Fiscal year ends DecLast earnings: Apr 21, 2026Est. next earnings: Jul 21, 2026
Latest Score
9.0/ 10
±0.0vs prior
4-Period Change
+1.0
vs Q1 '25
Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
5%
All quarters
9.0out of 10Positive
Sentiment · FY2026 Q1
Q4 '24Q1 '26
Top Analysts & Firms
Most Active Analysts
Analyst
Firm
Questions
ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base8Base 8GAAP revenue YoY +23.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Medical devices sector, no structural GAAP mismatch.+EPS+1EPS +1GAAP EPS YoY 18.75% vs revenue YoY 22.96%, spread -4.21 percentage points (inside +/-5 percentage points). Operating income cross-check: operating income YoY 47.95% vs revenue 22.96%, operating income spread +24.99 percentage points (outside +5 percentage points). GAAP EPS inside, operating income outside -> OI wins. operating income spread +24.99 percentage points > +5 percentage points -> +1. Divergence driven by stock-based compensation and other non-operating items (non-GAAP EPS grew 38.1% vs GAAP 18.75%).+Guidance+2Guidance +2Raised FY2026 da Vinci procedure growth from 13-15% (mid 14.0%) to 13.5-15.5% (mid 14.5%). Change: (14.5-14.0)/14.0 = +3.57%, >= 3% -> +2. Also raised non-GAAP gross margin from 67-68% to 67.5-68.5%. ISRG does not guide on revenue or EPS directly; procedure growth is the primary guided metric.=Final9Hard cap9Hard cap 9Calculated total was 11; capped at 9. See the Hard caps section on the About page for the full rules.
How this score was built
Base8Base 8GAAP revenue YoY +23.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Medical devices sector, no structural GAAP mismatch.+
Macro Signals
→Trade & Tariffs↑AI & Tech↑Regulation Policy
Intuitive Surgical delivered robust Q1 2026 results with revenue up 23% to $2.77 billion and GAAP EPS of $2.28, up from $1.92 in the prior year, as total procedures grew 17% across all platforms. Management raised FY2026 da Vinci procedure growth guidance to 13.5-15.5% and non-GAAP gross margin to 67.5-68.5%, reflecting innovation-led revenue premiums above procedure growth. Force Feedback instrumentation broadened availability, and SP platform expansion continued with stapler and new procedure additions. China market headwinds persisted but strong operating margin leverage and cost execution supported earnings growth.
Key Themes7
positive📊 company
Robust Procedure Growth Across All Platforms
Total procedures grew 17%, with da Vinci procedures up 16% to 847,000 and Ion procedures up 39% to 43,000. SP procedures grew 68% year-over-year.
Revenue GrowthDemand
positive📊 company
Da Vinci 5 Driving Utilization And Throughput Gains
da Vinci 5 utilization is approximately 11% higher than Xi, driving U.S. utilization growth to 4%. Installed base of da Vinci 5 is now almost 1,500 systems used by almost 13,000 surgeons since launch.
EPS +1GAAP EPS YoY 18.75% vs revenue YoY 22.96%, spread -4.21 percentage points (inside +/-5 percentage points). Operating income cross-check: operating income YoY 47.95% vs revenue 22.96%, operating income spread +24.99 percentage points (outside +5 percentage points). GAAP EPS inside, operating income outside -> OI wins. operating income spread +24.99 percentage points > +5 percentage points -> +1. Divergence driven by stock-based compensation and other non-operating items (non-GAAP EPS grew 38.1% vs GAAP 18.75%).
+
Guidance+2Guidance +2Raised FY2026 da Vinci procedure growth from 13-15% (mid 14.0%) to 13.5-15.5% (mid 14.5%). Change: (14.5-14.0)/14.0 = +3.57%, >= 3% -> +2. Also raised non-GAAP gross margin from 67-68% to 67.5-68.5%. ISRG does not guide on revenue or EPS directly; procedure growth is the primary guided metric.
=
Final9
Hard cap9Hard cap 9Calculated total was 11; capped at 9. See the Hard caps section on the About page for the full rules.
Revenue grew 23% versus 17% procedure growth, driven by accretive da Vinci 5 pricing, higher SP and dV5 mix, and I&A revenue per procedure rising to approximately $1,880 from $1,780 last year.
Revenue GrowthPricing
positive📊 company
Force Feedback Instrumentation Broadening Availability
FDA 510(k) clearance received for additional uses, with 5 of 6 instruments now cleared for 15 uses. Broader availability in Q2 will increase over the rest of the year.
Innovation & R&DProduct Launch
negative🌍 macro
China Market Headwinds Persist
China procedure growth was below the corporate average, reflecting lower tenders, competitive and pricing pressures. Clarity on charge code and reimbursement policies not expected until 2027.
Competitive DynamicsMacroeconomic
positive📊 company
SP Platform Expanding With Stapler And New Procedures
SP procedures grew 68% with strength in Korea. SP stapler moved into broad launch in the U.S. with use in almost 40% of cases where a stapler would be expected. First non-IDE nipple sparing mastectomy cases performed.
Product LaunchDemand
positive📊 company
Strong Operating Margin Leverage And Cost Execution
Non-GAAP operating margin was strong at 39%. da Vinci 5 system achieved contribution margins comparable with Xi system. Ion platform achieved contribution margins close to the corporate average.