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# Intuitive Surgical (ISRG) - Recent Events ## Filings that contain financial statements Each earnings release below is Exhibit 99.1 to a Form 8-K and holds unaudited condensed consolidated income statements and balance sheets. None of them holds a cash flow statement. - Form 8-K filed October 20, 2026 (accession 0001035267-26-000067): third quarter ended September 30, 2026. Quarterly and year-to-date income statements and the September 30, 2026 balance sheet. - Form 8-K filed July 16, 2026 (accession 0001035267-26-000047): second quarter ended June 30, 2026. Quarterly and year-to-date income statements and the June 30, 2026 balance sheet. - Form 8-K filed April 21, 2026 (accession 0001035267-26-000029): first quarter ended March 31, 2026. Quarterly income statements and the March 31, 2026 balance sheet. - Form 8-K filed January 22, 2026 (accession 0001035267-26-000006): fourth quarter and full year ended December 31, 2025. Quarterly and annual income statements and the December 31, 2025 balance sheet. ## Litigation - **October 2026: antitrust class action settlement (signed, subject to court approval).** Following a mediation in "In re: da Vinci Surgical Robot Antitrust Litigation," Intuitive reached a written agreement, without admission of liability, to settle for a one-time payment of $450 million plus mutually agreed injunctive relief. It recorded a $450 million charge ($347 million after tax, or $0.99 per diluted share) in third-quarter 2026 operating expenses; the Form 10-Q shows it as a separate line, while the earnings release includes it in selling, general and administrative expense. The settlement still needs preliminary and final court approval. Source: Form 8-K filed October 20, 2026 (0001035267-26-000067), Exhibit 99.1; quarterly report on Form 10-Q filed October 21, 2026 (0001035267-26-000071). - **August 13, 2026: Ninth Circuit reverses in the Surgical Instrument Service Company case.** The Ninth Circuit reversed the district court's judgment, which had found for Intuitive on all of SIS's antitrust claims, and remanded for further proceedings. Intuitive filed a petition for rehearing en banc on September 29, 2026 and says it cannot estimate a loss or range of loss. This is disclosed in the Form 10-Q (0001035267-26-000071); no Form 8-K covers it. ## Earnings and guidance - **October 20, 2026, third quarter results.** Revenue was $3.05 billion, up 22% from $2.51 billion. GAAP net income attributable to Intuitive was $523 million ($1.49 per diluted share) against $704 million ($1.95) a year earlier, reduced by the settlement charge. Non-GAAP net income was $1.05 billion ($3.00 per diluted share) against $867 million ($2.40). da Vinci procedures grew about 14% and Ion procedures about 31%. Intuitive placed 546 da Vinci systems (315 da Vinci 5) and 56 Ion systems. It repurchased 7.8 million shares for $2.94 billion, and ended the quarter with $6.80 billion in cash and investments. Results included a $22 million after-tax benefit from refunds of IEEPA tariffs paid in prior periods. (0001035267-26-000067) - **Full-year 2026 outlook, as of October 20.** da Vinci procedure growth of about 14% to 15%, closer to the midpoint. Non-GAAP gross margin of 68.7% to 69.3%, including a tariff impact of 0.9% of revenue before refunds. Non-GAAP operating expense growth of 11% to 13%. (0001035267-26-000067) - **How the outlook moved during 2026.** | Release | Procedure growth | Non-GAAP gross margin | Non-GAAP opex growth | Accession | |---|---|---|---|---| | Jan 22 | 13% to 15% | 67% to 68% | 11% to 15% | 0001035267-26-000006 | | Apr 21 | 13.5% to 15.5% | 67.5% to 68.5% | 11% to 14% | 0001035267-26-000029 | | Jul 16 | 13.5% to 15.5%, nearer the midpoint | 68.0% to 69.0% | 11% to 13% | 0001035267-26-000047 | | Oct 20 | 14% to 15%, nearer the midpoint | 68.7% to 69.3% | 11% to 13% | 0001035267-26-000067 | - **July 16, 2026, second quarter results.