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Analyst
Larry Biegelsen
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 132on tracked calls
- Challenge rate
- 20%26 of 132 questions
- Companies
- 14questioned at least once
- Reporting periods
- 9with 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 132 of 132 questions from 14 companies
EWEdwards Lifesciences14 questions · 7 reporting periods · 3 of 14 challenging
Calendar 2026 Q2
can you talk about why you highlighted the heterogeneity of the PROGRESS population in the press release and in your prepared remarks?
Show response
Zovighian and Lippis explained the two-part presentation rationale and set expectations of minimal 2026 impact from PROGRESS.
the implied second half underlying growth is about 9%, which is slightly below 10%. So I know it's really early, but is there -- do you believe you can grow 10% underlying next year?
Show response
Management restated the long-term framing without addressing the 2027 growth question; Biegelsen noted the misread and dropped it.
Calendar 2026 Q1
It's been a while, since December, since we heard about SAPIEN X4. Could you give us a little bit of an update?
Show response
Dan Lippis called X4 a potential game changer and said evidence is being collected through a confirmatory trial in 2026, with timelines to come later.
What are you assuming in the guidance from a share standpoint, from an impact, from the low-risk data?
Show response
Bernard said growth is mostly market-driven with only slight share benefit (mainly a competitor exit in Europe), all reflected in a realistic guidance.
Calendar 2025 Q4
I wanted to just ask about the LAA opportunity. How big is that market today a competitor that has a device with sales of I think, over $200 million
Show response
Bernard confirmed the same filter applies: big unmet need, can have impact, can bring differentiated technology. Daveen added they see unmet needs beyond existing technologies and plan measured commercial rollout as complementary solution to valvular procedures. Limited specifics on market size or differentiation.
I think people will notice that you didn't mention moderate AS. So can you talk about why you left that out
Show response
Bernard explained moderate AS prevalence is bigger than severe but they don't know PROGRESS trial results yet. Waiting for TCT to share more. Dan Lippis added trial enrolled very fast which is usually a positive indicator, but until data is analyzed, limited color available.
Calendar 2025 Q3
it sounds like you're comfortable with the 10% plus organic growth and 50 to 100 basis points margin expansion next year. What's giving you the confidence this early
Show response
Bernard emphasized 20 years of SAPIEN data underpins confidence. No change to December guidance. Scott noted higher 2025 bar means higher year-over-year comp for 2026. Deferred FX impact discussion to December 4 investor conference.
as you approach the scheduled trial for the JenaValve deal, what's your level of confidence you could overturn the FTC block
Show response
Bernard cited patient need as motivation but could not predict ruling outcome, expects decision in Q1. Dan Lippis confirmed X4 ALLIANCE trial completed end 2024, patients now in follow-up. No further details until data analyzed.
Calendar 2025 Q2
you set a goal of 10% annual top line growth, I think 50 to 100 basis points of margin improvement and double-digit EPS growth in 2026 and beyond. You have a lot of momentum now
Show response
Bernard expressed strong confidence citing catalysts across TAVR, TMTT, Surgical, and new businesses. Scott added tariff uncertainties exist but based on various scenarios, feeling good about meeting December targets.
Larry, when do you expect CMS to reopen the NCD? And what's the likelihood of moving to a single operator? And if that happens, what do you think the implications are
Show response
Larry Wood outlined key NCD changes needed: asymptomatic coverage, streamlined operator/facility requirements. Single-operator would effectively create two independent TAVR teams (surgeon-led and cardiology-led), improving patient flow. Conversion rate now matches PCI-to-surgery rate.
Calendar 2025 Q1
How do you see the NCD impacting the ramp of Evoque
Show response
Daveen confirmed NCD was in line with expectations and built into guidance. Coverage policy enables full steam activation of new sites.
you're maintaining the EPS guidance despite the tariffs and the Yenovale acquisition and maybe even currency
Show response
Scott quantified tariff ($0.05) and JenaValve ($0.05-$0.10) EPS impacts. Plans to offset through discretionary investment deferrals and R&D prioritization.
Calendar 2024 Q4
what you're seeing and hearing in the field following early TAVR. When do you expect the data to positively impact procedures
Show response
Larry Wood explained education needs to move upstream to referral community. Multiple enablers: indication, guidelines, policy changes over multiple years.
what have you seen since the NTAP started on October 1? And how are you thinking about the impact from the NCD, which should be finalized in March
Show response
Daveen shared powerful patient anecdotes and confirmed positive NCD is built into guidance. Strong physician and patient demand for EVOQUE.
GEHCGE HealthCare14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
I'd love to hear more color on what drove the strength in orders in Q2. Was there anything one-time?
Show response
Arduini directly denied one-timers, attributed the beat to broad-based execution and about 6 enterprise accounts, and said no procedure pullback was seen in surveys.
Help bridge the second half implied acceleration on a comp-adjusted basis embedded in the guidance.
Show response
Saccaro quantified the bridge with secured equipment rate, the historic 48/52 half split, and over 300 basis points of first-half to second-half margin expansion.
Calendar 2026 Q1
I wanted to start with Intelerad, and how that's impacting the guidance in 2026, particularly margins and interest expense
Show response
Jay confirmed Intelerad closed Q1, performing in line with or slightly better than expectations. Double-digit sales growth with EBITDA north of 30%. Fairly neutral to bottom line in year one (EBIT offset by interest expense). 2027 expected to show positive contribution plus sales growth acceleration.
Your comments on the call imply margins and EPS should be up pretty significantly in the second half
Show response
Jay confirmed H2 margin step-up from sales acceleration, new product contribution, and self-help initiatives kicking in. Gross margin expected relatively neutral year-over-year as offsetting activities cover inflation. Normal seasonal H2 uplift amplified by timing of mitigation benefits.
