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    Brandon Vazquez • William Blair & Company

    Brandon Vazquez's questions to Trupanion Inc (TRUP) leadership

    Brandon Vazquez's questions to Trupanion Inc (TRUP) leadership • Q2 2025

    Question

    Brandon Vazquez of William Blair & Company, L.L.C. asked for a breakdown of subscription business growth between pricing (ARPU) and pet volume for the second half of 2025 and into 2026. He also requested an update on the progress and potential U.S. launch timing for the PHI and Perkin products.

    Answer

    CFO Fawwad Qureshi detailed that of the 16% Q2 subscription revenue growth, approximately 11% came from ARPU and 5% from pet growth. He stated that for the second half of the year, pet growth is expected to become a larger contributor to revenue growth while ARPU's contribution lessens. CEO Margi Tooth added that the PHI and Perkin products have provided valuable learnings from the Canadian market, but the recent focus has been on the core, higher-LTV Trupanion product. These learnings position the company to deploy them in the U.S. market in the future as acquisition investment increases.

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    Brandon Vazquez's questions to Trupanion Inc (TRUP) leadership • Q1 2025

    Question

    Brandon Vazquez inquired about recent business trends in April amid macro uncertainty and the strategy for improving conversion rates in underperforming territories with increased PAC spend.

    Answer

    CEO Margi Tooth stated that Q2 trends are continuing as expected with strong lead volume and no negative impact from the macro environment. She explained that improving conversion involves granular, territory-specific strategies focused on vet referrals and tailored messaging, funded by growing adjusted operating income.

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    Brandon Vazquez's questions to Trupanion Inc (TRUP) leadership • Q4 2024

    Question

    Brandon Vazquez inquired about the expected progression of subscriber growth throughout 2025, the impact of increased Pet Acquisition Cost (PAC) spend, and the significance of the record number of active hospitals on vet lead volume.

    Answer

    CFO Fawwad Qureshi explained that PAC spend will increase gradually through 2025, aiming to approach 2022 levels, with pet count growth expected to accelerate in the second half of the year. CEO Margi Tooth added that Q4 vet leads were up 30% year-over-year, and the increased PAC investment is designed to convert this strong lead flow.

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    Brandon Vazquez's questions to Trupanion Inc (TRUP) leadership • Q3 2024

    Question

    Brandon Vazquez asked about the expected sequential cadence of increased growth spending and how long it would take for that spending to impact the P&L. He also sought clarification on the commentary that veterinary inflation trends were more favorable in July before rebounding.

    Answer

    CEO Margi Tooth explained that after reducing spend for six quarters, it will take time for the ramp-up to gain traction, similar to the lag seen when spending was cut. She noted that while July's cost of care was lower, August and September were more aligned with prior trends, so the company is maintaining its 15% veterinary inflation assumption. The favorable July trend contributed to achieving the 71% value proposition ahead of schedule.

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    Brandon Vazquez's questions to DENTSPLY SIRONA Inc (XRAY) leadership

    Brandon Vazquez's questions to DENTSPLY SIRONA Inc (XRAY) leadership • Q2 2025

    Question

    Brandon Vazquez from William Blair & Company asked for the new CEO's view on whether the U.S. business underperformance is due to internal execution or the macro environment. He also questioned if Dentsply needs to adjust its operating model for a prolonged period of market weakness.

    Answer

    CEO Dan Scavilla responded that it was too early to determine the exact split but believes strong execution can mitigate macro impacts. He stated the long-term goal is to generate strong cash flow and profitability, which will allow the company to not only react to but also shape the macro environment, rather than simply banking on a market recovery.

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    Brandon Vazquez's questions to DENTSPLY SIRONA Inc (XRAY) leadership • Q1 2025

    Question

    Brandon Vazquez inquired about the key operating metrics for DS Core that indicate success beyond user growth, and asked which business segments are the focus of the new customer experience improvement surveys.

    Answer

    CEO Simon Campion highlighted metrics like over 50,000 connected devices and 100,000 monthly lab orders as key indicators of DS Core's traction and stickiness. He clarified the new surveys are not segment-specific but are focused on the holistic customer journey, assessing pain points like invoicing, returns, and e-commerce usability to improve the overall experience of engaging with Dentsply Sirona.

