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    Michael Freeman

    Research Analyst at Raymond James

    Michael W. Freeman is an Associate Analyst in Equity Research at Raymond James Ltd., specializing in healthcare, biotechnology, synthetic biology, and medical technology, with a focus on both Canadian and global companies. He regularly covers companies such as Profound Medical, where his calls on valuation and adoption trends have been closely followed by industry participants, including a notable downgrade of Profound Medical from Strong Buy to Outperform in 2025 based on market conditions. Freeman began his equity research career at a boutique investment bank in Toronto before joining Raymond James in 2019, and he was promoted to lead Canadian healthcare coverage in 2024. He holds an MASc in chemical engineering from the University of Toronto and a BASc from Queen's University, with a career foundation in process engineering at WSP Global; he is recognized for his advanced quantitative analysis skills but has not publicly disclosed FINRA or securities registration details.

    Michael Freeman's questions to Alpha Cognition (ACOG) leadership

    Michael Freeman's questions to Alpha Cognition (ACOG) leadership • Q1 2025

    Question

    Michael Freeman asked about any indications of interest for ZUNVEYL from outside the long-term care setting. He also requested more color on early patient feedback regarding efficacy and adverse events, and inquired about the company's plans to collate and publish real-world evidence. Finally, he questioned the company's cash position and its runway to reach breakeven.

    Answer

    COO Lauren D'Angelo confirmed interest from the retail setting and noted a system is in place to address these leads. CEO Michael McFadden highlighted early efficacy at the starting dose and the absence of reported GI side effects. D'Angelo shared two positive patient anecdotes detailing significant improvements in behavior and sleep. McFadden added that the medical team is actively pursuing publication of real-world data, with abstracts accepted at AAIC and a retrospective analysis planned. CFO Henry Du stated that the company is comfortable with its debt-free balance sheet and believes its current capital is sufficient to fund operations to a positive cash flow position.

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    Michael Freeman's questions to Alpha Cognition (ACOG) leadership • Q4 2024

    Question

    Michael Freeman inquired about the timeline for ZUNVEYL's commercial payer agreements, early physician feedback from the long-term care market, and the company's cash runway following its recent financing.

    Answer

    COO Lauren D'Angelo stated that while formal payer contracts are targeted for early 2026, ZUNVEYL is currently accessible via medical necessity forms. She highlighted 'overwhelmingly positive' physician feedback on the drug's differentiated profile. CEO Michael McFadden added that the current cash position is sufficient to reach breakeven in year 3 of the launch, contingent on revenue execution and expense management, without needing additional capital for the core long-term care commercialization.

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    Michael Freeman's questions to ONCOLYTICS BIOTECH (ONCY) leadership

    Michael Freeman's questions to ONCOLYTICS BIOTECH (ONCY) leadership • Q1 2025

    Question

    Michael Freeman of Raymond James asked for clarification on the metastatic breast cancer program, specifically whether exploring treatment in earlier-stage patients is an alternative to the previously discussed registration-enabling trial. He also requested details on the structure, terms, and flexibility of the new USD 20 million share purchase agreement with Alumni Capital.

    Answer

    Dr. Tom Heineman, Chief Medical Officer, clarified that the company is not shifting its focus but exploring opportunities in the evolving treatment landscape, particularly in patients who have failed antibody-drug conjugate (ADC) therapy, which could de-risk the program. Kirk Look, Chief Financial Officer, explained that the share purchase agreement provides capital at the company's discretion with a $750,000 minimum purchase notice. He noted it includes an upfront commitment fee and pro-rata fees to reduce capital costs, extending the financial runway through key milestones.

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    Michael Freeman's questions to ONCOLYTICS BIOTECH (ONCY) leadership • Q1 2025

    Question

    Michael Freeman asked for clarification on the metastatic breast cancer program strategy, questioning whether the discussion of treating patients at different or earlier stages represented a shift away from the previously planned registrational trial. He also inquired about the structure, terms, and flexibility of the new share purchase agreement with Alumni Capital and whether the company had utilized it yet.

    Answer

    Chief Medical Officer Dr. Tom Heineman clarified that the company is not shifting its focus but is exploring opportunities in the evolving treatment landscape, particularly in patients who have failed antibody-drug conjugate (ADC) therapy. He suggested a smaller, targeted study in this post-ADC population could further de-risk the program. Chief Financial Officer Kirk Look explained that the share purchase agreement provides access to capital at the company's discretion, with a structure designed to reduce capital costs. He confirmed the facility has been tapped 'a little bit' to ensure it functions as intended.

