Overview
- Utilization is rising faster than footprint, with Q1 2026 procedures up 17% year over year versus a 12% increase in the installed base.
- Recurring revenue dominates the mix, with about 60% from instruments and accessories, 15% from services, and 23% from da Vinci system sales.
- Scale continues to expand, as the company placed 431 da Vinci systems in Q1 2026 and now has 11,395 robots in use worldwide.
- Each surgery requires single‑use tools and periodic maintenance, creating a flywheel where higher procedure volumes lift consumables and service sales.
- Shares have climbed roughly 580% over the past decade versus 240% for the S&P 500, even as investors weigh tariffs, new rivals like Medtronic’s Hugo system, and a premium valuation.