BOTZ
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ISRG
The robot doc still has its swagger
Intuitive Surgical came out swinging in Q1 2026, posting $2.77 billion in revenue and adjusted EPS of $2.50 — both comfortably ahead of Wall Street’s expectations. In other words: the robot-assisted surgery king didn’t just show up, it showed off.
Why the market cares
The real story isn’t just the beat. It’s that management nudged full-year da Vinci procedure growth up to 13.5%–15.5%, from 13%–15% before. That might sound like a tiny tweak, but on a company this size, even a modest bump says demand is still humming.
Here’s what’s driving the machine:
- Strong adoption of Da Vinci 5, SP, and Ion systems
- Solid procedure growth in the U.S. and Europe
- Ongoing AI and digital investment to make surgeries smoother and more efficient
The not-so-perfect parts
Not everything was champagne and confetti. Asia was softer, especially China and Japan, and management flagged a grab bag of headwinds: insurance subsidy changes in the U.S., macro pressure in Europe, China tender dynamics, and some obesity-drug-related mix shifts. Translation: the company is still growing, but the global road has a few potholes.
Margins also got a little better than expected, with adjusted gross margin now seen at 67.5%–68.5%, helped by a lower tariff hit even as freight and semiconductor memory costs stay annoying.
Big picture
If you own ISRG, this is the kind of report you want: growth is intact, guidance moved up, and the company still looks like the category leader. The stock may not moon like a meme name, but it keeps doing the one thing investors love most — making skepticism look tired.