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    Constantine Davides • Citizens JMP

    Constantine Davides's questions to Addus Homecare Corp (ADUS) leadership

    Constantine Davides's questions to Addus Homecare Corp (ADUS) leadership • Q2 2025

    Question

    Constantine Davides from Citizens JMP Securities asked for an update on the M&A pipeline, particularly regarding larger clinical assets, and also inquired about other states being monitored for potential favorable rate movements.

    Answer

    Chairman & CEO Dirk Allison explained that the M&A focus is on smaller, strategic deals like the recent Helping Hands acquisition, as high valuations in hospice and uncertainty from the proposed home health rule have delayed larger clinical transactions. EVP & CFO Brian Poff identified New Mexico and Pennsylvania as two states they are watching closely for potential personal care rate increases in the next legislative cycle.

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    Constantine Davides's questions to Addus Homecare Corp (ADUS) leadership • Q1 2025

    Question

    Constantine Davides from Citizens Bank asked about the origin of the three new Personal Care locations added in the quarter. He also requested an update on the company's technology initiatives, specifically the in-house caregiver application and the broader rollout of Homecare Homebase.

    Answer

    W. Bickham, President and COO, clarified that the new locations came from a small tuck-in acquisition in Michigan. He detailed the successful rollout of their caregiver app in Illinois and its current deployment in New Mexico. Regarding Homecare Homebase for PCS, he stated it remains in the pilot phase, with a potential enterprise-wide rollout targeted for late 2025 or early 2026.

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    Constantine Davides's questions to Addus Homecare Corp (ADUS) leadership • Q4 2024

    Question

    Constantine Davides of Citizens JMP questioned the M&A strategy in Texas given Addus's large presence there, asked about the potential for a rate increase in the state, and inquired about any cost savings from the corporate office lease write-off.

    Answer

    CEO R. Allison explained that despite being the largest provider in Texas, the market remains highly fragmented, offering significant growth opportunities. President and COO W. Bickham noted that a proposal to increase personal care funding is currently with the Texas legislature, but the outcome is uncertain. CFO Brian Poff clarified that the lease write-off will not result in P&L savings in 2025, as the expense will be flat.

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    Constantine Davides's questions to Option Care Health Inc (OPCH) leadership

    Constantine Davides's questions to Option Care Health Inc (OPCH) leadership • Q2 2025

    Question

    Constantine Davides asked for an update on the expected full-year financial impact from Stellara biosimilars, whether operating margins for acute and chronic therapies remain comparable, and if the M&A focus is still on the core business.

    Answer

    CFO Mike Shapiro estimated the full-year Stellara impact would be at the higher end of the previously guided $60-70 million range and confirmed that while gross profit dollars are the focus, acute margins are generally higher than chronic. CEO John Rademacher stated the M&A strategy remains disciplined and focused on core capabilities and enablement areas like nursing.

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    Constantine Davides's questions to Option Care Health Inc (OPCH) leadership • Q1 2025

    Question

    Constantine Davides asked how the dialogue with health plans has evolved over the past year and what innovative strategies progressive payers are implementing for infusion benefits to manage costs.

    Answer

    CEO John Rademacher explained that due to shifting market dynamics and payer focus on medical loss ratios, Option Care Health is increasingly seen as a key partner to reduce total cost of care by transitioning patients from expensive inpatient settings. He highlighted that innovative payers are actively promoting site-of-care initiatives, steering members toward lower-cost settings like the home or Option Care Health's infusion centers, and the company is partnering with them to identify and transition these patients.

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    Constantine Davides's questions to Option Care Health Inc (OPCH) leadership • Q4 2024

    Question

    Constantine Davides from Citizens JMP Securities asked for more detail on the two new 'state-of-the-art' pharmacies and whether they signal a broader footprint rationalization. He also requested an update on infusion suite utilization and the extent to which payers are pushing for site-of-care shifts.

    Answer

    CEO John Rademacher described the new pharmacies in New York and Tampa as having advanced clean rooms, improved workflow, and expanded capacity, enhancing both local responsiveness and network resilience. CFO Michael Shapiro reported that over one-third of nursing visits now occur in infusion suites, a significant increase driving over 20% nurse productivity. Rademacher added that there is a noticeable uptick in payer interest and the implementation of site-of-care programs to manage total healthcare costs.

