Financial Data and Key Metrics Changes - First Business Financial Services reported a nearly 15% growth in pre-tax, pre-provision earnings over 2024, with a return on average tangible common equity exceeding 15% for the year [4] - Tangible book value per share increased by 14% year-over-year, and earnings per share (EPS) grew 14% over 2024, surpassing the long-term annual goal of 10% earnings growth [4][5] - The net interest margin (NIM) declined by 15 basis points to 3.53%, primarily due to a non-accrual interest reversal, but remained stable at 3.64% for the full year [15][16] Business Line Data and Key Metrics Changes - The private wealth business generated a record $3.8 million in fee income, up 11% year-over-year, while service charges increased nearly 20% year-over-year [9] - Non-interest income showed resilience despite lower SBA gains and variable swap and loan fees, achieving 10% operating revenue growth for the full year [10][11] - Loan balances grew by approximately $39 million, or 5% annualized during the quarter, and $261 million, or 8% over the same period last year [11] Market Data and Key Metrics Changes - The company experienced elevated commercial real estate (CRE) payoff activity during Q4, with total payoffs in 2025 exceeding 2024 levels by almost $70 million [12] - Core deposit balances increased by 12% from both the linked and prior year quarters, primarily from core interest-bearing and money market accounts [14] - The company anticipates continued solid loan demand in its bank markets, particularly in Southern Wisconsin, benefiting from a strong regional economy [12][13] Company Strategy and Development Direction - The company aims to maintain double-digit growth in earnings and revenue, focusing on talent acquisition, technology investment, and prudent underwriting [21] - The board approved a 17% increase in the quarterly cash dividend, reflecting confidence in the company's financial success and growth trajectory [5] - The company emphasizes organic growth as the best way to drive shareholder value, rather than pursuing M&A opportunities [72][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong pipelines in commercial real estate and C&I loans, as well as potential benefits from changes in federal tax policy [13][21] - The company expects to see growth rebound to typical double-digit rates in 2026, driven by positive trends in the banking industry and client demand [12][21] - Management noted that while deposit pricing pressure remains competitive, it has eased modestly since the Fed began cutting rates [16][70] Other Important Information - The company recorded a non-accrual interest reversal totaling $892,000, which compressed net interest income and lowered the margin by ten basis points in Q4 [8] - The effective tax rate for 2025 was 16.8%, within the expected range of 16%-18%, and the company continues to generate excess capital for organic growth [20] Q&A Session Summary Question: Details on the CRE relationship that drove the increase in MPAs - Management provided insights on the timing of appraisals and the current loan-to-value ratio, which is 72% across the cross-collateralized properties [26][28] Question: Expectations for credit costs in the coming year - Management clarified that charge-offs for the quarter were primarily related to equipment finance and not the downgraded CRE loan, indicating no specific reserves were needed [30] Question: Fee income guidance clarification - Management confirmed that the 10% growth expectation for overall fees excludes certain non-recurring items and is based on a solid foundation [32][34] Question: Equipment finance portfolio balance and expectations - The equipment finance portfolio was reported at $20 million, down from $61 million, with expectations for stability moving forward [52] Question: Outlook on specialty businesses and fee income growth - Management highlighted expectations for growth in private wealth and SBA gain on sale, aiming for 10% growth in overall fee income [111]

