Product Development - Improvements for Austin must not cause regressions elsewhere [1] Regulatory Approval - Regulatory approval for Europe and China is pending, expected soon [1]

Core Insights - The FDA has authorized the sale of Juul's e-cigarette device and refill cartridges in tobacco and menthol flavors, marking a significant regulatory approval after years of scrutiny [1][3][4] - This decision provides a potential recovery path for Juul, which faced bankruptcy risks following a federal ban in 2022 [1][2] - The approval is seen as part of a broader expectation that regulatory hurdles for new vaping products may be eased under the current administration [4] Regulatory Context - The FDA's 2022 ban on Juul's products was temporarily stayed after the company appealed the decision [2][8] - The FDA's rigorous evaluation of Juul's data led to the conclusion that marketing approval was appropriate for public health protection [3] - The agency has faced criticism for slow product authorizations and the proliferation of unauthorized products in the market [5]

Regulatory Concerns - TON 项目正试图推行“质押 10 万美元以获得阿联酋黄金签证”的计划，但缺乏监管部门的批准 [1] - 币安创始人 CZ 已经公开质疑该计划的真实性，阿联酋政府网站上没有相关更新 [1] - 阿联酋的 VARA、ADGM、SCA 等机构均要求质押许可，但 TON 基金会并未获得 [1] - 行业呼吁在冻结六位数资金之前，要求项目方提供实际的许可证编号和政府链接，以避免潜在的金融风险 [1] - 行业强调，项目方不应试图在没有必要文件的情况下出售受监管的金融产品 [1] - 监管漏洞可能比任何市场抛售更快地摧毁投资组合 [1] Financial Implications - 用户需要锁定价值 10 万美元的 TON 代币 3 年 [2] - 用户需要支付 35,000 美元的不可退还的“手续费” [2]

Core Viewpoint - Boston Scientific Corporation has decided to cease global sales and regulatory efforts for its ACURATE neo2 and Prime aortic valve systems due to increased demands from health authorities making the process too costly [1][2][3] Group 1: Company Actions - The company has halted its pursuit of FDA approval for the ACURATE valve systems [2][3] - Boston Scientific based its decision on recent discussions with regulators, noting that the additional resources required to meet new clinical and regulatory demands are prohibitive [3] Group 2: Financial Outlook - Despite the setback, Boston Scientific remains confident in its broader portfolio and is on track to meet its financial targets for the quarter and full year [2] - The company has not reaffirmed its GAAP EPS guidance for the second quarter and full year 2025, but estimates 2025 GAAP earnings of $1.86-$1.93 per share and second-quarter earnings of $0.45 to $0.47 per share [4] - Boston Scientific forecasts net sales growth of approximately 15%-17% in 2025 on a reported basis and around 12%-14% on an organic basis, adjusting previous guidance [5]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting strong performance despite adverse temperature impacts on sales [19][20] - The earnings for the first quarter represented more than 25% of the company's earnings guidance midpoint for 2025, reaffirming the guidance range of $3.15 to $3.25 per share [6][21] - The capital expenditure plan for 2025 through 2028 has been updated to reflect a nearly 26% increase from 18 months ago, translating into a forecasted investment CAGR of nearly 11% [11][24] Business Line Data and Key Metrics Changes - The company has secured energy supply agreements (ESAs) totaling 2.1 gigawatts of demand from three major data center developments, representing a greater than 30% increase in peak demand [10][12] - Retail electric sales margins improved compared to the first quarter of the previous year, driven by customer growth and increased usage per meter across all customer classes [20] Market Data and Key Metrics Changes - The company is actively participating in the MISO capacity auction, selling excess capacity to benefit customer bills, positioning itself favorably compared to competitors [80] - The company is experiencing strong interest in economic development opportunities in its service areas, particularly in Iowa and Wisconsin [11][15] Company Strategy and Development Direction - The company is focused on supporting economic development and growth in its states, with a commitment to customer needs and sustainable investor returns [6][8] - The capital plan includes investments in new natural gas resources to complement renewable energy sources, ensuring a balanced energy resource mix [12][17] - The company is taking a proactive approach to manage risks related to potential changes in tax legislation, emphasizing the importance of tax credits for economic growth [16][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while advancing key strategic priorities, despite challenges in the macroeconomic environment [6][11] - The company is committed to maintaining a strong balance sheet and