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    Caitlin Cronin • Canaccord Genuity Group Inc.

    Caitlin Cronin's questions to Globus Medical Inc (GMED) leadership

    Caitlin Cronin's questions to Globus Medical Inc (GMED) leadership • Q2 2025

    Question

    Caitlin Cronin of Canaccord Genuity Inc. asked if the company was through its new insourcing efforts or if more product lines were set for vertical integration. She also inquired about other initiatives, besides financing, to shorten the elongated selling timelines for Enabling Technology.

    Answer

    President & CEO Keith Pfeil clarified that manufacturing initiatives are multifaceted and ongoing, with output expected to increase as staff become more efficient with new machinery. He noted the main remaining integration task is consolidating international businesses. Regarding Enabling Tech, Pfeil stated that the company offers a full suite of financing options and believes the current focus should be on closing deals within the strong existing pipeline, as there is no shortage of offerings.

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    Caitlin Cronin's questions to Globus Medical Inc (GMED) leadership • Q1 2025

    Question

    Caitlin Cronin of Canaccord Genuity asked about the underlying U.S. spine market growth and procedural health. She also inquired about the approval status of Modulus for the Excelsius robot and cross-selling traction with legacy NuVasive surgeons.

    Answer

    CEO Dan Scavilla noted he lacked hard data on market growth but shared anecdotal surgeon feedback of a slowdown. He confirmed Modulus approval for Excelsius is 'in the works' and that they are already seeing a 'decent impact' from placing robots and the fully integrated ReLine system into legacy NuVasive accounts.

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    Caitlin Cronin's questions to Globus Medical Inc (GMED) leadership • Q4 2024

    Question

    Caitlin Cronin of Canaccord Genuity inquired about the importance of Nevro's SI joint portfolio in the acquisition decision and asked about the launch progress and commercial strategy for the ExcelsiusFlex system.

    Answer

    CEO Dan Scavilla stated that Nevro's SI joint portfolio was not a driving factor in the acquisition decision, viewing it as a minor enhancement to Globus's existing offerings. CFO Keith Pfeil commented that the ExcelsiusFlex launch is in a 'crawl, walk, run' phase and is not expected to be a meaningful revenue contributor until 2026, as the focus remains on building a holistic procedural solution with supporting implants.

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    Caitlin Cronin's questions to Globus Medical Inc (GMED) leadership • Q3 2024

    Question

    Caitlin Cronin of Canaccord Genuity inquired about the value proposition of the new ortho robot and the early customer profile for the freehand navigation system.

    Answer

    President & CEO Dan Scavilla highlighted the ortho robot's small footprint, modern design, smooth movements, and flexible workflow that doesn't require pre-planning. For the freehand navigation system, he stated that it opens the largest segment of the navigation market for Globus and has seen strong early excitement and procedures across all settings (hospitals, outpatient, ASCs), positioning it to be a meaningful contributor in 2025.

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    Caitlin Cronin's questions to Zimmer Biomet Holdings Inc (ZBH) leadership

    Caitlin Cronin's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q2 2025

    Question

    Caitlin Cronin of Canaccord Genuity Inc. asked for commentary on robotic placement trends in the quarter, the pipeline for the rest of the year, and the performance of the partnership with Think Surgical.

    Answer

    Chairman, President & CEO Ivan Tornos noted that while the category's reported revenue declined due to a mix shift from outright sales to placements, installations remain on track. He confirmed the exclusive partnership with Think Surgical was recently extended, citing a large deal pipeline. He also highlighted a next-gen ROSA Knee launch in late 2025 as a future accelerator.

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    Caitlin Cronin's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q1 2025

    Question

    Caitlin Cronin asked for an update on the Paragon 28 acquisition, including any early integration news and the expected timeline.

