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    Jeff Garro

    Research Analyst at Stephens Inc.

    Jeff Garro is Managing Director and CFA at Stephens, Inc., specializing in Healthcare IT equity research and based in Chicago. He covers a range of public healthcare IT companies including Simulations Plus (SLP) and has issued notable analyst ratings with recent documented price targets. Jeff began his equity research career in 2009 and joined Stephens in September 2022, following similar roles at Piper Sandler and William Blair, building on a unique foundation as both a litigating attorney and an engineer. He holds a B.S.E. in Biomedical and Electrical Engineering from Duke University, a J.D. from DePaul University, and the Chartered Financial Analyst (CFA) designation.

    Jeff Garro's questions to VEEVA SYSTEMS (VEEV) leadership

    Jeff Garro's questions to VEEVA SYSTEMS (VEEV) leadership • Q2 2026

    Question

    Jeff Garro from Stephens Inc. asked about Veeva's AI strategy for the R&D product set, specifically how the company plans to work with partners as it rolls out its agents and where it sees differentiated opportunities for automation.

    Answer

    CEO Peter Gassner responded that while the rollout is measured, the goals are aggressive, such as aiming to reduce outsourced labor around the Trial Master File (TMF) by 50%. He sees a significant role for partners to develop agents that interoperate with Veeva's, and for customers to build their own custom agents on the Veeva AI platform for specific needs.

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    Jeff Garro's questions to VEEVA SYSTEMS (VEEV) leadership • Q1 2026

    Question

    Jeff Garro of Stephens Inc. asked about the mix of customers' commercial focus between digital and in-person spending and how Veeva's offerings, particularly Crossix, are differentiated in enabling and measuring the effectiveness of both channels.

    Answer

    CEO Peter Gassner responded that he hasn't sensed a broad change in the spending mix, but noted strong customer interest in using technology like Crossix to double the impact of their existing digital spend. For in-person field teams, he highlighted the excitement around using AI to enhance productivity without necessarily changing the size of the field force.

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    Jeff Garro's questions to TruBridge (TBRG) leadership

    Jeff Garro's questions to TruBridge (TBRG) leadership • Q2 2025

    Question

    Jeff Garro of Stephens Inc. asked about the sustainability of bookings performance, sought more detail on client retention trends by segment, and requested an assessment of the Vugal acquisition's progress.

    Answer

    President and CEO Chris Fowler expressed confidence in consistent bookings, noting a balanced performance but fewer opportunities in the net new patient care market. On retention, he stated patient care remains strong, while the financial health segment is on a journey to improve CBO client retention. CFO Vinay Bassi added that patient care retention is in the high 90s. Regarding the acquisition, Fowler affirmed they are pleased but learned that a physical presence in India is necessary to complement the remote workforce and standardize processes for acute care billing to achieve their desired scaling pace.

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    Jeff Garro's questions to TruBridge (TBRG) leadership • Q2 2025

    Question

    Jeff Garro from Stephens Inc. asked about the leading indicators for maintaining consistent bookings above $20 million, sought more detail on retention trends by business segment, and requested an assessment of the Vugal acquisition's performance relative to initial expectations.

    Answer

    President and CEO Chris Fowler expressed confidence in maintaining booking levels, citing a healthy balance between Patient Care and Financial Health, though he noted fewer net-new opportunities in the EHR space. Regarding retention, Fowler and CFO Vinay Bassi highlighted strong, high-90s retention in Patient Care while acknowledging the ongoing effort to stabilize and improve Financial Health retention, which is in the low 90s. Fowler assessed the Vugal acquisition as a positive strategic move, but conceded that the fully remote model was insufficient for their desired pace, necessitating a physical presence in India to better handle acute billing nuances and standardize processes.

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    Jeff Garro's questions to TruBridge (TBRG) leadership • Q2 2025

    Question

    Jeff Garro from Stephens Inc. asked about the leading indicators for maintaining consistent bookings, sought more detail on client retention trends by segment, and requested an assessment of the Vugal acquisition and the offshore strategy.

    Answer

    President and CEO Chris Fowler expressed confidence in bookings, citing a healthy balance across business lines and a strategy of expanding relationships from smaller initial deals. On retention, Mr. Fowler noted strong performance in Patient Care, while acknowledging a journey to improve the CBO business in Financial Health through operational enhancements. He affirmed he is still 'very pleased' with the Vugal acquisition for providing a captive offshore capability but noted key learnings around the need for a physical training presence in India and process standardization. CFO Vinay Bassi added that Patient Care retention is in the high nineties, while Financial Health retention is in the low nineties.

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    Jeff Garro's questions to TruBridge (TBRG) leadership • Q2 2025

    Question

    Jeff Garro of Stephens Inc. asked about the leading indicators for maintaining consistent bookings above $20 million, sought more detail on client retention trends by segment, and requested an assessment of the Vugal acquisition's performance relative to initial expectations.

    Answer

    President and CEO Chris Fowler expressed confidence in bookings, citing a good balance between Patient Care and Financial Health, though he noted fewer 'at bats' in the net new patient care market. On retention, he highlighted strong performance in Patient Care and detailed the ongoing operational improvements in the Financial Health CBO business. Regarding the acquisition, Fowler stated he is still pleased but acknowledged a key learning was that a remote-only offshore model was insufficient for their desired pace, necessitating a physical presence in India and process standardization. CFO Vinay Bassi added that Patient Care retention is in the high nineties, while Financial Health is in the low nineties.

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    Jeff Garro's questions to Evolent Health (EVH) leadership

    Jeff Garro's questions to Evolent Health (EVH) leadership • Q2 2025

    Question

    Jeff Garro of Stephens Inc. requested a deeper dive into the Performance Suite pipeline from net new clients, asking about the mix by specialty, line of business, and the type of health plans showing interest.

