Intuitive Surgical, Inc. (NASDAQ:ISRG) revealed its preliminary financial results for the fourth quarter and entire year of 2025, documenting notable advances in procedure volumes, system installations, and revenue streams. Although the company demonstrated encouraging performance metrics over the reporting period, shares declined by over 4% during Wednesday’s trading session.
During the final quarter of 2025, worldwide utilization of Intuitive’s flagship da Vinci surgical systems, alongside the Ion endoluminal platform, expanded markedly. The overall procedures performed grew approximately 18% compared to the analogous period in 2024. Specifically, da Vinci procedures increased by around 17%, while Ion system procedures exhibited an impressive 44% surge, underscoring strong demand and adoption across both robotic surgical technologies.
For the full calendar year, the combined number of procedures conducted using Intuitive’s platforms rose by nearly 19%, reflecting sustained momentum in clinical adoption. Looking ahead, management projects that global da Vinci procedures will continue to climb, estimating growth in the range of 13% to 15% for 2026.
Further contributing to the company’s expansion, system placements remained robust throughout 2025. The fourth quarter saw installation of 532 da Vinci systems, including 303 units of the latest da Vinci 5 model. Aggregate placements for the entire year totaled 1,721 da Vinci surgical systems, demonstrating strong market penetration despite a noted decrease in Ion endoluminal system placements compared to the previous year’s figures.
Financially, preliminary revenue figures for Q4 2025 reached approximately $2.87 billion, outperforming analyst expectations which had forecasted around $2.72 billion. This represented an approximate 19% increase over the fourth quarter of 2024. For the full year, the company reported preliminary revenues near $10.06 billion, reflecting growth of roughly 21% over 2024.
The revenue uplift stemmed mainly from higher procedural volumes coupled with increased system placements. Preliminary data show that instruments and accessories revenue climbed about 17% in the fourth quarter and approximately 19% for the full year, reinforcing the contribution of consumable sales to the company’s financial performance. Systems revenue also advanced, driven by stronger placement activity and elevated average selling prices.
Intuitive Surgical’s CEO, Dave Rosa, highlighted the company’s progress, emphasizing broader platform adoption and expanding procedural activities globally. Rosa reiterated the company’s commitment to enhancing patient outcomes through continued technological innovation and market expansion.
Despite these promising results, ISRG shares declined approximately 4.24% to $538.01 by the close of trading on Wednesday, as reported by real-time market data providers. This market reaction suggests that investors may be weighing additional factors beyond the preliminary earnings results.
Detailed Performance and Operational Highlights:
- The fourth quarter demonstrated an 18% year-over-year increase in combined procedures for da Vinci and Ion platforms.
- Specific procedure growth rates were 17% for da Vinci and 44% for Ion systems in Q4, indicating strong growth differentials.
- Total da Vinci system installations reached 1,721 units in 2025, including significant deployment of the new da Vinci 5 model.
- Full-year 2025 revenues approached $10.06 billion, signaling a 21% increase from the prior year.
Investor Considerations and Potential Risks:
- The decline in Ion endoluminal system placements in early 2025 versus 2024 could imply challenges in market adoption or competitive pressure for that platform.
- Despite robust procedural growth, the share price decline post-announcement suggests market sensitivity to factors not disclosed in the preliminary results.
- Forward guidance anticipates continued growth in da Vinci procedures, but this carries risks tied to technological advancement pace, regulatory approvals, and competitive dynamics.
- Revenue gains are closely linked to procedural volumes and system sales; any disruptions in clinical adoption trends could impact future financial performance.