Richard Newitter • Truist Securities

Answer

SVP & CFO Kyle Kline reiterated the full-year guidance range for revenue and EPS, stating that after a light Q1 and a solid Q2, the company feels comfortable with the current range. Kline declined to provide specific breakdowns of the guidance components but confirmed confidence in U.S. Spine and Enabling Tech, acknowledging some international headwinds.

Ask Fintool Equity Research AI

Answer

COO and CFO Keith Pfeil confirmed Nevro is in the guidance and said the standalone organic guide is not 'materially different.' CEO Dan Scavilla addressed the capital outlook, stating that while he doesn't expect an immediate 'snap back' in sales cycles due to macro uncertainty, the company is focused on its long-term, 5-to-10-year strategy where minor quarterly shifts are manageable.

Ask Fintool Equity Research AI

Answer

President & CEO Dan Scavilla clarified that while ortho robotics will not be the main growth driver in 2025, its revenue contribution will become more significant and set the stage for future growth. COO & CFO Keith Pfeil indicated that if there were to be accelerated outperformance, it would most likely come from COGS, as the company has the ability to take out more cost and turn in-sourced inventory quicker to drive profitability.

Ask Fintool Equity Research AI

Answer

Chairman, President & CEO Ivan Tornos explained that ROSA remains critical as the #1 orthopedic robot outside the U.S., appealing to a large segment of surgeons who prefer an imageless, CT-free system where they retain full control. He stated there is no internal "race," as the strategy is to offer optionality and flexibility to win across different customer segments.

Ask Fintool Equity Research AI

Answer

President and CEO Ivan Tornos clarified that the changes are an 'evolution' aimed at accelerating U.S. growth, which he deemed unsatisfactory. The optimization involves leadership changes, territory adjustments, and incentive plan modifications to better support high-growth areas like S.E.T., robotics, and the ASC channel. He confirmed these actions are fully contemplated within the existing financial guidance.

Ask Fintool Equity Research AI

Answer

CEO Ivan Tornos described the Tamini partnership as a source of valuable optionality, catering to customers who prefer a smaller footprint or CT-based system, which is common in ASCs. He confirmed the collaboration has already driven customer conversions and that early data suggests it is a meaningful opportunity.

Ask Fintool Equity Research AI

Answer

EVP, Chief Product & Customer Experience Officer Eric Benjamin explained that the indication solidifies their first-mover advantage. He noted that clinical data from the Secure T2D study strongly resonates with prescribers. He added that Omnipod's differentiated simplicity and unique 'pay-as-you-go' pharmacy access model are also key competitive strengths in this patient population.

Ask Fintool Equity Research AI

Answer

Eric Benjamin, EVP, Chief Product & Customer Experience Officer, explained that the formal indication is crucial for building the market as a first mover. He emphasized that the strong clinical data from the SECURE-T2D study resonates powerfully with prescribers. This evidence, combined with Omnipod's inherent simplicity and unique pay-as-you-go access model, creates a strong competitive advantage.

Ask Fintool Equity Research AI

Answer

President & CEO Reza Zadno asserted that adoption is driven by clinical outcomes, not physician fees, and that the stable hospital facility reimbursement is the more critical economic factor. EVP & CFO Kevin Waters explained that the focus for 2025 is on the large greenfield market opportunity, and a more robust replacement cycle is now expected in 2026, aligning with the 5-7 year useful life of systems placed in 2021.

Ask Fintool Equity Research AI

Answer

Executive Sham Shiblaq responded that placing systems in low or medium-volume hospitals is a key growth driver, as the technology often helps those accounts become high-volume centers. Executive Kevin Waters clarified that while tariffs could create a $5 million gross margin headwind, the company has already identified offsetting operational efficiencies, allowing them to reaffirm the full-year adjusted EBITDA guidance.

Ask Fintool Equity Research AI

Answer

CCO Sham Shiblaq confirmed that rep training for HYDROS was accelerated during the Q4 downtime and is no longer an issue. CFO Kevin Waters clarified that the $3 million in replacement revenue is separate from the 210 new system sales and that future trade-in ASPs for older systems will be significantly higher than the initial exchanges seen in late 2024. CCO Shiblaq reiterated that the primary focus remains on greenfield sales.