Calendar 2025 Q4
your organic growth guidance of 3% to 4% implies 3.5% at the midpoint, which is what you did in 2025
Show response
Jay noted last year guided 2-3% and delivered better. $2B backlog increase provides strong secured revenue base. Conservative China assumption included. Pete added new product approvals, backlog conversion, and acquisition organic roll-in all position well for upside.
Can you maybe talk about the timing of both orders in sales for photon counting and some of the other NPIs
Show response
Pete confirmed all RSNA launch timelines on track. Biggest revenue contribution expected in 2027 due to 6-9 month order-to-installation cycle. Alia Moveo fully approved (FDA + CE). Omni Total Body PET CE Marked with installs in Australia and Europe. Starguide GX CE Marked. MR products under review. Photonova manufacturing ready.
Calendar 2025 Q3
Any additional color on what you're seeing, how you're thinking about growth there this year and next year
Show response
Pete confirmed improving tender activity but second half sales lower than first half as expected. New China leader Will Song making positive progress in ultrasound and imaging. No structural barriers to China market returning to growth.
I just want to confirm that. And how much do you need China to recover to hit that goal
Show response
Pete confirmed mid-single-digit medium-term view unchanged. AVS cited as example of R&D investment paying off. Jay noted 2026 expectation to grow faster than 3%, with final plan in February.
Calendar 2025 Q2
tariffs were about an 80 to 90 basis point headwind in the quarter. What are the other factors that impacted the gross margin
Show response
Jay broke down 180bps decline: ~50% tariffs, ~50bps from R&D programs passing technical feasibility (shifting $25M from R&D to COGS), ~50bps from new enterprise service contract start-up costs.
What feedback are you hearing from customers? What are some of the barriers to adoption that you're addressing
Show response
Pete detailed: 18 of 25 CMO sites operational, 90% PET site coverage by year-end, 65%+ commercial insured coverage. Key bottleneck is 90-day customer engagement-to-reimbursement cycle, targeting 30-40 days.
Calendar 2025 Q1
The $0.85 in 2025 is a partial year. It looks like you expect the impact to be lower than $0.85 next year in 2026
Show response
Jay detailed cadence: ~$10M Q1, <$100M Q2, ~$200M each Q3/Q4. 2026 mitigation from dual-make, local-for-local, and multi-sourcing supply.
Color on what you're -- you gave the cadence that you expect this year. Just color on what you are seeing there
Show response
Pete confirmed mid-single-digit H1 decline, Q2 toughest quarter on comps, sequential H2 improvement. VBP factored into plans with specific configurations and adjusted go-to-market costs.
Calendar 2024 Q4
Is that linear or almost $150 million a year? And what are you assuming for 2025? And do you see similar opportunities elsewhere
Show response
Pete confirmed deal not linear, site renovations create mid-window timing. Orders entering book in H1. More partnerships expected given Nuffield Health UK example.
It sounded like at JP Morgan that you expect to be more active on the M&A front in 2025. Is that fair
Show response
Pete confirmed M&A will be more active in 2025-2026. Strong balance sheet and cash flow support it. NMP acquisition gives radiopharm capability in Japan/Southeast Asia.
SYKStryker Corporation14 questions · 7 reporting periods · 2 of 14 challenging
Calendar 2026 Q2
The organic growth needs to be about 11%, I think, in the second half. To reach the midpoint of the guidance.
Show response
Kevin pointed to the raised low end, capital orders in hand and plants running consistently since April 1 as the basis.
Any color just on how to think about the catch up in Q3 versus Q4? Thanks for taking the questions.
Show response
Only a steady cadence across both quarters was offered, no phasing detail.
Calendar 2026 Q1
how are you mitigating these higher input costs
Show response
Preston acknowledged pressure from geopolitical events and rising input costs but said procurement contracts and operational discipline are expected to absorb them within existing guidance.
do you still expect operating margin to be up about 50 basis -- 50 basis points year-over-year this year
Show response
Preston confirmed the 150+ basis point margin improvement over the 3-year window remains unchanged, with some quarterly variability expected.
Calendar 2025 Q4
can you please talk about, you know, why this was the right time for this change? Know, what it means for Stryker
Show response
Kevin Lobo explained Spencer Stiles is ready for the expanded role, it enables cascading promotions including Dylan Crotty to lead orthopedics, and allows more bandwidth for Kevin to focus on operations, AI, and BD.
what's giving you the confidence to start this year slightly higher? And at the Investor Day in November, you seemed to believe it was possible to grow in 2026. 10% given the market conditions
Show response
Kevin Lobo cited fourth consecutive year of double-digit organic growth, strong order book, and Mako Q4 performance. Said 10% is certainly possible for a fifth consecutive year but depends on macro environment and procedure growth.
Calendar 2025 Q3
maybe just refresh us on areas of interest, if anything has changed, deal size, et cetera. Anything new
Show response
Kevin Lobo confirmed no change in M&A strategy, acquisitions remain #1 use of capital, strong balance sheet supports larger deals, and they remain active in the hunt.
How are you thinking about maintaining this momentum next year? What are some of the puts and takes we should consider? And can you expand margins next year with the tariff impact increasing
Show response
Kevin Lobo deferred detailed 2026 outlook to upcoming Investor Day but emphasized four consecutive years of ~10% organic growth as sustainable and durable.
Calendar 2025 Q2
remanufactured instruments are a hot topic again. You have unique insight to this with the sustainability business
Show response
Kevin declined to comment on pipeline products. Acknowledged awareness of competitor activity but would not preview any entry plans.
there's a lot of uncertainty in the market right now. What's giving you the confidence to raise both your organic growth and your EPS guidance?
