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    Macauley Kilbane

    Research Analyst at William Blair & Company

    Macauley Kilbane is an Equity Research Associate at William Blair & Company, specializing in finance and consumer services with coverage of publicly traded firms within these sectors. He joined William Blair in 2022 after previously working as an Analyst at Point72 and as an Equity Research Data Analyst at Bloomberg, bringing expertise in financial research and data analysis. Kilbane earned his undergraduate degree from Johns Hopkins University, where he majored in economics with minors in entrepreneurship, management, and marketing management. He holds relevant professional credentials for equity research, underscored by his contributions to the analytical teams at leading investment firms.

    Macauley Kilbane's questions to CVRx (CVRX) leadership

    Macauley Kilbane's questions to CVRx (CVRX) leadership • Q1 2025

    Question

    Macauley Kilbane inquired about the drivers of the recent sales force turnover, asking if it was company-initiated or natural attrition, and whether the new compensation plan was a factor. He also asked how the updated 2025 guidance reflects expectations for new center additions and utilization rates as new hires become productive.

    Answer

    Executive Kevin Hykes clarified that the sales force changes were overwhelmingly company-initiated to strengthen the team's long-term skills and were not related to the new compensation plan, which he noted has been a positive tool for attracting talent. Executive Jared Oasheim added that the revised guidance establishes a new baseline post-Q1, with expectations for high single-digit to low double-digit new center additions and a return to adding approximately three sales territories per quarter.

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    Macauley Kilbane's questions to CVRx (CVRX) leadership • Q4 2024

    Question

    Macauley Kilbane asked about the new sales representative compensation plan, its reception by the sales force, and the measures taken to prevent the disruption experienced in the prior year. She also inquired about the expected cadence of cash burn throughout 2025.

    Answer

    Executive Kevin Hykes detailed that the new compensation plan was developed inclusively with sales leadership, includes accelerators for building sustainable programs, and was received 'resoundingly well.' Executive Jared Oasheim addressed cash burn, stating it will follow a typical pattern with a Q1 increase for annual bonus payouts, followed by sequential decreases, resulting in a lower overall cash burn for 2025 compared to 2024.

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    Macauley Kilbane's questions to CVRx (CVRX) leadership • Q4 2024

    Question

    Macauley Kilbane asked about the new sales representative compensation plan, its reception by the sales force, and how it differs from the prior year's disruptive plan. He also inquired about the expected cadence of cash burn throughout 2025.

    Answer

    Executive Kevin Hykes detailed that the new sales compensation plan was developed collaboratively with sales leadership, includes accelerators for program-building behaviors, and was received very positively. Executive Jared Oasheim confirmed that cash burn is expected to see a typical increase in Q1 due to annual bonus payouts, followed by sequential decreases through the year, with the full-year 2025 cash burn projected to be lower than in 2024.

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    Macauley Kilbane's questions to CVRx (CVRX) leadership • Q3 2024

    Question

    Macauley Kilbane of William Blair & Company questioned the narrowing of the full-year 2024 revenue guidance despite an in-line quarter, asking about its implications for utilization and new center additions. He also inquired about the key factors behind the company's recent reimbursement successes.

    Answer

    CFO Jared Oasheim clarified that the updated Q4 guidance of $14.5M to $15.5M was based on strong momentum seen in Q3 and October, with a focus on driving deeper utilization in existing accounts. CEO Kevin Hykes attributed the significant reimbursement wins, including the increased inpatient DRG payment and the new Category 1 CPT codes, to the efforts of their seasoned reimbursement leadership, noting these changes fundamentally improve the company's long-term commercial position.

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    Macauley Kilbane's questions to CVRx (CVRX) leadership • Q3 2024

    Question

    Macauley Kilbane of William Blair & Company questioned the narrowed full-year 2024 revenue guidance despite an in-line Q3, asking about its implications for utilization and new center additions. He also inquired about the drivers behind recent reimbursement successes and future access strategies beyond the upcoming OPPS rule.

    Answer

    CFO Jared Oasheim explained the guidance adjustment was based on a specific Q4 forecast of $14.5M to $15.5M, reflecting strong October momentum and a focus on deepening utilization in existing accounts. Executive Kevin Hykes credited the new, seasoned reimbursement leadership for securing the significant inpatient DRG payment increase and the crucial Category 1 CPT code, highlighting these as fundamental long-term improvements to the company's commercial posture.

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    Macauley Kilbane's questions to Sight Sciences (SGHT) leadership

    Macauley Kilbane's questions to Sight Sciences (SGHT) leadership • Q1 2025

    Question

    Macauley Kilbane from William Blair asked for more detail on the TearCare reimbursement process, questioning what specific points payers are pushing back on given the strong clinical data. He also asked about the decline in active facilities and whether the guidance includes any pricing assumptions related to the new OMNI Edge launch.

