{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (FQ3'26, continuing ops)",
      "prediction": "BEAT",
      "answer": "pred ~$3.22 vs. cons $3.14",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FX-neutral organic revenue growth",
      "prediction": "IN-LINE",
      "answer": "pred ~2.7% vs. cons ~2.6%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted operating margin",
      "prediction": "IN-LINE",
      "answer": "pred ~24.4% vs. cons ~24.6%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 adjusted EPS guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$12.52-$12.72 vs. cons ~$12.62 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 FX-neutral revenue growth guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~mid-single-digit (~3%) vs. cons ~2.6% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Implied FQ4 EPS (from held FY guide)",
      "prediction": "LOWER",
      "answer": "implied ~$4.00-$4.20 vs. cons ~$4.10 (FQ4) \u2014 back-half loaded, high bar",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Initial FY27 framing (Alaris 200bps headwind, tariff/resin)",
      "prediction": "UNKNOWN",
      "answer": "qualitative cautious vs. cons ~+5% EPS growth (FY27)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -5.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Stock rallied ~+11.6% into the print (from ~$153 to $170.69), so the bar is high and expectations are elevated. Even a modest EPS beat is likely 'sold the news' given the run-up. Crucially, the out-period math is unfavorable: holding the $12.52-$12.72 FY guide off a ~$3.14-$3.22 Q3 implies a very aggressive ~$4.00-$4.20 Q4, and only ~2.6-2.7% FX-neutral growth underneath. As the Street reconciles the back-half-loaded implied Q4 and a cautious early FY27 setup (Alaris headwind stepping to ~200bps, tariff/resin inflation, hedges rolling off), estimates drift lower, driving continued negative follow-through over the week rather than a rebound.",
  "day5_confidence": "LOW"
}