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    Kyle Bauser

    Managing Director and Senior Equity Research Analyst at B. Riley Securities

    Kyle Bauser is a Managing Director and Senior Equity Research Analyst at B. Riley Securities, specializing in coverage of the healthcare sector with a focus on medical devices and life sciences companies. He has produced stock recommendations on companies such as Spok Holdings, Varex Imaging, Orchestra BioMed Holdings, Electromed, Apyx Medical, and UFP Technologies, maintaining a 61.54% success rate and generating an average return of 16.72% over his published ratings. Bauser began his equity research career at Piper Sandler, held roles in marketing and corporate development at Vascular Solutions, and subsequently advanced to senior analyst positions at Dougherty & Co and Lake Street Capital before joining B. Riley Securities. He holds a B.A. in Mathematical Economics and Pre-Med from Colorado College, a Ph.D. in Economics from the City University of New York Graduate Center, and is FINRA registered with relevant securities licenses.

    Kyle Bauser's questions to SANUWAVE Health (SNWV) leadership

    Kyle Bauser's questions to SANUWAVE Health (SNWV) leadership • Q2 2025

    Question

    Kyle Bauser asked about the potential gross margin impact from the new applicator production process, the current size and future plans for the sales force, the strategy for the upcoming marketing program, and the status of the senior secured debt refinancing.

    Answer

    CEO Morgan Frank and CFO Peter Sorensen explained that the new applicator design could improve applicator margins by 350-400 basis points, with the full effect expected in early 2026. Frank stated that the current sales team of 13 provides national coverage but may be expanded slightly. He also detailed that the new marketing campaign will be highly targeted toward specific user types and care settings. Regarding the debt, Frank confirmed they have selected an attractive refinancing term sheet and are working to close the deal.

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    Kyle Bauser's questions to InfuSystem Holdings (INFU) leadership

    Kyle Bauser's questions to InfuSystem Holdings (INFU) leadership • Q4 2024

    Question

    The analyst requested information on the potential materiality and addressable markets for the ChemoMouthpiece and Dignitana businesses. He also asked about the key drivers for the guided EBITDA margin expansion and earnings leverage in the upcoming year.

    Answer

    The Dignitana contract is modest (hundreds of thousands) but demonstrates the scalability of their service team. ChemoMouthpiece has a very large addressable market (around $500-600 million) for a significant unmet need. The EBITDA margin leverage is expected from efficiencies in Biomed, the addition of new business, and the accretive nature of new product lines like ChemoMouthpiece. Excluding ERP upgrade costs, the underlying EBITDA margin is believed to be over 20%.

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    Kyle Bauser's questions to InfuSystem Holdings (INFU) leadership • Q4 2024

    Question

    Kyle Bauser from B. Riley Securities requested management to size the potential addressable markets for ChemoMouthpiece and Dignitana, and to elaborate on the key factors driving the expected EBITDA margin expansion in 2025 beyond simple revenue growth.

    Answer

    Executive Richard DiIorio characterized the Dignitana contract as a smaller, strategic win, while describing the ChemoMouthpiece addressable market as being in the hundreds of millions. Executive Barry Steele and Richard DiIorio attributed the expected EBITDA margin leverage to continued efficiencies in Biomed, the accretive nature of new business, and lapping prior year expenses, noting these factors should lift margins despite the 2025 ERP system investment.

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    Kyle Bauser's questions to InfuSystem Holdings (INFU) leadership • Q3 2024

    Question

    Asked about the timing, materiality, and margin profile for Chemo Mouthpiece, its competitive landscape, and the primary drivers for the company's overall margin expansion.

    Answer

    Chemo Mouthpiece is expected to contribute a couple of million dollars in revenue next year with an accretive margin profile. Its main competition is ineffective ice chips. Overall margin expansion is driven by a favorable product mix, leveraging fixed costs in G&A, rather than just gross margin improvement alone.

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    Kyle Bauser's questions to Spok Holdings (SPOK) leadership

    Kyle Bauser's questions to Spok Holdings (SPOK) leadership • Q4 2024

    Question

    Kyle Bauser inquired about the primary drivers of the 13% growth in software operations bookings and the outlook for large contract wins. He also asked about the key contributors to the strong EBITDA guidance, particularly the balance between software sales mix and expense management.

    Answer

    CEO Vincent Kelly attributed the bookings growth to a combination of new customer wins, competitive takeaways, and multiyear renewals from existing clients, all driven by recent enhancements to the Spok Care Connect platform. He noted that deal sizes are increasing and the 2025 focus is on accelerating license sales. CFO Calvin Rice and CEO Vincent Kelly clarified that the EBITDA leverage is expected to come from growing the high-margin software top line, improved professional services efficiency, and lower software churn, rather than significant new expense reductions.

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    Kyle Bauser's questions to Spok Holdings (SPOK) leadership • Q3 2024

    Question

    Kyle Bauser of Lake Street Capital Markets inquired about the composition of the strong software bookings, the company's market share expansion strategy, drivers for the increase in Average Revenue Per Unit (ARPU), the international growth outlook, and the positive start to the fourth quarter.

    Answer

    CEO Vince Kelly and President and COO Michael Wallace explained that recent software bookings were primarily upgrades and managed services from larger, existing customers. Wallace detailed Spok's market share, noting it is heavily skewed towards large hospitals (>600 beds) where they have a 50% presence, versus only 5% in small hospitals (<200 beds). CFO Calvin Rice attributed the ARPU growth to recent price increases and the adoption of the higher-priced GenA pager. Kelly identified the APAC region, particularly Australia, as the key international focus for 2025 and confirmed a strong start to Q4, noting they are pursuing several large deals.

