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Analyst
Travis Steed
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 132on tracked calls
- Challenge rate
- 14%18 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 · 2 of 14 challenging
Calendar 2026 Q2
I don't know how big of a deal you think NCD is on kind of TAVR growth next year or how to quantify how many centers this opens up?
Show response
Lippis walked through the three draft-policy opportunities and was explicit that program efficiency, not new centers, is the larger driver.
you mentioned you still expect normalized seasonality in Q3 this year. Just want to make sure I understand what normal Q3 seasonality means
Show response
Zovighian gave directional sequential guidance (incremental dollars Q2 to Q3) but declined to confirm the analyst's TAVR growth math.
Calendar 2026 Q1
What are you seeing from a capacity standpoint for structural heart doctors when you're in the field
Show response
Bernard said capacity is not an acute constraint as health systems manage staffing and room turnover well to prioritize structural heart procedures.
Was the U.S. TAVR high single digits or double digits this quarter?
Show response
Bernard declined to give a precise U.S. TAVR figure, reiterating global TAVR grew 11% and U.S. grew faster, leaving analysts to infer the rate.
Calendar 2025 Q4
the TAVR NCD. You called it a potential tailwind later this year. Just wanted to kind of think about how you're seeing that help
Show response
Dan Lippis outlined timeline: initial draft around June, second public comment period, final determination potentially Q4. Impact for 2026 negligible but important for 2027+. Key priorities: coverage to label, reduced procedural complexity, equitable access. Most public comments positive and in line with Edwards' thinking.
anything to kind of call it for cadence over the year? And wasn't clear on an organic basis what Q1 was to me since I didn't have the FX impact in Q1
Show response
Scott confirmed ~300bps Q1 FX tailwind from $40M full year benefit. Front half growth higher than back half due to tougher H2 comps. Dan Lippis noted Q4 results give increased confidence in 6-8% TAVR guidance, with meaningful tailwinds and catalysts later in the year.
Calendar 2025 Q3
since we were just at TCT a couple of days ago and you had a 7-year and 10-year data there, maybe just talk about now that you've had a few days to talk to doctors
Show response
Dan Lippis noted data answers the critical 5-7 year durability question definitively. Physicians very positive. Gives reassurance to treat earlier and potentially younger. New evidence shows both clinical and economic benefit of earlier treatment.
the TAVR growth in this quarter, the 10.6%. It sounded like just a modest contribution from the Boston exit. So if you can just maybe talk about some of your underlying trends
Show response
Bernard attributed strength to massive body of new evidence (early TAVR, ESC guidelines, global consensus) creating TAVR halo effect. Also benefited from reduced summer seasonality impact. Cautioned not to take Q3 as the new normal for TAVR.
Calendar 2025 Q2
the international competitor that's exited the market. When you think about the share you're capturing there? Is it kind of in line with your international share above or below
Show response
Larry Wood explained first priority was patient access continuity. Longer term, price point difference is the challenge, competitor sold at lower price. Edwards must demonstrate value justification for its premium pricing.
I wanted to ask about EPS, both more kind of shorter term, why not maybe raise the EPS even more at this point. Tariffs are probably, what, a couple of cents better and you beat the Street by $0.05
Show response
Scott noted JenaValve headwinds still pending. Raised EPS guidance to high end of $2.40-$2.50 range. Long-term plan: double-digit top line on average with bottom-line leverage beyond that.
Calendar 2025 Q1
any color you wanna provide on how to model Q2 TAVR in the remainder of the year in the second half
Show response
Scott confirmed each remaining quarter needs approximately 6% growth to hit midpoint, with some expected variability quarter to quarter.
capacity constraints and the potential for the TAVR NCD to loosen some of the requirements or potentially broaden some of the number of centers
Show response
Larry Wood outlined NCD needs: cover asymptomatic patients, add hospitals, streamline teams. Acute capacity issues improving but ongoing investment needed.
Calendar 2024 Q4
get an update on Class II TR, the functional mitral repair and tricuspid repair products. Just kind of curious how those trials are going
Show response
Daveen confirmed Class II TR finished enrollment in Q4 2024, 12-month follow-up needed then PMA submission. CLASP IIF continues enrolling through 2025.
I know there's a selling day headwind. If you could just quantify that if it's sort of 150 basis points
Show response
Scott confirmed selling day impact is ~1pp, not 1.5pp. Adjusting for that, Q1 TAVR growth would be near Q4's 5.3% level.
ISRGIntuitive Surgical13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
how do you know how much of this is ACA versus just the market maturing or something else?
Show response
David attributed the moderation to a combination of ACA impact and the law of large numbers, but did not isolate the ACA portion.
Calendar 2026 Q1
how you see the digital and data road map for Intuitive. And there's also some hints on biopsy and the ROSE acquisition
Show response
Rosa gave a comprehensive layered AI roadmap from data capture through insights to augmented dexterity. Described differentiation via installed base and unique datasets. Noted ROSE and EBUS timelines are short-term but not this year.
kind of curious kind of what you saw in the macro and what you kind of baked in on that front
Show response
Samath acknowledged macro impact from oil and memory prices but characterized it as relatively small. Highlighted significant leverage from 23% revenue growth and product cost reductions as primary margin drivers.
Calendar 2025 Q4
I wanted to ask about the FDA approval for the cardiac non-Force Feedback instruments. Just trying to get a little more color on what that is and what it opens up
Show response
Jamie quantified 17,000 cardiac procedures in 2025 with estimated 160,000 addressable procedures per year in currently cleared markets (US and Korea), with growth accretive to corporate average.
curious how you think about incorporating these additional advanced imaging features into the robotic ecosystem?
Show response
Dave described new fluorescence imaging molecules with attached revenue streams and hyperspectral imaging for tissue oxygenation requiring new software, all aimed at improving surgical outcomes.
