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    Doug Cooper

    Research Analyst at Beacon Securities

    Doug Cooper serves as Managing Director of Research at Beacon Securities, where he leads equity research with a specialization in consumer, cannabis, and technology sectors. He covers companies such as High Tide, Pet Valu, and Burcon NutraScience, and is known for actionable analysis and growth-oriented investment calls, with recent public targets and ratings reflecting deep market expertise. Cooper has been with Beacon Securities since 2011, previously working in the financial services industry, and earned his MBA from McGill University. He holds recognized industry credentials, including Canadian securities licenses, and is widely respected for his detailed, data-driven research and long-standing professional presence in capital markets.

    Doug Cooper's questions to Quipt Home Medical (QIPT) leadership

    Doug Cooper's questions to Quipt Home Medical (QIPT) leadership • Q3 2025

    Question

    Doug Cooper from Beacon Securities inquired about the trajectory of the adjusted EBITDA minus patient CapEx margin, seeking to understand its potential for improvement. He also asked for the strategy to significantly increase the EBITDA margin of the newly acquired Heart Medical business and questioned the specific medical conditions of patients being discharged from Quipt's new health system partners.

    Answer

    CFO Hardik Mehta acknowledged that patient CapEx, driven by the Philips ventilator recall, has been a drag but expects the EBITDA less CapEx margin to remain steady or expand with revenue growth. CEO & Chairman Greg Crawford explained that Heart's margin improvement will stem from full integration and applying Quipt's cost structures over several quarters. Crawford added that the discharged patients are primarily being treated for respiratory conditions, aligning with Quipt's core business.

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    Doug Cooper's questions to Quipt Home Medical (QIPT) leadership • Q1 2025

    Question

    Doug Cooper asked for clarification on the $9.4 million in patient CapEx, the resulting EBITDA minus patient CapEx margin, and the timeline to reach a 10%+ target for that metric. He also questioned the slow growth in the resupply business and potential Medicare reimbursement risks.

    Answer

    CFO Hardik Mehta explained that Q1 patient CapEx was elevated due to the ongoing replacement of Philips ventilators, which will impact the next few quarters. He affirmed a 10%+ EBITDA minus patient CapEx margin is a steady-state goal, citing fiscal 2024 as a good benchmark. CEO Gregory Crawford addressed the resupply business, outlining initiatives to improve new patient catchment rates, boost sleep compliance, and enhance long-term patient retention. He also noted no known negative regulatory changes and sees positive momentum for the 75-25 rate reinstatement.

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    Doug Cooper's questions to Village Farms International (VFF) leadership

    Doug Cooper's questions to Village Farms International (VFF) leadership • Q2 2025

    Question

    Doug Cooper of Beacon Securities sought clarification on the adjusted EBITDA breakdown by segment, specifically asking about the impact of the non-recurring $4.3 million vendor settlement. He also asked about the competitive dynamics in the Canadian retail market, future M&A opportunities, and the potential implications of US cannabis descheduling for the company's Texas assets.

    Answer

    CFO Stephen Ruffini confirmed the $6.4 million in adjusted EBITDA from continuing produce operations included the $4.3 million non-recurring settlement. COO Ann Gillin Lefever commented on the Canadian market, stating that while wholesale pricing has strengthened, retail pricing has only stabilized, indicating sufficient supply still exists. CEO Michael Degiglio addressed M&A, emphasizing a focus on organic growth and stating any deal would need to be highly accretive or strategic, which he doesn't see currently. Regarding US policy, he views descheduling as a positive step that could open pathways for medical exports from Canada and create opportunities for their Texas assets.

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    Doug Cooper's questions to Village Farms International (VFF) leadership • Q3 2024

    Question

    Doug Cooper asked why Village Farms is not #1 nationally despite leading in Ontario and Quebec, inquiring about their market rank in other provinces. He also asked about the overall Canadian market sales growth trend, the timeline for the Netherlands facility to reach full capacity, and whether the company would consider an NCIB given its stock valuation.

    Answer

    CEO Mike DeGiglio stated that while they are #4 in BC and #6 in Alberta, he is confident Village Farms will remain a top-3 company in Canada long-term. COO Ann Gillin Lefever noted that overall Canadian market growth is slowing to the mid-single digits. Regarding the Netherlands, Mr. DeGiglio expects the facility to be fully ramped up in Q2 and for product to sell very quickly. He declined to comment on the facility's construction cost or a potential NCIB, stating they would provide more color on capital allocation at year-end.

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    Doug Cooper's questions to VIEMED HEALTHCARE (VMD) leadership

    Doug Cooper's questions to VIEMED HEALTHCARE (VMD) leadership • Q3 2024

    Question

    Doug Cooper from Beacon Securities inquired about the new sleep business disclosures, seeking to understand the relationship between sleep therapy patient counts and resupply orders, their connection to financial line items, the drivers of strong ventilator patient growth, and the nature of the M&A pipeline.

