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    Michael Sarcone • Jefferies

    Michael Sarcone's questions to DENTSPLY SIRONA Inc (XRAY) leadership

    Michael Sarcone's questions to DENTSPLY SIRONA Inc (XRAY) leadership • Q2 2025

    Question

    Michael Sarcone of Jefferies inquired about the company's ability to expand margins in 2026, considering the full annualized impact of tariffs. He also asked for more details on the new initiatives aimed at addressing softness in the Connected Technology Solutions (CTS) segment.

    Answer

    CEO Dan Scavilla noted it was too early to project 2026 margins given market volatility but highlighted the company's global manufacturing flexibility. CFO Matt Garth added that the 2025 outlook already incorporates the tariff impact, which is being managed through efficiency programs. Scavilla declined to elaborate on specific CTS initiatives for competitive reasons, preferring to report on results after execution.

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    Michael Sarcone's questions to Procept Biorobotics Corp (PRCT) leadership

    Michael Sarcone's questions to Procept Biorobotics Corp (PRCT) leadership • Q2 2025

    Question

    Michael Sarcone of Jefferies asked for more detail on the expected revenue phasing for the second half of the year and for an update on the company's relationship with its sole-source ultrasound supplier in China.

    Answer

    EVP & CFO Kevin Waters provided key inputs for H2 modeling, including Q3 system and handpiece unit guidance and a typical seasonal step-down for international revenue. He also stated that the company is working closely with its Chinese supplier to ensure supply continuity while exploring long-term strategies to onshore production and mitigate tariff risk.

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    Michael Sarcone's questions to Procept Biorobotics Corp (PRCT) leadership • Q1 2025

    Question

    Michael Sarcone requested an update on the typical sales cycle duration and visibility into the sales funnel. He also asked about the competitive landscape, including where PROCEPT is taking market share and its view on prostate artery embolization (PAE).

    Answer

    Executive Sham Shiblaq confirmed the sales cycle remains a consistent 6-9 months, and Kevin Waters added that funnel conversion rates are stable. Executive Reza Zadno addressed competition, stating that PAE is not a significant threat due to durability issues. He reiterated that Aquablation primarily takes share from TURP and GreenLight, and from simple prostatectomy for larger prostates.

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

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

    Question

    Michael Sarcone of Jefferies inquired about the quantifiable impact of catheter stocking orders on Q2's strong unit volume growth and questioned the sustainability of the 8% price increase achieved during the quarter.

    Answer

    Chairman & CEO George LeMaitre estimated the catheter stocking impact was approximately $800,000 in Q2. Regarding pricing, he noted the current cadence is established for 2025 but declined to commit to a specific level for 2026, while confirming a price hike is planned for January 1.

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

    Question

    Michael Sarcone of Jefferies asked for clarification on whether better-than-expected allograft sales drove the Q1 margin miss and questioned the moving pieces behind the updated full-year guidance, which featured a lower gross margin but a higher operating margin.

    Answer

    CEO George LeMaitre and President Dave Roberts confirmed that stronger-than-anticipated performance in the lower-margin graft category, particularly allografts which beat expectations by about $1 million, was the primary driver of the gross margin miss. LeMaitre explained the operating margin guidance change was influenced by the slightly lower gross margin outlook, offset by increased bullishness on sales growth, which prompted higher investment in the sales force and new offices like the one in Switzerland.

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    Michael Sarcone's questions to AxoGen Inc (AXGN) leadership

    Michael Sarcone's questions to AxoGen Inc (AXGN) leadership • Q2 2025

    Question

    Michael Sarcone of Jefferies inquired about the expected quarterly cadence for the rest of the year, considering historical seasonality and ramping sales rep productivity. He also asked about the drivers of recent commercial coverage wins and whether this progress could accelerate post-BLA approval.

    Answer

    President and CEO Michael Dale detailed seasonality by segment, noting that extremities procedures increase in the summer while breast reconstruction slows. He and Rick Ditto, VP of Global Health Economics, explained that recent coverage wins are driven by the publication of the RECON study data and increased clinician advocacy. They affirmed their belief that these coverage expansion wins can accelerate further once the BLA is approved, as it will strengthen the product's evidence-based value proposition for payers.

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    Michael Sarcone's questions to AxoGen Inc (AXGN) leadership • Q1 2025

    Question

    Michael Sarcone of Leerink Partners asked about the potential need for hospital recertification of Avance Nerve Graft post-BLA approval and the expected cadence for gross margin recovery after a weak first quarter.

