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EVP & President of the Medical Surgical Portfolio Mike Marinaro shared that key learnings include the positive reception of Hugo's modular design and the importance of a partnership-based ecosystem approach. He provided metrics, stating Hugo is in over 30 countries with 'tens of thousands' of procedures logged and is seeing significant double-digit procedure growth in existing accounts. He also confirmed progress on FDA submissions.

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Executive Sean Salmon explained that market development involves training physicians and helping centers establish new hypertension service lines. He clarified that the RDN revenue ramp will be longer and more gradual than PFA because it's establishing a new treatment pathway for a vast patient population, rather than replacing an existing procedure. CEO Geoffrey Martha added that health systems are proactively seeking partnerships.

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EVP Sean Salmon explained that market development involves training physicians and establishing service lines. He clarified that the RDN ramp will be longer and more gradual than PFA because it's a new therapy pathway, not a replacement for an existing procedure. However, he stressed it represents a 'massive patient population' and a 'long annuity' growth driver for the company.

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Sean Salmon, EVP & President of the Cardiovascular Portfolio, provided an update on the Intrepid valve, which is being studied in the APOLLO trial for both mitral and tricuspid applications. He noted good progress, aided by a new 29 French transseptal delivery system, and highlighted excellent clinical outcomes, particularly in complex patients. He also mentioned that modifications are being made to optimize the valve for the tricuspid position.

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Ashley McEvoy, Director, President & CEO, outlined a balanced strategy focused on three areas: 1) driving deeper penetration in existing strongholds like the UK, France, and Germany; 2) capturing positive price mix from the Omnipod DASH to Omnipod 5 conversion; and 3) executing a financially disciplined expansion into new markets, noting that recent launches are performing well.

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President and CEO Ashley McEvoy detailed a multi-faceted strategy focused on: 1) increasing penetration in stronghold markets like the UK, France, and Germany; 2) realizing positive price mix from the Omnipod 5 upgrade cycle; and 3) executing a financially disciplined expansion into new markets. She noted successful recent launches in Canada, Australia, and the Netherlands, with more details on future plans to be shared at the upcoming Investor Day.

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President and CEO Ashley McEvoy expressed satisfaction with achieving industry-leading gross margins in the low 70s, driven by manufacturing efficiencies. She reaffirmed the 2025 adjusted operating margin guidance of 16.5% and stated that the company's disciplined investment approach remains unchanged, allowing flexibility to fund key growth opportunities in the U.S. type 2 market and international expansion.

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President and CEO Jim Hollingshead described both as core strategic imperatives with significant growth opportunities. He deliberately avoided prioritizing one over the other, stating that the company is focused on leading growth in U.S. Type 1 and Type 2, as well as driving international rollout. He deferred a more detailed long-term outlook to the upcoming Investor Day in June.

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President and CEO Jim Hollingshead confirmed that sensor integrations provide growth tailwinds. Regarding new patient starts, he clarified that while there was 'really clear sequential growth' in Q3, the company expects to see 'very clearly to have year-over-year growth for the second half' for the U.S., combining Q3 and Q4 performance.

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EVP, CFO & Treasurer Leigh Vosseller confirmed that investments in systems, talent, and market research are already underway in 2025 to prepare for the transition to direct operations. She stated that going direct will allow Tandem to drive growth differently with more intimacy and will also provide a structural revenue and margin benefit by eliminating the price concessions given to distributors.

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CFO Leigh Vosseller noted that while early OUS renewal momentum is positive, she does not expect to immediately match the U.S. rate of 70% capture within 18 months. She explained it took years to build to that level in the U.S. but expressed confidence in achieving that goal OUS long-term.

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President and CEO John Sheridan explained that 2023 was a "bumpy year" due to customer pausing ahead of multiple new product launches across the industry. He believes 2024 will be a year of market growth, driven by the absence of that dynamic, continued innovation, and new indications like the upcoming Type 2 label, which will expand the addressable market.

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VP of Finance & IR Jason Beach stated the supply issue, largely in the Medical division, is expected to linger through year-end but that the division's growth will still accelerate. Chair & CEO Kevin Lobo reported the Mako 4 launch is going well, with spine and revision hip applications exclusive to it. The shoulder application is migrating to Mako 4 for a full launch next year, with a significant sales impact expected in 2026.

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VP of Finance and Investor Relations Jason Beach confirmed the capital environment remains strong with no signs of a slowdown, evidenced by double-digit growth in capital businesses. CEO Kevin Lobo added that the Inari integration is proceeding very well, with strong top-line performance and a culture consistent with Stryker's.

