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    Shagun Singh Chadha • RBC Capital Markets

    Shagun Singh Chadha's questions to Medtronic PLC (MDT) leadership

    Shagun Singh Chadha's questions to Medtronic PLC (MDT) leadership • Q4 2025

    Question

    Shagun Singh Chadha asked for follow-up details on the CAS business mix, the expected patient subset for RDN coverage, and the company's go-forward portfolio management strategy after the Diabetes separation.

    Answer

    Executive Sean Salmon noted that cryoablation's mix contribution will decline but stabilize, while RDN coverage is expected to align with clinical evidence. CEO Geoffrey Martha stated that portfolio management is a continuous process focused on high-growth, high-margin areas with core synergies, and he signaled an increased appetite for tuck-in M&A to support strong market positions.

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    Shagun Singh Chadha's questions to Medtronic PLC (MDT) leadership • Q4 2025

    Question

    Shagun Singh Chadha asked about the product mix of cryoablation within the CAS business, the expected patient coverage for RDN, and the evolution of the company's portfolio management strategy given the Diabetes separation.

    Answer

    EVP Sean Salmon noted that cryoablation's mix will decline but stabilize, while RDN coverage is expected to align with clinical evidence. CEO Geoff Martha reiterated that portfolio management is a continuous process focused on high-growth, high-margin markets where Medtronic has core strengths. CFO Thierry Pieton then clarified the unique share retirement benefits of the planned Diabetes separation structure.

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    Shagun Singh Chadha's questions to Medtronic PLC (MDT) leadership • Q3 2025

    Question

    Shagun Singh Chadha of RBC Capital Markets asked for more specific details on the 'stacking growth drivers' concept, requesting quantification of their contribution, timing for the $2B PFA target, a definition for Hugo's 'meaningful growth,' and near-term RDN appetite.

    Answer

    CEO Geoff Martha outlined the sequence of growth drivers without providing specific long-term financial targets. He categorized Diabetes, PFA, and Neuromodulation as drivers that are contributing now, with the $2B PFA target being 'near term.' He positioned Hugo as a meaningful driver for the Surgical business in FY26, with Renal Denervation also kicking in that year following expected coverage. He also highlighted Tibial Stimulation as a longer-term opportunity.

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    Shagun Singh Chadha's questions to Medtronic PLC (MDT) leadership • Q2 2025

    Question

    Shagun Singh Chadha asked about the potential impact of a new U.S. administration on the medtech landscape, specifically focusing on tariffs, supply chain strategies, and Medtronic's exposure to imports from China.

    Answer

    Chairman and CEO Geoff Martha stated that the underlying medtech market remains healthy and that it is too early to speculate on specific policy changes like tariffs. He reassured investors that the company is running various scenarios and emphasized that Medtronic's exposure to products imported from China is minimal, accounting for less than 1% of total revenue.

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    Shagun Singh Chadha's questions to Globus Medical Inc (GMED) leadership

    Shagun Singh Chadha's questions to Globus Medical Inc (GMED) leadership • Q1 2025

    Question

    Shagun Singh Chadha from RBC Capital Markets relayed investor concerns about the Nevro acquisition's timing amid the ongoing NuVasive integration and potential execution risk. She also asked for an update on the FDA warning letter and future M&A plans.

    Answer

    CEO Dan Scavilla defended the Nevro deal as a separate, opportunistic buy with long-term strategic value and stated the integration teams do not overlap. He noted they are 'more than ready' for an FDA re-inspection. COO and CFO Keith Pfeil added that M&A would likely 'slow down a little bit' in the near term to focus on finalizing current integrations.

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    Shagun Singh Chadha's questions to Globus Medical Inc (GMED) leadership • Q4 2024

    Question

    Shagun Singh Chadha from RBC Capital Markets asked for Globus's assessment of Nevro's recent market challenges and why Globus can succeed with the asset. She also questioned if more M&A would follow to target the interventionalist call point.

    Answer

    CFO Keith Pfeil suggested Nevro's growth was hampered but that Globus's scale, balance sheet, and integration into its larger spine business create new opportunities. CEO Dan Scavilla added that Globus's backing of the high-frequency technology could overcome market hesitation. Regarding future M&A, Scavilla stated it's possible but the immediate focus is on closing and integrating the Nevro deal, with no other significant deals on the radar.

