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    Jason Wittes

    Managing Director and Senior Research Analyst at Roth Capital Partners, LLC

    Jason Wittes is a Managing Director and Senior Research Analyst at Roth Capital Partners, specializing in healthcare and medical technology investment research with over 20 years of industry experience. He covers a broad spectrum of medical technology and biotechnology companies, with his research recognized in prestigious industry polls such as The Wall Street Journal's Best on the Street, though specific performance metrics and recent portfolio returns are not publicly quantifiable. Wittes joined Roth in September 2022, following roles as Head of Healthcare at Loop Capital and public medical technology investment leader at Fosun International, and he holds both a B.S. in Chemistry from Carnegie Mellon University and an M.B.A. from NYU Stern School of Business. He is regarded for his expertise in evaluating technology innovation, clinical outcomes, and strategic healthcare trends throughout his career.

    Jason Wittes's questions to CapsoVision (CV) leadership

    Jason Wittes's questions to CapsoVision (CV) leadership • Q2 2025

    Question

    Asked for clarification on the colon capsule launch strategy, the timing of the second-generation device submission, details of the development agreement with Canon, and the company's quarterly and expected annual cash burn.

    Answer

    The company confirmed the colon launch will focus on the second-generation device, with its submission following the first-gen's approval. The Canon deal involves a $1M upfront payment as part of a multi-year development contract for a new CMOS sensor for a future CapsoVision device. Quarterly cash burn was around $11.5M, with an expected negative net income of $20-22M for the year.

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    Jason Wittes's questions to CapsoVision (CV) leadership • Q2 2025

    Question

    Jason Wittes of Roth Capital Partners, LLC inquired about CapsoVision's colon capsule launch strategy, specifically asking for clarification on whether the launch would feature the first or second-generation device. He also sought details on the timing for the second-gen submission, the financial terms and deliverables of the Canon development agreement, and the company's quarterly and projected annual cash burn.

    Answer

    CFO Kevin Lundquist confirmed the commercial launch plan is for the second-generation colon capsule. CEO Kang-Huai Wang added that the submission for the Gen 2 device would follow the approval of the first generation. Lundquist detailed the Canon agreement as a $4.1 million deal with a $1 million upfront payment for a new CMOS sensor over several years. He also stated the quarterly cash burn was approximately $11.5 million, with an expected full-year net loss between $20 million and $22 million.

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    Jason Wittes's questions to ACCURAY (ARAY) leadership

    Jason Wittes's questions to ACCURAY (ARAY) leadership • Q4 2025

    Question

    Jason Wittes of Roth Capital Partners, LLC asked for the basis of management's optimism for a U.S. market recovery in the upcoming fiscal year. He also inquired about the outlook for the Helix product in India and other emerging markets, and sought to clarify the expected run-rate impact from tariffs for fiscal 2026.

    Answer

    President and CEO Suzanne Winter attributed the U.S. optimism to strong Q4 backlog conversion and new solutions for developed markets set to be showcased at the upcoming ASTRO conference. Regarding Helix, she noted a solid first year, recent regulatory approval in India, and strong interest from other regions like Bangladesh, Morocco, and Latin America. CFO Ali Pervaiz confirmed that the Q4 cash tariff impact of approximately $4 million, half of which was mitigated, is a reasonable run-rate assumption for the fiscal 2026 guidance. He also detailed the expected 45/55 first-half/second-half split for revenue and a 30/70 split for EBITDA.

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    Jason Wittes's questions to ACCURAY (ARAY) leadership • Q3 2025

    Question

    Jason Wittes questioned the outlook for the China business into fiscal 2026 if tariffs remain, and asked how the company is reallocating sales and marketing resources to offset the potential shortfall, specifically whether the focus is global or on particular emerging markets.

    Answer

    President and CEO Suzanne Winter stated that the company would not provide fiscal 2026 guidance at this time but is conducting internal scenario planning. She elaborated that resource allocation is opportunistic, targeting areas of strength in both developed markets, like a recent stimulus-driven success in the U.K., and emerging markets, highlighting strong orders and shipments in the non-China APAC region, including Thailand, Taiwan, and Korea.

