Financial Data and Key Metrics Changes - Revenue for Q3 2025 was reported at $464.3 million, an 8.5% increase year-over-year [7] - Net income and diluted earnings per share were reported at $43.59 per share, including a $0.39 benefit related to the ERC [10] - Cash flow from operations was reported at $71.3 million, adjusted to $87.1 million after accounting for a decrease in payroll accrual [10] Business Line Data and Key Metrics Changes - Environmental services revenue was reported at $211.8 million, while dietary services revenue was $252.5 million [7] - Segment margins for environmental and dietary services were reported at 10.7% and 5.1%, respectively [9] Market Data and Key Metrics Changes - The company noted a strong labor market, with skilled nursing job gains significantly outpacing 2024 levels, although still about 30,000 jobs short of pre-pandemic levels [25] - The company continues to see a positive trend in cash collection and a strong balance sheet, with cash and marketable securities of $207.5 million [11] Company Strategy and Development Direction - The top three strategic priorities for Q4 include driving growth through management development, managing costs through operational execution, and optimizing cash flow [6] - The company is focusing on organic growth, strategic acquisitions, and opportunistic share repurchases, with a $50 million share repurchase plan valid through June 2026 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term care market, citing a multi-decade demographic tailwind and stable reimbursement environment [5] - The company is confident in its ability to capitalize on growth opportunities while delivering sustainable, profitable results [6] Other Important Information - The company repurchased $27.3 million of common stock in Q3, bringing year-to-date buybacks to $42 million [12] - The company continues to evaluate M&A opportunities, particularly in the education sector, which is a top target for acquisitions [19] Q&A Session Summary Question: Pipeline of new client wins and future growth - Management indicated that the majority of Q3 growth was driven by new business wins and high client retention rates, with an estimated revenue range of $460 to $470 million for Q4 [15][16] Question: Labor market and hiring capabilities - Management noted that the labor market is strong, with record application levels and sufficient staffing to support growth, despite some ongoing challenges in specific markets [25][26] Question: Outsourcing trends in Environmental and Dietary Services - Management observed an increasing acceptance of outsourcing in both environmental and dietary services, with significant growth potential in the market [32][35] Question: Update on Genesis Healthcare and facility transitions - Management confirmed that services to Genesis Healthcare facilities continue without disruption, and the company is monitoring the bankruptcy process closely [36][37]

Weatherford International (NasdaqGS:WFRD) Q3 2025 Earnings Call October 22, 2025 08:30 AM ET Speaker0Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International Third Quarter twenty twenty five Results. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. As a reminder, today's event is being recorded.I would now like to turn the conference over to Luke Lemoyne, Senior Vice President of Corporate Development. P ...

Financial Data and Key Metrics Changes - Revenue grew 5% in Q3 2025 to $11.12 billion, with adjusted operating income increasing 9% to $2.59 billion [5][21] - Adjusted operating margin expanded by 100 basis points to 23.3%, and adjusted EPS rose 10% to $5.79 per share [5][21] - Full-year revenue guidance raised to a range of $44.1 billion to $44.5 billion, with adjusted EPS guidance increased to $22.60 to $22.86 [17][27] Business Line Data and Key Metrics Changes - **Pharma and Biotech**: Mid-single-digit growth driven by bioproduction and analytical instruments [6] - **Academic and Government**: Revenue declined in low single digits, showing slight improvement from the previous quarter [6] - **Industrial and Applied**: Revenue grew in mid-single digits, led by electron microscopy [6] - **Diagnostics and Healthcare**: Revenue growth improved but remained down low single digits, primarily due to conditions in China [6][46] Market Data and Key Metrics Changes - North America grew low single digits, while Europe and Asia-Pacific both grew mid-single digits; China declined mid-single digits [20] - Adjusted gross margin was 41.9%, reflecting strong productivity [21] Company Strategy and Development Direction - The growth strategy focuses on high-impact innovation, trusted partner status, and a strong commercial engine [7][11] - Collaborations with OpenAI aim to enhance product development and operational efficiency [12][13] - Recent acquisitions, including the filtration and separation business from Solventum and a Sterile Fill Finish site from Sanofi, are expected to strengthen the company's capabilities [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating government policies and reshoring activities, which are expected to