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Josh Jennings

Managing Director and Senior Analyst at TD Cowen

Josh Jennings is a Managing Director and Senior Analyst at TD Cowen, specializing in the healthcare sector with an emphasis on medical devices, diagnostics, and related healthcare companies. He has provided analyst coverage and ratings for prominent firms including Medtronic, Abbott Laboratories, and Boston Scientific, with a public TipRanks performance record reflecting approximately a 45% success rate and an average return of around 4%. Jennings began his equity research career prior to joining TD Cowen and previously held the Senior Analyst role at TD Securities (USA) LLC; he is registered with FINRA and maintains requisite securities licenses. Highly regarded for his in-depth quantitative analysis, Jennings has established a strong industry reputation through hundreds of published stock ratings and actionable investment calls.

Josh Jennings's questions to MediWound (MDWD) leadership

Josh Jennings's questions to MediWound (MDWD) leadership • Q2 2025

Question

Josh Jennings of TD Cowen inquired about the pipeline for future EscharEx publications, the status of the head-to-head trial against Santyl, details of the BARDA-funded U.S. manufacturing facility, and the implications of BARDA's recent RFP for enzymatic debridement products.

Answer

CEO Ofer Gonen confirmed that more publications focusing on diabetic foot ulcers are forthcoming to build interest among key opinion leaders. He stated the head-to-head trial is on track to begin in 2025. Regarding the U.S. facility, Gonen explained that BARDA is fully funding the planning phase, with discussions on full facility funding to follow. He also noted that Vericel is leading the response to the new BARDA RFP, with MediWound providing full support.

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Josh Jennings's questions to ALLURION TECHNOLOGIES (ALUR) leadership

Josh Jennings's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q2 2025

Question

Asked about the financial and practical implications of the company's strategic pivot to combination therapy, including cost-effectiveness internationally, future revenue guidance amidst distributor changes, and the expected timeline for FDA approval of the PMA submission.

Answer

The company stated that combination therapy is cost-effective internationally due to lower GLP-1 prices abroad. The combo approach is expected to improve patient adherence and long-term health outcomes. Guidance is currently suspended due to short-term disruption from distributor transitions. The FDA approval timeline could potentially be shorter than the standard 12 months because of the modular submission process and the strength of the submitted data.

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Josh Jennings's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q2 2025

Question

Josh Jennings of TD Cowen inquired about the cost implications of Allurion's combination therapy strategy in international markets, the potential for generating cost-effectiveness data, the timeline for distributor transitions to stabilize, and the expected FDA approval timeline for the PMA submission.

Answer

Shantanu Gaur, CEO & Co-Founder, explained that GLP-1s are significantly cheaper internationally, minimizing the cost burden of the combo therapy. He stated the company's thesis that this approach improves adherence and health outcomes, leading to better cost-effectiveness. Gaur noted that the distributor transition will cause short-term disruption and could not provide a specific timeline. Regarding the FDA, he suggested the typical 12-month review could be accelerated due to the strength of the modular PMA submission.

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Josh Jennings's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q1 2025

Question

Inquired about the pre-PMA meeting with the FDA, specifically the additional analyses of the AUDACITY trial's control group. Also asked about the current organic adoption of GLP-1 combination therapy by clinics and the expected revenue cadence for the rest of 2025.

Answer

The pre-PMA meeting was positive, with the FDA receptive to alternative statistical methods for analyzing the control group data, which strengthens the submission. Combination therapy with GLP-1s is already happening organically, and the company's Virtual Care Suite will track this data. Revenue is expected to increase steadily through the year as the new sales team is onboarded.

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Josh Jennings's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q4 2024

Question

Inquired about the continuation of procedure volume momentum into Q1, the current commercial adoption of the balloon and GLP-1 combo therapy, and the timeline for the prospective clinical studies on this combination.

Answer

The procedure volume momentum from mature GLP-1 markets is continuing in Q1, boosted by a new B2B2C commercial strategy. The combo therapy is already being adopted commercially by physicians, particularly bariatric surgeons, as it provides strong clinical results and a new revenue stream. While prospective studies are being planned to validate these results, no specific details on trial design or readout timing are available yet, but they will focus on weight loss, lean body mass, and GLP-1 adherence.

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Josh Jennings's questions to Humacyte (HUMA) leadership

Josh Jennings's questions to Humacyte (HUMA) leadership • Q2 2025

Question

Josh Jennings from TD Cowen asked about the strategy for building real-world evidence, the commercial plan for military and VA hospitals following the ECAT listing, and the enrollment and analysis timelines for the V012 AV access trial.

