Intuitive Surgical, Inc.

Instruments and accessories represented 60.8% of FY2024 revenue and 59.8% of FY2025 revenue, with total recurring sources (instruments, accessories, services) at 84% of FY2024 total. The installed base of over 10,763 da Vinci systems as of Q3 2025 provides durable forward consumption visibility independent of new system placement cycles.

Revenue is overwhelmingly concentrated in the da Vinci surgical platform; Ion, the robotic bronchoscope for lung biopsies, is an early-stage secondary line not yet material to consolidated financials. Multiple procedure categories within da Vinci (urology, gynecology, general surgery) reduce single-indication risk, but the business is fundamentally a one-platform company.

Domestic revenue represented 68% of FY2025 total (66% in FY2023, 67% in FY2024), reflecting consistent U.S. concentration across a three-year window. International operations span 74 countries with particular growth in South Korea and India in 2025, but no single OUS region materially offsets the U.S. weighting.

Pro forma gross margin held within the 67-69% band across FY2022-FY2025, including through the FY2022 cost inflation environment, driven by the high-margin instrument consumable stream that scales on a largely fixed manufacturing base. Systems manufacturing introduces some capital expenditure dependency that constrains fully asset-light economics.

Instruments and accessories are consumed per procedure in hospital operating rooms, making them mission-critical with no discretionary substitution during an active surgical case. The 84% recurring revenue share in FY2024 is supported by contractual service agreements and instrument replenishment cycles tied to patient procedure volumes rather than hospital capital budgets.