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    Michael Petusky • Barrington Research

    Michael Petusky's questions to Lifecore Biomedical Inc (LFCR) leadership

    Michael Petusky's questions to Lifecore Biomedical Inc (LFCR) leadership • Q4 2025

    Question

    Michael Petusky of Barrington Research followed up on the tariff topic, asking if it's a real catalyst for near-term customer action. He also requested the current number of late-stage projects, Q4 cash flow figures, and the estimated cost and timeline for the new ERP system.

    Answer

    President & CEO Paul Josephs clarified that the business momentum is driven by a broader strategic shift to a more aggressive sales approach, not just tariffs, and confirmed the late-stage project count is now 11. CFO Ryan Lake reported Q4 cash flow from operations was over $5 million and free cash flow was over $3 million. He detailed the ERP implementation, targeting a calendar 2026 go-live with a projected cost of $600,000 to $1 million, and outlined the risk mitigation plans in place.

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    Michael Petusky's questions to Lifecore Biomedical Inc (LFCR) leadership • Q3 2025

    Question

    Michael Petusky asked for an update on the new business pipeline mentioned last quarter, details on Q3 cash flow from operations and CapEx, the cash flow outlook for Q4, and whether Q3's SG&A level represents a new run rate.

    Answer

    Executive Paul Josephs confirmed strong progress in the business pipeline, evidenced by four on-site visits from large multinationals during the quarter. Executive Ryan Lake provided financial details, stating cash flow from operations was positive at approximately $2 million, and the company was near free cash flow breakeven for the quarter. He expects to be cash flow positive from operations for the second half of the year. Regarding SG&A, Lake noted it is trending down but was impacted by over $2 million in legacy legal matters, indicating further reduction is possible once these are resolved.

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    Michael Petusky's questions to Lifecore Biomedical Inc (LFCR) leadership • Q2 2025

    Question

    Michael Petusky asked for the total debt figure, questioned why EBITDA guidance wasn't raised despite a strong quarter, and inquired about CEO Paul Josephs's early learnings regarding customer conversations, sales cycles, and the market's perception of Lifecore's expanded capabilities. He also sought clarification on the size of the new opportunity pipeline.

    Answer

    CFO Ryan Lake provided a rough total debt figure of $160 million and explained that guidance was maintained due to some Q2 revenue being a pull-forward from later quarters. CEO Paul Josephs shared that his early learning is that there's a significant opportunity to educate the market about Lifecore's sterile fill/finish capabilities beyond its well-known HA expertise. He confirmed the business development pipeline now contains over 50 new opportunities, with more than 30% from large multinational companies.

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    Michael Petusky's questions to Lifecore Biomedical Inc (LFCR) leadership • Q1 2025

    Question

    Michael Petusky questioned the change in the number of development programs, noting a reduction from previous disclosures, and asked if stalled programs could be revived. He also inquired about the company's cash flow cadence and whether the current quarter represented a low point for cash generation.

    Answer

    CEO Paul Josephs clarified that the development pipeline now consists of 25 active programs, with about 10 others in a 'quiescent period' due to clinical or financial stalls, which have been removed from projections but could potentially return. CFO Ryan Lake addressed cash flow, stating the company expects to burn cash in the first half of the fiscal year but be free cash flow neutral in the second half, adding that the recent equity raise addresses near-term liquidity needs.

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    Michael Petusky's questions to US Physical Therapy Inc (USPH) leadership

    Michael Petusky's questions to US Physical Therapy Inc (USPH) leadership • Q2 2025

    Question

    Michael Petusky from Barrington Research Associates, Inc. asked for the specific percentage growth in commercial pricing, the basis-point impact of the negative payer change in Michigan, and whether that issue could spread. He also sought clarification on whether the capital allocation priority for the IIP segment was for internal investment or M&A, and requested an update on the "deep operational dive" with top partners.

    Answer

    CFO Carey Hendrickson stated commercial rates were up 1-1.5% YoY and the Michigan payer issue had about a $0.30 per visit impact. CEO Christopher Reading viewed the Michigan issue as isolated. He clarified the IIP capital priority is for M&A to add new service lines and is an active focus. Regarding the operational review, he said providing partners with a tangible tool comparing current metrics to their historical peak efficiency has been a key driver of progress.

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    Michael Petusky's questions to US Physical Therapy Inc (USPH) leadership • Q4 2024

    Question

    Michael Petusky questioned if the lower net rate at the newly acquired Metro business could be improved over time. He also asked for clarification on the source of a $3 million EBITDA contribution and sought to understand the potential cost savings from the new AI and virtual staffing technology pilots. Finally, he asked for confirmation that a legislative reversal of the 2025 CMS cut is unlikely.

