Core Insights - Intuitive Surgical (ISRG) reported strong 2025 results, with total revenues increasing by 20.5% year over year to $10.1 billion and adjusted earnings per share rising by 21.7% to $8.93, driven by higher procedure volumes and increased utilization of its robotic systems [1][10] Financial Performance - Total revenues for 2025 reached $10.1 billion, marking a 20.5% increase year over year [1] - Adjusted earnings per share were $8.93, reflecting a 21.7% growth [1] - The company treated over 3.1 million patients in 2025, an 18% increase from the previous year [1] Growth Drivers - The growth was primarily fueled by higher procedure volumes, supported by an expanding installed base and increased utilization of da Vinci platforms, which saw a global utilization increase of 3% [1] - The Instruments and accessories segment experienced an 18.5% sales growth, driven by the adoption of the da Vinci 5 robotic system and its expansion into new surgical indications [2] Future Outlook - For 2026, Intuitive Surgical anticipates worldwide procedure growth of approximately 13-15%, which is lower than the growth rate in 2025 but reflects an upward revision from previous expectations [5][10] - The company plans to focus on global expansion of its robotic platforms, particularly the da Vinci 5, and will increase investments in training, commercial execution, and market access [3] - The recent FDA clearance for da Vinci 5 for certain cardiac procedures is expected to expand the total addressable market by approximately 160,000 procedures annually [3] Product Development - Intuitive Surgical intends to introduce additional products and features in 2026 to enhance the capabilities of the da Vinci 5 system, potentially driving further growth in procedure volumes [4] Market Position - ISRG's stock has seen a 0.9% increase over the past six months, compared to a 2.8% growth for the industry [9] - The company trades at a forward price-to-earnings ratio of 47, which is above the industry average but lower than its five-year median of 71.33 [11]