Intuitive Surgical (NasdaqGS:ISRG) Q4 2025 Earnings call January 22, 2026 04:30 PM ET Company ParticipantsTravis Steed - Managing Director of Equity Research in Medical TechnologyRick Wise - Managing DirectorJamie Samath - CFODavid Roman - Managing DirectorPatrick Wood - Managing DirectorDan Connally - VP of Investor RelationsDave Rosa - CEOConference Call ParticipantsRobbie Marcus - Senior Analyst of Medical Devices and ServicesLarry Biegelsen - Senior Medical Device Equity Research AnalystOperatorGood day ...

Financial Data and Key Metrics Changes - The company reported a 1% increase in volume but a 1% decrease in revenue due to business mix headwinds and coal pricing [9][14] - Operating income fell by 9% and earnings per share decreased by 7% year-over-year [9][10] - Fourth quarter expenses increased by $73 million, or 3%, excluding goodwill impairment charges [10][11] Business Line Data and Key Metrics Changes - Merchandise volume and revenue both decreased by 2%, with softness in chemicals and forest products [14][16] - Automotive volume was down 5% year-over-year, while fertilizer volume increased by 7% [15][16] - Intermodal revenue grew by 7% year-over-year on a 5% increase in volume, driven by new business wins [16] Market Data and Key Metrics Changes - The industrial chemicals market remains weak, affecting freight spending [14] - The housing market is expected to see a modest decline in starts, impacting commodity markets [18] - Domestic utility coal demand increased due to higher power demand and natural gas prices [16][19] Company Strategy and Development Direction - The company aims for low single-digit revenue growth in 2026, focusing on operational efficiency and cost discipline [21][22] - Capital expenditures are planned to be below $2.4 billion, emphasizing safety, reliability, and growth projects [22] - The company is preparing for potential opportunities arising from industry mergers while maintaining operational excellence [54][55] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging year with subdued demand and limited growth opportunities [4][20] - There is no expectation of significant macroeconomic improvement in the near term, but the company is focused on internal initiatives to drive profitability [21][22] - Management is optimistic about the potential for growth in 2026, particularly in intermodal and domestic utility coal [19][20] Other Important Information - The company has identified over 100 cost-saving initiatives across various areas, including labor and non-labor spending [11][50] - The leadership team has been renewed to enhance operational effectiveness and drive value [5] Q&A Session All Questions and Answers Question: Inquiry about operating ratio improvement and pricing initiatives - Management indicated that the starting point for 2025's operating ratio excludes goodwill charges and emphasized ongoing pricing initiatives to improve yield in 2026 [28][29] Question: Clarification on guidance for operating margin improvement - Management noted that unique charges from 2025 would not recur in 2026, and they expect productivity improvements to drive margin expansion [32] Question: Discussion on revenue growth profile and mix effects - Management acknowledged that mix effects would impact revenue growth, with stronger growth expected in lower RPU segments [78][79] Question: Inquiry about coal revenue per unit and market conditions - Management clarified that coal RPU would be influenced by market mix and expected stabilization in the coming year [58][61] Question: Discussion on operational readiness for upcoming storms - Management assured that the network is in better condition compared to previous years and outlined preparedness measures for adverse weather [40][42] Question: Inquiry about the impact of industry mergers - Management emphasized the importance of operational excellence regardless of merger outcomes and expressed confidence in managing potential risks [54][55]

