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    John Baumgartner

    Research Analyst at Mizuho Securities

    John Baumgartner is Managing Director and Senior Research Analyst at Mizuho Securities USA, specializing in the Food & Healthy Living sector with a strong focus on US consumer food companies and plant-based alternatives. He covers firms such as Beyond Meat, General Mills, Hershey, Kraft Heinz, Mondelez International, BellRing Brands, Nomad Foods, Oatly, and The Simply Good Foods Company, maintaining a recommendation success rate of 59% and an average return of 10.2% per transaction. With over 20 years of industry experience, Baumgartner began his career in commodities research at Goldman Sachs before holding director and strategist roles at Wells Fargo Securities, Banc of America Securities, and Wachovia prior to joining Mizuho in April 2021. He holds a B.S. in Finance from Rutgers University, an M.S. in Business Analytics from the University of Virginia, is a CFA charterholder, and has maintained active securities analyst credentials throughout his career.

    John Baumgartner's questions to JBS (JBS) leadership

    John Baumgartner's questions to JBS (JBS) leadership • Q2 2025

    Question

    John Baumgartner of Mizuho Securities inquired about potential white space opportunities in U.S. prepared foods beyond current investments and how marketing might evolve. He also asked for insights into the resilience of U.S. beef demand despite economic pressures.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, noted that current investments target high-demand areas like cooked sausage and bacon. He sees a significant opportunity to build brands in red meat prepared foods, similar to the success of 'Just Bare' in chicken. He attributed resilient beef demand to the high quality and consumer trust in U.S. beef, which maintains preference even at a price premium.

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    John Baumgartner's questions to Post Holdings (POST) leadership

    John Baumgartner's questions to Post Holdings (POST) leadership • Q3 2025

    Question

    John Baumgartner followed up on the Pet business, asking about portfolio balance and future opportunities in new channels or formulas. He also asked about the performance drivers for the Refrigerated Retail side dishes business.

    Answer

    President and CEO Rob Vitale responded that while many opportunities exist to evolve the Pet portfolio, the immediate priority is to ensure the Nutrish brand is stabilized before pursuing significant portfolio management. For Refrigerated Retail, CFO Matt Mainer attributed strong performance to correcting a prior-year trade overspend, achieving distribution gains, and offering targeted price point alternatives.

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    John Baumgartner's questions to Post Holdings (POST) leadership • Q2 2025

    Question

    John Baumgartner asked about the outlook for the Bob Evans side dish business, including innovation and distribution, and whether there are new structural headwinds in the cereal category, like GLP-1s, compared to past downturns.

    Answer

    COO Jeff Zadoks explained that the PPI acquisition provides needed capacity to play offense in refrigerated sides, but they now face stronger private label competition. He noted innovation can now resume. An executive confirmed that the impact of GLP-1 drugs on demand is a new structural factor for the cereal category that was not present in previous cycles.

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    John Baumgartner's questions to Post Holdings (POST) leadership • Q1 2025

    Question

    John Baumgartner asked about the long-term strategy for the egg business given recurring avian influenza volatility and questioned if the cereal category's normalized volume decline might settle at a weaker rate than historically seen.

    Answer

    COO Jeff Zadoks defended the egg business, stating its long-term growth trend remains strong despite recent volatility, and Post has no plans to enter the more volatile shell egg market. For cereal, he acknowledged challenges but said it's too early to declare a new, lower permanent run rate, highlighting a strategy focused on benefit-forward innovation and playing across the value spectrum.

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    John Baumgartner's questions to Post Holdings (POST) leadership • Q4 2024

    Question

    John Baumgartner inquired about the future strategy for the pet food business, asking about the balance between reinvesting in branded growth versus leveraging manufacturing assets for private label. He also asked for an update on the fundamentals of the refrigerated potato business within Foodservice.

    Answer

    President and CEO Rob Vitale outlined a dual approach for pet food: a short-term focus on relaunching its existing premium brands, with investment baked into FY25 guidance, and a long-term view that includes evaluating asset use for private label and pursuing inorganic growth. For potatoes, Vitale stated the foodservice business remains a strong growth segment, as its value proposition is converting customers from fresh potatoes, a trend not impacted by dynamics in the frozen category.