    Answer

    President and CEO Ivan Tornos reported that the integration is proceeding 'far better than expected.' He highlighted key successes, including the retention of the entire Paragon 28 senior commercial leadership team and its U.S. sales force, which ensures minimal disruption. He also confirmed the plan to preserve Paragon 28's innovation engine and culture.

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    Caitlin Cronin's questions to Zimmer Biomet Holdings Inc (ZBH) leadership • Q3 2024

    Question

    Caitlin Cronin from Canaccord Genuity requested more color on the positive pricing trend, specifically on U.S. dynamics and the reasons for the improved full-year outlook.

    Answer

    CFO Suketu Upadhyay explained that the third consecutive quarter of positive pricing was driven by a better structural market, improved internal governance, and opportunistic price increases. This performance led to the updated full-year guidance of flat to +50 basis points. He noted the U.S. was down only modestly, an improvement over historical trends.

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    Caitlin Cronin's questions to Enovis Corp (ENOV) leadership

    Caitlin Cronin's questions to Enovis Corp (ENOV) leadership • Q2 2025

    Question

    Caitlin Cronin of Canaccord Genuity inquired about the progress of the ARVIS shoulder launch and the significance of the next-generation updates. She also sought clarification on the expected step-down in EMDR costs and which products would be affected.

    Answer

    CEO Damien McDonald described the surgeon reaction to ARVIS for shoulder as 'tremendous,' highlighting its portability and scalability. He noted significant excitement for the next-gen version's lighter headset and improved software. CFO Ben Berry clarified that the EMDR costs are related to remediating tech files for existing products to maintain market access in Europe, not for new product approvals, and that this is the last significant year of that spend.

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    Caitlin Cronin's questions to Enovis Corp (ENOV) leadership • Q1 2025

    Question

    An associate for Caitlin Cronin asked for an update on the Arvis shoulder launch progress and rollout timing, including international plans, and also inquired about the cadence of other new product launches this year.

    Answer

    CEO Matthew Trerotola stated the Arvis shoulder launch is proceeding 'really well' in a controlled phase, generating extremely positive surgeon feedback and creating significant buzz. He then detailed a full pipeline of launches for the year, including knee revision products, the ARG in shoulder, a new hip stem, and enabling technologies, as well as spine braces and the Manafuse product in P&R.

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    Caitlin Cronin's questions to Enovis Corp (ENOV) leadership • Q4 2024

    Question

    Caitlin Cronin asked about the phasing of the remaining Lima integration goals for years two and three. She also inquired about the specific drivers of the 10% extremities growth in Q4, particularly the performance of shoulder versus foot and ankle.

    Answer

    CFO Phillip Berry outlined that year two (2025) of the Lima integration should yield 10-20 basis points of margin impact, with the remainder of the $40M+ cost synergy goal realized in 2026 from larger operational projects. He also noted that Q4 extremities growth was driven by both shoulder, which returned to at/above market growth, and foot & ankle, which delivered strong double-digit growth.

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    Caitlin Cronin's questions to Enovis Corp (ENOV) leadership • Q3 2024

    Question

    Caitlin Cronin asked about the end-market dynamics and procedural demand in Foot & Ankle. She also inquired about the expected recovery timeline for the Hip segment following upcoming product launches.

    Answer

    CEO Matthew Trerotola described the Foot & Ankle market as a high-single-digit grower with significant innovation opportunities, though it can have more variability than large joints. For the U.S. Hip business, he expects new products launching around year-end to have a meaningful impact by Q2 2025 and a more substantial impact in the second half of the year.

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    Caitlin Cronin's questions to Bioventus Inc (BVS) leadership

    Caitlin Cronin's questions to Bioventus Inc (BVS) leadership • Q2 2025

    Question

    Caitlin Cronin requested more details on the launch and commercialization strategy for the Talisman and StimTrial PNS systems and asked when the PNS portfolio is expected to become a significant revenue contributor. She also asked about the increased tariff expectations and their potential impact.

