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    Lei Huang • Wells Fargo

    Lei Huang's questions to Solventum Corp (SOLV) leadership

    Lei Huang's questions to Solventum Corp (SOLV) leadership • Q2 2025

    Question

    Lei Huang, on for Viktor Tophia, asked about the expected quarterly cadence for organic growth in the second half of 2025 and for any additional growth outlook for the other segments.

    Answer

    CEO Bryan Hanson and CFO Wayde McMillan explained that Q3 organic growth is expected to be lower than Q4. This is due to the anticipated pullback from the advanced order timing that benefited the first half of the year, with most of that unwind expected to occur in the third quarter. They did not provide specific quarterly growth rate guidance.

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    Lei Huang's questions to Penumbra Inc (PEN) leadership

    Lei Huang's questions to Penumbra Inc (PEN) leadership • Q1 2025

    Question

    Lei Huang, on behalf of Larry Biegelsen, inquired about the expected FDA review process for the Thunderbolt device, the key clinical metrics physicians will focus on, and whether the company is observing any market impact from competitor sales force disruption.

    Answer

    CEO Adam Elsesser stated that Thunderbolt was submitted as a 510(k) with clinical data and that key metrics will include traditional endpoints like first-pass effect as well as the speed of clot extraction. He asserted that Penumbra is gaining market share due to having a superior product, not because of competitor disruption.

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    Lei Huang's questions to Penumbra Inc (PEN) leadership • Q3 2024

    Question

    Lei Huang, on behalf of Larry Biegelsen, asked for confirmation that the FDA had agreed to changes in the THUNDER trial's patient sample size and safety endpoints. He also requested more detail on the specific headwinds from 2024 that are expected to diminish in 2025.

    Answer

    CEO Adam Elsesser confirmed that the FDA did agree to the changes made to the THUNDER trial. He elaborated on the diminishing headwinds for 2025, citing the recalibration of certain international embolization and access product sales, the ongoing business model transition in China, and the previous delay in getting CAVT approved in Europe. He noted these issues will be less prevalent next year.

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    Lei Huang's questions to Novocure Ltd (NVCR) leadership

    Lei Huang's questions to Novocure Ltd (NVCR) leadership • Q4 2024

    Question

    Lei Huang, on behalf of Larry Biegelsen, requested more detail on the revenue impact from improved U.S. approval rates in 2024, the potential for further improvements, and the expected timing for the METIS and PANOVA publications and regulatory filings, noting the filings seemed later than anticipated.

    Answer

    CFO Christoph Brackmann quantified the 2024 revenue benefit from improved approval rates at $42 million, with $22 million from prior periods, but stated there is not much room for further improvement. CEO Ashley Cordova confirmed publications are expected in 2025 and explained the filing timeline is a result of being in the interactive pre-submission discussion phase with the FDA, which is enabled by the breakthrough device designation for both indications.

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    Lei Huang's questions to Novocure Ltd (NVCR) leadership • Q3 2024

    Question

    Lei Huang of Wells Fargo Securities inquired about the expected revenue per patient and treatment duration for the LUNAR lung cancer indication, as well as the timeline for regulatory approval in Japan. He also asked for clarification on the drivers behind strong Q3 active patient growth, questioning if it stemmed from longer treatment durations.

    Answer

    CFO Ashley Cordova confirmed that pricing for the LUNAR indication would align with glioblastoma (GBM) and that the 4-5 month treatment duration observed in clinical trials is the current commercial expectation. Regarding Japan, she noted that productive discussions with regulators are ongoing but did not provide a specific timeline. An unnamed executive, identified as Frank Leonard, clarified that the growth in active patients was due to a comprehensive focus on the entire patient journey, including improving the conversion rate from prescription to therapy start, rather than being solely attributable to longer treatment durations.

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    Lei Huang's questions to Rxsight Inc (RXST) leadership

    Lei Huang's questions to Rxsight Inc (RXST) leadership • Q4 2024

    Question

    Lei Huang, on for Larry Biegelsen, asked for details on the expected cadence for gross margin, spending, and the LDD versus LAL mix within the 2025 guidance, and also inquired about the allocation of R&D spending.

    Answer

    CFO Shelley Thunen projected that LAL revenue would continue to grow faster than LDD revenue, becoming a larger portion of the mix and driving gross margin expansion. CEO Dr. Ron Kurtz described the R&D pipeline as being in its 'early innings,' with investments focused on a long-term roadmap of advancements and in-field upgrades for the entire technology platform, rather than one specific area.

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    Lei Huang's questions to Rxsight Inc (RXST) leadership • Q3 2024

    Question

    Lei Huang of Wells Fargo inquired about the more pronounced seasonality observed in LAL sales during Q3 compared to previous years. He also asked about the sustainability of the company's improved gross margin levels beyond 2024.

    Answer

    CFO Shelley Thunen explained that LDD sales did not show negative seasonality, matching a strong Q2. However, LAL seasonality was more pronounced due to doctors taking longer vacations, a trend more visible as the company grows. She noted that less-than-expected seasonality in the first half of the year contributed to this perception. On gross margins, Thunen stated the current levels are sustainable, with future improvements driven primarily by the sales mix shifting towards higher-margin LALs, alongside continued cost reductions for both LALs and LDDs.

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