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    Constantine Davides's questions to Option Care Health Inc (OPCH) leadership • Q3 2024

    Question

    Constantine Davides followed up on STELARA, asking how the current pricing negotiations deviate from historical precedent and whether the economics could improve by year-end. He also requested the revenue split between chronic and acute therapies for the quarter.

    Answer

    CFO Michael Shapiro explained that the situation is atypical because the manufacturer intends to dramatically reduce the acquisition spread, whereas historically, pricing changes were felt through the reference price, not the spread. CEO John Rademacher added this is unprecedented as the spread is compressing early, not following a typical 'glide down.' Shapiro also provided the revenue split as approximately 75% chronic and 25% acute.

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    Constantine Davides's questions to Simulations Plus Inc (SLP) leadership

    Constantine Davides's questions to Simulations Plus Inc (SLP) leadership • Q3 2025

    Question

    Constantine Davides of Citizens JMP Securities asked for clarification on the timing of a $2 million services cancellation impact and whether AI initiatives would require higher R&D spending.

    Answer

    CEO Shawn O’Connor explained the canceled project had a minor impact on Q3 but was expected to contribute more significantly in Q4. Regarding R&D, he stated that while opportunities are significant, the company will balance R&D investments with its goal of improving adjusted EBITDA margins.

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    Constantine Davides's questions to Simulations Plus Inc (SLP) leadership • Q2 2025

    Question

    Constantine Davides of Citizens JMP asked if the projected Q3 to Q4 step-up in revenue would also apply to EBITDA. He also inquired about the reason for the sharp increase in sales and marketing expenses and whether achieving the long-term 35-40% margin target depends on a macro recovery.

    Answer

    Executive Shawn O'Connor confirmed that since the expense load is linear, the back-half revenue increase will flow through to EBITDA. Executive William Frederick attributed the Q2 sales and marketing spike to the timing of industry conferences, not increased headcount. O'Connor then clarified that reaching the 35-40% margin target is an operational objective driven more by cost management, such as matching capacity and leveraging AI in services, rather than being solely dependent on revenue growth or a macro inflection.

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    Constantine Davides's questions to Healthequity Inc (HQY) leadership

    Constantine Davides's questions to Healthequity Inc (HQY) leadership • Q1 2026

    Question

    Constantine Davides of Citizens JMP Securities asked about the primary growth drivers for the CDB (Consumer-Directed Benefits) accounts and the sustainability of this growth. He also requested an update on the HPA (Health Payment Account) initiatives.

    Answer

    CFO James Lucania explained that CDB growth is coming from the core bundled offering, with HRAs remaining strong and FSAs now contributing positively after being a drag. President and CEO Scott Cutler added that the HPA product is seeing good uptake with large enterprise clients, as it helps remove the high-deductible barrier and strategically drives adoption of HSA-qualified health plans.

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    Constantine Davides's questions to Evolent Health Inc (EVH) leadership

    Constantine Davides's questions to Evolent Health Inc (EVH) leadership • Q1 2025

    Question

    Constantine Davides of Citizens JMP Securities asked for more details on Evolent's AI and automation investments, their impact on efficiencies, and the company's updated expectations for spending and impact through the end of the year.

    Answer

    Executive Seth Blackley reiterated that AI and automation represent a significant opportunity, expected to be a material contributor by 2026. He highlighted two benefits: increased efficiency in the review process and full automation for auto-authorizations. He emphasized that AI is used exclusively for approvals, never for denying care.

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    Constantine Davides's questions to Certara Inc (CERT) leadership

    Constantine Davides's questions to Certara Inc (CERT) leadership • Q1 2025

    Question

    Constantine Davides requested an update on the scaling and engagement of Certara Cloud and inquired about the progress of migrating the Phoenix software user base to a hosted solution.

    Answer

    CEO William Feehery expressed satisfaction with the adoption of Certara Cloud, which is integrated into the renewal process for products like Phoenix and exposes customers to the full software portfolio. He characterized the migration of Phoenix users to a hosted solution as being in the 'earlier innings' but expects the adoption rate to increase as ongoing R&D investments add more functionality to the hosted product this year.

