Direct Answer
81 SEC filers are classified under the Standard Industrial Classification code that describes the surgical robotics industry, and their latest annual reports show $173.5 billion of combined revenue and a median operating margin of -16.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Surgical robotics companies sell robotic systems that assist surgeons in minimally invasive operations and earn recurring revenue from instruments and service. Procedure growth and system placements drive results. The first numbers to compare across companies here are system placements and utilization, procedure growth and recurring revenue share.
Key Industry Metrics
- System placements and utilization: Number of robots installed and how often each is used. Placements add capacity; utilization drives instrument sales.
- Procedure growth: Change in the number of procedures performed with the system. It drives instrument and accessory revenue, so it is the central growth measure.
- Recurring revenue share: Portion of revenue from instruments, accessories and service rather than system sales. A higher share makes results steadier.
- Gross margin: Share of sales left after cost to make systems and instruments. Instruments earn more than capital systems, so mix and scale drive it.
- Installed base: Total number of systems in use. It sets potential procedure volume, so growth supports future recurring revenue.
Primary Macro Drivers
- Surgeon training and adoption: Surgeons need training and time to adopt new systems, so the pace of adoption sets utilization and procedure growth.
- Hospital capital budgets: Hospitals buy robots out of capital budgets, so finances set placement timing; leasing models can smooth this.
- Procedure expansion: Each new procedure the system is approved for adds cases and sells more instruments, which supports recurring revenue.
- Clinical outcome evidence: Hospitals want evidence that robots improve results or lower cost, so data on outcomes supports adoption and pricing.
Major Risks
- Competition from new entrants: Rivals with lower-priced or specialty systems can win placements and pressure pricing; watch system placements and utilization.
- Capital spending: Hospitals delay costly systems when budgets tighten, which slows placements; watch capital spending commentary and order backlog.
- Reimbursement: Payers pay the same for robotic and standard surgery, which limits what hospitals gain from buying; watch reimbursement and procedure growth.
- Product liability: Injury claims and device issues can lead to lawsuits and recalls; watch legal proceedings and product notices.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | Medium |
| Regulatory Intensity | High |
| Industry Maturity | Growth |
| Geographic Importance | U.S. / Global |
Surgical Robotics Filers in the SEC Record
81 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3841. Their latest fiscal years end between 2022 and 2026, and together they reported $173.5 billion of revenue. Median revenue growth over the prior year was 14.7%. Median operating margin was -16.6% and median net margin -18.8%. Median total liabilities were 50% of total assets, and 27 of 81 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Medline Inc. | $28.4 billion | 11.5% | 7.8% | 4069.4% | FY 2025 |
| Stryker Corp | $25.1 billion | 11.2% | 19.5% | 12.9% | FY 2025 |
| 3m Co | $24.9 billion | 1.5% | 18.6% | 13.0% | FY 2025 |
| Becton Dickinson & Co | $21.8 billion | 8.2% | 11.8% | 7.7% | FY 2025 |
| Boston Scientific Corp | $20.1 billion | 19.9% | 18.0% | 14.4% | FY 2025 |
| Baxter International Inc | $11.2 billion | 5.7% | -2.7% | -8.5% | FY 2025 |
| Solventum Corp | $8.3 billion | 0.9% | 26.2% | 18.7% | FY 2025 |
| Resmed Inc | $5.1 billion | 9.8% | 32.7% | 27.2% | FY 2025 |
The 8 largest of 81 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Surgical Robotics guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Surgical Robotics industry?
Key performance indicators for the Surgical Robotics industry include: System placements and utilization, Procedure growth, Recurring revenue share, Gross margin, Installed base. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Surgical Robotics industry?
The Surgical Robotics industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Surgical Robotics industry?
The primary risks for Surgical Robotics companies include: Competition from new entrants, Capital spending, Reimbursement, Product liability. Investors should assess each company's exposure to these factors and its track record of navigating them.