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    Rahul Sarugaser

    Research Analyst at Raymond James

    Rahul Sarugaser is Managing Director and Senior Equity Analyst at Raymond James, specializing in healthcare, biotechnology, and cannabis sector research. He covers companies such as Quipt Home Medical Corp., Ginkgo Bioworks Holdings, and other growth-oriented Canadian firms in the medical solutions space, with 48 price targets and ratings across 12 stocks documented; however, his overall average return is -28% and his success rate is approximately 12.5%, ranking in the 8th percentile among peer analysts. Sarugaser joined Raymond James in July 2019 after serving as an equities research analyst at Paradigm Capital and as director of business development at the Centre for Commercialization of Regenerative Medicine, with earlier roles at MaRS Investment Accelerator Fund and GE Healthcare. He holds a PhD and MASc in Biomedical Engineering from the University of Toronto and an MBA from the University of Oxford.

    Rahul Sarugaser's questions to Profound Medical (PROF) leadership

    Rahul Sarugaser's questions to Profound Medical (PROF) leadership • Q2 2024

    Question

    Rahul Sarugaser of Raymond James questioned how the three new CPT codes could be leveraged to stack procedures and increase physician profitability, sought an update on the company's BPH strategy, and asked about the applicability of the new codes for BPH treatment. He also inquired about the internal morale at Profound.

    Answer

    CEO Arun Menawat provided examples of how the codes offer flexibility, such as a primary physician handling the core treatment while a resident manages setup and recovery, optimizing the lead physician's time and RVUs per hour. He explained the BPH strategy will initially target patients with large prostates (>100cc) and that the company believes the current FDA clearance and associated CPT codes will apply to BPH ablation. He concluded that the team's morale is high and focused on execution.

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    Rahul Sarugaser's questions to Profound Medical (PROF) leadership • Q1 2024

    Question

    Rahul Sarugaser of Raymond James asked if the new hybrid business model is designed to ensure the lifetime value per user is equivalent between capital purchases and recurring revenue plans. He also sought clarity on how CMS might approach setting the final reimbursement rate for TULSA and requested an update on the timeline for interim data from the CAPTAIN trial.

    Answer

    CEO Arun Menawat confirmed the company's pricing principle is to maintain equivalent lifetime value. Regarding CMS, he noted TULSA is being compared to robotic procedures and highlighted its expected 0-day global payment period as a key advantage for hospital economics. He also reiterated that interim data from the CAPTAIN trial is on track for release in the first half of 2025, following the completion of patient treatments and a subsequent 90-day follow-up period.

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    Rahul Sarugaser's questions to ONCOLYTICS BIOTECH (ONCY) leadership

    Rahul Sarugaser's questions to ONCOLYTICS BIOTECH (ONCY) leadership • Q2 2024

    Question

    Rahul Sarugaser of Raymond James asked about the company's confidence in patient recruitment for the breast cancer trial given the competitive landscape and inquired about the potential timing and data triggers for partner interest in the GOBLET study.

    Answer

    Dr. Tom Heineman, CMO, expressed high confidence in recruitment, noting a lack of options for patients who have failed or are ineligible for ENHERTU, which should create strong demand for the trial. CFO Kirk Look addressed partnering, stating that the upcoming BRACELET-1 overall survival data will be the first major catalyst for outreach, followed by data from the GCAR study and GOBLET's Cohort 5, which could demonstrate broad market potential in pancreatic cancer.

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