$INSP
Business
Inspire sells an implanted neurostimulation system for obstructive sleep apnea. US demand depends on patient referral, treatment-center execution, coverage and reimbursement clarity. International sales add a smaller growth stream. The Inspire V product mix affects gross margin, while selling infrastructure, research, inventory and capital spending determine the cash earned from system sales.
Three drivers
- US demand and coding/reimbursement friction
- System mix, ordinary compensation and growth reinvestment
- Inventory, restructuring payments and cash capital spending
Thesis
Our view
The key question is whether demand recovers enough to cover the commercial footprint and reinvestment required for adoption. Higher gross margin alone does not resolve reimbursement friction. Management plans to redeploy Horizon savings, while adjusted operating profit retains ordinary SBC. Cash and GAAP tax accounting must be assessed separately.
What changes it
Track US revenue, access disruptions and inventory together. Raise confidence if demand and collections recover while Horizon spending stays within the stated scope; reduce it if a coding resolution is delayed or operating costs return before sales.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2024Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 203.21 | 239.7†2 | 201.33 | 217.14 | 224.51 | 269.1†2 | 204.63 | 200.64 |
| Gross profit ($M) | 170.85 | 203.7†6 | 170.67 | 182.48 | 192.75 | 233.0†6 | 176.97 | 171.58 |
| Operating income ($M) | 14.39 | 31.9†10 | -1.511 | -3.312 | 9.69 | 46.1†10 | -1.111 | -0.512 |
| Net income ($M) | 18.513 | 35.2†14 | 3.015 | -3.615 | 9.913 | 136.1†14 | -11.315 | 0.315 |
| EPS, diluted ($) | 0.6016 | — | 0.1017 | -0.1218 | 0.3416 | — | -0.3917 | 0.0118 |
| Diluted shares (M) | 30.619 | — | 30.320 | 29.521 | 29.619 | — | 28.720 | 28.921 |
| Cash ($M) | 147.522 | 150.223 | 53.924 | 106.925 | 112.826 | 104.827 | 98.928 | 127.827 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | 52.3†29 | 69.2†30 | -6.731 | 2.7†32 | 68.5†29 | 52.5†30 | 12.831 | 23.2†32 |
| Capex ($M) | 8.0†33 | 7.0†34 | 8.435 | 9.0†36 | 10.4†33 | 10.7†34 | 9.735 | 9.2†36 |
| Free cash flow ($M) | 44.3†37 | 62.2†38 | -15.1†39 | -6.3†40 | 58.1†37 | 41.8†38 | 3.1†39 | 14.1†40 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 202.4 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 247.4 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 228.2 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 223.4 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Reimbursement recovery, redeployed savings and cash after restructuring
Preserve H1 and anchor annual revenue and adjusted operating margin to the August outlook. Split US and international sales; forecast recovery and overseas expansion independently. Ordinary SBC remains inside adjusted operating income. Separate legal fees and Horizon cash/noncash charges, show the offset between cost savings and reinvestment, then reconcile profit to cash, inventory investment, capex and employee withholding.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| 2026 revenue guidance midpoint | FY2026 | 855.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Annual adjusted operating margin margin_low | FY2026 | 4.0% | management guidance. Company adjusted operating margin range, not EBITDA. Source · 2026-08-03 |
| Annual adjusted operating margin margin_high | FY2026 | 6.0% | management guidance. Company adjusted operating margin range, not EBITDA. Source · 2026-08-03 |
| 2026 capex guidance midpoint | FY2026 | 37.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Horizon charges guidance midpoint | H2 2026 | 22.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| growth capacity | June/August 2026 | 30.00 | reported. Approximately $30M annualized capacity intended for growth reinvestment, not promised margin uplift. Source · 2026-08-03 |
| H1 adjusted op | H1 2026 | 3.50 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-03 |
| H1 operating income | H1 2026 | -1.63 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-03 |
| H1 sbc | H1 2026 | 61.91 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-03 |
| H1 tax expense | H1 2026 | 16.49 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-03 |
| H1 deferred tax | H1 2026 | 11.16 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-03 |
| H1 cfo | H1 2026 | 36.08 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-03 |
| H1 CFO less capex | H1 2026 | 17.19 | derived. Actual cash capex. |
| H1 cash after award taxes | H1 2026 | 8.91 | derived. Employee withholding is financing cash, not another expense. |
| inventory | June/August 2026 | 170.45 | reported. Company balance or quarter reference; Q2 CFO rounded. Source · 2026-08-03 |
| Cash and all marketable investments | June 2026 | 415.16 | derived. Includes long-term investments, not solely immediately available cash. |
Downside scenario
| Period | Operating cash flow ($M) | CFO less capex ($M) | Cash capex ($M) | Revenue ($M) | US revenue ($M) | Adjusted operating income ($M) | Gross profit before Horizon charge allocation ($M) | International revenue ($M) | Horizon expense ($M) | GAAP operating income proxy ($M) | Cash after capex and award taxes ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 29.57 | 19.01 | 10.56 | 186.68 | 174.98 | 3.87 | 156.81 | 11.70 | 22.50 | -21.33 | 14.81 |
| 2026Q4 | 31.83 | 21.27 | 10.56 | 228.16 | 213.76 | 9.03 | 191.65 | 14.40 | 0.00 | 6.33 | 17.07 |
| 2027Q1 | 25.97 | 15.97 | 10.00 | 194.84 | 181.49 | 4.87 | 163.66 | 13.35 | 0.00 | 2.87 | 11.77 |
| 2027Q2 | 28.47 | 18.47 | 10.00 | 190.78 | 177.71 | 4.77 | 160.25 | 13.07 | 0.00 | 2.77 | 14.27 |
| FY2026 | 97.48 | 57.48 | 40.00 | 820.00 | 771.64 | 16.40 | 696.83 | 48.36 | 22.50 | -16.63 | 40.80 |
| FY2027 | 118.30 | 78.30 | 40.00 | 811.82 | 756.21 | 20.30 | 681.93 | 55.61 | 0.00 | 12.30 | 61.50 |
Base scenario
| Period | Operating cash flow ($M) | CFO less capex ($M) | Cash capex ($M) | Revenue ($M) | US revenue ($M) | Adjusted operating income ($M) | Gross profit before Horizon charge allocation ($M) | International revenue ($M) | Horizon expense ($M) | GAAP operating income proxy ($M) | Cash after capex and award taxes ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 41.47 | 32.17 | 9.31 | 202.43 | 189.43 | 11.77 | 173.07 | 13.00 | 22.50 | -13.43 | 27.97 |
| 2026Q4 | 50.27 | 40.97 | 9.31 | 247.41 | 231.41 | 27.47 | 211.54 | 16.00 | 0.00 | 24.77 | 36.77 |
| 2027Q1 | 35.21 | 25.21 | 10.00 | 228.18 | 212.19 | 17.11 | 195.09 | 15.99 | 0.00 | 15.11 | 21.01 |
| 2027Q2 | 40.46 | 30.46 | 10.00 | 223.43 | 207.77 | 16.76 | 191.03 | 15.66 | 0.00 | 14.76 | 26.26 |
| FY2026 | 127.83 | 90.33 | 37.50 | 855.00 | 803.74 | 42.75 | 732.98 | 51.26 | 22.50 | 9.72 | 73.65 |
| FY2027 | 166.31 | 126.31 | 40.00 | 950.75 | 884.12 | 71.31 | 812.89 | 66.63 | 0.00 | 63.31 | 109.51 |
Upside scenario
| Period | Operating cash flow ($M) | CFO less capex ($M) | Cash capex ($M) | Revenue ($M) | US revenue ($M) | Adjusted operating income ($M) | Gross profit before Horizon charge allocation ($M) | International revenue ($M) | Horizon expense ($M) | GAAP operating income proxy ($M) | Cash after capex and award taxes ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 52.34 | 42.28 | 10.06 | 218.18 | 203.88 | 17.64 | 188.72 | 14.30 | 22.50 | -7.56 | 38.08 |
| 2026Q4 | 66.96 | 56.90 | 10.06 | 266.66 | 249.06 | 41.16 | 230.66 | 17.60 | 0.00 | 38.46 | 52.70 |
| 2027Q1 | 48.65 | 38.65 | 10.00 | 259.57 | 240.72 | 28.55 | 224.53 | 18.85 | 0.00 | 26.55 | 34.45 |
| 2027Q2 | 53.66 | 43.66 | 10.00 | 254.16 | 235.71 | 27.96 | 219.85 | 18.45 | 0.00 | 25.96 | 39.46 |
| FY2026 | 155.38 | 116.38 | 39.00 | 890.00 | 835.84 | 62.30 | 767.75 | 54.16 | 22.50 | 29.27 | 99.70 |
| FY2027 | 221.97 | 181.97 | 40.00 | 1,081.54 | 1,003.01 | 118.97 | 935.53 | 78.53 | 0.00 | 110.97 | 165.17 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 2026 / shared | 405.16 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 us revenue h1_us_revenue | H1 2026 / shared | 382.91 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 international h1_international | H1 2026 / shared | 22.26 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 gross profit h1_gross_profit | H1 2026 / shared | 348.37 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 adjusted op h1_adjusted_op | H1 2026 / shared | 3.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 operating income h1_operating_income | H1 2026 / shared | -1.63 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 cfo h1_cfo | H1 2026 / shared | 36.08 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 capex h1_capex | H1 2026 / shared | 18.89 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 sbc h1_sbc | H1 2026 / shared | 61.91 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 da h1_da | H1 2026 / shared | 9.71 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 legal h1_legal | H1 2026 / shared | 5.13 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 inventory use h1_inventory_use | H1 2026 / shared | 25.16 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 receivable release h1_receivable_release | H1 2026 / shared | 16.21 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 deferred tax h1_deferred_tax | H1 2026 / shared | 11.16 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 tax expense h1_tax_expense | H1 2026 / shared | 16.49 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 award cash h1_award_cash | H1 2026 / shared | 8.28 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-03 |
| H1 Horizon charges h1_restructuring | H1 2026 / shared | 0.00 USD_millions | reported: Plan announced in August, after H1. Primary source · 2026-08-03 |
| H1 CFO less capex h1_fcf | H1 2026 / shared | 17.19 USD_millions | derived: Actual cash capex. Formula: subtract(h1_cfo, h1_capex). |
| H1 cash after award taxes h1_cash_after_awards | H1 2026 / shared | 8.91 USD_millions | derived: Employee withholding is financing cash, not another expense. Formula: subtract(h1_fcf, h1_award_cash). |
| cash cash | June/August 2026 / shared | 127.76 USD_millions | reported: Company balance or quarter reference; Q2 CFO rounded. Primary source · 2026-08-03 |
| short investments short_investments | June/August 2026 / shared | 192.92 USD_millions | reported: Company balance or quarter reference; Q2 CFO rounded. Primary source · 2026-08-03 |
| long investments long_investments | June/August 2026 / shared | 94.48 USD_millions | reported: Company balance or quarter reference; Q2 CFO rounded. Primary source · 2026-08-03 |
| inventory inventory | June/August 2026 / shared | 170.45 USD_millions | reported: Company balance or quarter reference; Q2 CFO rounded. Primary source · 2026-08-03 |
| q2 cfo q2_cfo | June/August 2026 / shared | 23.20 USD_millions | reported: Company balance or quarter reference; Q2 CFO rounded. Primary source · 2026-08-03 |
| q2 adjusted op q2_adjusted_op | June/August 2026 / shared | 3.18 USD_millions | reported: Company balance or quarter reference; Q2 CFO rounded. Primary source · 2026-08-03 |
| q2 ordinary sbc q2_ordinary_sbc | June/August 2026 / shared | 31.23 USD_millions | reported: Company balance or quarter reference; Q2 CFO rounded. Primary source · 2026-08-03 |
| growth capacity growth_capacity | June/August 2026 / shared | 30.00 USD_millions | reported: Approximately $30M annualized capacity intended for growth reinvestment, not promised margin uplift. Primary source · 2026-08-03 |
| Cash and all marketable investments liquidity | June 2026 / shared | 415.16 USD_millions | derived: Includes long-term investments, not solely immediately available cash. Formula: sum(cash, short_investments, long_investments). |
| 2026 revenue guidance low annual_guide_low | FY2026 / shared | 835.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03 |
| 2026 revenue guidance high annual_guide_high | FY2026 / shared | 875.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| 2026 revenue guidance endpoint sum annual_guide_sum | FY2026 / shared | 1,710.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(annual_guide_low, annual_guide_high). |
| 2026 revenue guidance midpoint annual_guide | FY2026 / shared | 855.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(annual_guide_sum, two). |
| 2026 capex guidance low capex_guide_low | FY2026 / shared | 35.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03 |
| 2026 capex guidance high capex_guide_high | FY2026 / shared | 40.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03 |
| 2026 capex guidance endpoint sum capex_guide_sum | FY2026 / shared | 75.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(capex_guide_low, capex_guide_high). |
| 2026 capex guidance midpoint capex_guide | FY2026 / shared | 37.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(capex_guide_sum, two). |
| Horizon charges guidance low horizon_guide_low | H2 2026 / shared | 20.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03 |
| Horizon charges guidance high horizon_guide_high | H2 2026 / shared | 25.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03 |
| Horizon charges guidance endpoint sum horizon_guide_sum | H2 2026 / shared | 45.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(horizon_guide_low, horizon_guide_high). |
| Horizon charges guidance midpoint horizon_guide | H2 2026 / shared | 22.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(horizon_guide_sum, two). |
| Annual adjusted operating margin margin_low margin_low | FY2026 / shared | 4.0% ratio | management guidance: Company adjusted operating margin range, not EBITDA. Primary source · 2026-08-03 |
| Annual adjusted operating margin margin_high margin_high | FY2026 / shared | 6.0% ratio | management guidance: Company adjusted operating margin range, not EBITDA. Primary source · 2026-08-03 |
| Annual sales scenario downside_annual_revenue_target | FY2026 / downside | 820.00 USD_millions | assumption: Base is guidance midpoint; downside/upside are independent desk outcomes. |
| Remaining H2 revenue downside_h2 | H2 2026 / downside | 414.84 USD_millions | derived: Annual scenario less actual H1. Formula: subtract(downside_annual_revenue_target, h1_revenue). |
| Annual adjusted operating margin downside_op_margin | FY2026 / downside | 2.0% ratio | assumption: Ordinary SBC included. |
| Annual adjusted operating income downside_op_target | FY2026 / downside | 16.40 USD_millions | derived: Revenue times adjusted operating margin. Formula: multiply(downside_annual_revenue_target, downside_op_margin). |
| Remaining adjusted operating income downside_op_remaining | H2 2026 / downside | 12.90 USD_millions | derived: Actual H1 is not restated. Formula: subtract(downside_op_target, h1_adjusted_op). |
| Remaining sales quarter share downside_2026q3_h2_share | 2026Q3 / downside | 45.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2026q3_revenue | 2026Q3 / downside | 186.68 USD_millions | derived: Q4 seasonality is a desk allocation. Formula: multiply(downside_h2, downside_2026q3_h2_share). |
| International revenue downside_2026q3_international | 2026Q3 / downside | 11.70 USD_millions | assumption: Desk assumption, not company guidance. |
| US revenue downside_2026q3_us_revenue | 2026Q3 / downside | 174.98 USD_millions | derived: Residual US demand within annual consolidated scenario. Formula: subtract(downside_2026q3_revenue, downside_2026q3_international). |
