Intuitive Surgical Shares Flat After Q4 Earnings Beat, Bernstein Hikes Target

Intuitive Surgical, Inc. (NASDAQ:ISRG) shares are trading flat Friday. The company reported better-than-expected fourth-quarter financial results on Thursday after the market closed. Also, Bernstein raised its price target on the stock from $740 to $750.

Fourth-Quarter Results Top Expectations

Intuitive reported adjusted earnings per share of $2.53, beating the consensus estimate of $2.26. In addition, the company reported revenue of $2.86 billion, beating the consensus estimate of $2.74 billion.

The company said worldwide procedures increased approximately 18% year over year in the fourth quarter, driven by growth across both da Vinci and Ion procedures. Da Vinci procedures rose about 17%, while Ion procedures increased roughly 44% compared with the prior-year quarter.

Intuitive also reported higher da Vinci surgical system placements in the quarter, including a significant increase in placements of its da Vinci 5 systems. The company said its da Vinci installed base grew 12% year over year, while the Ion installed base increased 24% compared with the same period last year.

The company said fourth-quarter performance was supported by higher procedure volume, increased system placements, and continued expansion of its installed base. Intuitive reported fourth-quarter 2025 GAAP income from operations of $864 million, up from $735 million in the prior-year quarter, while non-GAAP income from operations increased to $1.07 billion from $0.93 billion a year earlier.

Intuitive said it ended the fourth quarter of 2025 with $9.03 billion in cash, cash equivalents and investments, an increase of $0.60 billion during the quarter, primarily driven by cash generated from operations, partially offset by share repurchases of common stock and capital expenditures.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• BTIG analyst Ryan Zimmerman reiterated a Buy rating on Intuitive and maintained a $616 price target.
• Bernstein analyst Lee Hambright maintained a Outperform rating on Intuitive and raised the price target from $740 to $750.
• Evercore ISI Group analyst Vijay Kumar maintained an In-Line rating on Intuitive and lowered the price target from $580 to $550.

ISRG Price Action: At the time of writing, Intuitive shares are trading down 0.10% higher at $525.64, according to data from Benzinga Pro.

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