investment-grade credit ratings while navigating potential legislative changes [24][25] Other Important Information - The updated financing plan anticipates raising approximately $1.4 billion in new common equity through 2028, with flexibility in timing based on market conditions [74][76] - The company has completed nearly all planned safe harbor activities to preserve tax credits for future projects, significantly mitigating tariff exposure [22][25] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts - Management indicated a high level of confidence in converting mature opportunities into contracts, with ongoing discussions and negotiations [35][36] Question: Impact of tax policy changes on rate case provisions - Management clarified that while there is a provision to revisit rate cases if significant legislative changes occur, the focus is on avoiding the need to do so through proactive growth strategies [40][42] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the upper end of that range starting in 2027 [48][50] Question: Details on the CapEx increase - The increase in the capital expenditure plan was primarily driven by investments in natural gas generation to meet growing demand from data centers [76][77] Question: MISO capacity auction impact on consumer bills - Management noted that the company is well-positioned to leverage auction results to benefit customer bills, contrasting with competitors who may face challenges [80] Question: Regulatory filings for additional generation resources - Management provided insights into upcoming regulatory filings for new generation resources, emphasizing flexibility in their resource planning [67][69]

Financial Performance - TXNM Energy's Q1 2025 GAAP EPS was $0.10, compared to $0.52 in Q1 2024[10] - TXNM Energy's Q1 2025 Ongoing EPS was $0.19, compared to $0.41 in Q1 2024[10] - The company reaffirmed its 2025 Ongoing EPS guidance range of $2.74 - $2.84[13] - The company is targeting a long-term EPS growth of 7% - 9%[13] TNMP Highlights - TNMP's volumetric load growth in Q1 2025 was 1.0%[19] - TNMP's demand-based load growth in Q1 2025 was 9.7%[19] - TNMP's data center load growth in Q1 2025 was 14.6%[19] - TNMP's average customer growth was 1.9%[19] - TNMP's system peak reached a new all-time high of 3,158 MW in February 2025, a 22% increase over Q1 2024[20] - TNMP plans capital investments of $615 million in 2025, increasing to $1.008 billion in 2029[24] PNM Highlights - PNM's total retail load growth in Q1 2025 was 4.1%[28] - PNM's average customer growth was 0.8%[28] - PNM plans capital investments of $443 million in 2025, increasing to $596 million in 2029[33] Capital Investments - The company's 5-year capital investment plan is $7.8 billion[42] - TNMP's average rate base is projected to grow from $2.8 billion in 2025 to $5.3 billion in 2029, a CAGR of 17.3%[44] - PNM Retail's average rate base is projected to grow from $3.0 billion in 2025 to $4.2 billion in 2029, a CAGR of 8.8%[44]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.76 for the first quarter of 2025, a 22% increase compared to the first quarter of 2024, driven by top line growth across electric and gas utilities [5][14] - The company reaffirmed its 2025 earnings guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [6][21] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.33 compared to last year, driven by higher sales volumes, improved weather, and new rates [14] - Gas Utilities and Infrastructure results were up $0.08 compared to last year, primarily due to new rates at Piedmont, North Carolina [14] - The Other segment experienced a decrease of $0.08, mainly due to higher interest expenses [14] Market Data and Key Metrics Changes - Weather-normalized volumes increased by 1.8% compared to last year, aligning with the full-year projection of 1.5% to 2% [15] - Residential volumes rose over 3% in the quarter, reflecting customer growth and higher usage [16] Company Strategy and Development Direction - The company is focused on meeting growing energy demands through new generation and enhancing existing generation, including extending the operating license for the Oconee nuclear station for an additional twenty years [6][7] - A strategic partnership with GE Vernova was announced to secure up to 19 natural gas turbines, aimed at timely delivery of critical infrastructure [10] - The company plans to file a merger application for its DC and DEP utilities, expected to create significant customer savings and operational efficiencies [11][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook, citing strong fundamentals and visibility to growth