razor-and-blades model supports 39% non-GAAP margins.
ISRG offers durable robotic-surgery economics where instruments and services drive most sales, with 39% non-GAAP operating margins supporting continued growth.
ISRG’s installed-base flywheel monetizes every procedure through instruments, accessories, and services, which together make up 86% of total sales. Profitability is already strong at 39% non-GAAP operating margins, reinforcing the operating leverage case while triple-headwinds (China/Japan/tariffs) remain key risks.