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    Glen Santangelo

    Managing Director and Senior Equity Research Analyst at Jefferies

    Glen Santangelo is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in healthcare distribution and technology. He covers a range of companies including Teladoc Health and Teva Pharmaceuticals, and has issued over 70 ratings across healthcare and consumer staples with an average success rate around 50% and average returns per recommendation between 2.7% and 4.5%. Santangelo joined Jefferies in 2005 after holding prior roles in financial services, and is recognized for his significant price target movements and actionable insights for institutional investors. He is registered with FINRA under CRD# 2776058 and maintains all required securities licenses for his role.

    Glen Santangelo's questions to scPharmaceuticals (SCPH) leadership

    Glen Santangelo's questions to scPharmaceuticals (SCPH) leadership • Q4 2024

    Question

    Glen Santangelo asked for a retrospective on commercial hurdles that may have tempered the FUROSCIX adoption ramp and inquired what could accelerate growth. He also asked for commentary on 2025 revenue consensus versus the rising gross-to-net (GTN) discount and the company's cash burn rate.

    Answer

    Executive John Tucker identified high patient out-of-pocket costs as the primary headwind in 2024. He stated that the 2025 Medicare redesign, which lowers the out-of-pocket max and introduces a smoothing option, is a significant tailwind that should boost demand and fill rates. Tucker explained that while GTN will increase, the benefit of improved patient access outweighs the cost for scPharmaceuticals, as the company did not previously have preferred status with large rebates. Regarding financials, he noted the cash burn rate is decreasing as revenue grows against relatively flat OpEx and expressed confidence in the company's growth trajectory.

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    Glen Santangelo's questions to HEALTHEQUITY (HQY) leadership

    Glen Santangelo's questions to HEALTHEQUITY (HQY) leadership • Q4 2025

    Question

    Glen Santangelo asked for details on the incremental $17 million in Q4 service costs, questioning the specific cause and whether these costs are one-time or will persist into fiscal 2026.

    Answer

    EVP and CFO James Lucania explained the costs stemmed from sophisticated fraud activity, covering both member reimbursements and increased contact center expenses. He noted this was a continuation of a trend from Q3 and expects these elevated costs to persist through the first half of fiscal 2026 before normalizing.

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    Glen Santangelo's questions to HEALTHEQUITY (HQY) leadership • Q3 2025

    Question

    Glen Santangelo of Jefferies inquired about the HOPE Act, asking for an estimate of the current HSA Total Addressable Market (TAM), the potential expansion from the act, and the perceived likelihood of its passage.

    Answer

    Vice Chair and Founder Dr. Steve Neeleman estimated the current HSA TAM at 60-65 million accounts and projected the HOPE Act could add 40-45 million households by expanding access to individuals on Medicare, Medicaid, and other plans. He highlighted strong bipartisan momentum. CEO Jon Kessler added that such accounts are critical for easing the tax burden of out-of-pocket medical costs.

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    Glen Santangelo's questions to HEALTHEQUITY (HQY) leadership • Q2 2025

    Question

    Glen Santangelo of Jefferies asked for clarity on custodial rates, focusing on the repricing of cash in the next fiscal year and the potential impact of a declining yield curve, particularly with the growing mix of enhanced rate products.

    Answer

    EVP and CFO James Lucania confirmed that cash currently yielding in the mid-3% range will reprice at similar levels plus a spread, providing a tailwind. He highlighted the more significant opportunity over the next two fiscal years, with about $6.5 billion priced in the high 1% range set to roll over at much higher rates. Lucania also reiterated the goal of reaching 60% of HSA cash in enhanced rates over three years, which is expected to reduce future volatility.

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    Glen Santangelo's questions to Xeris Biopharma Holdings (XERS) leadership

    Glen Santangelo's questions to Xeris Biopharma Holdings (XERS) leadership • Q4 2024

    Question

    Glen Santangelo asked for clarification on key financial metrics, questioning if the 84% gross margin seen in Q4 is a good proxy for 2025 and seeking more detail on the meaning of "modestly" increased operating expenses to understand the model's leverage.

    Answer

    CFO Steven Pieper confirmed that the Q4 gross margin of 84% is a good starting assumption for 2025. He explained that operating expenses will see leverage, with modest increases driven by the full-year impact of the 2024 Recorlev commercial expansion and incremental R&D for XP-8121, noting that significant clinical trial spending for XP-8121 is expected more in 2026.

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    Glen Santangelo's questions to ANI PHARMACEUTICALS (ANIP) leadership

    Glen Santangelo's questions to ANI PHARMACEUTICALS (ANIP) leadership • Q4 2024

    Question

    Glen Santangelo of Jefferies asked for a breakdown of the growth algorithm for the Generics business, seeking to understand the contribution from organic volumes, price, and new product launches like Prucalopride for the fiscal 2025 outlook.

