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    Andrew Rem • Odinson Partners

    Andrew Rem is Principal and Portfolio Manager at Odinson Partners, specializing in microcap investments and value-oriented research within the United States and international small-cap markets. He actively covers companies such as Innovative Solutions & Support and is recognized as a disciplined microcap investor, with over 15 years of experience achieving consistent outperformance relative to microcap benchmarks. Beginning his finance career in July 2007, Rem has been with Odinson Partners for several years and maintains Chartered Financial Analyst (CFA) accreditation alongside FINRA registration. His expertise and long-term track record have earned him a respected presence among microcap investment forums and professional advisory circles.

    Andrew Rem's questions to ImmuCell Corp (ICCC) leadership

    Andrew Rem's questions to ImmuCell Corp (ICCC) leadership • Q2 2025

    Question

    Asked about organic growth excluding backlog sales, the status of the FDA inspection and approval delay for ReTain, the amount of expiring inventory being used for investigational studies, potential strategic options for ReTain, the timing for the capacity expansion to $40M, and the impact of the sales team's renewed focus on the First Defense product line and rebuilding the company's reputation.

    Answer

    The company declined to provide a specific organic growth number but confirmed the backlog was worked through. They clarified the FDA inspection issue is with a contract manufacturing organization (CMO), not ImmuCell, and the timing for resolution is unknown. All expiring ReTain inventory, which has already been expensed, will be used for investigational studies. Strategic options for ReTain involve seeking a partner for financial and marketing support for a commercial launch. The capacity expansion to $40M is on hold pending evaluation of cash flow and market conditions. The sales team is now highly energized and focused on regaining lost customers and finding new business for First Defense now that supply issues are resolved, which is key to rebuilding their reputation based on product efficacy.

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    Andrew Rem's questions to ImmuCell Corp (ICCC) leadership • Q2 2025

    Question

    Andrew Rem of Odinson Partners inquired about organic growth excluding backlog sales, the status of the FDA inspection related to ReTain, the amount of expiring inventory, potential strategic options for ReTain, the timing of capacity expansion, and the impact of the sales team's renewed focus on First Defense.

    Answer

    CFO Timothy Fiori and CEO Michael Brigham explained that while they would not provide a specific organic growth figure, the $4 million backlog from Q1 was cleared in Q2. Brigham clarified the ReTain delay is due to a CMO's unresolved FDA 483 observations, not ImmuCell's facility. He stated all expiring ReTain inventory, which has already been expensed, will be used in investigational studies. Strategic options for ReTain involve finding a partner for financial and marketing support. The capacity expansion to support $40 million in revenue is on hold pending cash flow evaluation. Finally, Brigham confirmed the sales team is now fully focused on winning back customers and securing new business for First Defense after being distracted by managing supply shortages.

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    Andrew Rem's questions to Innovative Solutions and Support Inc (ISSC) leadership

    Andrew Rem's questions to Innovative Solutions and Support Inc (ISSC) leadership • Q2 2025

    Question

    Sought clarification on the breakdown of acquisition revenue, the full-year CapEx forecast, normalized depreciation and amortization levels, the expected magnitude of Q3 revenue pull-forwards, and the timeline for completing the Honeywell integration.

    Answer

    Management confirmed the acquisition revenue breakdown ($7.8M product, $3M service), the $6M full-year CapEx forecast, and that D&A levels should normalize after the next quarter. While the exact size of Q3 pull-forwards is uncertain, a significant swing or a major Q4 decline is not anticipated due to the strong backlog. The plan remains to complete the Honeywell integration by late summer.

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    Andrew Rem's questions to Innovative Solutions and Support Inc (ISSC) leadership • Q2 2025

    Question

    Andrew Rem sought clarification on the quarterly revenue breakdown from recent acquisitions between product and service sales. He also asked for confirmation of the full-year CapEx forecast, the reason for a sequential change in D&A and its normalized level, the expected magnitude of Q3 revenue pull-forwards, the subsequent outlook for Q4 revenue, and the timeline for completing the Honeywell product line integration.

    Answer

    Executive Jeffrey DiGiovanni confirmed the $10.8 million in acquisition revenue comprised $7.8 million in product and $3.0 million in service sales, and that the $6 million full-year CapEx forecast remains valid. He explained the D&A fluctuation was due to a valuation reassessment that will settle next quarter. Executive Shahram Askarpour noted that while Q3 pull-forwards are hard to predict, they don't expect a huge swing from Q2 or a meaningful decline in Q4, citing the strong backlog. He confirmed the plan is to complete the Honeywell integration later in the summer.

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    Andrew Rem's questions to Innovative Solutions and Support Inc (ISSC) leadership • Q1 2025

    Question

    Andrew Rem asked for an update on the Q2 revenue pull-forward effect, the timeline for transitioning manufacturing from Honeywell, the potential financial benefits of the new ERP system, when operations might normalize, and whether investors should focus on EBITDA margin over gross margin.

    Answer

    Executive Jeffrey DiGiovanni confirmed a potential revenue uptick in Q2 from the Honeywell military line but noted some potential delays. Executive Shahram Askarpour clarified the manufacturing transition is now expected in Q3 (May/June timeframe). Both executives highlighted that the new ERP system will provide better, real-time data for decision-making, saving time and improving efficiency. They expect operations to normalize by Q4 of fiscal 2025. DiGiovanni strongly affirmed that focusing on EBITDA margin is the correct approach due to product mix shifts and non-cash impacts like depreciation, and he reiterated confidence in achieving over 30% year-over-year EBITDA growth.

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    Andrew Rem's questions to Viemed Healthcare Inc (VMD) leadership

    Andrew Rem's questions to Viemed Healthcare Inc (VMD) leadership • Q1 2025

    Question

    Andrew Rem questioned Lehan's historical growth profile, the potential for growth in the Chicago market, the reason for its higher EBITDA margin profile compared to Viemed, and requested an update on the VA opportunity.

    Answer

    COO Todd Zehnder stated that Lehan's has a history of double-digit growth. CEO Casey Hoyt added that there is significant room to grow in the Chicago market by increasing the sales force and introducing Viemed's respiratory model. Executive Trae Fitzgerald explained that Lehan's higher EBITDA margin is due to its business mix, with 70% being transactional sales that carry lower SG&A costs. Regarding the VA, Casey Hoyt stated the opportunity is currently 'dead' due to systemic issues, and the company has moved on for now.

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    Andrew Rem's questions to ZOM leadership

    Andrew Rem's questions to ZOM leadership • Q4 2024

    Question

    Asked for details on PulseVet's growth rate, VETIGEL's historical sales and expected margins, clarification on the sales force structure, the expected trend in operating expenses and cash burn, and the performance of the sales organization under new leadership.

    Answer

    The Therapeutics segment (PulseVet and Assisi) grew 4%. VETIGEL's historical sales were not disclosed, and its margin will be lower than company-manufactured products, though it has no incremental selling expense. The sales force includes 5 regional capital equipment specialists supporting 38 account manager territories. Operating expenses and cash burn are expected to decrease in 2025 due to the absence of one-time 2024 expenses and operational changes. Management is pleased with the sales team's progress.

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