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CFO John Johnson reported that cardiology trends have been elevated but consistent with their expectations for the year. For MSK, radiology, and other specialties where Evolent does not take risk, he stated they have not observed any particularly significant shifts in volume within their book of business.

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Johnny Hecker, CRO & EVP of Operations, responded that Consensus is not experiencing a slowdown and recently closed significant deals with large health systems. Hecker explained that the company's resilience stems from its diverse customer base across various healthcare sub-verticals (providers, payers, pharma) and its product's clear ROI in driving efficiency, which remains attractive even when providers face financial strain.

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Johnny Hecker, CRO & EVP of Operations, responded that Consensus is not experiencing a slowdown from hospital clients, citing recent significant deals with large health systems. Hecker attributed this resilience to the company's broad customer base across diverse healthcare sub-verticals and the clear ROI of its efficiency-driving services, which remain attractive to providers even under financial strain.

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Johnny Hecker, CRO & EVP of Operations, stated that Consensus is not experiencing a slowdown and has recently closed significant deals with large health systems. He explained that the company's resilience stems from its broad customer base across diverse healthcare sub-verticals (providers, payers, pharma) and the clear ROI its efficiency-driving solutions provide, making them attractive even when clients face financial pressure.

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Johnny Hecker, CRO and EVP of Operations, noted a mixed environment where some hospitals struggle while others, particularly in specialty and multi-location healthcare, show accelerated interest. He stated there is no current business impact from the CMS rules. CEO Scott Turicchi added that while it's too early to determine the election's full impact, there is generally a weak direct correlation with their customer acquisition, though broad economic shifts could be a factor.

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CEO Parth Mehrotra stated they do not expect a major impact. He noted that while the bill could affect Medicaid enrollment and the exchange business, these are small parts of Privia's overall book. He explained that patients who lose coverage often shift to other commercial plans where Privia's reimbursement rates are actually higher, creating a slight net positive. Furthermore, high patient demand means any lost volume is quickly backfilled.

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Dr. Mark Sawicki, Chief Scientific Officer, responded that the company has seen no material impact from tariffs. He clarified that if any significant tariffs were to affect the business, they would be passed through to clients, a practice for which there is historical precedent.

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CEO Justin Schreiber explained that LifeMD is contracted with over 100 insurance plans across 40 states, covering nearly 80 million lives, and expects that coverage to double by year-end. He noted that while it's a small part of the business now, it is expected to scale significantly in 2026 with strong unit economics. He also confirmed that integrations with Lilly Direct and NovoCare are in place for branded therapies.

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CFO Jeff Schwaneke identified the primary pressure points in the cost trend as continued high inpatient costs and Part B drugs, specifically within oncology. He noted that this was a consistent theme carrying over from the end of the previous year into the first quarter.

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CEO Steven Sell reiterated that agilon's strategy is to eliminate Part D risk entirely because the company cannot materially manage it without control over prescribing, formularies, or rebates. He noted exposure is below 30% and continues to decline, but stated he did not have significant insight on the specific policy's impact.

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An executive stated that Q1 renewal rates were stable compared to the second half of 2024 but down versus Q1 2024, which continues to pressure net dollar retention. They added that the competitive landscape has not seen radical shifts. CFO Richard Booth elaborated that Definitive Healthcare does not have Stage 1 clinical assets, which are seeing a recovery. The company focuses on later-stage commercialization, which experiences a lag. He acknowledged that industry-wide pressures like funding uncertainty and longer decision cycles are affecting the business, consistent with peers.

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CEO Kevin Coop responded that the primary pressure in life sciences stems from the broader macro and funding environment, not a specific shift from digital to in-person marketing. He clarified that Definitive Healthcare's market position is more of a lag indicator and is not significantly impacted by pressures on early-stage clinical trials or CROs.

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CEO Kevin Coop explained that while there are pressures in the life sciences market, Definitive Healthcare's business is less exposed to early-stage clinical trial dynamics. He noted that the company typically engages with clients at Stage 2 clinical trials or later, leading to a delayed impact from broader market improvements. Coop emphasized that the immediate focus is on reducing customer churn to stabilize the business and return to growth.

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CFO Norman Rosenberg stated the migrant program's gross margin was consistently around 34%. He explained its wind-down, combined with the ramp-up of the lower-margin Payer business, negatively impacted the overall Mobile Health margin mix in Q1. CEO Lee Bienstock addressed tariffs primarily in the context of the vehicle fleet, noting that pre-placed orders for the year mitigated immediate impact. Rosenberg added that while some costs may rise, lower fuel prices could provide a partial offset.

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CEO Dan Burton stated that annual price increases on technology contracts are typically in the mid-single digits and have been well-accepted by clients. He contrasted this with older TEMS (services) contracts, which generally have lower, low-single-digit escalators. The company's growth is primarily coming from the tech contracts with higher annual increases.

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President Michael Sturmer stated that Progyny focuses on demonstrating broader, long-term value rather than competing on price, which he views as an unsustainable short-term strategy for rivals. CEO Peter Anevski added that Progyny won every jumbo account in the last sales season against these competitors. Sturmer also noted that a recent acquisition enhances their global services for large employers.

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CEO Aric Coffman explained that the MCR spike was largely due to delayed claims information from non-delegated health plan partners, which masked escalating costs until the data was received. For Q1 2025, he stated that while they expect benefit design changes to have an immediate positive effect on utilization, the precise financial impact won't be clear until after the open enrollment period concludes and final membership is known.

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