    Answer

    CEO Robert Claypoole outlined a limited PNS launch in H2 2025, followed by a rapid ramp in 2026, noting the new PNS and PRP platforms could add 200 basis points to company growth next year. SVP & CFO Mark Singleton explained the expected tariff impact has risen to $3 million for the year. He emphasized that this, along with a $2 million FX headwind, has been absorbed within the reaffirmed full-year guidance, showcasing the P&L's strength.

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    Caitlin Cronin's questions to Bioventus Inc (BVS) leadership • Q1 2025

    Question

    Speaking on behalf of Caitlin Cronin, an associate asked at what leverage level the company would become more constructive on M&A opportunities. A follow-up question concerned whether the new OUS (international) business manager had started and what their initial strategic initiatives were.

    Answer

    CEO Rob Claypoole stated that the primary focus for capital deployment is reducing leverage to below 2.0x, given the strength of the current portfolio and new growth drivers like PRP. However, he affirmed they will pursue synergistic deals that align with their mission, citing the recent PRP distribution agreement as an example. He also confirmed the new international leader started in the current month and will focus on driving a disciplined growth strategy by prioritizing specific countries and products and improving commercial execution.

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    Caitlin Cronin's questions to Bioventus Inc (BVS) leadership • Q4 2024

    Question

    Caitlin Cronin requested a breakdown of growth expectations within the Pain Treatments portfolio, details on the strategy for OUS expansion, and the timeline for expanding the Ultrasonics business into new surgical areas.

    Answer

    SVP and CFO Mark Singleton explained that within Pain Treatments, DUROLANE is the primary growth driver, SUPARTZ is stable, and GELSYN is declining as the market and company efforts shift toward single-injection therapies. President and CEO Robert Claypoole added that OUS expansion will be a targeted, high-ROI effort under new leadership. For Ultrasonics, he clarified that while the portfolio covers neuro and general surgery, the primary focus remains on spine, with a more significant expansion into other areas expected in 2026 and beyond.

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    Caitlin Cronin's questions to Bioventus Inc (BVS) leadership • Q3 2024

    Question

    Caitlin Cronin inquired about potential concerns regarding a competitor refocusing on the HA market. She also asked how Bioventus's Ultrasonic tools compare to new market entrants and requested more detail on the innovation pipeline and the outlook for the OUS business.

    Answer

    CEO Robert Claypoole expressed confidence in the HA business, citing strong clinical differentiation, a dedicated sales force, and robust payer contracts as key drivers of market share gains. He noted that while they are in the early stages with Ultrasonics, they have world-class technology and will increase R&D investment for future innovation. Claypoole also stated he remains very optimistic about the long-term growth potential of the international business, though foundational work is still required.

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    Caitlin Cronin's questions to Orthofix Medical Inc (OFIX) leadership

    Caitlin Cronin's questions to Orthofix Medical Inc (OFIX) leadership • Q2 2025

    Question

    Caitlin Cronin of Canaccord Genuity Inc. asked for an update on the U.S. spine distributor transition and its expected impact on growth, and also inquired about the launch of AccelStim 2.0 and its potential contribution.

    Answer

    President and CEO Massimo Calafiore stated that the distributor transition is progressing well and is expected to positively impact growth from Q3 onward, helping the company achieve its three-year plan CAGR. He also confirmed AccelStim 2.0 was FDA approved and will launch in H2, with its seamless connectivity to the post-op platform generating significant surgeon interest.

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    Caitlin Cronin's questions to Orthofix Medical Inc (OFIX) leadership • Q1 2025

    Question

    Caitlin Cronin of Canaccord Genuity Group Inc. asked which business segment would be affected by the reduction in NGO business, whether the company was updating its long-term guidance, and for an update on the 7D Flash navigation system and the capital equipment environment.

