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    Matt Miksic • Barclays Investment Bank

    Matt Miksic's questions to Medtronic PLC (MDT) leadership

    Matt Miksic's questions to Medtronic PLC (MDT) leadership • Q1 2026

    Question

    Matt Miksic asked for help quantifying the annual impact of major growth drivers like ablation and RDN on the total portfolio growth rate, seeking clarity on the cadence of acceleration over the next one to two years.

    Answer

    EVP & CFO Thierry Piéton stated that specific long-term targets would be provided at a mid-2026 Investor Day. However, he emphasized that drivers like the $1 billion incremental revenue goal for CAS represent 'macro level' opportunities that will be incremental to the base business. Chairman & CEO Geoff Martha added that this growth creates a virtuous cycle of reinvestment without sacrificing EPS growth.

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    Matt Miksic's questions to Globus Medical Inc (GMED) leadership

    Matt Miksic's questions to Globus Medical Inc (GMED) leadership • Q2 2025

    Question

    Matt Miksic from Barclays Investment Bank inquired about the progress of the Nevro integration, focusing on cost-saving initiatives and their effect on the sales force. He also asked for an update on the Enabling Technologies business, specifically the reasons for the Q1 slowdown and the current deal closure dynamics for robotic systems.

    Answer

    President & CEO Keith Pfeil responded that they are cautiously optimistic about Nevro's progress, noting that leadership has energized the sales force. He explained that major cost actions occurred late in Q2 and the long-term goal is growth. Regarding Enabling Tech, Pfeil stated that Q1 deals closed in Q2, but selling cycles remain elongated. He affirmed that Globus is not losing deals to competition and considers Medtronic its primary competitor, believing Globus's technology is superior.

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    Matt Miksic's questions to Zimmer Biomet Holdings Inc (ZBH) leadership

    Matt Miksic's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q2 2025

    Question

    Matt Miksic from Barclays Investment Bank asked about the integration of Paragon 28, focusing on the retention of its commercial team, and whether this acquisition represents a repeatable "rinse and repeat" model for future M&A.

    Answer

    Chairman, President & CEO Ivan Tornos confirmed the integration is going "really well," with better-than-expected efficiencies and no management or key commercial channel turnover. He stated that the model of acquiring a company with solid innovation and commercial execution, and allowing it to run independently, is "absolutely" a rinse-and-repeat model for the future.

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    Matt Miksic's questions to Insulet Corp (PODD) leadership

    Matt Miksic's questions to Insulet Corp (PODD) leadership • Q2 2025

    Question

    Matt Miksic asked about the P&L implications of the strong international growth and the strategy for scaling into new geographies, including any significant changes in distributorships.

    Answer

    Ana Maria Chadwick, EVP & CFO, and Ashley McEvoy, Director, President & CEO, responded. They described a layered growth strategy that includes launching Omnipod 5, adding new sensor integrations, and securing broader access with local health authorities. This market-making approach, such as achieving NICE guidelines in the UK and full reimbursement in France, allows them to command a price premium and drive penetration.

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    Matt Miksic's questions to Insulet Corp (PODD) leadership • Q2 2025

    Question

    Matt Miksic from Barclays Investment Bank asked about the P&L impact of the strong international growth, the strategy for scaling in new geographies, and whether there was a recent step-up in new distributor relationships.

    Answer

    EVP & CFO Ana Maria Chadwick described a layered growth strategy: an initial lift from the Omnipod 5 launch, a second lift from adding new sensor integrations, and a third from expanding access with local health authorities. CEO Ashley McEvoy added that market-making activities, like securing NICE guidelines in the UK, enable premium pricing. She confirmed that the newest markets have not yet had a material revenue impact.

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    Matt Miksic's questions to Tandem Diabetes Care Inc (TNDM) leadership

    Matt Miksic's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q2 2025

    Question

    Matt Miksic of Barclays Investment Bank inquired about the potential top and bottom-line impact of the recent CMS proposal for insulin pump reimbursement, including the pay-as-you-go model.

    Answer

    EVP, CFO & Treasurer Leigh Vosseller stated that Tandem does not expect a material impact, noting that traditional Medicare represents less than 10% of U.S. sales. She added that the proposed pay-as-you-go model aligns with their commercial strategy for the pharmacy channel and could ultimately be a positive for the business by driving more people to pump therapy.

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    Matt Miksic's questions to LivaNova PLC (LIVN) leadership

    Matt Miksic's questions to LivaNova PLC (LIVN) leadership • Q2 2025

    Question

    Matt Miksic from Barclays asked for a breakdown of the Cardiopulmonary growth model to better understand its durability, questioning whether the current high growth is a short-term phase or a longer wave driven by system placements.

    Answer

    CEO Vladimir Makatsaria expressed increased confidence in the durability of growth, outlining four key drivers: 1) healthy procedure growth, 2) a multi-year Essence upgrade cycle followed by software monetization, 3) sustained market share gains in oxygenators, and 4) strong execution of pricing strategies. He stated these factors together provide confidence in sustained momentum for the business.

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    Matt Miksic's questions to Alphatec Holdings Inc (ATEC) leadership

    Matt Miksic's questions to Alphatec Holdings Inc (ATEC) leadership • Q2 2025

    Question

    Matt Miksic asked about the key differentiators for ATEC's upcoming Valence robotics platform and the investments made to support the integration of its comprehensive ecosystem, from imaging to automation.

