Financial Data and Key Metrics Changes - The company reported revenue of approximately $1.3 billion, an increase of 4% with 5% organic growth, partially offset by currency effects [23] - Adjusted EBITDA was up 3% in total and 5% on a constant currency basis to $232 million, with record operating margins of 12.6% [23][24] - Earnings per share (EPS) of $1.79 was flat compared to the prior year, with a diluted share count reduction of 6% year over year [24][26] - Free cash flow for Q2 was $102 million, a year-to-date increase of $36 million, with a conversion rate of 48% of adjusted EBITDA [7][10] Business Line Data and Key Metrics Changes - The ATM Managed Services and Digital Retail Solutions (AMS DRS) segment experienced 16% organic growth, while the North America segment grew by 5%, marking the fastest growth rate in nine quarters [5][6] - The Cash and Valuables Management (CVM) business saw stable organic growth of 1% year over year, impacted by the conversion of traditional customers to AMS DRS [19][20] - The company expects continued strong growth in AMS and DRS, with a robust pipeline and record installations in the quarter [21][60] Market Data and Key Metrics Changes - The total addressable market for AMS is estimated to be around $8 billion, with potential for significant expansion if banks outsource their ATM networks [17][18] - The company noted that the current cash logistics market is valued at $28 billion, indicating substantial growth opportunities in both AMS and DRS [17] Company Strategy and Development Direction - The company is focused on delivering organic revenue growth primarily from higher margin subscription-based services of AMS and DRS, with expectations for margin expansion in the second half of the year [8][9] - Strategic investments, including a partnership with KAL, aim to enhance AMS capabilities and expand the customer base [13][28] - The company is committed to maximizing shareholder value through disciplined capital allocation, including a share repurchase program [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver accelerated margin expansion and EBITDA growth, supported by strong performance in AMS and DRS [32][31] - The company anticipates a strong second half of the year, with expectations for revenue and EBITDA increases based on first half performance [30][31] Other Important Information - The company has reduced its share count by 4% year to date through its share repurchase program, with remaining capacity of $166 million [12][28] - The effective tax rate increased to 28%, primarily due to the lapping impact of one-time tax benefits from the prior year [26] Q&A Session Summary Question: Adjusted EBITDA margin performance - Management noted that strong organic growth and productivity improvements contributed to the higher adjusted EBITDA margin, exceeding guidance [37][38] Question: AMS DRS growth expectations - Management indicated that while they are guiding for high teens growth, they expect acceleration in the second half due to large customer rollouts and previous equipment sales lapping [46][47] Question: BGS performance and tariff impact - The BGS business moderated to mid-single digit growth in Q2, with expectations for similar performance in the near term due to tariff-related volatility [50] Question: Internal initiatives for AMS and DRS - The company is focusing on pulling customers towards AMS and DRS by enhancing value propositions, rather than pushing them away from CVM [55][57] Question: North America segment expectations - Management expects continued upward trajectory in the North America segment, supported by a strong pipeline in AMS and DRS [63] Question: Differentiation in growth between AMS and DRS - Management stated that both segments are expected to grow at balanced rates, with visibility into booked business and sales velocity supporting this outlook [67][69] Question: CVM growth rate catalysts - Management noted that the BGS business could drive CVM growth, while conversions to AMS DRS could also positively impact overall growth rates [71][72]

Core Viewpoint - Morgan Stanley reaffirms "Overweight" rating for Yum China with a target price of $57, indicating confidence in the company's mid-term performance and strategic focus on balancing system sales growth with profit margins [1] Group 1: Financial Performance - The company is expected to see system sales growth of 6% and 8% in Q3 and Q4 respectively, with an annual growth forecast of 5% [1] - Same-store sales growth is projected to recover to 90% and 86% of 2019 levels in Q3 and Q4 respectively, with both quarters expected to achieve a 2% increase [1] - Operating profit margin is anticipated to expand by 30 basis points in the second half of the year, with operating profit expected to grow by 9% [1] Group 2: Strategic Focus - Management plans to accelerate store expansion in the second half of the year to counter competition from delivery platform subsidies, which is expected to slightly boost profit margins [1] - The earnings per share forecast for 2025 to 2027 has been raised by 1% [1]

