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    Joseph Conway • Needham & Company, LLC

    Joseph Conway's questions to Artivion Inc (AORT) leadership

    Joseph Conway's questions to Artivion Inc (AORT) leadership • Q2 2025

    Question

    Joseph Conway of Needham & Company, on for Mike Matson, asked if the strong On-X growth included any one-time stocking orders and requested more details on the ARTISAN trial for Arecibo, including follow-up time and surgeon training requirements.

    Answer

    CEO J. Patrick Mackin clarified that On-X sales in the U.S. are based on consignment and actual usage, meaning the strong growth reflects implants, not stocking. He explained that the Arecibo device used in the ARTISAN trial is designed for ease of use, making the training lift for experienced surgeons minimal. This simplicity is expected to allow the trial to ramp up quickly.

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    Joseph Conway's questions to Enovis Corp (ENOV) leadership

    Joseph Conway's questions to Enovis Corp (ENOV) leadership • Q2 2025

    Question

    Joseph Conway, on behalf of Needham & Company, asked for clarification on the drivers of the revenue guidance increase and the nature of a small acquisition in the P&R segment. He also questioned why the strong gross margin expansion did not flow through to a higher adjusted EBITDA margin in the quarter.

    Answer

    CFO Ben Berry clarified that the revenue guidance raise was driven by both a better currency outlook and a 25-basis-point increase in the organic growth forecast. He described the P&R acquisition as an immaterial bolt-on. Regarding margins, Berry explained that the gross margin benefit was offset by the phasing of operating expenses and increased R&D investments during Q2, but the company remains on track for its full-year expectations.

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    Joseph Conway's questions to AtriCure Inc (ATRC) leadership

    Joseph Conway's questions to AtriCure Inc (ATRC) leadership • Q2 2025

    Question

    Joseph Conway of Needham & Company requested a summary of the key growth levers for the pain management franchise and asked how R&D spending is expected to trend with LEAPS enrollment complete but new trials beginning.

    Answer

    President and CEO Michael Carrel highlighted innovation, particularly the CryoSphere MAX's reduced freeze time, as the number one driver for pain management growth. CFO Angela Wirick added that U.S. volume growth exceeded 30%. Regarding R&D, Wirick forecast that spending growth would be in line with or slightly above top-line growth, fueled by the new BOX No AF trial and PFA development.

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    Joseph Conway's questions to Personalis Inc (PSNL) leadership

    Joseph Conway's questions to Personalis Inc (PSNL) leadership • Q1 2025

    Question

    Joseph Conway, on for Mike Matson, asked about the strong VICTORI data in colorectal cancer (CRC), including marketing plans and competitive differentiation, and also inquired about the company's expectations for achieving ADLT status.

    Answer

    Executive Christopher Hall clarified that the CRC data marks the beginning of their fourth indication journey and is not yet part of the exclusive Tempus agreement. Executive Richard Chen highlighted the data's strength, noting 87% landmark sensitivity and 100% detection of recurrences prior to imaging. Regarding ADLT status, Hall explained it's a post-reimbursement goal and that the company's economic model is designed to be successful even with standard reimbursement, projecting 60% gross margins at current rates.

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    Joseph Conway's questions to Personalis Inc (PSNL) leadership • Q3 2024

    Question

    Joseph Conway, on for Mike Matson, asked if a specific indication is driving NeXT Personal volume and which clinical datasets are resonating most with physicians. He also inquired about the criteria for taking on new enterprise sequencing contracts.

    Answer

    CEO Christopher Hall noted that while volume is strong across all three focus areas, IO therapy monitoring is a significant pan-cancer driver. He highlighted the TRACERx (lung) and Royal Marsden (breast) data as particularly impactful for demonstrating the test's ability to detect cancer months ahead of imaging. CFO Aaron Tachibana added that any new enterprise partnerships must align with the company's core competencies and not distract from the primary strategic focus on MRD.

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    Joseph Conway's questions to Hologic Inc (HOLX) leadership

    Joseph Conway's questions to Hologic Inc (HOLX) leadership • Q2 2025

    Question

    Joseph Conway, on for Mike Matson, asked for early feedback on the upcoming gantry launch and clarification on the end-of-life strategy for older units. He also questioned if the strong Skeletal Health results represented a full catch-up on backorders.

    Answer

    CEO Stephen MacMillan clarified the end-of-life strategy involves upgrading customers to the current, best-in-class 3Dimensions gantries, as the new Envision launch is a fiscal 2026 event. COO Essex Mitchell added that feedback on Envision from its RSNA debut has been great. CFO Karleen Oberton confirmed the Q2 quarter was the primary catch-up period for Skeletal and expects trends to normalize going forward.

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    Joseph Conway's questions to OrthoPediatrics Corp (KIDS) leadership

    Joseph Conway's questions to OrthoPediatrics Corp (KIDS) leadership • Q4 2024

    Question

    Joseph Conway from Needham & Company, on for Mike Matson, requested an update on the 'Playbook' enabling technology software and the new Fusion implant system. He also asked if 2025 is expected to be an inflection point for 7D system placements.

