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Analyst
Robbie Marcus
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 130on tracked calls
- Challenge rate
- 18%24 of 130 questions
- Companies
- 13questioned 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 130 of 130 questions from 13 companies
BAXBaxter International13 questions · 7 reporting periods · 3 of 13 challenging
Calendar 2026 Q2
speak to some of the drivers of the acceleration on the top line and the confidence in the guidance raise
Show response
Hider named the growth drivers and flagged the 11-cent tariff refund, but deferred the 2027 EPS-growth question to a later update.
Calendar 2026 Q1
How much of this is conservatism, how much of this is a pull forward or different assumptions moving forward. More specifically, especially as we look to 2Q, the Street's right around flat organic ...
Show response
Kevin Moran confirmed Q1 in line with expectations. Novum returns not material but prudently retained in guidance. Q2 expected to show sequential improvement but still pressured year-over-year with similar drivers: Novum headwind, injectables pressure, HST growth weighted to back half.
can EPS be a positive growth number, yes, next year. So if you're willing to comment on that, how you get there and some of the top and bottom line drivers?
Show response
Hider declined specific 2027 guidance but said he expects modest growth in both revenue and earnings for 2027. Highlighted Connex 360, Dynamo stretcher, and other new product launches as growth enablers. Emphasized innovation as base hits rather than grand slams.
Calendar 2025 Q4
I was hoping you could just bridge us from the fourth quarter 2025 to the 2026 guide, how much shifted from below gross cost of goods into cost of goods
Show response
Joel flagged Q1 as most challenging due to: normal seasonality, ITT prior-year distributor build comp (~$40-50M/~150bp headwind), continued Novum return uncertainty, higher-cost capitalized inventory rolling through COGS in H1, pharma margin pressure, and incremental interest expense kicking in at EPS level.
do you think you will be able to grow earnings next year as the TSAs roll off where you sit today?
Show response
Joel anticipated earnings growth in 2027 but declined to provide guidance. Noted majority of TSAs fall off in 2027 (24 months from Jan 2025 close) and expects to finish stranded cost elimination by 2027.
Calendar 2025 Q3
do you think Baxter can have positive growth in '26? Are you willing to comment on that?
Show response
Hider said customers value Baxter and he expects to outpace markets, implying growth in 2026 but declining to provide specific guidance. Deferred to future updates.
Maybe you could just help us understand your vision for Baxter, what you've learned, what you've seen, how you feel about the health and trajectory of the business and any other changes we should b...
Show response
Hider outlined 3 pillars: stabilize operations, strengthen balance sheet, drive continuous improvement via GPS. Deferred detailed strategy to a 2026 Investor Day. Did not provide 2026 guidance but suggested Baxter should grow, citing strong customer feedback.
Calendar 2025 Q2
maybe you could bridge the lowered EPS guide and what's happening down the P&L. It sounds like there's some other margin weakness in the business. And then as we follow that into 2026, I know after...
Show response
Joel attributed the EPS cut to volume absorption from lower fluid manufacturing and unfavorable mix (compounding vs injectables). For 2026, expects margin expansion from fluid conservation easing, Novum resumption, continued stranded cost removal, and supply chain margin programs.
maybe you could help us understand exactly how much weakness in the quarter was related to this, both on sales and on the operating margin line. And it sounds like you have a voluntary temporary pa...
Show response
Heather clarified zero Q2 impact from Novum since the pause was only announced a couple of weeks ago. Emphasized field actions pertain to a small subset of clinical use cases. Joel added that the low end of 2025 guidance assumes no Novum shipped for the rest of the year.
Calendar 2025 Q1
Joel, you put out comments for 2026. I believe it was maybe 75 to 100 basis points of operating margin expansion. You did a really impressive job offsetting the tariff impact
Show response
Joel reaffirmed commitment to continued margin expansion but hedged on specific 2026 targets, noting conservative tariff assumptions and mitigation activities still phasing in.
How much of stocking in fluids is moving from second quarter to first quarter? And then I guess the first real question. HST had nice performance, drove a good part of the beat in the quarter
Show response
Heather quantified ~1.5pp total company impact from distributor stocking pull-forward. On HST, cited strong CCS order book, competitive share gains, positive Voalte Linq response, and FLC stabilization.
Calendar 2024 Q4
The HST business especially frontline care was still negative growth this quarter. What's the latest you're seeing there, the confidence you could turn it around in 2025
Show response
Joel cited primary care market stabilization, anniversary of difficult comps, resolution of supply constraints, and strong CCS order book momentum as drivers.
Joel, how should we think about with all the moving pieces on the top and bottom-line, the cadence for 2025?
Show response
Joel provided detailed cadence guidance including Q1 conservatism from hurricane recovery, H2 ramp from stranded cost reduction, and Q4 easier comp.
EWEdwards Lifesciences13 questions · 7 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
I'd love if you could dive into those 2 and talk to the trends you're seeing on competitive share shift, market expansion?
Show response
Zovighian confirmed similar U.S. and OUS growth and named all three TMTT platforms, but did not quantify share shift or isolate a single TMTT driver.
Calendar 2026 Q1
You took TAVR up 1% for the year, had a big beat in TMTT and left that unchanged.
Show response
Bernard cited a conservative, realistic guidance philosophy plus tougher second-half comps as the reason for the measured raise.
your main TMTT competitor talk about healthy market growth, but them losing share to you in both mitral and tricuspid
Show response
Bernard reframed the dynamic as category creation; Daveen noted double-digit mitral and tricuspid procedure growth and Edwards outgrowing the market.
