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    Thomas Kerr

    Senior Equity Research Analyst at Zacks Investment Research

    Thomas Kerr, CFA, is a Senior Equity Research Analyst at Zacks Small-Cap Research, specializing in small-cap equity coverage across technology, consumer, industrials, med-tech, healthcare, and biotechnology sectors. He covers companies such as Cytosorbents Corporation, Global Indemnity Group, Monogram Technologies, Newton Golf Company, and Sadot Group, applying over 25 years of experience with a disciplined, research-driven investment approach. Kerr joined Zacks in 2021 after senior investment and portfolio management roles at WestPac Wealth Partners, SGL Investment Advisors, Rocky Peak Capital Management, and Reed, Conner & Birdwell, where he co-managed a Small Cap Value Mutual Fund; he began his career at Fuji Bank and GE Capital. As a CFA charterholder with a B.B.A. in Finance from Texas Tech University, Kerr brings extensive industry credentials and serves on nonprofit boards alongside his research work.

    Thomas Kerr's questions to Cytosorbents (CTSO) leadership

    Thomas Kerr's questions to Cytosorbents (CTSO) leadership • Q2 2025

    Question

    Thomas Kerr of Zacks Small Cap Research sought clarification on Canada's 'request for reconsideration' process for DrugSorb ATR, the planned commercial rollout strategy in the U.S. upon approval, how new sepsis data affects the business model, and the gross margin outlook for the remainder of the year.

    Answer

    CEO Phillip Chan clarified that the Canadian process is a formal appeal, similar to the FDA's, which has been deferred with Health Canada's agreement until after the FDA decision. CFO Peter Mariani described the U.S. launch as a 'purposeful rollout' focused initially on clinical trial sites. Dr. Chan explained that sepsis is a core, not new, application, and the new data helps refine best practices to drive better outcomes. Mr. Mariani noted that while Q2 gross margins were ~71%, they see opportunities for improvement through production efficiencies and the potential launch of the higher-margin DrugSorb ATR.

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    Thomas Kerr's questions to Cytosorbents (CTSO) leadership • Q4 2024

    Question

    Thomas Kerr sought clarification on whether the breakeven target excludes DrugSorb-ATR revenue, the potential impact of an early DrugSorb approval on profitability, the nature of the FDA's 'interactive review,' and the pro forma cash balance.

    Answer

    CFO Peter Mariani confirmed the core business breakeven target excludes any DrugSorb revenue and that early sales would be offset by launch investments. CEO Phillip Chan described the 'interactive review' as a collaborative, back-and-forth process for breakthrough devices. Mariani also confirmed the $17 million pro forma cash figure did not account for the Q1 2025 cash burn.

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    Thomas Kerr's questions to Cytosorbents (CTSO) leadership • Q3 2024

    Question

    Thomas Kerr of Zacks Small-Cap Research asked about the specifics of the FDA's substantive review process and timeline for DrugSorb ATR, the status of the product launch in Taiwan, and the conditions for releasing $5 million in restricted cash from a loan agreement. He also requested more details on the business strategy for the new PuriFi pump and clarification on what constitutes 'normalized' gross margins for the fourth quarter and beyond.

    Answer

    CEO Phillip Chan explained that the FDA's De Novo review for DrugSorb ATR is the main process, with a decision expected in 2025, noting that its breakthrough designation could expedite the timeline. He also confirmed the Taiwan launch is proceeding and will accelerate next year. Regarding the PuriFi pump, Chan positioned it as an 'enabling technology' to drive high-margin CytoSorb cartridge sales, with a flexible business model of either direct sales or subsidization. CFO Peter Mariani clarified that the $5 million in restricted cash can be freed up by raising new equity. Mariani also guided for Q4 gross margins to be at the lower end of the normalized range, while Chan reiterated the long-term target of 75-80%.