Show response
Kevin cited procedural strength continuing into July, strong capital demand, healthy order book. Supply issues limited to Medical with LIFEPAK 35 now European-approved.
Calendar 2025 Q1
The guidance of 8.5% to 9.5% I’m sorry or 9% at the midpoint implies slightly slower growth Q2 through Q4
Show response
Kevin noted same dynamic as prior year. Supply chain disruptions in Medical factored in. Another 10% full year is possible.
the tariffs are going to hit the gross margin probably third and fourth quarter? Any color you can help provide on just kind of the cadence of margins
Show response
Preston confirmed 100bps target from both gross margin and OpEx. Tariffs offset by other initiatives. Slightly different mix than originally planned.
Calendar 2024 Q4
the return on invested capital seems relatively low in year five. How do you see ROIC in five years? And when does this deal turn accretive?
Show response
Glenn deflected specifics but provided general WACC-return target of 5-7 years. No specific accretion timeline given.
on the Spine sale, just talk about why this was the right time. How much of that $700 million is going to VB
Show response
Kevin explained Spine underperformed, VB Brothers have spine expertise, entire $700M divested. Direct and transparent.
BAXBaxter International13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q2
if you don’t get NOVIM back on the market, how durable is Spectrum IQ as a workhorse pump?
Show response
Hider pointed to the breadth of the pump portfolio and the PeerView launch but gave no timeline for the Novum LVP return.
Talk about, you know, injectables and anesthesia. What the plan is to turn that around.
Show response
Hider named the contract manufacturer as the constraint and confirmed the drag is already built into full-year guidance.
Calendar 2026 Q1
anything more you can share about the turnaround plan and any strategic changes that we could anticipate at Baxter
Show response
Hider said conviction has only strengthened since taking the role. Customer feedback consistently positive on Baxter as trusted brand. GPS gaining traction with 230+ events in Q1. Met Q1 expectations and is laser-focused on execution, but acknowledged a lot of work remains.
What's embedded in the operating margin guidance for gross margin in 2026? And how are you absorbing the increased cost pressures from oil, freight, chips, et cetera
Show response
Hider said oil at current levels would not have material impact on 2026 given post-Kidney Care reduced exposure (<50% of historical). Taking proactive approach with disciplined forecasting, supplier engagement, dual sourcing. Uses daily visual management to monitor supply base.
Calendar 2025 Q4
could you please give us a little bit more color on the Q4 gross margin? How much of the year-over-year decline was due to tariffs, mix, reclassifications, and the onetime items you called out?
Show response
Joel identified key drivers: unfavorable mix (business, geographic, product), higher manufacturing/supply costs from labor-to-volume misalignment and pharma challenges, and ~$40M in nonrecurring items. For 2026, H1 pressured by higher-cost capitalized inventory rolling through; H2 improvement from structural cost takeout and manufacturing realignment.
Pharma has an operating margin of 9%. It was even lower in Q4. My guess is Compounding, which is your fastest growing business, does not make a lot of money. What are you doing to improve the margi...
Show response
Hider combined Pharma with ITT for synergistic customer/call point alignment. Identified facility output issues being addressed through GPS action teams, and a supplier challenge requiring most of the year to resolve. Joel added Compounding has the fastest cash cycle in the business as a mitigant to its margin drag.
Calendar 2025 Q3
help us understand how your experience at ATS will help you turn Baxter around
Show response
Hider emphasized transferable continuous improvement expertise from ATS/Danaher/GE and noted Baxter was a customer of ATS. GPS empowers business units rather than creating top-down control. Team has deep healthcare domain knowledge to complement his operational focus.
Do you think all the pieces fit together? Or could we see you focus more on the hospital setting, less on the office setting?
Show response
Hider called it early days but expressed confidence in the current portfolio as strong for the future. Noted Baxter has already become more streamlined and aligned to higher-value areas. Customer feedback has been very positive.
Calendar 2025 Q2
just more color on what attracted the Board to Andrew, given he looks like a strong candidate, but he doesn't have direct device experience. So what were the skills and experiences that the Board t...
Show response
Brent highlighted Hider's ATS value creation record, Danaher operating system expertise, GE background, and disciplined operational skill set suited for Baxter's manufacturing complexity. Expects quick ramp given personality and strong management team. Start date expected before stated end-of-month timeframe.
just the gross margin was a little lighter in Q2 than we expected. Just talk about how we should think about the gross margin the rest of this year
Show response
Joel redirected to operating margin as the right lens given COGS/SG&A reclassification noise, TSA revenue allocation between lines, and MSA dilution effects. Low end of OI range driven by fluid conservation not recovering and no Novum shipments.
Calendar 2025 Q1
Maybe, Brent, just any update on the timing for CEO, permanent CEO announcement. And Joel, on -- just I'll ask both upfront here. And Joel, oil prices have come down a lot
Show response
Brent said search making good progress, doesn't expect extended period but no date. Joel noted oil price impact significantly diluted post-Kidney Care divestiture.
Calendar 2024 Q4
is there a risk the new CEO comes in and says, we need to invest more and changes the guidance?
Show response
Brent expressed confidence in existing plans but acknowledged a new CEO may put a different filter on priorities. Joel positioned it as an opportunity for the incoming leader.
How do you think about the pros and cons of an external versus internal candidate for CEO bringing in fresh perspective versus someone who kind of already knows Baxter?
Show response
Brent acknowledged pros and cons of both paths but emphasized getting the right fit over speed, without signaling a direction preference.
COOCooper Companies (The)12 questions · 8 reporting periods · 3 of 12 challenging
Calendar 2026 Q3
Can you quantify the impact of the U.S. inventory reduction in fiscal Q3?
