The conference call, led by the head of Investor Relations, provides an update on Intuitive's Q3 2025 financial performance, including business and operational highlights, a review of financial results, procedure and clinical insights, and an updated financial outlook for the upcoming period, with a question and answer session scheduled for further discussion.

Intuitive's robotic surgical platforms, particularly Da Vinci 5, achieved significant procedure growth and international placements, including in Japan and Europe. The company experienced a 19% increase in Da Vinci procedures and a 52% increase in ion procedures, with strong domestic upgrade demand. System utilization and capital placements, including 7 Da Vinci, 30 Sp, and 50 ion systems, underscored robust financial performance and customer adoption. Intuitive's strategy to expand access through refurbished systems and digital tools aims to enhance surgical capabilities and global market penetration.

Intuitive's annual conference showcased advancements in robotic surgical platforms, emphasizing improved patient outcomes, efficiency, and minimally invasive care. The company highlighted software updates, force feedback instrumentation, and progress in Davinci single-port systems, aiming to deliver real-time insights for enhanced clinical decision-making.

Ion's worldwide procedures grew by 52%, leveraging AI for precise patient navigation. Received FDA clearance for advanced software enhancing workflow and imaging. Priorities include launching Davinci 5, increasing focused procedures adoption, scaling industrial operations, and improving digital tools. Aims to enhance value for patients, physicians, hospitals, and payers globally.

The dialogue highlights Intuitive's strong Q3 financial results, with a 20% total procedure growth, 23% revenue increase to $2.5 billion, and a 39% pro forma operating margin. It discusses the broad launch of Da Vinci 5, expanded adoption of Ion and SP platforms, and robust system placements, particularly Da Vinci VI, reflecting strong market demand and surgeon interest in advanced technology.

A study at the European Respiratory Society's conference revealed that using the ion system with integrated cone beam CT for pulmonary nodule biopsies increased diagnostic yield by over 60 percentage points compared to conventional methods, also driving a 30 percentage point rise in early stage lung cancer diagnoses. Procedure times and complication rates remained comparable, showcasing the system's effectiveness with minimal training.

A study published in the Journal of Robotic Surgery demonstrates that force feedback technology in robotic thoracic surgery can decrease applied force, leading to gentler procedures. With data from over 400 procedures, the analysis shows a significant reduction in peak force, suggesting potential benefits for patient outcomes. Further studies are exploring the impact on patient pain and functional recovery.

The dialogue covers an update on financial guidance, including adjustments to Davinci procedure growth, gross profit margin, and operating expense forecasts. It highlights strong US procedure volume growth, attributing some of it to elective procedures acceleration and the introduction of Davinci 5, while noting the impact of holidays and market timing in O US growth.

The dialogue discusses the strategic importance of refurbished excise systems in expanding market reach, particularly for cost-sensitive customers and new geographies. It highlights the flexibility and value these systems bring to the portfolio, enabling a range of financial instruments for customers to initiate robotic-assisted surgery programs. The refurbish Xi is seen as a key component, offering a cost-effective option alongside the latest technology, thus providing segmentation for early adopters and budget-conscious buyers.

Discusses the redeployment of older Xi systems to alternative care sites while hospitals adopt DV five, highlighting seamless user interface consistency, interchangeable instrument inventory, and flexible fleet deployment to support various patient care environments.

The dialogue explores the potential of advanced robotic platforms, particularly in cardiac surgery, highlighting the need for precision, motion control, and imaging integration. It also discusses identifying unmet healthcare needs where current solutions fall short, aiming to innovate with new platforms and technologies.

An investor inquires about future trends in utilization rates in the US with the increased presence of Davinci 5 in the market, questioning if rates will continue to rise. The investor also notes the recent year-over-year decline in net placements, suggesting it's due to a difficult comparison from the previous year, and asks for the company's perspective on this metric, which some investors are closely monitoring. A follow-up question is anticipated.

The dialogue discusses the company's strategy to align with customers for increased capacity of surgical robots, emphasizing procedure growth as a key metric. It also touches on the financial implications of going direct in certain markets, with expectations of slight accretion to pro forma EPS, while acknowledging that detailed gross margin guidance for the following year will be provided later.

Discussion on the diminishing impact of bariatric market pressures and the outlook for China's constrained and competitive environment, seeking insights into future market dynamics and recovery timelines.

The discussion reveals a steady decline in domestic bariatric procedures influenced by GLP-1 medications, with surgeons uncertain about when the downturn will end. In China, the market environment remains competitive with slow tenders and preference for da Vinci technology, alongside price pressures and local market dynamics affecting sales strategy.

The dialogue delves into the significance of the integrated hub in the Da Vinci 5 system, emphasizing its role in collecting video data for analysis, contributing to AI-driven surgical enhancements, and ultimately supporting the progression towards augmented dexterity and improved surgical outcomes.

The dialogue explores the factors influencing the adoption of robotic systems in Ambulatory Surgical Centers (ASCs), focusing on capital costs, Medicare coverage, and commercial rates. While capital expenses are a significant barrier, the lower reimbursement rates in ASCs compared to hospitals pose a strategic challenge. The conversation also touches on the impact of reusable instruments versus single-use alternatives, concluding that the latter is not currently a critical impediment to robotic system implementation in ASCs.

Discussion covers advancements in haptic technology for robotic surgery, emphasizing force feedback's potential to improve surgical outcomes by reducing applied forces. The trajectory towards integrating force feedback into various surgical procedures is highlighted, aiming to enhance learning efficiency and outcomes.

Discusses advancements in robotic surgery, highlighting force feedback's role in improving outcomes and the significance of single port clearances for future growth, emphasizing evidence-based value and procedural enhancements.

Discussed early feedback on DV 5 launch in Europe and Japan, highlighting local approaches, segmentation, and evaluation processes. Emphasized the goal of improving surgery and acute interventions, focusing on patient outcomes, experiences, cost reduction, and care access.