Core Insights - Boston Scientific's second-quarter 2025 performance was significantly influenced by its international expansion, particularly in emerging markets, despite facing challenges from currency fluctuations and a tough macroeconomic environment [1][9]. Financial Performance - Year-to-date, Boston Scientific's shares have increased by 18.1%, outperforming the industry and S&P 500, which grew by 7.5% and 8.6% respectively [2]. - The company has a market capitalization of $155.90 billion and has consistently beaten earnings estimates over the past four quarters, with an average surprise of 8.11% [2]. Growth Drivers - The company is focusing on expanding its presence in emerging markets, which showed a robust revenue growth of 12.1% year-over-year in the second quarter of 2025 [3]. - In the EMEA region, sales grew by 1.8% operationally, while the Asia Pacific region saw a significant sales increase of 15.4%, driven by strong performance in China, Japan, Australia, and New Zealand [4]. - The MedSurg segment is a key growth area, with Urology sales increasing by 28% and Endoscopy business growing by 8% globally, supported by strong product performance [5][8]. Challenges - Boston Scientific is exposed to currency fluctuations, with 40% of its sales coming from international markets, leading to a 1.2% revenue headwind in Q2 2025 due to unfavorable foreign exchange rates [7][8]. - The company is also facing macroeconomic challenges, including geopolitical tensions and supply chain disruptions, which are expected to impact profitability and result in a tariff cost of approximately $100 million for the full year 2025 [9]. Future Outlook - The Zacks Consensus Estimate for 2025 earnings per share has increased by 2.1% to $2.91, with revenue estimates set at $19.49 billion, reflecting a 16.4% increase from the previous year [10].

Financial Data and Key Metrics Changes - Revenue for the second quarter was $94 million, down from $107.1 million in the prior year quarter, primarily due to a decline in the U.S. Concrete Pumping segment [10][11] - Gross margin declined by 50 basis points to 38.5% compared to 39% in the same year ago quarter [12] - Net loss available to common shareholders was $400,000 or $0.01 per diluted share, compared to net income of $2.6 million or $0.05 per diluted share in the prior year quarter [13] - Consolidated adjusted EBITDA was $22.5 million, down from $27.5 million in the same year ago quarter, with an adjusted EBITDA margin of 23.9% compared to 25.7% in the prior year quarter [13][14] Business Line Data and Key Metrics Changes - U.S. Concrete Pumping segment revenue was $62.1 million, down from $74.6 million in the prior year quarter, with adverse weather impacting revenue by approximately $3 million to $4 million [10][11] - U.K. operations revenue was $13.8 million, down from $15.5 million in the same year ago quarter, due to lower volumes from a slowdown in commercial construction [11] - U.S. Concrete Waste Management Services revenue increased by 7% to $18.1 million, driven by increased pan pickup volumes and improved pricing [12][14] Market Data and Key Metrics Changes - The commercial end market is experiencing construction softness, particularly in interest rate-sensitive areas, while residential markets in certain regions remain resilient [6][8] - Infrastructure end markets continue to grow, with strong performance in the U.K. and the U.S., supported by funding from the Infrastructure Investment and Jobs Act [9][10] Company Strategy and Development Direction - The company is focused on capital allocation, cost discipline, fleet optimization, and strategic pricing to navigate the challenging construction environment [4][5] - The company plans to continue investments in fleet and strategic acquisitions when the timing is right, while maintaining a strong balance sheet [20] Management's Comments on Operating Environment and Future Outlook - Management noted that higher interest rates and macroeconomic uncertainty are delaying commercial project starts, with expectations for a market recovery pushed to 2026 at the earliest [17][19] - The company remains optimistic about the infrastructure market, expecting continued growth due to strong project backlogs and funding availability [26][30] Other Important Information - The company repurchased approximately 1 million shares for $6 million during the second quarter, with an additional $15 million authorized for the share buyback plan [16] - The adjusted EBITDA guidance for fiscal year 2025 is expected to range between $95 million and $100 million, with revenue projected between $380 million and $390 million [17] Q&A Session Summary Question: Clarification on guidance regarding construction market recovery - Management confirmed that the expectation of no meaningful recovery pertains to both commercial and residential construction, with optimism for recovery in the commercial market once tariff discussions settle [22][24] Question: Visibility into the infrastructure market - Management indicated strong growth across nearly all segments of infrastructure, including roads, bridges, and airport construction, with expectations for continued strength in both the U.S. and U.K. [25][26] Question: Project delays and customer feedback - Management noted that project delays are primarily due to tariffs and uncertainty, but customers have strong backlogs for the next year, indicating optimism for future project starts [29][30]