Show response
Al quantified the destock: the Americas would have grown around 5% in Q3 absent the reduction, and a similar-magnitude reduction is expected in Q4.
Calendar 2026 Q2
you've believed that it made sense to keep CVI and CSI together. What's changed for you?
Show response
Al said the historical rationale was flexibility and back-office synergies, but a cheap public valuation versus private interest now favors a transaction if best for shareholders.
Calendar 2026 Q1
the margins were really strong in Q1. Just remind us how we should think about the phasing for the year
Show response
Q1 margin outperformance phasing and tariff upside from Supreme Court ruling. Management responded with context on this topic.
we heard your comments about the Middle East and IVF. Maybe you could just level set us on what your exposure is there?
Show response
Middle East conflict exposure and fertility business impact. Management responded with context on this topic.
Calendar 2025 Q4
could you please talk about the strategic review How long will it take What's your reaction to those who have advocated for splitting up CVI and CSI
Show response
Strategic review timeline and CVI/CSI separation views. Management responded with context on this topic.
Calendar 2025 Q3
Consensus EPS growth at 9%. Any reaction to that? And I heard about the operating margin leverage from Al, but I didn't hear the reiteration double-digit constant currency operating income growth
Show response
Fiscal 2026 consensus EPS growth and tariff offset confirmation. Management responded with context on this topic.
the contact lens market has slowed each year since 2021, and it slowed to, as you said, 4% growth in 2025. So maybe just zoom out a little bit. You know, why has the market slowed so much?
Show response
Market deceleration since 2021 and consumer softness risk. Management responded with context on this topic.
Calendar 2025 Q2
in fiscal in calendar Q4, it grew 9%. Calendar Q1, 4%. Obviously, a big deceleration
Show response
Contact lens market deceleration from 9% to 4% and consumer behavior changes. Management responded with context on this topic.
Calendar 2025 Q1
The non-hormonal IUD was recently approved which, you know, I know you have been expecting. What is assumed in the guidance for the competition to PARAGARD?
Show response
Non-hormonal IUD competitive threat to PARAGARD. Management responded with context on this topic.
Maybe just help us understand why your growth was below the peers in the fiscal Q1. You know, maybe you can give us kind of the calendar year growth and maybe you could tell us what January and Feb...
Show response
CVI growth below peers and quarterly cadence for acceleration. Management responded with context on this topic.
Calendar 2024 Q4
Maybe first question on PARAGARD, the 10% decline in Q4 and the pressure you talked about
Show response
PARAGARD 10% decline and FY25 growth expectations plus competitive outlook. Management responded with context on this topic.
any color on cadence of sales and margins in fiscal '25. And any color on Q1
Show response
Color on cadence of sales and margins in FY25. Management responded with context on this topic.
ISRGIntuitive Surgical12 questions · 7 reporting periods · 2 of 12 challenging
Calendar 2026 Q2
Are surgical robotics a part of that VBP program, and how might that impact intuitive in China?
Show response
David said the tender centralization is aimed at reducing duplication and waste and should reinforce robotic programs, and should not be equated with VBP.
Calendar 2026 Q1
I'd love to hear you talk about the appendectomy opportunity. It looks like about 300,000 per year
Show response
Samath declined to size the appendectomy TAM but noted emerging evidence that da Vinci is better on all comparison points. Connally described Japan's 7 new procedures as relatively modest incremental opportunity.
innovation-led revenue growth. This is the first time I've heard you talk about that
Show response
Samath described the push-pull between accretive pricing on differentiated products and cost-sharing in price-sensitive markets. Declined to guide on sustainability of revenue-procedure growth gap.
Calendar 2025 Q4
How large is the ASC opportunity for your focused procedures today? And what are those key procedures moving to the ASC?
Show response
Dave identified cholecystectomy, hernia repairs, and benign GYN as key ASC procedures. Jamie noted it's currently a small proportion but growing at accretive rates, with XiR well positioned.
Do the refurbished Xis put some downward pressure on the ASPs and the move into the ASCs maybe put some downward pressure on utilization?
Show response
Jamie said 4% utilization growth is healthy but won't predict 2026. For ASPs, expect offsetting mix dynamics: higher DV5 mix, higher XiR mix at lower price points, and higher trade-ins.
Calendar 2025 Q3
how are you thinking about utilization in the US going forward as da Vinci V becomes a higher percent of the installed base?
Show response
Jamie emphasized segment-level analysis over US averages, noting larger DV5 institutions should drive utilization improvement while smaller community programs may have lower baseline utilization.
the implied gross margin in Q4 at the midpoint of the guidance range is slightly below 67%. So my question is on next year
Show response
Jamie declined to guide on 2026 margins, noting Italy/Spain/Portugal direct transition expected to be slightly accretive to pro forma EPS.
Calendar 2025 Q2
is there any reason we wouldn't see system placements start to grow again like we did when you launched dV5 in the U.S.?
Show response
Jamie planned a measured rollout in Europe and Japan with training pathways needed. Some European customers may wait for Force Feedback clearance (not expected before end of 2026). Trade-ins expected to increase progressively over multiple years.
Calendar 2025 Q1
it looks like da Vinci 5 placements as a percent of U.S. placements actually was lower in Q1 from Q4
Show response
Jamie corrected the premise, stating DV5 percent of US placements was actually higher in Q1 than Q4, with supply where expected and normal seasonality in capital.
did I hear you say that you're including the European reciprocal tariffs, which I think are 20% in 90 days assumed in that 1.7%
Show response
Jamie confirmed European reciprocal tariffs are included in the 1.7% estimate. Mitigation actions won't have significant beneficial impact in 2025 as they evaluate what's possible.