    Answer

    Executive Todd Zehnder clarified that the sleep therapy patient count (renting machines) and resupply patients are mutually exclusive groups that should be added together for a total served patient count of roughly 42,000. He also mapped these activities to the 'other durable medical equipment rentals' and 'other equipment sales' revenue lines, respectively. CEO Casey Hoyt attributed the strong vent patient growth to a successful sales force restructuring and enhanced training program. Regarding M&A, Todd Zehnder noted the pipeline is robust, not exclusive to respiratory, and that inbound interest has increased.

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    Doug Cooper's questions to VIEMED HEALTHCARE (VMD) leadership • Q2 2024

    Question

    Doug Cooper from Beacon Securities Limited questioned the disconnect between Viemed's strong results and its low stock valuation, citing the GLP-1 craze and the Rotech acquisition multiple. He also asked about GLP-1 usage among patients, M&A valuation expectations, and the catalysts for increasing the sub-10% market penetration for noninvasive ventilation (NIV).

    Answer

    COO Todd Zehnder acknowledged the market's focus on GLP-1s but stated Viemed's sleep business (15% of revenue) is growing strongly with no signs of pressure. On M&A, he noted the Rotech deal was a positive market signal but Viemed will remain prudent on valuation. CEO Casey Hoyt addressed NIV penetration, highlighting that ongoing positive research, now led by industry association AAHomecare, is key to establishing NIV as the standard of care and driving adoption among physicians and payers.

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    Doug Cooper's questions to High Tide (HITI) leadership

    Doug Cooper's questions to High Tide (HITI) leadership • Q3 2024

    Question

    Doug Cooper inquired about the drivers behind the lower amortization and interest expenses that contributed to net income, and questioned the performance of data sales.

    Answer

    President and CEO Harkirat Grover explained that amortization is decreasing as assets from the 2020 META acquisition become fully amortized, while interest expense is falling due to debt repayment. Grover, with clarification from CFO Mayank Mahajan, corrected that data and other revenue actually grew 1% sequentially to $9.0 million, driven by the expanding store network and new customer additions to the Cabananalytics platform.

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    Doug Cooper's questions to Planet 13 Holdings (PLNH) leadership

    Doug Cooper's questions to Planet 13 Holdings (PLNH) leadership • Q1 2023

    Question

    Doug Cooper of Beacon Securities asked for clarification on a discrepancy in the reported Q1 2023 adjusted EBITDA, details on remaining committed CapEx for Illinois, Florida, and Nevada, and projections for the new Illinois dispensary's breakeven point, ramp-up timeline, and expected margins.

    Answer

    CFO Dennis Logan confirmed a positive adjusted EBITDA of $680,000 for the quarter, stating the table in the press release was correct, not the headline. For CapEx, management outlined budgets of $2.5 million for Illinois, $2.5-$3 million for Nevada upgrades, and a potential $5-$20 million for Florida, noting efforts to minimize cash spend. Co-Chairman & Co-CEO Larry Scheffler added that capital could be recaptured via a sale-leaseback in Illinois and the sale of a California property. Regarding the Illinois dispensary, Dennis Logan projected a 3-4 month ramp-up to a revenue run rate north of $15 million annually with low 50% gross margins, which Larry Scheffler described as a very conservative estimate.

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    Doug Cooper's questions to Planet 13 Holdings (PLNH) leadership • Q1 2023

    Question

    Doug Cooper of Beacon Securities asked for clarification on a discrepancy in the Q1 adjusted EBITDA figure, details on remaining committed CapEx for Illinois, Florida, and Nevada, and projections for the new Illinois dispensary, including its revenue potential, ramp-up timeline, and expected margins.

    Answer

    CFO Dennis Logan confirmed the financial table's positive adjusted EBITDA of $680,000 was correct, contrary to a headline in the press release. Logan and Co-Chairman & Co-CEO Larry Scheffler detailed future CapEx: approximately $2.5M for Illinois, $2.5M-$3M for Nevada, and a worst-case scenario of up to $30M for Florida, though they aim for significantly less. They also noted plans to recapture capital via a sale-leaseback in Illinois and the sale of a California property. For the Illinois dispensary, Logan projected a full ramp-up by mid-2024 with revenues potentially doubling or tripling the initial $10-15M estimate and gross margins in the low 50% range.

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    Doug Cooper's questions to Planet 13 Holdings (PLNH) leadership • Q4 2022

    Question

    Doug Cooper of Beacon Securities requested clarification on the balance sheet, asking for a pro forma cash position after accounting for the Illinois minority interest buyout and the expected CapEx for the Illinois and Florida buildouts. He also asked about the projected revenue timelines for these new states, the potential annual revenue for the Illinois location, and the current competitive landscape in Nevada.

    Answer

    CFO Dennis Logan detailed the financials, starting with a $52 million cash balance at year-end. He outlined costs for the Illinois dispensary, a potential $3M-$5M spend on the SuperStore, and a targeted CapEx of no more than $5M for Florida in the near term. Logan projected Illinois revenue by late Q3/early Q4 2023, with Florida's timeline dependent on strategic opportunities. Co-CEO Larry Scheffler projected the Illinois location could generate revenue in the "$20s million" range. Co-CEO Robert Groesbeck added that while some Nevada competitors are on "life support," new licenses continue to be issued, though he believes standalone operators will struggle to survive.

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