Analyst Consensus ?
ConsensusBuy57 ratings
Bullish4070.2%
Neutral1221.0%
Bearish58.8%
Intuitive Surgical, Inc. · ISRG · FY2024 Q4 · Calendar Q1 2025
Intuitive Surgical Maintains Outlook Amid da Vinci 5 Momentum
The supplied analysis supports a constructive but qualified view: da Vinci 5, Ion, SP, digital tools, and expanded indications provide growth drivers, while margin pressure, competition, tariffs, and regional capital constraints temper the outlook.
Reported After market closeNASDAQHealthcare
$150.74B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.76
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $2.20B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.2%
Event window
SPY move
-0.4%
Same window
Abnormal move
+0.2%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
-1.6%
Up to 20 sessions
ISRGSPY benchmark
Ask FN2 about ISRG FY2024 Q4
Transcript, numbers and history already loaded
What drove ISRG's -0.2% move after FY2024 Q4 earnings?What changed in ISRG's guidance and outlook in FY2024 Q4?Give me the bull and bear case for ISRG after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management’s current analysis shifts the emphasis from the prior quarter’s raised guidance and launch momentum to a maintained 2025 outlook, with expected margin pressure from higher depreciation and product mix. The company also highlighted new manufacturing capacity, additional platform clearances, digital upgrades, and an acquisition of da Vinci operations in Italy, Spain, and Portugal.
Guidance delta
Management maintained its outlook: 2025 procedure growth of 13–16% and pro forma gross margin of 67–68%, with pressure from higher depreciation and product mix.
Key takeaways
- Full-year 2024 procedure growth was 17%, with record fourth-quarter revenue driven by da Vinci 5 and adoption of Ion and SP.
- Management expects 13–16% procedure growth in 2025, while projecting 67–68% pro forma gross margin.
- Capital expenditures are expected to decline after 2025 as new facilities come online.
- Competition, tariffs, higher depreciation, and regional budget constraints are the main near-term headwinds.
Management priorities
- Broaden the da Vinci 5 launch and add sequential feature upgrades.
- Expand digital imaging, augmented-reality, analytics, training, and force-feedback capabilities.
- Scale manufacturing capacity in California, Germany, and Bulgaria.
- Pursue additional global clearances for SP and Ion and expand indications.
- Continue research and development for endoluminal platforms and new indications.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$426.7Current
$270Low
$476.03Average
$750High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BTIG | Buy | Buy | Maintain | Oct 12, 2026 |
| Oppenheimer | Outperform | Perform | Upgrade | Aug 12, 2026 |
| HSBC | Hold | Buy | Downgrade | Jul 30, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 17, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 17, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 17, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 17, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 17, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Jul 17, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 17, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 17, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 17, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Baird | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | May 18, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 23, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Mar 17, 2026 |
| Freedom Capital Markets | Buy | Hold | Upgrade | Jan 27, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jan 26, 2026 |
| Deutsche Bank | Sell | Hold | Downgrade | Jun 9, 2025 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Dec 2, 2024 |