benefit the company [34][36] - The company anticipates a stable funding environment in the academic and government sectors, which may remove headwinds over time [39] - The outlook for 2026 remains positive, with expectations of 3% to 6% organic growth [50][51] Other Important Information - The company repurchased $1 billion of shares in Q3, totaling $3 billion for the year [15][22] - Free cash flow for the year is expected to be around $7 billion [30] Q&A Session Summary Question: Market conditions and customer conversations - Management noted excitement among pharma and biotech customers regarding scientific breakthroughs and confidence in their pipelines [34] Question: Academic and government funding outlook - Management indicated that while conditions were muted, there is a consensus around a relatively flat budget, which could stabilize the market [39] Question: Analytical instruments performance - Growth was driven by strong demand in electron microscopy and chromatography, with expectations for continued momentum [44][45] Question: China diagnostics market conditions - Management acknowledged weak conditions in China but noted a modest improvement relative to the prior quarter [46] Question: Demand from small and emerging biotech - There was positive momentum in clinical research business, with expectations for increased reinvestment in the market [61] Question: Onshoring impact on demand - Management highlighted that onshoring will create incremental demand for new equipment and facilities, although overall drug volumes may not change significantly [68]

Financial Data and Key Metrics Changes - CME Group generated revenue of $1,500,000,000, down 3% from the strong third quarter in 2024 [11] - Adjusted net income and adjusted diluted earnings per share were $978,000,000 and $2.68 per share, slightly above the previous year's third quarter [12] - Average daily volume was 25,300,000 contracts, the second highest in CME's history for a third quarter [5][6] Business Line Data and Key Metrics Changes - The crypto complex traded a record 340,000 contracts per day, up over 225% year-over-year [6] - Market data revenue reached over $200,000,000 for the first time, up 14% [11][12] - New products with record volume included credit futures, one ounce gold futures, and agricultural weekly options [7] Market Data and Key Metrics Changes - Open interest at quarter-end was 126,000,000 contracts, the highest for September in the last five years [6] - WTI futures market share increased to 76% from 74% in the previous quarter [70] - Natural gas complex grew 2%, led by nat gas options up 12% [71] Company Strategy and Development Direction - CME Group is focused on innovation and expanding product offerings, including 24/7 trading of cryptocurrency futures and options [8][9] - A partnership with FanDuel aims to develop and distribute event-based contracts, enhancing retail strategy [9][20] - The company is extending its cross-margin agreement with DTCC to increase margin savings for clients [8] Management Comments on Operating Environment and Future Outlook - Management noted strong customer demand for products, with growing open interest and records in large open interest holders [13] - The outlook for energy markets remains positive, with continued growth in crude and natural gas [73] - Management emphasized the importance of credibility in markets and the potential for growth in retail offerings without necessarily pursuing acquisitions [20] Other Important Information - Capital expenditures for the third quarter were approximately $19,000,000, with cash at the end of the quarter around $2,600,000,000 [12] - The company paid dividends of $455,000,000 in the third quarter and approximately $3,500,000,000 over the first nine months of the year [12] - The average cash balance in the third quarter was $135,000,000, with a 30% cash minimum affecting client allocation decisions [105][106] Q&A Session Summary Question: Can you talk about your long-term retail strategy? - Management highlighted the importance of the partnership with FanDuel, which provides access to 13,000,000 potential accounts, and emphasized the credibility of CME in the retail market [16][20] Question: Is CME considering offering sports event contracts? - Management stated that the decision to list sports events depends on regulatory approval and expressed readiness to offer such contracts if permitted [30][48] Question: What is the outlook for energy markets? - Management noted that while energy volumes were down in the quarter, there is still strong growth potential in crude and natural gas markets, particularly in Europe and Asia [66][73] Question: What are the proceeds from the Ultra sale and capital deployment plans? - Proceeds from the sale were about $1,500,000,000, with management planning to present recommendations for capital use to the board soon [80][82] Question: Can you elaborate on the 24/7 trading initiative? - Management indicated that 24/7 trading for crypto is set for 2026, with ongoing discussions about potential expansion to other asset classes based on client demand [96][100]

