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Margaret Kaczor Andrew

Senior Research Analyst at William Blair Investment Management, LLC

Margaret Kaczor Andrew is a Senior Research Analyst at William Blair & Company, specializing in medical technology and devices with a focus on sectors such as robot-assisted surgery, kidney disease, cardiovascular technology, immunodeficiency diseases, sleep and oxygen therapy, surgical tools, and diabetes management. She covers publicly traded companies including Dexcom, Abbott Laboratories, and Ceribell, delivering in-depth investment research referenced by media outlets including The Washington Post, CNBC, and MedTech Insight. Since joining William Blair in 2010, following her tenure as a Financial Analyst at Wachovia Securities, she has established a strong professional reputation and holds the CFA designation along with degrees in accounting and finance from the University of Illinois. Kaczor Andrew is registered with FINRA and recognized for her expertise and influential research in the medical technology investment community.

Margaret Kaczor Andrew's questions to INSULET (PODD) leadership

Question · Q3 2024

An analyst on behalf of Margaret Kaser Andrew asked about the key drivers behind the strong operating margin performance and the company's confidence in sustaining that leverage into next year.

Answer

CFO and Treasurer Ana Maria Chadwick attributed the strong performance to gross margin expansion, driven by pricing and manufacturing efficiencies, and operating leverage from scale. She reaffirmed the company's commitment to at least 100 basis points of annual operating margin expansion, noting that future gross margin growth will be more moderate as U.S. pricing benefits are annualized, but international pricing and efficiencies will continue to contribute.

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Margaret Kaczor Andrew's questions to RESMED (RMD) leadership

Question · Q1 2025

Speaking on behalf of Margaret Kaczor Andrew, an analyst asked about the drivers of strong device growth and whether there was evidence of pull-through from consumer wearables like Samsung and Apple watches.

Answer

CEO Michael Farrell noted the strong 11% U.S. device growth was on a low 2% prior-year comparable. He stated it is "very early days" for wearables to have a material impact, suggesting the GLP-1 trend is a more immediate tailwind. He attributed the performance to strong commercial execution and the dual AirSense 10/11 product strategy.

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Margaret Kaczor Andrew's questions to DEXCOM (DXCM) leadership

Question · Q3 2024

Speaking for Margaret Kaczor Andrew, an analyst asked if the 2025 long-range plan implies a larger international sales contribution and questioned how Stelo's real-world 15-day durability compares to study data.

Answer

CFO Jereme Sylvain stated the 70/30 U.S./OUS split is a rough ballpark and expects both regions to perform well. Regarding durability, he said Stelo's real-world performance mirrors the submission data, with most sensors lasting the full 15 days. He confirmed the G7 15-day was submitted with a survival rate the company 'felt good with,' similar to Stelo.

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Margaret Kaczor Andrew's questions to STAAR SURGICAL (STAA) leadership

Question · Q2 2024

Margaret Kaczor Andrew from William Blair asked if the U.S. sales guidance for Q3 and Q4 was conservative, considering the strong sequential growth and traction with 'Highway 93' accounts, and questioned when the company might reflect more significant sequential increases in its U.S. guidance.

Answer

Executive Thomas G. Frinzi responded that the company is being balanced and prudent with its guidance. He used an analogy, stating the U.S. business is moving from 'crawling to walking' and will be 'running in 2025,' expressing strong confidence in the U.S. initiatives and their sustainable, long-term growth potential.

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Margaret Kaczor Andrew's questions to NARI leadership

Question · Q2 2024

Asked for confirmation on the PEERLESS trial's presentation timeline, specifically if a major meeting like TCT was still possible. She also inquired about the commercialization strategy for the data and which specific endpoints within the trial's win ratio would be most impactful for driving physician adoption.

Answer

Management confirmed their commitment to presenting the PEERLESS data at a major medical meeting later this year remains unchanged. The commercial strategy will leverage the trial's primary endpoint, a win ratio composed of multiple clinically meaningful outcomes, to position FlowTriever as the superior therapy and standard of care over lytics. While sophisticated physicians will review all endpoints, the overall win ratio will be the key top-line result.

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Margaret Kaczor Andrew's questions to CUTR leadership

Question · Q4 2023

Inquired about the cash burn trajectory into 2025, specifically if inventory could become a significant cash generator. Also asked about sales rep productivity metrics and how they are factored into the 2024 guidance, including plans for the sales force size.

Answer

The company expects a much more favorable cash burn profile in the second half of 2024 and into 2025, driven by the AviClear franchise, improving gross margins, and potential macro improvements. Rep productivity has been consistent after rightsizing the organization. For 2024, the company plans to add 15 or more capital reps and grow the key account manager (CAM) team to about 25, which is factored into the guidance and supports expectations for a stronger second half.

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