Financial Data and Key Metrics Changes - The company reported total revenue of $384.2 million, up 13% year-over-year on a GAAP basis and up 12.5% year-over-year on a constant currency basis, exceeding growth expectations [14][15] - Non-GAAP operating margin increased by 51 basis points year-over-year to 19.7%, with nearly 7% growth in non-GAAP EPS, exceeding expectations [15][32] - Free cash flow generated was $53 million, an increase of 38% year-over-year, contributing to a total of over $140 million in free cash flow for the first nine months of 2025 [15][32] Business Line Data and Key Metrics Changes - Cardiovascular segment sales grew by 13%, with cardiac intervention product sales increasing by 29% [26][28] - Endoscopy segment sales increased by 4%, with total revenue growth driven primarily by the cardiovascular segment [26][27] - Peripheral intervention product sales increased by 8%, while custom procedural solutions products increased by 6% [27][29] Market Data and Key Metrics Changes - U.S. sales increased by 12% on a constant currency basis, exceeding organic growth expectations [30] - International sales increased by 13% year-over-year, with specific regions like EMEA and the rest of the world exceeding expectations [30] - Sales in China decreased by 1%, attributed to broader macroeconomic conditions, although excluding VBP impacts, sales increased by 2% [30] Company Strategy and Development Direction - The company is focused on innovation and R&D, with recent product launches including the Prelude Wave hydrophilic sheath introducer and Embosphere microspheres for knee osteoarthritis treatment [16][17] - An acquisition of the C2 Cryo Balloon technology for $22 million is expected to strengthen the company's position in the gastroenterology market [25][26] - The company aims to leverage its strong free cash flow for investments in R&D and acquisitions, maintaining a focus on both organic and inorganic growth strategies [54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong performance despite a dynamic global macro environment [15] - The updated financial guidance for 2025 reflects strong Q3 results, with expectations for continued growth and profitability [16][34] - The company is committed to achieving its CGI goals through the end of 2026, focusing on closing out a strong 2025 [54] Other Important Information - The company has made notable progress in securing clinical evidence for its Rhapsody CIE product, with ongoing studies and registries to support its market position [22][23] - The management team is actively engaging with stakeholders and focusing on building awareness for new products [10][13] Q&A Session Summary Question: Can you provide more color on the Rhapsody CIE response in the inpatient setting? - Management noted strong initial market response and highlighted the training of over 500 physicians, which has contributed to access and utilization in hospitals [46] Question: What is the source of the gross margin upside and its durability? - Management attributed the gross margin increase to a focus on product mix, pricing improvements, and operational efficiencies, while acknowledging tariff impacts [49][50] Question: What are the thoughts on 2026 and future M&A strategies? - Management indicated a focus on closing out a strong 2025 and emphasized the importance of both organic and inorganic growth, with no major shifts in capital allocation strategy expected [54]