Calendar 2025 Q3
You talked also about some of the XIs are being redeployed within the same hospitals to be used in alternative sites. And curious, like, when you see the hospital buy the da Vinci V and keep the ol...
Show response
Jamie described 929 da Vinci V systems installed with 141 Q3 trade-ins, noting customers are shifting budgets to upgrades partly to capture efficiency potential.
Curious if you could elaborate on that. Cardio is an area that you guys are clearly investing in, and curious what you see as the problems with the current standard of care and places you could kin...
Show response
Dave described cardiac as a meaningful market subsegment where da Vinci V capabilities create differentiation, and outlined R&D approach at intersection of core capabilities and unmet healthcare needs.
Calendar 2025 Q2
It was kind of one of the highest margins you've had in a long time even with the tariff headwind. I don't know how much of this is the new facility coming on
Show response
Jamie attributed 39% operating margin to strong 21% revenue growth with higher purchase mix and OpEx underspending at 9% growth, cautioning against extrapolation.
could you also potentially extend useful life on your own instrumentation as well? Just kind of thinking about like longer term, how you're going to protect the business?
Show response
Dave emphasized hospital value committees will weigh safety, reliability, and supply continuity against savings, and committed to continued innovation including Force Feedback as differentiation.
Calendar 2025 Q1
it sounds like you kind of called out at the risk, but you're not seeing it yet. Just trying to think about how this compares to like 2022
Show response
Jamie said US capital environment remains strong with DV5 interest, while OUS markets face government budget constraints; no impact from tariffs on capital demand yet but flagging the risk.
Just the 170 basis point impact in 2025. Just curious how to think about that on an annualized basis, any way to kind of break out how much of that is China versus Mexico
Show response
Jamie detailed ~50% from US-China trade and ~40% from imports of components/endoscopes from OUS suppliers and European factories, with exit rate in Q4 higher than the 1.7% average.
Calendar 2024 Q4
kind of the high and low end, how much of that's R&D versus SG&A? And any color there on how that can shape up
Show response
Jamie said R&D and SG&A will grow at roughly similar rates within the 10-15% range, driven by procedure volume; flagged Mexico tariff exposure as potentially material.
You're kind of crossing over $1 billion a year in R&D now and even after launching DV5. So maybe help us understand the R&D investment opportunity
Show response
Gary described a balanced multi-year pipeline across platform extensions, new indications/geographies, instrument innovation, and technologies years away not yet public.
SOLVSolventum12 questions · 7 reporting periods · 2 of 12 challenging
Calendar 2026 Q2
how are you thinking about managing the EPS dilution if that is sold?
Show response
Bryan said dilution depends on the separation method and use of proceeds (both levers to minimize it); announced intent early to control internal and external messaging amid noise.
Calendar 2026 Q1
do you have any signs that someone else might be willing to pay a higher value than public investors are valuing parts of the business at
Show response
CEO noted increasing flexibility as spin gets further in rearview; actively looking at both exits and additions; Acera exemplifies target profile; won't set timeline expectations.
Calendar 2025 Q4
I don't know if there's anything onetime in Q4. It was a little light versus the [ Street ] in the quarter
Show response
CFO confirmed 150bps one-time Q4 gross margin headwinds from separation activity; 2026 expansion driven by sales leverage, programmatic savings, and Transform for Future despite tariff annualization.
since there's been more focus on the health care IT business and some of the AI stuff that's going on
Show response
CEO outlined three vectors: AI as lever for autonomous coding (not answer by itself), not a competitor but a tool, and SOLV differentially positioned with 1M+ proprietary rules/algorithms and vast datasets.
Calendar 2025 Q3
It looks like already excluding SKUs, you're only 100 basis points away from market growth this year. How should we think about kind of that going forward
Show response
CEO reiterated faster-than-expected ramp toward LRP 4-5% targets but declined to guide 2026 specifically; emphasized continued acceleration beyond LRP once targets reached.
wanting to kind of dial into that a little bit and kind of what that means and how that could happen and the ability to kind of improve the free cash flow
Show response
CEO highlighted ability to pursue both M&A and capital returns; CFO noted >90% FCF conversion ex separation/divestiture costs with significant improvement expected in 2027.
Calendar 2025 Q2
is there any kind of reason why we shouldn't think about this growth rate getting better? Or does decel for certain reasons or accelerate
Show response
CEO expects continued underlying growth enhancement through commercial restructuring, new launches, and brand relaunches; 100bps SKU headwind in 2026 to consider.
there was a lot of moving parts in the quarter, order timing, patient recall, ERP, SKU rationalization
Show response
CEO confirmed 2.8% is representative of underlying growth despite multiple puts and takes; order timing less in Q2 than Q1; SKU impact doubled to 60bps.
Calendar 2025 Q1
if you could help us characterize how much of the tariff impact is tied up with the P&F business
Show response
CFO declined to split tariff impact between P&F and continuing operations; provided margin phasing color showing Q2 above 20% but H2 below 20% due to tariffs.
I wanted to ask a little more on the tariffs in a way that you could help us kind of think about the mitigation efforts, how you're offsetting $0.40 of earnings here
Show response
CFO listed business momentum, FX, inventory optimization, sourcing, and selective pricing as offsets but declined to quantify each; fast 90-day inventory turns mean impact hits in Q3-Q4.
Calendar 2024 Q4
I wanted to touch on the operating margin guide, the 20% to 21% in 2025. It looks like you're already kind of at 21.3% since you've been post-spin
Show response
CFO clarified Q4 20.4% is the true run rate after investments; 2025 faces additional 50bps 3M supply agreement annualization; improvement expected through the year.
is the P&F divestiture kind of the one big one? Or is this going to be other things coming potentially over the course of the next few years
Show response
CEO confirmed portfolio optimization is perpetual; will always assess value and strategic fit; tax implications and TSA considerations are key variables.
