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ISRG vs. MDT: Which MedTech Titan Is the Stronger Investment Choice Now?
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Key Takeaways
ISRG Q2 2025 revenues rose 21% to $2.44B, with da Vinci procedures up 17% and strong Ion growth.
MDT Q1 fiscal 2026 sales hit $8.6B, up 8.4%, driven by cardiovascular, diabetes, and neurosurgery.
ISRG raised its 2025 procedure-growth outlook, while MDT readies Hugo robot U.S. launch in FY26.
Both Intuitive Surgical (ISRG - Free Report) and Medtronic (MDT - Free Report) reported solid financial results, but their businesses diverge. Intuitive, known for its Da Vinci surgical robots, delivered 21% revenue growth for the second quarter of 2025 ($2.44 billion), fueled by a 17% jump in da Vinci procedures. Medtronic, a diversified medtech giant, posted first-quarter fiscal 2026 sales of $8.6 billion (up 8.4% on a reported basis and 4.8% organically).
Below we compare their financial performance, growth drivers and key product updates – notably Intuitive’s new Da Vinci 5 and Ion platforms versus Medtronic’s Hugo surgical robot.
ISRG and MDT: Price Performance and Valuation
Year to date, shares of ISRG have lost 9.8% compared to MDT’s 15.2% gain.
Image Source: Zacks Investment Research
Intuitive Surgical is trading at a forward 12-month price-to-sales of 15.8X, costlier than Medtronics’ forward sales multiple of 3.3X.
ISRG posted a 21% jump in second-quarter revenues and a pro forma operating margin of 39%. Its installed base of da Vinci systems grew 14% (to nearly 10,500 worldwide), driving a 17% rise in da Vinci procedures. Including the newer Ion bronchoscopy platform, total robotic procedure volume was up 18%. Procedure growth was broad-based, with the U.S. benign general surgery (e.g. cholecystectomy, appendectomy) and new international markets (India, Korea) being the major contributors.
The company rolled out its Da Vinci 5 system nationally, placing 180 da Vinci 5 units in the second quarter and crossing 100,000 total da Vinci 5 procedures in the launch phase. Intuitive Surgical also shipped 54 Ion systems, with Ion procedures surging 52% to nearly 35,000, as the company expands in Korea and Australia. Single-port (SP) robot use nearly doubled (88% growth) in the quarter, aided by new clearances (like 50-use endoscopes) and expanded GI indications. Recurring revenues (instruments, accessories, services) remain a strength, accounting for nearly 85% of total sales, with average instrument???and???accessory revenue per procedure of around $1,800.
Non-financially, Intuitive is pushing innovation. It received new FDA clearances (e.g. curved vessel sealer, tracheal bronchoplasty surgery) and demonstrated force-feedback and telepresence features of da Vinci 5 at surgical conferences. Management emphasized building manufacturing scale and quality as the company fully launches Da Vinci 5 globally. Intuitive raised its 2025 da Vinci procedure growth guidance to 15.5-17%, implying confidence in continued adoption of its robots.
ISRG’s Sales & EPS Growth Estimate
Image Source: Zacks Investment Research
Medtronic – Broad Portfolio With Emerging Robots
Medtronic’s first-quarter fiscal 2026 performance was led by its large cardiovascular, diabetes and neurosurgery businesses. Total revenues were $8.58 billion (organic +4.8%), roughly in line with its guidance. Cardiovascular portfolio sales grew 7%, driven by Cardiac Ablation (Pulsed Field Ablation), which was up nearly 50% (especially in the United States and Japan). Structural heart (TAVR) was up 6%, and Cardiac Rhythm Management rose 3% (with strong adoption of new ICD and leadless pacer products). Neuromodulation (pain stimulators) grew 10% along with mid-single digits growth for the Cranial & SpinalTechnologies business, helping overall Neuroscience to grow 3.1%.
Medtronic’s Diabetes unit grew 7.9%, aided by new glucose sensors (CE-marked Simplera Sync in Europe) and expanded 780G pump labeling (type 2, young children). Management reiterated plans to spin off the MiniMed diabetes business — a move expected to be margin-accretive. In Medtronic’s Surgical (Medical-Surgical) division, revenues were up just 2.4%. Growth was backed by Advanced Energy (LigaSure) instruments — a market share gainer — but offset by a shift from conventional to robotic surgery.