    Answer

    Executive Jens Schroeder Kemp stated that Axogen does not anticipate major disruptions to hospital access or product availability, as the reimbursement pathway will remain unchanged. CFO Nir Naor explained that Q1 gross margin was impacted by significant one-time inventory write-offs but affirmed the full-year guidance, expecting improvement over the year with specific BLA-related costs anticipated in Q3. CEO Michael Dale added that process improvements impacting margins would be gradual over the 12 months following BLA approval, not a single stepwise change.

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    Michael Sarcone's questions to AxoGen Inc (AXGN) leadership • Q4 2024

    Question

    Michael Sarcone of Jefferies sought details on the assumptions driving the 15-20% long-term CAGR objective and the 15-17% revenue guidance for 2025, including the expected sales cadence throughout the year.

    Answer

    CEO Michael Dale explained the CAGR is based on historical data and planned expansions, such as doubling the breast business footprint, where they have a predictable customer creation model. CFO Nir Naor stated the 2025 guidance relies on existing momentum and staggered investments, with growth expected to accelerate in the latter half of the year as these investments mature.

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    Michael Sarcone's questions to AxoGen Inc (AXGN) leadership • Q3 2024

    Question

    Michael Sarcone of Jefferies asked about the long-term sustainability of the growth strategy focused on deepening penetration in primary accounts versus eventually needing to expand the customer base. He also requested details on the assumptions underpinning the Q4 guidance range.

    Answer

    CEO Michael Dale responded that the nerve repair market is still very immature, with significant room for growth by optimizing the business model, with specifics to come in early 2025. CFO Nir Naor added that the lower end of the guidance range accounts for potential disruptions, such as supply chain issues following hurricanes.

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    Michael Sarcone's questions to Inspire Medical Systems Inc (INSP) leadership

    Michael Sarcone's questions to Inspire Medical Systems Inc (INSP) leadership • Q2 2025

    Question

    Michael Sarcone from Jefferies asked about the uptake in Medicare billing for Inspire V since it became available on July 1 and inquired about the characteristics of the accounts that achieved over 20% growth during the limited release.

    Answer

    CEO Tim Herbert explained that uptake in July was limited as many centers were just completing the implementation process now that the billing barrier is removed. He noted that the high-growth accounts were accomplished, high-volume centers, and the company aims to replicate this success across other centers by highlighting the capacity benefits of Inspire V.

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    Michael Sarcone's questions to Inspire Medical Systems Inc (INSP) leadership • Q1 2025

    Question

    Michael Sarcone from Jefferies inquired about the physician response to the lower professional fee associated with the new CPT code for Inspire V. He asked if there was any evidence of surgeons increasing their procedure volume per day to offset the lower reimbursement.

    Answer

    CEO Tim Herbert responded that while they are monitoring the situation, the feedback has been positive. He believes the benefits of a simpler, faster procedure without the pressure-sensing lead far outweigh the modest fee reduction. He also noted that the new code includes an increased payment to ambulatory surgical centers (ASCs), which helps balance the economics for the healthcare system.

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    Michael Sarcone's questions to Inspire Medical Systems Inc (INSP) leadership • Q3 2024

    Question

    Michael Sarcone from Jefferies followed up on the Inspire V rollout, asking if renegotiating center contracts would be a significant undertaking. He also requested an update on how conversations with payers are progressing following the release of the PREDICTOR study data.

    Answer

    CEO Tim Herbert clarified that keeping the system-level price consistent with the current device minimizes the burden of contract renegotiations, making it primarily a logistical process. On the PREDICTOR study, he reported that payers are receptive to data that can streamline the patient pathway. He explained the proposed algorithm for identifying candidates without a DISE procedure and noted that ongoing physician publications will support these discussions.

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    Michael Sarcone's questions to Glaukos Corp (GKOS) leadership

    Michael Sarcone's questions to Glaukos Corp (GKOS) leadership • Q2 2025

    Question

    Michael Sarcone of Jefferies questioned the dynamics of the U.S. iStent business, noting its Q2 decline and asking why performance is expected to improve to a mid-single-digit decline in the second half. He also asked for more detail on underlying cash flow generation.

    Answer

    President & COO Joe Gilliam explained that Q2 represented the 'peak of the headwind' from LCD changes and a tougher prior-year comparison, which eases in the second half. SVP & CFO Alex Thurman clarified that excluding ~$30M in one-time investments (an acquisition and a building purchase), the company generated over $4M in cash, and the goal remains to march towards cash flow breakeven.

