Intuitive Surgical, Inc. (ISRG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie médicale, Intuitive Surgical, Inc. (ISRG) est une force révolutionnaire, transformant les procédures chirurgicales par le biais de systèmes robotiques révolutionnaires qui redéfinissent la précision et les soins aux patients. Leur plate-forme chirurgicale Da Vinci innovante a non seulement perturbé les méthodes chirurgicales traditionnelles, mais a créé un paradigme entièrement nouveau où la sophistication technologique répond à une expertise médicale, permettant aux chirurgiens d'effectuer des procédures complexes mini-invasives avec une précision sans précédent et une réduction des traumatismes du patient. En intégrant stratégiquement la robotique avancée, les programmes de formation complets et l'innovation technologique continue, ISRG s'est positionné en tant qu'entreprise révolutionnaire à l'intersection de la technologie médicale et de l'excellence chirurgicale.

Intuitive Surgical, Inc. (ISRG) - Modèle commercial: partenariats clés

Hôpitaux et centres chirurgicaux dans le monde

Depuis le quatrième trimestre 2023, la chirurgie intuitive avait 7 630 systèmes chirurgicaux DA Vinci À l'échelle mondiale dans diverses établissements de santé.

Région	Nombre de systèmes installés
États-Unis	4,825
Europe	1,645
Asie-Pacifique	1,160

Fabricants d'appareils médicaux

Une chirurgie intuitive collabore avec plusieurs fabricants d'appareils médicaux pour l'approvisionnement en composants et l'intégration technologique.

• Stryker Corporation
• Boston Scientific
• Medtronic

Institutions de recherche et universités

Les partenariats comprennent Plus de 50 centres de recherche universitaires Dans le monde entier pour l'innovation en chirurgie robotique en cours.

Institution	Focus de recherche primaire
Université de Stanford	Techniques de chirurgie robotique
Université Johns Hopkins	Simulation chirurgicale

Fournisseurs de logiciels de technologie de santé

Une chirurgie intuitive s'intègre à Systèmes de dossier de santé électronique (DSE) Grâce à des partenariats logiciels stratégiques.

• Systèmes épiques
• Cerner Corporation
• Allscripts

Organisations de formation médicale et d'éducation

Les partenariats de formation comprennent Programmes d'éducation chirurgicale complets avec 287 centres de formation dédiés dans le monde.

Catégorie de formation	Nombre de programmes
Formation des chirurgiens	178
Formation du personnel de l'hôpital	109

Intuitive Surgical, Inc. (ISRG) - Modèle d'entreprise: activités clés

Conception et fabrication du système chirurgical robotique

Intuitive Surgical a investi 831 millions de dollars dans les dépenses de R&D en 2022. La société produit le système chirurgical DA Vinci, avec plus de 7 100 systèmes installés à l'échelle mondiale en 2022.

Type de système	Numéro installé	Coût moyen
da Vinci Xi	4 200 systèmes	2,5 millions de dollars par unité
Da Vinci SP	380 systèmes	2,3 millions de dollars par unité
da Vinci x	2 520 systèmes	1,85 million de dollars par unité

Innovation continue des produits et R&D

• Dépenses de R&D: 831 millions de dollars en 2022
• Portefeuille de brevets: plus de 1 700 brevets actifs
• Investissement annuel sur l'innovation: 15-18% du total des revenus

Instrument chirurgical et développement accessoire

Les revenus des ventes d'instruments ont atteint 1,47 milliard de dollars en 2022, ce qui représente 47% du total des revenus de l'entreprise.

Catégorie d'instruments	Ventes annuelles	Taux de croissance
Instruments chirurgicaux	1,47 milliard de dollars	12.3%
Ensembles d'accessoires	620 millions de dollars	8.7%

Formation et soutien aux professionnels de la santé

Intuitive Surgical exploite 14 centres de formation mondiaux avec plus de 55 000 chirurgiens formés sur les systèmes Da Vinci.

• Programmes de formation: 250+ ateliers annuels
• Modules de formation en ligne: 120+ cours numériques
• Centres de formation en simulation: 14 emplacements mondiaux

Marketing mondial et ventes de plateformes chirurgicales

Global Sales Network couvrant 67 pays avec des partenariats directs sur la force de vente et les distributeurs.

