Chris Pasquale • Nephron Research LLC

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CEO David Endicott expressed confidence in solid global growth for EVO, citing low penetration and Alcon's ability to accelerate adoption. CFO Tim Stonesifer explained the increased tariff forecast was due to rates coming in higher than expected, with mitigation currently relying heavily on favorable currency exchange rates while the company evaluates supply chain adjustments.

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Chairman, President & CEO Ivan Tornos expressed high confidence, noting a 2.5-3 year diligence process, engagement with third-party experts, and a robust clinical trial plan. To achieve EPS neutrality, he explained the company is reallocating OpEx from non-core areas and leveraging existing R&D and operational platforms from the ROSA business.

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EVP & CFO Kevin Waters explained that the utilization ramp is consistent, taking 3-4 quarters for a surgeon to reach the average. He noted a new focus on launching accounts with multiple surgeons to improve efficiency. For international sales, he confirmed the UK remains the primary driver of upside, with Japan and Korea showing promising early traction and representing a combined 70% of international revenue with the UK.

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President and CEO Michael Dale attributed the robust growth to solid execution of their strategic plan, particularly the focus on high-potential accounts and the core value proposition of the Avance Nerve Graft. He highlighted that the extremities business was growing faster than internal plans. Regarding the conservative back-half guidance, Dale explained it was a prudent measure to account for potential logistical changes related to the BLA approval, which could affect how the company manages product supply for unscheduled procedures.

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CEO Tim Herbert acknowledged the Q3 sequential growth guide of 1-3% is softer than historical trends but maintained the Q4 step-up is consistent with past seasonality. Regarding reimbursement, he stated that while the new code had a small initial gap, the proposed 2026 rate increase largely closes it. He believes the reduced OR time increases per-minute reimbursement and overall capacity, making it attractive for surgeons.

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Chair & CEO Kevin Lobo stated that Stryker has a 'winning solution' with Mako and will continue its strategy of adding new applications to the single platform, without commenting on future pipeline developments. He expressed confidence in sustaining high growth in Trauma & Extremities, citing the ongoing, multi-faceted Pangaea launch, its upcoming European debut, and strong performance in upper extremities and total ankle.

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CFO Preston Wells stated that no major changes to the manufacturing footprint are planned, as such moves are complex and lengthy, though the company is leveraging dual sourcing where possible. CEO Kevin Lobo assured that the FDA layoffs were largely and quickly reversed for industry-funded positions, and he does not anticipate any major slowdowns in product approvals.

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CEO Waleed Hassanein confirmed the OCS Lung trial's clinical design is unchanged, with final FDA questions focused on preclinical data. He attributed the flat heart market to normal fluctuations and DCD non-progression rates, expressing confidence that the upcoming next-gen OCS Heart trial will be a significant growth catalyst.

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CEO Adam Elsesser clarified that China does not order Penumbra's coil products, so the recent order had no impact on the embolization (Ambo) business results. He attributed the broader international strength to a multi-year rebuilding effort and new product introductions, expressing confidence in the segment's trajectory without providing a specific guidance update.

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Larry Wood, Corporate VP of TAVR, explained that while he is unaware of coverage issues for trial patients, some U.S. hospital systems are waiting for a formal NCD update, creating a 'slow burn' adoption. In Europe, he noted that the recent CE mark approval is the first step, and the company must now begin the country-by-country process of securing reimbursement, which will take time.

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Corporate VP Larry Wood explained that while he is not aware of reimbursement issues for cases submitted to local MACs, some large hospital systems are waiting for a formal NCD update, creating a 'slow burn' adoption. For Europe, he noted the CE Mark approval was the critical first step, and the process of engaging with individual country reimbursement bodies has just begun.

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President & CEO Albert White asserted that market pricing remains solid and likely higher than pre-COVID levels due to inflation, attributing the current softness more to channel inventory adjustments. CFO Brian Andrews stated that Cooper has multiple levers to mitigate tariffs, including price increases and supply chain adjustments, but is taking a "wait and see" approach pending more clarity.

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