** Revenue was $2.89 billion, up 19%. GAAP net income was $818 million ($2.29 per diluted share) and non-GAAP net income was $1.00 billion ($2.80). Results included a $28 million after-tax IEEPA tariff refund benefit. (0001035267-26-000047) - **April 21, 2026, first quarter results.** Revenue was $2.77 billion, up 23%. GAAP net income was $822 million ($2.28 per diluted share) and non-GAAP net income was $901 million ($2.50). (0001035267-26-000029) - **January 22, 2026, fourth quarter 2025 results.** Revenue was $2.87 billion, up 19%. GAAP net income was $795 million ($2.21 per diluted share). Fourth quarter expenses included a $70 million contribution to the Intuitive Foundation. (0001035267-26-000006) - **January 14, 2026, preliminary fourth quarter and 2025 results.** Furnished ahead of the J.P. Morgan Healthcare Conference. Preliminary 2025 revenue was about $10.06 billion, up 21%, with 1,721 da Vinci placements and an installed base of 11,106. The company first gave 2026 da Vinci procedure growth of about 13% to 15%. (0001035267-26-000003) ## M&A - **March 2, 2026: acquisition of Southern European distribution businesses (closed).** Intuitive announced the completion of its acquisition of the da Vinci and Ion distribution business operated by ab medica, Abex, Excelencia Robotica and their affiliates. It now sells directly in Italy, Spain, Portugal, Malta, San Marino and associated territories, and about 250 employees joined. The quarterly report states the acquisition took place on March 1, 2026 for approximately $533.1 million in cash, net of the $32.6 million effective settlement of existing receivables; the purchase price allocation is still preliminary. (0001035267-26-000012, Exhibit 99.1; 0001035267-26-000071, Note 7) ## Capital actions - **April 30, 2026: share repurchase authorization raised to $5.0 billion.** The Board increased the authorized amount available under the repurchase program to $5.0 billion, including amounts remaining under earlier authorizations. Intuitive expects to fund repurchases from cash, cash equivalents and investments. (0001035267-26-000035, Item 7.01) - **Repurchases in 2026.** Per the quarterly report, 11.0 million shares were repurchased for $4.45 billion in the nine months ended September 30, 2026, of which 7.8 million shares ($2.94 billion) were in the third quarter. (0001035267-26-000071) - **April 30, 2026: stockholders approved an amended 2010 Incentive Award Plan,** adding 5,000,000 shares to the reserve (120,350,000 to 125,350,000) and extending the term to January 29, 2036. Stockholders also elected all ten directors and ratified PricewaterhouseCoopers LLP as auditor. (0001035267-26-000035, Items 5.02 and 5.07) ## Management and governance - **May 28, 2026:** Taylor Patton, global senior vice president of the endoluminal business, was named Chief Commercial and Marketing Officer effective July 1, 2026, succeeding Henry Charlton, who becomes Senior Vice President of Global Business Operations. (0001035267-26-000042) - **July 23, 2026 (filed July 27):** The Board amended and restated the bylaws, tightening the procedures and disclosure requirements for shareholder director nominations and proposals and adding a rule that proxy cards be a color other than white. (0001035267-26-000063, Item 5.03) - **December 2025:** Effective January 1, 2026, Brian Miller moved from Chief Digital Officer to Head of Digital and AI Strategy, no longer reporting directly to the CEO. (0001035267-25-000211) ## Tariffs According to the third quarter 10-Q, the U.S. Supreme Court ruled in February 2026 that IEEPA tariffs were unlawful, and U.S. Customs launched a refund portal on April 20, 2026. Intuitive recognized $27.8 million of IEEPA refunds in the third quarter and $63.7 million in the first nine months, as reductions to cost of revenue. Tariffs and other trade measures in cost of revenue were $23.4 million for the quarter and $72.4 million for nine months. The Department of Justice has appealed the refund order. (0001035267-26-000071)