Plus Therapeutics, Inc. (NASDAQ:PSTV) Q4 2024 Earnings Conference Call March 27, 2025 5:00 PM ET Company Participants Marc Hedrick - President and CEO Andrew Sims - CFO Conference Call Participants Edward Woo - Ascendiant Capital Sean Lee - H.C. Wainwright Operator Good afternoon, ladies and gentlemen. Welcome to Plus Therapeutics' Fourth Quarter and Full Year 2024 Results Conference Call. Before we begin, we want to advise you that over the course of the call, including any question-and-answer session, for ...

Financial Data and Key Metrics Changes - The company reported consolidated net sales for fiscal 2024 decreased by 3% to $1.52 billion, with a notable impact from a 53rd week in 2023 contributing approximately $16 million in sales [26] - Adjusted EPS for the fourth quarter was $6.68, at the top end of guidance [33] - Adjusted gross margin contracted by 80 basis points to 63.2%, primarily due to a higher proportion of sales occurring during promotional events [28] Business Line Data and Key Metrics Changes - Sales in full-price brick-and-mortar locations decreased by 2%, driven by mid-single-digit negative comps, partially offset by new store openings [26] - E-commerce sales decreased by 4%, while food and beverage and outlet locations saw sales increases of 1% and 3%, respectively [27] - The wholesale channel experienced a significant decline, decreasing by $31 million or 10% due to challenges in the specialty store business [27] Market Data and Key Metrics Changes - Comp sales for December increased by 2%, but January saw a decline of 3%, with February experiencing a further drop of 9% [7][9] - The company anticipates a continued cautious consumer sentiment impacting spending in the near term [11] Company Strategy and Development Direction - The company focuses on maximizing long-term shareholder value, owning a portfolio of lifestyle brands, evoking happiness in consumers, and generating cash for reinvestment [12][13][15][16] - Plans for fiscal 2025 include opening approximately 20 new stores and enhancing the omnichannel platform [22][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertainty in the marketplace and expects consumer hesitance to continue, particularly in the first half of fiscal 2025 [11] - The company remains optimistic about long-term opportunities despite short-term challenges, emphasizing the importance of brand integrity and customer focus [14][16] Other Important Information - The company plans to invest approximately $125 million in capital expenditures for fiscal 2025, primarily for the completion of a new distribution center and new store openings [44] - A 3% increase in the quarterly dividend was approved, raising it from $0.67 to $0.69 [23] Q&A Session Summary Question: Can you unpack the different headwinds mentioned for the first quarter? - Management noted that Lilly is currently the strongest performer, while Tommy Bahama and Johnny Was are expected to have negative comps [52][53] Question: Are you observing any changes in wholesale order books? - Management indicated that there is caution among wholesale partners, but performance on retail floors remains strong [56][94] Question: What initiatives are being taken to improve conversion rates? - The company is focusing on better product knowledge among associates, improving website functionality, and enhancing marketing efficiency [73] Question: What is the outlook for March sales? - Management expressed that March feels better than February, with expectations for a positive comp in April due to the Easter shift [81] Question: How is the company managing SG&A growth? - Management is actively looking at marketing efficiency, vendor negotiations, and has made some personnel reductions to control SG&A [87]

Financial Data and Key Metrics Changes - Research and development revenue for Q4 2024 was $7.6 million, up from $5.3 million in the prior year, reflecting increased work under the BARDA PBS contract [28] - Full year 2024 R&D revenue reached $29.6 million, a 63.5% increase from $18.1 million in 2023, marking the highest revenue in the company's history [30] - Gross margin for Q4 2024 declined to 44% from 46.1% in the prior year, while full year gross margin rose to 44.9% from 43.6% [30][31] - General and administrative expenses decreased to $4.6 million in Q4 2024 from $5.4 million in the prior year, and full year expenses were $19.9 million compared to $20.9 million in 2023 [30][32] - Cash and cash equivalents totaled $5.2 million as of December 31, 2024, with a current cash position exceeding $14 million following long-term debt financing [33] Business Line Data and Key Metrics Changes - The DeepView system demonstrated exceptional performance in a burn validation