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    Yuan Zhi

    Managing Director and Healthcare Equity Analyst at B. Riley Financial, Inc.

    Dr. Yuan Zhi is a Managing Director and Healthcare Equity Analyst at B. Riley Securities, specializing in SMid-cap biotech companies with a focus on Oncology, Ophthalmology, Radiopharma, and Life Sciences Tools. He covers names such as Actinium Pharmaceuticals, Azenta, Cryoport, Energy Fuels, Hyperfine, Lantheus Holdings, Mirion Technologies, Perspective Therapeutics, and Tango Therapeutics, leveraging over nine years of healthcare research experience to deliver differentiated, high-performing investment ideas. Dr. Zhi joined B. Riley Securities as an analyst in late 2020, after holding investment and R&D internships at Sirona Capital and Elanco, and holds a Ph.D. in Biochemistry from Texas A&M University and a B.Sc. in Chemistry from Wuhan University. He is FINRA-registered, has passed the CFA Level II exam, and is a member of several leading industry associations including the American Association for Cancer Research and the Society for Immunotherapy of Cancer.

    Yuan Zhi's questions to Oncology Institute (TOI) leadership

    Yuan Zhi's questions to Oncology Institute (TOI) leadership • Q2 2025

    Question

    Inquired about TOI's experience with oncology cost trends compared to peers, the revenue recognition timeline for the new Florida contract, and the potential impact of PBMs shifting infusion drugs from medical to pharmacy benefits.

    Answer

    TOI's medical loss ratio (MLR) is stable despite industry-wide cost trends, which they see as an opportunity. The Florida contract revenue will start being recognized in Q4. A shift of drugs from Part B to Part D would be a net positive for TOI as their risk is primarily on Part B.

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    Yuan Zhi's questions to Oncology Institute (TOI) leadership • Q1 2025

    Question

    Inquired about healthcare utilization trends in their MA population compared to reports from UnitedHealth, whether they are seeing sicker patients, how contracts are priced, progress on filling capacity in Florida, and for clarification on the timing of achieving profitability.

    Answer

    The company has not observed the same utilization spikes or sicker patient profiles in their oncology practice as reported elsewhere. Contracts are priced using recent data to reflect current trends. Florida clinic capacity is filling as planned, and the guidance for achieving positive cash flow and EBITDA in Q4 2025 remains unchanged.

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    Yuan Zhi's questions to Oncology Institute (TOI) leadership • Q1 2025

    Question

    Yuan Zhi asked if The Oncology Institute observed similar high utilization trends among Medicare Advantage seniors as recently reported by UnitedHealth. He also questioned if patients are presenting as sicker, how value-based contracts are priced to reflect current patient profiles, the progress on filling capacity in Florida clinics, and sought clarification on the timeline for achieving profitability and positive cash flow.

    Answer

    CEO Dan Virnich stated that TOI has not observed a similar jump in oncology care utilization or a change in patient acuity within its populations. He explained that contract pricing uses recent historical utilization data and cost trends, making it relatively current. Virnich also confirmed that capacity fill in Florida is tracking to plan with potential upside. CFO Rob Carter reaffirmed guidance, clarifying that the company still expects to achieve positive adjusted EBITDA and free cash flow in Q4 2025, not for the full second half.

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    Yuan Zhi's questions to Oncology Institute (TOI) leadership • Q4 2024

    Question

    Yuan Zhi inquired about the primary drivers for the 2025 guidance, the expected contribution from patient services versus the dispensary, a comparison of operating metrics in Florida versus California, current clinic capacity utilization, and the potential impact of the reimbursement landscape.

    Answer

    CFO Rob Carter confirmed that 2025 growth relies on new capitated contracts and organic growth, with the capitated segment being the most significant driver of profitability. CEO Dan Virnich added that new markets like Florida offer higher value creation opportunities due to higher benchmark utilization and a focus on Medicare Advantage. Virnich noted Florida clinics are at about 40% capacity, offering significant growth potential, and stated that macro trends like the IRA and potential 340B changes are favorable for TOI's value-based model.

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    Yuan Zhi's questions to RadNet (RDNT) leadership

    Yuan Zhi's questions to RadNet (RDNT) leadership • Q2 2025

    Question

    Yuan Zhi from B.Riley Securities asked how increased industry utilization is impacting capitated contract negotiations, the timeline for deploying remote scanning solutions outside of New York, and RadNet's current capacity for PET and MRI scans amid rising Alzheimer's-related imaging demand.

    Answer

    Mark Stolper, EVP & CFO, explained that rising utilization leads to re-evaluating capitated contracts, sometimes converting them to more profitable fee-for-service models. Howard Berger, Chairman, President & CEO, stated that remote scanning is already being deployed across states with a goal to have the full MRI fleet enabled by Q1 2026. He confirmed RadNet has capacity for Alzheimer's imaging, noting that diagnostic PET-CT scans drive subsequent demand for multiple MRIs.

