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    Jeff Johnson

    Senior Research Analyst at Robert W. Baird & Co.

    Jeff Johnson is a Senior Research Analyst at Robert W. Baird & Co., specializing in medical technology with coverage spanning key sectors such as health care equipment, dental, orthopedics, life sciences, diagnostics, and the healthcare supply chain. He has covered prominent companies within these areas, earning recognition as the No. 2 stock picker in Health Care Equipment & Supplies by StarMine (2020) and ranked among the top Wall Street analysts by TipRanks, including fourth best in 2018 and Top 100 in 2019. Johnson began his career as an optometrist and held academic positions at Harvard Medical School and Massachusetts Eye and Ear Infirmary before joining Baird in 2003, and holds an MBA from Northwestern University as well as an optometry doctorate. He is registered as both a broker and investment adviser with FINRA, holding active securities licenses.

    Jeff Johnson's questions to ALCON (ALC) leadership

    Jeff Johnson's questions to ALCON (ALC) leadership • Q1 2025

    Question

    Jeff Johnson from Robert W. Baird & Co. asked about the phasing of VBP tailwinds in China for the implantables business and whether the flat Q1 growth represented a trough. He also inquired about the pricing strategy for PanOptix Pro versus the original PanOptix.

    Answer

    CEO David Endicott attributed the flat implantables growth to the soft U.S. market and expects the VBP tailwind to last until mid-2026. CFO Tim Stonesifer added that the VBP comp normalizes in Q2. Regarding pricing, Mr. Endicott declined to share specifics but acknowledged the strategic flexibility offered by having two distinct premium products.

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    Jeff Johnson's questions to PDCO leadership

    Jeff Johnson's questions to PDCO leadership • Q2 2025

    Question

    Questioned the feasibility of the back-half guidance, which implies significant year-over-year EPS growth, and asked for the key drivers behind this expected ramp-up. He also requested factual details on the operational overlap between Patterson's dental and veterinary businesses in light of the strategic alternatives review.

    Answer

    The expected back-half EPS growth is attributed to lapping the significant negative impact of the Change Healthcare disruption from the prior year's Q4. Additional tailwinds include lower year-over-year interest expense and a reduced share count. Regarding the operational overlap between the dental and vet businesses, it's described as a 'mixed bag,' with some shared distribution and service centers, but also many facilities that are specific to each segment.

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    Jeff Johnson's questions to PDCO leadership • Q1 2025

    Question

    Sought clarification on the ongoing Change Healthcare impact, asking if it's due to lower monetization on new platforms or continued disruption to consumable orders. Followed up by asking if any customers were permanently lost and requested quantification of the separate impacts from Change Healthcare and the prior-year UPS issue on consumables.

    Answer

    The ongoing impact is primarily due to the new claims processing platform having a slightly lower revenue per customer than Change. The disruption to consumable orders is viewed as a temporary timing issue. No customers were permanently lost, though a small number found alternative claims processing solutions not integrated with Patterson's software. The UPS issue was quantified as less than a 1-point impact, with the Change issue being larger.

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