Key Takeaways Hims & Hers reported strong quarterly revenue growth, driven by momentum in its Online channel.HIMS posted $617.8 million in Q4 revenue, driven by strong Online growth and 2.5 million subscribers.Hims & Hers' gross margin fell 487 bps to 71.9%, with 2026 revenue guided to $2.7 billion and $2.9 billionHims & Hers Health, Inc. (HIMS) came out with quarterly earnings per share (EPS) of 7 cents in fourth-quarter 2025, compared with the year-ago period’s EPS of 11 cents. However, the figure compare ...

Core Viewpoint - NEXGEL, Inc. has announced a financing of $1.797 million for a potential acquisition targeted for the first quarter of 2026, pending due diligence completion [1][2]. Group 1: Financing and Acquisition Details - The financing includes an upfront commitment of $1.797 million from an investor, with a potential additional investment of $14.869 million related to the acquisition, subject to due diligence and other conditions [2]. - The funds will be returned to the investor if the acquisition is not completed [1]. - Palladium Capital Group, LLC acted as the placement agent for this transaction [2]. Group 2: Company Overview - NEXGEL is a provider of healthcare, beauty, and over-the-counter products, specializing in ultra-gentle, high-water-content hydrogel products [4]. - The company has over two decades of experience in developing and manufacturing electron-beam, cross-linked hydrogels [4]. - NEXGEL's brands include SilverSeal, Hexagels, Turfguard, Kenkoderm, and Silly George, and it has strategic manufacturing relationships with leading consumer healthcare companies [4].

Financial Data and Key Metrics Changes - Q3 revenue was $283 million, a decline of 2.4% from $290.3 million in the prior year, primarily due to lower eye and ear care category sales attributed to Clear Eyes supply constraints [10][12] - Adjusted EPS was $1.14, down slightly from $1.22 in the prior year, reflecting lower sales and increased G&A costs [10][15] - Free cash flow for the year to date was $209 million, up 13% compared to the previous year [5][10] Business Line Data and Key Metrics Changes - Sales declines were largely due to anticipated impacts from Clear Eyes supply chain constraints, with North America segment revenues decreasing 4.4% and international segment revenues down 90 basis points [12][13] - E-commerce channels showed strong growth, offsetting declines in other categories like analgesics and cough and colds [12][19] Market Data and Key Metrics Changes - The company continues to see positive consumption trends in e-commerce, with consumption growth over 10% in Q3 [34] - The eye care category is expected to see sequential improvements in supply, driven by strategic actions taken, including the acquisition of Pillar Five [6][8] Company Strategy and Development Direction - The company is focused on a disciplined capital allocation strategy, enhancing shareholder value through stock repurchases and strategic acquisitions [5][17] - The acquisition of Pillar Five is expected to improve supply chain control and production capabilities for eye care products [7][8] Management's Comments on Operating Environment and Future Outlook - Management noted heightened business environment uncertainty due to supply chain constraints, high inflation, and geopolitical events [3] - The company has narrowed its sales outlook for fiscal 2026 to approximately $1.1 billion, reflecting consumption momentum in growth channels but offset by slower order patterns in others [19] Other Important Information - The company anticipates a full-year G&A of just over 10% as a percentage of sales, with adjusted diluted EPS expected to be approximately $4.54 for the year [15][19] - The company has repurchased over $150 million in shares year to date, nearly 5% of shares outstanding [17] Q&A Session Summary Question: Are you seeing consumption shift to other retailers? - Management confirmed a continuation of channel shifts, with consumption picking up based on where consumers purchase products [22][24] Question: When might the headwinds go away? - Management indicated it is difficult to predict, but they are well-positioned to manage through the volatility [25] Question: Update on eye care supply and margins? - Management expects sequential improvement in Clear Eyes supply, with stable margins anticipated as the business normalizes [30][32] Question: E-commerce growth and penetration? - E-commerce consumption grew over 10% in Q3, with management noting the importance of aligning marketing initiatives with consumer shopping behavior [34][35] Question: Update on women's health business? - Monistat is performing well, while Summer's Eve is positioned for long-term growth despite some volatility [36][37] Question: Capital allocation and stock buybacks? - Management emphasized the importance of investing in brands while also evaluating M&A opportunities, with stock buybacks being a secondary focus [42][44] Question: Sales outlook for Q4? - Management indicated that the sales guidance reflects order patterns seen in Q3, with consumption remaining strong [47][48] Question: Expectations for fiscal 2027? - Management expressed confidence in base business performance and anticipated improvements in supply conditions for Clear Eyes [52][53]

Third Quarter FY 26 Results February 5, 2026 Safe Harbor Disclosure This presentation contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the Company's expected financial performance, including revenues, organic revenue growth, adjusted diluted EPS, and free cash flow; the Company's ability to execute on its brand-building strategy to drive organic growth; the Company's ability to maximize shareholder value an ...

