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Analyst
Jeff Johnson
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 52on tracked calls
- Challenge rate
- 17%9 of 52 questions
- Companies
- 6questioned 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 52 of 52 questions from 6 companies
ALGNAlign Technology13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q2
are you guys taking a decent amount of medicine up front here?
Show response
Morici framed 2026 as the reset year and described third-party capital lease structures as a mitigant, but gave no penetration numbers.
is that confidence coming from anything you’re seeing in that North American market
Show response
Morici attributed second-half confidence to DSP, no-AA products and financing rather than macro, and noted H2 volume runs below H1.
Calendar 2026 Q1
But what do you think the difference is in the U.S. or North America versus rest of world? Is it just all consumer? Is it competition?
Show response
Joe said competition hasn't changed; NOAA allows playing offense. Regional macro gradient: Asia best, Europe spotty but highlighted countries growing well, Americas includes strong LatAm. US macro is the variable. Some improvement in Canada and US.
any early evidence of whether these docs who are using NOAA are still doing 1 or 2 refinements in an a la carte way?
Show response
John said rollout pace depends on doctor adoption speed and clinical confidence building. Now over a year in, seeing refinements start to come in as expected. Keeps initial cost lower for doctors. Joe added it aligns doctor economics with Align's economics.
Calendar 2025 Q4
is that early traction with NOAA? Is it some HFD tailwinds? Is it ClinCheck Live early traction? Just what's really driving that improvement on the side
Show response
Joe confirmed all three factors Jeff named plus DSO execution, with financial credit being particularly important in North America where patients are challenged. Scanning every patient and chairside visualization are key conversion drivers.
the retail business got a little better. Just any kind of commentary or any kind of color you can provide to flesh that U. S. Retail business or North American retail business out in the period?
Show response
Joe used 'stability' not recovery. Team more focused, portfolio broader, DSOs helping. John added: retail 'wasn't as negative' plus DSO growth brought Americas to fastest rate since 2021.
Calendar 2025 Q3
Any change in behavior? Did any of that clear itself up a little bit? Did it get a little worse?
Show response
Joe said gross receipts/CCA data shows no material change from Q2 patterns. DSOs continue growing, retail remains challenged. Emphasized 'it didn't get any worse. It's consistent.'
on EMEA and APAC, I think I heard you say up double digits year-over-year in both markets on Clear Aligner volumes. Just one, want to confirm that was the case on a year-over-year basis
Show response
Joe confirmed double-digit growth but declined to give specific numbers beyond 'double digit.' Highlighted India and Turkey as standouts. Did not quantify North America decline.
Calendar 2025 Q2
I'm not so sure it's the patients pulling back as much. And of course, you have data that maybe does show it's the patients, too
Show response
Joe differentiated between DSOs (which performed well with good financing) and individual practices, concluding primary driver is consumer reluctance on out-of-pocket expensive procedures.
does this accelerate your move at all to direct fab printing?
Show response
Joe explained the restructuring focuses on more productive vacuum form technology and regionalized manufacturing, with direct printing following that new footprint.
Calendar 2025 Q1
I think ASPs were down 8.2% year-over-year, not sequentially, 8.2% year-over-year this quarter
Show response
John clarified FX was 3.1pp of the YoY ASP decline, VAT was already baselined from Q1 2024. Going forward, FX switches to slight benefit at current spot rates.
Calendar 2024 Q4
But how much is currency weighing there? And then how much of the incremental direct fab investments potentially weighing this year on gross or overall margin?
Show response
John quantified FX drag at just over 1 point on operating margin, noting the 22.5% target includes both FX headwind and direct fab scaling investments.
my math would put currency at almost a 3, 3.5 point headwind in 1Q to both ASPs and global revenue. Am I close on that?
Show response
John confirmed ~3-3.5 point FX headwind in Q1, larger than the 2-point full year average due to timing of dollar strengthening.
COOCooper Companies (The)13 questions · 8 reporting periods · 5 of 13 challenging
Calendar 2026 Q3
Have you ring-fenced that fairly confidently that this is a fiscal Q4 should be the last of it?
Show response
Al said the destock is ring-fenced to Q3/Q4 (Biofinity, dailies, legacy hydrogels) but did not fully quantify the underlying drivers.
Calendar 2026 Q2
what are the drivers of that staying negative on top of a negative 5% comp?
Show response
Al attributed continued Asia Pac declines to market softness in Japan and China plus ongoing hydrogel rationalization, which could pressure results into 2027.
