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    Eric Anderson • TD Cowen

    Eric Anderson's questions to Cerus Corp (CERS) leadership

    Eric Anderson's questions to Cerus Corp (CERS) leadership • Q2 2025

    Question

    Eric Anderson, on behalf of Josh Jennings, inquired about the expected revenue cadence for the remainder of 2025 and asked how the expanded CE Mark submission for the EU red blood cell product might change the total addressable market.

    Answer

    Kevin Green, VP - Finance & CFO, addressed the revenue cadence, noting a historical Q2-to-Q3 flattening in EMEA due to summer holidays and a strong Q4 jump. He also mentioned that some deferred revenue recognized in Q2 would not repeat. Obi Greenman, Chair, President & CEO, explained that the expanded red cell indication for all patient populations removes potential restrictions, opening up the full market opportunity sooner post-approval without the need for a phased rollout.

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    Eric Anderson's questions to Stryker Corp (SYK) leadership

    Eric Anderson's questions to Stryker Corp (SYK) leadership • Q2 2025

    Question

    Eric Anderson of Cowen asked about the mix of outright capital sales versus financing for large capital items and whether this has shifted. He also inquired about the international commercial opportunity for Mako Spine and Shoulder.

    Answer

    VP of Finance & IR Jason Beach confirmed that both large and small capital businesses are performing well. Chair & CEO Kevin Lobo added that the only notable trend toward financing is with Mako robots in the ASC setting, but it's not a major shift. Regarding international Mako expansion, Beach noted the opportunity is large for the new spine and shoulder applications following their deliberate US launches.

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    Eric Anderson's questions to Stryker Corp (SYK) leadership • Q3 2024

    Question

    Speaking on behalf of Josh Jennings, Eric Anderson asked if a competitor's recent restructuring of its ortho business provided any benefit to Stryker's performance during the quarter.

    Answer

    VP of Finance and IR Jason Beach declined to comment on specific competitor activities, stating that Stryker's policy is to focus on its own execution and the offensive strategy it is currently playing in the market.

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    Eric Anderson's questions to Alphatec Holdings Inc (ATEC) leadership

    Eric Anderson's questions to Alphatec Holdings Inc (ATEC) leadership • Q1 2025

    Question

    Eric Anderson, on for Josh Jennings, inquired about ATEC's international expansion strategy and its approach to pricing in the current medtech environment.

    Answer

    Executives Patrick Miles and J. Koning reiterated their 'narrow and deep' international strategy, focusing on Australia, New Zealand, and Japan, with no immediate plans to expand further. On pricing, Miles explained that ATEC's procedural approach, which increases the number of products used per surgery, helps offset traditional price erosion. Koning added that new product innovation and favorable mix also help manage low single-digit like-for-like price declines.

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    Eric Anderson's questions to Alphatec Holdings Inc (ATEC) leadership • Q4 2024

    Question

    Eric Anderson, on for Josh Jennings, asked about the growth runway for the PTP and LTP procedural offerings, inquiring what inning the company is in regarding their market penetration and full potential.

    Answer

    Patrick Miles (Executive) stated that ATEC is in the 'super early innings' for both PTP and LTP, highlighting a vast market opportunity that is much larger than current sales reflect. J. Koning (Executive) quantified this by noting the U.S. lateral market is about $1 billion, where ATEC holds approximately 15% share, with a potential to grow to $3 billion by converting traditional posterior procedures.

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