| H2 profit share downside_2026q3_profit_weight | 2026Q3 / downside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted operating profit before net redeployment downside_2026q3_adjusted_before_redeployment | 2026Q3 / downside | 3.87 USD_millions | derived: Illustrative timing of guided annual operating margin. Formula: multiply(downside_op_remaining, downside_2026q3_profit_weight). |
| Horizon gross expense savings downside_2026q3_savings | 2026Q3 / downside | 0.00 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment downside_2026q3_reinvestment | 2026Q3 / downside | 0.00 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings downside_2026q3_profit_with_savings | 2026Q3 / downside | 3.87 USD_millions | derived: Intermediate before reinvestment. Formula: sum(downside_2026q3_adjusted_before_redeployment, downside_2026q3_savings). |
| Adjusted operating income downside_2026q3_adjusted_op | 2026Q3 / downside | 3.87 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(downside_2026q3_profit_with_savings, downside_2026q3_reinvestment). |
| System gross margin downside_2026q3_gm | 2026Q3 / downside | 84.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2026q3_gross_profit | 2026Q3 / downside | 156.81 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(downside_2026q3_revenue, downside_2026q3_gm). |
| Horizon noncash charge downside_2026q3_horizon_noncash | 2026Q3 / downside | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense downside_2026q3_horizon_employee_expense | 2026Q3 / downside | 4.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges downside_2026q3_restructuring | 2026Q3 / downside | 22.50 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(downside_2026q3_horizon_noncash, downside_2026q3_horizon_employee_expense). |
| Legal cash expense downside_2026q3_legal | 2026Q3 / downside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions downside_2026q3_exclusions | 2026Q3 / downside | 25.20 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(downside_2026q3_restructuring, downside_2026q3_legal). |
| GAAP operating income downside_2026q3_operating_income | 2026Q3 / downside | -21.33 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(downside_2026q3_adjusted_op, downside_2026q3_exclusions). |
| Ordinary equity compensation downside_2026q3_sbc | 2026Q3 / downside | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid downside_2026q3_horizon_employee_cash | 2026Q3 / downside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2026q3_da | 2026Q3 / downside | 5.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income downside_2026q3_interest_income | 2026Q3 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital downside_2026q3_cash_before_uses | 2026Q3 / downside | 39.57 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_horizon_noncash, downside_2026q3_horizon_employee_expense, downside_2026q3_da, downside_2026q3_interest_income). |
| Cash income taxes downside_2026q3_cash_tax | 2026Q3 / downside | 2.50 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use downside_2026q3_wc | 2026Q3 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital downside_2026q3_cash_uses | 2026Q3 / downside | 10.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(downside_2026q3_horizon_employee_cash, downside_2026q3_cash_tax, downside_2026q3_wc). |
| Operating cash flow downside_2026q3_cfo | 2026Q3 / downside | 29.57 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(downside_2026q3_cash_before_uses, downside_2026q3_cash_uses). |
| Cash capex downside_2026q3_capex | 2026Q3 / downside | 10.56 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex downside_2026q3_fcf | 2026Q3 / downside | 19.01 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex). |
| Employee equity-award taxes downside_2026q3_award_cash | 2026Q3 / downside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes downside_2026q3_cash_after_awards | 2026Q3 / downside | 14.81 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(downside_2026q3_fcf, downside_2026q3_award_cash). |
| Remaining sales quarter share downside_2026q4_h2_share | 2026Q4 / downside | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2026q4_revenue | 2026Q4 / downside | 228.16 USD_millions | derived: Q4 seasonality is a desk allocation. Formula: multiply(downside_h2, downside_2026q4_h2_share). |
| International revenue downside_2026q4_international | 2026Q4 / downside | 14.40 USD_millions | assumption: Desk assumption, not company guidance. |
| US revenue downside_2026q4_us_revenue | 2026Q4 / downside | 213.76 USD_millions | derived: Residual US demand within annual consolidated scenario. Formula: subtract(downside_2026q4_revenue, downside_2026q4_international). |
| H2 profit share downside_2026q4_profit_weight | 2026Q4 / downside | 70.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted operating profit before net redeployment downside_2026q4_adjusted_before_redeployment | 2026Q4 / downside | 9.03 USD_millions | derived: Illustrative timing of guided annual operating margin. Formula: multiply(downside_op_remaining, downside_2026q4_profit_weight). |
| Horizon gross expense savings downside_2026q4_savings | 2026Q4 / downside | 3.75 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment downside_2026q4_reinvestment | 2026Q4 / downside | 3.75 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings downside_2026q4_profit_with_savings | 2026Q4 / downside | 12.78 USD_millions | derived: Intermediate before reinvestment. Formula: sum(downside_2026q4_adjusted_before_redeployment, downside_2026q4_savings). |
| Adjusted operating income downside_2026q4_adjusted_op | 2026Q4 / downside | 9.03 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(downside_2026q4_profit_with_savings, downside_2026q4_reinvestment). |
| System gross margin downside_2026q4_gm | 2026Q4 / downside | 84.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2026q4_gross_profit | 2026Q4 / downside | 191.65 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(downside_2026q4_revenue, downside_2026q4_gm). |
| Horizon noncash charge downside_2026q4_horizon_noncash | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense downside_2026q4_horizon_employee_expense | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges downside_2026q4_restructuring | 2026Q4 / downside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(downside_2026q4_horizon_noncash, downside_2026q4_horizon_employee_expense). |
| Legal cash expense downside_2026q4_legal | 2026Q4 / downside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions downside_2026q4_exclusions | 2026Q4 / downside | 2.70 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(downside_2026q4_restructuring, downside_2026q4_legal). |
| GAAP operating income downside_2026q4_operating_income | 2026Q4 / downside | 6.33 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(downside_2026q4_adjusted_op, downside_2026q4_exclusions). |
| Ordinary equity compensation downside_2026q4_sbc | 2026Q4 / downside | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid downside_2026q4_horizon_employee_cash | 2026Q4 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2026q4_da | 2026Q4 / downside | 5.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income downside_2026q4_interest_income | 2026Q4 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital downside_2026q4_cash_before_uses | 2026Q4 / downside | 44.83 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_horizon_noncash, downside_2026q4_horizon_employee_expense, downside_2026q4_da, downside_2026q4_interest_income). |
| Cash income taxes downside_2026q4_cash_tax | 2026Q4 / downside | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use downside_2026q4_wc | 2026Q4 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital downside_2026q4_cash_uses | 2026Q4 / downside | 13.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(downside_2026q4_horizon_employee_cash, downside_2026q4_cash_tax, downside_2026q4_wc). |
| Operating cash flow downside_2026q4_cfo | 2026Q4 / downside | 31.83 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(downside_2026q4_cash_before_uses, downside_2026q4_cash_uses). |
| Cash capex downside_2026q4_capex | 2026Q4 / downside | 10.56 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex downside_2026q4_fcf | 2026Q4 / downside | 21.27 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex). |
| Employee equity-award taxes downside_2026q4_award_cash | 2026Q4 / downside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes downside_2026q4_cash_after_awards | 2026Q4 / downside | 17.07 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(downside_2026q4_fcf, downside_2026q4_award_cash). |
| Prior-year us_revenue downside_2027q1_us_revenue_prior | 2027Q1 / downside | 771.64 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, downside_2026q3_us_revenue, downside_2026q4_us_revenue). |
| Sales expansion multiplier downside_2027q1_us_revenue_growth | 2027Q1 / downside | 98.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q1_us_revenue_season | 2027Q1 / downside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales downside_2027q1_us_revenue | 2027Q1 / downside | 181.49 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(downside_2027q1_us_revenue_prior, downside_2027q1_us_revenue_growth, downside_2027q1_us_revenue_season). |
| Prior-year international downside_2027q1_international_prior | 2027Q1 / downside | 48.36 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, downside_2026q3_international, downside_2026q4_international). |
| Sales expansion multiplier downside_2027q1_international_growth | 2027Q1 / downside | 115.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q1_international_season | 2027Q1 / downside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| international sales downside_2027q1_international | 2027Q1 / downside | 13.35 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(downside_2027q1_international_prior, downside_2027q1_international_growth, downside_2027q1_international_season). |
| Revenue downside_2027q1_revenue | 2027Q1 / downside | 194.84 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(downside_2027q1_us_revenue, downside_2027q1_international). |
| Underlying adjusted operating margin downside_2027q1_adjusted_margin | 2027Q1 / downside | 2.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment downside_2027q1_adjusted_before_redeployment | 2027Q1 / downside | 4.87 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(downside_2027q1_revenue, downside_2027q1_adjusted_margin). |
| Horizon gross expense savings downside_2027q1_savings | 2027Q1 / downside | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment downside_2027q1_reinvestment | 2027Q1 / downside | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings downside_2027q1_profit_with_savings | 2027Q1 / downside | 12.37 USD_millions | derived: Intermediate before reinvestment. Formula: sum(downside_2027q1_adjusted_before_redeployment, downside_2027q1_savings). |
| Adjusted operating income downside_2027q1_adjusted_op | 2027Q1 / downside | 4.87 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(downside_2027q1_profit_with_savings, downside_2027q1_reinvestment). |
| System gross margin downside_2027q1_gm | 2027Q1 / downside | 84.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q1_gross_profit | 2027Q1 / downside | 163.66 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(downside_2027q1_revenue, downside_2027q1_gm). |
| Horizon noncash charge downside_2027q1_horizon_noncash | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense downside_2027q1_horizon_employee_expense | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges downside_2027q1_restructuring | 2027Q1 / downside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(downside_2027q1_horizon_noncash, downside_2027q1_horizon_employee_expense). |
| Legal cash expense downside_2027q1_legal | 2027Q1 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions downside_2027q1_exclusions | 2027Q1 / downside | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(downside_2027q1_restructuring, downside_2027q1_legal). |
| GAAP operating income downside_2027q1_operating_income | 2027Q1 / downside | 2.87 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(downside_2027q1_adjusted_op, downside_2027q1_exclusions). |
| Ordinary equity compensation downside_2027q1_sbc | 2027Q1 / downside | 30.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid downside_2027q1_horizon_employee_cash | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q1_da | 2027Q1 / downside | 5.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income downside_2027q1_interest_income | 2027Q1 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital downside_2027q1_cash_before_uses | 2027Q1 / downside | 41.97 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_horizon_noncash, downside_2027q1_horizon_employee_expense, downside_2027q1_da, downside_2027q1_interest_income). |
| Cash income taxes downside_2027q1_cash_tax | 2027Q1 / downside | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use downside_2027q1_wc | 2027Q1 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital downside_2027q1_cash_uses | 2027Q1 / downside | 16.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(downside_2027q1_horizon_employee_cash, downside_2027q1_cash_tax, downside_2027q1_wc). |
| Operating cash flow downside_2027q1_cfo | 2027Q1 / downside | 25.97 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(downside_2027q1_cash_before_uses, downside_2027q1_cash_uses). |
| Cash capex downside_2027q1_capex | 2027Q1 / downside | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex downside_2027q1_fcf | 2027Q1 / downside | 15.97 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex). |
| Employee equity-award taxes downside_2027q1_award_cash | 2027Q1 / downside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes downside_2027q1_cash_after_awards | 2027Q1 / downside | 11.77 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(downside_2027q1_fcf, downside_2027q1_award_cash). |
| Prior-year us_revenue downside_2027q2_us_revenue_prior | 2027Q2 / downside | 771.64 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, downside_2026q3_us_revenue, downside_2026q4_us_revenue). |
| Sales expansion multiplier downside_2027q2_us_revenue_growth | 2027Q2 / downside | 98.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q2_us_revenue_season | 2027Q2 / downside | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales downside_2027q2_us_revenue | 2027Q2 / downside | 177.71 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(downside_2027q2_us_revenue_prior, downside_2027q2_us_revenue_growth, downside_2027q2_us_revenue_season). |
| Prior-year international downside_2027q2_international_prior | 2027Q2 / downside | 48.36 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, downside_2026q3_international, downside_2026q4_international). |
| Sales expansion multiplier downside_2027q2_international_growth | 2027Q2 / downside | 115.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q2_international_season | 2027Q2 / downside | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| international sales downside_2027q2_international | 2027Q2 / downside | 13.07 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(downside_2027q2_international_prior, downside_2027q2_international_growth, downside_2027q2_international_season). |
