Michael Matson • Needham & Company

Answer

CFO Micah Young explained that the company expects normal seasonality, with revenue stepping down in Q3 before a seasonally strong Q4. He confirmed the $5 million revenue guidance increase is due to favorable currency rates, as the company is maintaining its 8-11% constant currency growth forecast and passing the FX benefit through to the reported numbers.

Ask Fintool Equity Research AI

Answer

CFO Micah Young stated that while share repurchases are the priority, the final decision on use of proceeds will depend on economic factors like interest rates and share price. CEO Katie Szyman clarified that Masimo's hemodynamic strategy, built on the LiDCO acquisition, targets mid-to-low acuity patients by integrating the technology into mainline monitors for a 2026 launch, differentiating through ease of use and synergy with its core pulse oximetry platform.

Ask Fintool Equity Research AI

Answer

CFO Micah Young confirmed hospital automation remains a key focus and a strong growth area, exceeding its 20%+ growth target. CEO Catherine Szyman added that it is a critical investment for the future of healthcare. Regarding the litigation, Micah Young affirmed that the pursuit of the case against Apple will remain with the core Masimo healthcare business.

Ask Fintool Equity Research AI

Answer

CFO Micah Young confirmed that the majority of high-volume sensor manufacturing will be in Malaysia by year-end, providing margin momentum for 2025. He stated the 200 bps of operating margin improvement is inclusive of all factors, including gross margin gains and cost initiatives. Regarding the consumer separation, Young advised analysts to model the healthcare business on a standalone basis, as the consumer segment would likely be treated as a discontinued operation, and did not directly comment on accretion/dilution.

Ask Fintool Equity Research AI

Answer

SVP and CFO Michael Tokich explained the lower free cash flow forecast is primarily due to a planned $40 million ETO legal settlement payment and less substantial inventory reductions compared to the prior year. President and CEO Daniel Carestio added that STERIS has the financial and intellectual capacity for M&A and will act if the right opportunity emerges.

Ask Fintool Equity Research AI

Answer

President and CEO Daniel Carestio reported seeing no spending delays, highlighting a strong orders quarter in both Healthcare and Life Sciences. He confirmed that STERIS continues to view ASCs as a key growth area and is investing in specific products and sales channels for that market. SVP and CFO Michael Tokich added that Healthcare order growth was strong at 14% year-over-year.

Ask Fintool Equity Research AI

Answer

CFO Michael Tokich explained that labor cost pressures are a lagging indicator, while energy costs are volatile and have a delayed pass-through effect. CEO Daniel Carestio sized the bioprocessing business at 6-8% of AST revenue. Tokich clarified that the EPS guidance is maintained due to a favorable impact from lower-than-expected full-year interest expense.

Ask Fintool Equity Research AI

Answer

Executive Waleed Hassanein described Mirandola, Italy, as a global hub for perfusion technology with a unique talent pool essential for OCS disposables. He cited the move as a strategic step for vertical integration and ensuring business continuity as the company scales. On federal policy, he stated that while nothing is imminent, TransMedics is actively engaged with policymakers on the topic.

Ask Fintool Equity Research AI

Answer

CEO Waleed Hassanein defended the pricing strategy, stating the value delivered to transplant centers far exceeds the cost, a fact supported by strong adoption rates. He explained that while scheduled aircraft maintenance is managed throughout the year, unexpected "Airplane on Ground" (AOG) events are unpredictable and are the primary source of variability, which the company mitigates by having a robust fleet and internal maintenance teams.

Ask Fintool Equity Research AI

Answer

CEO Waleed Hassanein reiterated that next-gen technologies for lung and heart are designed to enable perfusion up to 24 hours and facilitate morning transplants. He clarified that while they own 18 planes, the average number available in Q3 was only about 10. The company plans to grow the fleet to 20-22 and then pause to 'sweat these assets' and drive efficiency.

Ask Fintool Equity Research AI

Answer

CEO Christopher Simon stated that the company expects to replicate its recent 10% organic CAGR and will issue a new Long-Range Plan in December. He affirmed that the long-term M&A appetite remains, focused on the Hospital sector, but the near-term priority is organic growth. He confirmed the Vivasure option is on track, calling it a later fiscal '26 opportunity that fits well with their strategy at the intersection of Closure and Structural Heart.

Ask Fintool Equity Research AI

Answer

CEO Christopher Simon stated that Haemonetics is 'far from done' with plasma innovation, outlining future opportunities in yield enhancements, procedure speed, and leveraging donor management software. On VASCADE's international progress, he noted Japan is a strong contributor, while Europe has been slower but remains a key focus for future growth.

