Summary of Pulse Biosciences (PLSE) FY Conference Call - August 13, 2025 Company Overview - **Company**: Pulse Biosciences - **CEO**: Paul Le Violette - **CFO**: John Skinner - **Industry**: Medical Technology, specifically focusing on pulsed electric field (PFA) therapies Core Points and Arguments - **Therapeutic Platform**: Pulse Biosciences is focused on a life-changing therapeutic platform utilizing nanosecond PFA technology to treat various diseases, including atrial fibrillation (AFib) and benign thyroid nodules [4][5][6] - **Market Potential**: The company targets multiple markets, including thyroid interventions, cardiac surgery, and electrophysiology (EP) ablation, with a total addressable market of approximately $6 billion, expected to double over time [19][20] - **PFA Technology**: The unique aspect of Pulse's PFA technology is its ability to deliver shorter pulse durations (in billionths of a second), which allows for non-thermal tissue ablation, reducing the risk of thermal damage and improving clinical outcomes [8][9][17] - **Clinical Applications**: The company has multiple FDA clearances and breakthrough designations for its technologies, indicating strong clinical validation and potential for market entry [10][11] Key Market Segments 1. **Thyroid Interventions**: - Targeting benign thyroid nodules, with 250,000 patients diagnosed annually in the U.S. and 150,000 leading to surgical removal [25][26] - Aims to convert surgical procedures into less invasive alternatives, preserving thyroid function and reducing recovery time [27][28] - Currently in a pilot program with plans for a limited launch across 10 centers [29][30] 2. **Cardiac Ablation**: - Focused on patients undergoing open-heart surgery who also have preoperative AFib, with only 25-30% currently receiving ablation therapy [32] - The technology aims to improve the efficiency and effectiveness of existing radiofrequency ablation methods [33] 3. **Electrophysiology (EP) Market**: - The largest market segment, with significant potential for NSPFA to enhance treatment speed and safety compared to first-generation PFA technologies [36][39] Financial Position - **Strong Balance Sheet**: The company reported over $100 million in cash at the end of the quarter, enabling execution of its strategic plans [14][40] Strategic Approach - **Hybrid Market Entry Strategy**: The company plans to pursue a combination of direct market entry and partnerships, focusing on capital-efficient approaches to maximize market penetration [20][21] Challenges and Considerations - **Clinical Data and Reimbursement**: The company acknowledges the importance of clinical data to drive adoption and is actively working on reimbursement strategies to facilitate market entry [43][47] - **Existing Codes**: There are existing codes for irreversible electroporation that could be leveraged for reimbursement, although thyroid is not currently an approved indication [47][48] Conclusion - **Future Outlook**: Pulse Biosciences is positioned for growth with its innovative PFA technology, targeting significant unmet needs in the medical market, and is optimistic about its potential to transform treatment paradigms in multiple therapeutic areas [39][41]

Core Viewpoint - Baxter International Inc. reported a total revenue of $2.81 billion for Q2 2025, reflecting a year-over-year growth of 4.3%, with operational growth of 1% after adjusting for unfavorable exchange rates and structural changes [1][2][4]. Financial Performance - The company achieved a GAAP net profit of $91 million, reversing the net loss from the same period last year, with diluted EPS at $0.24 and adjusted EPS at $0.54, marking a 28% year-over-year increase [1][2][3]. - Gross margin decreased to 35.3%, down 300 basis points year-over-year, while adjusted gross margin was 40.7%, down 170 basis points [2]. - Operating margin improved to 6.8%, up 20 basis points year-over-year, with adjusted operating margin at 15.1%, up 180 basis points [2]. Business Segment Performance - Medical Products & Therapies (MPT) segment revenue was stable at $1.32 billion, with recovery in production capacity but demand recovery lagging [5]. - The Healthcare Systems & Technologies (TSS) segment reported revenue of $767 million, a 3% increase year-over-year, driven by strong sales of the Novum IQ infusion platform [6]. - Pharmaceuticals segment revenue reached $615 million, a 1% increase, supported by new products despite pressure from the anesthetics market [7]. Guidance and Outlook - The company adjusted its full-year sales growth forecast from 7%-8% to 6%-7%, with adjusted diluted EPS guidance lowered to $2.42 - $2.52 [8][14]. - Management indicated that the downward adjustment reflects short-term inventory factors and does not alter the long-term business structure optimization trend [9]. Strategic Developments - Baxter completed the divestiture of its kidney business, Vantive, generating approximately $3 billion in cash flow, which strengthens its balance sheet [10]. - Andrew Hider will take over as CEO on September 3, 2025, succeeding interim CEO Brent Shafer, marking a new phase in the company's organizational transformation [10][11]. - The company is focusing on digital integration, global supply chain restructuring, and commercialization of next-generation products [12][13].

