Brown Capital Management, an investment management company, released its fourth quarter 2025 investor letter for “The Brown Capital Management Small Company Fund”. A copy of the letter can be downloaded here. In the fourth quarter of 2025, the Small Company Fund (Investor shares) fell 1.50%, behind the Russell 2000® Growth index's 1.22% gain. Real estate and telecommunications businesses led the benchmark's performance for the quarter. The Fund was down 11.46% in 2025, significantly lagging the Index’s 13.0 ...

Core Viewpoint - Tandem Diabetes Care is transitioning to a more predictable and lucrative business model, resulting in significant profitability gains and a notable increase in stock price [1][3]. Group 1: Financial Performance - Tandem's sales increased by 3% year-over-year, reaching $290 million in the fourth quarter, with worldwide insulin pump shipments totaling 38,000 units, including 27,000 in the U.S. [3] - The company's gross margin improved to 58%, up from 56% in the same quarter last year, contributing to an operating income of $8.3 million, compared to a loss of $0.6 million in the prior-year period [5]. - The market capitalization of Tandem is currently $1.3 billion, with a stock price increase of 32.67% to $24.57 [4]. Group 2: Business Model and Future Outlook - Tandem is adopting a pay-as-you-go pharmacy structure, which reduces upfront costs for customers and generates recurring revenue, aligning with the company's goal of achieving more predictable and profitable revenue streams [3][7]. - For 2026, Tandem anticipates full-year sales between $1.065 billion and $1.085 billion, with projected gross margins of 56% to 57% [7]. - The CEO highlighted 2025 as a pivotal year, marking over $1 billion in worldwide sales and record gross margins while modernizing commercial operations and reshaping the business model [6].

Core Viewpoint - AdaptHealth Corp. is a national leader in providing patient-centered healthcare-at-home solutions, including home medical equipment and related services, and is actively participating in upcoming investor conferences to enhance its visibility and engagement with investors [1][7]. Company Overview - AdaptHealth operates under four reportable segments: Sleep Health, Respiratory Health, Diabetes Health, and Wellness at Home, each focusing on specific healthcare needs and providing tailored services to patients [2]. - The Sleep Health segment offers sleep therapy equipment and services for obstructive sleep apnea, while the Respiratory Health segment provides equipment and services for chronic respiratory diseases [2]. - The Diabetes Health segment supplies medical devices for diabetes management, and the Wellness at Home segment caters to patients transitioning from acute care by providing essential medical supplies and durable medical equipment [2]. Market Reach - The company partners with a diverse network of referral sources, including hospitals and clinics, and serves approximately 4.2 million patients annually across all 50 states through around 630 locations [3].

Group 1 - Pomerantz LLP is investigating claims on behalf of investors of Tandem Diabetes Care, Inc. regarding potential securities fraud or unlawful business practices by the company and its officers or directors [1] - On August 7, 2025, Tandem disclosed a malfunction in certain insulin pumps that could lead to a discontinuation of insulin delivery, potentially resulting in hyperglycemia and requiring hospitalization [1] - Following the announcement of the malfunction, Tandem's stock price dropped by $2.87 per share, or 19.94%, closing at $11.52 per share on the same day [1] Group 2 - Pomerantz LLP is recognized as a leading firm in corporate, securities, and antitrust class litigation, with a history of fighting for victims of securities fraud and corporate misconduct [2] - The firm has a track record of recovering multimillion-dollar damages awards for class members over its 85-year history [2]

Group 1: Company Overview - Medtronic plc (NYSE:MDT) is one of the world's largest medical device makers, with a diverse portfolio in diabetes care, cardiovascular health, medical surgical, and neuroscience [3] - The company has been rewarding shareholders with growing dividends for 48 years, currently paying a quarterly dividend of $0.71 per share, resulting in a dividend yield of 3.01% as of September 26 [5] Group 2: Market Position and Growth Potential - Medtronic is well-positioned for long-term growth, benefiting from its strong industry presence and the global trend of an aging population [4] - The company has invested in high-potential areas such as robotic-assisted surgery, noting that fewer than 5% of eligible surgeries are currently performed robotically, indicating significant growth opportunities [4] Group 3: Resilience in Economic Downturns - In a recession, defensive sectors like healthcare tend to perform better, and Medtronic is expected to benefit from this resilience due to the essential nature of its medical products and services [2]