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    Jason Wittes's questions to Beyond Air (XAIR) leadership

    Jason Wittes's questions to Beyond Air (XAIR) leadership • Q1 2026

    Question

    Jason Wittes asked for the typical sales cycle duration from initial customer contact to deal closure and sought clarification on how to model the progression of SG&A expenses as they scale with revenue.

    Answer

    CEO Steve Lisi stated that the sales cycle typically ranges from four to twelve months. Regarding operating expenses, Lisi projected that expenses would decrease in the September quarter, remain relatively flat in the December quarter, and then begin to increase in the March quarter in proportion to revenue growth, driven by items like sales commissions.

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    Jason Wittes's questions to Beyond Air (XAIR) leadership • Q2 2025

    Question

    Jason Wittes of ROTH Capital Partners inquired about the sustainability of the 60% increase in hospital contracts, the operational details of new strategic partnerships with TrillaMed and the VA, the potential timeline for the cardiac surgery PMA supplement, and the primary drivers for the projected reduction in cash burn.

    Answer

    Executive Steven Lisi confirmed that the momentum in adding new contracts is expected to continue, though the percentage growth may slow as the base increases. He clarified that the TrillaMed partnership is new and a significant VA impact is not expected in the immediate quarter. Regarding the PMA, he stated the ball is in the FDA's court with no firm timeline. CFO Douglas Larson added that the cash burn reduction would be seen across the entire P&L, including both R&D and G&A, following a comprehensive cost-cutting review.

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    Jason Wittes's questions to GLOBUS MEDICAL (GMED) leadership

    Jason Wittes's questions to GLOBUS MEDICAL (GMED) leadership • Q2 2025

    Question

    Jason Wittes from Roth Capital Partners, LLC asked if the net operating losses (NOLs) from Nevro were part of the initial accretion calculations and inquired about the timeline for these NOLs to flow through. He also asked about the current state of sales force dis-synergies from the NuVasive merger.

    Answer

    SVP & CFO Kyle Kline confirmed the NOLs were not part of the initial calculation and clarified they provide cash tax savings over an extended period (40-50 years), not P&L accretion. President & CEO Keith Pfeil addressed the sales force question by stating the focus is now on growth through competitive recruiting and organic placement, not on dis-synergies. He highlighted 19 consecutive weeks of U.S. Spine growth as evidence of solid, sustainable performance.

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    Jason Wittes's questions to GLOBUS MEDICAL (GMED) leadership • Q4 2024

    Question

    Jason Wittes of ROTH MKM asked how Globus plans to make the Nevro business accretive after the first year and inquired about potential revenue dissynergies. He also asked about the sales mix for the Enabling Technology suite.

    Answer

    CFO Keith Pfeil indicated that achieving accretion for Nevro will involve leveraging scale to drive profitability through sales growth and cost management, similar to the NuVasive integration approach. CEO Dan Scavilla deferred commenting on revenue dissynergies until after the deal closes. Regarding enabling tech, Scavilla noted that imaging system sales are accelerating both as standalone units and as part of a package, depending on customer needs.

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    Jason Wittes's questions to ZIMMER BIOMET HOLDINGS (ZBH) leadership

    Jason Wittes's questions to ZIMMER BIOMET HOLDINGS (ZBH) leadership • Q2 2025

    Question

    Jason Wittes from Roth Capital Partners, LLC asked about the Monogram acquisition, its competitive IP position, and its potential to improve surgical efficiency and reproducibility with its autonomous capabilities.

    Answer

    Chairman, President & CEO Ivan Tornos credited Stryker's Mako for its pioneering work but stated Monogram's semi- and fully-autonomous technology could leapfrog current standards. He detailed benefits like enhanced precision, reduced surgeon fatigue, and seamless integration, highlighting features like its 7-degree-of-freedom arm and AI personalization.

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    Jason Wittes's questions to LEMAITRE VASCULAR (LMAT) leadership

    Jason Wittes's questions to LEMAITRE VASCULAR (LMAT) leadership • Q2 2025

    Question

    Jason Wittes of Roth Capital Partners, LLC sought to confirm if R&D spending would remain light for the rest of the year and asked about other key regulatory approvals on the radar beyond the expected RestoreFlow approvals in Europe.

