Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
David Roman
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 100on tracked calls
- Challenge rate
- 12%12 of 100 questions
- Companies
- 15questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 100 of 100 questions from 15 companies
BAXBaxter International12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q1
can you unpack for us a little bit what's going on beyond some of those businesses, for example, with the IV set business? How do you protect the pump disposal business, given the Novum dynamics?
Show response
Kevin Moran outlined the total pump portfolio: Novum syringe, Spectrum LVP on IQx platform with intercommunication capability. Expressed confidence in sets business aligned with pump portfolio strength. Expects pump revenue to grow in back half of the year.
what are the signposts that you're seeing whether it's KPIs or orders or other customer dynamics that give you that confidence to embed such a significant ramp in the back half of the year?
Show response
Kevin Moran cited: historical seasonality validation, strong customer interest and engagement, IV Solutions rightsizing expected to normalize in 2026, HST growth weighted to back half with strong Connected Care demand, and FLC timing expected to normalize. Reiterated HST low single digit growth and confidence in the path.
Calendar 2025 Q4
Can you just remind us on where you are and the progress you are making on reducing the G&A and support costs that today are getting reimbursed by Vantiv via the TSA?
Show response
Joel confirmed on track for the 40bp remaining stranded cost impact in 2025. TSAs begin tailing off in 2026 and extend into 2027. Committed to full stranded cost elimination by 2027. Operating model streamlining is part of this workstream.
What are you doing to ensure sustainability of the business as it relates to the competitive dynamic? And how are you gaining sufficient visibility to drive the forecasting process?
Show response
Hider emphasized essential role with 350M+ patients/year, stabilization through GPS, streamlined org, and innovation focus including Connex 360 and Dynamo. Joel addressed forecasting via GPS operating rhythms, cross-functional alignment, demand planning, and daily/weekly mechanisms to surface issues earlier.
Calendar 2025 Q3
as you think about the forward identity for Baxter, is this a med-tech company in your eyes? Is this a diversified manufacturing company? And what decisions are you going to make that ultimately al...
Show response
Hider framed capital allocation as the core framework but deferred portfolio positioning details to the 2026 Investor Day. Emphasized innovation investment and market expansion without defining Baxter as med-tech or diversified.
you are seeing a lot of the growth come from, I think, lower-margin segments like compounding versus anesthesia and injectables. Can you maybe help us think about the implications from the drivers ...
Show response
Joel acknowledged mix headwind from compounding outpacing injectables but highlighted Advanced Surgery as a positive offset. Updated guidance reflects Novum uncertainty, slower fluid conservation recovery, and continued premix softness. Volume is the primary OI driver.
Calendar 2025 Q2
it does sound like business trends did worsen materially as you progress through the quarter. So can you maybe help us understand how things evolved and to what extent the exit rate in the business...
Show response
Heather said IV Solutions played out largely as expected in H1 with Q1 restocking then Q2 bleeddown. The surprise was elevated IV push in U.S. injectables. Guidance now level-loads Q2 utilization for the rest of the year. Joel reinforced Q2 was always expected to be toughest comparison.
can you maybe help us think about the time lines of working down stranded costs and the process by which the TSAs roll off? And how do you avoid a gap there, whereby the TSA roll-off is faster than...
Show response
Joel confirmed on track for full stranded cost removal by 2027. TSAs are approximately 24 months from the January 2025 close, working down over time. Stranded cost programs have been running since late last year specifically to stay ahead of TSA wind-down.
Calendar 2025 Q1
can you give us any parameters to frame how to think about that? Because if a pharma tariff is announced between now and when you report earnings again, we're all going to try to quantify it
Show response
Joel confirmed Claris plant exposure is immaterial but couldn't provide specific pharma tariff parameters. Noted generics margin impact would be more sizable than brands, emphasized proactive scenario planning.
as you remove hospitals from allocation, can you maybe help us frame what you expect the impact to be to your business? And then also if you think hospitals will return to pre-hurricane inventory m...
Show response
Heather clarified conservation isn't uniform, some hospitals using more than pre-hurricane levels. Assuming 10-12% conservation at year-end. H1 largely in line with expectations despite Q1/Q2 timing shift.
Calendar 2024 Q4
Joel, can you walk us through the post Vantive sale capital structure of the company and maybe update us on target leverage ratios and the timeframe to achieve that?
Show response
Joel confirmed 3x net debt-to-EBITDA target by end of 2025, paid down nearly $3B of debt since Vantive close, plans to shift to growth investments and share buybacks once leverage target achieved.
Can you help us think about the direction of the company from here and how you're thinking about strategic priorities and maybe at the same time give us a flavor for how that fits into the profilin...