Calendar 2026 Q1
How is that plan going so far? Maybe update us on the MyDay -- clariti to MyDay transition. Just in general, it still feels like your results are maybe lagging the market here a little bit
Show response
Plan to return to above-market CVI growth by region. Management responded with context on this topic.
you reported a 10% calendar 4Q number. I think over the last 3 quarters, you've been about 3%, 3.5% for CVI. So one, can you reconcile that 10% number versus the last few quarters at 3%?
Show response
Reconciling calendar Q4 10% growth vs recent 3% organic trend. Management responded with context on this topic.
Calendar 2025 Q4
for how much Clarity was down? And I think that's been about a $400 million annualized line for you guys. What is maybe the floor on that?
Show response
Clarity decline trajectory and MyDay gross margin convergence. Management responded with context on this topic.
if you did 5% growth in calendar 3Q, Al, and you did 3.2% in fiscal Q4, it would seem to imply a pretty weak October
Show response
Reconciling calendar 5% Q3 growth vs fiscal 3.2% Q4, October vs July weakness. Management responded with context on this topic.
Calendar 2025 Q3
Are you seeing that from some of your largest competitors, some of those pricing actions? Is that local competitors?
Show response
Asia Pac e-commerce competitive pricing dynamics. Management responded with context on this topic.
why does that not translate to then a nicer inflection in 4Q and in kind of the 4Q CVI number coming down? It just seems like there's an extended period where we're not getting MyDay benefit, but d...
Show response
Clarity to MyDay transition timing and Q4 revenue inflection. Management responded with context on this topic.
Calendar 2025 Q2
it does seem like channel inventory has really been making it hard to compare your growth rates versus others. The last couple of quarters when we just look at revenue reported from the different c...
Show response
Channel inventory impact on CVI growth vs peers and independent industry data. Management responded with context on this topic.
Calendar 2025 Q1
As you talk about now some of those MyDay manufacturing constraints coming off, I guess I am wondering, are there markets that you have been out of for six, twelve, eighteen months that you could g...
Show response
MyDay manufacturing constraints lifting and market re-entry opportunities. Management responded with context on this topic.
on private label, how has that been growing each of the last couple of years relative to your branded business? Faster, slower, about the same?
Show response
Private label growth trends and RFP risks. Management responded with context on this topic.
Calendar 2024 Q4
I just want to confirm the lightness in the market, softness in the market that you were seeing in October into the first couple of weeks of November. Is that different than the MiSight inventory r...
Show response
Is market softness different from MiSight inventory reduction and quantification. Management responded with context on this topic.
the U.S. market is getting a little bit more competitive or there's just lots of new products coming out from a lot of good manufacturers
Show response
Confidence in above-market growth given increasing competition and new launches. Management responded with context on this topic.
HSICHenry Schein10 questions · 7 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
how much of that do you believe is underlying volume growth versus maybe a combination of price
Show response
Fred gave a qualitative split (more price than volume) and reaffirmed a similar H2 growth range despite tougher comps; no precise breakdown.
Calendar 2026 Q1
How do you think about building and investing in the muscle memory of this company so we can get back to kind of that upper single, low double-digit EPS growth
Show response
Fred emphasized value creation capabilities are permanent (value pricing, corporate brands) not one-off, is building continuous improvement culture versus episodic cost cuts, will reinvest savings into AI and growth areas, and high-growth businesses approaching 50% of OI provide structural margin expansion.
Calendar 2025 Q4
should we get that kind of build that in a sequential basis kind of on a steady state, growing it consistently throughout the year by quarter
Show response
Ron said the ramp is not linear, with investment costs in H1 and benefits weighted to H2. Declined to specify 2027 flow-through, saying they need to assess progress first.
Calendar 2025 Q3
In that $200 million now in op income cost savings, are you expecting that to be, one, a net number then inclusive of any kind of reinvestments back into the business
Show response
Ron confirmed $200M is net of reinvestment costs, funded from cash generated by the initiatives. Declined to specify annual phasing, will reflect 2026 expectations in February guidance. On remeasurement gains, said they've been regular but not expecting anything significant in the near future.
Calendar 2025 Q2
whether these initiatives might bring chunkier cost savings, some big cost savings initially in the first year or two
Show response
Stanley suggested both near-term efficiencies (restructuring, AI, globalizing functions) and sustained growth from BOLD+1 mix shift (high-growth businesses at 45%+ of OI). Not ready to provide specific dollar targets for the new value creation initiatives.
How much of the 110 basis points of gross margin pressure this quarter in 2Q was maybe glove-related with promotional activity
Show response
Ron quantified gloves as approximately one-third of gross margin pressure, with the balance from competitive pricing and targeted promotions. Both glove pricing and promotions have stabilized entering Q3.
