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    Larry Solow • CJS Securities

    Larry Solow's questions to OSI Systems Inc (OSIS) leadership

    Larry Solow's questions to OSI Systems Inc (OSIS) leadership • Q4 2025

    Question

    Larry Solow asked for clarification on the Security division's flat organic growth in the second half of fiscal 2025, the current composition of the record $1.8 billion backlog with a focus on the reduced Mexico portion, and the reasons behind the significant sequential increase in accounts receivable and its implications for fiscal 2026 free cash flow.

    Answer

    EVP and CFO Alan Edrick explained the flat growth was due to a very difficult comparison with massive Mexico revenues in the prior year, noting the core security business ex-Mexico and acquisitions grew over 50% in Q4. He confirmed the backlog is now highly diversified away from Mexico. Regarding receivables, the increase was driven by a lack of collections from Mexico in Q4 combined with record, back-weighted revenues from other customers. Edrick projected free cash flow conversion could exceed 100% of net income in fiscal 2026 as these receivables are collected. CEO A. J. Mera added they are not concerned about Mexico's payments, citing it as a matter of bureaucratic timing.

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    Larry Solow's questions to RadNet Inc (RDNT) leadership

    Larry Solow's questions to RadNet Inc (RDNT) leadership • Q2 2025

    Question

    Larry Solow of CJS Securities inquired about the high-level strategy for the iCAD acquisition, specifically whether the focus is on upselling RadNet's AI to iCAD's base or blending the two product suites. He also asked if the acquisition would offset previously planned organic spending.

    Answer

    Chairman, President & CEO Dr. Howard Berger clarified that the strategy is to blend iCAD's ProFound suite with RadNet's DeepHealth products into a comprehensive offering for both customer bases. EVP & CFO Mark Stolper confirmed that the iCAD acquisition provides infrastructure (sales, marketing, support) that will offset some of the previously planned $20 million in organic investments for the Digital Health segment in 2025.

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    Larry Solow's questions to Varex Imaging Corp (VREX) leadership

    Larry Solow's questions to Varex Imaging Corp (VREX) leadership • Q3 2025

    Question

    Larry Solow from CJS Securities questioned the drivers for the Q4 revenue guidance, the reasons for a lower gross margin outlook despite revenue growth, and the high-level forecast for fiscal 2026 as OEM order patterns normalize.

    Answer

    CFO Shubham Maheshwari stated that Q4 growth is expected from both Medical and Industrial segments. He attributed the lower gross margin guidance primarily to the ongoing impact of tariffs (a 100-150 basis point headwind) and a product mix shift towards lower-margin cargo systems hardware. Maheshwari confirmed that inventory destocking is complete and anticipates fiscal 2026 will be a growth year, barring unforeseen external events.

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    Larry Solow's questions to Fox Factory Holding Corp (FOXF) leadership

    Larry Solow's questions to Fox Factory Holding Corp (FOXF) leadership • Q2 2025

    Question

    Larry Solow of CJS Securities, Inc. inquired about the primary drivers behind the raised sales guidance, asking if it was concentrated in a specific segment like Specialty Sports. He also questioned whether future top-line growth would depend more on macro improvements or company-specific product initiatives.

    Answer

    CEO Mike Dennison and CFO Dennis Schemm clarified that the guidance increase reflects broad-based outperformance in the first half, with the $50 million beat simply added to the full-year forecast. Mike Dennison emphasized that future growth is driven by their product roadmap and innovation, which allows them to outperform the market and positions the company as a 'coiled spring' for when the economy recovers.

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    Larry Solow's questions to US Physical Therapy Inc (USPH) leadership

    Larry Solow's questions to US Physical Therapy Inc (USPH) leadership • Q2 2025

    Question

    Larry Solow of CJS Securities asked if the strong growth in visits per day and cost efficiencies were largely driven by the closure of underperforming clinics in the prior year. He also inquired about the progress of cost-cutting initiatives, the performance of the large MetroPT acquisition, and requested a breakout of commercial pricing trends.