    Answer

    COO East Eric Williams confirmed they expect to increase Metro's rates using USPH's payer contracting resources. CFO Carey Hendrickson clarified a $3M+ EBITDA lift was from the IIP business, not technology. CEO Christopher Reading noted it's too early to quantify savings from the tech pilots but expects the virtual front desk initiative to have a larger cost impact than the AI notes. He also confirmed the company is not budgeting for a reversal of the CMS cut.

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    Michael Petusky's questions to US Physical Therapy Inc (USPH) leadership • Q3 2024

    Question

    Michael Petusky requested the payer mix breakdown, the drivers behind the strong organic growth in the injury prevention (IIP) business, and whether USPH's contracting could provide a rate uplift for the newly acquired Metro business. He also asked about the potential impact of the recent election results on Medicare reimbursement legislation.

    Answer

    CFO Carey Hendrickson provided the Q3 payer mix: 47% commercial, 33% Medicare, 10.4% workers' comp, and 3.5% Medicaid. Executive Christopher Reading attributed the IIP segment's double-digit organic growth to both winning new clients, like a major auto manufacturer, and expanding services with existing ones. He noted that while the Metro team had already secured strong rates, USPH can bring additional resources to help over time. Regarding the election, Reading stated it's difficult to predict but emphasized that the company's advocacy efforts are bipartisan and well-established.

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    Michael Petusky's questions to Haemonetics Corp (HAE) leadership

    Michael Petusky's questions to Haemonetics Corp (HAE) leadership • Q1 2026

    Question

    Michael Petusky inquired about the geographic performance of the TEG business, particularly in EMEA and China. He also asked about the expected cadence of the recovery in the U.S. EP market for Vascade and for more detail on the new sales and marketing leadership hires.

    Answer

    CEO Christopher Simon stated that TEG's outperformance is concentrated in the U.S. (high 20s growth) and that challenges in China, now less than 4% of total revenue, have stabilized. For the Vascade recovery, he anticipates a 'gradual build' as the team makes the right long-term investments rather than taking shortcuts. He described the leadership changes as fundamental, impacting all levels from senior leaders to first-level supervisors, to prepare the business for a new level of scale and performance.

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    Michael Petusky's questions to Haemonetics Corp (HAE) leadership • Q4 2025

    Question

    Michael Petusky of Barrington Research asked for clarification on the Q1 fiscal 2026 earnings outlook, specifically if it would be a negative year-over-year comparison. He also asked if the company provided a revenue figure for the Sensor Guided and Esophageal Protection businesses and what the growth expectation is for them in fiscal 2026.

    Answer

    CFO James D'Arecca projected that Q1 fiscal 2026 adjusted EPS would likely be flattish to slightly positive year-over-year, not negative. CEO Christopher Simon did not provide a specific revenue figure for Sensor Guided and Esophageal Protection but noted impressive new account opening rates for SavvyWire. He stated the combined category is forecasted to be flat year-over-year in fiscal 2026, as the company has pulled back on ensoETM promotion due to the market shift to PFA.

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    Michael Petusky's questions to Haemonetics Corp (HAE) leadership • Q3 2025

    Question

    Michael Petusky asked a high-level strategic question about the top priorities within management's control over the next few years that are key to creating long-term shareholder value.

    Answer

    CEO Christopher Simon outlined a two-pronged strategy: first, cementing the plasma business as a durable, high-single-digit growth engine generating significant cash flow. Second, using those proceeds to expand into the Med-Surg space (Hospital segment), aiming for double-digit growth and high-20s operating margins. He pointed to the significant EPS growth during the long-range plan as proof of this transformation.

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    Michael Petusky's questions to LeMaitre Vascular Inc (LMAT) leadership

    Michael Petusky's questions to LeMaitre Vascular Inc (LMAT) leadership • Q2 2025

    Question

    Michael Petusky of Barrington Research Associates asked for a deeper analysis of the drivers behind the 7% unit volume growth, beyond catheter stocking, and inquired about the current M&A landscape and areas of interest for LeMaitre.

    Answer

    Chairman & CEO George LeMaitre clarified that excluding the catheter impact, unit growth was 5%, in line with recent history. He highlighted strong unit growth from ArteGraft (+10%), XenoSure in Europe (+9%), and RFA Cardiac (+61%). President & Director Dave Roberts added that the company continues to seek acquisitions in open vascular and cardiac surgery, with a revenue sweet spot of $15M to $150M, preferring drop-in products.

