Core Thesis - CONMED Corporation is viewed positively due to its strong fundamentals, recovery in supply chain efficiency, and potential for significant value appreciation over the next three years [1][5]. Company Overview - CONMED Corporation is a global medical device company focused on less invasive and effective surgical solutions across various medical fields, including orthopedics and general surgery [2]. - The company was founded in 1970 and has expanded through acquisitions and internal R&D, with notable acquisitions including Linvatec in the 1990s and Buffalo Filter in 2019 [2]. Financial Performance - In 2024, CONMED generated approximately $1.3 billion in revenue, with 42% from orthopedic surgery and 58% from general surgery [3]. - The orthopedic segment relies heavily on single-use disposables, contributing 79% of its revenue, while the general surgery segment features high-margin products, with over 92% of revenue from single-use items [3]. - Revenue has increased by 30%, free cash flow has risen by 50%, and returns on capital have improved, indicating strong financial health [4]. Market Position and Growth Potential - Despite a decline of over 70% from 2021 highs, CONMED's fundamentals remain robust, with significant margin expansion and management forecasting peak EPS in 2025 [4]. - Approximately 45% of sales are derived from international markets, providing a diversified revenue stream [3]. - The company is expected to benefit from industry tailwinds, although past supply chain disruptions have temporarily affected its market share, particularly in orthopedics [4]. Investment Case - The investment case for CONMED is strengthened by its differentiated products, high recurring revenue, and recovery in supply chain efficiency [5]. - Assuming mid-single-digit growth and modest margin improvement, the company could potentially double in value over the next three years, indicating a potential compound annual growth rate (CAGR) of approximately 27% [5].

Summary of Tactile Systems (TCMD) FY Conference Call - June 03, 2025 Company Overview - **Company**: Tactile Systems (TCMD) - **Industry**: Medical Devices, specifically focusing on lymphedema and bronchiectasis treatment Key Points and Arguments Investment Highlights - **Market Opportunity**: The company operates in a large and underserved market with significant growth potential, particularly in lymphedema and bronchiectasis, which are chronic and progressive conditions [3][4][5] - **Profitability**: Tactile Systems is a small-cap company that is profitable, with a strong cash balance and gross margins around 74% [10] - **Market Leadership**: The company is a leader in the lymphedema market, with a broad payer adoption and no significant challenges regarding coding, coverage, or reimbursement [6][7] Patient Population and Treatment Gaps - **Undiagnosed Patients**: There are approximately 20 million underdiagnosed patients with lymphedema, and only about 145,000 patients are treated annually with pneumatic compression devices [11][17] - **Chronic Conditions**: Lymphedema is often secondary to other conditions like chronic vein insufficiency and cancer treatments, making it a complex issue for patients [15][18] - **Quality of Life Impact**: The disease severely impacts patients' quality of life, leading to complications such as cellulitis and limited mobility [20][21] Product Offerings - **Basic and Advanced Pumps**: The company offers two types of pumps: basic and advanced, with the advanced pump (Flexitouch) allowing for more complex treatment needs [32][36] - **Bluetooth Connectivity**: New devices are Bluetooth-enabled, allowing for better patient engagement through the Kylie app, which tracks therapy sessions and provides educational resources [34][48] Clinical Evidence and Studies - **Clinical Trials**: Recent studies show significant benefits of using Flexitouch for head and neck cancer survivors, demonstrating improved symptom management and quality of life [43][44] - **Access to Care**: The company is focused on improving access to care through education and advocacy, addressing the lack of therapists available for patient treatment [61][62] Market Strategy - **Sales Organization**: Tactile Systems has a direct sales organization with plans to expand its sales force to enhance market penetration [53] - **Technological Investments**: Investments in technology, including a new CRM tool and AI for documentation, are aimed at improving operational efficiency and patient care [60][65] Future Outlook - **Growth Projections**: The company anticipates a 16% compound annual growth rate (CAGR) and is focused on scaling operations to meet market demand [59] - **Patient Engagement**: The Kylie app is expected to reach 1 million patient engagements, providing valuable data for improving treatment and patient outcomes [49][51] Additional Important Information - **Regulatory Changes**: Recent changes in Medicare coverage policies have improved access to advanced pumps for patients with specific needs [37] - **Competitive Landscape**: The company is positioned against competitors in both lymphedema and bronchiectasis markets, with a strong emphasis on product innovation and patient satisfaction [54][56] This summary encapsulates the key insights from the Tactile Systems FY Conference Call, highlighting the company's strategic focus on addressing significant market needs and improving patient care through innovative products and technology.