{
  "report_rows": [
    {
      "kpi": "Q2 2026 Total Net Sales",
      "prediction": "IN-LINE",
      "answer": "pred ~$2.14B vs. cons $2.13B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.05 vs. cons $2.01",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 U.S. Knees Revenue Growth YoY",
      "prediction": "MISS",
      "answer": "pred ~1.0% vs. cons 1.9%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Organic Constant-Currency Revenue Growth Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~2% (midpoint of reaffirmed 1%-3% range) vs. cons ~2% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Adjusted EPS Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$8.48 (midpoint of $8.40-$8.55) vs. cons ~$8.48 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Operating Margin Sequential Improvement vs. Q2",
      "prediction": "UNCHANGED",
      "answer": "guide ~+50bps sequential vs. cons ~+50bps expected (Q3 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.2,
  "day5_path": "FADE",
  "day5_rationale": "Even with an EPS beat, the explicit -200bps Q2 margin guide, reaffirmed (not raised) FY organic growth range, fading tariff pull-forward benefit, ongoing CFO search, and softer U.S. knee/international trends leave sell-side models with more downside skew for H2 than upside. Analysts likely trim out-quarter margin/EPS estimates to reflect the guided Q3 sequential-only recovery and Section 232 tariff risk, causing initial relief (if EPS beats) to fade over the following days as estimate revisions catch down, consistent with the stock's recent run-up into the print raising the bar for sustained follow-through.",
  "day5_confidence": "LOW"
}