Intuitive Surgical's third quarter results were met with a strongly positive market reaction, as management credited robust demand for the da Vinci V system and expanded international placements as primary growth drivers. CEO David J. Rosa highlighted that widespread adoption of da Vinci V, along with higher procedure volumes in both U.S. and international markets, contributed to improved utilization rates across all platforms. Additionally, elevated interest in system upgrades and first placements in new geographies supported overall momentum.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Intuitive Surgical’s Q3 Earnings Call

• Robert Marcus (JPMorgan) asked about sustainability of procedure growth and da Vinci V’s contribution; CEO David J. Rosa explained adoption is accelerating utilization and procedure volumes, with 67,000 da Vinci V procedures completed in Q3.
• Travis Steed (BofA) inquired about redeployment of XI systems and utilization in alternative care sites; Rosa noted seamless integration across platforms and highlighted flexibility for ambulatory surgical centers (ASCs).
• Larry Biegelsen (Wells Fargo) questioned future U.S. utilization trends and the impact of direct operations in Europe; CFO Jamie E. Samath said utilization improvements are likely at larger centers and the direct model should be slightly accretive to earnings.
• Rick Wise (Stifel) probed on ongoing bariatric procedure weakness and China’s competitive environment; Dan Connolly and Samath cited continued headwinds in bariatrics and pricing pressure in China, with no clear timeline for recovery.
• Patrick Wood (Morgan Stanley) asked about cost pressures and adoption hurdles in ASCs; Samath responded that capital cost is the main constraint and sterilization has not been a significant barrier so far.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be monitoring (1) the pace of da Vinci V upgrades and international placements, (2) new regulatory clearances and the impact of expanded procedure indications for SP and ION platforms, and (3) operational execution as the company transitions to direct sales in select European markets. The rollout of digital and AI features and the uptake of refurbished XI systems will also serve as key indicators of sustained growth.

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