Calendar 2025 Q4
I would have to imagine you're taking some share even excluding the Boston Scientific exit. So maybe just speak to the strength you're seeing, the confidence in it, and any regional differences
Show response
Dan Lippis confirmed gap between procedural growth (high single digit) and Edwards sales growth (10.6%) reflects share gain and pricing. Boston exit share gain sticky from Q3 to Q4. S3 Ultra Resilia adoption contributing to price. Global competitive position remains relatively stable.
the step up in SG&A was roughly $100 million which is pretty substantial. So maybe just dig into that, where'd the spending go
Show response
Scott explained $112M increase was intentional investment in patient access: asymptomatic amplification, AHA partnership, field force reinforcement. Some delayed from earlier quarters. Planning more moderated SG&A growth in 2026, targeting high end of original 28-29% OP margin.
Calendar 2025 Q3
you're one of the biggest spenders in R&D at $1.1 billion, and it's clearly given you a great product pipeline
Show response
Scott confirmed top-line growth will outpace R&D spending growth. Q3 R&D at 18.1% vs 18.7% prior year demonstrates the trend. R&D remains most important strategy driver but will be disciplined about prioritization.
you've been working a lot in the past couple of years to try and improve efficiency in the cath lab, and you have some AI initiatives
Show response
Dan Lippis outlined multiple programs: Benchmark efficiency program, AI partnerships for echo screening, direct-to-patient marketing, society partnerships. Daveen added TMTT constantly improving efficiencies in cath lab and patient pathways as new therapies develop.
Calendar 2025 Q2
U.S. TAVR looks like when I try and back in based on the color you gave, it was a little better than The Street expected. So what really drove that? Was there asymptomatic already coming into play
Show response
Bernard attributed growth to renewed clinical community focus on TAVR following early TAVR data. Larry Wood added they are not seeing many asymptomatic patients yet, but rather a renewed attention on management of symptomatic severe AS patients.
U.S. TAVR obviously gets a lot of attention, and we hear less about outside U.S. trends. So maybe you could talk about what you saw outside the U.S. in Japan and particularly Europe with the exit o...
Show response
Dan Lippis (new TAVR leader) fielded this. Europe S3 rollout positive, optimistic about asymptomatic indication long-term. Japan remains important market, working to regain ground lost to new competitors. Rest of World growing nicely.
Calendar 2025 Q1
The TMTT guidance range, part of it's FX, part of it's underlying
Show response
Scott confirmed ~50/50 split between FX and operational momentum. Daveen added both PASCAL and EVOQUE are key operational growth drivers.
offsetting $0.10 to $0.15 for Edwards is a big move and really impressive. Maybe speak to sort of the undertaking you're doing
Show response
Scott explained plans include deferring discretionary investments that won't impact 2025 sales. Some Q1 spending was already deferred, contributing to strong Q1 EPS.
Calendar 2024 Q4
you mentioned in the script, there were a few instances of regional pressure. You still came in above The Street on TAVR
Show response
Bernard identified Japan as the primary source of regional pressure, framing it as a long-term growth opportunity given the aging population.
Any color you could give us now with the rebased business ex critical care, how we should be thinking about SG&A and R&D each separately
Show response
Scott explained 200bp OP improvement split evenly between R&D and SG&A leverage, with spending held flat at Q4 levels through 2025.
GEHCGE HealthCare12 questions · 7 reporting periods · 2 of 12 challenging
Calendar 2026 Q2
could you just talk a little bit about what you're seeing today in terms of the AB-rated approvals?
Show response
Asked by a stand-in on for Marcus. Saccaro said no impact seen, framed the market as supply-tight and expected to double over the next decade, without quantifying 2027.
why did you choose not to raise the EPS guidance given the tariff refund and lower taxes
Show response
Arduini answered the raise question head-on, citing oil and chip cost uncertainty at the half-year mark and describing the guide as having appropriate cushion.
Calendar 2026 Q1
There are coming generics in the diagnostics business
Show response
Pete noted no impact from new entrants. Market already has 6-7 branded generic players. Defensive moat from full SKU lineup, supply chain reliability, injector integration, and multi-SKU contract relationships with IDNs. AB-rated substitutability cuts both ways, any supplier shortage benefits others in the group.
how are you thinking about the amount of cushion you've put in here, especially given you've been reduced -- offsetting a lot of these costs the past few years
Show response
Jay confirmed ~$0.23 of offsets in guidance, mostly benefiting Q3/Q4 (explains Q2 EPS decline before H2 acceleration). R&D and commercial investments protected, discretionary spending managed down. Pete emphasized growth setup is strong and operational plans are concrete, not hope-based.
Calendar 2025 Q4
can you talk through some of your assumptions for China and how we should think about potential upside when it comes to EPS
Show response
Jay confirmed prudent China outlook with decline assumed in 2026 guidance. Q4 China performance broadly in line with expectations (most difficult comp quarter). Pete noted improving VBP tender win rates and commercial execution under Will Song. Jay bridged EPS: ~30 cents from volume growth, ~30 cents from cost/productivity, offset by SG&A and R&D investments.
Calendar 2025 Q3
how you think you're stacking up versus it? Do you feel like you're still on track
Show response
Pete confirmed medium-term targets on track. Product launches aligned with Investor Day timelines. RSNA will showcase products filling portfolio gaps with differentiated capabilities.
what investments you're doing to help advance that. And do you think you could be back on track to your goals in 2026
Show response
Pete confirmed 2026 back on track. Opportunity funnel larger than initially envisioned. Customer workflow process: 1-2 patients initially, ramping to 12-15 within 60 days. CDL partnership enables faster ramp than new-to-PET customers. ACC guidelines endorse Flyrcado direction.
Calendar 2025 Q2
what you saw in the quarter, what the environment is like, how you're thinking about it for the rest of the year
Show response
Pete noted activity increasing but PO velocity slower. Tender cycles extending at provincial level. More conservative H2 China assumptions in guidance. Jay noted H1 China came in better than expected.
