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Jun 30
Intuitive Surgical Q2 2025 Earnings Report
Intuitive Surgical reported strong financial results for the second quarter of 2025, with significant growth in revenue, net income, and EPS, driven by increased da Vinci procedure volumes and system placements.
Key Takeaways
Intuitive Surgical delivered a robust second quarter in 2025, with total revenue increasing by 21% year-over-year to $2.44 billion. GAAP net income rose to $658 million, and non-GAAP net income reached $798 million. The company saw a 17% growth in worldwide da Vinci procedures and placed 395 da Vinci surgical systems, including 180 da Vinci 5 systems, contributing to a 14% increase in its installed base.
Total revenue for Q2 2025 increased by 21% to $2.44 billion, up from $2.01 billion in Q2 2024.
GAAP diluted EPS was $1.81, and non-GAAP diluted EPS was $2.19, showing significant growth compared to the prior year.
Worldwide da Vinci procedures grew approximately 17% year-over-year, driving strong instruments and accessories revenue.
The da Vinci surgical system installed base expanded to 10,488 systems, a 14% increase from the previous year, with 395 systems placed in the quarter.
Intuitive Surgical
Intuitive Surgical
Intuitive Surgical Revenue by Segment
Revenue by Segment
Instruments and Accessories Revenue
CapyFin.comSystems Revenue
CapyFin.comServices Revenue
CapyFin.com Forward Guidance
For the full year 2025, Intuitive expects worldwide da Vinci procedure growth of approximately 15.5% to 17%, non-GAAP gross profit margin between 66% and 67% of revenue, and non-GAAP operating expense growth of 10% to 14%.
Positive Outlook
- Expected worldwide da Vinci procedure growth of 15.5% to 17% for 2025, indicating continued strong adoption.
- Commitment to advancing care and improving patient outcomes and experiences.
- Focus on broadening access to care and decreasing the total cost of care.
- Continued customer adoption of both newer and existing platforms, including da Vinci 5.
- Regulatory clearances obtained for da Vinci 5 in Europe and Japan, expanding market reach.
Challenges Ahead
- Non-GAAP gross profit margin expected to be lower (66%-67%) in 2025 compared to 69.1% in 2024.
- Estimated impact from tariffs of 1.0% of revenue on gross profit margin.
- Potential for additional tariffs or modifications to existing tariffs could materially impact financial results.
- Uncertainty in predicting exact timing and ultimate outcome of certain items for GAAP reconciliation of forward-looking non-GAAP measures.
- Overall macroeconomic environment, including inflation and interest rates, may impact customer spending and costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income