Craig Bijou • Bank of America Securities

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CEO Laura Francis highlighted strong momentum and key performance metrics, while CFO Anshul Maheshwari explained the guidance reflects a prudent approach with potential upside from Granite, TNT, and iFuse Torque adoption. Maheshwari noted Q3 seasonality would lead to a sequential dip before a Q4 ramp. For gross margins, he stated the updated guidance of 78.5%-79% balances manufacturing efficiencies against headwinds like procedure mix and depreciation, with a medium-term expectation of 76%-77% due to new product launch costs.

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CEO Laura Francis explained that growth was broad-based, with double-digit volume growth across all modalities, driven by new products like INTRA and Granite 9.5. CFO Anshul Maheshwari attributed the strong gross margin to favorable procedure mix, particularly an increase in 4-implant Granite cases, and supply chain efficiencies. He noted the full-year guidance remains thoughtful due to potential ASP degradation from product mix and increased depreciation costs.

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CEO Laura Francis highlighted broad-based momentum across all procedure types and call points, noting strong demand for Granite 9.5 and TNT that exceeded internal estimates. CFO Anshul Maheshwari explained the guidance reflects a balanced approach, factoring in the timing of reimbursement tailwinds, a potential low to mid-single-digit ASP decline from product mix, one less procedure day, and FX headwinds.

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CEO Laura Francis acknowledged temporary Q3 disruptions but highlighted strong underlying demand and record KPIs. CFO Anshul Maheshwari explained the revised guidance conservatively assumes not all deferred cases from the disruptions will be rescheduled in Q4 due to hospital capacity constraints. For 2025, Maheshwari detailed multiple growth drivers including strong physician interest, favorable reimbursement for Granite, and new product momentum, projecting full-year adjusted EBITDA positivity with some first-half seasonality.

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COO Peyman Khales quantified the outperformance at approximately $10 million (or 200 bps), attributing it to a combination of a few million dollars each from customer demand shifts, accelerated new product launches, and faster execution at the New Ross facility. Regarding EP, Khales highlighted that Integer's participation is broad, covering access, guidewires, sheaths, diagnostics, and ablation technologies like PFA. He confirmed that Integer is outperforming the market in this space and remains excited about the momentum and strong pipeline.

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CEO Joseph Dziedzic confirmed that Integer's EP business continues to outgrow the market, benefiting from procedural volume and higher content in new technologies like pulsed field ablation. He also noted other C&V areas are contributing to growth. Regarding tariffs, he stated that based on the current environment, the impact in 2026 would likely remain within the same $1 million to $5 million range estimated for 2025.

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President and CEO Joseph Dziedzic reiterated the low-double-digit guidance for C&V, noting it's part of a broader strategy to deliver 6-8% total organic growth and that the range could increase. On tariffs, Dziedzic declined to quantify the exposure, citing the complexity and uncertainty of potential tariff structures, but emphasized that products from Mexico are shipped globally to customers' various manufacturing sites, not just the U.S., and that mitigation plans are in progress.

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Joseph Dziedzic, President and CEO, expressed continued excitement for PFA, stating Integer's outlook remains positive and is factored into guidance. He emphasized that EP is one of many growth drivers and that the company is outperforming the EP market. For Q4, Dziedzic expects growth acceleration in Cardiovascular from new product ramps and in Neuromodulation from emerging PMA customers, noting that Q4 reported and organic growth will be roughly the same percentage.

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President & CEO Albert White cited strong momentum in the MyDay product family and accelerating growth in the MiSight myopia management portfolio as key drivers for continued market share gains. CFO Brian Andrews explained the tariff impact stems primarily from manufacturing in Costa Rica and the UK, with the cost affecting Q4 due to the company's accounting practices for inventory.

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CEO Al White stated that while Q2 has a tough comparison, it will be a 'fine quarter,' with potential for faster organic growth in Q3 and Q4 as MyDay supply increases. He praised the EMEA team's performance and said the 6% growth was still strong and not indicative of any underlying issues. CFO Brian Andrews added that recent favorable foreign exchange movements, if they hold, would also positively impact reported revenue in Q3 and Q4.

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CEO Al White explained the softness occurred in mid-October, primarily in the U.S. and a few other markets like China, but noted trends have since returned to normal. Regarding the FY25 guidance, White stated not to "read too much into it," attributing the slight moderation to ongoing capacity constraints for the high-demand MyDay lenses, which limits their ability to meet all current demand.