Financial Performance & Growth - Artivion achieved approximately $400 million in revenue and around $70 million in EBITDA for FY24[5] - The company is driving sustained double-digit revenue growth and expects 2x+ EBITDA growth[14] - Full year 2025 revenue guidance is between $439 million and $445 million, representing a year-over-year constant currency growth of 13-14%[73] - Full year 2025 adjusted EBITDA is expected to be between $88 million and $91 million, a year-over-year growth of 24-28%[76] - Net debt leverage is expected to decrease to less than 20x by year-end 2025, with net debt at 18x as of September 30, 2025[69] Business Segments & Market Opportunities - Preservation Services (CryoValve® SG) generated $98 million in revenue in 2024, holding the 1 market position with a 65% share in a $150 million global TAM[17] - Surgical Sealant (BioGlue) had $74 million in revenue in 2024, holding the 2 market position with a 28% share in a $260 million global TAM[17] - On-X aortic valve is uniquely positioned for younger AVR patients, creating a new $100 million U S market opportunity[24] - The company is focused on more complex, less competitive stent graft segments, with a 16% 3-year CAGR[38] - AMDS addresses a $150 million addressable market opportunity and is expected to receive PMA approval by mid-2026[41,46] Clinical Data & Product Performance - On-X aortic heart valve post-approval study (PAS) shows a 66% reduction in major events and an 87% reduction in major bleeding compared to the PROACT IDE study[20] - TRIOMPHE US IDE Trial for Endospan NEXUS® demonstrates a 63% reduction in major adverse event (MAE) rate compared to the reference performance goal[53] - AMDS use significantly lowers 30-day Major Adverse Events (MAEs) compared to hemiarch control, with 269% MAEs in PERSEVERE vs 580% in the Hemiarch Reference Cohort[47]

Core Insights - Netflix is set to report its third-quarter results, with Wall Street showing concern as the stock has declined for five consecutive trading sessions, closing at $1,183.59, down 1.6% [1][2] - Analysts expect Netflix to earn $6.96 per share on sales of $11.51 billion for the September quarter, indicating a year-over-year growth of 29% in earnings and 17% in sales [2] - The focus for the upcoming report will be on Netflix's progress in its advertising-supported service [2] Analyst Ratings - Bernstein analyst Laurent Yoon maintains an outperform rating with a price target of $1,390, citing healthy subscriber engagement trends and popular content [3] - UBS analyst John Hodulik also holds a buy rating with a price target of $1,495, suggesting Netflix can sustain double-digit revenue growth due to member growth, price hikes, and increased advertising [4] - Monness Crespi Hardt analyst Brian White has a neutral rating, acknowledging Netflix's strong platform but noting dynamic competition and rich valuation [4] Content and Subscriber Engagement - Popular content in the last quarter included the second season of "Wednesday," the third season of "Squid Game," and the movie "KPop Demon Hunters" [3] - Upcoming releases include the return of "Stranger Things," high-profile movies like "Frankenstein," and popular series such as "The Diplomat" and "The Witcher" [3]

Core Insights - Edwards Lifesciences reported strong second-quarter 2025 earnings, surpassing revenue and earnings expectations, primarily driven by growth in heart valve therapies [1][2][3] Financial Performance - The company achieved sales of $1.53 billion, exceeding the consensus estimate of $1.49 billion and falling within management's guidance of $1.45 billion to $1.53 billion [2] - Sales grew by 11.9%, or 10.6% when adjusted, with all product groups showing strength [3] - Adjusted earnings were reported at 67 cents per share, beating the consensus of 62 cents and management's guidance of 59 to 65 cents [3] Segment Performance - Transcatheter Aortic Valve Replacement (TAVR) sales reached $1.1 billion, marking an increase of 8.9%, or 7.8% on a constant currency basis [4] - Transcatheter Mitral and Tricuspid Therapies (TMTT) segments reported sales of $134.5 million, demonstrating a year-over-year growth of 61.9%, or over 57.1% on a constant currency basis [5] - Surgical segment global sales reached $267 million, an increase of 7.7% year-over-year, or 6.8% on a constant currency basis [5] Guidance and Outlook - The company raised its full-year sales guidance from $5.70 billion to $6.10 billion to a new range of $5.90 billion to $6.10 billion, compared to the consensus of $5.91 billion [6] - Adjusted earnings guidance for fiscal 2025 is affirmed at $2.40 to $2.50 per share, with third-quarter adjusted earnings forecasted at 54 to 60 cents [7] - TAVR underlying growth rate guidance is increased to 6% to 7%, with sales guidance for TAVR set at $4.3 billion to $4.5 billion [8] Analyst Insights - Goldman Sachs views the second quarter as a turning point for the company, expecting steady double-digit revenue growth [9] - Analysts predict that Edwards will return to strong performance, with revenue growth over 10% and operating margins above 30% [11] - Various analysts have raised their price forecasts for Edwards Lifesciences, with Deutsche Bank increasing its target from $85 to $94, and Barclays raising its forecast from $90 to $95 [12][13][14]