    Answer

    CFO Julie Andrews stated the NGO business impact will be seen in the international Orthopedics segment and that the company is not updating its long-term guidance at this time, with an update planned for the Q4 call. She also mentioned that progress continues with the 7D system, with a focus on earn-out placements to drive pull-through for the spine business, but offered no specific updates on the broader capital environment.

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    Caitlin Cronin's questions to Orthofix Medical Inc (OFIX) leadership • Q4 2024

    Question

    Caitlin Cronin inquired about the rationale for discontinuing the M6 artificial disc product line, the company's current strategy regarding M&A, and the adoption trends for the 7D FLASH Navigation System, including its installed base and earn-out agreements.

    Answer

    CEO Massimo Calafiore explained that the M6 exit was a strategic decision to reallocate investment towards more profitable, high-growth areas like spine deformities, given the disc's decreasing demand. He noted that while M&A is not an immediate focus, the company's improved balance sheet allows them to be opportunistic. Regarding the 7D system, he stated 2024 was a record year with a 150% year-over-year increase in earn-out agreements, which are exceeding performance expectations and successfully driving implant pull-through with new customers.

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    Caitlin Cronin's questions to AxoGen Inc (AXGN) leadership

    Caitlin Cronin's questions to AxoGen Inc (AXGN) leadership • Q2 2025

    Question

    Caitlin Cronin from Canaccord Genuity Inc. asked for more color on the late-cycle BLA meeting with the FDA and whether any changes to the cadence of operating expense spending are expected in the second half of the year given hiring progress.

    Answer

    President and CEO Michael Dale described the FDA interactions as professional and cooperative, noting that final clarity on requirements typically comes at the very end of the process. He stated that while there is no change to the current OpEx guidance, the company is evaluating the possibility of accelerating hiring plans due to the significant market opportunity for nerve care.

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    Caitlin Cronin's questions to AxoGen Inc (AXGN) leadership • Q1 2025

    Question

    Caitlin Cronin from Canaccord Genuity inquired about the ability to sell existing Avance inventory post-BLA approval, the expected cadence of operating expenses for the year, and the total sales team headcount at the start and end of the year.

    Answer

    CEO Michael Dale confirmed that existing inventory produced under the tissue designation will still be available for sale after BLA approval. CFO Nir Naor noted that OpEx is expected to grow gradually due to strategic hiring, with some costs rolling off after the BLA approval in September. Regarding headcount, Michael Dale stated the company plans to add a net of approximately 20 salespeople by year-end.

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    Caitlin Cronin's questions to AxoGen Inc (AXGN) leadership • Q4 2024

    Question

    Caitlin Cronin from Canaccord Genuity inquired about the long-term gross margin outlook beyond 2025 and whether there were any concerns regarding the BLA application process under the new administration.

    Answer

    CEO Michael Dale stated that for 2025, the focus is on getting through the BLA process, which limits dramatic process changes, making the current guidance prudent. He expects incremental improvements longer-term. Regarding the BLA, Dale reported no signs of delay, noting that communication with the FDA remains active and consistent.

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    Caitlin Cronin's questions to AxoGen Inc (AXGN) leadership • Q3 2024

    Question

    Caitlin Cronin from Canaccord Genuity inquired about the BLA submission, asking why the FDA did not grant priority review and the significance of the decision not to hold an advisory committee meeting. She also asked if the company would continue to report metrics on 'core accounts' and 'direct reps.'

    Answer

    CEO Michael Dale speculated that the FDA's decision for a standard review was not concerning and that the lack of an advisory committee could reflect confidence in the product's long history and safety profile. He also stated that the company will no longer report on 'core accounts' or 'direct reps,' instead focusing on 'high potential accounts.'

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    Caitlin Cronin's questions to SI-BONE Inc (SIBN) leadership

    Caitlin Cronin's questions to SI-BONE Inc (SIBN) leadership • Q2 2025

    Question

    Caitlin Cronin of Canaccord Genuity Inc. asked if new surgeons are now engaging with products like Granite before the traditional SI joint fusion products. She also requested more detail on the investments that will lead to cash use in the second half of the year.

