Core Insights - Investors Title Company (ITIC) reported a net income of $1.67 per share for Q1 2025, a 30.4% decrease from $2.40 per share in the same period last year [2][3] - The company's revenues increased by 5.8% to $56.6 million, driven by a 15.3% rise in net premiums written, indicating stronger activity in key markets [2][4] - Operating expenses rose by 10.2% to $52.5 million, primarily due to increased agent commissions, while personnel costs remained flat [5][6] Financial Performance - Net income declined to $3.2 million from $4.5 million year-over-year, attributed to higher operating expenses and a $3.6 million swing in investment gains [3][7] - Net premiums written totaled $46.3 million, up from $40.2 million in the prior-year quarter, with direct premiums at $13.5 million and agency premiums at $32.8 million [4][5] - Adjusted income before income taxes increased by 53% to $5.2 million from $3.4 million in the previous year, indicating improved core business performance [8] Management Commentary - Chairman J. Allen Fine noted positive momentum in premium growth and attributed it to modest market improvements and efforts to expand market presence [6] - Management acknowledged that expense growth was mainly tied to volume-related commissions, while fixed overhead costs were lower year-over-year due to successful cost-saving strategies [6] Market Context - The stock of Investors Title Company gained 1.4% since the earnings report, underperforming compared to the S&P 500's 4.5% growth during the same period [1] - Over the past month, the stock increased by 5.9%, while the S&P 500 rose by 8.8%, indicating a relatively underwhelming performance in the broader market context [1]

Core Insights - Evoke Pharma, Inc. reported a 77% year-over-year increase in net product sales for Q1 2025, reaching approximately $3.1 million, driven by growing prescriber adoption and repeat patient use of GIMOTI [1][5][9] - The company achieved a 73% increase in fill rate and a 44% increase in its total prescriber base compared to Q1 2024, indicating strong commercial execution and provider engagement [2][9] - Evoke maintains its 2025 net product sales guidance of approximately $16 million, reflecting a 60% increase over 2024 [8] Financial Performance - For Q1 2025, net product sales were approximately $3.1 million compared to $1.7 million in Q1 2024, while the net loss decreased to approximately $1.3 million ($0.51 per share) from $1.6 million ($2.09 per share) in the prior year [5][22] - Selling, general, and administrative expenses rose to approximately $4.3 million from $3.1 million in Q1 2024, attributed to higher professional fees and reimbursement activities [6] - As of March 31, 2025, cash and cash equivalents were approximately $12.6 million, expected to fund operations into Q2 2026 [7] Business Developments - The company appointed Greg Pyszczymuka to the Board of Directors, enhancing its commercial strategy and revenue growth capabilities [3] - GIMOTI demonstrated solid momentum with strong repeat usage and increased prescription depth, supported by expanded pharmacy partnerships [9][10] - The company emphasizes its strategic focus on GLP-1 patient populations, where the demand for effective non-oral treatment options is growing [9]

Boston Scientific (BSX) 2025 Conference Summary Company Overview - **Company**: Boston Scientific (BSX) - **Event**: 2025 Conference - **Date**: May 13, 2025 - **Key Speakers**: Dan Brennan (CFO), Joe Fitzgerald (Head of Cardiology) Key Points Financial Performance - **Q1 Results**: Achieved 18.2% organic revenue growth, 28.9% adjusted operating margin, and 34% adjusted EPS growth [11][12] - **Gross Margin**: Reported at 71.5%, aiming to return to 72.4% from 2019 levels [12] - **Revenue Guidance**: Increased from 10-12% to 12-14% for the year [14] Market Dynamics - **Tariff Impact**: Absorbed $200 million in tariffs, offset by revenue growth and discretionary spending reductions [16][17] - **Margin Expansion**: Targeting adjusted operating margins of 27.5% to 27.75% for the year, with a long-term goal of exceeding 30% [19][21] Growth Drivers - **Product Performance**: Strong growth in key products such as Ferrapulse, Agent drug-coated balloon, and Watchman device [13][14] - **Electrophysiology (EP) Market**: Significant disruption in the EP market due to the introduction of PFA technology, with a projected increase in market penetration from 40% to 80% [38][39] - **M&A Strategy**: Continued focus on tuck-in acquisitions, with nearly 50 deals completed over the past decade [33][34] Future Outlook - **Long Range Plan (LRP)**: Upcoming Investor Day on September 30, 2025, to discuss future growth strategies [25][28] - **Market Expansion**: Anticipated growth in Japan and China, with Japan showing rapid adoption post-reimbursement [60][61] - **Concomitant Procedures**: Growth in concomitant procedures for the Watchman device, with a 26% increase in Q1 driven by this segment [71] Competitive Landscape - **EP Market Competition**: Shift from a duopoly to a more fragmented market, with Boston Scientific aiming for a leading position through innovation and acquisitions [42][46] - **Mapping and Imaging**: Development of mapping systems and ice-guided imaging to enhance procedural efficiency and revenue potential [50][52] Additional Insights - **Customer Adoption**: Positive feedback on new mapping systems, indicating strong customer preference and potential for increased market share [52] - **Clinical Evidence**: Extensive clinical data supporting the efficacy and safety of Boston Scientific's products, particularly in the PFA space [64] Conclusion Boston Scientific is positioned for continued growth with strong financial performance, innovative product offerings, and strategic market expansion plans. The company is focused on maintaining its competitive edge in the evolving medical device landscape while addressing challenges such as tariffs and market dynamics.