    Answer

    Executive David Bailey reported that the Playbook software was recently launched internally and is expected to drive core business revenue in 2025 before becoming a stand-alone contributor. The new Fusion system is on track for potential use by late 2025 but is not in the 2025 forecast. Regarding 7D, Bailey stated it is already a significant driver, having accelerated scoliosis growth in late 2024. He expects consistent 7D placements in 2025 will create a compounding revenue effect.

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    Joseph Conway's questions to OrthoPediatrics Corp (KIDS) leadership • Q3 2024

    Question

    Joseph Conway from Needham & Company asked for the organic revenue growth in the quarter, the outlook for the upcoming flu/RSV season, the status of hospital staffing, and for more details on the 7D system placements and surgeon feedback.

    Answer

    Executive David Bailey provided the components to calculate organic growth, noting the Boston O&P acquisition added about $25 million annually, with a portion recognized in Q3. He stated the company's guidance assumes a flu/RSV impact similar to last year, which hospitals managed effectively, and confirmed hospital staffing is now normalized. Regarding the 7D system, Bailey reported an installed base of around 20 units, extremely positive surgeon feedback, and a large sales funnel, highlighting that placements are key to securing long-term scoliosis fusion revenue in major accounts.

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    Joseph Conway's questions to Inogen Inc (INGN) leadership

    Joseph Conway's questions to Inogen Inc (INGN) leadership • Q4 2024

    Question

    Joseph Conway from Needham & Company asked for details on the Simeox commercial launch pathway, including clinical data plans, KOL engagement, and the private payer reimbursement strategy. He also inquired about recent prescriber sales force referral trends and any changes to its size.

    Answer

    CEO Kevin Smith explained the Simeox launch strategy focuses on maximizing reimbursement rather than speed. This involves engaging with KOLs and CMS to determine necessary clinical data, leveraging existing European data initially. For private payers, the process will involve submitting prescriptions and managing the appeals process. Smith also clarified that the direct-to-consumer (DTC) team was reduced in 2024, affecting H1 2025 comparisons, while the prescriber sales force was brought in-house and made smaller after ending a third-party contract.

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    Joseph Conway's questions to Neogenomics Inc (NEO) leadership

    Joseph Conway's questions to Neogenomics Inc (NEO) leadership • Q4 2024

    Question

    Representing Mike Matson, Joseph Conway asked how the 2028 target of serving 1 million patients aligns with revenue growth assumptions, and whether the launch of Neo Comprehensive with HRD is an inflection point or an incremental addition.

    Answer

    CFO Jeff Sherman clarified that the 1 million patient goal is a macro target including Pharma and shouldn't be used to model clinical volume directly; growth will remain a mix of volume and AUP. CCO Warren Stone explained that adding HRD addresses a growing need as guidelines evolve for ovarian, prostate, and breast cancer, fulfilling a key request from physicians.

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    Joseph Conway's questions to Inmode Ltd (INMD) leadership

    Joseph Conway's questions to Inmode Ltd (INMD) leadership • Q3 2024

    Question

    Joseph Conway, on for Mike Matson, inquired about the impact of recent interest rate cuts on equipment leasing and whether multiple cuts would be needed to alleviate financing issues. He also asked about the path to restoring gross margins to the mid-80s.

    Answer

    CEO Moshe Mizrahy explained that general rate cuts have not yet lowered the high interest rates on lease packages for doctors. On gross margins, Mizrahy stated that returning to the mid-80s (85-86%) is unlikely in the near term, including 2025, citing rising transportation costs and manufacturing complexities from the war in Israel. He affirmed that a range of 80% to 82% is a more realistic target.

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    Joseph Conway's questions to Surmodics Inc (SRDX) leadership

    Joseph Conway's questions to Surmodics Inc (SRDX) leadership • Q2 2024

    Question

    Joseph Conway from Needham & Company asked for more detail on the raised guidance for SurVeil, Pounce, and Sublime products to at least $15.5 million, questioning the drivers of the increase and the impact of new product launches. He also inquired about the timeline to achieve higher medical device gross margins and potential future capacity increases.

    Answer

    Executive Timothy Arens confirmed the guidance is 'at least $15.5 million' and stated that while the new Pounce LP and Venous launches contribute, they are not the sole driver of the increase. He noted that product-level revenue details would not be provided at this stage. Regarding gross margins, he highlighted the recent improvement to nearly 61% and the raised guidance to the 'mid- to high 50s' range, driven by scale and efficiency, but did not provide a specific timeline for reaching higher med-tech margins. Executive Gary Maharaj added that Pounce arterial sales alone now exceed $1 million per quarter and that the company's infrastructure was built to scale, with volume being the key to absorbing overhead.

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