Waystar (NasdaqGS:WAY) Q4 2025 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsAlexei Gogolev - Managing DirectorBrian Peterson - Managing DirectorEdward Parker - Investor RelationsElizabeth Anderson - Senior Managing DirectorGeorge Hill - Managing DirectorKevin Caliendo - Managing DirectorMatthew Hawkins - CEORyan Halsted - Managing DirectorSteve Oreskovich - CFOSteven Valiquette - Managing DirectorConference Call ParticipantsAllen Lutz - Research AnalystBrian Tanquilut - Managing Director ...

Genuine Parts Company (NYSE:GPC) Q4 2025 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsBert Nappier - EVP and CFOTim Walsh - VP of Investor RelationsWill Stengel - President and CEOConference Call ParticipantsBret Jordan - Managing Director and Senior Equity Research AnalystChris Dankert - Senior Equity AnalystChris Horvers - Managing Director and Senior Equity Research AnalystGreg Melich - Equity Research AnalystKate McShane - Managing Director and Senior Equity AnalystMichael Lasser - Ma ...

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO attributable to common shareholders was $29.5 million or $0.29 per diluted share, exceeding expectations [24] - FFO attributable to common shareholders was $23.1 million or $0.23 per diluted share, while AFFO was $17.8 million or $0.17 per diluted share [25] - Same-store NOI for the portfolio increased 6.3% on a GAAP basis and 7.1% on a cash basis [25] - For the full year 2025, normalized FFO attributable to common shareholders was $110.1 million or $1.08 per diluted share, above guidance [27] Business Line Data and Key Metrics Changes - Retail same-store NOI for Q4 was up 5.6% on a GAAP basis and 3.4% on a cash basis, driven by new leasing and rent commencements [15] - Office same-store NOI for Q4 was up over 10% GAAP and nearly 17% cash, supported by leasing and rent commencements [19] - Year-over-year, office same-store NOI increased 6% GAAP and 7% cash, with occupancy gains at key properties [19] Market Data and Key Metrics Changes - Retail same-store results year-over-year were up 1% GAAP and down 1% cash, impacted by anchor space vacancies due to bankruptcies [15] - Year-end occupancy was just under 95%, affected by temporary seasonal tenants [16] - The office portfolio fundamentals remain strong, with nearly eight years of WALT and only 1.7% rollover in 2026 [23] Company Strategy and Development Direction - The company announced a rebranding to AH Realty Trust, effective March 2nd, marking a strategic transformation [5] - Planned divestitures include the multifamily portfolio and fee income businesses to simplify operations and improve income predictability [6][7] - The focus will shift to retail and office assets in growing markets, aiming for a streamlined operating model and reduced leverage [9][10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining full dividend coverage from cash flows generated by operating properties while reducing debt [11] - The company expects 2026 to be a transition year, with guidance reflecting discontinued operations and a focus on disciplined growth [10][12] - Management is confident in the ability to drive consistent NOI growth through proactive leasing and tenant retention [23] Other Important Information - The company is under an LOI for 11 of its 14 multifamily assets, with negotiations progressing towards final terms [7] - The exit of the construction business is nearly complete, and discussions are ongoing for the real estate financing investments [8] - The company aims to improve its long-term growth trajectory and deliver shareholder value more consistently [9] Q&A Session Summary Question: Long-term growth trajectory and financing plans for acquisitions - Management indicated a balanced approach to leverage and capital allocation, emphasizing the need for shares to trade at the right level relative to NAV for future acquisitions [37][38] Question: Expected retail to office NOI split in five years - Management expressed a focus on both retail and office, with an emphasis on retail in the short term while remaining open to opportunities in both sectors [40][41] Question: Context on mixed-use communities and office investments - Management confirmed a capability in mixed-use developments but emphasized a current focus on retail investments, with a willingness to sell office assets if pricing is favorable [46][48] Question: Update on multifamily dispositions - Management is under LOI for 11 assets, aiming for competitive pricing in the mid-5 cap range, with significant progress made in negotiations [50][51] Question: Dividend payout ratio trends - Management indicated a conservative approach to capital allocation, with a focus on maintaining a healthy dividend while simplifying and deleveraging the company [52][53] Question: Development as part of long-term strategy - Management acknowledged the importance of development but indicated a preference for acquisitions in the near term, with surgical development opportunities considered [58][59] Question: Expected growth in core businesses for 2026 - Management noted that 2026 may be a gap year for growth due to vacancies but anticipates stronger growth in 2027 [62]