Région géographique	Pénétration du marché	Volume des ventes
Amérique du Nord	Part de marché de 65%	4 500 systèmes
Europe	22% de part de marché	1 600 systèmes
Asie-Pacifique	13% de part de marché	1 000 systèmes

Intuitive Surgical, Inc. (ISRG) - Modèle commercial: Ressources clés

Technologie chirurgicale robotique avancée

Les systèmes chirurgicaux Da Vinci d'Intuitive Surgical représentent la ressource technologique principale:

Total Da Vinci Systems installé dans le monde entier	7 139 (au quatrième trimestre 2023)
Coût moyen du système	1,5 million de dollars à 2,5 millions de dollars
Investissement annuel de R&D	400 millions de dollars (2023)

Portefeuille de propriété intellectuelle

Protection des brevets robuste pour les technologies chirurgicales robotiques:

• Brevets actifs totaux: 1 327
• Demandes de brevet en attente: 387
• Familles de brevets: 246

Ressources humaines

Total des employés	9 410 (au 31 décembre 2023)
Ingénieurs	~ 35% de la main-d'œuvre
Personnel de recherche	~ 15% de la main-d'œuvre

Ressources financières

Espèce et investissements	6,8 milliards de dollars (Q4 2023)
Revenus annuels	6,2 milliards de dollars (2023)
Revenu net	1,56 milliard de dollars (2023)

Réputation de la marque

• Part de marché en chirurgie robotique: 80%
• Procédures effectuées à l'aide de Da Vinci: plus de 12 millions (cumulative)
• Claitements de la FDA: 14 procédures chirurgicales différentes

Intuitive Surgical, Inc. (ISRG) - Modèle d'entreprise: propositions de valeur

Solutions chirurgicales mini-invasives

Depuis le quatrième trimestre 2023, le système chirurgical Da Vinci d'Intuitive Surgical a été utilisé dans 1 825 000 procédures chirurgicales dans le monde. Le système est déployé dans 69 pays dans 1 825 installations hospitalières.

Type de procédure chirurgicale	Procédures annuelles (2023)
Chirurgie gynécologique	590,000
Chirurgie générale	425,000
Chirurgie urologique	385,000
Chirurgie thoracique	210,000

Précision et contrôle améliorés lors des procédures chirurgicales

Le système Da Vinci fournit:

• 7 degrés de mouvement par rapport aux 4 degrés de la main humaine
• Filtration des tremblements de 1,5 microns
• Visualisation 3D haute définition avec un grossissement 10x

Réduction des traumatismes du patient et des temps de récupération plus rapides

Métrique chirurgicale	Avantage de chirurgie robotique
Réduction de la perte de sang	Jusqu'à 85% moins par rapport à la chirurgie traditionnelle
Réduction du séjour à l'hôpital	1,5 jours plus court en moyenne
Taux d'infection des plaies	0,5% par rapport à 3 à 4% en chirurgie traditionnelle

Amélioration des résultats chirurgicaux sur plusieurs spécialités médicales

Couverture spécialisée en 2023:

• Urologie: 42% de pénétration du marché
• Gynécologie: 38% de pénétration du marché
• Chirurgie générale: 22% de pénétration du marché
• Chirurgie thoracique: 15% de pénétration du marché

Innovation technologique de pointe en robotique médicale

Investissement de recherche et développement en 2023: 820 millions de dollars, représentant 13,4% du total des revenus de l'entreprise.

Métrique d'innovation	2023 données
Brevets actifs	2,387
Nouveaux dépôts de brevet	276
Personnel de R&D	1 425 employés

Intuitive Surgical, Inc. (ISRG) - Modèle d'entreprise: relations avec les clients

Programmes de formation des chirurgiens complets

Intuitive Chirurgical propose des programmes de formation approfondis aux chirurgiens, avec les mesures clés suivantes:

Métrique du programme de formation	Données quantitatives
Sessions de formation annuelles	Plus de 1 200 événements de formation dans le monde
Chirurgiens formés cumulatifs	Plus de 65 000 chirurgiens dans le monde
Durée de formation moyenne	22-25 heures par chirurgien

Assistance technique dédiée et service client

L'infrastructure de soutien technique comprend:

• Équipe mondiale de support technique 24/7
• Temps de réponse moyen de 15 minutes
• Spécialistes de soutien dévoués pour chaque institution de soins de santé

Éducation médicale et développement des compétences en cours

Programme d'éducation	Participation annuelle
Modules d'apprentissage en ligne	Plus de 45 000 professionnels de la santé
Ateliers de compétences chirurgicales	Environ 750 ateliers par an

