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    Frank Takkinen • Leerink Partners

    Frank Takkinen's questions to Neuropace Inc (NPCE) leadership

    Frank Takkinen's questions to Neuropace Inc (NPCE) leadership • Q2 2025

    Question

    Frank Takkinen of Lake Street Capital Markets asked about the company's long-range plan, noting that the exit from the Dixie Medical business implies a need for accelerated RNS growth to meet targets. He also requested an update on the strategy of using direct-to-patient (DTP) marketing to drive volume in Project CARE geographies.

    Answer

    CEO Joel Becker and CFO Patrick Williams acknowledged the Dixie divestiture will remove that revenue stream but reiterated their strong conviction that the core RNS business can grow at 20% or more, consistent with the LRP's goal for RNS. They stated they will provide a formal update to the LRP after gaining more visibility into 2026. Becker also confirmed that the company continues to successfully use targeted DTP marketing to build the patient pipeline for both CARE centers and Level 4 centers.

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    Frank Takkinen's questions to Neuropace Inc (NPCE) leadership • Q4 2024

    Question

    Frank Takkinen of Lake Street Capital Markets questioned the reimbursement pathway for the potential generalized and pediatric indication expansions, asking if additional work is needed with payers. He also asked about the expected revenue cadence for 2025, noting the historical lack of seasonality and the typical step-up from Q4 to Q1.

    Answer

    CFO Rebecca Kuhn clarified that while the product and billing codes for new indications will remain the same, NeuroPace will need to work with private payers to update their coverage policies to align with the new FDA-approved indications, a process they are confident in. Executive Joel Becker addressed seasonality by noting that while quarterly results can vary, viewing the business in six-month increments shows steady growth. He expects a cadence in 2025 similar to past years, where the second half has typically been stronger.

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    Frank Takkinen's questions to Neuropace Inc (NPCE) leadership • Q3 2024

    Question

    Frank Takkinen inquired about the primary drivers of core RNS system growth, questioning whether it stemmed from the Project CARE initiative, market share gains, or market expansion, and asked about the durability of these trends. He also asked for an update on the productivity of recently hired sales representatives and future hiring plans.

    Answer

    Joel Becker, an executive, attributed the growth to successful execution of their three-part strategy: increasing adoption in Level 4 centers, expanding service sites via Project CARE, and pursuing new indications. He confirmed growth is a mix of market development and share gains, with Project CARE now making meaningful contributions. Becker also noted that new sales reps are fully deployed and positively impacting growth, and that future hiring will be opportunistic to support upcoming expansion opportunities.

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    Frank Takkinen's questions to LeMaitre Vascular Inc (LMAT) leadership

    Frank Takkinen's questions to LeMaitre Vascular Inc (LMAT) leadership • Q2 2025

    Question

    Frank Takkinen of Lake Street Capital Markets asked if a competitor's supply issue contributed to RestoreFlow cardiac's strong unit growth and questioned whether the large Q1 sales force hiring materially impacted Q2 results.

    Answer

    Chairman & CEO George LeMaitre stated that while a competitor (Artivion) had issues, LeMaitre's strong RestoreFlow results have been durable for several quarters and are driven by success in Canada, the UK, and now the U.S. Regarding new hires, he noted that while counterintuitive, the company's data suggests new reps have an immediate impact on sales.

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    Frank Takkinen's questions to LeMaitre Vascular Inc (LMAT) leadership • Q1 2025

    Question

    Frank Takkinen of Lake Street Capital Markets inquired about the ramp-up time for new sales reps and when to expect operating leverage. He also asked if changing med-tech valuations altered the company's M&A strategy toward potentially larger or more novel devices.

    Answer

    CEO George LeMaitre stated that recent data surprisingly shows new reps ramp up much quicker than the previously assumed full year, with performance becoming indistinguishable from tenured reps after just two quarters. President Dave Roberts responded that while lower valuations make targets more affordable, the company's M&A strategy remains focused on synergistic targets in its core markets and is not changing based on valuation shifts.

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    Frank Takkinen's questions to LeMaitre Vascular Inc (LMAT) leadership • Q4 2024

    Question

    Frank Takkinen of Lake Street Capital Markets requested a geographic breakdown of the sales force and asked about long-term hiring plans. He also inquired about the drivers behind the strong performance of the Carotid shunt product line in 2024 and its sustainability into 2025.

    Answer

    CEO George LeMaitre provided the rep count: 74 in the U.S., 51 in Europe, and 27 in APAC. He affirmed that the hiring cadence will continue, especially in the U.S., to reduce territory sizes. He attributed the 14% growth in shunts to competitors exiting the European market due to MDR regulations, a dynamic LeMaitre successfully capitalized on through continued supply and pricing actions.

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    Frank Takkinen's questions to LeMaitre Vascular Inc (LMAT) leadership • Q3 2024

    Question

    Frank Takkinen of Lake Street Capital Markets asked about the global rollout status of the pricing floor strategy and sought an update on the approval timeline for allograft products in Ireland and Germany.

    Answer

    CEO George LeMaitre confirmed the pricing floor strategy is now active in all major geographies. He also explained that the German allograft approval is slightly delayed by a scheduling issue, while the path in Ireland has become more complex due to new government requirements, causing a strategic reassessment.