    Answer

    Chairman & CEO George LeMaitre declined to give specific guidance on the R&D line item but pointed to the overall OpEx guidance. He highlighted several other key regulatory items on the horizon, including the final submission for XenoSure peripheral in China and pending ArteGraft approvals in Canada, Korea, and Singapore.

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    Jason Wittes's questions to LEMAITRE VASCULAR (LMAT) leadership • Q3 2024

    Question

    Jason Wittes of Roth MKM sought clarification on the international expansion strategy, the sustainability of pricing momentum, and whether price increases were broad-based or product-specific.

    Answer

    CEO George LeMaitre clarified that the company is pursuing distributor buyouts in Czechia and Portugal while also expanding its physical office footprint in established direct markets. He confirmed the pricing floor strategy is a key, sustainable driver and noted increases are targeted at about 50% of product categories where LeMaitre has high market share.

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    Jason Wittes's questions to Orthofix Medical (OFIX) leadership

    Jason Wittes's questions to Orthofix Medical (OFIX) leadership • Q2 2025

    Question

    Jason Wittes of Roth Capital Partners, LLC asked if the outsized growth in specialized orthopedics is sustainable, questioned the drivers of Bone Growth Therapies' above-market growth, and sought to quantify the pricing impact from a large customer.

    Answer

    President and CEO Massimo Calafiore expressed confidence that the strong growth in U.S. orthopedics will continue, driven by the company's unique position in limb reconstruction. He attributed BGT's success to strong commercial execution and cross-selling. CFO Julie Andrews clarified that the pricing impact was the primary reason for the gap between the 7% procedure volume growth and 5.4% revenue growth in U.S. Spine Fixation.

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    Jason Wittes's questions to Orthofix Medical (OFIX) leadership • Q3 2024

    Question

    Jason Wittes of ROTH MKM asked for details on the primary customers and use cases for the 7D navigation system, both now and in the future. He also sought clarification on whether guidance excludes hurricane and IV shortage impacts and asked for specifics on the expected growth rate for spinal implants.

    Answer

    CEO Massimo Calafiore explained that 7D is primarily used in spine surgery, with strong adoption in open procedures (80% of the market) and growing use in MIS for ASCs. He noted future development will focus on deformity cases. CFO Julie Andrews confirmed that guidance excludes potential impacts from hurricanes or IV shortages, though none are currently being observed. She also clarified that the company's overall 6% to 7% net sales CAGR target reflects its expectation for above-market growth.

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    Jason Wittes's questions to IRADIMED (IRMD) leadership

    Jason Wittes's questions to IRADIMED (IRMD) leadership • Q2 2025

    Question

    Jason Wittes of Roth Capital Partners, LLC asked about the average selling price (ASP) increase for the new 3870 pump, its potential impact on gross margins, the current fulfillment time for the order backlog, and whether customers with existing orders would be likely to upgrade to the new pump during the current year.

    Answer

    Founder, President & CEO Roger Susi stated that the ASP for the new 3870 pump is expected to be about 12% higher, which should positively affect gross and operating margins. He detailed that the monitor backlog fulfillment is about 4-5 weeks, while the pump backlog is significantly longer at 5-6 months. Susi clarified that customers will not be upgrading from the current backlog in 2025, as the initial rollout is a limited, controlled launch to a few facilities for feedback before the full commercial launch in 2026.

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    Jason Wittes's questions to IRADIMED (IRMD) leadership • Q2 2025

    Question

    Jason Wittes of Roth Capital Partners, LLC asked about the anticipated average selling price (ASP) increase for the new 3870 pump, its potential impact on gross margins, the current fulfillment time for the order backlog, and whether customers with existing orders would be motivated to upgrade to the new model this year.

    Answer

    Founder, President & CEO Roger Susi stated that the new 3870 pump's ASP is expected to be approximately 12% higher than the current model, which should positively impact gross margins. He clarified that the fulfillment time for the backlog is about five to six months for pumps. Susi explained that customers with existing orders will not be upgraded this year, as the company is planning a very limited, controlled launch of 40-50 units to just three facilities in Q4 to gather user feedback before a wider rollout.

