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    Daniel Biolsi • Hedgeye Risk Management

    Daniel Biolsi's questions to Sunopta Inc (STKL) leadership

    Daniel Biolsi's questions to Sunopta Inc (STKL) leadership • Q1 2025

    Question

    Daniel Biolsi inquired about the outlook for raw material costs and pricing for the year, and also asked about the strategy behind the new share repurchase authorization, questioning if it was opportunistic.

    Answer

    Executive Greg Gaba stated that excluding tariffs, he expects no major changes in raw material costs, with pricing impact likely remaining in a low single-digit range similar to Q1. Executive Brian Kocher confirmed the share repurchase plan is opportunistic. The top priority remains deleveraging to under 2.5x, but with no growth CapEx needed in 2025, the authorization provides a tool to return capital if the company is ahead of its deleveraging plan.

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    Daniel Biolsi's questions to Sunopta Inc (STKL) leadership • Q4 2024

    Question

    Daniel Biolsi asked how long the company can meet demand in its capacity-constrained fruit snacks business before needing new capital, and what to expect for inflation and pricing in the plant-based segment for 2025.

    Answer

    CEO Brian Kocher acknowledged that the fruit snacks business is tighter on capacity than plant-based, but they are still finding efficiencies to increase output. CFO Greg Gaba stated that while some commodity costs have risen, contract structures allow for pass-throughs, and he does not expect a material impact to the bottom line, confirming the 7-11% revenue growth is volume-driven.

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    Daniel Biolsi's questions to Sunopta Inc (STKL) leadership • Q2 2024

    Question

    Daniel Biolsi from Hedgeye Risk Management inquired about the growth trends across different types of plant-based milks and asked about the company's capital allocation priorities, specifically comparing CapEx versus share repurchases, after reaching its leverage target.

    Answer

    Executive Brian Kocher stated that the secular trends across different plant-based milk types remain consistent and that the company's strength lies in offering a full spectrum of options to its customers. Regarding capital allocation, Kocher stressed that the immediate focus is on execution and deleveraging to under 3x. Once that goal is achieved, returning capital to shareholders will be a top consideration, alongside other relative investment opportunities, but he declined to commit to a specific strategy at this time.

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    Daniel Biolsi's questions to Perrigo Company PLC (PRGO) leadership

    Daniel Biolsi's questions to Perrigo Company PLC (PRGO) leadership • Q1 2025

    Question

    Daniel Biolsi asked about the risk of lower fall sales for upper respiratory products after a late cold season and inquired about the status of the inventory rebuild and on-shelf availability for the nutrition category.

    Answer

    CEO Patrick Lockwood-Taylor saw no data suggesting a destocking risk in upper respiratory, highlighting that Perrigo's domestic manufacturing provides agility. He confirmed that nutrition on-shelf availability is at 'going levels' and will be further strengthened by a 'second big distribution surge' from the introduction of 60 new SKUs in the coming months.

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    Daniel Biolsi's questions to Perrigo Company PLC (PRGO) leadership • Q3 2024

    Question

    Daniel Biolsi asked about the price gap between national and store brands and whether the innovation pipeline is returning to normal levels post-pandemic.

    Answer

    CFO Eduardo Bezerra noted that while the price gap had widened, national brands are now using more promotions, potentially narrowing it. CEO Patrick Lockwood-Taylor added that store brand volume share is growing and retailers are investing more in demand creation. He also explained that Perrigo is revamping its innovation strategy to focus on fewer, larger, and more scalable projects with higher NPVs, which will be detailed further in February.

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    Daniel Biolsi's questions to Perrigo Company PLC (PRGO) leadership • Q2 2024

    Question

    Daniel Biolsi from Hedgeye asked about the infant formula business, specifically regarding any loss of shelf space and the timeline for rebuilding safety stock. He also questioned the company's inventory strategy for phenylephrine products given potential FDA action, and whether lower retailer inventories for cough/cold products require Perrigo to hold more stock.

    Answer

    CFO Eduardo Bezerra stated that rebuilding infant formula safety stock is challenging due to high demand and is more likely to occur in the first half of 2025. CEO Patrick Lockwood-Taylor addressed phenylephrine, stating there are no plans to reduce inventory as demand continues and a shift to other formulations could be positive. Bezerra characterized the retailer inventory destocking for cough/cold as a one-time normalization, suggesting a potential need for replenishment in H2.

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