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    John Baumgartner's questions to Primo Brands (PRMB) leadership

    John Baumgartner's questions to Primo Brands (PRMB) leadership • Q2 2025

    Question

    John Baumgartner from Mizuho Securities asked for quantification of customer cancellation rates, the nature of corrective investments (pricing vs. operational), and whether current synergy targets risk being too aggressive.

    Answer

    CFO David Hass acknowledged elevated customer 'quits' in June and July as a lagging indicator of service issues but noted that strong digital customer acquisition is helping offset this. He clarified that corrective actions are primarily customer credits and 'win-back' offers, not broad pricing concessions. Hass expressed confidence that the synergy plan is appropriate and that the disruption was caused by the speed of execution, not the plan itself.

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    John Baumgartner's questions to Vital Farms (VITL) leadership

    John Baumgartner's questions to Vital Farms (VITL) leadership • Q2 2025

    Question

    John Baumgartner noted that the proportion of light, medium, and heavy buyers has remained stable and asked about the company's ability to actively migrate consumers up the frequency curve to more regular purchases.

    Answer

    CEO Russell Diez-Canseco viewed the stable proportions as a positive sign of a predictable consumer journey. He explained that the company's primary objective and the highest and best use of its commercial dollars is to drive top-of-funnel awareness and acquire new households, as the migration from trial to heavy user occurs naturally and predictably over time.

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    John Baumgartner's questions to SunOpta (STKL) leadership

    John Baumgartner's questions to SunOpta (STKL) leadership • Q2 2025

    Question

    John Baumgartner from Mizuho Securities inquired about the sentiment of foodservice and retail partners, asking if consumer volatility is creating uncertainty around new product launch timing. He also asked about the potential need to augment packaging capabilities beyond Tetra Pak to include formats like aluminum cans or plastic bottles.

    Answer

    CEO Brian Kocher stated that based on frequent customer discussions, the company has not seen any slowdown or uncertainty impacting launch timing, attributing this resilience to structural health and wellness trends. Regarding packaging, Kocher confirmed that while they always evaluate different formats, SunOpta's current and robust aseptic pipeline is built entirely on its existing Tetra Pak capacity, where they see significant runway for growth.

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    John Baumgartner's questions to SunOpta (STKL) leadership • Q2 2025

    Question

    John Baumgartner asked about customer sentiment within the new business pipeline, questioning if there was any uncertainty in launch timing due to consumer volatility. He also inquired about the potential need to augment existing Tetra Pak capabilities with other packaging formats like aluminum cans or plastic bottles.

    Answer

    CEO Brian Kocher stated that based on frequent customer discussions, the company has not seen a slowdown or impact from the macro environment, attributing this to structural health and wellness tailwinds and a versatile portfolio. Regarding packaging, Kocher acknowledged that they continuously evaluate formats but confirmed that the current aseptic pipeline is built entirely on their Tetra Pak capacity, where they see significant runway for growth.

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    John Baumgartner's questions to SunOpta (STKL) leadership • Q2 2025

    Question

    John Baumgartner of Mizuho Securities questioned the sentiment of retail and foodservice partners regarding the new business pipeline, asking about potential launch timing uncertainty due to consumer volatility. He also inquired about the potential need for new packaging formats beyond Tetra Pak, such as aluminum cans or plastic bottles.

    Answer

    CEO Brian Kocher attributed the company's bullish outlook to frequent customer collaboration, stating they have not seen a slowdown and are benefiting from structural health and wellness trends. Regarding packaging, Kocher confirmed that while they always evaluate options, their current and robust aseptic pipeline is entirely based on the Tetra Pak format, which has a long runway for growth.

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    John Baumgartner's questions to SunOpta (STKL) leadership • Q1 2025

    Question

    John Baumgartner asked about the drivers of SG&A leverage in Q1 and requested more detail on the raw material yield improvements that are expected to benefit gross margin.