You raised the 2025 forecast a bit. How should we think about the cadence for the rest of the year
Show response
Jay outlined H1 ~3% organic, Q3 2-3%, Q4 3-4% (seasonally strongest). Confidence from secured rate revenue analysis and robust backlog conversion timing.
Calendar 2025 Q1
wanted to ask first on Flyrcado and how that's going? And then I'll ask second here, just sort of the environment in China
Show response
Pete confirmed Flyrcado on track with $30M 2025 target. CMO sites north of dozen, doubling by year-end. Anti-dumping investigation originated from private company complaint, not government, not material risk.
Calendar 2024 Q4
Given all the pressures we're seeing with hospitals in the U.S., how are you feeling about the outlook here
Show response
Pete noted procedure growth driving CapEx demand, imaging equipment as profit accelerators for hospitals. Jay cited quarterly surveys confirming robust environment.
Free cash flow was down year-over-year. What was the reason for that in '24 and how do we think about that in '25
Show response
Jay attributed decline to inventory build and S&OP optimization gaps. Expects turns improvement and operational working capital improvement through lean measures in 2025.
SYKStryker Corporation12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
Just the backdrop of slowing or stable procedure volumes. We have had a lot of mix data points.
Show response
Direct: procedures healthy and stable, capital very strong, with only a slight slowdown noted in Europe.
1 of the things we are all trying to figure out is what is underlying and what is catch up from first quarter
Show response
Declined to quantify the split, saying variability across businesses makes it hard to pin down. Qualitative answer only.
Calendar 2026 Q1
how much of the upside was removed to be able to reiterate the guide, or is this still the typical Stryker philosophy
Show response
Preston deflected, saying they feel good about reconfirming and will reassess after Q2 results. Did not quantify any removed upside.
any more specific color on how we should think about the recovery in sales just given how much of a wild card it is
Show response
Preston provided a clear cadence: some Q2 recovery from revenue recognition catch-up, with procedure rescheduling and make-to-order capital recovery in Q3/Q4.
Calendar 2025 Q4
how are you thinking about pricing both for your capital business and your implant business in 2026 and your expectations for the capital environment capital in 2026
Show response
Preston Wells said pricing gains built on prior gains will continue, expecting 2026 to look similar to 2025. Jason Beach confirmed elevated backlog and good capital environment entering 2026.
there were a couple of businesses that did particularly well. You mentioned Mako, the other number was particularly strong as was endoscopy and instruments. And one that stood out on the opposite side
Show response
Kevin Lobo detailed strength in endoscopy camera (still growing years into launch), instruments power tools, and Mako 4 transition. T&E softness attributed to monster prior-year comp from Pangea; ischemic vascular under competitive pressure but Broadway catheter launch beginning.
Calendar 2025 Q3
help us walk through some of the things to consider, particularly on the margin side and the levers that you pull to get to the step up there
Show response
Preston Wells explained larger sales base drives margins, with continued gross margin and SG&A improvement, partially offset by more second-half-weighted tariff impact in Q4.
what you're seeing globally in terms of procedure volume market and the health of it as well as some of the puts and takes on the capital equipment side globally
Show response
Kevin Lobo gave a comprehensive overview confirming healthy procedure volumes, strong hospital balance sheets with more Mako cash purchases, and a healthy order book in Communications despite timing delays.
Calendar 2025 Q2
the EPS guide is now basically back to where it was almost pre-tariff, pre-NRE dilution. Maybe just walk us through what's driving the strength
Show response
Preston detailed pricing, manufacturing efficiency, lean initiatives, procurement optimization, shared service centers, and consistent 100bps delivery in Q1 and Q2.
in the outpatient rule, we saw proposal to move heart ablation into the ASC for the first time
Show response
Kevin expects ASC expansion into cardiology and general surgery. Total ankle reimbursement increased $7,000. Stryker provides infrastructure even in specialties they don't play in directly.
Calendar 2024 Q4
it was that the ortho markets remain healthy and stable. Volumes are robust. Less negative pricing, and capital equipment markets remain healthy
Show response
Jason confirmed the positive market assessment concisely. Fully aligned with the constructive outlook.
what is it that helps you get that 100-plus basis points expansion this year before Inari dilution? And what's still left to go afterwards?
Show response
Glenn detailed multiple levers: purchasing, low-cost manufacturing, shared services, R&D in India tech center, pricing gains, natural operating leverage from 8-9% growth.
BDXBecton Dickinson11 questions · 8 reporting periods · 4 of 11 challenging
Calendar 2026 Q2
I want to ask about the 10% that's clearly weighing on organic growth here
Show response
Polen detailed all three: vaccines stabilizing and lapping next quarter, China down to ~4% of New BD, and Alaris a defined 200bps FY27 headwind that then lifts. Direct and specific.
Calendar 2026 Q1
the priorities for free cash flow. I believe in the past, it used to be predominantly tuck-in M&A to drive growth
Show response
Tom directly stated buybacks are top priority at current valuation which they view as substantially undervalued. M&A pipeline remains active but focused on accretive tuck-ins that drive revenue growth and improve ROIC.
Calendar 2025 Q4
it's the easiest comps of the year, both on a one and a two-year stack basis. So a lot of people just wanted to get help on why 2% is the right starting point
Show response
Vitor explained Q2 reflects slight timing normalization in biopharma systems and MMS from Q1. Normalizing for those factors, Q1 and Q2 have comparable growth. Tom confirmed both quarters align with full-year guidance.
any one-time considerations or TSAs, MSAs, anything we should be aware of as we try and build up our models
Show response
Vitor confirmed no one-time items in 25% OM guidance. Driven by BD Excellence execution and favorable mix from intentional investments in high-growth high-margin areas. Tom added innovation pipeline has notably higher gross margin than average portfolio.
