Certain statements in this presentation and discussion are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on Perimeter Solutions, Inc.'s ("we," "us," "our" or the "Company") expectations, intentions and projections regarding the Company's future performance, anticipated events or trends and other matters that are not historical facts. Words such as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "may ...

Core Insights - Royal Gold, Inc. (RGLD) reported adjusted earnings per share of $1.92 in Q4 2025, missing the Zacks Consensus Estimate of $2.68, but showing an 18% year-over-year increase [1] - The company generated record revenues of $375 million in Q4, representing an 85% increase year-over-year [2] - RGLD's adjusted EBITDA margin was 82% in Q4, slightly down from 84% in the prior year [3] Financial Performance - RGLD's total revenues for 2025 reached $1.03 billion, up 43.2% year-over-year, driven by higher metal prices and contributions from various streams and assets [6] - Stream revenues for 2025 were $686.5 million, a 42% increase from 2024, while royalty revenues rose to $344 million from $236 million in the previous year [7] - The company's net cash from operating activities in Q4 was $242 million, up from $141 million in the same quarter last year, ending the year with cash and cash equivalents of $234 million [4][9] Cost and Margin Analysis - The cost of sales in Q4 was $50.8 million, a significant increase of 109.1% year-over-year, while general and administrative expenses surged 97.8% to $17.6 million [3] - Adjusted EBITDA for Q4 was $307 million, an 81.3% increase year-over-year, reflecting strong operational performance despite rising costs [3] Stock Performance - Over the past year, RGLD shares have increased by 84.3%, although this is lower than the industry's growth of 134.2% [8]

Core Insights - Boston Scientific achieved over $20 billion in sales for 2025, marking a mid-teens growth for the second consecutive year, driven by innovation and execution across business units [6][30] - The company reported a Q4 operational sales growth of 14% and organic sales growth of 13%, exceeding guidance [6][29] - Full year 2025 adjusted EPS grew 22% to $3.06, surpassing guidance, with operational sales growth of 19% and organic sales growth of 16% [7][30] Financial Performance - Q4 consolidated revenue reached $5.286 billion, representing a 15.9% reported growth, with operational revenue growth of 14.3% [29] - Full year 2025 consolidated revenue was $20.74 billion, a 19.9% increase, with operational revenue growth of 19.2% [30] - Adjusted gross margin for Q4 was 70.7%, with a full year adjusted gross margin of 70.6%, reflecting a 30 basis point expansion [31] Business Unit Highlights - The U.S. market saw a 17% growth in Q4 and 26% for the full year, particularly strong in EP, WATCHMAN, and ICTx [8] - The Cardiovascular segment delivered 16% operational growth in Q4 and 22% operational growth for the full year [14] - WATCHMAN business grew 29% in Q4, with strong adoption of concomitant procedures [22] Regional Performance - Europe, Middle East, and Africa (EMEA) grew 5% in Q4 and 3% for the full year, with high single-digit growth expected excluding the impact of product discontinuation [9] - Asia Pacific region grew 15% operationally in Q4 and 14% for the full year, driven by strong performance in Japan and China [10][11] Future Outlook - For Q1 2026, the company expects organic growth of 8.5% to 10% and for the full year, guidance is set at 10% to 11% [8][36] - Adjusted EPS for 2026 is projected to be between $3.43 and $3.49, indicating a growth of 12% to 14% [38] - The company anticipates continued momentum in EP and WATCHMAN, with expectations for the market to grow approximately 15% in 2026 [26][72] Strategic Acquisitions - Boston Scientific announced agreements to acquire Penumbra and Valencia Technologies, expected to close in 2026, enhancing its portfolio in high-growth segments [15][35] - The acquisition of Nalu Medical has been completed, complementing the neuromodulation pain franchise [35]

