Shagun Singh

Preston declined to break out the $375M implied cyber impact between procedure deferrals and production delays, reiterating only the general recovery cadence across the remaining quarters.

Kevin acknowledged lessons learned but declined to share specifics, noting the recovery of backups was 100% successful and they plan to share learnings with industry at a later date.

Kevin Lobo said there's no limit to robotic penetration, it can become standard of care. Unlike cementless which has a ceiling, robotics does not. Bullish on hip utilization inflecting upward with Mako 4's 5.0 software for revisions.

Preston cited higher comps plus beat-and-raise strategy. No 2026 guidance. Kevin noted SYK's procedures generate hospital revenue, so Medicaid cuts would not hurt their areas.

Kevin highlighted massive international runway, 75% U.S. currently, Inari only 7% international. Mako surging in Japan. Jason deferred long-term margin guidance to November Investor Day, noted 30bps floor from 2023.

Kevin deferred specifics to upcoming Analyst Day but acknowledged weighted average market growth moving up. No change in priorities under Preston.

Tim Schmid strongly defended Abiomed's evidence base citing DanGer Shock data showing 16.3% absolute mortality reduction at 10 years and 600 additional days alive. On IVL competition, noted 9 new catheters launched over 7 years, 1M+ cases, 17 global markets, and plans for at least one new catheter per year.

Schmid confirmed trajectory from mid-single-digit to higher single-digit driven by OTTAVA and MONARCH robotic programs, next-gen PFA catheters, and surgery portfolio. Noted robotics not significantly accretive in short term but meaningful in back half of decade.

Wolk detailed Daubert ruling: special master excluded certain plaintiff expert opinions but failed to apply Rule 702 on others. Will appeal erroneous parts. Duato emphasized company has navigated talc for a decade while delivering excellent results.

Wolk noted remaining STELARA erosion, IM discounting, and ortho still included as 2026 headwinds. Confirmed clear disconnect with consensus models and strong confidence in balance of decade.

Schmid clarified no OTTAVA timeline pushout, all milestones met, de novo filing expected Q1 2026. EP grew 10% off $5B base with 9% sequential acceleration and physician feedback phenomenal.

Pieton reiterated incremental $1B CAS revenue arriving early FY27 plus Ardian at 11% market share worth ~$3B potential. Portfolio management remains ongoing Board committee focus. Deferred broader algorithm discussion to FY26 Investor Day.

Martha described continuous portfolio optimization, with additions (tuck-in M&A to support market positions) and subtractions (exited ventilation, LVAD, dialysis, now diabetes). Focused on secular growth + high margins + core capabilities.

Salmon noted cryo decline rate slowing to near nadir, with growth building on top. RDN coverage expected to be broad, close to studied population including both uncontrolled despite medications and those unable to tolerate medications.

Martha outlined growth driver framework but declined to quantify specific timing or magnitude, noting FY26 guidance will come on Q4 call. Listed Diabetes, PFA, Neuromod as current; Hugo, RDN, Tibial Stim as upcoming.

Geoff declined to speculate on specific tariff policies, saying scenarios are being prepared. Quantified China import exposure as less than 1% of revenue.

Jereme framed 11-13% growth split across US and OUS with about one point from Stello. Stelo de minimis OUS contribution in 2026. Lifetime value varies by utilization category. Cost to acquire closely monitored with dedicated team. More detail on out-years expected at Investor Day.

Jereme confirmed slight impact in Q3 with new starts just below record levels. Internal expectation is to push back to records in Q4. 2026 assumption is record new patient year with existing coverage alone. Additional coverage provides upside opportunity.

Jake outlined three priorities: global access expansion, innovation driving real value for broader customer base (T1, T2, prediabetes, health and wellness), and business scale and operational efficiency. Emphasized DexCom as CGM of choice for prescribers via EHR integration.

Jereme broke down: Stello adds 1-2pts, core G/D series in low teens. Acknowledged tailwinds but said guidance is reasonable and achievable after unique 2024.

Tom clarified 200bp headwind next year is comparison-driven, not business deterioration. FY28 onwards Alaris will not be a headwind. Underlying 90% of portfolio currently growing about 5% should show through once headwind resolves.

Tom stated oral GLP-1 is incremental and complementary, injectables remain backbone. Highlighted biosimilar opportunity at higher ASPs than current syringe business. Two new novel GLP-1 deals signed plus 80+ biosimilar deals across syringes, auto-injectors, and pens.

Tom confirmed Alaris headwind increases to 200bps in FY27 as final remediation year laps. Expect record share levels during this period. Normalizes with fleet replacement cycle becoming tailwind in 2030s. M&A focus remains on accretive tuck-in deals in high-growth sectors.

Ashley explained $10M was distributor inventory timing that came in Q1 and will come out of Q2. On commercial strengthening: upskilling field force to sell clinically (retrained and retested all reps), expanding call points with improved targeting and segmentation, largest sales rep force in category. Clinical selling includes optimized settings, new 100 mg/dL lower set point, keeping people in automated mode. Libre 3 Plus integration brings 450,000 MDI users on Libre 3. Doubled professional education events: from 50/year in 2020 to 500 peer-to-peer programs in 2025, expanded 50%+ YoY this quarter.

Ana unpacked stocking and rebate dynamics that inflate H1 reported growth. Normalized first-half U.S. growth is 24%, making back-half guidance consistent. Raised guidance by 3x the Q2 beat, reflecting strong momentum.