Financial Data and Key Metrics Changes - First quarter revenue was $19.1 million, representing a 4.5% increase year-over-year and a 6.3% increase sequentially [7][15] - Gross margin improved to 47% in Q1 2025, up from 34.5% in Q1 2024 and 41.2% in Q4 2024 [15][16] - Net income for Q1 2025 was $2.1 million or $0.55 per diluted share, compared to $681,000 or $0.19 per diluted share in Q1 2024 [7][16] - Non-GAAP adjusted earnings were $2.6 million or $0.68 per diluted share, compared to $1.1 million or $0.30 per diluted share in the same period last year [7][16] - Backlog as of March 31, 2025, was $18.8 million, slightly down from $19 million at the end of Q1 2024 [8] Business Line Data and Key Metrics Changes - The BKR 5000 single band radio maintained strong demand, while the BKR 9000 multiband radio is gaining traction in the market [13] - The company expects revenue and gross margin to expand as the BKR 9000 becomes a larger contributor to overall revenues [13] Market Data and Key Metrics Changes - Federal orders were light in Q1 due to delays in passing the continuing resolution, but increased orders are expected as funding has been approved [14][36] - Approximately 95% of product revenue comes from finished goods manufactured in the USA, Mexico, and Vietnam, with ongoing monitoring of tariff impacts [10][12] Company Strategy and Development Direction - The company is focused on enhancing profitability through a shift to higher margin products and a successful transition to a contract manufacturing model [7][8] - The 2025 targets include single-digit full-year revenue growth and a gross margin of at least 42% [19] - Continued investment in sales and marketing efforts for the BKR 9000 and R&D capabilities for BK1 offerings is planned [20][21] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the uncertain macroeconomic environment, particularly regarding tariffs, but remains confident in long-term profitable growth [19][20] - The company is well-positioned to capture new customers and address new market verticals [21] Other Important Information - The balance sheet remains strong with approximately $8.9 million in cash and cash equivalents and no debt as of March 31, 2025 [17] - SG&A expenses increased to approximately $6 million in Q1 2025 from $5.3 million in the same quarter last year [15][16] Q&A Session Summary Question: Was Q1 impacted by any pull in orders? - Management indicated that Q1 was not impacted by pull-in orders, and federal orders were delayed due to the continuing resolution [23][25] Question: What are the expectations for gross margins in Q2? - Management expects gross margins to remain above 42%, despite some tariffs impacting products from Vietnam [26][27] Question: Will revenue from the BKR 9000 increase sequentially in Q1? - Management confirmed that revenue from the BKR 9000 was up sequentially in Q1 [29] Question: How does the continuing resolution affect seasonality? - Management noted that the continuing resolution has allowed key customers to receive funding, but there are delays due to personnel changes [35][36] Question: What is the long-term target for SG&A as a percentage of revenue? - Management indicated that SG&A costs are relatively fixed, but investments in marketing and new product development will lead to some incremental costs [48][49]

Financial Data and Key Metrics Changes - Total revenues decreased to $65.9 million from $72.3 million, a decline of $6.4 million primarily due to the divestiture of underperforming locations and adverse weather conditions [9][10] - Net income attributable to common shareholders increased to $3.2 million from $800,000, a difference of $2.5 million [10] - GAAP EPS rose to $0.36 per share from $0.08 per share, while non-GAAP EPS decreased to $0.65 from $0.90 [12] - Free cash flow was $6.9 million compared to $8.8 million, reflecting reduced operating margins due to lower sales [12] - Adjusted EBITDA fell to $14.2 million from $17.2 million [12] Business Line Data and Key Metrics Changes - Nightclub revenues totaled $57.5 million, a decline of 3.1% year over year, with a 3.5% drop in same-store sales [13] - Bombshell's revenue decreased to $8.2 million, a significant drop of 35.6% year over year, impacted by the divestiture of five locations and adverse weather [16] - Operating income for nightclubs improved to $14.6 million from $11 million, with a margin increase to 25.4% from 18.6% [14] - Bombshell's segment reported an operating loss of $227,000 compared to a profit of $699,000 in the previous year [16] Market Data and Key Metrics Changes - The company experienced closures and reduced business due to severe weather, particularly in Dallas and Houston, affecting sales during January and February [9][10] - The company noted that warmer temperatures in