| Erste Group | Buy | Hold | Upgrade | Nov 19, 2024 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Aug 2, 2024 |
| Jefferies | Hold | Hold | Maintain | Apr 19, 2024 |
| William Blair | Outperform | Outperform | Maintain | Mar 23, 2023 |
| Argus Research | Buy | Buy | Maintain | Dec 22, 2022 |
| Wolfe Research | Perform | Peer Perform | Maintain | Apr 6, 2022 |
| Redburn Partners | Neutral | Buy | Downgrade | Jan 25, 2022 |
| SVB Leerink | Market Perform | Market Perform | Maintain | Aug 26, 2021 |
| Canaccord Genuity | Buy | Buy | Maintain | Jul 22, 2020 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jan 10, 2020 |
| First Shanghai | Buy | Buy | Maintain | Nov 29, 2019 |
| PiperJaffray | Overweight | Neutral | Upgrade | Oct 10, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 20, 2018 |
| Bank of America | Buy | Buy | Maintain | Jul 17, 2018 |
| BTIG Research | Neutral | Buy | Downgrade | Apr 1, 2016 |
| Northland Securities | Market Perform | Underperform | Upgrade | Oct 22, 2014 |
| Northland Capital Markets | Market Perform | Underperform | Upgrade | Oct 22, 2014 |
| Leerink Swann | Outperform | Market Perform | Upgrade | Oct 17, 2014 |
| Sterne Agee | Neutral | Underperform | Upgrade | Apr 29, 2014 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 23, 2014 |
| JMP Securities | Market Outperform | Market Underperform | Upgrade | Apr 2, 2014 |
| ISI Group | Buy | Strong Buy | Downgrade | Jan 21, 2014 |
| CRT Capital | Sell | Sell | Maintain | Nov 26, 2013 |
| Northland | Underperform | Market Perform | Downgrade | Oct 18, 2013 |
| First Analysis | Underweight | Equal Weight | Downgrade | Sep 3, 2013 |
| Ameriprise Financial | Sell | Buy | Downgrade | Jul 9, 2013 |
| Wedbush | Outperform | Outperform | Maintain | Jun 18, 2013 |
| Janney Capital | Buy | Buy | Maintain | Jan 18, 2013 |
| Lazard | Buy | Neutral | Upgrade | Jan 14, 2013 |
| Barrington Research | Outperform | Market Perform | Upgrade | Oct 31, 2012 |
| Dougherty & Co. | Buy | Buy | Maintain | Apr 18, 2012 |
| Dougherty | Buy | Buy | Maintain | Apr 18, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $426.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $415 | $427.64 | -2.7% | Oct 13, 2026 |
| BTIG | Analyst unavailable | $454 | $425.1 | +6.4% | Oct 12, 2026 |
| Barclays | Analyst unavailable | $485 | $404.76 | +13.7% | Oct 6, 2026 |
| HSBC | Analyst unavailable | $391 | $353.1 | -8.4% | Jul 30, 2026 |
| UBS | Priya Sachdeva | $500 | $356.83 | +17.2% | Jul 28, 2026 |
| Piper Sandler | Analyst unavailable | $357.44 | $358.34 | -16.2% | Jul 27, 2026 |
| Raymond James | Jayson Bedford | $483 | $356.77 | +13.2% | Jul 17, 2026 |
| Mizuho Securities | Analyst unavailable | $400 | $402.33 | -6.3% | Jul 17, 2026 |
| BTIG | Analyst unavailable | $469 | $402.33 | +9.9% | Jul 17, 2026 |
| Piper Sandler | Adam Maeder | $470 | $402.33 | +10.1% | Jul 17, 2026 |
| Stifel Nicolaus | Rick Wise | $550 | $402.33 | +28.9% | Jul 17, 2026 |
| Robert W. Baird | Analyst unavailable | $500 | $402.33 | +17.2% | Jul 17, 2026 |
| Wells Fargo | Larry Biegelsen | $487 | $402.33 | +14.1% | Jul 17, 2026 |
| Leerink Partners | Mike Kratky | $454 | $402.33 | +6.4% | Jul 17, 2026 |
| Truist Financial | Analyst unavailable | $510 | $399.34 | +19.5% | Jul 16, 2026 |
| Mizuho Securities | Analyst unavailable | $500 | $379.5 | +17.2% | Jul 15, 2026 |
| Stifel Nicolaus | Rick Wise | $670 | $407.12 | +57.0% | Jul 14, 2026 |
| RBC Capital | Analyst unavailable | $600 | $408.89 | +40.6% | Jul 13, 2026 |
| BTIG | Analyst unavailable | $512 | $406.78 | +20.0% | Jul 13, 2026 |
| BMO Capital | Analyst unavailable | $518 | $415.1 | +21.4% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $430 | $422.04 | +0.8% | Jul 6, 2026 |
| Piper Sandler | Adam Maeder | $580 | $397.61 | +35.9% | Jun 2, 2026 |
