Intuitive Surgical (ISRG, Financial) will report Q2 earnings after the bell on Tuesday, July 22. Street consensus expects EPS of $1.93 on revenue of $2.4 billion, up 17% YoY, supported by continued global adoption of da Vinci systems and higher procedure volumes. The stock is roughly flat year to date despite heightened volatility earlier in 2025. This earnings report could define its next directional move, signaling either renewed confidence in Intuitive Surgical's long-term growth or renewed pressure from macroeconomic risks.
Investors will focus on robotic procedure volume, which grew 17% in Q1, fueling strong instrument and accessories sales. They'll also watch capital equipment placements, especially the new da Vinci 5 in North America and China, which face macroeconomic and tariff-related headwinds. Margin commentary is also key. Last quarter, management flagged about 1.7% of revenue impact from tariffs. Any reacceleration in system placements or signs of easing trade friction would bolster confidence.