Calendar 2025 Q1
we saw the 8-K on Friday, it looks like Max has now joined the Board. I don't think I've seen if Dan has yet joined the Board
Show response
Stanley confirmed Max joined the board, Dan pending European regulatory clearance. Described KKR collaboration as positive with initiatives to create sustainable profitability, but deferred specifics to future quarters.
What were you at run rate wise coming out of 1Q, just as I think about how to layer in maybe that $90 million to $100 million in savings over the next three quarters
Show response
Ron confirmed approximately $60 million annualized run rate entering 2025, with additional cost-saving measures being initiated throughout the year to reach the high end of $75-100M target.
Calendar 2024 Q4
what happened in fourth quarter, I guess, that drove those revenues 500 basis points below the low end of the guidance
Show response
Ron directly acknowledged the miss, attributing it to flat patient traffic, Christmas timing impact, and lower-than-expected medical revenues from flu season timing.
talk to me maybe just about share dynamics in the fourth quarter and share dynamics expected in 2025
Show response
Ron acknowledged share stabilized rather than continued gaining, but maintained confidence in further share recovery into 2025.
PODDInsulet Corporation9 questions · 7 reporting periods · 1 of 9 challenging
Calendar 2026 Q2
how should we interpret, I'm sorry, your pricing comments with this change we saw from one of the big Blue payer
Show response
Flavia directly clarified Insulet did not initiate the exclusionary payer position and does not pursue them; US pricing remains stable to slightly up.
any early evidence that you can go back to some of those patients address those needs
Show response
Eric confirmed early success reengaging type 2 customers and scaling pilot-stage proactive support for the early onboarding moments of truth.
Calendar 2026 Q1
utilization when I'm an 5 user is stable, but more of those type 2s may be dropping out after 3 or 6 or 9 months or whatever, not sticking with it. Is that the way to think about what you're trying...
Show response
Ashley described early support needs for type 2 patients transitioning from MDI, then smooths out with good brand loyalty and retention over time. Similar pattern to early type 1 experience. Eric confirmed utilization for type 2 stable, similar to type 1, with retention drop off particularly early as patients get accustomed to wearing product. Team evolving model for successful onboarding.
You said net pricing was up in the U.S. in 1Q. I just want to make sure that's net. That's not a WACC comment that's actually net of rebates up in 1Q
Show response
Ashley confirmed pricing expected positive over next 3 years, consistent with Investor Day. Q1 a data point expected to continue for full year 2026. Flavia clarified it is not net of rebates (WACC not net). Speaks to clinical and economic value proposition of AID for payers and PBMs.
Calendar 2025 Q4
What do you think is the most underappreciated part of the Insulin story at this point, especially from an investor perspective
Show response
Ashley cited four underappreciated areas: tech lead ($3B invested, Omnipod 5 just 3.5 years into U.S. launch with strong pipeline including lower set point, Omnipod 6, fully closed loop), commercial prowess (largest sales force, 30,000 prescribers up 28%, evolving to sell science), manufacturing at scale (tens of millions of pods, Malaysia margin accretive, Costa Rica breaking ground), and financial strength (70% gross margin, expanding operating margin, EPS above revenue).
Calendar 2025 Q3
kind of early thoughts you have on how you protect and maybe even extend your competitive moat there on the patch pump side
Show response
Ashley emphasized focus on MDI conversion over competitive defense. Insulet has driven majority of category growth. Highlighted strongest competitive conversion quarter in 2 years, pipeline investments, phone control adoption from 45% to 55%, and continued supply chain investment to stay ahead of demand.
Calendar 2025 Q2
your overall framework and how you think about guidance, do you like to set guidance at realistic numbers? Are they numbers that you feel maybe a little aggressive, a little conservative
Show response
Ana confirmed guidance philosophy unchanged: set to deliver. Raised by 5 points, which is 3x the Q2 beat, reflecting momentum and leaning in.
Calendar 2025 Q1
It would imply a second half kind of in that lower double digit, maybe even below the low teens. Sure feels like conservatism there
Show response
Ana acknowledged conservatism is intentional, noting strong trends but early in year with new CEO transition. Guidance philosophy unchanged: guide to deliver.
Calendar 2024 Q4
how you're hearing the next layer down of docs talk about T2 at this point
Show response
Jim said adoption is strong at all prescriber levels. Noted some endos waited for label before prescribing, then saw clear lift. ADA updated guidelines to recommend AID for type 2 on intensive insulin.
DXCMDexCom5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
my gut would tell me that maybe your T1 and intensive T2 new starts on a year over year basis are down a little bit
Show response
Rebutted the premise with segment-level direction and attributed the gain to NPS, 15-day performance and coverage rather than one driver.