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CEO Kevin Lobo stated that the elevated ortho market feels like a 'new normal' driven by strong underlying fundamentals, not just temporary pent-up demand. CFO Glenn Boehnlein added that pricing pressures in ortho are lessening. Regarding Mako Spine, Kevin Lobo reported that it is very early but the launch is proceeding as expected, emphasizing a deliberate, slow rollout to ensure proper training and execution.

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President & COO Joe Gilliam reiterated that the overall guidance raise implies a higher full-year expectation for iDose TR, driven by strong momentum. For Epioxa, he outlined a methodical 2026 ramp focused on securing a J-code and payer policies. He stated there is no formal patient waitlist yet but expects procedure deferrals to become a significant dynamic post-approval.

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President and COO Joseph Gilliam confirmed there was a modest, implied raise to the iDose expectations for the year but declined to specify the exact amount. He reiterated that the quarterly ramp would be driven by the factors previously discussed, including expanding MAC coverage and seasonality, and advised analysts to use the provided segment commentary to build their models.

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CFO Alex Thurman confirmed the 2024 gross margin guidance has been narrowed to a range of 82% to 83%. President and COO Joseph Gilliam declined to comment on specific 2025 consensus numbers but provided macro considerations, including international competition, ongoing Corneal Health headwinds, and U.S. glaucoma momentum being gated by reimbursement progress and sales execution.

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President & COO Jacob Leach described the G8 as 50% smaller with a next-gen chipset supporting multi-analyte sensing and improved performance. Regarding competition, he emphasized that Dexcom's focus is on proven clinical utility and critical safety features, like hypoglycemia alerts, over novel analytes. He confirmed a ketone sensor is in development but will be launched when appropriate.

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COO Jacob Leach clarified that the warning letter does not restrict new product submissions, approvals, or distribution. He stated that the company is working diligently with the FDA to address all concerns but noted it is hard to speculate on an exact resolution timeline, though progress is being made without impacting the innovation pipeline.

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Executive Jacob Leach explained that the 15-day pump integration is a much smaller technical lift for partners compared to the G6-to-G7 transition. Regarding G8, he described it as the next hardware platform that will be smaller with more capabilities, including multi-analyte potential and pump compatibility closer to launch. CEO Kevin Sayer added that G8 will be a series of stepwise innovations.

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CEO Kevin Sayer declined to speculate on the FDA's timeline but expressed hope for a fast approval, similar to the 15-day Stelo. CFO Jereme Sylvain described the product as a 'big opportunity' and a 'compelling cost lever' for 2025, particularly with monthly fee contracts, while reaffirming the company's existing 2025 long-range plan targets.

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VP & CFO James Saccaro explained that some moderation was expected after a very strong Q1, which included a large customer order. He emphasized looking at a more extended period, noting that first-half orders grew 7% and the last twelve months saw mid-single-digit growth, aligning with their mid-term goals. President & CEO Peter Arduini added that large enterprise deals naturally create quarterly lumpiness.

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CEO Peter Arduini noted robust demand in the U.S. and Europe, reflected in 10% orders growth, stating that imaging remains a priority for hospitals as it drives productivity. Regarding Photon Counting CT, he confirmed it's on track for its planned submission and launch, highlighting its differentiating technology as a key investment the company is protecting.

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CFO Jay Saccaro reiterated that the flat Q1 margin outlook is due to a deliberate increase in R&D and SG&A investments to support critical new product launches, which will offset gross margin expansion. CEO Peter Arduini addressed the competitive landscape by noting that while they compete with several companies, no competitor has the same business mix, particularly with their unique position in radiopharmaceuticals. He stated they are performing well, especially in the U.S., and are driving growth by converting their installed base with high-value innovations.

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CEO Peter Arduini explained that Flyrcado adoption will require some customers to acquire new PET systems, particularly in cardiology departments, which represents a capital equipment opportunity for GE HealthCare. CFO Jay Saccaro reported encouraging progress for Vizamyl, with U.S. sales nearly doubling quarter-over-quarter, and noted that expected CMS reimbursement changes should further accelerate adoption.

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CEO & Chairman Brent Saunders described the contact lens R&D pipeline as the best in the company's history, marking a strategic shift from "catching up" to "leading the market." EVP of R&D Yehia Hashad provided details on the "Biomimetic" lens project, a significant material innovation. He confirmed that after approximately 10 successful internal studies, a large-scale external clinical study is set to begin around October, with a full deep-dive planned for the November Investor Day.

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Chairman and CEO Brenton L. Saunders described the contact lens market as resilient, with continued mid-single-digit growth and a history of muted but positive growth even during recessions. Head of R&D Yehia Hashad elaborated on the pipeline, noting the biomimetic lens is in final optimization studies, the myopia lens will have interim data by early 2026, and a new premium FRP SiHy lens program has started. Saunders added that these new lenses are designed for existing manufacturing infrastructure, avoiding large capital investments.