Financial Data and Key Metrics Changes - Total company operational sales grew 19% in Q3 2025, while organic sales increased by 15%, exceeding the guidance range of 12% to 14% [6][22] - Adjusted EPS for Q3 2025 was $0.75, reflecting a 19% growth and surpassing the guidance range of $0.70 to $0.72 [6][22] - Adjusted operating margin for Q3 was 28%, with an adjusted gross margin of 71%, showing a 60 basis point improvement year-over-year [23][6] Business Line Data and Key Metrics Changes - Urology sales grew 27% operationally and 5% organically, driven by international business and Global Stone Management [9] - Endoscopy experienced a 9% growth, with double-digit growth in key products [10] - Neuromodulation sales increased by 9%, supported by strong performance in the brain franchise [10] - Peripheral interventions sales grew 16% operationally and 6% organically, with low single-digit growth in arterial due to pricing pressures in China [11] Market Data and Key Metrics Changes - U.S. operational sales grew 27%, with strong performance across cardiovascular businesses, endoscopy, and neuromodulation [7] - Europe, Middle East, and Africa (EMEA) saw a 2% decline operationally due to specific headwinds, while Asia-Pacific grew 17% operationally [7][8] - China experienced mid-teens growth, driven by strong performance in electrophysiology and the recent approval of the Watchman Flex Pro device [8][9] Company Strategy and Development Direction - The company is focused on sustaining above-market growth, with a full-year 2025 organic growth guidance of approximately 15.5% [6][25] - The acquisition of Nalu Medical is expected to expand the company's portfolio into a new pain adjacency, complementing its existing strengths [11][81] - The company aims to achieve 10% plus average organic revenue growth from 2026 to 2028, along with annual adjusted operating margin expansion [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth despite challenges, with a focus on innovation and clinical evidence generation [20][39] - The company does not anticipate procedural pull-forwards due to external pressures, maintaining consistent procedural demand [38] - Management remains optimistic about the growth potential in the electrophysiology and Watchman markets, projecting a 20% CAGR over the long-range plan [33][48] Other Important Information - The company faced a $30 million backorder due to an ERP system upgrade, impacting various business lines but expected to improve in Q4 [7][75] - The company maintains a strong cash position with $1.275 billion on hand and a gross debt leverage ratio of 2.0 times [24] Q&A Session Summary Question: Is Watchman a key growth driver? - Management confirmed that Watchman is a significant growth driver, with expectations of continued market expansion and strong adoption rates [32][34] Question: What is the outlook for the China market? - Management indicated strong growth in China, with expectations for continued double-digit growth despite pricing pressures [39][40] Question: How will the new product cycle impact CRM growth? - Management expressed confidence in the upcoming Denali platform and Empower leadless pacemaker, anticipating improved growth in the CRM segment [85][86] Question: What are the drivers for growth outside EP and Watchman? - Management highlighted strong performance in neuromodulation, endoscopy, and the potential of the Nalu acquisition to enhance growth in the pain management segment [60][61]

Financial Data and Key Metrics Changes - The company reported record results in Q3 2025, with Pega Cloud ACV, revenue, and free cash flow all reaching new highs, showing continued acceleration [22] - Annual contract value (ACV) grew 14% year over year, with over $147 million in net new ACV added in constant currency during the first nine months of 2025, exceeding the total net new ACV added in all of 2024 [22][28] - Pega Cloud grew 27% year over year, representing the fastest-growing component of Pega's total ACV [22][23] Business Line Data and Key Metrics Changes - Pega Cloud was highlighted as a major growth driver, with margins approaching 80% in Q3 [23] - The unique approach of utilizing AI in the design phase while leveraging predictable workflows at runtime continues to differentiate the company in the market [24] Market Data and Key Metrics Changes - The company is experiencing strong momentum as clients shift from experimentation to execution, embracing Pega GenAI Blueprint for enterprise transformation [11][24] - The federal sector is undergoing changes, with IT modernization being a bipartisan focus area, indicating potential growth opportunities in government contracts [78] Company Strategy and Development Direction - The company aims to be the workflow automation and AI orchestration platform of choice for enterprises, leveraging its unique architecture and solutions [11][17] - Pega GenAI Blueprint is positioned as a game changer, enhancing client engagement and accelerating the time from design to production [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the distinctive architecture and the unrivaled