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    Frank Takkinen's questions to AxoGen Inc (AXGN) leadership

    Frank Takkinen's questions to AxoGen Inc (AXGN) leadership • Q2 2025

    Question

    Frank Takkinen from Lake Street Capital Markets asked for more details on the breast business, including rep hiring quality and ramp-up time, and sought clarity on the gross margin dynamics related to inventory write-downs.

    Answer

    President and CEO Michael Dale confirmed they are on track with hiring for the breast sales force, are attracting high-quality talent, and that the full training and ramp-up process takes about nine months. CFO Lindsey Hartley explained that while Q2 benefited from lower write-downs, Q3 gross margin will be impacted by BLA-related stock compensation costs, with an expected return to a more normal level in Q4 and potential for upside in 2026 from process improvements.

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    Frank Takkinen's questions to AxoGen Inc (AXGN) leadership • Q1 2025

    Question

    Frank Takkinen of Lake Street Capital Markets requested color on the relative growth rates across Axogen's business segments, the potential for surgeon adoption within existing breast accounts, and the remaining major checkpoints for the BLA process.

    Answer

    CEO Michael Dale declined to provide specific growth rates by segment at this time. An Axogen executive noted that the growth in surgeon count for breast resensation outpaces the growth in new programs, indicating successful activation of new surgeons within existing accounts and significant remaining opportunity. Regarding the BLA, Michael Dale identified the upcoming late-cycle meeting as the next major milestone and noted the ongoing, professional process of responding to FDA information requests.

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    Frank Takkinen's questions to IRadimed Corp (IRMD) leadership

    Frank Takkinen's questions to IRadimed Corp (IRMD) leadership • Q2 2025

    Question

    Frank Takkinen of Lake Street Capital Markets inquired about the composition of IRADIMED's record backlog, the expected sales trend for the legacy 3860 pump ahead of the new 3870 launch, the projected revenue ramp to the $50 million target for the new pump in 2026, and whether the 3870's new features could expand the overall market.

    Answer

    CFO Jack Glenn confirmed the record backlog consists of both pumps and monitors, providing strong visibility for the second half of the year. Founder, President & CEO Roger Susi added that sales of the legacy 3860 pump will remain strong until a focused sales effort for the new 3870 pump begins in December. Susi detailed a limited 3870 launch in Q4 2025 for user feedback, anticipating a weaker Q1 for new pump bookings (offset by fulfilling the existing backlog) before a significant ramp through 2026. He also noted that the new pump's enhanced usability is expected to attract new customers, representing potential upside to his forecasts.

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    Frank Takkinen's questions to IRadimed Corp (IRMD) leadership • Q1 2025

    Question

    Frank Takkinen inquired about the sustainability of the strong Q1 disposables revenue, the factors driving confidence in the recovery of patient monitoring system sales, and the remaining steps for the 3870 MRI IV pump's FDA clearance.

    Answer

    CFO John Glenn clarified that the strong disposables number was partly due to working down backlog and that future growth should align with capital sales. Executive Roger Susi stated that Q1 monitor bookings were strong, supported by new sales incentives, and that recent interactive communication with the FDA regarding the 3870 pump is a positive sign, though clearance remains a mid-2025 expectation with revenue impact in 2026.

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    Frank Takkinen's questions to IRadimed Corp (IRMD) leadership • Q3 2024

    Question

    Frank Takkinen of Lake Street Capital Markets inquired about the expected normalization of growth between the IV pump and monitor business lines leading into 2025, the current composition of the company's backlog, and the reasons for operating expense growth outpacing revenue growth in the quarter.

    Answer

    Executive Roger Susi explained that IRadimed plans to de-emphasize sales of the current pump in 2025 to prepare for the new model, creating a temporary dip in pump revenue. This will be offset by adjusting sales compensation plans to aggressively promote the monitor business. CFO John Glenn added that the backlog remains strong for both pumps and monitors, providing good Q4 visibility. Glenn also clarified that higher operating expenses were driven by sales commissions, noting that Q3 2023 had an unusually low commission expense, and the current quarter's spending level is more representative of the go-forward rate.

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    Frank Takkinen's questions to Artivion Inc (AORT) leadership

    Frank Takkinen's questions to Artivion Inc (AORT) leadership • Q1 2025

    Question

    Frank Takkinen inquired about key learnings from the initial AMDS launch, including surgeon training, and whether physician feedback suggests the $150M market opportunity could be larger. He also asked for commentary on cash flow expectations for the year.

    Answer

    Executive James Mackin described the AMDS launch and surgeon training as very positive, noting they have learned how to accelerate the hospital IRB approval process. He suggested the market could be larger, as AMDS's ability to reduce high mortality rates in acute Type A dissection with malperfusion could expand the treatable patient population. CFO Lance Berry added that the company expects to be free cash flow positive for the year, explaining the Q1 burn was seasonal and impacted by cyber-related collection delays, which should normalize by Q2.

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    Frank Takkinen's questions to Artivion Inc (AORT) leadership • Q4 2024

    Question

    Frank Takkinen from Lake Street Capital Markets asked about the total addressable market for AMDS in the U.S., the specific operational bottlenecks from the cyber incident, and the expected impact on Q1 adjusted EBITDA.

    Answer

    CEO James Mackin stated the focus for AMDS is on the top 600 U.S. centers, where Artivion has existing sales coverage. CFO Lance Berry explained that the cyber incident forced manual processes, extending lead times for tissue processing. Both executives confirmed Q1 adjusted EBITDA would be the lowest of the year due to the revenue timing shift but reiterated confidence in the full-year guidance.

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