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    Travis Steed • Bank of America Securities

    Travis Steed's questions to Medtronic PLC (MDT) leadership

    Travis Steed's questions to Medtronic PLC (MDT) leadership • Q1 2026

    Question

    Travis Steed asked about the strong growth in Cardiac Ablation Solutions (CAS) and why it isn't translating to higher overall U.S. growth, questioning the confidence in future acceleration given the performance of the base business.

    Answer

    Chairman & CEO Geoff Martha and EVP & CFO Thierry Piéton explained that while CAS is accelerating, overall U.S. growth was temporarily impacted by deliberate commercial changes in Pelvic Health and by U.S. diabetes patients awaiting new sensors. They expressed confidence that as these areas rebound and new products like Ardian launch, overall growth will accelerate, with an outsized impact on the U.S.

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    Travis Steed's questions to Medtronic PLC (MDT) leadership • Q4 2025

    Question

    Travis Steed asked about the new CFO's guidance philosophy, the assumptions behind the FY26 revenue and EPS growth forecasts, and the visibility into the FY27 high single-digit EPS growth target.

    Answer

    CEO Geoffrey Martha affirmed the strength of underlying growth drivers in Cardiovascular and Neuroscience. CFO Thierry Pieton detailed the FY26 guidance, noting that a 7% operating profit growth (ex-tariffs) is partially offset by tax and interest headwinds. For FY27, he cited continued growth momentum, cost initiatives, a favorable FX shift, and accretion from the Diabetes separation as key factors for returning to high single-digit EPS growth.

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    Travis Steed's questions to Medtronic PLC (MDT) leadership • Q4 2025

    Question

    Travis Steed asked about Medtronic's FY26 guidance, questioning the philosophy behind the 5% revenue target, the components of the 4% EPS growth forecast (ex-tariffs), and the visibility into the high single-digit EPS growth outlook for FY27.

    Answer

    CEO Geoff Martha expressed confidence in the revenue outlook, citing accelerating growth drivers like Cardiovascular (CV) and Neuromodulation. CFO Thierry Pieton detailed the EPS guidance, explaining that ~7% operating profit growth is pressured by higher taxes and interest expense. He noted the FY27 outlook is supported by continued momentum, cost efficiencies, favorable FX, and accretion from the Diabetes separation.

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    Travis Steed's questions to Medtronic PLC (MDT) leadership • Q3 2025

    Question

    Travis Steed of BofA Securities pressed further on the Surgical business, asking why distributors destocked, why there was a lack of visibility, and whether the business requires the Hugo robot to return to mid-single-digit growth.

    Answer

    CEO Geoff Martha explained the destocking was a temporary issue driven by distributors' internal goals that arose late in the quarter. He expressed confidence in returning the Surgical business to stronger growth, noting the Hugo robot will become a growth driver in FY26. Mike Marinaro, EVP & President of the Medical Surgical Portfolio, added that they have had conversations with the distributors and expect normalized performance once target inventory levels are reached.

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    Travis Steed's questions to Medtronic PLC (MDT) leadership • Q2 2025

    Question

    Travis Steed asked about Medtronic's commitment and ability to deliver long-term high single-digit earnings growth despite potential headwinds like a stronger dollar, tariffs, and the initial margin dilution from new product launches.

    Answer

    Chairman and CEO Geoff Martha affirmed the company's commitment. Interim CFO Gary Corona detailed the path, stating there is no change to margin expectations, with full-year operating margins guided to 25.7%. He highlighted SG&A leverage and cost discipline, noting that mid-single-digit revenue growth is expected to deliver approximately 10% EPS growth on a constant currency basis.

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    Travis Steed's questions to Solventum Corp (SOLV) leadership

    Travis Steed's questions to Solventum Corp (SOLV) leadership • Q2 2025

    Question

    Travis Steed requested a breakdown of the various puts and takes in the quarter (order timing, recall, ERP, SKU exits) to determine the underlying growth rate and asked about the growth trajectory beyond 2025.

    Answer

    CEO Bryan Hanson stated that the reported 2.8% organic growth is a good representation of the underlying performance, as the various positive and negative factors largely offset each other. Looking forward, Hanson confirmed expectations for continued growth acceleration driven by commercial execution and innovation, while also noting that the headwind from SKU rationalization is expected to increase from 50 basis points in 2025 to about 100 basis points next year.

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    Travis Steed's questions to Solventum Corp (SOLV) leadership • Q1 2025

    Question

    Travis Steed from Bank of America asked for details on the mitigation efforts offsetting the $0.35-$0.45 EPS tariff headwind and inquired about the portion of the tariff impact tied to the Purification & Filtration (P&F) business.

    Answer

    CFO Wayde McMillan stated that the tariff impact is being offset by strong business performance, favorable FX, and mitigation actions like inventory optimization and selective pricing. He declined to break out the P&F impact, noting the company guides as a whole until the divestiture closes. He guided for full-year operating margins to be at the low end of the 20-21% range, with H2 margins falling below 20% due to tariff pressure.