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CEO Al White stated the IT issue caused minor disruption in Q3 but is now resolved, with some residual sales upside expected in Q4. Regarding Asia-Pacific, he acknowledged that growth was softer because the region is supply-constrained, particularly for MyDay products, and that performance would be stronger once more product becomes available from new capacity.

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CEO Dan Scavilla confirmed that U.S. Spine growth was impacted by both back orders and the knock-on effect of delayed robot sales on implant pull-through. However, he declined to quantify the impact, calling it an estimate. He also declined to specify the value of capital deals that moved into Q2, noting it was too early in the quarter to parse.

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CEO Dan Scavilla acknowledged the potential for channel convergence but emphasized that the primary driver for the Nevro acquisition was its high-frequency technology and its long-term applications, not a strategic shift into the interventionalist channel at this time. Regarding the spine market, Scavilla stated he expects it to revert to its historical low-single-digit growth rate over the long term, and Globus's goal is to outpace that through innovation.

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COO & CFO Keith Pfeil stated that growth rates should begin accelerating in 2025 due to increased cross-selling. President & CEO Dan Scavilla added that while not committing to a specific timeline, the company is putting all the building blocks in place to achieve its goals. Regarding power tools, he noted the launch is going well and is a key part of a procedural solution, but did not break out specific revenue, confirming it is booked within the musculoskeletal segment.

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CEO Christopher Simon confirmed the Plasma share gains are known and secured by contract, with only the timing of center conversions being variable. For Hospital growth, he stated it will be roughly evenly split between Interventional Technologies (IVT) and Blood Management Technologies (BMT). IVT growth is primarily about Vascular Closure in the U.S. BMT growth is driven by TEG in the U.S. and Europe, with the upcoming European launch of the HN cartridge expected to accelerate TEG 5000 conversions, offsetting weakness in China.

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CEO Christopher Simon explained the plasma guidance adjustment was due to a market recovery that was in line with, but not above, historical seasonality as previously hoped. He also noted that benefits from share gains and new technology are now expected to materialize more in FY '26. For VASCADE, he confirmed the drag from the base product has been building over recent quarters but expressed confidence in returning focus to that segment.

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CEO Christopher Simon described the label expansion as a 'corporate priority' to formally support the device's use, even with strong current adoption. For long-term growth, he noted that while PFA may reduce the number of closures per procedure, this is offset by accelerating overall procedure volume growth. He expressed confidence in sustained growth driven by international expansion, particularly in Japan, and further product innovation.

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President and CEO Dr. Ron Kurtz countered this idea, arguing that since the LAL primarily grows a practice's premium volume by converting non-premium patients, adopting the technology is a strategic move to combat a softer market. He suggested that a market slowdown could be an opportune time for practices to integrate the new technology into their workflow.

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CFO Shelley Thunen stated that on a macro basis, utilization trends remain consistent, with different install cohorts reaching similar volumes over time. She noted the field team of ~165 people actively works to grow adoption within practices. CEO Dr. Ron Kurtz added that innovation, like the new low-diopter lenses, provides new opportunities to engage with practices and drive utilization. Regarding Q4 guidance of ~$40M, Thunen noted it implies ~14% sequential growth and that Q4 is typically strong for both procedures and capital, but did not provide a specific mix. She expressed hope that practices impacted by hurricanes would have more time to recover in Q4.

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Executive Kevin Waters noted that March saw a return to normal procedure volumes and that full-year guidance implies about 10% utilization growth, even with the headwind from new account launches. Executive Sham Shiblaq added that discussions with IDNs have evolved into strategic partnerships because these hospital systems can now see years of positive, real-world data from their own facilities, validating the technology's impact on patient volumes and surgeon adoption.

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CFO Kevin Waters explained the 2,000-procedure estimate was based on customer surveys, internal analysis, and delayed new account launches. He noted a sharp procedural drop in November with a slow recovery. CCO Sham Shiblaq added that the 50% of unaffected accounts showed normal, strong seasonal growth. For Q1, Waters stated that while some impact lingered in January, February and March show strong recovery, and the company is maintaining cautious optimism in its guidance.