Show response
Joel outlined five priorities: customer-inspired innovation, targeted market growth, cost structure optimization, commercial excellence, and disciplined capital allocation.
EWEdwards Lifesciences12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q1
Are you seeing a class effect on TAVR? Is this questioning device selection for lifetime management?
Show response
Management pointed to its own evidence base (PARTNER 3/2, EARLY TAVR) and said it was too early to parse exactly what the competitor data is contributing.
Also any early perspective on how M3 might be impacting the business?
Show response
Daveen Chopra said M3 is very early in launch but generating physician excitement for patients who lacked a good surgical or transcatheter solution.
Calendar 2025 Q4
go into a little bit more detail on the comments regarding lifetime management for TAVR and maybe more specifically talk about what you think the implications will be to valve and vendor selection
Show response
Dan Lippis explained the conversation has shifted from timing/extending first valve to getting the first procedure right for lifetime management options. SAPIEN uniquely positioned for secondary/tertiary procedures including valve-in-valve and coronary access. Lifetime management relevant for all ages, not just younger patients.
is it reasonable to expect that just a significant percentage of patients receiving TAVR either in the asymptomatic or call it the sub-seventy-five population, that creates a unique opportunity for...
Show response
Dan confirmed lifetime management applies to all age groups. Scott outlined capital priorities unchanged: invest in business (production capacity), external M&A (smaller structural heart focused), and share repurchase ($900M in 2025, ~$2B authorization remaining).
Calendar 2025 Q3
When you look at the PREVUE-VALVE study that was presented at TCT and think about the early TAVR study in context, can you maybe just help us look forward
Show response
Bernard confirmed PREVUE-VALVE validates incidence/prevalence assumptions and is positive for long-term market sizing. Dan Lippis added the study takes a unique lens on non-diagnosed populations, suggesting disease may be even larger than assumed.
Can you maybe help us think through how to compare and contrast the M3 launch with EVOQUE
Show response
Daveen described European M3 launch as a controlled, high-value model focused on physician training and great outcomes. Physicians excited as M3 targets patients unsuitable for both TEER and surgery. Cautioned not to compare directly to EVOQUE pace.
Calendar 2025 Q2
the company was generating 10% plus top line growth with low 30s operating margins. Is it realistic to think that, that is the direction you aim to take the business
Show response
Scott declined to set a specific margin target but reaffirmed 50-100bps annual constant currency EBIT margin improvement starting 2026.
There have been a variety of publications. I wouldn't call them studies necessarily questioning some of the safety and real-world outcomes around EVOQUE
Show response
Daveen cited 176-patient European real-world study across 12 centers showing results equal to or better than TRISCEND II. Echo gradient data showing RV improvement. More data coming at ESC and from TVT registry. Bernard added Gen 2/3/4 platform iterations will further improve outcomes.
Calendar 2025 Q1
talk us through a little bit what you're seeing on the ground as it relates to either referral patterns or physician engagement post the presentation
Show response
Bernard explained biomarkers proved not predictive at ACC, strengthening case for universal referral. Indication approval expected Q2, then education plan deploys.
How should we think about mix between repair and replacement today and going forward
Show response
Bernard and Daveen explained the toolbox approach. In Europe with M3 now approved, repair will remain larger near-term while replacement adds patients who had no option.
Calendar 2024 Q4
help us piece together the sequential deceleration and then correspondingly, the acceleration reflected in the full year outlook
Show response
Management attributed Q1 deceleration to typical January slowdown from December screening lull and TMTT still scaling throughout the year.
help us reflect a little bit on some of the dynamics that drove the performance here in 2024 that ended above your expectations
Show response
Bernard and Daveen explained PASCAL/EVOQUE momentum and European/U.S. contributions. Direct answer on sequential growth drivers.
GEHCGE HealthCare12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q1
Could you just elaborate a little bit further on the commercial strategy here?
Show response
Pete detailed strategy: dedicated specialized reps for clinical/technical selling. AI breakthroughs improving traditional CT resolution provide cost-effective alternative to Photon Counting for some customers. Photonova positioned at ultra-high end with no trade-offs in resolution or spectral imaging. Pipeline of opportunities over $100M. Conversion cycle: 4-6 months assessment then 5-8 months to installation. Starting with installed base conversion, then competitive targets.
Could you maybe help us understand a little bit more detail just on the phasing and impact
Show response
Jay explained FIFO dynamics: limited Q1 inflation impact as existing inventory rolls through. Q2 is first quarter with real inflation impact (logistics attaches late, faster-turn businesses hit first). Largest impact in Q3/Q4. Offsetting $0.23 of actions benefit H2, limited ability to impact Q2.
