How Slowing US Bariatric Procedures and Capital Constraints Will Impact Intuitive Surgical (ISRG) Investors

In the past year, Intuitive Surgical has seen procedure growth in the US slow, particularly in bariatric surgeries influenced by rising GLP-1 use, even as its operating margin widened for three consecutive years and management raised its 2026 non-GAAP gross margin forecast while continuing to fund R&D. An interesting tension is emerging as hospital capital budget constraints and shifting procedure mix weigh on growth expectations, even while analysts remain optimistic and management...