Critically, Medtronic is ramping up its Hugo robotic surgery system. Internationally, Hugo is gaining share (growing procedures outside the U.S. market), and Medtronic won the CE Mark for LigaSure on Hugo last month. The company filed for U.S. FDA approval and expects a U.S. launch in late fiscal 2026. Management says Hugo’s rollout should be “accretive to growth” once it begins. In the meantime, Medtronic is investing heavily in R&D (nearly 8% YoY) across cardiovascular, diabetes and neuromodulation, and pushing cost efficiencies in materials and SG&A.
Medtronic’s margins held steady (adjusted gross of 65.1%) despite mix headwinds. Its outlook remains modest — roughly 5% organic growth for fiscal 2026, with an expectation of growth accelerating in the second half. Foreign exchange tailwinds (recent dollar weakness) and lower-than-anticipated tariffs should provide a lift, and management is confident about driving scale from its large installed base.
MDT’s Sales & EPS Growth Estimate
Image Source: Zacks Investment Research
EPS Projections for ISRG and MDT
The Zacks Consensus Estimate for Intuitive Surigcal’s 2025 EPS implies year-over-year growth of 11.3% to $8.17. Estimates have shown an upward trend in the past 60 days, improving 4.2%.
Image Source: Zacks Investment Research
Meanwhile, the consensus estimate for Medtronic’s fiscal 2026 EPS is pinned at $5.61, suggesting an increase of 2.2% year over year. Analyst estimates have moved north 1.1% in the past 60 days.
Image Source: Zacks Investment Research
ISRG vs MDT: Which Is the Better Pick?
Intuitive’s pure-play robotic focus is yielding double-digit growth and improving leverage, with robust procedure growth and raised guidance. Medtronic, by contrast, is a broad platform. Its mid-single-digit growth is supplemented by very high growth devices (like ablation devices) and an upcoming Hugo robot launch. We note that Intuitive is winning on outsized growth in a niche (robotic surgery) with premium margins, while Medtronic offers stability and scale across many markets with new catalysts (like Hugo and spun-off diabetes) on the horizon.
While both companies currently carry a Zacks Rank #3 (Hold), MDT seems attractive compared to ISRG due to its cheaper valuation. Moreover, ISRG carries a Zacks VGM Score of ‘D’ while MDT has a score of ‘B’, making MDT a better bet as of now. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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ISRG vs. MDT: Which MedTech Titan Is the Stronger Investment Choice Now?
Key Takeaways
Both Intuitive Surgical (ISRG - Free Report) and Medtronic (MDT - Free Report) reported solid financial results, but their businesses diverge. Intuitive, known for its Da Vinci surgical robots, delivered 21% revenue growth for the second quarter of 2025 ($2.44 billion), fueled by a 17% jump in da Vinci procedures. Medtronic, a diversified medtech giant, posted first-quarter fiscal 2026 sales of $8.6 billion (up 8.4% on a reported basis and 4.8% organically).
Below we compare their financial performance, growth drivers and key product updates – notably Intuitive’s new Da Vinci 5 and Ion platforms versus Medtronic’s Hugo surgical robot.
ISRG and MDT: Price Performance and Valuation
Year to date, shares of ISRG have lost 9.8% compared to MDT’s 15.2% gain.
Image Source: Zacks Investment Research
Intuitive Surgical is trading at a forward 12-month price-to-sales of 15.8X, costlier than Medtronics’ forward sales multiple of 3.3X.
Image Source: Zacks Investment Research
Intuitive Surgical – Accelerating Robotic Revenues
ISRG posted a 21% jump in second-quarter revenues and a pro forma operating margin of 39%. Its installed base of da Vinci systems grew 14% (to nearly 10,500 worldwide), driving a 17% rise in da Vinci procedures. Including the newer Ion bronchoscopy platform, total robotic procedure volume was up 18%. Procedure growth was broad-based, with the U.S. benign general surgery (e.g. cholecystectomy, appendectomy) and new international markets (India, Korea) being the major contributors.
The company rolled out its Da Vinci 5 system nationally, placing 180 da Vinci 5 units in the second quarter and crossing 100,000 total da Vinci 5 procedures in the launch phase. Intuitive Surgical also shipped 54 Ion systems, with Ion procedures surging 52% to nearly 35,000, as the company expands in Korea and Australia. Single-port (SP) robot use nearly doubled (88% growth) in the quarter, aided by new clearances (like 50-use endoscopes) and expanded GI indications. Recurring revenues (instruments, accessories, services) remain a strength, accounting for nearly 85% of total sales, with average instrument???and???accessory revenue per procedure of around $1,800.