    Answer

    Executive Nikhil Lalwani attributed the expected low double-digit growth to a combination of factors: the full-year impact of 17 products launched in 2024, new 2025 launches including Prucalopride with 180-day exclusivity, and the balancing of erosion from older products. He emphasized that growth is driven by volume, and the guidance does not assume any material benefit from competitor supply disruptions.

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    Glen Santangelo's questions to Bausch Health Companies (BHC) leadership

    Glen Santangelo's questions to Bausch Health Companies (BHC) leadership • Q4 2024

    Question

    Glen Santangelo asked what Bausch Health might do differently to monetize its Bausch + Lomb (BLCO) stake now that the sales process has ended, and whether pledging BLCO shares for financing would impact the timing or ability to execute a separation deal.

    Answer

    CFO JJ Charhon responded that the primary goal remains completing the separation of Bausch + Lomb in the most accretive way for shareholders, with no specific timeline. He explained that using the BLCO stake as collateral for financing is a key part of their strategy and does not inherently impact the timing of a potential separation, though any deal would need to account for the terms of the financing.

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    Glen Santangelo's questions to Bausch Health Companies (BHC) leadership • Q2 2024

    Question

    Glen Santangelo inquired about recent media reports concerning negotiations with creditor groups and sought clarity on the company's dialogue with them. He also asked for a more precise definition of 'appropriately capitalized companies' in the context of the planned Bausch & Lomb separation and what 'other applicable approvals' would be required.

    Answer

    CEO Thomas Appio reiterated the company's policy of not commenting on stakeholder discussions but firmly stated that Bausch Health is not considering bankruptcy or insolvency. Interim CFO John Barresi added that 'appropriately capitalized' is not a specific leverage number but rather a balanced blend of leverage and the debt maturity profile.

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    Glen Santangelo's questions to Zoetis (ZTS) leadership

    Glen Santangelo's questions to Zoetis (ZTS) leadership • Q4 2024

    Question

    Glen Santangelo followed up on the organic growth outlook, suggesting that the pricing assumptions imply a modest volume slowdown, and asked where any deceleration might be occurring.

    Answer

    CFO Wetteny Joseph clarified that the guidance range allows for a balance of price and volume at the high end, similar to 2024. He pointed to the normalization of livestock growth to the industry average of 2-4% (from 6% organic in 2024) as a key factor, rather than a broad-based slowdown in companion animal volume. He reiterated that underlying demand trends entering 2025 remain strong.

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    Glen Santangelo's questions to Zoetis (ZTS) leadership • Q3 2024

    Question

    Glen Santangelo of Jefferies questioned the source of management's confidence in achieving another year of above-average price increases and asked for an update on the percentage of companion animal business from alternate channels and its impact on pricing.

    Answer

    CEO Kristin Peck reiterated that confidence in pricing stems from the value of their diverse and innovative portfolio on a product-by-product basis, not macro trends. CFO Wetteny Joseph stated that alternative channels (retail, online, home delivery) now represent close to 15% of the U.S. business and grew 34% year-over-year, highlighting that strong volume growth continues even with price increases, demonstrating the value of their products.

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    Glen Santangelo's questions to Doximity (DOCS) leadership

    Glen Santangelo's questions to Doximity (DOCS) leadership • Q3 2025

    Question

    Glen Santangelo asked for clarity on the primary drivers of Doximity's current momentum, questioning whether it stems more from new products or the rollout of the client portal.

    Answer

    CEO Jeff Tangney described the momentum as a '1-2 punch.' He explained that the client portal is highly effective for smaller, mid-year upsells due to its efficiency, while the new integrated programs were key during the large, year-end budget cycle. These programs leverage Doximity's data science to create personalized campaigns, a feature highly requested by clients.

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    Glen Santangelo's questions to Doximity (DOCS) leadership • Q2 2025

    Question

    Glen Santangelo asked for clarification on the drivers of Doximity's Q2 revenue beat and the reasoning behind the weak implied Q4 revenue growth guidance.

    Answer

    CEO Jeff Tangney attributed the strong Q2 results to a combination of market stabilization, over 100% growth in new products, and market share gains. CFO Anna Bryson explained the conservative Q4 outlook is due to clients becoming more disciplined with calendar-year budgets, reducing revenue spillover, and the longer launch timelines associated with the company's newer, fast-growing workflow products. She emphasized that the annual growth rate is the best measure of business performance.

