Detailed narrative
FY25 Performance and Strategic Priorities
Intuitive Surgical concluded FY25 with strong performance, achieving 19% total procedure growth, 21% revenue growth to $10.1 billion, and a 22% increase in pro forma EPS. The company's strategic priorities for 2025 focused on the full launch of da Vinci 5, increasing adoption of focused procedures, building industrial scale, and enhancing digital tools. For 2026, priorities include global expansion of platforms, digital feature releases, continued adoption efforts, manufacturing optimization, and advancing innovation into new disease states.
da Vinci 5 Expansion and Cardiac Clearance
Demand for da Vinci 5 strengthened throughout 2025, with 870 systems placed globally, including 58 in Europe, the U.K., and Japan following H2 launches. Customer feedback highlights benefits like greater autonomy and enhanced efficiency, leading to higher utilization. The company received FDA clearance for several cardiac procedures on da Vinci 5 using non-Force Feedback instruments, with a measured rollout planned to support training and adoption in this complex surgical area. The My Intuitive+ digital subscription package, offered with da Vinci 5, includes simulation, telecollaboration, and case insights.
Single-Port (SP) Platform Momentum and New Indications
The Single-Port platform demonstrated significant momentum in 2025, with procedures growing 87% and the installed base increasing 39% to 377 systems. Key growth drivers included Korea and the U.S., with early traction in Europe, Japan, and Taiwan. In Q4, the SP platform received 510(k) clearance for additional indications, including nipple-sparing mastectomy, inguinal hernia repair, cholecystectomy, and appendectomy. The SP stapler, following positive initial feedback, is moving into a broad launch this quarter to support deeper penetration in thoracic and colorectal procedures.
Ion Platform Growth and Capability Expansion
The Ion platform continued its robust clinical growth, with worldwide procedures increasing 51% to over 144,000 in 2025, and a global installed base approaching 1,000 systems. The company remains focused on growing utilization of existing domestic systems and ensuring strong early results in international markets. Efforts are underway to expand Ion's capabilities, including the integration of ROSE (rapid on-site tissue evaluation technology) and endobronchial ultrasound, aiming to minimize time from detection to treatment for lung cancer patients.
ASC Strategy and Refurbished XiR Systems
Intuitive is expanding its footprint in Ambulatory Surgery Centers (ASCs), a multi-year effort leveraging its refurbished da Vinci Xi systems (XiR). In 2025, 42 XiR systems were placed. The company believes there is a sizable long-term opportunity for XiR and related economic programs to expand access internationally and in U.S. ASCs, particularly in higher-volume centers and those affiliated with existing IDN customers. This strategy also supports customers upgrading to da Vinci 5 by facilitating the redeployment of their existing Xi systems to HOPD or ASC settings.
Clinical Evidence Supporting Robotic Surgery
Recent clinical studies underscore the benefits of robotic-assisted surgery. The CONVERSION Study, a 20-year meta-analysis, found that robotic-assisted procedures were approximately 50% less likely to convert to open surgery compared to laparoscopic procedures across various general surgeries. A Danish study on ventral and incisional hernia repair showed that robotic-assisted procedures resulted in significantly shorter length of stay (0.5 days vs. 1.2 days), a 44% reduction in readmission rates, and lower mean total perioperative costs (EUR 660 difference) compared to laparoscopic approaches.