SYKStryker Corporation12 questions · 7 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
And maybe a little more color on the Inari supply disruption. What exactly happened?
Show response
Kevin explicitly declined to detail the cause but confirmed the plant, the backorder and a manageable level by quarter end.
I wanted to push a little bit more on the U.S. Ortho numbers especially the U.S. hip number.
Show response
Attributed the number to an 8% prior-year comparable rather than share loss, noting one quarter does not make a trend.
Calendar 2026 Q1
does this still kind of signal that maybe you're willing to take on more risk to grow revenue now that your base is over $20-plus billion
Show response
Kevin clarified that early-stage deals are driven by the PMA nature of the peripheral vascular space, not company size. AVS approval could come before year-end. Stryker is not afraid to take risks on value-creating deals.
Calendar 2025 Q4
how do you think about tuck-ins in 2026 or maybe chunkier tuck-ins? And then Preston, how do you think about protecting margins with potential deals in 2026
Show response
Kevin Lobo highlighted strong balance sheet and healthy deal pipeline with tuck-ins and adjacencies. Preston Wells noted tuck-in deals are generally built into margin expectations.
your med surg business actually is probably one of the fastest growing medtech markets. At the moment. And just curious, like what's driving that growth
Show response
Kevin Lobo gave an extensive answer on the MedSurg growth formula: high market shares, constant product upgrades, tuck-in acquisitions, and systematic sales force specialization and splitting. Cited multiple examples including CMS split, Sage split, law enforcement force, breast care force.
Calendar 2025 Q3
is this quarter, you think kind of a low point in the growth and so we should kind of be sustaining this kind of double-digit growth going forward
Show response
Kevin Lobo wouldn't call Q3 a low point. Expects double-digit growth in Q4 and Q1 2026. Destocking burn-through to be completed by end of Q1 2026, after which growth should accelerate further.
question on the Siemens partnership that happened over the quarter in Neurovascular and if there's any more you can kind of say on kind of the goals and timing
Show response
Jason Beach declined to provide details on the Siemens Neurovascular robotics partnership, saying they would disclose more when appropriate.
Calendar 2025 Q2
There's some stuff in D.C. and Medicaid exchange cuts. I don't know how you're thinking about if there's any potential impact on that on the elective procedures?
Show response
Jason noted Medicaid exposure immaterial. June vacations caused slight knee softness, July off to strong start. Overall mid-single-digit knee market with SYK growing above.
I don't know if you could maybe help with how the business grew this quarter with the destock and Tele transitions and what gives confidence in double-digit growth
Show response
Kevin explained medicine-taking approach: noncompetes, Stryker leadership installed, underlying procedural demand was double-digit. Stocking will burn out. Second half and full year on track.
Calendar 2025 Q1
how much of that's being offset by currency? Any details on kind of how much of that exposure is by country? What the impact would be if the 90-day pause doesn't stick
Show response
Preston declined to speculate on 2026 or provide country-level tariff details. Noted some costs held on balance sheet will amortize into next year. No AdvaMed exemption for med device yet.
Calendar 2024 Q4
some of your new prioritized list of like focus areas for M&A. And is this going to be a period of kind of digestion? Or is this going to be a period of continued M&A?
Show response
Kevin outlined continued offense: urology, neuromodulation, soft tissue robotics, health care IT. Leverage manageable at 3x.
the sustainability of this kind of higher revenue. You've gotten LIFEPAK going and several of the pipeline products
Show response
Kevin emphasized durability from continuous product launches and strong commercial execution. Feels confident in upper end of guidance.
BAXBaxter International11 questions · 6 reporting periods · 2 of 11 challenging
Calendar 2026 Q2
I’m curious how big the drug compounding was in Q2. How much of that was that 20% plus?
Show response
Moran confirmed compounding drove a good chunk of the beat and acknowledged its lower margin profile; Hider added it has favorable cash conversion.
The earnings beat $0.19 this quarter. BAX, or the tariff refund, 11 cents, TSA, 4 cents, lower interest
Show response
Moran answered the TSA piece cleanly as net-neutral, but the conservatism question got a general confidence answer rather than a bridge.
Calendar 2025 Q4
just curious if you are assuming share gains or share losses in infusion pumps this year
Show response
Hider expressed confidence in Spectrum's market position and its new interoperability with Novum syringe on IQx platform, but did not explicitly state share gain or loss assumptions. Joel said international CCS business performing well with strong order book and competitive wins, nothing unusual or onetime.
Is revenue going to be down low single digits, down mid single digits? Are gross margins, op margins flat, down sequentially?
Show response
Joel declined specific Q1 numbers but reiterated: volume/seasonality headwinds, continued Novum return uncertainty, pharma margin challenges, higher-cost capitalized inventory absorption headwinds, and incremental interest expense at EPS level. Q1 most challenging with improving cadence.
Calendar 2025 Q3
At what stage do you think Baxter is willing to start doing more acquisitions and willingness to take on margin dilution from those acquisitions?
Show response
Hider said delevering is the first priority, followed by continued innovation investment, with M&A as a future priority for fold-in tuck-ins, not large strategic deals. Joel noted $126M positive free cash flow in Q3, expects continued improvement, with inventory being the main working capital challenge.
why is it kind of taking longer? Kind of do you need to redesign the product or refile with the FDA? And you also mentioned, I think, customer responses because of Novum in the last answer
Show response
Hider acknowledged some customers have initiated returns or exchanges for Spectrum. Unable to commit to specific timing. Emphasized continued interest in the pump portfolio while noting the hold is expected to extend beyond 2025. Working closely with regulators on field actions.