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    Michael Sarcone's questions to Glaukos Corp (GKOS) leadership • Q1 2025

    Question

    Michael Sarcone asked if there were any changes to the expected contribution mix for iDose between traditional Medicare and commercial payers for the year, and sought to confirm the full-year operating expense growth expectation.

    Answer

    President and COO Joseph Gilliam reiterated that the company is not anchoring its 2025 forecast on significant contributions from commercial or Medicare Advantage, maintaining a methodical rollout strategy. CFO Alex Thurman confirmed that the expectation for full-year adjusted operating expense growth remains approximately 15% over the 2024 base.

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    Michael Sarcone's questions to Glaukos Corp (GKOS) leadership • Q4 2024

    Question

    Michael Sarcone requested an update on the iDose TRIO delivery system and its expected commercial timeline. He also asked how the 2025 iDose growth expectations are split between penetrating the Medicare population versus gaining traction on the commercial side.

    Answer

    Chairman and CEO Tom Burns explained that iDose TRIO, which reduces the incision size to ~1mm, is targeted for a 2026 commercial launch, pending a small FDA-required safety study. This timeline aligns with efforts to secure in-office payment codes. President and COO Joe Gilliam added that the 2025 iDose growth is almost entirely driven by progress with Medicare MACs. While some commercial volume is expected late in the year, the rollout will be methodical to ensure customers master the prior authorization process.

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    Michael Sarcone's questions to Glaukos Corp (GKOS) leadership • Q3 2024

    Question

    Michael Sarcone asked about the reimbursement pathway for Epioxa post-approval and inquired about the company's progress and targets for achieving cash flow breakeven and midterm profitability.

    Answer

    Chairman and CEO Thomas Burns explained Epioxa will use an existing T-code for the professional fee and the company will apply for a new J-code, which would likely predicate the commercial launch in mid-2026. CFO Alex Thurman stated the near-term focus is cash flow breakeven, not profitability, to allow for continued pipeline investment. He noted the company generated modest cash in Q3 but will prioritize R&D spending.

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    Michael Sarcone's questions to Inmode Ltd (INMD) leadership

    Michael Sarcone's questions to Inmode Ltd (INMD) leadership • Q2 2025

    Question

    Michael Sarcone from Jefferies requested clarification on the full-year guidance reduction, questioning why a relatively small first-half miss led to a larger $30 million cut, and asked about the expected Q4 revenue from the new urology platform.

    Answer

    CEO Moshe Mizrahy explained that the original forecast assumed a very strong second half, which now seems unachievable given the persistent market slowdown, necessitating the larger guidance revision. CFO Yair Malca added that any revenue contribution from the new urology platform in Q4 is expected to be 'minimal' and 'symbolic,' in line with the company's conservative approach to new product launches.

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    Michael Sarcone's questions to Inmode Ltd (INMD) leadership • Q4 2024

    Question

    Michael Sarcone asked about the expected quarterly revenue seasonality for 2025, given the atypical pattern in 2024. He also inquired about supply chain risks, particularly concerning potential tariffs on components from various regions.

    Answer

    CFO Yair Malca stated that InMode expects to return to a traditional seasonality pattern in 2025, with Q1 being the slowest and Q4 the strongest quarter. CEO Moshe Mizrahy addressed the tariff concern, expressing confidence that their multi-supplier strategy and the strong U.S.-Israel relationship would mitigate any significant impact from potential new tariffs.

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    Michael Sarcone's questions to Penumbra Inc (PEN) leadership

    Michael Sarcone's questions to Penumbra Inc (PEN) leadership • Q2 2025

    Question

    Michael Sarcone from Jefferies asked about expectations for quarterly cadence in the second half of the year and requested an update on Penumbra's market share in PE and DVT.

    Answer

    CEO Adam Elsesser anticipated traditional seasonality with a sequential build in Q3 and a strong Q4. On market share, he estimated Penumbra holds over 50% in DVT and has made a 'significant dent' in PE, attributing the success to the clinical benefits of the company's CAVT technology platform.

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    Michael Sarcone's questions to Penumbra Inc (PEN) leadership • Q4 2024

    Question

    Michael Sarcone from Jefferies asked about the assumptions for China baked into the 2025 guidance, given its significant headwind in 2024. He also inquired about the potential impact of recent M&A activity in the space on competitive dynamics.

    Answer

    CEO Adam Elsesser and EVP Jason Mills explained that China will still be a headwind in the first half of 2025, though less than in 2024, before becoming de minimis in 2026. They noted that excluding China, underlying growth is accelerating. Regarding M&A, Adam Elsesser stated that while they welcome new ownership in the field, it does not change Penumbra's strategy or current momentum.

