Johnson & Johnson (NYSE:JNJ) FY 2025 Conference December 03, 2025 11:15 AM ET Company ParticipantsMichael Bodner - Company Group Chair, Electrophysiology and NeurovascularJoanne Wuensch - Managing Director and Head of US Healthcare ResearchJoanne WuenschDineer, and I'm really ready to do that, but I am Joanne Wuensch. I am the medical technology analyst here at Citigroup, and thrilled to have with us Michael Bodner from Johnson & Johnson.Michael BodnerThank you.Joanne WuenschMichael, thank you for joining u ...

Financial Data and Key Metrics Changes - The medical technology market is described as strong and resilient, driven by an aging population and continued access to care globally [6] - The company has performed over 30,000 cases with its Varipulse product since its relaunch, indicating a rapid build-up of momentum [20][36] Business Line Data and Key Metrics Changes - The company focuses on three core areas in its medtech business: cardiovascular, surgery, and vision, with significant investments in the cardiovascular space [6] - The CARTO system is highlighted as a leading imaging system in electrophysiology, with over 5,000 systems distributed worldwide [9][10] Market Data and Key Metrics Changes - In the U.S., approximately 70% of atrial fibrillation procedures have transitioned to pulsed field ablation (PFA), while the international market is estimated to be less than that [29][31] - The company is launching Varipulse in multiple international markets, including China, Japan, and Europe, indicating a strong global presence [65] Company Strategy and Development Direction - The company is committed to a super cycle of innovation, with plans for two major mapping releases per year and a new generation of CARTO systems [76] - The company is developing new materials science that will change the physics of ablation procedures, indicating a focus on advanced technology [78][82] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the importance of mapping systems in electrophysiology procedures, noting that mapping is utilized in over 99% of cases in the U.S. [18] - The management expresses confidence in the Varipulse product and its growing momentum, highlighting the safety and efficiency of the procedure [36] Other Important Information - The company is launching a new family of aspiration catheters called Cereglide for acute ischemic stroke, indicating a focus on addressing unmet needs in neurovascular [66] - The management has successfully integrated high-growth businesses like Abiomed and Shockwave, retaining key talent and fostering innovation [71] Q&A Session Summary Question: How do you think about J&J's electrophysiology franchises, strengths and weaknesses? - The company is a clear leader in electrophysiology, anchored by the CARTO system, which integrates mapping technologies and provides safety parameters for physicians [7][8] Question: What is the uptake of Varipulse since its relaunch? - Over 30,000 cases have been performed with Varipulse since its relaunch, with a significant increase in momentum observed [20][36] Question: What percentage of the market has transitioned to PFA? - In the U.S., about 70% of atrial fibrillation procedures have transitioned to PFA, while the international market is less than that [29][31] Question: What is the company's strategy for future product development? - The company plans to launch a new therapeutic catheter every year and is committed to continuous innovation in its product portfolio [57] Question: How does the company view its position in the market? - The company is the clear market leader in electrophysiology and is committed to maintaining this position through innovation and product development [76]