Core Viewpoint - Burlington Stores, Inc. reported stronger profit and raised its outlook, but the stock fell due to softer sales momentum and cautious consumer demand [1]. Financial Performance - The company reported third-quarter adjusted earnings per share of $1.80, exceeding the analyst consensus estimate of $1.64 [2]. - Quarterly sales reached $2.710 billion, a 7% year-over-year increase, but fell short of the expected $2.739 billion. Comparable store sales increased by 1% [3]. - Gross margin improved to 44.2%, up from 43.9% in the previous year, with merchandise margin expanding by 10 basis points and freight expense improving by 20 basis points [4]. - Adjusted EBITDA was $266 million, compared to $229 million in the year-ago period, representing an 80 basis point increase as a percentage of sales [4]. Cash and Debt Position - The company ended the quarter with cash and equivalents of $584.079 million. Long-term debt increased to $2.015 billion from $1.542 billion in the previous year [5]. Future Outlook - Burlington Stores raised its 2025 adjusted EPS outlook to $9.69–$9.89, up from $9.19–$9.59, surpassing the $9.52 consensus estimate. Total sales are expected to rise by about 8% for the full year [6]. - The company anticipates net capital expenditures of approximately $950 million and plans to open 104 net new stores [6]. - For the fourth quarter, adjusted EPS is guided to be between $4.50 and $4.70, slightly around the $4.64 Street estimate, with total sales growth expected between 7% and 9% [7]. Management Commentary - CEO Michael O'Sullivan noted a significant drop in store traffic after the back-to-school period due to unseasonably warm temperatures, but indicated a recovery in mid-October with continued strong trends into November [3][8].

Core Insights - OppFi (OPFI) raised its adjusted earnings per share (EPS) guidance for 2025 to $1.54-$1.60, up from $1.39-$1.44, following a strong quarterly performance with an adjusted EPS of 46 cents, reflecting a 39.1% year-over-year increase [2][8] Financial Performance - The company experienced a 13.5% year-over-year increase in revenue, driven by the predictive capabilities of Model 6, which improved loan management and boosted originations and receivables [3][8] - Adjusted net income rose by 41.4% compared to the same quarter last year, supported by effective expense management [3] Credit Risk Management - OPFI achieved a significant reduction in credit risk, with net charge-offs declining by 430 basis points or 11.2% year-over-year as a percentage of total revenues [4] - The company's future performance hinges on its ability to scale sustainably while leveraging its credit risk mitigation technology [4][5] Future Outlook - The management plans to roll out Model 6.1 in Q4 2025, aimed at enhancing risk detection and increasing volume growth [5] - The absence of major macroeconomic challenges is expected to facilitate the achievement of the new EPS guidance [5] Stock Performance and Valuation - OPFI's stock has increased by 28.4% year-to-date, outperforming competitors like Corpay (CPAY) and Global Payments (GPN), which have seen declines of 17.5% and 33.2%, respectively [6][8] - The company trades at a forward price-to-earnings ratio of 5.82, significantly lower than the industry average of 21.13 [10] Earnings Estimates - The Zacks Consensus Estimate for OppFi's earnings for 2025 has increased by 10.6% over the past 30 days [12]

Financial Data and Key Metrics Changes - Adjusted EPS for Fiscal 2025 was $4.44, a 7.5% increase from $4.13 in Fiscal 2024, reflecting growth across all segments driven by infrastructure investments [5][12] - Adjusted earnings for Fiscal 2025 totaled $275.5 million, compared to $247.4 million in the prior year [12][13] - The company invested $922 million in Fiscal 2025, with nearly 90% allocated to utilities [5] Business Line Data and Key Metrics Changes - Gas utilities earned $231 million, up nearly 5% from the previous year, driven by interest recovery in Missouri and new rates in Alabama [13] - Midstream earnings increased to $56 million, up almost $23 million from last year, due to additional capacity and asset optimization [14] - Gas marketing earnings rose to $26 million, an increase of $2.5 million, reflecting a well-positioned business despite higher storage and transportation fees [14] Market Data and Key Metrics Changes - New rates in Missouri became effective in October, and Alabama is undergoing a rate stabilization process [6][18] - The company expects total rate base and capitalization to grow to $10.7 billion by Fiscal Year 2030 from an estimated $8.2 billion at the end of Fiscal 2026 [11] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth [22] - A pending acquisition of the Piedmont Natural Gas Tennessee business is expected to close in the first quarter of calendar 2026, enhancing operational capabilities [9][10] - The long-term adjusted EPS growth target is set at 5%-7%, supported by a robust capital plan totaling $11.2 billion over ten years [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving Fiscal 2026 adjusted EPS guidance of $5.25-$5.45, driven by regulatory outcomes and infrastructure investments [22][23] - The company is committed to maintaining affordability for customers while investing in critical infrastructure [6][15] - Management highlighted the importance of collaboration with stakeholders in Missouri to establish a future test year rate-setting model [7][26] Other Important Information - The Board of Directors approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, marking the 23rd consecutive year of dividend increases [8] - The company is targeting a minimal amount of common equity issuance as part of its financing strategy [10][21] Q&A Session Summary Question: Long-term growth rate and ROEs - Management indicated expectations for continued improvement in earned ROEs, particularly in Missouri, with a future test year rate case planned [25][26] Question: Financing mix and timing - Management confirmed confidence in a balanced mix of debt and equity for financing, with ongoing evaluation of the storage business [31][32] Question: O&M assumptions and integration planning - Management aims to keep O&M expenses below inflation, leveraging best practices during integration activities [33][34] Question: Future test year rate adjustment implications - Management acknowledged potential improvements in earned ROE with the future test year but emphasized caution in making predictions [36] Question: Storage asset sale interest - Management noted strong interest in the storage assets but is still in the evaluation process [37][38] Question: Dividend payout ratios and growth - Management targets dividend growth in line with earnings growth, maintaining a payout ratio of 55%-65% [46] Question: Long-term capital needs and equity outlook - Management anticipates minimal equity needs, estimating $0-$50 million annually to support utility CapEx [47]

