Can Intuitive Surgical Sustain Robust Top-line Growth in 2026?

Intuitive Surgical ISRG delivered robust 2025 results, beating estimates on both counts. Total revenues rose 20.5% year over year to $10.1 billion. The company recorded adjusted earnings per share of $8.93, up 21.7%. The growth was driven by higher procedure volumes, supported by an expanding installed base and increased utilization. The company’s robotic-surgery systems were used to treat more than 3.1 million patients in 2025, marking an 18% year-over-year increase, while utilization across da Vinci platforms rose 3% globally.

The Instruments and accessories segment posted 18.5% sales growth during the year. Continued momentum in procedure volumes was supported by strong adoption of the flagship da Vinci 5 robotic system and its expansion into new surgical indications.

Intuitive Surgical plans to focus on the global expansion of its robotic platforms in 2026, particularly da Vinci 5, alongside increased investments in training, commercial execution and market access. da Vinci 5 received FDA clearance last month for use in certain cardiac procedures, including mitral valve repair and internal mammary artery mobilization for cardiac revascularization. ISRG estimates that this approval expands the total addressable market by approximately 160,000 procedures annually.

The company plans to introduce additional products and features in 2026 to enhance da Vinci 5 capabilities, potentially driving further procedure growth. In Japan, potential reimbursement for additional robotic procedures by mid-2026 could support a recovery in procedure volumes.

For 2026, Intuitive Surgical expects worldwide procedures to grow approximately 13-15%. While this guidance is lower than 2025 growth, the company had previously raised its outlook after procedure growth in 2025 exceeded initial expectations.

Peer Update

Stryker’s SYK 2026 top-line outlook is increasingly anchored by MAKO. Management expects organic revenue growth of roughly 8-9.5% in 2026, with MAKO system placements and rising utilization acting as a durable growth flywheel.

With more than 3,000 systems installed globally, MAKO is driving downstream implant pull-through, particularly in knees and hips, where robotic penetration continues to climb. Shoulder and spine applications should expand MAKO’s addressable market. For Stryker, MAKO is no longer just a capital sale; it is a recurring revenue engine supporting procedure growth and reinforcing SYK’s ability to outgrow core orthopedics in 2026.

Zimmer Biomet’s ZBH 2026 top-line trajectory is increasingly tied to execution around ROSA, its flagship robotic platform. Management has framed 2026 as a year of disciplined acceleration, with ROSA supporting procedure growth across knees, hips and shoulders. As ROSA adoption expands across CT-based, imageless, and shoulder applications, Zimmer Biomet expects robotics to enhance mix, improve surgeon efficiency, and strengthen competitiveness in both hospitals and ASCs.

ISRG’s Price Performance, Valuation and Estimates

Shares of ISRG have risen 0.9% over the past six months compared with 2.8% growth for the industry.

From a valuation standpoint, Intuitive Surgical trades at a forward price-to-earnings ratio of 47, above the industry average. But, it is still lower than its five-year median of 71.33. ISRG carries a Value Score of F.

The Zacks Consensus Estimate for Intuitive Surgical’s 2026 earnings implies a 12.1% rise from the year-ago period’s level.

The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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