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Management stated that the primary factor for LU Pro growth is scaling VAC approvals, not production or inventory bottlenecks. The NXT 41 launch is staggered as a derisked regulatory strategy, with the base matrix launching in 2026 and the drug-eluting version in 2027; it is a new platform distinct from Simpladerm. The company declined to provide a specific timeline for business development news to maintain negotiating leverage.

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The agreement with Boston Scientific allows for other partnerships, but the company's 'dance card is full' for now with current demand and the upcoming Boston rollout. New account additions are running at 15/month but may slow slightly due to longer VAC cycles, though the Boston partnership could offset this. The higher Q4 cash burn was driven by settling a significant number of legacy lawsuits, reducing the outstanding cases from 79 to 43, with litigation-related cash use expected to decline in 2025.

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C. Mills (Executive) explained that it's very early, but they see no brand bias in EluPro adoption, with all major pacemakers being covered. He noted there are around 400 CanGaroo accounts, representing the majority of the target market, and about 10% have already activated EluPro. Mills stated they feel 'great' with the current hybrid sales team (direct and independent reps) but will continue to add opportunistically, especially in the West, without compromising on quality. Regarding the CanGaroo-to-EluPro transition, Mills acknowledged potential 'noise' but expects it to be marginal in Q4, highlighting that initial EluPro orders are, on average, 20% larger than CanGaroo orders, suggesting an upside to the cannibalization.

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CEO Maria Sainz explained that the company manages separate, robust sales funnels for both hospital and office opportunities in each territory, in addition to country-specific funnels for international markets. She emphasized that the primary growth driver is not a single market segment but rather the transformative improvement in image quality from the new OptiV AI software, which is activating the market, expanding use cases, and driving demand across all channels. Sainz also noted that the sales team, hired at the beginning of the year, is now fully mature and effective, providing additional sales power for the second half.

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President and CEO Maria Sainz reported that the office pilot program is yielding very positive feedback, making the company "more bullish" on the opportunity. She noted that pilot accounts are now accredited and scanning, and the rapid enrollment in the Neuro PMR study shows strong enthusiasm. Regarding the lost grant-funded deals, Sainz stated they are considered lost business due to a "very sobering" and uncertain grant environment at academic institutions. On the international front, she confirmed continued strong interest and progress in establishing user networks, reiterating the plan for market entry into India in the second half of 2025.

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President, CEO & Director Joseph Burnett explained that initial commercial therapies like Tability and REGENXBIO are for rare disorders and serve more as symbolic milestones than major near-term revenue drivers. He contrasted this with the significant potential of UniCure's Huntington's disease treatment, which targets a much larger patient population. Regarding ClearPoint 3.0, Burnett noted its rapid adoption, with 35 sites installed, and confirmed it has no negative margin impact as it uses the same disposable kit. He emphasized that its efficiency helps create hospital capacity for future drug delivery procedures.

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CEO Joseph Burnett explained that initial commercial therapies are for rare disorders with small patient populations, serving more as symbolic milestones and a 'dress rehearsal' for operations. He contrasted this with the much larger market opportunity for UniCure's Huntington's treatment, which could involve tens of thousands of patients. Regarding ClearPoint 3.0, Mr. Burnett stated it has seen the fastest deployment in company history, with 35 sites installed, and that it carries a similar margin profile to MRI procedures while lowering the capital barrier for new hospitals.

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Executive Joseph Burnett explained that the OR-based system helps create MRI capacity for upcoming drug delivery therapies, which are expected to remain in the MRI suite. He anticipates DBS procedures will grow faster in the OR, but the MRI mix could increase again in 2-3 years as new drugs launch. On GLP certification, he cited standard operating procedures and facility expansion as key remaining steps, with a goal to be operational in the second half of the year. He confirmed significant pent-up demand, with at least five partners expressing interest in converting studies once the capability is live.

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Executive Joseph Burnett projected that while DBS procedures may shift more to the operating room to create capacity, crucial drug delivery therapies will likely remain in the MRI suite, potentially increasing the MRI mix again in a few years. On GLP certification, Burnett confirmed they are on track for the second half of the year, with remaining work focused on SOPs, quality systems, and hiring. He noted significant pent-up demand, with at least five pharma partners ready to convert studies once the GLP capability is operational.