for years to come [12][13] - The company anticipates load growth to accelerate beginning in 2027 as economic development projects come online [16] - Management noted a cautious stance among industrial customers due to economic and policy uncertainties, but no immediate changes in production schedules were observed [59] Other Important Information - The company invested over $3 billion in capital during the quarter and is on track for $15 billion for the full year [20] - The impact of tariffs on the capital plan is estimated to be about 1% to 3% over five years, with confidence in minimizing this impact [21] Q&A Session Summary Question: Incremental CapEx opportunities and guidance - Management indicated that updates on capital expenditures will be provided during the annual cycle in February, with a focus on a stable and growing pipeline of investment opportunities [26][28] Question: Specificity around credit metrics - Management acknowledged ongoing discussions about improving credit profiles and indicated that more defined target ranges would be provided in the next cycle in February [31][33] Question: Cadence of load growth and data center deals - Management confirmed that the pipeline remains robust, with a recent signing of one gigawatt of data center projects, which was anticipated in their plans [38][40] Question: Financial implications of the merger - Management highlighted that the merger of DC and DEP utilities could generate over a billion dollars in savings for customers, focusing on operational efficiencies and reduced regulatory proceedings [48][50] Question: Outlook on tax credits and renewables - Management emphasized the importance of nuclear tax credits in reducing customer bills and expressed support for ongoing advocacy in Washington regarding energy credits [57][58] Question: Impact of economic uncertainty on industrial customers - Management reported no immediate changes in production schedules from industrial customers but noted a cautious stance due to tariff policy uncertainties [59][60]

Financial Data and Key Metrics Changes - Q1 2025 sales showed stronger performance than previously guided, with 13% organic growth and 12% reported growth, driven by grafts (up 17%) and carotid shunts (up 14%) [6][13] - Gross margin for Q1 2025 was 69.2%, a 60 basis point increase year-over-year, attributed to higher average selling prices (ASPs) and lower inventory scrap [14][15] - Operating income increased 6% year-over-year to $12.6 million, with an operating margin of 21% [16] - Fully diluted EPS rose to $0.48, reflecting a 10% increase [16] - Cash and securities at the end of Q1 2025 totaled $302.5 million, up $2.8 million from the previous quarter [16] Business Line Data and Key Metrics Changes - Record sales were achieved across all five product categories: grafts, carotid shunts, catheters, valvulotomes, and patches [6][14] - Organic sales growth of 13% was driven by a 9% increase in average selling prices and a 4% increase in units sold [14] Market Data and Key Metrics Changes - By geography, EMEA sales increased by 18%, the Americas by 11%, and APAC by 3% [6] - The autograft product, which had $37 million in U.S. sales in 2024, is expected to have a market size of approximately $8 million in Europe and the rest of the world [9][10] Company Strategy and Development Direction - The company is focusing on expanding its sales force, with a target of 170 sales representatives by year-end, up from 164 [7][30] - New international sales offices are being established, including a direct office in Portugal and a new office in Zurich to enhance sales performance [8][9] - The company plans to open a pan-European RestoreFlow distribution facility in Dublin in H2 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in increasing guidance for 2025 sales to $245 million, up from $239 million, due to strong Q1 performance and successful price increases [13][21] - The company anticipates that exiting the Aleutia distribution agreement will improve organic growth and gross margin [17][95] - Management remains optimistic about long-term prospects in China despite current trade tensions, indicating a commitment to the market [20][38] Other Important Information - The company has received 17 out of 23 MDR CE marks, with ongoing efforts to secure additional approvals [126] - The company is implementing price increases in China to offset tariff impacts, expecting to recover about 50% of additional costs [91] Q&A Session Summary Question: What factors contributed to the increased guidance? - Management cited strong Q1 performance, better-than-expected price increases, and the positive impact of exiting the Aleutia business as key factors for increased guidance [26][30] Question: Any updates on M&A activity? - The M&A pipeline remains strong, focusing on open vascular surgery and adjacent cardiac surgery markets, with a preference for larger deals [34][77] Question: How does the company view the impact of tariffs? - Management believes the company is well-positioned due to its U.S.