    Answer

    CEO Laura Francis confirmed that while SI joint fusion remains the cornerstone, some new surgeons, particularly adult deformity specialists, are now entering the ecosystem through Granite, creating a 'halo effect' for cross-selling. CFO Anshul Maheshwari clarified that the anticipated second-half cash use is primarily for building surgical capacity and inventory in preparation for Q4 and the new product launch in 2026.

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    Caitlin Cronin's questions to SI-BONE Inc (SIBN) leadership • Q1 2025

    Question

    Caitlin Cronin of Canaccord Genuity asked about the potential reimbursement code for the new SI Joint Fusion solution, sought more color on the third breakthrough device, and questioned the materiality of interventionalists to the surgeon base.

    Answer

    CEO Laura Francis declined to specify a reimbursement code for the new SI joint product, emphasizing the strategy is to offer a comprehensive portfolio for all physician needs. She described the third breakthrough device as a novel implant leveraging core technology for a pressing need in spine surgery. Francis clarified that while surgeons are the majority, interventionalists are an additive and growing segment, with a record number performing procedures in Q1.

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    Caitlin Cronin's questions to SI-BONE Inc (SIBN) leadership • Q4 2024

    Question

    Caitlin Cronin asked for SI-BONE's perspective on the proposed Globus Medical acquisition of Nevro and its competitive implications, and also inquired about the commercialization timeline for the newly announced novel implant with Breakthrough Device Designation.

    Answer

    CEO Laura Francis stated that the Globus/Nevro deal substantiates SI-BONE's platform strategy and does not change their approach, expressing confidence in their market leadership. Regarding the new BDD product, she noted it is in early development with no revenue contribution expected in 2025, and details will be shared closer to launch.

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    Caitlin Cronin's questions to SI-BONE Inc (SIBN) leadership • Q3 2024

    Question

    Caitlin Cronin of Canaccord Genuity asked about the inventory set build-out required for the successful Granite 9.5 launch and whether a similar build-out is needed for the new TORQ TNT product.

    Answer

    CFO Anshul Maheshwari explained that Granite 9.5 conveniently uses the same instrument sets as the 10.5 version, driving higher asset utilization, though overall capacity is still being added to meet strong demand. For the new TNT product, he confirmed it requires a new tray and that capacity is being added thoughtfully to support strong early demand from surgeons and new regional agencies, all within the company's asset-light CapEx model of $7-8 million annually.

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    Caitlin Cronin's questions to Stryker Corp (SYK) leadership

    Caitlin Cronin's questions to Stryker Corp (SYK) leadership • Q2 2025

    Question

    Caitlin Cronin of Canaccord Genuity Inc. asked about competitive pressure in the hips market and trends in robotic hip procedure penetration. She also inquired if the strength in navigation was related to the Q Guidance system.

    Answer

    Chair & CEO Kevin Lobo stated that both hip and knee robotic procedure penetration continue to climb, driven by new software and the Insignia hip stem. He emphasized focusing on Stryker's own commercial offense rather than competitors. He confirmed the strength in navigation is directly related to the Q Guidance system, which is a core component of the Mako 4 platform and is also used with the CoPilot haptic burr, driving a strong system-based performance.

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    Caitlin Cronin's questions to Stryker Corp (SYK) leadership • Q1 2025

    Question

    Caitlin Cronin asked for color on the performance of last year's tuck-in acquisitions and how the strong Ortho performance reflects trends in the Ambulatory Surgery Center (ASC) setting.

    Answer

    CEO Kevin Lobo reported that all seven acquisitions from last year are performing at or ahead of plan, with the Artelon and Vertos deals off to a particularly fast start. VP Jason Beach added that the shift of procedures to ASCs continues to be a tailwind, with the percentage of Stryker's hips and knees performed in that setting increasing every quarter.

