Q4 2025 Intuitive Surgical Inc Earnings Call Transcript
Key Points
- Intuitive Surgical Inc (ISRG) reported a strong year in 2025 with a 21% revenue growth, reaching $10.1 billion.
- The company saw a significant increase in da Vinci procedures, growing by 18% globally, with notable growth in both multiport and single-port procedures.
- International da Vinci procedures increased by 23%, with strong growth in Europe, Asia, and other world markets, reflecting improved market access and supportive economics.
- The launch and adoption of the da Vinci 5 system have been successful, with 870 systems placed in 2025 and positive feedback from early adopters.
- Intuitive Surgical Inc (ISRG) achieved a 22% increase in pro forma EPS, marking the third consecutive year of over 20% EPS growth, driven by increased profitability and lower capital expenditures.
- The company faces challenges from tariffs, which impacted the pro forma gross margin by approximately 95 basis points.
- There is increased pricing competition in China, with local suppliers being favored in provincial tenders, affecting Intuitive Surgical Inc (ISRG)'s win ratio.
- The Japanese market showed lower capital placements, impacting procedure growth, and there are ongoing government budget challenges in Japan and the UK.
- The Ion platform saw a decrease in system placements in Q4 compared to the previous year, reflecting a focus on increasing utilization rather than expanding the installed base.
- Pro forma gross margin declined year-over-year due to higher facility costs, a greater mix of lower-margin da Vinci 5 and Ion revenue, and higher service costs related to da Vinci 5.
Good day, everyone, and welcome to Intuitive's fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.
Now it's my pleasure to turn the call over to the Vice President of Investor Relations, Dan Connally.
Good afternoon, and welcome to Intuitive's fourth-quarter earnings conference call. Joining me today are Dave Rosa, our CEO; and Jamie Samath, our CFO.
Before we begin, I would like to remind you that comments on today's call may contain forward-looking statements. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in our Securities and Exchange Commission filings, including our most recent 10-K filed on January 31, 2025, and Form 10-Q filed on October 22, 2025.
Our SEC filings can be found through our website at intuitive.com or at the SEC's website. Investors are cautioned not to place undue
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