March led to improved sales trends [7] Company Strategy and Development Direction - The company is focused on a five-year capital allocation plan, with 40% of free cash flow allocated to club acquisitions and 60% to share buybacks, debt reduction, and dividends [22] - The goal is to acquire clubs averaging $6 million of adjusted EBITDA per year, targeting three to five times adjusted EBITDA for acquisitions [24] - The company aims to improve existing Bombshell locations, targeting 15% operating margins and a return to same-store sales growth [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future performance as warmer weather is expected to boost sales, and they anticipate a rebound in sales from new locations [20][21] - The management acknowledged challenges in the restaurant industry but remains hopeful for recovery as economic uncertainties diminish [85][92] - The company is actively working on improving operational efficiencies and reducing costs in the Bombshell segment [73] Other Important Information - The company repurchased 56,875 common shares for $2.9 million, ending the quarter with approximately 8.8 million shares outstanding [8] - The company has sold its Aurora, Colorado property and is listing other properties for sale in Austin and Huntsville [27][78] Q&A Session Summary Question: What is the average rate of return for seller financing? - Management indicated that the average rate is about 6% to 7% in the current market [30] Question: How has the approach to negotiations changed compared to previous years? - Management noted that sellers are now using a combination of average numbers rather than relying on high 2022 figures, reflecting the industry's downturn [34] Question: What operational changes were made at the new Flight Club in Detroit? - Management highlighted improvements in guest treatment and operational systems, which have positively impacted performance [50][52] Question: Can you clarify the insurance accrual and its impact on EBITDA? - The insurance accrual for the quarter was $1.3 million, and it is a non-cash charge [60] Question: How much EBITDA was lost due to weather in the first quarter? - Management estimated a loss of approximately $5.6 million in sales and around $3 million in EBITDA due to adverse weather conditions [68] Question: What is the current status of the M&A pipeline? - Management confirmed that while South Carolina did not contribute in the last quarter, Detroit is performing well and expected to meet projected run rates [72] Question: How is the company addressing the challenges in the Bombshell segment? - Management is focused on improving existing locations and is open to divesting underperforming assets if suitable offers arise [81]

Core Insights - Planet Fitness, Inc. (PLNT) reported lower-than-expected first-quarter 2025 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate, although both metrics increased year-over-year [1][4] - The company is facing macroeconomic volatility, increased costs, and expenses, particularly in SG&A and club operations [1][2] Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were 59 cents, missing the consensus estimate of 62 cents by 4.8%, while the prior-year quarter reported adjusted EPS of 53 cents [4] - Quarterly revenues were $276.7 million, lagging the consensus mark of $282 million by 1.7%, but rose 11.5% year-over-year due to new club openings and membership growth [4] - Adjusted EBITDA was $117 million, up 10% from $106.3 million reported in the year-ago quarter [5] Segment Performance - Franchise segment revenues rose 10.7% year-over-year to $115.2 million, with adjusted EBITDA of $84.9 million, up from $76.1 million [6] - Corporate-owned clubs generated revenues of $133.7 million, up 9.2% year-over-year, with adjusted EBITDA totaling $45.8 million, an increase from $42.4 million [7] - Equipment segment revenues totaled $27.8 million, up 28.7% year-over-year, with adjusted EBITDA rising to $7.4 million from $4.8 million [8] Cash and Debt Position - As of March 31, 2025, Planet Fitness had cash and cash equivalents of $343.9 million, up from $293.2 million at the end of 2024, while long-term debt decreased slightly to $2.14 billion [9] 2025 Outlook - For 2025, the company expects approximately 130-140 new equipment placements and 160-170 new club openings, with same-club sales growth projected in the 5-6% range [10] - Revenues are anticipated to increase approximately 10% from 2024 levels, with adjusted EBITDA and net income expected to grow around 10% and 8-9%, respectively [11] - Capital expenditures are now projected to increase approximately 20%, a revision from the previously expected 25% increase [12]

