INTUITIVE ANNOUNCES SECOND QUARTER EARNINGS

SUNNYVALE, CALIF. July 22, 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 June 30, 2025.

Q2 Highlights

•Worldwide da Vinci procedures grew approximately 17% compared with the second quarter of 2024.

•The Company placed 395 da Vinci surgical systems, compared with 341 in the second quarter of 2024. The second quarter 2025 da Vinci surgical system placements included 180 da Vinci 5 systems, compared with 70 in the second quarter of 2024.

•The Company grew its da Vinci surgical system installed base to 10,488 systems as of June 30, 2025, an increase of 14% compared with 9,203 as of June 30, 2024.

•Second quarter 2025 revenue of $2.44 billion increased 21% compared with $2.01 billion in the second quarter of 2024.

•Second quarter 2025 GAAP net income attributable to Intuitive was $658 million, or $1.81 per diluted share, compared with $527 million, or $1.46 per diluted share, in the second quarter of 2024.

•Second quarter 2025 non-GAAP* net income attributable to Intuitive was $798 million, or $2.19 per diluted share, compared with $641 million, or $1.78 per diluted share, in the second quarter of 2024.

•In July 2025, the Company obtained European certification in accordance with the EU MDR for its da Vinci 5 surgical system for adult and pediatric use in minimally invasive endoscopic procedures across abdominopelvic and thoracoscopic surgical procedures, including urologic, gynecologic, and general laparoscopic procedures, excluding the use of force feedback. The Company intends to seek European certification for the use of force feedback in the future.

•In June 2025, the Company obtained regulatory clearance in Japan for the da Vinci 5 surgical system for use in all surgical specialties and procedures indicated for da Vinci Xi, except for cardiac indications.

Q2 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.

Second quarter 2025 revenue was $2.44 billion, an increase of 21% compared with $2.01 billion in the second quarter of 2024. The higher second quarter revenue was driven by growth in da Vinci procedure volume, higher da Vinci system placements, and an increase in the installed base of systems.

Second quarter 2025 instruments and accessories revenue increased by 18% to $1.47 billion, compared with $1.24 billion in the second quarter of 2024. The increase in instruments and accessories revenue was primarily driven by approximately 17% growth in da Vinci procedure volume and approximately 52% growth in Ion procedure volume.

Second quarter 2025 systems revenue was $575 million, compared with $448 million in the second quarter of 2024. The Company placed 395 da Vinci surgical systems, of which 180 were da Vinci 5 systems, in the second quarter of 2025, compared with 341 systems, of which 70 were da Vinci 5 systems, in the second quarter of 2024. The second quarter 2025 da Vinci surgical system placements included 193 systems placed under operating lease arrangements, of which 124 systems were placed under usage-based operating lease arrangements, compared with 175 systems placed under operating lease arrangements, of which 92 systems were placed under usage-based operating lease arrangements in the second quarter of 2024.

Second quarter 2025 GAAP income from operations increased to $743 million, compared with $567 million in the second quarter of 2024. Second quarter 2025 GAAP income from operations included share-based compensation expense of $200 million, compared with $176 million in the second quarter of 2024. Second quarter 2025 non-GAAP* income from operations increased to $947 million, compared with $754 million in the second quarter of 2024.

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Second quarter 2025 GAAP net income attributable to Intuitive Surgical, Inc. was $658 million, or $1.81 per diluted share, compared with $527 million, or $1.46 per diluted share, in the second quarter of 2024. Second quarter 2025 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $33 million, or $0.09 per diluted share, compared with $36 million, or $0.10 per diluted share, in the second quarter of 2024.

Second quarter 2025 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $798 million, or $2.19 per diluted share, compared with $641 million, or $1.78 per diluted share, in the second quarter of 2024.

The Company ended the second quarter of 2025 with $9.53 billion in cash, cash equivalents, and investments, an increase of $431 million during the quarter, primarily driven by cash generated from operations, partially offset by cash used in repurchases of common stock and capital expenditures.

"We're pleased with our solid performance this quarter, highlighted by continued customer adoption of our newer and existing platforms, including da Vinci 5," stated Dave Rosa, Intuitive CEO. "We are committed to advancing care, and helping our customers provide better patient outcomes, better patient and care team experiences, broadening access to care and decreasing the total cost of care."

2025 Financial Outlook

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

•Worldwide da Vinci procedure growth of approximately 15.5% to 17% in 2025, compared to 17% in 2024.

•Non-GAAP* gross profit margin to be within a range of 66% and 67% of revenue in 2025, compared to 69.1% in 2024. This range includes an estimated impact from tariffs of 1.0% of revenue, plus or minus 20 basis points.

•Non-GAAP* operating expense growth of 10% to 14% 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 second 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/BIce4ff910277b4e438ebb356ec90815a5 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.