Intuitive Surgical: Vegas Takes

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Intuitive Surgical: Vegas Takes

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Intuitive Surgical

Vegas Takes

Maintain Rating: BUY | PO: 650.00 USD | Price: 422.80 USD

We hosted ISRG at our Vegas conference 15 May 2026

We hosted ISRG at our Healthcare conference in Vegas. We discussed utilization growth, Equity

memory inflation, capex and procedure environment, and Force Feedback supply and

Travis Steed

more. See inside for more detailed takeaways. Research Analyst

BofAS

dV5 utilization DD higher; Xi utilization not stepping down +1travis.steed@bofa.com404 607 3251

ISRG continues to point to cases where dV5 utilization is double digits higher than Xi, Stephanie Elghazi

saying the integrated insufflator and camera add efficiency and that translates to better Research Analyst BofAS

utilization. Anecdotal surgeon commentary suggests 20% procedure time savings that +1 646 855 4568

helps increase capacity. ISRG feels good that utilization on the Xi is not stepping down stephanie.elghazi@bofa.com

(hospitals not just moving their Xi volumes to dV5) and still seeing growth at a lower Enjia Cao Research Analyst

rate. ISRG says future utilization on the Xi is still an open question given it is hard to BofAS

predict what customers will do with their existing Xi. +1enjia.cao@bofa.com646 743 9861

Memory LSD% of COGS in Q1, inflation pressures in guide GraciaResearchMahoneyAnalyst

ISRG says memory costs are LSD% of systems COGS and that is reflective of Q1. BofAS+1 646 855 1136

Guidance contemplates that memory costs have increased significantly. Other input gracia.mahoney@bofa.com

costs tied to energy and oil have gone up as well. ISRG recognized some inflation in Aidan Lahey

Research Analyst

particular resins in instruments. Exposure there is relatively small. Fright, shipping and BofAS