Intuitive Surgical Inc

XMUN:IUI1

Revenue: Intuitive said Q2 was another strong quarter, with revenue up 19% to $2.89 billion and procedures up 16%, led by continued adoption of da Vinci 5, SP and Ion.

U.S. growth: U.S. da Vinci procedure growth slowed to 12% from 14% in Q1, and management said some of the moderation likely came from patients deferring care, including possible ACA-related effects and larger scale.

Outlook held: The company kept 2026 da Vinci procedure growth guidance at 13.5% to 15.5%, but now expects growth to land closer to the midpoint.

Margins improved: Gross margin and EPS were better than last year, helped by product cost reductions, leverage, and a $36 million tariff refund benefit.

Capital demand: System placements were strong, especially in the U.S., where placements rose 24% and management said the capital pipeline remains healthy, supported by leasing and demand for da Vinci 5 upgrades.

New initiatives: Intuitive highlighted more than 100 planned da Vinci 5 updates, an extended-use instrument program starting in the first half of 2027, and an early-stage GI robotics program submitted for FDA review.

International mix: China stayed difficult, Japan showed early improvement after reimbursement changes, and India had another strong quarter with da Vinci 5 now cleared there.