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    Jason Wittes's questions to IRADIMED (IRMD) leadership • Q4 2024

    Question

    Jason Wittes of Lake Street Capital Markets inquired about the 2025 outlook, asking if the sales force would shift focus to the monitor business, and sought clarity on bottom-line projections for R&D spending, gross margins, and potential operating leverage.

    Answer

    President and CEO Roger Susi confirmed that the sales team will be further incentivized to sell monitors in 2025, a strategy that began in mid-2024 and has already yielded strong Q4 monitor bookings without negatively impacting pump sales. CFO John Glenn stated that R&D spending would remain consistent or rise slightly, and projected gross margins to stay within the 76-77% range. Glenn also noted plans for G&A leverage, while S&M expenses will vary with commissions from strong bookings. Susi added that 2025 will see preparatory spending for the 2026 new pump launch, including hiring clinical specialists and expanding sales territories.

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    Jason Wittes's questions to IRADIMED (IRMD) leadership • Q3 2024

    Question

    Jason Wittes of ROTH Capital Partners asked if an earlier-than-expected FDA approval for the new pump could accelerate its revenue impact, questioned future plans to expand the monitor business, and inquired about the sales force's capacity to manage both the new pump launch and monitor sales effectively.

    Answer

    Executive Roger Susi stated that an earlier FDA approval would not significantly speed up the new pump's launch due to fixed timelines for materials and processes. He explained that the primary strategy to boost monitor sales is through adjusting sales force compensation plans for 2025 to shift focus from the legacy pump. Susi acknowledged the challenge of balancing sales priorities and noted that as the new pump drives significant growth, the company plans to expand the sales team and add territories, managing the initial launch carefully to align resources with demand.

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    Jason Wittes's questions to Alphatec Holdings (ATEC) leadership

    Jason Wittes's questions to Alphatec Holdings (ATEC) leadership • Q2 2025

    Question

    Jason Wittes asked about the company's CapEx spending philosophy in the context of maintaining positive free cash flow and requested a breakdown of EOS revenue between capital sales and recurring streams.

    Answer

    CFO Todd Koning explained that CapEx is primarily for surgical instruments, following a model of investing $0.75 for every dollar of year-over-year surgical revenue growth. Regarding EOS, he stated that approximately $5 million per quarter is recurring revenue from maintenance and warranties, with the remainder being capital sales, as the company primarily sells the systems outright.

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    Jason Wittes's questions to Alphatec Holdings (ATEC) leadership • Q4 2024

    Question

    Jason Wittes asked about ATEC's product portfolio for deformity, what was presented at the recent Deformity Summit, the product roadmap for the segment, and whether the summit targeted current or new surgeon users.

    Answer

    Patrick Miles (Executive) confirmed that ATEC has a complete portfolio for adult deformity, including EOS, InVictus, PTP, and advanced SafeOp neurophysiology, aiming to replace clinical 'gestalt' with data-driven analytics. He clarified that the Deformity Summits target both current users and new surgeons, with a particular focus on engaging academic institutions and their residents and fellows.

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    Jason Wittes's questions to Sensus Healthcare (SRTS) leadership

    Jason Wittes's questions to Sensus Healthcare (SRTS) leadership • Q1 2025

    Question

    Jason Wittes of ROTH Capital Partners asked for details on the Fair Deal Agreement (FDA) program, including anticipated patient volumes at full capacity, the ramp-up period, and whether interest from smaller practices expands the total market opportunity.

    Answer

    President and General Counsel Michael Sardano clarified the 4-5 month timeline is from contract signing to revenue receipt, with volumes ramping up as marketing efforts increase. He confirmed that interest from smaller practices expands the market and the company expects to sign 3-5 more large multi-site groups in 2025. Chairman and CEO Joseph Sardano highlighted a 65% quarter-over-quarter increase in patient treatments as a key indicator of the program's accelerating momentum.

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    Jason Wittes's questions to Monogram Technologies (MGRM) leadership

    Jason Wittes's questions to Monogram Technologies (MGRM) leadership • Q1 2025

    Question

    Jason Wittes of Northland Securities inquired about the specific timelines for Monogram's clinical and commercial rollouts in both the U.S. and India, the key technical differentiators versus Stryker's Mako system, and the feedback received from key opinion leaders (KOLs) who have demoed the mBos system.