Calendar 2025 Q3
It's set to be over 100 basis point headwind in fiscal '26. How should we think about what kind of benefit it was in fiscal '25?
Show response
Chris explained ~100bps headwind in FY26 roughly matches FY25 benefit. Tom added FY27 will see ~200bps headwind as last remediation year completes, then normalizes with fleet replacement cycle becoming tailwind again in 2030s.
Historically, it's been difficult for medical device companies to show positive operating margin expansion when they're kind of 3% or below on organic growth
Show response
Chris highlighted BD Excellence delivering 80bps OM expansion while absorbing 40bps tariffs. FY26 implies another 80bps improvement primarily from gross margin. $200M cost-out program contributing, with selling deleverage moderating through the year.
Calendar 2025 Q2
Maybe on urology, it was a great print double-digit percent growth. Maybe just speak to the trends there. Was there anything onetime in the quarter?
Show response
Tom confirmed continuation of strong urology trends with PureWick Male scaling faster than original Female product. Clinical study for at-home reimbursement progressing well, expected to conclude in FY26. First mobile wireless PureWick launching Q4/FY26.
it sounds like there's increased SG&A investment in fourth quarter coming in below Street expectations on EPS. How do we think about where that is
Show response
Chris noted investments set up momentum for 2026 but did not directly quantify whether elevated SG&A level carries forward. Emphasized almost double-digit EPS growth at midpoint despite reinvestment.
Calendar 2025 Q1
You brought organic sales growth down for the year about 100 bps, 50 bps of that you highlighted was from some of the known headwinds
Show response
Chris broke down: ~60% of the 80% market-driven portion is BDB+China, with DS BACTEC the other big area. China raised to high-single-digit decline from mid-single-digit.
Calendar 2024 Q4
you talk about in the slides the desire, this will allow for better streamline and focused capital allocation
Show response
Tom explained how historically 99.5% of M&A capital went to MedTech. Separation enables both New BD and BDS to deploy capital focused on their specific growth opportunities.
Calendar 2024 Q3
as we kind of strip out the macro dynamics that you called out in the guide and I think a lot of us will just put Alaris as sort of onetime growth
Show response
Tom highlighted multiple growth platforms, biologics, pharmacy automation, APM, PureWick, tissue regeneration, positioning BD for sustained mid-single-digit plus growth.
COOCooper Companies (The)11 questions · 7 reporting periods · 4 of 11 challenging
Calendar 2026 Q3
when did you first start the destocking? Where are you now with channel inventory?
Show response
Al said the destock is roughly half done in Q3 with the remainder in Q4, but declined to give quarter-by-quarter channel inventory figures.
Calendar 2026 Q2
Is it that volumes are going down in the market? Is it that consumers are shifting to private label?
Show response
Al described Asia Pac softness as changing wearer behavior (some shift to glasses, more e-commerce where Cooper is weaker) plus no pricing, framing it as likely transient.
Calendar 2026 Q1
did you include any competitive threats like that in the guidance for the year?
Show response
PARAGARD competitor deal closure and guidance inclusion. Management responded with context on this topic.
How are you thinking about sort of the conservatism of the guide now with the slower start to the year? And does the slower start maybe take some of the upside off the table
Show response
Conservatism of unchanged revenue guide after slow start. Management responded with context on this topic.
Calendar 2025 Q3
how do you get comfortable with what the market will grow next year and your ability to grow at least with market?
Show response
Confidence in FY2026 market growth and share gains given below-market results. Management responded with context on this topic.
can you help us understand what happened between the last earnings call and this earnings call? There were two months.
Show response
What happened between last earnings call and this one, bridging the miss. Management responded with context on this topic.
Calendar 2025 Q2
as you think about the lowered guidance for the rest of the year, I guess I'm still a little unsure. How much is from what you've actually seen in results so far?
Show response
Reconciling lowered guidance with 7% organic beat and strong fits. Management responded with context on this topic.
Calendar 2025 Q1
In the script, you said fertility met your expectations but only came in 1% well below the street. How do I think about the size of the capital pull forward?
Show response
Fertility 1% growth reconciliation with internal expectations. Management responded with context on this topic.
APAC is about 20% of CVI sales. How do we think about the size of China there? And what is assumed in the rest of the year for guidance in China?
Show response
China exposure and guidance assumptions. Management responded with context on this topic.
Calendar 2024 Q4
Maybe just help us understand your exposure should there be tariffs put in place? And how much of your product is manufactured outside the U.S. and sold inside the U.S.
Show response
Tariff exposure given manufacturing outside U.S.. Management responded with context on this topic.
How should we be thinking about gross margin and operating margin in '25?
Show response
Gross and operating margin trajectory for FY25. Management responded with context on this topic.
Show 7 more companies
ISRGIntuitive Surgical11 questions · 6 reporting periods · 1 of 11 challenging
Calendar 2026 Q2
What are you seeing today in terms of the capital environment in the US and outside the US
Show response
Jamie described a stable US capital environment supported by leasing flexibility and da Vinci 5 demand, with mixed conditions internationally.
Calendar 2026 Q1
you now have the opportunity to offer a tiered pricing strategy with refurbished Xis
Show response
Rosa emphasized competing on program value rather than robot price. Samath highlighted the three-tier portfolio (X, refurbished Xi, dV5) as a competitive advantage, with 41 X and 34 refurbished Xi systems sold in Q1.
I was hoping you could just add a little more color there in terms of how much more is there to go
Show response
Samath noted utilization growth depends on market-by-market distribution and dV5 conversion rate. Acknowledged strategic alignment with higher throughput but couldn't predict how long growth continues.
