Financial Data and Key Metrics Changes - In the second quarter, net merchandise sales reached over $1.3 billion, and total revenue was almost $1.4 billion [14] - Net merchandise sales increased by 0.8% or 7% in constant currency during the second quarter [15] - Net income for the second quarter was $43.8 million or $1.45 per diluted share, compared to $39.3 million or $1.31 per diluted share in the same quarter last year [25] - Adjusted EBITDA for the second quarter was $87 million compared to $84.1 million in the same period last year [25] - Total gross margins as a percentage of net merchandise sales decreased by 10 basis points to 26.6% [21] Business Line Data and Key Metrics Changes - In Central America, net merchandise sales increased by 0.4% or 0.6% in constant currency [15] - In the Caribbean, net merchandise sales increased by 0.4% or 0.6% in constant currency [16] - In Colombia, net merchandise sales increased by 0.6% or 16% in constant currency [17] - Membership accounts grew by 0.1% to over 1.9 million accounts, with a 12-month removal rate of 87% [18] Market Data and Key Metrics Changes - All markets in Central America had positive comparable net merchandise sales growth, except for El Salvador [15] - The Caribbean region contributed approximately 230 basis points to the growth in total consolidated comparable net merchandise sales for the second quarter [16] - Colombia contributed approximately 100 basis points to the growth in total consolidated comparable net merchandise sales for the quarter [17] Company Strategy and Development Direction - The company is focusing on enhancing its distribution infrastructure and plans to open new warehouse clubs in Guatemala and other locations [30][31] - The company is actively seeking ways to improve its distribution network, including operating its own fleet of trucks [33] - The company is investing in technology to enhance supply chain efficiency and improve the member experience [44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing tariff challenges and emphasized the importance of sourcing products locally and regionally [10][11] - The company is developing contingency plans to adapt to the uncertain tariff environment [12] - Management expressed optimism about the growth opportunities in digital channels and plans to continue investing in this area [44] Other Important Information - The company opened its ninth warehouse club in Costa Rica during the quarter [9] - The effective tax rate for the second quarter was 22% compared to 25% a year ago, primarily due to tax optimization initiatives [24] - The company has seven recycling centers open and plans to expand this program [46] Q&A Session Summary Question: Impact of tariffs on merchandise sourcing - Management is not aware of any reciprocal tariffs imposed by Central American countries and believes the impact will be minimal [55][60] Question: Future store openings - Management disclosed that there are up to six locations in various stages of due diligence and permitting, but no specific timing was provided [66]

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 increased by 32.7% to 16.3 billion pesos, while full-year revenues increased by 30.3% to 57.4 billion pesos [5][8] - Same-store sales growth for Q4 was 11.8%, and for the full year, it was 13.4% [5][10] - Net cash flows generated by operating activity reached 3.749 million pesos, a 19.4% increase year over year [5] - The company ended the year with a net cash position of approximately 1.4 billion pesos and retained about 150 million USD since the IPO [6] Business Line Data and Key Metrics Changes - The company opened 138 net new stores in Q4 and a total of 484 new stores for the full year, representing a 21% increase over 2023 [5][7] - Private labels now represent 54% of total sales, up from 47% in 2023 [14] Market Data and Key Metrics Changes - The company significantly outperformed the Antad numbers, with Q4 same-store sales growth of 11.8% compared to Antad's 2.6% [10] Company Strategy and Development Direction - The company plans to open between 500 and 550 new stores in 2025, with same-store sales guidance between 11% and 14% and total revenue growth in the range of 26% to 29% [22] - The company continues to focus on enhancing its value proposition through continuous improvement in product quality and features [11][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience during economic downturns and anticipated a strong year in 2025 despite uncertain conditions [21][23] - The company has a robust strategy for real estate expansion, focusing on increasing store density in existing markets while exploring new geographies [31][32] Other Important Information - SG&A as a percentage of revenue increased by 96 basis points to 15.2% in Q4 2024, driven by sales and administrative expenses [15][16] - EBITDA for Q4 2024 reached 845 million pesos, representing a 51% growth year-over-year [19] Q&A Session Summary Question: Expansion strategy and balance of growth across new and existing areas - Management confirmed a decentralized approach to real estate, focusing on increasing store density and exploring new geographies [31][32] Question: Drivers behind the increase in private label penetration - The increase is attributed to improved value offerings in private labels, leading to higher sales [80] Question: Gross margin expansion and competition outlook - Management noted that gross margin improvements are driven by increased purchasing power and operational efficiencies, and they have not observed significant changes in competition [66][72] Question: Same-store sales growth sustainability - Management expressed cautious optimism about maintaining high same-store sales growth rates, driven by continuous improvements in the value proposition [51][52] Question: Store opening guidance and operational bottlenecks - Factors affecting store openings include real estate availability, capital, and human resources, with confidence in achieving the projected numbers for 2025 [59][62] Question: Optimal expense levels as a percentage of sales - Management indicated that expenses should decrease as a percentage of sales over time as the company scales [88][90] Question: Future of remittances and supplier relationships - Management confirmed that remittances are on the table as a potential service, and long-term planning with suppliers has mitigated current market uncertainties [113][118]

Financial Data and Key Metrics Changes - Net revenue for Q1 2025 was $26.2 million, a 57% increase from $16.7 million in Q1 2024, driven by sales momentum, channel expansion, and broader brand adoption [7][11] - Gross profit for Q1 2025 was $15.9 million, or 61% of net revenue, compared to $9.6 million, or 58% of net revenue for Q1 2024, indicating improved gross margin [9] - Net income for Q1 2025 was $1.7 million compared to $17,000 for Q1 2024, reflecting an overall increase in product sales [11] - Adjusted EBITDA for Q1 2025 totaled $2.8 million compared to $1.2 million for Q1 2024 [12] Business Line Data and Key Metrics Changes - Direct-to-consumer revenues increased by $6.7 million through Burna.com and Amazon, with Amazon sales growing at a faster rate than Burna.com sales [7][8] - Sales to dealers increased by $1.9 million, or 78%, with significant contributions from chain stores, particularly Bass Pro Shops [9] Market Data and Key Metrics Changes - Amazon sales represented 26.9% of Burna's total direct-to-consumer sales in Q1 2025, up from 19.3% in Q1 2024, and climbed to 32.6% in March 2025 [17][18] - The company has seen improved daily sales trends in February and March compared to January, despite general market softness [15] Company Strategy and Development Direction - The company is focusing on expanding its retail presence through partnerships, such as the store-within-a-store program with Sportsman's Warehouse, which has expanded to 54 locations [23][24] - The upcoming launch of the compact launcher is expected to drive significant sales growth, with a production goal of over 25,000 units before the official release [54][59] - The company is transitioning its supply chain to domestic suppliers, which is expected to enhance quality control and reduce costs associated with inventory in transit [33][44] Management's Comments on Operating Environment and Future Outlook - Management anticipates that Q1 2025 was the low point for revenues in the year, with expectations for sequential growth in subsequent quarters driven by the new compact launcher [75] - The company is well-positioned to offset the impact of increased tax rates and tariffs through gross margin expansion and disciplined operating expense management [60] Other Important Information - The company has initiated production of its payload rounds at a new facility in Fort Wayne, Indiana, with an annual capacity of 8 million rounds [46] - The compact launcher is designed to appeal to a broader market, including women, due to its smaller size and ease of use [52] Q&A Session Summary Question: Can you provide insights on early sales trends for Q2 and ROAS management? - Management noted that ROAS is typically lower in the early part of the year, with expectations to focus on existing customer sales for the new compact launcher, reducing advertising spend until later in the year [66][67] Question: What is the rollout plan for the new compact launcher? - The company plans to have 25,000 to 30,000 units ready before the launch, with dealer orders starting to be fulfilled by April 21, leading up to the public release on May 1 [70][73] Question: What are the current operational stores and learnings from the Sportsman's partnership? - Currently, one store is operational, with 13 more set to open by May 1, and the company is optimistic about leveraging Sportsman's existing foot traffic to drive sales [80][82] Question: What is the MSRP for the new compact launcher compared to existing products? - The MSRP for the new compact launcher will be $549.99, compared to $479.99 for the LE and $379 for the SD [94] Question: Will the new compact launcher have different ammo margins? - The new 61 caliber ammo will have similar pricing and margins as existing products, with no significant cost differences anticipated [96]

