Media: Troy Kirkpatrick VP, Public Relations 858.617.2361 [email protected] Investors: Adam Reiffe Sr. Director, Investor Relations 201.847.6927 [email protected] SOURCE BD (Becton, Dickinson and Company) BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions t ...

Group 1: Event Overview - The 27th China Beijing International Science and Technology Industry Expo concluded with over 600 new technology products launched and 43 projects signed, totaling over 5.8 billion yuan [1] - The exhibition area increased by 50% compared to the previous year, covering 50,000 square meters with over 800 domestic and international companies showcasing more than 1,200 cutting-edge technologies and innovations [1] Group 2: Technological Innovations - Notable exhibits included the Zhuque II and III rockets, the Chang Zheng 8甲 rocket, and the "Cloud Walker" supersonic aircraft model, which is expected to complete its first flight by 2026 [4] - The ROPA orthopedic surgical robot, which enhances precision and efficiency in surgeries, was highlighted as a significant advancement in medical technology [4][8] - The AI digital road station and the MogoMind AI model were showcased for their capabilities in real-time traffic data integration and decision-making, applicable in smart city and autonomous driving scenarios [5] Group 3: Robotics and Automation - The event featured various robots, including the N2 robot, which gained popularity among children for its engaging design and capabilities [2][3] - The Tian Gong 2.0 humanoid robot demonstrated advanced walking capabilities and was part of a broader trend towards integrating robotics in manufacturing and logistics [3] Group 4: Impact on Daily Life - Innovations such as AI-powered smart pillows, anti-fraud digital assistants, and AI waste incineration technology were presented as solutions to enhance quality of life and environmental sustainability [7] - The AI waste incineration technology aims to stabilize pollutant emissions by dynamically adjusting operational parameters based on real-time monitoring [7] Group 5: International Collaboration - The concurrent Beijing International Investment Trade Fair facilitated opportunities for international cooperation, particularly in high-tech sectors like robotics and semiconductor manufacturing [10] - Saudi Arabian entities engaged in discussions with Chinese companies to explore partnerships in advanced manufacturing and green energy [10]

Financial Data and Key Metrics Changes - Total revenue for the first quarter was $26.2 million, down 10% compared to the same period in 2024, primarily due to pricing pressure in the OEM channel [9][20] - Gross margin for the first quarter was 56%, down nine percentage points year over year, driven by a $4 million drop in MONOVISC and ORTHOVISC sales [22][23] - Operating expenses decreased by 12% year over year to $19 million, reflecting cost-saving measures [26] Business Line Data and Key Metrics Changes - Revenue in the commercial channel increased by 18% year over year to $11.3 million, with international OA pain products growing by 13% [20] - The regenerative solutions portfolio achieved 33% growth year over year, driven by the performance of the Integrity product [12][20] - OEM channel revenue decreased by 23% to $14.9 million, primarily due to lower pricing for MONOVISC and ORTHOVISC [21] Market Data and Key Metrics Changes - The company experienced ongoing pricing challenges in the domestic OA pain market, impacting overall revenue [6][9] - International OA pain management growth was reported at 13% year over year, indicating strong performance in global markets [9][20] Company Strategy and Development Direction - The company is focusing on leveraging proprietary hyaluronic acid technologies and has made progress in strategic initiatives [7][8] - Plans to diversify revenue sources and grow the OEM channel outside of existing partnerships are underway, particularly through new product expansion programs [11] - The anticipated U.S. approvals of HYALOFAST and CINGAL are seen as key drivers for future growth in tendon and cartilage repair markets [8][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing pricing pressures but expressed confidence in the company's ability to return to historic production levels in the second half of the year [35] - The company expects modest pricing rebounds in the second quarter and anticipates accelerated growth in the second half of the year [29][30] - Management remains optimistic about the long-term trajectory, driven by investments in regenerative solutions and upcoming product launches [33] Other Important Information - The company ended the first quarter with $53 million in cash and no debt, indicating a strong liquidity position [27][71] - Adjusted EBITDA guidance for 2025 has been updated to a range of negative 3% to positive 3%, reflecting lower pricing and manufacturing challenges [30][31] Q&A Session Summary Question: Timeline and investment for the CINGAL bioequivalence study - Management expects to begin the study by the end of the year and will provide further updates as progress is made [38][39] Question: OEM guidance and expected improvement in revenue - Sequential growth in OEM revenue is anticipated to be driven primarily by pricing adjustments [41] Question: Commercial revenue guidance maintenance - The decision to maintain guidance was based on strong Q1 performance and expected challenges in Q2 [43] Question: Timing for HYALOFAST final module filing - The final module is expected to be filed by the end of the year, with updates to be provided in future earnings calls [48][49] Question: Distribution plans for CINGAL - Management is exploring distribution opportunities and will provide more details as they develop [68] Question: Cash flow expectations and regulatory process funding - The company has sufficient cash to navigate the regulatory processes for both HYALOFAST and CINGAL [71][72]