Calendar 2025 Q4
do you freeze the market in anticipation of some of these new product launches
Show response
Pete explained premium customers may wait for products like Photon Counting where no predicate exists, but majority are new incremental. Orders cannot book until regulatory approval. Emphasized backlog growth and trailing metrics matter more than single-quarter order readings.
We did see an acceleration in that franchise in 2020 in the fourth quarter, excuse me
Show response
Pete noted Flyrcado not yet a significant revenue contributor to PDx. Contrast media growth driven by procedures growth in cardiology and oncology. No evidence of new competitive entrants materializing. Supply remains tight across industry. Large multi-SKU customer contracts provide defensibility.
Calendar 2025 Q3
how long this transition between R&D and COGS takes place
Show response
Jay explained 300bps gross margin decline: 180bps tariffs, 60bps R&D-to-COGS shift (12 programs near commercialization), 20bps PCS product hold. Dynamic continues into Q4 and some 2026 impact. Q4 sequential gross margin expansion expected north of 50bps.
what are you seeing specifically on the opportunity in the ASC setting for EP
Show response
Pete detailed D3 strategy in EP: Allia Pulse cath lab + Vivid Pioneer cardiovascular ultrasound + AltiX recorder work together. New reimbursement allows 80% of acute care reimbursement in ASC setting.
Calendar 2025 Q2
how we should contextualize the back half revenue guidance against that algorithm
Show response
Jay explained flow vs project: PDx/service/ultrasound converts 1-2 quarters, Imaging projects 9-12 months. Q4/Q1 orders now converting into H2 revenue. Record backlog characterized as very high quality.
how the expectations around Flyrcado may be impacting your ability to see benefits across the entirety of the PET/CT
Show response
Pete noted nuclear medicine pull-through across equipment, drugs, and digital tools. Future full-body PET and next-gen SPECT cameras will capitalize on growing diagnostic and therapeutic demand.
Calendar 2025 Q1
the magnitude of mitigation actions that are already in place versus those that need to be implemented
Show response
Jay confirmed full visibility on 2025 savings. R&D and critical launch investments protected. Some spending earmarked for 2026 mitigation actions. Pete outlined three tiers: plant throttling, component sourcing shifts, supplier multi-sourcing.
how are you thinking about M&A? Isn't this a prime environment to kind of accelerate those efforts
Show response
Pete agreed dislocation creates opportunities. Most interested in growth-driving assets to support mid-single-digit growth trajectory. Active pipeline of opportunities.
Calendar 2024 Q4
help us understand sort of the inflection point that you saw in that business this quarter with respect to growth
Show response
Jay detailed AVS drivers: ultrasound new platforms gaining traction, Allia IGS Pulse exceeding expectations, OEC 3D in outpatient surgical centers. New cardiovascular launches coming H2.
trying to understand the factors influencing the declines in free cash flow here and why that reverses in 2025
Show response
Jay attributed FCF miss to late-year inventory build, partly strategic, partly optimization opportunity. Expects inventory turns improvement in 2025 as lean measures take hold.
ISRGIntuitive Surgical11 questions · 6 reporting periods · 0 of 11 challenging
Calendar 2026 Q1
how are you prioritizing markets outside the U.S.? And what is, broadly speaking, the strategy here
Show response
Rosa described a dual approach of product/pricing optimization and market access to demonstrate value to customers and governments. Samath added localized strategy, potential direct distribution expansion, and possible localized manufacturing.
give us a sense of kind of where we are in bringing SP to a point where that adoption curve can accelerate
Show response
Samath described SP growth as continuing on a reasonable pace from 68% rather than suddenly inflecting. Noted TAM-expanding opportunities like nipple-sparing mastectomy and additional disease states in labs.
Calendar 2025 Q4
how you saw these dynamics play out through the back half of 2025
Show response
Dan said no evidence of Medicaid or macro impact on procedure demand through Q4, with no customer feedback suggesting pullback.
is there anything left either from a technology standpoint, maybe a vessel sealer that you think would be necessary to really unlock the opportunity?
Show response
Dan noted vessel sealer and global stapler clearances still needed, with encouraging early feedback on SP stapler in thoracic and colorectal, plus geographic expansion opportunity.
Calendar 2025 Q3
You've had a number of SP clearances over the past six months or so. Maybe just help us contextualize performance
Show response
Dave highlighted SP's strong utilization in Korea and focus on additional US clearances to enable growth, similar to the broad indication set that drives adoption in Korea.
how you're seeing that unfold and where force feedback fits into that trajectory
Show response
Dave explained force feedback clinical validation must happen procedure-by-procedure (prostatectomy for nerve function, nephrectomy for bowel recovery) with evidence as the catalyst for broader adoption.