| Revenue downside_2027q2_revenue | 2027Q2 / downside | 190.78 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(downside_2027q2_us_revenue, downside_2027q2_international). |
| Underlying adjusted operating margin downside_2027q2_adjusted_margin | 2027Q2 / downside | 2.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment downside_2027q2_adjusted_before_redeployment | 2027Q2 / downside | 4.77 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(downside_2027q2_revenue, downside_2027q2_adjusted_margin). |
| Horizon gross expense savings downside_2027q2_savings | 2027Q2 / downside | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment downside_2027q2_reinvestment | 2027Q2 / downside | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings downside_2027q2_profit_with_savings | 2027Q2 / downside | 12.27 USD_millions | derived: Intermediate before reinvestment. Formula: sum(downside_2027q2_adjusted_before_redeployment, downside_2027q2_savings). |
| Adjusted operating income downside_2027q2_adjusted_op | 2027Q2 / downside | 4.77 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(downside_2027q2_profit_with_savings, downside_2027q2_reinvestment). |
| System gross margin downside_2027q2_gm | 2027Q2 / downside | 84.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q2_gross_profit | 2027Q2 / downside | 160.25 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(downside_2027q2_revenue, downside_2027q2_gm). |
| Horizon noncash charge downside_2027q2_horizon_noncash | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense downside_2027q2_horizon_employee_expense | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges downside_2027q2_restructuring | 2027Q2 / downside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(downside_2027q2_horizon_noncash, downside_2027q2_horizon_employee_expense). |
| Legal cash expense downside_2027q2_legal | 2027Q2 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions downside_2027q2_exclusions | 2027Q2 / downside | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(downside_2027q2_restructuring, downside_2027q2_legal). |
| GAAP operating income downside_2027q2_operating_income | 2027Q2 / downside | 2.77 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(downside_2027q2_adjusted_op, downside_2027q2_exclusions). |
| Ordinary equity compensation downside_2027q2_sbc | 2027Q2 / downside | 31.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid downside_2027q2_horizon_employee_cash | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q2_da | 2027Q2 / downside | 5.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income downside_2027q2_interest_income | 2027Q2 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital downside_2027q2_cash_before_uses | 2027Q2 / downside | 42.47 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_horizon_noncash, downside_2027q2_horizon_employee_expense, downside_2027q2_da, downside_2027q2_interest_income). |
| Cash income taxes downside_2027q2_cash_tax | 2027Q2 / downside | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use downside_2027q2_wc | 2027Q2 / downside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital downside_2027q2_cash_uses | 2027Q2 / downside | 14.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(downside_2027q2_horizon_employee_cash, downside_2027q2_cash_tax, downside_2027q2_wc). |
| Operating cash flow downside_2027q2_cfo | 2027Q2 / downside | 28.47 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses). |
| Cash capex downside_2027q2_capex | 2027Q2 / downside | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex downside_2027q2_fcf | 2027Q2 / downside | 18.47 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| Employee equity-award taxes downside_2027q2_award_cash | 2027Q2 / downside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes downside_2027q2_cash_after_awards | 2027Q2 / downside | 14.27 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(downside_2027q2_fcf, downside_2027q2_award_cash). |
| Prior-year us_revenue downside_2027q3_us_revenue_prior | 2027Q3 / downside | 771.64 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, downside_2026q3_us_revenue, downside_2026q4_us_revenue). |
| Sales expansion multiplier downside_2027q3_us_revenue_growth | 2027Q3 / downside | 98.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q3_us_revenue_season | 2027Q3 / downside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales downside_2027q3_us_revenue | 2027Q3 / downside | 181.49 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(downside_2027q3_us_revenue_prior, downside_2027q3_us_revenue_growth, downside_2027q3_us_revenue_season). |
| Prior-year international downside_2027q3_international_prior | 2027Q3 / downside | 48.36 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, downside_2026q3_international, downside_2026q4_international). |
| Sales expansion multiplier downside_2027q3_international_growth | 2027Q3 / downside | 115.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q3_international_season | 2027Q3 / downside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| international sales downside_2027q3_international | 2027Q3 / downside | 13.35 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(downside_2027q3_international_prior, downside_2027q3_international_growth, downside_2027q3_international_season). |
| Revenue downside_2027q3_revenue | 2027Q3 / downside | 194.84 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(downside_2027q3_us_revenue, downside_2027q3_international). |
| Underlying adjusted operating margin downside_2027q3_adjusted_margin | 2027Q3 / downside | 2.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment downside_2027q3_adjusted_before_redeployment | 2027Q3 / downside | 4.87 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(downside_2027q3_revenue, downside_2027q3_adjusted_margin). |
| Horizon gross expense savings downside_2027q3_savings | 2027Q3 / downside | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment downside_2027q3_reinvestment | 2027Q3 / downside | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings downside_2027q3_profit_with_savings | 2027Q3 / downside | 12.37 USD_millions | derived: Intermediate before reinvestment. Formula: sum(downside_2027q3_adjusted_before_redeployment, downside_2027q3_savings). |
| Adjusted operating income downside_2027q3_adjusted_op | 2027Q3 / downside | 4.87 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(downside_2027q3_profit_with_savings, downside_2027q3_reinvestment). |
| System gross margin downside_2027q3_gm | 2027Q3 / downside | 84.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q3_gross_profit | 2027Q3 / downside | 163.66 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gm). |
| Horizon noncash charge downside_2027q3_horizon_noncash | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense downside_2027q3_horizon_employee_expense | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges downside_2027q3_restructuring | 2027Q3 / downside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(downside_2027q3_horizon_noncash, downside_2027q3_horizon_employee_expense). |
| Legal cash expense downside_2027q3_legal | 2027Q3 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions downside_2027q3_exclusions | 2027Q3 / downside | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(downside_2027q3_restructuring, downside_2027q3_legal). |
| GAAP operating income downside_2027q3_operating_income | 2027Q3 / downside | 2.87 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(downside_2027q3_adjusted_op, downside_2027q3_exclusions). |
| Ordinary equity compensation downside_2027q3_sbc | 2027Q3 / downside | 31.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid downside_2027q3_horizon_employee_cash | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 5.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income downside_2027q3_interest_income | 2027Q3 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital downside_2027q3_cash_before_uses | 2027Q3 / downside | 43.17 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_horizon_noncash, downside_2027q3_horizon_employee_expense, downside_2027q3_da, downside_2027q3_interest_income). |
| Cash income taxes downside_2027q3_cash_tax | 2027Q3 / downside | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use downside_2027q3_wc | 2027Q3 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital downside_2027q3_cash_uses | 2027Q3 / downside | 12.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(downside_2027q3_horizon_employee_cash, downside_2027q3_cash_tax, downside_2027q3_wc). |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | 31.17 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses). |
| Cash capex downside_2027q3_capex | 2027Q3 / downside | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex downside_2027q3_fcf | 2027Q3 / downside | 21.17 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Employee equity-award taxes downside_2027q3_award_cash | 2027Q3 / downside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes downside_2027q3_cash_after_awards | 2027Q3 / downside | 16.97 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(downside_2027q3_fcf, downside_2027q3_award_cash). |
| Prior-year us_revenue downside_2027q4_us_revenue_prior | 2027Q4 / downside | 771.64 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, downside_2026q3_us_revenue, downside_2026q4_us_revenue). |
| Sales expansion multiplier downside_2027q4_us_revenue_growth | 2027Q4 / downside | 98.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q4_us_revenue_season | 2027Q4 / downside | 28.5% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales downside_2027q4_us_revenue | 2027Q4 / downside | 215.52 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(downside_2027q4_us_revenue_prior, downside_2027q4_us_revenue_growth, downside_2027q4_us_revenue_season). |
| Prior-year international downside_2027q4_international_prior | 2027Q4 / downside | 48.36 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, downside_2026q3_international, downside_2026q4_international). |
| Sales expansion multiplier downside_2027q4_international_growth | 2027Q4 / downside | 115.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q4_international_season | 2027Q4 / downside | 28.5% ratio | assumption: Desk assumption, not company guidance. |
| international sales downside_2027q4_international | 2027Q4 / downside | 15.85 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(downside_2027q4_international_prior, downside_2027q4_international_growth, downside_2027q4_international_season). |
| Revenue downside_2027q4_revenue | 2027Q4 / downside | 231.37 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(downside_2027q4_us_revenue, downside_2027q4_international). |
| Underlying adjusted operating margin downside_2027q4_adjusted_margin | 2027Q4 / downside | 2.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment downside_2027q4_adjusted_before_redeployment | 2027Q4 / downside | 5.78 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(downside_2027q4_revenue, downside_2027q4_adjusted_margin). |
| Horizon gross expense savings downside_2027q4_savings | 2027Q4 / downside | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment downside_2027q4_reinvestment | 2027Q4 / downside | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings downside_2027q4_profit_with_savings | 2027Q4 / downside | 13.28 USD_millions | derived: Intermediate before reinvestment. Formula: sum(downside_2027q4_adjusted_before_redeployment, downside_2027q4_savings). |
| Adjusted operating income downside_2027q4_adjusted_op | 2027Q4 / downside | 5.78 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(downside_2027q4_profit_with_savings, downside_2027q4_reinvestment). |
| System gross margin downside_2027q4_gm | 2027Q4 / downside | 84.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q4_gross_profit | 2027Q4 / downside | 194.35 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gm). |
| Horizon noncash charge downside_2027q4_horizon_noncash | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense downside_2027q4_horizon_employee_expense | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges downside_2027q4_restructuring | 2027Q4 / downside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(downside_2027q4_horizon_noncash, downside_2027q4_horizon_employee_expense). |
| Legal cash expense downside_2027q4_legal | 2027Q4 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions downside_2027q4_exclusions | 2027Q4 / downside | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(downside_2027q4_restructuring, downside_2027q4_legal). |
| GAAP operating income downside_2027q4_operating_income | 2027Q4 / downside | 3.78 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(downside_2027q4_adjusted_op, downside_2027q4_exclusions). |
| Ordinary equity compensation downside_2027q4_sbc | 2027Q4 / downside | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid downside_2027q4_horizon_employee_cash | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 5.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income downside_2027q4_interest_income | 2027Q4 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital downside_2027q4_cash_before_uses | 2027Q4 / downside | 44.68 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_horizon_noncash, downside_2027q4_horizon_employee_expense, downside_2027q4_da, downside_2027q4_interest_income). |
| Cash income taxes downside_2027q4_cash_tax | 2027Q4 / downside | 6.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use downside_2027q4_wc | 2027Q4 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital downside_2027q4_cash_uses | 2027Q4 / downside | 12.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(downside_2027q4_horizon_employee_cash, downside_2027q4_cash_tax, downside_2027q4_wc). |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | 32.68 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses). |
| Cash capex downside_2027q4_capex | 2027Q4 / downside | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex downside_2027q4_fcf | 2027Q4 / downside | 22.68 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Employee equity-award taxes downside_2027q4_award_cash | 2027Q4 / downside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes downside_2027q4_cash_after_awards | 2027Q4 / downside | 18.48 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(downside_2027q4_fcf, downside_2027q4_award_cash). |
| Revenue ($M) downside_fy2026_revenue | FY2026 / downside | 820.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| US revenue ($M) downside_fy2026_us_revenue | FY2026 / downside | 771.64 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_us_revenue, downside_2026q3_us_revenue, downside_2026q4_us_revenue). |
| International revenue ($M) downside_fy2026_international | FY2026 / downside | 48.36 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_international, downside_2026q3_international, downside_2026q4_international). |