Calendar 2025 Q2
the $100 million guide reduction on revenue this year, how much of that is Spectrum versus IV Solutions versus Pharma? And then on the Spectrum, I guess that's like a $200 million product annualized
Show response
Joel declined to break out specific numbers but reiterated low end assumes no Novum shipped, some Spectrum fill-in with credits, and no improvement in fluid conservation. Heather added customers have minimum committed volumes and expect to return to compliance or Baxter gets price.
You guys have kind of talked about 4% to 5% revenue growth. Clearly, not there this year. Kind of what needs to go right to get back to that is the new CEO coming in kind of an opportunity to kind ...
Show response
Heather cited accelerating innovation cadence and transformational programs being shaped with Andrew Hider. Joel pointed to pump replacement cycle, Novum competitive wins, fluid conservation easing, compounding strength in H2, and continued investment in new product introductions as drivers back to 4-5%.
Calendar 2025 Q1
There was a little bit of a delta between your gross margin consensus. I assume that's the reclassified certain functional expenses from COGS to SG&A. So I wanted to touch on that
Show response
Joel explained gross margin drivers: functional cost reclassification, MSA dilution, and North Cove planning/fulfillment costs. Long-term expansion from innovation, pricing, product mix, supply chain margin programs, and full stranded cost removal by 2027.
Calendar 2024 Q4
I was just thinking about how you think about the book of saline business kind of before and after the hurricane. Did you see customers add a second source
Show response
Heather confirmed expectations in line or slightly better, minimal customer defection due to fast recovery, new GPO contracts starting Jan/Feb, most customers committed to compliance volumes.
How should we think about some of these adjustments going forward? When do you think you can kind of get back to kind of 80% free cash flow conversion?
Show response
Joel said low-70s conversion for 2025 due to Q1 hurricane-related working capital drag, then normalizing. FLC write-down characterized as annual goodwill review impact from 2024 performance, not structural concern.
BDXBecton Dickinson11 questions · 8 reporting periods · 3 of 11 challenging
Calendar 2026 Q2
I don't know if there was anything onetime that you'd call out and kind of how you thought about the revenue guidance
Show response
Polen credited growth platforms built over five years, with four growing double digits and the rest high single digits; addressed drivers but less specific on FY27 carryover.
Calendar 2026 Q1
the comps do get tougher. So when I think about how some of the Alaris, China, vaccines headwinds play out
Show response
Vitor expressed confidence in back-half delivery citing BD Excellence 8% productivity ramping further. Tom addressed oil/resin risk noting 5% of COGS, hedging mitigating FY26 impact, and pricing actions being prepared for FY27.
Calendar 2025 Q4
I wanted to ask about the guidance, both the Q2 revenue guide, the step down in Q2, and the EPS guide, as well as kind of the full year
Show response
Tom explained Q2 outlook reflects modest timing benefits in biopharma systems and MMS from Q1. Adjusting for that, Q1 and Q2 in line with each other. No ramp first half to second half. Starting the year at full-year run rate.
Calendar 2025 Q3
how does that kind of reflect the conservatism you've kind of put in place. You can have confidence that this is a year that you can deliver on the initial guide
Show response
Tom outlined prudent approach incorporating updated views on vaccines, Alaris lapping, and China VBP. No macro improvements built into outlook. Strong track record on margin expansion continuing into FY26.
I don't know if there's anything you want to point out on kind of the Q1 guide versus the full year and how to get confidence that this is not a ramp year
Show response
Tom explained Q1 reflects full-year headwinds plus disproportionate vaccine weighting. Step up expected in Q2 and Q3 as strongest quarters. No back-half ramp required and no macro relief assumed in base.
Calendar 2025 Q2
how do you kind of see this business growing kind of versus the 5.5% plus longer term?
Show response
Tom highlighted continued investments in commercial execution and new launches, reinvesting BD Excellence efficiencies into selling. Acknowledged macro dynamics in China, vaccines, and research but emphasized strong momentum in core growth areas.
Chris, on the Q4 EPS, I think there's some investments there. Anything else kind of driving the change in the Q4 EPS?
Show response
Chris confirmed Q4 EPS dynamic is purely investment timing plus known tariff impact. Midpoint raised above prior top end at 9.5% EPS growth with 0% FX benefit.
Calendar 2025 Q1
I wanted to ask about the Life Sciences separation. I know you heard said it was on track
Show response
Tom reaffirmed separation on track with strong interest, expected to announce transaction form this summer, focused on maximizing shareholder value.
there is an acceleration now in kind of the back half of the year again. I'm just trying to get confidence in the guide
Show response
Tom acknowledged dissatisfaction with revenue guidance cut. Explained February NIH grant cuts created unexpected freeze on research capital purchases mid-quarter.
Calendar 2024 Q4
Why now? How you're thinking about the different separation options, spin versus sell? And how you manage the dissynergies?
Show response
Tom explained the separation as a natural evolution from portfolio transformation. Chris clarified Q2 organic growth around midpoint of 4.25% excluding licensing comp.
Calendar 2024 Q3
I just wanted to push a little bit on the phasing for '25 and like especially Q1 kind of being kind of sub the guide for the full year
Show response
Chris explained that Q1 had tougher comps in BDB and Pharm Systems that were still growing mid-single digits prior year, creating growth rate headwinds.
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MDTMedtronic10 questions · 8 reporting periods · 2 of 10 challenging
Calendar 2026 Q3
I want to spend a second on kind of the Medtronic business ex CAS and just kind of the ability to accelerate
Show response
Geoff pointed to broad-based, multi-business growth plus growth drivers (Altaviva, Ardian, Hugo, Stealth AXiS) beyond CAS; Thierry tied the margin guide to reinvestment.
