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    Julien Dormois

    Senior Analyst at Jefferies

    Julien Dormois is a Senior Analyst at Jefferies specializing in European Medical Technologies and Healthcare Services, with nearly 20 years of industry experience. He covers leading MedTech names such as Philips, Coloplast, and Straumann, and is known for a team record of Top 3 rankings with pan-European investors over 12 consecutive years. Julien joined Jefferies in May 2023 after a substantial career covering MedTech across Europe and is recognized for stock-specific insights and scenario-based valuation analyses, although his most recent trackable performance metrics on public platforms show limited data with one published rating. He brings extensive sector knowledge and is based in Europe, with regulatory credentials and securities licenses typical for senior equity research roles.

    Julien Dormois's questions to KONINKLIJKE PHILIPS (PHG) leadership

    Julien Dormois's questions to KONINKLIJKE PHILIPS (PHG) leadership • Q1 2025

    Question

    Julien Dormois sought clarification on the Q2 outlook, asking if organic sales would still be negative. He also asked for a breakdown of the Diagnosis & Treatment segment's performance, inferring a steep decline in Imaging given the growth in Image-Guided Therapy (IGT).

    Answer

    CFO Charlotte Hanneman confirmed that the expectation for a modest sequential improvement in Q2 versus Q1 was appropriate and in line with the company's back-end loaded full-year outlook. She explained the decline in Precision Diagnosis was expected, driven by challenges in China and a very high comparison base in MR from the prior year when supply chains unlocked, rather than a new market issue.

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    Julien Dormois's questions to KONINKLIJKE PHILIPS (PHG) leadership • Q4 2024

    Question

    Julien Dormois questioned how the guided sales decline in China might differ between the consumer and equipment businesses, and asked about the validity of the long-term mid- to high-teens margin target and plans for a Capital Markets Day.

    Answer

    CEO Roy Jakobs clarified that the consumer-facing Personal Health business is experiencing the largest impact in China, representing the bigger part of the drag on performance. CFO Charlotte Hanneman confirmed that the company will provide an update on its long-term plan at a Capital Markets Day later in the year, expressing confidence in margin improvement potential beyond 2025, driven by portfolio mix and productivity.

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    Julien Dormois's questions to SMITH & NEPHEW (SNN) leadership

    Julien Dormois's questions to SMITH & NEPHEW (SNN) leadership • Q4 2023

    Question

    Asked about the rollout timeline for CartiHeal, plans for a CORI-enabled AETOS shoulder system, and whether there is an internal KPI for the U.S. knee business to grow at or above the market rate in 2024.

    Answer

    CartiHeal is a mid-term growth driver and will not be material in 2024 as the sales force is currently being trained. A CORI application for the shoulder is in development and is about two years away, timed to launch with a more complete shoulder implant portfolio. While the ultimate goal is market share growth for the knee business, the company is focused on foundational KPIs like set turns and CORI utilization, and did not commit to a specific timeline for achieving above-market growth.

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