Calendar 2025 Q2
Can you maybe give us an update on your latest thinking on the capital side and how you're approaching those conversations
Show response
Jamie noted US placements grew 45% while OUS remains challenged; Medicaid impact is too early to quantify but Intuitive has lower penetration in Medicaid patients and can demonstrate economic value.
it looks like I&A outgrew procedure volumes this quarter, whether that's having a positive impact even in its early launch
Show response
Jamie confirmed Force Feedback and integrated insufflator accessories are contributing to I&A per procedure upside, though currently the smallest component. Supply constrained through Q1 2026.
Calendar 2025 Q1
maybe, Gary, you could expand a little bit on the comment made earlier about Intuitive being potentially part of the solution and not part of the problem
Show response
Gary argued well-run robotic programs deliver better outcomes, higher satisfaction, and lowest total cost to treat, positioning da Vinci as part of the solution even under budget pressure.
Calendar 2024 Q4
Is this something that you're observing today as you talk to customers outside the US or even in the US? Or are you just calling out a theoretical impact
Show response
Jamie confirmed competition is real in China but selling cycles in other markets remain relatively stable, while acknowledging potential for lengthening as competitors gain clearances.
can you help us think through which parts of sort of the surgical ecosystem you've captured today? And maybe give us some sense of where that might be going
Show response
Gary explained the principle of pursuing integration when it creates clinical or economic value, citing force feedback instruments and insufflation on DV5 as examples.
SOLVSolventum9 questions · 4 reporting periods · 2 of 9 challenging
Calendar 2026 Q1
Is the message to leave Q2 the same, you will beat Q2 and then lower the back half to right-size that
Show response
CFO was explicit: don't change Q2 models now; they'll disclose actual phasing amount when reporting Q2 and mirror it out of H2; separately, underlying momentum continues to strengthen.
you would expect 2026 growth to improve versus 2025 and continue to put you on a trajectory toward the LRP targets
Show response
CFO confirmed improvement expected across all three segments in 2026 with growth drivers, commercial improvements, and innovation driving trajectory toward LRP.
How did you think about deploying the buyback in the quarter? Were there competing considerations for capital
Show response
CFO outlined layered approach: first offset SBC dilution, then opportunistic buys when value seen; balanced with M&A plan; minimum anti-dilution commitment.
Can you give us more flavor on the volume versus mix contribution, and what you are seeing from a new product launch perspective year to date
Show response
CFO confirmed pricing ±1%; majority of growth is volume with modest positive mix. CEO highlighted ~20 new products over next 2 years feeding enhanced commercial machine.
Calendar 2025 Q4
what's sort of the strategy behind the buyback? And what are the factors that would drive you to deploy it either on a programmatic or more significant basis
Show response
CFO outlined primary goal to offset SBC dilution and hold share count flat; opportunistic purchases above that based on share price; balanced with M&A strategy.
maybe you could just extrapolate the experience in Dental to when we could -- when you think it's reasonable to expect that same dynamic to play through in MedSurg and HIS
Show response
CEO listed multiple MedSurg launches (Peel and Place, Tegaderm CHG global rollout, Ioban CHG, 3 sterilization products) and HIS autonomous coding applications; ~20 products over next 2 years.
Calendar 2025 Q1
as you look at -- on an underlying basis, it sounds like both Infection Prevention and Advanced Wound Care are tracking ahead of where your original expectations are
Show response
CEO attributed growth to combination of commercial execution improvements, existing brand leverage (Tegaderm CHG, V.A.C. Peel and Place), and new product launches across all segments.
Calendar 2024 Q4
I'm having trouble finding what peers are growing at a rate that averages your growth back to 4% to 6%
Show response
CEO deferred most detail to March 20 Investor Day; addressed Dental specifically noting Q4 growth was comp-driven (blend with Q3 shows flattish market performance).
maybe you could just sort of unpack for us what are the factors influencing the topline performance as you exit 2024
Show response
CEO outlined three growth vectors: commercial excellence (fastest, primary current driver), R&D innovation (18mo-3yr), and M&A (post-deleveraging). Currently mainly commercial.
SYKStryker Corporation8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2026 Q1
It looks like a lot of the commercial and sales force challenges had already faded behind you exiting 2025. Maybe you could give us an update
Show response
Kevin said Inari management changes and commercial Strykerization are mostly complete. AVS will be a turbo-booster in the same call point. Sees clear sailing ahead with huge untreated market potential.
it does look like you've reaccelerated your relative performance versus peers, especially in Orthopaedics and markets outside the U.S.