Calendar 2025 Q4
There's obviously a lot of moving pieces under the hood, wondering if you could tease out some of them
Show response
Jamie outlined offsetting dynamics: higher trade-ins and DV5 mix vs product cost reductions and facility leverage. 2026 includes ~120bps tariff impact vs ~65bps in 2025. XiR margins described as relatively healthy.
I was wondering if you could just comment on how you think about your position in China
Show response
Dave acknowledged increasing local competition and pricing intensity but expressed confidence in Intuitive's ability to compete with locally manufactured Xi, strong team, and broader ecosystem.
Calendar 2025 Q2
are you seeing any improvements in productivity? It could obviously be really helpful as we think about the upgrade cycle
Show response
Jamie noted DV5 utilization surpassed Xi but cautioned it could partly reflect surgeon interest. Dave cited time savings exceeding 20% on some procedures at individual institutions.
I saw you repurchased shares in the quarter. It's the first time in a while. Just wanted to hear the thought process
Show response
Jamie said the buyback was opportunistic given trade-driven market volatility, with capital allocation priorities unchanged: organic investment first, tuck-in M&A second, shareholder returns third.
Calendar 2025 Q1
the procedure volume was excellent in first quarter, and it's rare to see such a big raise after just one quarter
Show response
Jamie cited day-adjusted 18.5% growth and bottoms-up customer forecasting. Gary added anecdotally that customers perceive Intuitive as part of the solution, with continued adoption for economic and outcome benefits.
It feels like you're taking a worst-case approach here where you're putting all the negatives and there aren't a lot of offsets
Show response
Jamie said the guide reflects announced tariffs without predicting changes. Dave outlined mitigations: dual sourcing, USMCA qualification, global inventory optimization, and long-term manufacturing footprint adjustments.
Calendar 2024 Q4
Gary, you always give us a general state of the union on the health of the capital equipment environment around the world
Show response
Jamie characterized US capital as strong driven by DV5 interest, China as consistently challenging with domestic competition, and highlighted new pressures in UK/Germany/Japan.
you gave a lot of detail on the call about a midyear full launch and trade-in cycle. Would love to just get your qualitative comments
Show response
Gary highlighted software updates and supply chain scale as gating broad launch; Jamie noted DV5 proportion should increase over time with progressive trade-in starting after mid-year broad launch.
MDTMedtronic10 questions · 8 reporting periods · 1 of 10 challenging
Calendar 2026 Q3
How are you thinking about reinvesting this top line upside versus driving margin expansion
Show response
Thierry said refunds nearly offset tariffs (slight net negative), no future refunds are banked, and full-year operating margin should still be up ~50bps with op profit up 10%.
Calendar 2026 Q2
I look at consensus for 7% EPS growth for 2028, realizing there's one fewer selling week
Show response
Pieton declined to give 2028 specifics but said directionally headwinds like tariffs disappear into 2028 while growth continues, with CAS, Ardian and InterStim still early. He acknowledged pressure from the 53rd week rolling off but pointed to multiple offsetting drivers, deferring detail to later in the year.
can you just remind us what's the rationale for separating it here?
Show response
Martha said the separation is not about a lack of confidence (MiniMed's pipeline is the best they've seen) but about focus and capital allocation: Medtronic's other growth drivers (CAS, Ardian, Hugo, Altaviva, Stealth AXiS) leverage cross-company technology and commercial platforms that MiniMed does not, and MiniMed is a structurally lower-margin segment whose growth gap to the rest of Medtronic has narrowed. He argued both businesses do better separated and that this is the right time.
Calendar 2026 Q1
how do you think about getting to the high single-digit EPS growth? If you could give us some high-level drivers there? And then second part, the Street is sitting at 8.5% EPS growth.
Show response
Pieton walked through FY27 EPS bridge: revenue acceleration drives leverage, CAS catheter/capital mix improving, Diabetes separation lifts gross margin, G&A leverage offsets growth investments in R&D/S&M. Below-the-line headwinds: debt refinancing at 3.5-4% vs near-0%, tax stabilizing. Puts and takes: tariff carryover ($300M vs $185M), 53rd week benefit, Diabetes IPO-to-split dilution ($0.01-$0.02/month), M&A dilution ($0.04-$0.05 from CathWorks/Anteris). Suggested 8.5% Street estimate may not fully embed temporary Diabetes dilution and M&A.
Calendar 2025 Q4
Geoff and Thierry, I know even since the beginning of this year, you've talked more and more about tuck-in M&A.
Show response
Martha prioritizing tuck-in M&A in higher-growth segments, primarily cardiology and neuroscience. Affera deal profile (close-to-market) is ideal template. Pieton noted 50+ active venture investments as M&A pipeline. Board committees enabling faster deal execution.
How are you thinking about where those dollars are going? How soon should we be thinking about that?
Show response
Pieton outlined two R&D buckets: growth driver acceleration (CAS, Ardian, AltaViva, Hugo) and technology edge in core franchises (CRM, CST). Targeting R&D at 10% of revenue over time. SG&A leverage expected in H2 and FY27. Committed to leveraged P&L and high-single-digit EPS growth in FY27.
Calendar 2025 Q3
is this something where maybe the size of the company, the dividend, the capital allocation might be up for a discussion how to create more EPS growth?
Show response
Martha outlined new chapter: more tuck-in M&A (Affera as proof point), reinvigorated portfolio focus to increase WAMGR, increased R&D investment behind transformational growth drivers. Elliott aligned on these themes.
Calendar 2025 Q2
without those benefits, which are kind of one-time, would fiscal ‘27 EPS still grow high single-digits?
Show response
Pieton emphasized fundamentals: Q4 showed 5.4% organic revenue, 200bp constant-currency op margin expansion, and 9% back-half EPS growth. Stated internal target is to deliver the algorithm regardless of separation benefits.