Financial Data and Key Metrics Changes - For the second quarter ended February 28, 2025, total consolidated net sales decreased by 8.5% to $19.1 million compared to the same period last year [11] - Gross profit as a percentage of net sales was 35.6%, down from 40.0% in the prior fiscal year period, reflecting a less profitable mix of sales [25][26] - Net income for the second quarter was $434,000, or $0.04 per diluted share, compared to $1.7 million, or $0.17 per diluted share, for the same period last year [26] Business Line Data and Key Metrics Changes - Xero's oil and gas net sales decreased by 28.5%, while NatureTech net sales decreased by 11.8%, and Xero's industrial net sales decreased by 3.7% [11] - NatureTech sales were $5 million, down from $5.6 million in the same period a year ago, attributed to order timing and seasonal variation [19] - Xero's oil and gas sales were $1.5 million, down from $2.2 million in the same period last year, but showed a 7.2% increase on a trailing 12-month basis [16][17] Market Data and Key Metrics Changes - Joint venture sales decreased by 15.7% year-over-year to $19.8 million, reflecting high energy prices and regional economic pressures in Europe [12] - NTIC China subsidiary reported an 8.1% increase in net sales to $3.7 million, stabilizing and approaching sales levels from fiscal 2021 and 2022 [13][14] Company Strategy and Development Direction - The company is focused on managing cash, reducing debt, and enhancing flexibility, with a disciplined approach to capital allocation [10][30] - Strategic investments are being made to support expected growth in the oil and gas business in the second half of the fiscal year [25] - The company remains committed to long-term growth opportunities in the Chinese market for industrial and bioplastic segments [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the increasing intensity of headwinds due to changes in U.S. trade and economic policies, but expressed confidence in a rebound in NatureTech and U.S. oil and gas sales in the second half of the fiscal year [7][9] - The leadership team has successfully navigated previous economic challenges and believes the current business model provides flexibility to handle uncertainties [21][22] Other Important Information - The company declared a quarterly cash dividend of $0.07 per common share, with plans to adjust the quarterly dividend to one cent per share to manage cash position [30] - As of February 28, 2025, working capital was $21.4 million, with outstanding debt of $8.1 million [28][29] Q&A Session Summary Question: How are the investments in the oil and gas sales team working out? - The company hired eight people, some of whom did not work out, but expects the impact to show in the second half of the year [34] Question: What are the dynamics behind potential issues in the compostable business? - A large distributor in the U.S. has been added, which is expected to significantly boost business, along with a new line of technology in food packaging [36] Question: Was the employee retention payment an actual cash payment? - Yes, it was an actual cash payment [38] Question: How is the core business performing currently? - The core business is expected to remain flat [41] Question: Can you provide more details on the gross margin decline? - The decline was due to increased pricing pressures in the NatureTech business, leading to a decrease in sales prices [46][47] Question: What is the outlook for the oil and gas business in the second half? - The focus will be on oil storage tank bottoms and pipeline casings, with expectations of significant business from large customers [60] Question: How is the situation in Brazil regarding the oil and gas industry? - Brazil is performing well, with significant business and ramping sales in the oil and gas sector [67]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 grew by $15.4 million, or 49.3%, compared to Q4 2024, totaling $46.6 million [31] - For the full fiscal year 2025, revenues increased by $42.5 million, or 34.1%, reaching $167.2 million [31] - Consolidated gross margin increased by 420 basis points year-over-year from 35.9% to 40.1% in Q4 2025 [32][49] - Net loss for Q4 2025 was $18.4 million, or negative $2.42 per diluted share, compared to a net loss of $1 million, or negative $0.13 per diluted share, in Q4 2024 [32][39] - Adjusted EBITDA excluding FX for Q4 2025 was $6.1 million, an increase of $2.7 million, or 79.4%, compared to Q4 2024 [40][50] Business Line Data and Key Metrics Changes - Fire services product line sales increased by $14.7 million year-over-year, driven by $8.2 million from the LHD acquisition and organic growth of $2.6 million [34] - Disposable sales increased by $1.5 million, or 12%, primarily in the U.S. [34] - Organic gross margin percentage increased to 48.5% from 35.8% for Q4 2024, driven by a positive product mix [36][49] Market Data and Key Metrics Changes - Domestic sales for Q4 2025 were $18.3 million, or 39% of total revenues, while international sales were $28.3 million, or 61% of total revenues [35] - For the full fiscal year 2025, domestic sales were $60.4 million, or 36% of total revenues, and international sales were $106.8 million, or 