Intuitive Surgical and Medtronic both reported better-than-expected quarterly results, yet each faces distinct challenges that cloud their growth outlooks. Intuitive Surgical posted fiscal Q2 2026 revenue of $2.89 billion, up 19%, with adjusted EPS of $2.80 beating estimates by $0.30, but its stock fell on concerns over slowing domestic procedure growth. Medtronic reported its highest annual revenue growth in a decade, with fiscal Q4 revenue reaching $9.8 billion and full-year adjusted revenue of $36.3 billion, driven by a 78% global surge in Cardiac Ablation Solutions. Both companies warned that tariffs are a material headwind: Medtronic absorbed a $74 million impact in the latest period and expects roughly $250 million in fiscal 2027, while Intuitive Surgical cautioned that additional tariffs could materially alter its financial results. Intuitive Surgical maintained its 2026 da Vinci procedure growth guidance of 13.5% to 15.5%, and Medtronic guided for fiscal 2027 organic revenue growth of 6.75% to 7.25%.
Intuitive Surgical IncWarned additional tariffs could materially alter financial results.
Medtronic PLCAbsorbed $74M tariff impact and expects ~$250M in fiscal 2027.
Heron Therapeuti