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    Yuan Zhi's questions to RadNet (RDNT) leadership • Q2 2025

    Question

    Yuan Zhi from B. Riley Securities asked how increased utilization reported by payers impacts RadNet's conversations about capitated contracts. He also inquired about the deployment of the remote scanning solution outside of New York and the current capacity for PET and MRI scans given the rise in Alzheimer's-related imaging.

    Answer

    Mark Stolper, EVP & CFO, explained that when reimbursement under capitation is inadequate, RadNet converts contracts to fee-for-service, often retaining the volume at better pricing. Howard Berger, Chairman, President & CEO, stated that remote scanning (TechLive) is already being deployed across states and they aim to have the full MRI fleet enabled by early 2026. He also confirmed they have capacity for increased Alzheimer's-related imaging, which drives both PET and MRI volume.

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    Yuan Zhi's questions to Verastem (VSTM) leadership

    Yuan Zhi's questions to Verastem (VSTM) leadership • Q2 2025

    Question

    Yuan Zhi asked about the role of free samples in the initial launch ramp and the expected out-of-pocket costs for patients on commercial and Medicare insurance.

    Answer

    President and CEO Dan Paterson clarified that there are no "free samples" but a patient assistance program for bridging insurance approval, which has seen very little use. He stated the most used program is co-pay assistance, which results in zero out-of-pocket costs for the majority of commercial patients. For Medicare patients, the annual out-of-pocket limit applies.

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    Yuan Zhi's questions to Lantheus Holdings (LNTH) leadership

    Yuan Zhi's questions to Lantheus Holdings (LNTH) leadership • Q2 2025

    Question

    Yuan Zhi from B. Riley Securities asked how the new Polarify formulation would affect existing long-term customer contracts and whether it would trigger renegotiations.

    Answer

    CEO Brian Markison stated that the new formulation will be a "complete add on" as existing contract language already contemplates such additions. He highlighted that this could also provide a beneficial opportunity for a 340B best price reset for the franchise.

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    Yuan Zhi's questions to Lantheus Holdings (LNTH) leadership • Q1 2025

    Question

    Yuan Zhi inquired whether clients with long-term contracts exhibit faster PYLARIFY volume growth and asked about growth rate differences between academic and community centers.

    Answer

    President Paul Blanchfield explained that there is a distinct difference in growth patterns. Early adopters, such as large academic centers under contract, have high utilization but slower current growth. In contrast, smaller, non-contracted community sites were later adopters and are now exhibiting higher growth rates from a lower base. The company is now evolving its strategy to increasingly focus on these higher-growth accounts.

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    Yuan Zhi's questions to Lantheus Holdings (LNTH) leadership • Q4 2024

    Question

    Yuan Zhi asked how reimbursement dynamics have played out recently, noting that PYLARIFY's reimbursement price is lower than competitors' and that some customers were stocking up before the policy change.

    Answer

    CEO Brian Markison reiterated that the company's strategic contracts were established over a year ago, anticipating no change, making the new separate payment policy an upside. Chief Commercial Officer Amanda Morgan added that while the market is complex, PYLARIFY's differentiation, broad availability, and strong strategic partnerships have secured the vast majority of its hospital and imaging center business.

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    Yuan Zhi's questions to Lantheus Holdings (LNTH) leadership • Q3 2024

    Question

    Yuan Zhi asked for an explanation of the CMS reimbursement update, questioning why the final rate for PYLARIFY increased from the proposed rule despite the MUC method, and what this implies for potential changes to an ASP-based method in 2026.

    Answer

    President Paul Blanchfield explained that CMS's final calendar year rate reflects a move to support innovative radiopharmaceuticals, particularly those that recently lost pass-through status. He noted that since Lantheus has consistently reported ASP for PYLARIFY, the company is well-positioned for a potential future shift by CMS to an ASP-based payment methodology, which the agency has indicated it is open to.

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    Yuan Zhi's questions to Mirion Technologies (MIR) leadership

    Yuan Zhi's questions to Mirion Technologies (MIR) leadership • Q2 2025

    Question

    Yuan Zhi from B. Riley Securities inquired about the supply-demand dynamics and pricing sensitivity in the nuclear medicine market, and asked for the conventional nuclear power order growth rate when excluding SMRs.

    Answer

    CEO Tom Logan described the nuclear medicine market as strong, driven by the 'Theranostic revolution,' with improving margins from both pricing power and a favorable mix shift to software. CFO Brian Schopfer addressed the order question by stating that while not providing a precise number due to lumpiness, year-to-date order growth in nuclear power remains positive even excluding SMRs. He emphasized that the segment's double-digit revenue growth is the most encouraging sign, as it contains very little SMR contribution.

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    Yuan Zhi's questions to Mirion Technologies (MIR) leadership • Q1 2025

    Question

    Yuan Zhi asked about the potential for near-term backlog growth, the specific timing of the $300-$400 million in one-time orders, and the risks of project delays within the existing backlog.

