Financial Data and Key Metrics Changes - Revenue in the second quarter increased by 9% year over year to $186.9 million, with non-GAAP net income, EPS, and EBITDA surpassing the record-setting 2024 by 6%, 8%, and 8% respectively [5][6][14] - Year-to-date revenue on a constant currency basis reached $367.6 million, with non-GAAP EBITDA of $47.7 million resulting in a margin of 13% [13][14] - The company is raising its revenue guidance for the full fiscal year 2025 to a range of $730 million to $745 million, compared to the previous range of $715 million to $735 million [14] Business Line Data and Key Metrics Changes - Seven of the eleven practices experienced year-over-year growth, with antitrust and competition economics, energy, intellectual property, and labor and employment practices each posting double-digit revenue growth [5][6] - Revenue from legal and regulatory services increased by nearly 11%, supported by a significant rise in total case filings and court judgments [7] - The energy practice continues to see strong demand, particularly in utilities, driven by changes in federal renewable incentives and increased electricity demand from data centers [11][12] Market Data and Key Metrics Changes - Worldwide M&A activity reached nearly $2 trillion during 2025, an increase of 33% compared to the previous year, marking the strongest opening period for deal-making since 2022 [8] - The antitrust and competition economics practice achieved its highest quarterly revenue, reflecting strong demand in both North America and internationally [27] Company Strategy and Development Direction - The company is focused on maximizing long-term value per share and is committed to strategic priorities, as evidenced by recent leadership promotions aimed at enhancing corporate support for high-value strategic initiatives [19][46] - The company is cautious about pursuing larger acquisitions unless they align with long-term strategic goals, emphasizing a focus on strategic fit rather than chasing revenue [43] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the company's future, citing strong lead flow activity and continuity in delivering profitable revenue growth [25] - There is awareness of potential disruptions from geopolitical factors, but overall visibility into the business remains stable [25] Other Important Information - The company concluded the quarter with $19.4 million in cash and $120 million in borrowings, resulting in a net debt of $100.6 million [17] - During the second quarter, the company returned $46.6 million to shareholders through dividends and share repurchases [18] Q&A Session Summary Question: Drivers behind the guidance raise and visibility levels - Management highlighted strong performance in 2025 and continuity from fiscal 2024, with no significant changes in visibility despite potential geopolitical disruptions [24][25] Question: Changes in M&A regulatory needs and deal sizes - The antitrust practice reported strong demand, with no noticeable shifts in deal sizes or complexity, and continued engagement in large prominent matters [27][28] Question: Pricing environment and rate increases - Rate increases for fiscal 2025 have been successfully implemented, with clients continuing to demand value alongside efficiency in service delivery [31][32] Question: Share repurchase activity timing - Most share repurchase activity occurred in Q2, with a significant portion executed in the latter part of the quarter [34] Question: Energy practice scaling and inorganic growth - The energy practice is focusing on internal growth and skill set enhancement, with ongoing exploration for strategic acquisitions [42][43] Question: Management appointments and their purpose - New roles aim to enhance corporate support for strategic initiatives, raising the value of services provided to consulting colleagues [46] Question: Hiring trends and college recruitment - The company is welcoming over 100 recent graduates, maintaining a typical hiring class size while focusing on growth in specific practices [48][50]

Financial Data and Key Metrics Changes - Second quarter sales increased by 1% year-over-year, driven by a volume growth of 6% [10] - Adjusted EBITDA for the second quarter was $207 million, a 2% increase compared to the previous year [11] - Adjusted earnings per share (EPS) rose to $0.69, up $0.10 from the prior year, primarily due to EBITDA growth and lower interest expenses [12] Business Line Data and Key Metrics Changes - The growth portfolio experienced a high single-digit increase, while the core portfolio remained essentially flat [11] - The strongest growth came from the EMEA region, attributed to higher volumes of herbicides and branded sales [12] - North America sales declined by 5% due to expected destocking in Canada, although there was solid volume growth in