Core Insights - The Alger Spectra Fund's third-quarter 2025 investor letter highlights strong performance in U.S. equity markets, with the S&P 500 Index rising 8.12% due to improving economic conditions, solid corporate earnings, and expectations for monetary easing [1] - The Fund's Class A shares outperformed the Russell 3000 Growth Index during the same period [1] Company Performance - Intuitive Surgical, Inc. (NASDAQ:ISRG) reported a one-month return of 32.04% and a 52-week gain of 7.29%, closing at $576.20 per share with a market capitalization of $204.261 billion on November 10, 2025 [2] - The company's revenue grew 23% to $2.5 billion in the third quarter of 2025 [4] Business Model and Market Position - Intuitive Surgical develops advanced surgical systems that facilitate less invasive procedures, supported by instruments, services, and training [3] - The company benefits from a strong business model, deep clinical expertise, and a large installed base, which encourages ongoing adoption of its systems [3] Market Sentiment and Challenges - Despite its strong market position, Intuitive Surgical's shares faced pressure due to moderated procedure growth trends and cautious spending by hospitals amid macroeconomic uncertainties [3] - Concerns regarding competitive dynamics and the timing of new system placements also weighed on investor sentiment [3]

Core Viewpoint - A class action lawsuit has been filed against Inspire Medical Systems, Inc. for alleged violations of federal securities laws during the Class Period from August 6, 2024, to August 4, 2025, seeking to recover losses for investors [1][3]. Company Overview - Inspire Medical develops and manufactures an implantable medical device for obstructive sleep apnea known as Inspire, with the latest version, Inspire V, designed to improve respiration during sleep [4]. Lawsuit Details - The lawsuit, titled City of Pontiac Reestablished General Employees' Retirement System v. Inspire Medical Systems, Inc., alleges that the company and certain senior executives made false and misleading statements and failed to disclose critical issues regarding the Inspire V rollout [3][4]. - On August 4, 2025, Inspire Medical disclosed that the rollout of Inspire V faced an "elongated timeframe" due to undisclosed issues, including delays in software updates for billing Medicare patients, which only took effect on July 1, 2025 [4]. - The company acknowledged that demand for Inspire V was negatively impacted by excess channel inventory, leading to a reduction in its 2025 earnings guidance by more than 80% [4]. Stock Performance Impact - Following the negative disclosures, Inspire Medical's stock price declined by more than 32%, resulting in significant losses for investors [4].

Core Viewpoint - A class action lawsuit has been filed against DexCom, Inc. for securities fraud following significant stock declines attributed to potential violations of federal securities laws [1][2]. Group 1: Lawsuit Details - The lawsuit is based on claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, representing investors in DexCom securities [2]. - Investors have until December 26, 2025, to request to lead the case, which is pending in the U.S. District Court for the Southern District of New York [2]. Group 2: Product Issues - DexCom manufactures continuous glucose monitoring systems, including the G6 and G7, which were marketed as highly accurate [3]. - Allegations state that unauthorized design changes were made to the G6 and G7, compromising their accuracy and exposing users to health risks [4]. Group 3: Stock Performance - DexCom's stock experienced significant declines due to quality issues with the G6 and G7, including a drop of $7.12 per share (over 9%) following an FDA warning letter on March 7, 2025 [5]. - After the FDA published the warning letter on March 25, 2025, the stock fell another $3.19 per share (over 4%) [6]. - A report by Hunterbrook on September 18, 2025, revealed severe issues with the G7, leading to a nearly 12% drop of $8.99 per share [7].