64% of total revenues [42] - European revenue grew by $10.8 million, or 292%, to $14.5 million [55] Company Strategy and Development Direction - The company is focused on accelerating growth and margins within the global fire turnout gear and industrial PPE markets through strategic acquisitions [7] - Recent acquisitions have expanded the company's footprint in North America, Europe, Asia, Oceania, LATAM, and the Middle East [10] - The company aims to leverage its market position in fire protection premium brands and M&A to accelerate profitable growth in the higher margin fire protection sector [65] Management's Comments on Operating Environment and Future Outlook - Management acknowledges increasing tariff pressures and broader economic uncertainties but views these as opportunities to strengthen operations [20][22] - The company is well-positioned in recession-resistant sectors, providing confidence in its ability to weather near-term challenges [22] - For fiscal year 2026, the company expects revenue of $210 to $220 million and adjusted EBITDA of $24 to $29 million [63][64] Other Important Information - The company completed a $46 million public equity offering to improve its balance sheet and net debt ratio [13] - Goodwill impairment charges of $10.5 million were recorded for Eagle and Pacific Helmets, impacting net loss [32][67] - The company is implementing a company-wide ERP system to enhance operational efficiency [15] Q&A Session Summary Question: Guidance and Tariff Impact - Analyst inquired about the timing of guidance and potential tariff impacts on costs and revenue [79] - Management confirmed that guidance remains unchanged despite tariff uncertainties [80][81] Question: BodyTrack Strategy - Analyst asked about the future of BodyTrack and its sales strategy [84] - Management indicated plans to monetize BodyTrack through patent enforcement and a revised sales strategy [86] Question: Tariff Mitigation Strategies - Analyst questioned the challenges of moving manufacturing to the U.S. [92] - Management discussed exploring options in Mexico and India for manufacturing to mitigate tariff impacts [95][98]

Delta Air Lines, Inc. (NYSE:DAL) Q1 2025 Earnings Conference Call April 9, 2025 10:00 AM ET Company Participants Julie Stewart - Vice President, IR Ed Bastian - CEO Glen Hauenstein - President Dan Janki - CFO Tim Mapes - SVP & Chief Communications Officer Peter Carter - EVP, External Affairs Conference Call Participants Conor Cunningham - Melius Research Andrew Didora - Bank of America Catherine O'Brien - Goldman Sachs Duane Pfennigwerth - Evercore ISI Mike Linenberg - Deutsche Bank Tom Fitzgerald - TD Cowe ...

Financial Data and Key Metrics Changes - Total net sales for Simply Good Foods in Q2 2025 reached $359.7 million, reflecting a 15.2% increase year-over-year, driven by contributions from Owen and organic growth [44] - Adjusted EBITDA increased by 17.6% to $68 million compared to the previous year [48] - Net income grew by 10.9% to $36.7 million, with adjusted diluted EPS rising to $0.46 from $0.40 [50] Business Line Data and Key Metrics Changes - Quest net sales grew by 16.5% in Q2, benefiting from strong retail takeaway and timing of shipments [44] - Atkins net sales declined by 11.5% due to lower consumption and reduced trade inventory [45] - Owen experienced a retail takeaway increase of 52%, with ready-to-drink shakes growing by 53% [36][37] Market Data and Key Metrics Changes - The nutritional snacking category grew by 12% in Q2, marking the 16th consecutive quarter of growth [16] - Quest now represents 60% of the company's net sales, with a strong growth trajectory [18] - Owen's brand awareness and household penetration remain low, indicating significant growth potential [38] Company Strategy and Development Direction - The company aims to lead the nutritional snacking category by leveraging innovation, expanding product availability, and increasing brand awareness [41][42] - Focus on transitioning underperforming Atkins SKUs to faster-turning Quest and Owen products to enhance overall contribution margins [66][70] - Continued investment in Atkins is planned, with new product launches and marketing strategies to stabilize the brand [34][96] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic environment with consumer sentiment pressures but remains optimistic about the demand for high-protein, low-sugar products [41] - The company expects full-year net sales growth of 8.5% to 10.5%, with adjusted EBITDA growth of 4% to 6% [54] - Management is confident in the long-term growth potential of Quest and Owen, despite short-term challenges with Atkins [110][112] Other Important Information - The company has repaid $100 million of its term loan since the beginning of the fiscal year, with a net debt to trailing 12-month adjusted EBITDA ratio of 0.7 times [51] - The effective tax rate for Q2 was 25%, compared to 23.7% in the previous year [49] Q&A Session Summary Question: What is driving the reduction in sales guidance for Atkins? - Management noted that the reduction is due to lost display space and distribution at a key customer, which was more significant than anticipated [64][66] Question: What prompted the relaunch of Quest shakes? - The relaunch is based on consumer demand for indulgent, high-protein options, with a focus on flipping the macros of traditional shakes [74][76] Question: How will the company build awareness for Owen? - Initially, the focus will be on expanding distribution, with marketing efforts to follow once a solid distribution base is established [120] Question: What is the outlook for the bar category, specifically for Quest? - Management is optimistic about innovation in the bar category, with new products expected to drive growth [125][126]

