Live: Intuitive Surgical (Nasdaq: ISRG) Earnings Preview Coverage

Shares are down 3.5%. This earnings season has seen plenty of stocks posting strong earnings beats fall in after-hours trading. We can now add Intuitive Surgical to that list.

The likely reason for the fall is the company projecting da Vince procedure growth at 15.5% to 17% in 2024, compared to 17% growth last quarter. Margin guidance may also be weighing on the stock in after-hours trading.

ISRG | Intuitive Surgical Q2’25 Earnings Highlights:

• Adj. EPS: $2.19 ; UP +23% YoY
• Revenue: $2.44B []; UP +21% YoY
• Adj. Gross Margin: 66.5% []; DOWN -260 bps YoY
• Net Income: $658M []; UP +25% YoY

Outlook:

• • The Company expects worldwide da Vinci procedure growth of approximately 15.5% to 17% in 2025, compared to 17% in 2024.
  • Non-GAAP gross profit margin is expected to be within a range of 66% and 67% of revenue in 2025, reflecting an estimated impact from tariffs of 1.0% of revenue, plus or minus 20 basis points.
  • Non-GAAP operating expense growth is projected at 10% to 14% in 2025, compared to 10% in 2024.

Q2 Segment Performance:

• Instruments and Accessories Revenue: $1.47B []; UP +18% YoY
• Systems Revenue: $575M []; UP +28% YoY
• Services Revenue: $391M []; UP +23% YoY

Other Key Q2 Metrics:

• Adj. Operating Income: $946.6M []; UP +25% YoY
• Adj. Operating Expenses: $874.5M []; UP +9% YoY
• R&D Expenses: $313.3M []; UP +12% YoY
• Effective Tax Rate: 20.2% (vs. 18.8% YoY)
• Cash, Cash Equivalents, and Investments: $9.53B; UP +5% YoY

CEO Commentary:

• Dave Rosa: “We’re pleased with our solid performance this quarter, highlighted by continued customer adoption of our newer and existing platforms, including da Vinci 5. We are committed to advancing care, and helping our customers provide better patient outcomes, better patient and care team experiences, broadening access to care and decreasing the total cost of care.”

Strategic Updates:

• In July 2025, the Company obtained European certification for its da Vinci 5 surgical system for adult and pediatric use in minimally invasive endoscopic procedures.
• In June 2025, the Company obtained regulatory clearance in Japan for the da Vinci 5 surgical system for use in all surgical specialties and procedures indicated for da Vinci Xi, except for cardiac indications.

As of 4:20 p.m. ET shares are down about 3.5%.

We’re still going through Intuitive Surgical’s filing and will continue updating this live blog.

Here’s how last quarter compares to a year ago:

Intuitive Surgical Inc. reported strong financial results for Q2 2025, with revenue reaching $2.44 billion, a 21% increase compared to $2.01 billion in Q2 2024.

The company saw significant growth in its da Vinci surgical system placements, with 395 systems placed, including 180 of the newer da Vinci 5 systems.

Non-GAAP net income was $798 million, or $2.19 per diluted share, surpassing the estimated EPS of $1.93. The company also achieved regulatory milestones, obtaining European certification for its da Vinci 5 system and regulatory clearance in Japan.

CEO Dave Rosa highlighted the company’s commitment to advancing care and improving patient outcomes. The company ended the quarter with $9.53 billion in cash and investments, reflecting robust operational cash flow.

• Revenue: $2.44 billion (consensus estimates of $2.35 billion)
• EPS (Normalized): $2.19 (consensus estimates of $1.93)

Earnings are out and Intuitive Surgical shares briefly spiked before falling 3%. We’re digging into the numbers and will continue providing live updates that appear automatically if you stay on this page.

There’s been some selling pressure on Intuitive Surgical shares before the close. Right now the stock is down about .9%.

Earnings should be releasing shortly after the 4 p.m. close.

ISRG shares have shown consistent upside momentum post-earnings, especially following double-digit EPS beats.