Danielle Antalffy

Preston Wells said Stryker has improved contracting capabilities over the past few years and expects that to continue in 2026. Kevin Lobo added full-year 2026 pricing result expected to be similar to 2025.

Jason Beach confirmed pricing power expected to continue across all businesses, driven by innovation and contracting execution. Won't be exactly the same across business lines but positive trends expected to persist.

Kevin described careful approach, not pouring money in but not exiting. China had a good Q2. Less bullish than 5-6 years ago pre-VBP. Experimenting with localized products in Endoscopy.

Kevin said Japan, UK, Italy are good proxies. France and Canada slower due to government-funded systems. Australian long-term data showing Mako outperforms both manual and navigation is helping globally.

Kevin emphasized no cancellations, ~6 month visibility into capital. Most procedures urgent or needed. Small capital is recession-proof. Wouldn't be raising guidance if concerned.

Glenn confirmed 6-7% of sales target for R&D, no plans to reduce. Driving efficiencies in where R&D is done, India tech center, centers of excellence for AI and software.

Dr. Stein confirmed efficiency gains now absorbed into system. Keys to driving further growth: ASC buildout, repurposing cath labs for EP, concomitant procedure efficiency. Market growth constrained near 15-20% until capacity solutions play out.

CEO noted unit share roughly at-market but dollar share below due to leadless gap. Denali platform refresh launching through H2 2026 and LRP. EMPOWER leadless pacemaker expected to enable S-ICD franchise acceleration. Elutia BioEnvelope acquisition adds new adjunctive technology.

CEO sees no big constraints yet with healthy backlogs across most centers. Hospitals investing in additional labs. ASC ruling going into effect 2026 would provide capacity relief. Moving into smaller centers as commercial footprint scales.

CEO expects SoniVie close Q2. Ultrasound modality viewed as preferred for renal denervation. US trial in early days. Market requires reimbursement and payer support development.

CEO identified neuromodulation and US CRM as improvement areas. Cited DBS platform launch (Cartigia), refocused pain team, and SICU leadless pacemaker launching back half of 2025.

Jake provided utilization data: AID >90%, IIT/non-AID T1 90-85%, basal 80-85%. NIT2 registry (12 months old) showing utilization similar to basal in reimbursed environments. Jereme advised modeling by cohort mix rather than declining utilization per cohort.

Jake confirmed 2026 base case includes only existing coverage. Jereme noted significant potential wins exist in non-insulin, basal, and emerging markets but base case excludes them. Will highlight significant coverage wins as they occur.

Kevin cited 2 million+ patient-years on AID systems. Algorithms built on DexCom technology perform best with DexCom sensor. Jake added Share/Follow, alerts, and photo meal logging round out the offering beyond just the sensor.

Jereme said internal analysis shows strong recession resilience relative to peers. Kevin added DexCom is one of few medical products that both provides information and saves system costs.

Jereme clarified unit economics are similar across disease states; lower utilization per patient but no margin impact. Kevin noted reimbursed T2 retention is quite high.

Ford said pricing work done before Thanksgiving with US testing results showing encouraging early signs. Profitability expected to stay in line with 2025 level. Shifted some spend from marketing and brand to price and promotion for next six months to maintain steady profitability profile while transitioning to volume-driven growth model.

Ford confirmed next-gen Amulet pivotal trial enrollment completed, filing expected first half 2026. Very positive physician feedback on the device. NOAC comparison trial readout in 2027. Views LAA device as essential complement to full EP portfolio, with approximately 25% of LAA procedures now done concomitantly. Acknowledged need to capture more concomitant procedure share.

Ford confirmed Abbott running its own LAA expansion trial, expects to complete enrollment this year. Second-gen Amulet in pivotal trial with excellent deployment/delivery feedback. Sees rising tide potential for both competitors.

Ford outlined strategy to elevate 40% of flat MedTech portfolio to 5%+ growth via Aveir leadless pacing leadership in CRM and peripheral expansion in Vascular, enabling mid-teens total MedTech growth.

Schmid cited cardiovascular double-digit, Vision mid-to-high single-digit, surgery catapulted by OTTAVA. Emphasized OTTAVA de novo pathway with no predicate device. Reed added pipeline expansion into head/neck cancer, Sjogren's, SLE, atopic dermatitis, B-cell malignancies, and Milvexian.

Wolk acknowledged closer to 100bps on 2025 math but used multi-year view since faster-growing remaining businesses will close the gap. Schmid framed as shrinking to grow faster.

Schmid reaffirmed EBR target of upper end of 5-7% CAGR through 2027. Cited cardiovascular and surgery (with OTTAVA) as biggest drivers. Vision mid-to-high single digit.

Wolk cited healthy job reports and noted elective procedures may get delayed but not abandoned. Schmid noted advanced IOL portfolio showing no recession impact.

Ivan cited internal benchmarking showing night-and-day productivity difference between dedicated/specialized vs non-dedicated territories. U.S. is 62-63% of revenue and over half of profit, must achieve consistent mid-to-upper single digit growth. Declined to comment on 2027.

Ivan confirmed all leadership and commercial changes are embedded in Q4 2025 and future guidance. U.S. channel transformation under Kevin Thornal proceeding at right pace with new sales leadership for ASC, S.E.T., key accounts, and restorative therapies. Reporting lines changed in some U.S. businesses for visibility and accountability.

Ivan positioned the comprehensive robotics suite (non-robotic navigation, ROSA large footprint, THINK small footprint, Monogram autonomous) as the winning strategy. 80% of U.S. surgeons and 90% internationally don't use robots, autonomous capability expands the TAM by attracting efficiency-focused surgeons.

Ivan cited growth from 2-3% to nearly 20% U.S. ASC revenue since 2019. Remains the #1 company in hips and knees in ASC. Expects 40% to 60% of orthopedic procedures to move to ASC in 3-5 years.