Show response
Kevin cited Japan's tremendous growth, recent Pangea approval in Europe, acceleration in India, Korea, and East Asia. Still sees room for improvement in Saudi Arabia and Latin America.
Calendar 2025 Q4
as he takes on perhaps more some of the day-to-day operational responsibilities, Kevin, are there priorities where you can now allocate more time
Show response
Kevin Lobo said Spencer handling commercial frees him to focus on operations, IT/AI productivity, lean/inventory improvements, and BD. Wants Stryker to become an 'AI forward company' beyond customer solutions.
Maybe any latest thinking on just your robotics strategy from a portfolio standpoint as you roll out Mako four and any updates you can provide on the handheld instrumentation
Show response
Kevin Lobo confirmed initial Mako RPS cases started and going well. Will be on display at Academy for its 'coming out party' at AOS.
Calendar 2025 Q1
coming into the year, you had contemplated not realizing the same level of benefits that you accrued in 2024. Can you just talk to us about what has evolved
Show response
Preston confirmed positive pricing momentum in MedSurg and less negative pricing in Ortho. Pricing will be a lever for tariff offset.
It sounds like you're getting very close fully hitting an inflection on that rollout. How should we think about kind of maybe what's transpired here
Show response
Kevin noted U.S. not fully launched yet, MIS and additional plates still coming. International launches in Australia, Canada this year, Japan first half 2026.
Calendar 2024 Q4
how we should think about the addressable market here, the pace of adoption, if knees or hips was a good proxy and how the robotic shoulder market should kind of evolve
Show response
Kevin described strong early surgeon feedback, noted change management needed. Full commercial launch expected 2026. Shoulder already growing strong double digits without Mako.
the acquisitions you had completed in 2024 were expected to contribute about $300 million this year. Can you maybe just give us an update
Show response
Kevin confirmed all 2024 acquisitions at or above deal model, confident in $300M+ contribution. Simple tuck-in integrations.
Show 9 more companies
BSXBoston Scientific7 questions · 6 reporting periods · 0 of 7 challenging
Calendar 2026 Q1
maybe you could unpack a little bit for us in more detail kind of where you see that cohort of the business going
Show response
Mike highlighted ICVT double-digit China growth despite VBP, Agent and imaging momentum, Interventional Oncology mid-teens growth, and Penumbra as a powerful LRP growth driver. MedSurg a tick lighter in 2026 but expected to improve.
Calendar 2025 Q4
what investments and processes are you putting in place to make sure that you're seeing consistency and performance
Show response
CEO highlighted Neuromod above-market growth expected, urology supply chain and Axonics integration issues resolving, Endo strong with second half launches. ICTx complex coronary grew 31% in Q4. IO with new launches and tuck-in M&A.
Calendar 2025 Q3
outside EP and WATCHMAN, there's obviously a disproportionate focus on those businesses given how strong a growth contribution they've been
Show response
CEO highlighted strong Endo growth with new launches in 2026, Neuromod 9% with Nalu acquisition, ICTx transformed by imaging and AGENT DCB, IVL for PI launching late 2025 and coronary IVL trial wrapping Q1 2026. IO and venous both double-digit growth.
Calendar 2025 Q2
Are you at a point now given the top line it's becoming more challenging to spend all the upside
Show response
CFO explained Q2 OpEx holdback was deliberate to offset ACURATE charges. Expects R&D to tick up in H2 with increased commercial investment. Pleased with 75-100bps full year margin expansion balance.
where you are in kind of capturing the totality of the EP market from a procedure and indication perspective
Show response
Dr. Stein noted FARAWAVE already second-generation before most competitors have proven first-generation. FARAPOINT approval expected H2 2025. FARAFLEX in first human use. Ice catheter under development.
Calendar 2025 Q1
what are the drivers to move that back towards a high single-digit growth rate, especially as Silk turns organic
Show response
CEO noted Q1 MedSurg 5% organic equals 7% days-adjusted. Expects neuromod improvement through year with DBS leads, urology at-market with some supply chain headwinds, and endo above-market.
Calendar 2024 Q4
can you maybe help us think about the segment of the market that you're not able to address today
Show response
Dr. Stein detailed persistent AF label expected year-end, FerraPoint for atrial flutter, REMATCH for repeat ablations. Committed to open mapping platform while investing in OPAL differentiation.
ABTAbbott Laboratories6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q1
could you go into further detail on your guidance philosophy and your thought process in establishing the revised outlook
Show response
Ford provided detailed walkthrough of guidance philosophy, citing conservative respiratory season assumptions and unchanged outlook for device, pharma, and trajectory-changing businesses.