-only manufacturing footprint and limited reliance on imports, with plans to raise prices to offset potential tariff impacts [18][20] Question: What is the outlook for gross margins? - Management expects gross margins to be slightly lower than previous guidance but maintains a strong operating margin outlook due to sales growth and exiting lower-margin products [65][84] Question: How will the new sales representatives impact growth? - Management indicated that new sales representatives are expected to contribute to sales growth more quickly than in the past, with a ramp-up time that has improved [73][75]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q1 2025 were $1.05, an increase of nearly 11% compared to $0.95 in Q1 2024, affirming the company's full-year EPS guidance of 8% growth [7][12] - Consolidated reported earnings were $1.50 per share, up $0.10 per share versus the same period in 2024, with revenues higher by $0.44 per share due to authorized rate increases and acquisitions [13][14] - Operating costs increased by $0.15 per share, primarily due to employee-related costs and acquisition-related expenses [14] Business Line Data and Key Metrics Changes - The company achieved a constructive settlement in the general rate case in Missouri, with an annualized revenue increase of $63 million expected [15] - In Virginia, a settlement approved a $15 million annualized increase in water and wastewater revenues [15] Market Data and Key Metrics Changes - The company continues to expect to grow its dividend at 7% to 9% per year, in line with its EPS growth target [11] - The total debt to capital ratio was 58%, within the target of less than 60%, with strong credit ratings affirmed by S&P and Moody's [21] Company Strategy and Development Direction - The company aims for long-term earnings and dividend growth of 7% to 9%, driven by a capital investment program targeting approximately $3.3 billion in 2025 [10][22] - The company is focused on infrastructure investments, particularly in PFAS remediation and lead service line replacement, while maintaining a strong regulatory and operational execution [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute financial and operational plans, with no expected material impact from recent tariff-related announcements [20] - The company highlighted the need for significant investments in U.S. water infrastructure, estimating a total of $625 billion over the next twenty years [29] Other Important Information - The Board approved an increase in the quarterly cash dividend from $0.765 to $0.825 per share, marking an 8.2% increase [11] - The company is well-positioned for growth through acquisitions, with approximately 37,000 customer connections under agreement [26] Q&A Session Summary Question: Thoughts on pulling forward 2026 equity issuance - Management stated there are no plans to pull forward equity issuance and will evaluate the market as needed [37] Question: Acquisition outlook under potential recession - Management expects a continuous flow of acquisition opportunities, potentially driven by recession or reduced federal funding [38] Question: Update on California rate case - Management did not disclose the percentage increase for the California rate case and confirmed a separate proceeding for cost of capital [43][44] Question: Update on California desalination project - Management confirmed that the last major permit approval was received, and they expect to break ground on the desalination project this year [49] Question: Legislative progress and opportunities - Management did not quantify the opportunities from legislative changes but noted they would help earned returns in each state [56]

Q1 2025 Financial Results and Business Update May 1, 2025 1 Agios Conference Call Participants | TOPIC | PARTICIPANT | | --- | --- | | Introduction | Chris Taylor, VP Investor Relations and Corporate | | | Communications | | Business Update | Brian Goff, Chief Executive Officer | | R&D Update | Sarah Gheuens, M.D., Ph.D., Chief Medical Officer, | | | Head of R&D | | Commercial Update | Tsveta Milanova, Chief Commercial Officer | | First Quarter 2025 Financial Results | Cecilia Jones, Chief Financial Officer ...