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    Michael Petusky's questions to LeMaitre Vascular Inc (LMAT) leadership • Q1 2025

    Question

    Michael Petusky asked about potential delays for the XenoSure approval in China due to trade tensions, requested Q1 cash flow and CapEx figures, inquired about the total number of MDR CE marks received, and asked if tariff uncertainty was affecting M&A discussions.

    Answer

    CEO George LeMaitre acknowledged the China situation was frustrating but reiterated a long-term commitment. President Dave Roberts noted the team is actively seeking provincial listings for XenoSure. Executive Dorian LeBlanc provided the financial figures: $9M in cash from operations and $1.38M in CapEx. LeMaitre confirmed 17 of 23 MDR CE marks are complete. Roberts stated that M&A discussions are proceeding, with sellers not yet making decisions based on tariff news.

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    Michael Petusky's questions to LeMaitre Vascular Inc (LMAT) leadership • Q4 2024

    Question

    Michael Petusky of Barrington Research asked if the recent capital raise has altered the company's M&A strategy regarding the size of potential targets. He also questioned whether the outsized benefit from implementing pricing floors in recent years is likely to be repeated.

    Answer

    President David Roberts confirmed the increased cash balance enables larger acquisitions, referencing a past look at a deal over $500 million, but stressed that the company remains disciplined and is 'waiting for our pitch.' On pricing, CEO George LeMaitre and EVP, CFO & Treasurer Joseph Pellegrino argued that while the initial floor implementation was impactful, the new 8% U.S. list price increase and the core strategy of selling differentiated products in niche markets should continue to support strong pricing power.

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    Michael Petusky's questions to LeMaitre Vascular Inc (LMAT) leadership • Q3 2024

    Question

    Michael Petusky of Barrington Research asked about the status of the XenoSure submission in China, the criteria for the new CFO, gross margin sustainability, and the company's M&A strategy, including its willingness to use leverage.

    Answer

    CEO George LeMaitre confirmed the XenoSure submission in China is complete but was cautious on the timeline. CFO Joseph Pellegrino stated gross margins are sustainable through Q4, dependent on price, mix, and efficiencies. President Dave Roberts noted that while the company is seeking larger deals and could finance upwards of $300 million, strategic fit remains the top priority.

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    Michael Petusky's questions to Orthofix Medical Inc (OFIX) leadership

    Michael Petusky's questions to Orthofix Medical Inc (OFIX) leadership • Q2 2025

    Question

    Michael Petusky from Barrington Research Associates inquired about the drivers of the strong U.S. Orthopedics growth and asked for guidance on CapEx and free cash flow for the second half of the year.

    Answer

    President and CEO Massimo Calafiore explained that U.S. Orthopedics growth is driven by both deeper penetration in existing accounts and entering new markets with the TRULOC Elevate system for the diabetic foot market. CFO Julie Andrews added that H2 2025 is expected to be free cash flow positive, though Q3 may be slower than Q4, and that CapEx will likely be heavier in Q3 but roughly flat for the full year.

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    Michael Petusky's questions to OPKO Health Inc (OPK) leadership

    Michael Petusky's questions to OPKO Health Inc (OPK) leadership • Q2 2025

    Question

    Michael Petusky of Barrington Research Associates requested clarification on the Q2 BARDA revenue and the full-year guidance. He also asked if the diagnostics business's cash flow breakeven goal depends on revenue growth, and inquired about capital allocation priorities and the urgency of the share buyback program.

    Answer

    SVP & CFO Adam Logal confirmed Q2 BARDA revenue was $6.5 million with full-year guidance of $30-$35 million. He asserted that achieving cash flow breakeven for the diagnostics business is not dependent on achieving their growth plan. On capital allocation, Logal emphasized a dual focus on R&D investment and balance sheet strengthening, stating the company would not be shy about using the remaining ~$142 million share repurchase authorization as the balance sheet allows.

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    Michael Petusky's questions to OPKO Health Inc (OPK) leadership • Q1 2025

    Question

    Michael Petusky of Barrington Research asked for the revised BARDA revenue guidance, the basis for confidence that the NGENLA profit share issue is a one-quarter event, and if the Diagnostics business could have reached breakeven without the asset sale.

    Answer

    Executive Adam Logal provided the revised BARDA guidance of $38 million to $44 million. He attributed confidence in NGENLA's rebound to strong underlying script data and historical quarterly patterns. He also affirmed that management had a plan to achieve Diagnostics profitability even without the sale, which would have involved exiting other high-cost testing lines.

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    Michael Petusky's questions to OPKO Health Inc (OPK) leadership • Q3 2024

    Question

    Michael Petusky asked about the 2025 outlook for BioReference, specifically the top-line revenue assumptions needed to achieve positive cash flow. He also inquired about the potential pathway for Rayaldee to reach $50 million in annual revenue and asked about the future of the common stock repurchase program.