Approche de partenariat à long terme avec les établissements de santé

Métriques de partenariat clés:

• Durée du contrat moyen: 7-10 ans
• Taux d'achat répété: 92%
• Plus de 1 800 partenariats hospitaliers actifs dans le monde entier

Amélioration continue des produits en fonction des commentaires des utilisateurs

Mécanisme de rétroaction	Impact annuel
Commentaires des utilisateurs collectés	Plus de 15 000 entrées de chirurgien détaillées
Itérations du produit	4-6 améliorations du système majeur par an
Investissement en R&D	725 millions de dollars en 2023

Intuitive Surgical, Inc. (ISRG) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, la chirurgie intuitive maintient une équipe de vente directe dédiée d'environ 1 850 représentants commerciaux dans le monde. La force de vente génère un chiffre d'affaires annuel de 6,2 milliards de dollars, avec une productivité des représentants commerciaux moyens de 3,35 millions de dollars par an.

Métrique du canal de vente	2024 données
Représentants des ventes totales	1,850
Revenus annuels des ventes directes	6,2 milliards de dollars
Productivité des représentants des ventes	3,35 millions de dollars / an

Conférences médicales et salons commerciaux

Une chirurgie intuitive participe à environ 42 conférences médicales majeures par an, avec un investissement marketing estimé à 18,5 millions de dollars dédié aux activités de conférence et de salon.

• Nombre de conférences médicales présentes: 42
• Investissement marketing annuel dans les conférences: 18,5 millions de dollars
• Nombre moyen de professionnels potentiels de la santé atteints par conférence: 1 250

Démonstations de produits en ligne

La société héberge plates-formes de démonstration de produits virtuels qui génèrent environ 75 000 vues en ligne uniques mensuellement, avec un taux d'engagement de 22,4%.

Métrique de démonstration en ligne	2024 données
Vues mensuelles uniques en ligne	75,000
Taux d'engagement en ligne	22.4%

Réseaux de distributeurs de soins de santé

Une chirurgie intuitive collabore avec 287 distributeurs de soins de santé dans 67 pays, représentant 92% de ses placements mondiaux de système robotique chirurgical.

• Total des distributeurs de soins de santé: 287
• Pays couverts: 67
• Pourcentage de placements mondiaux de système via les distributeurs: 92%

Plateformes de marketing numérique et de technologie médicale

La société investit 42,3 millions de dollars par an en marketing numérique, ciblant les professionnels de la santé par le biais de plateformes de technologie médicale spécialisées, générant 110 000 prospects qualifiés.

Métrique du marketing numérique	2024 données
Investissement annuel sur le marketing numérique	42,3 millions de dollars
Leads qualifiés générés	110,000
Taux de conversion de la plate-forme numérique	8.6%

Intuitive Surgical, Inc. (ISRG) - Modèle d'entreprise: segments de clientèle

Hôpitaux et centres chirurgicaux

Depuis le quatrième trimestre 2023, une chirurgie intuitive a installé 7 749 systèmes chirurgicaux Da Vinci à l'échelle mondiale. La base totale installée représente un segment de clientèle clé pour l'entreprise.

Type d'hôpital	Nombre de systèmes installés	Pourcentage de la base totale
Grands centres médicaux académiques	1,853	23.9%
Hôpitaux communautaires	4,612	59.5%
Centres chirurgicaux spécialisés	1,284	16.6%

Chirurgiens urologiques

En 2023, les procédures urologiques représentaient 54% des procédures chirurgicales robotiques totales effectuées dans le monde entier à l'aide de systèmes Da Vinci.

• Procédures urologiques totales en 2023: 1 295 000
• Procédures de prostatectomie: 782 000
• Chirurgies rénales: 273 000

Chirurgiens gynécologiques

Les procédures gynécologiques ont représenté 32% des procédures chirurgicales robotiques en 2023.

Type de procédure	Nombre de procédures
Hystérectomies	468,000
Myomectomies	156,000

Chirurgiens cardiaques

Les procédures cardiaques représentaient 6% des procédures chirurgicales robotiques totales en 2023.

• Procédures cardiaques totales: 144 000
• Réparations de la valve mitrale: 89 000
• Procédures de contournement des artères coronaires: 35 000

Chirurgiens généraux et médecins spécialistes

La chirurgie générale et d'autres procédures spécialisées représentaient 8% des interventions chirurgicales robotiques totales en 2023.

