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    Michael Freeman • Raymond James

    Michael Freeman's questions to WELL Health Technologies Corp (WHTCF) leadership

    Michael Freeman's questions to WELL Health Technologies Corp (WHTCF) leadership • Q1 2025

    Question

    Michael Freeman asked about WELL Health's strategy for achieving 10% market share in Canadian clinics, including the necessary scaling of its transformation organization and potential risks. He also inquired about the planned divestiture of CRH and provider staffing, asking if they would be sold together and what valuation multiples might be expected.

    Answer

    Chairman and CEO Hamed Shahbazi explained that the growth strategy focuses on acquiring and improving smaller clinics, a process supported by their recently scaled clinic transformation team. He noted that divesting U.S. assets would free up capital for larger, transformational acquisitions in Canada. Regarding the CRH and provider staffing assets, Shahbazi stated a preference for selling them as a single unit but is open to separate deals, and while he hopes for double-digit multiples, he noted that provider staffing might command a higher valuation due to market dynamics.

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    Michael Freeman's questions to WELL Health Technologies Corp (WHTCF) leadership • Q4 2024

    Question

    Michael Freeman of Raymond James inquired about the specific IFRS service obligation that Circle Medical failed to meet, which led to the revenue deferral, and asked for details on how the settlement amount for the related U.S. regulatory investigation was estimated.

    Answer

    Hamed Shahbazi, Chairman and CEO, explained that he could not provide significant detail on the IFRS obligation due to ongoing regulatory discussions, but characterized it as an "administrative matter." He stated that the settlement estimate was determined with guidance from specialized legal advisers based on precedents for similar civil matters and was subsequently audited to ensure it was a reasonable provision.

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    Michael Freeman's questions to Healwell Al Inc (HWAIF) leadership

    Michael Freeman's questions to Healwell Al Inc (HWAIF) leadership • Q1 2025

    Question

    Michael Freeman of Raymond James asked how the combined Healwell, Orion, and WELL Health entities can compete against large players like Epic and Cerner, inquired about geographic focus for the next 1-2 years, and sought clarity on the "larger than anticipated" opportunity set.

    Answer

    Executive Alexander Dobranowski explained that the combined ecosystem allows them to bid more broadly and compete directly with large incumbents. He identified Canada, the Commonwealth, the Middle East, and the U.K./Europe as key geographic focus areas. He added that the opportunity is larger than expected due to the rapid potential for integrating Healwell's AI into Orion's established global footprint.

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    Michael Freeman's questions to Healwell Al Inc (HWAIF) leadership • Q4 2024

    Question

    Michael Freeman requested pro forma organic growth expectations for each business segment post-Orion, guidance on operating expense margins, and insight into the geographic and company-type focus for future M&A.

    Answer

    CFO Anthony Lam provided 2025 growth targets: AI/Data Science revenue to double, Health Care Software to approach $100 million, and Clinical Research to grow by 50%. He advised using Q4's expense structure as a baseline, noting that significant 2024 costs for IR and fundraising would not repeat at the same level. CEO Dr. Alexander Dobranowski added that M&A will target companies that bolster AI capabilities and are synergistic with Orion Health's global footprint.

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    Michael Freeman's questions to Profound Medical Corp (PROF) leadership

    Michael Freeman's questions to Profound Medical Corp (PROF) leadership • Q1 2025

    Question

    Michael Freeman of Raymond James asked about Q1 data on Medicare patient engagement following new CMS reimbursement, the company's marketing plans, including the use of celebrity spokespeople, and for more detail on the pacing of the sales pipeline.

    Answer

    CEO Arun Menawat noted that while the financial impact of CMS reimbursement was minimal early in Q1, they are now seeing hospitals get paid, which is building the patient pipeline. Chief Commercial Officer Thomas Tamberrino confirmed that an immersive digital marketing campaign featuring patient testimonials, including from ex-NFL players, is imminent. Tamberrino and Menawat described the pipeline strategy as a multi-pronged effort targeting top cancer centers, ASCs, and OBLs, accelerated by MRI manufacturer partnerships and growing patient waiting lists.

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    Michael Freeman's questions to Profound Medical Corp (PROF) leadership • Q4 2024

    Question

    Michael Freeman of Raymond James questioned the launch timing and regulatory path for the BPH AI module, asked about Q1 utilization and Medicare payment uptake, and inquired about the strategy for securing coverage from private insurers.

    Answer

    President Dr. Mathieu Burtnyk confirmed the BPH module demo is set for the AUA meeting, aligning with a mid-year 2025 launch, and stated regulatory clearance is factored into their project plan. CEO Arun Menawat noted that while it's too early for concrete Medicare payment data due to lags, recurring revenue trends are positive. He added that they are seeing anecdotal payments from large private insurers and that the commercial team, under Tom Tamberrino, is building a dedicated unit to strategically pursue and prioritize private payer coverage.

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    Michael Freeman's questions to Bausch Health Companies Inc (BHC) leadership

    Michael Freeman's questions to Bausch Health Companies Inc (BHC) leadership • Q1 2025

    Question

    Michael Freeman requested more detail on the flexibility gained from the recent debt refinancing, the quantum of the unpledged Bausch & Lomb (BLCO) stake, and insight into the recent proxy supplement and the shareholder rights plan.

    Answer

    CFO JJ Charhon detailed that the refinancing extended the debt runway, leaving approximately $5.6 billion in maturities through 2028, much of which can be handled by free cash flow. He confirmed 35.5% of BLCO shares remain unencumbered. CEO Thomas Appio explained the shareholder rights plan was adopted to ensure fair treatment in any takeover bid and noted the positive market reaction to the proxy filing, which he believes shows investors see value in the company.

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    Michael Freeman's questions to Bausch Health Companies Inc (BHC) leadership • Q4 2024

    Question

    Michael Freeman asked about the company's preparations for Xifaxan's inclusion in Medicare price negotiations, the potential impact of a pharma-oriented international tariff, and whether new CMO Dr. Jonathan Sadeh is bringing changes to the clinical development approach.

    Answer

    CEO Thomas Appio stated it's still early in the Medicare negotiation process, but the team is focused on demonstrating Xifaxan's value, particularly the cost savings from reduced hospitalizations in the HE indication. CFO JJ Charhon added that the cash flow impact of a potential 25% tariff would be below $50 million annually. Appio also expressed excitement about Dr. Sadeh's arrival and confirmed they are actively discussing how to build the future pipeline, including both internal development and external business development.

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    Michael Freeman's questions to Bausch Health Companies Inc (BHC) leadership • Q2 2024

    Question

    Michael Freeman requested more granular details on the market reception of Thermage FLX in China following its recent launch. He also asked if the company would reconsider a potential IPO for its Solta Medical business, given its strong global growth prospects.

    Answer

    CEO Thomas Appio expressed high enthusiasm for Solta's growth in China, citing new leadership and investments. He also detailed strong performance in other APAC and European markets. Regarding a Solta IPO, he described the business as a valuable asset to Bausch Health and affirmed his plan is to continue investing in and growing it globally, without directly addressing the IPO possibility.

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