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    Brandon Vazquez's questions to DENTSPLY SIRONA Inc (XRAY) leadership • Q4 2024

    Question

    Brandon Vazquez asked for clarification on the strategy for the Byte business, given the write-off of its brand name, and inquired about the future commercial strategy and resulting P&L implications.

    Answer

    CEO Simon Campion stated the company will focus exclusively on the SureSmile aligner product, redeploying Byte's demand generation and software development talent to enhance the SureSmile platform. Interim CFO Herman Cueto directed attention to the EPS bridge, noting the Byte resource reduction contributes positively to 2025 EPS, and clarified that Byte will remain a substantial sales headwind for the year.

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    Brandon Vazquez's questions to DENTSPLY SIRONA Inc (XRAY) leadership • Q3 2024

    Question

    Brandon Vazquez asked for a postmortem on why the implant business has underperformed expectations and what specifically needs to be fixed. He also inquired about the role of the new virtual sales team and when its efforts might benefit the P&L.

    Answer

    CEO Simon Campion attributed the implant business's struggles to internal execution failures, stating that the rate of new account acquisition has not offset historical declines, despite correct investments in sales and education. Regarding the new sales team, he said over 75 virtual reps have been hired and are beginning to contact customers. They will target the long tail of smaller accounts to increase wallet share, with a revenue impact expected to materialize in 2025.

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    Brandon Vazquez's questions to Procept Biorobotics Corp (PRCT) leadership

    Brandon Vazquez's questions to Procept Biorobotics Corp (PRCT) leadership • Q2 2025

    Question

    Brandon Vazquez from William Blair & Company, L.L.C. asked about the rationale and timing for splitting the Chief Commercial Officer role and questioned if utilization trends show Aquablation becoming the standard of care in older accounts.

    Answer

    President & CEO Reza Zadno stated the commercial reorganization aims to strengthen execution for long-term growth by adding dedicated leadership for sales and marketing. EVP & CFO Kevin Waters confirmed that longer account tenure correlates with higher utilization and that Aquablation is the standard of care in some hospitals, but emphasized that with only 20% market share, there is still substantial room to grow.

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    Brandon Vazquez's questions to Procept Biorobotics Corp (PRCT) leadership • Q1 2025

    Question

    Brandon Vazquez inquired about utilization dynamics within IDN accounts and whether a top-down corporate push leads to a clearer path to standardizing care. He also asked about the strategy for using the new WATER III trial data to influence society guidelines.

    Answer

    Executive Sham Shiblaq explained that while adoption remains surgeon-driven, IDN partnerships help by creating patient funnels through education and patient navigation programs, and confirmed IDNs are interested in standardizing care on Aquablation. Executive Reza Zadno stated that the positive WATER III data will be instrumental in getting Aquablation into international guidelines, further strengthening its clinical evidence.

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    Brandon Vazquez's questions to Procept Biorobotics Corp (PRCT) leadership • Q4 2024

    Question

    Brandon Vazquez of William Blair questioned why Q1 2025 utilization guidance appeared flat year-over-year despite optimistic commentary on procedure rescheduling and new account launches. He also asked about the long-term durability of system placements as penetration in high-volume centers increases.

    Answer

    CFO Kevin Waters explained that flat Q1 utilization was heavily impacted by lingering saline shortage effects in January, but strong momentum in February and March implies a year-end utilization growth rate of around 20%. CCO Sham Shiblaq addressed placement durability, stating there is still a pipeline of over four years for high-volume greenfield accounts alone, not including other opportunities like medium-volume centers or second system sales.

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    Brandon Vazquez's questions to Procept Biorobotics Corp (PRCT) leadership • Q3 2024

    Question

    Brandon Vazquez inquired about the percentage of sales reps trained on HYDROS and whether procedures are being lost or simply delayed. He also asked about the trend of selling second systems to existing accounts and its impact on the long-term market opportunity.

    Answer

    Executive Sham Shiblaq stated that while a specific percentage of trained reps would not be disclosed, the vast majority of new system launches are scheduled for Q4, implying most training will occur then. He asserted that procedures are being delayed to ensure proper launches, not lost to competitors. CFO Kevin Waters added that while some second systems were sold to key opinion leaders, the primary focus for 2024 remains on greenfield accounts, with a formal replacement cycle strategy to be discussed for 2025.