    Answer

    CEO Paul Badawi emphasized that conversations with payers are progressing well and that the company possesses the compelling SAHARA RCT data that payers helped design. CCO Matthew Link added that the timeline is as expected, as it involves demonstrating market demand via a lengthy claims submission process. CFO Alison Bauerlein noted the decline in active accounts was anticipated and the focus is now on utilization, adding that OMNI Edge will be priced at a premium but no specific model adjustments are needed yet.

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    Macauley Kilbane's questions to Sight Sciences (SGHT) leadership • Q4 2024

    Question

    Macauley Kilbane, on for Margaret Kaczor, asked about the balance between utilization and new facility additions implied in the 2025 guidance. She also requested an update on the Alcon patent infringement case and how any potential monetary damages would be prioritized for investment.

    Answer

    CFO Alison Bauerlein explained that while the company focuses on both growing accounts and utilization, utilization will be the more challenged metric in 2025 due to the MIGS restrictions. Regarding the litigation, she confirmed that court-ordered mediation was unsuccessful and they now await a judge's ruling, which is subject to appeal. Any potential cash proceeds would be invested in strategic priorities like commercial expansion, market development, and R&D.

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    Macauley Kilbane's questions to iRhythm Technologies (IRTC) leadership

    Macauley Kilbane's questions to iRhythm Technologies (IRTC) leadership • Q1 2025

    Question

    Macauley Kilbane asked for quantification of the Epic Aura integration's impact beyond workflow efficiencies, such as volume growth or cost reductions in integrated versus non-integrated accounts.

    Answer

    CEO Quentin Blackford stated that while it's early, the integration is meeting expectations for IT and workflow efficiencies. He shared preliminary data from a few accounts showing an average high 20% increase in daily prescribing, with some nearing 40%. However, he emphasized this potential uplift is not yet factored into the company's financial guidance, pending more data.

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    Macauley Kilbane's questions to iRhythm Technologies (IRTC) leadership • Q4 2024

    Question

    Macauley Kilbane inquired about the 2025 revenue guidance, asking what is implied at the high end and what catalysts, such as record account openings and Epic integration, could drive growth closer to 20% given the strong exit rate in 2024.

    Answer

    CFO Daniel Wilson acknowledged the multiple growth levers but highlighted potential 2025 headwinds, including low single-digit pricing pressure and non-recurring benefits in Q4 2024 from a competitor's disruption and a new channel partner. Wilson stated that management wants to ensure these positive trends are sustainable before incorporating them more fully into the guidance.

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    Macauley Kilbane's questions to iRhythm Technologies (IRTC) leadership • Q3 2024

    Question

    Macauley Kilbane of William Blair & Company asked for details on the profile of new accounts being added and whether the recent record adds could drive volume growth above 20% in 2025.

    Answer

    CFO Dan Wilson described the new account profile as consistent, with an increase in large accounts that have longer ramp-up times due to EHR integration, and noted expansion into primary care. Wilson stated the new adds set up 2025 well, but the Zio MCT delay (a ~$10M+ opportunity) must be factored in. CEO Quentin Blackford added that unit volume growth has accelerated each quarter in 2024 and is expected to do so again in Q4.

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    Macauley Kilbane's questions to Penumbra (PEN) leadership

    Macauley Kilbane's questions to Penumbra (PEN) leadership • Q1 2025

    Question

    Macauley Kilbane, for Margaret Kaczor, asked if market access initiatives have streamlined the new product approval process within hospitals, and requested a directional framing of the U.S. arterial business growth relative to other segments.

    Answer

    CEO Adam Elsesser explained that for Thunderbolt, market access is less of an issue due to established relationships in neuro accounts. He noted the vascular commercial team is now appropriately staffed to handle new product rollouts. EVP of Strategy Jason Mills confirmed that the arterial business remains a strength, driven by strong performance from Bolt 7 and Bolt 6X in an underpenetrated market.

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    Macauley Kilbane's questions to Penumbra (PEN) leadership • Q4 2024

    Question

    Macauley Kilbane, on for Margaret Kaczor, asked for more detail on the U.S. thrombectomy guidance, specifically the vascular versus neuro components, given the strong 41% VTE growth. He also inquired about the recent 510(k) update for the RED 72 catheter and the broader catheter pipeline.

    Answer

    CEO Adam Elsesser stated the guidance is holistic and not broken out by segment but expressed confidence in CAVT-driven growth. He attributed the strong VTE performance to the product's superior speed and safety. Regarding RED 72, he confirmed it was an update to improve trackability, part of their continuous innovation cycle, which will be complemented by Thunderbolt upon its clearance.

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    Macauley Kilbane's questions to Penumbra (PEN) leadership • Q3 2024

    Question

    Macauley Kilbane, on for Malgorzata Kaczor Andrew, asked about the potential for guideline changes following recent TCT data and how that impacts long-term thrombectomy adoption and market access. He also inquired if the new Select Plus catheter has driven incremental growth.

