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    Jason Wittes • ROTH Capital Partners

    Jason Wittes's questions to Accuray Inc (ARAY) leadership

    Jason Wittes's questions to Accuray Inc (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 Inc (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 Globus Medical Inc (GMED) leadership

    Jason Wittes's questions to Globus Medical Inc (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 Inc (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 Inc (ZBH) leadership

    Jason Wittes's questions to Zimmer Biomet Holdings Inc (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 Inc (LMAT) leadership

    Jason Wittes's questions to LeMaitre Vascular Inc (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 Inc (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 Inc (OFIX) leadership

    Jason Wittes's questions to Orthofix Medical Inc (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 Inc (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 Corp (IRMD) leadership

    Jason Wittes's questions to IRadimed Corp (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 Corp (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 Corp (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 Inc (ATEC) leadership

    Jason Wittes's questions to Alphatec Holdings Inc (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 Inc (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 Enovis Corp (ENOV) leadership

    Jason Wittes's questions to Enovis Corp (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 Stryker Corp (SYK) leadership

    Jason Wittes's questions to Stryker Corp (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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