Summary of Evolution Mining Conference Call Company Overview - **Company**: Evolution Mining - **CEO**: Laurie Conway, with over three decades of experience in the resources sector, previously held senior roles at Newcrest and BHP [1][2] Key Points Discussed Mental Health Initiatives - Emphasis on mental health in the mining industry, highlighting the challenges faced by workers due to long hours and isolation [3][4] - Initiatives include artistic projects to promote mental well-being among employees [5] Leadership Transition - Transition of leadership with Jake moving to a non-executive chair role, ensuring continuity with an experienced team [6][8] - New team members from Glencore, Agnico, and BHP are expected to enhance operational consistency and safety [7] Operational Performance - Evolution Mining has consistently executed its strategy since its inception in 2011, improving the quality of its asset portfolio [9] - FY 2025 results showed record cash flow of $787 million at a gold price of $10.50 per ounce, significantly below the current spot price [10] Mungari Expansion Project - Mungari's expansion project increased production capacity by 50%, aiming for 200,000 ounces per annum, with a mine life extended to 2038 [12] - The project was completed under budget by 9% and ahead of schedule by nine months [13] Gold Market Dynamics - The gold industry is experiencing a shift in investor confidence, with central banks increasing gold reserves [15][16] - The correlation between gold equities and gold prices has strengthened, with recent price movements indicating margin expansion for gold companies [18][19] Capital Allocation and Copper Assets - The company emphasizes disciplined capital allocation to ensure shareholder value during market cycles [20] - Copper assets, such as Ernest Henry and North Parks, contribute 25% to 30% of revenue, providing stability against gold price volatility [20][22] Portfolio Strength and Future Outlook - Evolution Mining's portfolio is characterized by high returns and long life, with Cowal generating over $880 million in operating cash flow [23][24] - Future projects, including the open pit continuation at Cowal, are expected to deliver significant returns [24] - The company anticipates continued cash generation from its operations, including Red Lake, which has a projected mine life of 17 years [28] Strategic Focus - Evolution Mining maintains a consistent strategy focused on margin over ounces, resulting in a 3.5-fold increase in production and an extended mine life from five to eighteen years [29] Additional Insights - The company has seen an increase in reserves and dividends, with expectations to continue this trend in a rising price environment [29]

Core Viewpoint - Roku Inc's shares declined despite reporting strong second-quarter results, with analysts providing positive outlooks and raising price targets for the stock [1] Financial Performance - Roku reported revenues of $1.111 billion, a 15% year-on-year increase, exceeding guidance of $1.070 billion, driven by an 18% growth in Platform revenues and a lower-than-expected contraction in Device revenues [2] - The company raised its 2025 revenue outlook by $100 million to $4.650 billion, reflecting a 13% year-on-year growth, with improved Platform growth outlook from 12% to 16% [3] - Adjusted EBITDA guidance for 2025 was raised by $25 million to $375 million [3] Analyst Ratings and Price Targets - JPMorgan's analyst raised the price target from $100 to $105 while maintaining an Overweight rating [2] - Wedbush's analyst lifted the price target from $100 to $110, emphasizing Roku's focus on profitable expansion [4] - Guggenheim Securities reiterated a Buy rating and raised the price target from $100 to $105 [6] - KeyBanc Capital Markets raised the price target from $115 to $116 while reaffirming an Overweight rating [8] - Needham maintained a Buy rating and increased the price target from $100 to $110 [10] - Rosenblatt Securities maintained a Neutral rating with a price target of $101 [12] Growth Drivers and Market Position - Analysts noted that Roku is likely to continue gaining market share as advertising budgets shift from linear TV to connected TV, particularly in 2025 [5] - The company is expected to benefit from the Frndly TV acquisition, which has clarified its path to profitability [9] - Roku's platform revenues are projected to grow by 16% in the third quarter, higher than the consensus of 12% [7] - The company is ramping efforts targeting small to mid-sized businesses through a self-serve Ads Manager, presenting a unique opportunity in the SMB sector [13]