Calendar 2026 Q2
On Hugo, when does that start to show up on the surgery growth
Show response
Martha said MedSurg had a great quarter across the board (Surgical 3%, ACM nearly 11%, Endo 9%) and Hugo contributed in Q4 as guided. He cited the general surgery/gyne and LigaSure RAS submissions, rising smooth case rate, procedures and utilization, and Touch Surgery installs up 30% sequentially to over 1,400 ORs. He did not quantify the timing of Hugo's margin/EPS accretion.
Calendar 2026 Q1
Is the growth acceleration, excluding the selling day -- yes. There's an extra selling week next year. Is that -- is the growth acceleration excluding the extra selling day?
Show response
Pieton confirmed organic growth acceleration in FY27 excludes extra week benefit. Extra week adds slightly less than 2 points on top of underlying acceleration. Martha added CRM and PVH already stepped up in Q3, with CST, Neurovascular, RDN, Altaviva, and Hugo all set to contribute incrementally in FY27.
I just wanted to ask about the accelerating revenue growth for next year and also the commitment to grow earnings in high single digits. I guess when you think about the overall portfolio, obviousl...
Show response
Martha outlined multiple growth accelerators beyond CAS: Symplicity and Altaviva kicking in Q4, CST with Stealth AXiS described as underappreciated by the Street, Neurovascular improving with Onyx MMAe indication and Neuroguard. Pieton detailed FY27 EPS algorithm: accelerated growth, CAS mix improving toward catheters, Diabetes separation lifting gross margin, G&A leverage, offset by tariff carryover ($300M vs $185M), M&A dilution ($0.04-$0.05), and Diabetes IPO-to-split dilution ($0.01-$0.02/month).
Calendar 2025 Q4
the implied second half guide around 6%. And I kind of think about it two buckets, the pipeline and then kind of the base business.
Show response
Martha explained PFA is the largest back-half growth driver among new products. Simplicity will tick up in H2 then ramp in following quarters. Diabetes rebounds on new sensors. Pieton confirmed SG&A leverage and GM leverage ex-tariffs in H2.
Calendar 2025 Q3
it's not showing up in the total U.S. growth. U.S. growth, 3.5% this quarter, 1% Structural Heart growth. Just want to hear your confidence
Show response
Martha acknowledged below-trend areas (Pelvic Health commercial reset, Neurovascular VBP comps, Diabetes U.S. waiting for sensors) are mostly U.S.-concentrated. Expects all to rebound with outsized U.S. impact as new products launch.
Calendar 2025 Q2
is the 7% operating profit, including or excluding tariffs, is there an extra week this year? And then why is there a diabetes EPS headwind this year
Show response
Pieton clarified 7% op profit growth excludes tariffs. Diabetes margin pressure driven by Simplera sensor manufacturing ramp, approximately 60 basis points at gross margin level.
I wanted to ask on the guidance philosophy with the new CFO. It is confident enough to put out the 5% no range. What's being assumed on the pipeline on the revenue side?
Show response
Martha expressed bullishness on growth drivers with markets growing 7% ex-diabetes. Pieton detailed 7% operating profit growth ex-tariffs despite increased R&D investment, with below-the-line headwinds from Pillar 2 tax and refinancing rates.
Calendar 2025 Q1
why do you think the distributors destocked in the quarter? And why didn't you have kind of visibility in that ahead of time?
Show response
Martha acknowledged distributor destocking came late in the quarter with limited visibility. Committed to returning Surgical to corporate average growth, noting Hugo becomes a growth driver in FY26.
Calendar 2024 Q4
I wanted to just talk about your ability to grow earnings high single digits longer term, despite maybe some potential for, you've got maybe a stronger dollar tariff potential
Show response
Gary provided specific margin targets for Q3 and full year, reinforced commitment to mid-single-digit revenue delivering 10%+ EPS on CC basis. No change to margin expectations.
PODDInsulet Corporation9 questions · 7 reporting periods · 2 of 9 challenging
Calendar 2026 Q2
what gives you the confidence things can stabilize and reaccelerate in 2027
Show response
Flavia gave a specific 2027 exit-rate framework (9% to 14%, midpoint 12%) contemplating new product launches and the completed sales force expansion.
Calendar 2026 Q1
I wanted to ask about the type 2 retention comps. Just kind of curious what you're seeing there, why kind of call it out slowing
Show response
Ashley emphasized type 2 momentum strong with meaningful YoY NCS growth despite seasonality. Customer base expanded sequentially and YoY. At 5% penetration versus CGM at 55%. EVOLVE pivotal study enrolled first patient for fully closed loop type 2 system designed to be CGM-like experience with no bolusing, no user interaction, no settings, unlocking primary care physician audience.
And what about the retention piece?
Show response
Ashley described healthy retentions with no meaningful YoY change. Learning that type 2 patient journey from MDI requires more ongoing support early on, then smooths out with good brand loyalty. Total company retention approximately 90%. Flavia added slight U.S. deterioration in line with expectations as type 2 expands; international retention improved meaningfully; total company retention very stable.
what percent of the new starts were type 2 this quarter? I think I missed that. And then when you think about the seasonality comments, is there any impact on the seasonality from the type 1, type ...
Show response
Eric confirmed approximately 40% type 2 NCS in the quarter with similar seasonality across both segments, ever so slightly more in type 2. Ashley added no observed impact from increased GLP use on type 2 NCS, reiterated GLP-1s complementary not competitive to AID. Cited 5.5 million type 2 on insulin with only 5% using AID.
Calendar 2025 Q4
I just wanted to make sure we had understanding of how you kind of set this year's guidance versus prior years and kind of what's been baked in into 2026 versus what's left for upside
Show response
Flavia confirmed guidance philosophy unchanged: set with full intent to deliver. Guidance reflects balanced view at this point. Normal Q1 seasonality expected. Confident in 25-27% Q1 and 20-22% full year outlook.
