Here are 1-2 brief analogies for Intuitive Surgical (ISRG):

• Apple for robotic surgery.
• Tesla for surgical robots.

• da Vinci Surgical System: A robotic-assisted surgical platform designed to enable complex surgery using a minimally invasive approach.
• Ion Endoluminal System: A robotic-assisted platform for minimally invasive peripheral lung biopsy.
• Instruments and Accessories: A broad range of sterile, single-use, and reusable instruments, accessories, and vision products consumed during surgical procedures with their systems.
• Customer Support and Training: Provides comprehensive training programs, maintenance, and support services for their surgical systems and related products.

• HCA Healthcare (Symbol: HCA)
• Tenet Healthcare Corporation (Symbol: THC)
• Community Health Systems, Inc. (Symbol: CYH)
• Universal Health Services, Inc. (Symbol: UHS)

null

David J. Rosa, Chief Executive Officer

David J. Rosa was appointed Chief Executive Officer of Intuitive Surgical in July 2025. He also serves as a member of the Board of Directors. Prior to his appointment as CEO, he served as Executive Vice President and Chief Strategy & Growth Officer, a role he assumed in January 2022. Before that, he held the position of Executive Vice President and Chief Business Officer. Mr. Rosa's career at Intuitive Surgical spans over a decade. He holds a B.S. in Mechanical Engineering from California Polytechnic University at San Luis Obispo and an M.S. in Mechanical Engineering from Stanford University. Mr. Rosa also serves on the Board of Directors of Kardium Inc.

Jamie E. Samath, Chief Financial Officer and Enterprise Technology Leader

Jamie E. Samath serves as Chief Financial Officer and Enterprise Technology Leader at Intuitive Surgical, a role he has held since January 2025. He assumed the role of Chief Financial Officer in 2022. Mr. Samath has been with Intuitive since 2013, managing most of the finance functions during that time. In his current capacity, he oversees information technology, real estate and workplace services, purchasing, and finance. Before joining Intuitive, Mr. Samath was Vice President Finance and Corporate Controller at Atmel Corporation from October 2011 to April 2013, and held various finance roles at National Semiconductor from May 2001 to September 2011. Mr. Samath is also an Independent Director at KLA Corporation, a position he assumed in 2025.

Gary S. Guthart, Ph.D., Executive Chair of the Board of Directors

Dr. Gary S. Guthart became the Executive Chair of the Board of Directors of Intuitive Surgical in 2025. He previously served as Chief Executive Officer and a member of the Board of Directors from 2010 until 2025, leading the company for over 15 years. Dr. Guthart joined Intuitive as part of the first engineering team in 1996 as a control systems analyst. His career at Intuitive also included roles as Vice President of Engineering, Senior Vice President of Product Operations, and President and Chief Operating Officer. Before joining Intuitive, Dr. Guthart was part of the core team developing foundational technology for computer-enhanced surgery at SRI International (formerly Stanford Research Institute), where he also developed algorithms for vibration and acoustic control of large-scale systems. His early scientific experience was in a human factors lab at NASA. Dr. Guthart serves on the Board of Directors for Illumina and is a member of the Silicon Valley Leadership Group board.

Bob DeSantis, Executive Vice President, Chief Strategy and Corporate Operations Officer

Bob DeSantis assumed the newly created role of Executive Vice President and Chief Strategy and Corporate Operations Officer in May 2023, responsible for leading strategic planning, operational structure, and management for the business. He joined Intuitive in 2013 as Vice President, Instruments & Accessories New Product Introduction. In his decade with Intuitive, he has been pivotal in advancing the development and manufacturing of the company's robotic platforms. Prior roles at Intuitive include Executive Vice President & Chief Product Officer and Executive Vice President and General Manager of Instruments, Accessories, and Endoscopes. Before joining Intuitive, Mr. DeSantis started his career at U.S. Surgical, where he was involved in developing laparoscopic technologies. He later served as VP of R&D for Surgical Devices at Covidien, leading the mechanical and energy devices organizations and the group that developed and commercialized single incision laparoscopic surgery (SILS).