Financial Data and Key Metrics Changes - Total revenues increased by 9% year over year, reaching $1.4 billion, primarily driven by tuck under acquisitions [5][16] - EBITDA for the quarter rose by 19% to $157 million, reflecting a consolidated margin of 11.1%, up 90 basis points from the previous year [6][16] - Earnings per share increased by 26% compared to the prior year, reaching $1.71 [6][16] Business Line Data and Key Metrics Changes - FirstService Residential revenues grew by 6%, with organic growth at 3% [6][17] - FirstService Brands revenues increased by 11%, with low single-digit organic growth [7][18] - Restoration brands, Paul Davis and First On-site, saw revenues rise by about 6%, with 2% organic growth [7] - Roofing segment revenues were up 25% due to acquisitions, but organic revenues declined by about 10% [10][18] - Century Fire reported a strong quarter with revenues up over 15%, including double-digit organic growth [12][18] Market Data and Key Metrics Changes - The number of claims and jobs in the restoration segment increased, reflecting improved activity levels [8] - Storm-related revenues remained modest, similar to the previous year [9] - The home service brands experienced flat revenues year over year, attributed to weak consumer sentiment [13] Company Strategy and Development Direction - The company aims to achieve high single-digit revenue growth and margin expansion, targeting double-digit EBITDA growth for the year [21][22] - Focus on tuck under acquisitions to enhance growth in existing markets [12][46] - The company is optimistic about pent-up demand and potential interest rate reductions impacting future activity levels [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to mid single-digit organic growth in the residential business despite community budgetary pressures [25][26] - The company anticipates a stronger Q3 with revenues up over 10% in the roofing segment, while organic revenues are expected to be flat [10][22] - Management noted that the restoration business is becoming less reliant on large storm activity, improving revenue stability [35][36] Other Important Information - Operating cash flow for the quarter was $163 million, up 25% year over year [19][20] - The company paid down nearly $70 million of debt during the quarter, reducing leverage to 1.8 times net debt to EBITDA [20] Q&A Session Summary Question: Confidence in residential business organic growth - Management noted that community budgetary pressures are normalizing and do not expect significant impacts on organic growth going forward [25][26] Question: Margin improvement in FirstService Brands - Management confirmed that accelerating top-line growth would lead to higher margins due to operating leverage [27][28] Question: Improvement in roofing business - Management indicated that macroeconomic factors and tariff uncertainties are causing hesitance, but they expect improvement in Q3 [30][31] Question: Restoration business reliance on storm activity - Management clarified that while national accounts are growing, storm activity will still play a significant role in revenue generation [35][36] Question: Fire protection business performance - Management attributed strong performance to growth in repair service and inspection, driven by strategic investments [42][44] Question: M&A opportunities - Management remains open to larger acquisitions if strategic fits arise, despite current macroeconomic conditions [46][47] Question: Home improvement market positioning - Management noted that their positioning caters to a broad spectrum of consumers, with a focus on affluent customers contributing to growth [50][51]

Financial Data and Key Metrics Changes - Total revenues increased by 9% year over year, reaching $1,400,000,000, primarily driven by tuck under acquisitions [5][16] - EBITDA for the quarter rose by 19% to $157,000,000, reflecting a consolidated margin of 11.1%, up 90 basis points from the previous year [6][16] - Earnings per share (EPS) increased by 26% compared to the prior year, reaching $1.71 [6][16] - Year-to-date revenues totaled $2,700,000,000, a 9% increase over the previous year, with adjusted EBITDA of $260,000,000, representing 21% growth [16][21] Business Line Data and Key Metrics Changes - **FirstService Residential**: Revenues increased by 6% to $593,000,000, with organic growth at 3% [6][17] - **FirstService Brands**: Revenues rose by 11% to $823,000,000, with EBITDA up 23% to $95,000,000 and a margin of 11.6%, up 110 basis points [7][19] - **Restoration Brands**: Revenues increased by approximately 6%, with organic growth at 2% [7] - **Roofing Segment**: Revenues increased by 25% due to acquisitions, but organic revenues declined by about 10% [10][11] - **Century Fire**: Revenues grew over 15%, with strong organic growth hitting double digits [12] Market Data and Key Metrics Changes - The number of claims and jobs in the restoration segment increased, reflecting efforts to sign new national accounts [8] - Storm-related revenues remained modest, similar to the previous year [8] - The roofing segment experienced a slowdown in large commercial reroof and new construction projects, but demand drivers remain strong [11][56] Company Strategy and Development Direction - The company aims to achieve high single-digit revenue growth and margin expansion driving towards double-digit EBITDA growth for the year [22] - Focus on tuck under acquisitions to enhance growth in various segments, particularly in fire protection and restoration [12][21] - The company is optimistic about pent-up demand and potential interest rate reductions impacting future activity levels [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to mid single-digit organic growth in the residential business despite community budgetary pressures [26][27] - The company anticipates a stronger Q3 with revenues up over 10% in the roofing segment and flat organic revenues [10][12] - Management noted that the restoration business will continue to benefit