Companies /Healthcare

Intuitive Surgical Inc

NASDAQ: ISRG Medical Instruments & Supplies
$369.83
▼ $2.05 (−0.55%) today
Markets closed · 9:29am ET

Q1 2025 Earnings

Reported Apr 22, 2025, 4:03pm ET · SEC source
$1.81
Beat +4.41%
EPS · est. $1.73
$2.3B
Beat +3.09%
Revenue · est. $2.2B
+2.4%
Beating market
ISRG vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+5%+10%+15%Apr 22Apr 23report 4:03pm ETearnings+1.8%+8.8%
0+5%+10%+15%Apr 22Apr 23earnings+1.8%+8.8%
ISRG +8.8%S&P 500 +1.8%
0+5%+10%+15%Apr 22Apr 23report 4:03pm ETearnings+2.5%+8.8%
0+5%+10%+15%Apr 22Apr 23earnings+2.5%+8.8%
ISRG +8.8%NASDAQ +2.5%
0+6%+12%Apr 21Apr 30report 4:03pm ETearnings+5.9%+13.4%
0+6%+12%Apr 21Apr 30earnings+5.9%+13.4%
ISRG +13.4%S&P 500 +5.9%
0+6%+12%Apr 21Apr 30report 4:03pm ETearnings+8.2%+13.4%
0+6%+12%Apr 21Apr 30earnings+8.2%+13.4%
ISRG +13.4%NASDAQ +8.2%
+1.92%
Day of report
+4.14%
Next session
+5.71%
One week
+10.58%
30 days

S&P 500 over the same 30 days: +8.16%.

Did ISRG Beat Earnings? Q1 2025 Results

Intuitive Surgical opened 2025 on a strong footing, posting first-quarter revenue of $2.25 billion, up 19.2% year-over-year and ahead of the $2.19 billion consensus, while non-GAAP EPS of $1.81 cleared the $1.73 analyst estimate by 4.41%. The primary engine behind the beat was accelerating adoption of the da Vinci 5 platform, with 147 systems placed in the quarter compared to just 8 in Q1 2024, helping lift total system placements to 367 and push the global installed base to 10,189 units. Instruments and accessories revenue, the company's most reliable recurring stream, grew 18% to $1.37 billion, reflecting healthy procedure utilization as worldwide da Vinci procedures expanded approximately 17%. Looking ahead, Intuitive guided for full-year procedure growth of 15% to 17% and non-GAAP gross margins of 65% to 66.5%, though management flagged that tariffs, particularly on instruments manufactured in Mexico, represent a meaningful variable, with the current estimate baking in a roughly 1.7% revenue headwind that could widen if trade policy shifts further.

Key Takeaways
  • Approximately 17% growth in worldwide da Vinci procedure volume year-over-year
  • Approximately 58% growth in Ion procedure volume year-over-year
  • 367 da Vinci system placements including 147 da Vinci 5 systems (vs. 8 in Q1 2024)
  • 15% growth in installed base to 10,189 systems
  • Higher instruments and accessories revenue driven by increased procedure volumes

“Core measures of our business were healthy this quarter, and we are pleased by continued customer adoption of our platforms, including da Vinci 5.”

Intuitive Surgical CEO, on the earnings call

Forward Guidance & Outlook

For full year 2025, Intuitive expects worldwide da Vinci procedure growth of approximately 15% to 17% (vs. 17% in 2024). Non-GAAP gross profit margin is expected to be 65% to 66.5% of revenue, which includes an estimated tariff impact of 1.7% of revenue (±30 basis points). Non-GAAP operating expense growth is projected at 10% to 14%. The company cautioned that additional tariffs beyond those currently announced could have a material adverse impact on financial results, depending on system sales volume in China, the proportion of components and goods manufactured outside the U.S., and the scope and timing of tariff changes.

ISRG YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$700.0M$1.4B$2.1B$1.9B$2.3BRevenue$1.2B$1.5BGross Profit$469.4M$578.1MOperating Income$544.9M$698.4MNet Income
$0$700.0M$1.4B$2.1BRevenueGross ProfitOperating IncomeNet Income

ISRG Revenue by Segment

Instruments and Accessories$1.4B+18.0%
Systems$522.7M
Services$363.0M

Figures from SEC filings and company reports. Not investment advice.