Calendar 2025 Q4
can you help us sort of frame the Abbott Laboratories portfolio in EP maybe looking back six months, where we are today
Show response
Ford noted EP sustained double-digit growth in 2024-2025 without PFA catheter. Volt US limited market release begun with positive early feedback on mapping integration and sedation capability. Tactiflex Duo received CE Mark offering dual RF/PFA energy. Full toolbox approach with both balloon and dual-energy products. LAA device increasingly viewed as essential for EP leadership with 25% of procedures now concomitant. Expects growth at least in line with mid-to-high teens market in 2026.
Calendar 2025 Q3
could you maybe talk a little bit more on some of the underlying drivers of the business and how you think about an overall acceleration in the Diagnostics business going forward
Show response
Ford visited China and saw early signs of volume pickup. VBP headwind began Q4 2024, will start lapping in Q4 2025. US diagnostics up 10% in Q3 from new business capture and share gains. Europe up 6-7%, Latin America growing mid-teens consistently. Expects diagnostics to move from low single-digit to mid-to-high single-digit growth in 2026.
Calendar 2025 Q2
help us think through the headwinds you're seeing this year, the extent to which those are transient versus more permanent changes
Show response
Ford identified $1B+ of diagnostic headwinds (COVID, China VBP, HIV funding) as transitory, noted 2026 consensus high single-digit/double-digit EPS growth looks very reasonable.
Calendar 2025 Q1
think about where you're positioned and how you accelerate this business back toward end market growth
Show response
Ford acknowledged China VBP as unique with price hit but no volume offset. Highlighted Alinity N nucleic acid blood screening as a billion-dollar opportunity. M&A framework unchanged: strategic and ROIC-disciplined.
Calendar 2024 Q4
you could go into a little bit more detail on the Structural Heart business
Show response
Ford described a $2.5B diversified Structural Heart portfolio growing mid-teens, driven by TriClip, Navitor, Amulet, and surgical valves. On 2025 headwinds, noted VBP is one market and 8% midpoint organic growth on $40B+ is strong.
PODDInsulet Corporation5 questions · 4 reporting periods · 1 of 5 challenging
Calendar 2026 Q1
Maybe you could help frame the past year, some of your observations here. What's gone in line with your expectations? What's gone better? Where are the areas where you're focused
Show response
Ashley highlighted five areas of focus after one year: innovation in parallel and at pace (day 1 sensor integrations, 3 algorithm improvements over 3 years), international profitable growth going deeper in core markets (U.K. record NCS several years into OP5 launch), commercial engine upskilling to sell clinically with second sales force expansion in 12 months, operations at scale (Costa Rica foundation laid, water tight building by year-end, go live 2029), and supplementing the team with leaders who have scaled bigger businesses.
the outlook implies kind of high teens growth in the back half of the year. Can you help us unpack that a little further on a geographic basis and your confidence in the 20% LRT guidance
Show response
Flavia explained first half versus second half dynamics: U.S. comps play opposite role versus last year, international price/mix moderating as Omnipod 5 penetration increases. At midpoint, dollar growth in line with 2025. Currency is primary driver of first half/second half difference. On 20% LRP sustainability, cited 2027 catalysts: Omnipod 6, full benefit of sales force expansion, Libre 3 Plus in Germany and Canada expanding serviceable market, continued access expansion, and Spain launch.
Calendar 2025 Q4
Can you help us reconcile script trends to what you're seeing in reported revenue
Show response
Flavia explained script data hierarchy: total Pods best, total scripts second (misses 30-to-90 day fill changes), NBRx noisiest (samples, specialty channel not captured in IQVIA). Q4 has seasonal wholesale volume through specialty pharma not captured in script data. Declined to provide specific NCS growth rates, will continue qualitative commentary.
Calendar 2025 Q3
Can you talk a little bit more about how the adoption is built over the past year, where we are in kind of an uptake
Show response
Ashley detailed Type 2 progress: prescriber base up 26% in quarter, NCS up 100% YoY and 26% QoQ. Three drivers: strong science, leverage from existing ENDO call point relationships, and DTC activating leads from non-called-on providers.
Calendar 2025 Q2
Can you maybe go into a little bit more detail there on how demand has shaped up relative to expectations? And if that acceleration in CapEx is a reflection of a view of demand tracking ahead of or...
Show response
Ashley confirmed Insulet invests ahead of demand curve. New Acton lines fully producing, Malaysia approaching year anniversary. Evaluating acceleration of manufacturing expansion plans due to increased global customer adoption.
