Matt

Matt asked about the proportion of the 30 identified ZEVASKYN patients who are currently on background Vyjuvek or have previously failed Vyjuvek.

Answer

Chief Commercial Officer Madhav Vasanthavada stated that the company does not have direct visibility into the exact number but expects the vast majority would be on Vyjuvek and/or Filsuvez, given the unmet need for multiple treatment options in the RDEB community. He added that prior use of other gene therapies helps with access, as patients would already have genetic records and other necessary documentation for payers.

Matt, on behalf of Matthew Taylor, asked about any changes in contracting dynamics within the pharmacy channel, such as price or tenor, given the increasing competition.

Answer

Ashley McEvoy, President and CEO, stated there were no significant differences in contracting dynamics. She emphasized Insulet's long-standing leadership in the pay-as-you-go pharmacy model, covering over 300 million lives with preferred status (approximately $1 a day for most users), and ongoing efforts to streamline prior authorization processes for underserved populations.

Matt (on behalf of George Gianarcus from Canaccord Genuity) inquired about FuelCell Energy's momentum in the data center space, specifically seeking updates on the Inuverse partnership and other customer conversations, as well as the geographical distribution of data center demand.

Answer

Jason Few (Director, President & CEO, FuelCell Energy) highlighted the strength demonstrated in Korea with large-scale utility platforms and the importance of a long-term track record for data centers. He noted the potential for up to 100 megawatts with Inuverse and significant strength in the data center pipeline, engaging with co-located data centers and hyperscalers across the US, Korea, and broader Asia. Few emphasized the advantages of FuelCell Energy's behind-the-meter solution, ease of siting, minimal emissions, and policy tailwinds from the ITC.

Matt inquired about the strong net new ACV contribution from emerging products like asset maintenance, AI multicam, and commercial navigation, asking if this level of early momentum was expected and how it informs future contributions.

Answer

Sanjit Biswas (CEO) noted that many customers purchasing these new products were design partners, ready to scale, and the products are performing well. He acknowledged that each product has a natural revenue ramp over several quarters, with ongoing enhancements planned, but expressed pleasure with the initial customer response.

Matt from Western Standard highlighted the standout gross margin in the manufacturing segment and asked for the drivers behind it. He also inquired about the increase in O&M revenue, the remaining hurdles for the Hawaii project, the status of the Bahama receivable, and the company's capital allocation plans for its large cash balance.

Answer

CEO Frederick McTaggart and CFO David Sasnett attributed the strong manufacturing margin to a focus on higher-margin jobs, efficient facility operation near peak capacity, and favorable project pricing. McTaggart explained the O&M revenue increase was due to contract term changes and incremental cost pass-throughs. For the Hawaii project, he identified the archaeological permit and a final health department design approval as the key remaining steps. On capital allocation, McTaggart stated they are actively evaluating M&A targets, exploring P3 project opportunities, and will continue to assess returning cash to shareholders, referencing the recent dividend increase.