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    Brandon Vazquez's questions to Zoetis Inc (ZTS) leadership

    Brandon Vazquez's questions to Zoetis Inc (ZTS) leadership • Q2 2025

    Question

    Brandon Vazquez sought more detail on the Librela slowdown, asking what specific feedback veterinarians are providing and what data they need to re-accelerate adoption. He also requested more granular updates on the pipeline innovations expected over the next 12 to 18 months.

    Answer

    CEO Kristin Peck explained that while pet owner satisfaction with Librela is high, vets have requested more data to confidently address perceived risks and drive recommendations. She confirmed that third-party studies are underway to provide this validation. Regarding the pipeline, she reiterated expectations for a major market approval every year, highlighting opportunities in large markets like renal and oncology, but provided no new specific updates.

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    Brandon Vazquez's questions to Zoetis Inc (ZTS) leadership • Q1 2025

    Question

    Brandon Vazquez questioned if weakening consumer sentiment was affecting compliance for Librela and the broader portfolio. He also asked for the expected mix of price versus volume for the remainder of the year.

    Answer

    CEO Kristin Peck acknowledged a more measured consumer approach to chronic care costs but emphasized the overall resilience of the animal health industry and Zoetis's diverse portfolio. CFO Wetteny Joseph stated the price/volume mix is consistent with prior expectations, with price moderating from recent highs and volume remaining a key growth driver, similar to the Q1 mix of 4% price and 5% volume.

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    Brandon Vazquez's questions to iRhythm Technologies Inc (IRTC) leadership

    Brandon Vazquez's questions to iRhythm Technologies Inc (IRTC) leadership • Q2 2025

    Question

    Brandon Vazquez from William Blair & Company, L.L.C. asked for more detail on why Epic EMR integrations are leading to increased patient volumes and where these incremental patients are originating from within health systems.

    Answer

    President and CEO Quentin Blackford stated that while still in early stages, accounts with Epic Aura integrations see an average prescribing increase of over 20%, with some as high as 40%. He explained that the streamlined workflow encourages broader adoption across departments and facilitates a single-vendor solution for both Zio Monitor and Zio AT. He noted that about 65% of iRhythm's EMR-integrated accounts use Epic, representing a significant opportunity.

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    Brandon Vazquez's questions to Dexcom Inc (DXCM) leadership

    Brandon Vazquez's questions to Dexcom Inc (DXCM) leadership • Q2 2025

    Question

    Brandon Vazquez from William Blair & Company, L.L.C. asked about the upcoming 15-day G7 launch, focusing on how payer discussions are progressing and whether the goal is to maintain a similar annual revenue per patient as the 10-day sensor.

    Answer

    EVP & CFO Jereme Sylvain confirmed that payer negotiations are structured around a monthly cost of therapy, which translates to an annual reimbursement figure. He stated that Dexcom is taking the exact same approach with the 15-day sensor, with the expectation of achieving a similar annual revenue per patient.

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    Brandon Vazquez's questions to Penumbra Inc (PEN) leadership

    Brandon Vazquez's questions to Penumbra Inc (PEN) leadership • Q2 2025

    Question

    Brandon Vazquez from William Blair & Company, L.L.C. inquired about the potential to re-accelerate the stroke market and whether the new sales force and products like Ruby XL mark a turning point for the embolization business.

    Answer

    CEO Adam Elsesser expressed optimism that new technologies like Thunderbolt could help reinvigorate the stroke market by simplifying procedures. He affirmed his hope that the focused investment in the embolization sales team and new products would indeed represent a significant positive turning point for that business segment.

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    Brandon Vazquez's questions to Neogen Corp (NEOG) leadership

    Brandon Vazquez's questions to Neogen Corp (NEOG) leadership • Q4 2025

    Question

    Brandon Vazquez from William Blair & Company, L.L.C. asked if the macroeconomic environment was worsening sequentially, inquired about margin progression throughout the year given multiple headwinds, and questioned the level of stranded costs following the divestiture of the cleaners and disinfectants business.

    Answer

    CFO & COO David Naemura confirmed the macro environment softened through Q4 and that the company's guidance assumes this persists. He expects margins to be lowest in Q1 and improve sequentially due to seasonality and progress on operational inefficiencies. Regarding divestitures, Naemura noted that while most costs are direct, approximately $1.5 to $2 million in stranded costs will remain temporarily due to a transitional services agreement.

