Financial Data and Key Metrics Changes - CorMedix reported first quarter net sales of $39.1 million, achieving profitability with a net income of $20.6 million or $0.32 per share, compared to a net loss of $14.5 million or $0.25 per share in the same quarter of the previous year [14][15]. - Adjusted EBITDA for the first quarter was $23.6 million, slightly above earlier preannounced results [6]. Business Line Data and Key Metrics Changes - The company experienced steady utilization growth with existing anchor customer U.S. Renal Care and new utilization from smaller outpatient dialysis operators and inpatient hospitals [6]. - Inpatient hospital ordering accounted for more than 6% of shipments in April, more than double from the first quarter [7]. Market Data and Key Metrics Changes - U.S. Renal Care accounted for over 80% of shipments in the first quarter, indicating its significance as the largest customer [30][31]. - The company anticipates utilization growth in the latter half of 2025 as new patients initiate therapy and new customers are added [9]. Company Strategy and Development Direction - CorMedix is focused on expanding its customer base and therapeutic indications for DEFENCATH, with a dedicated inpatient sales team now fully operational [10][13]. - The company has initiated a Phase 3 clinical study targeting central line-associated bloodstream infections, aiming for FDA submission by late 2026 or early 2027 [10][11]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the implementation timeline with a large dialysis operator customer, expecting to start mid-2025 [9]. - The company is monitoring macroeconomic factors but does not foresee them impacting inventory or earnings significantly [25]. Other Important Information - Operating expenses increased by approximately 9% to $17.4 million, with R&D expenses rising by 281% due to increased personnel and clinical trial services [15][16]. - The company has cash and cash equivalents of $77.5 million as of March 31, 2025 [16]. Q&A Session Summary Question: Updates on LDO partnership and operational expectations - Management noted heightened preparatory activities with the LDO but did not provide specific patient numbers or timelines [20][22]. Question: Inventory control and macroeconomic impacts - Management clarified that current macroeconomic issues are not affecting inventory, which is well-stocked to meet demand [25][26]. Question: Drivers behind Q1 revenue and customer contributions - U.S. Renal Care was the primary driver of revenue, accounting for over 80% of shipments, with growth also seen in smaller customers and hospitals [30][31]. Question: Reimbursement negotiations with Medicare Advantage - Management expects to enter negotiations with MA plans during TDAPA coverage, with 40% of claims currently from MA plans [46][47]. Question: Inpatient segment growth potential - Management indicated that the inpatient segment has potential for growth but is difficult to quantify at this stage [52][53].

Financial Data and Key Metrics Changes - Brunswick's first-quarter results exceeded expectations despite a challenging macro environment, with a notable $160 million improvement in free cash flow compared to Q1 2024, marking the second-best first-quarter cash flow on record [9][10] - Net sales decreased by 11% year-over-year, with adjusted operating margins at 6%, resulting in an adjusted EPS of $0.56 [27][28] - The updated adjusted EPS guidance for 2025 is now between $2.50 and $4.00 per share, reflecting significant uncertainty due to trade policy and macroeconomic conditions [22][36] Business Line Data and Key Metrics Changes - The propulsion business experienced a 16% decrease in sales primarily due to pipeline management and lower wholesale shipments, while the aftermarket engine parts and accessories business saw a 3% decrease in sales but a 7% increase in adjusted operating earnings [29][30] - The boat business reported a 13% decrease in sales, attributed to cautious wholesale ordering patterns, although Freedom Boat Club continued to expand globally with steady membership growth [31][14] - Navico Group's sales were flat year-over-year, with strong aftermarket sales offsetting reduced OEM orders [12][30] Market Data and Key Metrics Changes - The US main powerboat industry retail was down modestly in Q1, with Brunswick's performance primarily affected by declines in the value segment [18] - Outboard engine industry retail units declined by 6%, with Mercury's performance slightly lower due to registration calendarization [21] - US weeks on hand decreased to 35.6%, indicating a reduction in inventory levels compared to Q1 2024 [21] Company Strategy and Development Direction - Brunswick is considering streamlining its entry-level product offerings due to observed weakness in that segment, focusing on higher-margin products and growth opportunities [7][81] - The company is actively working on mitigating tariff impacts through supply chain adjustments, pricing strategies, and classification of components to minimize exposure [16][110] - Brunswick aims to maintain a strong focus on cash generation, with a target of $350 million in free cash flow for the year [36] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the retail environment, noting stable dealer sentiment despite consumer volatility [17] - The uncertain tariff environment and macroeconomic conditions are expected to impact consumer spending, with potential volume pressures anticipated in the near term [14][24] - Management remains confident in the resilience of premium brands and their ability to navigate current challenges, with expectations for a flat US retail boat market in 2025 [37][92] Other Important Information - Brunswick launched several new products at the Miami Boat Show, including the SIMRAD NSS four multifunction display and the Flight Series 5 [38][39] - The company received multiple awards for its products and workplace culture, including recognition for being one of America's most trustworthy companies [41][42] Q&A Session Summary Question: Can you help us understand the guidance update for 2025? - Management indicated that the high end of the guidance range assumes a moderation in the tariff environment and better-than-expected mitigation efforts, while the low end reflects continued tariff pressures and volume declines [48][50] Question: What is the anticipated gross number for tariff mitigation? - Management stated that while it's difficult to provide an exact number, the gross impact is likely less than double the net impact due to various factors affecting timing and payment [60] Question: What are the plans to streamline entry-level boats? - Management confirmed that they are reducing the number of models in the entry-level category, focusing on higher-margin products and optimizing manufacturing [81][84] Question: How is the capital market volatility affecting consumer behavior? - Management noted that while there is some concern regarding capital market volatility, premium brands have shown resilience, and retail financing rates remain stable [92][125] Question: What are the mitigation actions against tariffs? - Management highlighted pricing strategies, supply chain migration, and component classification as key mitigation actions, with a significant reduction in dependency on China expected [108][111]