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    Rick Wise • Stifel Financial Corp.

    Rick Wise's questions to Solventum Corp (SOLV) leadership

    Rick Wise's questions to Solventum Corp (SOLV) leadership • Q2 2025

    Question

    Rick Wise inquired about the timeline for the ERP implementation and its long-term impact on the business, and also asked for the strategy to unlock value from the retained drinking water business.

    Answer

    CEO Bryan Hanson outlined the ERP timeline, with the next major cutovers in 2026 and completion by the end of 2027. CFO Wayde McMillan added that the primary benefit will be improved free cash flow in 2026 and 2027 as separation costs ramp down. Regarding the drinking water business, Hanson stated there is no urgent timeline for a transaction, as the focus is on taking the necessary time to find the right strategic home for it.

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    Rick Wise's questions to Solventum Corp (SOLV) leadership • Q3 2024

    Question

    Rick Wise of Stifel asked for concrete examples of how new leadership and commercial changes are expected to drive growth in the MedSurg business. He also inquired about the progress and expected impact of the ongoing ERP system transition.

    Answer

    CEO Bryan Hanson explained that new MedSurg leadership is implementing commercial rigor, changing compensation to be more performance-based in 2025, and specializing the sales force. He expects these changes to drive underlying business improvement in 2025 but cautioned about offsets like SKU rationalization. Regarding the ERP transition, CFO Wayde McMillan noted that while four smaller countries are complete, the process is complex. Hanson added that the company hired experienced leaders to mitigate risks.

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    Rick Wise's questions to Solventum Corp (SOLV) leadership • Q3 2024

    Question

    Rick Wise sought more detail on how new leadership, commercial rigor, and new products like Peel and Place will concretely impact the MedSurg business's growth trajectory. He also asked for an update on the ERP system transition, its progress, and its expected impact on the business.

    Answer

    CEO Bryan Hanson explained that the turnaround in MedSurg and other units is driven by new talent implementing commercial rigor and performance-based compensation in 2025. While innovation gaps will take longer to fill, he expects underlying business improvement next year from these changes and new launches. CFO Wayde McMillan noted the ERP transition is a major focus, with four smaller countries already implemented. He acknowledged some challenges but highlighted that the teams are learning and preparing for the larger North American rollout. Hanson added that they hired leaders with direct experience in such complex system cutovers to mitigate risk.

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    Rick Wise's questions to Becton Dickinson and Co (BDX) leadership

    Rick Wise's questions to Becton Dickinson and Co (BDX) leadership • Q3 2025

    Question

    Rick Wise from Stifel Financial Corp. inquired about the implied operating margin for the fiscal fourth quarter, noting a potential sequential decline, and asked for clarification on the contributing factors such as tariffs, China, or conservatism.

    Answer

    Christopher DelOrefice, EVP & CFO, explained that the company has delivered strong P&L performance driven by the BD Excellence program. He stated that Q4 gross margin is expected to be flat year-over-year, successfully absorbing a ~$90 million tariff impact. The slight sequential step-down in operating margin is planned and primarily due to the timing of increased strategic investments to fuel growth momentum.

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    Rick Wise's questions to Outset Medical Inc (OM) leadership

    Rick Wise's questions to Outset Medical Inc (OM) leadership • Q2 2025

    Question

    Rick Wise of Stifel Financial Corp. inquired about the updated 2025 guidance, questioning if it seemed conservative given strong momentum, and asked for an update on the commercial strategy transition's effectiveness.

    Answer

    Chair and CEO Leslie Trigg acknowledged the company's commitment to guidance conservatism for 2025 but emphasized the strong first-half performance and positive setup for the second half. She stated the commercial transformation is successfully taking root, evidenced by improved pipeline management, forecasting, and deal conversion, with the team now proficient in enterprise-level sales.

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    Rick Wise's questions to LivaNova PLC (LIVN) leadership

    Rick Wise's questions to LivaNova PLC (LIVN) leadership • Q2 2025

    Question

    Rick Wise of Stifel inquired about the positive Core VNS study data for epilepsy, asking how LivaNova plans to leverage it for growth and patient access. He also asked about the CMS proposal to increase reimbursement for end-of-service (EOS) procedures and its potential impact in 2026.

    Answer

    Chief Innovation Officer Ahmet Tezel detailed the compelling seizure reduction data from the large study. Stephanie Bolton, President of Global Epilepsy, added that the clinical community has received the results well, which should strengthen the epilepsy franchise and potentially lead to earlier VNS therapy adoption. Regarding the CMS proposal, Ms. Bolton confirmed it would be a meaningful 48% reimbursement increase for EOS procedures if finalized for 2026, improving hospital economics and supporting the company's long-term market access strategy.

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    Rick Wise's questions to Masimo Corp (MASI) leadership

    Rick Wise's questions to Masimo Corp (MASI) leadership • Q2 2025

    Question

    Rick Wise from Stifel Financial asked for more color on board shipment expectations for the second half of the year and sought a high-level perspective on when investors should expect to see top-line acceleration from the company's new strategic growth initiatives.

    Answer

    CFO Micah Young stated that quarterly board shipments are expected to be in the 60,000 to 65,000 range, noting that OEM ordering can be seasonal. CEO Katie Szyman indicated that more detailed timelines for the impact of new growth initiatives will be provided at the company's investor conference in December 2025.

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    Rick Wise's questions to GE Healthcare Technologies Inc (GEHC) leadership

    Rick Wise's questions to GE Healthcare Technologies Inc (GEHC) leadership • Q2 2025

    Question

    Rick Wise of Stifel Financial Corp. requested an update on the development and filing timeline for the company's photon-counting CT system and asked about the strategy to improve growth and margins in the Patient Care Solutions (PCS) segment.

