Ryan McDonald

Ryan McDonald inquired about the number of additional deep directory integrations planned for 2026 and learnings from the initial successful integration, as well as the potential opportunity within Medicare, particularly with the CMS access program.

Answer

CFO Ian Harris indicated plans for at least three more directory integrations in early 2026, similar or larger in aggregate population size, noting Talkspace's influence on directory design. CEO Dr. Jon Cohen confirmed Talkspace's intent to participate in the outcome-based CMS access program and highlighted positive, growing engagement in Medicare and Medicare Advantage following the Wisdo acquisition.

Ryan McDonald inquired whether customer demand is leaning towards one-off point solutions for generative AI or a broader refresh cycle for full end-to-end RCM modernization, and how these conversations are expected to evolve over the next 12-18 months.

Answer

Matthew Hawkins, Waystar's Chief Executive Officer, indicated that clients are increasingly embracing a platform approach, often displacing point solutions, with an expectation that AI will be included. He highlighted record bookings in Q4 2025 as evidence of this trend.

Ryan McDonald asked how the recent 15 client renewals, including the 3-year Elevance renewal, are shaping Amwell's go-to-market strategy for net new opportunities. He also inquired about the primary focus areas (government, payer, provider) for acquiring new logos in 2026.

Answer

Chairman and CEO Ido Schoenberg confirmed that all renewals were for the new Amwell platform, effectively acting as new sales due to the significant offering difference and deep integration. He highlighted 'same-store growth' as the most impactful area for multi-year growth, driven by more programs and efficient usage. He also emphasized the government sector as a significant growth opportunity due to high barriers to entry and Amwell's established presence, while expecting health system contributions to be smaller in proportion.

Ryan McDonald asked about the confidence in K-12 business growth for fiscal 2027, focusing on large state opportunities in California, Florida, and Texas, and potential delays in the Texas adoption cycle. He also asked President and CEO, Philip Moyer, for his view on McGraw Hill's AI strategy.

Answer

Chair of the Board of Directors, Simon Allen, expressed confidence in K-12 market share gains despite a smaller FY26 market, citing strong performance in science and ELA, and optimism for FY27's larger market opportunity. President and CEO, Philip Moyer, emphasized McGraw Hill's unmatched assets in AI, including vetted content, mapped learning pathways, billions of data points, and deep enterprise relationships, highlighting the rapid pace of innovation.

Ryan McDonald asked about the confidence in K-12 business growth for fiscal 2027, specifically regarding opportunities in California Math, Florida ELA, and Texas Math, and potential delays in Texas adoption cycles. He also asked Philip Moyer for his view on McGraw Hill's AI strategy.

Answer

Simon Allen, Chair of the Board of Directors, expressed optimism for K-12 growth in FY27, citing market share gains and early wins in key states, while acknowledging the early stage of the selling season. Philip Moyer, President and CEO, emphasized McGraw Hill's unmatched data, content, and domain expertise as foundational for its AI strategy, highlighting the rapid innovation and user engagement of new AI tools.

Ryan McDonald asked about the breakdown of higher education's exceptional performance, specifically the mix of benefit from enrollment growth versus execution and market share gains, and the durability and runway for growth within inclusive access. He also inquired about the current performance and confidence for fiscal year 2027 opportunities in California math and Florida ELA within K-12.

Answer

Simon Allen, Chairman, President, and CEO, attributed the higher education growth primarily to market share gains across all competitors, strong execution, product delivery, and effective utilization of AI, leading to record NPS scores and 30% market share. He highlighted the success of AI Reader as a retention tool. Bob Sallmann, EVP and CFO, cautioned that enrollment data is preliminary but noted McGraw Hill over-indexes in two-year colleges. He emphasized the sustainability of inclusive access growth through annual additions of new institutions and significant expansion within existing accounts, projecting 15-20 times growth over the first couple of years for new institutions. For K-12, Simon Allen expressed optimism for fiscal year 2027 due to a larger market opportunity driven by California math, Florida ELA, and Texas math, citing early successes in California and the suitability of McGraw Hill's products, including McGraw Hill Plus and ALEKS. Bob Sallmann added that bundling supplemental and intervention solutions with core offerings presents a strong opportunity for K-12.

Ryan McDonald followed up on the K-12 segment, asking for more color on the performance of California math and Florida ELA, and how this informs confidence for the second tranche of funding in fiscal year 2027.

Answer

Simon Allen, Chairman, President, and CEO, expressed optimism for fiscal year 2027, noting an anticipated $300 million increase in the K-12 TAM, driven by California math, Florida ELA, and Texas math. He highlighted early successes in California due to product suitability and pedagogical delivery, supplemented by McGraw Hill Plus and Alex. Bob Sallmann, EVP and CFO, added that bundling supplemental and intervention solutions with core offerings presents a significant opportunity for the upcoming market.

Ryan McDonald asked about Hinge Health's confidence in flat ASP assumptions for 2026, potential for upside, and the company's interest in the CMS ACCESS program for the Medicare population.

Answer

Dan Perez, Co-founder and CEO, and James Budge, CFO, explained that the usage-based model was designed for pricing clarity, resulting in flat ASPs from 2024 to 2025, but strong engagement (52 sessions/member/year) could lead to slight ASP increases in future years. Dan Perez expressed excitement for the CMS ACCESS program, noting the 30 million addressable lives in traditional Medicare, but expects meaningful contribution, if any, to be in 2027 and beyond, as pricing and structure are still evolving.

Ryan McDonald with Needham & Company asked about Hinge Health's confidence in its flat Average Selling Price (ASP) assumption for 2026, given high member engagement, and potential upside. He also inquired about the company's interest in the CMS access program for the Medicare population and the expected timeline for any potential contribution.

Answer

Daniel Perez, Co-founder and CEO, explained that the engagement-based pricing model was designed for initial pricing clarity, with future engagement improvements providing ASP upside. Bianca Buck, Head of Investor Relations, noted ASPs were flat 2024-2025 and expect only slight increases. Daniel Perez confirmed Hinge Health's interest in the CMS access program for Medicare's 30 million addressable lives, but with applications ongoing and pricing unfinalized, significant contribution is expected in 2027 and beyond.

Ryan McDonald asked about the replicability of Oddity's data model for targeting international users and identifying local product needs, as well as the company's strategy for Methodic's international expansion (immediate vs. measured approach).

Answer

Oran Holtzman, Co-founder and CEO, ODDITY, confirmed that Methodic will initially launch only in the U.S. due to its complexity, mirroring SpoiledChild's initial U.S.-only focus. He detailed their international testing approach, which involves localized websites, media spend, and monitoring satisfaction, repeat rates, and unit economics to determine market suitability.

Ryan McDonald inquired about the replicability of ODDITY's data model for targeting international subscribers and identifying local product needs. He also asked if METHODIQ would follow a measured, region-by-region international expansion approach, similar to past brands, or if immediate global expansion is planned.

Answer

Oran Holtzman, Co-founder and CEO of ODDITY, explained their international test market strategy involves localized websites and media spend to evaluate satisfaction, repeat rates, and unit economics before scaling. He confirmed that METHODIQ will initially launch only in the U.S., following a similar, measured approach to SpoiledChild, which took almost three years before international testing.