    Answer

    Executive Greg Gaba explained that the SG&A leverage was primarily due to the timing of stock compensation, including forfeitures and a tough comparison to the prior year, and should not be expected to continue at that level. Executive Brian Kocher added that yield improvements involve multiple factors like recipe compliance, ingredient substitution, and process optimization, noting it's an area where progress is pacing slightly behind plan.

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    John Baumgartner's questions to SunOpta (STKL) leadership • Q4 2024

    Question

    John Baumgartner asked if increasing business mix complexity is driving the need for reinvestment and how the company manages portfolio optimization. He also questioned the components of the $30-35 million CapEx guidance for 2025, noting it's above maintenance levels.

    Answer

    CEO Brian Kocher clarified that recent investments are focused on controllable items like yield and uptime, not increased complexity, which was a factor years ago but not recently. CFO Greg Gaba explained the CapEx guide includes spending on maintenance and productivity to unlock trapped capacity, emphasizing that the go-forward run rate will remain below D&A.

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    John Baumgartner's questions to Nomad Foods (NOMD) leadership

    John Baumgartner's questions to Nomad Foods (NOMD) leadership • Q2 2025

    Question

    John Baumgartner of Mizuho Securities requested details on new productivity initiatives, like the supply chain optimization program and a facility closure in Sweden, and asked about the strategy for the newly established Future Foods Lab.

    Answer

    CFO Ruben Baldew confirmed the closure of a smaller factory in the Nordics and mentioned a broader program focusing on procurement and network optimization, with more details to be shared later in the year. CEO Stéfan Descheemaeker described the Future Foods Lab as an early-stage initiative to partner with startups, noting a confidential foodservice partnership is launching soon. He also mentioned the development of pilot plants to accelerate the speed of innovation.

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    John Baumgartner's questions to Nomad Foods (NOMD) leadership • Q1 2025

    Question

    John Baumgartner questioned the nature of the retailer destocking, asking if it was driven by working capital or anticipation of future weakness. He also asked about the source of new consumers from innovation, questioning if they were shifting from private label, other brands, or other food categories like fresh.

    Answer

    CFO Ruben Baldew clarified the gap between the company's positive sell-out (+0.2%) and negative sell-in (-3.6%) was primarily due to destocking in their specific categories. CEO Stéfan Descheemaeker addressed innovation, highlighting a strategic push into the snacking occasion with products like Fish Bar in Italy, which is successfully attracting younger, higher-income consumers and creating new consumption moments, aided by the high penetration of air fryers.

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    John Baumgartner's questions to Nomad Foods (NOMD) leadership • Q1 2025

    Question

    John Baumgartner questioned the driver behind the retailer destocking, asking if it was related to working capital or retailer concerns about future weakness. He also inquired about the source of new consumers for Nomad's innovations, asking if they were shifting from private label, other brands, or other food categories like fresh.

    Answer

    CFO Ruben Baldew clarified that while Nomad's retail sell-out grew 0.2%, its sell-in to retailers was -3.6%, with the difference largely attributable to destocking. CEO Stéfan Descheemaeker explained that innovation is successfully attracting new consumers by targeting new occasions, such as snacking with the 'Fish Bar' sub-brand in Italy. He noted this is a 'white space' for the company, attracting younger and higher-income consumers from outside the traditional frozen meal category, supported by trends like air fryer adoption.

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    John Baumgartner's questions to Nomad Foods (NOMD) leadership • Q4 2024

    Question

    John Baumgartner asked about the progress of the enterprise-wide transformation, including the timeline for charges and the ramp-up of efficiency benefits. He also inquired about the value perception of frozen foods post-inflation and any changes in cross-category elasticity.

    Answer

    CFO Ruben Baldew explained the transformation is now proceeding 'slower and simpler' to avoid disruption, with the next phase impacting a smaller part of the business. He noted that many efficiency gains are already being realized. CEO Stéfan Descheemaeker commented that frozen has proven resilient, and the company is now regaining market share from private label as prices stabilize.

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    John Baumgartner's questions to BELLRING BRANDS (BRBR) leadership

    John Baumgartner's questions to BELLRING BRANDS (BRBR) leadership • Q3 2025

    Question

    John Baumgartner from Mizuho Securities inquired about the consumer appeal of ultra-filtered milk products, asking if they attract specific demographics or new households, and if Premier would consider launching a similar format.

