Q3 FY 2025 Investor Presentation July 24, 2025 Forward-Looking Statements Information contained in this presentation, other than historical information, should be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this presentation. These risks, assumptions, and uncertainties inc ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 由于遗传密码系统的 简并性 （不止一个密码子对应同一个氨基酸） ，并非所有的单碱基突变都会导致氨基酸序列的改变。这类突变被称为 同义突变 ，在进化理 论中传统上被视为中性的。 2022 年，密歇根大学 张建之 教授团队在 Nature 期刊发表论文，指出酿酒酵母的同义突变可能大多是非中性的，同义突变和非同义突同样会破坏细胞适应性 【1】 。但这些发现仍存争议，重新激起了研究人员对于同义突变的生物学效应的兴趣和讨论。此外，一些早期研究显示， 病毒和原核生物中的同义突变可能会影 响它们的适应性。 然而，在非真核生物和酵母中得出的这些发现是否适用于哺乳动物，尤其是人类，目前仍不清楚。 2025 年 6 月 24 日，北京大学 魏文胜 教授、 刘莹 副研究员作为共同通讯作者，在 Nature Biotechnology 期刊发表了题为： Prime editor-based high- throughput screening reveals functional synonymous mutations in human cells 的研究论文 【2】 。 该研究开发了一种名 ...

Summary of Certara (CERT) FY Conference Call - June 04, 2025 Company Overview - **Company**: Certara (CERT) - **Industry**: Pharmaceutical Drug Development - **Focus**: Model-informed drug development and biosimulation to improve drug development efficiency and success rates Key Points and Arguments 1. **Drug Development Challenges**: Nearly 90% of new medicines entering clinical trials fail, with development costs ranging from $2 to $3 billion, primarily due to unsuccessful trials [3][4] 2. **Impact of Improvements**: A mere 3% improvement in drug development success rates could save approximately $300 million per approved drug [5] 3. **Biosimulation Platform**: Certara's biosimulation platform allows for modeling disease and drug interactions, helping clients save time and costs while enhancing scientific understanding [6] 4. **Client Base**: Certara serves around 2,400 customers, including all major pharmaceutical companies, with over 90% of FDA-approved drugs in the last decade utilizing their technology [7] 5. **Financial Performance**: The company operates with an EBITDA margin in the low 30s and is profitable, with ongoing investments in software growth [8] 6. **Market Potential**: Certara estimates a total addressable market (TAM) of approximately $4 billion for biosimulation services, with significant growth opportunities [16] 7. **Regulatory Support**: The FDA has increasingly recognized and approved the use of biosimulation in drug development, with a rise in guidance documents over the years [15] 8. **Shift from Animal Testing**: Recent FDA announcements to phase out animal testing, particularly for monoclonal antibodies, present a favorable environment for Certara's biosimulation models [17][19] 9. **Product Suite**: Certara's offerings include: - **SimShip Simulator**: Models drug kinetics across diverse human populations [22] - **Phoenix**: An analytics tool for fitting clinical trial data to models [28] - **Pinnacle 21**: A data standardization tool used by the FDA for clinical trial submissions [30] - **ChemAxon**: A chemical informatics platform acquired to enhance drug discovery processes [31] 10. **AI Integration**: Certara is incorporating AI into its biosimulation products, enhancing usability and productivity, with AI-related revenue already in the millions [32][33] 11. **Acquisition Strategy**: The company has made strategic acquisitions to bolster its capabilities, including Pinnacle 21, Applied Biomath, and ChemAxon [35] 12. **Growth Strategy**: Certara is focusing on increasing its software revenue, which has a high barrier to entry, while reviewing its services segment for potential restructuring [40][41] Additional Important Insights - **Clinical Trial Efficiency**: Certara's technology has enabled clients to avoid numerous costly clinical trials, demonstrating significant cost savings [26] - **Market Trends**: The increasing adoption of biosimulation in the pharmaceutical industry is reflected in the exponential growth of related publications over the past 25 years [14] - **Regulatory Landscape**: The FDA's evolving stance on biosimulation and data standardization is crucial for the future of drug development and Certara's business model [15][30] This summary encapsulates the critical insights from the conference call, highlighting Certara's role in transforming drug development through innovative technologies and strategic growth initiatives.