Core Viewpoint - DOMA Perpetual Capital Management LLC urges InMode Ltd.'s Board to resume and accelerate stock buybacks and replace CEO Moshe Mizrahy due to concerns over capital allocation strategy and declining stock performance [1][2][3]. Capital Allocation Strategy - The letter emphasizes the need for the Board to act on behalf of shareholders by resuming the share repurchase program and returning cash to shareholders, as the current cash on the balance sheet is not generating earnings [3][4]. - InMode's stock price is viewed as undervalued, with approximately 60% of its market cap in cash, and the company maintains no debt while generating free cash flow [4][7]. CEO Performance and Leadership Concerns - CEO Moshe Mizrahy's management style is criticized as reckless and antagonistic, contributing to the company's underperformance and negative public perception [2][5]. - The letter highlights that Mizrahy has consistently lowered guidance and made poor management decisions, such as firing the US Head of Sales before a critical quarter [5][6]. Financial Performance and Valuation - As of May 7, 2025, InMode's market capitalization, excluding cash, is approximately $375 million, which does not reflect the company's strong business fundamentals, including gross margins near 80% [7][8]. - The letter argues that the current valuation is disconnected from the reality of InMode's business, which includes valuable assets like inventory, global distribution, and unique intellectual property [7][8].

Group 1 - Avanos Medical, Inc. (AVNS) is a medical technology company focusing on delivering medical device solutions, with a Zacks Consensus Estimate for its current year earnings revised 17.7% downward over the last 60 days [1] - Boise Cascade Company (BCC) is a manufacturer of wood products and building materials, with a Zacks Consensus Estimate for its current year earnings revised 1.6% downward over the last 60 days [1] - Amplify Energy Corp. (AMPY) is an explorer and producer of oil and natural gas, with a Zacks Consensus Estimate for its current year earnings revised 48.5% downward over the last 60 days [2]

Group 1 - Profound Medical Corporation held its Q1 2025 earnings conference call on May 8, 2025, at 4:30 PM ET [1] - The call featured key company participants including the Head of Investor Relations, CFO, COO, Chief Commercial Officer, and CEO [1] - The conference call was recorded and included a question and answer session following the presentations [1] Group 2 - The Head of Investor Relations, Stephen Kilmer, initiated the call and mentioned that it would include forward-looking statements as per applicable securities laws in the US and Canada [2][3] - Forward-looking statements are based on the company's current beliefs and expectations regarding future financial performance and the efficacy of its technologies in treating various medical conditions [3] - The company cautioned listeners about the inherent risks and uncertainties associated with forward-looking statements, emphasizing that actual results may differ materially from those implied [3]