Financial Data and Key Metrics Changes - 2024 was a challenging year for the company, with a cash balance decrease of $4.7 million, attributed to exploration and overhead costs [23][20] - The company managed to cover operational costs despite lower production levels [24] Business Line Data and Key Metrics Changes - The introduction of the Three Sisters system is expected to improve mining efficiency and ore quality, with higher grades projected compared to existing areas [8][10] - The company plans to increase daily production from the current levels to 1,300 tons and eventually to 1,500 tons [13][18] Market Data and Key Metrics Changes - The company is currently negotiating with a contractor to enhance productivity and is evaluating funding sources to support operational improvements [11][13] Company Strategy and Development Direction - The company is focusing on exploration to increase reserves and has successfully discovered the Three Sisters system, which is expected to lower mining costs and improve profitability [8][10] - Plans are in place to mobilize a contractor in Q2 and to have new equipment operational by Q3, aiming to be cash positive by the end of Q3 [14][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the difficulties faced in 2024, including natural disasters and equipment constraints, but expressed confidence in the path forward with the Three Sisters development [6][25] - The company aims to restore profitability and shareholder value through planned operational improvements and increased production [25][74] Other Important Information - The company celebrated a milestone of one year without a lost time injury, reflecting a commitment to workplace safety [15] - A significant restatement of the BAC 40 project gold and silver stream liabilities was noted, which did not affect the company's cash position [21][22] Q&A Session Summary Question: Development cadence for the Three Sisters system - Management confirmed that they have already intersected the first vein structure and expect to ramp up production significantly by early next year [31][33] Question: Breakdown of the $8 million development capital - Development costs will be heavily weighted towards Q2 and Q3, with a total development budget exceeding $20 million for the year [36][37] Question: Long-term cost reduction strategies - Management discussed the contractor's role in increasing volume and reducing unit costs through fixed cost absorption and acquiring a new mining fleet to improve mechanical availability [43][44] Question: Dependence on buyers and insider buying - Management clarified that current buyers are not located in Asia and addressed concerns regarding insider buying, emphasizing the need for stability before executives can purchase shares [58][66] Question: Executive compensation tied to performance - Management confirmed that executive compensation includes performance-based incentives, but noted that there have been no awards in recent years due to the company's challenges [69]

Financial Data and Key Metrics Changes - The company's third quarter revenues were $221 million, with core revenue growth of 20 basis points, negatively impacted by foreign currency by 310 basis points compared to the prior year [28][34] - Adjusted EBITDA was $49 million, representing a margin of 22%, with a year-over-year decline driven primarily by lower revenue levels [34] - Gross margin decreased to 49.9%, down 120 basis points from 51.1% in the same quarter a year ago, primarily due to lower revenues [33] Business Line Data and Key Metrics Changes - Food safety segment revenues were $153 million, down 3.2% year-over-year, with core revenue growth of 1.5% offset by negative FX impact [28] - Core revenue in the food safety business grew 7% when excluding sample collection challenges, reflecting solid underlying business performance [15][29] - Animal safety segment revenues were $68 million, with a core revenue decline of 2.6% compared to the prior year [28] Market Data and Key Metrics Changes - Latin America saw double-digit core revenue growth, while Asia-Pacific experienced mid-single-digit growth, and Europe was down mid-single digits [31][32] - The U.S. and Canada region faced mid-single-digit declines, primarily due to carryover impacts from previous shipping delays [32] Company Strategy and Development Direction - The company is focused on improving production efficiency and addressing challenges in the sample collection product line, which has recently returned to prior production levels [15][18] - Strategic