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Mar 31, 2025
Intuitive Surgical Q1 2025 Earnings Report
Intuitive Surgical reported strong Q1 2025 results with double-digit revenue and net income growth driven by da Vinci procedure volume and system placements.
Key Takeaways
Intuitive Surgical delivered a robust quarter with 19% revenue growth and a solid increase in net income. The company saw higher da Vinci system placements, especially the da Vinci 5, and increased procedure volumes across its platforms.
Revenue grew 19% year-over-year to $2.25B driven by da Vinci procedure and system placement growth.
EPS reached $1.92, while non-GAAP EPS came in at $1.81.
367 da Vinci systems were placed, including 147 da Vinci 5 units.
Instruments and accessories revenue rose 18%, reflecting higher surgical volume.
Revenue by Segment
Forward Guidance
Intuitive expects continued growth in procedures and operating expenses, while facing margin pressures from tariffs.
Positive Outlook
- Expected worldwide da Vinci procedure growth of 15% to 17% in 2025.
- Non-GAAP operating expense growth anticipated between 10% and 14%.
- Strong adoption trends of da Vinci 5 platform.
- Growth in installed base supports recurring revenue streams.
- Expansion in Ion procedure volume contributing to accessory revenue.
Challenges Ahead
- Expected non-GAAP gross profit margin down to 65%-66.5%, from 69.1% in 2024.
- Tariffs expected to impact gross margin by about 1.7% of revenue.
- Potential for additional tariff-related headwinds.
- Non-GAAP gross margin may vary with system sales mix and China volume.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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