Domaine spécialisé	Nombre de procédures
Chirurgie générale	132,000
Procédures colorectales	56,000
Réparation de hernie	42,000

Intuitive Surgical, Inc. (ISRG) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, une chirurgie intuitive a déclaré des dépenses de R&D de 933 millions de dollars, ce qui représente 17,1% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	933 millions de dollars	17.1%
2022	799 millions de dollars	16.5%

Coûts de fabrication et de production

Le coût des marchandises vendues (COG) pour une chirurgie intuitive en 2023 était de 1,64 milliard de dollars, avec une marge brute de 71,4%.

• Coûts de production d'instruments et d'accessoires: 621 millions de dollars
• Dépenses de fabrication du système chirurgical: 459 millions de dollars
• Coûts d'infrastructure de service et de support: 560 millions de dollars

Investissements mondiaux sur les ventes et marketing

Les frais de vente et de marketing pour 2023 ont totalisé 1,12 milliard de dollars, représentant 20,6% du total des revenus.

Région	Dépenses de marketing	Pourcentage du budget des ventes
Amérique du Nord	672 millions de dollars	60%
Europe	224 millions de dollars	20%
Asie-Pacifique	168 millions de dollars	15%
Reste du monde	56 millions de dollars	5%

Soutien et formation des produits en cours

Les frais de soutien aux produits et de formation en 2023 se sont élevés à environ 345 millions de dollars.

• Programmes de formation client: 126 millions de dollars
• Infrastructure de soutien technique: 139 millions de dollars
• Assistance à distance et support numérique: 80 millions de dollars

Conformité et certification réglementaires

Les frais de conformité et de certification pour 2023 s'élevaient à 87 millions de dollars.

Catégorie de conformité	Frais
Soumissions réglementaires de la FDA	42 millions de dollars
Certification internationale	31 millions de dollars
Systèmes de gestion de la qualité	14 millions de dollars

Intuitive Surgical, Inc. (ISRG) - Modèle d'entreprise: Strots de revenus

Ventes de systèmes chirurgicaux robotiques

En 2023, une chirurgie intuitive a déclaré un chiffre d'affaires total de 6,380 milliards de dollars. Les ventes de systèmes chirurgicaux robotiques ont contribué de manière significative à ce chiffre, les systèmes chirurgicaux DA Vinci au prix de 1,2 million de dollars à 2,5 millions de dollars par unité.

Type de système	Fourchette de prix moyenne	Volume des ventes annuelles (2023)
da Vinci Xi	2,0 $ - 2,5 millions de dollars	1 256 unités
Da Vinci SP	1,5 $ - 2,0 millions de dollars	378 unités

Instruments récurrents et revenus accessoires

Les revenus des instruments et des accessoires ont atteint 2,742 milliards de dollars en 2023, ce qui représente 43% du total des revenus de l'entreprise.

• Coût moyen d'instrument moyen: 1 500 $ - 3 000 $ par procédure
• Taux de remplacement des instruments annuels estimés: 3 à 4 fois par système

Frais de contrat de maintenance et de service

Les revenus de service ont totalisé 827 millions de dollars en 2023, avec des frais de contrat de service annuel allant de 100 000 $ à 250 000 $ par système.

Type de contrat	Coût annuel	Couverture
Maintenance de base	$100,000	Réparations standard
Soutien complet	$250,000	Couverture complète du système

Programmes de formation et d'éducation chirurgicale

Les revenus du programme de formation ont contribué environ 75 millions de dollars en 2023, les séances de formation individuelles coûtant entre 5 000 $ et 15 000 $.

Packages de garantie et d'assistance prolongés

Les revenus de garantie prolongés ont été estimés à 150 millions de dollars en 2023, avec des forfaits allant de 50 000 $ à 200 000 $ par système.

Niveau de garantie	Coût	Durée de la couverture
Standard	$50,000	2 ans
Prime	$200,000	5 ans

Intuitive Surgical, Inc. (ISRG) - Canvas Business Model: Value Propositions

The core value Intuitive Surgical, Inc. (ISRG) delivers centers on advancing minimally invasive care through robotic precision, supported by a growing digital ecosystem and broad clinical utility.