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    Travis Steed's questions to Solventum Corp (SOLV) leadership • Q4 2024

    Question

    Travis Steed questioned the 2025 operating margin guidance of 20-21%, asking for the puts and takes. He also asked if the P&F divestiture was the last major portfolio move and about the conservatism in the 'EPS neutral' guidance for the deal.

    Answer

    CFO Wayde McMillan explained the margin guide builds from the Q4 run-rate of 20.4% and incorporates a 50 bps headwind from the 3M supply agreement. He clarified the 'EPS neutral' impact is due to the deal's late-year closing, which limits the period of interest savings. CEO Bryan Hanson stated that portfolio optimization is a perpetual process, though any future moves must consider tax implications and TSA complexities.

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    Travis Steed's questions to Solventum Corp (SOLV) leadership • Q3 2024

    Question

    Travis Steed of BofA Securities questioned the Q4 EPS guidance of $1.22 to $1.37, its implications for 2025 forecasts, and the company's strategy for managing dilution from potential portfolio optimization.

    Answer

    CFO Wayde McMillan explained the Q4 EPS decline is due to the reversal of onetime Q3 gross margin benefits, increased stand-up costs, and FX headwinds. He stated that 2025 guidance is not yet available but will be pressured by the annualization of post-spin costs, including supply agreement markups and functional expenses, though the "Solventum way" restructuring could provide a tailwind. CEO Bryan Hanson added that any portfolio optimization decisions would be made with shareholder value in mind, considering financial implications like dilution.

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    Travis Steed's questions to Solventum Corp (SOLV) leadership • Q3 2024

    Question

    Travis Steed inquired about the drivers behind the Q4 EPS guidance, which implies a sequential decline, and its potential implications for 2025 earnings forecasts. He also asked for the company's strategy on portfolio management and mitigating any potential dilution from divestitures.

    Answer

    CFO Wayde McMillan explained the Q4 EPS decline is due to the partial reversal of onetime Q3 gross margin benefits, increased stand-up and growth investment costs, and an expected FX headwind. For 2025, he noted that while guidance is not yet set, the year will be pressured by the annualization of post-spin costs, including the 3M supply agreement markup and functional expenses, though the 'Solventum way' restructuring could provide a tailwind. CEO Bryan Hanson added that any portfolio optimization decisions would be made with shareholder value in mind, considering the financial implications to offset dilution.

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    Travis Steed's questions to Zimmer Biomet Holdings Inc (ZBH) leadership

    Travis Steed's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q2 2025

    Question

    Travis Steed from Bank of America sought clarification if the projected Q3 growth of "scratching 6%" was organic and asked if improvements in 2025 implied that 2026 revenue growth would be at least as strong.

    Answer

    Chairman, President & CEO Ivan Tornos confirmed the projected Q3 growth of nearly 6% is on an organic basis, excluding Paragon 28. Regarding 2026, he declined to provide specific guidance but expressed confidence in the company's momentum, product pipeline, and the future returns on investments made in 2025.

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    Travis Steed's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q1 2025

    Question

    Travis Steed sought clarification on the Q2 outlook, asking if the 'slightly higher' growth comment was relative to the reported 2.3% constant currency growth and requested quantification of the order shift from Q2 to the second half.

    Answer

    CFO and EVP Suketu Upadhyay confirmed the 'slightly higher' growth outlook for Q2 is relative to the 2.3% constant currency growth reported in Q1. He declined to quantify the impact of order timing shifts, stating that the company does not provide specific quarterly guidance but offers directional shaping for modeling purposes.

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    Travis Steed's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q4 2024

    Question

    Travis Steed from Bank of America questioned the 2025 EPS guidance, asking why it wasn't higher and why share buybacks weren't being used to offset headwinds, and also sought confidence in the H2 revenue ramp.

    Answer

    CFO Suketu Upadhyay attributed the modest EPS growth primarily to a significant $0.20-$0.25 FX headwind and noted the guidance assumes no share buybacks, though optionality remains. President and CEO Ivan Tornos expressed confidence in the H2 revenue acceleration based on four factors: easier comps versus the 2024 ERP issue, the ramp-up of new products, returns on H1 OpEx investments, and favorable timing for the international business.

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    Travis Steed's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q3 2024

    Question

    Travis Steed from Bank of America inquired why the 2024 guidance was reduced by more than the stated ERP impact and asked about the potential for a sales catch-up in 2025.

    Answer

    CEO Ivan Tornos explained the guidance cut reflects conservatism following the recent ERP challenges, uncertainty around Q4 pricing, and the need to observe commercial execution on new products. He stated the company feels very positive about 2025 as the ERP issue is contained within 2024, but declined to provide a specific outlook.

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    Travis Steed's questions to Insulet Corp (PODD) leadership

    Travis Steed's questions to Insulet Corp (PODD) leadership • Q2 2025

    Question

    Travis Steed asked about the factors driving the acceleration in Type 2 new patient starts, the sustainability of this trend, and the overall outlook for the Type 2 market opportunity.

    Answer

    Ashley McEvoy, Director, President & CEO, explained that the acceleration is driven by a multi-faceted approach. This includes leveraging strong clinical evidence from the SECURE-T2D trial, utilizing superior market access through the pharmacy channel with low co-pays, expanding the field force's capabilities to sell the science, and successfully sourcing new patients from both MDI and competitive pump users.