Ask Fintool Equity Research AI

Answer

CEO Christopher Simon confirmed that the company is gathering clinical evidence for the label expansion and is in supportive dialogue with the FDA, though timing is not yet determined. He expects currency to remain a headwind at current rates. He also affirmed the updated $100 million CSL revenue forecast for the year, up from the initial $85 million minimum, noting that about 70% of this was already realized in the first half.

Ask Fintool Equity Research AI

Answer

CEO Kevin Smith stated that B2B growth is a mix of acquiring new customers and a broader market shift from oxygen tanks to portable oxygen concentrators (POCs), supported by strong unit growth. Regarding the DTC channel, Smith highlighted that key per-rep metrics like unit volume and revenue have improved year-over-year due to the 'patient-first' initiative, suggesting the primary headwind is the reduced sales team size rather than macro pressures.

Ask Fintool Equity Research AI

Answer

CEO Kevin Smith projected that the Direct-to-Consumer (DTC) rep headcount would stabilize by mid-2025. Regarding Simeox, Smith confirmed positive FDA discussions but did not confirm a filing, stating an update would come upon clearance. CFO Mike Bourque highlighted the rising earn-out accrual in SEC filings as a sign of progress. Smith also explained the new Rove 4 POC is primarily a 2025 growth driver for the U.S. DTC channel, allowing Inogen to capture patients earlier in their disease progression.

Ask Fintool Equity Research AI

Answer

CEO Peter Caldini confirmed the sales force is at 40 reps and that the company plans to add more reps in key markets throughout the year, with further evaluation for 2026. Regarding Flora, he stated it is performing well and building a foundation for the future reconstruction indication, though the immediate priority remains the Motiva augmentation launch.

Ask Fintool Equity Research AI

Answer

CFO Alex Shvartsburg described the company's leverage ratio as 'extremely healthy' following the debt repayment and accounting for the SNIA liability. He outlined capital allocation priorities as investing in the core businesses, funding the OSA growth opportunity, and pursuing disciplined M&A, noting they have additional borrowing capacity. He also confirmed the tariff impact estimate is based on the current environment and will be reassessed as the situation evolves.

Ask Fintool Equity Research AI

Answer

CEO Vladimir Makatsaria confirmed the 40% Essenz penetration is global and the goal is to reach 100% over a three-year cycle, using a single platform with varied options. President of Stephanie Bolton, Stephanie Bolton, stated that Medicare patients represent about 40% of new patient implants and that a spillover effect on private payer reimbursement is a possibility.

Ask Fintool Equity Research AI

Answer

Executive James Mackin confirmed the option to acquire Endospan triggers upon FDA approval, expected in H2 2026, after which they have 90 days to decide. He also stated Endospan is not pursuing an HDE. Mackin affirmed that On-X growth was constrained by supply in Q1 and could have been higher. CFO Lance Berry addressed financing, stating the upfront cost would be $135M and the company is confident it can fund the deal without issue, given expected EBITDA growth and improving cash flow.

Ask Fintool Equity Research AI

Answer

CEO James Mackin stated that the decision on Endospan would follow its potential PMA approval in H2 2026, likely placing the decision in Q1 2027. CFO Lance Berry and CEO Mackin explained the debt conversion is a strategic move to deleverage the balance sheet, which is favored by shareholders and better positions the company for future acquisitions like Endospan.

Ask Fintool Equity Research AI

Answer

CEO James Mackin clarified that the first of several AMDS PMA modules has been filed, with the final clinical module expected in Q2 2025, keeping the product on track for a Q4 2025 approval. He confirmed the BioGlue opportunity in China is significant but will be a gradual ramp-up over several years starting in the second half of 2025. An executive explained that the PerClot agreement represents a minor headwind of slightly less than one percentage point of revenue and has minimal impact on EBITDA.

Ask Fintool Equity Research AI

Answer

President and CEO Ivan Tornos described the iodine-treated hip, launching first in Japan, as a 'transformational' platform with a defined regulatory pathway for the U.S. He emphasized that the company's strategy to combat infection is broad, encompassing not only coated implants but also technologies that expedite surgery and external investments in anti-infection companies.

Ask Fintool Equity Research AI

Answer

CEO Ivan Tornos stated that China represents only 2-3% of global sales and that the company has a full understanding of the VBP impact. He expressed confidence that they have the right investment level and do not foresee any changes to their revenue contribution outlook from China over the next 3-5 years.