| Goldman Sachs | Analyst unavailable | $558 | $436.64 | +30.8% | May 27, 2026 |
| Barclays | Analyst unavailable | $651 | $483.62 | +52.6% | Apr 23, 2026 |
| Truist Financial | Analyst unavailable | $580 | $472.02 | +35.9% | Apr 15, 2026 |
| Mizuho Securities | Analyst unavailable | $525 | $450.47 | +23.0% | Apr 13, 2026 |
| UBS | Analyst unavailable | $570 | $491 | +33.6% | Feb 24, 2026 |
| Barclays | Analyst unavailable | $712 | $523.99 | +66.9% | Jan 26, 2026 |
| Evercore ISI | Vijay Kumar | $550 | $523.6 | +28.9% | Jan 23, 2026 |
| Piper Sandler | Analyst unavailable | $620 | $525.81 | +45.3% | Jan 23, 2026 |
| Bernstein | Analyst unavailable | $750 | $525.81 | +75.8% | Jan 23, 2026 |
| Bernstein | Analyst unavailable | $740 | $585.08 | +73.4% | Jan 9, 2026 |
| Goldman Sachs | Analyst unavailable | $714 | $585.08 | +67.3% | Jan 9, 2026 |
| BTIG | Analyst unavailable | $616 | $592.85 | +44.4% | Jan 7, 2026 |
| Barclays | Analyst unavailable | $686 | $592.85 | +60.8% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $580 | $565.96 | +35.9% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $650 | $565.57 | +52.3% | Dec 18, 2025 |
| RBC Capital | Shagun Singh | $650 | $554.58 | +52.3% | Dec 17, 2025 |
| UBS | Analyst unavailable | $600 | $527.03 | +40.6% | Oct 23, 2025 |
| Mizuho Securities | Anthony Petrone | $575 | $462.74 | +34.8% | Oct 22, 2025 |
| Truist Financial | Richard Newitter | $620 | $462.74 | +45.3% | Oct 22, 2025 |
| RBC Capital | Analyst unavailable | $625 | $462.74 | +46.5% | Oct 22, 2025 |
| Raymond James | Analyst unavailable | $603 | $462.74 | +41.3% | Oct 22, 2025 |
| Robert W. Baird | Analyst unavailable | $655 | $462.74 | +53.5% | Oct 22, 2025 |
| Piper Sandler | Adam Maeder | $610 | $462.74 | +43.0% | Oct 22, 2025 |
| BTIG | Analyst unavailable | $589 | $462.74 | +38.0% | Oct 22, 2025 |
| Bernstein | Lee Hambright | $685 | $464.07 | +60.5% | Oct 21, 2025 |
| Truist Financial | Analyst unavailable | $525 | $436.62 | +23.0% | Oct 15, 2025 |
| UBS | Analyst unavailable | $529 | $429.59 | +24.0% | Oct 13, 2025 |
| BTIG | Ryan Zimmerman | $566 | $519.89 | +32.6% | Jul 14, 2025 |
| BTIG | Ryan Zimmerman | $560 | $490.13 | +31.2% | Apr 14, 2025 |
| Robert W. Baird | Analyst unavailable | $600 | $483.95 | +40.6% | Mar 18, 2025 |
| Truist Financial | Analyst unavailable | $605 | $488.8 | +41.8% | Mar 17, 2025 |
| Truist Financial | Richard Newitter | $640 | $526.47 | +50.0% | Dec 18, 2024 |
| Morgan Stanley | Patrick Wood | $650 | $541.93 | +52.3% | Dec 2, 2024 |
| Goldman Sachs | David Roman | $604 | $517.97 | +41.6% | Oct 18, 2024 |
| RBC Capital | Shagun Singh | $555 | $473.73 | +30.1% | Oct 18, 2024 |
| Piper Sandler | Adam Maeder | $538 | $473.73 | +26.1% | Oct 18, 2024 |
| Mizuho Securities | Anthony Petrone | $550 | $473.73 | +28.9% | Oct 18, 2024 |
| Stifel Nicolaus | Rick Wise | $525 | $473.73 | +23.0% | Oct 18, 2024 |
| Truist Financial | Richard Newitter | $570 | $473.73 | +33.6% | Oct 18, 2024 |
| Evercore ISI | Vijay Kumar | $490 | $473.73 | +14.8% | Oct 18, 2024 |
| BTIG | Ryan Zimmerman | $535 | $473.73 | +25.4% | Oct 18, 2024 |
| Robert W. Baird | David Rescott | $565 | $487.61 | +32.4% | Oct 15, 2024 |
| Wells Fargo | Larry Biegelsen | $466 | $487.61 | +9.2% | Oct 15, 2024 |
| BTIG | Ryan Zimmerman | $518 | $484.78 | +21.4% | Oct 14, 2024 |
| RBC Capital | Shagun Singh | $525 | $471.23 | +23.0% | Oct 8, 2024 |
| Evercore ISI | Vijay Kumar | $475 | $491.27 | +11.3% | Oct 1, 2024 |
| Citigroup | Joanne Wuensch | $560 | $487.42 | +31.2% | Aug 22, 2024 |
| Morgan Stanley | Drew Ranieri | $475 | $451.6 | +11.3% | Jul 19, 2024 |
| Evercore ISI | Vijay Kumar | $410 | $416.14 | -3.9% | Jul 19, 2024 |
| Stifel Nicolaus | Rick Wise | $475 | $416.14 | +11.3% | Jul 19, 2024 |
| Truist Financial | Richard Newitter | $520 | $455.01 | +21.9% | Jul 19, 2024 |