Non-financially, Intuitive is pushing innovation. It received new FDA clearances (e.g. curved vessel sealer, tracheal bronchoplasty surgery) and demonstrated force-feedback and telepresence features of da Vinci 5 at surgical conferences. Management emphasized building manufacturing scale and quality as the company fully launches Da Vinci 5 globally. Intuitive raised its 2025 da Vinci procedure growth guidance to 15.5-17%, implying confidence in continued adoption of its robots.
ISRG’s Sales & EPS Growth Estimate
Image Source: Zacks Investment Research
Medtronic – Broad Portfolio With Emerging Robots
Medtronic’s first-quarter fiscal 2026 performance was led by its large cardiovascular, diabetes and neurosurgery businesses. Total revenues were $8.58 billion (organic +4.8%), roughly in line with its guidance. Cardiovascular portfolio sales grew 7%, driven by Cardiac Ablation (Pulsed Field Ablation), which was up nearly 50% (especially in the United States and Japan). Structural heart (TAVR) was up 6%, and Cardiac Rhythm Management rose 3% (with strong adoption of new ICD and leadless pacer products). Neuromodulation (pain stimulators) grew 10% along with mid-single digits growth for the Cranial & SpinalTechnologies business, helping overall Neuroscience to grow 3.1%.
Medtronic’s Diabetes unit grew 7.9%, aided by new glucose sensors (CE-marked Simplera Sync in Europe) and expanded 780G pump labeling (type 2, young children). Management reiterated plans to spin off the MiniMed diabetes business — a move expected to be margin-accretive. In Medtronic’s Surgical (Medical-Surgical) division, revenues were up just 2.4%. Growth was backed by Advanced Energy (LigaSure) instruments — a market share gainer — but offset by a shift from conventional to robotic surgery.
Critically, Medtronic is ramping up its Hugo robotic surgery system. Internationally, Hugo is gaining share (growing procedures outside the U.S. market), and Medtronic won the CE Mark for LigaSure on Hugo last month. The company filed for U.S. FDA approval and expects a U.S. launch in late fiscal 2026. Management says Hugo’s rollout should be “accretive to growth” once it begins. In the meantime, Medtronic is investing heavily in R&D (nearly 8% YoY) across cardiovascular, diabetes and neuromodulation, and pushing cost efficiencies in materials and SG&A.
Medtronic’s margins held steady (adjusted gross of 65.1%) despite mix headwinds. Its outlook remains modest — roughly 5% organic growth for fiscal 2026, with an expectation of growth accelerating in the second half. Foreign exchange tailwinds (recent dollar weakness) and lower-than-anticipated tariffs should provide a lift, and management is confident about driving scale from its large installed base.
MDT’s Sales & EPS Growth Estimate
Image Source: Zacks Investment Research
EPS Projections for ISRG and MDT
The Zacks Consensus Estimate for Intuitive Surigcal’s 2025 EPS implies year-over-year growth of 11.3% to $8.17. Estimates have shown an upward trend in the past 60 days, improving 4.2%.
Image Source: Zacks Investment Research
Meanwhile, the consensus estimate for Medtronic’s fiscal 2026 EPS is pinned at $5.61, suggesting an increase of 2.2% year over year. Analyst estimates have moved north 1.1% in the past 60 days.
Image Source: Zacks Investment Research
ISRG vs MDT: Which Is the Better Pick?
Intuitive’s pure-play robotic focus is yielding double-digit growth and improving leverage, with robust procedure growth and raised guidance. Medtronic, by contrast, is a broad platform. Its mid-single-digit growth is supplemented by very high growth devices (like ablation devices) and an upcoming Hugo robot launch. We note that Intuitive is winning on outsized growth in a niche (robotic surgery) with premium margins, while Medtronic offers stability and scale across many markets with new catalysts (like Hugo and spun-off diabetes) on the horizon.
While both companies currently carry a Zacks Rank #3 (Hold), MDT seems attractive compared to ISRG due to its cheaper valuation. Moreover, ISRG carries a Zacks VGM Score of ‘D’ while MDT has a score of ‘B’, making MDT a better bet as of now. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.