| Gross profit before Horizon charge allocation ($M) downside_fy2026_gross_profit | FY2026 / downside | 696.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit). |
| Adjusted operating income ($M) downside_fy2026_adjusted_op | FY2026 / downside | 16.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_op, downside_2026q3_adjusted_op, downside_2026q4_adjusted_op). |
| GAAP operating income proxy ($M) downside_fy2026_operating_income | FY2026 / downside | -16.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Horizon expense ($M) downside_fy2026_restructuring | FY2026 / downside | 22.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_restructuring, downside_2026q3_restructuring, downside_2026q4_restructuring). |
| Operating cash flow ($M) downside_fy2026_cfo | FY2026 / downside | 97.48 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| Cash capex ($M) downside_fy2026_capex | FY2026 / downside | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex). |
| CFO less capex ($M) downside_fy2026_fcf | FY2026 / downside | 57.48 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf). |
| Cash after capex and award taxes ($M) downside_fy2026_cash_after_awards | FY2026 / downside | 40.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_awards, downside_2026q3_cash_after_awards, downside_2026q4_cash_after_awards). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 811.82 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| US revenue ($M) downside_fy2027_us_revenue | FY2027 / downside | 756.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_us_revenue, downside_2027q2_us_revenue, downside_2027q3_us_revenue, downside_2027q4_us_revenue). |
| International revenue ($M) downside_fy2027_international | FY2027 / downside | 55.61 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_international, downside_2027q2_international, downside_2027q3_international, downside_2027q4_international). |
| Gross profit before Horizon charge allocation ($M) downside_fy2027_gross_profit | FY2027 / downside | 681.93 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Adjusted operating income ($M) downside_fy2027_adjusted_op | FY2027 / downside | 20.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adjusted_op, downside_2027q2_adjusted_op, downside_2027q3_adjusted_op, downside_2027q4_adjusted_op). |
| GAAP operating income proxy ($M) downside_fy2027_operating_income | FY2027 / downside | 12.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Horizon expense ($M) downside_fy2027_restructuring | FY2027 / downside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_restructuring, downside_2027q2_restructuring, downside_2027q3_restructuring, downside_2027q4_restructuring). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | 118.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Cash capex ($M) downside_fy2027_capex | FY2027 / downside | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| CFO less capex ($M) downside_fy2027_fcf | FY2027 / downside | 78.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Cash after capex and award taxes ($M) downside_fy2027_cash_after_awards | FY2027 / downside | 61.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_awards, downside_2027q2_cash_after_awards, downside_2027q3_cash_after_awards, downside_2027q4_cash_after_awards). |
| Annual sales scenario base_annual_revenue_target | FY2026 / base | 855.00 USD_millions | assumption: Base is guidance midpoint; downside/upside are independent desk outcomes. |
| Remaining H2 revenue base_h2 | H2 2026 / base | 449.84 USD_millions | derived: Annual scenario less actual H1. Formula: subtract(base_annual_revenue_target, h1_revenue). |
| Annual adjusted operating margin base_op_margin | FY2026 / base | 5.0% ratio | assumption: Ordinary SBC included. |
| Annual adjusted operating income base_op_target | FY2026 / base | 42.75 USD_millions | derived: Revenue times adjusted operating margin. Formula: multiply(base_annual_revenue_target, base_op_margin). |
| Remaining adjusted operating income base_op_remaining | H2 2026 / base | 39.25 USD_millions | derived: Actual H1 is not restated. Formula: subtract(base_op_target, h1_adjusted_op). |
| Remaining sales quarter share base_2026q3_h2_share | 2026Q3 / base | 45.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2026q3_revenue | 2026Q3 / base | 202.43 USD_millions | derived: Q4 seasonality is a desk allocation. Formula: multiply(base_h2, base_2026q3_h2_share). |
| International revenue base_2026q3_international | 2026Q3 / base | 13.00 USD_millions | assumption: Desk assumption, not company guidance. |
| US revenue base_2026q3_us_revenue | 2026Q3 / base | 189.43 USD_millions | derived: Residual US demand within annual consolidated scenario. Formula: subtract(base_2026q3_revenue, base_2026q3_international). |
| H2 profit share base_2026q3_profit_weight | 2026Q3 / base | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted operating profit before net redeployment base_2026q3_adjusted_before_redeployment | 2026Q3 / base | 11.77 USD_millions | derived: Illustrative timing of guided annual operating margin. Formula: multiply(base_op_remaining, base_2026q3_profit_weight). |
| Horizon gross expense savings base_2026q3_savings | 2026Q3 / base | 0.00 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment base_2026q3_reinvestment | 2026Q3 / base | 0.00 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings base_2026q3_profit_with_savings | 2026Q3 / base | 11.77 USD_millions | derived: Intermediate before reinvestment. Formula: sum(base_2026q3_adjusted_before_redeployment, base_2026q3_savings). |
| Adjusted operating income base_2026q3_adjusted_op | 2026Q3 / base | 11.77 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(base_2026q3_profit_with_savings, base_2026q3_reinvestment). |
| System gross margin base_2026q3_gm | 2026Q3 / base | 85.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2026q3_gross_profit | 2026Q3 / base | 173.07 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(base_2026q3_revenue, base_2026q3_gm). |
| Horizon noncash charge base_2026q3_horizon_noncash | 2026Q3 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense base_2026q3_horizon_employee_expense | 2026Q3 / base | 4.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges base_2026q3_restructuring | 2026Q3 / base | 22.50 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(base_2026q3_horizon_noncash, base_2026q3_horizon_employee_expense). |
| Legal cash expense base_2026q3_legal | 2026Q3 / base | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions base_2026q3_exclusions | 2026Q3 / base | 25.20 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(base_2026q3_restructuring, base_2026q3_legal). |
| GAAP operating income base_2026q3_operating_income | 2026Q3 / base | -13.43 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(base_2026q3_adjusted_op, base_2026q3_exclusions). |
| Ordinary equity compensation base_2026q3_sbc | 2026Q3 / base | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid base_2026q3_horizon_employee_cash | 2026Q3 / base | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2026q3_da | 2026Q3 / base | 5.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income base_2026q3_interest_income | 2026Q3 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital base_2026q3_cash_before_uses | 2026Q3 / base | 47.47 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_horizon_noncash, base_2026q3_horizon_employee_expense, base_2026q3_da, base_2026q3_interest_income). |
| Cash income taxes base_2026q3_cash_tax | 2026Q3 / base | 2.50 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use base_2026q3_wc | 2026Q3 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital base_2026q3_cash_uses | 2026Q3 / base | 6.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(base_2026q3_horizon_employee_cash, base_2026q3_cash_tax, base_2026q3_wc). |
| Operating cash flow base_2026q3_cfo | 2026Q3 / base | 41.47 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(base_2026q3_cash_before_uses, base_2026q3_cash_uses). |
| Cash capex base_2026q3_capex | 2026Q3 / base | 9.31 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex base_2026q3_fcf | 2026Q3 / base | 32.17 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(base_2026q3_cfo, base_2026q3_capex). |
| Employee equity-award taxes base_2026q3_award_cash | 2026Q3 / base | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes base_2026q3_cash_after_awards | 2026Q3 / base | 27.97 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(base_2026q3_fcf, base_2026q3_award_cash). |
| Remaining sales quarter share base_2026q4_h2_share | 2026Q4 / base | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2026q4_revenue | 2026Q4 / base | 247.41 USD_millions | derived: Q4 seasonality is a desk allocation. Formula: multiply(base_h2, base_2026q4_h2_share). |
| International revenue base_2026q4_international | 2026Q4 / base | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| US revenue base_2026q4_us_revenue | 2026Q4 / base | 231.41 USD_millions | derived: Residual US demand within annual consolidated scenario. Formula: subtract(base_2026q4_revenue, base_2026q4_international). |
| H2 profit share base_2026q4_profit_weight | 2026Q4 / base | 70.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted operating profit before net redeployment base_2026q4_adjusted_before_redeployment | 2026Q4 / base | 27.47 USD_millions | derived: Illustrative timing of guided annual operating margin. Formula: multiply(base_op_remaining, base_2026q4_profit_weight). |
| Horizon gross expense savings base_2026q4_savings | 2026Q4 / base | 3.75 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment base_2026q4_reinvestment | 2026Q4 / base | 3.75 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings base_2026q4_profit_with_savings | 2026Q4 / base | 31.22 USD_millions | derived: Intermediate before reinvestment. Formula: sum(base_2026q4_adjusted_before_redeployment, base_2026q4_savings). |
| Adjusted operating income base_2026q4_adjusted_op | 2026Q4 / base | 27.47 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(base_2026q4_profit_with_savings, base_2026q4_reinvestment). |
| System gross margin base_2026q4_gm | 2026Q4 / base | 85.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2026q4_gross_profit | 2026Q4 / base | 211.54 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(base_2026q4_revenue, base_2026q4_gm). |
| Horizon noncash charge base_2026q4_horizon_noncash | 2026Q4 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense base_2026q4_horizon_employee_expense | 2026Q4 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges base_2026q4_restructuring | 2026Q4 / base | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(base_2026q4_horizon_noncash, base_2026q4_horizon_employee_expense). |
| Legal cash expense base_2026q4_legal | 2026Q4 / base | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions base_2026q4_exclusions | 2026Q4 / base | 2.70 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(base_2026q4_restructuring, base_2026q4_legal). |
| GAAP operating income base_2026q4_operating_income | 2026Q4 / base | 24.77 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(base_2026q4_adjusted_op, base_2026q4_exclusions). |
| Ordinary equity compensation base_2026q4_sbc | 2026Q4 / base | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid base_2026q4_horizon_employee_cash | 2026Q4 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2026q4_da | 2026Q4 / base | 5.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income base_2026q4_interest_income | 2026Q4 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital base_2026q4_cash_before_uses | 2026Q4 / base | 63.27 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_horizon_noncash, base_2026q4_horizon_employee_expense, base_2026q4_da, base_2026q4_interest_income). |
| Cash income taxes base_2026q4_cash_tax | 2026Q4 / base | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use base_2026q4_wc | 2026Q4 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital base_2026q4_cash_uses | 2026Q4 / base | 13.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(base_2026q4_horizon_employee_cash, base_2026q4_cash_tax, base_2026q4_wc). |
| Operating cash flow base_2026q4_cfo | 2026Q4 / base | 50.27 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(base_2026q4_cash_before_uses, base_2026q4_cash_uses). |
| Cash capex base_2026q4_capex | 2026Q4 / base | 9.31 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex base_2026q4_fcf | 2026Q4 / base | 40.97 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(base_2026q4_cfo, base_2026q4_capex). |
| Employee equity-award taxes base_2026q4_award_cash | 2026Q4 / base | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes base_2026q4_cash_after_awards | 2026Q4 / base | 36.77 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(base_2026q4_fcf, base_2026q4_award_cash). |
| Prior-year us_revenue base_2027q1_us_revenue_prior | 2027Q1 / base | 803.74 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, base_2026q3_us_revenue, base_2026q4_us_revenue). |
| Sales expansion multiplier base_2027q1_us_revenue_growth | 2027Q1 / base | 110.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q1_us_revenue_season | 2027Q1 / base | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales base_2027q1_us_revenue | 2027Q1 / base | 212.19 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(base_2027q1_us_revenue_prior, base_2027q1_us_revenue_growth, base_2027q1_us_revenue_season). |
| Prior-year international base_2027q1_international_prior | 2027Q1 / base | 51.26 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, base_2026q3_international, base_2026q4_international). |
| Sales expansion multiplier base_2027q1_international_growth | 2027Q1 / base | 130.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q1_international_season | 2027Q1 / base | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| international sales base_2027q1_international | 2027Q1 / base | 15.99 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(base_2027q1_international_prior, base_2027q1_international_growth, base_2027q1_international_season). |
| Revenue base_2027q1_revenue | 2027Q1 / base | 228.18 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(base_2027q1_us_revenue, base_2027q1_international). |
| Underlying adjusted operating margin base_2027q1_adjusted_margin | 2027Q1 / base | 7.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment base_2027q1_adjusted_before_redeployment | 2027Q1 / base | 17.11 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(base_2027q1_revenue, base_2027q1_adjusted_margin). |
| Horizon gross expense savings base_2027q1_savings | 2027Q1 / base | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment base_2027q1_reinvestment | 2027Q1 / base | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings base_2027q1_profit_with_savings | 2027Q1 / base | 24.61 USD_millions | derived: Intermediate before reinvestment. Formula: sum(base_2027q1_adjusted_before_redeployment, base_2027q1_savings). |
| Adjusted operating income base_2027q1_adjusted_op | 2027Q1 / base | 17.11 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(base_2027q1_profit_with_savings, base_2027q1_reinvestment). |