    Answer

    CEO Darcy Horn Davenport explained that consumer research indicates that shoppers do not differentiate based on protein source (e.g., ultra-filtered milk vs. MPC). She stated that brand, taste, texture, and macros are the primary purchase drivers, and new households are entering the category through various product types based on these attributes, not the specific protein ingredient.

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    John Baumgartner's questions to BELLRING BRANDS (BRBR) leadership • Q2 2025

    Question

    John Baumgartner asked about soft pricing in the ready-to-mix category and the structural dynamics of Dymatize's U.S. sales, which are declining outside of e-commerce.

    Answer

    President and CEO Darcy Davenport acknowledged some promotional softness in ready-to-mix, potentially from smaller players, but noted BellRing is taking a small price increase on its powders. Regarding Dymatize, she explained that e-commerce has long been the primary discovery channel for the category and that she still sees significant opportunity for brands to transition into mainstream retail.

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    John Baumgartner's questions to BELLRING BRANDS (BRBR) leadership • Q1 2025

    Question

    John Baumgartner from Mizuho Securities questioned if a reduced need for deep promotional discounts on shakes could allow for budget reallocation to other drivers like slotting fees, and whether shake success is forcing the powder segment to suppress prices.

    Answer

    President and CEO Darcy Davenport agreed that display is more important than deep discounts but noted that promotional depth is a negotiation with retail partners who have their own requirements. Regarding powders, she and CFO Paul Rode explained the different cost dynamics, with volatile whey protein in powders versus more stable milk protein in shakes. They believe the powder market has a different P&L reality, and while whey costs remain elevated, it has not yet translated to retail price action.

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    John Baumgartner's questions to BELLRING BRANDS (BRBR) leadership • Q4 2024

    Question

    John Baumgartner requested more detail on the fiscal 2025 innovation pipeline and asked if the recent growth in category household penetration is from new users or substitution from other formats like bars and powders.

    Answer

    President and CEO Darcy Davenport outlined that Premier Protein will see ongoing flavor and pack size innovation, plus two major new platform launches in Q2 and Q4. Dymatize will launch two new platforms outside of traditional protein powder in the first half. She clarified that most growth is from new users entering the category, not from brand switching or substitution from other formats.

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    John Baumgartner's questions to Utz Brands (UTZ) leadership

    John Baumgartner's questions to Utz Brands (UTZ) leadership • Q2 2025

    Question

    John Baumgartner of Mizuho Securities asked for details on DSD investments and the drivers behind the improving momentum in the convenience store channel, questioning the role of new products versus route-to-market changes.

    Answer

    CEO Howard Friedman explained that DSD investments include building new infrastructure in expansion markets and optimizing routes in core geographies by supporting independent operator (IO) partners. He attributed the C-store improvement to a combination of factors: a more attractive business environment for IOs, distribution gains in large banners, and better product assortment, noting that the trend is expected to continue improving toward flattish by year-end.

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    John Baumgartner's questions to Utz Brands (UTZ) leadership • Q4 2024

    Question

    John Baumgartner asked about planned investments in display and non-price promotions for 2025, whether retailer allocations for salty snacks were changing, and if there were notable shifts in the company's own promotional activity. He also questioned the M&A strategy, particularly regarding 'better-for-you' brands.

    Answer

    CEO Howard Friedman reported no change in retailer display allocations and noted that Utz is increasing its own display activity, especially in expansion markets. He said the focus remains on the Core 4 brands and the growing Boulder Canyon brand. On M&A, Friedman expressed strong confidence in the existing portfolio's ability to meet consumer needs, including 'better-for-you' through Boulder, and stated there is no pressing need to acquire a brand to fill a perceived gap.

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    John Baumgartner's questions to Utz Brands (UTZ) leadership • Q3 2024

    Question

    John Baumgartner asked how much of the current volume softness in salty snacks could be attributed to normalization from an elevated, post-COVID consumption base, rather than just price elasticity. He also questioned how this might influence future price discipline in the category.