Core Viewpoint - The launch of China's first hospital-level iPSC platform in Hainan marks a significant milestone in personalized cell therapy, raising ethical concerns about accessibility and equity in healthcare as advanced technologies may become exclusive to the wealthy [1][5][12] Group 1: iPSC Platform Development - The iPSC platform aims to bridge the gap between scientific breakthroughs and clinical application, allowing individuals to store their stem cells for personalized treatment [5][10] - The platform represents a shift in medical paradigms from standardized treatments to personalized solutions that focus on cellular regeneration rather than merely symptom relief [5][12] - The platform's chief scientist emphasizes the potential for individuals to utilize their stem cells to regenerate damaged tissues, highlighting a transformative approach to healthcare [5][10] Group 2: Ethical and Economic Implications - The commercialization of stem cell therapies has historically been associated with high costs, limiting access primarily to affluent individuals [7][9] - Despite advancements, the concern remains that personalized cell therapies may exacerbate existing inequalities in healthcare access, creating a "life gap" between the wealthy and the general population [7][12] - Experts suggest that as the iPSC platform accumulates personalized case data, it could lead to the development of more affordable, generalized cell products, potentially benefiting a broader audience [7][9] Group 3: Market Potential and Future Outlook - The establishment of the iPSC platform signifies a transition from laboratory research to clinical industrialization in China's stem cell sector, with projections indicating a market size exceeding 24 trillion yuan by 2030 [12] - The anticipated market share for generalized iPSC products is expected to surpass 67%, indicating a significant shift in the industry [12] - The evolution of iPSC technology is viewed as a bridge connecting hope and reality, with the potential to enhance life quality for the general population [10][12]

Summary of Criteo Conference Call Company Overview - **Company**: Criteo - **Industry**: E-commerce, Digital Marketing, Media Monetization - **CEO**: Michael Komosinski, who joined earlier this year, previously held leadership roles at Dentsu and Merkel [2][3] Key Points and Arguments Competitive Advantages - Criteo is an independent ad tech player, providing value on both supply and demand sides of retail media [9] - The company has an unmatched supply footprint due to its early market entry with the Commerce Yield monetization platform [10] - Criteo's strategy focuses on reaccelerating growth, improving durability, and enhancing performance media execution [12] Growth Strategy - The company aims to identify white space in product segments and develop products rapidly to achieve consistent results [13] - Near-term opportunities include expanding product offerings in performance media and retail media, such as on-site video and native advertising [14][15] - Long-term goals involve advancements in technology for more efficient retail supply purchasing [15] Market Trends - The advertising industry is moving towards AI-driven automated marketing platforms, with Criteo's Commerce Go tool driving significant campaign volume growth [23][24] - The company reported a 45% quarter-on-quarter growth in its Commerce Audience segment [19] - Social media integrations, particularly with Meta, have shown a 40% sequential growth in 1Q [21] Financial Performance - Criteo maintains a 25% adjusted EBITDA margin guide, with a commitment to growth investments despite a lower revenue base [43] - The company is focused on organic growth and opportunistic M&A to accelerate its roadmap [46] Challenges and Risks - There are signs of softer macro trends affecting client spending, particularly in discretionary categories [41] - The company has reduced scope with its largest client, but believes this situation is unique and not likely to spread [38][40] Future Outlook - Criteo sees a $50 billion serviceable available market (SAM) by 2027 in retail media [29] - The company is optimistic about the integration with Microsoft advertising and expects to make announcements regarding this in the near future [33][34] Additional Important Content - The CEO emphasized the importance of execution and reliability in delivering consistent results to investors [12] - Criteo's focus on AI and data assets positions it well for future developments in the agentic shopping experience [27][28] - The company continues to repurchase shares as part of its capital allocation strategy, balancing growth investments with shareholder returns [46][47]

Certara (CERT) Q1 2025 Earnings Call May 05, 2025 05:00 PM ET Company Participants David Deuchler - IRWilliam Feehery - CEOJohn Gallagher - Chief Financial OfficerDaniel Clark - VP - Equity ResearchScott Schoenhaus - Managing DirectorDavid Windley - Managing DirectorJeff Garro - Managing DirectorChristine Rains - Healthcare Equity Research AssociateConstantine Davides - Managing DirectorJacqueline Kisa - Equity Research AssociateParth Patel - Equity Research Associate Conference Call Participants Joe Vruwin ...