    Answer

    Executive Benjamin Sexson detailed that live patient surgeries in India are on track to begin within 90 business days, with the U.S. pilot launch anticipated in Q3 2025. He highlighted key differentiators from Mako, including superior accuracy, autonomous cutting to reduce surgeon fatigue, AI-based planning, and a more dexterous multi-application platform. Sexson noted that recent KOL feedback has been overwhelmingly positive, with surgeons impressed by the system's speed and advancements.

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    Jason Wittes's questions to Monogram Technologies (MGRM) leadership • Q4 2024

    Question

    Jason Wittes inquired about the anticipated duration of the clinical trial in India post-approval, the potential outcomes and implications of a U.S. FDA approval for a semi-autonomous device, updates on the 'Envision' mapping and registration technology, and the company's current cash burn rate with an outlook for 2025.

    Answer

    CEO Ben Sexson detailed that the India trial would commence about two months after clearance, with patient enrollment taking an estimated 3-6 months, followed by data processing and follow-up. He noted that the performance of a new end effector could make the initially submitted U.S. system highly competitive with a straightforward upgrade post-clearance. Regarding the 'Envision' system, he described it as a promising but long-term project not yet ready for clinical use. CFO Noel Knape and CEO Ben Sexson clarified that the monthly cash burn is around $1.1 million, with expectations for a heavier burn in Q2 due to specific outlays for tooling and testing, but the baseline headcount remains steady.

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    Jason Wittes's questions to ALLURION TECHNOLOGIES (ALUR) leadership

    Jason Wittes's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q1 2025

    Question

    Jason Wittes inquired about regional business trends following the new marketing strategy, the timeline and design of the upcoming GLP-1 combination trial, and the outlook for gross margins for the remainder of the year.

    Answer

    Shantanu Gaur, Founder and CEO, explained that regional growth is following the B2B2C model expansion and is seeing tailwinds in mature GLP-1 markets. He detailed that the prospective GLP-1 trial will enroll at least 75 subjects starting in late 2025, with a one-year follow-up, and will be a single-arm study to ensure efficiency. Gaur also confirmed that the strong 75% gross margin achieved in Q1 is expected to be maintained in the same ballpark for the rest of the year, with potential for further expansion as revenues ramp.

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    Jason Wittes's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q4 2024

    Question

    Asked about the implementation status of the new B2B2C commercial model, requested performance metrics for regions with high GLP-1 maturity, and sought clarity on the timing of OpEx reductions.

    Answer

    The B2B2C model has been successfully piloted and will be rolled out throughout 2025. The Middle East and Latin America are key examples of mature GLP-1 markets where patient discontinuation is driving growth, with a similar trend expected in Europe. The OpEx reductions for 2025 were implemented via a restructuring at the end of 2024.

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    Jason Wittes's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q3 2024

    Question

    Jason Wittes of ROTH Capital Partners requested quantification of the financial impact from the France suspension, details on the cost reduction timeline, confirmation of the 2025 breakeven target, commentary on regional performance drivers, and the profile of patients using GLP-1s with the Allurion program.

    Answer

    CFO Chris Geberth quantified the France impact as over $1 million in lost revenue plus a $1.2 million recall adjustment. He confirmed the restructuring began in Q4 and the company is targeting adjusted EBITDA profitability by late 2025. CEO Shantanu Gaur highlighted a recovery in the Middle East, driven by GLP-1 churn, and noted that 33% of patients have now tried anti-obesity drugs. He described combination therapy patients as having a BMI of 27-40 who use the balloon to overcome weight loss plateaus on GLP-1s.

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    Jason Wittes's questions to Stereotaxis (STXS) leadership

    Jason Wittes's questions to Stereotaxis (STXS) leadership • Q1 2025

    Question

    Jason Wittes of ROTH Capital inquired if a U.S. MAGiC approval would be upside to guidance, the expected timeline for full market conversion to MAGiC in the U.S. and Europe, and whether alternative financing models for GenesisX are being discussed.

