Overview
- Intuitive reported Q2 adjusted EPS of $2.80 and revenue of $2.89 billion, topping Street estimates and lifting its 2026 adjusted gross profit margin outlook to 68%–69%.
- Global da Vinci procedures rose about 15% in the quarter while U.S. growth moderated to roughly 12%, which management said reflected some patients deferring elective surgeries after the end of enhanced ACA premium subsidies.
- The market reaction was sharp with shares falling more than 10% after the earnings release, as investors focused on the domestic slowdown despite the company holding full-year procedure growth guidance near the midpoint of 13.5%–15.5%.
- Intuitive placed 468 da Vinci systems in the quarter and grew its installed base of da Vinci and Ion systems, which matters because procedure volume drives recurring instruments and accessories revenue that underpins future sales.
- Competitive pressure is rising as Johnson & Johnson’s Ottova robot seeks regulatory clearance by year-end, a development that could erode Intuitive’s single-provider advantage and is now a near-term watch item for investors.