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Executive Joseph Burnett explained that just 1% penetration into the addressable patient populations for fast-tracked therapies could represent $250 million in revenue for ClearPoint. He noted the company aims for 150 active centers in the next three years to support this demand. Regarding spending, Burnett stated that while investments will be made to seize opportunities, the company will remain thoughtful with its cash and is not providing full-year cash burn guidance to maintain flexibility.

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CEO Joseph Burnett clarified that of the 19 new system activations year-to-date, only 2-3 were net new sites enabled by SmartFrame OR; most were existing customers expanding their capabilities. He noted this is typical for a limited release and that the technology's real power is also in increasing procedure volume at existing sites by removing MRI-access constraints. Burnett stated that about 6-7 accounts currently use SmartFrame OR, with another 10+ in the hospital value analysis committee (VAC) approval process. Regarding margins, he projected that disposable gross margins could reach 70% at scale, and while lower-margin capital sales can impact the overall mix, the consolidated gross margin should comfortably reach the 70s as disposable revenue grows.

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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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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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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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President Jeffrey Blizard explained that cost control measures include revising the T&E policy and better managing trunk stock inventory to reduce waste. He stated that investing in a patient-centric culture involves recruiting sales personnel with strong clinical capabilities. CEO Antony Koblish added that while the company has secured approximately 25 RTM contracts, the new patient-centric approach focused on superior clinical outcomes is a key strategy to transcend hospital bundling and pricing constraints.

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CFO Roberto Cuca outlined a typical revenue cadence, expecting a significant step-up from Q1 to Q2, a smaller increase in Q3 due to summer holidays, and another large step-up in Q4. He credited this growth to rising rep quotas and the new Account Specialist (AS) structure. CEO Antony Koblish added that the new sales structure is reaccelerating growth and providing stability. Koblish confirmed the competitive hiring environment has stabilized and returned to a 'natural process,' emphasizing TELA's strong value proposition for its sales team, including innovative products and a significant market opportunity.

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CEO Antony Koblish disclosed that 11 Territory Managers (TMs) made unplanned departures in late Q4, primarily poached by competitors offering large financial incentives. He explained that 2025 volume growth will be driven by lower-ASP products like IHR, while new larger PRS products could increase PRS ASP. CFO Roberto Cuca affirmed confidence in reaching profitability, supported by a plan to hold operating expenses flat year-over-year.

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Executive Roberto Cuca stated that while official 2025 guidance would come later, a 25% growth rate is not out of line with their trajectory. Executive Antony Koblish highlighted the U.K.'s 'shared decision-making' model, which favors TELA's products, as a key lesson. He believes a similar shift away from permanent plastic mesh is happening in the U.S., positioning the company favorably for long-term growth.

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CFO Ali Bauerlein explained that the company prioritizes setting appropriate and achievable guidance to avoid getting ahead of market factors. Chief Commercial Officer Matt Link described OmniEdge as a customization tool that offers higher viscoelastic volume to meet specific surgeon preferences, evolving the OMNI platform rather than simply replacing the prior version. CEO Paul Badawi noted that further innovations on the platform are planned.

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CFO Alison Bauerlein stated that while the company will not speculate on the outcome, they have a strong conviction that OMNI should qualify for device-intensive status. For revenue cadence, she guided for sequential growth from Q1 to Q2, a typical slight dip in Q3, and a seasonally strong Q4. She also noted potential upside from the pseudophakic stand-alone market and any material TearCare reimbursement decisions.

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CEO Paul Badawi and Executive Matthew Link positioned OMNIEdge as a key iterative advancement in the OMNI platform, designed to enhance usability and efficacy, forming part of a broader 'OMNI family' portfolio strategy. CFO Alison Bauerlein stated that the TearCare revenue ramp depends on the timing and scope of reimbursement wins, but the company is prepared to 'hit the ground running' thanks to its established base of over 1,500 trained facilities.

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President & CEO Linda Tharby and CFO Tom Adams explained the guidance raise is primarily driven by accelerating international growth from pre-filled syringe conversions. Tom Adams noted a Q3 headwind from a large US distributor's inventory reduction program, with a recovery expected in Q4. Linda Tharby added that the Freedom system's compatibility with pre-filled syringes is a key differentiator, driving significant market share gains in Europe as pharma partners convert their drug presentations.

