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Highlights

  • Q1 2025 revenue rose 19% to $2.25B, led by robust da Vinci procedure growth and system placements.

  • GAAP net income grew 28% to $698M; diluted EPS reached $1.92.

  • da Vinci 5 system gains traction with 147 placements vs. 8 in Q1 2024.

Intuitive Surgical, Inc. (Nasdaq:ISRG) has reported financial results for the first quarter ended March 31, 2025. the results are driven by the demand for robotic-assisted procedures and the adoption of its next-gen da Vinci 5 system powered growth across the board.

The company, a global leader in minimally invasive care, posted Q1 revenue of $2.25 billion, a 19% increase from $1.89 billion in the same period last year. The top-line result was fueled by continued momentum in da Vinci procedure volumes, higher system placements, and an expanding global installed base.

Procedure and System Growth

Global da Vinci procedures rose 17% year-over-year, reflecting growing surgical demand and wider acceptance of robotic-assisted care. Intuitive also placed 367 da Vinci surgical systems, up from 313 in Q1 2024. Notably, 147 of these were the newer da Vinci 5 systems, a significant jump from just 8 placements in the prior-year period.

As a result, Intuitive’s installed base expanded to 10,189 systems, a 15% year-over-year increase from 8,887 at the end of Q1 2024.

Revenue Breakdown

  • Instruments and accessories revenue climbed 18% to $1.37 billion, reflecting increased procedure volumes across both da Vinci and Ion platforms. Ion procedure volume surged 58%.

  • Systems revenue rose to $523 million, up from $418 million, supported by da Vinci 5 adoption and increased lease-based placements.

  • 198 systems were placed under operating leases, with 107 under usage-based agreements, reflecting continued flexibility in Intuitive’s sales approach.

Profitability and Earnings

GAAP net income came in at $698 million, or $1.92 per diluted share, up from $545 million and $1.51 per share in Q1 2024. On a non-GAAP basis, net income was $662 million, or $1.81 per share, compared to $541 million and $1.50 per share a year ago.

The earnings beat was attributed to operational performance and continued leverage from a larger system base and recurring revenue streams.

2025 Outlook

For the full year, Intuitive expects:

  • da Vinci procedure growth of 15% to 17%, in line with 2024’s 17%.

  • Non-GAAP gross profit margin of 65% to 66.5%, down from 69.1% in 2024, primarily due to an estimated 1.7% tariff impact, with a potential ±30 basis point swing.

  • Non-GAAP operating expense growth of 10% to 14%, compared to 10% in 2024, reflecting increased investments in innovation and commercial expansion