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    Thomas Kerr's questions to Monogram Technologies (MGRM) leadership

    Thomas Kerr's questions to Monogram Technologies (MGRM) leadership • Q1 2025

    Question

    Thomas Kerr from Zacks Investment Research asked for more details on the recent mBos system enhancements, clarification on whether the U.S. launch is a trial or a full commercial rollout, and the status of any further interactions required with the FDA.

    Answer

    Executive Benjamin Sexson explained that significant hardware and software enhancements, including a faster end effector and blade, have been made since the initial FDA submission and will be commercialized via a 'letter to file'. He clarified the domestic launch is a controlled 'pilot launch' focused on high utilization and service before scaling. Sexson confirmed that Monogram is 'done' with the FDA for the current system, with the next submission planned after obtaining clinical data from India for the next-generation version.

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    Thomas Kerr's questions to Monogram Technologies (MGRM) leadership • Q4 2024

    Question

    Thomas Kerr sought clarification on whether the projected quarterly cash burn includes costs for the India trial, the potential impact of federal budget cuts on the FDA's review process, if the FDA's Additional Information Request (AAR) is a one-time event, and the expected timeline for a U.S. launch following potential FDA approval.

    Answer

    CFO Noel Knape confirmed the projected burn rate is inclusive of the estimated $1.2 million total cost for the India trial, which is averaged out over the year. CEO Ben Sexson stated that their CRO, IQVIA, had been informed by the FDA that no impact from budget cuts is currently anticipated for their review. He also confirmed the AAR is a one-time event, with a clearance decision expected as the next communication. Regarding a U.S. launch, Sexson explained it would require time to upgrade the system and ramp up working capital, noting that an aggressive commercial launch would necessitate additional capital.

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    Thomas Kerr's questions to Monogram Technologies (MGRM) leadership • Q3 2024

    Question

    Thomas Kerr inquired about the timeline for the OUS clinical trial in India, its potential for revenue generation, the outlook for marketing expenses, and clarification on the company's cash burn rate and funding runway.

    Answer

    Executive Benjamin Sexson explained that the Indian clinical trial is proceeding as planned but will be a cost center, with revenue opportunities arising only after potential market clearance. Executive Noel Knape clarified that the recent spike in marketing costs was a one-time event tied to a financing raise and will decrease significantly. Benjamin Sexson added that the current cash runway is strong for short-term milestones, but the burn rate could increase to fund high-ROI R&D projects like new applications, which is why they avoid committing to a long-term runway.

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    Thomas Kerr's questions to Global Indemnity Group (GBLI) leadership

    Thomas Kerr's questions to Global Indemnity Group (GBLI) leadership • Q1 2025

    Question

    Thomas Kerr of Zacks Research asked if SG&A expenses would remain at elevated Q1 levels throughout the year due to 'Project Manifest' investments and also inquired about the anniversary date for the terminated Specialty Products business to allow for apples-to-apples comparisons.

    Answer

    CFO Brian Riley clarified that Q1 SG&A included a non-recurring $2.7 million expense related to the A2 shares and would not repeat, though some elevated costs for investments will continue. CEO Joseph Brown added that the most significant terminated program ended at year-end 2024, meaning a clean year-over-year comparison will be possible starting in January 2026.

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    Thomas Kerr's questions to Global Indemnity Group (GBLI) leadership • Q2 2024

    Question

    Thomas Kerr from Zacks Small-Cap Research asked for a specific dollar amount of the company's discretionary capital and questioned why the provided figure seemed to be a reduction from previous statements.

    Answer

    CFO Brian Riley stated that GBLI could deploy about $125 million of capital while maintaining its strong capital adequacy scores and expects to generate about $30 million of excess capital year-over-year. CEO Joseph Brown clarified that this $125 million figure corresponds to maintaining the "absolute highest rating." He acknowledged that the previously used $200 million number reflects operating at a slightly lower, though still strong, capital level, and that the company's underlying position remains the same.