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Executive Linda Tharby explained that the strategy to independently pursue new drug labels, like for iron chelation and antibiotics, originates from strong specialty pharmacy relationships where off-label use was already occurring. She emphasized these projects have paybacks of less than one year and do not require additional capital. Executive Tom Adams addressed the revenue cadence, projecting full-year international growth around 30%, with Q2 being impacted by the Q1 stocking pull-forward. He added that U.S. growth will continue to outpace the market, and Novel Therapies revenue is expected to be between $2.5 million and $3 million.

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CEO Linda Tharby attributed the Q4 domestic strength to a focused go-to-market model, new account agreements, pricing impacts, and accelerated market growth. While reiterating 10-15% growth guidance, she noted potential upside. She described the ePump consumable strategy as being in the 'early innings' and a significant growth driver. For long-term margins, she and CFO Tom Adams pointed to the new consumables launch, automation, and operational excellence programs as key drivers toward a 65%+ target.

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President and CEO Linda Tharby clarified that the submission delay to mid-2025 was due to the new consumables line, not the pump, and will not materially impact 2025 revenue. She noted the commercial team consists of about five U.S. reps focused on key accounts and 26 international distributors. For 2025, she highlighted strong momentum in the Domestic Core, international expansion including Japan, and increasing consistency in Novel Therapies revenue as key growth drivers.

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CEO Robert Leasure quantified that the Discovery business could see an incremental bottom-line contribution as high as 70-80% due to its fixed-cost structure. He noted significant improvements in on-time delivery, which is driving repeat business. Regarding cash, Leasure explained that the company intends to maintain a higher NHP inventory level as a 'new normal' to better serve clients and will factor this into its balance sheet strategy, though it could be converted to cash if necessary.

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President and CEO Robert Leasure confirmed that Inotiv has moved past its high-cost NHP inventory. He noted that for calendar 2025, the company has secured more solid commitments and presold inventory, which should reduce revenue volatility compared to the prior year. Regarding Cambodia, Leasure stated the company is prepared for any outcome and has diversified its supply chain. On adjusted EBITDA, Leasure and CFO Beth Taylor indicated that they expect year-over-year revenue growth in the remaining quarters of fiscal 2025, which is necessary to meet debt covenants, suggesting a significant improvement in performance is anticipated.

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Executive Robert Leasure and Executive Beth Taylor explained that Q4 NHP margins were about half of their normal rate due to selling off high-cost inventory. Leasure confirmed that it was critical to clear this inventory to make room for lower-cost models, as boarding capacity is a bottleneck. For 2025, he noted stronger presales than the prior year, growth in recurring colony management services, and expectations for more consistent demand. He anticipates margin pressure in fiscal Q1 2025, followed by a return to more normalized levels. Leasure also affirmed the 18-22% long-term EBITDA margin target is still achievable, though reaching the high end would require a broader industry recovery.

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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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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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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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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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The company is using claims data to target high-volume physicians and accounts in dense geographies. They are tracking a sales funnel which is progressing as expected. The market is shifting towards endovascular procedures, expected to reach a 50/50 split with surgery within a year. InspireMD's initial focus is on the transfemoral stenting market, with a long-term plan to address all approaches, including TCAR.

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Chief Commercial Officer Shane Gleason explained that the company uses claims data to target a portion of the 4,000 U.S. physicians performing 60,000 annual procedures, focusing on high-volume centers. He noted the market is shifting, with stenting now over 40% of procedures, and expects it to reach a 50/50 split with surgery within a year. The initial strategy is to target physicians with a current need for their CAS-indicated stent, with a long-term plan to serve all approaches.

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The company clarified the FDA delay is a matter of prudent timing due to inter-departmental processing and not a specific issue with their submission or the FDA team. The commercial hiring plan is unchanged, with a foundational team in place and plans to scale upon approval. Regarding the Crest 2 trial, the executive team believes its impact will depend on the patient risk profile enrolled and expects it will likely confirm existing clinical knowledge rather than significantly changing practice.

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Chief Commercial Officer Shane Gleason explained that the sales team is leveraging existing relationships to 'hold the place in line' for VAC reviews post-approval. He anticipates a mix of adoption speeds but noted significant physician enthusiasm. Gleason detailed that the initial team of 13 includes 4 regional sales directors who will build out their teams. CFO Craig Shore added that operating expenses will continue to see significant growth in 2025, driven by sales organization expansion and ongoing R&D costs for the C-GUARDIANS I, II, and III trials.

