Company Appointment - Inspire Medical Systems has appointed Matt Osberg as CFO, filling the vacancy left by Rick Buchholz [2] - Osberg will start on January 19, following Buchholz's advisory role until late February [2] Background of New CFO - Osberg is from Minneapolis, a medtech hub, but has previously worked outside the medtech industry [3] - His prior experience includes roles at Apogee Enterprises, Helen of Troy, and Best Buy [3] CEO's Perspective - Inspire CEO Tim Herbert noted that while Osberg lacks medtech experience, the company prioritized other attributes over industry-specific background [4] - Herbert emphasized the search for a candidate who could help the company advance to the next level [5] Financial Performance - Inspire expects fourth-quarter sales to be between $268.9 million and $269.1 million, reflecting approximately 12% year-over-year growth [5] - This sales range exceeds the consensus Wall Street estimate of $262.2 million [5] Future Guidance - Inspire's initial guidance for 2026 is just over $1 billion in full-year sales, aligning with Wall Street expectations [6] - Analysts view this guidance as a reasonable baseline for investors, not factoring in potential increased reimbursement [6]

Core Insights - Inspire Medical Systems faced significant setbacks in the launch of its new Inspire V device, revealing that the rollout was delayed due to incomplete training and onboarding at treatment centers [3] - The company also encountered billing and reimbursement challenges, as necessary software updates for claims processing were not implemented until July 1, affecting the ability of implanting centers to bill for procedures [3][4] - Inspire reported weak demand and excess inventory for the Inspire V, leading to a drastic cut in its 2025 earnings guidance by over 80% [4] Financial Impact - Following the announcement of these issues, Inspire's stock price plummeted by more than 32%, dropping from $129.95 per share on August 4, 2025, to $87.91 per share on August 5, 2025, resulting in a loss of approximately $1.2 billion in market capitalization [4] Legal Proceedings - A class action lawsuit has been initiated against Inspire Medical Systems, alleging that the company and its executives made false and misleading statements regarding the market demand for Inspire V and the steps taken for its launch [2][5] - The lead plaintiff in the lawsuit is the investor with the largest financial interest in the relief sought, who will oversee the litigation on behalf of the class [5]

Core Insights - Inspire Medical Systems faced significant setbacks in the launch of its new Inspire V device, revealing that the rollout was delayed due to incomplete training and onboarding at treatment centers [3] - The company also encountered billing and reimbursement challenges, as necessary software updates for claims processing were not implemented until July 1, affecting the ability of implanting centers to bill for procedures [3][4] - Inspire reported weak demand and excess inventory for the Inspire V, leading to a drastic cut in its 2025 earnings guidance by over 80% [4] Financial Impact - Following the announcement of these issues, Inspire's stock price plummeted by more than 32%, dropping from $129.95 per share on August 4, 2025, to $87.91 per share on August 5, 2025, resulting in a loss of approximately $1.2 billion in market capitalization [4] Legal Proceedings - A class action lawsuit has been initiated against Inspire Medical Systems, alleging that the company and its executives made false and misleading statements regarding the market demand for Inspire V and the steps taken for its successful launch [2][5] - The lead plaintiff in the lawsuit is the investor with the largest financial interest in the relief sought, who will oversee the litigation on behalf of the class [5]

And right now we are 2 minutes away from the end of the trading day. Romaine Bostick here with Katie Greifeld taking you through to that closing bell. It's a global simulcast.Carol Massar and Tim Stenovec joining us from the radio room. Welcome to our audiences across all of our Bloomberg platforms. That includes our partnership with YouTube.24 hours ago, Carol, we started off this simulcast talking about the big sell off in markets today. We start off talking about a pretty sizable rally. Yeah, thank you.M ...

分组1 - Micron Technology saw a significant increase in its stock price, finishing up over 10% after an upbeat forecast for the current quarter, driven by surging demand and supply shortages allowing for higher product pricing [8][9] - Lululemon's stock rose approximately 3.5% after news that activist investor Elliott Investment Management acquired a stake of over $1 billion, indicating potential leadership changes as the current CEO is set to depart [10][11] - Trump Media and Technology's stock surged nearly 42% following the announcement of a merger with TI Technologies, a nuclear fusion developer, valued at over $6 billion, marking a strategic pivot for the company [12][13] 分组2 - FedEx raised its full-year adjusted EPS guidance to a range of $7.80 to $9, up from the previous range of $7.20 to $9, indicating positive performance and effective execution of its growth strategy [26][28] - FedEx's adjusted operating income for the second quarter is projected at $1.61 billion, exceeding estimates of $1.36 billion, reflecting strong operational performance despite challenges [27][30] - The company is committed to permanent cost reductions, which will be reinvested into other business areas, showcasing a focus on long-term growth and efficiency [29]