Ask Fintool Equity Research AI

Answer

CFO Kevin Waters distinguished between a limited 'exchange' program for very recent AquaBeam purchasers, which had a nominal revenue impact, and a formal 'replacement' cycle planned for 2025. Executive Sham Shiblaq emphasized that the sales team is entirely focused on and incentivized for new greenfield accounts in 2024. Regarding 2025, management expressed confidence in the HYDROS launch and ASPs but declined to provide specific guidance until their next earnings call.

Ask Fintool Equity Research AI

Answer

CEO Brian Markison explained that R&D timelines are not fixed and the formulation is ready at the "right time." President Paul Blanchfield outlined a potential launch in the fall of 2026, following a March 2026 PDUFA date and subsequent processes to secure coding, coverage, and payment, including Transitional Pass-Through (TPT) status.

Ask Fintool Equity Research AI

Answer

CEO Brian Markison confirmed that double-digit revenue growth for 2026 is 'definitely in the cards.' CFO Robert Marshall reaffirmed that the combined dilution from both acquisitions is still expected to be in the low single-digit percent range for 2026, relative to the prior guidance midpoint, once the LMI deal closes.

Ask Fintool Equity Research AI

Answer

CFO Robert Marshall explained that the guidance range captures different scenarios. The low end implies a flattish first half with modest growth in the second half as the company anniversaries its strategic partnership contracts. The high end of the range implies growth in the first half, accelerating to mid-to-high single digits in the back half of the year.

Ask Fintool Equity Research AI

Answer

CEO Brian Markison clarified that the company does anticipate volume growth for PYLARIFY. President Paul Blanchfield added that the term 'sustain' reflects the transitory net price compression from strategic partnerships that will annualize in 2025. Regarding CMS, he expressed confidence in their position based on past engagement and the agency's openness to using ASP-based payments in the future.

Ask Fintool Equity Research AI

Answer

CEO Dave Bailey responded that the new 3P plating platform, which just had its first case, is a key initiative designed to fill gaps in both trauma and deformity with advanced, specialty plating technology. He reiterated that the Q2 deformity slowdown was a temporary 'ebb and flow' and did not believe cases were pushed from earlier in the quarter into the summer months.

Ask Fintool Equity Research AI

Answer

CEO Tim Herbert confirmed the Inspire V transition was the leading issue, compounded by a strategic pullback in DTC spend and footprint expansion. CFO Rick Buchholz attributed the accounts receivable increase to a new billing system implementation and strong sales in June. Herbert clarified the 20% implant growth was due to reduced surgical complexity and the elimination of the pressure-sensing lead, which improved physician capacity and enthusiasm.

Ask Fintool Equity Research AI

Answer

CEO Tim Herbert stated that the annual plan always anticipated an Inspire V launch and inventory transition; the main new development was the increased patient awareness causing a shift in timing. CFO Richard Buchholz added that they had expected a more back-end weighted year from the outset and that the Q2 launch dynamics now point to a Q4 that will be stronger than historical levels.

Ask Fintool Equity Research AI

Answer

CEO Tim Herbert deferred on specific coding details pending final discussions with payers but stressed that the shorter procedure time with Inspire V creates a net positive for physicians by allowing more procedures per day. He confirmed that their view of the 2025 consensus as 'not unreasonable' does incorporate the key assumption of continued growth in same-store sales and U.S. utilization.

Ask Fintool Equity Research AI

Answer

President and CEO Quentin Blackford attributed the growth to a combination of all three factors. He confirmed a likely benefit from PFA procedure monitoring, noted that iRhythm's long-term monitoring market share has increased to nearly 72%, and emphasized that the overall market is expanding, driven by a concerted strategy to push prescribing into primary care settings, which is now a key practice in large IDNs.

Ask Fintool Equity Research AI

Answer

CEO Quentin Blackford confirmed that the senior FDA leaders they work with have remained the same, which he views favorably. On primary care, he expressed high bullishness, stating the true market is the 27 million patients presenting in that channel. He cited early trial data showing high diagnostic yields (80-90%+) in at-risk populations, reinforcing his confidence in the strategy to expand the market through primary care.