    Answer

    Chairman & CEO Pat Miles explained that ATEC's focus is on procedural integration rather than the robot itself. He stated the key differentiator will be the elegant integration of navigation and robotics into the surgical workflow of proprietary procedures like PTP, enhancing precision and reproducibility with a small footprint. Miles emphasized the goal is to make the operating room an execution-focused environment based on a pre-operative plan.

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    Matt Miksic's questions to Stryker Corp (SYK) leadership

    Matt Miksic's questions to Stryker Corp (SYK) leadership • Q2 2025

    Question

    Matt Miksic of Barclays asked for metrics on the interventional spine (IBS) business, including the OptiBlade launch, and for an update on the company's AI and digital initiatives.

    Answer

    Chair & CEO Kevin Lobo described the IBS business as a 'gem' that is 'cooking on gas,' delivering consistent, strong double-digit growth fueled by products like OptiBlade and the recent Virtus acquisition. On AI, Lobo mentioned existing applications like BLUEPRINT surgical planning and highlighted the hiring of a new Chief Digital Information Officer. He indicated that a more detailed update on AI strategy would be provided at the upcoming Investor Day.

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    Matt Miksic's questions to Baxter International Inc (BAX) leadership

    Matt Miksic's questions to Baxter International Inc (BAX) leadership • Q2 2025

    Question

    Matt Miksic of Barclays Investment Bank asked for clarification on the current assumption for hospital fluid conservation, which was previously estimated at 10%. He also questioned if the softness in the pharmaceuticals segment was due to a lumpy government contract or a more persistent demand issue.

    Answer

    EVP & COO Heather Knight clarified that the low end of the new guidance prudently assumes a -20% impact from IV conservation, reflecting a more modest outlook for the rest of the year. She also confirmed that the guidance assumes a U.S. government order from the prior year does not repeat in 2025.

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    Matt Miksic's questions to Baxter International Inc (BAX) leadership • Q2 2025

    Question

    Matt Miksic from Barclays sought clarification on the updated fluid conservation assumptions and asked whether a negative impact in the pharma segment was due to a one-time government contract issue or broader demand weakness.

    Answer

    EVP & COO Heather Knight clarified that the low end of guidance now assumes a more prudent -20% impact from IV fluid conservation, compared to a -10% assumption previously. She also confirmed the pharma headwind was due to assuming a large government order from the prior year does not repeat in 2025.

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    Matt Miksic's questions to Inmode Ltd (INMD) leadership

    Matt Miksic's questions to Inmode Ltd (INMD) leadership • Q2 2025

    Question

    Matt Miksic from Barclays Investment Bank inquired about the business cadence in Q2 versus Q1, asking if the market uncertainty that impacted Q1 continued, and questioned the strategy of maintaining investments during a market downturn.

    Answer

    CFO Yair Malca confirmed that both Q1 and Q2 were slightly below expectations, prompting a guidance revision. He noted no significant change in the challenging market behavior between quarters. CEO Moshe Mizrahy added that both quarters missed seasonal targets. Yair Malca affirmed the company's long-term strategy to remain invested in its sales structure and global expansion, anticipating an eventual market recovery.

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    Matt Miksic's questions to Bausch + Lomb Corp (BLCO) leadership

    Matt Miksic's questions to Bausch + Lomb Corp (BLCO) leadership • Q2 2025

    Question

    Matt Miksic of Barclays asked about CEO Brent Saunders' decision to extend his contract and the key factors influencing it. He also inquired about the quantifiable impact of tariffs on guidance and the company's strategy for the pharmaceutical segment, particularly regarding the gross-to-net dynamics for Xiidra.

    Answer

    CEO & Chairman Brent Saunders cited his deep confidence in the team, product portfolio, and R&D pipeline as the primary reasons for extending his contract, emphasizing the opportunity to accelerate growth and expand margins. Regarding the pharma strategy, Saunders explained that the 2025 gross-to-net headwinds for Xiidra were anticipated and that the current focus is on driving prescription volume, with profitability expected to improve starting in 2026. EVP & CFO Sam Eldessouky added that the estimated tariff impact for 2025 has been reduced to approximately 40 basis points and is fully absorbed in the updated guidance due to mitigation efforts.

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    Matt Miksic's questions to Edwards Lifesciences Corp (EW) leadership

    Matt Miksic's questions to Edwards Lifesciences Corp (EW) leadership • Q2 2025

    Question

    Matt Miksic of Barclays asked how to view the Q2 TAVR strength in the context of typical Q3 seasonality and commented on the acceleration in the Rest of World region. He also inquired about the primary gating factors for TMTT growth.

    Answer

    Larry Wood, Corporate VP of TAVR, confirmed the updated guidance accounts for Q3 seasonality. CEO Bernard Zovighian noted that strong Rest of World growth reflects TAVR's global expansion. For TMTT, Daveen Chopra, Corporate VP, explained that growth is driven by multiple layers, including new technology launches, geographic expansion, clinical data generation, and physician training.

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    Matt Miksic's questions to Edwards Lifesciences Corp (EW) leadership • Q2 2025

    Question

    Matt Miksic from Barclays asked how to view the Q2 TAVR strength in the context of typical Q3 seasonality and requested commentary on the accelerated growth in the 'Rest of World' geography. He also inquired about the primary gating factors for TMTT growth.

    Answer

    Corporate VP Larry Wood confirmed the updated TAVR guidance accounts for Q3 seasonality. CEO Bernard Zovighian highlighted that strong 'Rest of World' growth underscores TAVR's global expansion. For TMTT, Corporate VP Daveen Chopra explained that growth is driven by layering multiple catalysts, including new technology launches, geographic expansion, new clinical data, and physician training.

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