Enhanced patient outcomes via minimally invasive, precise robotic surgery

The installed base of da Vinci systems grew to over 10,700 systems as of the third quarter of 2025. This expanding base supported worldwide da Vinci procedures growing by 19% in Q3 2025, contributing to a total worldwide procedure growth of 20% (including Ion) for that quarter. Management raised the full-year 2025 da Vinci procedure growth guidance to a range of 17% and 17.5%. In 2024, the company recorded approximately 2,683,000 surgical procedures with da Vinci systems, a 17% increase over 2023.

The shift to minimally invasive surgery (MIS) is evident, as hospitals introducing Robotic-Assisted Surgery (RAS) saw MIS rates increase from 60.5% to 65.8%.

The table below summarizes key volume and placement metrics as of late 2025:

Metric	Value (Latest Reported)	Period/Context
Total Worldwide Procedure Growth	20%	Q3 2025 (Year-over-Year)
da Vinci Procedure Growth	19%	Q3 2025 (Year-over-Year)
Total Installed Base	Over 10,700 systems	As of Q3 2025
da Vinci 5 Systems Placed	240 units	Q3 2025
2025 Full-Year Procedure Growth Guidance	17% to 17.5%	Full Year 2025 Outlook

Next-generation features like Force Feedback on the da Vinci 5 system

The da Vinci 5 system, which began its broad launch scaling in mid-2025, incorporates Force Feedback technology, a first-of-its-kind feature in robotic surgery. Preclinical data comparing High to Off settings for retraction showed that surgeries utilizing Force Feedback demonstrated up to 43% less force exerted on tissue. The da Vinci 5 includes more than 150 enhancements over its predecessor.

Surgeons report several benefits from the new system:

• - Force Feedback allows sensing of instrument pressure on tissue.
• - Improved ergonomics are designed to enhance surgeon comfort.
• - The system has 10,000 times the computing power of the da Vinci Xi.
• - Customers reported console time savings compared with the earlier Xi system.

Data-driven surgical insights and digital tools (Case Insights)

The boosted computing power of the da Vinci 5 enables advanced digital experiences, including integration with Case Insights, which functions as a computational observer. This platform connects more data than other systems, allowing physicians to link data to patient outcomes. Force Feedback itself adds an important new data stream to surgical data science.

Broad procedural applicability across 40+ surgical types, including general surgery

The da Vinci 5 platform has been used across more than 40 different procedure types to date. Growth in 2024 procedure volume was significantly driven by 19% growth in United States General Surgery procedures. Research analyzing 153 U.S. hospitals that introduced RAS focused on standard general surgical procedures, including cholecystectomy, hernia repair, and colorectal resection. The greatest MIS rate gains in RAS hospitals were specifically seen in hernia repairs and colorectal resections.

Intuitive Surgical, Inc. (ISRG) - Canvas Business Model: Customer Relationships

You're looking at how Intuitive Surgical, Inc. keeps its hospital customers locked in, which is key because the initial capital outlay for a system is only part of the story. The relationship is built on deep integration and ongoing dependency.

High switching costs are defintely a cornerstone here, driven by the massive investment in both the hardware and the human capital required to use it effectively. When a hospital buys a system, they are buying into an entire clinical pathway. The transition from an older $\text{da Vinci}$ model to the new $\text{da Vinci 5}$ system, for example, is managed through a structured upgrade cycle, which itself reinforces the relationship. In the third-quarter of 2025 alone, $\text{141}$ trade-ins of older $\text{Xi}$ systems occurred as U.S. health systems moved to the newer platform. This trade-in flow provides Intuitive Surgical, Inc. with a reliable stream of lightly used inventory for refurbishment, further serving cost-sensitive segments without sacrificing the premium price point of the flagship product.

The commitment to the installed base is evident in the focus on dedicated field service and long-term maintenance contracts. This recurring revenue stream is the financial backbone of the customer relationship. Service revenue in the second quarter of 2025 rose by $\text{23\%}$ year-over-year, reaching $\text{\$391 million}$. Furthermore, the company highlighted an $\text{84\%}$ increase in recurring revenue during the third quarter of 2025, signaling an increasingly sticky customer base reliant on Intuitive Surgical, Inc. for ongoing support and updates.