Core Thesis - Prestige Consumer Healthcare Inc. (PBH) is viewed as a compelling investment opportunity following its acquisition of Stampede Culinary Partners for $662.5 million, which is expected to enhance its EBITDA significantly [2][3]. Company Overview - PBH develops, manufactures, markets, distributes, and sells over-the-counter health and personal care products in North America, Australia, and internationally [2]. Acquisition Details - The acquisition of Stampede Culinary Partners is structured with $512.5 million in cash, $150 million in stock (approximately 5% dilution), and an additional $100 million earn-out over two fiscal years [2]. - This acquisition is projected to contribute approximately 15% to PBH's EBITDA, with initial mid-single-digit EPS accretion expected to rise to high-single-digit accretion after operational efficiencies are realized, effectively reducing the acquisition multiple to 7.5x [3]. Financial Performance - PBH's earnings run-rate has grown significantly since 2017, although the stock trades near mid-2017 levels. Current-year EPS valuation is around 21x, while next year's estimates reflect a 39% EPS growth, implying a multiple closer to 15x [4]. - The company has a dividend yield above 3% and is positioned for strong growth through strategic acquisitions and organic expansion [5]. Strategic Positioning - PBH's growth strategy has historically combined acquisitions and organic expansion, positioning it as a specialty food producer and distributor in Canada and the U.S. [3]. - Successful integration of Stampede and leveraging operational efficiencies could unlock significant shareholder value while expanding PBH's presence in North America's specialty food sector [5].

Core Viewpoint - Singapore Exchange Limited (SGX) plans to reduce board lot sizes from 100 units to 10 units for securities valued above S$10, which may enhance accessibility for retail investors, particularly for blue-chip stocks [1] Group 1: DBS Group Holdings - DBS Group Holdings is currently priced over S$58 per share, making a single lot cost nearly S$6,000, but a reduction in lot size could make it more accessible to retail investors [3][5] - For the first nine months of 2025, DBS achieved a record total income of S$17.6 billion, reflecting a 5% year-on-year increase [4] - Despite a 1% year-on-year decline in net profit to S$8.7 billion due to higher expenses, DBS increased dividends by 38.9% year-on-year to S$0.75 per share in 3Q2025 [4] Group 2: Jardine Matheson Holdings - Jardine Matheson is the highest-priced conglomerate on SGX, with shares close to US$75 (approximately S$96) [6] - In the first half of 2025, Jardine's revenue slightly declined by 1% year-on-year, but underlying profit grew by 11% to US$786 million [7] - The company has maintained a dividend of US$0.60 per share, with a long-term record of increasing dividends at a 5.3% CAGR since 2019 [7][8] Group 3: Haw Par Corp - Haw Par Corp, known for its Tiger Balm brand, reported a 7% increase in revenue to S$126.3 million in the first half of 2025, driven by strong demand for healthcare products [9] - Net earnings rose by 18.2% to over S$144 million, largely due to increased dividends from investments in blue-chip companies [10] - The company maintained an interim dividend of S$0.20 per share, with a payout ratio of 30.7%, making it a stable candidate for retail investors [11] Group 4: Implications for Investors - The potential reduction in lot size is expected to benefit the mentioned companies by attracting more retail investors, particularly those who were previously priced out [12][14] - These companies represent a diversified trio across different sectors, likely to lead the next maturation phase of the Singapore market [13][14]

Core Viewpoint - A US federal judge has allowed expert testimony linking Johnson & Johnson's talc products to ovarian cancer, advancing the litigation involving over 67,500 lawsuits towards a potential trial later this year [1][2]. Group 1: Legal Proceedings - The litigation against Johnson & Johnson (J&J) includes more than 67,500 consolidated lawsuits in federal court in New Jersey, with the first trial potentially occurring later this year [2]. - The ruling by Judge Michael Shipp allows for expert testimony that could establish a link between J&J's talc products and alleged health risks, which is crucial for product liability cases [2][4]. - J&J has faced mixed outcomes in state courts, with some verdicts reaching as high as $4.69 billion awarded to 22 women claiming their ovarian cancer was caused by baby powder [9]. Group 2: Company Actions and Responses - J&J ceased the sale of talc-based baby powder in the US in 2020, transitioning to a cornstarch-based product [4][5]. - The company has consistently maintained that its products are safe and do not cause cancer, despite ongoing litigation and expert testimonies suggesting otherwise [5][6]. - J&J attempted to resolve the litigation through bankruptcy, a strategy that has been rejected multiple times by federal courts [7][8]. Group 3: Scientific Evidence and Expert Testimony - The evaluation of expert testimony is a significant aspect of the litigation, with retired Judge Freda Wolfson previously allowing plaintiffs' experts to testify about potential contamination of talc with asbestos and heavy metals [6][5]. - Recent changes to federal rules regarding expert testimony and new scientific evidence prompted Judge Shipp to re-evaluate the admissibility of expert testimony in the ongoing cases [7]. - J&J has also engaged in legal actions against scientists whose research supports the plaintiffs, alleging falsification of results [8].