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    Thomas Kerr's questions to TITAN INTERNATIONAL (TWI) leadership

    Thomas Kerr's questions to TITAN INTERNATIONAL (TWI) leadership • Q1 2025

    Question

    Thomas Kerr requested more color on farmer sentiment, details on the increase in working capital, and asked about potential new industry verticals for Titan, such as military or aircraft.

    Answer

    CEO Paul Reitz characterized farmer sentiment as less dire than a 'crisis,' noting commodity prices are 'fine' and that government support provides a floor for farm income. CFO David Martin attributed the rise in working capital directly to the sequential sales ramp-up, with no changes in customer payment terms. Paul Reitz identified military as a promising vertical, especially given the focus on domestic supply chains, but dismissed highly-regulated areas like aircraft. He emphasized that the primary growth strategy is filling product gaps within existing complex, off-road verticals.

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    Thomas Kerr's questions to TITAN INTERNATIONAL (TWI) leadership • Q4 2024

    Question

    Thomas Kerr of Zacks Small-Cap Research asked about the flexibility of Titan's manufacturing footprint in response to tariffs, the drivers of Brazil's market strength, and the potential impact of federal budget changes on military opportunities.

    Answer

    CEO Paul Reitz confirmed that Titan is capable of moving production between its global facilities to align with customer needs and mitigate tariff risks. He attributed Brazil's strength to a cyclical upturn, supportive government policies, and strong global demand for its crops. Regarding military opportunities, Reitz characterized it as an effort to go from 'close to nothing to something positive,' viewing administrative and budget changes as an opportunity to re-engage with the sector rather than a risk.

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    Thomas Kerr's questions to US ENERGY (USEG) leadership

    Thomas Kerr's questions to US ENERGY (USEG) leadership • Q4 2024

    Question

    Asked about the costs for the new wells, the purpose of the MRV report, clarification on the updated timeline for gas sales, and the company's current cash position.

    Answer

    New well costs will be around $1.5 million each. The MRV (Monitoring, Reporting, and Verification) report is a federal requirement to qualify for CO2 sequestration tax incentives. The updated 12-13 month timeline for both helium and CO2 sales is a change from previous expectations, driven by the shift to a larger CO2 plant and winter construction constraints. The current cash position is in the 'lower double digits' of millions after recent CapEx and an acquisition.

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    Thomas Kerr's questions to Sadot Group (SDOT) leadership

    Thomas Kerr's questions to Sadot Group (SDOT) leadership • Q4 2024

    Question

    Inquired about the restaurant group sale valuation, the timeline for achieving higher gross margins, quarterly revenue expectations, and details about the new pet food trading opportunity.

    Answer

    The company confirmed that the valuation for the restaurant sale remains in line with previous discussions. Achieving 2-3% gross margins is a major focus for 2025, driven by higher-margin products like pulses. The quarterly revenue target of $150-$200 million remains the goal. The pet food venture is a new, long-term opportunity that will start small.

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    Thomas Kerr's questions to Sadot Group (SDOT) leadership • Q3 2024

    Question

    Asked for clarification on SG&A reclassifications, the main contributors to revenue growth, details of the Yorkville debt retirement, and the expected timing for the sale of the restaurant brands.

    Answer

    The SG&A reclassification involved moving some salaries from COGS to SG&A to better reflect operations. Revenue growth was driven by an increase in overall trades, with the Canada division being a key contributor (~$20M in involved trades), while Brazil is focused more on infrastructure. The Yorkville debt was fully settled, with the final portion paid in cash, and Yorkville no longer holds any company stock. The company is incentivizing a restaurant sale by year-end and has structured the due diligence process to allow for a quick closing once an LOI is signed.

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    Thomas Kerr's questions to Sadot Group (SDOT) leadership • Q3 2024

    Question

    Thomas Kerr of Zacks Investment Research asked for clarification on the SG&A reclassification, details on revenue growth drivers beyond Canada, an update on the Yorkville debt retirement, and the expected timeline for the restaurant asset sale.