Summary of MedTech Industry Outlook for 2026 Industry Overview - The MedTech industry is experiencing increased stock-specific volatility and performance dispersion, which is expected to continue into 2026 [1][3][20] - Major product cycles and a supportive hospital spending environment, combined with trough valuations compared to the S&P, create a favorable setup for the industry [1][3] Key Insights - **Growth Projections**: Organic growth is estimated at +6-7% driven by innovation cycles in large markets such as concomitant PFA/LAA, RDN, TMTT, leadless pacing, and diabetes devices [3][8] - **Margin Improvement**: Margins are expected to improve due to a favorable mix shift and normalized cost/pricing dynamics [3][8] - **Hospital Spending**: Capital spending in hospitals is projected to grow by +4.1% in 2026, consistent with the previous year's growth of +4.0% [4][62] - **Reimbursement Challenges**: 34% of hospital executives cited reimbursement pressure as the biggest challenge for the upcoming year, an increase from 25% the previous year [3][70] Market Dynamics - **Volatility and Stock Picking**: The high degree of volatility, particularly around earnings, has made stock picking challenging and is likely to persist into 2026 [3][9] - **Investment Sentiment**: Despite macroeconomic uncertainties, hospitals are still inclined to invest in new equipment, with over 70% considering purchases across various categories [66][69] Competitive Landscape - **Robotic Systems**: There is a notable emphasis on robotic systems in capital budgets, with companies like ISRG and SYK gaining market share in soft-tissue and orthopedic robotics, respectively [9][10] - **Emerging Technologies**: New growth verticals such as Renal Denervation and next-gen Neuromodulation are expected to contribute to future growth [38] Analyst Ratings and Recommendations - **Upgrades**: Companies like DexCom (DXCM) and Bausch + Lomb (BLCO) have been upgraded to Overweight due to strong pipelines and operational improvements [10][11] - **Cautions**: Inspire Medical Systems (INSP) has been downgraded to Equal-weight due to slowing growth and increased competition [12][14] Conclusion - The MedTech industry is positioned for growth in 2026, supported by favorable hospital spending trends and innovation in product offerings. However, challenges such as reimbursement pressures and market volatility remain significant factors to monitor [3][10][75]

Summary of MedTech Industry Outlook for 2026 Industry Overview - The MedTech industry is experiencing increased stock-specific volatility and performance dispersion, which is expected to continue into 2026 [1][3][20] - Major product cycles and a supportive hospital spending environment, combined with trough valuations compared to the S&P, create a favorable setup for the industry [1][3] Key Insights - **Growth Projections**: Organic growth is estimated at +6-7% driven by innovation cycles in large markets such as concomitant PFA/LAA, RDN, TMTT, leadless pacing, and diabetes devices [3][8] - **Margin Improvement**: Margins are expected to improve due to a favorable mix shift and normalized cost/pricing dynamics [3][8] - **Hospital Spending**: Capital spending in hospitals is projected to grow by +4.1% in 2026, consistent with the previous year's growth of +4.0% [4][62] - **Reimbursement Challenges**: 34% of hospital executives cited reimbursement as the biggest challenge for the upcoming year, an increase from 25% the previous year, indicating potential shifts to lower acuity settings [3][70] Market Dynamics - **Volatility and Stock Picking**: The high degree of volatility, particularly around earnings, has made stock picking challenging and is likely to persist into 2026 [3][9] - **Investment Sentiment**: Despite macroeconomic uncertainties, hospitals are still inclined to invest in new equipment, with over 70% of hospitals considering purchases across various categories [66][70] Competitive Landscape - **Robotic Systems**: There is a notable emphasis on robotic systems in capital budgets, with companies like ISRG and SYK gaining traction in the robotics market [9][10] - **Emerging Technologies**: New growth verticals such as Renal Denervation and next-gen Neuromodulation are expected to contribute to future growth [38] Analyst Ratings and Recommendations - **Upgrades**: Companies like DexCom (DXCM) and Bausch + Lomb (BLCO) have been upgraded to Overweight due to strong operational recovery and promising pipelines [11][12] - **Cautions**: Inspire Medical Systems (INSP) has been downgraded to Equal-weight due to slowing growth and increased competition [12][14] Conclusion - The MedTech industry is positioned for growth in 2026, supported by favorable hospital spending trends and innovation in product offerings. However, challenges such as reimbursement pressures and market volatility remain significant factors to monitor [3][10][75]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against MoonLake (NASDAQ: MLTX) due to allegations of false and misleading statements regarding its product SLK, which failed to demonstrate competitive efficacy compared to BIMZELX, leading to a significant drop in stock price [1][3][4]. Group 1: Legal Investigation - The law firm is encouraging investors who suffered losses in MoonLake between March 10, 2024, and September 29, 2025, to discuss their legal options [1]. - A federal securities class action has been filed against MoonLake, with a deadline of December 15, 2025, for investors to seek the role of lead plaintiff [1][5]. Group 2: Allegations Against MoonLake - The complaint alleges that MoonLake and its executives violated federal securities laws by making false statements and failing to disclose material facts about the differences between Nanobodies and monoclonal antibodies [3]. - Specific allegations include that SLK and BIMZELX share the same molecular targets, and that SLK's structure does not provide superior clinical benefits or efficacy [3]. Group 3: Stock Price Impact - Following the announcement of the Phase 3 VELA program results, MoonLake's stock price fell by $55.75 per share, or 89.9%, closing at $6.24 on September 29, 2025 [4].