study, significantly outperforming clinical judgment in sensitivity, Dice score, and specificity [12][14] - The DeepView system's sensitivity was 86.6%, compared to 40.8% for clinicians, while the Dice score was 68.5% versus 39.2% for burn physicians [13][14] Market Data and Key Metrics Changes - The company has successfully deployed three DeepView systems in Australia at leading hospitals, enhancing its presence in the U.K. and Australia [20] - The response from burn specialists in the U.K. and Australia has been exceptionally positive, indicating strong enthusiasm for the technology [17] Company Strategy and Development Direction - The company aims to submit results to the FDA by the end of Q2 2025, seeking De Novo classification in 2026 [15] - A dedicated intellectual property subsidiary, Spectral IP, was formed to monetize IP assets, with plans to spin off into an independent publicly traded company [24][26] - The company is focused on improving operational efficiencies and concentrating on the DeepView system as part of the BARDA PBS contract [34] Management's Comments on Operating Environment and Future Outlook - Management anticipates a slight revenue decline in 2025 as the company prepares for FDA submission, with expectations for a ramp-up in 2026 [58] - The company has a sound financial foundation to pursue strategic objectives and bring the DeepView system to commercialization [35] Other Important Information - The development of the SnapShot M, a portable diagnostic tool, is supported by over $7 million in government funding, with military deployment anticipated in 2027 [23] - The company is gathering real-world clinical data to strengthen its case for FDA submission and support global commercialization strategies [16] Q&A Session Summary Question: Plans for commercialization and staffing - Management plans to precondition the market with studies and mobilize a sales force as they anticipate FDA clearance [42][43] Question: Revenue guidance for 2025 - Management expects a step back in revenue for 2025 as they position for FDA submission, with a focus on additional developments for quick commercialization post-clearance [58] Question: FDA submission requirements - The submission will include a comprehensive package with multiple sections, reviewed by BARDA before submission to the FDA [60][61] Question: Additional deployments in Australia and the U.K. - No additional units are planned for deployment; focus will be on training and gathering feedback from existing sites [72] Question: Timeline for pediatric study data - The pediatric study data is merged with adult data, and preliminary processing has been completed [84][86] Question: Development milestones for SnapShot M - Preliminary feedback from military testing is being incorporated, with completion expected in 2025 [88] Question: Learnings from U.K. deployments - Positive feedback has been received, and the company anticipates sharing data at upcoming scientific meetings [92][93]

Financial Data and Key Metrics Changes - Overall sales in Q4 2024 rose by more than 40% quarter over quarter, aligning with guidance [10] - Gross margin for the year 2024 reached 39% compared to 26.2% for the full year 2023 [10][40] - Cash on hand at the end of 2024 was $112 million, providing ample runway for investments [11] Business Line Data and Key Metrics Changes - The successful launch of the T-Rex 3 significantly boosted market demand and sales growth [12] - The T-Rex 3 is noted for its durability, battery life, and AI integration, establishing a strong position in the market [13] - The upcoming Amazfit Active 2 and Bip 6 series are expected to expand market reach and drive sales growth [16] Market Data and Key Metrics Changes - Global smartwatch sales fell by 7% in 2024, with Apple shipments declining by 19% [31] - Sales in China grew from 19% to 25% of the market, marking a significant shift [31] - The Indian market saw a decline from 30% to 23% due to quality issues with ultra-cheap devices [32] Company Strategy and Development Direction - The company is focusing on a brand transition to a high-margin business model and enhancing global marketing [9] - The strategy includes launching one to two new products each quarter in 2025 to drive demand [37][122] - Partnerships with athletes and organizations like HYROX are aimed at increasing brand visibility and market share [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory despite macroeconomic challenges [27] - The company anticipates a recovery in the global market driven by AI features and health data [34] - The outlook for Q1 2025 includes expected revenue growth of 14% to 29% year over year [55] Other Important Information - The company is committed