Robotic surgery giant Intuitive’s stock has fallen despite reporting positive growth in its full year 2025 (FY25) and Q4 financials.
Ahead of the company’s presentation at this year’s J.P. Morgan Healthcare Conference in San Francisco, Intuitive reported preliminary FY25 revenues of around $10.06bn, reflecting a 21% increase on $8.35bn in FY24.
For Q4 2025, Intuitive expects revenues of $2.87bn, denoting a 19% rise versus $2.41bn in Q4 2024.
Speaking at J.P. Morgan, Intuitive CEO Dave Rosa highlighted that the company reached 20 million procedures with its da Vinci robots in Q4 2025, revealing that 35% of procedures are now taking place outside of the US, compared with around 17% in 2005.
“This is indicative of our teams delivering against what our customers expect and supported by the investments we've made over many years,” Rosa said.
Despite these positive achievements, after reporting its financials on 14 January, Intuitive’s shares on the Nasdaq stock exchange fell by 5% to a market open price of $533.96 per share, compared to a market close of $561.82 on 13 January. Intuitive has a market cap of $193.82bn.
A potential reason for the stock fall may relate to Intuitive’s expectation that da Vinci procedures will increase by roughly 13% to 15% in 2026. According to Bloomberg, the range falls shy of the 15.2% procedure growth anticipated by 17 polled analysts, thereby marking the slowest growth rate since 2020.
William Blair analyst Brandon Vazquez said in a research note: “Our sense is that weakness in the stock likely revolves around procedures, with only a slight beat for the year, but especially 2026 guidance for 14% procedure growth, which is 50 basis points below last year’s guidance.”
Rosa also highlighted tender challenges in China and issues around “pricing and other robotic competitors coming to market” in the country – another factor that may have dulled investor sentiment around Intuitive’s global growth potential in this large market.
Despite the remarks, according to a GlobalData market model, Intuitive led the Chinese market with a share over 60% in 2024.
Globally, the robotics market has had new entrants over the past year. This includes Medtronic’s Hugo, which won US approval in December 2025 for urologic procedures. Hugo has been available in Europe since 2022.
Rosa also shared that in 2025, Intuitive’s robots performed around 3.2 million procedures, with the lion’s share performed on its multi-port platform.
“In 2025, we placed almost 1900 systems placed across all of our platforms, with around 1600 on multi-port, 100 on single-port, and about 190 of our Ion Robotic Bronchoscopy system, leading to a 12,000 system installed base,” Rosa continued.
For foreign companies, China’s tender environment has grown challenging. In July 2025, China imposed procurement restrictions on European medical devices.
At the time, Dr Andrew Thompson, director of therapy research and analysis in medical devices for GlobalData, highlighted that the move was “reflective of how Chinese brands are beginning to dominate all tiers of the Chinese healthcare market” – a potential challenge Rosa alluded to given China’s evident growing preference for supporting domestic medtech companies.
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