Financial Data and Key Metrics Changes - Revenue grew 8.5% to $5.5 billion, with 3% organic growth and new BD organic growth at 4% [6][22] - Adjusted gross margin reached 54.8%, up 50 basis points year over year, and adjusted operating margin was 25.8%, up 60 basis points year over year [6][30] - Adjusted diluted EPS was $3.68, exceeding expectations with a growth of 5.1% [6][30] Business Line Data and Key Metrics Changes - BD Medical's Pharm Systems showed sequential improvement with 4.8% growth, driven by double-digit growth in Biologics [23] - APM delivered 13% pro forma growth, supported by strong commercial execution and new product innovation [24] - BD Life Sciences experienced low single-digit decline in Biosciences and Diagnostic Solutions, but showed significant sequential positive momentum [27] Market Data and Key Metrics Changes - Total company organic growth was led by the U.S. and Greater Asia outside of China, partially offset by challenges in China [23] - Research instruments improved by approximately 40-80% sequentially in the U.S. and EMEA, driven by the launch of FaxDiscover 88 [28] - BackTech utilization increased over 20 percentage points sequentially, exiting the quarter at over 80% of historic levels [29] Company Strategy and Development Direction - The company announced a definitive agreement to separate its Biosciences and Diagnostics business, which is expected to unlock significant shareholder value [5][9] - Focus on enhancing capital allocation with an emphasis on share buybacks and competitive dividends post-separation [10] - Continued investment in innovation and commercial execution to drive growth, particularly in areas like UCC and new product launches [39][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving organic revenue growth despite market headwinds, particularly in China and certain sub-segments [8][32] - The company reaffirmed its organic revenue guidance for the year and raised its earnings guidance by $0.18 at the midpoint [8][33] - Management highlighted the importance of BD Excellence in driving margin expansion and operational efficiency [21][60] Other Important Information - The company plans to use at least half of the $4 billion cash distribution from Waters for share buybacks, with the remainder for debt repayment [10] - The company expects a full-year 2026 tariff impact of around $275 million, an improvement from previous expectations [34][60] Q&A Session Summary Question: Growth outlook for RemainCo business - Management indicated that they expect stable mid-single-digit growth for RemainCo, driven by strong performance across various segments and continued investments in innovation [36][38] Question: Operating margin guidance for Q4 - Management acknowledged a slight sequential step down in operating margins due to timing of investments, but emphasized strong overall performance and margin management [44][46] Question: Fiscal 2026 margin outlook - Management stated that post-separation operating margins would remain healthy, with continued benefits from BD Excellence and a favorable tariff outlook [52][56] Question: Capital deployment strategy post-separation - Management highlighted a focus on reinvesting in growth opportunities and maintaining strong capital allocation strategies, including share buybacks [63][66] Question: Trends in urology business - Management confirmed that the double-digit growth in urology is a continuation of strong momentum, driven by ongoing innovation and market expansion [75][78]

Core Insights - Medtronic, a leader in medical technology, has seen its stock decline significantly from its 2021 peak, primarily due to product recalls and market conditions [2][3][5] Financial Performance - In the past year, Medtronic reported nearly $33.2 billion in revenue and $4.3 billion in net income, indicating slight growth and consistent profitability [3] - Operating cash flow has been weak, with only $127 million recorded in the latest quarter, representing less than 0.5% of revenue [3] Stock Performance and Market Comparison - Medtronic's stock has declined approximately 50% from its 2021 peak of around $140 to below $70 in late 2023, while the S&P 500 experienced a peak-to-trough decline of 25.4% during the same period [2][7] - The stock has not yet returned to its pre-Crisis high, with the highest value since then being $94.50 on March 9, 2025, and currently trading at $92.94 [7] Economic and Market Challenges - Current economic challenges, including inflation pressures and uncertainties in global trade and medical reimbursement trends, may strain healthcare profit margins [5] - Historical data shows that during economic downturns, Medtronic's stock has lost more value compared to the S&P 500, raising concerns about its resilience in adverse market conditions [6][9] Growth Concerns - Medtronic's trailing P/E ratio is approximately 27, despite slowing revenue growth, which has decreased from over 5% to under 3% in the most recent quarter [8]