CommScope Company (COMM) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Company Participants Massimo Disabato - VP, IRCharles Treadway - President and Chief Executive OfficerKyle Lorentzen - EVP & CFOSamik Chatterjee - Managing DirectorSimon Leopold - Managing Director Conference Call Participants Meta Marshall - AnalystMatt Niknam - AnalystMichael Fisher - Analyst Operator day, ladies and gentlemen, and thank you for standing by. Welcome to the CommScope First Quarter twenty twenty five Earnings Conference ...

CommScope Company (COMM) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 day, ladies and gentlemen, and thank you for standing by. Welcome to the CommScope First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Massimo DeSabato. Sir, please begin. Sp ...

Financial Data and Key Metrics Changes - PTC reported a 10% year-over-year growth in Annual Recurring Revenue (ARR) and a 13% increase in free cash flow for Q2 [4][5][13] - The constant currency ARR at the end of Q2 was $2,326 million, reflecting a 10% increase year-over-year [13] - Free cash flow for Q2 was $279 million, which absorbed $3 million related to go-to-market realignment [14][16] Business Line Data and Key Metrics Changes - ARR growth was 8% in CAD, primarily driven by CREO, and 11% in PLM, driven by Windchill, CodeBeamer, and IoT [15] - The Americas saw a 9% ARR growth, Europe 11%, and Asia Pacific 10% year-over-year [15] Market Data and Key Metrics Changes - PTC's gross debt was $1,393 million, with a leverage ratio of 1.5 times [16] - The company paid down $500 million of senior notes due in February and reduced gross debt by $155 million in Q2 [16] Company Strategy and Development Direction - PTC's strategy focuses on deepening customer value through PLM, ALM, SLM, CAD, and SaaS, while leading innovation through applied generative AI [29] - The company is actively pursuing a go-to-market transformation to enhance execution and customer engagement [6][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged growing uncertainty related to global trade dynamics and macro pressures, which may affect customer buying behavior [9][10] - Despite the uncertainty, the long-term need for digital transformation remains strong, and PTC is well-positioned to support customers in this transition [12][30] Other Important Information - PTC continues to execute share buybacks under a $2 billion repurchase authorization, with $75 million used to repurchase shares in Q2 [5][16] - The company introduced several AI initiatives across its product lines, including Windchill AI and ServiceMax AI [8][53] Q&A Session Summary Question: Can you elaborate on the downside scenario for the 7% ARR growth? - Management explained that the 7% scenario considers potential delays and smaller deal sizes due to macroeconomic conditions, with a bottoms-up and tops-down assessment conducted [33][36][38] Question: What indicators show that the go-to-market changes are working? - The team reported low churn and successful execution of the vertical approach, which has improved customer engagement and pipeline quality [40][43] Question: How should investors think about the $1 billion free cash flow target next year? - Management indicated that it is premature to provide specifics, as various macroeconomic factors will influence the target [46][49] Question: How are customer discussions regarding AI adoption progressing? - Management noted increased customer engagement with AI products, emphasizing the importance of a solid product data foundation for effective AI utilization [52][54] Question: Are the conversations with customers indicating widespread deal postponements? - Management clarified that conversations vary by customer and vertical, with some customers moving forward while others may delay decisions [76][78] Question: What assumptions are behind the new ARR guidance range? - The guidance reflects a cautious outlook due to recent macroeconomic uncertainties, with the potential for improvement if trade issues are resolved [80][81]

PTC (PTC) Q2 2025 Earnings Call April 30, 2025 05:00 PM ET Company Participants Matt Shimao - Head, Investor RelationsNeil Barua - President & CEOKristian Talvitie - EVP & CFOAdam Borg - Managing Director - Equity ResearchRobert Dahdah - Executive Vice President, Chief Revenue OfficerSaket Kalia - Managing DirectorSiti Panigrahi - Managing DirectorJay Vleeschhouwer - Managing DirectorJoshua Tilton - Director Conference Call Participants Daniel Jester - Director & Equity Research AnalystKen Wong - Managing D ...