$ISRG · INTUITIVE SURGICAL INC

Intuitive Surgical reported Q3 2026 revenue of $3.05B (+22% YoY) with worldwide procedures up ~15%. GAAP diluted EPS fell to $1.49 from $1.95, dragged by a $450M pre-tax ($347M after-tax, $0.99/share) charge for settling the da Vinci antitrust class action. Non-GAAP EPS rose to $3.00 from $2.40. The company guided full-year 2026 da Vinci procedure growth of 14-15% (closer to midpoint), non-GAAP gross margin of 68.7-69.3%, and non-GAAP opex growth of 11-13%.

Extended-hours trading shows ISRG at $406.26, down 7.25% from the $438.00 regular close. The GAAP EPS miss driven by the $450M litigation charge appears to be the primary drag, despite strong underlying procedure and revenue growth.

A $450M litigation charge slashed GAAP earnings even as underlying surgical volumes and system placements hit records — the after-hours 7% selloff suggests the market is pricing the legal overhang, or

Intuitive's 14% da Vinci procedure growth and 31% Ion growth reinforce med-tech's ongoing shift toward robotic-assisted surgery. The aggressive $2.94B buyback signals confidence in the capital-returns playbook common among large-cap device leaders.

The $450M antitrust settlement remains subject to preliminary and final court approval; individual class members may object, and there is no assurance the court will approve it. Tariffs currently in effect are assumed to remain through year-end; additional tariffs beyond expectations could have a "m