    Answer

    CEO Howard Friedman acknowledged that some normalization in growth rates is occurring after several strong years. However, he emphasized that key metrics like category household penetration and buyer counts are still growing, indicating continued strong consumer engagement. He pointed to Utz's own success in acquiring new buyers who purchase at high rates as evidence of the category's underlying health and consumer enthusiasm.

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    John Baumgartner's questions to Utz Brands (UTZ) leadership • Q1 2025

    Question

    John Baumgartner inquired if the company could distinguish the impact of bonus packs on new consumer trial versus increased frequency from existing buyers. He also asked what the company could do to accelerate the performance turnaround in the convenience store channel.

    Answer

    CEO Howard Friedman noted it was difficult to isolate the trial vs. frequency effect of bonus packs but pointed to the company's all-time high household penetration of 49% as evidence of attracting and retaining new users. For convenience stores, he outlined a three-pronged strategy: 1) driving distribution with the correct price-pack architecture, 2) delivering channel-specific innovation, and 3) working with retailers and distributors to ensure proper space and service.

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    John Baumgartner's questions to TreeHouse Foods (THS) leadership

    John Baumgartner's questions to TreeHouse Foods (THS) leadership • Q2 2025

    Question

    John Baumgartner of Mizuho Securities inquired about the expected increase in promotions in the second half, asking how it might play out and if retailers might de-emphasize private label. He also asked about the outlook for gross margin evolution for the rest of the year.

    Answer

    CEO Steven Oakland stated that based on retailer forecasts, he expects continued strong support for private label, noting that current branded promotions are not driving the unit volumes that were feared. CFO Patrick O'Donnell projected gross margin to be flattish in Q3 before improving in Q4, driven by supply chain savings and efficiencies that will offset a minor timing-related drag from pricing net of commodities.

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    John Baumgartner's questions to Oatly Group (OTLY) leadership

    John Baumgartner's questions to Oatly Group (OTLY) leadership • Q2 2025

    Question

    John Baumgartner from Mizuho Securities questioned the North American market weakness, suggesting that after several years of decline, the issue might be consumers leaving the category, possibly due to factors like protein content, which could limit the effectiveness of Oatly's European playbook. He also asked for details on the new SG&A savings, including their source, timing, and whether they risk cutting resources needed for growth.

    Answer

    Global President & COO Daniel Ordoñez countered that oat milk penetration in the U.S. is stable and Oatly's is growing, reiterating that taste, not protein, remains the primary barrier to conversion. CFO Marie-José David explained the SG&A savings stem from efficiencies identified through prior programs, with most savings coming from the corporate segment via indirect procurement optimization. She assured the group that the cuts are focused on efficiency and will not hurt the business's growth capabilities.

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    John Baumgartner's questions to Oatly Group (OTLY) leadership • Q1 2025

    Question

    John Baumgartner asked for feedback from foodservice operators on the key drivers for adopting or returning to plant-based offerings. He also inquired about the reasons for the reduction in negative media coverage for the category and whether Oatly sees an opportunity for endorsements from major health organizations.

    Answer

    Daniel Ordonez, Global President and COO, explained that the foodservice trend is shifting towards cold beverages driven by Gen Z, and Oatly is positioning itself as a key partner in this evolution. Regarding media, he attributed the decline in negative coverage to consumer fatigue with misinformation and Oatly's proactive, science-based engagement with nutritionists. He confirmed the company is actively building alliances and pursuing public education initiatives, including with schools, acknowledging it's a long-term effort.

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    John Baumgartner's questions to Oatly Group (OTLY) leadership • Q4 2024

    Question

    John Baumgartner sought confidence in the 2025 positive EBITDA guidance regarding reinvestment levels, asked about the potential for OpEx reductions beyond 2025, and questioned the strategy for capturing existing plant-based buyers versus converting new ones.

