Financial Data and Key Metrics Changes - The core business is expected to grow between 4%-7%, which aligns with the weighted average market growth rate of 4%-6% [6][8] - The company anticipates a short-term headwind due to three specific products that are not achieving the expected market adoption in 2026, impacting growth [7][15] - The stock is considered undervalued by management, with a $200 million share repurchase program authorized to reflect confidence in the company's fundamentals and growth strategy [11][23] Business Line Data and Key Metrics Changes - The company focuses on fast-growing markets such as electrophysiology, neurovascular, structural heart, and neuromodulation, with 80% of the product development sales pipeline concentrated in these areas [4][5] - Despite headwinds from specific products, the overall portfolio is still expected to grow at market rates, with double-digit growth in other segments [28][29] Market Data and Key Metrics Changes - The electrophysiology market has been performing well, with significant growth driven by new technologies [25][26] - The company has a diversified portfolio, which mitigates risks associated with individual product performance, as no single program represents a significant portion of total revenues [17][19] Company Strategy and Development Direction - The company aims to be the most innovative contract development and manufacturing organization (CDMO) in the world, focusing on building critical engineering and manufacturing capabilities [10][11] - The strategy includes targeted acquisitions to enhance capabilities and a strong emphasis on early engagement with customers during product development cycles [4][5] Management's Comments on Operating Environment and Future Outlook - Management views the current challenges as a short-term event, expecting to return to growth in the second half of 2026 and above-market growth in 2027 [8][23] - The company is committed to maintaining operational efficiencies and managing costs during the anticipated air pocket period [39][40] Other Important Information - The company has a global manufacturing footprint, which is seen as a competitive advantage in managing potential tariff impacts [47][50] - There is a strong focus on integrating artificial intelligence into manufacturing processes to enhance efficiency and data utilization [58][59] Q&A Session Summary Question: What will the company do differently with the new CEO? - The new CEO aims to build on the strong foundation and focus on delivering value through understanding customer needs and enhancing engineering capabilities [9][10] Question: What are the checks and balances to ensure revenue consistency? - The company relies on stable forecasts from customers for core products, while new products may have more variable adoption rates [19][20] Question: How does the company plan to manage expenses during the air pocket? - The company will focus on generating gross margin expansion through lean manufacturing and will be disciplined in managing fixed costs [39][40] Question: What is the expected impact of new product launches? - New product launches are expected to contribute to growth in the second half of 2026 and into 2027, with many products in development for several years [43][46] Question: How does the company view its global manufacturing strategy? - The global manufacturing strategy is based on expertise availability and cost competitiveness, allowing the company to mitigate tariff impacts effectively [47][50]