Intuitive Surgical, Inc.

“Robotic-assisted medical procedures with a da Vinci surgical system or Ion endoluminal system are technologies that compete with established and emerging treatment options”

“Our da Vinci procedure business is broadly split into two categories: (1) cancer procedures and (2) procedures for benign conditions.”

“The Company’s Joint Venture is owned 60% by us and 40% by Fosun Pharma and is located in China.”

“Surgeons have reported that the use of robotic-assisted surgery with a da Vinci surgical system in thoracic surgery has enabled them to offer MIS approaches to a broader range of thoracic surgery patients”

“Our hospital accounts include both individual hospitals and healthcare facilities as well as hospitals and healthcare facilities that are part of an integrated delivery network ("IDN groups").”

“We sell our products and services through direct sales organizations in the U.S., Europe (excluding Italy, Spain, Portugal, Greece, and Eastern European countries), China (through our majority-owned joint ventures, Intuitive Surgical-Fosun Medical Technology (Shanghai) Co., Ltd. and Intuitive Surgical-Fosun (HongKong) Co. Ltd. ... with Fosun Pharma)”

“We utilize distributors for a portion of our sales and service of our products in certain countries, which subjects us to a number of risks”

“Our da Vinci products fall into five broad categories: da Vinci surgical systems, da Vinci instruments and accessories, da Vinci stapling, da Vinci energy, and da Vinci vision.”

“we commercialized our Ion endoluminal system, which is a flexible, robotic-assisted, catheter-based platform that utilizes instruments and accessories for which the first cleared indication is minimally invasive biopsies in the lung”

“Our fully featured da Vinci 5 and da Vinci Xi surgical systems ... Our da Vinci X surgical system is targeted toward price-sensitive customers ... Our da Vinci SP surgical system complements our da Vinci 5, da Vinci X, and Xi surgical systems by enabling surgeons to access narrow workspaces.”

“customers’ appetite for our digital products including Onsite, Telepresence, and Case Insights may become impacted in the future.”

“domestic revenue accounted for 68%, 67%, and 66%, respectively, of total revenue, while revenue from our OUS markets accounted for 32%, 33%, and 34%, respectively, of total revenue.”

“changes to tariffs imposed by the U.S. on imports from various countries, including Mexico, where we currently manufacture a significant majority of our instruments and accessories”

“Germany, where we currently manufacture a majority of our endoscopes”

“We manufacture our systems at our facilities in Sunnyvale, California, and Peachtree Corners, Georgia, as well as at our Joint Venture's facility in Shanghai, China.”

“We currently manufacture a significant majority of our instruments and accessories in Mexicali, Mexico. Most of these products qualify as originating under the USMCA and, therefore, have not been subject to U.S. import tariffs to date.”

“Some of the components necessary for the assembly of our products are currently provided to us by sole-sourced suppliers ... or single-sourced suppliers ... We purchase the majority of our components and major assemblies through purchase orders rather than long-term supply agreements”

“including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.”

“We have also been vertically integrating key technologies to develop a more robust supply chain and bring important products to market at attractive price points. These investments include increased ownership of our imaging pipelines”

“Companies that have introduced products in the field of robotic-assisted medical procedures, or have made explicit statements about their efforts to enter the field, include, but are not limited to, the following: Beijing Surgerii Robotics Company Limited; CMR Surgical Ltd.”

“Companies that have introduced products in the field of robotic-assisted medical procedures, or have made explicit statements about their efforts to enter the field, include ... Johnson & Johnson ... Medtronic plc”

“More than half of da Vinci procedures performed are for benign conditions.”

“In certain instances, we complement our research and development effort through collaborations with other companies, such as our Integrated Table Motion product offering developed with Hillrom (now a part of Baxter International Inc.).”

“In 2025, tariffs and other trade measures have increased our cost of revenues by approximately $63.0 million.”

“Cash and cash equivalents plus short- and long-term investments increased by $0.20 billion to $9.03 billion as of December 31, 2025”

“cash used in the repurchase of 4.8 million shares of our common stock for $2.3 billion”

“In 2020, we launched Intuitive Ventures Fund I, an inaugural $100 million fund... As of December 31, 2025, we have invested $70 million of the $100 million.”

“Entities that are found to be in violation of HIPAA, as a result of a breach of unsecured protected health information, a complaint about privacy practices, or an audit by the U.S. Department of Health and Human Services (“HHS”), may be subject to significant civil, criminal, and administrative fines and penalties”

“The CCPA allows for significant fines by the California attorney general as well as a private right of action from individuals in relation to certain security breaches.”

“The GDPR imposes comprehensive data privacy compliance obligations in relation to our collection and use of personal data, including a principle of accountability and the obligation to demonstrate compliance through policies, procedures, training, and audit, as well as regulating cross-border transfers of personal data out of the EEA and the UK.”

“restrictions on the export of rare earth elements, including magnets, and critical minerals from China could potentially restrict access to components used in many of our products and could have a material adverse effect on our business, financial condition, or results of operations.”

“during 2025, the U.S. federal government imposed new tariffs on imports from various countries including Mexico, Germany, and China, among others.”

“There are numerous laws and regulations that govern the personal data Intuitive generates, collects, shares, and processes on behalf of itself and/or its customers.”

“Our reliance on sole- and single-sourced suppliers and ability to purchase at acceptable prices a sufficient supply of materials could harm our ability to meet product demand in a timely manner or within budget.”

“We offer usage-based arrangements, including alternative capital acquisition approaches; as a result, we are exposed to an increased risk of losses of revenue and increased credit risk”

“With the possibility of more stringent medical data transfer rules in China, customers’ appetite for our digital products including Onsite, Telepresence, and Case Insights may become impacted in the future.”

“Incorporating artificial intelligence technologies into our products, services, and operations may result in legal and regulatory risks or have other adverse consequences”

“Any failure, or perceived failure, by us or our vendors to comply with or make effective modifications to our policies or to comply with any federal, state, or international privacy, data-retention, or data-protection-related laws, regulations, orders, or industry self-regulatory principles could result in proceedings or actions against us by governmental entities or others, a loss of customer confidence, damage to our brand and reputation, and a loss of customers”

“the efficacy and longevity of current transfer mechanisms between the EEA and the United States remains uncertain.”

“we expect increasing competition within China for robotic-assisted systems. Our revenues may be reduced due to pricing pressure”