Here's a quick look at the scale of the installed base and the recurring revenue performance as of late 2025:

Metric	Value (Latest Reported Period)	Period End Date
Worldwide da Vinci Installed Base	Nearly 10,800 systems	Q3 2025
Worldwide da Vinci Procedure Growth	19% year-over-year	Q3 2025
Service Revenue	\$391 million	Q2 2025
Recurring Revenue Increase	84% year-over-year	Q3 2025

The sales approach is inherently consultative, focusing on clinical and economic value for hospitals. Management consistently frames success around helping customers achieve goals like 'better patient outcomes, better patient and care team experiences, lower total cost to treat, and increased access to care'. This moves the conversation beyond the initial purchase price to the total cost of care over the system's life.

This consultative approach is supported by comprehensive training programs designed to build surgeon loyalty and proficiency. The introduction of advanced digital tools like $\text{Case Insights}$ is specifically aimed at transforming how the next generation of surgeons is taught, promising they will become 'much better, much more quickly' than previous cohorts. This focus on continuous skill enhancement and data-driven feedback ensures that the surgeon's proficiency is tied directly to the Intuitive Surgical, Inc. ecosystem, further cementing the relationship.

The customer relationship strategy is characterized by:

• Managing the $\text{da Vinci 5}$ upgrade cycle with $\text{141}$ trade-ins in Q3 2025.
• Driving service revenue growth of $\text{23\%}$ in Q2 2025.
• Emphasizing lower total cost to treat in sales discussions.
• Using $\text{Case Insights}$ to improve surgeon teaching efficiency.

Intuitive Surgical, Inc. (ISRG) - Canvas Business Model: Channels

You're looking at how Intuitive Surgical, Inc. gets its systems and supplies into the hands of surgeons, and it's a heavily direct game, especially in the biggest markets. The direct sales force is split into two main groups: the capital sales team, which handles the big-ticket system purchases, and the clinical sales team, which stays on-site to help build out the actual robotic surgery programs. This direct approach is necessary because the initial system sale is a major capital equipment purchase, often involving long sales cycles influenced by hospital budgeting. To give you a sense of the scale this team manages, as of the second quarter of 2025, the worldwide installed base of da Vinci systems hit 10,488 systems. This massive installed base drives the recurring revenue from instruments and accessories, which for the quarter ending September 2025, contributed significantly to the total Sales Revenues of $2.51 billion.

Intuitive Surgical, Inc. is actively moving to eliminate third-party distributors in more key areas to get that 'direct access to customers,' which CEO Gary Guthart noted is critical for expanding minimally invasive care. You saw this play out in early 2025 when the company announced plans to acquire the distribution businesses for its da Vinci and Ion systems in several Southern European countries. This deal, announced in January 2025 and expected to close in 2026, specifically targets the distributors in Italy, Spain, Portugal, Malta, and San Marino. This strategic shift means that Intuitive Surgical will integrate these operations into its existing European commercial organization, which already handles direct sales in major markets like Germany.

Here's a quick look at where those systems were physically located as of June 30, 2025, which shows the core markets the direct sales force focuses on:

Region	Installed Base (as of June 30, 2025)
United States	6,087 systems
Europe	2,006 systems
Asia	1,854 systems
Rest of World	541 systems
Worldwide Total	10,488 systems

The upgrade cycle for the new da Vinci 5 system is creating a new channel: refurbished systems. As U.S. health systems trade in their older Xi units for the new platform, Intuitive Surgical gains a steady stream of lightly used inventory. In the third quarter of 2025 alone, the company saw 141 trade-ins. These older Xi systems are then refurbished and sold as a bridge into cost-sensitive geographies and Ambulatory Surgery Centers (ASCs), where capital budgets are tighter. By Q3 2025, Intuitive Surgical had already sold 20 refurbished Xi systems, using this tiered portfolio to expand its footprint without hurting the price integrity of the flagship da Vinci 5.

Finally, the digital channel is key for both education and data leverage. Intuitive Surgical uses online platforms to support its users, which is defintely important for driving the expected 13% to 16% growth in worldwide da Vinci procedures for the full year 2025. The company sits on a massive proprietary dataset, holding records of over 10 million surgical procedures, which is a huge asset for developing and refining the AI algorithms that power next-generation insights and coaching tools.

Finance: draft the Q4 2025 revenue forecast model by next Tuesday.

Intuitive Surgical, Inc. (ISRG) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Intuitive Surgical, Inc.'s robotic platforms, which are a mix of large institutions and growing outpatient facilities. The customer base is evolving as the company pushes the newer da Vinci 5 system and expands globally.