the U.S. [13] Market Data and Key Metrics Changes - Latin America revenues increased slightly as the region concluded the 2024-2025 growing season [12] - Asia faced declines due to lower pricing and volumes, particularly from ongoing destocking in India [13] Company Strategy and Development Direction - The company aims to implement a growth strategy following the normalization of product levels in distribution channels [6] - A new direct sales route in Brazil targeting large corn and soybean growers has been established, with initial customer engagements already underway [7] - The company plans to divest its commercial business in India to regain commercial momentum through a business-to-business model [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaching 2025 targets and maintaining the 2027 outlook, with expectations for strong performance driven by the growth portfolio [32] - The company anticipates challenges in India due to intense generic competition and a complex regulatory environment, leading to the decision to change operational strategies [14][15] - Management expects to see early results from new product launches and commercial activities in Brazil starting in the third quarter [7][10] Other Important Information - The company has excluded India from revenue guidance due to uncertainties surrounding the divestment process, although reported revenue will still include India until the sale is completed [18][25] - Full-year 2025 guidance remains unchanged across all metrics, with revenue excluding India expected to decline by 2% [19] Q&A Session Summary Question: What should be expected in terms of volume and pricing growth entering 2026? - Management confirmed that 2026 and 2027 targets remain unchanged, with expectations for strong growth driven by the growth portfolio and new active ingredients [36][37] Question: Can you break down the cost savings for Q2? - Cost savings were primarily driven by lower raw material costs, improved fixed cost absorption, and restructuring actions [41][42] Question: What are the sales and EBITDA parameters for the India business in 2024? - The India business is forecasted to generate $70 million in sales for H2 2025, with a need for overall growth of 9% to meet targets [50][51] Question: How is the order book shaping up in Brazil? - Current orders for the second half in Brazil are about 35% to 40% of what is needed, indicating a positive outlook [58] Question: What is the expected impact of the new direct sales program in Brazil? - The impact of the new sales organization is expected to be visible in Q3, with growth anticipated year after year [62] Question: How is the pricing for Rynaxapyr and other products performing? - Rynaxapyr pricing remains relatively flat, with significant pricing headwinds primarily from partner contracts [86] Question: What is the outlook for the pheromones offering? - The full-scale commercial pilot for pheromones is expected to provide insights into performance, with results anticipated by the end of the year [90]

Core Viewpoint - Petrobras has been a highly searched stock recently, indicating potential interest and volatility in its performance [1] Earnings Estimate Revisions - For the current quarter, Petrobras is expected to report earnings of $0.71 per share, reflecting a year-over-year increase of +51.1% [5] - The consensus earnings estimate for the current fiscal year is $2.66, indicating a decrease of -10.7% from the previous year, with a recent change of -4.4% [5] - For the next fiscal year, the earnings estimate is $2.48, showing a decline of -6.8% compared to the prior year, with a slight increase of +0.1% over the past month [6] - The Zacks Rank for Petrobras is 3 (Hold), suggesting it may perform in line with the broader market in the near term [7] Projected Revenue Growth - The consensus sales estimate for the current quarter is $20.25 billion, indicating a year-over-year decline of -13.7% [11] - For the current fiscal year, the revenue estimate is $82.16 billion, reflecting a decrease of -10.1%, while the next fiscal year's estimate is $83.47 billion, indicating a slight increase of +1.6% [11] Last Reported Results and Surprise History - Petrobras reported revenues of $21.07 billion in the last quarter, a year-over-year decrease of -11.3%, with an EPS of $0.62 compared to $0.75 a year ago [12] - The reported revenues were below the Zacks Consensus Estimate of $21.64 billion, resulting in a revenue surprise of -2.61%, while the EPS surprise was -32.61% [12] - Over the last four quarters, Petrobras surpassed consensus EPS estimates twice and topped revenue estimates once [13] Valuation - Petrobras is graded A in the Zacks Value Style Score, indicating it is trading at a discount compared to its peers [17]

