What it does
The company states that it provides a connected ecosystem for minimally invasive care. Its platforms include da Vinci surgical systems for a range of surgical procedures and the Ion endoluminal system for minimally invasive lung biopsies. The offering also includes instruments and accessories, customer learning, technical support, and digital tools. The filing says da Vinci systems support procedures across general, urologic, gynecologic, cardiothoracic, and head and neck specialties. It describes Ion as extending the company’s offering beyond surgery into diagnostic endoluminal procedures.
Source: Intuitive Surgical, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company generates revenue from systems, instruments and accessories, and services. Systems revenue comes from its robotic-assisted platforms. Instruments and accessories include items used with da Vinci and Ion systems, including surgical instruments, stapling and energy products, and system-related accessories. The filing states that it earns service revenue through comprehensive service contracts and time-and-material programs for installation, repair, maintenance, technical support, and monitoring. As shown in the segment table, instruments and accessories revenue was $6.0 billion in FY2025, representing 59.8% of revenue.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Instruments and accessories | $6.0 billion | 59.8% | 18.5% |
| Systems | $2.5 billion | 24.6% | 25.8% |
| Service | $1.6 billion | 15.6% | 20.3% |
Source: Intuitive Surgical, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The filing describes customers as hospitals, healthcare systems, surgeons, physicians, operating-room care teams, and other clinical users of its platforms. The company offers training pathways and learning tools for surgeons and physicians, residents and fellows, care teams, patient-side assistants, and robotic coordinators. Its service organization includes field service and technical-support engineers across the U.S., Canada, Europe, and Asia, and it maintains relationships with distributors globally. The company also markets products outside the U.S., where product approvals or certifications and quality-system requirements vary by country.
Source: Intuitive Surgical, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing lists competition from open surgery, conventional minimally invasive surgery (laparoscopy), drug therapies, radiation treatment, and other diagnostic and interventional approaches. It names Johnson & Johnson and Medtronic plc as larger, established companies that compete with certain robotically controlled products. Other named companies include Beijing Surgerii Robotics, CMR Surgical, Distalmotion, Karl Storz, Medicaroid, meerecompany, Noah Medical, Microport Medbot, Shenzhen Edge Medical, SS Innovations, Harbin Sizhe Rui, and Shandong Weigao. The filing also states that it expects increasing competition in China for robotic-assisted systems.
Source: Intuitive Surgical, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing identifies risks including:
- A highly competitive commercial landscape, including customer adoption of competitors’ products or services and acceptance of robotic-assisted procedures.
- Foreign-market risks, including changing regulatory requirements, tariffs, trade barriers, protectionist practices, and economic or political instability.
- Complex manufacturing and supply risks, including production yields, quality control, component shortages, import or export restrictions, and shortages of qualified personnel.
- Gross-margin fluctuations from product and geographic mix, pricing, competition, production volume, costs, foreign exchange, tariffs, recalls, and inventory obsolescence.
- Product-related matters that may lead to shipment delays, loss of revenue, recalls, regulatory actions, or increased service and warranty costs.
- Compliance with healthcare, product, privacy, and other regulations in the jurisdictions where it operates.
Source: Intuitive Surgical, Inc. Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov
People and operations
The company had 17,021 employees in FY2025. Its operations include a service and technical-support network across the U.S., Canada, Europe, and Asia, plus relationships with distributors globally. The filing describes support services that include installation, repair, maintenance, 24/7 technical support, proactive system-health monitoring, software updates, and customer portals. It also states that manufacturing is complex and may be affected by production yields, quality control, component supply, trade restrictions, and qualified-personnel availability. The provided filing excerpts do not state seasonality or identify facilities.
Source: Intuitive Surgical, Inc. Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov