Overview
- Intuitive’s shares have slid roughly 28% in 2026 even though the company reported strong first-quarter results with $2.77 billion in revenue, a 23% increase, and da Vinci procedures up about 16%.
- The company disclosed on May 21 that five of six Force Feedback instruments now last up to 15 uses and that it will raise allowed uses for older core instruments in 2027, changes that could lower per‑case instrument spending at hospitals.
- The market reacted negatively to the May update because investors fear lower recurring instruments and accessories revenue and easier entry for refurbishers who resell used tools.
- Wall Street is sharply divided: Goldman Sachs kept a Buy and a $558 target, Deutsche Bank cut its target to $366 and kept a Sell, and Bank of America trimmed its target to $515, reflecting different views on how large and lasting any revenue hit will be.
- The key near-term test is Intuitive’s July earnings call when the company is expected to quantify the instrument changes and their modeled revenue impact, with some analysts citing past extended-use programs as precedent for only modest long-term effects.