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    Travis Steed's questions to Insulet Corp (PODD) leadership • Q2 2025

    Question

    Travis Steed from Bank of America asked about the factors driving the acceleration in Type 2 new patient starts and sought an update on the overall opportunity in the Type 2 diabetes market.

    Answer

    President and CEO Ashley McEvoy emphasized the large total addressable market and Insulet's first-mover advantage. She identified key growth drivers as: 1) compelling clinical evidence demonstrating A1C reduction, 2) superior market access via the pharmacy channel with low co-pays, 3) an expanding and effective field sales force, and 4) success in converting patients from both MDI and competitive pumps.

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    Travis Steed's questions to Insulet Corp (PODD) leadership • Q1 2025

    Question

    Travis Steed asked new CEO Ashley McEvoy about her excitement for the role, initial learnings, and her strategic vision for globalizing the business and achieving future revenue milestones, as well as her perspective on long-term margin targets compared to her predecessor.

    Answer

    President and CEO Ashley McEvoy expressed her passion for the diabetes space and Insulet's unique position combining consumer health and med-tech. She stated that the company's successful strategy remains intact. Regarding financials, she highlighted the company's rapid growth and confirmed a commitment to continued year-over-year operating margin improvement.

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    Travis Steed's questions to Insulet Corp (PODD) leadership • Q4 2024

    Question

    Travis Steed from Bank of America questioned the Q1 U.S. guidance, noting that the adjusted growth rate of mid-to-high teens (excluding prior-year stocking impacts) seemed potentially conservative.

    Answer

    CFO and Treasurer Ana Maria Chadwick confirmed the normalized growth calculation. She explained that the guidance accounts for typical seasonality between Q4 and Q1 and is consistent with the full-year outlook of 16% to 20%. Chadwick reiterated that the company's guidance philosophy has not changed.

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    Travis Steed's questions to Insulet Corp (PODD) leadership • Q3 2024

    Question

    Travis Steed asked for a high-level perspective on the 2025 new patient start opportunity with the Type 2 launch and for commentary on the competitive landscape, referencing remarks from a competitor.

    Answer

    CFO and Treasurer Ana Maria Chadwick noted that the full revenue impact of 2024's new customer starts will be seen in 2025 due to the annuity model. President and CEO Jim Hollingshead addressed competition by stating Insulet has industry-leading retention and has seen an uptick in conversions from a specific competitor, while emphasizing Insulet's primary focus remains on converting MDI users.

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    Travis Steed's questions to Becton Dickinson and Co (BDX) leadership

    Travis Steed's questions to Becton Dickinson and Co (BDX) leadership • Q3 2025

    Question

    Travis Steed from Bank of America posed a high-level question about the 'RemainCo' business's growth outlook relative to its 5.5%+ long-term target and its post-separation capital deployment strategy. He also asked for other drivers of the Q4 EPS change besides investments.

    Answer

    Tom Polen, Chairman, CEO & President, discussed the strategy of reinvesting gains from BD Excellence into commercial initiatives and new product launches to build momentum. He also highlighted ongoing tariff mitigation efforts. Christopher DelOrefice, EVP & CFO, clarified that the Q4 EPS guidance change is largely driven by this planned investment profile to fuel growth, emphasizing the strength of the nearly 9.5% full-year EPS growth guidance.

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    Travis Steed's questions to Becton Dickinson and Co (BDX) leadership • Q2 2025

    Question

    Travis Steed asked a high-level question about guidance philosophy and execution, seeking confidence in the back-half growth acceleration after a guidance cut. He also followed up on the planned Life Sciences separation, questioning if macro changes or valuations have affected the process.

    Answer

    Chairman, CEO and President Thomas Polen attributed the guidance change to unforeseen macro shifts, particularly a Q2 change in NIH grant funding policy and a proactive adjustment for China's environment. CFO Christopher DelOrefice emphasized that core MedTech remains strong and highlighted consistent earnings execution, with the company absorbing headwinds to deliver 8% EPS growth. Regarding the separation, Polen confirmed the process remains on schedule with strong interest, and an announcement on the transaction's form is still expected in the summer.

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    Travis Steed's questions to Becton Dickinson and Co (BDX) leadership • Q1 2025

    Question

    Travis Steed asked about the timing and rationale for separating the Biosciences and Diagnostic Solutions business, the potential form of the transaction (spin vs. sell), and the underlying growth expectations for Q2 after accounting for specific headwinds.

    Answer

    Chairman, CEO and President Tom Polen explained the separation is a natural next step in the BD 2025 strategy to unlock value, positioning 'New BD' as a pure-play med-tech leader and allowing the life science business to thrive independently. He stated the final form will be what best maximizes shareholder value. EVP and CFO Chris DelOrefice clarified the Q2 outlook, noting that excluding a one-time licensing headwind, growth is at the midpoint of the annual guidance, with the core business operating at over 5% growth.