    Answer

    CFO Jennifer Black clarified that the SG&A reclassification involved moving some salary expenses from COGS to SG&A to better reflect current operations. CEO Michael Roper detailed that revenue growth was driven by an overall increase in trades, with Canada contributing significantly (~$20 million in involved transactions), while Brazil is focused more on long-term infrastructure development rather than immediate trading volume. Executive Kevin Mohan explained that the Yorkville debt was fully settled, with the final portion paid in cash, and Yorkville no longer holds any company stock. Regarding the restaurant sale, Roper stated that incentives are in place for a year-end close, and Mohan added that their pre-LOI due diligence process is designed to expedite the final closing.

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    Thomas Kerr's questions to ELTEK (ELTK) leadership

    Thomas Kerr's questions to ELTEK (ELTK) leadership • Q3 2024

    Question

    Inquired about the impact of labor costs on gross margin, plans for market expansion, details of the accelerated investment plan, and the outlook for Q4 revenue and future gross margins.

    Answer

    The company confirmed higher wages were necessary due to labor market conditions but believes the level has stabilized and costs are being passed to customers. The focus remains on current market segments. The remaining $7-8M CapEx is for 2025. The company does not provide a Q4 forecast, and the 26-29% gross margin target is for the medium-to-long term.

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    Thomas Kerr's questions to ELTEK (ELTK) leadership • Q3 2024

    Question

    Thomas Kerr of Zacks Investment Research asked for details on the labor cost pressures impacting gross margin, progress on market diversification, clarification on the accelerated investment plan's spending, and expectations for Q4 revenue and future gross margins.

    Answer

    CFO Ron Freund confirmed that wage increases were necessary to retain and recruit staff in a competitive Israeli labor market, but he believes the salary levels have now stabilized. Executive Eli Yaffe added that these costs are being gradually passed on to customers. Freund also clarified that the company is focused on its core segments and is not pursuing major diversification. He reiterated that the 26% to 29% gross margin target is for the medium to long term and that the company does not provide quarterly revenue forecasts.

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    Thomas Kerr's questions to NN (NNBR) leadership

    Thomas Kerr's questions to NN (NNBR) leadership • Q3 2024

    Question

    Thomas Kerr asked if new business wins are structurally different from past contracts, questioned the refinancing strategy regarding the preferred stock, and inquired about the dynamics driving growth in China despite a slowing macro environment.

    Answer

    President and CEO Harold Bevis explained that new wins are different, focusing on new product innovations with average gross margins over 20%, compared to 11% for legacy business. SVP and CFO Christopher Bohnert clarified that the immediate refinancing priority is the ABL and term loan for flexibility, with the preferred stock being a potential secondary step. Regarding China, Bevis attributed NN's 19% growth to China's rising role as a global vehicle exporter, allowing NN to benefit even as the overall market shifts.

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    Thomas Kerr's questions to LUXURBAN HOTELS (LUXH) leadership

    Thomas Kerr's questions to LUXURBAN HOTELS (LUXH) leadership • Q1 2024

    Question

    Thomas Kerr asked about alternative financing options for lease deposits and development, particularly since the funding from the Wyndham partnership is no longer available.

    Answer

    CEO Shanoop Kothari confirmed that other sources beyond the existing surety bond are being explored, including different financing methods. He stated that while all options are on the table, it was too early to disclose specifics, but the company is actively working on solutions.

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    Thomas Kerr's questions to LUXURBAN HOTELS (LUXH) leadership • Q1 2024

    Question

    Thomas Kerr asked about potential financing options for lease deposits now that the development funding from the Wyndham partnership is no longer available.

    Answer

    Executive Shanoop Kothari confirmed that the company is actively exploring other financing sources beyond its existing surety bond program. He noted that while all options are on the table, it was too early to disclose specific details about these potential arrangements.

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