Intuitive Surgical (NASDAQ: ISRG) shares fell about 11% on Friday after the robotic surgery company reported second-quarter results that topped Wall Street expectations but disappointed investors with slower US procedure growth and a cautious full-year outlook.
The company reported second quarter revenue of $2.89 billion, up 19% from a year earlier and above analysts’ consensus estimate of $2.82 billion
Adjusted earnings came in at $2.80 per share, exceeding expectations of $2.51. Despite the earnings beat, investors focused on signs of moderating procedure growth. US procedure growth slowed to 12% in the second quarter from 14% in the first quarter.
Management attributed the slowdown to deferred treatments and changes in patient insurance coverage following the expiration of enhanced Affordable Care Act premium subsidies. For 2026, Intuitive maintained its forecast for worldwide da Vinci procedure growth of 13.5% to 15.5% but said it expects results to be closer to the midpoint of the range. That implied growth of about 14.5% fell short of analysts’ expectations of roughly 15.3%.