Calendar 2024 Q4
on the Q3 call, you said the gross margin will be a little lower in 2025 versus 2024. I think the 67% to 68% guidance was probably a little bit lower than expected
Show response
Jamie detailed three drivers: ~1pp from depreciation/fixed cost deleverage, roughly equal impacts from product mix dilution and FX, with midterm path back to 70%+ via leverage and product margin improvements.
In the second half of '24, US system placements grew over 35%. Utilization was about 2%. Is this a leading indicator of more procedures?
Show response
Gary acknowledged both new capital pull-forward effects and lower utilization from mid-sized community hospitals entering later adoption curves, noting SP and Ion utilization have room to run.
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BDXBecton Dickinson10 questions · 8 reporting periods · 3 of 10 challenging
Calendar 2026 Q2
could revenue growth next year be closer to the high end of low single digits? And what are some of the puts and takes
Show response
Roque reaffirmed FY27 low-single-digit revenue on a 200bps Alaris headwind and 'modest' EPS leverage, deferring formal guidance to the November call.
Calendar 2026 Q1
What's assumed in the guidance, how much of U.S. Specimen Management is ChloraPrep? I assume the vast majority
Show response
Tom clarified products are primarily in surgical business with some in MDS. Testing is same protocol already used for European shipments with strong track record. Manufacturing continues during hold with no patient safety signals.
Calendar 2025 Q4
I just wanted to get a better handle on the three areas of headwinds, Alaris, Vaccines, and China
Show response
Tom confirmed all three headwinds in line with expectations. China VBP expected to reach 80% coverage by end of FY26. Alaris had record competitive wins gaining ~100bps share. Vaccines will continue through year; biologic growth partially offsetting. Combined headwinds about 250bps for full year.
Calendar 2025 Q3
I'd love to hear your updated thoughts on the New BD strategy and the earnings algorithm
Show response
Tom outlined New BD as focused MedTech leader with mid-single-digit growth, BD Excellence-driven margin expansion, and at least 50% of free cash flow to buybacks. Confirmed 90% of business growing mid-single digits with 10% in contained cyclical dynamics.
the expectation that fiscal '26 is down mid-teens was a little bit weaker than I would have expected
Show response
Tom confirmed Q4 China down high single digits organic. VBP expected to reach 80% portfolio coverage by end of FY26. Post-separation China will be about 4% of revenue.
Calendar 2025 Q2
usually on the Q3 call, you give some helpful commentary on the following year, particularly on the P&L
Show response
Chris outlined post-separation margin continuity, TSA offsetting stranded costs, and at least half of $4B cash to buybacks creating EPS accretion. FY26 tariff outlook improved to $275M, roughly $85M benefit versus prior Street expectations.
Calendar 2025 Q1
The $0.25, is that net or gross, in other words, net after mitigation? You talked about it starting in Q4, fiscal Q4
Show response
Chris confirmed $0.25 is net after mitigation. Can't simply annualize but fair to apply annualization factor since only ~3 months of tariffs in FY25 guide.
just maybe put just flesh out a little bit more how the second half organic growth improves
Show response
Chris outlined four Q4 drivers equally weighted: APM becoming organic, Pharm Systems recovery, BDI high-single-digits, and BDB easiest comp plus A8 launch.
Calendar 2024 Q4
the 10% China tariff, I think, went into effect. And then, if the 25% tariff on Mexico and Canada go into effect, what would be the impact
Show response
Tom acknowledged tariff uncertainty, noted BD's largest manufacturing footprint is in North America. Outcome unclear with no specific financial quantification provided.
Calendar 2024 Q3
Did Alaris meet your goal of $350 million for fiscal '24? It sounds like Q4 was about $100 million or slightly below
Show response
Mike Garrison confirmed Alaris exceeded $350M target directly. Noted difficult dispensing comp offset Alaris strength in Q4.
JNJJohnson & Johnson8 questions · 8 reporting periods · 1 of 8 challenging
Calendar 2026 Q3
how should we think about your ability to grow earnings excluding IPR and D?
Show response
Wolk quantified the deal dilution and said EPS typically grows a bit faster than sales, deferring 2027 specifics to the December 8 review.
Calendar 2026 Q2
there continue to be concerns about procedure growth in the U.S. What did you see in Q2
Show response
Tim Schmid said three of four MedTech businesses accelerated, volumes stable, no ACA impact, and expects H2 acceleration.
Calendar 2026 Q1
what are you seeing in your end markets? And how are you thinking about the remainder of the year
Show response
Tim Schmid addressed Q1 seasonality and noted growth across the board at 4.6% operational. Acknowledged some procedural softness from severe weather but characterized underlying demand as expected. Expressed confidence in further acceleration through Q2 and remainder of 2026.
Calendar 2025 Q4
How are you thinking about the medtech market in 2026 relative to 2025? How are you thinking about J&J's adjusted operational growth
Show response
Schmid dismissed ACA subsidy concerns, noting clinical capacity is constraint not coverage. Confirmed 2026 acceleration expected. EP at 9.5% Q4 growth with 40,000 VariPulse cases, new catheter annually through decade end.
Calendar 2025 Q3
Is the 5% plus I heard you say earlier, on a reported or adjusted operational basis?
Show response
Wolk confirmed 2026 commentary was on a reported basis since consensus models use reported. Noted slight FX tailwind likely already reflected in analyst models.
Calendar 2025 Q2
Do you see the 3.5% adjusted operational growth this year is something you could accelerate from next year
Show response
Wolk confirmed 2026 expected to be better growth year. Reserved margin commentary pending tariff and Part D developments, but affirmed bottom-line growth consistent with or better than top-line.
