Intuitive SurgicalIntuitive Surgical ISRG ↗

What it doesda Vinci and Ion surgical systems, instruments, consumables and service. 11,710 systems installed.

在干什么da Vinci 与 Ion 手术系统、器械、耗材与服务。装机量 11,710 台。

Name sheetIntuitive Surgical

Why it mattersThe only mature proof on the whole map, and every previously published figure verified. Q2 2026, reported 2026-07-16: total revenue $2.89bn (+19% year over year), instruments and accessories $1.73bn (+18%), systems $685m against $575m, a da Vinci installed base of 11,710 (up 12% from 10,488), an Ion installed base of 1,096 (up 21% from 905), da Vinci procedure volume up about 15% and Ion up about 36%. Consumables-to-systems is 2.53x. That ratio is what P17/P18 looks like once it converges: the installed system is the entry point, consumables and service are the business. Note for the P17 debate: Intuitive discloses the ratio that constitutes the moat every quarter as a line item, while Teradyne discloses robotics revenue and stops. The disclosure asymmetry between the converged case and the contested case is itself evidence.

为何重要全图唯一成熟的证明，且此前发布的每一个数字均已核实。2026-07-16 公布的 Q2 2026：总收入 28.9 亿美元（同比 +19%），器械与耗材 17.3 亿美元（+18%），系统 6.85 亿美元（上年 5.75 亿），da Vinci 装机 11,710 台（同比 +12%，上年 10,488 台），Ion 装机 1,096 台（+21%，上年 905 台），da Vinci 手术量同比约 +15%，Ion 约 +36%。耗材与系统之比为 2.53 倍。这一比值正是 P17 与 P18 收敛之后的形态：装机量是入口，耗材与服务才是生意。P17 之争的旁注：直觉外科每个季度都把构成护城河的那个比值单列披露，而泰瑞达只披露机器人收入便止步于此。已收敛案例与争议案例之间的披露不对称，本身即是证据。

Productda Vinci and Ion systems, instruments, consumables, and service

Value accrualInstalled systems plus per-procedure instruments, consumables, and service create recurring revenue

Key riskQ2 2026 revenue $2.89bn (+19%), net income $818m; 11,710 da Vinci systems. Consumables revenue $1.73bn versus systems $685m. PMF is mature; valuation, regulation, and competition are primary risks.

Bottlenecks瓶颈 P13 Dexterous manipulation灵巧操作 · P16 Safety validation & certification安全验证与认证 · P17 Integration, uptime, service集成、在线率与服务 · P18 Vertical workflow ROI垂直工作流 ROI

Class

public

Country

US

HQ

Sunnyvale, United States

Layer

Vertical application / Medical robotics

Systems

work · body · muscle · immune

Caveat stance

pass

Ticker

ISRG

Exchange

Nasdaq

Purity

High

Valuation tier

1

Last verified

2026-08-12

Confidence note

High

Sleeve

A

Sources

S-PUB-008

Translated fields

what_it_does_en · why_it_matters_en · caveat_en

Chain position

midstream