Financial Data and Key Metrics Changes - The company recorded revenues from selling goods of $10 million for the three months ended March 31, 2025, an increase of $6.3 million or 170% compared to $3.7 million for the same period in 2024 [10] - The cost of goods sold was $8.2 million for the three months ended March 31, 2025, an increase of $5.6 million or 215% from $2.6 million for the same period in 2024 [11] - The net loss for the quarter ended March 31, 2025, was approximately $3.6 million or $0.05 per share, compared to a net loss of $4.6 million or $0.06 per share for the same period in 2024 [16] Business Line Data and Key Metrics Changes - Revenues from license and R&D services were $100,000 for the three months ended March 31, 2025, consistent with the same period in 2024 [10] - Total research and development expenses were approximately $3.5 million for the three months ended March 31, 2025, an increase of $600,000 or 21% compared to $2.9 million for the same period in 2024 [12] Market Data and Key Metrics Changes - The company noted an increase in sales to Pfizer by $5.9 million and an increase of $400,000 in sales to Fearcruz in Brazil, contributing to the overall revenue growth [10] Company Strategy and Development Direction - The company is focused on initiating a Phase II clinical trial for its gut product candidate PRX-115 later this year, building on the momentum from promising Phase I results [4][6] - The company continues to evaluate additional pipeline candidates, including PRX-119 and other early-stage clinical assets, to strengthen its product development pipeline [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and balance sheet, indicating that the three streams of revenue will support the next phase of pipeline development [17] - The management highlighted strong sales efforts and recruitment of commercial patients, which are exceeding expectations [21][56] Other Important Information - Cash, cash equivalents, and short-term bank deposits were approximately $34.7 million as of March 31, 2025 [15] - The company expects minimal revenues from license and R&D services going forward, primarily from potential regulatory milestone payments [11][51] Q&A Session Summary Question: Any visibility on an El Fabrio milestone? - Management indicated that Kiese's sales efforts are strong, and the pace of recruitment of commercial patients is above expectations, but specific numbers cannot be disclosed due to confidentiality [20][22] Question: Is there any effort for a similar dosing frequency approach in the U.S.? - Management stated that the application with Kiese is ongoing, and updates will be provided as they become available [23][24] Question: Will U.S. patients be enrolled in the Phase II trial for gout? - Management confirmed that the majority of patients will be enrolled in the U.S. [36] Question: Any increase in the list price of El Fabrio in response to U.S. tariffs? - Management stated that there are no current plans for a price increase, but this could change depending on future tariff impacts [45] Question: What is the approximate value of the contract left to be paid out by Kiese? - Management explained that future revenues from Kiese will primarily consist of regulatory milestones, with potential milestones estimated up to $75 million, but this is minimal at this point [51][52]

Financial Data and Key Metrics Changes - Q1 2025 revenue totaled $9,300,000, representing a 61% increase compared to $5,800,000 in Q1 2024, exceeding previous guidance of 45% to 55% growth [13][16] - Gross margin increased to 79% in Q1 2025 from 72.6% in Q1 2024, attributed to reduced production costs and strategic pricing [14] - Operating income improved to $1,000,000, up $2,000,000 year-over-year, while net loss increased to $5,700,000 from $4,500,000 in the same period last year [15][16] - Adjusted EBITDA was positive at $2,300,000, an improvement of $2,400,000 year-over-year [15] Business Line Data and Key Metrics Changes - Sales of applicators reached $5,800,000 in Q1 2025, up from $4,100,000 in Q1 2024, constituting 62% of total revenues [7][8] - The company placed 98 new Ultomis systems in Q1 2025, a 128% increase from 43 systems in Q1 2024 [6] Market Data and Key Metrics Changes - The company ended Q1 2025 with 1,145 systems in the field, with 429 placed in the trailing twelve months [6] - The company is focusing on engaging larger customers and expanding into mobile and home healthcare markets, indicating a strategy to increase market penetration [42] Company Strategy and Development Direction - The company aims to build on its strong Q1 performance and is guiding for Q2 revenues of $10,000,000 to $10,700,000, reflecting 40% to 50% year-over-year growth [17] - The strategy includes engaging with larger customers and enhancing the sales team with experienced executives to improve market penetration [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in