Core Insights - The importance of historical context in investing is emphasized, suggesting that lessons learned from past market behaviors can inform better investment decisions today [1][2] - The podcast series reflects on past essays to extract valuable insights for current and future investing strategies, highlighting the significance of long-term thinking [2][3] Historical Performance - In July 2006, the average stock return for the Motley Fool's Rule Breakers was -14.53%, but by May 2006, it had rebounded to +28.95%, outperforming the S&P 500 by over 20 percentage points [3][4] - The performance of specific stocks mentioned in past essays, such as Intuitive Surgical, which has increased 120 times in value since its recommendation, illustrates the potential for significant gains from long-term investments [6][7] Market Trends and Investor Behavior - The podcast discusses the cyclical nature of market sell-offs and the opportunities they present for investors who maintain a long-term perspective, encouraging dollar-cost averaging during downturns [4][5] - The concept of "time in the market" versus "timing the market" is reinforced, suggesting that consistent investment strategies yield better results than attempting to predict market movements [5][6] Stock Recommendations and Team Contributions - The introduction of new stock picks by team members, such as Acme Packet and Click Tech, highlights the collaborative nature of the Motley Fool's investment approach, although some of these picks underperformed [8][9] - The performance of stocks recommended in challenging market conditions, such as Green Mountain Coffee Roasters and Mercado Libre, showcases the potential for high returns even during downturns [13][14] Language and Mindset in Investing - The importance of language in shaping investor behavior is discussed, with a focus on how terminology can influence perceptions of market conditions and investment strategies [20][21] - The transition from referring to a "core" list of stocks to "starter stocks" reflects an effort to clarify the purpose of the recommendations and reduce confusion among investors [18][19]

Intuitive Surgical (NasdaqGS:ISRG) FY Conference January 14, 2026 12:00 PM ET Company ParticipantsDavid Rosa - CEO and Member of Board of DirectorsJamie Samath - EVP and CFOConference Call ParticipantsRobbie Marcus - Senior AnalystRobbie MarcusGood morning, everyone. I'm Robbie Marcus, the MedTech analyst at JPMorgan. Very happy to host our next session with Intuitive Surgical. CEO Dave Rosa will give a presentation, and we'll be joined on stage by some Q&A. Dave?Jamie SamathActually, no.David RosaAll right ...

Core Insights - Intuitive Surgical, Inc. reported preliminary fourth-quarter and full-year 2025 results, showing growth in procedures, system placements, and revenue despite a stock decline of 4.24% on the announcement day [1][6] Procedure Expansion - Worldwide procedures using da Vinci and Ion systems increased by approximately 18% in Q4 2025 compared to the previous year, with da Vinci procedures rising by about 17% and Ion procedures surging by around 44% [2] - For the full year 2025, combined procedures grew approximately 19% compared to 2024, with expectations of a 13% to 15% growth in global da Vinci procedures in 2026 [2] System Placements - In Q4 2025, the company placed 532 da Vinci surgical systems, including 303 da Vinci 5 units [3] - For the entire year, Intuitive placed 1,721 da Vinci systems, although there were fewer Ion endoluminal system placements earlier in the year compared to 2024 [3] Revenue Performance - Preliminary revenue for Q4 2025 was about $2.87 billion, exceeding the Street's expectation of $2.72 billion, marking a 19% increase from Q4 2024 [4] - Total revenue for the full year reached approximately $10.06 billion, reflecting a 21% increase from 2024, driven by higher procedure volumes and increased system placements [4] - Revenue from instruments and accessories grew around 17% in Q4, while full-year revenue for these segments rose about 19% compared to the prior year [5] Management Commentary - CEO Dave Rosa highlighted wider platform adoption and growing procedure volumes, emphasizing the company's commitment to improving patient care and outcomes [5]

Key Points Intuitive pre-announced sales results for Q4 today -- and growth is slowing down. Full-year and Q4 earnings results won't come out for another week. 10 stocks we like better than Intuitive Surgical › Intuitive (NASDAQ: ISRG) stock (the robotic surgery company formerly known as "Intuitive Surgical") tumbled 5.8% through 11 a.m. ET Wednesday despite pre-announcing a sales beat ahead of official Q4 earnings. Analysts expect Intuitive to report $2.7 billion in quarterly sales, but Intuitive ...