Core Viewpoint - Ypsomed Holding AG has completed the sale of its diabetes care business to TecMed AG for 420 million Swiss francs (approximately 3.7 billion RMB), marking a strategic shift towards focusing on subcutaneous self-injection solutions and expanding global production capacity [2][4][5] Group 1: Transaction Details - The sale process for Ypsomed's diabetes care business began in November 2024 and was awarded to TecMed AG, controlled by the family of Ypsomed's founder Willy Michel [4] - The transaction includes the complete transfer of the mylife Loop system, related R&D and marketing teams totaling around 200 employees, and some patch pump technology reserves [4][5] Group 2: Strategic Focus of Ypsomed - Ypsomed's CEO Simon Michel stated that this transaction represents a strategic watershed moment, allowing the company to focus solely on self-injection solutions and deepen collaborations with global pharmaceutical clients [5][10] - The funds from the transaction will be used to support Ypsomed's global manufacturing expansion plans, aiming to create a multi-center production network compliant with global standards [10][11] Group 3: TecMed's Development Plans - TecMed aims to integrate the mylife pump products with its existing patch pump development path to create a cohesive infusion platform [5][10] - The company is exploring partnerships with Abbott to integrate future glucose/ketone dual sensors with its pump systems, advancing a "monitoring-infusion-control" closed-loop design [10][12] Group 4: Market Positioning and Challenges - Following the acquisition, TecMed will advance both the tubular and patch pump technologies, positioning itself among the leading players in the global diabetes infusion device market [12][15] - TecMed faces challenges common to medical device companies, including engineering complexity, market inertia, and reimbursement access, which could impact its commercialization efforts [15][16]

脑机接口（BCI）服务价格话题再引行业关注。 据央视新闻报道，为支持药品和医疗器械创新发展，国家医保局制定新上市药品首发价格机制，新增了 100多项与医疗新技术相关的价格项目。其中，神经系统类立项指南统一设立"脑机接口置入费""脑机接 口适配费"等价格项目，脑机接口技术成熟获批进入临床后，可快速进入临床应用并收费。 目前，湖北、浙江、江苏已发布相关服务价格。上海市卫生和健康发展研究中心主任金春林向21世纪经 济报道记者表示，2025年可以说是脑机接口技术爆发的元年，但是要想大规模落地，还需要5至8年的时 间。国家医保局为脑机接口设立的置入费、取出费和适配费，将有效推动该技术的临床应用进程，同时 能增强资本市场对脑机接口领域的投资信心，进而促进产业链上下游的协同发展，加速形成良性循环的 产业生态。 谈及相关价格的设立对未来脑机接口被纳入医保有何影响，首都医科大学国家医保研究院原副研究员仲 崇明向21世纪经济报道记者表示，医疗服务价格改革体系的核心目标之一，是支持临床创新、满足医患 脑机接口是在大脑与外部设备之间创建信息通道，实现两者之间直接信息交互的新型交叉技术。根据硬 件接入方式的不同，脑机接口可分为侵入式、 ...

Financial Data and Key Metrics Changes - Total sales for Q2 2025 were $342 million, slightly above the high end of guidance, with year-over-year growth of 3.1% as reported and 2.9% in constant currency [6][19] - Adjusted net income for Q2 was $35.6 million, an increase of 16.4% year-over-year, and adjusted diluted net earnings per share were $1.15, up 17.3% year-over-year [7][22] - Adjusted gross margin for Q2 was 56.5%, which is 120 basis points higher than the prior year [20] Business Line Data and Key Metrics Changes - Worldwide general surgery sales grew by 4.4%, while worldwide orthopedic sales increased by 0.8% year-over-year [6][19] - AirSeal remains the largest contributor to general surgery growth, with a recurring revenue profile of 92% [8] - Buffalo Filter experienced double-digit growth, supported by legislative adoption and new product introductions [10] Market Data and Key Metrics Changes - U.S. general surgery sales grew by 4.3%, while international general surgery sales increased by 4.7% [19] - U.S. orthopedic sales decreased by 0.8%, while international orthopedic sales grew by 1.8% [19] - The global smoke evacuation market is estimated to be approximately $300 million today, with potential growth to $2 billion in the coming years [11] Company Strategy and Development Direction - The company is focused on building a stronger operational foundation to support long-term growth and deliver value [14] - Key priorities include stabilizing and scaling operations, driving efficiencies, and building a high-performance supply chain [15][16] - The company aims to maintain a strong balance sheet and reduce debt, expecting the leverage ratio to fall below 3.0 by the end of 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in business fundamentals and long-term strategy, actively optimizing the portfolio towards higher margin opportunities [17] - The company anticipates gradual improvement in growth rates in the second half of the year, with expectations of lower capital headwinds [43] - Management noted that supply chain challenges are being addressed, with expectations of a significantly improved position by the end of the year [33] Other Important Information - The company is committed to maintaining a strong balance sheet and reducing debt, with a focus on higher margin, high growth opportunities [17][16] - Capital expenditures in Q2 were $5.7 million, compared to $3.6 million a year ago [23] Q&A Session Summary Question: Has there been increased competition in the Buffalo Filter market? - Management noted that there have not been new players entering the market, and competition remains the same despite legislative tailwinds [30] Question: What is the current status of supply chain constraints and Salesforce expansion? - Management indicated progress in resolving supply chain issues and mentioned that sales professionals are typically added dynamically throughout the year [32][34] Question: How is the capital market performing, and what trends are being observed? - Management stated that capital demand from hospitals remains strong, but supply chain challenges have impacted capital flow [38] Question: How does the company view its share position in orthopedics amid supply constraints? - Management acknowledged a loss of market share but emphasized ongoing innovation and the strength of the Biobrace platform [40][41] Question: Can you clarify the guidance for the next two quarters? - Management expects gradual improvement in growth rates and has raised the bottom end of the revenue guidance while keeping the top end the same [43][44] Question: What factors contributed to the increase in EPS guidance? - The increase in EPS guidance was attributed to improvements in margins, currency effects, and operational performance [45]

