Overview
- Revenue rose 19% to $2.87 billion and adjusted EPS hit $2.53, exceeding estimates on higher procedure volumes and system demand.
- Worldwide procedures increased about 18% in Q4 as da Vinci grew roughly 17% and Ion about 44%, with 532 systems placed and the installed base reaching 11,106.
- Management forecast 2026 procedure growth of approximately 13%–15% and a gross margin of 67%–68%, indicating moderation from 2025.
- Cash and investments ended the quarter at $9.03 billion, with recurring revenue at roughly 81% of Q4 sales and full-year free cash flow doubling to $2.5 billion to fund $2.3 billion in buybacks.
- Analyst responses split as Bernstein raised its price target to $750, Evercore cut to $550, and BTIG maintained $616, while the stock traded roughly flat post-release.