Core Insights - Intuitive Surgical reported strong fourth-quarter results with a 19% year-over-year revenue increase to $2.9 billion and a net income rise from $686 million to $795 million [2] - The company continues to show impressive business momentum, driven by the volume of procedures performed with its robotic systems, which supports recurring revenue from service and accessory sales [2][3] Financial Performance - In Q4, worldwide procedures grew 18% year over year, with Da Vinci platform procedures increasing by 17% and Ion procedures rising by 44% [3] - Instruments and accessories revenue rose 17% to $1.7 billion, while service revenue increased 19% to $422 million [3] - Total revenue for 2025 reached $10.1 billion, a 21% increase from $8.4 billion in 2024, with instruments and accessories plus service revenue making up 75% of total revenue [7] System Sales and Installed Base - Intuitive placed 532 Da Vinci systems in Q4, including 303 of the latest Da Vinci 5 systems, leading to a 12% year-over-year growth in the installed base to 11,106 systems [4] - The active installed base of Ion systems grew 24% year over year to 995, indicating its increasing importance to the company [5] Market Position and Valuation - The company has a strong balance sheet with approximately $9 billion in cash and no debt, providing significant financial flexibility [8] - Shares are currently trading at about 70 times earnings, raising questions about their high valuation [9] Future Outlook - Management's guidance for 2026 indicates a slower growth rate for worldwide procedures, projecting a growth of 13% to 15%, down from 18% in 2025 [10] - Despite the high valuation, the fourth-quarter results strengthen the case for Intuitive Surgical as a long-term investment, with ongoing expansion of its core platform and contributions from Ion [11]