    Answer

    CEO Jean-Christophe Flatin and COO Daniel Ordonez confirmed that the 2025 plan is 'fully resourced,' emphasizing that success comes from more precise, intentional investment allocation rather than simply more spending. Flatin stated that the company is 'not done' finding efficiencies and has a 'culture of efficiency obsession' for SG&A. Ordonez explained that while the primary goal is converting dairy users to grow the category, a direct result of this strategy has been steadily taking market share from other plant-based milks.

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    John Baumgartner's questions to Simply Good Foods (SMPL) leadership

    John Baumgartner's questions to Simply Good Foods (SMPL) leadership • Q3 2025

    Question

    John Baumgartner asked about the innovation strategy for the Atkins brand, questioning whether recent launches are considered 'core' and how aggressive the company plans to be with new products for the brand.

    Answer

    CEO Geoff Tanner acknowledged that innovation is critical and that the company had previously 'dropped the ball.' He mentioned the 30-gram Atkins Strong platform is performing well, while other recent confection innovations have had mixed results. He stated the next wave of focus for Atkins will be on bringing more 'fun' and 'disruptive' innovation to the bar portfolio.

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    John Baumgartner's questions to Simply Good Foods (SMPL) leadership • Q2 2025

    Question

    John Baumgartner inquired about the drivers behind the downward revision of Atkins' full-year sales guidance and what the company is learning about the Atkins consumer. He also asked about the strategic rationale for relaunching Quest shakes, their new positioning, and expected incrementality.

    Answer

    CEO Geoff Tanner explained the Atkins guidance change was primarily due to a larger-than-expected distribution loss at a key club customer, which they are working to offset with Quest and OWYN SKUs. CFO Shaun Mara added that this shift is accretive to contribution margin, as Quest's margin is now significantly higher than Atkins'. Regarding Quest shakes, Geoff Tanner detailed that the relaunch pivots from a 'me-too' product to a differentiated offering that 'flips the macros' on indulgent milkshakes, featuring 45g of protein and superior taste from ultra-filtered milk.

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    John Baumgartner's questions to Simply Good Foods (SMPL) leadership • Q1 2025

    Question

    John Baumgartner from Mizuho Securities Co., Ltd. requested details on the incrementality of new Atkins and Quest innovations and asked about the sales drivers and potential risks for the OWYN brand.

    Answer

    CEO Geoff Tanner reported that new Atkins items are outperforming replaced items 2-to-1 and that the Quest Bake Shop platform is highly incremental to both the brand and the category. For OWYN, he highlighted nearly 70% consumption growth driven by both distribution and velocity, reaffirming the goal to double sales in three to four years.

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    John Baumgartner's questions to Simply Good Foods (SMPL) leadership • Q4 2024

    Question

    Speaking on behalf of John Baumgartner, an analyst asked about competitive pressures on the Quest bars business and its FY25 revenue outlook. A second question focused on learnings from the OWYN business, its sources of volume, and its potential to attract new consumers.

    Answer

    CEO Geoff Tanner acknowledged Quest bars have underperformed the category, which is 'unacceptable.' He outlined plans to accelerate innovation and sharpen pricing to defend their leadership. CFO Shaun Mara guided for 'low single digit to flattish' growth for bars in FY25. On OWYN, Tanner explained its success comes from attracting mainstream consumers due to a superior taste profile that is closer to dairy, and stated they plan to apply the 'Quest playbook' to expand the brand beyond shakes.

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    John Baumgartner's questions to JBSAY leadership

    John Baumgartner's questions to JBSAY leadership • Q1 2025

    Question

    Inquired about the sustainability of Seara's high margins, potential for further cost efficiencies, and future growth investments. Also asked about the company's diversification strategy, specifically its ambitions for the eggs business in Brazil and potentially globally.

    Answer

    Seara's strong margins are due to operational excellence and mix management, and while grain costs may fluctuate, the business is expected to continue delivering healthy margins. Regarding diversification, the company confirmed aquaculture growth is a priority via M&A. For eggs, the company started in Brazil but has global ambitions to become a leader in the category, similar to its strategy with other proteins.

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    John Baumgartner's questions to Life Time Group Holdings (LTH) leadership

    John Baumgartner's questions to Life Time Group Holdings (LTH) leadership • Q1 2025

    Question

    John Baumgartner from Mizuho Securities inquired about the programming strategy amid consumer uncertainty, asking about new rollouts like cold plunges. He also asked about the drivers behind the favorable leverage seen in center operations expense during the quarter.