Calendar 2025 Q1
How do you think about balancing the spend of investing in these programs to make sure they're successful versus being able to continue driving margin expansion
Show response
Martha explained gross margin improvement provides flexibility to fund growth investments while delivering earnings algorithm. Tuck-in M&A supplements R&D spend.
Calendar 2024 Q4
especially over the next six to 12 months as some of these products start to launch and progressively launch how you're thinking about the cadence of growth for them
Show response
Geoff acknowledged capital-intensive launches like Hugo and Affera create mix headwind early, but highlighted pricing and cost-down tailwinds. Gary confirmed all launches contemplated in guidance.
ABTAbbott Laboratories8 questions · 7 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
Just would love to hear how you are feeling about the confidence level in that acceleration in the second half
Show response
Ford named the four drivers of 80% of the second half lift and gave the specific momentum behind each, including the moderating China VBP impact in Core Lab.
So I would love to hear your view on the health and the forecast of procedure volumes in the U.S.
Show response
Ford answered directly with diagnostic instrument volume data, US Core Lab growth of 7.5%, and hospital lab up 13%, and rebutted the ACA disenrollment thesis.
Calendar 2026 Q1
So it does look like there is a bit of a deceleration in the prior organic Abbott Laboratories business
Show response
Ford redirected from specific organic growth math to portfolio-level confidence. Did not directly address the 5.75-6.75% organic estimate but affirmed device and pharma growth rates are unchanged.
Calendar 2025 Q4
you said you expect CGM to continue to track higher at about $1 billion a year
Show response
Ford confirmed low-teens CGM growth math for 2026. Penetration opportunity across all three patient segments: intensive insulin (~50% internationally), basal (~20% US, <5% international), and non-insulin. CMS non-insulin type 2 coverage showing support but not baked into guidance. Dual analyte GKS sensor provides share capture opportunity in pumper segment plus SGLT2 market expansion (6M US users, only 1M on CGM). Described market as far from seventh inning.
Calendar 2025 Q3
was hoping you could give a little more color on what's happening in The U. S. And outside The U. S.
Show response
Ford explained US grew 19% in Q3, year-to-date US up 25%. First-half outperformance was from shelf restocking after Libre 3 supply resolution, pulling forward a couple percentage points. On track for over 20% US full-year growth. Dual analyte sensor expected to drive share gains in pumper and intensive insulin segments. Basal only 20% penetrated in US, less than 5% internationally. CMS non-insulin type 2 coverage could see proposed language next year but not in base forecast.
Calendar 2025 Q2
walk through some of the trends you're seeing in each of those product lines, especially in diabetes
Show response
Ford detailed CGM growth across intensive insulin, basal, and non-insulin segments. Dual analyte ketone sensor has completed ~5 clinical trials, pump integration partnerships announced at ADA. Volt launch feedback excellent.
Calendar 2025 Q1
you were able to hold EPS for the full year even including the recently announced tariffs
Show response
Ford quantified tariff impact at a few hundred million for H2, cited FX, interest, and tax as mitigating levers, and emphasized long-term manufacturing network optimization over short-term inventory builds.
Calendar 2024 Q4
speak to some of the key growth drivers and how we should think about the different business segments on the top line
Show response
Ford detailed top-line growth drivers across all segments and outlined two margin levers: 80bp gross margin improvement plus spending leverage, yielding 16% underlying EPS growth.
BSXBoston Scientific8 questions · 7 reporting periods · 2 of 8 challenging
Calendar 2026 Q2
How do you frame this latest guidance update, particularly with respect to EP and WATCHMAN?
Show response
Mahoney took responsibility for the reduction, attributed the bulk to EP and WATCHMAN, and said the WATCHMAN guide assumes no market improvement from the actions being taken.
Calendar 2026 Q1
I guess the question is really what happened during first quarter that really prompted it?
Show response
Mike detailed three drivers: WATCHMAN softening from mid-February, EP share erosion beyond expectations, and urology commercial disruption. Affirmed LRP margin and EPS targets but noted LRP revenue now under pressure.
Calendar 2025 Q4
U.S. EP was flat with third quarter, U.S. WATCHMAN missed by a hair. What exactly happened in the quarter versus your expectations
Show response
CEO stated EP Q4 results exceeded internal plan. Market grew 18-20%, not the 25% some claimed. Two larger competitors grew only 6.5% and 12.5% vs BSX at 35%. Comfortable with 15% EP market growth in 2026.
Calendar 2025 Q3
do you think of WATCHMAN as a key growth driver? And how do you think people should really expect growth and dollar contribution to progress
Show response
CEO cited 25% concomitant exiting 2025 with potential to double by 2028. Comfortable with 20% market CAGR over LRP. FLX Pro approved in China for 2026 growth. WATCHMAN Elite expected late 2027 or early 2028.
Calendar 2025 Q2
speak to the durability of that, the breadth and depth of usage that's driving it
Show response
CEO cited concomitant as breakthrough opportunity. Over 60% of WATCHMAN implanting EPs adopted concomitant. Category expected to grow 20%+ range. More updates on next-gen valve at Investor Day.
there's $130 million write-down from the ACURATE exit, which is 260 basis points for the quarter
Show response
CFO clarified $100M impacted adjusted P&L (inventory and returns reserves), remainder was GAAP-only restructuring. Full year gross margin expected flat with 2024, offsetting ACURATE and tariffs with favorable mix.
Calendar 2025 Q1
how you're thinking about the different buckets of tariffs and your ability to offset them?
Show response
CFO detailed $200M tariff headwind largely in H2, offset by revenue raise, discretionary spend cuts, and $0.01 FX benefit. No plans to relocate manufacturing infrastructure.