Large Integrated Delivery Networks (IDNs) and major academic hospitals represent the foundational segment. These are the high-volume centers that often purchase multiple systems and drive standardization across their facilities. Intuitive Surgical is seeing increasing adoption here, with management noting significant growth in IDNs with 20+ da Vinci systems. These institutions are key because they are often the early adopters of new technology, like the da Vinci 5, which saw 240 units placed in the third quarter of 2025 alone.

The expansion into Ambulatory Surgery Centers (ASCs) and smaller community hospitals is a critical growth vector, especially as the installed base grows. While major academic centers are the anchor, the overall installed base reached 10,763 systems worldwide as of September 30, 2025, indicating penetration beyond the largest teaching hospitals. This segment is targeted for increased access to care, which aligns with Intuitive Surgical's stated goal of expanding access.

The actual users, surgeons across specialties, dictate the demand for instruments and accessories, which is the largest revenue driver. Revenue from Instruments and Accessories hit $1.52 billion in the third quarter of 2025. The core specialties driving this volume remain urology, general surgery, thoracic surgery, and gynecology, with the newer Ion endoluminal system targeting pulmonology with a massive 52% procedure growth in Q3 2025. The da Vinci 5 system is specifically being adopted to support procedures like thoracic surgery, with early data showing reductions in peak force application.

International markets, particularly Asia-Pacific and Europe, driving growth, are essential for future volume. While the United States is the largest single market, international expansion is a clear focus, evidenced by regulatory clearances for the da Vinci 5 in Europe and Japan in mid-2025. The geographic distribution of the installed base as of June 30, 2025, clearly shows this global footprint:

Region	Installed Base (as of June 30, 2025)	Year-over-Year Installed Base Growth (Q2 2025 vs Q2 2024)
United States	6,087 systems	Implied growth of 14% (Total Base)
Europe	2,006 systems	Implied growth of 14% (Total Base)
Asia	1,854 systems	Implied growth of 14% (Total Base)
Other Markets	541 systems	Implied growth of 14% (Total Base)

The total worldwide installed base was 10,488 systems as of June 30, 2025.

The customer segments are further defined by their purchasing behavior, which leans heavily on recurring revenue:

• High-Volume Users: Drive the majority of the 17% to 17.5% full-year 2025 worldwide da Vinci procedure growth guidance.
• System Buyers: Purchased 427 da Vinci systems in Q3 2025, with 240 being the new da Vinci 5 model.
• Service Consumers: The segment responsible for the $391 million in Service revenue reported in Q2 2025.
• Hospitals with 7+ Systems: A segment showing significant growth, indicating deeper adoption within mid-to-large facilities.

Intuitive Surgical, Inc. (ISRG) - Canvas Business Model: Cost Structure

You're looking at the major drains on Intuitive Surgical, Inc.'s bottom line as we head into late 2025. The cost structure is heavily weighted toward the things that keep the robotic systems running and advancing, which means high costs tied to the physical products and massive investment in future technology.

The cost of goods sold (COGS) remains a significant component, driven largely by the instruments and accessories that are consumed during each procedure. This is the recurring revenue engine, but it carries a substantial direct cost. This pressure is compounded by external factors impacting the cost of sales.

Research and development (R&D) is a non-negotiable, heavy lift for Intuitive Surgical, Inc. The company poured $1.15 billion into R&D for the full year 2024. Looking at the trailing twelve months ending September 30, 2025, R&D expenses reached $1.254B, showing continued, aggressive investment in platforms like da Vinci 5, Ion, and digital services. That's a clear signal of where capital is being directed to maintain technological leadership.

Share-based compensation (SBC) expense is a recurring operational cost that you can't ignore when looking at GAAP results. For the full year 2024, annual SBC was $0.677B. By the twelve months ending September 30, 2025, this figure had jumped to $1.828B, a substantial increase year-over-year. Looking at the quarterly run rate, SBC was $190 million in Q1 2025, rising to $200 million in Q2 2025, and hitting $206 million in Q3 2025, showing this expense is escalating as part of the compensation structure.

Tariffs and global supply chain costs are actively pressuring the gross margin. Management has had to adjust expectations based on trade barriers. For the full year 2025, the outlook for non-GAAP gross profit margin has been revised to a range of 67% to 67.5% of revenue. This is a tight window, reflecting the impact of tariffs, which were pegged at an estimated 70 basis points drag in the third quarter update, though earlier estimates suggested a larger impact, like 1.7% of revenue or 1.0% of revenue factoring in existing trade barriers.