Calendar 2025 Q1
What is that on an annualized basis? And how are you thinking about being able to mitigate that over time?
Show response
Wolk detailed $400M tariff breakdown with China retaliatory as most substantial. Duato emphasized tax policy over tariffs for building US manufacturing capacity.
Calendar 2024 Q4
how are you thinking about the growth of the MedTech market in 2025 and J&J relative to the market?
Show response
Schmid confirmed 5-7% market growth expectation with normalized procedures. Addressed VARIPULSE US pause transparently, citing patient safety as priority, while noting 3,000 successful cases outside US.
MDTMedtronic8 questions · 8 reporting periods · 2 of 8 challenging
Calendar 2026 Q3
Some investors may think this is a signal you're not confident in Hugo, address that
Show response
Geoff framed Cornerstone/Sentire as a global access play complementary to Hugo, not a hedge; Thierry said acquisition optionality exists but no near-term plan.
Calendar 2026 Q2
What did you see from a share standpoint in your TAVR business in fiscal Q4?
Show response
Martha said TAVR stabilized over the last eight to 10 weeks; the slowdown was tied to the low-risk data and is more a U.S. dynamic on an older, large-valve procedure. Medtronic is investing heavily (DASI software, mitral/tricuspid) with fresh leadership. Pieton noted Q4 still grew 6.6% despite the TAVR headwind and modeled stabilization going forward.
Calendar 2026 Q1
how are you thinking about the EP market growth in calendar year '26, and your CAS growth going forward now that you're lapping the Affera U.S. launch?
Show response
Martha estimated EP market grew ~20% in fiscal Q3, expects near-term continuation, then at least high teens in FY27 and strong double digits thereafter. Described competitive positioning: two competitors center on mapping (Medtronic has integrated mapping), one centers on catheters (Medtronic claims better portfolio with Sphere-9 versatility across persistent/paroxysmal and Sphere-360 single-shot). CAS growth expected to sustain in Q4.
Calendar 2025 Q4
do you still believe you can achieve $400 million, you know, US sales by around fiscal 2028, which I think would be year three
Show response
Martha reiterated $400M U.S. target would be achieved faster than year 5. Dr. Laura Mori noted isolated systolic hypertension affects less than 10% of target population. Final NCD improves access vs proposal with fewer barriers to treatment.
Calendar 2025 Q3
What can these committees do that you couldn't do before? What would success look like? And how long before investors start to see an impact?
Show response
Martha explained new med tech Board voices (John Groetelaars, Bill Jellison), higher frequency management touchpoints, and focused committees on growth/portfolio and operational efficiency. Not additive committees but rearranged for focus.
Calendar 2025 Q2
did you consider breaking Medtronic up into four separate businesses? One could argue that the remaining pre business have scale on their own
Show response
Martha argued remaining three portfolios are better together with synergies. Diabetes is predominantly B2C vs Medtronic B2B, with distinct supply chain and go-to-market. Separation focuses Medtronic on higher-margin growth.
Calendar 2025 Q1
talk about the drivers of the acceleration in Q4 and how you're thinking about fiscal '26. And specifically the ramp of Affera, where you are with supply
Show response
Martha outlined PFA as a $9B market growing high teens, with $2B as near-term line of sight and Galway factory solving supply. Salmon confirmed dual-platform penetration strategy.
Calendar 2024 Q4
you have the TPT for Ardian beginning in January. How much of a benefit are you expecting from that? And when are you anticipating the national coverage decision?
Show response
Sean addressed TPT scope (fee-for-service Medicare) and mentioned coverage with evidence development is in progress, but gave no timing on national coverage decision.
ABTAbbott Laboratories7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
what is the outlook for the CGM business for the remainder of this year?
Show response
Ford explained the plateau framework and said reimbursement expansion would drastically accelerate growth, but explicitly declined to forecast timing for US type 2 coverage or DGK approval.
Calendar 2026 Q1
The CGM prescription trends in the U.S. look weak. Could you talk about what is happening in the CGM market?
Show response
Ford gave extensive bullish response citing 70-80M global TAM vs 10-12M current users, upcoming CMS type 2 non-insulin coverage, international expansion, dual-analyte approval, and Libre 5 development.
Calendar 2025 Q4
you're guiding a little bit lower today. I assume that's related to nutrition. Can you talk about what's changed since the last call
Show response
Ford explained midpoint guided at 7% vs 7.5% consensus, entirely driven by nutrition reset. Consumer price sensitivity accelerated in Q4, requiring price/promotion initiatives to reignite volume growth. Expects approximately 6-month transition with nutrition returning to growth in H2 2026. Outside nutrition, all segments maintaining or accelerating growth. R&D resources not reallocated, just reprioritized within existing nutrition R&D budget.
Calendar 2025 Q3
I'd love to hear your high-level thoughts on next year if you're still comfortable with consensus
Show response
Ford outlined three growth buckets for 2026: underlying portfolio momentum (Aveir, TAVR, Libre, TriClip), new product launches (Volt US, dual analyte sensor, Alinity N, biosimilars), and easing of $1B+ diagnostic headwinds from COVID decline and China VBP lapping. Plans close to 200 clinical trials across all businesses next year.
Calendar 2025 Q2
I'd love to get your reaction to the proposed competitive bidding for CGM and what that could mean for you
Show response
Ford said competitive bidding would affect DMEs not manufacturers, expects no impact on Abbott. Supportive of HHS wearables initiative. Confirmed dual analyte sensor will drive share gains: '100%, yes.'
Calendar 2025 Q1
give us a kind of a state of the union and your, you know, how you're feeling about that business in 2025 and beyond
Show response
Ford confirmed Volt US submission this year with approval expected beginning of next year. Initial European feedback very positive, rollout expanding to broader markets in H2. FocalFlex trial enrollment completed.
