INTUITIVE ANNOUNCES THIRD QUARTER EARNINGS (Form 8-K)

INTUITIVE ANNOUNCES THIRD QUARTER EARNINGS

SUNNYVALE, CALIF. October 21, 2025 - Intuitive (the "Company") (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended September 30, 2025.

Q3 Highlights

•Worldwide procedures (da Vinci and Ion combined) grew approximately 20% compared with the third quarter of 2024. Da Vinci procedures grew approximately 19% and Ion procedures grew approximately 52%.

•The Company placed 427 da Vinci surgical systems, compared with 379 in the third quarter of 2024. The third quarter 2025 da Vinci surgical system placements included 240 da Vinci 5 systems, compared with 110 in the third quarter of 2024. The Company placed 50 Ion endoluminal systems, compared with 58 in the third quarter of 2024.

•The Company grew its da Vinci surgical system installed base to 10,763 systems as of September 30, 2025, an increase of 13% compared with 9,539 as of September 30, 2024. The Company grew its Ion endoluminal system installed base to 954 systems as of September 30, 2025, an increase of 30% compared with 736 as of September 30, 2024.

•Third quarter 2025 revenue of $2.51 billion increased 23% compared with $2.04 billion in the third quarter of 2024.

•Third quarter 2025 GAAP net income attributable to Intuitive was $704 million, or $1.95 per diluted share, compared with $565 million, or $1.56 per diluted share, in the third quarter of 2024.

•Third quarter 2025 non-GAAP* net income attributable to Intuitive was $867 million, or $2.40 per diluted share, compared with $669 million, or $1.84 per diluted share, in the third quarter of 2024. Third quarter 2025 non-GAAP* net income attributable to Intuitive included tax benefits of $0.12 per diluted share associated with U.S. tax reform and the release of unrecognized tax benefits.

•The Company repurchased 4.0 million shares of its common stock for $1.92 billion in the third quarter of 2025.

Q3 Financial Summary

Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.

Third quarter 2025 revenue was $2.51 billion, an increase of 23% compared with $2.04 billion in the third quarter of 2024. The higher third quarter revenue was driven by growth in procedure volume, higher da Vinci system placements, and an increase in the installed base of systems.

Third quarter 2025 instruments and accessories revenue increased by 20% to $1.52 billion, compared with $1.26 billion in the third quarter of 2024. The increase in instruments and accessories revenue was primarily driven by approximately 19% growth in da Vinci procedure volume and approximately 52% growth in Ion procedure volume.

Third quarter 2025 systems revenue was $590 million, compared with $445 million in the third quarter of 2024. The Company placed 427 da Vinci surgical systems, of which 240 were da Vinci 5 systems, in the third quarter of 2025, compared with 379 systems, of which 110 were da Vinci 5 systems, in the third quarter of 2024. The third quarter 2025 da Vinci surgical system placements included 231 systems placed under operating lease arrangements, of which 115 systems were placed under usage-based operating lease arrangements, compared with 220 systems placed under operating lease arrangements, of which 141 systems were placed under usage-based operating lease arrangements in the third quarter of 2024.

Third quarter 2025 GAAP income from operations increased to $760 million, compared with $577 million in the third quarter of 2024. Third quarter 2025 GAAP income from operations included share-based compensation expense of $206 million, compared with $176 million in the third quarter of 2024. Third quarter 2025 non-GAAP* income from operations increased to $976 million, compared with $755 million in the third quarter of 2024.

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Third quarter 2025 GAAP net income attributable to Intuitive Surgical, Inc. was $704 million, or $1.95 per diluted share, compared with $565 million, or $1.56 per diluted share, in the third quarter of 2024. Third quarter 2025 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $24 million, or $0.07 per diluted share, compared with $42 million, or $0.12 per diluted share, in the third quarter of 2024.

Third quarter 2025 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $867 million, or $2.40 per diluted share, compared with $669 million, or $1.84 per diluted share, in the third quarter of 2024.

The Company ended the third quarter of 2025 with $8.43 billion in cash, cash equivalents, and investments, a decrease of $1.10 billion during the quarter, primarily driven by cash used in repurchases of common stock and capital expenditures, partially offset by cash generated from operations.

"We're pleased with our strong results this quarter, underscored by continued growth in customer use and adoption of our Ion and da Vinci platforms, including da Vinci 5," said Dave Rosa, Intuitive CEO. "We remain focused on helping our customers achieve the Quintuple Aim: delivering better patient care, improving patient and care team experiences, expanding access to high quality care, and reducing overall care costs."

2025 Financial Outlook

The Company expects the following results for the full year of 2025:

•Worldwide da Vinci procedure growth of approximately 17% to 17.5% in 2025, compared to 17% in 2024.

•Non-GAAP* gross profit margin to be within a range of 67% and 67.5% of revenue in 2025, compared to 69.1% in 2024. This range includes an estimated impact from tariffs of 0.7% of revenue, plus or minus 10 basis points.

•Non-GAAP* operating expense growth of 11% to 13% in 2025, compared to 10% in 2024.

The updated range for expected non-GAAP* gross profit margin reflects the Company's estimates of the adverse impact from tariffs that are currently in effect as of the time of this press release and assumes such tariffs remain in place. Should additional tariffs be implemented or existing tariffs be modified, the additional impact on the Company's financial results in 2025, including the change in expected non-GAAP* gross profit margin, could be material. The ultimate effect of tariffs will depend on various factors, including the proportion of components procured and finished goods manufactured outside of the United States and the amount, scope, nature, and timing of the tariffs.

The 2025 financial outlook provided above includes forward-looking, non-GAAP financial measures, which management uses in measuring performance. We do not provide a reconciliation of non-GAAP outlook measures to corresponding GAAP measures on a forward-looking basis, because we are unable to predict with reasonable certainty the exact timing and ultimate outcome of certain items, including but not limited to legal proceedings, without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to Intuitive's results computed in accordance with GAAP. For additional information regarding the nature of these items, refer to the reconciliations of historical GAAP to non-GAAP measures included elsewhere in this release.

Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/.

Webcast and Conference Call Information

Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the third quarter 2025 financial results. The call will be webcast live and can be accessed on Intuitive's website at www.intuitive.com. For those individuals planning to participate on the call, registration can be completed online at https://register-conf.media-server.com/register/BI649abdc801b44130b579b930d4610c07 to receive dial-in details and an individual pin. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days.

About Intuitive

Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic-assisted surgery. Our technologies include the da Vinci surgical systems and the Ion endoluminal system. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most.

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Product and brand names/logos are trademarks or registered trademarks of Intuitive or their respective owner. See www.intuitive.com/trademarks.

For more information, please visit the Company's website at www.intuitive.com.