What are the main concerns in INTUITIVE SURGICAL INC's latest SEC filing?

The analysis identified 5 key concerns: While overall procedure growth is robust, the Ion system placement experienced a decline, potentially indicating market saturation in the U.S. for its primary application.; Valuation of intangible assets and goodwill requires significant judgment and estimation; changes in assumptions could require future impairment charges.; Inventory valuation relies on assumptions about future demand and market conditions, with potential for write-downs impacting margins..

What are the top risks for INTUITIVE SURGICAL INC (ISRG)?

The top risks identified in the 10-K filing are: Competitive Landscape, Supply Chain Disruptions, Cybersecurity Threats. The company faces significant risks from intense competition, supply chain vulnerabilities due to global trade issues and sole-source suppliers, and escalating cybersecurity threats. These factors collectively present a high-risk profile requiring continuous management and mitigation strategies.

ISRG - Comprehensive Filing Intelligence

FYNone•10-K•Filed Feb 3, 2026

5.0/10

Filing Health:CAUTION

Notable concerns that warrant closer review

Executive Summary

The company demonstrated strong growth in da Vinci system placements and procedures, driven by new product adoption (da Vinci 5) and expansion in key surgical areas.. Capital allocation in 2025 focused on share repurchases ($2.30 billion), alongside continued investment in R&D and system innovation.. The company has approximately $2.53 billion in commitments related to open purchase orders and contractual obligations, with generally flexible cancellation terms.. Total revenue increased 21% to $10.1 billion.

Top Concerns

!While overall procedure growth is robust, the Ion system placement experienced a decline, potentially indicating market saturation in the U.S. for its primary application.
!Valuation of intangible assets and goodwill requires significant judgment and estimation; changes in assumptions could require future impairment charges.
!Inventory valuation relies on assumptions about future demand and market conditions, with potential for write-downs impacting margins.
!The company has approximately $2.53 billion in commitments related to open purchase orders and contractual obligations, with generally flexible cancellation terms.
!Multiple antitrust lawsuits are ongoing concerning service and repair of instruments, with some rulings in favor of the plaintiffs regarding market definition and monopoly power.

Top Positives

+The company demonstrated strong growth in da Vinci system placements and procedures, driven by new product adoption (da Vinci 5) and expansion in key surgical areas.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

7.0/10

Management tone is confidently optimistic.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

6.0/10

Earnings quality shows aggressive accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is moderate with $2.53 billion in identified exposure.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

3.0/10

Overall risk profile shows competitive landscape as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

8.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.