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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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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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President and CEO Kevin Hykes stated that CVRx will continue to advocate for a Level 6 code but is very comfortable remaining in the New Technology APC 1580 for several more years if necessary. CFO Jared Oasheim added that the company's account targeting strategy is proving effective, with a higher percentage of new accounts added in Q2 falling into the Tier 1 and Tier 2 buckets compared to Q1.

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Executive Kevin Hykes described a 'North Star' account as having clinical and administrative champions, multiple prescribers, a broad referral network, and redundant implanting surgeons. Executive Jared Oasheim stated that while the company has 223 active centers, it is not yet disclosing how many are from the target list, as the strategy was recently implemented. Kevin Hykes added that there is 'lots of runway' for further penetration.

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Executive Kevin Hykes defined a 'North Star' account as one with a clinical champion, an administrative partner, multiple prescribing physicians, a broad referral network, and redundant implanting surgeons. Executive Jared Oasheim stated that while they have 223 active centers, they are not yet disclosing the breakdown by target tier, as the strategy is new. Kevin Hykes added that there is significant runway left to penetrate the top-tier accounts.

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CFO Jared Oasheim indicated that average selling prices (ASPs) should remain stable in 2025 regardless of the final OPPS rule. While acknowledging potential Q1 seasonality, he affirmed that the company is investing for high growth in the mid-to-high 20% range. He quantified a one-time option modification expense from Q1 2023 as $8-9 million and mentioned other unquantified one-time costs in 2024 related to new leadership hires that will not be repeated.

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CFO Jared Oasheim stated that the upcoming OPPS rule is not seen as a binary event for ASPs in 2025. He noted that while some Q4-to-Q1 seasonality is possible, the company defines itself as a high-growth company in the mid-to-high 20% range. He quantified the largest one-time expense as an $8-9 million option modification charge recognized in Q1, which will not repeat and will help manage 2025 OpEx growth.

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CFO Jack Glenn confirmed the record backlog was strong for both pumps and monitors, providing good visibility. Founder, President & CEO Roger Susi elaborated that 3860 pump orders will remain strong until a focused sales effort for the new 3870 pump begins in December. Susi outlined a limited 3870 launch in Q4 2025 for user feedback, anticipating weaker pump bookings in Q1 2026 (offset by revenue from the large backlog) before a significant ramp through the rest of 2026. He also noted that the new pump's enhanced usability is expected to attract new customers, representing potential upside to current forecasts.

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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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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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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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CFO Mehul Joshi clarified that the guidance revision is due to a slower-than-expected ramp in U.S. initiatives, while international performance remains on track. He projected Q3 revenue to be flat year-over-year and U.S. revenue to comprise at least two-thirds of the total in the second half. CEO Steve Williamson attributed the earlier StratEx slowdown to capacity constraints at IP centers focused on lung cancer screening, noting that new commercial programs have longer conversion cycles. He confirmed record StratEx levels in June/July as a positive leading indicator but did not quantify the increase.

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Executives highlighted marketing and peer-to-peer education as early successes, with therapy awareness reps and LungTraX being key future drivers. It is too early to disclose the number of active LungTraX accounts, but dozens are in the contracting phase. Regarding tariffs, besides some anticipated stocking from their Chinese distributor, they haven't seen significant changes in ordering patterns from other international partners.

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CEO Steven Williamson and CFO Mehul Joshi declined to guide for 2025 but highlighted strategic drivers like LungTraX and targeted advertising as catalysts for future growth. Williamson explained that C-suites are most compelled by the large underserved patient population, the procedure's strong economic value proposition and reimbursement, and the company's blueprint for building a comprehensive lung health program.

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Management declined to provide 2025 guidance but highlighted strategic initiatives like LungTraX and targeted marketing as catalysts for future growth. They noted that C-suite executives are most compelled by the large underserved patient population, the procedure's strong economic value proposition with good reimbursement, and its status as the standard of care. The company helps hospitals build lung health programs to convert this interest into utilization.

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CFO Stephen Feider, while being careful due to the off-label nature, confirmed that Type 2 adoption is occurring in both primary care and endocrinology channels. He also stated that after expanding to 63 territories in Q1, the company does not plan a massive increase in sales territories for the rest of 2025, with the next expansion likely in early 2026.

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CEO Mary Szela explained that new sales reps will be added over the next couple of months, with the biggest impact expected in Q4 2025 and more significantly in 2026. Regarding the new mapping code, Szela reported 'really favorable' feedback, noting it was a bigger adoption barrier than previously appreciated. She and Dr. Richard Marshall added that full reimbursement allows physicians to use TriNav more broadly without worrying about reimbursement hurdles.