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Executive Reza Zadno and Executive Sham Shiblaq confirmed an extremely positive reaction to HYDROS, driven by its AI features and operational efficiencies. CFO Kevin Waters acknowledged a strong HYDROS ASP but stated the Q4 guidance of $420,000-$430,000 maintains flexibility during the initial launch. Waters also confirmed that Q4 guidance implies a year-over-year step-down in utilization per account, attributing it to ongoing rep training and macro factors like hurricane-related disruptions.

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CFO Lea Knight clarified the new ship holds added $28M-$43M to the previous estimate, bringing the total expected annual impact to $55M-$70M. She explained the organic growth guide was lowered to offset a $10M FX tailwind while keeping the reported revenue range flat. Regarding the debt covenant, she expressed full confidence in remaining compliant by managing OpEx, having the ability to make further reductions if needed, and maintaining transparent dialogue with lenders.

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CEO Mojdeh Poul explained the Integra Skin issue is compounded by low safety stock levels during planned maintenance. CFO Lea Knight added that the goal for 2025 is to meet demand and rebuild safety stock. She attributed the small Acclarent miss to a minor, one-time disruption from an ERP system migration and reaffirmed the high single-digit growth outlook.

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CFO Lea Knight attributed Acclarent's strength to a smooth integration, raising its annual revenue forecast to $97M and reiterating expectations for high single-digit growth. She clarified the Dural repair issue was a voluntary Q3 recall of 'patties and strips,' which constitute less than 2% of annual revenue.

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CEO Liam Kelly reported that Interventional Urology was on plan, with Palette (Barrigel) delivering strong double-digit growth. He noted UroLift remains challenged in the U.S. office setting due to the final year of a reimbursement headwind. Regarding balloon pumps, he stated the business saw strong double-digit growth in North America and that the environment remains stable with solid quotation activity.

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CEO Liam Kelly explained that the OEM inventory issue is broad-based, though slightly more pronounced in complex extrusions. He declined to size the potential tariff impact, citing significant uncertainty around implementation details, but confirmed that all currently enacted tariffs are factored into the company's guidance and that mitigation actions are underway.

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Liam Kelly, Chairman, President and CEO, clarified that the IABP demand is coming from both normal replacements of their own pumps and, more significantly, from accounts completely swapping out competitor systems, even some that are relatively new. For the OEM business, he stated that its normal underlying growth rate is in the mid-to-high single digits, which he expects to return after the vertical integration headwind passes in late 2025.

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CEO Peter Arduini stated the company sees no long-term issue from rare earth limitations due to multi-sourcing and a new manganese-based contrast agent in development. He reiterated the strategy to operate as a local player in China to mitigate geopolitical risks. He also confirmed the strong Q1 order growth was not a pull-forward but reflected strong underlying customer demand and commercial execution.

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CEO Peter Arduini stated that the China market is evolving as expected, with order improvements seen in Q4 and sales conversion anticipated more in the second half of 2025. CFO Jay Saccaro added that guidance assumes a low single-digit revenue decline in China for the year. Regarding CapEx, Peter Arduini noted a strong environment outside of China, particularly in the U.S., driven by robust procedure growth. He expressed confidence in GEHC's competitive position, supported by upcoming new product introductions.

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EVP and CFO Raul Parra reiterated that the China softness was due to normal OEM timing variability, not underlying demand issues, supporting the unchanged full-year outlook. Chairman and CEO Fred Lampropoulos added that OEM strength is driven by quality, reliability, and new accounts, not tariff-related inventory builds, a point echoed by Parra who also cited the Medtronic Arcadia deal.

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Executive Raul Parra clarified the OEM logistics issue was a discrete Q3 item, but supply chain challenges remain a factor. He expressed confidence in the 7% growth forecast for 2024, noting strong underlying demand. Executive Fred Lampropoulos stated that new product development remains a priority, but the company is focused on current initiatives and will reveal new technologies at the appropriate time.

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Chairman and CEO Brenton L. Saunders stated that Miebo's momentum from Q4 has continued and the company has high expectations for its growth. CFO Osama Eldessouky noted Q4's $53M revenue is a good baseline for Miebo, but cautioned about Q1 seasonality. For Xiidra, he confirmed the strategy is working, with continued TRx growth expected, though it will be impacted by a one-time $25M IRA headwind and investments in market access. Regarding contact lenses, Mr. Saunders explained that growth is a combination of transitioning existing customers and gaining new fits, highlighting that older products like ULTRA are also still growing.

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