Calendar 2024 Q4
Would love to get your thoughts on sort of what you saw during the quarter after concomitant reimbursement kicked in
Show response
Management confirmed concomitant reimbursement drove Q4 WATCHMAN uptick, projected 20% market CAGR for 2025, and emphasized FerraPulse supply readiness.
DXCMDexCom7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
Wanted to ask on Connect and the reception amongst doctors following ADA and how you are thinking about how this data
Show response
Leach tied the A1C result and 97% utilization to prescriber confidence and to the reimbursement path, addressing the adoption question directly.
Calendar 2026 Q1
we are now a full year without a record new patient start. If I remember on the fourth-quarter call, you said the top end of the sales guide assumed a record and the bottom end assumed no new recor...
Show response
Jereme clarified global record new patients achieved in Q1 with US close to record and sequential improvement from Q4. Took share both US and OUS. Low end of guide does not require global records; high end does. Multiple catalysts ahead including 15-day momentum, Stelo relaunch, international Stelo launch, and CMS progress.
Calendar 2025 Q4
it looks like you are getting about a 100 basis points of deleverage on OpEx to get to the the range. So what are you spending it on
Show response
Jereme clarified apparent OpEx deleverage driven by Ireland manufacturing facility ramp-up costs flowing through OpEx until Q4 2026 turn-on. Underlying OpEx leverage continues. Ireland costs will flip from OpEx to COGS when facility goes live, creating geography shift in P&L.
Calendar 2025 Q3
where are you seeing the most growth? Is it kind of slowing down in type 1 and type 2 intensive and getting most from basal and nonintensive
Show response
Jereme confirmed strong performance across all T2 segments including intensive. T1 still contributing but naturally smaller as most penetrated. Teams constantly evaluating which physicians and channels to target. Coverage still far exceeds CGM adoption, indicating significant runway.
Calendar 2025 Q2
Was just a touch low on gross margin, good on operating margins with good expense control. It sounds like you still have a little bit of inventory building to go, but was hoping you could just walk...
Show response
Jereme explained Q2 gross margin included approximately 100bps receiver recall charge. Expects sequential improvement of a couple hundred basis points in Q3 and again in Q4 to reach 62% full year. Chartered flights continuing but finished goods starting to build on balance sheet.
Calendar 2025 Q1
just wanted to get a better understanding of sort of the utilization and reorder rates and patient trends you're seeing there
Show response
Kevin confirmed strong retention and utilization across basal and non-insulin T2 with reimbursement. Stelo T2 users reordering regularly and signing up for subscriptions.
Calendar 2024 Q4
how should we think about cadence through the year? And particularly first quarter as we set up expectations here
Show response
Jereme guided Q1 sequential decline of 8-9%, then typical seasonal improvement through the year with easier H2 comps.
PODDInsulet Corporation7 questions · 6 reporting periods · 3 of 7 challenging
Calendar 2026 Q2
you can kind of walk us through exactly what's changed since ADA. It's -- at ADA, the comments were pretty positive
Show response
Ashley took accountability and explained the Q2 timing of the type 2 retention trends but declined to quantify metrics; Flavia gave 2027 color without formal guidance.
Calendar 2026 Q1
what do you think the market grew? And I know it's hard to give an answer without everybody else reporting yet, but what do you think it grew? Why was it more seasonal than usual
Show response
Ashley noted market exited 2024 and 2025 at accelerated rates versus prior years. Q1 started slow due to higher than usual seasonality attributed to deductible resets and potentially ACA transition. Sequential monthly improvement through quarter and into April. Did not provide specific market growth estimate without competitors having reported.
how do you maintain that 20% growth rate over the LRP if you're decelerating into year-end and dollar growth is not increasing year-over-year
Show response
Flavia cited Omnipod 6 in 2027 and full benefit of 2026 sales force expansion as growth tailwinds. Ashley added context on guidance philosophy: team refined strategic plan, racked and stacked growth opportunities, raised company ambition at first Investor Day in 10 years in November, set targets with goal to outperform.
Calendar 2025 Q4
How are you thinking about finding sources of sustainability in the new patient growth
Show response
Ashley emphasized Insulet generated 65% of market growth. Primary volume source is MDI conversion (85%), with 10% from competitive switches. Type 1 still 40% penetrated with 30-point spread vs CGM at 70%. Type 2 at nascent 5% with strong value proposition. Pivoting messaging to clinical performance: independent studies show Omnipod A1c unsurpassed and similar time in range.
Calendar 2025 Q3
maybe just walk us through where and how Omnipod 5 is winning? Is it just form factor? Is it the algorithm? Is it the easier onboarding
Show response
Ashley cited five competitive advantages: compelling clinical science (SECURE-T2D, RADIANT, real-world evidence), beloved brand and differentiated form factor, differentiated access and affordability, $1B+ supply chain investment enabling scale at competitive cost, and balance sheet flexibility for continued innovation investment.
Calendar 2025 Q1
I felt inappropriately took away that you were going to focus on the top line at the expense and margin expansion
Show response
Ashley pushed back on Street interpretation, confirming both growth AND margin expansion intact. Eric detailed type 2 launch executing three-part strategy: HCP activation with SECURE-T2D data, sales force at 40% reach from 30%, DTC improvement.
Calendar 2024 Q4
My rough math points to about 50% growth year-over-year, 30% growth quarter-over-quarter in type 2 patients in the U.S.
Show response
Jim declined to confirm specific type 2 growth numbers but described strong ramp since August label expansion. Described type 2 reaching 30% of new starts even while type 1 grew.
ZBHZimmer Biomet7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
How do you think about coalescing that as a strategy to drive revenue growth and balance that?
Show response
Ivan defended the broad portfolio as data-driven optionality (only 20% of U.S. surgeons use robots), spanning CT/non-CT, large/small footprint and cordless systems; said the portfolio may be pruned over time but 53% growth validates the current breadth.