    Answer

    CFO Brian Schopfer stated that while he doesn't comment on quarter-to-quarter backlog movements, he expects backlog to grow as the large projects in the pipeline are secured. He confirmed these large orders are 'back half loaded' for 2025. Schopfer acknowledged that project delays are an inherent risk, particularly in the new build nuclear space, but affirmed that the company accounts for this in its forecasting and remains confident in its full-year guidance.

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    Yuan Zhi's questions to Mirion Technologies (MIR) leadership • Q4 2024

    Question

    Yuan Zhi from B. Riley Securities asked about the potential timeline for restarting business in Russia and Ukraine post-conflict and what the company is hearing from customers regarding U.S. nuclear regulation updates and state-level initiatives.

    Answer

    CEO Tom Logan speculated that business in Ukraine would likely resume before trade normalizes with Russia, and Mirion is prepared to support both existing infrastructure and new builds. On the U.S. regulatory front, Logan described customer excitement driven by favorable state-level actions in Texas and Iowa, the potential revival of the VC Summer plant, and a pro-nuclear stance from federal leadership. He noted the key issue remains streamlining NRC processes for new builds.

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    Yuan Zhi's questions to Mirion Technologies (MIR) leadership • Q3 2024

    Question

    Yuan Zhi from B. Riley Securities requested a breakdown of the backlog by business segment and its revenue conversion characteristics, and also asked for more detail on the strategic relationship with EDF, particularly how it influenced the Sizewell-C contract win.

    Answer

    Executive Brian Schopfer explained that the backlog is approximately 75% Technologies and 25% Medical, with the established 45-50% conversion to revenue over the next 12 months remaining consistent. Executive Thomas Logan elaborated on the EDF relationship, noting that the Sizewell-C win was a direct follow-on to their work at Hinkley Point C. He also highlighted a separate, broader strategic frame agreement with EDF that positions Mirion as a sole-source supplier for key systems on up to 20 future reactors, streamlining procurement for EDF's new build program.

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    Yuan Zhi's questions to Hyperfine (HYPR) leadership

    Yuan Zhi's questions to Hyperfine (HYPR) leadership • Q1 2025

    Question

    Yuan Zhi of B. Riley Securities asked for clarification on whether potential tariffs have impacted international orders, inquired about the geographic mix of Q1 revenue, and questioned the company's visibility and confidence in its various order buckets for the remainder of 2025.

    Answer

    CFO Brett Hale stated that tariffs have had no material impact on the business to date. While not providing a specific geographic revenue mix for Q1, he noted the quarter's strong average selling price of $254,000 per system. President and CEO Maria Sainz addressed visibility by explaining that the second half will be supported by a more balanced portfolio of hospital, international, and new office-based deals, which increases their confidence despite the current reliance on longer-cycle hospital deals in Q2.

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    Yuan Zhi's questions to Hyperfine (HYPR) leadership • Q3 2024

    Question

    Asked about the differences in perception between U.S. and EU doctors regarding Alzheimer's treatment monitoring, and about the market dynamics in the EU, including MRI demand, capacity, and reimbursement.

    Answer

    The company stated there is a global consensus on the MRI bottleneck for Alzheimer's monitoring. European regulators are more conservative on therapy approvals but interest in the company's solution is high. Market conditions like MRI density and reimbursement vary by country in Europe, but clinicians are very positive about the technology's value based on the latest software generations.

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    Yuan Zhi's questions to OCX leadership

    Yuan Zhi's questions to OCX leadership • Q1 2025

    Question

    Asked about the standard testing frequency for transplant rejection, the testing frequency in the company's trial, and the clinical utility and subsequent treatment pathway for detecting subclinical rejection.

    Answer

    The current market average is about 2.3-2.5 tests per patient under management. The company's clinical trial uses a single time point for its primary endpoint. The key benefit of detecting subclinical antibody-mediated rejection (ABMR) is that effective treatments (like anti-CD38 drugs) are now available, making early diagnosis actionable to prevent graft loss. The test can also monitor treatment response and recurrence.

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    Yuan Zhi's questions to SWP leadership

    Yuan Zhi's questions to SWP leadership • Q3 2024

    Question

    Yuan Zhi of B. Riley inquired about perceptual differences between U.S. and European physicians on Alzheimer's treatment criteria and MRI monitoring, following recent industry conferences. He also asked about the European expansion, specifically regarding MRI demand, capacity issues, and reimbursement models compared to the U.S.

    Answer

    CEO Maria Sainz, reporting from her attendance at the CTAD conference, stated there is a global consensus on the MRI monitoring bottleneck for Alzheimer's therapies. She noted European regulators are more conservative but observed significant interest from clinicians and pharmaceutical firms. Sainz explained that while MRI density and waitlist issues vary across Europe, the value of the Swoop system is highly appreciated, especially with the latest software. She cited a Glasgow study on stroke triage as evidence of the system's perceived value in workflow optimization.

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