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Travis Lee Steed

Managing Director and Senior Equity Analyst at Bank of America Corp. /de/

Travis Lee Steed is a Managing Director and Senior Equity Analyst at BofA Securities, specializing in the medical device sector with a focus on major publicly traded medtech companies. He covers leading firms such as Stryker, Edwards Lifesciences, Becton Dickinson, and Shockwave Medical, and has issued influential ratings and price targets including recent coverage of Edwards Lifesciences at $75. With a career at BofA Securities spanning more than five years, Steed has developed a strong reputation for sector expertise following prior experience in the healthcare and financial research industries. He holds FINRA Series 7 and 63 registrations and is recognized for his in-depth industry knowledge and analytical rigor.

Travis Lee Steed's questions to ABBOTT LABORATORIES (ABT) leadership

Question · Q3 2025

Travis Lee Steed questioned the sustainability of Abbott's device business's double-digit growth over 10+ quarters, considering underlying procedure market growth and pipeline. He also asked about the company's balance sheet, M&A strategy, cash utilization, and future portfolio assets.

Answer

Chairman and CEO Robert Ford affirmed the sustainability of device growth, explaining that historically flat segments like CRM and vascular have been repositioned to mid-single-digit or double-digit growth, complementing high-growth areas like diabetes, EP, and structural heart. He stated that Abbott actively uses its cash for dividends, share buybacks, debt paydown ($3 billion next year), and internal investments. He noted a strong organic pipeline allows for selective M&A, with capacity for strategic opportunities.

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