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    Jeffrey Garro

    Managing Director and equity research analyst specializing in Healthcare IT at Stephens Inc.

    Jeffrey Garro is a Managing Director and equity research analyst specializing in Healthcare IT at Stephens Inc., bringing a breadth of experience from similar roles at Piper Sandler and William Blair. He covers key companies in healthcare technology, such as Simulations Plus (SLP), and has issued price targets and recommendations tracked across platforms like Quiver Quantitative, highlighting his influence on market expectations and company performance. Beginning his healthcare IT research career in 2009 and joining Stephens in September 2022, Garro previously worked as a litigation attorney and holds a B.S.E. in Biomedical and Electrical Engineering from Duke University as well as a J.D. from DePaul University. As a CFA charterholder, Garro maintains high professional standards and leverages his unique engineering and legal background to deliver in-depth, actionable analysis for institutional clients.

    Jeffrey Garro's questions to Doximity (DOCS) leadership

    Jeffrey Garro's questions to Doximity (DOCS) leadership • Q4 2025

    Question

    Jeffrey Garro asked for a breakdown of the fiscal 2026 revenue drivers between net revenue retention (NRR) from existing customers and contributions from new customers. He also inquired about the potential impact of the velocity of new drug approvals on the revenue outlook.

    Answer

    CFO Anna Bryson stated that while larger customers will continue to lead growth, the company is seeing exciting traction with SMB and new customers through its agency partner program, viewing it as a long-term growth vector. CSO Dr. Nate Gross added that while policy uncertainty exists, the science behind new therapies is strong, and Doximity's high ROI makes it a resilient, 'well-insulated platform' even if budgets tighten.

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    Jeffrey Garro's questions to OptimizeRx (OPRX) leadership

    Jeffrey Garro's questions to OptimizeRx (OPRX) leadership • Q1 2025

    Question

    Jeffrey Garro followed up on the revenue visibility topic, asking what is needed to land the remaining 20% of revenue to meet the annual guidance. He also asked for help reconciling the gross margin benefits from data subscriptions with the dilutive impact from an increase in lower-margin managed services.

    Answer

    CEO Stephen Silvestro and CFO Edward Stelmakh explained that the remaining revenue would come from converting the existing healthy pipeline. Regarding margins, Stelmakh noted the diversified portfolio sometimes includes lower-margin business to meet client needs, but the strategic focus is on building the high-margin data business. Silvestro added this creates a 'flywheel effect,' where data ownership unlocks more profitable network transactions.

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    Jeffrey Garro's questions to OptimizeRx (OPRX) leadership • Q4 2024

    Question

    Jeffrey Garro asked about the margin outlook embedded in the 2025 guidance, including product mix and OpEx investments, and questioned the competitive environment, especially regarding rivals adding DTC capabilities.

    Answer

    CFO Edward Stelmakh stated that while not formally guided, gross margin is expected in the low to mid-60% range, improving through the year with more DAAP deals, and that the leverageable model will drive EBITDA growth in the second half. CEO Stephen Silvestro asserted that OptimizeRx maintains a strong competitive moat as the only company combining HCP and DTC at scale with a proprietary network, which is driving revenue synergies and subscription growth.

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

    Jeffrey Garro's questions to Evolent Health (EVH) leadership • Q1 2025

    Question

    Jeffrey Garro from Stephens asked about potential variations in Performance Suite gross margins by payer mix or geography and also sought confirmation that no risk-sharing corridors had been triggered.

    Answer

    Executive John Johnson confirmed that no risk corridors have been hit this early in the year. He explained that while minor variations exist at a granular contract level, there are no predictable, macro-level margin differences by state or line of business. He noted the percentage-based savings opportunity is consistent across populations.

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    Jeffrey Garro's questions to Evolent Health (EVH) leadership • Q4 2024

    Question

    Jeffrey Garro asked for details on the timing and mix of the $25 million organic growth contribution in 2025 and requested an update on a previously announced large national plan win.

    Answer

    CFO John Johnson explained that the EBITDA from organic growth is front-half loaded, driven by deals already live. He noted that while new Performance Suite contracts won't contribute much EBITDA in 2025, their ramp to mature margins is now expected to be faster at 18 months. CEO Seth Blackley added that the large national plan win is expected to go live around mid-year 2025.

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    Jeffrey Garro's questions to Evolent Health (EVH) leadership • Q3 2024

    Question

    Jeffrey Garro of Stephens Inc. asked about the margin performance of mature Performance Suite contracts and the sustainable long-term margin target for that business segment.

