Matt Taylor

Arduini answered directly that price must offset input costs, with second-half price uplift carrying into 2027; Saccaro added margin ex-PCS expanded about 100 basis points.

Jay quantified Flyrcado annual run rate increase from ~$25M to ~$46M. CMO network management, delivery rate maintenance above 95%, and customer ramp from low to high utilization are key levers. Pete detailed manganese-based MRI contrast: Phase II/III combined study underway, first patient dosed, FDA Fast Track designation. Potential 2029 market entry if successful, addressing $1.2B contrast MR market.

Pete confirmed CMOs at ~95% on-time delivery rate, enabling patient volume increases. January weekly doses at ~220. CVA and CDL partnerships progressing, going slow to go fast but both see the expansion potential. ASNC recommended PET as preferred modality over SPECT.

Jay explained three-lens framework: book-to-bill (1.06x Q4, 1.07x TTM), record backlog (up $2B YoY), and order growth (mid-single-digit TTM, ~4% on 2-year stack). Q1 2026 faces tough comp from Sutter deal. NPI-driven order acceleration expected in H2 2026 with nine products each having $100M+ growth potential.

Pete provided comprehensive pipeline overview: ultrasound platform refresh, Photon Counting CT, full-body PET, next-gen MR, vascular/neurovascular room, monitoring AI, mammography entry. Called it a 'catalyst moment', first time in a decade filling all portfolio gaps.

Jay noted $1.5B debt paid since spin, $100M opportunistic share repurchase in Q2. Pete emphasized most robust M&A pipeline since joining, seeing attractive valuations from market dislocation.

Jay provided segment-level color: PDx growth similar to 2024, other segments near corporate average. $30M Flyrcado revenue embedded in PDx.

Pete detailed CMO network for radiopharmaceutical half-life delivery, targeting existing cardiovascular PET centers first. HCPCS codes on track for April, pass-through filed.

Explicit: assumptions unchanged, decision expected before year end, effect assumed mid-2027. No hedging.

Jake indicated RCT may not be required for CMS NIT2 coverage. Direct conversations with CMS show clear understanding of CGM benefit. Timing hard to estimate but described as matter of time. Coverage would provide durable growth opportunity.

Jake described DexCom as still in early innings. Medicare NIT2 expansion would unlock nearly 12 million people. International coverage trails US but growing. Evidence generation and awareness driving coverage decisions globally.

Jake cited Ohio primary care study where only 1 of 170+ patients met ADA A1c guidelines at start, over half hit target within 12 months on CGM. Timing hard to predict but DexCom will be ready. Growing body of real-world evidence stronger than any prior advocacy campaign.

Jake confirmed substantial progress on FDA warning letter with process and documentation updates. 15-day sensors shipping to Warrior population this quarter with broader launch shortly after. Described as longest-lasting most accurate sensor.

Jereme confirmed normalized channel inventory exiting Q1. Record new patients despite supply dynamics. Patient base grew ~25% YoY, price-volume delta converging as expected.

Jereme confirmed T2 non-insulin uptake included in 2025 guidance. Working with PBMs to expand formulary access and pursuing CMS coverage. RCT enrollment expected to complete H1 2025.

Bernard said Edwards does not see an intense environment given Medicare-levered life-saving procedures, and cited the new RAPID policy as a positive.

Bernard said the raise was driven mainly by Q1 outperformance, with growth led by the market plus slight share gains in Europe and the U.S.

Dan Lippis emphasized both clinical AND economic data driving urgency. Claims data shows no wave of asymptomatic patients (NCD doesn't cover them yet) but increased echos, referrals, decreased referral-to-CT time, and sharp increase in stress tests. S3 Ultra Resilia adoption also contributing meaningfully to performance.

Daveen highlighted ESC hard endpoint benefit for severe TR patients, TCT showed improved safety vs randomized trial. Having both repair and replacement in Europe demonstrates you need both to treat maximum patients. Overall TMTT business growing 50%+ this year with strong TR growth continuing.

Larry Wood stressed evidence matters over price-based decisions. On NCD, impossible to predict specific changes but recent NCDs directionally removing operator/facility restrictions. With 1.2M+ patients treated on Edwards platform, compelling case for reducing restrictions.

Daveen confirmed M3 was already in original guidance. M3 launch in Europe will be controlled with emphasis on physician training. U.S. launch expected at slower rate than EVOQUE.

Bernard reframed from share to market creation. Daveen confirmed both U.S./Europe and both PASCAL/EVOQUE will be large 2025 growth drivers. M3 just starting in Europe.

Hider neither reaffirmed nor withdrew the 2027 growth commitment, redirecting entirely to second-half execution.

Hider repeated the no-observed-change position and said the outlook is unchanged, but did not frame or size the policy risk as asked.

Kevin Moran declined to quantify the Novum return assumption but noted total pump portfolio (Novum + Spectrum) is less than 2% of sales. Returns have been fairly immaterial since the ship hold began. Risk retained in guidance as a prudent assumption.

Hider reiterated oil at current levels is manageable for 2026 but declined to provide 2027 guidance. Said the team is focused on every aspect of supply chain and potential areas requiring mitigation.

Hider reiterated GPS launch and commitment to at-or-above-market performance but provided no specific quantitative near-term upside scenarios. Deferred 2026 outlook to future updates.

Roque confirmed the Q4 step-down is driven by a tougher Alaris comp (200bps in Q4 vs 100bps in Q3), not underlying weakness; Polen addressed FY27 oil/resin cost and pricing offsets.

Tom confirmed $1B GLP-1 target on track with double-digit growth continuing. Nearing halfway point. Biosimilar portfolio is very broad geographically across China, Southeast Asia, Europe, Latin America, Canada, and U.S.

Tom detailed multiple levers: inventory repositioning, sourcing shifts (Vacutainer from Plymouth England, flush from new China plant), BD Excellence margin protection, and eventual pricing.

Chris provided detailed phasing guidance showing derisked second half by 25bps. Mike Feld addressed FACSDiscover China ban and cautious NIH research spending outlook.

Tom confirmed APM at 6-7% growth profile, highlighted the immediate cultural fit and early work on integrating APM with Alaris for closed-loop monitoring.

Ivan said next-gen ROSA Shoulder (v1.1) is the only system doing both anatomic and reverse procedures and both humeral and glenoid resection; moving into full market release in the coming weeks with strong early adoption and feedback.

Sukhi confirmed: Section 122 tariffs assumed to remain, IEEPA tariffs assumed invalidated (Q1 benefit of $0.20 booked). Section 232 still evolving. Ivan added that Nairobi protocol should provide mitigation pathway for 232.

Sukhi detailed gross margin headwinds: lower volume leverage from reduced growth profile (largest driver), FX hedge gain tapering, price and geographic mix headwinds, and net tariff impact. Making up over half through SG&A efficiencies. Longer-term drivers: sourcing improvements, low-cost manufacturing buildout, Q4 brand rationalization charge creating future COGS benefit.

Ivan confirmed international shortfalls excluded from both Q4 2025 and 2026 planning. Revenue guide narrowing from 4.0% to 3.75% midpoint represents ~$20M reduction, largely from noncore area volatility.

Sukhi noted China is largest tariff exposure (both imports and exports). Pre-loaded inventory into China. Evaluating sourcing from Europe instead of U.S. where it makes sense. Did not quantify pre-mitigation headwind.