supply chains and manufacturing capabilities, stating no anticipated material cost or margin issues due to current economic conditions [11] - The company is exploring refinancing opportunities to improve debt conditions, indicating a proactive approach to financial management [32] Other Important Information - The company incurred a $295,000 listing fee for its NASDAQ uplift, impacting operating profit and EBITDA figures [12] - Inventory levels are described as comfortable, allowing for rapid production ramp-up if needed [10] Q&A Session Summary Question: Can you quantify system placements from smaller and larger customers? - The company noted the complexity in categorizing customers, indicating 58 new customers in Q1, with growth potential varying significantly [21][24] Question: What is the typical time to sale from initiation to purchase order? - The time frame varies widely, from a couple of days for smaller orders to several months for larger customers [25][26] Question: Can you address the debt landscape? - The company is actively exploring refinancing opportunities to improve interest rates, acknowledging that current debt is not favorable [29][32] Question: What is the success rate within the total addressable market? - The company lacks specific visibility into treatment types due to HIPAA regulations but is aware of general trends through provider feedback [34][35] Question: Any updates on patent assertion suits? - The company is engaged with an outside assertion firm and is optimistic about progress, though specifics are limited due to the nature of the agreements [36][37] Question: Insights into the evolving sales strategy? - The company continues to pursue its existing sales strategy while focusing on larger customers and enhancing the sales team with experienced professionals [40][41]

Financial Data and Key Metrics Changes - The company reported total revenues of $197.1 million for Q1 2025, representing a year-over-year increase of 43% on an as-reported basis and 32% on an organic basis [8][28] - Adjusted non-GAAP EBITDA was $50.7 million, compared to $37.6 million in the prior year period, reflecting strong operational performance [32] - Adjusted non-GAAP EPS for the quarter was $1.7, up from $1.21 in the prior year period [32] Business Line Data and Key Metrics Changes - Revenues from the rare disease segment were $69 million, up 87% from the prior year, driven by strong performance of Cortrophin Gel, which generated $52.9 million in revenues, a 43% increase [29][30] - The generics segment reported revenues of $98.7 million, an increase of 41% year-over-year, attributed to new product launches and strong execution in the base business [14][30] - Revenues from the brands portfolio were $25.1 million, a slight decrease of 2% from the prior year [29] Market Data and Key Metrics Changes - The overall ACTH category grew 27% to approximately $684 million in 2024, indicating a favorable market environment for Cortrophin Gel [9] - The company expects Cortrophin Gel revenues to increase by 34% to 38% in 2025, projecting revenues of $265 million to $274 million [10][33] - The retina products, ILUVIEN and YUTIQ, generated revenues of $16.1 million in Q1, with performance impacted by market access challenges for Medicare patients [11][29] Company Strategy and Development Direction - The company is focused on expanding its rare disease business, particularly through Cortrophin Gel, and is investing in evidence generation and new product presentations to enhance market penetration [19][20] - A bespoke commercial approach is being implemented to address market access challenges, particularly for ILUVIEN and YUTIQ, with plans to enhance sales force capabilities [24][25] - The company is committed to maintaining a strong U.S. manufacturing footprint, with over 90% of revenues coming from domestically produced goods, positioning itself favorably in light of potential pharmaceutical tariffs [16][94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of Cortrophin Gel, citing a significant unmet medical need and a large addressable patient population [19][64] - The company anticipates a return to sequential revenue growth in the latter half of 2025, following a strong first quarter performance [34] - Management acknowledged challenges in the retina segment but highlighted positive trends in demand and a strengthened sales team as factors that will support future growth [13][53] Other Important Information - The company is preparing for an upcoming trial with CG Oncology regarding a royalty obligation dispute, with the jury trial set to commence on July 21, 2025 [36][38] - The company has a strong balance sheet with $149.8 million in unrestricted cash and a gross leverage ratio of 3.5 times [32] Q&A Session