HIGHOutside partySupplier
sole- and single-sourced suppliers
“10-K Item 1A: 'Some of the components necessary for the assembly of our products are currently provided to us by sole-sourced suppliers or single-sourced suppliers'”
ISRG · Concentration risk · 10-K extracted
Intuitive Surgical (ISRG) concentration risks
Updated
The most significant concentration Intuitive Surgical discloses is sole- and single-sourced suppliers, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Intuitive Surgical’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
32%
OUS markets
“10-K Item 1A: 'Revenue from OUS markets accounted for approximately 32%, 33%, and 34% of our revenue for the years ended December 31, 2025, 2024, and 2023, respectively'”
MEDIUMBuilt-inGeographic
Mexico manufacturing
“10-K Item 1A: 'potential tariffs on goods imported from Mexico where we manufacture a significant majority of our instruments and accessories that we sell'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile spans three exposures: a high-share supplier dependency, a moderate geographic revenue tilt, and a moderate manufacturing location exposure. Some of the components for the company's products are currently provided by sole-sourced or single-sourced suppliers, a high-share dependency. For a company whose systems are used in surgical procedures where component failure carries significant patient-safety implications, sole-source dependencies introduce a supply chain vulnerability that is difficult to substitute quickly if a vendor fails to deliver. This dependency is not structural in the sense of being a market feature but reflects current sourcing decisions that the company has flagged as a risk. Revenue from outside U.S. markets accounted for approximately 32% of total revenue for the year ended December 31, 2025, a moderate geographic concentration that is structural — it reflects the global adoption trajectory for robotic surgical systems and is a natural feature of a product sold across major hospital markets worldwide. A significant majority of the company's instruments and accessories are manufactured in Mexico, a moderate structural exposure that carries tariff sensitivity; the filing specifically highlights the potential effect of tariffs on goods imported from Mexico. Together, the profile is defined by a manufacturing supply dependency at the top of the risk hierarchy, a moderate international revenue exposure, and a cross-border manufacturing concentration that adds policy-driven cost risk. The single-source supplier relationships and the Mexico tariff exposure are the most actionable near-term variables to monitor.
For the engine’s reasoning on ISRG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Medical Instruments & Supplies
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BAX | Baxter International Inc. | 1 | 2 | 0 | 3 |
| ISRG● | Intuitive Surgical, Inc. | 1 | 2 | 0 | 3 |
| ATR | AptarGroup, Inc. | 1 | 1 | 0 | 2 |
| BDX | Becton, Dickinson and Company | 1 | 1 | 0 | 2 |
| ALGN | Align Technology, Inc. | 1 | 0 | 0 | 1 |
| AVTR | Avantor, Inc. | 1 | 0 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.