Core Insights - iRhythm Technologies published a study in Heart Rhythm, analyzing data from over 1.1 million patients using its Zio long-term continuous monitoring (LTCM) service, highlighting the importance of long-term monitoring for arrhythmia detection [1][3][4] Group 1: Study Findings - The study revealed that short-term monitoring (24-48 hours) often fails to detect actionable arrhythmias, even in patients reporting daily symptoms, with 64% of daily-symptom patients having undetected arrhythmias within the first 48 hours [3][4] - Less than 20% of patients documented symptoms coinciding with arrhythmic episodes, indicating a low symptom-rhythm correlation [4] - The mean time to first detected arrhythmia exceeded 48 hours for all arrhythmia types, regardless of symptom frequency, emphasizing the clinical value of Zio LTCM for up to 14 days [4][5] Group 2: Real-World Evidence and Compliance - Data presented at the AHA Scientific Sessions 2025 confirmed high compliance and data quality for at-home self-application of Zio LTCM devices, with median wear time exceeding 13.8 days and analyzable ECG time over 98% [6][8] - The MyZio mobile app usage was significantly higher among home-enrolled patients (52% vs. 17%), leading to better compliance and fewer early terminations [8] Group 3: CKM Syndrome Insights - New analyses presented at AHA 2025 revealed that arrhythmias can emerge earlier across the cardio-kidney-metabolic (CKM) syndrome continuum, with 58% of CKD patients experiencing arrhythmias before CKD diagnosis [10][11] - The incidence of arrhythmias increased with CKM stages, highlighting the need for early rhythm assessment in at-risk populations [10][11] Group 4: Company Commitment and Innovations - iRhythm aims to reach the estimated 27 million people in the U.S. at risk for undiagnosed arrhythmias through scalable, clinically validated solutions [13] - The collaboration with Lucem Health focuses on combining ECG monitoring with AI-powered risk stratification to enhance early detection of arrhythmia risk [14] - iRhythm's comprehensive clinical evidence program includes over 125 original research manuscripts and insights from more than 2 billion hours of curated heartbeat data, reinforcing its commitment to improving patient outcomes [15]

Core Insights - BrainsWay Ltd. reported a 29% increase in revenue to $13.5 million for Q3 2025 compared to Q3 2024, with significant growth in operating income and adjusted EBITDA [1][5][18] - The company received FDA clearance for an accelerated protocol for Deep TMS treatment of major depressive disorder, enhancing its market position [1][5] - BrainsWay raised its full-year 2025 revenue and EBITDA guidance, reflecting strong operational performance and market dynamics [1][5][6] Financial Performance - Revenue for Q3 2025 was $13.5 million, a 29% increase from $10.5 million in Q3 2024 [1][5][18] - Operating income reached $1.3 million, up from $0.3 million in the prior year [1][5][18] - Adjusted EBITDA rose approximately 81% to $2.0 million compared to $1.1 million in Q3 2024 [1][5][18] - Net profit increased 137% to $1.6 million from $0.7 million in Q3 2024 [1][5][18] - Gross margin improved to 75% from 74% year-over-year [1][5] Operational Highlights - Remaining performance obligations increased to $65 million, with approximately 70% of recent customer engagements structured as multi-year lease agreements [1][5] - The company shipped 90 Deep TMS systems in Q3 2025, a 43% increase from the same period last year, bringing the total installed base to over 1,600 systems [1][5] - BrainsWay announced four new minority equity investments in 2025, expanding its strategic presence in the mental health treatment ecosystem [1][5][6] Guidance and Future Outlook - The company raised its full-year 2025 revenue guidance to $51 million – $52 million, up from the previous range of $50 million – $52 million [1][5] - Operating income guidance was increased to 6% – 7%, up from 4% – 5% [1][5] - Adjusted EBITDA guidance was raised to 13% – 14%, up from 12% – 13% [1][5] - CEO Hadar Levy highlighted significant opportunities for growth through new therapeutic indications and strategic collaborations [1][6][7]

Core Insights - ZAP Surgical Systems, Inc. has achieved significant regulatory milestones with its ZAP-Axon® Radiosurgery Planning System, receiving both U.S. FDA 510(k) clearance and European CE certification [1] Company Summary - The ZAP-Axon® Radiosurgery Planning System is dedicated exclusively to cranial applications, indicating a focused approach in the field of non-invasive robotic brain surgery [1]