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CFO James Young stated he could not comment on Q1 specifically but noted that full-year growth might be 'lumpy' and not 50% every quarter. CEO Mary Szela explained the slowdown in new account openings was a deliberate strategic shift to focus on driving deeper utilization within the existing 284 accounts, rather than continuing the rapid pace of new openings.

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David Fischel (executive) explained that initial MAGiC orders are typically for smaller batches (5-10 catheters) to allow for training and familiarization, with repeat orders now starting. For the U.S. FDA submission, Fischel mentioned they are addressing detailed questions, supplementing with final tests, and providing ongoing clinical data from the European study. He noted the process is collaborative and expressed optimism for a quicker U.S. adoption ramp post-approval.

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David Fischel, an executive at Stereotaxis, detailed the ongoing U.S. regulatory process for MAGiC, which involves continued patient enrollment in Europe and a collaborative dialogue with the FDA. He explained that the MAGiC Sweep mapping catheter addresses a significant physician request, aiming to improve workflow efficiency and attract new users by robotizing the mapping portion of procedures. Fischel assured that partners are aware of this strategic development.

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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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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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Executive Nicholas Curtis explained that 75% of 2024 U.S. placements were new to LENSAR, with about 30% being competitive replacements and nearly 22% being femto-naive. He noted the strategy of targeting high-volume practices is working well, with femto-naive customers now proactively seeking out the ALLY system. Executive Thomas Staab clarified that they will continue to target 70-85% new customers. Regarding competition, Nicholas Curtis stated that while competitors are strong, LENSAR is not technologically threatened, and the key challenge is overcoming bundled pricing with ALLY's superior productivity and outcomes.

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CEO Nicholas Curtis clarified that of the 17 new ALLY systems placed, 10 were sold and 7 were leased, with an additional 6 prior leases converted to sales. He expressed confidence in manufacturing capacity, noting LENSAR had proactively built up inventory in anticipation of EU and Taiwan approvals. For the second half, both Curtis and CFO Thomas Staab guided towards a strong Q4, explaining that Q3 is seasonally slower but will benefit from new system installations, with the full recurring revenue impact from recent placements and new OUS shipments expected to materialize in the fourth quarter.

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The 18 new orders are all new business for LENSAR, with 13 replacing competitive systems. It takes 30-90 days for new sites to ramp up procedure volume, with utilization growth driven by superior astigmatism management. The company is currently running a single manufacturing shift but has sufficient capacity and has been preparing its supply chain for the anticipated growth.

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CEO Nick Curtis explained that of the 18 new orders, 13 are replacing competitive systems, and all represent new business for LENSAR. He noted it typically takes 30 to 90 days for new sites to ramp up procedure volume, with utilization often increasing due to ALLY's superior astigmatism management. Curtis also confirmed that the company is running a single manufacturing shift with sufficient capacity to meet the anticipated demand without backorders. CFO Tom Staab added that the new orders are exciting for future recurring revenue growth.

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Executive Lori Holmes-Woods emphasized the shared vision, while Viewpoint CEO Johan Spoor detailed the portfolio approach of balancing short and long-term initiatives. Spoor noted that guidance on trial timelines would be provided closer to the merger's close. Executive Jonathan Hunt confirmed the pro forma shares would be around 300 million and expressed confidence in the cash runway to support both businesses.

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Executive Lori Holmes-Woods responded that while January and February saw some lingering COVID-19 impact, access to healthcare has since stabilized. She confirmed that IsoRay is actively investing in its sales and marketing presence, with hiring underway. Regarding the supply chain, she expressed confidence in the current Russian suppliers, noting there have been no disruptions and that while other options are always reviewed, there is no immediate need to diversify.

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CEO Lori Holmes-Woods explained that the investment shift is driven by improving access to hospitals as COVID restrictions ease, making it an opportune time to expand the sales team and territories. She clarified that the company has not lost focus on external opportunities but is shoring up internal resources to support them. Regarding seasonality, she noted that COVID surges have disrupted typical patterns, but hopes for a return to normalcy if the Omicron wave subsides. CFO Jonathan Hunt addressed gross margins, stating the new reactor startup caused some additional costs but expects margins to improve back towards the 50% range as sales growth allows for more efficient isotope use. He also confirmed no significant supply chain disruptions for other materials.

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