Owning Intuitive Surgical (ISRG +13.93%) stock has been an interesting ride over the years since its initial public offering back in June 2000. That's highlighted by the fact that the stock has declined by 25% or more a grand total of eight times over that span. Clearly, this is not a stock for the faint of heart.
But despite the drawdowns over the past 25 years, it has grown as a business, and the stock has continued to push toward new highs over the longer term. In the middle of a 25% drawdown today, Intuitive Surgical could be worth buying right now, if you can handle the roller coaster ride.

Image source: Getty Images.
What does Intuitive Surgical do?
From a big picture perspective, Intuitive Surgical is a growth stock. So when you are examining the company you need to keep the long-term opportunity in mind. On that front, the company's story is very exciting since it sells surgical robots.
The healthcare company's da Vinci system was one of the first surgical robots in the market. It has a material base of installed robots, with 10,488 in place at the end of the second quarter of 2025. That was up 14% compared to the same quarter of 2024. That's pretty impressive growth.
However, the real story is in what these highly technical medical devices can do over the long term. For starters, they make surgery better for both the doctor and the patient, noting that using robots is often less invasive than traditional surgery. But a robot could, technically, be operated from anywhere in the world. And that means that a da Vinci system has the potential, at some point, to allow world-class medicine to be provided wherever one of the robots is located. It could be a game-changing paradigm shift in the healthcare sector.
Wall Street can get ahead of itself
The opportunity here is actually highlighted by the fact that the installed base grew 14% year over year, but the number of surgeries performed with a da Vinci robot increased 17%. This is an in-demand technology, and every new installation creates an annuity-like income stream for Intuitive Surgical. That shows up clearly on the income statement.
The company's revenue, the top line, is broken down into three categories. One is the sale of new da Vinci robots, as you would expect. But those sales only make up around 25% of total sales. The rest of the top line comes from the other two categories, which are basically parts and services. The biggest category, parts, is called "instruments and accessories" on the financial statement. So every new system sold just makes the recurring income stream larger.

NASDAQ: ISRG
Key Data Points
That's a very attractive story, and investors clearly know it, noting that the stock is up more than 20,000% since its initial public offering (IPO). That's a shockingly large number, noting that the IPO was only held in 2000. When stocks move that far, that fast, there are bound to be some bumps in the road. That's what has happened here, noting again that the current 25% drawdown is the eighth such decline in the company's history.
But that's just kind of how Wall Street works. Investors get excited about a story and bid up the price. At some point, investors get worried and the stock pulls back. This is sometimes called consolidation. If the growth story remains intact, there's no particular reason to worry. To be fair, Intuitive Surgical is a much larger company than it was some 25 years ago, so growth isn't going to be as easy to come by. But growth hasn't stopped, and the flywheel it has built via its parts and services business is huge and getting even bigger.
There's likely to be plenty of growth ahead for Intuitive Surgical
Surgical robots are not a one-time fad. They are helping to change the face of medicine, and Intuitive Surgical is at the forefront of the industry. It has a well-established product and a powerful annuity-like income stream underpinning its growth aspirations. If you can handle the risk of owning a fast-growing company, the current drawdown could be a great time for a deep dive. But don't wait too long here, as history suggests that at some point soon the stock will change direction again.