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- **NewCo Sale Priority**: Focused on selling NewCo with advanced buyer interest, targeting accretive valuation.
- **Q3 Revenue Growth**: 16.8% YoY adjusted revenue ($892.9M), driven by Vascular Intervention (+34.4% EMEA) and Surgical (+8.8%).
- **Balloon Pump Risk**: Reduced 2025 guidance by $30M due to U.S. order decline, but catheters maintain growth.
- **Tariff Mitigation**: Improved to $25-26M annual impact (-$0.50 EPS) from $29M.
- **Japan Expansion**: Barrigel launched in Japan for prostate cancer, with first cases in August.

**【Management Opening Remarks】**
- Announced the separation into RemainCo and NewCo, prioritizing the sale of NewCo due to strong buyer interest.
- Updated Italian payback measure reduced reserve by $23.7 million, with $20.1 million revenue adjustment for prior periods.

**【CEO Commentary】**
- Q3 GAAP revenue: $913 million (+19.4% YoY); adjusted revenue: $892.9 million (+16.8% YoY).
- Americas: $555.9 million (+7.5% YoY), driven by Vascular Intervention and Surgical businesses.
- EMEA: $214.1 million (+34.4% YoY), including Vascular Intervention acquisition.
- Asia: $122.9 million (+25.3% YoY), with $9 million China stocking order.
- Vascular Intervention revenue: $99 million (6.9% YoY growth), ahead of guidance.
- Intra-aortic balloon pump revenue reduced by $30 million due to U.S. order decline.
- Launched Barrigel in Japan for prostate cancer treatment.

**【CFO Financial Commentary】**
- Adjusted EPS: $3.67 (+5.2% YoY).
- Gross margin: 57.3% (-350bps YoY) due to tariffs and FX.
- Operating margin: 23.3% (-400bps YoY) from acquisition costs.
- 2025 guidance: Adjusted revenue growth 8-8.5%, EPS $14-14.20.
- Tariff impact reduced to $25-26 million ($0.50 EPS) from $29 million.

**【Q&A Highlights】**
- China stocking order expected to sell through by end-2025.
- NewCo sale prioritized over spin-off; late-stage due diligence with multiple buyers.
- Restructuring to reduce costs and relocate manufacturing by end-2028.
- Intra-aortic balloon pumps face slower U.S. conversions, but catheters remain growth driver.
- Vascular Intervention integration progressing well with no leadership turnover.

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