Core Viewpoint - A class action lawsuit has been filed against Inspire Medical Systems, Inc. and its senior executives for securities fraud following a significant stock drop due to alleged violations of federal securities laws [1][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the District of Minnesota, with the case titled City of Pontiac Reestablished General Employees' Retirement System v. Inspire Medical Systems, Inc., et al., No. 0:25-cv-04247 [3]. - Investors have until January 5, 2026, to request to lead the case [3]. Group 2: Company Background - Inspire Medical Systems develops and manufactures an implantable medical device for treating sleep apnea, with the latest version being Inspire V, which received FDA approval on August 2, 2024 [4]. Group 3: Allegations and Stock Impact - The lawsuit alleges that Inspire misled investors by claiming it had taken necessary steps for the launch of Inspire V, while in reality, it failed to prepare clinicians and payors, leading to delays and weak demand [5][6]. - On August 4, 2025, Inspire announced an "elongated timeframe" for the Inspire V launch and reduced its 2025 earnings per share guidance by over 80%, attributing this to undisclosed factors [7]. - Following this announcement, Inspire's stock price dropped by $42.04 per share, or more than 32%, from $129.95 on August 4, 2025, to $87.91 on August 5, 2025 [8].

Core Insights - Xtant Medical Holdings, Inc. reported an earnings per share (EPS) of -$0.005, matching estimates, with revenue of approximately $33.26 million, exceeding expectations of $32.70 million [1][6] Financial Performance - The company achieved a total revenue of $33.26 million in the third quarter of 2025, reflecting a 19% increase compared to the previous year [2][6] - XTNT's full-year 2025 revenue guidance remains between $131 million and $135 million, indicating an anticipated growth of 11% to 15% over fiscal year 2024 [3][6] - Despite a negative price-to-earnings (P/E) ratio of -23.14, the price-to-sales ratio stands at 0.78, suggesting the stock is valued at less than one times its sales [2] Strategic Initiatives - The company announced the sale of certain hardware assets and its OUS businesses to Companion Spine, expected to close by the end of the year, which may enhance focus on core operations and improve financial performance [3][6] - Sean Browne, President and CEO, emphasized the company's commitment to self-sustainability through positive free cash flow, as reflected in the strong third-quarter results [4] Liquidity and Debt Position - XTNT maintains a strong liquidity position with a current ratio of 2.47, indicating more than twice the current assets compared to current liabilities [5] - The debt-to-equity ratio is 0.31, suggesting a moderate level of debt relative to equity [5]

Core Points - The Annual General Meeting of Coloplast A/S is scheduled for December 4, 2025, at 3:30 pm CET in Humlebæk, Denmark [1] - Coloplast A/S has a history dating back to 1954, originating from a nurse's idea to create the first adhesive ostomy bag [4] - The company focuses on developing products and services that enhance the independence of individuals with various medical needs [6] Company Information - Coloplast A/S is headquartered at Holtedam 1, DK-3050 Humlebaek, Denmark, and is registered under company reg. (CVR) no. 69749917 [3] - The company operates in multiple business areas, including Ostomy Care, Continence Care, Voice & Respiratory Care, Wound & Tissue Repair, and Interventional Urology [6] - The Coloplast logo is a registered trademark, and all rights are reserved by Coloplast A/S [7]

Core Viewpoint - Rosen Law Firm is encouraging investors of DexCom, Inc. to secure legal counsel before the December 29, 2025 deadline for a class action lawsuit related to securities purchased between July 26, 2024, and September 17, 2025 [1][2]. Group 1: Class Action Details - Investors who purchased DexCom securities during the specified class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by December 29, 2025 [3]. - The Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions [4]. Group 2: Allegations Against DexCom - The lawsuit alleges that DexCom made unauthorized design changes to its G6 and G7 continuous glucose monitoring systems, which rendered them less reliable and posed health risks to users [5]. - It is claimed that DexCom overstated the enhancements and reliability of the G7 devices while downplaying the severity of the issues related to the adulterated devices [5]. - The allegations suggest that these misrepresentations subjected DexCom to increased regulatory scrutiny and potential legal and financial repercussions [5].