Company Overview - Carlsmed, a medical technology company specializing in personalized spinal surgery using artificial intelligence, completed an IPO raising $100.5 million by issuing 6.7 million shares at $15 each [1] - The company is headquartered in Carlsbad, California, and has a market capitalization of approximately $397.7 million based on the disclosed number of shares [1] - Major institutional investors include B Capital Group and US Venture Partners, with their ownership diluted to 26.3% and 21.2% respectively post-IPO [1] Financial Performance - For the first three months of 2025, Carlsmed reported revenues of $10.2 million and a net loss of $5.7 million, compared to revenues of $5.1 million and a net loss of $5.4 million in the same period last year [2] - As of March 2025, approximately 177 surgeons have utilized Carlsmed's platform for surgeries, a significant increase from 103 users in the previous year [2] Market Context - The IPO occurs amid a downturn in the U.S. healthcare IPO market, with only $2.1 billion raised by new listings in 2025, nearly a 50% decrease compared to the same period in 2024 [2] - The IPO is underwritten by major financial institutions including Bank of America, Goldman Sachs, and Piper Sandler, with shares set to trade on the Nasdaq Global Select Market under the ticker symbol CARL [2] Technology and Future Plans - Carlsmed's aprevo technology platform is currently approved for lumbar fusion surgeries, with plans to develop solutions for cervical fusion surgeries expected to be commercialized by 2026 [1]

Core Insights - The article highlights the increasing opportunities for Taiwanese students to intern in mainland China, allowing them to gain practical experience and a deeper understanding of various industries and cultures [4][5][6]. Group 1: Internship Opportunities - Numerous cities in mainland China are actively providing summer internship opportunities for Taiwanese students, with events like the Sichuan-Taiwan Youth Employment and Entrepreneurship Development Exchange Conference offering 6,793 internship positions from 746 companies [5]. - The "2025 WAY! Come to Shenzhen" initiative aims to provide over 1,200 internship positions and 1,800 job opportunities for Taiwanese youth [5]. - The "Dreaming of the Pearl River: Guangzhou Taiwan Exchange Season" has been launched to facilitate learning, employment, entrepreneurship, and cultural exchange for Taiwanese students in Guangzhou [5][6]. Group 2: Cultural and Historical Engagement - Internship programs often include cultural experiences, such as visits to historical sites in Shaanxi, allowing students to appreciate the region's rich history and cultural heritage [7][8]. - Activities like the "Lingnan Cultural Tour" in Guangzhou and the "Yangming Cultural Study Camp" in Ningbo provide insights into local traditions and modern business practices [8][9]. Group 3: Personal Experiences and Insights - Taiwanese students report a significant shift in their perceptions of mainland China, noting the warmth and friendliness of the local people, contrasting with their previous abstract understanding based on statistics [4][11]. - Interns express a desire to understand the financial market and employment environment in mainland China, with many considering future career opportunities there due to the rapid development and innovation [6][9].

Core Viewpoint - Japan is the only country currently possessing the BNCT (Boron Neutron Capture Therapy) technology for cancer treatment, which has shown promising results in clinical applications, particularly for head and neck tumors [1][2]. Group 1: Technology Development - The BNCT technology was first discovered in the 1930s by French researchers, with unsuccessful attempts made by Americans in the 1950s, but Japan continued its research and development [2]. - Japan began preclinical studies in 2000, started clinical trials in 2016, and received approval for the technology in March 2020, quickly integrating it into their healthcare system by June 2020 [1][2]. Group 2: Clinical Applications and Efficacy - The initial approved indications for BNCT include head and neck tumors, with ongoing research to expand its use to breast cancer, pancreatic cancer, and other types [1][4]. - Among over 800 cases treated in Japan, the three-year survival rate for certain tumors has reached 60-70%, indicating significant potential despite current limitations in applicable indications [1][4]. Group 3: Equipment and Accessibility - Currently, there are only two clinical BNCT devices in Japan, one in Fukushima and one in Osaka, with the Osaka center not yet accepting international patients due to high domestic demand [3]. - The technology's expansion and accessibility in other countries, including China, is being considered, as there is a growing interest in the treatment [3].