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    Brandon Vazquez's questions to Neogen Corp (NEOG) leadership • Q3 2025

    Question

    Brandon Vazquez asked about the drivers of the lowered guidance, questioning the split between macroeconomic pressures and internal execution. He also inquired about the impact of tariffs on margins versus sales volume, mitigation strategies, and the key factors to consider for the fiscal 2026 outlook.

    Answer

    CFO David Naemura explained that the guidance reduction was primarily due to macroeconomic softening, which accounted for about $4 million of the $6 million Q3 revenue shortfall. CEO John Adent added that while the core Food Safety business grew 7% excluding sample collection issues, it was below his double-digit expectations due to the market slowdown. Regarding tariffs, Naemura estimated a potential $30 million annual impact before mitigation, affecting both margins and volume, while Adent noted they can shift manufacturing to non-tariffed regions. For fiscal 2026, Naemura highlighted cost actions, portfolio changes, and temporary duplicate costs from the Petrifilm facility ramp-up as key factors.

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    Brandon Vazquez's questions to Neogen Corp (NEOG) leadership • Q2 2025

    Question

    Brandon Vazquez asked about the feasibility of achieving high 20% EBITDA margins with a shrinking revenue base, the risk of losing market share in sample handling due to production ramp-up delays, and the potential benefits for Neogen from an evolving food safety regulatory landscape.

    Answer

    CFO David Naemura affirmed that portfolio restructuring, such as in genomics, aims for a higher quality margin profile, even with lower revenue. CEO John Adent acknowledged the risk of share loss in sample handling but noted production should reach full capacity by the end of Q3. Adent also explained that long-term regulatory tailwinds are significant, comparing the ongoing need for food safety improvements to cybersecurity.

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    Brandon Vazquez's questions to Neogen Corp (NEOG) leadership • Q1 2025

    Question

    Brandon Vazquez from William Blair asked for a quantification of customer losses from recent shipping issues and what those customers require to return. He also questioned if Q1 results would lead to any change in the full-year guidance range, and requested early feedback on the new high-volume Petrifilm feeder and any potential impact from recent hurricanes.

    Answer

    CFO David Naemura quantified the share loss headwind at approximately $8 million in Q1, primarily in the U.S. CEO John Adent added that customer conversations are focused on rebuilding trust by demonstrating improved operational efficiency and consistent supply. Adent stated that the full-year guidance range remains unchanged due to uncertainties in the pace of share recovery and end-market conditions, reiterating the expectation for a stronger second half. He also shared a positive anecdote about the new Petrifilm feeder, while Naemura noted there was no quantification of hurricane impacts at this time.

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    Brandon Vazquez's questions to Elanco Animal Health Inc (ELAN) leadership

    Brandon Vazquez's questions to Elanco Animal Health Inc (ELAN) leadership • Q1 2025

    Question

    Brandon Vazquez asked for the top three revenue contributors within the innovation bucket for 2025 and also inquired about the macro environment and consumer spending trends for the rest of the year.

    Answer

    CFO Todd Young identified Experior as the single largest dollar contributor to the innovation bucket. CEO Jeff Simmons added that innovation products are strengthening the base portfolio and emphasized that Elanco is an 'execution story,' not dependent on pet visit trends, highlighting the positive macro trend of rising animal protein consumption.

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    Brandon Vazquez's questions to Elanco Animal Health Inc (ELAN) leadership • Q3 2024

    Question

    Brandon Vazquez of William Blair inquired about potential changes to the sales force compensation structure in 2025 to ensure the entire new product portfolio is effectively promoted. He also asked about the growth durability of the Seresto and Advantage retail portfolio, which was up significantly year-to-date, and its outlook for 2025.

    Answer

    CEO Jeff Simmons explained that sales rep incentives are a key focus and will be biased towards new products like Zenrelia and Credelio Quattro, supported by investments in digital tools for next-generation commercial engagement. CFO Todd Young addressed the retail portfolio, noting that while Seresto has had a strong year, the 7% growth is elevated due to a bounce-back in Spain. He guided towards a more normalized low single-digit growth expectation for the portfolio, with AdTab being a positive contributor.

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    Brandon Vazquez's questions to Henry Schein Inc (HSIC) leadership

    Brandon Vazquez's questions to Henry Schein Inc (HSIC) leadership • Q1 2025

    Question

    Brandon Vazquez sought to confirm if the organic growth expectation embedded in the full-year guidance had changed. He also asked for commentary on performance and sentiment among Dental Service Organizations (DSOs).

