Robbie Marcus

you said you expect CGM to continue to track higher at about $1 billion a year

was hoping you could give a little more color on what's happening in The U. S. And outside The U. S.

walk through some of the trends you're seeing in each of those product lines, especially in diabetes

you were able to hold EPS for the full year even including the recently announced tariffs

speak to some of the key growth drivers and how we should think about the different business segments on the top line

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?

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 ...

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

do you think Baxter can have positive growth in '26? Are you willing to comment on that?

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...

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...

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...

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

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

Joel, how should we think about with all the moving pieces on the top and bottom-line, the cadence for 2025?

the priorities for free cash flow. I believe in the past, it used to be predominantly tuck-in M&A to drive growth

any one-time considerations or TSAs, MSAs, anything we should be aware of as we try and build up our models

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?

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

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?

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

you talk about in the slides the desire, this will allow for better streamline and focused capital allocation

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

U.S. EP was flat with third quarter, U.S. WATCHMAN missed by a hair. What exactly happened in the quarter versus your expectations

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

there's $130 million write-down from the ACURATE exit, which is 260 basis points for the quarter

speak to the durability of that, the breadth and depth of usage that's driving it

how you're thinking about the different buckets of tariffs and your ability to offset them?

Would love to get your thoughts on sort of what you saw during the quarter after concomitant reimbursement kicked in

did you include any competitive threats like that in the guidance for the year?

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

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?

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.

How should we be thinking about gross margin and operating margin in '25?

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

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

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...

just wanted to get a better understanding of sort of the utilization and reorder rates and patient trends you're seeing there

how should we think about cadence through the year? And particularly first quarter as we set up expectations here

your main TMTT competitor talk about healthy market growth, but them losing share to you in both mitral and tricuspid

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

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

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

you're one of the biggest spenders in R&D at $1.1 billion, and it's clearly given you a great product pipeline

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...

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

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

The TMTT guidance range, part of it's FX, part of it's underlying

you mentioned in the script, there were a few instances of regional pressure. You still came in above The Street on TAVR

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

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

There are coming generics in the diagnostics business

can you talk through some of your assumptions for China and how we should think about potential upside when it comes to EPS

how you think you're stacking up versus it? Do you feel like you're still on track

what investments you're doing to help advance that. And do you think you could be back on track to your goals in 2026

You raised the 2025 forecast a bit. How should we think about the cadence for the rest of the year

what you saw in the quarter, what the environment is like, how you're thinking about it for the rest of the year

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

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

Given all the pressures we're seeing with hospitals in the U.S., how are you feeling about the outlook here

you now have the opportunity to offer a tiered pricing strategy with refurbished Xis

I was hoping you could just add a little more color there in terms of how much more is there to go

There's obviously a lot of moving pieces under the hood, wondering if you could tease out some of them

I was wondering if you could just comment on how you think about your position in China

are you seeing any improvements in productivity? It could obviously be really helpful as we think about the upgrade cycle

I saw you repurchased shares in the quarter. It's the first time in a while. Just wanted to hear the thought process

the procedure volume was excellent in first quarter, and it's rare to see such a big raise after just one quarter

Gary, you always give us a general state of the union on the health of the capital equipment environment around the world

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

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.

How are you thinking about where those dollars are going? How soon should we be thinking about that?

Geoff and Thierry, I know even since the beginning of this year, you've talked more and more about tuck-in M&A.

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?

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

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

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

How are you thinking about finding sources of sustainability in the new patient growth

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

My rough math points to about 50% growth year-over-year, 30% growth quarter-over-quarter in type 2 patients in the U.S.

any more specific color on how we should think about the recovery in sales just given how much of a wild card it is

how much of the upside was removed to be able to reiterate the guide, or is this still the typical Stryker philosophy

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

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

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

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

in the outpatient rule, we saw proposal to move heart ablation into the ASC for the first time

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

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?

it was that the ortho markets remain healthy and stable. Volumes are robust. Less negative pricing, and capital equipment markets remain healthy

what is and what isn't maybe onetime in the quarter

Just wanna make sure there was no, onetime items or or above, normal sales there

how do we think about the drivers of the improvement and the cadence of improvement? It implies an acceleration in second half

if you don't mind walking through what the mitigation efforts are? How you're offsetting the tariff headwind

How are you thinking about the guidance range philosophically and what should we be expecting throughout the year