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    William Plovanic • Canaccord Genuity

    William Plovanic's questions to Transmedics Group Inc (TMDX) leadership

    William Plovanic's questions to Transmedics Group Inc (TMDX) leadership • Q1 2025

    Question

    William Plovanic questioned the significant increase in accounts receivable and asked for clarity on the full-year guidance, which implies flat sequential performance for the remainder of the year. He also sought confirmation on the expected revenue contribution from clinical trials.

    Answer

    Executive Waleed Hassanein confirmed the clinical trial contribution remains in the 2-5% range for the year, likely at the lower end. CFO Gerardo Hernandez explained the receivables increase was due to billing timing and expects DSOs to normalize, aided by a new automated billing system in H2. Regarding guidance, Hassanein noted that while they expect modest improvement from Q1, the forecast prudently accounts for potential seasonality.

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    William Plovanic's questions to Transmedics Group Inc (TMDX) leadership • Q4 2024

    Question

    William Plovanic of Canaccord Genuity inquired about the company's exposure to issues raised in a New York Times article on organ allocation, recent trends in UNOS transplant data, and the expected revenue contribution from new clinical programs in the 2025 guidance.

    Answer

    CEO Waleed Hassanein stated the company's business would not be meaningfully impacted by the allocation issues, framing broader allocation as necessary for organ utilization. He viewed positive UNOS data as normal market variability. For the 2025 guidance, he clarified that the new heart and lung programs are expected to contribute a "miniscule" 2% to 5% of the total revenue growth for the year.

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    William Plovanic's questions to Transmedics Group Inc (TMDX) leadership • Q3 2024

    Question

    William Plovanic of Canaccord Genuity Group Inc. sought clarity on the Q4 outlook, asking if management expects stabilization or a significant pickup to meet guidance. He also inquired about the service margin run rate after excluding $2 million in one-time costs.

    Answer

    CEO Waleed Hassanein stated that the gap from the national volume decline began closing significantly in October, giving them confidence in their guidance. CFO Stephen Gordon explained the $2 million in costs were non-recurring and that service margins were also impacted by higher reliance on third-party logistics due to aircraft maintenance. He expects margins to improve as they use their own fleet more efficiently.

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    William Plovanic's questions to Neuronetics Inc (STIM) leadership

    William Plovanic's questions to Neuronetics Inc (STIM) leadership • Q1 2025

    Question

    William Plovanic asked for confirmation on the full-year 2025 revenue guidance breakdown between the legacy Neuronetics business and Greenbrook. He also sought clarity on the drivers of Greenbrook's outperformance, the source of strength in the core business, and an explanation for the higher-than-expected G&A spend in Q1, requesting the normalized OpEx run-rate for Q2.

    Answer

    Executive Keith Sullivan confirmed strong performance, noting Greenbrook's same-store TMS business grew 8% and SPRAVATO grew 50% year-over-year. Executive Stephen Furlong explained that Q1 operating expenses were intentionally higher due to pulling forward approximately $5 million in cash expenses for vendor payments and bonus cycle synchronization following a recent financing. He affirmed that full-year OpEx guidance is unchanged and projected a normalized Q2 OpEx in the $23 million to $24 million range.

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    William Plovanic's questions to Neuronetics Inc (STIM) leadership • Q4 2024

    Question

    William Plovanic asked about the integration timeline for the Better Me Provider (BMP) program at Greenbrook sites and sought clarification on the drivers behind the 2025 revenue and operating expense guidance.

    Answer

    CEO Keith Sullivan stated that training for Greenbrook staff is ongoing and primarily virtual, allowing for continuous implementation. CFO Steve Furlong detailed the revenue guidance, attributing $65-$70 million to standalone Neuronetics and $80-$85 million to Greenbrook. He also explained that the OpEx guidance of $90-$98 million reflects the inclusion of Greenbrook's corporate expenses offset by $13-$15 million in realized cost synergies.

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    William Plovanic's questions to Neuronetics Inc (STIM) leadership • Q3 2024

    Question

    William Plovanic from Canaccord Genuity asked for granularity on business trends, comparing the Greenbrook and non-Greenbrook segments. He also questioned the magnitude of the Q4 guidance cut and sought specifics on the strategic changes in the commercial organization.

    Answer

    CEO Keith Sullivan was hesitant to comment on Greenbrook's specific performance pre-close but noted their TMS business remains strong. CFO Stephen Furlong attributed the bulk of the guidance shortfall to a strategic commercial restructuring aimed at prioritizing profitability. He detailed the new strategy involves adopting Greenbrook's Regional Area Manager (RAM) model to more efficiently drive patient referrals to all NeuroStar sites, shifting focus to treatment sessions and second-system sales within existing accounts.