Core Insights - RadNet, Inc. reported strong financial growth in Q3 2025, with total revenue increasing by 13.4% to $522.9 million and Adjusted EBITDA rising by 15.2% to $84.9 million compared to Q3 2024 [4][5][6] - The company experienced significant growth in its Digital Health segment, with revenue increasing by 51.6% to $24.8 million [5][6] - RadNet's advanced imaging procedural volumes grew by 13.0% overall and 9.9% on a same-center basis, indicating a positive trend in service demand [5][9] Financial Performance - Total Company Revenue for Q3 2025 was $522.9 million, up from $461.1 million in Q3 2024, marking a $61.7 million increase [4][5] - Adjusted EBITDA for Q3 2025 was $84.9 million, an increase of $11.2 million from $73.7 million in Q3 2024, resulting in an Adjusted EBITDA margin of 16.2% [4][5][6] - The company reported a net income of $5.4 million for Q3 2025, compared to $3.2 million in Q3 2024, with diluted earnings per share increasing from $0.04 to $0.07 [7][8] Segment Performance - The Digital Health segment's revenue reached $24.8 million in Q3 2025, up from $16.4 million in Q3 2024, with Adjusted EBITDA increasing to $3.5 million [5][6] - Advanced imaging procedures, including MRI, CT, and PET/CT, saw volume increases of 14.8%, 9.4%, and 21.1% respectively, contributing to the overall growth in procedural volumes [9][35] Guidance and Outlook - The company has revised its full-year 2025 guidance upwards for both Imaging Center Revenue and Adjusted EBITDA, as well as for the Digital Health segment [2][13] - The positive trends in business performance have led to an optimistic outlook for exceeding previous financial expectations [2][5] Balance Sheet and Liquidity - As of September 30, 2025, RadNet had a cash balance of $804.7 million and a leverage ratio of approximately 1.0, indicating strong liquidity [3][4] - This financial flexibility allows the company to pursue organic growth and strategic acquisitions in both imaging centers and digital health [3]

Core Insights - MiMedx Group, Inc. reported its highest quarterly net sales in history for Q3 2025, reaching $114 million, a 35% increase year-over-year [1][3] - The company achieved a GAAP net income of $17 million and diluted earnings per share of $0.11 for the same quarter [1][7] - Adjusted EBITDA for Q3 2025 was $35 million, representing 31% of net sales, with expectations for continued growth in net sales and adjusted EBITDA for 2025 [1][9] Financial Performance - **Net Sales**: Q3 2025 net sales were $114 million, up from $84 million in Q3 2024, driven by a 40% increase in Wound product sales and a 26% increase in Surgical product sales [3][31] - **Gross Profit and Margin**: Gross profit for Q3 2025 was $95 million, with a gross margin of 84%, an increase from 82% in the prior year [4] - **Operating Expenses**: SG&A expenses rose to $69 million from $54 million year-over-year, primarily due to increased commissions [5] - **Net Income**: Net income for Q3 2025 was $17 million, compared to $8 million in Q3 2024 [7] Cash Position - As of September 30, 2025, the company had $142 million in cash and cash equivalents, up from $104 million at the end of 2024 [8] Financial Outlook - MiMedx expects net sales growth in the mid-to-high teens for 2025, with an adjusted EBITDA margin projected to be at least in the mid-20% range [9] Product Performance - **Wound Products**: Sales for Wound products reached $77.1 million in Q3 2025, a significant increase from $55.1 million in Q3 2024 [31] - **Surgical Products**: Surgical product sales were $36.6 million in Q3 2025, compared to $29.0 million in the same quarter of the previous year [31]