Financial Data and Key Metrics Changes - Net revenue for Q1 2025 was $86.7 million, down 21% year-over-year [16] - Advanced Wound Care net revenue was $79.9 million, down 23% [17] - Surgical and Sports Medicine products net revenue was $6.8 million, up 11% [17] - Gross profit was $63 million, or 72.6% of net revenue, compared to 73.9% last year [17] - Operating loss for Q1 was $26.7 million, compared to an operating loss of $3.9 million last year [17] - GAAP net loss for Q1 was $18.8 million, compared to a net loss of $2.1 million last year [18] - Adjusted EBITDA loss for Q1 was $12.5 million, compared to adjusted EBITDA of $2.6 million last year [19] Business Line Data and Key Metrics Changes - Advanced Wound Care products experienced a significant decline in revenue, while Surgical and Sports Medicine products showed growth [17] - The company faced challenges due to the delayed implementation of the LCD, impacting customer demand and ordering patterns [5][6] Market Data and Key Metrics Changes - The market environment remains uncertain due to the delayed LCD, which has affected customer behavior and buying patterns [5][6] - The company is optimistic about the long-term opportunity as changes in coverage policies are expected to be implemented in 2026, potentially increasing patient access [10] Company Strategy and Development Direction - The company is focused on gathering robust clinical and real-world evidence to support its product portfolio and drive market penetration [11] - The RENEW program is on track, with expectations for a BLA submission by the end of 2025, targeting a large pain management market [12] - The company is expanding its manufacturing capabilities with a new biomanufacturing facility, which will support the introduction of new products [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the challenging market and reaffirmed financial guidance for 2025 [9][19] - The company anticipates a stabilization of market dynamics in the second half of 2025, despite ongoing uncertainties [26][58] Other Important Information - The company has $110.5 million in cash and cash equivalents as of March 31, 2025, with no outstanding debt [19] - The 2025 revenue guidance remains between $480 million and $535 million, with expectations for a gradual improvement in business trends [20] Q&A Session Summary Question: Inquiry about the cadence throughout the year and guidance confidence - Management expressed confidence in the guidance, highlighting optionality in the portfolio and the availability of PuraPly across all indications [24][25] Question: Clarification on gross margin expectations - Management indicated that gross margins are expected to improve in the second half of the year due to a mix shift in the product portfolio and reduced expirations [28][30] Question: Comparison of Q1 performance to Q4 and market dynamics - Management noted that confusion regarding the LCD led to a contraction in the market, which was not present in Q4 [36][37] Question: Future changes in the LCD and CMS involvement - Management believes that CMS is reviewing coverage policies and that the delay allows for more data collection, which could positively impact product approvals [41][42] Question: Guidance reiteration despite LCD delays - Management explained that the broader product portfolio and higher-margin products provide flexibility to maintain guidance despite the LCD delay [50][54]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported revenue of $2.6 million, an increase of 82% from $1.4 million in Q1 2024 [7][8] - Gross margin improved to 71% in Q1 2025 from 60% in Q1 2024 [8] - Total operating expenses rose to $13 million in Q1 2025 from $8.7 million in Q1 2024 [8] - The net loss for Q1 2025 was $10.7 million, or $0.36 per share, compared to a net loss of $6.6 million, or $0.27 per share, in Q1 2024 [9] Business Line Data and Key Metrics Changes - Recurring revenue accounted for $1.8 million of total revenue, while $820,000 came from one-time capital equipment sales [7] - The TULSA PRO technology was highlighted for its strong presence at medical meetings, particularly the American Urological Association meeting [10] Market Data and Key Metrics Changes - The CAPTAIN clinical trial data was presented, showing TULSA's effectiveness compared to robotic radical prostatectomy, which is expected to drive adoption [10][11] - The introduction of the TULSA AI volume reduction module is anticipated to enhance procedure efficiency and expand the total addressable market [19] Company Strategy and Development Direction - The company aims to leverage the CAPTAIN trial results to drive mainstream adoption of TULSA technology [29] - The TULSA Plus program is designed to facilitate adoption by providing a comprehensive solution for urologists [21][24] - The company is focusing on expanding its commercial organization to support growth and enhance market presence [20][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline and the impact of Medicare reimbursement on future revenue growth [58][59] - The company is optimistic about the increasing patient demand and the positive feedback from the medical community regarding TULSA technology [36][41] Other Important Information - The TULSA AI volume reduction module is set for limited release in June 2025, with a full release planned for Q4 2025 [19] - The company is actively engaging with commercial insurers to secure reimbursement policies for TULSA procedures [38][39] Q&A Session Summary Question: Feedback on CAPTAIN data post-AUA conference - Management received positive feedback from teaching hospitals eager to adopt the data for mainstream use [36][37] Question: Plans for presenting to commercial insurers - Conversations with insurers have begun, and there is optimism about securing reimbursement policies [38][39] Question: Activity at the AUA booth - The level of interest from physicians was high, and the feedback on the volume reduction module was tremendous [41][42] Question: Guidance for the year - The company remains on track for 70% to 75% growth compared to 2024, with a back-end loaded revenue model [46][50] Question: Sales resources and team readiness - The sales team is fully ramped up, with specialized teams in place for health economics and market access [51][53] Question: Engagement of Medicare and Medicaid patients - Initial impacts of reimbursement were limited, but there is growing engagement and billing activity from hospitals [58][59] Question: Marketing plans and materials - The company is ramping up digital marketing efforts and plans to utilize satisfied patients as advocates [60][62] Question: Capital revenue details - Most capital revenue came from new sites, with some conversions from existing sites [73][74] Question: Timing for TULSA Plus availability - The TULSA Plus model is expected to be compatible by the end of Q3 2025, with specific deals to be announced [78][79]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported revenue of $2.6 million, an increase of 82% from $1.4 million in Q1 2024 [7][8] - Gross margin improved to 71% in Q1 2025 from 60% in Q1 2024 [8] - Total operating expenses rose to $13 million in Q1 2025 from $8.7 million in Q1 2024 [8] - The net loss for Q1 2025 was $10.7 million, or $0.36 per share, compared to a net loss of $6.6 million, or $0.27 per share, in Q1 2024 [9] Business Line Data and Key Metrics Changes - Recurring revenue accounted for $1.8 million of total revenue, while $820,000 came from one-time capital equipment sales [7] - The TULSA PRO technology was highlighted for its strong presence at medical meetings, particularly the American Urological Association meeting [10] Market Data and Key Metrics Changes - The CAPTAIN clinical trial data was presented, showing TULSA's effectiveness compared to robotic radical prostatectomy, which is expected to drive adoption [10][11] - The introduction of the TULSA AI volume reduction module is anticipated to expand the total addressable market for BPH treatments [19] Company Strategy and Development Direction - The company aims to leverage the CAPTAIN trial data to drive mainstream adoption of TULSA technology and establish guidelines for its use [29] - The TULSA Plus program is designed to facilitate adoption by providing a comprehensive solution for urologists [21][24] - The company is focusing on expanding its commercial organization to support growth and enhance market access [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline and the impact of Medicare reimbursement on future revenue growth [58][59] - The company is optimistic about the increasing patient demand and the positive feedback from the medical community regarding TULSA technology [36][41] Other Important Information - The TULSA AI volume reduction module is expected to be released in Q4 2025, enhancing the efficiency of BPH procedures [19][31] - The company is actively engaging with commercial insurers to secure reimbursement policies for TULSA treatments [38][39] Q&A Session Summary Question: Feedback on CAPTAIN data post-AUA conference - Management received positive feedback from teaching hospitals eager to adopt the data for mainstream use [36][37] Question: Plans for presenting CAPTAIN data to commercial insurers - Conversations with insurers have begun, and there is optimism about securing reimbursement policies [38][39] Question: Activity at the AUA booth - The level of interest from physicians was high, and the introduction of the volume reduction module received tremendous feedback [41][42] Question: Guidance for the year and revenue growth expectations - Management remains confident in achieving 70% to 75% revenue growth compared to 2024, with a back-end loaded pipeline [46][49] Question: Status of sales resources and team ramp-up - The sales team is fully ramped, with specialized teams in place for health economics and market access [52][54] Question: Engagement of Medicare and Medicaid patients - Initial impacts of reimbursement were limited, but there is growing confidence in the pipeline and patient engagement [58][59] Question: Marketing plans and patient engagement - The company is ramping up digital marketing efforts and plans to utilize satisfied patients as advocates for TULSA [60][62] Question: Capital revenue details for the quarter - Most capital revenue came from new sites, with some conversions from existing sites [73][74] Question: Timing and benefits of the TULSA Plus program - The TULSA Plus program is expected to be compatible by the end of Q3 2025, with ongoing discussions about economic models [78][81]