Salvatore J. Brogna, Chief Executive Officer, Informed Surgical, Inc. (formerly EVP and COO, Intuitive Surgical)

Salvatore J. Brogna served as Executive Vice President and Chief Operating Officer at Intuitive Surgical until the end of 2019, transitioning to a consultant and advisor role in 2020. He joined Intuitive in October 1999 and held key roles including Executive Vice President of Product Operations, Senior Vice President of Product Development, and Vice President of Engineering. During his tenure, he played a significant role in building out the da Vinci surgical platform and enhancing its capabilities and reliability. Prior to joining Intuitive, Mr. Brogna led the design and development of complex robotic systems for commercial and industrial use. Since January 2021, Mr. Brogna has been the Chief Executive Officer of Informed Surgical, Inc., a company focused on enhancing surgical quality through digital surgery.

The key risks to Intuitive Surgical's business (ISRG) are primarily driven by intensifying competition, complex regulatory and legal challenges, and macroeconomic headwinds impacting hospital capital expenditures.

1. Intensifying Competition: Intuitive Surgical faces a growing threat from new entrants and established medical device companies, such as Medtronic and Johnson & Johnson, which are actively developing and launching their own robotic surgery platforms. This increasing competition could potentially erode Intuitive Surgical's dominant market share, impact its pricing power, and lead to fragmentation of procedure volumes across multiple systems as hospitals diversify their robotic surgery platforms.
2. Regulatory and Legal Challenges: The company operates within a complex and evolving global regulatory environment, subject to stringent oversight by bodies like the FDA and adherence to regulations such as the EU Medical Devices Regulation. Disruptions at regulatory agencies, evolving guidelines for new technologies like AI integration, and the need for rigorous compliance can lead to increased operational costs, delays in product development and approvals, and limitations on market access. Additionally, Intuitive Surgical is exposed to legal risks, including product liability lawsuits related to the safety and effectiveness of its da Vinci systems, allegations of malfunctions, patient injuries, and concerns about adequate surgeon training and adverse event reporting.
3. Macroeconomic Headwinds and Hospital Capital Expenditure Sensitivity: The high capital cost associated with purchasing da Vinci surgical systems, typically ranging from $1.5 million to $2 million per unit, makes Intuitive Surgical's sales sensitive to economic conditions and hospital budgets. Economic downturns, inflationary pressures, elevated interest rates, and geopolitical tensions can lead to hospitals delaying or reducing investments in expensive capital equipment. Furthermore, factors such as tariffs can directly impact the company's gross margins, and changes in healthcare policies or reimbursement rates for robotic procedures could also negatively affect demand and profitability.

The clear emerging threats to Intuitive Surgical (ISRG) primarily stem from increased and formidable competition in the robotic-assisted surgery market:

• Medtronic's Hugo Robotic-Assisted Surgery System: Medtronic, a global medical technology leader with vast resources and an established presence in hospitals worldwide, has launched its Hugo system. This system is a direct competitor to Intuitive Surgical's da Vinci platform, directly challenging its market dominance in robot-assisted surgery. Hugo has obtained regulatory approvals (e.g., CE Mark) and is actively expanding its commercial footprint internationally, presenting a significant threat to Intuitive Surgical's installed base and future growth.
• Johnson & Johnson's Robotic Surgery Initiatives (e.g., Auris Health's Monarch platform and Ottava): Johnson & Johnson, another healthcare titan, is heavily investing in robotic surgery. While their broader Ottava general surgery platform has faced development adjustments, the Auris Health Monarch platform for bronchoscopy is already a direct competitor to Intuitive Surgical's Ion system. J&J's immense financial resources, global reach, and commitment to this space position them as a serious long-term threat across various surgical applications.
• CMR Surgical's Versius System: CMR Surgical, a UK-based company, has successfully launched its modular Versius robotic surgery system. Versius has gained significant traction, particularly in international markets (Europe, Asia, etc.), offering a differentiated solution that appeals to some hospitals and further intensifying competition in a market once largely dominated by Intuitive Surgical.

Intuitive Surgical (ISRG) operates in the addressable markets for robotic-assisted surgical systems, endoluminal systems, and surgical staplers.

da Vinci Surgical System

The da Vinci Surgical System is Intuitive Surgical's flagship product, a robotic surgical platform enabling minimally invasive procedures. The total addressable market for robotic surgeries is estimated to be 20 million soft tissue procedures annually on a global basis. A more clearly addressable subset for which Intuitive Surgical currently has products and clearances is approximately 6 million procedures globally. In terms of market value, the global surgical robotics market was valued at USD 11.48 billion in 2024 and is projected to grow to USD 42.21 billion by 2032. North America held a dominant position in the robotic surgery market with a 74.7% market share in 2024.

