Intuitive Surgical falls as Obamacare uncertainties cloud forecast

Shares of Intuitive Surgical fell 10.8% to $359.09, on track to be its lowest close in more than two years.

The company said changes in coverage and premium dynamics may be impacting when patients seek care and move forward with treatment.

Intuitive Surgical maintained its forecast for worldwide procedure growth for its da Vinci surgical robots in 2026 at about 13.5% to 15.5%, but expects it to be closer to the midpoint of this range.

Exact extent of the impact is unclear, as is the duration of future impacts, though management's reiterated FY26 procedure growth outlook contemplates a range of sedate growth outcomes, said Baird analyst David Rescott.

Intuitive Surgical said Q2 U.S. da Vinci procedure growth was modestly affected by the expiration of enhanced Affordable Care Act (Obamacare) premium subsidies.

U.S. da Vinci bariatric cases continued to feel the impact of rising GLP-1 usage, declining in the high single digits during the quarter, the company added.

Up to the last close, the stock was down 29% year to date.