“With regard to income tax, we continue to expect our non GAAP income tax rate to be between 22%-23% of pretax income.”

In context

“tem upgrades partially offset by product cost reductions. Our actual non GAAP gross profit margin will vary quarter to quarter depending largely on product, regional and trade in mix, and pricing. In regard to operating expenses, we now expect non GAAP operating expense growth to be between 11%-13%. In recent periods, R&D has grown faster than SG&A. We expect that trend to continue over the remainder of 2026. Additionally, in Q4 25, we made a $70 million multiyear contribution to the Intuitive Foundation. We do not expect to make a contribution to the foundation in 2026. We now estimate noncash stock compensation expense between $880 million and $900 million. We continue to forecast other income, which is comprised mostly of interest income, to total between $315 million and $335 million. With regard to income tax, we continue to expect our non GAAP income tax rate to be between 22%-23% of pretax income. This concludes our prepared remarks. As we open the line to questions, we ask that you limit yourselves to 1 question so that we may reach as many analysts as possible. Thank you. Operator: As a reminder, if you would like to ask a question, please press 1-1 on your telephone. You will hear an automated message advising your hand is raised. We also ask that you wait for your name and company to be announced before proceeding with your question. The first question today is coming from the line of Travis Steed of Bank of America. Please go ahead. Travis Steed: Hey. Thanks for taking the question. I will start with the U.S. procedure growth First question is, how do you know how much of this is ACA versus just the market maturing or something else? Other med tech companies are not calling it”