Calendar 2026 Q1
Are you inching closer? Is there progress or any even body language or gut feel on moving towards some basal coverage in some of the other bigger markets where we do not have it outside the U.S. at...
Show response
Jereme confirmed active conversations on international basal coverage with payers and tenders. Expects wins in pockets over course of year. No one-timers in Q1 OUS results. Product portfolio approach winning dual formulary tenders that were previously exclusive with competitor.
Calendar 2025 Q4
you also mentioned your installed base being an important driver of growth. Just how stable that T1 and IIT T2 user base has been now as Libre three is starting to launch
Show response
Jereme cited improving sell-through trends driven by sensor deployment fixes, 15-day launch in DME channel, and physicians adjusting to NIT2 coverage landscape. Retention and utilization stable even with competitive launches. Warranty and complaint rates declining.
Calendar 2025 Q1
we should still be kind of in that very low 60% range, maybe even upper 50s for the second quarter and then you get to the mid-60s in the back half
Show response
Jereme essentially confirmed Jeff's margin cadence math. Jake confirmed no inherent manufacturing issue; lines running at record output with robust quality controls.
Calendar 2024 Q4
where do you think that goes? You said it falls off in the one Q. Does it fall to low double digits
Show response
Jereme walked through quarterly convergence cadence; gap will narrow as rebate and channel dynamics lap through 2025.
ZBHZimmer Biomet2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q1
Are you excluding those costs from non-GAAP EPS and margins
Show response
Ivan confirmed salesforce transition costs are NOT excluded from non-GAAP EPS, they flow through reported OpEx. Offering 2-3 year revenue guarantees to reps, but believes long-term career opportunity (Monogram launch, innovation pipeline) is the more compelling retention tool. Spending 70% of his time visiting territories.
Calendar 2025 Q1
Just any kind of color you could provide there. I would assume that's probably more on the capital side, maybe than on the implant side
Show response
Sukhi confirmed pricing increases more likely in capital/surgical than contracted recon. Warned against using Q4 as 2026 run rate due to ~1 year inventory capitalization cycle.
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 |
|---|---|---|
| ALGN Align Technology | 13 | 15%2 of 13 questions |
| COO Cooper Companies (The) | 13 | 38%5 of 13 questions |
| HSIC Henry Schein | 10 | 10%1 of 10 questions |
| PODD Insulet Corporation | 9 | 11%1 of 9 questions |
| DXCM DexCom | 5 | 0%none of 5 questions |
| ZBH Zimmer Biomet | 2 | —Rate withheld: fewer than 3 questions |
- ALGNAlign Technology · 13 questions15%2 of 13 questions
- COOCooper Companies (The) · 13 questions38%5 of 13 questions
- HSICHenry Schein · 10 questions10%1 of 10 questions
- PODDInsulet Corporation · 9 questions11%1 of 9 questions
- DXCMDexCom · 5 questions0%none of 5 questions
- ZBHZimmer Biomet · 2 questions—rate withheld: under 3 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 Q4 | 8 | 13%1 of 8 questions | 5 |
| 2025 Q1 | 8 | 13%1 of 8 questions | 6 |
| 2025 Q2 | 6 | 33%2 of 6 questions | 4 |
| 2025 Q3 | 6 | 17%1 of 6 questions | 4 |
| 2025 Q4 | 7 | 0%none of 7 questions | 5 |
| 2026 Q1 | 9 | 22%2 of 9 questions | 6 |
| 2026 Q2 | 7 | 14%1 of 7 questions | 5 |
| 2026 Q3 | 1 | 100%1 of 1 question | 1 |
- 2024 Q48 questions · challenge rate 13% (1 of 8 questions) · 5 companies
- 2025 Q18 questions · challenge rate 13% (1 of 8 questions) · 6 companies
- 2025 Q26 questions · challenge rate 33% (2 of 6 questions) · 4 companies
- 2025 Q36 questions · challenge rate 17% (1 of 6 questions) · 4 companies
- 2025 Q47 questions · challenge rate 0% (none of 7 questions) · 5 companies
- 2026 Q19 questions · challenge rate 22% (2 of 9 questions) · 6 companies
- 2026 Q27 questions · challenge rate 14% (1 of 7 questions) · 5 companies
- 2026 Q31 question · challenge rate 100% (1 of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand20
- Competitive Dynamics17
- Margin10
- Pricing9
- Revenue Growth9
- Guidance Reliability9
- Geographic Expansion5
- Product Launch4
- Inventory3
- Subscriber Growth3
Show all 19 topics
- Fx3
- Macroeconomic2
- Capital Allocation2
- Innovation & R&D2
- Cost Pressure2
- Supply Chain2
- Regulation Policy1
- M&A1
- Trade Tariffs1