Financial Data and Key Metrics Changes - For Q3 2025, net sales were $76 million, a decrease of $8 million or 10% from the prior year, primarily due to lower unit sales volume, partially offset by a favorable mix [17] - Gross margin was 20.8%, down from 23.3% in the prior year, attributed to lower cost absorption from production decreases [18] - Adjusted net income for the quarter was $5 million or $0.30 per diluted share, compared to $8.5 million or $0.50 per diluted share in the prior year [18] - Adjusted EBITDA was $7.5 million, down from $11.7 million in the prior year, with an adjusted EBITDA margin of 9.9% compared to 13.9% [19] - The company ended the quarter with nearly $167 million in total liquidity, including $67 million in cash and short-term investments, and $100 million available under its revolving credit facility, with no debt [19] Business Line Data and Key Metrics Changes - In the MasterCraft segment, production of the premium X Star model ramped up, contributing positively to brand momentum and dealer support [14] - The pontoon segment, including Crest and Valise brands, faced challenges with dealer inventories, leading to a 40% year-over-year unit reduction [16] Market Data and Key Metrics Changes - Dealer inventories across brands decreased by 30% over the past year, and more than 45% compared to the pre-pandemic period in fiscal 2019 [10] - The company anticipates a modest impact from tariffs on fiscal 2025 costs, while closely monitoring broader demand implications [11] Company Strategy and Development Direction - The company is focused on disciplined cost, cash, and pipeline management, with a renewed emphasis on product development and prudent destocking [9] - Capital allocation priorities remain disciplined, with a solid balance sheet and a focus on share repurchase programs to return capital to shareholders [12] - The company is exploring growth opportunities within its distribution network, particularly in key markets like Dallas and Southern Utah [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged persistent macroeconomic headwinds and tariff uncertainty impacting the marine sector, leading to a revision of full-year guidance [10] - Despite challenges, management remains confident in achieving inventory reduction targets and maintaining dealer health [10] - The company is optimistic about retail momentum, particularly with premium buyers, and is preparing for the summer selling season [50] Other Important Information - Tim Oxley, the CFO, will retire in June, with Scott Kent set to succeed him [5][6] - The X Star model received the National Marine Manufacturers Association Innovation Award, highlighting the company's focus on quality and innovation [13] Q&A Session Summary Question: Can you quantify the tariff impacts and potential price increases for model year '26? - Management indicated that the impact of tariffs is evolving and has not yet determined specific pricing effects, but expects some inflationary impact [26] Question: How do you view retail trends and dealer health? - Management expects retail to trend closer to a 10% decline and is pleased with the health of dealers, noting no significant dealer failures [27][37] Question: What is the status of the Belize product and its revenue expectations? - The Belize product is in low-rate production, with anticipated net sales around $10 million for fiscal '25, and positive early responses from dealers [41][44] Question: How will you approach pricing in light of tariffs? - The company aims to balance volume, price, and cost, considering a variable pricing model due to tariff variability [62][64]

Financial Data and Key Metrics Changes - For Q3 2025, net sales were $76 million, a decrease of $8 million or 10% from the prior year, primarily due to lower unit sales volume, partially offset by a favorable mix [16][17] - Gross margin was 20.8%, down from 23.3% in the prior year, attributed to lower cost absorption from production decreases [17] - Adjusted net income for the quarter was $5 million or $0.30 per diluted share, compared to $8.5 million or $0.50 per diluted share in the prior year [18] - Adjusted EBITDA was $7.5 million, down from $11.7 million in the prior year, with an adjusted EBITDA margin of 9.9% compared to 13.9% [19] Business Line Data and Key Metrics Changes - Within the MasterCraft segment, production of the premium X Star model ramped up, contributing positively to brand momentum [8][13] - The pontoon segment, including Crest and Valise brands, faced challenges with dealer inventories, leading to a 40% year-over-year unit reduction [15] Market Data and Key Metrics Changes - Dealer inventories across brands decreased by 30% over the last year, and more than 45% compared to pre-pandemic levels in fiscal 2019 [9] - The company anticipates a modest impact from tariffs on fiscal 2025 costs, while closely monitoring demand implications [10] Company Strategy and Development Direction - The company is focused on disciplined cost, cash, and pipeline management, with a strong emphasis on product development and dealer support [8][12] - Capital allocation priorities remain disciplined, with a solid balance sheet and no debt, allowing for share repurchase programs to return capital to shareholders [11][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged persistent macroeconomic headwinds and tariff uncertainty affecting the marine sector, leading to a revision of full-year guidance [9][21] - Despite challenges, management remains confident in achieving inventory reduction targets and is optimistic about the upcoming selling season [9][22] Other Important Information - Tim Oxley, the CFO, will retire in June, with Scott Kent set to succeed him, reflecting careful succession planning [5][6] - The X Star model received the National Marine Manufacturers Association Innovation Award, highlighting the company's focus on quality and innovation [12] Q&A Session Summary Question: Can we quantify the tariff impacts and potential price increases for model year '26? - Management indicated that the impact of tariffs is evolving and has not yet determined specific pricing effects, but expects some inflationary impact [26] Question: How is retail performing, and does the previous down 5% to 10% estimate change? - Management expects retail to trend closer to 10% down, with more clarity expected in June [28] Question: What is the direct and indirect exposure to tariffs? - Management has discussions with suppliers to understand costs and expects a modest impact in Q4, with ongoing monitoring [33][34] Question: What is the status of dealer network expansion? - Management reported progress in expanding the dealer network, particularly in Texas and Utah, which are key markets [36] Question: How is the dealer network's balance sheet performing? - Management expressed satisfaction with dealer health, noting no significant dealer failures despite the challenging environment [38] Question: What is the early response to the Belize product? - Management anticipates net sales around $10 million for fiscal '25, with positive dealer interest and response [42][45] Question: Any trends observed at retail in April and May? - Management noted that while retail momentum is not yet vibrant, there are signs of improvement, particularly with premium buyers [51][52]

First Quarter 2025 Results May 6, 2025 Speakers Disclosures Bill Christensen CEO Samantha Stoddard CFO Certain statements in this presentation, including our guidance and business strategies, are forward- looking statements that involve risk, uncertainty and assumptions, and are based on information as of May 6, 2025. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review our Annual Report on Form 10-K, Form 10-Qs fi ...