Ask Fintool Equity Research AI

Answer

CEO Quentin Blackford stated that current efforts go beyond the FDA's observations to rebuild the entire quality management system, validated by a new consulting firm. He explained the $15 million annual spend reflects this comprehensive approach but will be offset by other corporate actions, allowing for continued profit improvement. He expressed confidence in the Q3 '25 timeline as a conservative estimate for the proactive work being done.

Ask Fintool Equity Research AI

Answer

Chair & CEO Kevin Lobo revealed that Stryker has the capability for an autonomous Mako but has chosen not to pursue it, believing there is currently no significant value-add for surgeons compared to adding new applications. Regarding neurovascular, he noted the ischemic market was a bit slower in the quarter but expressed optimism for a better second half, driven by three new product launches.

Ask Fintool Equity Research AI

Answer

VP Jason Beach noted it's too early for 2026 budget discussions but highlighted that a significant portion of Stryker's capital sales are tied to procedural volumes, which remain strong. CEO Kevin Lobo stated that Inari's R&D is focused on improving its existing product lines and supporting the recent launch of its Artix arterial product, which is receiving favorable feedback.

Ask Fintool Equity Research AI

Answer

VP Jason Beach stated that the capital environment remains very positive, and they see no signs of change. CEO Kevin Lobo explained the Inari diligence timeline was typical for a public company deal, as Stryker had done extensive homework on public information prior to gaining access.

Ask Fintool Equity Research AI

Answer

CFO Glenn Boehnlein confirmed that any earnings dilution from recent deals is already contemplated in the current full-year guidance and will be absorbed. CEO Kevin Lobo addressed the ischemic stroke business, noting that a previous supply chain issue has been rectified and the company is exploring sales force changes, such as dedicated reps, to better compete in a crowded market.

Ask Fintool Equity Research AI

Answer

CFO Joe Mara confirmed the summary was accurate. CEO Dominick Colangelo addressed the conversion question, stating they have seen no difference in conversion rates for MACI Arthro and that the current dynamic of biopsy growth leading implant growth mirrors the original MACI launch in 2017, with implant growth expected to catch up over subsequent quarters.

Ask Fintool Equity Research AI

Answer

CFO Joe Mara clarified that the higher MACI forecast assumes a contribution from MACI Arthro based on strong trends seen to-date, such as surgeon training and biopsy growth, rather than a dramatic future inflection. Regarding margins, he explained the significant Q2 improvement is primarily driven by the much higher revenue base expected in the quarter, as operating expenses are projected to remain relatively stable. The lower Q1 margin was an anomaly caused by seasonally low MACI revenue combined with unexpectedly low Epicel revenue.

Ask Fintool Equity Research AI

Answer

CEO Nick Colangelo confirmed initial MACI Arthro cases are indeed for femoral condyle defects, the largest part of the addressable market. CFO Joe Mara advised that while P&L specifics for 2025 are pending, the magnitude of year-over-year margin expansion seen in 2024 should not be expected, partly due to depreciation from the new facility. He affirmed confidence in long-term margin targets and noted a significant inflection in cash generation is expected in 2025.

Ask Fintool Equity Research AI

Answer

CEO Liam Kelly described the proposed CMS rule as a 'positive development,' highlighting a potential 10% reimbursement uplift for UroLift in the physician office setting, which should aid its recovery. Regarding balloon pumps, he clarified that while they performed well, the quarter's outperformance in the Interventional segment was actually driven by OnControl and complex catheters. He expects balloon pump growth to moderate in Q4 due to tougher year-over-year comparisons.

Ask Fintool Equity Research AI

Answer

CEO Liam Kelly explained that confidence in China's recovery stems from cycling past the largest impact of volume-based procurement destocking, making Q1 the low point. He expressed hope that medical devices would receive tariff exemptions and confirmed that the tariff impact from Biotronik is 'de minimis' and not a material factor in the total.

