Joanne Wuensch

Answered squarely: the tariff refund benefit is offset by cyber loss absorption and remediation costs later in the year.

Preston framed the narrowing as prudence with half the year done and cyber recovery still building. Direct but light on specifics.

Kevin emphasized Stryker's leadership in robotics with Mako 4, Shoulder, RPS, and Triathlon Gold launches, expecting to outgrow the ortho market by 200-300 basis points.

Jason Beach gave a brief response saying no change to Stryker's strategy and they like their competitive position in both spaces heading into 2026.

Jason Beach confirmed volumes remain robust entering 2026 and expects mid-single-digit ortho market growth with Stryker outperforming. Acknowledged difficulty speculating on later-year impact.

Kevin Lobo detailed tremendous momentum across T&E: phenomenal Q3 for shoulders, Pangea driving core trauma, volar plate launches. Mako Shoulder still in limited launch with full launch expected in first half of 2026. Noted Foot and Ankle is a bit soft but expects improvement.

Kevin Lobo explicitly deferred the margin expansion outlook question to the upcoming Investor Day on November 13, acknowledging they were ducking the question.

Jason expects supply issues to persist all year but Medical will accelerate to double-digit organic for full year. Kevin explained Mako 4 features: revision hip exclusive, shoulder migrating from Mako 3.

Jason confirmed double-digit capital growth with no slowdown indicators. Kevin said Inari integration going well with strong top line and excited about Artix arterial product launch.

Moran noted Baxter does not guide at the gross margin line and redirected to operating margin, giving direction but no numbers.

Hider gave a clear no-change read on customer behaviour while stressing Baxter is not immune and is monitoring closely.

Hider outlined Pharma combined with ITT for customer/call point synergies. Manufacturing facility issue addressed through GPS approach with improved throughput trending positively. Contract manufacturer challenge will take time with limited supply into 2027. CFO search well underway with strong interest, will update at appropriate time.

Joel described guidance as prudent and transparent, reflecting key assumptions: Novum hold for full year, IV Solutions rebased, injectables/anesthesia challenges, product mix impacts, manufacturing volume adjustments, reduced pricing contribution, and EPS interest headwinds. Hider added GPS will become the operating system for improving the say-do ratio.

Hider insisted conservation is still a buying pattern issue, not a structural demand shift. Referenced 2017 hurricane where buying pattern recovery took up to 2 years. Cited recent external articles where hospital CEOs confirmed continued focus on conservation.

Hider said despite monitoring closely for signs of capital spending hesitancy from Washington uncertainty, orders were up ~30% YoY with no slowdown observed in hospital CapEx.

Heather highlighted strong order growth, competitive wins, healthy PSS backlog, and commercial excellence paying off. Maintained guidance despite beat, citing prudence given macro uncertainty. Joel added balanced FLC/CCS growth.

Joel outlined mitigation buckets: supply chain optimization, supplier negotiation, alternative sourcing, freight optimization, targeted pricing, and exemption advocacy. On 2026, said mitigation activities will phase in over time.

Mahoney declined to confirm a 2027 number, offering only that the company aims to improve on the second half 2026 guide, then pivoted to seven 2028 launches across a stated $25 billion TAM.

Jon provided specific phasing: WATCHMAN low double-digit rest of year, EP mid-to-high single digit, rest of business mid-single digit with slight H2 acceleration. Q2 is toughest quarter.

CEO expects PI, urology, neuromod, and CRM to all improve in 2026. IO surpassed $1B, coronary grew 20%. Seismic IVL launching in PI, coronary IVL trial completed enrollment, first Vitalist hypertension clinical work initiated.

No procedure pull-forward signals. China grew mid-teens despite VBP. EP and WATCHMAN FLX Pro expected to provide additional tailwind in Q4 and 2026. Comfortable with double-digit China growth over LRP.

CEO highlighted US endo double-digit growth, neuromod strong DBS double-digit growth, Relievant integration success, and improving spinal cord stimulation. Urology impacted by supply chain constraints clearing H2.

Management highlighted faster-than-expected concomitant uptake driven by OPTION trial data, workflow familiarity, and economic advantages. BSX gained LAA market share in the quarter.

CFO detailed margin expansion equation: gross margin improvement, SG&A leverage, slight R&D uptick of 20-30 basis points. Capital priorities unchanged: tuck-in M&A first, share repurchase second.