    Answer

    CEO Seth Blackley responded that the pipeline is heavily weighted towards oncology due to market demand and includes a mix of national, regional, and Blue plans. He highlighted a higher-than-usual mix of new logos, driven by payers seeking new solutions and the anticipated difficulty for plans to insource specialty management under new CMS requirements.

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    Jeff Garro's questions to OptimizeRx (OPRX) leadership

    Jeff Garro's questions to OptimizeRx (OPRX) leadership • Q2 2025

    Question

    Jeff Garro of Stephens Inc. asked if current macro uncertainty was causing a pull-forward of customer spending into the first half of the year and how these trends are influencing the outlook for the upcoming selling season.

    Answer

    CEO Steve Silvestro responded that the company is not seeing any revenue pull-forward, although clients are engaging in planning conversations earlier than usual. SVP of Corporate Finance Andrew D'Silva added that rather than pulling spend forward, regulatory and macro uncertainty is prompting pharma companies to lean more heavily into efficient, high-ROI digital channels, which is a positive trend for OptimizeRx.

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    Jeff Garro's questions to Privia Health Group (PRVA) leadership

    Jeff Garro's questions to Privia Health Group (PRVA) leadership • Q2 2025

    Question

    Jeff Garro asked about business development trends, specifically the focus on new markets versus existing market density, and if there has been a change in seller expectations.

    Answer

    CEO Parth Mehrotra stated that Privia is aggressively pursuing both existing market density and new market entry without any trade-offs. He noted that due to market shakeouts and more cautious private equity buyers, seller expectations have become more reasonable. Privia's stability and balance sheet strength make it a 'natural consolidator,' and they are seeing strong momentum in their M&A pipeline while remaining disciplined as EBITDA and free cash flow buyers.

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    Jeff Garro's questions to Certara (CERT) leadership

    Jeff Garro's questions to Certara (CERT) leadership • Q2 2025

    Question

    Jeff Garro of Stephens Inc. asked for details on the new AI MIDD platform, including the customer adoption path and economics, and questioned if new product launches alone are sufficient to accelerate organic growth without a better macro environment.

    Answer

    CEO William Feehery described the new platform as a major initiative to unite various software solutions, which will be layered on top of existing offerings. He asserted that the company's growth is not dependent on a macroeconomic recovery, citing the convergence of technology maturity, industry understanding, and regulatory acceptance as key drivers.

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    Jeff Garro's questions to IQVIA HOLDINGS (IQV) leadership

    Jeff Garro's questions to IQVIA HOLDINGS (IQV) leadership • Q2 2025

    Question

    Jeff Garro from Stephens Inc. asked for an update on IQVIA's AI initiatives, including development progress, customer demand, and how AI is being used internally to drive efficiencies.

    Answer

    CEO & Chairman Ari Bousbib detailed significant progress, stating IQVIA is 'all in' on AI, developing specialized agents with NVIDIA. He mentioned over 20 agents are in production with 50 more planned for Q3, covering use cases like literature review and patient journeys. He noted strong client interest and highlighted that AI is expected to drive long-term internal efficiencies, which will help mitigate pricing pressures and support margin expansion.

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    Jeff Garro's questions to Simulations Plus (SLP) leadership

    Jeff Garro's questions to Simulations Plus (SLP) leadership • Q3 2025

    Question

    Jeff Garro from Stephens Inc. asked about the pacing of AI product releases, potential gross margin implications, and updated financial expectations for the Proficiency business.

    Answer

    CEO Shawn O’Connor stated that major software releases will likely remain annual to suit client needs, though the new structure allows for faster updates. He confirmed the Proficiency revenue contribution is now guided to $9M-$12M for FY25 and that a previously mentioned large engagement has initiated, albeit with some delays. He does not see a shift to a transactional model in the near-term.

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    Jeff Garro's questions to Phreesia (PHR) leadership

    Jeff Garro's questions to Phreesia (PHR) leadership • Q1 2026

    Question

    Jeff Garro asked about the seasonality of the Network Solutions business, particularly the Q4-to-Q1 trend, and whether the revenue cadence for the rest of the year is expected to differ from historical patterns.

    Answer

    CFO Balaji Gandhi explained that quarter-to-quarter fluctuations are driven more by the specific pacing of large client campaigns rather than true seasonality. He stated that visibility for the year is consistent with prior years and that this pacing effect can cause variability, especially as the revenue base grows.

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    Jeff Garro's questions to Phreesia (PHR) leadership • Q2 2025

    Question

    Jeff Garro asked about any anticipated impact from the U.S. election year on the business and requested an update on the adoption and value of its life sciences engagement tools.

    Answer

    Executive Balaji Gandhi stated that the company does not anticipate any notable impact from the election season, as it was manageable in past cycles. He also noted that the life sciences assets acquired about a year ago have sparked valuable conversations and are expected to be a key driver of future growth in Network Solutions and total revenue per client.

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    Jeff Garro's questions to Doximity (DOCS) leadership

    Jeff Garro's questions to Doximity (DOCS) leadership • Q3 2025

    Question

    Jeff Garro asked if the increase in faster January program launches indicates that medical/legal reviews are becoming less of a bottleneck, or if it's due to strong execution and the flexibility of integrated solutions.

    Answer

    CFO Anna Bryson credited the faster launches to the new integrated programs, which she called a 'game changer.' This model allows clients to go live immediately with any module that has pre-approved content. She also noted this flexibility pulls revenue forward, contributing to FY25 growth but potentially creating tougher comps for FY26.

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