    Answer

    CEO Christopher Reading acknowledged that multiple factors, including efficiency initiatives, contributed to the strong results. CFO Carey Hendrickson added that the MetroPT acquisition, which averages higher visits per day, also lifted the company-wide metric. Hendrickson highlighted Metro's success, noting its net rate increased from ~$101 at acquisition to $107.50 in Q2, and provided a pricing breakout, stating commercial rates were up about 1-1.5% year-over-year.

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    Larry Solow's questions to Ligand Pharmaceuticals Inc (LGND) leadership

    Larry Solow's questions to Ligand Pharmaceuticals Inc (LGND) leadership • Q2 2025

    Question

    Larry Solow of CJS Securities inquired about operating expense assumptions in the updated guidance, the revenue ramp and timeline for ZELSUSMI's peak sales target, and the current state of the M&A and business development pipeline.

    Answer

    CFO Tavo Espinoza noted a slight increase in operating expenses. CEO Todd Davis stated that ZELSUSMI revenue expectations are modest for the current year, viewing it as a long-term asset. SVP of Investments, Paul Hadden, described the business development pipeline as robust and confirmed the team is actively working to close additional deals.

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    Larry Solow's questions to Haemonetics Corp (HAE) leadership

    Larry Solow's questions to Haemonetics Corp (HAE) leadership • Q1 2026

    Question

    Larry Solow asked if the TEG heparinized cartridge was driving competitive share gains in addition to upgrading the existing base. He also questioned the macro outlook for plasma, contrasting Haemonetics' view of flat collections with reports of double-digit volume gains from collectors like Grifols. Finally, he asked for color on the cadence of operating margin improvement throughout the year.

    Answer

    CEO Christopher Simon explained that the primary opportunity for TEG is driving broader adoption of viscoelastic testing rather than direct competitive capture, noting the U.S. market is only about 50% penetrated. On plasma, he attributed the discrepancy to a lag between collection and sales reporting, reiterating that actual collection volumes were seasonally flat in the quarter. Regarding margins, Simon projected a back-half weighted improvement, with the most significant jump from Q2 to Q3, and an overall EPS split of roughly 45% in the first half and 55% in the second half.

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    Larry Solow's questions to Lantheus Holdings Inc (LNTH) leadership

    Larry Solow's questions to Lantheus Holdings Inc (LNTH) leadership • Q2 2025

    Question

    Larry Solow from CJS Securities asked for the proportion of Polarify business under contract versus non-contracted and sought clarity on whether Lantheus lost share even within its strategic agreements.

    Answer

    CEO Brian Markison confirmed the "vast majority" of business is contracted and that the company chose to walk away from some volumes where discounting demands were too aggressive. President Paul Blanchfield elaborated that while contracts leveled the MUC reimbursement field, a competitor's pricing forced renegotiations, some of which were accepted while others were declined to protect long-term value.

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    Larry Solow's questions to Enviri Corp (NVRI) leadership

    Larry Solow's questions to Enviri Corp (NVRI) leadership • Q2 2025

    Question

    Larry Solow of CJS Securities asked if the reduced full-year outlook was driven entirely by the Rail segment, inquired about currency impacts, and sought clarification on Clean Earth's performance, including potential tariff effects and drivers of its quarterly margins.

    Answer

    SVP & CFO Tom Vadaketh confirmed the outlook reduction is entirely due to weakness in the Rail segment and noted that the negative foreign exchange impact for the year is less severe than initially anticipated. Chairman & CEO F. Nicholas Grasberger added that Clean Earth has seen no negative impact from tariffs and that its slightly softer quarterly margin was a temporary issue caused by higher disposal costs from partner outages and a less favorable project mix in the soil and dredge business. He affirmed the underlying business trends remain strong.

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    Larry Solow's questions to Stevanato Group SpA (STVN) leadership

    Larry Solow's questions to Stevanato Group SpA (STVN) leadership • Q2 2025

    Question

    Larry Solow of CJS Securities asked for an update on the profitability and margin impact of the Fishers and Latina plants, and also inquired about the long-term margin recovery potential for the Engineering segment.

