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Christine Raines

Healthcare Equity Research Associate and Analyst at William Blair & Company

Christine Raines is a Healthcare Equity Research Associate and Analyst at William Blair & Company, specializing in healthcare sector research with a focus on biotechnology and pharmaceuticals. She has covered companies such as Simulations Plus (SLP) and Certara, actively participating in earnings calls to analyze service performance, software mix, FDA disruptions, and acquisition integrations, though specific performance metrics like success rates or returns are not publicly detailed. Raines joined William Blair in her current role in Chicago, with prior experience at organizations including EY, Mayo Clinic, Optum, Johnson & Johnson, Blue Yonder, and Kraft Heinz; her career timeline details and professional credentials such as FINRA registrations remain undisclosed in available sources.

Christine Raines's questions to Certara (CERT) leadership

Question · Q4 2025

Christine Raines inquired about the factors driving the expected step down in Adjusted EBITDA margin for 2026, including revenue, headcount, innovation investments, and strategic programs. She also asked for CapEx and free cash flow assumptions given the innovation ramp.

Answer

CFO John Gallagher stated that the 30-32% Adjusted EBITDA margin guidance for 2026 reflects continued discretionary investments in R&D for MIDD, platform unification, and new software launches/enhancements, similar to 2025. He mentioned identifying $10 million in cost avoidance for 2026 to manage these investments. Regarding CapEx and free cash flow, Gallagher explained that these metrics are not guided, but capitalized expense levels in 2026 are expected to be similar to 2025, primarily driven by R&D investments in software development and platform enhancements.

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