Calendar 2026 Q1
what is and what isn't maybe onetime in the quarter
Show response
Ivan attributed U.S. knee softness to go-to-market changes (lost 2 large accounts), Kaiser West Coast strike, and NexGen/Vanguard legacy brand phase-out. End-of-quarter strategic purchases were normal. Sukhi explained $0.20 tariff benefit from IEEPA invalidation, half pulled forward from H2 plans, with $0.10 incremental benefit driving the EPS raise. Full-year gross margin still expected ~71%.
Calendar 2025 Q4
Just wanna make sure there was no, onetime items or or above, normal sales there
Show response
Ivan confirmed Q4 strength was primarily new product acceleration with some benefit from additional capital sales and ASC uptake. International knees at 8.2% included Middle East revenue shifted from Q3. Sukhi provided phasing: top-line growth roughly consistent quarterly; operating margins down ~100bps in Q1 YoY, up ~100bps sequentially in Q2 post-Paragon anniversary, back half roughly in line with 2025.
Calendar 2025 Q3
you talked about scratching 6% in third quarter, which was above consensus at the time and you ended up at 5.0 for organic growth, and fourth quarter or the full year guide is ticking down
Show response
Ivan took full ownership of the miss. Three issues in final week cost ~120bps (~$24-25M): (1) last-minute distributor order cancellations in Eastern Europe/Middle East, (2) restorative therapies HA injection miss, (3) Latin America distributors missed by 15%+. Pledged to be 'far more measured' in external commentary going forward. Defended underlying performance: U.S. grew 5.6%, best in 2+ years.
Calendar 2025 Q2
how do we think about the drivers of the improvement and the cadence of improvement? It implies an acceleration in second half
Show response
Ivan cited 200bps of H2 favorability from no selling day headwind (~100bps) plus ERP comp (~100bps). July was strongest month of 2025 with U.S. upper single-digit growth. EMEA distributor order shift worth 50-60bps in Q3. Guided Q3 'scratching 6%' organic, Q4 slightly lower.
Calendar 2025 Q1
if you don't mind walking through what the mitigation efforts are? How you're offsetting the tariff headwind
Show response
Sukhi detailed mitigations: country of origin optimization, transfer pricing, dual sourcing, discretionary spend moderation. Q2 impact less than $5 million, over half in Q4.
Calendar 2024 Q4
How are you thinking about the guidance range philosophically and what should we be expecting throughout the year
Show response
Ivan explained the guidance is 'appropriate' rather than aspirational, with more drivers to reach the upper range including new products and ASC investments.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| BAX Baxter International | 13 | 23%3 of 13 questions |
| EW Edwards Lifesciences | 13 | 8%1 of 13 questions |
| GEHC GE HealthCare | 12 | 17%2 of 12 questions |
| SYK Stryker Corporation | 12 | 0%none of 12 questions |
| BDX Becton Dickinson | 11 | 36%4 of 11 questions |
| COO Cooper Companies (The) | 11 | 36%4 of 11 questions |
| ISRG Intuitive Surgical | 11 | 9%1 of 11 questions |
| MDT Medtronic | 10 | 10%1 of 10 questions |
| ABT Abbott Laboratories | 8 | 13%1 of 8 questions |
| BSX Boston Scientific | 8 | 25%2 of 8 questions |
- BAXBaxter International · 13 questions23%3 of 13 questions
- EWEdwards Lifesciences · 13 questions8%1 of 13 questions
- GEHCGE HealthCare · 12 questions17%2 of 12 questions
- SYKStryker Corporation · 12 questions0%none of 12 questions
- BDXBecton Dickinson · 11 questions36%4 of 11 questions
- COOCooper Companies (The) · 11 questions36%4 of 11 questions
- ISRGIntuitive Surgical · 11 questions9%1 of 11 questions
- MDTMedtronic · 10 questions10%1 of 10 questions
- ABTAbbott Laboratories · 8 questions13%1 of 8 questions
- BSXBoston Scientific · 8 questions25%2 of 8 questions
Show all 13 companies
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 | 11%2 of 19 questions | 13 |
| 2025 Q1 | 16 | 25%4 of 16 questions | 12 |
| 2025 Q2 | 19 | 11%2 of 19 questions | 12 |
| 2025 Q3 | 18 | 22%4 of 18 questions | 12 |
| 2025 Q4 | 18 | 11%2 of 18 questions | 12 |
| 2026 Q1 | 20 | 25%5 of 20 questions | 13 |
| 2026 Q2 | 17 | 29%5 of 17 questions | 13 |
| 2026 Q3 | 2 | 0%none of 2 questions | 2 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q419 questions · challenge rate 11% (2 of 19 questions) · 13 companies
- 2025 Q116 questions · challenge rate 25% (4 of 16 questions) · 12 companies
- 2025 Q219 questions · challenge rate 11% (2 of 19 questions) · 12 companies
- 2025 Q318 questions · challenge rate 22% (4 of 18 questions) · 12 companies
- 2025 Q418 questions · challenge rate 11% (2 of 18 questions) · 12 companies
- 2026 Q120 questions · challenge rate 25% (5 of 20 questions) · 13 companies
- 2026 Q217 questions · challenge rate 29% (5 of 17 questions) · 13 companies
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth42
- Guidance Reliability37
- Demand36
- Margin31
- Competitive Dynamics21
- Product Launch12
- Capital Allocation11
- Cost Pressure11
- Trade Tariffs9
- Capex Investment9
Show all 20 topics
- Geographic Expansion9
- Innovation & R&D8
- M&A7
- Pricing6
- Subscriber Growth6
- Macroeconomic5
- Inventory3
- Supply Chain3
- Regulation Policy2
- Fx1