ZBHZimmer Biomet5 questions · 5 reporting periods · 3 of 5 challenging
Calendar 2026 Q1
I think this is the first quarter in quite some time that OUS growth has trailed the U.S.
Show response
Ivan cited three factors: (1) tougher H1 comps, (2) distributor changes in emerging markets/Middle East/Europe/China, consolidating from many distributors to one or two partners, (3) couple of one-time order timing events. Expects international mid-single-digit growth in H2 2026.
Calendar 2025 Q3
you would need each of the next 2 years to be in the 5% to 6% range to end up at the midpoint of your LRP
Show response
Ivan framed LRP attainability across three pillars: (1) market supports 4%+ growth, (2) innovation cycle validated by H2 U.S. performance, (3) commercial execution fragility needs addressing. Deferred 2026-2027 specifics to February. Acknowledged need to evaluate whether commercial execution can sustain mid-single-digit growth.
Calendar 2025 Q2
it does look like orthopedic markets have slowed a little bit. Your commentary around July is obviously encouraging for Zimmer, but maybe you could contextualize results here and what you're seeing...
Show response
Ivan noted June was soft but May, April, and July were strong. Large centers reporting 4-6 month waiting lists. ASC volumes strong with double dip into inpatient and outpatient. Pricing positive at +20bps. Market still above pre-COVID levels.
Calendar 2025 Q1
what are you seeing specifically today that you can exit the year above 5% growth to get to the midpoint of the guidance
Show response
Ivan cited four H2 drivers: favorable ERP comps, Oxford/Persona Revision/OsseoTi at full launch, timing of EMEA orders, and Persona OsseoTi approaching 30% penetration.
Calendar 2024 Q4
can you maybe firstly update us on how the trajectory of gross margins are trending relative to those expectations
Show response
Sukhi detailed headwinds (inflation, capitalized cost increases, FX) and tailwinds (efficiency gains, footprint repositioning, lower E&O). FX hedge gains likely capitalized in 2025, benefiting 2026 P&L.
BDXBecton Dickinson4 questions · 4 reporting periods · 2 of 4 challenging
Calendar 2026 Q1
what are the opportunities on the pump disposable side, especially given the disruption in a competitor
Show response
Tom detailed Alaris share gains of 50bp in Q2 and 150bp YTD with largest competitive funnel in company history. Infusion sets grew low double digits driven by easy comp and share gain pull-through. Pyxis Pro launched with 75% of wins being competitive conversions.
Calendar 2025 Q1
can you talk us through the process by which you gather market and competitive intelligence
Show response
Tom acknowledged the challenge but noted BD was ahead of peers on VBP, inflation, and supply chain in prior cycles. Research funding policy change was a mid-quarter external shock.
Calendar 2024 Q4
it looks like both Biosciences and Pharmaceutical Systems deteriorated from where you exited 2024
Show response
Tom explained BDB decline driven by lagged impact of research funding cuts vs peers and tougher comps. Pharm Systems expected to recover in back half on biologic strength.
Calendar 2024 Q3
I wanted to just to dig in a little bit more here on the P&L. And as we look at FY '25, there are some sort of discrete items here
Show response
Chris highlighted FY25 would see ~100bps OM expansion predominantly from gross margin, enabling differentiated investment in selling and R&D.
DXCMDexCom4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q1
it does look like the market is in a period of slower growth. And as your competitor noted, that may be due to no major coverage expansion or new indications. So could you maybe just give us your p...
Show response
Jake framed US at 30% CGM penetration of covered lives with two thirds still untapped before any expanded coverage. Q1 US new patients very close to record. New PBM coverage adding another million non-insulin lives by year-end. Team getting better at targeting new coverage.
Calendar 2025 Q4
what is assumed from sort of underlying volume growth at different ends of the guidance range
Show response
Jereme detailed patient base growing approximately 20% exiting 2025. Couple points of price annually. Mix headwind smaller than 2025 but still present from PBM T2 coverage and international DexCom ONE+ tenders. Do not need record new patients for low end; need records for top end.
Calendar 2025 Q3
Can you maybe go into a little bit more detail about some of the actions you're going to undertake to ensure that, that message is clear within the broader community
Show response
Jake explained out-of-box failure complaints offset by decreases in accuracy and Bluetooth complaints. Overall complaint rates stable. Investing in digital service platform including My DexCom Account. Field engagement with prescribers and users to demonstrate improvements.
Calendar 2025 Q2
what does that mean to overall utilization rates? And what are some of the opportunities you have to drive higher retention in that population
Show response
Jereme quantified covered T2 utilization at 75-80%. Cited Oura integration, Share/Follow, and meal logging as levers to drive utilization higher. Features apply across G-Series, D-Series, and Stelo platforms.