| Piper Sandler | Adam Maeder | $495 | $416.14 | +16.0% | Jul 19, 2024 |
| Truist Financial | Richard Newitter | $515 | $440.64 | +20.7% | Jul 16, 2024 |
| Goldman Sachs | David Roman | $500 | $398.4 | +17.2% | May 30, 2024 |
| Piper Sandler | Adam Maeder | $435 | $368.17 | +1.9% | Apr 19, 2024 |
| Jefferies | Matthew Taylor | $375 | $372.63 | -12.1% | Apr 19, 2024 |
| Robert W. Baird | David Rescott | $436 | $372.63 | +2.2% | Apr 19, 2024 |
| Deutsche Bank | Imron Zafar | $390 | $372.63 | -8.6% | Apr 19, 2024 |
| BTIG | Ryan Zimmerman | $421 | $372.63 | -1.3% | Apr 19, 2024 |
| Stifel Nicolaus | Rick Wise | $430 | $388.39 | +0.8% | Apr 8, 2024 |
| Raymond James | Jayson Bedford | $310 | $267.07 | -27.3% | Oct 20, 2023 |
| Barclays | Matt Miksic | $314 | $298.57 | -26.4% | Apr 19, 2023 |
| Morgan Stanley | Analyst unavailable | $290 | $270.57 | -32.0% | Jan 6, 2023 |
| Argus Research | Analyst unavailable | $320 | $262.37 | -25.0% | Dec 22, 2022 |
| Truist Financial | Analyst unavailable | $310 | $258.16 | -27.3% | Dec 20, 2022 |
| Wells Fargo | Analyst unavailable | $305 | $270.99 | -28.5% | Dec 12, 2022 |
| BTIG | Analyst unavailable | $316 | $269.45 | -25.9% | Dec 5, 2022 |
| J.P. Morgan | Analyst unavailable | $280 | $266.38 | -34.4% | Nov 18, 2022 |
| Stifel Nicolaus | Rick Wise | $260 | $214.78 | -39.1% | Sep 9, 2022 |
| RBC Capital | Shagun Singh | $285 | $237.71 | -33.2% | Aug 2, 2022 |
| Truist Financial | Analyst unavailable | $255 | $216.66 | -40.2% | Jul 22, 2022 |
| Stifel Nicolaus | Rick Wise | $250 | $224.75 | -41.4% | Jul 22, 2022 |
| BTIG | Analyst unavailable | $247 | $212.93 | -42.1% | Jul 18, 2022 |
| Stifel Nicolaus | Analyst unavailable | $270 | $212.79 | -36.7% | Jul 18, 2022 |
| Truist Financial | Analyst unavailable | $270 | $202.8 | -36.7% | Jul 13, 2022 |
| Deutsche Bank | Imron Zafar | $225 | $202.59 | -47.3% | Jun 29, 2022 |
| Raymond James | Lawrence Keusch | $330 | $244.52 | -22.7% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $300 | $257.29 | -29.7% | Apr 25, 2022 |
| Wells Fargo | Analyst unavailable | $339 | $261.65 | -20.6% | Apr 22, 2022 |
| Piper Sandler | Analyst unavailable | $316 | $294.57 | -25.9% | Apr 22, 2022 |
| BTIG | Ryan Zimmerman | $355 | $294.57 | -16.8% | Apr 21, 2022 |
| Evercore ISI | Vijay Kumar | $294 | $276.92 | -31.1% | Apr 18, 2022 |
| Bank of America Securities | Travis Steed | $340 | $299.82 | -20.3% | Mar 3, 2022 |
| Stifel Nicolaus | Rick Wise | $325 | $269.53 | -23.8% | Jan 21, 2022 |
| Citigroup | Joanne Wuensch | $360 | $269.53 | -15.6% | Jan 21, 2022 |
| Morgan Stanley | Drew Ranieri | $325 | $269.53 | -23.8% | Jan 21, 2022 |
| Deutsche Bank | Imron Zafar | $300 | $269.53 | -29.7% | Jan 21, 2022 |
| Wells Fargo | Larry Biegelsen | $350 | $269.53 | -18.0% | Jan 21, 2022 |
| BTIG | Ryan Zimmerman | $360 | $269.53 | -15.6% | Jan 21, 2022 |
| Leerink Partners | Richard Newitter | $346.63 | $347.99 | -18.8% | Aug 25, 2021 |
| Thrivent | JP McKim | $323.3 | $314.98 | -24.2% | Jul 21, 2021 |
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Start freeCompany context
Snapshot as of publicationIntuitive Surgical, Inc. is a leading medical technology firm dedicated to advancing patient care by developing, producing, and commercializing sophisticated tools. These innovations empower medical professionals to deliver superior, accessible, and less-invasive treatment options to patients both within the United States and across international markets. Its flagship offering, the da Vinci Surgical System, facilitates intricate operations through a minimally disruptive approach.…
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-14T00:00:50.895859+00:00
- Polygon adjusted daily market bars · 2026-10-18T14:50:41.489476+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T14:50:41.486652+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.