Financial Performance - NextEra Energy's adjusted earnings per share increased by more than 9% year-over-year[6,38] - Adjusted earnings increased from $1.968 billion in Q2 2024 to $2.164 billion in Q2 2025[7] - Adjusted EPS increased from $0.96 in Q2 2024 to $1.05 in Q2 2025[7,8,9] - FPL's earnings per share increased by 2 cents from $0.60 in Q2 2024 to $0.62 in Q2 2025[15,16] - NextEra Energy Resources' adjusted EPS increased by 11 cents from $0.42 in Q2 2024 to $0.53 in Q2 2025[27,29] Florida Power & Light (FPL) - FPL's retail rate base grew by approximately 7.9%[18] - FPL's net income increased from $1.232 billion in Q2 2024 to $1.275 billion in Q2 2025[16] - FPL's customer growth increased by 1.6% in the second quarter[21] NextEra Energy Resources - NextEra Energy Resources added 3.2 GW of new renewable and storage projects to its backlog since the first quarter call[33,34] - The renewables and storage backlog stands at approximately 29.5 GW[35] - NextEra Energy Resources' net income increased from $865 million in Q2 2024 to $1.091 billion in Q2 2025[29] Financial Expectations - NextEra Energy expects a 6% to 8% annual adjusted EPS growth rate through 2027, off the 2024 adjusted EPS expectations range of $3.23-$3.43[41,44]

Financial Data and Key Metrics Changes - In Q2 2025, total company operational sales grew 22% and organic sales grew 17%, exceeding the guidance range of 13% to 15% [5][20] - Adjusted EPS for Q2 was $0.75, a 23% increase, surpassing the guidance range of $0.71 to $0.73 [5][20] - Adjusted operating margin was 27.6%, reflecting a 50 basis point increase compared to Q2 2024 [5][21] Business Line Data and Key Metrics Changes - Urology sales grew 28% operationally and 6% organically, driven by stone management and prosthetic urology franchises [9] - Endoscopy grew 8% globally, with double-digit growth in the U.S., supported by strong performance in key products [10] - Cardiology sales increased by 28%, with interventional cardiology therapy sales growing 9% [11] Market Data and Key Metrics Changes - U.S. operational growth was 31%, primarily from the cardiovascular portfolio [7] - EMEA grew 2% operationally, with 7% growth excluding the Accurate Valve discontinuation [7] - Asia Pacific saw a 15% operational growth, led by strong performance in Japan, China, and Australia [8] Company Strategy and Development Direction - The company is focused on expanding its portfolio and investing in clinical evidence to drive growth, particularly in the electrophysiology market [17][18] - Strategic acquisitions, such as Entera Medical, are aimed at enhancing the interventional oncology portfolio [19][23] - The company anticipates continued high single-digit growth in the second half of the year, driven by proprietary technologies and strategic partnerships [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving organic growth of 14% to 15% for the full year 2025, reflecting strong momentum across global businesses [6][24] - The anticipated impact of tariffs has been revised down to approximately $100 million for the full year [21][24] - Management highlighted the importance of clinical data and reimbursement decisions in shaping future growth, particularly in the WATCHMAN and FerriPulse markets [36][99] Other Important Information - The company received a credit rating upgrade from Moody's to A3, indicating improved financial stability [23] - Free cash flow for Q2 was $1.129 billion, with expectations of approximately $3.5 billion for the full year 2025 [23][24] Q&A Session Summary Question: WATCHMAN growth and durability - Management noted a 28% growth in WATCHMAN, driven by its safety and efficacy profile, and expects continued growth as more physicians adopt concomitant procedures [34][36] Question: Gross margin concerns - Management acknowledged a $130 million write-down related to the Accurate exit but emphasized strong sales performance and cost controls that offset this impact [40][43] Question: Growth vectors for electrophysiology business - Management highlighted market growth, PFA adoption, and new product launches as key growth drivers for the electrophysiology segment [48][50] Question: Capacity issues with WATCHMAN and FerriPulse - Management indicated no current capacity constraints but noted that hospitals are investing in additional labs to accommodate growing demand [102][106] Question: Impact of Medicare rule changes - Management expressed concerns about proposed reimbursement cuts but remains confident that physicians will prioritize appropriate treatments for patients [98][99]