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Can ISRG's Single-Port Platform Become the Next Billion-Dollar Franchise?
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Key Takeaways
ISRG's SP procedures jumped 61% as its installed base reached 445 systems in the second quarter.
ISRG saw U.S. SP utilization rise 25%, while stapler use in eligible cases neared 60% during the quarter.
SP placements and expanded indications are supporting broader adoption across the U.S. and global markets.
Intuitive Surgical’s (ISRG - Free Report) single-port (SP) platform is increasingly emerging as a meaningful growth franchise, supported by accelerating procedure volumes, a growing installed base and expanding product capabilities. In the second quarter, SP procedures increased 61% year over year, powered by strong momentum in the United States and Korea, while early-stage adoption gained traction in Europe, Japan and Taiwan.
Intuitive Surgical placed 38 SP systems during the quarter, taking its global installed base to 445 systems. Although ISRG does not provide standalone figures for SP systems, rising placements and robust procedure growth should help the platform become the company’s billion-dollar franchise soon, complementing its multi-port platform that generated the majority of its $10 billion revenues in 2025.
The platform is also benefiting from improving utilization and a broader ecosystem. Average system utilization for SP systems in the United States increased 25% year over year in the second quarter. This indicates that growth is increasingly being supported by higher use of systems already deployed, rather than placements alone.
Meanwhile, adoption of the SP stapler is accelerating. The stapler was used in nearly 60% of eligible U.S. cases, up from just under 40% in the previous quarter, with colorectal and thoracic procedures driving adoption. Internationally, the stapler has entered broad launch across Europe and Korea, while the Japan launch likely began in the third quarter.
Expanded indications and product enhancements provide another avenue for franchise expansion. Intuitive Surgical cited extended-range instruments, custom remote-center software and reach-assist software as key factors supporting broader SP adoption. The company is also focused on expanding SP through product innovation, training and geographic expansion.
The international opportunity remains particularly important. SP placements increased to 38 in the second quarter from 23 a year earlier. The growth in placement was primarily driven by demand in the United States and Japan, while procedure momentum is emerging across Europe and Asia. With rapid procedure growth, rising utilization, expanding indications and a broader geographic footprint, SP has the ingredients to become a substantially larger franchise for ISRG.
Peer Updates
Edwards Lifesciences’ (EW - Free Report) Transcatheter Mitral and Tricuspid Therapies (“TMTT”) product group appears well positioned to become its third billion-dollar business. The company’s Transcatheter Aortic Valve Replacement product group generated 74% of EW’s $6 billion revenues in 2025 while Surgical Structural Heart generated 17%. The potential of TMTT products group is supported by a diversified product portfolio and multiple adoption curves.
TMTT sales reached $373.7 million in the first half of 2026, up 49.6% year over year, with PASCAL, EVOQUE and SAPIEN M3 all exceeding expectations. PASCAL is gaining adoption, EVOQUE is scaling through new centers and higher utilization, while SAPIEN M3 is expanding its addressable population through new indications. The planned U.S. launch of PASCAL for tricuspid patients would add another growth layer. Management explicitly mentioned that these platforms should drive TMTT revenues to reach $2 billion by 2030.
Glaukos (GKOS - Free Report) is building a diversified ophthalmology platform that could eventually support billion-dollar annual revenues. The company raised 2026 sales guidance to $680-$700 million, while iDose TR generated approximately $74 million in the second quarter and Epioxa contributed about $11 million. The company’s sales registered 32% growth rate for full-year 2025, followed by 45.7% in the first half of 2026.
At these growth rates, the company should be able to achieve billion-dollar sales in the next two to three years. Beyond these commercial products, Glaukos has five novel therapeutic platforms and 13 publicly disclosed programs, including iDose TREX, iDose TRIO, iLink, iStent infinite, PRESERFLO MicroShunt, iLution and GLK-401. Management views these programs as potentially transformative therapies. Thus, continued iDose and Epioxa expansion, combined with successful pipeline commercialization, could materially broaden Glaukos’ revenue base.
ISRG’s Price Performance, Valuation and Estimates
Shares of ISRG have lost 28.6% so far this year compared with a 4.9% decline of the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Intuitive Surgical trades at a forward price-to-earnings ratio of 34.63X, above the industry average. But it is significantly lower than its five-year median of 67.47X. ISRG carries a Value Score of D.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Intuitive Surgical’s 2026 earnings implies a 20.3% rise from the year-ago period’s level.