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    Travis Steed's questions to Becton Dickinson and Co (BDX) leadership • Q4 2024

    Question

    Travis Steed pressed for more detail on the fiscal 2025 revenue phasing, questioning why Q1 growth is expected to be below the full-year guide despite a strong Alaris tailwind, and asked for confidence in the ability to accelerate growth against tougher comps later in the year.

    Answer

    EVP and CFO Chris DelOrefice clarified that the phasing reflects tough prior-year comparisons in Q1, particularly in the bioscience and pharm systems businesses which were still growing at mid-single digits in Q1 of FY24. He emphasized that the earnings profile is very balanced, with strong year-over-year margin improvement expected from the start of the fiscal year.

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    Travis Steed's questions to Inspire Medical Systems Inc (INSP) leadership

    Travis Steed's questions to Inspire Medical Systems Inc (INSP) leadership • Q2 2025

    Question

    Travis Steed from Bank of America sought clarification on the significant reduction in the full-year EPS guidance, asking for a bridge from the previous forecast, and inquired about recent business trends in June and July that informed the Q3 outlook.

    Answer

    CFO Rick Buchholz explained the EPS reduction was primarily due to lower gross margin from the revised revenue forecast, increased direct-to-consumer (DTC) marketing spend, and a one-time, non-cash stock compensation charge. CEO Tim Herbert noted that the Q3 guidance reflects early patient flow trends observed in the quarter.

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    Travis Steed's questions to Inspire Medical Systems Inc (INSP) leadership • Q1 2025

    Question

    Travis Steed from Bank of America inquired about the Q2 revenue guidance, specifically the impact of Inspire IV inventory destocking and patient warehousing for the new Inspire V system. He asked to quantify the delta versus consensus estimates and sought clarity on how the company expects to recover this in the second half of the year to reiterate its full-year guidance.

    Answer

    CEO Tim Herbert explained that growing awareness of the upcoming Inspire V launch led to some patients waiting for the new device. He confirmed that Q2 will be a transition quarter involving contract updates, new programmer rollouts, and working through existing Inspire IV inventory. Herbert projected mid-to-high single-digit sequential revenue growth for Q2 and expressed confidence that the company will make up the volume in the second half of the year as the full launch of Inspire V ramps up.

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    Travis Steed's questions to Inspire Medical Systems Inc (INSP) leadership • Q3 2024

    Question

    Travis Steed of Bank of America Securities inquired about the coding strategies for the upcoming Inspire V device and the rationale for not taking a price increase. He also asked for confirmation on whether the 2025 revenue consensus remains reasonable, considering factors like competition, the Inspire V launch, and GLP-1s.

    Answer

    CEO Tim Herbert stated they are finalizing one primary coding option with payers and decided to maintain system-level pricing consistent with Inspire IV, noting the elimination of the sensing lead will reduce COGS. CFO Rick Buchholz confirmed that while it's early, the current 2025 revenue consensus is 'not unreasonable,' citing tailwinds like market expansion in the U.S. and France, DTC investments, the Inspire V launch, and expanded payer coverage.

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    Travis Steed's questions to Stryker Corp (SYK) leadership

    Travis Steed's questions to Stryker Corp (SYK) leadership • Q2 2025

    Question

    Travis Steed of Bank of America asked about Inari Medical's performance, including destocking and sales rep transitions, and the confidence in its future growth. He also inquired about the potential impact of Medicaid cuts on procedures and the reason for a deceleration in the knee business.

    Answer

    Chair & CEO Kevin Lobo explained that Stryker took its 'medicine early' with Inari, addressing destocking and salesforce non-competes, but underlying procedural demand remains in the double digits. VP of Finance & IR Jason Beach noted that Medicaid procedures are an immaterial amount for Stryker and that the knee market remains healthy, attributing the quarterly fluctuation to timing and expecting a mid-single-digit market growth.

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    Travis Steed's questions to Stryker Corp (SYK) leadership • Q1 2025

    Question

    Travis Steed asked a multi-part question about tariffs, seeking details on currency offsets, potential impacts from policy changes, the 2026 outlook, and the status of industry exemption discussions with AdvaMed.

    Answer

    CFO Preston Wells stated the $200 million tariff estimate is based only on current policies and declined to speculate on 2026 or future policy changes. He confirmed that while AdvaMed discussions are ongoing, there is currently no blanket exemption for medical devices, and Stryker is planning accordingly with its mitigation efforts.

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    Travis Steed's questions to Stryker Corp (SYK) leadership • Q4 2024

    Question

    Travis Steed questioned Stryker's M&A priorities following the Inari deal, asking if it would be a period of digestion or continued activity. He also asked about the sustainability of the high revenue growth rate and confidence in the 8-9% organic growth guidance for 2025.

    Answer

    CEO Kevin Lobo affirmed that Stryker remains on offense for tuck-in acquisitions and still has capacity for deals. He expressed high confidence in the 2025 guidance, citing robust product pipelines, strong commercial execution, and major launches like Pangea and LIFEPAK 35 as drivers of durable, high growth.

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    Travis Steed's questions to Stryker Corp (SYK) leadership • Q3 2024

    Question

    Travis Steed asked for details on the LIFEPAK 35 order backlog, clarification on its installed base, an update on the M&A environment, and the expected revenue contribution from recent acquisitions.

