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    Andrew Cooper • Raymond James

    Andrew Cooper's questions to UFP Technologies Inc (UFPT) leadership

    Andrew Cooper's questions to UFP Technologies Inc (UFPT) leadership • Q2 2025

    Question

    Andrew Cooper from Raymond James asked for more detail on the expected margin movement into Q3 and Q4, the synergy potential of the TPI acquisition, and the inventory dynamics with its customer Stryker amid supply chain issues.

    Answer

    CFO Ronald Lataille projected Q3 gross margins to be in the 'low-28s' due to increased labor inefficiency costs at the AJR facility. Chairman & CEO R. Jeffrey Bailly explained that TPI synergies will evolve over time as new programs specify internal components, as existing parts require requalification. He also noted that Stryker has a 'safety valve' with other suppliers to manage through the temporary shortfall and that UFP will focus on rebuilding their inventory in Q4.

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    Andrew Cooper's questions to Fulgent Genetics Inc (FLGT) leadership

    Andrew Cooper's questions to Fulgent Genetics Inc (FLGT) leadership • Q1 2025

    Question

    Andrew Cooper requested a breakdown of the Precision Diagnostics momentum between KNOVA and Beacon, asked about performance outside reproductive health, and questioned the trajectory for sales and marketing expenses and gross margins.

    Answer

    CCO Brandon Perthuis clarified that Beacon expanded carrier screening and pediatric rare disease tests were the primary growth drivers, while KNOVA is not yet a significant contributor. CFO Paul Kim explained that sales and marketing expenses will ramp from Q2 to Q4 within a $10M-$11M quarterly range as new hires join. He also stated that non-GAAP gross margins, which were above 41% in Q1, are expected to remain strong and could potentially increase in the second half of the year.

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