Calendar 2025 Q3
some kind of puts and takes on '26 and how we should think about the year with Libre integration possibly and Type 2 accelerating
Show response
Ashley expressed confidence in continued growth and profitability for 2026 but deferred specifics to Q4 call. Flavia clarified guidance evolution: still set to deliver, but aiming for more balanced view acknowledging risks and upside. May evolve KPIs guided going forward.
Calendar 2025 Q2
type 2 and the new starts that accelerated this quarter. what do you think kind of drove that acceleration? Can the acceleration kind of continue in the back half of the year
Show response
Ashley described type 2 framework: clinical evidence from SECURE-T2D, strong market access at 47,000 pharmacies with $1/day co-pays, expanded sales force selling science, and sourcing from both MDI and competitive users with highest competitive switch quarter in 8 quarters.
Calendar 2025 Q1
what excited you about the role of Insulet, what you've learned in the first couple of weeks in the role
Show response
Ashley emphasized strategy continuity, citing Insulet's unique consumer health/MedTech intersection. Confirmed continuation of margin expansion with 160bps operating margin improvement this year.
Calendar 2024 Q4
excluding all the stocking, it was kind of mid- to high teens in Q1. Just kind of a little lower than I was thinking
Show response
Ana confirmed normalized Q1 growth is mid- to high teens after adjusting for $20-25M unfavorable stocking in Q1 2024, consistent with seasonal patterns and full-year guide of 16-20%.
BSXBoston Scientific8 questions · 7 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
I wanted to ask about the limited EPS growth comment in 2027. Is that flat EPS?
Show response
Monson confirmed limited 2027 EPS growth and named gross margin pressure plus initial dilutive Penumbra impacts, but deferred any quantification to the Q4 earnings call.
Calendar 2026 Q1
On the LRP, was the message more were not achieving at 10%? Or was it more we'll kind of wait and see how it all plays out
Show response
Mike acknowledged 6.5-8% organic growth puts pressure on 10%+ LRP revenue target, calling it an upside scenario now. Declined to give updated LRP revenue number, said will update through strategic plan process.
Calendar 2025 Q4
it was flat sequentially and your RF competitors grew $18 million and $26 million sequentially in the U.S.
Show response
CEO acknowledged planned share loss as competitors launch PFA products but confident in clear PFA market leadership exiting 2026. Q1 guide impacted by toughest comp, 150bps from ACURATE discontinuation and AXIOS partial withdrawal.
Calendar 2025 Q3
I know it's a small amount, but it did add -- could add a point of growth to the total company. What businesses did that impact?
Show response
CEO confirmed broad-based impact skewing toward MedSurg and PI, with less impact on EP and WATCHMAN. Recovery progress underway but not fully resolved. Expects backorder to reach acceptable levels by year-end.
Calendar 2025 Q2
if there was any kind of update on how you're thinking about the tax rate going forward
Show response
CFO confirmed OBBB largely eliminated the previously expected 200-300bps tax headwind for 2026 from TCJA sunset. Specific 2026 tax rate guidance on Q4 call.
how you kind of see the pluses and minuses shaking up over the next few years versus the last couple of years
Show response
CEO deferred detailed LRP discussion to Investor Day on September 30. Emphasized strong track record of growing faster than WAMGR and enhancing R&D with many shots on goal for next 5 years.
Calendar 2025 Q1
It was really strong margin quarter. I don't know if that's the EP growth turning margin accretive
Show response
CFO attributed 71.5% Q1 gross margin to FARAPULSE and WATCHMAN mix. $200M tariff assumes 10% blanket, reciprocal rates commencing Q3, 145/125% US-China. H2 gross margin pressured by 100+ bps.
Calendar 2024 Q4
how do you balance that it's gonna take a larger deal to kinda move the needle on such a larger revenue base
Show response
CEO emphasized long-term investment approach unchanged despite larger revenue base. Focused on increasing WAMGR through internal R&D, VC portfolio with nine new investments, and tuck-in M&A.
ABTAbbott Laboratories7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
Just curious at a high level how you kind of think about the Abbott portfolio in 2027 and its growth?
Show response
Ford withheld formal 2027 guidance but walked through segment growth ranges that bracket a sustainable 7% top line, framing it as a reaffirmed medium-term target.
Calendar 2026 Q1
Any other color you can give on getting confidence in that business returning to growth in the back half
Show response
Ford explained targeted pricing reductions showing positive volume response where passed through to consumers, especially U.S. Ensure. Affirmed portfolio diversity value and rejected making long-term strategic decisions based on near-term challenges.
Calendar 2025 Q4
we think about more Q1 first half being more in line with kind of the Q4 growth and then improve from there over the second half
Show response
Ford confirmed H1-to-H2 acceleration cadence as good starting point, noting two-year stack basis shows steadier acceleration. Q4 MedTech volumes strong across all categories including foundational segments. Innovation and clinical evidence continue driving attractive procedure environment. On EPD, biosimilar launches now fastest-growing generic segment supporting 7-8% growth.
Calendar 2025 Q3
I wanted to talk about the sustainability of the device business
Show response
Ford outlined strategy of sustaining high-growth segments (diabetes, structural heart, EP, heart failure) while repositioning historically flat segments. CRM moved from flat to double-digit via Aveir investment. Vascular on similar repositioning journey, consistently delivering 5-6% growth. Investing disproportionately in high-growth programs. On balance sheet, using cash for dividends, buybacks, $3B debt paydown next year, and internal investments.
Calendar 2025 Q2
curious how you're seeing the pipeline shape up in diagnostics and medtech
Show response
Ford maintained selective M&A framework focused on strategic fit and ROIC. On tariff mitigation, emphasized 6 work streams and long-term manufacturing network optimization over inventory builds.