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    William Plovanic's questions to Dexcom Inc (DXCM) leadership

    William Plovanic's questions to Dexcom Inc (DXCM) leadership • Q1 2025

    Question

    William Plovanic of Canaccord Genuity asked if the per-diem reimbursement for the new 15-day sensor would be adjusted during contracting to be more price-competitive, potentially lowering the price per day for payers.

    Answer

    COO Jacob Leach stated that since CGM is reimbursed as a unit for a period of time (e.g., per month), the company anticipates that the reimbursement level will remain the same for the 15-day product as it is for the current sensor, resulting in the same revenue for a given coverage period.

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    William Plovanic's questions to Dexcom Inc (DXCM) leadership • Q4 2024

    Question

    William Plovanic asked about the long-term profitability outlook beyond 2025, specifically whether operating margin expansion could accelerate beyond a gradual pace.

    Answer

    CFO Jereme Sylvain identified two main levers for profitability. First is continued operating expense leverage, particularly in G&A, while still investing heavily in R&D and S&M for growth. The second, more significant lever is gross margin expansion, with a goal to return to 65% and beyond, driven by the G7 15-day sensor and other cost-down initiatives.

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    William Plovanic's questions to Dexcom Inc (DXCM) leadership • Q3 2024

    Question

    William Plovanic asked for an update on the initial $40 million Stelo revenue guidance for 2024 and whether the company has observed any Stelo users converting to the reimbursed G7 product.

    Answer

    CEO Kevin Sayer did not confirm the $40 million figure, stating the primary goal of the launch was learning, which has been 'spectacular.' He reported a user base of over 70,000. While not seeing a massive trend of direct conversions, he noted the Stelo message is effectively enabling sales reps to initiate conversations in primary care offices that lead to G7 prescriptions.

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    William Plovanic's questions to Tandem Diabetes Care Inc (TNDM) leadership

    William Plovanic's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q1 2025

    Question

    William Plovanic asked if the Q1 SG&A spending level should be considered the new nominal run-rate for the remainder of the year.

    Answer

    CFO Leigh Vosseller explained that the year-over-year increase was driven by the U.S. salesforce expansion and OUS infrastructure investments. However, she clarified that the quarterly step-up will not be as significant going forward, as cost-saving initiatives in customer support will help fund these investments.

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    William Plovanic's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q4 2024

    Question

    William Plovanic from Canaccord Genuity asked about the cash flow impact of the pharmacy channel model and questioned if 2025 is being treated as a transition year where free cash flow is reinvested into the business.

    Answer

    Leigh Vosseller, Executive Vice President and Chief Financial Officer, clarified that at the currently anticipated small volume, the pharmacy channel has no material impact on the business model or cash flow. She confirmed that 2025 is an investment year for long-term growth, but these investments are being funded by other cost-saving initiatives, allowing for margin leverage.

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    William Plovanic's questions to Tandem Diabetes Care Inc (TNDM) leadership • Q3 2024

    Question

    William Plovanic sought clarification on whether the 25% Type 2 penetration target referred to new patient starts or the total market.

    Answer

    President and CEO John Sheridan clarified that his comment referred to the potential for penetration to exceed 25% of the total U.S. insulin-intensive Type 2 market over the next several years. He also noted that competitors having a T2D label is beneficial for building overall market awareness among providers.

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    William Plovanic's questions to AtriCure Inc (ATRC) leadership

    William Plovanic's questions to AtriCure Inc (ATRC) leadership • Q1 2025

    Question

    William Plovanic asked for clarification on the potential impact of tariffs on the business and questioned the drivers behind the accelerated growth in the appendage management franchise.

    Answer

    CFO Angela Wirick stated that any tariff impact is expected to be modest, measured in tens of basis points on gross margin, and is already factored into the company's guidance. CEO Michael H. Carrel attributed the strong appendage management performance directly to the successful launch and rapid adoption of the new AtriClip FLEX-Mini device, which is attracting new accounts and surgeons at a rate twice as fast as anticipated.

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    William Plovanic's questions to AtriCure Inc (ATRC) leadership • Q4 2024

    Question

    William Plovanic from Canaccord Genuity Group Inc. asked about the rollout status of EnCompass outside the U.S. and the new cryo-probes in the U.S., and also questioned the reason for the increase in the 2025 adjusted EBITDA guidance.

    Answer

    CEO Michael H. Carrel stated that the EnCompass OUS launch is in its very early stages, while the U.S. launches of cryoSPHERE MAX and FLEX-Mini are also in early innings but showing strong initial progress. CFO Angela Wirick added that the EBITDA guidance was raised due to the strong finish to 2024 and observed business efficiencies, increasing confidence for 2025.

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    William Plovanic's questions to AtriCure Inc (ATRC) leadership • Q3 2024

    Question

    William Plovanic sought clarification on the EnCompass Clamp's 50% U.S. growth and asked about the expected impact of its recent European CE mark approval. He also questioned whether the new PFA partnership investment alters the company's timeline for achieving consistent positive cash flow.