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    Michael Freeman's questions to ONCOLYTICS BIOTECH (ONCY) leadership • Q4 2024

    Question

    Michael Freeman of Raymond James inquired about the projected cost and timeline for the upcoming registration-enabling breast cancer study, the potential for an 'oncolytic virus renaissance' to drive pharmaceutical interest, and the status and potential acceleration of the GCAR collaboration for pancreatic cancer.

    Answer

    CFO Kirk Look detailed the study timeline, noting it would be initiated in the latter half of the year with an 18-month enrollment period and a futility analysis expected around 14 months post-enrollment, but stated it was premature to provide a total cost. VP of Business Development Christophe DeGois and CFO Kirk Look confirmed increased investor and pharma interest in the oncolytic virus space, citing recent competitor activity as beneficial. Chief Medical Officer Dr. Tom Heineman explained that the GCAR collaboration is moving at the 'greatest possible pace' but timing specifics are pending FDA discussions.

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    Michael Freeman's questions to ONCOLYTICS BIOTECH (ONCY) leadership • Q1 2024

    Question

    Michael Freeman from Raymond James, on behalf of Rahul Sarugaser, asked about the strategic interaction between the two pancreatic cancer trials and sought clarity on the data being presented at the upcoming ASCO conference.

    Answer

    CEO Dr. Matt Coffey and CMO Dr. Thomas Heineman clarified the pancreatic cancer strategy. They explained that studying pelareorep with both major chemotherapy backbones (gemcitabine/nab-paclitaxel and mFOLFIRINOX) aims to make the therapy available to the broadest range of first-line patients. Regarding ASCO, Dr. Heineman stated the presentation on the mFOLFIRINOX study will be a 'trial-in-progress' poster outlining the study design and will not contain any clinical data.

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

    Michael Freeman's questions to WELL Health Technologies (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 (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 AI (HWAIF) leadership

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

    Question

    Michael Freeman requested guidance on pro forma organic growth rates for each business segment post-Orion, the outlook for operating expense margins, and the company's go-forward M&A strategy regarding geographies and target types.

    Answer

    CFO Anthony Lam provided 2025 growth expectations: the AI/Data Science segment to potentially double, Health Care Software to approach $100 million, and Clinical Research to increase by 50%. He advised using Q4's expense structure as a baseline, noting that significant one-time costs from 2024, such as IR awareness and fundraising, would not repeat at the same level. CEO Dr. Alexander Dobranowski added that the M&A focus will be on bolstering AI capabilities and pursuing synergistic acquisitions in jurisdictions where Orion operates.

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

    Question

    Asked for pro forma guidance post-Orion acquisition, including organic growth rate expectations for each business segment, projected operating expense margins, and the company's future M&A strategy regarding geographies and company types.

    Answer

    Post-Orion, the data science segment is expected to double revenue, health care software to approach $100M, and clinical research to grow by 50%. Gross margins are expected to approach 50%, with a similar opex structure to Q4 but significantly lower IR and fundraising costs. M&A will focus on AI patient identification capabilities and synergistic acquisitions in jurisdictions where Orion operates.

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

    Question

    Michael Freeman asked how the combined capabilities of Healwell, WELL Health, and Orion Health position the company to compete against large incumbents like Epic and Cerner in public sector RFPs. He also inquired about the key geographic areas of focus for the company over the next 12 to 24 months and sought clarification on why the company's opportunity set is now viewed as larger than originally anticipated.

    Answer

    Executive Alexander Dobranowski stated that the combined ecosystem of Healwell, WELL Health, and Orion Health creates a spectrum of capabilities that for the first time allows them to bid more broadly and compete credibly against major players like Epic and Cerner. He identified Canada, the extended Commonwealth, the Middle East, and the U.K./Europe as key geographic focus areas. Dobranowski explained the opportunity set is larger than expected primarily because of the practical and rapid potential to integrate Healwell's AI into the Orion Health footprint, creating a larger-than-anticipated value proposition.

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

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

    Question

    Michael Freeman of Raymond James requested color on Medicare patient engagement in Q1 following new CMS reimbursement, asked about the timeline for marketing initiatives like ex-NFL spokespeople, and sought more detail on the pacing of the sales pipeline to achieve the year's back-end loaded revenue goals.

    Answer

    CEO Arun Menawat noted that while the reimbursement impact was small early in Q1, they are now seeing hospitals get paid and a corresponding increase in the patient pipeline. Chief Commercial Officer Thomas Tamberrino confirmed that marketing efforts, including digital campaigns and leveraging celebrity patient stories, are ramping up now. Regarding the pipeline, both executives described a multi-pronged strategy targeting top cancer centers, ASCs, and leveraging MRI manufacturer partnerships, stating that all early indicators are positive.

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    Michael Freeman's questions to Profound Medical (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 (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 (BHC) leadership

    Michael Freeman's questions to Bausch Health Companies (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 (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 (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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