| System gross margin base_2027q1_gm | 2027Q1 / base | 85.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q1_gross_profit | 2027Q1 / base | 195.09 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(base_2027q1_revenue, base_2027q1_gm). |
| Horizon noncash charge base_2027q1_horizon_noncash | 2027Q1 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense base_2027q1_horizon_employee_expense | 2027Q1 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges base_2027q1_restructuring | 2027Q1 / base | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(base_2027q1_horizon_noncash, base_2027q1_horizon_employee_expense). |
| Legal cash expense base_2027q1_legal | 2027Q1 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions base_2027q1_exclusions | 2027Q1 / base | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(base_2027q1_restructuring, base_2027q1_legal). |
| GAAP operating income base_2027q1_operating_income | 2027Q1 / base | 15.11 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(base_2027q1_adjusted_op, base_2027q1_exclusions). |
| Ordinary equity compensation base_2027q1_sbc | 2027Q1 / base | 30.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid base_2027q1_horizon_employee_cash | 2027Q1 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q1_da | 2027Q1 / base | 5.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income base_2027q1_interest_income | 2027Q1 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital base_2027q1_cash_before_uses | 2027Q1 / base | 54.21 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_horizon_noncash, base_2027q1_horizon_employee_expense, base_2027q1_da, base_2027q1_interest_income). |
| Cash income taxes base_2027q1_cash_tax | 2027Q1 / base | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use base_2027q1_wc | 2027Q1 / base | 15.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital base_2027q1_cash_uses | 2027Q1 / base | 19.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(base_2027q1_horizon_employee_cash, base_2027q1_cash_tax, base_2027q1_wc). |
| Operating cash flow base_2027q1_cfo | 2027Q1 / base | 35.21 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(base_2027q1_cash_before_uses, base_2027q1_cash_uses). |
| Cash capex base_2027q1_capex | 2027Q1 / base | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex base_2027q1_fcf | 2027Q1 / base | 25.21 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(base_2027q1_cfo, base_2027q1_capex). |
| Employee equity-award taxes base_2027q1_award_cash | 2027Q1 / base | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes base_2027q1_cash_after_awards | 2027Q1 / base | 21.01 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(base_2027q1_fcf, base_2027q1_award_cash). |
| Prior-year us_revenue base_2027q2_us_revenue_prior | 2027Q2 / base | 803.74 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, base_2026q3_us_revenue, base_2026q4_us_revenue). |
| Sales expansion multiplier base_2027q2_us_revenue_growth | 2027Q2 / base | 110.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q2_us_revenue_season | 2027Q2 / base | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales base_2027q2_us_revenue | 2027Q2 / base | 207.77 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(base_2027q2_us_revenue_prior, base_2027q2_us_revenue_growth, base_2027q2_us_revenue_season). |
| Prior-year international base_2027q2_international_prior | 2027Q2 / base | 51.26 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, base_2026q3_international, base_2026q4_international). |
| Sales expansion multiplier base_2027q2_international_growth | 2027Q2 / base | 130.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q2_international_season | 2027Q2 / base | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| international sales base_2027q2_international | 2027Q2 / base | 15.66 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(base_2027q2_international_prior, base_2027q2_international_growth, base_2027q2_international_season). |
| Revenue base_2027q2_revenue | 2027Q2 / base | 223.43 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(base_2027q2_us_revenue, base_2027q2_international). |
| Underlying adjusted operating margin base_2027q2_adjusted_margin | 2027Q2 / base | 7.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment base_2027q2_adjusted_before_redeployment | 2027Q2 / base | 16.76 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(base_2027q2_revenue, base_2027q2_adjusted_margin). |
| Horizon gross expense savings base_2027q2_savings | 2027Q2 / base | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment base_2027q2_reinvestment | 2027Q2 / base | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings base_2027q2_profit_with_savings | 2027Q2 / base | 24.26 USD_millions | derived: Intermediate before reinvestment. Formula: sum(base_2027q2_adjusted_before_redeployment, base_2027q2_savings). |
| Adjusted operating income base_2027q2_adjusted_op | 2027Q2 / base | 16.76 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(base_2027q2_profit_with_savings, base_2027q2_reinvestment). |
| System gross margin base_2027q2_gm | 2027Q2 / base | 85.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q2_gross_profit | 2027Q2 / base | 191.03 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(base_2027q2_revenue, base_2027q2_gm). |
| Horizon noncash charge base_2027q2_horizon_noncash | 2027Q2 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense base_2027q2_horizon_employee_expense | 2027Q2 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges base_2027q2_restructuring | 2027Q2 / base | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(base_2027q2_horizon_noncash, base_2027q2_horizon_employee_expense). |
| Legal cash expense base_2027q2_legal | 2027Q2 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions base_2027q2_exclusions | 2027Q2 / base | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(base_2027q2_restructuring, base_2027q2_legal). |
| GAAP operating income base_2027q2_operating_income | 2027Q2 / base | 14.76 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(base_2027q2_adjusted_op, base_2027q2_exclusions). |
| Ordinary equity compensation base_2027q2_sbc | 2027Q2 / base | 31.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid base_2027q2_horizon_employee_cash | 2027Q2 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q2_da | 2027Q2 / base | 5.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income base_2027q2_interest_income | 2027Q2 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital base_2027q2_cash_before_uses | 2027Q2 / base | 54.46 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_horizon_noncash, base_2027q2_horizon_employee_expense, base_2027q2_da, base_2027q2_interest_income). |
| Cash income taxes base_2027q2_cash_tax | 2027Q2 / base | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use base_2027q2_wc | 2027Q2 / base | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital base_2027q2_cash_uses | 2027Q2 / base | 14.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(base_2027q2_horizon_employee_cash, base_2027q2_cash_tax, base_2027q2_wc). |
| Operating cash flow base_2027q2_cfo | 2027Q2 / base | 40.46 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses). |
| Cash capex base_2027q2_capex | 2027Q2 / base | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex base_2027q2_fcf | 2027Q2 / base | 30.46 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| Employee equity-award taxes base_2027q2_award_cash | 2027Q2 / base | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes base_2027q2_cash_after_awards | 2027Q2 / base | 26.26 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(base_2027q2_fcf, base_2027q2_award_cash). |
| Prior-year us_revenue base_2027q3_us_revenue_prior | 2027Q3 / base | 803.74 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, base_2026q3_us_revenue, base_2026q4_us_revenue). |
| Sales expansion multiplier base_2027q3_us_revenue_growth | 2027Q3 / base | 110.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q3_us_revenue_season | 2027Q3 / base | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales base_2027q3_us_revenue | 2027Q3 / base | 212.19 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(base_2027q3_us_revenue_prior, base_2027q3_us_revenue_growth, base_2027q3_us_revenue_season). |
| Prior-year international base_2027q3_international_prior | 2027Q3 / base | 51.26 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, base_2026q3_international, base_2026q4_international). |
| Sales expansion multiplier base_2027q3_international_growth | 2027Q3 / base | 130.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q3_international_season | 2027Q3 / base | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| international sales base_2027q3_international | 2027Q3 / base | 15.99 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(base_2027q3_international_prior, base_2027q3_international_growth, base_2027q3_international_season). |
| Revenue base_2027q3_revenue | 2027Q3 / base | 228.18 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(base_2027q3_us_revenue, base_2027q3_international). |
| Underlying adjusted operating margin base_2027q3_adjusted_margin | 2027Q3 / base | 7.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment base_2027q3_adjusted_before_redeployment | 2027Q3 / base | 17.11 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(base_2027q3_revenue, base_2027q3_adjusted_margin). |
| Horizon gross expense savings base_2027q3_savings | 2027Q3 / base | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment base_2027q3_reinvestment | 2027Q3 / base | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings base_2027q3_profit_with_savings | 2027Q3 / base | 24.61 USD_millions | derived: Intermediate before reinvestment. Formula: sum(base_2027q3_adjusted_before_redeployment, base_2027q3_savings). |
| Adjusted operating income base_2027q3_adjusted_op | 2027Q3 / base | 17.11 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(base_2027q3_profit_with_savings, base_2027q3_reinvestment). |
| System gross margin base_2027q3_gm | 2027Q3 / base | 85.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q3_gross_profit | 2027Q3 / base | 195.09 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(base_2027q3_revenue, base_2027q3_gm). |
| Horizon noncash charge base_2027q3_horizon_noncash | 2027Q3 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense base_2027q3_horizon_employee_expense | 2027Q3 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges base_2027q3_restructuring | 2027Q3 / base | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(base_2027q3_horizon_noncash, base_2027q3_horizon_employee_expense). |
| Legal cash expense base_2027q3_legal | 2027Q3 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions base_2027q3_exclusions | 2027Q3 / base | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(base_2027q3_restructuring, base_2027q3_legal). |
| GAAP operating income base_2027q3_operating_income | 2027Q3 / base | 15.11 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(base_2027q3_adjusted_op, base_2027q3_exclusions). |
| Ordinary equity compensation base_2027q3_sbc | 2027Q3 / base | 31.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid base_2027q3_horizon_employee_cash | 2027Q3 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q3_da | 2027Q3 / base | 5.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income base_2027q3_interest_income | 2027Q3 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital base_2027q3_cash_before_uses | 2027Q3 / base | 55.41 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_horizon_noncash, base_2027q3_horizon_employee_expense, base_2027q3_da, base_2027q3_interest_income). |
| Cash income taxes base_2027q3_cash_tax | 2027Q3 / base | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use base_2027q3_wc | 2027Q3 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital base_2027q3_cash_uses | 2027Q3 / base | 12.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(base_2027q3_horizon_employee_cash, base_2027q3_cash_tax, base_2027q3_wc). |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 43.41 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses). |
| Cash capex base_2027q3_capex | 2027Q3 / base | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex base_2027q3_fcf | 2027Q3 / base | 33.41 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Employee equity-award taxes base_2027q3_award_cash | 2027Q3 / base | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes base_2027q3_cash_after_awards | 2027Q3 / base | 29.21 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(base_2027q3_fcf, base_2027q3_award_cash). |
| Prior-year us_revenue base_2027q4_us_revenue_prior | 2027Q4 / base | 803.74 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, base_2026q3_us_revenue, base_2026q4_us_revenue). |
| Sales expansion multiplier base_2027q4_us_revenue_growth | 2027Q4 / base | 110.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q4_us_revenue_season | 2027Q4 / base | 28.5% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales base_2027q4_us_revenue | 2027Q4 / base | 251.97 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(base_2027q4_us_revenue_prior, base_2027q4_us_revenue_growth, base_2027q4_us_revenue_season). |
| Prior-year international base_2027q4_international_prior | 2027Q4 / base | 51.26 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, base_2026q3_international, base_2026q4_international). |
| Sales expansion multiplier base_2027q4_international_growth | 2027Q4 / base | 130.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q4_international_season | 2027Q4 / base | 28.5% ratio | assumption: Desk assumption, not company guidance. |
| international sales base_2027q4_international | 2027Q4 / base | 18.99 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(base_2027q4_international_prior, base_2027q4_international_growth, base_2027q4_international_season). |
| Revenue base_2027q4_revenue | 2027Q4 / base | 270.96 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(base_2027q4_us_revenue, base_2027q4_international). |
| Underlying adjusted operating margin base_2027q4_adjusted_margin | 2027Q4 / base | 7.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment base_2027q4_adjusted_before_redeployment | 2027Q4 / base | 20.32 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(base_2027q4_revenue, base_2027q4_adjusted_margin). |
| Horizon gross expense savings base_2027q4_savings | 2027Q4 / base | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment base_2027q4_reinvestment | 2027Q4 / base | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings base_2027q4_profit_with_savings | 2027Q4 / base | 27.82 USD_millions | derived: Intermediate before reinvestment. Formula: sum(base_2027q4_adjusted_before_redeployment, base_2027q4_savings). |
| Adjusted operating income base_2027q4_adjusted_op | 2027Q4 / base | 20.32 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(base_2027q4_profit_with_savings, base_2027q4_reinvestment). |
| System gross margin base_2027q4_gm | 2027Q4 / base | 85.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q4_gross_profit | 2027Q4 / base | 231.67 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(base_2027q4_revenue, base_2027q4_gm). |