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    Shagun Singh Chadha's questions to Globus Medical Inc (GMED) leadership • Q3 2024

    Question

    Shagun Singh Chadha of RBC Capital Markets asked about the differentiating features of the upcoming recon robotic launch and the company's current appetite for M&A.

    Answer

    President & CEO Dan Scavilla highlighted the new robot's design, accuracy, and flexible workflows (CT-based or imageless) as key differentiators. COO & CFO Keith Pfeil stated that M&A will focus on filling out the musculoskeletal portfolio, such as in shoulders or joints, but the immediate priority remains completing the NuVasive integration before considering specific deal sizes.

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    Shagun Singh Chadha's questions to Outset Medical Inc (OM) leadership

    Shagun Singh Chadha's questions to Outset Medical Inc (OM) leadership • Q1 2025

    Question

    Shagun Singh Chadha questioned why the company did not raise its full-year guidance despite the strong Q1 beat and asked for clarity on the expected revenue cadence for the remainder of the year. She also asked if the recent recapitalization and reverse stock split have led to increased business momentum.

    Answer

    Leslie Trigg, Chair and CEO, explained that while the company is confident in its outlook, it is maintaining a conservative approach to guidance after only one strong quarter. Nabeel Ahmed, CFO, reiterated this conservative stance and confirmed that they expect revenue to build sequentially through the year. Leslie Trigg also affirmed that resolving the balance sheet and other issues has been helpful, removing potential customer questions and contributing to momentum. Nabeel Ahmed declined to provide specific console placement numbers but highlighted the 23% sequential growth in console revenue.

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    Shagun Singh Chadha's questions to Outset Medical Inc (OM) leadership • Q4 2024

    Question

    Shagun Singh Chadha from RBC Capital Markets asked for a breakdown of the expected cadence for gross margins and operating expenses in 2025. She also requested details on where OpEx cuts were made, particularly in R&D and SG&A, while still funding commercial investments.

    Answer

    CFO Nabeel Ahmed projected 2025 gross margins in the high 30% range and OpEx around $90 million, with both expected to be relatively linear throughout the year, though margins could fluctuate with product mix. He confirmed cuts were made across the board while protecting the commercial organization. Chair and CEO Leslie Trigg added that R&D cuts were achieved by prioritizing near-term projects aligned with core goals and deprioritizing longer-dated initiatives, while SG&A benefited from general operating leverage.

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    Shagun Singh Chadha's questions to Inspire Medical Systems Inc (INSP) leadership

    Shagun Singh Chadha's questions to Inspire Medical Systems Inc (INSP) leadership • Q1 2025

    Question

    Shagun Singh Chadha of RBC Capital Markets asked about the financial impact of patient pausing and inventory dynamics in Q1 and sought color on Q2 EPS expectations versus consensus. She also followed up on physician profitability, questioning if it could be a barrier to broader adoption.

    Answer

    CFO Richard Buchholz stated that Inspire expects to be profitable in Q2, though likely below consensus, with profitability improving sequentially. Executive Ezgi Yagci added that the Q1 impact was difficult to quantify as the trend emerged late in the quarter. CEO Tim Herbert addressed profitability, explaining that high-volume centers become very efficient and profitable by using Advanced Practice Providers (APPs) and streamlining their workflows.

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    Shagun Singh Chadha's questions to Inspire Medical Systems Inc (INSP) leadership • Q3 2024

    Question

    Shagun Singh Chadha of RBC Capital Markets pointed out that the implied Q4 sequential growth is below historical trends and asked what was contemplated for the hurricane/IV shortage impact. She also questioned why the 2025 consensus growth of ~20% is considered 'reasonable' given the higher 2024 growth rate and multiple tailwinds for next year.

    Answer

    CEO Tim Herbert explained that the Q4 guidance reflects the difficulty of making up for regional disruptions from hurricanes due to existing capacity constraints in a high-demand quarter. Regarding 2025, he stated that it is still early in their annual planning process, and while they acknowledge the positive drivers, they are maintaining that the consensus numbers are 'not unreasonable' for now and will provide a more concrete plan later.

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    Shagun Singh Chadha's questions to Zimmer Biomet Holdings Inc (ZBH) leadership

    Shagun Singh Chadha's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q1 2025

    Question

    Shagun Singh Chadha inquired about Zimmer Biomet's appetite for M&A following the Paragon 28 deal, particularly regarding further expansion in S.E.T. and new adjacencies to increase its weighted average market growth rate.