Answer

CEO Laura Niklason and CCO BJ Scheessele addressed the questions. Niklason confirmed a post-approval patient registry is being developed with the FDA. Scheessele added that published data and positive real-world use will counter detractor noise. Regarding the military channel, he described a near-term strategy of penetrating individual target hospitals via ECAT, with a longer-term goal of securing bulk procurement contracts. Niklason detailed the V012 trial timeline, targeting full enrollment by year-end, with a key interim analysis of 80 patients scheduled for April 2026, which could support a supplemental BLA filing later that year.

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Josh Jennings's questions to Outset Medical (OM) leadership

Josh Jennings's questions to Outset Medical (OM) leadership • Q2 2025

Question

Josh Jennings of TD Cowen asked for more detail on the penetration and go-forward opportunity within the enterprise/IDN channel. He also requested a roadmap for the home hemodialysis market and a comparison of its future growth trajectory versus the acute care channel.

Answer

Chair and CEO Leslie Trigg stated that despite recent successes, Outset is still in the "low double digits" of market penetration in the acute and subacute markets, indicating a large runway. For the home market, she outlined goals of maintaining high patient retention and deepening partnerships with MDOs. She clarified that the acute/post-acute segment is expected to remain the primary growth driver, constituting 80-85% of revenue.

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Josh Jennings's questions to PROCEPT BioRobotics (PRCT) leadership

Josh Jennings's questions to PROCEPT BioRobotics (PRCT) leadership • Q2 2025

Question

An analyst on behalf of Josh Jennings of TD Cowen asked about customer reception of the new Hydros system and inquired about the current size and future expansion plans for the capital sales team.

Answer

EVP & CFO Kevin Waters described customer receptivity to Hydros as "fantastic," while President & CEO Reza Zadno reiterated its value propositions of simpler setup and AI assistance. Kevin Waters added that the company feels good about the current size of its capital sales team (around 40 quota-carrying reps) and will continue to add reps strategically heading into 2026.

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Josh Jennings's questions to AVITA Medical (RCEL) leadership

Josh Jennings's questions to AVITA Medical (RCEL) leadership • Q1 2025

Question

Speaking on behalf of Josh Jennings, an analyst from TD Cowen asked about the expected revenue contribution from Cohealyx within the 2025 guidance, the sales force's capacity to meet year-end targets, and the anticipated revenue cadence for the remainder of the year.

Answer

CEO James Corbett stated that Cohealyx is expected to be a material contributor, and the company will likely begin breaking out non-RECELL sales by Q3. He affirmed confidence in the newly reconfigured, selling-oriented sales force. CFO David O'Toole added that they model for sequential quarterly growth, with some weighting towards the second half of the year as more hospital approvals for Cohealyx are secured.

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Josh Jennings's questions to Vicarious Surgical (RBOT) leadership

Josh Jennings's questions to Vicarious Surgical (RBOT) leadership • Q4 2024

Question

Asked for details on the successful cadaver lab results, specifically regarding ventral hernia procedures, inquired about updates to the clinical trial design and patient count following FDA discussions, and requested quantification of the inventory build needed for the clinical trial.

Answer

Executives reported that the cadaver labs, performed by surgeons, successfully completed ventral hernia repairs including defect closure and mesh implantation. The final clinical trial design will be locked after the first-in-human cases, leveraging flexibility from the FDA's Safer Technologies Program. For inventory, they are scaling up production and will need a few capital systems and larger quantities of instruments for the technical dossier submission and initial cases.

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Josh Jennings's questions to ESTABLISHMENT LABS HOLDINGS (ESTA) leadership

Josh Jennings's questions to ESTABLISHMENT LABS HOLDINGS (ESTA) leadership • Q4 2024

Question

Josh Jennings asked for details on the steps required to finalize the U.S. and China regulatory pathways for the Mia and Preserve portfolios. He also inquired about the company's confidence in its previously stated long-range plan to achieve $500 million in revenue.

Answer

CEO Juan Jose Quiros outlined a 'super cycle of innovation,' explaining that the process involves registering tools for Preserve and securing approval for the Ergonomix2 platform for Mia, with launches expected in 2026-2028. He affirmed confidence in the $500 million revenue goal, emphasizing the new focus on achieving it profitably, supported by U.S. growth and rising gross margins.

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Josh Jennings's questions to Alphatec Holdings (ATEC) leadership

Josh Jennings's questions to Alphatec Holdings (ATEC) leadership • Q3 2024

Question

An associate for Josh Jennings asked about the conversion rate for the 200+ surgeon trainings and what the company can do to improve that rate.

Answer

Executive Patrick Miles explained that while interest is high, there isn't a single predictable conversion algorithm, as each surgeon has a different comfort level and process for adopting new techniques. He stated the company focuses on improving yield by ensuring the right surgeons are invited, sales structures are in place, and hospital access is secured, thereby aligning all necessary factors for successful adoption.

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