Intuitive Surgical, Inc.

Good day and thank you for standing by. Welcome to the Intuitive First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Conley, Vice President, Investor Relations. Sir, please go ahead.

Good afternoon and welcome to Intuitive's first quarter earnings conference call. Joining me today are Dave Rosa, our CEO, and Jamie Samath, our CFO. Before we begin, I would like to remind you the comments made on today's call may contain forward-looking statements. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in our Securities and Exchange Commission filings, including our most recent Form 10-K, filed on February 3rd, 2026. Our SEC filings can be found through our website at intuitive.com or at the SEC's website. Investors are cautioned not to place undue reliance on such forward-looking statements. Please note that this conference call will be available for audio replay on our website in the events section under our investor relations page. We are experiencing technical difficulties with distribution of today's press release. Note you can find today's 8K, including our press release, on our website or at the SEC's website. The Q1 2026 financial data tables have been posted to our website as well. Our format for this afternoon's earnings conference call is as follows. Dave will review business and operational highlights. Jamie will provide a review of our financial results and procedure highlights. I will review clinical highlights and discuss our updated financial outlook for 2026. And finally, we will host a question and answer session. With that, I will turn it over to Dave.

Good afternoon and thank you for joining us. Q1 was a solid start to the year for Intuitive, driven by 17% total procedure growth and broad-based adoption across DaVinci and ION as customers continue to advance minimally invasive care. In Q1, da Vinci procedures grew 16% to 847,000, and ion procedures increased 39% to 43,000. Performance was strong in the US and Europe, with mixed results in Asia. In the United States, da Vinci procedures grew 14% year over year, led by strength in general surgery. Growth was supported by a 31% increase in after-hours procedures and higher overall utilization. DaVinci 5 utilization continues to exceed that of DaVinci XI, driving U.S. utilization growth to 4%. Outside the U.S., DaVinci procedures grew 19%, led by continued strength in general surgery and gynecology as adoption expands beyond urology. The lower growth rate relative to prior quarters reflects ongoing challenges in China and Japan. The environment remains largely consistent with recent quarters reflecting relatively low tender activity across the category, domestic competition, and policy-driven pricing pressure. Given our belief in the long-term opportunity, we continue to make investments to improve procedure growth, establish favorable patient charge codes, and support other market access activities. In Japan, procedure growth improved sequentially but remained below historical levels following fewer system placements in 2025. We are encouraged by recent policy developments, including incremental financial support for higher volume robotic programs and new reimbursement for seven additional procedures, both policies to be effective starting in June 2026. Jamie will describe these changes in more detail shortly. I have confidence in our ability to execute our international strategy. Investments in our organizational capabilities, clinical trials and research, and market access efforts are yielding supportive robotic surgery policies and reimbursements in many of the countries we serve. The arc of progress is evident with OUS procedures now representing 38% of total da Vinci volume, up from 25% a decade ago. We are well positioned to expand access and drive deeper adoption in these countries with the addition of XIR to our system portfolio and our overall ecosystem of technologies, training, and services. Turning to capital, we placed 431 DaVinci systems in Q1, including 232 DaVinci 5 systems, 34 SP systems, and 34 XIR systems. We also placed 52 ION systems in the quarter. As DaVinci Five moves into broader clinical use globally, customer adoption and feedback remain very encouraging. Customers are building experience with the DaVinci Five ecosystem, resulting in increased clinical throughput and expanded access to DaVinci surgery. At the recent annual SAGES conference, several clinical abstracts demonstrated objectively lower tissue forces using DaVinci force feedback instrumentation across multiple procedure types. we continue to believe that objective knowledge of applied forces in surgery will lead to improved surgical outcomes and are investing to demonstrate this at scale. In March, we received FDA 510 clearance for additional uses of our force feedback instruments. Five of six instruments are now cleared for 15 uses, while our mega suture cut needle driver is cleared for 10 uses. Combined with multi-year investments in supply chain and manufacturing, This clearance supports broader availability in Q2 that will increase over the rest of the year. We expect adoption of force feedback instrumentation to progress steadily through 2026 and beyond. Turning to our digital ecosystem, we continue to invest in the data and digital infrastructure that underpins our longer-term innovation roadmap. DaVinci 5 captures real-world surgical data at greater scale and fidelity enabling deeper insight into how procedures are performed in practice. That insight, paired with clinical context from connected electronic medical records, provides better understanding of variation, workflow, and outcomes, and informs current and planned digital and AI-enabled capabilities. My Intuitive Plus continues to play an expanding role in training and program support, with growing adoption of intuitive telepresence capabilities that enable proctoring, mentoring, and collaboration across surgeons and sites. Collectively, these efforts are foundational to our long-term digital and AI roadmap, where we expect to add telesurgery, deeper decision support, and augmented dexterity, including aspects of future automation, all in pursuit of advancing the quintuple aim. I'm excited by the progress our development teams are making. Turning to our single port platform, SP momentum continued in the quarter, with procedures growing 68% year over year. Growth was driven by expansion in Korea and the U.S. and ongoing early adoption across select international markets. Recently, U.S. surgeons performed the first non-IDE nipple sparing mastectomy cases as we advance our measured rollout focused on training and support of our customers. We also moved our single port stapler into broad launch, which will support deeper penetration in thoracic and colorectal procedures as customers expand their programs. Our teams are focused on new product and procedure launches, expanding our customer base, and securing new geographic clearances. Over the midterm, SP will incorporate much of the DaVinci 5 ecosystem, including current and future digital and AI capabilities. We're excited about the potential of SP to drive meaningful improvement in the quintuple aim. Moving to ION, we're pleased with the results and progress this quarter. IONS North Star is to help physicians improve lung cancer patient survival. Clinical publications continue to reinforce progress here, including a recent Mayo Clinic publication of approximately 2,000 patients, which demonstrated that use of IONS supports earlier identification of malignancy with the potential to improve patient survival. Dan will walk through the study in more detail later in the call. Our teams are making progress on our Rapid Onsite Tissue Evaluation Technology, or ROSE, and endobronchial ultrasound integration as we look to further streamline the time from detection to diagnosis. Looking ahead, our company priorities for 2026 are unchanged. First, the global expansion of our platforms, digital feature releases, and ecosystem enhancements. Second, increased adoption for focused procedures by country through training, commercial activities, and market access efforts. building industrial scale, enhancing product quality, and achieving manufacturing optimization. And finally, advancing innovation to reach more patients in current and new disease states. Before I turn the call over to Jamie, I want to recognize an important leadership transition at Intuitive. Dr. Miriam Kuret is retiring this quarter after more than 20 years as Intuitive's Chief Medical Officer. I'd like to thank Miriam for all her efforts in advancing our mission as a physician, a patient advocate, and a business leader. I'm also pleased to announce Dr. Jamie Wong's promotion to chief medical officer and member of our executive leadership team. Jamie combines a deep clinical background as a practicing da Vinci urologist with his experience of more than a decade at Intuitive, leading a variety of functions. As CMO, he will lead our global medical office, overseeing customer training, clinical evidence generation and research, and reimbursement and market access efforts. And with that, I'll turn the time over to Jamie to take you through our finances in greater detail.