    Answer

    Executive Adam Logal indicated that detailed 2025 guidance is forthcoming but stated that significant revenue growth is not a prerequisite for BioReference to achieve profitability. Executive Phillip Frost addressed Rayaldee, highlighting a new marketing initiative based on data showing it can slow chronic kidney disease progression. Logal also confirmed the company has used about a third of its current buyback authorization and will announce an expansion if deemed appropriate.

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    Michael Petusky's questions to Merit Medical Systems Inc (MMSI) leadership

    Michael Petusky's questions to Merit Medical Systems Inc (MMSI) leadership • Q2 2025

    Question

    Michael Petusky of Barrington Research asked for more specific details on the softness in China, the actual dollar impact from tariffs in Q2, and CEO Fred Lampropoulos's view on the current M&A environment and valuations.

    Answer

    CFO Raul Parra stated the China softness is a general macro issue, consistent with their full-year low single-digit growth expectation for APAC, and confirmed the Q2 tariff impact was approximately $1.2 million. CEO Fred Lampropoulos commented on M&A by stating that opportunities exist, but the company will remain patient and disciplined, acting only when a deal is the right fit for Merit, even if it requires waiting a long time.

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    Michael Petusky's questions to Merit Medical Systems Inc (MMSI) leadership • Q1 2025

    Question

    Michael Petusky inquired about evidence of pre-tariff stocking orders from China, whether the Endoscopy guidance implies post-acquisition customer attrition, and if recent OEM strength suggests a new, higher growth expectation.

    Answer

    EVP and CFO Raul Parra confirmed some minor, non-material stocking occurred late in Q1. He and CEO Fred Lampropoulos clarified that the Endoscopy sales cadence was planned to allow for sales force integration and did not reflect customer loss. On OEM, Parra reiterated the full-year expectation remains high single-digit growth, despite recent outperformance.

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    Michael Petusky's questions to Merit Medical Systems Inc (MMSI) leadership • Q4 2024

    Question

    Michael Petusky of Barrington Research inquired about the spike in Q4 R&D expense and whether it represents a new normal. He also asked for the expected spending cadence of the significant CapEx planned for 2025.

    Answer

    Executive Raul Parra clarified that the Q4 R&D increase was a deliberate, one-time investment to utilize strong gross margin for some overdue consulting work, not a new run-rate. He could not provide a specific CapEx cadence for the new distribution center, as construction progress is weather-dependent, but he reiterated the company's focus on controlling spending and delivering strong free cash flow.

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    Michael Petusky's questions to Merit Medical Systems Inc (MMSI) leadership • Q3 2024

    Question

    Michael Petusky of Barrington Research asked about the WRAPSODY regulatory process, specifically if there had been any stoppages in communication with the FDA since the PMA filing. He also inquired about M&A strategy, asking what leverage ratio management is comfortable with for potential deals.

    Answer

    Executive Fred Lampropoulos confirmed that the PMA was filed on schedule by the end of Q2 and stated there have been 'no stoppages' in the 180-day FDA review process. Executive Raul Parra addressed leverage, stating that in the current interest rate environment, the company is comfortable around a 3x ratio, but emphasized a continued disciplined approach to M&A that aligns with the CGI program targets.

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    Michael Petusky's questions to Anika Therapeutics Inc (ANIK) leadership

    Michael Petusky's questions to Anika Therapeutics Inc (ANIK) leadership • Q2 2025

    Question

    Michael Petusky of Barrington Research Associates, Inc. requested more detail on the HYALOFAST trial's reduced sample size and dropout rate, asked if the FDA's encouragement to submit data was standard procedure, questioned if the planned $14 million regenerative portfolio investment would be maintained, and inquired about surgeon adoption metrics for Integrity.

    Answer

    President & CEO Dr. Cheryl Blanchard explained the HYALOFAST trial was impacted by patient dropouts in the microfracture arm and missed visits during COVID, but noted the FDA encouraged a full data submission, which is significant for a Breakthrough Device. EVP, CFO & COO Steve Griffin confirmed the $14 million investment is still on track but that all spending is constantly evaluated and could possibly be curbed. Dr. Blanchard addressed Integrity by focusing on its strong top-line performance, stating the business is on track to double in 2025, rather than providing specific surgeon numbers.

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    Michael Petusky's questions to Anika Therapeutics Inc (ANIK) leadership • Q1 2025

    Question

    Michael Petusky of Barrington Research pressed for more specific timing on the final Hyalofast module filing, sought clarity on the pricing floor for U.S. OA Pain products, and requested details on surgeon adoption and marketing strategies for the Integrity implant system.