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    Constantine Davides's questions to Certara Inc (CERT) leadership • Q4 2024

    Question

    Constantine Davides asked about the expected quarterly cadence for revenue and margins in 2025, particularly concerning Chemaxon. He also questioned if the Q4 rebound in regulatory services alters the company's thinking on its strategic review of the business.

    Answer

    CFO John Gallagher advised that the historical pattern of second-half weighted revenue is expected to continue in 2025. Regarding the regulatory business, he acknowledged the strong Q4 performance driven by Tier 1 customers would positively impact 2025 revenue but declined to comment on how it affects the ongoing strategic review process.

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    Constantine Davides's questions to Progyny Inc (PGNY) leadership

    Constantine Davides's questions to Progyny Inc (PGNY) leadership • Q4 2024

    Question

    Constantine Davides inquired about the market opportunity for the Benefit Bump acquisition and its financial scale, and also asked how channel partnerships are impacting sales activity.

    Answer

    CEO Peter Anevski described Benefit Bump as a complementary service for all employers with family-building benefits but declined to provide financial details. President Michael Sturmer explained that partnerships are a fundamental go-to-market channel that adds credibility and eases contracting, viewing the new health plan partnerships as a beneficial long-term investment.

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    Constantine Davides's questions to US Physical Therapy Inc (USPH) leadership

    Constantine Davides's questions to US Physical Therapy Inc (USPH) leadership • Q4 2024

    Question

    Constantine Davides asked about the company's experience with the Metro acquisition, its view of the New York market, and plans for de novo growth there. He also inquired about the broader opportunity in home-based therapy and asked for the workers' compensation mix and the drivers of its recent growth.

    Answer

    COO East Eric Williams described the Metro deal as a strategic entry to the Northeast with significant de novo and tuck-in potential. He and CEO Christopher Reading identified home-based therapy, which is 20% of Metro's business, as a key expansion opportunity for the entire company. Williams attributed the strong workers' comp growth to tripling payer relationships and focused training. CFO Carey Hendrickson stated the workers' comp mix was 10% in Q4.

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    Constantine Davides's questions to Privia Health Group Inc (PRVA) leadership

    Constantine Davides's questions to Privia Health Group Inc (PRVA) leadership • Q4 2024

    Question

    Constantine Davides asked how much technology, particularly the athenahealth backbone, serves as a key differentiator for Privia's success compared to other competing medical group strategies in the market.

    Answer

    CEO Parth Mehrotra responded that the differentiation is broader than just technology. He credited Privia's unique model, which combines an integrated medical group, a risk-bearing entity, and a full tech and services platform. This deep integration into provider workflows, governance, and data, he argued, is the fundamental driver of their consistent performance.

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    Constantine Davides's questions to AMN Healthcare Services Inc (AMN) leadership

    Constantine Davides's questions to AMN Healthcare Services Inc (AMN) leadership • Q3 2024

    Question

    Constantine Davides asked for the international business run rate, details on the '10 solutions per top client' metric, and the stickiness of clients with more solutions.

    Answer

    Executive Randle Reece specified the international business is expected to be $180M in Q4, with the gross margin headwind tapering significantly after Q1 2025. President and CEO Cary Grace explained the 'solutions' metric refers to major service categories, with the average for top clients rising from 9 to 10. She identified Locums programs and RCM as key penetration opportunities and confirmed that clients with more solutions are inherently more sticky, fostering broader relationships.

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    Constantine Davides's questions to HealthStream Inc (HSTM) leadership

    Constantine Davides's questions to HealthStream Inc (HSTM) leadership • Q3 2024

    Question

    Constantine Davides asked for an update on the number of claimed hStream IDs, whether the platform initiative will primarily impact top-line growth or margins, and if ShiftWizard's growth is now eclipsing legacy product attrition.

    Answer

    CEO Robert Frist stated the primary goal of the hStream platform is to accelerate top-line growth by enabling faster new product development and better cross-selling opportunities. He did not provide a specific number for claimed hStream IDs but suggested it could be a topic for a future Investor Day. He also indicated that a detailed analysis of the crossover point where ShiftWizard's growth surpasses legacy attrition would be suitable for a future investor event.

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