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    Rohin Patel • JPMorgan Chase & Co.

    Rohin Patel's questions to Neuropace Inc (NPCE) leadership

    Rohin Patel's questions to Neuropace Inc (NPCE) leadership • Q2 2025

    Question

    Rohin Patel from JPMorgan Chase & Co. inquired about NeuroPace's FDA submission strategy for its Idiopathic Generalized Epilepsy (IGE) indication, asking if the company would pursue a broad label or a more segmented one. He also questioned the outlook for gross margin, noting the updated guidance implies a second-half decline despite strong Q2 performance.

    Answer

    CEO Joel Becker confirmed the strategy is to pursue a broad IGE indication for the entire patient population, citing the compelling and statistically significant data from pre-specified secondary endpoints. CFO Patrick Williams addressed the gross margin guidance, explaining it reflects prudence and not an expected decline. He highlighted that the core RNS System gross margin is already above 80% and that the company is on a path to achieve this level overall after the lower-margin Dixie Medical business is phased out. Williams also noted that the recent debt refinancing would save approximately $2 million in annual cash interest, aiding the path to cash flow breakeven.

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    Rohin Patel's questions to Neuropace Inc (NPCE) leadership • Q1 2025

    Question

    Rohin Patel from JPMorgan Chase & Co. requested quantitative details on Project CARE's contribution to growth and an updated timeline for the upcoming software release and next-generation RNS platform.

    Answer

    Executive Joel Becker stated that Q1 RNS growth was driven by both Project CARE implants/referrals and new prescribers in Level 4 centers, but declined to provide specific KPIs. He confirmed the company remains on track for a software release in the second half of 2025, focused on driving adoption through ease of use. He offered no new updates on the next-gen platform timeline beyond what was shared at the Investor Day.

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    Rohin Patel's questions to Neuropace Inc (NPCE) leadership • Q4 2024

    Question

    Rohin Patel from J.P. Morgan asked about capital prioritization following the recent offering, questioning where NeuroPace plans to invest to drive growth towards cash flow breakeven. He also followed up on the strong gross margin performance, asking about its primary drivers and expected trends for 2025.

    Answer

    Executive Joel Becker stated that investment priorities for 2025 include expanding the commercial organization, increasing direct-to-consumer marketing, and launching 'CARE 2.0' programs. Regarding gross margins, he attributed the strength to increased sales volume, low single-digit pricing opportunities, and contracting discipline. CFO Rebecca Kuhn added that while some Q4 margin strength was due to lower seasonal payroll costs, the 73% to 75% guide for 2025 is appropriate, with RNS volume gains tempered by the lower-margin DIXI products.

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    Rohin Patel's questions to Neuropace Inc (NPCE) leadership • Q3 2024

    Question

    Rohin Patel, on for Robbie Marcus, asked about the long-term growth outlook for the RNS system versus DIXI Medical products and for any preliminary color on 2025 contributions. He also sought specifics on the SG&A leverage achieved in Q3 and the rationale for an implied OpEx increase in Q4.

    Answer

    Executive Joel Becker stated that while DIXI growth is strong, the RNS system will be the significant majority of growth going forward due to its larger market opportunity. CFO Rebecca Kuhn explained that Q3 OpEx leverage was driven by efficiencies in G&A, which offset investments in R&D and sales. She noted that Q4 OpEx is expected to be higher, partially due to expenses associated with the large American Epilepsy Society (AES) annual meeting.

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    Rohin Patel's questions to Haemonetics Corp (HAE) leadership

    Rohin Patel's questions to Haemonetics Corp (HAE) leadership • Q1 2026

    Question

    Rohin Patel inquired about the drivers of the strong Q1 Plasma performance, the specific contribution from a one-time software benefit, and the expected growth trend for the remainder of the year. He also asked about the Hospital business, seeking the growth rate for Vascade MVP/MVP XL and the recovery outlook for the legacy Vascade product.

    Answer

    CEO Christopher Simon explained that the Plasma segment's strength is driven by innovation, pricing benefits from prior technology rollouts, and accelerating share gains. He noted a one-time software agreement accounted for roughly half of the 29% organic growth ex-CSL, solidifying Haemonetics' 80% market share in plasma DMS software. For the Hospital business, Simon stated that Vascade MVP and MVP XL grew approximately 6%, but acknowledged executional challenges with the legacy Vascade product, which he described as temporary and not structural.

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    Rohin Patel's questions to Haemonetics Corp (HAE) leadership • Q4 2025

    Question

    Rohin Patel asked about the strong performance and outlook for the Plasma business, inquiring about the drivers behind the fiscal 2026 guidance of 11-14% growth (ex-CSL) and its impact on margins. He also requested details on the drivers for the fiscal 2026 EPS guidance, including gross margin, OpEx initiatives, and the assumed $0.20 tariff impact.

    Answer

    CEO Christopher Simon explained that the robust 11-14% Plasma growth forecast is primarily driven by share gains and technology adoption premiums, with collection volumes expected to rebound modestly in the second half of fiscal 2026. CFO James D'Arecca added that the 26-27% operating margin target is supported by improved gross margin mix from portfolio rationalization, like the Whole Blood divestiture. He clarified the $0.20 annualized tariff impact is the starting point, with about half of that already factored into the guidance midpoint, and the company has mitigation plans in place.

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    Rohin Patel's questions to Haemonetics Corp (HAE) leadership • Q3 2025

    Question

    Rohin Patel followed up on VASCADE, seeking clarification on new product revenue contributions and the PFA attach rate. He also questioned the discrepancy between strong operating margin expansion and the lowered free cash flow guidance.

    Answer

    CEO Christopher Simon clarified that the mid-20s growth referred specifically to VASCADE MVP and MVP XL. Executive Olga Guyette added that a 12% figure mentioned was the M&A contribution to the reported growth rate. CFO James D'Arecca attributed the lower free cash flow to increased working capital, primarily from building up NexSys and plasma inventories from previously low levels, which he does not expect to recur.

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    Rohin Patel's questions to Inogen Inc (INGN) leadership

    Rohin Patel's questions to Inogen Inc (INGN) leadership • Q1 2025

    Question

    Rohin Patel, on for Robbie Marcus, asked about the expected revenue cadence for the remainder of the year, actions being taken to stabilize DTC and rental revenues, and the tariff implications for the Yuwell partnership outside of the U.S.

    Answer

    CFO Mike Bourque explained that second-half growth rates are expected to improve as difficult year-over-year comparisons in the Direct-to-Consumer (DTC) channel ease. CEO Kevin Smith addressed tariffs, stating that current exemptions protect U.S. imports and that their manufacturing presence in the Czech Republic provides mitigation options for supplying international markets, including China.

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    Rohin Patel's questions to Inogen Inc (INGN) leadership • Q3 2024

    Question

    Rohin Patel from JPMorgan Chase & Co. inquired about the strategy to return the Direct-to-Consumer (DTC) channel to growth, focusing on sales force size and productivity. He also asked about the sustainability of recent positive free cash flow and the broader top and bottom-line outlook for 2025.

    Answer

    CEO Kevin Smith explained that the downsized Direct-to-Consumer (DTC) sales force is part of a planned 'rebase' year, with rep productivity improving. He noted the 'Patient First' initiative's full rollout is expected in H1 2025, which is key to returning the channel to growth. CFO Mike Bourque added that while the company has achieved two consecutive quarters of positive cash flow through diligent cost management, he cautioned that Q4 is a seasonally weaker quarter and did not provide a forward-looking cash guide.

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