COOCooper Companies (The)3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
as you think about retaining the earnings guidance with the top line reduction
Show response
Al said Cooper is balancing P&L leverage from back-office work with continued growth investment and product launches, calling the guidance range prudent amid heavy activity.
Calendar 2026 Q1
to what extent you're contemplating reinvesting that and whether that is showing up in the P&L now?
Show response
G&A savings reinvestment strategy and where dollars are deployed. Management responded with context on this topic.
Calendar 2025 Q4
can you give us just a little bit more detail on the nature of some of the reorganization efforts that you've undertaken here?
Show response
Reorganization scope detail and talent retention strategy. Management responded with context on this topic.
JNJJohnson & Johnson1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
I wanted to come back to just the overall MedTech strategy. And I appreciate that you exited the year over the 7% number
Show response
Schmid acknowledged organic MedTech growth of 4.7% ex-Shockwave but reaffirmed confidence in upper-end of 5-7% CAGR target. Confirmed no VARIPULSE revenue recognition reversal in Q4.
MDTMedtronic1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
there do seem to be a lot of other unresolved considerations on tariffs, such as USMCA and then 232.
Show response
Martha framed Affera as the premier three-in-one platform in the early innings of its U.S./global launch, with growth from innovation (Sphere-360 in Europe, U.S. single-shot trial), second-generation mapping that visualizes other catheters, and two ICE-catheter investments, while keeping a proprietary tight workflow rather than opening the system. Pieton said guidance incorporates status-quo tariffs and excludes any upside from reimbursements applied for, a balanced approach amid a volatile 232 situation.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| BAX Baxter International | 12 | 8%1 of 12 questions |
| EW Edwards Lifesciences | 12 | 8%1 of 12 questions |
| GEHC GE HealthCare | 12 | 8%1 of 12 questions |
| ISRG Intuitive Surgical | 11 | 0%none of 11 questions |
| SOLV Solventum | 9 | 22%2 of 9 questions |
| SYK Stryker Corporation | 8 | 0%none of 8 questions |
| BSX Boston Scientific | 7 | 0%none of 7 questions |
| ABT Abbott Laboratories | 6 | 0%none of 6 questions |
| PODD Insulet Corporation | 5 | 20%1 of 5 questions |
| ZBH Zimmer Biomet | 5 | 60%3 of 5 questions |
- BAXBaxter International · 12 questions8%1 of 12 questions
- EWEdwards Lifesciences · 12 questions8%1 of 12 questions
- GEHCGE HealthCare · 12 questions8%1 of 12 questions
- ISRGIntuitive Surgical · 11 questions0%none of 11 questions
- SOLVSolventum · 9 questions22%2 of 9 questions
- SYKStryker Corporation · 8 questions0%none of 8 questions
- BSXBoston Scientific · 7 questions0%none of 7 questions
- ABTAbbott Laboratories · 6 questions0%none of 6 questions
- PODDInsulet Corporation · 5 questions20%1 of 5 questions
- ZBHZimmer Biomet · 5 questions60%3 of 5 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 17 | 18%3 of 17 questions | 11 |
| 2025 Q1 | 14 | 14%2 of 14 questions | 10 |
| 2025 Q2 | 14 | 14%2 of 14 questions | 9 |
| 2025 Q3 | 13 | 8%1 of 13 questions | 9 |
| 2025 Q4 | 17 | 6%1 of 17 questions | 11 |
| 2026 Q1 | 22 | 14%3 of 22 questions | 13 |
| 2026 Q2 | 2 | 0%none of 2 questions | 2 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q417 questions · challenge rate 18% (3 of 17 questions) · 11 companies
- 2025 Q114 questions · challenge rate 14% (2 of 14 questions) · 10 companies
- 2025 Q214 questions · challenge rate 14% (2 of 14 questions) · 9 companies
- 2025 Q313 questions · challenge rate 8% (1 of 13 questions) · 9 companies
- 2025 Q417 questions · challenge rate 6% (1 of 17 questions) · 11 companies
- 2026 Q122 questions · challenge rate 14% (3 of 22 questions) · 13 companies
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth34
- Competitive Dynamics31
- Product Launch25
- Demand20
- Innovation & R&D18
- Margin13
- Guidance Reliability11
- Capital Allocation10
- Cost Pressure6
- M&A6
Show all 20 topics
- Capex Investment5
- Geographic Expansion4
- Macroeconomic4
- Trade Tariffs3
- Regulation Policy3
- Supply Chain2
- Subscriber Growth2
- Pricing1
- Inventory1
- Fx1