Calendar 2025 Q1
For the few hundred million half-year impact, just want to make sure that assumes kind of current rates as they are today
Show response
Ford confirmed US/China tariff impact roughly evenly split. Highlighted Libre as example of manufacturing strategy: six sites globally, two in US serving US demand. Cautioned against simply doubling H2 impact to annualize.
Calendar 2024 Q4
I wanted to ask about EP growth, so still strong high single digits in the quarter
Show response
Ford guided high single-digit EP growth for 2025 as base case, cited mapping leadership with GridX, new Agilis sheath, and potential upside from competitor setbacks. Volt PFA launch expected internationally in 2025.
DXCMDexCom7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
the market for CGM in the U.S. kind of hanging around that 10% line, just kind of the confidence you are seeing
Show response
Answered both parts: quantified the covered-but-unused U.S. pool and stated Nutrisense non-CGM revenue is immaterial and already in the run rate.
Calendar 2026 Q1
is that something where maybe that product helps new starts as it launches? And then also maybe talk about the margin impact. I know you left gross margin guide unchanged, so how much inflation are...
Show response
Jake confirmed 15-day helping drive momentum and new starts with new algorithm and extended wear. Nearly 50% base conversion expected by year-end. Jereme quantified 50 to 100 basis points of potential risk from fuels and resins. Absent oil impact, would be raising gross margin guidance.
Calendar 2025 Q4
how we should think about the rollout of that, the impact on in margins, and and also kind of the use of that to to open up new markets
Show response
Jereme explained 15-day margin contribution grows more in future years. Platform will extend across all products globally. Cost advantage enables entry into emerging markets. Jake confirmed extending 15-day to entire global portfolio.
Calendar 2025 Q3
there's been a lot of attention on Street '26 estimates and what your growth might look at -- look like in '26. And just curious if there's any color you could share with us today
Show response
Jake framed 2026 base case as double-digit growth from existing coverage landscape. Top end of internal range probably slightly below current Street consensus. Upside from expanded access and share gains from innovation pipeline not in base case.
Calendar 2025 Q2
what you're kind of seeing on new starts in the non-insulin opportunity and kind of the confidence at this stage in the year to be able to raise the full year revenue guidance
Show response
Jereme cited strong T2 non-insulin starts over first half, third PBM coming online in Q3, and first-half outperformance as basis for raising guidance. Emphasized commitment to meeting guidance while passing through constant currency beat.
Calendar 2025 Q1
the 50 basis points of inflation that you kind of built in with supply chain, if that's kind of directly related to tariffs
Show response
Jereme explained ~$20M estimated indirect tariff impact from raw materials, not direct product imports. Industry exemptions being leveraged. Large US manufacturing footprint limits exposure.
Calendar 2024 Q4
the question is really, like, giving you the confidence to still say, you know, second half launch
Show response
Jake confirmed FDA review near completion with strong interactive process. Approval expected shortly with second-half 2025 launch.
ZBHZimmer Biomet7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
what's driving that kind of acceleration over the course of the year? When you look at '27, what gets better
Show response
Ivan bridged H2 confidence to go-to-market momentum, new products, S.E.T. and Paragon 28, and adjusted-for-selling-day 2025 growth math; declined specific 2027 guidance but cited favorable China comps and fading emerging-market noise as tailwinds.
Calendar 2026 Q1
comps do get 400 basis points tougher in the back half. And so just how do we get confidence that in the kind of the back half acceleration in U.S. Knees
Show response
Ivan corrected: disruption was Q1, not Q2. Confidence in H2 knee acceleration driven by: new product ramp-up (Magnificent 7), technology growth at 30% converting to implant pull-through, account conversions from technology sales, and go-to-market improvements. Technology leading indicator: once you grow tech at 30%, implants follow.
Calendar 2025 Q4
how you're thinking about the cost of the Salesforce transition? Is there what you kind of baked in on margins from from that
Show response
Sukhi noted modest SG&A headwind incorporated in 2026 guide, offset mid-to-long-term by restructuring efficiencies and better revenue leverage at higher growth rates. Ivan explained two-year timeline reflects responsible approach: ~1,600 remaining reps across multiple states, requiring careful contract analysis and sequencing.
Calendar 2025 Q3
the 120 basis points this quarter, does that come back at some point? Is it a continued headwind in '26?
Show response
Ivan confirmed shortfall revenue excluded from Q4 and 2026 planning. Revision market softness too early to call for 2026. Sukhi detailed capital allocation: $1B+ FCF, $1.7B adjusted EBITDA, net leverage low 3s. Priorities are growth-accelerating M&A (Paragon, Monogram, OrthoGrid model) plus opportunistic buybacks.
Calendar 2025 Q2
the scratching the 6% growth in Q3, just to clarify, that's organic, so excluding the F&A acquisition, I just wanted to clarify that
Show response
Ivan confirmed Q3 ~6% is organic excluding Paragon 28. Declined to provide 2026 guidance but noted positive momentum, strong pipeline, and 2025 investments should materialize in 2026-2027.
Calendar 2025 Q1
The slightly higher comment was that higher than the 2.3% constant currency, or are days adjusted
Show response
Sukhi clarified Q2 expected slightly above Q1's 2.3% constant currency, not days-adjusted. Declined to size the EMEA order shift impact.
Calendar 2024 Q4
just like why was the EPS guide kind of where it was? Why can't you do like a buyback or something
Show response
Sukhi explained the $0.20-$0.25 FX headwind is the primary EPS drag. No share buybacks assumed in guidance. Will maintain optionality post-Paragon with strong balance sheet.
GEHCGE HealthCare6 questions · 3 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
I wanted to ask about inflation impact on margins. Anything you'd kind of call out or quantify this quarter.
Show response
Saccaro quantified the headwind at 120 basis points, walked each bucket, and confirmed the $250 million full-year assumption still holds with cushion.
any more color you'd give on that and when that business starts to stabilize?