    Answer

    VP of Finance and IR Jason Beach described the LIFEPAK 35 backlog as 'healthy' and confirmed the 100,000+ unit installed base is Stryker's worldwide figure. CEO Kevin Lobo added that this creates a multi-year tailwind for the Medical division and noted the M&A pipeline remains strong. He also clarified that of the $300 million in expected sales from 2024 acquisitions, roughly half will be inorganic in 2025.

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    Travis Steed's questions to Baxter International Inc (BAX) leadership

    Travis Steed's questions to Baxter International Inc (BAX) leadership • Q2 2025

    Question

    Travis Steed of Bank of America requested a breakdown of the $100 million revenue guidance reduction and asked about the path back to 4-5% long-term growth, including the potential for the new CEO to re-evaluate the model.

    Answer

    EVP & CFO Joel Grade explained the guidance reduction reflects a conservative stance, assuming no new Novum shipments and no improvement in fluid conservation. EVP & COO Heather Knight added that innovation, new product launches, and the eventual abatement of current headwinds are key to returning to the long-term growth target. Joel Grade reinforced that Novum and fluid volume recovery are critical drivers.

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    Travis Steed's questions to Baxter International Inc (BAX) leadership • Q2 2025

    Question

    Travis Steed of Bank of America requested a breakdown of the $100 million revenue guidance reduction by product area (Spectrum, IV Solutions, Pharma). He also asked about the long-term strategy to return to 4-5% revenue growth and the potential for the new CEO to re-evaluate the growth model.

    Answer

    EVP & CFO Joel Grade did not provide a specific breakdown but reiterated that the low end of guidance assumes no Novum shipments and no improvement in fluid conservation for the rest of the year. EVP & COO Heather Knight added that customer contracts with minimum volume commitments provide confidence that the headwinds are temporary. Both executives highlighted innovation, new product launches, and the abatement of current headwinds as key factors to return to the 4-5% growth target.

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    Travis Steed's questions to Baxter International Inc (BAX) leadership • Q1 2025

    Question

    Travis Steed asked for clarification on the Q1 gross margin, the impact of TSA and MSA revenues on margins, and the long-term strategy to return to pre-COVID operating margin levels.

    Answer

    EVP & CFO Joel Grade clarified that the gross margin was affected by cost reclassifications, MSA revenue dilution, and North Cove recovery costs. He outlined the long-term path to margin expansion through strong growth, new product launches, pricing, product mix improvements, and the eventual elimination of stranded costs from the Kidney Care divestiture.

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    Travis Steed's questions to Baxter International Inc (BAX) leadership • Q4 2024

    Question

    Travis Steed questioned the state of the IV solutions business post-Hurricane Helene, asking about customer second-sourcing, and also inquired about 2025 free cash flow generation and the rationale for the Frontline Care write-down.

    Answer

    An executive, identified as Heather, stated that due to the swift recovery, the company is not seeing many customers adopt a second source for IV solutions, and new GPO contracts are in line with or better than expectations. Executive Joel Grade projected free cash flow conversion to be around 80% for the full year, though Q1 will be negatively impacted by hurricane-related payments and inventory restocking. He clarified the Frontline Care write-down was a result of 2024's performance impact on the model, not a change in long-term growth concerns.

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    Travis Steed's questions to Baxter International Inc (BAX) leadership • Q3 2024

    Question

    Travis Steed asked about the performance of the Healthcare Systems & Technologies (HST) segment, confidence in a 2025 primary care market recovery, and the rationale for reaffirming 2025 guidance despite the hurricane impact.

    Answer

    CEO José Almeida explained that while the Front Line Care division faces softness, the U.S. Patient Support Systems business is growing double-digits. He expressed confidence in 2025 due to the strong Novum IQ pump launch, HST normalization, and a rebound in Pharma. CFO Joel Grade added that positive pricing, supply chain efficiencies, and cost containment initiatives support the reaffirmed 4-5% growth and 16.5% margin targets for 2025.

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    Travis Steed's questions to Dexcom Inc (DXCM) leadership

    Travis Steed's questions to Dexcom Inc (DXCM) leadership • Q2 2025

    Question

    Travis Steed of Bank of America inquired about the confidence behind raising the full-year revenue guidance, asking for color on new patient starts and the momentum in the Type 2 non-insulin opportunity.

    Answer

    EVP & CFO Jereme Sylvain explained that the confidence stems from strong new customer starts in the non-insulin segment, driven by expanded coverage from the three major PBMs. He noted that the sales team is executing well and the strong performance in the first half of the year justified the guidance increase.

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    Travis Steed's questions to Dexcom Inc (DXCM) leadership • Q1 2025

    Question

    Travis Steed of Bank of America asked about the 50 basis point inflation impact built into guidance, questioning if it was directly related to tariffs and if exemptions like the Nairobi exemption were applicable.

    Answer

    CFO Jereme Sylvain clarified that the company does not expect a material impact from direct tariffs due to its U.S. manufacturing presence and historical exemptions. The 50 bps impact is a prudent estimate for indirect inflationary pressures on raw material costs from suppliers throughout the global trade landscape.

