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    Michael Toomey

    Vice President and US Medtech Analyst at Jefferies

    Michael Toomey is a Vice President and US Medtech Analyst at Jefferies, specializing in equity research coverage of the medical technology sector with a focus on companies such as ICU Medical. Known for his recent buy recommendation on ICU Medical, his coverage includes performance-driven stock calls—one such call delivered a projected return of over 52%. Toomey joined Jefferies in late 2022 and has since established himself as a key analyst in Medtech; prior professional experience has not been publicly disclosed. He holds relevant securities licenses and professional credentials in line with industry standards for sell-side equity research analysts.

    Michael Toomey's questions to ALLURION TECHNOLOGIES (ALUR) leadership

    Michael Toomey's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q2 2025

    Question

    Michael Toomey from Jefferies, on behalf of Matt Taylor, questioned Allurion's cash runway in the context of a potential U.S. launch and requested an update on the development and uptake of the Coach Iris digital platform.

    Answer

    Shantanu Gaur, CEO & Co-Founder, responded that the recent restructuring was designed to reduce cash burn and that future cash needs will be determined by the U.S. commercialization strategy, which is now under development. He expressed confidence in the company's short-term cash position. On Coach Iris, Gaur noted that development continues to make the platform more proactive, but no new features were released in the quarter.

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    Michael Toomey's questions to ICU MEDICAL INC/DE (ICUI) leadership

    Michael Toomey's questions to ICU MEDICAL INC/DE (ICUI) leadership • Q2 2025

    Question

    Michael Toomey of Jefferies questioned whether the replacement cycle for ICU Medical's existing pump fleet had started to contribute to results and asked about the expected timing for this cycle to begin.

    Answer

    CEO Vivek Jain confirmed that the replacement cycle has not yet had a consequential impact on results. He explained that discussions with customers are just beginning and that he realistically expects the replacement cycle to be more of a 2026 event, as the current devices are highly durable and will reach the nine-year mark at the end of 2025.

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    Michael Toomey's questions to ICU MEDICAL INC/DE (ICUI) leadership • Q1 2025

    Question

    Michael Toomey questioned whether the strong Q1 performance in Infusion Systems was driven by market growth or share gains, and if there were any signs of hospital CapEx spending slowing down due to the new tariffs.

    Answer

    Executive Vivek Jain attributed the strength in Infusion Systems to a combination of good utilization on dedicated sets and some LVP hardware installations occurring earlier in the year than anticipated. Regarding capital spending, Jain stated that the environment remains 'status quo' and that they have not seen a meaningful change, as customers still need to complete necessary investments and financing options are available.

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    Michael Toomey's questions to ICU MEDICAL INC/DE (ICUI) leadership • Q4 2024

    Question

    Michael Toomey asked about the rationale for excluding potential tariffs from guidance, details on mitigation strategies like leveraging the Costa Rica facility, the phasing of the gross margin benefit from the IV Solutions JV into 2026, and the cadence of margin expansion in 2025 excluding the JV.

    Answer

    Executive Vivek Jain explained that acting on tariff mitigation strategies, such as shifting production, requires certainty on their duration due to the significant capital and time involved. Executive Brian Bonnell confirmed the gross margin benefit from the JV not realized in 2025 would be fully captured in 2026. He also stated that any underlying margin expansion in 2025, excluding the JV, is expected to be gradual throughout the year.

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    Michael Toomey's questions to ICU MEDICAL INC/DE (ICUI) leadership • Q3 2024

    Question

    Michael Toomey of Jefferies inquired about the expected free cash flow accretion and capital expenditure requirements associated with the new Otsuka joint venture.

    Answer

    Executive Brian Bonnell stated that the transaction is expected to be neutral to marginally positive for ICU Medical's free cash flow. Executive Vivek Jain added that it will not fundamentally change the company's overall cash flow profile but may allow for capital to be reinvested into other strategic areas of the business.

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