Reaffirmed the end-2027 window, described the multi-analyte platform, and separately explained the Nutrisense rationale and its immaterial revenue.

Jereme guided 11% to 13% organic growth relatively split across US and OUS unchanged from start of year. US comps more difficult in first half and easier in second half, inversely for international.

Jereme confirmed $130 million Stelo revenue in 2025 at top end of 2-3% range. Expected to contribute about 1 point to 2026 growth. Jake noted Stelo becoming important funnel for transitioning T2 non-insulin users to covered G7 as coverage expands.

Jake confirmed Warrior community feedback positive on performance and duration. Broader launch shipping to channel partners in next couple of weeks. Jereme noted nominal 2025 contribution but significant 2026 opportunity. Historically takes couple years for full transition between sensor generations.

Jake described G8 as 50% smaller with next-gen custom chipset supporting multiple analyte sensing. Ketone sensor in development pipeline. Currently focused on features extending safety and ease of use. No timeline shared yet.

Jake confirmed no restrictions on submissions, approvals, or distribution. Process controls being implemented. Regular FDA updates on progress. Dedicated resources without impacting innovation pipeline.

Jake said 15-day pump integration is a much smaller lift than G6-to-G7. G8 in active development: smaller wearable, multi-analyte capability, pump compatibility at launch.

Arduini addressed VBP expansion as expected rather than new, and reaffirmed the plan still assumes a year-over-year China decline in 2026 with upside if it improves.

Jay isolated Q1 miss to PDx supplier issue (~$0.05 impact from write-off and sales shortfall), without it, quarter would have been achieved. PCS decline was generally in line with expectations. Pete noted PCS has two H2 catalysts: large monitoring deal deliveries and new premium anesthesia product clearance expected Q3. Mitigation actions underway on backlog conversion, pricing, and cost structure.

Jay detailed top-50 U.S. customer survey showing robust investment driven by aging installed base. Many customers anticipating investment increases. European market improved over past couple quarters. Emerging markets solid. Pete noted no concerning signals from ACA changes on capital environment. Imaging equipment typically rises to top of hospital priority list as procedure enabler.

Pete confirmed Photon Counting on track for FDA submission and RSNA showcase. Jay addressed PCS: 5 of 7pp decline from product hold (now resolved), half of margin decline from hold. Meaningful Q4 sequential improvement expected.

Jay noted first half orders at 7%, one large Q1 customer order helped that quarter. Pete emphasized capital equipment will always be lumpy with enterprise deals creating PO concentration.

Jay confirmed robust U.S. and European demand, no significant cancellations or deferrals. Pete noted imaging equipment pays for itself in 1-1.5 years. Photon counting CT on track for 2025 submission.

Pete explained R&D and SG&A growth in Q1 for launches, with benefits from attached sales materializing later. Jay noted GEHC doing well in core imaging share.

Ford gave detailed proof points across pediatric and adult nutrition, named upcoming launches, and flagged a Q4 comp issue while declining to raise the 2% to 4% range yet.

Ford reported minimal cost impact, no demand drop-off, and no reimbursement challenges from the conflict. Main impact was constrained shipping lanes requiring more regional inventory positioning.

Ford noted EPD team has navigated macro challenges for five years across 160 countries with deep local connections. Biosimilars now fastest-growing generic segment. On Structural Heart, #2 global position with multiple growth catalysts: Navitor and MitraClip label expansions, 5th-gen MitraClip and TriClip, guideline changes driving MitraClip back to double-digit growth, TriClip Japan launch, AI-powered imaging bolt-on acquisition, and pipeline including Balloon TAVR IDE, next-gen Amulet, and mitral replacement valve.

Ford declined to comment on specific NEC cases but noted Abbott won on summary judgment in recent federal cases. Stands behind product safety and labeling. On nutrition, US pediatric share loss from competitor supply recovery and a large WIC state contract loss. Expects share pressure for next couple quarters but has won two new WIC contracts effective Q1/Q2 next year and has new product launches planned.

Ford expects IVL trial enrollment complete and FDA filing next year. Deliverability feedback very positive. Structural Heart at 15% growth with TriClip annualizing ~$250M, Navitor gaining share in US TAVR.

Ford attributed MedTech growth to genuine utilization increases driven by demographics and innovation, not residual pent-up demand. Noted stable pricing and increasing diagnostic test volumes.