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    David Low

    Research Analyst at JPMorgan Chase & Co.

    David Low is an Executive Director at JPMorgan Chase & Co., specializing in equity research and investment analysis. With previous analyst experience at Deutsche Bank, he has developed expertise in covering diverse sectors, though specific companies and detailed performance track records are not publicly disclosed. Since joining JPMorgan Chase & Co. in New York, Low has leveraged his analytical skills to provide insights for institutional and private investors, building on an established reputation within the financial industry. While credentials such as FINRA registrations and securities licenses are not explicitly listed, his executive-level role underscores significant professional achievement.

    David Low's questions to Telix Pharmaceuticals (TLX) leadership

    David Low's questions to Telix Pharmaceuticals (TLX) leadership • H1 2025

    Question

    David Low of JPMorgan Chase & Co. asked for an outlook on gross margins, considering the impact of the RLS acquisition, recent PSMA pricing changes, and the introduction of Gozelix.

    Answer

    Group CFO Darren Smith explained that the core Elucix gross margin is stable at 64%, while the overall group margin of 53% reflects the lower-margin RLS third-party business. He anticipates margins will improve as more high-value Telix products are distributed through the RLS network. Group CEO Christian Behrenbruch reiterated that the RLS acquisition was a long-term strategic move to support future therapeutic distribution, not for its existing commodity product revenue.

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    David Low's questions to RESMED (RMD) leadership

    David Low's questions to RESMED (RMD) leadership • Q3 2025

    Question

    David Low of JPMorgan Chase & Co. asked about the slight slowing in device growth, the commentary on sleep lab backlogs, and ResMed's strategy to address challenges in the patient diagnosis channel.

    Answer

    CEO Michael Farrell attributed the sequential growth pattern to normal seasonality, particularly the reset of high-deductible health plans in the March quarter. He reiterated that underlying market growth is mid-single digits for devices and high-single digits for masks, and ResMed aims to outperform this through targeted demand generation, including new patient acquisition and resupply programs.

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    David Low's questions to RESMED (RMD) leadership • Q2 2025

    Question

    David Low from JPMorgan revisited the topic of market growth, asking for specific drivers behind ResMed's device growth significantly outpacing the market, and questioned the contribution from price, mix, and the rePAP cycle.

    Answer

    Executive Michael Farrell attributed the outperformance to a combination of factors beyond simple market growth. He highlighted the company's ability to partner with providers and leverage technology like Brightree to drive share and ReSupply. While not quantifying each lever, he confirmed that driving the rePAP cycle is an active part of their strategy, alongside converting new patients through optimized processes. He described it as a 'complex portfolio management approach' to demand.

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    David Low's questions to RESMED (RMD) leadership • Q1 2025

    Question

    David Low asked about the primary drivers of the sustained double-digit growth in North American mask sales, questioning the contribution from masks per patient, adherence, and market share.

    Answer

    CEO Michael Farrell confirmed the growth is a combination of all factors: solid new patient flow, expanding ReSupply programs like Brightree, and an increasing number of masks used per patient annually. He emphasized that the largest opportunity remains market expansion, as the global market is less than 5% penetrated.

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