Core Insights - Intuitive announced preliminary financial results for Q4 and full year 2025, highlighting significant revenue growth driven by increased procedure volume and system placements [1][3][10] Financial Performance - Q4 2025 revenue is expected to be approximately $2.87 billion, a 19% increase from $2.41 billion in Q4 2024 [3] - Full year 2025 revenue is projected at approximately $10.06 billion, reflecting a 21% increase compared to $8.35 billion in 2024 [3] - Instruments and accessories revenue for Q4 2025 increased by 17% to approximately $1.66 billion, up from $1.41 billion in Q4 2024, driven by an 18% growth in worldwide procedure volume [4] - Full year 2025 instruments and accessories revenue rose by 19% to approximately $6.02 billion, compared to $5.08 billion in 2024 [4] Procedure Volume - Q4 2025 da Vinci procedures increased by approximately 17% compared to Q4 2024, with a total of about 3,153,000 procedures performed in 2025, an 18% increase from approximately 2,683,000 in 2024 [5] - Growth in da Vinci procedure volume was largely due to an 18% increase in U.S. general surgery procedures and a 23% increase in procedures performed outside the U.S. [5] - Worldwide da Vinci procedures are expected to grow by approximately 13% to 15% in 2026 [5] System Placements - In Q4 2025, the company placed 532 da Vinci surgical systems, compared to 493 in Q4 2024, including 303 da Vinci 5 systems [6][8] - For the full year 2025, 1,721 da Vinci surgical systems were placed, an increase from 1,526 in 2024, with 870 being da Vinci 5 systems [9] Revenue Breakdown - Q4 2025 systems revenue was approximately $786 million, up from $655 million in Q4 2024, attributed to increased system placements and higher average selling prices [6][7] - Full year 2025 systems revenue reached approximately $2.47 billion, compared to $1.97 billion in 2024 [7] Company Outlook - CEO Dave Rosa expressed satisfaction with the company's performance, noting increased adoption and utilization of surgical platforms and over 3.1 million da Vinci procedures performed in 2025 [10] - The company is scheduled to present detailed financial results at the J.P. Morgan Healthcare Conference on January 14, 2026 [11]

Revenue Growth - Total revenue for Q4 2025 reached $2,866.2 million, a 19% increase from $2,413.5 million in Q4 2024[2] - Total revenue for the year 2025 was $10,064.7 million, up 21% from $8,352.1 million in 2024[2] - Instruments and accessories revenue increased by 17% to $1,658.3 million in Q4 2025, compared to $1,411.5 million in Q4 2024[2] Da Vinci Surgical System Performance - Da Vinci Surgical System placements in the U.S. grew by 7% to 304 units in Q4 2025, while total placements for the year increased by 23% to 987 units[2] - Total worldwide procedures performed using the da Vinci system reached approximately 3,153 thousand in 2025, an 18% increase from 2,683 thousand in 2024[3] - The installed base of da Vinci systems increased by 12% to 11,106 units as of December 31, 2025[2] Pricing and Revenue Composition - The average selling price of systems rose by 5% to $1.68 million in Q4 2025, compared to $1.59 million in Q4 2024[2] - The company reported a total recurring revenue percentage of 81% for Q4 2025, up from 80% in Q4 2024[2] Trade-in and Ion System Placements - Unit placements involving trade-ins surged by 135% to 146 units in Q4 2025, compared to 62 units in Q4 2024[2] - Ion System placements decreased by 39% to 42 units in Q4 2025, down from 69 units in Q4 2024[2]