Here's a quick look at some of the key cost and margin figures we're tracking for the 2024/2025 period:

Cost/Metric	2024 Actual/Estimate	2025 Guidance/Estimate (Latest)
Annual R&D Expense	$1.15 billion	$1.254B (TTM as of 9/30/2025)
Annual SBC Expense	$0.677B	$1.828B (TTM as of 9/30/2025)
Gross Margin (Non-GAAP)	69.1% (2024)	67% to 67.5%
Estimated Tariff Impact on Margin	N/A	70 basis points (Q3 2025 update)

The cost structure is clearly evolving, with operating expenses, including R&D and SBC, growing faster than the gross margin is holding steady against external trade headwinds. You'll want to watch the operating expense growth guidance, which has been narrowed to 11% to 13% for 2025, down from an earlier forecast of 10% to 14%.

The recurring costs associated with instruments and accessories are the foundation of the high COGS, but the growth in SBC is a major factor in operating expenses. For instance, Q3 2025 GAAP operating income included $206 million in SBC expense alone.

The company is actively managing these costs through initiatives, but the inherent cost of innovation and the impact of global trade policy are the two biggest structural pressures you need to model into your near-term expectations. Finance: draft 13-week cash view by Friday.

Intuitive Surgical, Inc. (ISRG) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Intuitive Surgical, Inc. (ISRG)-how they actually bring in the money. It's not just about selling the big hardware; honestly, the real strength is in the razor-and-blades model, which keeps the cash flowing long after the initial system sale.

The revenue structure is clearly tiered, leaning heavily on the recurring side, which is what gives investors like us confidence in their long-term stability. For the third quarter of 2025, the total revenue hit a strong $2.51 billion, up 23% year-over-year from $2.04 billion in Q3 2024. That growth was fueled by a 20% jump in worldwide procedures combining both da Vinci and Ion platforms.

Here's the quick math on how that Q3 2025 revenue broke down across the core streams:

• - Instruments and Accessories: Recurring revenue of $1.52 billion in Q3 2025
• - Systems: Sales and leases of da Vinci and Ion systems ($590 million in Q3 2025)
• - Services: Long-term service contracts and maintenance fees ($396 million in Q3 2025)
• - Total trailing twelve months (TTM) revenue ending Q3 2025 was $9.612 billion

The Instruments and Accessories segment is the crown jewel here, representing the consumable, high-margin revenue tied directly to usage. That $1.52 billion in Q3 2025 shows the installed base of over 10,763 da Vinci systems is busy. This stream grew 20% year-over-year, driven by a 19% increase in da Vinci procedures and a massive 52% surge in Ion procedures. That's sticky revenue; once a hospital commits to the platform, they need the proprietary instruments to keep operating.

The Systems revenue, which covers the initial sale or lease of the da Vinci and Ion platforms, brought in $590 million for the quarter. This segment is crucial for expanding the ecosystem, and Intuitive Surgical placed 427 da Vinci systems in Q3 2025, up from 379 in Q3 2024. What's particularly interesting is the adoption of the new hardware; 240 of those placements were the next-generation da Vinci 5 systems, showing strong capital expenditure commitment from hospitals despite potential economic headwinds.

Services revenue, which covers maintenance and service contracts for that growing installed base, was reported at $396 million for the quarter. This stream is directly supported by the expansion of the installed base, which grew 13% year-over-year for da Vinci systems, reaching 10,763 units as of September 30, 2025.

To give you the bigger picture on the momentum leading into the end of 2025, here is a snapshot of the key revenue drivers:

Revenue Component	Q3 2025 Amount (USD)	Year-over-Year Growth (Approximate)
Total Revenue	$2.51 billion	23%
Instruments and Accessories	$1.52 billion	20%
Systems Revenue	$590 million	~33% (Implied from $445M in Q3 2024)
Services Revenue	$396 million	N/A

The overall financial health, as reflected by the TTM figure, shows the scale of the business. The total trailing twelve months revenue ending Q3 2025 was $9.612 billion. This recurring revenue stream, anchored by the high utilization of the installed base, is what allows Intuitive Surgical to maintain its premium valuation, even with the noted pressure from tariffs impacting gross margins.

You should definitely track the mix shift; the recurring revenue from Instruments & Accessories and Services is what truly underpins the valuation multiple you see on the stock today. Finance: draft 13-week cash view by Friday.