    Answer

    President & CEO Peter Arduini confirmed the photon-counting CT program is on track for a second-half 2025 regulatory filing and will offer superior spectral resolution. For the PCS segment, he highlighted the impact of new leader Jeanette Banques and a strategy focused on a product refresh in anesthesia and monitoring, significant AI enhancements, and potential for tuck-in acquisitions.

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    Rick Wise's questions to Boston Scientific Corp (BSX) leadership

    Rick Wise's questions to Boston Scientific Corp (BSX) leadership • Q2 2025

    Question

    Rick Wise of Stifel Financial Corp. asked about the implications of moving PFA procedures to the ASC setting, questioning if it would reduce concomitant WATCHMAN procedures and be a net positive. He also requested an update on the recently closed Sonavie (renal denervation) acquisition, including strategic rationale and key clinical timelines.

    Answer

    CMO Dr. Ken Stein responded that the ASC shift is a net positive, as the transition will be gradual and likely begin with simpler cases in less frail patients who are not typical candidates for concomitant procedures. CEO Mike Mahoney expressed enthusiasm for the Sonavie acquisition, stating a belief that its ultrasound technology will be preferred over RF. He noted that while Boston Scientific won't be first to market, its timing is not far behind, positioning the company well in what could become a multi-billion dollar market.

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    Rick Wise's questions to Intuitive Surgical Inc (ISRG) leadership

    Rick Wise's questions to Intuitive Surgical Inc (ISRG) leadership • Q2 2025

    Question

    Rick Wise from Stifel Financial asked about Intuitive's strategy for expanding into new settings like Ambulatory Surgery Centers (ASCs) and inquired about the future evolution of the da Vinci V platform, including new features and their potential impact on adoption, ASP, and margins.

    Answer

    CEO Dave Rosa explained that ASCs require reliable technology and that Intuitive's portfolio is well-suited for this environment. He noted that as hospitals upgrade to da Vinci V, their existing Xi or X systems can be moved to ASCs. Regarding da Vinci V's evolution, he compared it to the Xi's decade-long journey of added capabilities, highlighting upcoming enhancements like advanced 3D model integration. CFO Jamie Samath added that while most new features won't be charged for directly, they enhance the system's value, potentially encouraging sales, and that the company is considering charging for certain new digital capabilities.

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    Rick Wise's questions to Intuitive Surgical Inc (ISRG) leadership • Q2 2025

    Question

    Rick Wise from Stifel inquired about Intuitive's strategy for expanding into new settings like Ambulatory Surgery Centers (ASCs) and asked for more detail on the planned evolution of the da Vinci V platform with future software and feature releases.

    Answer

    CEO Dave Rosa explained that ASCs are an increasing focus and that Intuitive's current portfolio, including traded-in Xi and X systems, is well-suited for these outpatient environments. He compared the da Vinci V's evolution to the Xi's decade-long journey of added capabilities, highlighting upcoming advancements in 3D model integration. CFO Jamie Samath added that while most new features won't be charged for directly, they enhance the system's value proposition, though some digital capabilities could be monetized.

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    Rick Wise's questions to Kestra Medical Technologies Ltd (KMTS) leadership

    Rick Wise's questions to Kestra Medical Technologies Ltd (KMTS) leadership • Q4 2025

    Question

    Rick Wise of Stifel Financial sought more detail on the key drivers of the 'considerable operating leverage' management expects and asked for more color on the innovation pipeline, including potential new products and timing.

    Answer

    CEO Brian Webster explained that operating leverage comes from the volume-sensitive business model, where revenue and gross margin grow faster than OpEx. CFO Vaseem Mahboob added that with revenue guided to grow 42% and OpEx in the 20%+ range, the leverage is significant. On innovation, Webster mentioned a three-pronged approach: extending the current product's advantage, adding new therapeutic capabilities, and developing next-generation products.

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    Rick Wise's questions to LeMaitre Vascular Inc (LMAT) leadership

    Rick Wise's questions to LeMaitre Vascular Inc (LMAT) leadership • Q4 2024

    Question

    On behalf of Rick Wise of Stifel, Annie asked for details on the 2025 sales force expansion, including the geographic breakdown and whether it involves territory splitting. She also inquired about the expected physician reaction and 2025 revenue contribution from the anticipated Artegraft CE mark approval in Europe.

    Answer

    CEO George LeMaitre stated that approximately two-thirds of the 13 planned rep hires for 2025 will be in North America, primarily for splitting oversized territories. The remainder will support international expansion in markets like Portugal, Czechia, and Switzerland. Regarding Artegraft, he acknowledged the $8 million European market opportunity but declined to provide specific 2025 revenue guidance ahead of the approval, highlighting the product's strong growth from $15 million to $36 million since its acquisition.

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    Rick Wise's questions to Treace Medical Concepts Inc (TMCI) leadership

    Rick Wise's questions to Treace Medical Concepts Inc (TMCI) leadership • Q3 2024

    Question

    An associate for Rick Wise asked for an update on the SpeedPlate fixation system, inquiring about its current utilization rate, supply availability for new designs, and its ultimate potential. He also asked how the finalized CMS reimbursement rates for 2025 might impact the company's gross margin profile.

    Answer

    CEO John Treace stated that SpeedPlate utilization continues to grow beyond the previously cited 40% and that new designs are in full supply and seeing good uptake. CFO Mark Hair responded that while the CMS rate increase is positive for patient access, the company does not expect it to materially alter its gross margin profile, which is still targeted around 80%.

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