    Answer

    David Fischel (executive) confirmed that potential U.S. revenue from MAGiC is not included in current guidance and would represent upside. He expects a full market conversion to MAGiC to take approximately two years in Europe, with a potentially quicker timeline in the U.S. post-approval. Regarding GenesisX financing, Fischel stated that while currently focused on sales, the company plans to offer purchase, lease, and placement models in the future to accelerate adoption.

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    Jason Wittes's questions to Stereotaxis (STXS) leadership • Q4 2024

    Question

    Jason Wittes from ROTH Capital Partners sought to clarify the assumptions within the 2025 revenue guidance, specifically regarding the MAGiC catheter's European and U.S. contributions. He also inquired about manufacturing capacity and the financial model behind the projected fivefold increase in disposable revenue per procedure.

    Answer

    Executive David Fischel confirmed that 2025 guidance excludes potential U.S. MAGiC revenue due to uncertain approval timing. He noted that manufacturing is ramping up to meet European demand. Fischel explained that the projected fivefold revenue increase per procedure is based on adding the average selling prices of both the new MAGiC ablation and MAGiC Sweep mapping catheters to the current disposable revenue, with the mapping catheter expected to be used in a majority of procedures.

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    Jason Wittes's questions to Enovis (ENOV) leadership

    Jason Wittes's questions to Enovis (ENOV) leadership • Q4 2024

    Question

    Jason Wittes inquired about how currency fluctuations flow through the P&L, the company's hedging strategy, and the bottom-line impact of the guided top-line headwind. He also sought clarification on the net effect of synergies and dissynergies.

    Answer

    CFO Phillip Berry explained that the global business is now more naturally hedged due to its euro-dominated revenue and costs from Lima/Mathys. He stated the 1-2% top-line currency headwind would flow through at the company-level margin without a major impact on the EBITDA percentage. He also clarified that Q4 had a 1% net dissynergy impact in Recon, which is expected to neutralize in Q1 2025 and turn positive thereafter.

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    Jason Wittes's questions to TriSalus Life Sciences (TLSI) leadership

    Jason Wittes's questions to TriSalus Life Sciences (TLSI) leadership • Q3 2024

    Question

    Jason Wittes asked about the key assumptions in the 2025 revenue guidance, specifically the contribution from TACE and TARE procedures, and whether any PERIO trial costs are included in the 2025 expense outlook. He also inquired about the partnership strategy for nelitolimod and any upcoming reimbursement milestones for the pancreatic infusion system.

    Answer

    Chief Financial Officer Sean Murphy clarified that the 2025 sales guidance is primarily driven by the TACE and TARE markets, with minimal contribution from other areas. He confirmed the company is actively seeking a partner for the uveal melanoma indication for nelitolimod, while decisions for other indications will follow data readouts in mid-2025. President and CEO Mary Szela added that the company is submitting for a Category 3 reimbursement code for its pancreatic device in February 2025, with potential approval by mid-year.

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    Jason Wittes's questions to STRYKER (SYK) leadership

    Jason Wittes's questions to STRYKER (SYK) leadership • Q3 2024

    Question

    Jason Wittes inquired about the competitive advantage in cementless knees, noting Mako's role, and asked if a similar first-mover advantage exists for Stryker in robotic-assisted hip procedures.

    Answer

    CEO Kevin Lobo attributed Stryker's lead in cementless knees to a decade-long head start with proven long-term implant data, which is amplified by Mako's precision. For hips, he explained that while the need for robotics is less obvious to surgeons initially, Mako's unique advantages, like enabling fluoroscopy-free procedures, combined with innovative implants, are positioning it to drive increased adoption over time.

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    Jason Wittes's questions to Journey Medical (DERM) leadership

    Jason Wittes's questions to Journey Medical (DERM) leadership • Q2 2024

    Question

    Jason Wittes questioned the level of confidence gained from the DFD-29 payer survey regarding reimbursement timelines and market penetration, and also asked about the expected SG&A and sales force expansion for the DFD-29 launch.

    Answer

    CEO Claude Maraoui expressed high confidence from the survey, targeting coverage for nearly 200 million lives within 6 to 12 months post-launch. He and CFO Joseph Benesch clarified that the company plans to launch with its current 35-person sales force and does not anticipate a significant ramp-up in SG&A, with only minimal headcount additions possible in late 2025.

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