Core Insights - FirstEnergy (FE) reported second-quarter 2025 operating earnings of 52 cents per share, exceeding the Zacks Consensus Estimate of 50 cents by 4% and showing an increase from 51 cents per share in the same quarter last year [1][7] Financial Performance - The year-over-year increase in core earnings was attributed to new base rates in Pennsylvania and growth in transmission rate base under formula rate programs, although milder temperatures reduced customer demand by nearly 3% [2] - Total revenues for FE were $3.38 billion, which was 3% higher than the $3.28 billion recorded in the year-ago quarter but missed the Zacks Consensus Estimate of $3.41 billion by 1% [3][7] - Operating expenses decreased to $2.73 billion, down 4.5% from $2.86 billion in the prior-year quarter, leading to an operating income of $646 million, up 52.7% from $423 million [5] Segment Performance - Distribution segment revenues totaled $1.68 billion, up 1.6% from the prior-year quarter [4] - Integrated segment revenues amounted to $1.26 billion compared to $1.18 billion in the year-ago quarter [4] - Stand-Alone Transmission segment revenues were $456 million, slightly down from $468 million in the prior-year quarter [4] Future Guidance - FirstEnergy expects 2025 core earnings per share (EPS) in the range of $2.40-$2.60, with the Zacks Consensus Estimate at $2.53 per share [6] - The company anticipates a long-term EPS growth rate of 6-8% and has a capital investment plan of $28 billion for the 2025-2029 period, with $5 billion expected for 2025 [6]

Financial Data and Key Metrics Changes - Total revenue increased by 20% in Q2 2025, reaching $63.2 million, with gross margin expanding over 400 basis points to 74% [4][12] - Adjusted EBITDA rose by 112% year-over-year to over $13.4 million, representing 21% of revenue, an increase of more than 900 basis points compared to the previous year [4][17] - Net loss narrowed to $600,000 or $0.01 per share, an improvement of over $4 million compared to the prior year [17] Business Line Data and Key Metrics Changes - MACI generated record revenue of nearly $54 million in Q2, reflecting a 21% increase year-over-year and 15% sequential growth [4][12] - Epicel revenue was $8.6 million, representing an 11% growth year-over-year, with biopsies increasing nearly 40% compared to the prior year [12][14] - NexoBrid revenue reached $1.2 million, showing a 52% increase year-over-year, with strong growth in hospital unit orders [14] Market Data and Key Metrics Changes - MACI's performance was driven by strong growth in the surgeon base and biopsy volumes, with the second highest number of MACI biopsies recorded since launch [5][6] - The treatment of small femoral condyle defects increased by 40% year-over-year, indicating potential for significant growth in this segment [6][10] - Epicel's biopsies were the highest in any quarter since 2023, with a strong start in Q3 [9][10] Company Strategy and Development Direction - The company plans to expand its MACI sales force from 76 to approximately 100 territories to support anticipated high volumes in Q4 2025 [8][10] - FDA clearance for the Phase III MACI Ankle clinical study was received, representing a substantial long-term growth driver for MACI [10][11] - The company is also on track to initiate commercial manufacturing for MACI in a new facility next year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong underlying business fundamentals and growth drivers for MACI and burn care products [4][20] - The company is well-positioned for a strong second half of the year, with expectations for continued revenue and profitability growth [10][20] - Management acknowledged challenges in predicting Epicel quarterly revenue due to patient health-related issues but remains optimistic about future performance [38][40] Other Important Information - The company ended Q2 with approximately $164 million in cash and investments and no debt, enhancing its financial profile [17] - The guidance for MACI revenue growth for the full year remains in the low 20% range, with updates to burn care revenue guidance reflecting recent run rates [18][19] Q&A Session Summary Question: What is impacting MACI growth guidance? - Management noted that Q2 revenue was slightly below expectations but emphasized strong underlying indicators and expected acceleration in growth moving forward [24][25] Question: How many arthrobiopsies have converted to MACI? - Management stated they do not disclose specific conversion rates but indicated that trends are in line with expectations [28][29] Question: What is the new reality for Epicel guidance? - Management explained that while biopsies were up significantly, patient health issues have impacted revenue, leading to a more conservative guidance approach [32][34] Question: Can you comment on international expansion opportunities? - The company is prioritizing Europe for expansion and expects to have a roadmap for international opportunities by the end of the year [83][84] Question: What is the BARDA RFP about? - The RFP involves procurement for stockpiling and includes multiple funding opportunities, with proposals due in late August [92][93]

