Steven Valiquette • Mizuho Securities USA LLC

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CFO Aaron Alt did not give a direct confirmation but reiterated that the company has raised its overall guidance, reflecting both the liability classification and business updates, and directed the analyst to the 10-K for detailed mechanics.

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CEO Jason Hollar advised to assume 'fairly normal' inventory levels. While acknowledging some targeted pre-stocking within GMPD, he said nothing extraordinary is planned for the enterprise, as a significant inventory build would place an 'incredible burden' on the balance sheet. CFO Aaron Alt reinforced this, highlighting the strong ongoing focus on optimizing cash flow.

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CEO Jason Hollar acknowledged the dynamic, hypothesizing that the weakness seen in the GMPD segment was related more to less testing (lab products) than to less treatment, as the Pharma business did not see similar weakness. He stated it was too early to confirm if a January resurgence in illness had materially impacted the business but acknowledged the anecdotal reports.

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CEO Jeff Tangney confirmed that the survey findings align with Doximity's internal data, stating that their product teams for news, network, and workflow are all relatively balanced. He expressed that having a diversified platform with even usage across its features is a key competitive strength against single-point solution competitors.

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CFO Anna Bryson confirmed that the Q1 guidance is cautious and incorporates potential macro impact by moderating upsell assumptions, as the upsell season typically begins in the quarter. She also noted that the Q1 year-over-year comparison is affected by different launch timing versus the prior year, but the new integrated programs should lead to a more stable revenue cadence throughout fiscal 2026.

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CEO Bryan Hanson described the partnership as a symbiotic relationship where Ensemble will integrate Solventum's autonomous coding technology to improve its own efficiency and margins. While declining to quantify the revenue opportunity, he confirmed it was significant. He clarified the partnership was established through a relationship built on mutual respect for quality, rather than a formal competitive RFP process.

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CEO Bryan Hanson stated that the company performed "pretty well" relative to the market. He attributed the resilience to the company's focus on less-discretionary categories like restoratives and the positive impact of new product launches, which are providing a tailwind that is expected to continue throughout the year.

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CFO Chris McGinnis confirmed the analyst's directional assumptions on recapture rates were reasonable but did not provide a specific number, noting the difficulty in tracking. He asserted there was nothing unique about Rite Aid customers that would impede recapture. CEO Wendy Barnes added that GoodRx is actively marketing to contactable consumers and using its digital platform to help all affected users find new pharmacies.

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CFO Chris McGinnis stated there was nothing unique about Rite Aid customers that would make recapture more difficult and confirmed the analyst's directional thinking on the recapture assumption was correct, without providing a specific figure. CEO Wendy Barnes added that GoodRx is actively marketing to displaced consumers through direct and digital channels to help them find new pharmacies and recapture volume.

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CFO Chris McGinnis confirmed that the increase in revenue per MAC was driven by 'all of the above.' He acknowledged that a mix shift, higher drug prices, and inflation were all contributing factors, without isolating one as the primary driver.

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CFO Chris McGinnis confirmed that the increase in revenue per MAC was driven by 'all of the above,' citing a combination of mix shift, higher drug prices, and inflation as contributing factors without highlighting any single variable as the primary driver.

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CEO Wendy Barnes opined that potential regulations seem focused on traditional direct-to-consumer (DTC) advertising like TV, a channel GoodRx does not use. She suggested such a change could be a tailwind for GoodRx, as marketing funds might be redirected to their platform, where they can demonstrate a 5x to 10x higher engagement lift for pharma partners compared to brand websites.

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CEO Dan Scavilla confirmed he has already initiated contact with the CEOs of major distributors. However, he stated that he would refrain from commenting on strategic direction until he has had more time to engage with partners and learn the business, emphasizing that his focus is on the long-term health of these relationships.

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EVP & CFO James Cleary responded that the branded price appreciation observed was generally in line with or perhaps slightly ahead of the company's expectations, but not significant enough to be called out as a major factor. He reiterated that as Cencora has rebalanced its contracts over time, brand inflation has less of an impact on the overall P&L than it did historically.

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CEO Bob Mauch clarified the trend is market-based and consistent with declines seen by other industry players, not concentrated within a few customers. He noted activity is down from a peak during the COVID pandemic but did not quantify the decline, instead reiterating that Cencora is well-positioned for a market rebound.