    Answer

    CFO Marco Dal Lago reported that the Latina plant is now gross profit positive while Fishers is not yet, though both are improving quarterly and remain dilutive to overall margins. For the Engineering segment, both Dal Lago and CEO Franco Stevanato expressed confidence in returning to historical profitability levels of 2022-2023 as legacy projects conclude.

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    Larry Solow's questions to Brightspring Health Services Inc (BTSG) leadership

    Larry Solow's questions to Brightspring Health Services Inc (BTSG) leadership • Q2 2025

    Question

    Larry Solow of CJS Securities asked for an update on the progress of bundled services and value-based care contracts with ACOs, including the viability of the previously stated $100 million EBITDA target. He also inquired about the performance of the Haven Hospice acquisition.

    Answer

    CEO Jon Rousseau reported that the value-based care business is progressing well, is profitable, and is expected to become a more material contributor by 2026-2027; he also confirmed the $100 million five-year EBITDA target remains an internal goal. He cited the Haven Hospice acquisition as a prime example of their M&A success, noting it has moved from losing money to performing 'extremely well' and is on track to a 4x purchase multiple.

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    Larry Solow's questions to Sensient Technologies Corp (SXT) leadership

    Larry Solow's questions to Sensient Technologies Corp (SXT) leadership • Q2 2025

    Question

    Larry Solow of CJS Securities inquired about the supply chain and logistical preparations for the large-scale conversion to natural colors, the expected timing for a significant revenue increase from this trend, and the key drivers of the company's strong gross margin improvement in the quarter.

    Answer

    Chairman, President and CEO Paul Manning emphasized that supply chain is the single most critical factor, noting Sensient has been working on it for over 15 years through diversification, new source identification, and vertical integration. He confirmed that 2027 is a fair assumption for a significant revenue inflection point, driven by regulations like West Virginia's 2028 deadline. VP & CFO Tobin Tornell attributed the strong margin performance to volume growth, favorable product mix from new wins, and disciplined cost control, stating that pricing was immaterial.

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    Larry Solow's questions to West Pharmaceutical Services Inc (WST) leadership

    Larry Solow's questions to West Pharmaceutical Services Inc (WST) leadership • Q2 2025

    Question

    In a follow-up, Larry Solow of CJS Securities asked about the drivers behind the approximate 16% underlying increase in SG&A expenses during the quarter.

    Answer

    SVP & CFO Bernard Birkett responded that there were no specific, unusual items to call out and noted that foreign currency exchange rates, particularly the movement in the euro-dollar rate, had an impact on the reported figure.

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    Larry Solow's questions to HEICO Corp (HEI) leadership

    Larry Solow's questions to HEICO Corp (HEI) leadership • Q2 2025

    Question

    Larry Solow inquired about the sustainability of the parts business's mid-teens growth, the acceleration of market share gains, interest in the defense aftermarket, and the timing of sales growth in ETG's defense segment.

    Answer

    Co-CEO Eric Mendelson confirmed accelerated market share gains and long-term optimism for the defense aftermarket. Co-CEO Victor Mendelson explained that ETG's slightly lower defense sales growth was against a tough prior-year comparison of over 20% growth and that the segment's backlog remains healthy.

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    Larry Solow's questions to ArcBest Corp (ARCB) leadership

    Larry Solow's questions to ArcBest Corp (ARCB) leadership • Q4 2024

    Question

    Larry Solow questioned the persistent negative margins in the Asset-Light segment, asking if profitability is dependent on a macro recovery or if structural improvements can be made to achieve it in a challenging environment.

    Answer

    President Seth Runser expressed confidence in returning the segment to profitability regardless of the market. He outlined a multi-pronged strategy: improving account profitability, shifting the truckload mix towards more profitable SMB business, controlling costs, accelerating the growth of the profitable managed solutions business, and leveraging technology for further productivity gains.

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