Core Insights - Bausch + Lomb reported a GAAP revenue growth of 5% year over year to $1.278 billion, exceeding analyst expectations by $18 million [1] - Adjusted EPS (non-GAAP) was $0.07, beating consensus estimates by $0.01 but down 46.2% from $0.13 in the previous year [2] - The company experienced a narrowed net loss of $62 million compared to $151 million a year earlier, indicating some operational improvement [2][8] Business Overview - Bausch + Lomb specializes in eye health products, including contact lenses, OTC consumer eye care brands, prescription pharmaceuticals, and surgical devices, operating in three segments: Vision Care, Surgical, and Pharmaceuticals [3] Strategic Focus - The growth strategy includes a broad product portfolio, separation from Bausch Health Companies, geographic expansion, and investment in R&D, while managing regulatory risks and increasing scale in consumer and surgical markets [4] Quarterly Performance - Vision Care segment revenue reached $753 million, up 8% year over year, driven by daily silicone hydrogel contact lenses and consumer brands [5] - Surgical segment revenue was $216 million, growing 3% year over year, despite a voluntary recall of certain enVista IOL products [6] - Pharmaceuticals revenue declined to $309 million, attributed to weak US generics performance and pricing pressures [7] Profitability Metrics - Adjusted EBITDA (non-GAAP) decreased to $191 million, reflecting higher spending on marketing and costs from the recall [8] - Cash flow from operations improved to $35 million, a 133.3% increase from the previous year, due to better working capital management [2][8] Research and Development - R&D expenses increased to $96 million, with around 60 projects underway, including next-generation contact lenses and therapeutics for glaucoma and dry eye disease [9] Future Guidance - Full-year 2025 revenue guidance was raised to $5.05 billion to $5.15 billion, with projected constant currency revenue growth between 5% and 7% [10] - Adjusted EBITDA guidance for 2025 is set at $860 million to $910 million, driven by demand in Vision Care and Surgical [10] Key Watch Points - Management highlighted potential tariff impacts on adjusted EBITDA margin, estimating a 120 basis point headwind in the second half of 2025 [11] - Ongoing cost control, stabilization of Pharmaceuticals, and new product rollouts in Vision Care and Surgical are critical areas to monitor [11]

Core Insights - Merit Medical reported revenue of $382.46 million for the quarter ended June 2025, reflecting a 13.2% increase year-over-year, with EPS at $1.01 compared to $0.92 in the previous year [1] - The reported revenue met the Zacks Consensus Estimate, while the EPS exceeded the consensus estimate by 17.44% [1] Financial Performance Metrics - U.S. sales reached $227.08 million, surpassing the estimated $220.3 million, marking a 16.7% increase from the same quarter last year [4] - International sales amounted to $155.38 million, exceeding the estimated $151.04 million, representing an 8.4% year-over-year growth [4] - Revenue from Cardiovascular-Peripheral Intervention was $142.85 million, slightly below the estimated $144.62 million, with a year-over-year increase of 2.6% [4] - Cardiovascular-Cardiac Intervention revenue was $115.25 million, exceeding the estimated $104.93 million, showing a significant 22.8% increase year-over-year [4] - Endoscopy revenue reached $18.44 million, slightly below the estimated $18.66 million, but reflecting an impressive 81% increase from the previous year [4] - Cardiovascular-OEM revenue was $52.29 million, close to the estimated $52.65 million, with an 18.1% year-over-year increase [4] - Total Cardiovascular revenue was $364.03 million, surpassing the estimated $353.56 million, indicating an 11.1% increase year-over-year [4] - Revenue from Cardiovascular-Custom Procedural Solutions was $53.63 million, exceeding the estimated $51.05 million, with a year-over-year growth of 6.4% [4] Stock Performance - Merit Medical's shares have declined by 11.8% over the past month, contrasting with a 3.4% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Press release Ecully, July 30, 2025 – 7 p.m. SPINEWAY H1 2025 results Continued improvement in results and financial positionFull-year 2025 growth target confirmed In thousands of eurosConsolidated financial statements – UnauditedH1 2025H1 2024Revenue5,5736,535Cost of sales(1,702)(2,059)<td style="vertical-align: middle; text-align: left; padding-left: 15.0px; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom ...