Ask Fintool Equity Research AI

Answer

CEO Moshe Mizrahy stated that raising prices in a weak, price-sensitive market with high financing costs would be commercially unwise and would hurt sales volume. Regarding the new wellness platform, CFO Yair Malca indicated a launch is planned for 'later this year,' but the exact timing is not yet decided. Moshe Mizrahy added that they will release more details after the completion of clinical studies.

Ask Fintool Equity Research AI

Answer

CFO Yair Malca confirmed that the EPS guidance does not factor in future share repurchases. CEO Moshe Mizrahy clarified that the revenue decline was due to market slowdown and high interest rates, not supply chain issues, noting they caught up on early-year production delays. Regarding the installed base, he stated that while systems are not old, they see doctors buying new-generation platforms as second machines. Yair Malca added that upgrade promotions are planned for 2025.

Ask Fintool Equity Research AI

Answer

CFO Preston Wells clarified that the unfavorable foreign exchange impact is expected to affect the EPS line, not the constant currency organic sales growth figure. He also stated that the company did not disclose the sale price for the Spine business, noting proceeds will be received over time through milestones and used for general corporate purposes like debt repayment or M&A.

Ask Fintool Equity Research AI

Answer

CEO Kevin Lobo explained the Mako Spine revenue opportunity is largely unchanged, as the model will be similar for the customer, but Stryker will no longer invest in implant innovation. CFO Glenn Boehnlein noted that Stryker has only one assembly plant in Mexico out of 40 worldwide and is monitoring the tariff situation.

Ask Fintool Equity Research AI

Answer

CEO Kevin Lobo confirmed that the trusted Mako brand and large installed base provide a 'massive advantage' for new applications, whether through system upgrades or new purchases. CFO Glenn Boehnlein described the company's focus on pricing as now 'systemic' across the business, driving the recent positive results, but deferred specific guidance for 2025 to the next call.

Ask Fintool Equity Research AI

Answer

CEO Liam Kelly confirmed that Manta and Standard Bariatrics are performing as expected, with the latter being seasonally lighter in Q1. CFO John Deren cautioned against annualizing the $55 million tariff figure, stating it is too early to project given the dynamic policy environment and ongoing mitigation efforts.

Ask Fintool Equity Research AI

Answer

CEO Liam Kelly explained the margin profile is influenced by significant R&D investments in the pipeline, including for Free cell. He confirmed there is potential to improve margins over time by accelerating growth in the higher-priced U.S. market. Kelly also affirmed that a new clinical trial would indeed be necessary to commercialize Free cell in the United States.

Ask Fintool Equity Research AI

Answer

Liam Kelly, Chairman, President and CEO, acknowledged that while the rate of decline in bariatric procedures has slowed, the market is still in decline. However, he emphasized that Titan's strong double-digit growth is driven by market penetration, not overall market trends. He cited compelling clinical data showing Titan enables faster procedures and quicker patient discharge, which are key drivers for hospital adoption regardless of the macro environment.

Ask Fintool Equity Research AI

Answer

CEO Patrick Beyer estimated the company's long-term growth potential is in the 4% to 9% range, driven by double-digit growth from its four key platforms. He confirmed that resolving supply chain issues is key to achieving the higher end of that range (7-9%). CFO Todd Garner added that the favorable foreign exchange impact on EPS is spread throughout the P&L, benefiting both gross margin and operating expenses.

Ask Fintool Equity Research AI

Answer

COO Pat Beyer stated that improvements have been made across all orthopedic categories rather than being isolated to one, following a two-pronged approach of increasing internal manufacturing and improving the external vendor supply chain. CEO Curt Hartman added that while work remains, the U.S. Orthopedic business grew 7.4% in the quarter, indicating progress.

Ask Fintool Equity Research AI

Answer

CEO Michael H. Carrel explained the strategy is to maintain strong relationships with electrophysiologists to position the CONVERGE therapy for when PFA procedures fail, rather than pulling back. He described EPi-Ease as a strategic, low-revenue product used to facilitate epicardial access and maintain relevance and dialogue with the EP community.

Ask Fintool Equity Research AI

Answer

CEO Michael H. Carrel stated that the PFA technology will likely require a PMA trial and will be integrated into both open and MIS products. He described the BoxX-NoAF trial as a study in non-Afib cardiac surgery patients using both ablation and the AtriClip to reduce post-operative Afib, representing a significant market expansion.