    Answer

    President and CEO Ivan Tornos affirmed that M&A remains the company's top capital allocation priority, supported by a strong balance sheet. He stated the focus is on financially disciplined deals in high-growth areas like S.E.T., ASC-focused technologies, and data solutions, with the strategic goal of reaching a 5% weighted average market growth environment by the end of 2027.

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    Shagun Singh Chadha's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q3 2024

    Question

    Shagun Singh Chadha from RBC Capital Markets asked a follow-up on M&A's role in driving growth beyond the mid-single-digit range and requested details on the sales and margin cadence for 2025.

    Answer

    CEO Ivan Tornos reiterated that while M&A is not needed to hit current targets, the company desires to do deals to increase its weighted average market growth rate (WAMGR). He declined to provide any specific guidance or cadence for 2025, stating that this information would be shared in early 2025.

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    Shagun Singh Chadha's questions to Stryker Corp (SYK) leadership

    Shagun Singh Chadha's questions to Stryker Corp (SYK) leadership • Q1 2025

    Question

    Shagun Singh Chadha asked for elaboration on international markets as a future growth catalyst and inquired about long-term expectations for gross and operating margins.

    Answer

    CEO Kevin Lobo explained that with only 25% of sales coming from outside the U.S., there is a massive opportunity to launch its successful new products internationally, creating a significant future growth engine. VP Jason Beach reiterated the long-term goal of at least 30 basis points of annual operating margin expansion from 2026 onward, noting an update will be provided at the November Investor Day.

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    Shagun Singh Chadha's questions to Stryker Corp (SYK) leadership • Q4 2024

    Question

    Shagun Singh Chadha asked if the CFO transition would lead to a shift in priorities. She also inquired about Stryker's long-range plan, specifically its weighted average market growth rate and margin expansion potential beyond 2025.

    Answer

    CEO Kevin Lobo stated that no change in priorities is expected with the CFO transition. He noted that the company's weighted average market growth has increased and that updated long-term financial algorithms for growth and margins will be provided at an Analyst Day later in the year.

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    Shagun Singh Chadha's questions to Teleflex Inc (TFX) leadership

    Shagun Singh Chadha's questions to Teleflex Inc (TFX) leadership • Q1 2025

    Question

    Shagun Singh Chadha of RBC Capital Markets asked if the interest in NewCo was for the entire business or select assets and sought an update on the separation timeline. She also questioned the growth outlook for NewCo versus RemainCo.

    Answer

    CEO Liam Kelly clarified that the majority of interest is for the entire NewCo. He reiterated that the separation process is on track for a mid-2026 Form 10 filing. He also stated that Q1 performance was in line with expectations for both entities and that Q1 represents the low point for NewCo's growth due to OEM headwinds that will ease through the year.

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    Shagun Singh Chadha's questions to Teleflex Inc (TFX) leadership • Q4 2024

    Question

    Shagun Singh Chadha questioned the drivers behind the low 2025 guidance of 1-2% constant currency growth and asked for the basis of confidence in RemainCo's 6%+ durable growth target post-separation.

    Answer

    CEO Liam Kelly attributed the weak 2025 guidance to approximately $100 million in headwinds from UroLift challenges, OEM customer inventory destocking, and volume-based procurement in China. He expressed confidence in RemainCo's 6%+ growth, noting its underlying business already grows in the high-single digits ex-VBP and will be separated from the slower-growing UroLift and OEM businesses.

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    Shagun Singh Chadha's questions to Teleflex Inc (TFX) leadership • Q3 2024

    Question

    Shagun Singh Chadha requested updated thoughts on the intra-aortic balloon pump (IABP) opportunity for Q4 and 2025, and asked for the rationale behind not expecting a significant contribution from the European market.

    Answer

    Liam Kelly, Chairman, President and CEO, reiterated that the outlook for Q4 remains unchanged from the prior call, with an expected revenue uplift exceeding $10 million from IABP. He anticipates the opportunity will persist through the first half of 2025. Kelly stated that the company does not expect a meaningful share shift in Europe, believing the primary opportunity remains in the Americas and Asia Pacific.

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    Shagun Singh Chadha's questions to Tandem Diabetes Care Inc (TNDM) leadership

    Shagun Singh Chadha's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q1 2025

    Question

    Shagun Singh Chadha requested more detail on the go-to-market strategy for the Type 2 diabetes opportunity and Tandem's competitive positioning against other options like patch pumps.