Blueprint solution as key advantages in handling modern enterprise complexities [20] - The company is confident that its approach to AI will resonate with prospects, clients, and partners, emphasizing the importance of predictability in AI applications [21] Other Important Information - The company completed its largest share repurchase quarter ever, purchasing $393 million of Pega stock, demonstrating confidence in long-term business value [27] - The company remains debt-free after repaying its convertible senior notes in March 2025 [27] Q&A Session Summary Question: What drove the much better ACV and acceleration versus your expectation of it slowing down? - Management indicated that the positive impact of Pega GenAI Blueprint on business performance was a key driver of the better-than-expected ACV growth [31] Question: What is the current state of the federal business and deal environment? - Management noted that while the federal space has faced challenges, long-term projects continue to progress, and IT modernization remains a priority [33][78] Question: Can you discuss the early feedback on the new predictable AI agents? - Management highlighted that the understanding of the differences in their AI agents is resonating with customers, emphasizing the predictability of their approach compared to competitors [37][38] Question: How is pricing evolving in the industry? - Management stated that they are ahead of competitors in moving towards work-based pricing, aligning vendor and customer incentives [58][62] Question: Are you seeing any new players in the space? - Management acknowledged peripheral competitors but emphasized the importance of a center-out approach for true omnichannel capabilities [63] Question: Are customers integrating the new AI agents into production? - Management confirmed that many new implementations in the last six months are in production, showcasing the enthusiasm for the Blueprint approach [67][70]

Financial Data and Key Metrics Changes - In Q3 2025, total company operational sales grew 19%, and organic sales grew 15%, exceeding the guidance range of 12%-14% [6][22] - Q3 adjusted EPS was $0.75, reflecting a 19% increase and surpassing the guidance range of $0.70-$0.72 [6][22] - Adjusted operating margin for Q3 was 28%, with an expectation to expand full-year adjusted operating margin by approximately 100 basis points [6][23][26] Business Line Data and Key Metrics Changes - Urology sales grew 27% operationally and 5% organically, driven by international business and Global Stone Management [9] - Endoscopy grew 9%, with double-digit growth in key products [10] - Neuromodulation sales increased by 9%, supported by strong performance in the brain franchise [10] - Peripheral interventions sales grew 16% operationally and 6% organically, with low double-digit growth in the U.S. [11] - Cardiology sales grew 23%, with interventional cardiology therapy sales growing 3% [14] Market Data and Key Metrics Changes - U.S. operational sales grew 27%, while Europe, Middle East, and Africa (EMEA) declined 2% due to specific headwinds [7][8] - Asia-Pacific grew 17% operationally, led by strong growth in Japan and China [8] - WATCHMAN sales grew 35%, reflecting strong market penetration and adoption [15][16] Company Strategy and Development Direction - The company is focused on strategic tuck-in M&A in high-growth adjacencies, with the recent agreement to acquire Nalu Medical to expand into peripheral nerve pain [11][24] - The company aims for 10%+ average organic revenue growth from 2026 to 2028, with a target of 70%-80% annual free cash flow conversion [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining above-market growth, with expectations for continued strong performance in the cardiovascular and MedSurg segments [6][7] - The company anticipates improvements in backorders and operational performance in Europe in the fourth quarter [8] - Management remains optimistic about the growth potential of WATCHMAN and electrophysiology, projecting a 20% CAGR over the long-range plan [32][48] Other Important Information - The company experienced a backorder of approximately $30 million due to an ERP system upgrade, impacting various business lines [8][76] - The company expects to close the acquisition of Nalu Medical in the first half of 2026 [11][24] Q&A Session Summary Question: Is WATCHMAN a key growth driver? - Management confirmed that WATCHMAN is a significant growth driver, with expectations for continued market expansion and strong performance [32] Question: What is the outlook for the China market? - Management indicated that the China business is performing well, with expectations for double-digit growth despite price pressures [39] Question: How will the new product cycle impact CRM growth? - Management expressed confidence in the upcoming product cycle, including the Denali platform and EMPOWER leadless pacemaker, to strengthen CRM growth [86] Question: What are the dynamics outside EP and WATCHMAN? - Management highlighted strong growth in other divisions, including neuromodulation and endoscopy, and emphasized ongoing investments in these areas [58]