to a share repurchase program in 2025, reflecting confidence in long-term value [28] - Inventory levels were reported at $57 million, the lowest since 2018, indicating strong inventory management [52] - The company has successfully refinanced short-term debts into long-term instruments, improving financial stability [53] Q&A Session Summary Question: Impact of new tariffs on smartwatch imports - Management indicated minimal impact due to proactive supply chain management and dual sourcing strategies [30][61] Question: Percentage of manufacturing outside China - Approximately 20% to 25% of the overall portfolio is manufactured outside China [63] Question: Impairment loss details - The impairment loss was due to investments in upstream and downstream technology companies that did not perform as expected [66][70] Question: Shift in demand towards lower-priced players - Management noted that while the market declined, there are bright spots in the outdoor and sports smartwatch segments, with strong performance from brands like Garmin [75][80] Question: Long-term strategy and vision - The company is diversifying its product portfolio and exploring B2B opportunities while focusing on building a global health ecosystem [90][91] Question: Relationship with Xiaomi - The relationship remains strong, but the company is transitioning to focus on self-branded products for profitability [96][100] Question: Stock liquidity concerns - Management acknowledged the illiquidity of the stock and emphasized ongoing buyback programs and growth strategies to improve market perception [106][110] Question: New product roadmap for 2025 - The company plans to launch multiple new products across different price segments, which is expected to drive revenue growth [118][122]

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Financial Data and Key Metrics Changes - The company ended 2024 with a cash balance of $52 million, positioning it strongly for 2025 objectives without needing additional financing [12][24] - Q4 2024 revenue was $30.4 million with a gross profit of $5.4 million, reflecting an 18% profit margin [27] - Q4 net income was $9.5 million, including a bargain purchase gain of $14 million, adjusted earnings per share were $0.02 [27][28] Business Line Data and Key Metrics Changes - Florida Canyon produced over 72,000 ounces of gold in 2024, the highest output in 21 years, with Q4 production of approximately 11,000 ounces at all-in sustaining costs of $2,103 per ounce [9][10][14] - At DeLamar, significant advancements were made in engineering and permitting, setting the stage for a feasibility study in 2025 [11][18] - The Nevada North project confirmed continuity of mineralization through a successful drill program [11][22] Market Data and Key Metrics Changes - The average realized gold price during Q4 was $2,643 per ounce, indicating favorable market conditions for gold sales [10] - The company is positioned to benefit from the evolving regulatory landscape in the US, which is streamlining permitting processes for mining projects [35][36] Company Strategy and Development Direction - The company aims to operate efficiently, develop responsibly, allocate capital wisely, and grow through tactical M&A, focusing on becoming a leading mid-tier gold producer [8][32] - In 2025, the company plans to optimize production at Florida Canyon, release a feasibility study for DeLamar, and advance the Nevada North project [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to make significant progress at DeLamar in 2025, citing a favorable political and economic backdrop [20][35] - The company is focused on generating robust cash flow and margin expansion in the coming years [34] Other Important Information - The company has made key executive appointments to enhance operational strength and support growth initiatives [37][38] - The company is exploring strategic M&A opportunities to support its growth objectives [32] Q&A Session Summary Question: Can you provide guidance on mining costs and unit costs moving forward? - Management refrained from providing specific guidance for 2025 figures but indicated that G&A costs would increase as the company transitions from a development stage to a producer [46] Question: What is the current utilization of the mining fleet and plans for new equipment? - The mining fleet is achieving mid-80s utilization, with plans for a study to determine the best next steps for equipment maintenance and potential new purchases [54][55] Question: Can you provide an update on the hedging program? - The company has hedged approximately 75% of gold sold ounces through put options with a floor of $2,400, and plans to evaluate further hedging strategies for 2025 [60][62]