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    Anne McCormick • Robert W. Baird & Co.

    Anne McCormick's questions to Doximity Inc (DOCS) leadership

    Anne McCormick's questions to Doximity Inc (DOCS) leadership • Q4 2025

    Question

    Anne McCormick, on for Anne Samuel, asked for details on the growth composition of point-of-care solutions, questioning whether it's driven by new client acquisition, pricing, or an increase in the volume of sponsored calls.

    Answer

    CFO Anna Bryson explained that clients view point-of-care as a truly diversified channel, distinct from the News Feed, which has helped increase reach and frequency. She highlighted that it represents a significant area of 'unmonetized white space' that clients are leaning into. She framed the company's evolution as three acts: the News Feed (Act 1), workflow tools like point-of-care (Act 2), and potentially AI in the future (Act 3).

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    Anne McCormick's questions to Progyny Inc (PGNY) leadership

    Anne McCormick's questions to Progyny Inc (PGNY) leadership • Q1 2025

    Question

    Anne McCormick of Bank of America asked about the Q2 guidance for cycles per utilizer, which implies a flatter rate than the typical seasonal step-up from Q1, and also inquired about the drivers of the strong Q1 gross margin expansion.

    Answer

    CEO Peter Anevski explained that the conservative guidance on cycles per utilizer is intended to account for potential macro uncertainty, rather than a specific trend the company is currently observing. CFO Mark Livingston added that the strong Q1 gross margin was partly due to a suppressed prior-year comparable and that while margins are expected to moderate due to planned investments, they are still projected to expand for the full year over 2024.

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    Anne McCormick's questions to Progyny Inc (PGNY) leadership • Q4 2024

    Question

    Anne McCormick inquired about the cadence of the 2025 fiscal year, specifically the financial impact from the Amazon lives rolling off, and also asked for commentary on the recent White House executive order regarding IVF access.

    Answer

    CFO Mark Livingston clarified that the transitioning client will contribute approximately $37 million to $40 million in revenue during the first half of 2025, with about three-quarters of that expected in Q1. CEO Peter Anevski commented that the executive order is a positive step toward protecting IVF access and affordability but noted that further details have not yet been released.

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    Anne McCormick's questions to Progyny Inc (PGNY) leadership • Q3 2024

    Question

    Anne McCormick inquired about Progyny's visibility into utilization and consumption trends, the potential impact of the recent election on member behavior, and whether the new comprehensive women's health offerings helped drive new client wins.

    Answer

    CEO Pete Anevski explained that the company uses contextualized data to track member activity and that Patient Care Advocates (PCAs) focus on member support, not data collection on timing. He noted it was difficult to attribute changes to the election but highlighted bipartisan support for fertility. CEO Pete Anevski and President Michael Sturmer confirmed that the expanded women's health suite saw strong interest, with 40% of new clients adopting the additional services, contributing to a successful sales season.

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    Anne McCormick's questions to Healthequity Inc (HQY) leadership

    Anne McCormick's questions to Healthequity Inc (HQY) leadership • Q4 2025

    Question

    Anne McCormick inquired about the future of R&D investment, asking if the company plans to ramp up spending to support its technology enablement focus or reallocate from other areas.

    Answer

    President and CEO Scott Cutler stated that he does not expect a material change in R&D as a percentage of revenue. Instead, the focus will be on prioritizing resources toward a member-first, secure mobile experience, building on successes like the new app and Claims AI. The goal is to improve efficiency and impact rather than increase the overall spending ratio.

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    Anne McCormick's questions to Healthequity Inc (HQY) leadership • Q3 2025

    Question

    Anne McCormick of JPMorgan Chase & Co. requested qualitative commentary on the conclusion of the sales season and asked if there were any notable differences compared to prior years.

    Answer

    CEO Jon Kessler described a strong sales season with the potential to set a new full-year record for new HSAs. He highlighted a key strategic shift: being more aggressive on HSA pricing due to their increased value while holding or raising prices on lower-margin CDB products. This strategy drove increased activity in the upper-middle market. He also noted the successful introduction of new product pipeline offerings to clients.

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    Anne McCormick's questions to Healthequity Inc (HQY) leadership • Q2 2025

    Question

    Anne McCormick inquired about the newly launched Health Payment Accounts (HPAs), seeking details on their potential P&L contribution and whether they would be part of the current year's selling season.