    Answer

    CEO John Sheridan explained that the Type 2 market is highly segmented, making Tandem's product portfolio approach a key advantage. He noted a pilot program is underway to refine messaging, training, and reimbursement access before a broader rollout, capitalizing on growing patient interest in the ease-of-use of AID systems.

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    Shagun Singh Chadha's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q4 2024

    Question

    Shagun Singh Chadha of RBC Capital Markets asked if Tandem could provide a potential range of outcomes for its 2025 guidance, given multiple upside opportunities like the Type 2 indication, Libre integration, and pharmacy channel progress.

    Answer

    CFO Leigh Vosseller and CEO John Sheridan explained their conservative guidance philosophy. Vosseller stated the guidance is built on predictable revenue streams like renewals, with only modest contributions factored in for new, multiyear initiatives like Type 2 and pharmacy. Sheridan added that they wait for clear evidence of impact before fully incorporating new launches into forecasts.

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    Shagun Singh Chadha's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q3 2024

    Question

    Shagun Singh Chadha followed up on the 2025 outlook, asking if 12% growth was a reasonable base case and which catalysts offered the most upside.

    Answer

    EVP and CFO Leigh Vosseller and CEO John Sheridan both declined to provide specific 2025 guidance. Vosseller reiterated that their initial guidance will be based on predictable revenue streams like supplies and renewals. Sheridan added that while they are excited about numerous catalysts, their guidance philosophy requires balancing that excitement with risk to provide a highly predictable outlook.

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    Shagun Singh Chadha's questions to Penumbra Inc (PEN) leadership

    Shagun Singh Chadha's questions to Penumbra Inc (PEN) leadership • Q4 2024

    Question

    Shagun Singh of RBC Capital Markets asked about the durability of the 41% year-over-year growth in the U.S. VTE business and whether any incremental factors beyond commercial expansion were contributing to the accelerating acceptance of the technology.

    Answer

    CEO Adam Elsesser reiterated that growth is not linear but will remain strong due to a combination of market growth and share gains. He emphasized the primary driver is the superior performance of the CAVT technology, which removes clots faster and safer than alternatives. This product superiority, combined with market access initiatives, is expected to drive strong, multi-year growth as physician adoption continues.

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    Shagun Singh Chadha's questions to Dexcom Inc (DXCM) leadership

    Shagun Singh Chadha's questions to Dexcom Inc (DXCM) leadership • Q4 2024

    Question

    Shagun Singh Chadha asked for the key assumptions behind the 14% growth guidance for 2025, noting it appears conservative, and questioned what contribution is assumed from the 15-day sensor.

    Answer

    CFO Jereme Sylvain explained the guidance includes 1-2 points of growth from Stelo, with the core business growing 12-13%. He stated the guidance was set to be reasonable and achievable after a unique 2024. CEO Kevin Sayer added that while the 15-day sensor is a tailwind, its contribution in 2025 is moderated by the time required for payer coverage and channel rollout post-approval.

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    Shagun Singh Chadha's questions to Dexcom Inc (DXCM) leadership • Q3 2024

    Question

    Shagun Singh Chadha asked about confidence in the commercial strategy amid a leadership transition, plans to accelerate the Stelo launch in 2025, and supply preparations for the 15-day G7 sensor.

    Answer

    CEO Kevin Sayer expressed confidence in his commercial leadership team during the transition. He stated that Stelo's acceleration will be driven by app enhancements and opening new distribution channels. For the 15-day G7, he confirmed it will be made on existing manufacturing lines and that capacity is not a concern, as they already produce the 15-day Stelo product.

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    Shagun Singh Chadha's questions to Johnson & Johnson (JNJ) leadership

    Shagun Singh Chadha's questions to Johnson & Johnson (JNJ) leadership • Q3 2024

    Question

    Shagun Singh Chadha from RBC Capital Markets requested elaboration on the MedTech dynamics in the Asia-Pacific region, particularly China, asking to quantify the headwinds, the expected timeline for normalization, and the impact of expanding volume-based pricing (VBP).

    Answer

    Tim Schmid, Executive VP of MedTech, explained that headwinds in APAC include strikes in Korea, macroeconomic pressure in Japan, and the impact of VBP and an anti-corruption campaign in China. He noted that J&J's leadership position in China leads to a disproportionate impact from VBP, which he expects to be a headwind through 2024 and into 2025. However, he stressed that China is less than 5% of total J&J sales and the global portfolio can offset these challenges.

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