    Answer

    John Johnson explained that the recent spike in medical costs has impacted all contract cohorts, not just new ones. While reaffirming the mid-teens long-term margin target, he noted that the company is evaluating symmetric risk corridors with partners, which could trade a slightly lower margin for greater downside protection.

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    Jeffrey Garro's questions to Health Catalyst (HCAT) leadership

    Jeffrey Garro's questions to Health Catalyst (HCAT) leadership • Q1 2025

    Question

    Jeff Garro of Stephens Inc. asked about the benefits and market overlap of the new Ignite Spark product for the mid-market and the strategy of selling applications on the Microsoft Azure marketplace.

    Answer

    CEO Dan Burton explained that Ignite Spark effectively targets the mid-market, which includes a large portion of Health Catalyst's existing 900+ app-layer clients, creating a strong overlap and leveraging established relationships. He described the Azure marketplace as a promising new sales channel that is part of an expanded go-to-market partnership with Microsoft, which also includes joint sales activities. He also mentioned a similar beneficial partnership with Databricks.

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    Jeffrey Garro's questions to Certara (CERT) leadership

    Jeffrey Garro's questions to Certara (CERT) leadership • Q1 2025

    Question

    Jeffrey Garro asked about the pipeline development for the Non-animal Navigator product, a potential timeline for its financial impact, and whether the company's investments in AI are being recognized as a market differentiator.

    Answer

    CFO John Gallagher indicated it was too early to provide a timeline or quantify the financial impact of Non-animal Navigator, suggesting it would be a post-Q2 development. CEO William Feehery discussed AI initiatives like the Co-author product, noting they have meaningful revenue and attract significant customer attention. He clarified Certara's strategy is to enhance its core biosimulation offerings with AI, not to become a general AI company.

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    Jeffrey Garro's questions to Certara (CERT) leadership • Q4 2024

    Question

    Jeffrey Garro asked about the factors determining the high and low ends of the 2025 revenue guidance, the contrast between strong Q4 bookings and a cautious outlook, and details on incremental R&D investments, particularly for Chemaxon.

    Answer

    CFO John Gallagher explained that the guidance range is contingent on end-market conditions, specifically the spending patterns of Tier 1 and Tier 3 customers, which remain challenging despite strong Q4 execution by the commercial team. He added that the 2025 adjusted EBITDA margin guidance of 30-32% reflects continued R&D investments in software and AI, as well as the initial margin impact of integrating the newly acquired Chemaxon.

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    Jeffrey Garro's questions to Certara (CERT) leadership • Q3 2024

    Question

    Jeffrey Garro inquired about the current demand environment for biosimulation, the potential for a year-end budget flush, and how Certara's go-to-market strategies, including Certara Cloud, are influencing customer interactions and budget accessibility.

    Answer

    Executive William Feehery stated that while some year-end budget flush is possible, it is not factored into guidance. He attributed strong performance to investments in the commercial team and inherent demand for biosimulation. Feehery explained that Certara Cloud is acting as a platform 'glue,' lowering customer IT costs, simplifying security audits, and making it easier to cross-sell products, thereby fostering overall software growth.

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

    Jeffrey Garro's questions to Simulations Plus (SLP) leadership • Q2 2025

    Question

    Jeffrey Garro from Stephens Inc. asked for details on the PBPK partnership with the Enabling Technologies Consortium, including its timeline and potential. He also questioned the seasonality of the Pro-ficiency business, noting the sequential decline in its software revenue, and asked how the new $5 million services contract would be allocated.

    Answer

    Executive Shawn O'Connor explained the PBPK partnership is a 12+ month project that was in the works for about six months. He described it as a key method for developing technology that will be integrated into their GastroPlus product. O'Connor reiterated that the ALI (Pro-ficiency software) revenue is lumpy and tied to clinical trial starts, which were slow in Q2. He noted that the differing business cadences of the legacy and acquired units are smoothing the company's overall seasonality across the second, third, and fourth quarters.

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    Jeffrey Garro's questions to Simulations Plus (SLP) leadership • Q1 2025

    Question

    Jeffrey Garro asked about the seasonality and potential catalysts for the ALI and MC businesses, noting that annualizing Q1 results would place them at the low end of the guidance range. He also asked if there were any patterns in client activity levels by customer size, therapeutic area, or other factors, given the wide variance mentioned.