    Answer

    Bahram Akradi, Founder, Chairman and CEO, described a steady execution of club modernization, including adding recovery zones and cold plunges, as part of a constant adaptation to member trends. Erik Weaver, Executive Vice President and CFO, clarified that the leverage on center operations expense was not due to timing but was a direct result of the strong flow-through from higher membership revenue and growth in high-margin in-center businesses.

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    John Baumgartner's questions to Life Time Group Holdings (LTH) leadership • Q4 2024

    Question

    John Baumgartner of Mizuho Securities inquired about the company's strategy for "recovery" services, their potential contribution to revenue, and the required capital intensity. He also asked for early engagement data from the digital app.

    Answer

    CEO Bahram Akradi described recovery as a key growth area, with new clubs getting dedicated spaces and older clubs being retrofitted. He highlighted the success of the MIORA longevity business, expecting it to eventually generate revenue equivalent to at least 50% of the personal training business. Regarding the app, he stated it's too early to share detailed engagement metrics but promised a comprehensive update at the summer Investor Day.

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    John Baumgartner's questions to HAIN CELESTIAL GROUP (HAIN) leadership

    John Baumgartner's questions to HAIN CELESTIAL GROUP (HAIN) leadership • Q3 2025

    Question

    John Baumgartner questioned the long-term vision for the portfolio, given recurring challenges with distribution and velocity. He asked if Hain could add more value through its supply chain, such as producing for private label or as a co-manufacturer, and what options are being ruled out.

    Answer

    CFO Lee Boyce responded that as part of the strategic review, everything is currently on the table. He stated that it is too early to specify what options might be ruled out, particularly with an interim CEO just stepping into the role, and that all potential value levers will be examined.

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    John Baumgartner's questions to HAIN CELESTIAL GROUP (HAIN) leadership • Q2 2025

    Question

    John Baumgartner sought clarification on whether macroeconomic headwinds are affecting Hain's high-income shoppers or are more related to retail competition. He also asked how Hain can maintain its clean-ingredient differentiation if larger competitors also improve their ingredient profiles.

    Answer

    CEO Wendy Davidson clarified that the macro commentary reflects general consumer volatility and a spending bifurcation, with Hain positioned well at the entry-price-point to premium and expanding into value channels. Regarding differentiation, she stated that while she hopes more companies adopt cleaner ingredients, Hain is ahead of the trend and its brands deliver on taste and convenience, with a focus on driving greater availability.

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    John Baumgartner's questions to HAIN CELESTIAL GROUP (HAIN) leadership • Q4 2024

    Question

    John Baumgartner from Mizuho Securities questioned the renewed optimism for snacks distribution after prior disappointments, asking about potential risks. He also inquired about recent softness in the tea business's baseline volumes and whether factors beyond seasonality were at play.

    Answer

    CEO Wendy Davidson attributed past snacks issues to internal execution, not competition, and outlined a new focus on core assortment, effective promotions, and brand building. For tea, she explained that a packaging change caused temporary shelf disruption and that marketing spend was intentionally shifted from Q4 to Q1 to support a new master brand campaign and innovation launches ahead of the peak season.

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    John Baumgartner's questions to HERBALIFE (HLF) leadership

    John Baumgartner's questions to HERBALIFE (HLF) leadership • Q1 2025

    Question

    John Baumgartner asked for details on the strategic intent for the Link BioSciences acquisition, its target audience, and the reasons for the disconnect between distributor growth and volume conversion in the Asia Pacific region.

    Answer

    President and incoming CEO Stephan Gratziani positioned Link BioSciences as a strategic asset to attract sophisticated, premium customers and athletes with unique, one-to-one formulated products, creating a long-term competitive advantage. CFO John DeSimone addressed APAC, noting the region grew on a constant currency basis but was impacted by a slowdown in India's hyper-growth, timing of price increases in Korea, and tough comps in Taiwan. Gratziani added that the business is still feeling the tail-end effects of a prior three-year decline in recruiting.