Core Insights - Investing in healthcare companies can provide both financial returns and ensure these companies are well-funded for future needs [1][2] - The rising demand for healthcare services, driven by increasing household wealth, is likely to lead to higher prices in the sector [3] - Many healthcare companies offer attractive dividends, making them appealing as income-producing assets [4] Company Highlights - GlaxoSmithKline (GSK) has evolved from a specialist in gastrointestinal ailments to one of the top 10 vaccine manufacturers globally, also focusing on drug-resistant superbugs [5] - GSK's spin-off of its Haleon consumer healthcare business allows shareholders to benefit from both segments, with Haleon focusing on oral healthcare and over-the-counter products [6] - Smith & Nephew has a strong presence in consumer healthcare, particularly in orthopaedics, which is expected to grow due to an aging population [7] - Abbott Laboratories offers a diverse range of products, including infant formula and diabetes management solutions, catering to various age groups [8] - Haw Par, known for its Tiger Balm brand, and Reckitt, with products like Nurofen, are also significant players in the consumer healthcare market [9] Market Trends - DFI Retail's shift from low-margin food retailing to focus on 7-Eleven and Guardian pharmacies highlights the higher revenue potential in regulated pharmacy businesses compared to supermarkets [10] - IHH Healthcare operates a large network of upscale hospitals, generating stable revenue, although cash flow can be inconsistent [12] - Parkway Life Real Estate Investment Trust, a major healthcare landlord in Asia, provides a reliable income source by managing hospitals and nursing homes [13] - Health insurance companies, such as AIA and Prudential, play a crucial role in risk management and can invest premiums to generate returns before claims are paid out [14][15] Industry Outlook - The healthcare industry is continuously evolving, with companies needing to adapt to changing consumer demands to remain relevant [15] - Many established healthcare companies have a long history of producing valued products, suggesting they are likely to endure for many more years [16] - A healthcare REIT has secured rental escalations until around 2042, indicating strong income visibility, which is rare in today's market [17]

Core Insights - TUMS is launching the first-ever Burn Ball, a limited-edition football designed to provide heartburn relief during the Big Game, addressing the needs of one in four viewers who experience heartburn while watching [1][5] - The campaign features a partnership with YouTube star Eric Decker, known as Airrack, who will engage fans through a social media sweepstakes encouraging creative participation [2][4] Product Launch - The Burn Ball is engineered to be thrown and opened to reveal TUMS Chewy Bites, providing fast-acting heartburn relief [1] - The product will be available for purchase exclusively on TUMSshop.com in a limited run [1] Marketing Campaign - The PassTheTUMS Sweepstakes runs from January 9 to January 25, allowing fans to showcase their trick passes on social media platforms like Instagram, TikTok, and YouTube Shorts [3][5] - Grand prize includes $5,000 for the most creative entry, with additional prizes of $50 UberEats gift cards for 50 winners [4][5] Brand Positioning - TUMS emphasizes its commitment to providing fast and effective heartburn relief, particularly during food-centric events like the Big Game [5][8] - The brand's product range includes TUMS Chewy Bites and Gummy Bites, which offer multi-symptom relief [8]

Core Insights - Prestige Consumer Healthcare (PBH) is experiencing strong momentum in the e-commerce channel due to long-term investments and brand-specific digital strategies [1][10] - The company has expanded its brand portfolio through both organic growth and acquisitions, including a recent agreement to acquire Pillar5 Pharma Inc. to enhance its eye care product offerings [4][10] - Despite a stable solvency position, the company faces challenges from a dull macroeconomic environment, including inflationary pressures and supply chain disruptions [11] Financial Performance - Over the past year, PBH's stock has declined by 9.1%, contrasting with the industry's growth of 1.4% and the S&P 500's increase of 18.7% [2] - The company has a market capitalization of $2.97 billion and an earnings yield of 7.3%, significantly higher than the industry's 0.2% yield [2] - PBH has surpassed earnings estimates in three of the last four quarters, with an average surprise of 2.8% [2] Growth Drivers - The acquisition of Pillar5 Pharma is expected to close in the third quarter of fiscal 2026, with minimal ongoing capital expenditure requirements [5][10] - E-commerce sales have shown double-digit growth year-over-year, representing a high-teens percentage of total sales in fiscal 2025, up from approximately 15% the previous year [6][10] - Brand-specific digital strategies have enhanced consumer engagement and retention, with ongoing investments in digital marketing positioning the company for sustained success [7] Solvency and Cost Challenges - As of the end of the second quarter of fiscal 2026, PBH reported no short-term debt and had $119 million in cash and cash equivalents, indicating stable solvency [8][10] - The company anticipates approximately $5 million in tariff costs for fiscal 2026 due to ongoing economic volatility and is implementing cost-saving initiatives to mitigate these impacts [11] Earnings Estimates - The Zacks Consensus Estimate for PBH's fiscal 2026 earnings per share remains unchanged at $4.755, while revenues are projected at $1.11 billion, reflecting a decrease of 2.8% from the previous year [12]