Summary Question: How much should the prefilled syringe help Cortrophin? - Management noted that early responses to the prefilled syringe have been positive, as it reduces one step in the administration process, and they expect to see traction as the year progresses [42][43] Question: What gives confidence in accelerating ILUVIEN and YUTIQ sales? - Confidence is based on several factors, including performance outside the U.S., improvements in sales force strength, and positive impacts from a bespoke commercial approach [51][52] Question: What are the payer dynamics for Cortrophin as the category returns to growth? - Management indicated that payers appreciate the competition brought to the category and that collaboration will continue to ensure patient access [82] Question: How is the acquisition of Alimera performing? - Management expressed confidence in the long-term opportunity for ILUVIEN and YUTIQ, highlighted by the recent buyout of a royalty obligation [84]

Financial Data and Key Metrics Changes - The company reported second quarter revenue of $259 million, exceeding expectations of $250 million to $255 million, with half of the overachievement attributed to constant currency performance and the other half due to less adverse foreign exchange impacts than anticipated [1][5] - Year-over-year revenue declined by 9.8% on an as-reported basis and 7.7% on an adjusted constant currency basis [9] - GAAP gross profit for the second quarter was $164.1 million with a margin of 63.4%, compared to $185.4 million and 64.6% in the prior year [13] - Adjusted net income increased to $40.7 million, or $0.70 per diluted share, compared to $38.9 million and $0.67 in the prior year [16] Business Line Data and Key Metrics Changes - Pen needle revenue declined approximately 12.1%, while syringe revenue grew by 1.7%, safety products grew by 4.2%, and contact manufacturing grew by 73% [10][11] - The decline in pen needle revenue was primarily due to timing issues related to price increases and unfavorable prior year comparisons [11] Market Data and Key Metrics Changes - U.S. revenue for the quarter totaled $135.2 million, reflecting a year-over-year decline of 8.4% on an adjusted constant currency basis [9] - International revenue totaled $123.8 million, equating to a 7% decline on an adjusted constant currency basis compared to the prior year [10] Company Strategy and Development Direction - The company is advancing efforts to co-package pen needles with potential generic GLP-1 drugs, aiming to expand into a fast-growing market [3] - A restructuring plan has been initiated to streamline operations, with expected pretax charges of $4 million to $5 million and anticipated cost savings of $7 million to $8 million in the second half of fiscal 2025 [4][5] - The brand transition plan is underway in the U.S. and Canada, with expectations to complete the global transition within the next couple of years [7][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged lower projected U.S. volumes due to anticipated reductions in customer inventory levels tied to store closures at a specific U.S. retail pharmacy customer [6][22] - Despite the challenges, management expects to see flat to slightly positive overall constant currency revenue growth in the second half of the year [43][44] - The company remains committed to mitigating potential impacts from tariffs and is focused on maintaining profitability and reducing debt [19][24] Other Important Information - The company has received certification as a great place to work for 2025 in eight countries, reflecting a strong workplace culture [2] - The upcoming Analyst and Investor Day is scheduled for May 22, where the company will provide deeper insights into its portfolio and long-term financial objectives [26] Q&A Session Summary Question: Can you provide insights into growth and demand dynamics across pen and syringes? - Management explained that the decline in U.S. revenue was influenced by ERP implementations and price increase timing, but they expect improvements moving forward [29][35] Question: How should the market interpret the guidance cut? - Management indicated that despite the guidance cut, they expect stronger performance in the second half of the year, with low single-digit growth anticipated [41][44] Question: What is the impact of tariffs on margins? - Management confirmed a $3 million impact from tariffs in the second half of the year, with an estimated annualized impact of $8 million to $9 million for 2026 [49][51] Question: What is the status of the new efficiency program? - The restructuring program is focused on SG&A cost reductions, with expected savings of $7 million to $8 million in the second half of the year, and an annualized impact of around $15 million for fiscal 2026 [75][77]