View the Zacks #1 Rank List
Image: Bigstock
Can ISRG's Single-Port Platform Become the Next Billion-Dollar Franchise?
Key Takeaways
Intuitive Surgical’s (ISRG - Free Report) single-port (SP) platform is increasingly emerging as a meaningful growth franchise, supported by accelerating procedure volumes, a growing installed base and expanding product capabilities. In the second quarter, SP procedures increased 61% year over year, powered by strong momentum in the United States and Korea, while early-stage adoption gained traction in Europe, Japan and Taiwan.
Intuitive Surgical placed 38 SP systems during the quarter, taking its global installed base to 445 systems. Although ISRG does not provide standalone figures for SP systems, rising placements and robust procedure growth should help the platform become the company’s billion-dollar franchise soon, complementing its multi-port platform that generated the majority of its $10 billion revenues in 2025.
The platform is also benefiting from improving utilization and a broader ecosystem. Average system utilization for SP systems in the United States increased 25% year over year in the second quarter. This indicates that growth is increasingly being supported by higher use of systems already deployed, rather than placements alone.
Meanwhile, adoption of the SP stapler is accelerating. The stapler was used in nearly 60% of eligible U.S. cases, up from just under 40% in the previous quarter, with colorectal and thoracic procedures driving adoption. Internationally, the stapler has entered broad launch across Europe and Korea, while the Japan launch likely began in the third quarter.
Expanded indications and product enhancements provide another avenue for franchise expansion. Intuitive Surgical cited extended-range instruments, custom remote-center software and reach-assist software as key factors supporting broader SP adoption. The company is also focused on expanding SP through product innovation, training and geographic expansion.
The international opportunity remains particularly important. SP placements increased to 38 in the second quarter from 23 a year earlier. The growth in placement was primarily driven by demand in the United States and Japan, while procedure momentum is emerging across Europe and Asia. With rapid procedure growth, rising utilization, expanding indications and a broader geographic footprint, SP has the ingredients to become a substantially larger franchise for ISRG.
Peer Updates
Edwards Lifesciences’ (EW - Free Report) Transcatheter Mitral and Tricuspid Therapies (“TMTT”) product group appears well positioned to become its third billion-dollar business. The company’s Transcatheter Aortic Valve Replacement product group generated 74% of EW’s $6 billion revenues in 2025 while Surgical Structural Heart generated 17%. The potential of TMTT products group is supported by a diversified product portfolio and multiple adoption curves.
TMTT sales reached $373.7 million in the first half of 2026, up 49.6% year over year, with PASCAL, EVOQUE and SAPIEN M3 all exceeding expectations. PASCAL is gaining adoption, EVOQUE is scaling through new centers and higher utilization, while SAPIEN M3 is expanding its addressable population through new indications. The planned U.S. launch of PASCAL for tricuspid patients would add another growth layer. Management explicitly mentioned that these platforms should drive TMTT revenues to reach $2 billion by 2030.
Glaukos (GKOS - Free Report) is building a diversified ophthalmology platform that could eventually support billion-dollar annual revenues. The company raised 2026 sales guidance to $680-$700 million, while iDose TR generated approximately $74 million in the second quarter and Epioxa contributed about $11 million. The company’s sales registered 32% growth rate for full-year 2025, followed by 45.7% in the first half of 2026.
At these growth rates, the company should be able to achieve billion-dollar sales in the next two to three years. Beyond these commercial products, Glaukos has five novel therapeutic platforms and 13 publicly disclosed programs, including iDose TREX, iDose TRIO, iLink, iStent infinite, PRESERFLO MicroShunt, iLution and GLK-401. Management views these programs as potentially transformative therapies. Thus, continued iDose and Epioxa expansion, combined with successful pipeline commercialization, could materially broaden Glaukos’ revenue base.
ISRG’s Price Performance, Valuation and Estimates
Shares of ISRG have lost 28.6% so far this year compared with a 4.9% decline of the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Intuitive Surgical trades at a forward price-to-earnings ratio of 34.63X, above the industry average. But it is significantly lower than its five-year median of 67.47X. ISRG carries a Value Score of D.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Intuitive Surgical’s 2026 earnings implies a 20.3% rise from the year-ago period’s level.
Image Source: Zacks Investment Research
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.