Calendar 2024 Q4
I'd love to hear you talk about your expectations for growth in 2025. The status of the Libre 3 supply issues
Show response
Ford confirmed Libre 3 supply constraints resolved with second manufacturing site online, outlined three CGM growth accelerators: basal coverage expansion, insulin pump connectivity, and Lingo OTC launch expanding nationally.
BSXBoston Scientific6 questions · 6 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
So when you say no improvement in '27, are you referring to the full year guide of flat to low-single-digit growth
Show response
Mahoney addressed the 2027 market assumption and acknowledged likely share erosion from a competitor, but did not separate the full year guide from the second half or resolve label timing.
Calendar 2026 Q1
Where is the share pressure coming from Mike? And on U.S. EP, sales have been flattish for the past 3 or 4 quarters
Show response
Mike identified Medtronic, J&J, and Abbott as three large PFA competitors. Guided U.S. EP mid-single digit for full year, implying flat to low single digit for Q2-Q4. Confident in maintaining PFA leadership.
Calendar 2025 Q4
can you confirm you're not seeing an impact from the 3 recent trials we saw in 2025?
Show response
Dr. Stein confirmed no impact from CLOSURE, ALONE-AF, or OCEAN trials. CHAMPION has two co-primary endpoints: noninferiority for stroke/systemic embolism and superiority for bleeding. Hosting investor event at ACC on March 28.
Calendar 2025 Q3
is there anything you're seeing in studies like ALONE-AF and OCEAN that's coming at American Heart that concerns you?
Show response
Dr. Stein views CLOSURE-AF as poor CHAMPION read-through due to different population and endpoint. ALONE-AF/OCEAN showing low-risk patients may not need stroke prevention post-ablation is positive for FARAPULSE growth. Concomitant patients are not the low-risk ALONE-AF population.
Calendar 2025 Q1
One, do you think you can overtake J&J to become #1 in EP? And second, what will it take for the OUS share to catch up
Show response
CEO confirmed aim to become #1 in EP within a few years. Cited durable European growth despite lapping launch comps, early China as $1B+ market opportunity, and strong Japan execution.
Calendar 2024 Q4
so does this imply you see Boston Scientific Corporation as at least a 9% grower in 2026?
Show response
CEO did not commit to specific 2026 guidance but pointed to decade-long track record of outgrowing end markets. On EPS, cited strong record of double-digit growth as ongoing goal.
ZBHZimmer Biomet6 questions · 6 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
it looks like the Recon market did slow in the first half of '26. It looks like it slowed in the U.S. and outside the U.S.
Show response
Ivan argued markets do not shift quarter to quarter, pegged the market at 4-5%, cited stable waiting lists (3-6 months) and teen cancellation rates, and said ACA/exchange exposure is low single digit with Medicare the largest payer.
Calendar 2026 Q1
once you launch the semiautonomous system with Persona early next year, how should we think about the pace of the rollout
Show response
Ivan described mBôs advantages: sub-4-minute procedure times, enhanced safety boundaries, democratic access, short learning curve, highest accuracy seen. Hiring 200+ dedicated reps. Appointed Dr. Jonathan as Chief Science/Technology/Medical Affairs Officer. ROSA continues alongside as #1 robot outside U.S. Suite approach (Monogram + ROSA + TMini) provides competitive advantage.
Calendar 2025 Q4
It feels like, the change in terms of prioritizing returning free cash flow to shareholders. Over m and a
Show response
Ivan framed it as a pause, not a change. Three acquisitions (OrthoGrid, Paragon, Monogram) plus U.S. channel transformation leave no room for additional complexity. Board approved up to $1.5B buyback. Acquired $250M shares in 2025. Will resume diversification M&A when ready. Still aspires to higher WAMGR long-term.
Calendar 2025 Q3
it looks like the recon market improved in the third quarter versus second quarter. What are you seeing into Q4?
Show response
Ivan confirmed Q3 market acceleration vs Q2 but refused Q4 commentary citing lessons learned. Market overall expected at ~4%. Sukhi noted EPS guidance back to original starting point despite tariffs, Paragon 28 and Monogram dilution. Deferred 2026 margin commentary to February.
Calendar 2025 Q2
You said we need to diversify ZBH, and we're rethinking our capital allocation strategy. You also said Zimmer has been too focused on the short term and EPS dilution
Show response
Ivan said all innovation gaps are resolved across knees, hips, S.E.T., and robotics. Capital allocation evolved to target 5% WAMGR by end of 2027 and 6-7% by 2030 through responsible M&A into transformational spaces. Ample firepower for more deals.
Calendar 2025 Q1
how much do you think that's the case, and what are you doing to make ROSA more competitive
Show response
Ivan attributed gap to market share and commercial execution, not robot. ROSA Knee V15 510(k) submitted with enhanced accuracy, kinematic alignment, and auto balance. 350,000 total ROSA surgeries performed.
PODDInsulet Corporation5 questions · 5 reporting periods · 2 of 5 challenging
Calendar 2026 Q2
if you could share some of the metrics on utilization and retention with us?
Show response
Ashley explained type 2 differences (payer mix, comorbidities, emotional burden) but did not disclose the specific utilization or retention metrics Biegelsen asked for.
Calendar 2026 Q1
as your share of tubeless pumps declined from 100% today, I mean, just mathematically has to go down if there's competition, what offsets that to maintain your 20% growth goal
Show response
Ashley emphasized this is category expansion not share trading. Expects to sustain share leadership. On sixth-generation Omnipod next year while others attempt first. Cited history of failed tubeless attempts as evidence of manufacturing complexity. Head start in development and manufacturing at scale creates cost and scale advantage. When new entrants arrive, all boats rise: MDI-to-AID conversion went from 60% four years ago to 80% now.