Core Insights - Intuitive Surgical's da Vinci 5 is in the early stages of international rollout, representing a long-term growth opportunity, but may face near-term hurdles [1][5] - The company is advancing regulatory clearances and early commercial activities outside the U.S., focusing on a country-specific approach for international adoption [2] - Pricing sensitivity and capital budget constraints are significant challenges in international markets, particularly in Europe and Japan [3] Company Strategy - Intuitive Surgical is adopting a portfolio-based approach to address challenges, utilizing leasing structures and alternative configurations to enhance affordability [4] - The company reported solid growth in utilization in several international markets, which is expected to support recurring revenues from instruments and accessories [4] Market Performance - Intuitive Surgical's shares have increased by 9.7% over the past six months, compared to a 12.8% increase for the industry [11] - The company trades at a forward price-to-earnings ratio of 58.13, which is above the industry average but lower than its five-year median of 71.52 [12] Earnings Estimates - The Zacks Consensus Estimate for Intuitive Surgical's 2026 earnings indicates an 11.1% rise from the previous year's level [13] - Current estimates for the upcoming quarters show a year-over-year growth estimate of 1.81% for the current quarter and 16.57% for the next quarter [16]

Core Insights - Intuitive Surgical (ISRG) is positioning the da Vinci 5 system as a platform for expansion into new surgical specialties, particularly cardiac surgery, which could significantly broaden the company's total addressable market (TAM) in the long term [1][2][9] Company Developments - The da Vinci 5's enhanced features, including precision and digital capabilities, aim to make robotic surgery viable for cardiac patients who are not ideal candidates for traditional methods, indicating a medium-term R&D focus rather than immediate revenue generation [2][4] - ISRG has made regulatory progress in general surgery by submitting applications for nipple-sparing mastectomy, which aligns with the company's strengths and could facilitate quicker clinical adoption once approved [3][9] Competitive Landscape - The surgical robotics market is becoming more competitive, with Medtronic and Johnson & Johnson's MedTech unit achieving regulatory clearances that expand their robotic platforms into new clinical applications, highlighting a shift in market dynamics [5][6][7] - Medtronic received FDA clearance for its Hugo robotic-assisted surgery system for urologic procedures, marking its entry into a segment traditionally dominated by ISRG [6] - Johnson & Johnson's MONARCH Platform has received clearance for enhancements that improve access to lung nodules, showcasing innovation in the interventional pulmonology segment [7] Financial Performance - ISRG shares have increased by 11.3% over the past six months, outperforming the industry average increase of 9.1% [8] - The company trades at a forward price-to-earnings ratio of 60.66, which is above the industry average but lower than its five-year median of 71.52, indicating a mixed valuation perspective [10] - The Zacks Consensus Estimate for ISRG's 2026 earnings suggests an 11.1% increase compared to the previous year [11]

Company Overview - Intuitive Surgical, Inc. (ISRG) was founded in 1995 and is based in Sunnyvale, CA, specializing in robotics for minimally-invasive surgical procedures across various medical fields including urology, gynecology, cardiothoracic, head/neck, and general surgery [1]. Investment Philosophy - The company emphasizes the importance of patient investing through both good and bad times, highlighting that the slow accumulation of high-quality assets is key to wealth creation [1]. - It advocates for a balanced investment approach that includes both steady investments and high-risk/high-reward opportunities, as well as transformative technologies [1]. Educational Background - The company has a strong academic foundation, with its team members possessing advanced degrees and extensive teaching experience, contributing to a well-informed investment strategy [1].

Company Overview - Intuitive Surgical, Inc. (ISRG) was founded in 1995 and is based in Sunnyvale, CA, specializing in robotics for minimally-invasive surgical procedures across various medical fields including urology, gynecology, cardiothoracic, head/neck, and general surgery [1] Investment Philosophy - The company emphasizes the importance of patient investing through both good and bad times, highlighting that the slow accumulation of high-quality assets is key to wealth creation [1] - It advocates for a balanced investment approach that includes both steady investments and high-risk/high-reward opportunities, as well as transformative technologies [1] Educational Background - The company has a strong academic foundation, with its team members possessing advanced degrees and extensive teaching experience, contributing to a well-informed investment strategy [1]