Intuitive Surgical, a leading innovator in robotic-assisted surgery, announced its financial results for the first quarter ended March 31, 2026, on April 21, 2026. The company reported adjusted earnings of $2.50 per share, exceeding the consensus analyst estimate of $2.12 per share. Revenue for the quarter reached $2.77 billion, marking a 23% increase compared to the first quarter of 2025 and surpassing the forecasted $2.62 billion.
The robust revenue growth was primarily driven by a 17% increase in worldwide procedures, encompassing both da Vinci and Ion systems. Da Vinci procedures specifically grew by approximately 16%, while Ion procedures saw a significant increase of 39%. Intuitive Surgical also reported placing 431 da Vinci surgical systems during the quarter, an increase from 367 systems in the first quarter of 2025. The installed base of da Vinci surgical systems expanded to 11,395 globally as of March 31, 2026, representing a 12% year-over-year increase.
Despite these strong financial beats, the company's shares experienced a modest decline of 0.2% following the earnings release. This reaction appears to be linked to Intuitive Surgical's updated full-year guidance. The company projects worldwide da Vinci procedure growth to be in the range of 13.5% to 15.5% for 2026. This guidance is below the 18% growth rate observed in 2025.
Intuitive Surgical also provided updated expectations for its adjusted gross profit margin, targeting a range of 67.5% to 68.5% for the full year, an adjustment from the prior range of 67% to 68% provided in January. Adjusted operating expense growth is now projected between 11% and 14% for 2026, compared to previous calls for 11% to 15% growth.
During its first-quarter conference call, Intuitive Surgical noted that the lower growth rate for da Vinci procedures, particularly in international markets, reflects ongoing challenges in China and Japan, including relatively low tender activity, domestic competition, and policy-driven pricing pressure. The company stated its continued commitment to investments aimed at improving procedure growth and market access activities.
Intuitive Surgical has historically maintained a dominant position in the soft-tissue surgical instrument market. However, the company is facing increasing competition from other medical technology players, including Medtronic and Johnson & Johnson. The company repurchased 2.3 million shares of its common stock for $1.1 billion in the first quarter of 2026.