actions are being taken to restructure the genomics business, focusing on the differentiated bovine product offering [17][27] - The company is prioritizing debt repayment and improving cash flow through refinancing efforts and reducing capital expenditures [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted a broad development of uncertainty related to U.S. government policies, including spending cuts and tariffs, which could impact food safety testing [7][9] - The company expects the current dynamic environment to continue affecting revenue guidance, with an updated full-year revenue outlook of approximately $895 million [25][38] - Management remains optimistic about the long-term growth opportunities despite current macroeconomic challenges [51] Other Important Information - The company completed the refinancing of its Term Loan A, extending maturity by close to three years and achieving 60 basis points of interest rate savings [20][36] - The leadership team has undergone changes, including new heads for R&D and North America Commercial Organization, to enhance operational effectiveness [22] Q&A Session Summary Question: How much of the lowered guidance is due to macro factors? - Management indicated that approximately $4 million of the $6 million revenue shortfall in Q3 was due to macro uncertainty, with $2 million specifically from China [57][58] Question: Are tariff headwinds affecting margins or sales? - Management clarified that tariff impacts would affect both margins and sales, with an estimated $30 million impact from tariffs, predominantly from China [72][74] Question: What are the critical objectives for the remainder of the year? - Key objectives include driving production efficiency in Petri film manufacturing and managing costs to align with new revenue levels [90][92]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 reached $19 million, representing a 17% growth from the same period last year [10] - Adjusted EBITDA for Q1 2025 was $2.3 million, compared to an adjusted EBITDA loss of $247,000 in the same period last year [28] - The last 12 months adjusted EBITDA figure stands at $22.7 million on LTM sales of approximately $89 million, resulting in a margin of over 25% [28] Business Line Data and Key Metrics Changes - Net sales of EGRIFTA SV reached $13.9 million in Q1 2025, a 45% increase year-over-year from $9.6 million [30] - Trogarzo net sales in Q1 2025 amounted to $5.2 million, a decrease of 22% from $6.7 million in the same quarter last year [31] - Cost of goods sold decreased to $3.5 million from $5.3 million in the same quarter last year [32] Market Data and Key Metrics Changes - New enrollments for EGRIFTA SV were up 15% in Q1 2025 compared to the previous year, indicating a growing patient base [16] - The company experienced a temporary drug shortage that impacted sales, resulting in an estimated loss of $10 million in revenue [30] Company Strategy and Development Direction - The company is focusing on increasing the bottom line and is committed to prudent spending while expanding its portfolio through acquisitions and in-licensing of late-stage products [22][23] - The strategic priority is to find products that can drive meaningful synergies with the current infrastructure [23] - The company is preparing for the launch of olezarsen and donidalorsen in Canada later this year [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the EGRIFTA franchise, citing increased recognition of excess visceral abdominal fat (EVAF) as a serious health condition [11][56] - The company anticipates continued growth in enrollments and patient numbers, indicating robust demand for its products [58] - Management is closely monitoring the impact of tariffs but does not foresee significant implications for its products [26][70] Other Important Information - The company has mapped out its supply chains in light of potential tariffs and does not expect significant impacts on its operations [26] - The transition from EGRIFTA SV to EGRIFTA WR is planned for early 2026, with a focus on ensuring a seamless process [52] Q&A Session Summary Question: Are you looking for new products in the same therapeutic areas? - The company aims to focus on late-stage products with a high chance of success and synergies with existing infrastructure [41][42] Question: How do you plan to facilitate the transition from EGRIFTA SV to EGRIFTA WR? - The transition will be carefully orchestrated to ensure payers are ready to reimburse the new product, with a planned six-month transition period [52] Question: Why is it taking so long for Trogarzo sales to stabilize? - The company is experiencing a loss of existing patients due to previous higher enrollments, but new enrollments are showing positive growth [64] Question: Do you foresee any tariff impacts on Trogarzo or Ionis products? - The company does not anticipate issues with Trogarzo due to transfer pricing and does not see risks for Ionis products manufactured in Europe [67][68] Question: What is the status of the NASH program? - The company is opportunistic regarding potential partnerships in the NASH space but is not currently focused on this area [72]