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    Matt O'Brien • Piper Sandler Companies

    Matt O'Brien's questions to Medtronic PLC (MDT) leadership

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

    Question

    Matt O'Brien asked about the slower-growing half of Medtronic's business, questioning whether organic innovations like tibial stimulation and robotics are sufficient to lift these areas or if M&A will be required.

    Answer

    Chairman & CEO Geoff Martha asserted that the slower-growth businesses have their own organic accelerators poised to drive growth. He cited Neurovascular (lapping VBP/recall), Pelvic Health (tibial launch), and Peripheral Vascular (new products). He also emphasized the durable competitive positions of core franchises like Spine and Cardiac Rhythm Management, suggesting a broad-based acceleration is expected.

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

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

    Question

    Matt O'Brien from Piper Sandler Companies pressed for more specific guidance on Nevro's revenue for the remainder of 2025, referencing prior management commentary. He also asked if Nevro's Q2 adjusted EBITDA represented a low point and what further cost synergies could be realized in SG&A.

    Answer

    SVP & CFO Kyle Kline and President & CEO Keith Pfeil declined to provide specific Nevro revenue guidance, citing uncertainty as major integration actions have just begun. Regarding EBITDA, Kline stated it's hard to call a low watermark as it depends on future sales performance. He noted that with SG&A still over 60% of Nevro's sales, it remains a key area of focus for cost actions in the second half of the year.

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    Matt O'Brien's questions to Insulet Corp (PODD) leadership

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

    Question

    Matt O'Brien sought more detail on the acceleration in competitive conversions, asking what drove the increase and whether the record new patient starts from MDI were a separate, additive trend.

    Answer

    Eric Benjamin, EVP, Chief Product & Customer Experience Officer, confirmed that both MDI conversions and competitive conversions accelerated during the quarter. He attributed the broad-based strength to a combination of impactful product innovation with Omnipod 5, a highly accessible pay-as-you-go model, and strong commercial execution by the field team.

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

    Question

    Matt O'Brien of Piper Sandler Companies sought to understand the drivers behind the acceleration in competitive conversions and asked if the record new patient starts from MDI were a separate, additive trend.

    Answer

    EVP, Chief Product & Customer Experience Officer Eric Benjamin confirmed that both MDI conversions and competitive conversions accelerated independently. He attributed the overall strength to a combination of three factors: impactful product innovation with Omnipod 5, a highly accessible 'pay-as-you-go' pharmacy model, and strong execution by the commercial team in the field.

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    Matt O'Brien's questions to SI-BONE Inc (SIBN) leadership

    Matt O'Brien's questions to SI-BONE Inc (SIBN) leadership • Q2 2025

    Question

    Matt O'Brien from Piper Sandler Companies asked about the momentum across the new product portfolio and the potential impact of reimbursement tailwinds. He also sought details on the ASC opportunity with the upcoming new product and any associated investment needs.

    Answer

    CEO Laura Francis described the growth as broad-based, with strong demand for existing solutions and rapid adoption of new products like Granite 9.5 and iFuse TNT, which will benefit from an upcoming NTAP. For the ASC opportunity, she noted it's a natural extension, with 35% of SI joint fusions already performed there, and the new 2026 product is specifically targeted for that setting. CFO Anshul Maheshwari added that the launch requires no major new investment as it fits within the existing commercial infrastructure.

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    Matt O'Brien's questions to Stryker Corp (SYK) leadership

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

    Question

    Matt O'Brien of Piper Sandler Companies asked about the drivers behind another quarter of record Mako system installations, especially with the new Mako 4 launch. He also inquired about Stryker's M&A strategy and the potential for another sizable transaction.

    Answer

    Chair & CEO Kevin Lobo expressed pleasant surprise at the seamless transition to Mako 4, which saw no pause in demand, driven by strong execution and surgeon excitement for new applications like Revision Hip. On M&A, Lobo confirmed Stryker has the financial bandwidth for another Inari-sized deal, maintains a healthy pipeline, and expects to announce a few tuck-in deals this year, without ruling out something larger.

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    Matt O'Brien's questions to Dexcom Inc (DXCM) leadership

    Matt O'Brien's questions to Dexcom Inc (DXCM) leadership • Q2 2025

    Question

    Matt O'Brien of Piper Sandler Companies pressed on the full-year guidance, noting the raise was less than the Q2 beat, and asked if this implied conservatism, competitive concerns, or other factors.

    Answer

    EVP & CFO Jereme Sylvain responded that the company is 'bullish on this business' and focused on meeting its commitments. He pointed out that the top end of the revised guidance range does pass through the entirety of the Q2 constant currency beat, signaling confidence while maintaining a commitment to deliver on their stated goals.

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    Matt O'Brien's questions to Integer Holdings Corp (ITGR) leadership

    Matt O'Brien's questions to Integer Holdings Corp (ITGR) leadership • Q2 2025

    Question

    Matt O'Brien pressed on the decision to lower the top end of the full-year revenue guidance despite a strong quarter, asking if it was due to currency or a specific product issue, particularly in the high-growth C&V segment. He also inquired about Integer's exposure to the renal denervation (RDN) market following positive reimbursement news.

    Answer

    COO Peyman Khales confirmed the guidance change was not currency-related. He explained the second-half forecast reflects tougher year-over-year comps, especially in Q4 (which grew 11% last year), and the anniversary of the New Ross facility capacity expansion. On RDN, Khales described it as a promising emerging technology where Integer's EP capabilities are transferable. He noted that while current exposure is small due to the market's nascent stage, it could provide a tailwind as the market grows.

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    Matt O'Brien's questions to Boston Scientific Corp (BSX) leadership

    Matt O'Brien's questions to Boston Scientific Corp (BSX) leadership • Q2 2025

    Question

    Matt O'Brien from Piper Sandler Companies asked about the adoption trend for concomitant procedures, specifically how the 60% rate among EPs has evolved recently. He also inquired about the strength of the competitive "moat" being built in the EP business with the combination of Farapulse, Opel mapping, and concomitant cases.

    Answer

    CMO Dr. Ken Stein clarified that the 60% adoption is among EPs who implant WATCHMAN and noted the trend is very new, with reimbursement only beginning in October 2024, but sequential growth continues. CEO Mike Mahoney reinforced the goal of overall EP leadership, citing their success in Japan as proof of their differentiated advantage. He also highlighted the Interventional Cardiology business, which grew high-double digits, as another example of the company's ability to drive growth in mature markets with innovative technology.

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    Matt O'Brien's questions to Kestra Medical Technologies Ltd (KMTS) leadership

    Matt O'Brien's questions to Kestra Medical Technologies Ltd (KMTS) leadership • Q4 2025

    Question

    Matt O'Brien from Piper Sandler Companies questioned the apparent deceleration in absolute dollar revenue growth guided for fiscal 2026 compared to 2025. He also asked why Q4 gross margin and adjusted EBITDA loss were not better than reported.

    Answer

    CEO Brian Webster stated there was no unusual competitive response and the company is laying a foundation for consistent execution. CFO Vaseem Mahboob attributed the growth profile to the timing of sales rep hiring in the second half of FY25, who are now ramping up. Regarding Q4 performance, Mahboob explained that higher OpEx was due to public company costs and commercial leadership investments, while the gross margin was impacted by the timing difference between fittings (cost) and revenue recognition.

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