from national accounts and improved positioning, which will help during catastrophic events [38] Other Important Information - Operating cash flow for the quarter was $163,000,000, exceeding EBITDA, with a year-to-date cash flow increase of 67% [20][21] - The company paid down nearly $70,000,000 of debt during the quarter, reducing leverage to 1.8 times net debt to EBITDA [21] Q&A Session Summary Question: Confidence in return to mid single-digit organic growth in residential business - Management noted that community budgetary pressures are normalizing and do not expect significant impact on organic growth going forward [26][27] Question: Margin improvement in FirstService Brands with accelerating organic growth - Management confirmed that traditional operating leverage would benefit from accelerating top-line growth, particularly in home improvement and restoration [28][29] Question: Improvement needed for roofing backlog - Management indicated that tariff uncertainty and interest rate expectations are causing hesitation, but they have started to see a pickup in bookings [31][32] Question: Restoration business reliance on large storm activity - Management clarified that while national accounts improve revenue in moderate weather, large storm events will still be significant for the business [37][38] Question: Dynamics behind fire protection business outperforming - Management attributed the growth to increased focus on repair service and inspection, balancing the business between installation and service [44][45] Question: M&A opportunities given current leverage - Management stated that they remain open to larger acquisitions if strategic fit exists, despite focusing on tuck under acquisitions [47][48] Question: Market positioning in home improvement - Management noted that their largest brand, California Closets, caters to a broad spectrum of consumers, with growth influenced by affluent customers [51][52] Question: Volatility in roofing results - Management acknowledged current macro influences on roofing but expressed confidence in their market position and demand drivers [55][56]

Core Viewpoint - Despite various challenges, analysts believe that holding Apple directly or indirectly through Berkshire Hathaway remains a solid "hold" choice, with Berkshire being Apple's largest holding valued at over $66.6 billion as of Q2 2025 [1] Group 1: Upcoming Earnings and Revenue Growth - Apple's upcoming Q3 FY2025 earnings report is set for July 31, 2025, with analysts expecting strong service revenue growth, which is projected to exceed $100 billion for the fiscal year [2][11] - The service revenue has shown a significant upward trend, increasing from $53.77 billion in 2020 to an estimated $96.17 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.3% [2] Group 2: Profit Margin Expansion - Analysts expect Apple's profit margins to expand due to the growth of its high-margin service business, with gross margins reaching a historical high of 46.9% in Q1 FY2025 [6] - Projections indicate that net profit margins will increase from 26.86% currently to approximately 34.28% over the next five years, driven by a projected EPS CAGR of 10.5% [6][7] Group 3: App Store Revenue Generation - The revenue generated per download from the App Store has steadily increased from approximately $0.50 in early 2020 to nearly $1.00, indicating Apple's enhanced monetization capabilities [9] Group 4: Valuation and Investment Returns - As of the report, Apple's stock price is $212, with a forward P/E ratio of 29.5, which is considered high compared to historical standards [9] - Despite the high valuation, Apple's return on capital employed (ROCE) is significantly higher than the S&P 500, suggesting a favorable risk-reward profile for investors [9] Group 5: Risks and Challenges - Concerns regarding iPhone growth and macroeconomic headwinds are acknowledged, but analysts believe these risks are overstated, with strong service revenue growth expected to offset hardware challenges [11]

Financial Data and Key Metrics Changes - Brink's reported total organic growth of 6% in Q1, at the top end of previous guidance [6] - Adjusted EBITDA was $215 million with a margin of 17.2%, exceeding the high end of Q1 guidance [7] - Earnings per share (EPS) was $1.62, reflecting benefits from share repurchases and a planned increase in the tax rate [7] - Free cash flow conversion was 40%, highlighting progress on accounts receivable collections [7][11] Business Line Data and Key Metrics Changes - ATM Managed Services and Digital Retail Solutions (AMS DRS) grew over 20% for the fourth consecutive quarter, now representing a quarter of total business [6][8] - Cash and Valuables Management (CVM) grew 1% organically, with strong performance in Global Services [18] - Global Services revenue increased due to elevated precious metal movement, particularly in the Rest of World segment [8][17] Market Data and Key Metrics Changes - North America saw constant currency growth of 4% and organic growth of 2%, with DRS growth highlighted by new customer onboarding [14] - Latin America experienced 7% organic growth, but was negatively impacted by currency devaluation, particularly in Mexico and Argentina [15] - Europe grew revenue