    Answer

    CFO Ron South confirmed that the organic growth expectations within the full-year guidance are 'largely consistent' with what was originally anticipated. CEO Stanley Bergman described the DSO segment as 'stable to leaning positively,' noting that well-financed DSOs are expanding and have generally adjusted to the higher interest rate environment.

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    Brandon Vazquez's questions to Henry Schein Inc (HSIC) leadership • Q4 2024

    Question

    Brandon Vazquez of William Blair sought clarification on normalizing compensation, the impact of potential tariffs on 2025 guidance, and the extent to which Henry Schein's own branded products can fulfill customer needs.

    Answer

    CFO Ron South clarified the compensation comment referred to management incentives, not sales commissions. On tariffs, he stated the company is well-positioned due to supply chain shifts. CEO Stanley Bergman explained their hybrid model includes a corporate brand alternative for most consumables and that they expect gross profit to increase from both specialty and their own brand products.

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    Brandon Vazquez's questions to Henry Schein Inc (HSIC) leadership • Q3 2024

    Question

    Brandon Vazquez asked for elaboration on comments about dental manufacturers needing to 'compete a little bit more' on price. He also requested more color on the specific restructuring activities within the clear aligner business.

    Answer

    Stanley Bergman, CEO, clarified that consumers are value-conscious, and some manufacturers who raised prices significantly are facing resistance, a trend the company has noted for several quarters. Ron South, CFO, explained the company is transitioning its clear aligner offering from the Reveal brand to the Smilers brand and restructuring the orthodontic business to better leverage its existing distribution infrastructure, as the unit had not achieved sufficient scale.

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    Brandon Vazquez's questions to Envista Holdings Corp (NVST) leadership

    Brandon Vazquez's questions to Envista Holdings Corp (NVST) leadership • Q1 2025

    Question

    Brandon Vazquez asked for the relative size of Envista's China business, particularly premium implants, to better understand tariff impacts, and also inquired about the company's tax structure.

    Answer

    President and CEO Paul Keel stated that China represents a high-single-digit percentage of total revenue, with premium implants being the largest component. He confirmed Envista is currently shipping to China and incurring tariffs while transitioning its supply chain. CFO Eric Hammes added that the full-year tax rate guidance remains 37%, as potential tariff impacts on U.S. income could offset the favorability seen in Q1.

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    Brandon Vazquez's questions to Envista Holdings Corp (NVST) leadership • Q4 2024

    Question

    Brandon Vazquez asked to distinguish the drivers of the implant business's improvement between market trends and commercial execution, and also requested details on Spark's path to profitability.

    Answer

    CEO Paul Keel attributed the implant business's recent improvement primarily to internal execution, including investments and leadership changes, rather than a broader market recovery. For Spark, he stated that the path to profitability in H2 2025 is mainly driven by controllable factors like manufacturing automation and lean processes, with potential upside from volume and pricing.

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    Brandon Vazquez's questions to IDEXX Laboratories Inc (IDXX) leadership

    Brandon Vazquez's questions to IDEXX Laboratories Inc (IDXX) leadership • Q1 2025

    Question

    Brandon Vazquez asked about intra-quarter wellness visit trends for April and sought to understand the drivers behind the resilient diagnostic utilization growth despite macro pressures, questioning its durability through 2025.

    Answer

    Executive Andrew Emerson declined to comment on intra-quarter metrics for April but reiterated the Q2 guidance, which assumes clinical visit trends similar to the full-year outlook of a ~2% decline. He emphasized that the strong diagnostic frequency and utilization are key, resilient aspects of their strategy, reflecting pet owners' continued willingness to invest in their pets' health even amid broader economic pressures.

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    Brandon Vazquez's questions to IDEXX Laboratories Inc (IDXX) leadership • Q3 2024

    Question

    Brandon Vazquez asked what levers IDEXX can pull to improve diagnostic frequency and utilization to offset weaker vet visit growth. He also sought clarification on whether the headwind from new pain medications is a visit volume distortion or if it implies fewer diagnostics are being performed.