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    Kyle Bauser's questions to TACTILE SYSTEMS TECHNOLOGY (TCMD) leadership

    Kyle Bauser's questions to TACTILE SYSTEMS TECHNOLOGY (TCMD) leadership • Q4 2024

    Question

    Kyle Bauser requested a profitability breakout for the lymphedema and airway clearance businesses. He also questioned if the 6-9% growth guidance for AffloVest implied market share loss and asked about plans to enhance its contribution. Finally, he asked for a specific 2025 goal for Patient Education Consultant (PEC) utilization.

    Answer

    CFO Elaine Birkemeyer stated that the company does not break out profitability by product line as it reports as a single segment. CEO Sheri Dodd clarified that AffloVest is accretive to the business and expressed confidence in the growth guidance, citing a full year of contracts with top 10 DMEs, some with preferred placement. Regarding PECs, Dodd confirmed the goal is to increase their utilization for in-home demos but declined to provide a specific numerical target for 2025, emphasizing the focus on overall role clarity and team effectiveness.

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    Kyle Bauser's questions to TACTILE SYSTEMS TECHNOLOGY (TCMD) leadership • Q3 2024

    Question

    Kyle Bauser asked for the key factors driving the increase in full-year EBITDA guidance despite a reduction in revenue guidance. He also questioned the impact of using Patient Education Consultants (PECs) for training and what prevents a 100% conversion to this model. Lastly, he asked if the stable Medicare claim success rate implies a growing backlog of orders.

    Answer

    CEO Sheri Dodd and CFO Elaine Birkemeyer attributed the improved profitability to significant gross margin expansion, driven by lower warranty costs from product improvements and manufacturing efficiencies. Regarding PECs, they noted the model provides S&M leverage, but a full conversion is not pursued as some clinicians prefer in-office demos conducted by their established sales rep contacts. Dodd clarified there is no significant claims backlog; the company is caught up and focused on efficiently processing new referrals with its streamlined systems.

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    Kyle Bauser's questions to Varex Imaging (VREX) leadership

    Kyle Bauser's questions to Varex Imaging (VREX) leadership • Q1 2025

    Question

    Kyle Bauser of B. Riley Securities asked for details on the cargo inspection business, including its current size within the Industrial segment and the delivery timeline for the recent $14 million order. He also requested the specific revenue figure from China for the quarter and the outlook for that region.

    Answer

    CFO Shubham Maheshwari stated that the security inspection vertical is about 40% of Industrial sales, with cargo inspection being the majority of that. He and CEO Sunny Sanyal confirmed the $14 million order is expected to be delivered within 12 months. For China, Shubham Maheshwari reported Q1 revenue was approximately $35 million, or 18% of total sales, but noted that the company was previously operating at a higher run rate in the region.

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    Kyle Bauser's questions to Varex Imaging (VREX) leadership • Q4 2024

    Question

    Kyle Bauser of B. Riley Securities asked about the dynamics behind the stabilization in the oncology segment, the basis for confidence in the destocking timeline, and the expected trend for capital expenditures.

    Answer

    CEO Sunny Sanyal attributed the oncology segment's stability to the broader trend of customer destocking beginning to subside. He noted that confidence in the destocking timeline is based on stabilizing inbound order rates and direct customer conversations. CFO Shubham Maheshwari clarified that capital expenditures will remain elevated in fiscal 2025, in the $25 million to $30 million range, primarily due to the ongoing manufacturing build-out in India.

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    Kyle Bauser's questions to OptimizeRx (OPRX) leadership

    Kyle Bauser's questions to OptimizeRx (OPRX) leadership • Q3 2024

    Question

    Kyle Bauser sought clarification on whether the new $15 million contract mentioned was the same program that had previously slipped from Q2. He also asked for the reasons behind the better-than-expected EBITDA despite lower sales and for guidance on G&A expense trends into 2025.

    Answer

    CEO William Febbo confirmed the $15 million figure represents the expected in-year revenue from the previously discussed client contract, which is entirely within the HCP business. CFO Edward Stelmakh explained that the strong EBITDA performance was driven by gross margin expansion from a favorable product and channel partner mix, as well as cost-cutting initiatives. For 2025, Mr. Stelmakh advised to model G&A based on the current run rate plus typical merit increases and small headcount growth, suggesting a 5-6% increase as a directional guide.

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    Kyle Bauser's questions to LifeMD (LFMD) leadership

    Kyle Bauser's questions to LifeMD (LFMD) leadership • Q3 2024

    Question

    Kyle Bauser inquired about the number of net new weight management subscribers added in Q3 and the current total. He also asked for an update on the company's plans and timeline for divesting the WorkSimpli business.

    Answer

    CFO Marc Benathen disclosed that LifeMD added 15,000 net new weight management subscribers in Q3, bringing the total to approximately 75,000. Regarding WorkSimpli, Benathen confirmed the plan is still to divest the business, but a transaction was delayed by its soft performance earlier in the year. He noted that with the business now returning to growth, they expect to proceed once it demonstrates a sustained positive trajectory.

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    Kyle Bauser's questions to PFMT leadership

    Kyle Bauser's questions to PFMT leadership • Q2 2024

    Question

    Kyle Bauser inquired about the potential for quarter-over-quarter earnings leverage, the sustainability of the current rate of new implementations, the company's capacity to handle this growth, and the comparative profit margins of the commercial versus government businesses at scale.

    Answer

    Rohit Ramchandani expects earnings leverage to increase, approaching an EBITDA inflection point next year. He clarified that the focus is on the dollar value of new implementations, aiming to meet or exceed last year's $18 million, rather than the number of contracts. He affirmed that the company currently has the capacity to handle the growth and that Project Turing will support future scaling. He also noted that commercial and government business margins are expected to be similar at scale, as the government side's lower margin is offset by a higher conversion rate.

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