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    Caitlin Cronin's questions to Stryker Corp (SYK) leadership • Q4 2024

    Question

    Caitlin Cronin asked if the new Mako applications for spine and shoulder were driving increased 'one-stop shop' interest from hospitals and ASCs. She also inquired about the performance of the Foot & Ankle business in Q4.

    Answer

    CEO Kevin Lobo responded that it is still early days for the new Mako applications, which are in limited launch, but the brand is generating excitement. He noted that while the Foot & Ankle market improved in Q4, the standout growth in Trauma & Extremities was driven by the Shoulder and Core Trauma businesses.

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    Caitlin Cronin's questions to Vericel Corp (VCEL) leadership

    Caitlin Cronin's questions to Vericel Corp (VCEL) leadership • Q2 2025

    Question

    Caitlin Cronin inquired about the total number of MACI Arthro biopsies, the timeline for the MACI sales force expansion, and whether dormant Epicel accounts were still being reactivated through NexoBrid engagement.

    Answer

    CEO Dominick Colangelo noted it's difficult to parse specific 'Arthro' biopsies but highlighted accelerating overall biopsy growth and a 40% increase in small femoral condyle defects. He detailed the sales force expansion plan, aiming for new reps to be supporting territories by Q4 2025. He also confirmed the trend of dormant Epicel accounts reactivating has continued.

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    Caitlin Cronin's questions to Vericel Corp (VCEL) leadership • Q1 2025

    Question

    Caitlin Cronin requested more details on the planned MACI sales force expansion, including the number of new territories this year and future plans for 2026. She also asked about the composition of the 400 MACI Arthro-trained surgeons, specifically the mix of legacy versus new users. Lastly, she inquired if the lower graft-per-patient ratio for Epicel was becoming a systemic trend.

    Answer

    CEO Nick Colangelo stated that while plans are not finalized, the sales force expansion would likely involve a 'couple of dozen' territories to support growth into 2026. He confirmed that the 'low-hanging fruit' of current MACI users constitutes the vast majority of the 400 surgeons trained on Arthro so far. Regarding Epicel, he clarified that the lower graft-per-patient in Q1 was a quarterly fluctuation, not a systemic trend, and that underlying patient metrics remain unchanged.

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    Caitlin Cronin's questions to Vericel Corp (VCEL) leadership • Q4 2024

    Question

    Caitlin Cronin asked about the MACI commercial team's strategy for the MACI Arthro ramp-up in 2025 and plans for a sales force sizing exercise. She also inquired about the expected timeline for Vericel's OUS (ex-US) expansion.

    Answer

    CEO Dominick Colangelo confirmed the MACI Arthro launch is a high priority for the sales force in 2025 and that a sales force sizing analysis will be refreshed this year, with any major changes likely implemented in 2026. Regarding OUS expansion, he clarified that while the new facility will be ready in 2026, commercial launches are more likely a 2027-2028 opportunity due to regulatory timelines.

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    Caitlin Cronin's questions to Vericel Corp (VCEL) leadership • Q3 2024

    Question

    Caitlin Cronin asked about the long-term surgeon penetration potential for MACI with its newly expanded target base. She also requested an update on the number of dormant Epicel accounts that have been reactivated.

    Answer

    CEO Nick Colangelo stated that Vericel has historically reached about 50% penetration of its target surgeon base before expanding it and expects a similar dynamic with the new 7,000-surgeon base. Regarding Epicel, he noted that while there is opportunity, the number of actively treating centers (40-50 annually) has not markedly changed yet, though 70-80 centers typically provide biopsies.

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    Caitlin Cronin's questions to Inmode Ltd (INMD) leadership

    Caitlin Cronin's questions to Inmode Ltd (INMD) leadership • Q2 2025

    Question

    Caitlin Cronin of Canaccord Genuity Inc asked for more details on the urology market opportunity, including sales strategy, and inquired if the revised guidance still reflects a larger sales mix from outside the U.S.

