Good morning, Carl. That's right. I'm joined now by Snap CEO Evan Spiegel.Evan, thanks so much for talking to us here today. Julia, thanks so much for having me. It's great to be here in beautiful uh Sun Valley.Very beautiful year, but we're watching some of the stocks and their performance is less beautiful. WPP shares down 16% today on its second morning this year, raising concerns about the state of the ad market. What are you seeing. Are you concerned about the ad market.And should investors be concerne ...

Summary of RxSight (RXST) Q1 2025 Conference Call Company Overview - **Company**: RxSight (RXST) - **Industry**: Medical Technology, specifically focusing on ophthalmology and cataract surgery Key Points Q1 2025 Financial Performance - Q1 revenue grew by **28% year-over-year**, but fell short of market expectations [3][17] - LAL (Light Adjustable Lens) sales were impacted by macroeconomic factors, while LDD (Light Adjustable Lens Delivery) sales exceeded expectations [3][11] Macroeconomic Impact - The demographic typically resistant to economic downturns (60+ age group) showed signs of deferring treatments due to equity market shocks and changes in administration [5][6] - Patients cited economic concerns as reasons for deferring or canceling surgeries, a trend not seen since COVID-19 [6][14] Market Dynamics - The premium IOL market has been flat to declining, with RxSight's growth primarily driven by LAL sales [9][10] - The company noted a generational shift in ophthalmology, with a growing emphasis on work-life balance among physicians, impacting practice productivity [8][9] LDD Sales Performance - LDD sales remained strong throughout 2024 and continued into Q1 2025, indicating a robust demand for capital equipment [11][12] - LALs offer significantly better outcomes for patients compared to monofocal lenses, which incentivizes practices to adopt them despite economic pressures [12][13] Future Expectations - The company anticipates a **20% growth in LAL sales** for Q2 2025, with expectations of a stronger second half of the year as economic conditions stabilize [17][19] - Guidance for 2025 is wide-ranging, reflecting uncertainty in consumer behavior and macroeconomic conditions [20][21] International Market Opportunities - Recent approvals in international markets (e.g., Korea, EU) are expected to contribute modestly to sales, with a focus on building clinical data and key opinion leaders in these regions [28][44][49] Education and Support Initiatives - RxSight plans to enhance education and marketing support for practices to optimize the implementation of their technology, driven by feedback from customers [30][32] - The company aims to address utilization challenges and improve patient outcomes through systematic dissemination of information [32][34] Utilization Trends - There has been a slowdown in the growth of LDD procedures, attributed to macroeconomic factors affecting patient confidence [36][38] - The installed base of LDDs is growing, but the ramp-up in utilization has not met expectations compared to previous years [36][40] Physician Demographics - The adoption of RxSight's technology spans a range of physician experience levels, with younger doctors more inclined to adopt new technologies for career advancement [41][42] Conclusion - RxSight is navigating a challenging macroeconomic environment while maintaining strong sales in LDDs and LALs. The company is focused on education, international expansion, and adapting to market dynamics to drive future growth [44][49]

Group 1 - The investment approach focuses on long-term investments while incorporating short-term shorts to uncover alpha opportunities [1] - The analysis is based on bottom-up evaluation, emphasizing the fundamental strengths and weaknesses of individual companies [1] - The goal is to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential [1]