Intuitive Surgical Inc (NASDAQ:ISRG) surged more than 17% after the opening bell on Wednesday following a blockbuster third-quarter earnings report that blew past Wall Street expectations. The strong results were fueled by surging procedure volumes and growing adoption of its next-generation da Vinci 5 surgical system.
The company posted adjusted earnings of $2.40 per share, well above the $1.99 analyst consensus. Revenue rose 23% year over year to $2.51 billion, beating the $2.41 billion estimate. Global procedures performed with Intuitive systems climbed about 20%, including a 19% rise in da Vinci procedures and a 52% jump in Ion procedures.
“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, CEO of Intuitive.
Intuitive placed 427 da Vinci systems during the quarter, up from 379 in Q3 2024. Shipments of da Vinci 5 more than doubled to 240 units, compared with 110 a year earlier. The company’s total installed base of da Vinci systems grew 13% year over year to 10,763.
Instruments and accessories revenue, reflecting usage of installed systems, climbed 20% to $1.52 billion. Systems revenue jumped 33% to $590 million.
For 2025, Intuitive reaffirmed its guidance for worldwide da Vinci procedure growth of 17% to 17.5% and projected a non-GAAP gross profit margin between 67% and 67.5% of revenue, factoring in a 0.7% tariff impact.
During the quarter, the company repurchased 4 million shares of common stock for $1.92 billion, signaling confidence in its long-term growth trajectory.
Following the results, Leerink Partners reiterated its Outperform rating and raised its price target to $600 from $593, stating, “ISRG delivered strong 3Q results. We expect ISRG will continue to capitalize on its key ongoing growth drivers, strong industry-leading fundamental position, and operational execution to create further opportunities for upside for investors.”