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    Glen Santangelo's questions to ALIGN TECHNOLOGY (ALGN) leadership

    Glen Santangelo's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q4 2024

    Question

    Glen Santangelo asked for context on the strong volume forecast relative to the broader ortho industry and requested a breakdown of the anticipated 2025 ASP decline between foreign exchange and product mix.

    Answer

    CEO Joe Hogan attributed volume strength to regional momentum in Europe and parts of APAC, noting that while the U.S. ortho market is flat, Align has seen strong growth with GPs globally. CFO John Morici clarified that the 2025 ASP decline is primarily driven by an approximate 2-point headwind from unfavorable foreign exchange (FX) due to the strong U.S. dollar.

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    Glen Santangelo's questions to Progyny (PGNY) leadership

    Glen Santangelo's questions to Progyny (PGNY) leadership • Q3 2024

    Question

    Glen Santangelo of Jefferies asked for commentary on the competitive landscape, particularly against rivals like Maven and Caritas, and inquired about upcoming client renewals. He also asked if revenue growth in 2025 is a reasonable expectation.

    Answer

    President Michael Sturmer stated that Progyny saw consistent win rates against competitors, including in highly competitive jumbo accounts, and noted the success in converting some health plans from competitors to partners. CEO Pete Anevski added that the company maintained a 99% client retention rate. Regarding 2025, he called revenue growth a 'fair assessment' based on lives growth but withheld definitive comments due to recent market variability.

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    Glen Santangelo's questions to Teladoc Health (TDOC) leadership

    Glen Santangelo's questions to Teladoc Health (TDOC) leadership • Q3 2024

    Question

    Glen Santangelo questioned what is meaningfully different about the new CEO's strategy, noting that the themes of having the right assets but needing to fix operational issues sounded similar to the previous leadership's message. He asked for more clarity on the tangible changes being made.

    Answer

    Chief Executive Officer Chuck Divita provided a tangible example of a key change: consolidating functions that were previously siloed under four separate leaders—such as market requirements, product development, and delivery—into a single, streamlined structure. He stated this move has already generated millions in annual savings and improved effectiveness, as reflected in the quarter's results. He emphasized that new capabilities are being built that did not previously exist to better leverage the existing business.

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    Glen Santangelo's questions to Teladoc Health (TDOC) leadership • Q3 2024

    Question

    Glen Santangelo asked what new CEO Chuck Divita is doing that is 'meaningfully different' from his predecessor, given the commentary about having the right assets but facing operational issues.

    Answer

    CEO Chuck Divita provided a tangible example of his new approach: consolidating market requirements, product development, and solution delivery, which were previously managed by four separate leaders, into a single, streamlined structure. He stated this move has already generated millions in annual savings and improved operational effectiveness.

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    Glen Santangelo's questions to Phreesia (PHR) leadership

    Glen Santangelo's questions to Phreesia (PHR) leadership • Q2 2025

    Question

    Glen Santangelo questioned the degree of forward visibility Phreesia has on its fiscal 2026 provider adds and asked about industry penetration rates and the competitive landscape, particularly from EHR companies.

    Answer

    Executive Balaji Gandhi stated that Phreesia has high visibility, around 90%, into its subscription and payment revenue entering a fiscal year, with most variability in Network Solutions. CEO Chaim Indig commented that the company is winning more deals due to its diversified product suite and is seeing venture-backed competitors struggle to keep pace with investment.

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    Glen Santangelo's questions to Verrica Pharmaceuticals (VRCA) leadership

    Glen Santangelo's questions to Verrica Pharmaceuticals (VRCA) leadership • Q2 2024

    Question

    Asked for confirmation that no new compounded cantharidin is entering the market, whether a sales inflection for YCANTH is imminent as compounded inventory depletes, and for comments on the competitive landscape, particularly Ligand's newly approved product.

    Answer

    The company confirmed they are not seeing new incremental compounded products, only the bleed-out of existing inventory. They expect a sales inflection for YCANTH as this inventory is depleted and former competitor accounts convert. They view the new competitor (ZELSUVMI) as a positive for the market that will increase awareness and ultimately benefit YCANTH, which they consider the gold standard.

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    Glen Santangelo's questions to OPTN leadership

    Glen Santangelo's questions to OPTN leadership • Q1 2024

    Question

    Asked about the timeline for payer coverage updates and its impact on guidance, the reason for the quarterly decline in total prescriptions, and the components (scripts vs. price) of the $300 million peak sales target.

    Answer

    The company doesn't control the payer update timeline but expects it to take a few months, with revenue growth starting in Q2. The decline in scripts was a deliberate result of reducing unprofitable prescriptions, which led to higher overall revenue. The $300M peak sales target is expected to be driven by growth in prescription volume, not significant increases in net revenue per script.

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