Financial Data and Key Metrics Changes - Revenue grew 21% year over year to $10.1 billion, with operating margins at 37% reflecting investments in R&D and manufacturing scale [8][16][29] - Proforma EPS increased 22%, marking the third consecutive year of growth above 20% [16] - Free cash flow rose to $2.5 billion, up from $1.3 billion in 2024 [16] Business Line Data and Key Metrics Changes - Total procedures grew 19%, with da Vinci procedures increasing 17% and Ion procedures growing 51% [5][16] - Single-port procedures grew 87%, while multi-port procedures increased 17% [5][11] - In Q4, da Vinci procedures in the U.S. increased 15% to over 2 million, while international procedures grew 23% [6][19] Market Data and Key Metrics Changes - U.S. procedures increased 16%, with da Vinci procedures growing 15% and Ion procedures growing 41% [17] - Internationally, da Vinci procedures grew 21%, with notable growth in Canada, India, Korea, and various European markets [20][21] - Japan's procedure growth was lower than expected due to capital placement challenges, with potential reimbursement changes anticipated in 2026 [21] Company Strategy and Development Direction - The company focuses on four strategic priorities: launching da Vinci 5, increasing adoption of focused procedures, building industrial scale, and enhancing digital tools [4][13] - Plans to expand into ambulatory surgery centers (ASCs) and enhance training and support for customers [19][56] - Continued investment in market access activities and local evidence generation to meet clinical and economic objectives [6][7] Management's Comments on Operating Environment and Future Outlook - Management believes the company is in the early stages of advancing minimally invasive care, with significant growth opportunities ahead [4][78] - Anticipated da Vinci procedure growth for 2026 is projected between 13%-15%, driven by general surgery and international procedures [36] - Expected gross profit margin for 2026 is projected to be between 67% and 68% of net revenue, with various factors impacting this guidance [37] Other Important Information - The company placed 1,721 da Vinci systems in 2025, including 870 da Vinci 5 systems [7][23] - The installed base of da Vinci systems increased by 12% to over 11,100 systems, with average system utilization rising by 4% [17][26] - The company plans to introduce additional products and features for da Vinci 5 in 2026 [10] Q&A Session Summary Question: FDA approvals for cardiac non-force feedback instruments - Management discussed the importance of supporting cardiac surgery and the foundational work being done, including training pathways and developing cardiac-specific instrumentation [41][42][44] Question: Advanced imaging features in the robotic ecosystem - Management explained that advanced imaging capabilities are being developed, which will add revenue streams and improve surgical outcomes [48][49] Question: ASC opportunity and key procedures - Management highlighted the growing ASC opportunity, focusing on high-quality clinical outcomes and the need for repeatable procedures [53][55] Question: Gross margin and operating expenses assumptions - Management provided insights into the dynamics affecting gross margin, including higher trade-ins and the mix of da Vinci 5 systems [64][66] Question: Competition in China - Management acknowledged increased competition in China but expressed confidence in their ability to compete effectively with local robotic companies [68][70]

Financial Data and Key Metrics Changes - Revenue grew 21% year over year to $10.1 billion, with operating margins at 37% reflecting investments in R&D and manufacturing scale [7][15][27] - Proforma EPS increased 22%, marking the third consecutive year of growth above 20% [15] - Free cash flow rose to $2.5 billion from $1.3 billion in 2024, driven by increased profitability and lower capital expenditures [15] Business Line Data and Key Metrics Changes - Total procedures grew 19%, with da Vinci procedures increasing 17% and Ion procedures growing 51% [5][14] - In Q4, da Vinci procedures grew 18%, with general surgery in the U.S. and broad-based growth in international markets driving this increase [15][17] - The installed base of da Vinci systems increased by 12% to over 11,100 systems, while average system utilization rose by 4% [16] Market Data and Key Metrics Changes - U.S. da Vinci procedures increased 15% to over 2 million, while international procedures grew by 23% to over 1.1 million [5][19] - Growth rates were 21% in Europe, 24% in Asia, and 27% in the rest of the world [5] - In Q4, total procedures outside the U.S. grew 22%, with notable increases in Canada, India, Korea, and distributor markets [19] Company Strategy and Development Direction - The company focuses on four strategic priorities: launching da Vinci 5, increasing adoption of focused procedures, building industrial scale and product quality, and enhancing digital tools [4][5] - Plans to expand the da Vinci XIR system and related economic programs to increase access to da Vinci surgery internationally and in U.S. ambulatory surgery centers [7][11] - Continued investment in market access activities and local evidence generation to meet clinical and economic objectives [6] Management's Comments on Operating Environment and Future Outlook - Management believes the company is in the early stages of advancing minimally invasive care, with significant long-term opportunities ahead [4][5] - Anticipated full-year da Vinci procedure growth for 2026 is projected to be between 13%-15%, driven by general surgery in the U.S. and international procedures [32] - The company expects gross profit margins to be within a range of 67%-68% of net revenue for 2026, with potential impacts from tariffs and product mix [33] Other Important Information - The company received FDA clearance for several cardiac procedures on da Vinci 5, with plans for a measured rollout to support training and adoption [8][36] - The My Intuitive Plus digital subscription package is expected to enhance customer engagement and provide additional revenue streams starting in 2026 [55] Q&A Session Summary Question: About FDA approvals for cardiac non-force feedback instruments - Management discussed ongoing support for cardiac surgery and the importance of training pathways and developing specific instrumentation for cardiac procedures [36][37] Question: Expanding footprint in ASCs - Management highlighted the growing opportunity in ASCs for lower acuity procedures and the need for high-quality clinical outcomes and operational infrastructure [41][42] Question: Gross margin and operating expenses assumptions - Management explained the dynamics affecting gross margin, including higher trade-ins and the mix of da Vinci 5 systems, while also addressing operating expense growth expectations [46][47] Question: Position in China and competition - Management acknowledged increased competition in China but expressed confidence in their ability to compete effectively with local robotic companies [49][50]

Earnings Presentation 4 th Quarter & Full-Year 2025 1 © 2026 Sallie Mae Bank. All rights reserved. CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS The following information is current as of January 22, 2026 (unless otherwise noted) and should be read in connection with the press release of SLM Corporation announcing its financial results for the quarter and year ended December 31, 2025, furnished to the Securities and Exchange Commission ("SEC") on January 22, 2026, and subsequent report ...

