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Brett Fishman

Vice President and Senior Equity Research Analyst at Keybanc Capital Markets,inc /oh/

Brett Fishbin is a Vice President and Senior Equity Research Analyst at KeyBanc Capital Markets Inc., specializing in Medical Technology sector coverage. He provides research and analysis for leading medtech companies such as Alcon, The Cooper Companies, ICU Medical, Inspire Medical Systems, Integer Holdings, LeMaitre Vascular, ResMed, Solventum, Sotera Health, STERIS, and UFP Technologies, and is noted for delivering actionable insights for institutional investors. Fishbin joined KeyBanc in 2017, following investment roles with the University of Wisconsin’s Applied Securities Program and an internship at Heartland Advisors, and was promoted to senior analyst after six years, including five focused on MedTech. He holds a BBA in finance, an MS in Applied Securities Analysis from the University of Wisconsin-Madison, and maintains Series 7, 63, 86, and 87 securities licenses.

Brett Fishman's questions to Integer Holdings (ITGR) leadership

Question · Q3 2025

Brett Fishman asked about the preliminary 2026 outlook, specifically the 4% to 7% organic growth for the rest of the portfolio compared to the typical 6%-8% range, and sought elaboration on the nature of expected headwinds in Cardio and Vascular (loss of share vs. end market demand). He also inquired about the visibility into the return to market growth by Q4 2026.

Answer

Payman Khales, President and CEO-elect, explained that the rest of the portfolio grows at the market rate without new product introductions, and the current headwinds are from declining new products. He clarified that there are no lost products, loss of share, insourcing, or products being pulled from the market. The headwinds are related to two electrophysiology products with slower-than-anticipated market adoption, impacting 2026. Khales affirmed good visibility with a steady backlog of around $730 million, noting that new product launches are inherently lumpy, and the current situation of multiple programs experiencing significant changes simultaneously is unusual. He expressed confidence in a Q4 2026 recovery due to anniversarying strong Q1 2025 growth.

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Question · Q3 2025

Brett Fishman asked about Integer's preliminary 2026 outlook, specifically the 4% to 7% organic growth for the 'rest of the portfolio' compared to the typical 6% to 8% range, and sought clarification on the nature of cardio and vascular headwinds (loss of share vs. end-market demand). He also inquired about the visibility into the projected return to market growth by Q4 2026.

Answer

Payman Khales, President and CEO-elect, explained that the 4% to 7% growth for the rest of the portfolio reflects market rate without new product introductions, as the identified headwinds are declining. He clarified that the impacted products are not lost, but rather experiencing slower-than-anticipated market adoption for two electrophysiology products that had strong ramps in H1 2025. He noted steady backlog and expressed confidence in H2 2026 recovery due to anniversarying strong H1 2025 comps and planned product launches.

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Brett Fishman's questions to Solventum (SOLV) leadership

Question · Q2 2025

Brett Fishman inquired about the underlying patient volume trends in the Dental Solutions business and asked to identify key new products to watch in the second half of the year.

Answer

CEO Bryan Hanson stated that the dental market has been stable, neither accelerating nor decelerating, and that the company's growth plan is not dependent on market improvement. He highlighted that growth will be driven by recently launched products gaining traction, specifically naming ClinPro Clear, Filtek EZ Match, and the Clarity Precision Grip attachments.

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