    Answer

    President and CEO Jon Kessler explained that HPAs are a long-term strategic initiative to ensure access to care is not limited by credit scores, with a midterm goal of reaching one in three group coverage members in 3-4 years. He noted a modest P&L impact is expected in fiscal '26, growing in '27 and '28. Vice Chair Dr. Steve Neeleman added that the company has been developing this concept for over 15 years to address care delays due to affordability issues.

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    Anne McCormick's questions to Phreesia Inc (PHR) leadership

    Anne McCormick's questions to Phreesia Inc (PHR) leadership • Q4 2025

    Question

    Anne McCormick inquired about the potential for further gross margin expansion and its role in overall leverage, and asked if market conditions for Network Solutions in fiscal 2026 would be similar to 2025.

    Answer

    CEO Chaim Indig explained that gross margin is primarily driven by revenue mix, with higher-margin revenue lines expected to grow faster. Executive Balaji Gandhi confirmed that the underlying market conditions for Network Solutions are expected to be very similar heading into fiscal 2026.

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    Anne McCormick's questions to Phreesia Inc (PHR) leadership • Q2 2025

    Question

    Anne McCormick inquired about the key drivers behind the expected acceleration in revenue per provider client for fiscal 2026 and asked for details on the new patient bill pay product.

    Answer

    Executive Balaji Gandhi explained that the growth algorithm resembles Phreesia's early public years, citing a strong pipeline with deal values approximately 20% larger year-over-year. CEO Chaim Indig added that the new patient bill pay product, which leverages card-on-file, has seen an initial client response that exceeded expectations.

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    Anne McCormick's questions to Veeva Systems Inc (VEEV) leadership

    Anne McCormick's questions to Veeva Systems Inc (VEEV) leadership • Q4 2025

    Question

    Anne Samuel (McCormick) asked why the safety product area has significant opportunity and what kind of innovations could be applied there.

    Answer

    CEO Peter Gassner clarified that the primary driver for the safety suite's momentum is that Veeva offers the industry's first true, integrated, cloud-native set of safety applications. He explained that customers are eager to move from legacy systems to a modern, high-quality cloud platform, with benefits like better performance, easier configuration, and no infrastructure management.

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    Anne McCormick's questions to Waystar Holding Corp (WAY) leadership

    Anne McCormick's questions to Waystar Holding Corp (WAY) leadership • Q4 2024

    Question

    Anne McCormick asked about the strong Q4 volume-based revenue despite seasonal expectations, and how to reconcile that with the normalized utilization rate guided for 2025.

    Answer

    CFO Steve Oreskovich explained that while there was a sequential decline in patient payment volume as expected, it was less severe than anticipated. He attributed this to a broader base of patients utilizing the system. For 2025, he confirmed that volume growth is expected to return to the historical 1-2% annual rate, compared to the higher levels seen in 2024.

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    Anne McCormick's questions to Waystar Holding Corp (WAY) leadership • Q3 2024

    Question

    Anne McCormick asked why volume-based revenue exceeded tempered expectations and if continued high utilization would be an upside to 2025 guidance. She also questioned the philosophy on balancing reinvestment against margin leverage.

    Answer

    CFO Steven Oreskovich confirmed Q3 volumes were stronger than expected and that sustained high utilization could represent upside to the 2025 outlook. CEO Matthew Hawkins stated that while pleased with the 40% EBITDA margin, the company is focused on operational efficiency and strategically evaluates whether to reinvest incremental cash into innovation, deleveraging, or M&A.

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    Anne McCormick's questions to IQVIA Holdings Inc (IQV) leadership

    Anne McCormick's questions to IQVIA Holdings Inc (IQV) leadership • Q3 2024

    Question

    Anne McCormick of JPMorgan Chase & Co. inquired about the typical notice period for trial cancellations and whether the delayed trials would represent incremental revenue in 2025.

    Answer

    CEO Ari Bousbib explained that cancellations from reprioritization are part of a process he sees ending soon, while futility-based cancellations take 2-3 quarters to unwind. CFO Ron Bruehlman clarified that the delayed trials are multi-year projects, so the work is shifted, not incremental; 2024 work moves to 2025, and 2025 work moves to 2026.

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