Intuitive Surgical’s second quarter results were marked by strong procedure growth and robust capital equipment placements, which together helped the company exceed Wall Street’s top- and bottom-line expectations. Management attributed the quarter’s momentum to continued adoption of the da Vinci 5 robotic surgical system, particularly in the United States, as well as solid execution in expanding its installed base across key international markets. CEO Dave Rosa highlighted that “benign general surgery led U.S. procedure growth with a strong contribution from after-hours procedures, while international growth was led by non-urology procedures.”

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Intuitive Surgical’s Q2 Earnings Call

• Travis Lee Steed (Bank of America Securities) asked about margin sustainability after a strong quarter, with CFO Jamie Samath clarifying that current margins benefited from favorable purchase mix and lower OpEx growth, but should not be viewed as a new baseline.

• Travis Lee Steed (Bank of America Securities) inquired about Intuitive’s strategy regarding third-party instrument reprocessing, to which CEO Dave Rosa responded that the company is focused on continuous innovation, reliability, and cost reduction to provide value versus remanufactured alternatives.

• David Harrison Roman (Goldman Sachs) questioned the impact of Medicaid coverage policy changes on U.S. hospital capital spending; Samath said it is too early to assess the effect, but noted economic challenges could influence hospital budgets and capital allocation.

• Robert Justin Marcus (JPMorgan) asked if productivity gains have been observed with da Vinci 5 compared to prior models. Management cited anecdotal improvements in efficiency and utilization but emphasized the need for more robust evidence.

• Lawrence H. Biegelsen (Wells Fargo) sought clarity on the pace of international system placements following recent regulatory approvals, with Samath stating the rollout will be measured and dependent on customer readiness and infrastructure development.

Catalysts in Upcoming Quarters

In coming quarters, the StockStory team will closely track (1) adoption rates and clinical feedback from the broader da Vinci 5 rollout in the United States, Europe, and Japan, (2) utilization trends and feature adoption for SP and Ion platforms in new markets, and (3) the impact of evolving tariff and policy environments on margins and capital placements. Additional attention will be paid to ongoing product innovation and manufacturing scale-up efforts.

Intuitive Surgical currently trades at $493, down from $511.63 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).

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