| Horizon noncash charge base_2027q4_horizon_noncash | 2027Q4 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense base_2027q4_horizon_employee_expense | 2027Q4 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges base_2027q4_restructuring | 2027Q4 / base | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(base_2027q4_horizon_noncash, base_2027q4_horizon_employee_expense). |
| Legal cash expense base_2027q4_legal | 2027Q4 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions base_2027q4_exclusions | 2027Q4 / base | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(base_2027q4_restructuring, base_2027q4_legal). |
| GAAP operating income base_2027q4_operating_income | 2027Q4 / base | 18.32 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(base_2027q4_adjusted_op, base_2027q4_exclusions). |
| Ordinary equity compensation base_2027q4_sbc | 2027Q4 / base | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid base_2027q4_horizon_employee_cash | 2027Q4 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q4_da | 2027Q4 / base | 5.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income base_2027q4_interest_income | 2027Q4 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital base_2027q4_cash_before_uses | 2027Q4 / base | 59.22 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_horizon_noncash, base_2027q4_horizon_employee_expense, base_2027q4_da, base_2027q4_interest_income). |
| Cash income taxes base_2027q4_cash_tax | 2027Q4 / base | 6.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use base_2027q4_wc | 2027Q4 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital base_2027q4_cash_uses | 2027Q4 / base | 12.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(base_2027q4_horizon_employee_cash, base_2027q4_cash_tax, base_2027q4_wc). |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 47.22 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses). |
| Cash capex base_2027q4_capex | 2027Q4 / base | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex base_2027q4_fcf | 2027Q4 / base | 37.22 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Employee equity-award taxes base_2027q4_award_cash | 2027Q4 / base | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes base_2027q4_cash_after_awards | 2027Q4 / base | 33.02 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(base_2027q4_fcf, base_2027q4_award_cash). |
| Revenue ($M) base_fy2026_revenue | FY2026 / base | 855.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| US revenue ($M) base_fy2026_us_revenue | FY2026 / base | 803.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_us_revenue, base_2026q3_us_revenue, base_2026q4_us_revenue). |
| International revenue ($M) base_fy2026_international | FY2026 / base | 51.26 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_international, base_2026q3_international, base_2026q4_international). |
| Gross profit before Horizon charge allocation ($M) base_fy2026_gross_profit | FY2026 / base | 732.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit). |
| Adjusted operating income ($M) base_fy2026_adjusted_op | FY2026 / base | 42.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_op, base_2026q3_adjusted_op, base_2026q4_adjusted_op). |
| GAAP operating income proxy ($M) base_fy2026_operating_income | FY2026 / base | 9.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Horizon expense ($M) base_fy2026_restructuring | FY2026 / base | 22.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_restructuring, base_2026q3_restructuring, base_2026q4_restructuring). |
| Operating cash flow ($M) base_fy2026_cfo | FY2026 / base | 127.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| Cash capex ($M) base_fy2026_capex | FY2026 / base | 37.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex). |
| CFO less capex ($M) base_fy2026_fcf | FY2026 / base | 90.33 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf). |
| Cash after capex and award taxes ($M) base_fy2026_cash_after_awards | FY2026 / base | 73.65 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_awards, base_2026q3_cash_after_awards, base_2026q4_cash_after_awards). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 950.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| US revenue ($M) base_fy2027_us_revenue | FY2027 / base | 884.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_us_revenue, base_2027q2_us_revenue, base_2027q3_us_revenue, base_2027q4_us_revenue). |
| International revenue ($M) base_fy2027_international | FY2027 / base | 66.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_international, base_2027q2_international, base_2027q3_international, base_2027q4_international). |
| Gross profit before Horizon charge allocation ($M) base_fy2027_gross_profit | FY2027 / base | 812.89 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Adjusted operating income ($M) base_fy2027_adjusted_op | FY2027 / base | 71.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adjusted_op, base_2027q2_adjusted_op, base_2027q3_adjusted_op, base_2027q4_adjusted_op). |
| GAAP operating income proxy ($M) base_fy2027_operating_income | FY2027 / base | 63.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Horizon expense ($M) base_fy2027_restructuring | FY2027 / base | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_restructuring, base_2027q2_restructuring, base_2027q3_restructuring, base_2027q4_restructuring). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 166.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Cash capex ($M) base_fy2027_capex | FY2027 / base | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| CFO less capex ($M) base_fy2027_fcf | FY2027 / base | 126.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Cash after capex and award taxes ($M) base_fy2027_cash_after_awards | FY2027 / base | 109.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_awards, base_2027q2_cash_after_awards, base_2027q3_cash_after_awards, base_2027q4_cash_after_awards). |
| Annual sales scenario upside_annual_revenue_target | FY2026 / upside | 890.00 USD_millions | assumption: Base is guidance midpoint; downside/upside are independent desk outcomes. |
| Remaining H2 revenue upside_h2 | H2 2026 / upside | 484.84 USD_millions | derived: Annual scenario less actual H1. Formula: subtract(upside_annual_revenue_target, h1_revenue). |
| Annual adjusted operating margin upside_op_margin | FY2026 / upside | 7.0% ratio | assumption: Ordinary SBC included. |
| Annual adjusted operating income upside_op_target | FY2026 / upside | 62.30 USD_millions | derived: Revenue times adjusted operating margin. Formula: multiply(upside_annual_revenue_target, upside_op_margin). |
| Remaining adjusted operating income upside_op_remaining | H2 2026 / upside | 58.80 USD_millions | derived: Actual H1 is not restated. Formula: subtract(upside_op_target, h1_adjusted_op). |
| Remaining sales quarter share upside_2026q3_h2_share | 2026Q3 / upside | 45.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2026q3_revenue | 2026Q3 / upside | 218.18 USD_millions | derived: Q4 seasonality is a desk allocation. Formula: multiply(upside_h2, upside_2026q3_h2_share). |
| International revenue upside_2026q3_international | 2026Q3 / upside | 14.30 USD_millions | assumption: Desk assumption, not company guidance. |
| US revenue upside_2026q3_us_revenue | 2026Q3 / upside | 203.88 USD_millions | derived: Residual US demand within annual consolidated scenario. Formula: subtract(upside_2026q3_revenue, upside_2026q3_international). |
| H2 profit share upside_2026q3_profit_weight | 2026Q3 / upside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted operating profit before net redeployment upside_2026q3_adjusted_before_redeployment | 2026Q3 / upside | 17.64 USD_millions | derived: Illustrative timing of guided annual operating margin. Formula: multiply(upside_op_remaining, upside_2026q3_profit_weight). |
| Horizon gross expense savings upside_2026q3_savings | 2026Q3 / upside | 0.00 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment upside_2026q3_reinvestment | 2026Q3 / upside | 0.00 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings upside_2026q3_profit_with_savings | 2026Q3 / upside | 17.64 USD_millions | derived: Intermediate before reinvestment. Formula: sum(upside_2026q3_adjusted_before_redeployment, upside_2026q3_savings). |
| Adjusted operating income upside_2026q3_adjusted_op | 2026Q3 / upside | 17.64 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(upside_2026q3_profit_with_savings, upside_2026q3_reinvestment). |
| System gross margin upside_2026q3_gm | 2026Q3 / upside | 86.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2026q3_gross_profit | 2026Q3 / upside | 188.72 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(upside_2026q3_revenue, upside_2026q3_gm). |
| Horizon noncash charge upside_2026q3_horizon_noncash | 2026Q3 / upside | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense upside_2026q3_horizon_employee_expense | 2026Q3 / upside | 4.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges upside_2026q3_restructuring | 2026Q3 / upside | 22.50 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(upside_2026q3_horizon_noncash, upside_2026q3_horizon_employee_expense). |
| Legal cash expense upside_2026q3_legal | 2026Q3 / upside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions upside_2026q3_exclusions | 2026Q3 / upside | 25.20 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(upside_2026q3_restructuring, upside_2026q3_legal). |
| GAAP operating income upside_2026q3_operating_income | 2026Q3 / upside | -7.56 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(upside_2026q3_adjusted_op, upside_2026q3_exclusions). |
| Ordinary equity compensation upside_2026q3_sbc | 2026Q3 / upside | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid upside_2026q3_horizon_employee_cash | 2026Q3 / upside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2026q3_da | 2026Q3 / upside | 5.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income upside_2026q3_interest_income | 2026Q3 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital upside_2026q3_cash_before_uses | 2026Q3 / upside | 53.34 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_horizon_noncash, upside_2026q3_horizon_employee_expense, upside_2026q3_da, upside_2026q3_interest_income). |
| Cash income taxes upside_2026q3_cash_tax | 2026Q3 / upside | 2.50 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use upside_2026q3_wc | 2026Q3 / upside | -5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital upside_2026q3_cash_uses | 2026Q3 / upside | 1.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(upside_2026q3_horizon_employee_cash, upside_2026q3_cash_tax, upside_2026q3_wc). |
| Operating cash flow upside_2026q3_cfo | 2026Q3 / upside | 52.34 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(upside_2026q3_cash_before_uses, upside_2026q3_cash_uses). |
| Cash capex upside_2026q3_capex | 2026Q3 / upside | 10.06 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex upside_2026q3_fcf | 2026Q3 / upside | 42.28 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex). |
| Employee equity-award taxes upside_2026q3_award_cash | 2026Q3 / upside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes upside_2026q3_cash_after_awards | 2026Q3 / upside | 38.08 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(upside_2026q3_fcf, upside_2026q3_award_cash). |
| Remaining sales quarter share upside_2026q4_h2_share | 2026Q4 / upside | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2026q4_revenue | 2026Q4 / upside | 266.66 USD_millions | derived: Q4 seasonality is a desk allocation. Formula: multiply(upside_h2, upside_2026q4_h2_share). |
| International revenue upside_2026q4_international | 2026Q4 / upside | 17.60 USD_millions | assumption: Desk assumption, not company guidance. |
| US revenue upside_2026q4_us_revenue | 2026Q4 / upside | 249.06 USD_millions | derived: Residual US demand within annual consolidated scenario. Formula: subtract(upside_2026q4_revenue, upside_2026q4_international). |
| H2 profit share upside_2026q4_profit_weight | 2026Q4 / upside | 70.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted operating profit before net redeployment upside_2026q4_adjusted_before_redeployment | 2026Q4 / upside | 41.16 USD_millions | derived: Illustrative timing of guided annual operating margin. Formula: multiply(upside_op_remaining, upside_2026q4_profit_weight). |
| Horizon gross expense savings upside_2026q4_savings | 2026Q4 / upside | 3.75 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment upside_2026q4_reinvestment | 2026Q4 / upside | 3.75 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings upside_2026q4_profit_with_savings | 2026Q4 / upside | 44.91 USD_millions | derived: Intermediate before reinvestment. Formula: sum(upside_2026q4_adjusted_before_redeployment, upside_2026q4_savings). |
| Adjusted operating income upside_2026q4_adjusted_op | 2026Q4 / upside | 41.16 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(upside_2026q4_profit_with_savings, upside_2026q4_reinvestment). |
| System gross margin upside_2026q4_gm | 2026Q4 / upside | 86.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2026q4_gross_profit | 2026Q4 / upside | 230.66 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(upside_2026q4_revenue, upside_2026q4_gm). |
| Horizon noncash charge upside_2026q4_horizon_noncash | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense upside_2026q4_horizon_employee_expense | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges upside_2026q4_restructuring | 2026Q4 / upside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(upside_2026q4_horizon_noncash, upside_2026q4_horizon_employee_expense). |
| Legal cash expense upside_2026q4_legal | 2026Q4 / upside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions upside_2026q4_exclusions | 2026Q4 / upside | 2.70 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(upside_2026q4_restructuring, upside_2026q4_legal). |
| GAAP operating income upside_2026q4_operating_income | 2026Q4 / upside | 38.46 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(upside_2026q4_adjusted_op, upside_2026q4_exclusions). |
| Ordinary equity compensation upside_2026q4_sbc | 2026Q4 / upside | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid upside_2026q4_horizon_employee_cash | 2026Q4 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2026q4_da | 2026Q4 / upside | 5.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income upside_2026q4_interest_income | 2026Q4 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital upside_2026q4_cash_before_uses | 2026Q4 / upside | 76.96 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_horizon_noncash, upside_2026q4_horizon_employee_expense, upside_2026q4_da, upside_2026q4_interest_income). |
| Cash income taxes upside_2026q4_cash_tax | 2026Q4 / upside | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use upside_2026q4_wc | 2026Q4 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital upside_2026q4_cash_uses | 2026Q4 / upside | 10.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(upside_2026q4_horizon_employee_cash, upside_2026q4_cash_tax, upside_2026q4_wc). |
| Operating cash flow upside_2026q4_cfo | 2026Q4 / upside | 66.96 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(upside_2026q4_cash_before_uses, upside_2026q4_cash_uses). |