Market Trends & Economic Outlook - The Dow Jones Industrial Average reached a record high, driven by United Health Care and Nike [5] - Treasury yields are slightly lower, with the 10-year yield at 406% and the 2-year at 350% [6] - Gold is rallying, up about 2% at $4,208 per ounce, while oil is slipping, with WTI crude down more than 4% and Brent crude off nearly 4% due to oversupply concerns [6] - The U S economy is described as "just okay" and "squishy," with recession considered remote [10] - Consumer spending is concentrated in the top quintiles of earners, and businesses are in "pause mode" regarding hiring [14] - The economy is increasingly dependent on affluent consumers, artificial intelligence field investment, and asset price gains [15] - Deregulation is anticipated, particularly in financial services [18] Company Performance & Strategy - Vista Energy aims to reach $28 billion in 2028, producing 180,000 barrels of oil per day [37] - Vista Energy exports around 60% of its production today, aiming for 75% in 2028 [43] - Cava experienced a slight step down in spend in the District, Maryland, and Virginia markets due to the government shutdown [55] - Cava intends to continue increasing restaurant openings with at least 16% growth in restaurants in 2026, opening at least 68 to 70 restaurants in 2025 [63] - Inspire Medical Systems sees GLP-1 drugs as an opportunity, as weight loss can make some patients eligible for their device [94] - Inspire Medical Systems is covered by all insurance companies, with over 300 million covered lives in the United States [111] Industry Specifics - OPEC says global oil supply will match demand next year, shifting from earlier projections of a supply deficit [7] - Argentina's shale industry could benefit from deregulation and access to capital markets [38][39] - Tariffs had about a 20 basis point impact on Cava's food, beverage, and packaging costs in the quarter, expected to continue into 2026 [70] - Delta Airlines expects a return to normal during the Thanksgiving holiday after mandated flight cuts [116]

Core Viewpoint - Thermo Fisher (TMO) is currently facing significant macroeconomic challenges, competitive pressures, and currency fluctuations that are negatively impacting its top-line growth, leading to a Zacks Rank 4 (Sell) [1] Group 1: Macroeconomic and Competitive Challenges - Difficult macroeconomic conditions are disrupting economic activity, global supply chains, and labor markets, creating a challenging business environment for Thermo Fisher [2] - International conflicts, such as the Russia-Ukraine war and tensions between China and Taiwan, have increased global cybersecurity risks [2] - The company is experiencing margin pressure, with gross margin and operating margin contracting by 5 basis points and 2 basis points, respectively, in Q1 2025 [3] - A projected 22.4% increase in adjusted operating expenses for 2025 indicates ongoing financial strain [3] - The competitive landscape is tough, with various manufacturers and third-party distributors posing challenges due to changing technology and customer demands [5] Group 2: International Revenue and Currency Risks - International markets are a substantial revenue source for Thermo Fisher, but they are subject to exchange rate fluctuations that can impact reported revenues and profitability [4] - As international sales grow, the exposure to currency exchange rate fluctuations is expected to have a more significant effect on financial results [4] Group 3: Growth Strategies and Acquisitions - The company is pursuing growth through strategic acquisitions, including the $4.1 billion acquisition of Solventum's Purification & Filtration business, which is expected to enhance capabilities in biologics development and manufacturing [6] - The acquisition is projected to deliver $125 million in adjusted operating income benefits over the next five years through revenue synergies and cost efficiencies [6] - Strategic alliances, such as collaboration with the Chan Zuckerberg Institute for Advanced Biological Imaging and a 10-year virtual power purchasing agreement with X-ELIO, are part of the company's expansion strategy [7] Group 4: Stock Performance and Market Outlook - Over the past year, TMO shares have declined by 27.3%, compared to a 12.8% decline in the industry [8] - Despite current challenges, the company's focus on strategic acquisitions and partnerships, along with favorable end market performance, is expected to help the stock gain momentum in the future [8]