Core Insights - Medtech companies are facing increased tariff uncertainty due to a Section 232 investigation initiated by the Trump administration into medical equipment [1][5] - The investigation began on September 2 and was disclosed by the Department of Commerce [1] - Industry group Advamed is lobbying for exemptions from tariffs, highlighting that 70% of medical equipment used in the U.S. is domestically produced [2] Industry Implications - Advamed's CEO stated that the investigation will demonstrate the strength of U.S. medtech manufacturing and that lower tariffs could lead to increased manufacturing and job growth, benefiting access to lifesaving technologies and reducing costs for hospitals and patients [3] - The investigation encompasses a wide range of medical products, including syringes, IV bags, and complex devices like insulin pumps and imaging machines [4] Potential Outcomes - Major medical device firms, such as Siemens Healthineers and GE Healthcare, have not publicly commented on the investigation, while Philips indicated no immediate operational or financial impact should be assumed [4] - Analysts expect that the investigation may lead to additional tariffs for the medtech industry, potentially following a gradual increase similar to the approach taken with pharmaceuticals [6]

Core Insights - Medtronic plc will participate in several upcoming investor conferences, showcasing its commitment to engaging with investors and stakeholders [1][2][3][4]. Group 1: Upcoming Conferences - Medtronic will attend the 2025 Wells Fargo Healthcare Conference on September 4, 2025, with CEO Geoff Martha and CFO Thierry Piéton participating [1]. - The company will also be present at the Morgan Stanley 23rd Annual Global Healthcare Conference on September 8, 2025, featuring CFO Thierry Piéton [2]. - On September 10, 2025, Medtronic will participate in the 2025 Deutsche Bank Healthcare Summit, with Greg Smith, EVP of enterprise operations, addressing questions [3]. - The BofA Global Research Global Healthcare Conference is scheduled for September 24, 2025, where CFO Thierry Piéton will again represent the company [4]. Group 2: Company Overview - Medtronic, headquartered in Galway, Ireland, is a leading global healthcare technology company focused on addressing significant health challenges [5]. - The company employs over 95,000 individuals across more than 150 countries and offers solutions for 70 health conditions, including cardiac devices and surgical robotics [5]. - Medtronic's mission is to alleviate pain, restore health, and extend life, emphasizing its commitment to innovative healthcare solutions [5].

Core Viewpoint - Medtronic plc has appointed John Groetelaars and Bill Jellison as independent directors to enhance its strategic focus and operational execution, following constructive engagement with Elliott Management [1][4][5] Group 1: Board Appointments and Committees - John Groetelaars and Bill Jellison have been appointed to the Board of Directors, effective immediately [1] - The Board has formed new Growth and Operating committees to improve strategic portfolio management and capital allocation, with CEO Geoff Martha serving as Chair [2][3] - Groetelaars and Jellison will also serve on one or both of the newly formed committees [2] Group 2: Strategic Focus and Growth Initiatives - The formation of the committees aims to align governance with management's focus on operational improvement and capital allocation [2] - The Growth Committee will guide evaluations of M&A opportunities, R&D investments, and potential divestitures, including the separation of the Diabetes business [6] - The Operating Committee will focus on optimizing operational performance and driving earnings acceleration [6] Group 3: Future Outlook and Investor Engagement - Medtronic plans to host an Investor Day in mid-2026 to discuss strategic priorities and financial algorithms [3] - The company is experiencing strong momentum with multiple growth drivers and plans to launch additional breakthrough therapies [3] - Elliott Management expresses confidence in Medtronic's potential for exceptional value creation through operational improvements and strategic clarity [5] Group 4: New Board Member Backgrounds - John Groetelaars has over 30 years of experience in the medical device sector, previously serving as interim CEO of Dentsply Sirona and CEO of Hillrom [8][9] - William Jellison is a former CFO of Stryker Corporation and has extensive experience in corporate finance within the medical technology industry [10][11]

Group 1 - Medtronic's board of directors approved a cash dividend of $0.71 per ordinary share for the second quarter of fiscal year 2026 [1] - This dividend declaration aligns with the company's previous announcement of a dividend increase made in May 2025 [1] - Medtronic has a strong track record, being a member of the S&P 500 Dividend Aristocrats index, having increased its annual dividend for 48 consecutive years [1] Group 2 - Medtronic is headquartered in Galway, Ireland, and is recognized as a leading global healthcare technology company [2] - The company employs over 95,000 people across more than 150 countries and addresses 70 health conditions with its technologies and therapies [2] - Medtronic's mission focuses on alleviating pain, restoring health, and extending life through innovative healthcare solutions [2]

Financial Results Announcement - Medtronic plc will report its financial results for the first quarter of fiscal year 2026 on August 19, 2025, following the end of the quarter on July 25, 2025 [1] - The company plans to announce results for the subsequent quarters on November 18, 2025, February 17, 2026, and May 20, 2026 [1] Company Overview - Medtronic is a leading global healthcare technology company headquartered in Galway, Ireland, with over 95,000 employees across more than 150 countries [2] - The company's mission is to alleviate pain, restore health, and extend life, addressing 70 health conditions through various technologies including cardiac devices, surgical robotics, and patient monitoring systems [2] - Medtronic aims to deliver innovative technologies that transform lives, impacting two people every second [2]