Financial Data and Key Metrics Changes - CSX reported a modest total volume growth of 1% in the fourth quarter, but revenue decreased by 1% due to business mix headwinds and coal pricing [7][12] - Operating income fell by 9% and earnings per share decreased by 7% year-over-year, with results impacted by approximately $50 million in expenses related to workforce optimization and technology impairments [3][8] - Fourth quarter expenses increased by $73 million, or 3%, excluding goodwill impairment charges, with a focus on driving efficiency in labor costs [9][10] Business Line Data and Key Metrics Changes - Merchandise volume and revenue both declined by 2%, with significant softness in chemicals and forest products, where volumes dropped by 6% and 11% respectively [13] - The intermodal franchise saw revenue growth of 7% year-over-year, driven by a 5% increase in volume, indicating strong performance in this segment [14] - Coal business volume increased by 1% year-over-year, with domestic tonnage up by 6% due to rising power demand and higher natural gas prices, while export tonnage declined by 3% [14][15] Market Data and Key Metrics Changes - The industrial chemicals market remains weak, and many customers are controlling freight spending due to inflation and tariff pressures [13] - The housing market is expected to see a modest decline in starts, impacting the automotive market and overall commodity demand [16] - Infrastructure project activity is driving demand for materials such as cement and aggregates, which is a positive for CSX's merchandise volumes [16] Company Strategy and Development Direction - CSX is focused on delivering stronger performance through cost structure adjustments and operational efficiencies, aiming for year-over-year operating margin expansion of 200-300 basis points in 2026 [20][21] - The company plans to maintain capital expenditures below $2.4 billion, prioritizing investments in safety, reliability, and growth projects [21] - CSX is preparing for potential opportunities arising from industry mergers while emphasizing the importance of running the business effectively in the interim [50][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging year with subdued demand and limited growth opportunities, but remains committed to improving service levels and operational efficiency [3][4] - The near-term outlook for key markets remains soft, with expectations of low single-digit revenue growth based on flat industrial production and modest GDP growth [20] - Management is optimistic about the potential for growth in 2026, particularly in intermodal and domestic utility segments, despite ongoing market uncertainties [18][19] Other Important Information - The company has identified over 100 diverse savings initiatives aimed at reducing non-labor spending and improving operational efficiency [10][46] - CSX is focused on enhancing its pricing strategies to ensure pricing growth exceeds cost inflation in 2026 [25][26] Q&A Session Summary Question: What is the base operating ratio for 2025 and how does pricing compare to cost inflation? - The base operating ratio for 2025 excludes goodwill charges, and management is optimistic about achieving pricing above cost inflation in 2026 through new pricing structures [25][26] Question: Can you provide details on the 200-300 basis point guidance for improvement? - The guidance includes unique charges from 2025, and management expects significant productivity improvements driven by cost optimization initiatives [29][30] Question: What are the expectations for revenue growth in 2026? - Revenue growth is expected to be low single-digit, with modest volume growth anticipated, influenced by market conditions and pricing strategies [33][34] Question: How is CSX preparing for upcoming storms and operational challenges? - CSX is better prepared for storms this year, with improved network conditions and proactive measures in place to mitigate disruptions [38][39] Question: How is the company positioning itself amid industry mergers? - CSX is focused on running the business effectively while preparing for potential opportunities arising from industry consolidation [50][51] Question: What is the outlook for coal revenue per unit (RPU)? - Coal RPU is expected to stabilize, with a mix of lower RPU segments impacting overall revenue growth [54][57]