Financial Data and Key Metrics Changes - The company reported record results in Q3 2025, with Pega Cloud Annual Contract Value (ACV), revenue, and free cash flow all reaching new highs, showing continued acceleration [22] - Annual contract value grew 14% year-over-year, with over $147 million in net new ACV added in constant currency during the first nine months of 2025, exceeding the total net new ACV added in the entire year of 2024 [22][28] - Pega Cloud grew 27% year-over-year, representing the fastest-growing component of Pega's total ACV [22][23] Business Line Data and Key Metrics Changes - Pega Cloud remains a major growth driver, with margins approaching 80% in Q3 [23] - The unique approach of utilizing AI in the design phase while leveraging predictable workflows at runtime continues to differentiate the company in the market [24] Market Data and Key Metrics Changes - The company is experiencing accelerated growth as more clients migrate to Pega Cloud, highlighting the increasing client focus on cloud-native architectures and solutions for AI adoption [23][28] - The majority of net new ACV is coming from Pega Cloud, indicating a shift towards a more scalable business model [24] Company Strategy and Development Direction - The company aims to be the workflow automation and AI orchestration platform of choice for enterprises, leveraging its unique architecture and solutions [11][20] - The introduction of Pega Blueprint is seen as a game changer, enabling faster and more reliable client engagement and project execution [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong momentum as clients shift from experimentation to execution with Pega Blueprint [11][20] - The company is focused on closing the year strong and continuing the momentum seen through 2025 [28] Other Important Information - The company completed its largest share repurchase quarter ever, purchasing $393 million of Pega stock, demonstrating confidence in long-term business value [27] - The company remains debt-free after repaying convertible senior notes in March 2025 [27] Q&A Session Summary Question: What drove the much better ACV and acceleration versus your expectation of it slowing down? - Management indicated that the positive impact of Pega Blueprint on business performance was a key driver of the better-than-expected ACV growth [31] Question: What are you seeing on the federal side of the business? - Management noted that while the federal space has faced challenges, long-term projects continue to move forward, and IT modernization remains a bipartisan focus area [33][78] Question: Can you talk about the early feedback on the new predictable AI agents? - Management highlighted that the understanding of the differences in their AI agents is resonating with customers, emphasizing predictability and reliability [37][38] Question: How is pricing evolving in the industry? - Management stated that the company is ahead of competitors in moving towards work-based pricing rather than seat-based pricing, aligning vendor and customer incentives [58][61] Question: Are you seeing any new players in this space? - Management acknowledged seeing new players on the periphery but emphasized the importance of a center-out approach for true omnichannel capabilities [63] Question: Are customers integrating the new Blueprint capabilities into production? - Management confirmed that Blueprint is responsible for many new implementations, with numerous projects already in production [67][70]

Financial Data and Key Metrics Changes - Pegasystems reported record results in Q3 2025, with Pega Cloud ACV, revenue, and free cash flow all reaching new highs, indicating continued acceleration in performance [19][20] - Annual contract value (ACV) grew 14% year over year, with over $147 million in net new ACV added in constant currency during the first nine months of 2025, surpassing the total net new ACV added in all of 2024 [19][20] - Pega Cloud was the standout performer, growing 27% year over year and representing the fastest-growing component of Pega's total ACV [20][21] Business Line Data and Key Metrics Changes - Pega Cloud margins approached 80% in Q3, reflecting the scalability of the platform and increasing client focus on cloud-native architectures [21] - The unique approach of utilizing AI in the design phase while leveraging predictable workflows at runtime continues to differentiate Pegasystems in the market [22] Market Data and Key Metrics Changes - The demand for Pega's solutions is driven by clients migrating to Pega Cloud, which is becoming the foundation for mission-critical workloads [21][26] - The company is experiencing accelerated growth as clients shift from experimentation to execution, particularly with the adoption of Pega GenAI Blueprint [10][22] Company Strategy and Development Direction - Pegasystems aims to be the workflow automation and AI orchestration platform of choice for enterprises, leveraging its unique architecture and solutions [10][15] - The introduction of Pega GenAI Blueprint is seen as a game changer, enhancing client engagement