Intuitive Surgical

Provincial tenders expressed preference for local suppliers with lower pricing impacting win ratio in Q4, as the number of robotic companies in China continues to increase.

Approximately 70% of the ASC procedure opportunity is in ASCs affiliated with existing IDN customers where surgeons are already da Vinci trained, with XiR well suited for this environment.

Received FDA clearance for several cardiac procedures on da Vinci 5. Estimated opportunity of about 160,000 procedures per year in currently cleared markets, with about 17,000 cardiac procedures already performed globally in 2025.

Q4 gross margin reflected approximately 95 basis points from tariffs, with 2026 guidance embedding approximately 120 basis points of tariff impact on cost of sales.