    Answer

    Executive Shawn O'Connor explained that the seasonality of the acquired businesses is not evenly distributed, with the calendar year-end (SLP's Q1) being a slower period. He expects activity to peak in SLP's Q2-Q4. Regarding client activity, he stated it's 'all over the map' with no single clear pattern, though he noted obvious trends such as financially strong companies and active therapeutic areas like oncology and obesity showing more robust activity.

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    Jeffrey Garro's questions to Phreesia (PHR) leadership

    Jeffrey Garro's questions to Phreesia (PHR) leadership • Q4 2025

    Question

    Jeffrey Garro asked about the penetration rate of Network Solutions content across the 170 million annual visits and how the company is improving monetization. He also sought an update on the pharma selling season and visibility for the Network Solutions segment.

    Answer

    Executive Balaji Gandhi explained that not all 170 million visits are monetized through all revenue streams. He noted that Network Solutions revenue per visit continues to increase, a trend incorporated into the fiscal 2026 outlook, and confirmed their positive view on the pharma selling season remains unchanged.

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    Jeffrey Garro's questions to Phreesia (PHR) leadership • Q3 2025

    Question

    Jeffrey Garro asked for clarification on the drivers of the strong fiscal 2026 incremental EBITDA margin, questioning if it stemmed from gross margin expansion or operating expense efficiencies.

    Answer

    Executive Balaji Gandhi attributed the strong outlook primarily to operating leverage on expenses below the gross margin line. He explained that with gross margins now stable after prior investments, revenue growth is the biggest driver of EBITDA expansion against disciplined operating expenses.

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

    Jeffrey Garro's questions to VEEVA SYSTEMS (VEEV) leadership • Q4 2025

    Question

    Jeff Garro asked about the differentiation of the new CRM Pulse product, particularly its global scope, and the potential impact of adding more Asian countries.

    Answer

    CEO Peter Gassner described Veeva Pulse as a 'revolutionary' product that generates privacy-safe industry benchmark data from CRM activity for segmentation and targeting. He noted plans to add more countries in Southeast Asia and Japan. He highlighted its strong start, with the first deal being a 7-figure contract with a top-20 pharma company.

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    Jeffrey Garro's questions to Definitive Healthcare (DH) leadership

    Jeffrey Garro's questions to Definitive Healthcare (DH) leadership • Q4 2024

    Question

    Jeffrey Garro sought more details about the new strategic master data management (MDM) partnership, asking about its development timeline, the pipeline for similar partnerships, and the general economic structure of such deals.

    Answer

    CEO Kevin Coop estimated the deal took approximately 90 days to develop and aligns with the strategy of accelerating the product road map through partnerships. He explained that the Definitive Healthcare ID is a key strategic asset for these deals, enabling data mapping. Coop indicated this was the first such deal and that the company is intentionally pursuing more strategic partnerships.

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

    Jeffrey Garro's questions to Privia Health Group (PRVA) leadership • Q4 2024

    Question

    Jeffrey Garro of Stephens Inc. requested an update on the Care Partners program, asking about provider interest in the model and Privia's stance on not requiring providers to switch their EHR systems.

    Answer

    CEO Parth Mehrotra reported that the program, exemplified by the Community Medical Group in Connecticut, is progressing well and as expected. He stated that while the long-term goal is to migrate providers to Privia's integrated tech stack, the flexible model allows the company to expand attribution and perform in value-based care without an immediate EHR switch, with performance embedded in core results.

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    Jeffrey Garro's questions to Privia Health Group (PRVA) leadership • Q3 2024

    Question

    Jeff Garro from Stephens requested updated thoughts on markets anchored by health system partners, noting varied experiences in Florida, Ohio, and North Carolina, and asked about the outlook for this type of anchor partner.

    Answer

    CEO Parth Mehrotra explained that the strategy with each of the three health system partners is specific and that the model offers a flexible, unique value proposition for them. He acknowledged that not every partnership may pan out as planned but views it as another valuable, strategic angle for market entry, complementing Privia's diversified approach. He confirmed all states are currently doing well.

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    Jeffrey Garro's questions to ACCD leadership

    Jeffrey Garro's questions to ACCD leadership • Q2 2025

    Question

    Asked for the amount of utilization-based revenue in the quarter and inquired about customer retention, specifically the portion of the book up for renewal and whether to expect more culling of misaligned partners.

    Answer

    Steve Barnes stated that usage-based revenue was about 32% of the total. Rajeev Singh added that roughly one-third of contracts are up for renewal annually, with expected gross dollar retention around 90% or higher. He clarified that the phase of removing unprofitable contracts is largely complete and the focus is now on sustainable growth.

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