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    John Baumgartner's questions to HERBALIFE (HLF) leadership • Q4 2024

    Question

    John Baumgartner questioned the continued 10% decline in North American preferred customers and its implications for the business turnaround. He also asked about managing structural currency depreciation and the potential for localizing the supply chain.

    Answer

    Incoming CEO Stephan Gratziani explained the preferred customer decline reflects a historical shift to a 'foodservice transactional' model in nutrition clubs, and the company is now focused on balancing this with a 'transformational,' product-result-driven approach. CFO John DeSimone addressed currency, stating most of the impact is translational. He noted that local production offers limited benefits as many raw ingredients are priced in U.S. dollars, making pricing actions a more effective tool to counter local inflation.

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    John Baumgartner's questions to HERBALIFE (HLF) leadership • Q3 2024

    Question

    John Baumgartner questioned the downside risk to demand in developing markets from macro factors and requested an update on the diabetes prevention program in North America, including the certification process and expected consumer engagement.

    Answer

    President Stephan Gratziani and CFO John DeSimone addressed macro risks by highlighting the importance of delivering value and testing locally adapted business plans. Regarding the diabetes program, management noted that top leaders are now certified, with plans to scale the certification internally. They see it as a foundational credibility builder, with adoption into daily business models left to individual distributors.

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    John Baumgartner's questions to GENERAL MILLS (GIS) leadership

    John Baumgartner's questions to GENERAL MILLS (GIS) leadership • Q3 2025

    Question

    John Baumgartner inquired about the consumer's willingness to pay a premium for healthier, functional ingredients amidst a broader focus on value, and whether the ability to extract premium pricing for such attributes is changing.

    Answer

    CEO Jeffrey Harmening responded that value has multiple components, including benefits that consumers will pay for, such as protein. He noted a market bifurcation with growth at both the value and high ends. He reiterated that for General Mills, 'value' means having correct price gaps, which then allows product benefits—whether functional like protein or experiential like taste and texture—to drive purchasing decisions.

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    John Baumgartner's questions to GENERAL MILLS (GIS) leadership • Q3 2025

    Question

    John Baumgartner asked about the consumer's willingness to pay a premium for functional ingredients and health benefits amid a broader value-seeking environment, and whether pricing power for such attributes is changing.

    Answer

    CEO Jeffrey Harmening responded that consumers are still willing to pay for tangible benefits, highlighting the success of new protein-fortified products like Cheerios Protein. He described the market as bifurcating, with demand at both the value and premium ends. He emphasized that 'value' is about correct price gaps, not just low prices, and that taste combined with a functional benefit is a winning formula.

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    John Baumgartner's questions to BEYOND MEAT (BYND) leadership

    John Baumgartner's questions to BEYOND MEAT (BYND) leadership • Q3 2024

    Question

    John Baumgartner asked if higher prices are primarily being paid by existing consumers, risking new user adoption, and inquired about the potential for further operating expense reductions.

    Answer

    CEO Ethan Brown asserted that the primary barrier to adoption is consumer misperception about health, not price, which the company is actively addressing. He believes the premium product strategy is correct. On operating expenses, he stated he does not expect an increase and that the company is continuously looking for more efficiencies to drive profitability, with opportunities in 2025.

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    John Baumgartner's questions to Mondelez International (MDLZ) leadership

    John Baumgartner's questions to Mondelez International (MDLZ) leadership • Q3 2024

    Question

    John Baumgartner asked about the company's growth plans and vision for the cakes and pastries category, questioning if Mondelez sees itself as a disruptor and whether the technology from the Evirth acquisition in China could be expanded globally.

    Answer

    CEO Dirk Van de Put described the $95 billion packaged cakes and pastries category as a highly fragmented but significant growth opportunity. He explained the strategy is to leverage iconic brands like Oreo in the category. He highlighted the Evirth acquisition as a major opportunity in China's booming, sophisticated market, noting its proprietary technology produces exceptional quality. While the immediate priority is China, he confirmed the company has begun considering how to expand this high-quality capability to the rest of the world.

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