    Answer

    CEO Moshe Mizrahy clarified that the urology platform is launching with indications for blood circulation and pain relief while awaiting a key FDA indication for erectile dysfunction. CFO Yair Malca confirmed that the guidance incorporates a revised geographic mix, with the historical 65% U.S. share now closer to a 50/50 split between U.S. and OUS sales for the remainder of the year.

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    Caitlin Cronin's questions to Inmode Ltd (INMD) leadership • Q1 2025

    Question

    Caitlin Cronin from Canaccord Genuity asked for updated guidance on operating expenses, given the company's commitment to maintaining its sales force amid macro challenges, and requested an update on the U.S. management structure.

    Answer

    CFO Yair Malca confirmed that InMode will proceed with all planned investments, including team expansions. He noted that the geographic revenue mix shifting away from the U.S. is expected to negatively impact profitability by approximately 4% to 5%. CEO Moshe Mizrahy added that he is still serving as the acting President of North America and travels to the U.S. monthly, with no new hire yet announced.

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    Caitlin Cronin's questions to Inmode Ltd (INMD) leadership • Q4 2024

    Question

    Caitlin Cronin requested specifics on the U.S. consumables and services performance for the quarter. She also asked for more color on the nature of the planned capital return for the year and whether it would be tax-efficient.

    Answer

    CEO Moshe Mizrahy clarified that the approximate 20% revenue decline in 2024 was consistent across all territories, including North America. CFO Yair Malca and CEO Moshe Mizrahy explained that the newly announced 10% share repurchase is structured to be tax-efficient, similar to past programs. They noted that any additional, significant capital return is still being evaluated with advisors to maximize tax efficiency, referencing Israeli tax laws on buybacks.

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    Caitlin Cronin's questions to Inmode Ltd (INMD) leadership • Q3 2024

    Question

    Caitlin Cronin asked for the U.S. consumables growth figure for the quarter and requested more color on the previously announced plans to move some manufacturing operations out of Israel.

    Answer

    CEO Moshe Mizrahy corrected that U.S. consumable sales had decreased, not grown, attributing it to a 40% drop in high-cost minimally invasive procedures due to macroeconomic pressures. Regarding manufacturing, he explained that despite exploring options in Europe, they found no alternative facilities with the required regulatory approvals to handle their products, and therefore, operations will remain in Israel.

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    Caitlin Cronin's questions to Alphatec Holdings Inc (ATEC) leadership

    Caitlin Cronin's questions to Alphatec Holdings Inc (ATEC) leadership • Q4 2024

    Question

    Caitlin Cronin questioned the 2025 EOS guidance, which implies a growth rate similar to 2024, and asked whether an inflection in growth could be expected soon, driven by EOS Insight or other enabling technologies.

    Answer

    Patrick Miles (Executive) stated that an inflection is expected, but the timing is the main challenge. He noted the reception to EOS Insight has been outstanding, but the company is in the early phase of its rollout. J. Koning (Executive) added context, explaining the $75 million guide is a step towards the long-range plan of $100 million in 2027, and he expects interest and placements to grow as EOS Insight gains adoption, driving more implant pull-through.

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    Caitlin Cronin's questions to Alphatec Holdings Inc (ATEC) leadership • Q3 2024

    Question

    Caitlin Cronin inquired if the record EOS orders were from new users or upgrades, and why the EOS revenue guidance remained unchanged despite the strong order volume.

    Answer

    Executive Patrick Miles confirmed the orders reflect great enthusiasm for EOS Insight and are primarily from new institutions, which provides access for implant pull-through. Executive J. Koning clarified that while the order book is strong, revenue recognition has a lead time. He noted the implied Q4 EOS revenue of $18 million is a step-up from the consistent ~$15 million in recent quarters, reflecting confidence backed by the strong order book.

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