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    Travis Steed's questions to Dexcom Inc (DXCM) leadership • Q4 2024

    Question

    Travis Steed sought an update on the G7 15-day sensor's regulatory process and the expected rollout plan following its approval.

    Answer

    Jacob Leach, an executive at DexCom, expressed high confidence in a near-term FDA approval, stating they are at the tail end of a great interactive review. He confirmed a planned launch in the second half of 2025, emphasizing that the timing is dependent on securing payer coverage and coordinating with pump integration partners to ensure a smooth user experience.

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    Travis Steed's questions to Dexcom Inc (DXCM) leadership • Q3 2024

    Question

    Travis Steed asked about the components of the 2025 outlook, including the U.S. recovery trajectory, the contribution from Stelo, and the impact of rebate eligibility.

    Answer

    CFO Jereme Sylvain stated the 2025 outlook assumes a stable market and stable DME share. The $4.6 billion target incorporates a range of outcomes for Stelo. He also confirmed that the outlook assumes 100% rebate eligibility, meaning the year-over-year growth headwind from increasing rebates will not be a factor in 2025.

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    Travis Steed's questions to Penumbra Inc (PEN) leadership

    Travis Steed's questions to Penumbra Inc (PEN) leadership • Q2 2025

    Question

    Travis Steed from Bank of America asked about the rationale and timing of the peripheral sales force split, potential near-term disruption, and the implied deceleration in the U.S. thrombectomy growth guidance for H2 2025.

    Answer

    CEO Adam Elsesser explained the sales force split is crucial for providing dedicated focus on both the high-growth thrombectomy business and the embolization portfolio, especially with the launch of the margin-accretive Ruby XL. He noted hiring is complete, minimizing disruption. Regarding guidance, he indicated the company is being prudent and trying not to get ahead of its enthusiasm.

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    Travis Steed's questions to Penumbra Inc (PEN) leadership • Q1 2025

    Question

    Travis Steed asked for details on the newly cleared Ruby XL peripheral coil, including its product characteristics and the potential size of its market opportunity.

    Answer

    CEO Adam Elsesser described Ruby XL as a larger, softer, and longer coil built on the company's existing platform, designed to fill larger vessel anatomies more quickly and completely. He stated that it was too early to size the market opportunity and that the company would provide more detail after the initial cases are completed post-launch.

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    Travis Steed's questions to Edwards Lifesciences Corp (EW) leadership

    Travis Steed's questions to Edwards Lifesciences Corp (EW) leadership • Q2 2025

    Question

    Travis Steed from Bank of America questioned why the full-year EPS guidance wasn't raised more significantly given the Q2 beat and reduced tariff impact. He also asked about long-term EPS leverage and the market share capture from a competitor exiting the international TAVR market.

    Answer

    CFO Scott Ullem explained that while Q2 was strong, headwinds from the pending GenaValve acquisition warrant caution on raising EPS guidance further. He reaffirmed the long-term goal of bottom-line leverage. Corporate VP Larry Wood added that capturing share from the exiting competitor depends on demonstrating the value of Edwards' premium technology over lower-priced alternatives.

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    Travis Steed's questions to Edwards Lifesciences Corp (EW) leadership • Q2 2025

    Question

    Travis Steed from Bank of America questioned why the EPS guidance wasn't raised more significantly given the Q2 beat and inquired about long-term EPS leverage. He also asked about market share capture from the exiting international TAVR competitor.

    Answer

    CFO Scott Ullem explained the cautious EPS guidance raise was due to headwinds like the pending GenaValve acquisition, while reaffirming long-term leverage goals. Larry Wood, Corporate VP of TAVR, stated that capturing share from the exited competitor is a long-term effort focused on demonstrating the value of Edwards' premium technology over lower-priced alternatives.

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    Travis Steed's questions to Edwards Lifesciences Corp (EW) leadership • Q1 2025

    Question

    Travis Steed asked about the potential for the TAVR National Coverage Determination (NCD) to be loosened to ease capacity constraints and for modeling guidance on Q2 TAVR growth.

    Answer

    Larry Wood, Group President of TAVR, stated it is time to reopen the NCD to cover asymptomatic patients and add more hospitals, noting that while acute capacity issues have eased, continued investment is needed. CFO Scott Ullem guided that to meet the full-year forecast, TAVR growth would need to be around 6% for the remaining quarters of the year, with some expected variability.

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    Travis Steed's questions to Edwards Lifesciences Corp (EW) leadership • Q4 2024

    Question

    Travis Steed sought confirmation that the full-year TAVR guidance is on a constant currency basis and asked for quantification of the Q1 selling day headwind. He also requested an update on the timelines for the CLASP IIF and CLASP II TR clinical trials.

    Answer

    CFO Scott Ullem confirmed the 5-7% TAVR guidance is constant currency and quantified the Q1 selling day headwind as approximately a 1-point global impact. Daveen Chopra, Global Leader of TMTT, stated that CLASP IIF enrollment will continue through 2025, while CLASP II TR completed enrollment in Q4 2024, initiating a timeline involving a 1-year follow-up and subsequent regulatory submissions.