Core Insights - Sanmina Corporation (SANM) reported strong third-quarter fiscal 2025 results, with both revenue and net income exceeding the Zacks Consensus Estimate [1][2][3] Financial Performance - Net income on a GAAP basis was $68.6 million or $1.26 per share, up from $51.6 million or 91 cents per share in the prior-year quarter [2] - Non-GAAP net income was $83.6 million or $1.53 per share, compared to $70.8 million or $1.25 in the prior-year quarter, surpassing the Zacks Consensus Estimate of $1.42 [2] - Net sales increased to $2.04 billion from $1.84 billion year over year, beating the consensus estimate by $67 million [3] Segment Performance - Integrated Manufacturing Solutions generated $1.64 billion in revenues, an 11.6% increase year over year, contributing 80.7% to total revenues [4] - Components, Products and Services revenues rose to $422 million, up 8.8% year over year [4] - Industrial & Energy, Medical, Defense & Aerospace, and Automotive markets generated $1.256 billion in revenues, a 6.2% increase year over year [5] - Communications Networks and Cloud Infrastructure generated $786 million, up 19.2% year over year [5] Profitability Metrics - Non-GAAP gross profit was $186 million, compared to $157 million in the year-ago quarter, driven by a favorable mix and improved operational efficiency [6] - Non-GAAP operating income totaled $115.7 million, up from $96.8 million in the prior-year period, with a non-GAAP operating margin of 5.7%, slightly up from 5.3% [6] Cash Flow and Liquidity - Generated $200.8 million of net cash from operating activities, compared to $90 million in the previous year's quarter [7] - As of June 28, 2025, the company had $797.9 million in cash and cash equivalents and $287.2 million in long-term debt [7] - The company repurchased approximately 0.2 million shares for about $13 million during the quarter [7] Outlook - For the fourth quarter of fiscal 2025, revenues are expected to be in the range of $2-$2.1 billion, with GAAP earnings per share forecasted between $1.21 and $1.31 [10] - Management estimates non-GAAP earnings per share in the band of $1.52-$1.62 [10]

Financial Data and Key Metrics Changes - VITAS net revenue was $396.2 million in 2025, an increase of 5.8% compared to the prior year period, driven by a 6.1% increase in days of care and a 4.2% increase in Medicare reimbursement rates [12] - Adjusted EBITDA excluding Medicare Cap totaled $66.8 million in the quarter, essentially flat with 2024, with an adjusted EBITDA margin of 16.2%, down 163 basis points from the prior year [15][16] - Roto Rooter revenue increased by 6% in 2025 compared to the same period in 2024, falling short of internal expectations [8] Business Line Data and Key Metrics Changes - Admissions at DITAS totaled 17,545, a 1.2% improvement from the same period in 2024, with a 4.9% increase when excluding patient transfers from VITAS [5] - Roto Rooter branch residential revenue totaled $156.4 million, a 9% increase from the prior year, driven by a 16.9% increase in water restoration [17] - Roto Rooter branch commercial revenue totaled $53.2 million, a 4.4% increase from the prior year, with a 24.4% increase in excavation revenue [17] Market Data and Key Metrics Changes - Hospital-directed admissions increased by 9.1%, while home-based patient admissions declined by 6.2%, nursing home admissions declined by 2.9%, and assisted living facilities admissions declined by 1.4% compared to the prior year [6] - The consolidated Florida program is estimated to end the 2025 Medicare cap year with a $19 million billing limitation, with management expecting no significant Medicare cap billing limitation for the 2026 cap year [6][7] Company Strategy and Development Direction - The company remains confident in the growth potential and strategic direction of both businesses despite underperformance in 2025 [5] - VITAS is adjusting its patient mix in Florida to mitigate Medicare cap issues, which may cause some disruption in operating metrics but is expected to lead to higher growth rates in the long term [10] - Roto Rooter is focusing on improving its competitive advantages to return to a steadier growth trajectory [11] Management's Comments on Operating Environment and Future Outlook - Management commented on the impact of the Liberation Day tariff announcement on consumer confidence and spending, which affected Roto Rooter's performance in April and May [9] - The company is optimistic about the overall prospects for both businesses, with VITAS working on initiatives to improve admissions and Roto Rooter focusing on enhancing its service offerings [10][11] Other Important Information - The company estimates $28.2 million in Medicare cap billing limitations for calendar 2025, with $19 million related to the Florida combined program [23] - Roto Rooter's adjusted EBITDA totaled $48.6 million, a decrease of 18.7% compared to the prior year quarter, with a margin of 21.8% [18] Q&A Session Summary Question: Impact of Medicare cap and future margins - Management discussed the levers being pulled to ensure no carryover impact from the Medicare cap after Q3, emphasizing hospital admissions and the moderation of the patient mix bubble created by the Community Access Program [28][29] Question: Factors driving underperformance in admissions - Management noted that the increase in admissions was intentionally moderated to avoid providing services without reimbursement, focusing on hospital admissions instead [38][40] Question: Roto Rooter management issues and recovery - Management indicated that local management issues have been resolved, and the recovery seen in June and July is attributed to improved operational performance rather than management changes [49][50] Question: Tax rate favorability in Q2 - The decline in the effective tax rate was attributed to accounting factors related to stock option exercises, with fewer exercises in the quarter leading to a larger tax deduction [65][66] Question: Confidence in short stay patient mix - Management expressed confidence in achieving a higher mix of short stay patients through improved operational emphasis and reputation [70][71] Question: Capital deployment and acquisition strategy - The company remains open to acquisitions at the right valuation and location, with no change in strategy despite current business challenges [98]