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    Michael Sarcone's questions to Penumbra Inc (PEN) leadership • Q3 2024

    Question

    Michael Sarcone asked for an update on Penumbra's market share in the U.S. VTE market, across both PE and DVT. He also inquired about the hospital value analysis committee (VAC) process for the newly cleared Bolt 6X and Bolt 12, and their potential pricing.

    Answer

    CEO Adam Elsesser stated it was premature to give exact market share numbers but noted significant share shifts toward Penumbra, particularly in PE, driven by the speed and safety profile of Flash 2.0. He confirmed that the new Bolt 6X and 12 products will need to go through standard hospital VAC processes and that CAVT products generally have a higher price point than legacy non-CAVT systems.

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    Michael Sarcone's questions to LivaNova PLC (LIVN) leadership

    Michael Sarcone's questions to LivaNova PLC (LIVN) leadership • Q1 2025

    Question

    Michael Sarcone, on for Matt Taylor, sought clarification on whether the $5 million tariff impact was a net figure including mitigation efforts, and asked about the company's confidence in the U.S. Epilepsy guidance given recent procedure deferrals.

    Answer

    CFO Alex Shvartsburg confirmed that the estimated $5 million tariff impact does account for mitigation strategies, including some marginal pricing actions. President of Global Epilepsy Stephanie Bolton addressed the U.S. Epilepsy outlook, stating the company remains confident in its long-term mid-single-digit growth trajectory. She emphasized the large, underpenetrated market for drug-resistant epilepsy and the company's focus on maximizing VNS therapy access as the market leader.

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    Michael Sarcone's questions to Teleflex Inc (TFX) leadership

    Michael Sarcone's questions to Teleflex Inc (TFX) leadership • Q1 2025

    Question

    Michael Sarcone from Jefferies asked for details on the timeline for implementing tariff mitigation strategies, the potential EPS offset, and Teleflex's current positioning for more aggressive pricing.

    Answer

    CFO John Deren described the $55 million tariff impact as a 'worst-case' scenario before mitigation, highlighting strategies like optimizing USMCA exemptions and sourcing. CEO Liam Kelly added that spending controls are already in place and that the company plans to accelerate its planned 30-50 basis point price increase, targeting non-contracted business first if tariffs persist.

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    Michael Sarcone's questions to Alcon AG (ALC) leadership

    Michael Sarcone's questions to Alcon AG (ALC) leadership • Q4 2024

    Question

    Michael Sarcone asked about Alcon's view on potential tariff risks and any related supply chain vulnerabilities.

    Answer

    CEO David Endicott acknowledged the dynamic is hard to read but stated Alcon is in a relatively fortunate position because it manufactures largely within the regions it serves (e.g., U.S. production for the U.S. market). While this doesn't eliminate supplier tariff risk, the company has identified these risks and created contingency plans. He emphasized that Alcon's geographic and product diversity provides a natural buffer against such issues.

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    Michael Sarcone's questions to Alcon AG (ALC) leadership • Q2 2024

    Question

    Michael Sarcone asked about the key milestones Alcon needs to achieve before the broader commercial launch of Unity in Q2 2025. He also inquired about the factors influencing the launch timing for the next-generation PanOptix IOL and its potential economics.

    Answer

    CEO David Endicott explained that the pre-launch period for Unity is focused on fine-tuning the system and gathering robust data to prove its superior value and justify a premium price over the successful CENTURION and CONSTELLATION platforms. For the next-gen PanOptix, he said they are currently evaluating different optical designs to enhance performance and will decide on the final product and launch timing in the coming months, likely in the first half of 2025, adding it was too early to discuss pricing.

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

    Michael Sarcone's questions to Profound Medical Corp (PROF) leadership • Q2 2024

    Question

    Michael Sarcone of Jefferies asked for an explanation of the flat sequential and down year-over-year recurring revenue, requested color on TULSA procedure volume growth in the quarter, and inquired about the breakdown of the four new system installations between capital sales and placements.

    Answer

    CEO Arun Menawat clarified that quarterly revenue fluctuations are more related to the timing of product shipments than underlying procedure volume and that the mix between capital sales and recurring revenue will continue to shift. He noted that while Q2 procedure volume was slightly lower than Q1, some hospitals paused capital decisions ahead of the reimbursement proposal. Menawat stated that most of the new installations in 2024 will be placements, which are expected to convert to capital sales over time as sites build economic models.

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