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Intuitive Surgical (NASDAQ: ISRG) Q1 2025 Earnings Analysis
aijourneys
2025. 5. 29. 10:38
Intuitive Surgical reported its Q1 2025 earnings on April 22, 2025, highlighting robust growth from increased adoption of da Vinci surgical systems and rising procedure volumes.
Financial Summary
| Metric | Q1 2025 | Q1 2024 | YoY Change |
|---|---|---|---|
| Total Revenue | $2.25 billion | $1.89 billion | +19% |
| GAAP Net Income | $698 million | $545 million | +28% |
| Non-GAAP Net Income | $662 million | $541 million | +22% |
| GAAP EPS | $1.92 | $1.51 | +27% |
| Non-GAAP EPS | $1.81 | $1.50 | +21% |
| Operating Income (GAAP) | $578 million | $469 million | +23% |
| Operating Income (Non-GAAP) | $768 million | $630 million | +22% |
| Gross Profit Margin (Non-GAAP) | 64.7% | 65.9% | -1.2pp |
| Cash & Investments | $9.10 billion | $8.83 billion | +3% |
Business Highlights
- 367 da Vinci systems placed, including 147 da Vinci 5 systems (Q1 2024: 313 systems, 8 da Vinci 5)
- Global installed base grew to 10,189 systems (+15% YoY)
- 732,000 procedures performed, up 17% YoY
- Instruments & Accessories revenue: $1.37 billion (+18% YoY)
- Systems revenue: $523 million (+25% YoY)
- Service revenue: $363 million (+16% YoY)
Full-Year 2025 Guidance
- Procedure growth expected between 15% and 17%
- Non-GAAP gross margin projected between 65% and 66.5%
- Operating expenses expected to grow 10% to 14%
Strategic Insights
Intuitive Surgical's performance in Q1 2025 reflects sustained demand for robotic-assisted surgeries. The widespread adoption of the new da Vinci 5 platform highlights market confidence, although gross margin pressure from tariffs remains a concern. The company continues to focus on expanding global access and surgical capabilities.
Next Earnings Release
Intuitive Surgical is expected to report its Q2 2025 earnings in late July 2025.