensation expense | 36.6 | 36.2 | 29.7 | 72.8 | 58.8 | ||||||||||||||
| Long-term incentive plan expense | 0.1 | 0.3 | 0.1 | 0.4 | 0.4 | ||||||||||||||
| Amortization of intangible assets | 2.5 | 2.4 | 3.7 | 4.9 | 7.5 | ||||||||||||||
| Non-GAAP gross profit | $ | 1,657.1 | $ | 1,496.6 | $ | 1,406.2 | $ | 3,153.7 | $ | 2,684.8 | |||||||||
| GAAP income from operations | $ | 743.4 | $ | 578.1 | $ | 567.3 | $ | 1,321.5 | $ | 1,036.7 | |||||||||
| Share-based compensation expense | 196.2 | 185.2 | 173.6 | 381.4 | 326.9 | ||||||||||||||
| Long-term incentive plan expense | 0.3 | 0.8 | 1.0 | 1.1 | 3.2 | ||||||||||||||
| Amortization of intangible assets | 3.2 | 3.4 | 5.0 | 6.6 | 10.1 | ||||||||||||||
| Litigation charges | 3.5 | — | 7.2 | 3.5 | 7.2 | ||||||||||||||
| Non-GAAP income from operations | $ | 946.6 | $ | 767.5 | $ | 754.1 | $ | 1,714.1 | $ | 1,384.1 | |||||||||
| GAAP net income attributable to Intuitive Surgical, Inc. | $ | 658.4 | $ | 698.4 | $ | 526.9 | $ | 1,356.8 | $ | 1,071.8 | |||||||||
| Share-based compensation expense | 196.2 | 185.2 | 173.6 | 381.4 | 326.9 | ||||||||||||||
| Long-term incentive plan expense | 0.3 | 0.8 | 1.0 | 1.1 | 3.2 | ||||||||||||||
| Amortization of intangible assets | 3.2 | 3.4 | 5.0 | 6.6 | 10.1 | ||||||||||||||
| Litigation charges | 3.5 | — | 7.2 | 3.5 | 7.2 | ||||||||||||||
| (Gains) losses on strategic investments | 4.4 | 0.6 | (7.8 | ) | 5.0 | (4.4 | ) | ||||||||||||
| Tax adjustments (1) | (67.8 | ) | (226.6 | ) | (64.5 | ) | (294.4 | ) | (231.5 | ) | |||||||||
| Adjustments attributable to noncontrolling interest in joint venture | (0.3 | ) | (0.3 | ) | (0.4 | ) | (0.6 | ) | (1.2 | ) | |||||||||
| Non-GAAP net income attributable to Intuitive Surgical, Inc. | $ | 797.9 | $ | 661.5 | $ | 641.0 | $ | 1,459.4 | $ | 1,182.1 | |||||||||
| GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 1.81 | $ | 1.92 | $ | 1.46 | $ | 3.72 | $ | 2.97 | |||||||||
| Share-based compensation expense | 0.54 | 0.50 | 0.48 | 1.05 | 0.90 | ||||||||||||||
| Long-term incentive plan expense | — | — | — | — | 0.01 | ||||||||||||||
| Amortization of intangible assets | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | ||||||||||||||
| Litigation charges | 0.01 | — | 0.02 | 0.01 | 0.02 | ||||||||||||||
| (Gains) losses on strategic investments | 0.01 | — | (0.02 | ) | 0.01 | (0.01 | ) | ||||||||||||
| Tax adjustments (1) | (0.19 | ) | (0.62 | ) | (0.18 | ) | (0.81 | ) | (0.64 | ) | |||||||||
| Adjustments attributable to noncontrolling interest in joint venture | — | — | — | — | — | ||||||||||||||
| Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 2.19 | $ | 1.81 | $ | 1.78 | $ | 4.00 | $ | 3.28 | |||||||||
| (1) For the three months ended June 30, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of | |||||||||||||||||||
| For the six months ended June 30, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of | |||||||||||||||||||
Contact: Investor Relations
(408) 523-2161
FAQ
What were Intuitive's (ISRG) key financial results for Q2 2025?
How many da Vinci surgical systems did Intuitive place in Q2 2025?
What is Intuitive's procedure growth guidance for 2025?
What regulatory approvals did Intuitive receive for the da Vinci 5 system in Q2 2025?
What is Intuitive's current cash position as of Q2 2025?