Ion Endoluminal System

null

SureForm Staplers

Intuitive Surgical's SureForm staplers are used within the broader surgical stapler market. The global surgical stapler market size is valued at USD 6.24 billion in 2025 and is projected to reach USD 8.73 billion by 2030, with a compound annual growth rate (CAGR) of 6.95%. Another estimate places the global surgical stapling devices market size at USD 5,297.6 million in 2023, with a projection to reach USD 9,889.7 million by 2030 at a CAGR of 9.33%. North America dominated the surgical stapling devices market with a revenue share of 29.85% in 2023.

Intuitive Surgical (ISRG) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Growth in da Vinci Procedure Volume: A primary driver of revenue growth is the continued increase in the number of surgical procedures performed using the da Vinci robotic-assisted systems. This growth is anticipated across various surgical specialties, both domestically and internationally. Intuitive Surgical projected global da Vinci procedure volume growth to be between 16% and 17% for the full year 2024, and analysts anticipate 15.5%-17% for 2025, with some estimates going as high as 17-17.5% for 2025. This persistent increase in utilization directly translates to higher sales of instruments and accessories.
2. Increased Adoption and Placements of the da Vinci 5 System: The successful launch and subsequent adoption of the next-generation da Vinci 5 system are significant growth catalysts. The da Vinci 5 system, with its enhanced computing power, ergonomics, and force feedback, has seen strong demand and increased placements. Regulatory clearances for the da Vinci 5 in key markets like Europe, Japan, and South Korea will further accelerate its global rollout and contribute to system upgrade revenue.
3. Expansion of Newer Platforms (Ion and SP Systems): Beyond the core da Vinci systems, the rapid scaling and expanding clinical applications of newer platforms like the Ion endoluminal system for lung biopsies and the single-port (SP) system for specific surgical procedures are contributing to revenue growth. The Ion platform has seen substantial growth, with procedures surging, and the SP system has nearly doubled its procedure count, opening new clinical frontiers.
4. International Market Expansion and Global Approvals: Intuitive Surgical is benefiting from accelerating global expansion, including new system placements and increased regulatory approvals for da Vinci procedures in both existing and new international jurisdictions. This expansion into diverse geographic markets enhances the company's installed base and procedure volumes.
5. Recurring Revenue from Instruments, Accessories, and Services: A substantial portion of Intuitive Surgical's revenue comes from recurring sources, including the sale of instruments and accessories used in procedures, as well as service contracts and operational leases for its systems. As the global installed base of da Vinci systems continues to grow, this annuity-like business model provides a stable and predictable stream of revenue, with recurring revenue accounting for approximately 85% of total revenue in recent quarters.

Share Repurchases

• In July 2022, Intuitive Surgical's board authorized a $3.5 billion share repurchase program, under which the company purchased and retired $1 billion of shares.
• The authorized amount under the common stock repurchase program was increased to an aggregate of $4.0 billion in May 2025.
• During the first nine months of fiscal year 2025, approximately $2.094 billion of outstanding shares were repurchased, with approximately $1.9 billion remaining authorized as of September 30, 2025.

Share Issuance

• In May 2025, stockholders approved an amendment to the 2010 Incentive Award Plan, increasing the number of shares reserved for issuance from 115,350,000 to 120,350,000 and extending the plan's term to January 30, 2035.
• As of June 30, 2025, approximately 22.1 million shares were reserved for future issuance under the company's stock plans.
• The number of outstanding diluted shares increased from 358.4 million in fiscal year 2019 to 361.8 million in the third quarter of 2025, reflecting some share issuance, likely related to stock-based compensation.

Capital Expenditures

• Intuitive Surgical's capital expenditures averaged $677.8 million annually from fiscal year 2020 to 2024, peaking at $1.111 billion in 2024.
• For fiscal year 2025, capital expenditures are projected to be between $625 million and $675 million.
• The primary focus of these expenditures includes planned facility construction, expanding production, and investments in areas such as AI, machine learning, and augmented reality.