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Chairman and CEO Brenton L. Saunders expressed pride in the contact lens performance, attributing the growth to a strong market, broad-based execution in the U.S. and China, and investments in platforms like Opal. Head of R&D Yehia Hashad added that the biomimetic lens is a new material designed to mimic the eye's natural environment and is showing promising results in internal studies, with a large external study planned for mid-year. Mr. Saunders highlighted that it was designed for existing manufacturing lines to minimize future capital expenditures.

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CEO Adam Elsesser clarified that since the product is already cleared for use in PE, no new regulatory approval is needed. He explained the data is intended to influence the broader medical community and standard of care. If positive, he expects a significant impact on a large, underpenetrated market that lacks the logistical hurdles of stroke treatment.

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CEO Adam Elsesser corrected the gross margin target to over 70% and identified the primary driver as the product mix shift towards higher-margin CAVT products, supplemented by manufacturing efficiencies. Regarding Thunderbolt, he stated that the immediate next step is completing the patient follow-up by year-end, after which the company will submit for approval and provide further updates on commercialization plans.

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COO Peyman Khales clarified the full-year guidance math, stating the midpoint of $1.863 billion is based on strong visibility from their ~$700 million backlog. He reiterated the outlook for C&V (mid-teens), CRM & N (5%), and a ~$32.5 million decline in 'Other' markets. Regarding inventory, Khales noted that management has become more normalized over the last couple of years and that the company's guidance already accounts for any customer inventory adjustments. He also stated the potential tariff impact remains minimal, in the $1-5 million range.

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CEO Joseph Dziedzic quantified the impact of fewer shipping days at approximately 300 basis points of headwind in Q1. Regarding a potential recession, he stated that the medtech industry is resilient, with most of Integer's supported therapies being non-elective. He believes the trend of customers outsourcing manufacturing to partners like Integer would continue, as it allows them to focus capital on therapy development and commercialization.

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Joseph Dziedzic, President and CEO, stated that while formal 2025 guidance will be provided in February, the company remains focused on its strategic objectives of growing sales organically 200 basis points above the market and expanding operating profit at twice the rate of sales. He noted that 2024 has been a normal market growth year and he has no reason to believe 2025 will be different.

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CEO Mike Mahoney highlighted several areas of strength. He pointed to Endoscopy's double-digit growth in the U.S. and Neuromodulation's strong performance in Deep Brain Stimulation (DBS). He noted the Urology franchise performance was slightly below typical levels due to temporary supply constraints and that the Axonics integration is progressing well after working through initial commercial disruption, with a strong 2026 anticipated.

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Michael Mahoney, Chairman and CEO, attributed the excellent growth to strong market adoption of concomitant procedures, noting that Boston Scientific gained market share in the quarter. Dr. Ken Stein, Chief Medical Officer, added that uptake has been faster than expected, driven by strong OPTION trial data, streamlined workflows with FARAPULSE, and clear economic advantages for both hospitals and physicians.

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CFO Dan Brennan explained that the 2025 operating margin expansion of 50-75 basis points will be driven by an optimal mix of improving gross margin, SG&A leverage, and a potential slight uptick in R&D spending as a percentage of sales. He reiterated that the capital allocation strategy remains unchanged: the top priority is strategic tuck-in M&A, followed by annual share repurchases.

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CEO Michael Mahoney confirmed the company's increased confidence, stating that physicians are adopting FARAPULSE more quickly than anticipated a year ago. He attributed this to excellent clinical outcomes, procedural efficiencies, and the successful manufacturing scale-up, noting that FARAPULSE has maintained market leadership even against competitors in Europe.

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President & CEO Albert White confirmed the guidance reflects a mix of all three factors: competitor results, tightening channel inventory, and a prudent, conservative approach. Both he and CFO Brian Andrews highlighted that significant, under-appreciated operational efficiencies in manufacturing and distribution are driving leverage through the P&L, helping to offset other pressures.

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CEO Al White stated that current tariff discussions do not significantly impact the company. Regarding market growth, he acknowledged the market grew 7% last year and that the underlying drivers (trade-up to dailies, growth in torics/multifocals) remain strong. While he hopes the market reaches 7% again, he believes a 5-7% range is a reasonable expectation for the year.

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CEO Al White reported that the myopia management portfolio generated approximately $37 million in the quarter, with MiSight growing 50%. He characterized the business as being in the "early innings" of adoption but gaining significant traction and moving closer to becoming the standard of care in pediatric optometry. He expressed strong optimism for the market's long-term potential, supported by the MiSight and SightGlass products.