    Answer

    CFO Angela Wirick confirmed the EnCompass Clamp's U.S. growth was approximately 50%. CEO Michael H. Carrel added that while the European launch was well-received, a significant revenue impact is not expected until 2025 due to reimbursement processes. Regarding cash flow, Ms. Wirick stated the PFA investment was part of the existing R&D plan and does not change the company's trajectory toward profitability, with a modest cash burn still expected for the full year 2024.

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    William Plovanic's questions to Penumbra Inc (PEN) leadership

    William Plovanic's questions to Penumbra Inc (PEN) leadership • Q1 2025

    Question

    William Plovanic inquired about the growth drivers for Lightning Bolt 6X and 7, specifically the mix of volume versus price, sought an update on applying CAVT to coronary arteries, and questioned the conservative guidance given the strong Q1 performance.

    Answer

    CEO Adam Elsesser clarified that growth is almost entirely from volume, as products like Bolt 6X are used in new cases that were previously open surgery. He noted that for coronary, the current product is very effective, making the need for CAVT less clear. He attributed the conservative guidance to prudence, stating it's early in the year and the company has learned from past experiences.

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    William Plovanic's questions to Penumbra Inc (PEN) leadership • Q4 2024

    Question

    William Plovanic from Canaccord Genuity sought clarification on the THUNDER trial's regulatory status, asking if it had been submitted to the FDA or if discussions had occurred. He also questioned if the Q4 R&D spend of $20 million represents a new, lower baseline for future quarters.

    Answer

    CEO Adam Elsesser stated they have not yet submitted the THUNDER trial data to the FDA, as the trial follow-up just concluded and data organization is in process. Regarding R&D, he and EVP Jason Mills clarified that the company will continue to invest aggressively in innovation and that quarterly spend will fluctuate based on project needs, not a fixed budget. They also noted that some savings from the Immersive Healthcare exit were in the R&D line.

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    William Plovanic's questions to CeriBell Inc (CBLL) leadership

    William Plovanic's questions to CeriBell Inc (CBLL) leadership • Q4 2024

    Question

    William Plovanic asked about utilization trends, specifically if the high level of headbands per account seen in Q4 represents a new baseline. He also questioned if accelerated rep hiring would impact 2025 account additions, the status of converting non-Clarity accounts, and progress with the VA hospital opportunity.

    Answer

    CFO Scott Blumberg stated that while utilization is on an upward trajectory, it may not be linear due to seasonality and inconsistent customer purchasing patterns. He reiterated that new rep hires will primarily impact 2026 growth. He noted the focus is on new accounts over converting the small base of legacy non-Clarity customers. CEO Jane Chao added that a dedicated director is focused on the VA system, where CeriBell is seeing significant interest, with hopes to share tangible milestones soon.

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    William Plovanic's questions to CeriBell Inc (CBLL) leadership • Q3 2024

    Question

    William Plovanic sought clarification on the VA's Authority to Operate (ATO), asking if it opens a new market or enables upgrades for existing accounts, and also inquired about the timeline for detailing plans for the larger-than-expected IPO proceeds.

    Answer

    Executive Xingjuan Chao explained the VA ATO effectively opens a new market of 200 hospitals, as existing VA accounts have very limited usage without cloud access. CFO Scott Blumberg stated that more granular details on the use of IPO proceeds would likely be shared on the next earnings call after the 2025 operating plan is finalized.

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    William Plovanic's questions to Insulet Corp (PODD) leadership

    William Plovanic's questions to Insulet Corp (PODD) leadership • Q3 2024

    Question

    William Plovanic inquired about the impact of the AID system launch on the commercial organization, particularly on patient service, and whether the focus has shifted more towards selling versus ongoing support.

    Answer

    President and CEO Jim Hollingshead emphasized a focus on a 'differentiated end-to-end customer experience.' He acknowledged that initial demand for Omnipod 5 in 2022 strained support services but stated, 'those days are behind us.' He affirmed that all customer-facing functions have been scaled and are now 'laser-focused' on providing the best experience, leveraging the product's cloud connectivity.

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    William Plovanic's questions to iRhythm Technologies Inc (IRTC) leadership

    William Plovanic's questions to iRhythm Technologies Inc (IRTC) leadership • Q3 2024

    Question

    William Plovanic of Canaccord Genuity asked for key milestones to measure progress on the FDA remediation efforts and inquired about the risk of the recent 483 observations escalating to a warning letter.

    Answer

    CEO Quentin Blackford declined to speculate on future FDA actions but emphasized their commitment to a comprehensive remediation, which has been communicated to the agency. He stated there may not be many visible public milestones, but the company reports progress to the FDA monthly and committed to providing investors with updates on whether they are on track with their internal remediation timelines.

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