Core Viewpoint - Big 5 Sporting Goods Corporation reported a wider net loss for the first quarter of fiscal 2025, reflecting ongoing macroeconomic challenges and adverse weather conditions impacting sales, despite a recent increase in stock performance compared to the S&P 500 index [1][2][6]. Financial Performance - For Q1 fiscal 2025, Big 5 incurred a net loss of $17.3 million, compared to a net loss of $8.3 million in Q1 fiscal 2024, with a loss per share of 78 cents versus 38 cents in the prior year [2][3]. - Net sales were $175.6 million, down 9.2% from $193.4 million year-over-year, with same-store sales declining by 7.8% [2]. - Gross profit decreased to $54.3 million from $60.4 million, with gross margin slipping to 30.9% from 31.2% [3]. Key Business Metrics - EBITDA for the quarter was negative $12 million, worsening from negative $6.5 million in the previous year [4]. - Merchandise margins fell by 78 basis points year-over-year, while selling and administrative expenses slightly decreased by $0.6 million but rose as a percentage of sales to 40.3% from 36.9% [4]. - Inventory levels increased by 6.5% year-over-year due to earlier receipt timing of seasonal products [4]. Management Commentary - CEO Steven G. Miller indicated that results met expectations, which accounted for ongoing macroeconomic pressures and weather disruptions affecting sales, particularly in southern markets [5]. - There was cautious optimism for the upcoming spring and summer seasons, with proactive inventory planning and product refresh efforts highlighted [5]. Factors Influencing Performance - The underperformance was attributed to macroeconomic headwinds limiting discretionary spending and unfavorable weather conditions suppressing early-quarter sales [6]. - Margin compression was noted due to higher store occupancy costs and lower merchandise margins, alongside the absence of a tax benefit [6]. - Interest expense increased from $0.1 million to $0.8 million year-over-year, further impacting the bottom line [6]. Guidance - For Q2 fiscal 2025, Big 5 anticipates same-store sales to decline in the low to mid-single-digit range year-over-year, with a projected net loss per share between 75 cents and 90 cents [7]. - This guidance reflects expected pressures from calendar shifts, including the Easter holiday moving into Q2 and the Fourth of July pushing into Q3 [7]. Other Developments - During Q1, Big 5 closed eight stores, reducing the total store count to 414, with plans to close approximately seven more locations by year-end [9].

Financial Data and Key Metrics Changes - Net sales for the first quarter were $175.6 million, down from $193.4 million in the prior year, with same store sales down 7.8% compared to the first quarter of fiscal 2024 [6][14] - Gross profit for the first quarter was $54.3 million, compared to $60.4 million in the first quarter of the prior year, with a gross profit margin of 30.9% compared to 31.2% last year [13] - Net loss for the first quarter was $17.3 million or $0.78 per basic share, compared to a net loss of $8.3 million or $0.38 per basic share in the first quarter last year [14][19] - EBITDA was negative $12 million for the first quarter, compared to negative EBITDA of $6.5 million in the first quarter last year [15] Business Line Data and Key Metrics Changes - On a same store basis, hard goods decreased 4.7%, apparel declined 8.7%, and footwear was down 11.8%, with apparel and footwear being most impacted by unfavorable weather comparisons [7] - Transactions for the period were down 5.3%, and the average sale was down 2.5% [8] Market Data and Key Metrics Changes - Sales in January and February were particularly difficult due to unfavorable seasonal weather comparisons, resulting in winter-related sales down nearly 25% [6] - Sales trended improved in March, with same store sales flat versus the prior year, benefiting from an approximate 300 basis point impact from the Easter calendar shift [7] Company Strategy and Development Direction - The company continues to optimize its store portfolio, closing eight stores in the first quarter and anticipating closing approximately seven additional stores over the remainder of the year [10] - The company is focused on capitalizing on sales opportunities around higher volume periods such as Memorial Day, Father's Day, and the start of summer [11] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic conditions remain fluid, and they will continue to monitor tariffs and their impact on the supply chain and consumer spending [12] - For the second quarter, same store sales are expected to be down in the low to mid single-digit range, reflecting ongoing macroeconomic headwinds [18] Other Important Information - Merchandise inventory at the end of the first quarter increased 6.5% year over year, reflecting earlier scheduling of spring and summer merchandise deliveries [15] - Capital expenditures for the first quarter totaled $1.7 million, primarily for store-related remodeling and distribution center investments [16] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.