Calendar 2025 Q4
how are you feeling about being able to sustain the 20% growth in light of new competition
Show response
Ashley argued barriers to entry include manufacturing at scale with quality, continuing to innovate with clinical performance, and unlocking TAM. Pipeline designed to bring new MDI users into category. Strategic pivot to educate clinicians on clinical performance in addition to form factor. 9 years of pharmacy relationships, 100% of portfolio in pharmacy vs competitors at 10-30%. Flavia added best-in-class gross margin and free cash flow enable continued investment. $1B R&D planned over next 3 years.
Calendar 2025 Q1
I don't think we've seen new starts up sequentially in Q1 for many years. So it looks like new start growth was quite strong
Show response
Ana confirmed unusual Q1 sequential new start growth in both U.S. and international. Eric attributed it to Omnipod 5 differentiation, pay-as-you-go, multiple sensors, iOS, and type 2 indication driving demand unaffected by competitor launches.
Calendar 2024 Q4
Is the 35% to 40% -- can -- do you think you can go above that 35% to 40% where you were with DASH
Show response
Jim confirmed type 2 expected to grow well beyond 30% of mix given TAM is 3.5x type 1. Strategic imperative to grow both type 1 and type 2 simultaneously; no risk of taking eye off type 1.
DXCMDexCom3 questions · 3 reporting periods · 1 of 3 challenging
Calendar 2025 Q4
your main competitor is saying first half 2026. Are you in agreement with that? And when when are when should we expect to see the RCT data
Show response
Jake noted ADA updated guidelines further supporting NIT2 CGM while awaiting CMS decision. Registry showing sustained health improvement and high utilization. RCT of approximately 300 people on track to read out middle of 2026.
Calendar 2025 Q2
can you frame the exposure to Medicare and the potential risk to DexCom? And if finalized as proposed, how might that impact your price in that channel
Show response
Jake framed fee-for-service Medicare as about 15% of business. Earliest competitive bidding implementation likely 2027. Jereme noted potential supplier consolidation benefit. Priority is ensuring no interruption to Medicare beneficiaries.
Calendar 2024 Q4
I wanted to start with the issues you identified, you know, on the Q2 call. The Salesforce issue and the DME issues
Show response
Kevin provided clear update: DME share stabilized, salesforce adding 50K prescribers with improving productivity per prescriber.
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 |
|---|---|---|
| EW Edwards Lifesciences | 14 | 21%3 of 14 questions |
| GEHC GE HealthCare | 14 | 0%none of 14 questions |
| SYK Stryker Corporation | 14 | 14%2 of 14 questions |
| BAX Baxter International | 13 | 15%2 of 13 questions |
| COO Cooper Companies (The) | 12 | 25%3 of 12 questions |
| ISRG Intuitive Surgical | 12 | 17%2 of 12 questions |
| BDX Becton Dickinson | 10 | 30%3 of 10 questions |
| JNJ Johnson & Johnson | 8 | 13%1 of 8 questions |
| MDT Medtronic | 8 | 25%2 of 8 questions |
| ABT Abbott Laboratories | 7 | 14%1 of 7 questions |
- EWEdwards Lifesciences · 14 questions21%3 of 14 questions
- GEHCGE HealthCare · 14 questions0%none of 14 questions
- SYKStryker Corporation · 14 questions14%2 of 14 questions
- BAXBaxter International · 13 questions15%2 of 13 questions
- COOCooper Companies (The) · 12 questions25%3 of 12 questions
- ISRGIntuitive Surgical · 12 questions17%2 of 12 questions
- BDXBecton Dickinson · 10 questions30%3 of 10 questions
- JNJJohnson & Johnson · 8 questions13%1 of 8 questions
- MDTMedtronic · 8 questions25%2 of 8 questions
- ABTAbbott Laboratories · 7 questions14%1 of 7 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 | 19 | 16%3 of 19 questions | 13 |
| 2025 Q1 | 19 | 21%4 of 19 questions | 13 |
| 2025 Q2 | 16 | 19%3 of 16 questions | 12 |
| 2025 Q3 | 19 | 16%3 of 19 questions | 12 |
| 2025 Q4 | 19 | 16%3 of 19 questions | 14 |
| 2026 Q1 | 19 | 32%6 of 19 questions | 13 |
| 2026 Q2 | 17 | 18%3 of 17 questions | 13 |
| 2026 Q3 | 3 | 33%1 of 3 questions | 3 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q419 questions · challenge rate 16% (3 of 19 questions) · 13 companies
- 2025 Q119 questions · challenge rate 21% (4 of 19 questions) · 13 companies
- 2025 Q216 questions · challenge rate 19% (3 of 16 questions) · 12 companies
- 2025 Q319 questions · challenge rate 16% (3 of 19 questions) · 12 companies
- 2025 Q419 questions · challenge rate 16% (3 of 19 questions) · 14 companies
- 2026 Q119 questions · challenge rate 32% (6 of 19 questions) · 13 companies
- 2026 Q217 questions · challenge rate 18% (3 of 17 questions) · 13 companies
- 2026 Q33 questions · challenge rate 33% (1 of 3 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Demand37
- Revenue Growth32
- Guidance Reliability27
- Competitive Dynamics26
- Margin24
- Product Launch22
- Regulation Policy17
- M&A15
- Innovation & R&D14
- Capital Allocation13
Show all 19 topics
- Trade Tariffs11
- Cost Pressure9
- Geographic Expansion8
- Pricing5
- Supply Chain4
- Macroeconomic4
- Subscriber Growth3
- Inventory2
- Fx1