by 5% organically, with AMS DRS mix increasing to 42% of total revenue [16] Company Strategy and Development Direction - The company continues to focus on maximizing growth potential in AMS DRS, expanding margins, and executing a focused capital allocation framework [7][11] - Share repurchases and dividend increases are part of the capital allocation strategy, with remaining repurchase capacity of over $180 million [10][32] - The company is well-positioned to capture elevated demand and is exploring accretive M&A opportunities [9][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertain macroeconomic conditions, citing a diversified global footprint and strong customer relationships [25][26] - The outlook for the second quarter includes expectations for continued mid-single-digit organic growth and EBITDA between $200 million and $225 million [11][37] - Management remains cautious about the Global Services business due to slowing growth in early Q2 but is optimistic about capturing future opportunities [20][38] Other Important Information - The company repurchased 1.3 million shares at an average price of $87.62, representing about 3% of outstanding shares at year-end 2024 [9][10] - Adjusted EBITDA margins were down 50 basis points year-over-year, impacted by regional revenue mix and less interest income from Argentina [28] Q&A Session Summary Question: Can you talk about your tariff exposure? - Management indicated minimal direct exposure to tariffs, as most costs and revenues are in the same currency and services are not heavily imported [41][42] Question: Can you discuss pricing trends in Latin America? - Management confirmed that pricing strategies are in place to offset currency devaluations, particularly in highly inflationary markets like Argentina [44][45] Question: What are the drivers for the second quarter margin guidance? - Key drivers include FX impacts, Argentina interest income, and restructuring actions, with expectations for improved margins in the second half of the year [51][52][56] Question: How do you expect AMS DRS growth to perform in a softer macro environment? - Management noted that the larger addressable market and subscription-based revenue model of AMS DRS provide resilience against economic downturns [70][72] Question: What trends are observed in the BGS segment post-Q1? - Management reported a slowdown in shipment volumes in April compared to Q1, with expectations for mid-single-digit organic growth moving forward [75][76]

Financial Data and Key Metrics Changes - The company generated nearly $21 million in cash from operations in Q3, bringing the year-to-date total to $41.5 million, reflecting improved earnings power and disciplined working capital management [5][6] - Net income was $5.4 million for the quarter, or $1.32 per diluted share, compared to $1.5 million or $0.37 per share in the same quarter last year, marking a more than threefold increase [6][9] - Adjusted EBITDA rose to $12.9 million, representing 9% of sales, up from 4.4% in the prior year period [6][9] Business Line Data and Key Metrics Changes - Gross profit for the quarter increased to $23.1 million, up from $14.7 million in the prior year, with gross margin expanding by 560 basis points to 16% [12] - The company experienced a $4.4 million benefit from a stronger U.S. dollar and strategic pricing actions, which offset $800,000 in additional tariff expenses [12][13] Market Data and Key Metrics Changes - Approximately 65% of products are imported into the U.S. from Mexico, with over 90% of that volume being USMCA compliant, limiting tariff exposure [15] - The estimated annualized impact of recently announced U.S. tariffs is between $9 million to $12 million in added costs before mitigation [9][15] Company Strategy and Development Direction - The company is focused on strengthening its operational and financial position through restructuring efforts, with total annualized savings from restructuring activities now totaling approximately $5 million [7] - The company is actively managing tariff risks by adjusting logistics routes, engaging in pricing discussions, and shifting supply chain sources [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to absorb and adapt to changes while continuing to drive performance despite macro uncertainties [11] - The company is monitoring automotive production and the impacts of tariff exposure on customers to prepare for any material impacts on production [28] Other Important Information - Operating cash flow was strong at $20.7 million, a significant turnaround from the previous year, with a cash position of $62.1 million at the end of the quarter [18][19] - Capital expenditures for the year are projected to be around $7.5 million, with a focus on equipment upgrades and IT infrastructure [35] Q&A Session Summary Question: What was the absolute number of the impact of tariffs in the third quarter? - The incremental impact of tariffs in Q3 was $800,000, primarily for the month of March [27] Question: What kind of operating environment are you assuming with your customer base for the balance of the year? - The company is monitoring automotive production and tariff impacts, ensuring preparedness for any material impacts on production [28] Question: What is the mix of price realization versus labor cost savings from headcount reduction? - The pricing benefit in the quarter was about $2.5 million, with the remainder attributed to labor cost savings [29] Question: How much annualized savings comes from the 12% headcount reduction? - The full restructuring for both Milwaukee and Mexico is expected to yield about $5 million in annual savings, with $200,000 realized in the current quarter [32] Question: What will the CapEx budget look like for the balance of this year? - The CapEx budget for the rest of the year is projected to be around $2 million to $3 million, with a total of approximately $7.5 million for the full year [35] Question: Any thoughts about reinstituting the dividend? - The company is managing through near-term uncertainties and is considering internal and external capital allocation but is not ready to reinstate the dividend yet [36]

Financial Data and Key Metrics Changes - The company reported total revenue of $1.4 billion, reflecting a 4% growth on a reported basis and 1% organic growth, with organic growth excluding $148 million from CSL and the whole blood divestiture at 8% [7][8] - Adjusted gross margin for the fourth quarter was 60.2%, an increase of 620 basis points compared to the prior year, driven by volume growth and improved product mix [24][25] - Adjusted net income for fiscal year 2025 was $231.5 million, up $28 million or 14%, with adjusted earnings per diluted share at $4.57, a 15% increase compared to the prior year [29] Business Line Data and Key Metrics Changes - Hospital revenue grew 12% in the quarter and 24% in fiscal year 2025 on a reported basis, with organic growth of 9% respectively [11] - Blood Management Technologies revenue grew 6% in the quarter and 10% in fiscal year 2025, driven by strong utilization and share gains [11] - The Interventional Technologies franchise delivered 21% reported growth in the quarter and 46% in fiscal year 2025, with 16% organic growth respectively [13] Market Data and Key Metrics Changes - Plasma revenue declined 9% in the quarter and 6% in fiscal year 2025, but excluding CSL, plasma revenue grew 11% in the fourth quarter and 5% for fiscal year 2025 [18][20] - Blood center revenue declined 22% in the quarter and 8% in fiscal year 2025 on a reported basis due to the whole blood divestiture [21] - The company anticipates plasma revenue to decline 7% to 10% on a reported basis in fiscal year 2026, with organic growth excluding CSL expected to be 11% to 14% [20] Company Strategy and Development Direction - The company is focused on advancing its innovation agenda and reallocating resources towards higher growth opportunities following the divestiture of the whole blood business [28] - A new regional and market alignment initiative is expected to generate approximately $30 million of net savings over the next two years [28] - The company aims for both blood management technologies and interventional technologies to become billion-dollar franchises each [66] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the strong growth trajectory of the hospital business, projecting reported and organic revenue growth of 8% to 11% in fiscal year 2026 [16] - The company expects adjusted operating margin to improve by 200 to 300 basis points, reaching 26% to 27% in fiscal year 2026 [33] - Management highlighted the importance of cash flow generation and expects free cash flow in fiscal year 2026 to be in the range of $160 million to $200 million [35] Other Important Information - The company executed a $150 million share buyback, repurchasing approximately 2.4 million shares, reflecting its commitment to value creation [10] - The adjusted income tax rate was 22% for the fourth quarter and 23% for fiscal year 2025, compared to 21% to 23% for the respective periods of the prior year [28] Q&A Session Summary Question: Insights on plasma collections and guidance for fiscal year 2026 - Management remains bullish on plasma, indicating that the 11% to 14% growth guidance is primarily driven by share gains and technology adoption, with modest growth expected in the first half of fiscal year 2026 [43][45] Question: Clarification on EPS guidance and operating margin drivers - The operating margin guidance of 26% to 27% is supported by continued gross margin improvement and operational leverage, with a $0.20 impact from tariffs factored into the guidance [47][49] Question: Update on vascular closure portfolio and legacy business performance - The company is focusing on driving utilization and share gains in the vascular closure market, with a dedicated team addressing both new and legacy products [55][60] Question: Changes in strategy following management transitions - The leadership changes are aimed at enhancing focus on growth in the hospital segment, with expectations for both blood management and interventional technologies to reach billion-dollar franchises [66][67] Question: Update on M&A activities and potential acquisition of VIVUSURE Medical - The company maintains a long-term appetite for strategic acquisitions, with optimism regarding the VIVUSURE opportunity, which aligns with its focus on closure and structural heart segments [74][76]