Ask Fintool Equity Research AI

Answer

CEO Michael H. Carrel responded that while the cryoSPHERE MAX is well-suited for sternotomy procedures due to its faster freeze time, the company is not yet providing specific revenue guidance for that market, preferring to let adoption grow organically. CFO Angela Wirick projected that AtriCure is likely to be cash flow positive on a full-year basis in 2025, while cautioning that the first quarter typically involves a heavy cash burn due to structural payment cycles.

Ask Fintool Equity Research AI

Answer

EVP and CFO Raul Parra declined to comment on regional profitability but reiterated the gross tariff impact figures. Chairman and CEO Fred Lampropoulos stated they anticipate final decisions on both NTAP and TPT reimbursement for WRAPSODY by June 2025. Management did not disclose the specific procedure mix but expressed overall confidence in the program.

Ask Fintool Equity Research AI

Answer

Executive Raul Parra attributed the lower FX impact to two factors: a consistent, rolling hedging program and a higher mix of U.S. revenue, which is now closer to 55% of total sales. Executive Fred Lampropoulos added that their hedging strategy is disciplined and not speculative. Regarding international Wrapsody sales, Lampropoulos stated that performance is strong, the European sales team is encouraged, and the product continues to receive positive market feedback.

Ask Fintool Equity Research AI

Answer

Executive Joseph Wright expressed confidence in the sales team, noting that while it's a change in selling, the company can attract and retain top talent. He highlighted that the renal therapies group is already training for WRAPSODY. Executive Fred Lampropoulos declined to provide a TAM estimate, stating it would be provided in the post-approval virtual meeting.

Ask Fintool Equity Research AI

Answer

CEO Matthew Trerotola clarified that the net dissynergy impact on the Recon business was about 1% in Q4. He expects this to be neutralized in Q1 2025 and turn into a net positive synergy for the rest of the year. He also confirmed the selling day impact is primarily a trade between Q1 (2-3 extra days) and Q4.

Ask Fintool Equity Research AI

Answer

CEO Matthew Trerotola clarified that the international integration is not lagging but is more complex due to hybrid direct/indirect markets. He noted they are ~90% through the process and do not see meaningful risk carrying into next year. He also confirmed that the company already has cementless knee offerings and is seeing healthy growth.

Ask Fintool Equity Research AI

Answer

Executive Brian Bonnell explained that ICU Medical will deconsolidate the JV's results and will not report its revenue on their top line, instead recognizing its share of the JV's net earnings. Executive Vivek Jain confirmed the customer experience will be seamless, with ICU's sales force continuing to sell the full portfolio. Regarding the pump market, Jain noted that while incumbency is a major factor, the market is large enough for ICU to achieve meaningful growth.

Ask Fintool Equity Research AI

Answer

CFO Rebecca Chambers attributed strong pricing to the effectiveness of the managed care and billing teams securing new contracts, particularly a large commercial payer for Decipher, and successfully resolving prior period collections. CEO Marc Stapley reiterated the MRD test launch for muscle-invasive bladder cancer is planned for the first half of 2026, which will serve as a proof of concept for the broader MRD platform.

Ask Fintool Equity Research AI

Answer

An executive stated the hurricane impact was minimal in Q3 but caused some temporary slowness in Q4 that they expect to recover. CCO Warren Stone described the PanTracer liquid biopsy market as a very large and underpenetrated opportunity. CEO Chris Smith clarified that AML Express targets the smaller, hospital-based inpatient market where NeoGenomics is already a leader.

Ask Fintool Equity Research AI

Answer

Chief Operating Officer Essex Mitchell explained that the overall market for global endometrial ablation is slowly declining due to alternatives like IUDs, though Hologic is maintaining share and growing NovaSure internationally. He clarified that Gynasonix will not cannibalize MyoSure, as its Sonata system treats different types and sizes of fibroids, filling a gap between the Accesa and MyoSure systems.

Ask Fintool Equity Research AI

Answer

CEO Adam Elsesser stated that the company has not set a specific timeline for the THUNDER data presentation, as the immediate focus is on completing the trial follow-up. He confirmed that Thunderbolt will likely be priced at a premium, but the exact amount will be determined within the context of the neurovascular reimbursement structure and may not be a dollar-for-dollar match to premiums in other vascular beds.

Ask Fintool Equity Research AI

Answer

CEO Michael Farrell confirmed the technology is a platform that can "absolutely" be applied to other masks over time. He stated it will have a price premium due to higher manufacturing costs, which is justified by the expected ROI from improved patient adherence, better fit rates, and lower overall healthcare system costs.

Ask Fintool Equity Research AI