    Answer

    CEO Adam Elsesser opined that significant guideline changes in PE are more likely to follow trials against anticoagulation, like Penumbra's STORM study, rather than trials comparing different mechanical devices. He confirmed that the Select Plus catheter has been very well-received, making cases faster and easier, which contributes to the overall positive impression and adoption of the Flash 2.0 system.

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    Macauley Kilbane's questions to Ceribell (CBLL) leadership

    Macauley Kilbane's questions to Ceribell (CBLL) leadership • Q4 2024

    Question

    Macauley Kilbane, on for Margaret Kaczor, asked for an update on the accelerated development of the stroke detection algorithm, including any results and expected 2025 milestones. He also inquired about the hiring pace for Territory Managers (TMs) and the expected TM-to-CAM ratio.

    Answer

    CEO Jane Chao reported that the stroke study has enrolled over 200 patients for data collection and that prototype algorithms are showing encouraging results, with plans to expand enrollment in 2025. CFO Scott Blumberg added that the company ended 2024 with its TM headcount in the high 40s, on track to reach its goal of 55 by mid-2025. He clarified that the Clinical Account Manager (CAM) infrastructure grows in line with the account base and is staffed independently of TMs.

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    Macauley Kilbane's questions to Ceribell (CBLL) leadership • Q3 2024

    Question

    Macauley Kilbane from William Blair & Company questioned the outlook for new account additions in Q4, referencing historical seasonal patterns and asking for guidance on expected numbers. He also inquired about the progress of clinical trials for future indications like delirium and stroke, specifically asking for an update on the delirium trial's enrollment and potential data release timeline.

    Answer

    CFO Scott Blumberg explained that the Q4 slowdown in new account launches is a strategic decision to avoid holiday periods, ensuring higher quality onboarding, with those launches typically shifting to Q1. CEO Xingjuan Chao added that patient enrollment for the delirium and stroke trials is proceeding as planned. She clarified that these studies are for algorithm training data collection, so there will not be a formal data readout upon completion of enrollment.

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    Macauley Kilbane's questions to Ceribell (CBLL) leadership • Q3 2024

    Question

    Macauley Kilbane questioned the expected seasonality for new account additions in Q4, referencing historical trends, and requested an update on the enrollment status and data release timing for the delirium and stroke clinical trials.

    Answer

    CFO Scott Blumberg explained that the Q4 slowdown in new account adds is due to a strategic decision to pause launches in late December to ensure quality onboarding. Executive Xingjuan Chao added that while trial enrollment is proceeding, the studies are for algorithm training and will not have a formal data readout upon completion.

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    Macauley Kilbane's questions to INSULET (PODD) leadership

    Macauley Kilbane's questions to INSULET (PODD) leadership • Q4 2024

    Question

    Macauley Kilbane from William Blair, on behalf of Margaret Kaczor Andrew, asked for early feedback on the new Omnipod Discover platform, its utilization trends, and the planned rollout strategy for the year.

    Answer

    President and CEO Jim Hollingshead shared that the limited market release of Omnipod Discover has generated "really terrific response" and high Net Promoter Scores from both physicians and patients. He described it as a cloud-based portal that provides data insights to patients and streamlines workflow for clinicians, facilitating better conversations about therapy management. He stated the platform is expected to drive retention and market share as it rolls out more broadly.

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    Macauley Kilbane's questions to STAAR SURGICAL (STAA) leadership

    Macauley Kilbane's questions to STAAR SURGICAL (STAA) leadership • Q4 2024

    Question

    Macauley Kilbane of William Blair questioned the confidence in the China guidance, noting it excludes any pricing benefit from the upcoming EVO+ launch while facing lower volumes and new competition. He also asked what steps could be taken to improve visibility and ensure the projected second-half recovery is sustainable long-term.

    Answer

    CEO Tom Frinzi expressed confidence based on strong Key Opinion Leader (KOL) relationships and the belief that the market challenges are transitory, not fundamental product or business model issues. He stated that as stimulus takes effect, the business will rebound. CFO Patrick Williams added that excluding potential EVO+ pricing upside from the guidance is a conservative measure, and they will monitor the competitive landscape closely before factoring in any benefits.

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    Macauley Kilbane's questions to GLAUKOS (GKOS) leadership

    Macauley Kilbane's questions to GLAUKOS (GKOS) leadership • Q3 2024

    Question

    Macauley Kilbane, on for Margaret Kaczor Andrew, asked how iDose reimbursement has trended since the J-code transition and whether the company is past the most difficult period of potential coverage denials.

    Answer

    President and COO Joseph Gilliam confirmed an expected reset occurred with the J-code transition. He characterized the current MAC landscape as mixed, with two MACs paying efficiently, two nearly there, and three still requiring a more manual process. He stated that progress is on track with the goal of having the process largely smoothed out heading into 2025.

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