Show response
Arduini named the cause (component shortages), committed to sequential second-half improvement, and confirmed options extend to parking the business elsewhere.
Calendar 2026 Q1
almost double the run rate in April versus January. But so far from the $500 million target
Show response
Pete confirmed weekly volumes increasing throughout Q1 as expected. 31 active CMOs all performing well. Customer base expanding at similar rate to dose growth. Reimbursement and workflow constructs being resolved. Customer operational algorithm improving, scaling from 2-3 to 10-12 patients per day. Still going slow to go fast given $1B long-term molecule potential.
Curious what you're seeing there? If you're seeing any green shoots or things changing on the margin?
Show response
Pete noted sequential improvement in China. Still expects full-year decline but seeing green shoots: improving market predictability, commercial organization optimization with distributor network, clinical selling improving win rates, better traction with Sinopharm JV on VBP tenders. Pete and Phil recently visited China, came away encouraged by product acceptance and pipeline excitement.
Calendar 2025 Q3
just make sure you're on track for the $30 million in this year
Show response
Pete confirmed will miss $30M target but prioritized customer experience over short-term revenue. Two gating factors: achieving 95%+ CMO yield consistency and customer workflow optimization (billing cycle from 90 to 30-40 days).
why it reiterate the full-year revenue guidance and not let more of that flow-through for Q4
Show response
Pete explained Q4 modeled at historical 9% step-up from Q3. About 80% of equipment revenue secured for Q4 at this point, consistent with historical levels. Confidence in 3% full-year clearly increased.
COOCooper Companies (The)5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
the lower revenue guidance, the 100 basis points lower. Is that all APAC?
Show response
Al was emphatic the guidance cut was entirely Asia Pac and market-driven (consumer weakness in Japan and China), not execution or a global issue.
Calendar 2026 Q1
When do you expect that to be complete? What's the goal for the outcome?
Show response
Strategic review completion timeline. Management responded with context on this topic.
kind of Q2 revenue, kind of where you want the Street to shake out and kind of the cadence for revenue growth for total company
Show response
Q2 revenue cadence expectations by segment. Management responded with context on this topic.
Calendar 2025 Q4
your willingness to take short term dilution to create longer term value and how you kind of balance this short term for the long term?
Show response
Strategic review willingness to take short-term dilution for long-term value. Management responded with context on this topic.
Gross margin's down in 26. Just trying to understand exactly how you're getting operating margin leverage. Is SG and A not growing on 26?
Show response
Gross margin down but operating margin leverage, SG&A flatline. Management responded with context on this topic.
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 | 14%2 of 14 questions |
| ISRG Intuitive Surgical | 13 | 0%none of 13 questions |
| SOLV Solventum | 12 | 17%2 of 12 questions |
| SYK Stryker Corporation | 12 | 8%1 of 12 questions |
| BAX Baxter International | 11 | 18%2 of 11 questions |
| BDX Becton Dickinson | 11 | 27%3 of 11 questions |
| MDT Medtronic | 10 | 20%2 of 10 questions |
| PODD Insulet Corporation | 9 | 22%2 of 9 questions |
| BSX Boston Scientific | 8 | 13%1 of 8 questions |
| ABT Abbott Laboratories | 7 | 0%none of 7 questions |
- EWEdwards Lifesciences · 14 questions14%2 of 14 questions
- ISRGIntuitive Surgical · 13 questions0%none of 13 questions
- SOLVSolventum · 12 questions17%2 of 12 questions
- SYKStryker Corporation · 12 questions8%1 of 12 questions
- BAXBaxter International · 11 questions18%2 of 11 questions
- BDXBecton Dickinson · 11 questions27%3 of 11 questions
- MDTMedtronic · 10 questions20%2 of 10 questions
- PODDInsulet Corporation · 9 questions22%2 of 9 questions
- BSXBoston Scientific · 8 questions13%1 of 8 questions
- ABTAbbott Laboratories · 7 questions0%none 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 | 100%1 of 1 question | 1 |
| 2024 Q4 | 17 | 24%4 of 17 questions | 12 |
| 2025 Q1 | 16 | 6%1 of 16 questions | 12 |
| 2025 Q2 | 20 | 10%2 of 20 questions | 12 |
| 2025 Q3 | 20 | 15%3 of 20 questions | 13 |
| 2025 Q4 | 19 | 5%1 of 19 questions | 13 |
| 2026 Q1 | 20 | 15%3 of 20 questions | 13 |
| 2026 Q2 | 18 | 17%3 of 18 questions | 14 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q31 question · challenge rate 100% (1 of 1 question) · 1 company
- 2024 Q417 questions · challenge rate 24% (4 of 17 questions) · 12 companies
- 2025 Q116 questions · challenge rate 6% (1 of 16 questions) · 12 companies
- 2025 Q220 questions · challenge rate 10% (2 of 20 questions) · 12 companies
- 2025 Q320 questions · challenge rate 15% (3 of 20 questions) · 13 companies
- 2025 Q419 questions · challenge rate 5% (1 of 19 questions) · 13 companies
- 2026 Q120 questions · challenge rate 15% (3 of 20 questions) · 13 companies
- 2026 Q218 questions · challenge rate 17% (3 of 18 questions) · 14 companies
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth56
- Guidance Reliability37
- Margin26
- Demand23
- Competitive Dynamics22
- M&A19
- Product Launch15
- Capital Allocation14
- Trade Tariffs11
- Cost Pressure10
Show all 21 topics
- Innovation & R&D9
- Regulation Policy8
- Supply Chain5
- Subscriber Growth4
- Pricing3
- Geographic Expansion3
- Capex Investment3
- Fx3
- Macroeconomic2
- Cloud & AI2
- Inventory1