| Cash capex upside_2026q4_capex | 2026Q4 / upside | 10.06 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex upside_2026q4_fcf | 2026Q4 / upside | 56.90 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex). |
| Employee equity-award taxes upside_2026q4_award_cash | 2026Q4 / upside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes upside_2026q4_cash_after_awards | 2026Q4 / upside | 52.70 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(upside_2026q4_fcf, upside_2026q4_award_cash). |
| Prior-year us_revenue upside_2027q1_us_revenue_prior | 2027Q1 / upside | 835.84 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, upside_2026q3_us_revenue, upside_2026q4_us_revenue). |
| Sales expansion multiplier upside_2027q1_us_revenue_growth | 2027Q1 / upside | 120.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q1_us_revenue_season | 2027Q1 / upside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales upside_2027q1_us_revenue | 2027Q1 / upside | 240.72 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(upside_2027q1_us_revenue_prior, upside_2027q1_us_revenue_growth, upside_2027q1_us_revenue_season). |
| Prior-year international upside_2027q1_international_prior | 2027Q1 / upside | 54.16 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, upside_2026q3_international, upside_2026q4_international). |
| Sales expansion multiplier upside_2027q1_international_growth | 2027Q1 / upside | 145.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q1_international_season | 2027Q1 / upside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| international sales upside_2027q1_international | 2027Q1 / upside | 18.85 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(upside_2027q1_international_prior, upside_2027q1_international_growth, upside_2027q1_international_season). |
| Revenue upside_2027q1_revenue | 2027Q1 / upside | 259.57 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(upside_2027q1_us_revenue, upside_2027q1_international). |
| Underlying adjusted operating margin upside_2027q1_adjusted_margin | 2027Q1 / upside | 11.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment upside_2027q1_adjusted_before_redeployment | 2027Q1 / upside | 28.55 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(upside_2027q1_revenue, upside_2027q1_adjusted_margin). |
| Horizon gross expense savings upside_2027q1_savings | 2027Q1 / upside | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment upside_2027q1_reinvestment | 2027Q1 / upside | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings upside_2027q1_profit_with_savings | 2027Q1 / upside | 36.05 USD_millions | derived: Intermediate before reinvestment. Formula: sum(upside_2027q1_adjusted_before_redeployment, upside_2027q1_savings). |
| Adjusted operating income upside_2027q1_adjusted_op | 2027Q1 / upside | 28.55 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(upside_2027q1_profit_with_savings, upside_2027q1_reinvestment). |
| System gross margin upside_2027q1_gm | 2027Q1 / upside | 86.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q1_gross_profit | 2027Q1 / upside | 224.53 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(upside_2027q1_revenue, upside_2027q1_gm). |
| Horizon noncash charge upside_2027q1_horizon_noncash | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense upside_2027q1_horizon_employee_expense | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges upside_2027q1_restructuring | 2027Q1 / upside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(upside_2027q1_horizon_noncash, upside_2027q1_horizon_employee_expense). |
| Legal cash expense upside_2027q1_legal | 2027Q1 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions upside_2027q1_exclusions | 2027Q1 / upside | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(upside_2027q1_restructuring, upside_2027q1_legal). |
| GAAP operating income upside_2027q1_operating_income | 2027Q1 / upside | 26.55 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(upside_2027q1_adjusted_op, upside_2027q1_exclusions). |
| Ordinary equity compensation upside_2027q1_sbc | 2027Q1 / upside | 30.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid upside_2027q1_horizon_employee_cash | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q1_da | 2027Q1 / upside | 5.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income upside_2027q1_interest_income | 2027Q1 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital upside_2027q1_cash_before_uses | 2027Q1 / upside | 65.65 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_horizon_noncash, upside_2027q1_horizon_employee_expense, upside_2027q1_da, upside_2027q1_interest_income). |
| Cash income taxes upside_2027q1_cash_tax | 2027Q1 / upside | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use upside_2027q1_wc | 2027Q1 / upside | 13.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital upside_2027q1_cash_uses | 2027Q1 / upside | 17.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(upside_2027q1_horizon_employee_cash, upside_2027q1_cash_tax, upside_2027q1_wc). |
| Operating cash flow upside_2027q1_cfo | 2027Q1 / upside | 48.65 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(upside_2027q1_cash_before_uses, upside_2027q1_cash_uses). |
| Cash capex upside_2027q1_capex | 2027Q1 / upside | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex upside_2027q1_fcf | 2027Q1 / upside | 38.65 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex). |
| Employee equity-award taxes upside_2027q1_award_cash | 2027Q1 / upside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes upside_2027q1_cash_after_awards | 2027Q1 / upside | 34.45 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(upside_2027q1_fcf, upside_2027q1_award_cash). |
| Prior-year us_revenue upside_2027q2_us_revenue_prior | 2027Q2 / upside | 835.84 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, upside_2026q3_us_revenue, upside_2026q4_us_revenue). |
| Sales expansion multiplier upside_2027q2_us_revenue_growth | 2027Q2 / upside | 120.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q2_us_revenue_season | 2027Q2 / upside | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales upside_2027q2_us_revenue | 2027Q2 / upside | 235.71 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(upside_2027q2_us_revenue_prior, upside_2027q2_us_revenue_growth, upside_2027q2_us_revenue_season). |
| Prior-year international upside_2027q2_international_prior | 2027Q2 / upside | 54.16 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, upside_2026q3_international, upside_2026q4_international). |
| Sales expansion multiplier upside_2027q2_international_growth | 2027Q2 / upside | 145.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q2_international_season | 2027Q2 / upside | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| international sales upside_2027q2_international | 2027Q2 / upside | 18.45 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(upside_2027q2_international_prior, upside_2027q2_international_growth, upside_2027q2_international_season). |
| Revenue upside_2027q2_revenue | 2027Q2 / upside | 254.16 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(upside_2027q2_us_revenue, upside_2027q2_international). |
| Underlying adjusted operating margin upside_2027q2_adjusted_margin | 2027Q2 / upside | 11.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment upside_2027q2_adjusted_before_redeployment | 2027Q2 / upside | 27.96 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(upside_2027q2_revenue, upside_2027q2_adjusted_margin). |
| Horizon gross expense savings upside_2027q2_savings | 2027Q2 / upside | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment upside_2027q2_reinvestment | 2027Q2 / upside | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings upside_2027q2_profit_with_savings | 2027Q2 / upside | 35.46 USD_millions | derived: Intermediate before reinvestment. Formula: sum(upside_2027q2_adjusted_before_redeployment, upside_2027q2_savings). |
| Adjusted operating income upside_2027q2_adjusted_op | 2027Q2 / upside | 27.96 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(upside_2027q2_profit_with_savings, upside_2027q2_reinvestment). |
| System gross margin upside_2027q2_gm | 2027Q2 / upside | 86.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q2_gross_profit | 2027Q2 / upside | 219.85 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(upside_2027q2_revenue, upside_2027q2_gm). |
| Horizon noncash charge upside_2027q2_horizon_noncash | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense upside_2027q2_horizon_employee_expense | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges upside_2027q2_restructuring | 2027Q2 / upside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(upside_2027q2_horizon_noncash, upside_2027q2_horizon_employee_expense). |
| Legal cash expense upside_2027q2_legal | 2027Q2 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions upside_2027q2_exclusions | 2027Q2 / upside | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(upside_2027q2_restructuring, upside_2027q2_legal). |
| GAAP operating income upside_2027q2_operating_income | 2027Q2 / upside | 25.96 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(upside_2027q2_adjusted_op, upside_2027q2_exclusions). |
| Ordinary equity compensation upside_2027q2_sbc | 2027Q2 / upside | 31.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid upside_2027q2_horizon_employee_cash | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q2_da | 2027Q2 / upside | 5.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income upside_2027q2_interest_income | 2027Q2 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital upside_2027q2_cash_before_uses | 2027Q2 / upside | 65.66 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_horizon_noncash, upside_2027q2_horizon_employee_expense, upside_2027q2_da, upside_2027q2_interest_income). |
| Cash income taxes upside_2027q2_cash_tax | 2027Q2 / upside | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use upside_2027q2_wc | 2027Q2 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital upside_2027q2_cash_uses | 2027Q2 / upside | 12.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(upside_2027q2_horizon_employee_cash, upside_2027q2_cash_tax, upside_2027q2_wc). |
| Operating cash flow upside_2027q2_cfo | 2027Q2 / upside | 53.66 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses). |
| Cash capex upside_2027q2_capex | 2027Q2 / upside | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex upside_2027q2_fcf | 2027Q2 / upside | 43.66 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| Employee equity-award taxes upside_2027q2_award_cash | 2027Q2 / upside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes upside_2027q2_cash_after_awards | 2027Q2 / upside | 39.46 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(upside_2027q2_fcf, upside_2027q2_award_cash). |
| Prior-year us_revenue upside_2027q3_us_revenue_prior | 2027Q3 / upside | 835.84 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, upside_2026q3_us_revenue, upside_2026q4_us_revenue). |
| Sales expansion multiplier upside_2027q3_us_revenue_growth | 2027Q3 / upside | 120.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q3_us_revenue_season | 2027Q3 / upside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales upside_2027q3_us_revenue | 2027Q3 / upside | 240.72 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(upside_2027q3_us_revenue_prior, upside_2027q3_us_revenue_growth, upside_2027q3_us_revenue_season). |
| Prior-year international upside_2027q3_international_prior | 2027Q3 / upside | 54.16 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, upside_2026q3_international, upside_2026q4_international). |
| Sales expansion multiplier upside_2027q3_international_growth | 2027Q3 / upside | 145.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q3_international_season | 2027Q3 / upside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| international sales upside_2027q3_international | 2027Q3 / upside | 18.85 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(upside_2027q3_international_prior, upside_2027q3_international_growth, upside_2027q3_international_season). |
| Revenue upside_2027q3_revenue | 2027Q3 / upside | 259.57 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(upside_2027q3_us_revenue, upside_2027q3_international). |
| Underlying adjusted operating margin upside_2027q3_adjusted_margin | 2027Q3 / upside | 11.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment upside_2027q3_adjusted_before_redeployment | 2027Q3 / upside | 28.55 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(upside_2027q3_revenue, upside_2027q3_adjusted_margin). |
| Horizon gross expense savings upside_2027q3_savings | 2027Q3 / upside | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment upside_2027q3_reinvestment | 2027Q3 / upside | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings upside_2027q3_profit_with_savings | 2027Q3 / upside | 36.05 USD_millions | derived: Intermediate before reinvestment. Formula: sum(upside_2027q3_adjusted_before_redeployment, upside_2027q3_savings). |
| Adjusted operating income upside_2027q3_adjusted_op | 2027Q3 / upside | 28.55 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(upside_2027q3_profit_with_savings, upside_2027q3_reinvestment). |
| System gross margin upside_2027q3_gm | 2027Q3 / upside | 86.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q3_gross_profit | 2027Q3 / upside | 224.53 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gm). |
| Horizon noncash charge upside_2027q3_horizon_noncash | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense upside_2027q3_horizon_employee_expense | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges upside_2027q3_restructuring | 2027Q3 / upside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(upside_2027q3_horizon_noncash, upside_2027q3_horizon_employee_expense). |
| Legal cash expense upside_2027q3_legal | 2027Q3 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions upside_2027q3_exclusions | 2027Q3 / upside | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(upside_2027q3_restructuring, upside_2027q3_legal). |
| GAAP operating income upside_2027q3_operating_income | 2027Q3 / upside | 26.55 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(upside_2027q3_adjusted_op, upside_2027q3_exclusions). |
| Ordinary equity compensation upside_2027q3_sbc | 2027Q3 / upside | 31.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid upside_2027q3_horizon_employee_cash | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 5.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income upside_2027q3_interest_income | 2027Q3 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital upside_2027q3_cash_before_uses | 2027Q3 / upside | 66.85 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_horizon_noncash, upside_2027q3_horizon_employee_expense, upside_2027q3_da, upside_2027q3_interest_income). |
| Cash income taxes upside_2027q3_cash_tax | 2027Q3 / upside | 4.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use upside_2027q3_wc | 2027Q3 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital upside_2027q3_cash_uses | 2027Q3 / upside | 10.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(upside_2027q3_horizon_employee_cash, upside_2027q3_cash_tax, upside_2027q3_wc). |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 56.85 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses). |