Core Viewpoint - Medtronic is facing challenges in the fiscal fourth quarter of 2025 due to rising costs, geopolitical pressures, and declining earnings estimates despite previous earnings beats [3][4][6]. Financial Performance - Medtronic's adjusted earnings for the last reported quarter were $1.39, exceeding the Zacks Consensus Estimate by 2.21% [1] - The Zacks Consensus Estimate for fiscal fourth-quarter revenues is $8.81 billion, indicating a year-over-year growth of 2.6% [2] - The consensus estimate for fourth-quarter earnings is $1.58 per share, reflecting an 8.2% rise year-over-year [2] - Earnings estimates for the fourth quarter have declined by 1.9% over the past 90 days [2] Challenges and Headwinds - Rising costs and expenses due to inflation and geopolitical pressures are impacting profitability [3] - The tariff environment is affecting financial outlook, particularly due to Medtronic's manufacturing presence in Mexico and Canada [4] - Lower procedural volumes in elective surgeries and other medical procedures are putting pressure on the bottom line [6] - Unfavorable currency movements are expected to negatively impact revenues by $125 million to $175 million in the fourth quarter [8] Growth Opportunities - Despite challenges, Medtronic has shown resilience with mid-single-digit organic revenue growth [9] - Key growth areas include pulse field ablation, TAVR, neuromodulation, and diabetes businesses, driven by new product launches [10][12][13] - The company has made foundational changes to improve operations and is focusing on fast-growth MedTech markets [15][16] Market Position - Medtronic's stock has declined 5.9% in the fiscal fourth quarter, underperforming compared to industry peers [20] - The company's shares trade at a Price/Earnings ratio of 14.24X, below the industry average of 21.71X and the S&P 500's 20.43X [24][25] Conclusion - Medtronic has significant long-term growth potential but faces macroeconomic headwinds and rising expenses that could impact bottom-line growth [26]