SBC Medical Group Holdings Conference Call Summary Company Overview - SBC Medical Group Holdings operates in the aesthetic medical industry, providing management services and products to cosmetic treatment centers. The company is headquartered in Irvine, California, and Tokyo, Japan, and trades on Nasdaq under the symbol SBC [1][3]. Key Points and Arguments Business Expansion and Strategy - SBC is the largest aesthetic medical group in Japan, with 258 franchise clinic locations and approximately 6.5 million annual customers [4]. - The company has diversified its offerings beyond aesthetic medicine to include orthopedics, ophthalmology, hair loss treatment, and infertility treatment, enhancing customer retention and broadening its market reach [4]. - SBC has recently signed a minority investment deal with OrangeTwist in the U.S. to facilitate global expansion, aiming to leverage successful practices from Japan while adapting to local markets [9][10]. Financial Performance - The company experienced a decline in sales due to business restructuring and adjustments to franchise fees, but signs of recovery are evident, particularly in average revenue per customer visit [5]. - The financial foundation remains strong, with a high EBITDA margin and sufficient cash reserves for strategic investments, including M&A activities [6][30]. Market Trends and Growth Projections - The U.S. aesthetic market is projected to grow to $71 billion by 2033, with a significant shift towards non-invasive treatments [11]. - SBC anticipates that international revenue, currently at 1%, could increase to over 20% in the next three to five years, primarily driven by M&A and partnerships [23][24]. Customer Demographics - There is a notable increase in young male customers seeking aesthetic treatments, indicating a shift in the customer mix and expanding market opportunities [26]. Operational and Regulatory Challenges - As SBC expands into the U.S. and Southeast Asia, it faces regulatory challenges, including compliance with HIPAA and local medical regulations. Partnering with established local players like OrangeTwist helps mitigate these risks [33][34]. Franchise Model - The franchise model in Japan operates under a non-profit medical corporation structure, with revenue generated from fixed and variable franchise fees based on services provided [28]. Medical Tourism - The company is seeing a rise in medical tourism, particularly from East Asian countries, due to high service quality and safety standards in Japanese clinics [32]. Additional Important Insights - SBC aims to be the top medical group in Japan by 2035 and globally by 2050, focusing on creating unique customer experiences and leveraging new technologies in wellness and aesthetics [15][16]. - The company is exploring opportunities to introduce high-class med spas in Japan, complementing its existing clinical offerings [14]. - SBC is committed to maintaining fiscal discipline while pursuing growth and partnerships, emphasizing the importance of strategic investments and operational efficiency [41]. This summary encapsulates the key points discussed during the SBC Medical Group Holdings conference call, highlighting the company's strategic direction, financial performance, market trends, and operational challenges.

Summary of Tivic Health Conference Call Company Overview - **Company**: Tivic Health - **Ticker Symbol**: TIVC (Nasdaq) - **Focus**: Transitioning into a biopharmaceutical company with late-stage assets, particularly in radiation treatment and oncology [1][2] Core Points and Arguments - **Transformation**: Tivic Health has completed a major overhaul, focusing on harnessing the immune system to improve clinical outcomes, particularly in radiation treatment [2] - **Intolamod**: - Licensed drug with significant prior investment ($140 million) and government support ($36 million) aimed at treating acute radiation syndrome [3] - Potential applications in oncology, with a well-characterized mechanism of action supported by over 40 studies [4] - **Market Opportunity**: - Current standard of care in the acute radiation syndrome market is valued at $9.4 billion, primarily addressing blood disorders from radiation exposure [5] - Intolamod could replace existing G-CSF drugs and provide protective benefits while supporting regeneration of fast-growing cells [6] - **Commercialization Milestones**: - Successful scaling of manufacturing from small batch to 200x, maintaining or exceeding purity and potency levels [8] - Plans to file a Biologics License Application (BLA) with the FDA, with Fast Track and Orphan Drug Designation already secured [8] - **Government Interest**: Significant interest from the U.S. government as a medical countermeasure for nuclear disasters, alongside oncology applications [9] - **Strategic Moves**: - Acquisition of manufacturing assets to bring production in-house, ensuring cGMP manufacturing access and reducing time to market [10] - Establishment of a contract development and manufacturing organization (CDMO) for phase one and two biologics, creating an additional revenue stream [11] - **Financial Position**: Recently closed a financing package allowing access to up to $75 million, targeting multiple high-value therapeutic inflection points within the next 18 to 24 months [12] Additional Important Content - **Regulatory Pathway**: The company is drafting its BLA and anticipates starting investigator-led trials in oncology applications this year [9] - **Partnership Opportunities**: Intolamod's unique position in both acute radiation syndrome and oncology creates real partnering opportunities as the company progresses [10] - **Location Advantage**: The San Antonio facility is strategically positioned to serve U.S. government requirements, with proximity to military bases and airports for emergency product transport [11]

Associated Banc-Corp Fourth Quarter 2025 Earnings Presentation January 22, 2026 This presentation includes certain non-GAAP financial measures. These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be co ...

4th Quarter 2025 Earnings Presentation January 22, 2026 Disclaimer FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") by Columbia Banking System, Inc. ("Columbia") the plans, objectives, expectations and intentions of Columbia and other statements that are not historical facts. Such ...