# Intuitive Surgical (ISRG) Q2 2025 Financial Results Summary
On July 22, 2025, Intuitive Surgical (Nasdaq: ISRG) announced its financial results for the quarter ended June 30, 2025. Below is a summary of the key highlights and metrics from the report.
## Q2 Highlights
– **Procedures and System Placements**
– Worldwide da Vinci procedures grew approximately **17%** compared to the second quarter of 2024.
– The Company placed **395** da Vinci surgical systems in Q2 2025, a **16%** increase from **341** systems in Q2 2024.
– Included in this total were **180** da Vinci 5 systems, significantly higher than **70** in Q2 2024.
– The installed base of da Vinci surgical systems expanded to **10,488 systems**, marking a **14%** growth from **9,203 systems** a year ago.
– **Financial Performance**
– Total revenue for the second quarter of 2025 was **$2.44 billion**, up **21%** from **$2.01 billion** in Q2 2024.
– Instruments and accessories revenue reached **$1.47 billion**, an **18%** increase from **$1.24 billion** in Q2 2024.
– This revenue growth was driven primarily by a **17%** increase in da Vinci procedure volume and about **52%** growth in Ion procedure volume.
– Systems revenue amounted to **$575 million**, compared to **$448 million** in Q2 2024, representing a **28%** increase.
– **Net Income and Earnings Per Share**
– GAAP net income attributable to Intuitive was **$658 million**, or **$1.81** per diluted share, compared with **$527 million** or **$1.46** per diluted share in the prior year, showing a growth of **25%**.
– Non-GAAP net income attributable to Intuitive was **$798 million**, or **$2.19** per diluted share, up from **$641 million** or **$1.78** per diluted share year-over-year, an increase of **24%**.
– **Operational Metrics**
– The Company reported GAAP income from operations of **$743 million**, improved from **$567 million** in Q2 2024, a growth of **31%**.
– Non-GAAP income from operations rose to **$947 million** from **$754 million**, representing a **26%** increase.
– **Cash Position**
– Intuitive ended the quarter with **$9.53 billion** in cash, cash equivalents, and investments, an increase of **$431 million** over the quarter, largely attributed to cash generated from operations.
## Other Noteworthy Developments
– Compliance updates included obtaining European certification under EU MDR for its da Vinci 5 system for adult and pediatric minimally invasive endoscopic procedures.
– The Company received regulatory clearance in Japan for the da Vinci 5 system for various surgical specialties excluding cardiac procedures.
## Financial Outlook for 2025
– Expected worldwide da Vinci procedure growth of about **15.5% to 17%** for 2025, down slightly from **17%** in 2024.
– Projected non-GAAP gross profit margin of **66% to 67%** of revenue, down from **69.1%** in 2024.
– Anticipated non-GAAP operating expense growth ranging from **10% to 14%** for 2025, compared to **10%** in the previous year.
## Shareholder Returns
– The report did not mention any declaration of quarterly dividends or share buybacks for Q2 2025.
Intuitive Surgical reported solid growth across its major financial metrics in this quarter and indicated a strong position in the medical technology sector, particularly with its innovative da Vinci surgical systems.
Here are the extracted tables in HTML format as per your request:
### UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
**(IN MILLIONS, EXCEPT PER SHARE DATA)**
| Three Months Ended | |||
|---|---|---|---|
| June 30, 2025 | March 31, 2025 | June 30, 2024 | |
| Revenue: | |||
| Instruments and accessories | $1,474.1 | $1,367.7 | $1,244.4 |
| Systems | $574.7 | $522.7 | $448.2 |
| Services | $391.2 | $363.0 | $317.3 |
| Total revenue | $2,440.0 | $2,253.4 | $2,009.9 |
| Cost of revenue: | |||
| Product | $686.2 | $670.7 | $539.4 |
| Service | $135.9 | $125.0 | $97.8 |
| Total cost of revenue | $822.1 | $795.7 | $637.2 |
| Gross profit | $1,617.9 | $1,457.7 | $1,372.7 |
| Operating expenses: | |||
| Selling, general and administrative | $561.2 | $563.4 | $525.3 |
| Research and development | $313.3 | $316.2 | $280.1 |
| Total operating expenses | $874.5 | $879.6 | $805.4 |
| Income from operations(1) | $743.4 | $578.1 | $567.3 |
| Interest and other income (expense), net | $88.7 | $90.4 | $87.2 |
| Income before taxes | $832.1 | $668.5 | $654.5 |
| Income tax expense (benefit)(2) | $167.9 | -$35.2 | $123.0 |
| Net income | $664.2 | $703.7 | $531.5 |
| Less: net income attributable to | $5.8 | $5.3 | $4.6 |
| noncontrolling interest in joint venture | |||
| Net income attributable to Intuitive Surgical, Inc. | $658.4 | $698.4 | $526.9 |
| Net income per share attributable to Intuitive Surgical, Inc.: | |||
| Basic | $1.84 | $1.95 | $1.48 |
| Diluted(3) | $1.81 | $1.92 | $1.46 |
| Weighted average shares outstanding: | |||
| Basic | 358.5 | 357.5 | 355.0 |
| Diluted | 364.1 | 364.6 | 361.0 |
—
### UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
**(IN MILLIONS)**
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Cash, cash equivalents, and investments | $9,532.5 | $8,832.4 |
| Accounts receivable, net | $1,269.2 | $1,225.4 |
| Inventory | $1,667.0 | $1,487.2 |
| Property, plant, and equipment, net | $4,985.3 | $4,646.6 |
| Goodwill | $348.7 | $347.5 |
| Deferred tax assets | $1,070.3 | $1,045.1 |
| Other assets | $1,290.2 | $1,159.0 |
| Total assets | $20,163.2 | $18,743.2 |
| Accounts payable and other liabilities | $1,638.4 | $1,690.7 |
| Deferred revenue | $571.7 | $522.9 |
| Total liabilities | $2,210.1 | $2,213.6 |
| Stockholders’ equity | $17,953.1 | $16,529.6 |
| Total liabilities and stockholders’ equity | $20,163.2 | $18,743.2 |
