Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Intuitive Surgical Inc.'s recent earnings reveal a mixed performance with both strengths and challenges.</li><li>Positively, the company reported strong operational outcomes in the first quarter of 2025.</li><li>Da Vinci procedures saw a substantial 17% growth, driven predominantly by robust performances in general surgery across the US and certain international markets, such as India and Korea.</li></ul>

Intuitive Surgical Inc.'s recent earnings reveal a mixed performance with both strengths and challenges.Positively, the company reported strong operational outcomes in the first quarter of 2025.Da Vinci procedures saw a substantial 17% growth, driven predominantly by robust performances in general surgery across the US and certain international markets, such as India and Korea.

Intuitive Surgical: Procedure Growth & Market Expansion to Strengthen Its Market Position!

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intuitive-surgical-inc" target="_blank" data-smartkarma-citation="entities:15853:1" rel="noopener">Intuitive Surgical (ISRG US)</a> revenue grew 19% YoY to $2.3B in 1Q25.  Procedures volume grew ~17% YoY, which boosted instruments and accessories revenue.</li>
<li>The company placed 367 da Vinci surgical systems, compared with 313 in 1Q24. It included 147 da Vinci 5 systems, compared with 8 in the same period last year.</li>
<li>Intuitive has raised the procedure growth guidance range from 13–15% to 15–17%, while trimming down gross margin to the range 65–66.5% from 67–68%, due to tariffs.</li>
</ul>



Intuitive Surgical (ISRG US) revenue grew 19% YoY to $2.3B in 1Q25.  Procedures volume grew ~17% YoY, which boosted instruments and accessories revenue.
The company placed 367 da Vinci surgical systems, compared with 313 in 1Q24. It included 147 da Vinci 5 systems, compared with 8 in the same period last year.
Intuitive has raised the procedure growth guidance range from 13–15% to 15–17%, while trimming down gross margin to the range 65–66.5% from 67–68%, due to tariffs.


Intuitive Surgical (ISRG US): Strong 1Q Result; Tariffs to Impact Margin

<ul><li>Intuitive Surgical Inc. delivered strong financial and operational performance in 2024, signaling significant advancements in their robotic-assisted surgery systems.</li><li>During the fourth quarter earnings discussion, leadership outlined the various factors contributing to the strong annual growth, as well as some of the strategic goals they aim to achieve in 2025.</li><li>One major positive highlighted was the successful early adoption of the fifth-generation da Vinci platform, alongside continued utilization of the Ion and da Vinci SP systems.</li></ul>

Intuitive Surgical Inc. delivered strong financial and operational performance in 2024, signaling significant advancements in their robotic-assisted surgery systems.During the fourth quarter earnings discussion, leadership outlined the various factors contributing to the strong annual growth, as well as some of the strategic goals they aim to achieve in 2025.One major positive highlighted was the successful early adoption of the fifth-generation da Vinci platform, alongside continued utilization of the Ion and da Vinci SP systems.

Intuitive Surgical’s Biggest Moat Is NOT What You Think – Here’s Why It’s a Game-Changer!

<ul><li>Intuitive Surgical, Inc. reported robust third-quarter financial results for 2024, reflecting both significant positive developments and some areas of challenge.</li><li>The company demonstrated strong global growth in its key product lines, particularly the da Vinci systems, which is central to its operation.</li><li>On the positive side, Intuitive displayed robust procedure growth at 18% year-over-year, with contributions especially strong in the U.S., Japan, Germany, France, and the U.K. Notably, the introduction of the da Vinci 5 system, which launched in March 2024, saw promising early adoption with 188 installations and over 12,000 procedures completed.</li></ul>

Intuitive Surgical, Inc. reported robust third-quarter financial results for 2024, reflecting both significant positive developments and some areas of challenge.The company demonstrated strong global growth in its key product lines, particularly the da Vinci systems, which is central to its operation.On the positive side, Intuitive displayed robust procedure growth at 18% year-over-year, with contributions especially strong in the U.S., Japan, Germany, France, and the U.K. Notably, the introduction of the da Vinci 5 system, which launched in March 2024, saw promising early adoption with 188 installations and over 12,000 procedures completed.

Intuitive Surgical: International Expansion & Regulatory Milestones & Other Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intuitive-surgical-inc" target="_blank" data-smartkarma-citation="entities:15853:1" rel="noopener">Intuitive Surgical (ISRG US)</a> posted 3Q24 result, with revenue, procedure volume growth, system placement, and EPS beating estimates. Accelerating rollout of da Vinci 5 remains one of the growth engines.</li>
<li>During 3Q24, Intuitive placed 110 da Vinci 5 systems, up from 70 in Q2 and eight in Q1. da Vinci 5 system has been used in more than 12,000 procedures.</li>
<li>Intuitive has raised the low end of the procedure growth guidance range from 15.5% to 16.0% and expects full year 2024 procedure growth within a range of 16% and 17%.</li>
</ul>



Intuitive Surgical (ISRG US) posted 3Q24 result, with revenue, procedure volume growth, system placement, and EPS beating estimates. Accelerating rollout of da Vinci 5 remains one of the growth engines.
During 3Q24, Intuitive placed 110 da Vinci 5 systems, up from 70 in Q2 and eight in Q1. da Vinci 5 system has been used in more than 12,000 procedures.
Intuitive has raised the low end of the procedure growth guidance range from 15.5% to 16.0% and expects full year 2024 procedure growth within a range of 16% and 17%.


Intuitive Surgical (ISRG US): Q3 Results Beat Expectations; Procedure Growth Forecast Revised Upward

United States

Intuitive Surgical, Inc. design, manufactures, and markets surgical systems. The Company offers endoscopes, endoscopic retractors and disectors, scissors, scalpels, forceps, needle holders, electrocautery, ultrasonic cutters, and accessories during surgical procedures. Intuitive Surgical operates worldwide.

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Intuitive Surgical (ISRG US)

Intuitive Surgical: Procedure Growth & Market Expansion to Strengthen Its Market Position!

Intuitive Surgical Inc.'s recent earnings reveal a mixed performance with both strengths and challenges. Positively, the company reported strong...

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