    Answer

    Executive Brian McKeon clarified that the pain medication trend inflates total visit counts with visits that have a low diagnostic attachment rate, making the underlying trend for diagnostic-driving visits weaker than the headline number suggests. However, he noted that diagnostic frequency per 'real' visit is actually up. CEO Jay Mazelsky identified innovation, like the new inVue analyzer, and the company's commercial model, such as IDEXX 360 programs, as the key strategic levers to drive higher utilization over time.

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    Brandon Vazquez's questions to Align Technology Inc (ALGN) leadership

    Brandon Vazquez's questions to Align Technology Inc (ALGN) leadership • Q1 2025

    Question

    Brandon Vazquez asked about the apparent decoupling of Align's strong business performance from declining consumer sentiment, and what confidence this provides for the company's forward-looking guidance.

    Answer

    President and CEO Joe Hogan responded that the strength was broad-based, citing strong Clear Aligner volume growth across North America, APAC, and Europe. He highlighted that both teen and adult patient segments grew, and the iTero Lumina scanner with new restorative capabilities is providing a tailwind. Hogan emphasized the breadth of growth across product lines, geographies, and customer segments.

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    Brandon Vazquez's questions to Align Technology Inc (ALGN) leadership • Q4 2024

    Question

    Brandon Vazquez asked about the adoption curve of the Invisalign Palatal Expander (IPE) one year post-launch and its potential as a teen market catalyst, as well as the durability of international growth.

    Answer

    CEO Joe Hogan stated that IPE's adoption is tracking similarly to Invisalign First, with strong patient feedback. He attributed durable international growth to a mix of early-stage penetration in some markets and continued expansion in others like Latin America, supported by better economic conditions and new technology rollouts.

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    Brandon Vazquez's questions to Align Technology Inc (ALGN) leadership • Q3 2024

    Question

    Brandon Vazquez inquired about the current macroeconomic backdrop, asking if conditions have worsened compared to the prior year and what the top-line outlook for 2025 might be if market conditions remain stable.

    Answer

    CEO Joe Hogan explained that Q3 is always a challenging quarter due to seasonality, particularly in Europe. He noted that the U.S. market is most affected by the sluggish environment. Hogan stated that the issue is more external, linked to consumer confidence, rather than internal, and any improvement in economic activity would be positive for Align.

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    Brandon Vazquez's questions to Enovis Corp (ENOV) leadership

    Brandon Vazquez's questions to Enovis Corp (ENOV) leadership • Q4 2024

    Question

    Brandon Vazquez sought clarity on the remaining milestones for the Lima integration and the most promising cross-selling opportunities. He also asked about the specific mechanisms Enovis could use to offset potential tariffs.

    Answer

    CEO Matthew Trerotola explained that while major channel integrations are complete, the remaining work involves lower-risk back-office and operational projects. He identified both macro (e.g., AltiVate shoulder globally) and micro cross-selling opportunities. For tariffs, he outlined a playbook of inventory management, supply chain diversification, and eventual price/reimbursement adjustments.

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    Brandon Vazquez's questions to Enovis Corp (ENOV) leadership • Q3 2024

    Question

    Brandon Vazquez questioned the assumption that Q4 procedure volumes lost to hurricanes and IV shortages would not be recovered within the quarter. He also asked whether growth was coming more from new surgeon acquisition or deeper penetration with existing surgeons.

    Answer

    CFO Phillip Berry explained that the impact extends beyond surgery to areas like bracing clinics, where revenue is less likely to be recovered. He also noted that packed end-of-year schedules might push rescheduled surgeries into next year. CEO Matthew Trerotola added that the company sees great opportunity in both adding new surgeons and increasing penetration with its installed base.

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    Brandon Vazquez's questions to Intuitive Surgical Inc (ISRG) leadership

    Brandon Vazquez's questions to Intuitive Surgical Inc (ISRG) leadership • Q3 2024

    Question

    Brandon Vazquez asked for any unique insights from the da Vinci 5 installed base, such as procedure types or utilization compared to Xi. He also inquired about the speed of the innovation cycle for software-based features versus traditional hardware development.

    Answer

    CFO Jamie Samath stated that it's too soon to draw conclusions on da Vinci 5 utilization versus Xi, as the installed base is not yet large enough for a robust comparison, but noted it is being used across a broad set of procedures. He explained that software innovation has two tracks: non-medical device software can have rapid cycles, while regulated software follows a longer, though still likely faster, cadence than major hardware changes. CEO Gary Guthart added that hardware innovation is not going away and remains a focus.

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