    Answer

    CEO Dr. Cheryl Blanchard indicated a more precise Hyalofast filing timeline would be provided on the next earnings call. CFO Steve Griffin stated that while OA Pain pricing is lower, they expect stabilization in 2026 and noted the core business remains profitable when excluding key growth investments. Dr. Blanchard detailed that Integrity's growth is driven by both deepening use with current surgeons and acquiring new ones, supported by clinical data, training events, and a multi-faceted sales approach highlighting the product's strength and regenerative benefits.

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    Michael Petusky's questions to Anika Therapeutics Inc (ANIK) leadership • Q4 2024

    Question

    Michael Petusky of Barrington Research asked for details on the commercial progress of Integrity, specifically whether its uptake is driven by a small group of surgeons or a broad base. He also inquired about the completion timeline for Cingal's nonclinical testing and the key drivers behind the projected acceleration in long-term commercial channel revenue growth.

    Answer

    President and CEO Dr. Cheryl Blanchard stated that Integrity's uptake is being driven by a broad set of surgeons, highlighting significant interest at a recent industry conference. Regarding Cingal, she explained that a timing update is pending formal feedback from a recent Type C meeting with the FDA. CFO Steve Griffin added that the long-term commercial revenue growth acceleration to 20-30% will be driven by continued Integrity growth, the U.S. launch of Hyalofast in late 2026, and Hyalofast becoming a primary contributor in 2027.

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    Michael Petusky's questions to Anika Therapeutics Inc (ANIK) leadership • Q3 2024

    Question

    Michael Petusky of Barrington Research sought details on the divested Arthrosurface business, including its annual revenue, total acquisition cost with earn-outs, and the standalone EBITDA margins of the U.S. OA business with JNJ. He also asked about expectations for the Parcus divestiture and the scope of the announced headcount reduction.

    Answer

    EVP and CFO Steve Griffin disclosed that Arthrosurface's annual revenue was around $25 million and the total acquisition cost was approximately $77 million. While declining to provide specific margins for the JNJ business, he noted the remaining OA Pain segment has 'strong 20-plus percent margins.' He stated it was too early to comment on the Parcus sale proceeds. Both Mr. Griffin and CEO Dr. Cheryl Blanchard confirmed the headcount reduction from 325 to 225 was all-inclusive of the divestitures and restructuring.

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    Michael Petusky's questions to Henry Schein Inc (HSIC) leadership

    Michael Petusky's questions to Henry Schein Inc (HSIC) leadership • Q1 2025

    Question

    Michael Petusky questioned the drivers behind the strong 9% internal growth in the Home Solutions business and asked for the segment's current revenue base.

    Answer

    CEO Stanley Bergman attributed the strong performance to expanding the business's footprint, adding new referral sources, and effective reimbursement management. CFO Ron South provided the financial scale, stating the business is approaching an annualized revenue of $360 million and is on a trajectory to reach $400 million soon.

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    Michael Petusky's questions to Henry Schein Inc (HSIC) leadership • Q3 2024

    Question

    Michael Petusky inquired if the capital allocation strategy for 2025 would resemble 2024 or the more M&A-heavy 2022-2023 period. He also asked where acquisitions in the Home Solutions space rank among the company's M&A priorities.

    Answer

    Ron South, CFO, expects 2025 capital allocation to align with historical run rates of $300-$400 million for both M&A and share repurchases, though the company remains opportunistic. Stanley Bergman, CEO, added that Home Solutions is an area for continued investment to expand national reach and access contracts, but does not require 'huge' investments, focusing instead on bolt-on acquisitions to the existing platform.

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    Michael Petusky's questions to Surmodics Inc (SRDX) leadership

    Michael Petusky's questions to Surmodics Inc (SRDX) leadership • Q2 2024

    Question

    Michael Petusky from Barrington Research inquired about the status of the SurVeil profit-sharing agreement with Abbott, including how it is calculated and if it has commenced. He also asked about Abbott's plans for SurVeil outside the U.S. (OUS) and whether Surmodics might provide an early outlook for fiscal 2025.

    Answer

    Executive Timothy Arens explained that profit-sharing is conservatively estimated and booked upon shipment to Abbott, with a true-up expected after receiving official reports, which has not yet occurred. He noted no visibility into Abbott's OUS plans, as the focus remains on the U.S. market. Executive Gary Maharaj reiterated that Abbott is focused on the U.S. launch first. Regarding fiscal 2025, he stated it is unlikely the company will provide an early preview before the Q4 call, as they need more time to validate assumptions for newly launched products.

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