Ask Fintool Equity Research AI

Answer

CEO Liam Kelly confirmed the balloon pump outlook remains unchanged with robust quote activity. An executive noted that while enacted tariffs are included in guidance, proposed tariffs (e.g., for Mexico) are not, representing the largest potential exposure. Kelly also announced that an external search for a NewCo CEO and CFO is beginning immediately.

Ask Fintool Equity Research AI

Answer

EVP & CFO Jereme Sylvain reiterated the expectation that OUS business will grow faster than the U.S. business, consistent with historical trends. In the U.S., he confirmed that the gap between volume and revenue growth should narrow as the company fully laps the impact of prior-year rebate changes.

Ask Fintool Equity Research AI

Answer

President & COO Joe Gilliam confirmed that regions with established pro-fees are outperforming, with faster physician training, higher utilization, and broader use in both standalone and combo settings. He also confirmed his earlier comment that while the non-iDose business will see a seasonal Q3 dip, strong iDose TR growth is expected to result in positive sequential growth for the total U.S. Glaucoma franchise.

Ask Fintool Equity Research AI

Answer

President and COO Joseph Gilliam explained that the iDose guidance assumes the positive reimbursement trends seen in Noridian will continue to roll out across other MACs, supplemented by a methodical expansion into commercial and Medicare Advantage plans. He also clarified that iDose, as a procedural pharmaceutical, is not subject to the MIGS combo-procedure LCDs and can be used in combination with other devices at the physician's discretion.

Ask Fintool Equity Research AI

Answer

President and COO Joe Gilliam explained that while they don't provide granular numbers, physician training is not a primary gating item due to existing surgeon skills in angle-based surgery. He identified training office staff on reimbursement as a more significant factor. Regarding utilization, Gilliam confirmed a wide range, with new accounts typically starting slow and scaling up as they gain confidence in payment. He noted that a growing number of doctors are achieving high monthly procedure volumes, driven by strong clinical outcomes.

Ask Fintool Equity Research AI

Answer

CEO Adam Elsesser clarified that the new sales reps are already hired and trained, with the heavy lifting complete, and he expects positive impact in the second half. He confirmed no new slowdown is anticipated, but pointed to the softer overall stroke market and the mature coronary business as existing factors, reiterating the guidance reflects conservatism.

Ask Fintool Equity Research AI

Answer

CEO Adam Elsesser declined to provide a specific growth number but reiterated that U.S. stroke grew "significantly above the market." He confirmed Thunderbolt will have a price benefit for Penumbra but emphasized the company is not pursuing broad price hikes like competitors, preferring to drive growth through volume and innovation, which builds long-term goodwill with hospitals.

Ask Fintool Equity Research AI

Answer

CEO Adam Elsesser declined to specify the number of 2025 launches but confirmed that revenue from Thunderbolt is not included in the current guidance due to the uncertainty of the regulatory timeline. He explained that if clearance occurs outside the window of major medical conferences in July or November, the company would likely launch the product and release data via press release rather than waiting.

Ask Fintool Equity Research AI

Answer

CEO Adam Elsesser clarified that the U.S. stroke business saw "high double-digit growth" and was not decelerating, attributing the overall thrombectomy calculation difference to slower growth in the mature coronary business. Regarding international markets, he stated that the situation in China is playing out as previously discussed, with fewer headwinds expected in 2025, and noted high physician interest for the new Flash 2.0 and Lightning Bolt 7 launches in Europe.

Ask Fintool Equity Research AI

Answer

COO Peyman Khales stated that the second-half growth is projected at 8%, with roughly equal growth rates expected in both Q3 and Q4. EVP & CFO Diron Smith added that AOI growth in the second half should be similar to the first half's 14% rate, with AOI margin expected to improve sequentially in both Q3 and Q4. Smith reiterated that the year-over-year sales growth for Q3 and Q4 would be very similar, around 8% at the midpoint.

Ask Fintool Equity Research AI

Answer

CEO Joseph Dziedzic responded that OEMs are not rushing to make significant changes to their global manufacturing footprints, preferring to wait for more clarity on tariffs. He noted the order book has grown from $728 million at year-end to nearly $800 million, providing strong visibility, but he expects this figure to decline toward year-end as order lead times normalize and the Portable Medical exit is completed.