and shortening sales cycles [11][12] - The company is focused on closing the year strong and continuing the momentum seen throughout 2025 [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the structural advantages of their unique architecture and the Pega GenAI Blueprint [17][18] - The company is confident that its approach to AI will resonate with prospects, clients, and partners, emphasizing the importance of reliability at runtime [18] Other Important Information - Pegasystems completed its largest share repurchase quarter ever, purchasing $393 million of stock, demonstrating confidence in the long-term value of the business [24][25] - The company remains debt-free after repaying its convertible senior notes in March 2025 [25] Q&A Session Summary Question: What drove the much better ACV and acceleration versus your expectation of it slowing down? - Management indicated that the positive impact of Pega GenAI Blueprint on business performance was a key driver of the better-than-expected ACV growth [29] Question: What is the deal environment like in the federal space? - Management noted that while the federal space has faced challenges, long-term projects continue to move forward, and IT modernization remains a priority [31][70] Question: Can you talk about the early feedback on the new predictable AI agents? - Management highlighted that the understanding of the differences in their AI agents is resonating with customers, emphasizing predictability and reliability [33][34] Question: How is the legacy transformation opportunity tracking? - Management stated that any acceleration in growth is largely tied to Pega GenAI Blueprint and legacy transformation opportunities [65] Question: What is the impact of cloud migration on term license revenue? - Management explained that while term license revenue may decline over time due to cloud migration, overall growth is driven by increased client spending [80]

Financial Data and Key Metrics Changes - In Q3 2025, total company operational sales grew 19%, and organic sales grew 15%, exceeding the guidance range of 12% to 14% [5][20] - Q3 adjusted EPS was $0.75, reflecting a 19% increase and surpassing the guidance range of $0.70 to $0.72 [5][20] - Adjusted operating margin for Q3 was 28%, with an expected full-year adjusted EPS guidance of $3.02 to $3.04, representing growth of 20% to 21% [6][25] Business Line Data and Key Metrics Changes - Urology sales grew 27% operationally and 5% organically, driven by international business and Global Stone Management [8] - Endoscopy grew 9%, with double-digit growth in key products, particularly in the U.S. [9] - Neuromodulation sales increased by 9%, supported by strong performance in the brain franchise and pain franchise [9][10] - Cardiology sales grew 23%, with interventional cardiology therapy sales growing 3% [12] Market Data and Key Metrics Changes - U.S. operational sales grew 27%, while Europe, Middle East, and Africa (EMEA) declined 2% due to specific headwinds [6][7] - Asia-Pacific grew 17% operationally, led by strong growth in Japan and China [7][8] - Watchman sales grew 35%, reflecting strong uptake in the U.S. [14] Company Strategy and Development Direction - The company is focused on strategic tuck-in M&A in high-growth adjacencies, with recent acquisitions including Nalu Medical [20][24] - The company aims for 10% plus average organic revenue growth from 2026 to 2028, with a target of 50 basis points of annual adjusted operating margin expansion [26] - The company is investing in innovative solutions across both AF and non-AF segments to outpace market growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining above-market growth, particularly in the U.S. and Asia-Pacific [5][6] - The company anticipates improvements in backorders and expects to recover from ERP implementation challenges in Europe [7][10] - Management remains optimistic about the growth potential of Watchman and EP technologies, projecting a 20% CAGR over the long-range plan [32][44] Other Important Information - The company expects full-year 2025 reported revenue growth of approximately 20%, with operational revenue growth of about 19% [24] - Free cash flow for Q3 was $1.163 billion, with expectations of approximately $3.5 billion for the full year [23] Q&A Session Summary Question: Is Watchman a key growth driver? - Management confirmed that Watchman is a significant growth driver, with expectations of continued strong performance and market penetration [30][32] Question: What is the outlook for the China market? - Management indicated that the China business is performing well, with expectations of double-digit growth despite VBP price pressures [36][38] Question: How will the new product cycle impact CRM growth? - Management expressed confidence in the upcoming Denali platform and Empower leadless pacemaker, which are expected to enhance growth in the CRM segment [78][80] Question: What are the drivers for growth outside of EP and Watchman? - Management highlighted strong performance in neuromodulation, endoscopy, and the potential for Urology to improve in 2026 [55][56]