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    Travis Steed's questions to Edwards Lifesciences Corp (EW) leadership • Q3 2024

    Question

    Travis Steed asked if the 27-28% operating margin guidance for 2025 includes the pending JenaValve acquisition and if the current 5-7% TAVR growth is the new steady-state expectation.

    Answer

    CFO Scott Ullem clarified the 27-28% margin guidance includes three of the four recent acquisitions but did not specify the impact of the pending JenaValve deal. He and CEO Bernard Zovighian declined to provide a long-term TAVR growth forecast, stating they are positive on the outlook and will provide details at the December investor conference.

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    Travis Steed's questions to Boston Scientific Corp (BSX) leadership

    Travis Steed's questions to Boston Scientific Corp (BSX) leadership • Q2 2025

    Question

    Travis Steed of Bank of America asked for a high-level view of the long-range plan ahead of the upcoming Analyst Day, particularly regarding the company's confidence in outgrowing its rising weighted average market growth rate. He also requested an update on the forward-looking tax rate following recent legislation.

    Answer

    CEO Mike Mahoney stated that the company's goal is to continue improving its weighted average market growth rate (WAMGR) and outgrowing its markets, supported by enhanced R&D investment, with more details to come at Investor Day. CFO John Monson provided a significant update on taxes, explaining that the previously anticipated 200-300 basis point headwind for 2026 has been "largely eliminated" by new legislation.

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    Travis Steed's questions to Boston Scientific Corp (BSX) leadership • Q1 2025

    Question

    Travis Steed of Bank of America asked about the drivers of the strong Q1 operating margin and requested more detail on the assumptions underlying the $200 million tariff headwind, including timing and regional breakdown.

    Answer

    Daniel Brennan, Executive Vice President and CFO, attributed the strong Q1 margin to favorable product mix, led by high-growth, high-margin products like FARAPULSE and WATCHMAN. He detailed that the $200 million tariff headwind is a 2025 impact, mostly in the second half, and assumes the commencement of reciprocal tariffs with China in Q3. Despite this, he reaffirmed the full-year target of 50-75 basis points of operating margin expansion.

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    Travis Steed's questions to Boston Scientific Corp (BSX) leadership • Q4 2024

    Question

    Travis Steed asked how Boston Scientific's M&A strategy is evolving as the company's revenue base becomes larger and grows faster, making it more challenging for smaller deals to have a significant impact.

    Answer

    CEO Mike Mahoney stated that the M&A strategy remains largely unchanged. The company focuses on long-term investments through a combination of internal R&D, its extensive VC portfolio, and strategic tuck-in acquisitions. He emphasized the core goal is to continuously increase the company's weighted average market growth rate (WAMGR) and to grow faster than that rate, a formula they believe is effective regardless of company size.

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    Travis Steed's questions to Boston Scientific Corp (BSX) leadership • Q3 2024

    Question

    Travis Steed from Bank of America followed up on the AVANT GUARD trial pause, asking for reassurance on why this event doesn't alter the company's overall view on FARAPULSE's safety profile.

    Answer

    CMO Dr. Ken Stein reiterated that the trial is studying a new patient population (newly diagnosed persistent AF) for which ablation is not currently the standard of care. He emphasized that the observations were not life-threatening and the company's confidence in FARAPULSE's safety and efficacy remains high, based on extensive commercial experience with over 125,000 patients and published data on 20,000 patients.

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    Travis Steed's questions to Intuitive Surgical Inc (ISRG) leadership

    Travis Steed's questions to Intuitive Surgical Inc (ISRG) leadership • Q2 2025

    Question

    Travis Steed from Bank of America inquired about the drivers behind the strong Q2 margin performance and its sustainability, and also asked about the company's strategy regarding third-party instrument reprocessing.

    Answer

    CFO Jamie Samath attributed the strong margin to 21% revenue growth, a higher mix of system purchases versus leases, and lower-than-expected OpEx, but cautioned this was not the 'new normal'. CEO Dave Rosa addressed reprocessing by emphasizing that hospital value committees evaluate safety, reliability, and performance, stating his belief that Intuitive's high-quality instruments, support, and predictable supply chain provide the greatest value. He added that Intuitive will continue to innovate, extend instrument use, and lower costs to differentiate its portfolio.

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    Travis Steed's questions to Intuitive Surgical Inc (ISRG) leadership • Q2 2025

    Question

    Travis Steed from Bank of America inquired about the drivers behind Intuitive's strong Q2 margins, their sustainability, and the company's strategy regarding third-party instrument reprocessing.

    Answer

    CFO Jamie Samath attributed the high margin to strong 21% revenue growth, a higher mix of system purchases versus leases, and leveraged OpEx, but cautioned this was not the 'new normal'. CEO Dave Rosa addressed reprocessing by stating that hospital value committees will weigh factors like safety, reliability, and supply continuity against savings, expressing confidence that Intuitive's high-quality, innovative instruments provide the greatest value.