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CEO Christopher Simon confirmed that both revenue and margin expansion are expected to be back-half loaded in fiscal 2026, reflecting collection volume assumptions and focused efforts in Interventional Technologies. He specified that the Plasma share gains are coming from new, extended agreements with major collectors like Grifols and BioLife Takeda, which involve converting competitor centers to Haemonetics' advanced Persona and Express Plus technology.

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CEO Christopher Simon explained that the main challenge for Attune's Enzo ETM is market disruption from PFA, and the strategy is to focus on the remaining RF ablation market. For the Japanese Red Cross win, he clarified there is no current financial impact, as implementation will take several years, with commercial benefits expected in FY '27 and beyond. He positioned the win as a key proof point for the NexSys platform.

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Executive Rajbir Denhoy explained that gross margin will improve as higher-priced U.S. sales become a larger part of the mix, reiterating the 200-300 basis point improvement target for 2025 and noting that tariffs have a minimal impact. CEO Peter Caldini added that the company expects to achieve close to 100% share within converted clinics over time.

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CEO Juan Jose Quiros explained that early adopters are innovation-focused surgeons and that patients are drawn to the technology's safety and natural results, amplified by strong organic social media buzz. He stated that the current team of 40 sales reps is sufficient and the company will only add more reps selectively in large metro areas as the year progresses.

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President and CEO Ivan Tornos explained the name was changed because 'Other' was an inappropriate label for the fast-growing enabling technologies business within that segment. He noted the segment's quarterly decline was due to tough prior-year comparisons and a mix shift toward ROSA system placements over outright sales, not a change in underlying demand.

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EVP & CFO Joel Grade detailed tariff mitigation efforts including supply chain optimization, targeted pricing, and seeking exemptions, noting the impact would phase in. COO Heather Knight attributed the HST strength to a healthy backlog, competitive wins in Patient Support Systems (PSS), and strong order growth, expressing confidence in the momentum while remaining cautious about the macro environment.

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CEO José Almeida stated that post-divestiture, China will be less than 2% of sales, minimizing country-specific risk, and noted that potential tariffs would be an industry-wide issue for raw materials. He described the Novum IQ launch as 'extremely well,' with market share gains accelerating to 2-2.5% this year. CFO Joel Grade added that infusion hardware sales are up 50% year-to-date, with strength expected to continue.

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Larry Wood, Group President of TAVR, distinguished between the three developments: FDA label expansion (expected Q2), CMS NCD updates (timing uncertain), and society guideline changes. He emphasized that the FDA approval is the critical first step that will allow the company to begin promotional and educational efforts for asymptomatic patients, which will then be amplified by subsequent NCD and guideline changes.

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Daveen Chopra, Global Leader of TMTT, explained that SAPIEN M3 is designed for a large group of patients who are unsuitable for transcatheter edge-to-edge repair (TEER). He reiterated the mid-2025 European and 2026 U.S. approval timelines. The strategy involves a disciplined launch focused on physician training and excellent outcomes, positioning M3 as a key future growth driver to help TMTT reach its $2 billion revenue goal by 2030.

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CFO Scott Ullem quantified the China distributor adjustment at approximately $5 million but did not quantify other impacts like hurricanes. Daveen Chopra, Global Leader of TMTT, reiterated that the European launch for SAPIEN M3 is anticipated in mid-2025, with a U.S. launch to follow after the completion of the one-year follow-up and standard FDA review.

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EVP, MedTech, Tim Schmid explained that one-time events negatively impacted worldwide Orthopedics growth by approximately 480 basis points. These included lapping a prior-year revenue recognition change, fewer selling days, and disruption from the ongoing ortho transformation. He expressed confidence in a back-half acceleration driven by new product launches in trauma, spine, and hips.

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CFO Lea Knight advised focusing on absolute sequential revenue growth rather than noisy year-over-year comparisons. She projected a step-up in revenue from Q1 to Q2, driven by ship hold remediation and higher Integra Skin production, followed by a typical seasonal lift in Q4. She reiterated that the private label issue is a temporary component delay.

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CEO Jan De Witte described the plan as a structured program to enhance resiliency and predictability, with the 'flip side' being that it can uncover issues leading to temporary quality holds. He confirmed it is an 18-month process that began in the summer of 2024 and will continue through 2025.

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EVP and CFO Chris DelOrefice explained that the Q1 operational outperformance is reflected in the new guidance, and the rest of the year's phasing is impacted by translational FX and a higher tax rate after a favorable discrete item in Q1. Chairman, CEO and President Tom Polen added that the Critical Care (APM) integration is off to a fantastic start, growing high-single digits ahead of the deal model, with integration planning on or ahead of schedule and teams already working on revenue synergies and technology integration.

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