| Cash capex upside_2027q3_capex | 2027Q3 / upside | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex upside_2027q3_fcf | 2027Q3 / upside | 46.85 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Employee equity-award taxes upside_2027q3_award_cash | 2027Q3 / upside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes upside_2027q3_cash_after_awards | 2027Q3 / upside | 42.65 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(upside_2027q3_fcf, upside_2027q3_award_cash). |
| Prior-year us_revenue upside_2027q4_us_revenue_prior | 2027Q4 / upside | 835.84 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_us_revenue, upside_2026q3_us_revenue, upside_2026q4_us_revenue). |
| Sales expansion multiplier upside_2027q4_us_revenue_growth | 2027Q4 / upside | 120.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q4_us_revenue_season | 2027Q4 / upside | 28.5% ratio | assumption: Desk assumption, not company guidance. |
| us_revenue sales upside_2027q4_us_revenue | 2027Q4 / upside | 285.86 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(upside_2027q4_us_revenue_prior, upside_2027q4_us_revenue_growth, upside_2027q4_us_revenue_season). |
| Prior-year international upside_2027q4_international_prior | 2027Q4 / upside | 54.16 USD_millions | derived: Full-year reference including actual H1. Formula: sum(h1_international, upside_2026q3_international, upside_2026q4_international). |
| Sales expansion multiplier upside_2027q4_international_growth | 2027Q4 / upside | 145.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q4_international_season | 2027Q4 / upside | 28.5% ratio | assumption: Desk assumption, not company guidance. |
| international sales upside_2027q4_international | 2027Q4 / upside | 22.38 USD_millions | derived: Separate reimbursement recovery and overseas demand assumptions. Formula: multiply(upside_2027q4_international_prior, upside_2027q4_international_growth, upside_2027q4_international_season). |
| Revenue upside_2027q4_revenue | 2027Q4 / upside | 308.24 USD_millions | derived: Non-overlapping geographic revenue. Formula: sum(upside_2027q4_us_revenue, upside_2027q4_international). |
| Underlying adjusted operating margin upside_2027q4_adjusted_margin | 2027Q4 / upside | 11.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted profit before net redeployment upside_2027q4_adjusted_before_redeployment | 2027Q4 / upside | 33.91 USD_millions | derived: Ordinary SBC stays inside operating costs. Formula: multiply(upside_2027q4_revenue, upside_2027q4_adjusted_margin). |
| Horizon gross expense savings upside_2027q4_savings | 2027Q4 / upside | 7.50 USD_millions | assumption: Desk timing of $30M annualized capacity; no automatic revenue benefit. |
| Growth reinvestment upside_2027q4_reinvestment | 2027Q4 / upside | 7.50 USD_millions | assumption: All gross capacity redeployed in each case. |
| Profit including gross savings upside_2027q4_profit_with_savings | 2027Q4 / upside | 41.41 USD_millions | derived: Intermediate before reinvestment. Formula: sum(upside_2027q4_adjusted_before_redeployment, upside_2027q4_savings). |
| Adjusted operating income upside_2027q4_adjusted_op | 2027Q4 / upside | 33.91 USD_millions | derived: Savings and redeployment offset once. Formula: subtract(upside_2027q4_profit_with_savings, upside_2027q4_reinvestment). |
| System gross margin upside_2027q4_gm | 2027Q4 / upside | 86.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q4_gross_profit | 2027Q4 / upside | 266.63 USD_millions | derived: Inspire V mix and product-cost sensitivity. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gm). |
| Horizon noncash charge upside_2027q4_horizon_noncash | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee expense upside_2027q4_horizon_employee_expense | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon total charges upside_2027q4_restructuring | 2027Q4 / upside | 0.00 USD_millions | derived: Base $22.5M splits noncash costs from employee expense. Formula: sum(upside_2027q4_horizon_noncash, upside_2027q4_horizon_employee_expense). |
| Legal cash expense upside_2027q4_legal | 2027Q4 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted-to-GAAP exclusions upside_2027q4_exclusions | 2027Q4 / upside | 2.00 USD_millions | derived: Legal expense is not assumed noncash. Formula: sum(upside_2027q4_restructuring, upside_2027q4_legal). |
| GAAP operating income upside_2027q4_operating_income | 2027Q4 / upside | 31.91 USD_millions | derived: Ordinary SBC is not subtracted again. Formula: subtract(upside_2027q4_adjusted_op, upside_2027q4_exclusions). |
| Ordinary equity compensation upside_2027q4_sbc | 2027Q4 / upside | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Horizon employee cash paid upside_2027q4_horizon_employee_cash | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 5.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment income upside_2027q4_interest_income | 2027Q4 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax and working capital upside_2027q4_cash_before_uses | 2027Q4 / upside | 72.81 USD_millions | derived: Reverse noncash charge and accrued severance, then deduct actual severance cash separately. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_horizon_noncash, upside_2027q4_horizon_employee_expense, upside_2027q4_da, upside_2027q4_interest_income). |
| Cash income taxes upside_2027q4_cash_tax | 2027Q4 / upside | 6.00 USD_millions | assumption: Independent cash-tax allowance; not the distorted GAAP effective tax rate. |
| Inventory and other net operating cash use upside_2027q4_wc | 2027Q4 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Severance, taxes and operating working capital upside_2027q4_cash_uses | 2027Q4 / upside | 10.00 USD_millions | derived: Negative working-capital use is a release; legal cash expense already remains in profit. Formula: sum(upside_2027q4_horizon_employee_cash, upside_2027q4_cash_tax, upside_2027q4_wc). |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 62.81 USD_millions | derived: No double deduction of restructuring expense and cash. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses). |
| Cash capex upside_2027q4_capex | 2027Q4 / upside | 10.00 USD_millions | assumption: Current-year base totals $37.5M, the guidance midpoint; later years are desk investment assumptions. |
| CFO less capex upside_2027q4_fcf | 2027Q4 / upside | 52.81 USD_millions | derived: Before award taxes and repurchases. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Employee equity-award taxes upside_2027q4_award_cash | 2027Q4 / upside | 4.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award taxes upside_2027q4_cash_after_awards | 2027Q4 / upside | 48.61 USD_millions | derived: Financing cash use; new repurchases and option proceeds excluded. Formula: subtract(upside_2027q4_fcf, upside_2027q4_award_cash). |
| Revenue ($M) upside_fy2026_revenue | FY2026 / upside | 890.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| US revenue ($M) upside_fy2026_us_revenue | FY2026 / upside | 835.84 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_us_revenue, upside_2026q3_us_revenue, upside_2026q4_us_revenue). |
| International revenue ($M) upside_fy2026_international | FY2026 / upside | 54.16 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_international, upside_2026q3_international, upside_2026q4_international). |
| Gross profit before Horizon charge allocation ($M) upside_fy2026_gross_profit | FY2026 / upside | 767.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit). |
| Adjusted operating income ($M) upside_fy2026_adjusted_op | FY2026 / upside | 62.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_op, upside_2026q3_adjusted_op, upside_2026q4_adjusted_op). |
| GAAP operating income proxy ($M) upside_fy2026_operating_income | FY2026 / upside | 29.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Horizon expense ($M) upside_fy2026_restructuring | FY2026 / upside | 22.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_restructuring, upside_2026q3_restructuring, upside_2026q4_restructuring). |
| Operating cash flow ($M) upside_fy2026_cfo | FY2026 / upside | 155.38 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| Cash capex ($M) upside_fy2026_capex | FY2026 / upside | 39.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex). |
| CFO less capex ($M) upside_fy2026_fcf | FY2026 / upside | 116.38 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf). |
| Cash after capex and award taxes ($M) upside_fy2026_cash_after_awards | FY2026 / upside | 99.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_awards, upside_2026q3_cash_after_awards, upside_2026q4_cash_after_awards). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 1,081.54 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| US revenue ($M) upside_fy2027_us_revenue | FY2027 / upside | 1,003.01 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_us_revenue, upside_2027q2_us_revenue, upside_2027q3_us_revenue, upside_2027q4_us_revenue). |
| International revenue ($M) upside_fy2027_international | FY2027 / upside | 78.53 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_international, upside_2027q2_international, upside_2027q3_international, upside_2027q4_international). |
| Gross profit before Horizon charge allocation ($M) upside_fy2027_gross_profit | FY2027 / upside | 935.53 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Adjusted operating income ($M) upside_fy2027_adjusted_op | FY2027 / upside | 118.97 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adjusted_op, upside_2027q2_adjusted_op, upside_2027q3_adjusted_op, upside_2027q4_adjusted_op). |
| GAAP operating income proxy ($M) upside_fy2027_operating_income | FY2027 / upside | 110.97 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Horizon expense ($M) upside_fy2027_restructuring | FY2027 / upside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_restructuring, upside_2027q2_restructuring, upside_2027q3_restructuring, upside_2027q4_restructuring). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 221.97 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Cash capex ($M) upside_fy2027_capex | FY2027 / upside | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| CFO less capex ($M) upside_fy2027_fcf | FY2027 / upside | 181.97 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Cash after capex and award taxes ($M) upside_fy2027_cash_after_awards | FY2027 / upside | 165.17 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_awards, upside_2027q2_cash_after_awards, upside_2027q3_cash_after_awards, upside_2027q4_cash_after_awards). |
Model boundaries
- Revenue is system sales, not a disclosed implant count times an invented price. No procedure count, payer reimbursement rate or permanent coding resolution is assumed.
- Adjusted operating income retains ordinary SBC. Adjusted EBITDA excludes it and is a different measure; the model does not substitute EBITDA for the guided operating margin.
- Project Horizon aims to redeploy approximately $30M annualized capacity into growth. The base case reinvests all savings; they do not automatically increase annual profit by $30M.
- Horizon first-phase charges are $20M-$25M: $4M-$5M employee costs and $16M-$20M noncash costs. Charge and payment timing are separate desk assumptions.
- Stock-compensation tax shortfalls distort GAAP tax rates. Cash tax assumptions are independent, and no forecast EPS is presented without a full deferred-tax and dilution bridge.
- Horizon charge allocation between COGS and other operating expense is undisclosed. Gross profit is shown before that allocation; total GAAP operating profit includes the full charge. Cash excludes new buybacks, acquisitions and stock issuance.
Demand recovery after reimbursement friction and reinvestment
Does treatment-system demand recover enough to finance growth while cash and inventory remain controlled?
H1 revenue was $405.164M: $382.907M US and $22.257M international. GAAP operating loss was $1.632M versus $3.501M adjusted profit, with $5.133M legal expense excluded and ordinary SBC of $61.915M retained. CFO $36.077M less capex $18.886M gave $17.191M; award taxes reduce this to $8.915M. June cash and marketable investments totaled $415.164M, including $94.480M long-term investments; inventory was $170.451M. Annual guidance is $835M-$875M sales, 4%-6% adjusted operating margin and $35M-$40M capex. Horizon costs $20M-$25M, mostly noncash, and targets $30M annualized capacity for reinvestment. High GAAP tax rates reflect stock-compensation shortfalls and cannot be used as a cash-tax forecast.
The competing explanation
A product-mix improvement can raise gross margin while reimbursement uncertainty suppresses demand and inventory absorbs cash. Redeployed savings may require time to produce sales, and a favorable adjusted metric can obscure legal, restructuring and dilution costs.
Risks to track
- Coding and reimbursement uncertainty can delay procedures and system sales.
- Competing therapies and devices can affect treatment adoption.
- Higher-margin product mix does not guarantee greater total profit.
- Horizon execution can disrupt employees and suppliers.
- Inventory obsolescence, impairment and working capital can consume cash.
- Legal outcomes, tax shortfalls and equity compensation affect common-owner economics.
Next checkpoints
- US recovery · Each quarterly result (estimated). Compare US demand and collections with international expansion and inventory.
- Horizon execution · Most actions Q3; substantial completion by year-end company target (estimated). Reconcile noncash write-downs, employee expense and actual cash payments.
- Reimbursement clarity · Payer and coding updates (estimated). Confirm final implemented changes rather than assuming a new code is assured.
Data coverage and open work
- Revenue is system sales, not a disclosed implant count times an invented price. No procedure count, payer reimbursement rate or permanent coding resolution is assumed.
- Adjusted operating income retains ordinary SBC. Adjusted EBITDA excludes it and is a different measure; the model does not substitute EBITDA for the guided operating margin.
- Project Horizon aims to redeploy approximately $30M annualized capacity into growth. The base case reinvests all savings; they do not automatically increase annual profit by $30M.
- Horizon first-phase charges are $20M-$25M: $4M-$5M employee costs and $16M-$20M noncash costs. Charge and payment timing are separate desk assumptions.
- Stock-compensation tax shortfalls distort GAAP tax rates. Cash tax assumptions are independent, and no forecast EPS is presented without a full deferred-tax and dilution bridge.
- Horizon charge allocation between COGS and other operating expense is undisclosed. Gross profit is shown before that allocation; total GAAP operating profit includes the full charge. Cash excludes new buybacks, acquisitions and stock issuance.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with a clear path above, heavy volume, closed mid-range, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -5.6 | -0.1 | +7.3 | 49% |
| 5 sessions | -12.5 | +0.4 | +11.7 | 52% |
| 10 sessions | -17.2 | -1.0 | +16.5 | 46% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.