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    Travis Steed's questions to Intuitive Surgical Inc (ISRG) leadership • Q1 2025

    Question

    Travis Steed inquired about the anticipated 1.7% tariff impact in 2025, asking for a breakdown by region and the expected cadence throughout the year. He also asked for a comparison of the current capital spending environment to the one seen in 2022.

    Answer

    Executive Jamie Samath explained that roughly half of the tariff impact stems from U.S.-China trade, with about 40% from imports into the U.S. from other regions. He noted the impact would increase quarterly, with the Q4 exit rate being higher than 1.7%. Regarding the capital environment, Samath contrasted the strong U.S. customer response to da Vinci 5, aided by leasing flexibility, with budget constraints in some OUS markets. He stated that while tariff impacts are a risk, they have not yet materialized in core capital demand.

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    Travis Steed's questions to Intuitive Surgical Inc (ISRG) leadership • Q4 2024

    Question

    Travis Steed asked a strategic question about the drivers behind the company's R&D spending, which is approaching $1 billion annually, and whether future investment will focus on new platforms, expanding existing ones, or geographic expansion. He also asked for details on the 10-15% operating expense growth guidance for 2025 and the potential impact of tariffs.

    Answer

    CEO Gary Guthart explained that R&D investment is a mix of all three areas: developing new platforms, securing new indications and capabilities for existing systems, and creating features to help late adopters. CFO Jamie Samath stated that R&D and SG&A would grow at similar rates, with the 10-15% range largely tied to procedure volume. Regarding tariffs, he acknowledged a potential 'material impact' if tariffs are placed on goods from Mexico, where many instruments are made, and noted pricing could be a possible response.

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    Travis Steed's questions to Intuitive Surgical Inc (ISRG) leadership • Q3 2024

    Question

    Travis Steed inquired about the da Vinci 5 ramp-up plan, including potential software upgrades before the mid-2025 broad launch, and asked how hospital CFOs are reacting to the system's potential contribution margin benefits.

    Answer

    President David Rosa confirmed that scheduled software updates will continue, with a key release enabling more hardware and digital features timed for the broad launch. He noted dV5 supply will increase modestly quarter-over-quarter. CFO Jamie Samath added that while it's early, some key opinion leaders are reporting console time improvements, which supports conversations with hospital administration about efficiency gains and higher throughput.

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    Travis Steed's questions to Tandem Diabetes Care Inc (TNDM) leadership

    Travis Steed's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q1 2025

    Question

    Travis Steed's team asked for clarification on the overall new patient growth in Q1, considering the combined impact of MDI and competitive conversions.

    Answer

    CFO Leigh Vosseller confirmed that total new patient starts were up year-over-year. She specified that this growth was primarily driven by strong MDI conversions, which offset continued headwinds from competitive conversions, a trend that was in line with the company's expectations.

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    Travis Steed's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q4 2024

    Question

    Travis Steed from Bank of America asked for more color on the guided gross margin ramp in 2025 and questioned the specific impetus and timing for the sales force expansion.

    Answer

    CFO Leigh Vosseller explained the margin ramp is driven by seasonality and the scaling of Mobi pump production. CCO Mark Novara stated the timing for the sales force expansion was right due to the portfolio's potential, a promotionally sensitive market, and the need to realign territories for efficiency, which also adds share of voice.

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    Travis Steed's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q3 2024

    Question

    Travis Steed asked about the potential impact of future tariffs on Tandem's business, given its international supply chain for components.

    Answer

    President and CEO John Sheridan acknowledged it is a topic they are monitoring. He noted that while their supply chain does extend into potentially affected Asian countries, the company has flexibility to move sourcing as needed and has other mechanisms to offset potential cost increases. They will take action as any policies become more specific.

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    Travis Steed's questions to Conmed Corp (CNMD) leadership

    Travis Steed's questions to Conmed Corp (CNMD) leadership • Q1 2025

    Question

    Travis Steed of Bank of America followed up on the tariff discussion, seeking to reconcile the math from the prior quarter's call with the new guidance. He calculated a potentially much larger annual impact from China tariffs and asked for clarification on the true run rate versus the guided Q4 impact.

    Answer

    EVP and CFO Todd Garner responded that the current analysis is more specific on a product-by-product basis and reiterated that the timing of the P&L impact is delayed as the cost travels with inventory. He provided the specific EPS impact for Q3 ($0.02) and Q4 ($0.12) to illustrate the ramp but declined to provide a 2026 forecast, stating that the Q4 figure gives decent visibility into the run rate before considering potential mitigation efforts or business growth.

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    Travis Steed's questions to Conmed Corp (CNMD) leadership • Q4 2024

    Question

    Travis Steed of BofA Securities asked for more detail on the expected cadence of EPS and margins in Q1, beyond the provided revenue guidance. He also sought to confirm that potential tariffs from China were excluded from the 2025 forecast.

    Answer

    CFO Todd Garner indicated that Q1 EPS and margins should 'travel decently together' with the revenue guidance and did not provide further specifics, noting only that currency headwinds are slightly heavier in Q1. He explicitly confirmed that the 2025 guidance excludes any potential impact from China tariffs, in addition to those from Mexico and Canada.

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