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CEO Robert Mauch affirmed that Cencora is continuously engaged with Walgreens to create mutual value, underscoring the long-term strategic importance of the relationship. CFO James Cleary confirmed that the current guidance includes the company's assumptions for all aspects of its business, including the Walgreens partnership.

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CEO Paul Keel responded that Envista's Spark business has experienced consistent growth, outperforming the market for several consecutive quarters. He stated that while he hears many anecdotes from clinicians, a slowdown in patient conversions was not a meaningful factor in Envista's strong Q2 performance.

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CFO Eric Hammes reported no major change in Spark's ASP, attributing its consistent value capture to ongoing innovation and strong performance within the orthodontist-focused segment. He emphasized that Envista's strategy is to leverage its brand power and address the untapped potential in the orthodontic market, which supports stable pricing.

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CFO Eric Hammes explained that the margin cadence will mirror the core growth trajectory. With core growth expected to be slower in the first half and stronger in the second half, primarily due to the China VBP impact, EBITDA margins are anticipated to be slightly below the 14% annual average in H1 and slightly above it in H2.

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President & CEO Joe Hogan stated that the competitive landscape did not materially change from Q1 to Q2 and attributed the softness to macroeconomic factors rather than competitive pressure. He noted that a competitor had actually raised prices during the quarter, reinforcing his view that the dynamic was not primarily competitive.

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CFO John Morici clarified that while finished aligners for the China market are made locally, some raw materials for that manufacturing process are sourced from the U.S. and other regions. He explained that the supply chain adjustments involve changing the sourcing of these specific raw materials to mitigate any potential tariff exposure.

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CEO Joe Hogan stated that Align's strategy is to win through superior technology, service, and relationships, rather than relying on political factors. He noted that some competitors have entered with what he believes are unsustainable prices, a situation that tends to self-correct over time. He emphasized focusing on delivering the best value proposition.

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CEO Matt Hawkins affirmed that independence is a key differentiator that resonates strongly. He explained that providers and patients seek fairness and transparency, viewing Waystar as a 'referee' in the complex payments process. He believes this message has become even more powerful in 2025 as Waystar's profile has grown as a public company.

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Founder & Vice Chairman Dr. Stephen Neeleman noted that with a median account holder income of around $72,000, the vast majority of members would qualify. However, President and CEO Scott Cutler added that only about 4% of members currently contribute the maximum. Dr. Neeleman emphasized the real opportunity lies in leveraging this change to drive innovative employer plan designs that encourage higher contributions.

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An executive, likely CFO James Lucania, confirmed that while most repricing occurs late in the year, fiscal 2026 includes a mid-year event from legacy WageWorks assets. He clarified that all expected actions to pull forward maturities are already incorporated into the current guidance. CEO Jon Kessler added that the primary goal of this strategy is to enhance the stability and predictability of the custodial revenue line.

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CFO Brian Van Wagener explained that the Q1 margin outperformance was about 75% driven by revenue, specifically from the usage-based elements of Crossix and faster services delivery, which are not expected to be recurring benefits. The remainder was due to the timing of expenses. He described Q1 as a 'high watermark' for margins, expecting them to return to the guided 44% level for the rest of the year.

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CFO Brian Van Wagener explained that while there is a revenue headwind from FX, there is a natural hedge on the expense side because some costs are denominated in other currencies. As a result, the impact on operating income is not as significant as the impact on revenue.

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EVP of Strategy Paul Shawah explained that while they monitor external metrics like trial starts, they don't over-index on them as Veeva's business is tied to enterprise capabilities, not study volume. CFO Brian Van Wagener confirmed that revenue from CROs has not materially changed from the previously disclosed figure of approximately 5%.

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CFO Marc Benathen explained that the 2025 guidance was built on conservative assumptions, including a significant write-down of compounded medication revenue, assuming nearly half is lost. The model assumes some conversion to branded therapies but a slightly lower new patient acquisition rate than the previous year. The goal is to have 40-50% of weight loss patients on branded therapy by year-end. Benathen also noted that growth is expected from the RexMD business, particularly in HRT, as well as incremental benefits from the new Behavioral Health and revamped LifeMD+ offerings.

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CFO Marc Benathen stated that none of the guidance increase was related to the Lilly and Novo collaborations; the revision was based entirely on the company's strong performance in Q1. CEO Justin Schreiber added that while it's too early to factor into guidance, they view these partnerships as long-term 'game-changers' that will create significant value over time.

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