Ask Fintool Equity Research AI

Answer

President and CEO Joseph Dziedzic attributed the Q4 gross margin pressure to the inefficiencies associated with significant new product ramps, including hiring and training new associates. For 2025, he stated that Integer expects operating margin expansion to come from a combination of both gross margin improvement and operating expense leverage, though the mix may vary. He noted SG&A would likely grow closer to the sales rate while RD&E would grow at a slower rate.

Ask Fintool Equity Research AI

Answer

Joseph Dziedzic, President and CEO, clarified the hurricane primarily impacted the Cardio & Vascular segment from facilities in Florida and the Dominican Republic, with a minor lingering cost impact expected in Q4. He reiterated that the Q3 CRM softness was anticipated based on customer order patterns seen at the start of the year, which indicated a normalization in the second half, and was not necessarily a reflection of a broader market trend.

Ask Fintool Equity Research AI

Answer

John Treace, Chief Executive Officer, explained that while it's too early to quantify the impact of the reimbursement lift, it is a definite positive with some positive anecdotal feedback from the ASC setting. Regarding SpeedPlate, he stated it's now the majority of their fixation mix and continues to gain converts. He highlighted the new MicroQuad for small incisions and SpeedAkin for complementary procedures as important portfolio additions that expand options and drive volume, particularly with MIS osteotomies.

Ask Fintool Equity Research AI

Answer

CEO John Treace explained that Treace's osteotomy solutions are differentiated by incorporating a 3-plane correction, including the rotational plane, which is based on the same philosophy as Lapiplasty and is believed to provide more enduring outcomes. CFO Mark Hair addressed guidance, stating the company expects low-single-digit growth in Q1 2025, followed by potential double-digit growth in subsequent quarters, and noted Q4's contribution to the full year might be slightly stronger than the analyst's model.

Ask Fintool Equity Research AI

Answer

CEO John Treace clarified that Treace's focus on the elective bunion surgery segment makes direct comparisons to diversified foot and ankle companies difficult. He confirmed that after some market softening earlier in the year, Q2 and Q3 performed as expected, and they anticipate the typical seasonal acceleration in bunion procedures through Q4.

Ask Fintool Equity Research AI

Answer

CFO Anshul Maheshwari stated the plan is to grow to 100 territories over 12-18 months to support new products and ensure rep bandwidth. He expects productivity to continue improving, albeit gradually, as new reps are added. Maheshwari noted the company is in the early stages of driving physician density and cross-selling, particularly with Granite 9.5, and did not provide a specific target, emphasizing the long runway for growth.

Ask Fintool Equity Research AI

Answer

CEO Laura Francis detailed how the new TPT payment, combined with the removal of a key CPT code from the inpatient-only list, creates a strong economic incentive for surgeons and hospitals to perform Granite procedures in outpatient settings. CFO Anshul Maheshwari added that long-term gross margins are expected to stabilize in the 76-77% range. He confirmed that operating leverage will come from sales, marketing, G&A, and R&D expenses all growing slower than revenue, driving full-year adjusted EBITDA profitability in 2025.

Ask Fintool Equity Research AI

Answer

CFO Lea Knight clarified that the guidance includes an incremental $60M to $120M for potential future holds, on top of the ~$27M annual impact from known Q1 issues. CEO Mojdeh Poul stated that while M&A is a long-term strategy, the 2025 focus is on execution of the compliance plan, manufacturing improvements, and deleveraging.

Ask Fintool Equity Research AI

Answer

CEO Jan De Witte stated that for short-term holds, they regain 'pretty much full share' quickly. CFO Lea Knight added that 2025 growth is not expected to be back-half weighted and that while recapture for some products may take longer, they anticipate resuming their market position during 2025.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Geoff Martha cited both market expansion and consolidation as factors. Brett Wall, EVP & President of the Neuroscience Portfolio, added that the market favors companies with scale and technology like Medtronic's 'able' ecosystem, which he believes makes the growth sustainable. He confirmed they have a strong pipeline of competitive sales reps joining the company.

Ask Fintool Equity Research AI