Financial Data and Key Metrics Changes - The company reported net VYJUVEK revenue of $107.1 million in Q4 2025, marking a growth of almost 10% compared to the previous quarter and approximately 18% year-over-year [26][27] - Year-to-date VYJUVEK net revenue reached $389.1 million, an increase of approximately 34% compared to full year 2024 revenue [26] - Gross margin for Q4 was 94%, down from 96% in Q3 and 95% in Q4 of 2024, attributed to increased sales outside the U.S. which carry higher costs [27] Business Line Data and Key Metrics Changes - The U.S. commercial performance showed strong momentum with over 660 reimbursement approvals since launch and over 500 unique prescribers [10] - In Europe, the launch of VYJUVEK is progressing well, with over 90 DEB patients prescribed the treatment across Germany, France, and Japan [12][16] - The company aims to expand its distributor agreements to over 40 countries in 2026, having already signed agreements covering more than 20 countries [5] Market Data and Key Metrics Changes - The company is experiencing strong demand for VYJUVEK in various markets, with significant patient adoption in Germany and Japan [12][16] - Pricing negotiations are ongoing in Germany and France, with expectations to finalize agreements in the second half of 2026 for Germany and in 2027 for France [13][16] Company Strategy and Development Direction - The company is focused on expanding global access for VYJUVEK while advancing a pipeline of genetic therapies, with plans to initiate two additional registrational programs later in the year [6][34] - The strategy includes disciplined capital allocation and a commitment to self-launching new indications if approved [8][34] - The company is also exploring stock buyback options but prioritizes investments in its pipeline and potential M&A opportunities [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential from international markets, noting that there are more DEB patients outside the U.S. than within it [32] - The company anticipates that revenue may not track linearly with patient counts due to accruals and ongoing pricing negotiations [33] - Management highlighted the importance of registrational programs and the positive impact of recent FDA designations on development timelines [25][34] Other Important Information - The company ended the year with $955.9 million in combined cash and investments, positioning it well for future commercial launches and pipeline milestones [31] - The company received a Fast Track designation for KB111 and an RMAT designation for KB707, which can accelerate development timelines [25] Q&A Session Summary Question: Visibility into Q1 and contribution from ex-U.S. vs U.S. in 2026 - Management indicated that while ex-U.S. markets will be the predominant growth driver, U.S. demand is also accelerating, with expectations to break out revenue in Q1 [36][38] Question: Compliance rates in EU and Japan - Compliance in Europe is similar to the U.S. at launch, but Japan has a two-week prescription requirement that may affect long-term compliance [44][48] Question: Updates on pricing negotiations in Europe - Management expects to reach a pricing agreement in Germany in Q3 and anticipates that negotiations in France will extend into the first half of next year [55][56] Question: Changes in dosing regimens for ocular studies - The modified dosing regimens were designed to enhance patient compliance and convenience, with no changes to the dose volume or potency [75][76] Question: Patient distribution for VYJUVEK in Europe - Management noted that estimating patient numbers in Europe is challenging due to varying laws and logistics, but they are optimistic about the launch progress [63][64]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $82.3 million, down 23% from $106.9 million in Q4 2024 [9] - Non-GAAP EPS for Q4 was $0.02, compared to $0.09 in Q4 2024 [12] - Full year revenue was $338.7 million, a decline of 14.1% from $394.2 million in 2024 [13] - Non-GAAP operating income for 2025 was $18 million, compared to $48.8 million in 2024 [14] - Net income for 2025 was $8.2 million, or $0.09 per diluted share, down from $36.4 million, or $0.41 per diluted share in 2024 [15] - Cash position at the end of 2025 was $38.4 million, up from $35.3 million at the end of 2024 [15] Business Line Data and Key Metrics Changes - Strongest regions in Q4 2025 were North America and India, generating $32.3 million and $24.7 million, respectively [9] - Non-GAAP gross margin for Q4 was 34.3%, unchanged from Q4 2024 [10] - R&D expenses for Q4 were $7.7 million, down from $8.8 million in Q4 2024 [10] - Sales and marketing expenses for Q4 were $11.4 million, up from $10.6 million in Q4 2024 [11] Market Data and Key Metrics Changes - The company expects 2026 revenue to be between $355 million and $385 million, based on backlog advancement in North America and a baseline of $100 million in annualized revenue from India [17] - The company is seeing strong demand in private networks, particularly in APAC, with a recent multi-million-dollar order from an electricity transmission utility [7] Company Strategy and Development Direction - The company plans to launch four new products in 2026, with some expected to generate initial revenue this year [5] - Focus remains on execution, differentiation, and conversion, with an emphasis on customer demand and revenue potential [6] - The company aims to improve profitability and cash generation while maintaining a disciplined approach to capital allocation [18] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the outlook for 2026, with early activity in the year supporting this confidence [5] - The company is monitoring foreign exchange fluctuations and has a hedging policy in place [26] - Management believes that the second half of 2026 will be stronger than the first half, despite typical seasonality [27] Other Important Information - The company ended 2025 with a net cash position of $19.4 million, up from $10.1 million at the end of 2024 [15] - Inventory at the end of 2025 was $61.6 million, slightly up from $59.7 million at the end of 2024 [16] Q&A Session Summary Question: What would be needed to hit the high end of your 2026 guidance? - Management indicated that a combination of stronger performance in North America and India could help reach the high end of the guidance [20][21] Question: Can you talk about dollar to shekel issues and how you are handling that? - Management stated they are monitoring foreign exchange and have a hedging policy in place [26] Question: How do you see the balance of the first half versus the second half of 2026? - Management expects the second half to be stronger than the first half, with some delays in orders impacting Q1 [27] Question: Can you comment on the level of activity in the Asia-Pacific region for private networks? - Management noted multiple opportunities in APAC, particularly in mining and energy sectors [30] Question: Can you expand on your major Tier 1 customer in North America? - Management sees continued investment from this customer and opportunities for new use cases [38] Question: How are you addressing the rising costs of memory? - Management is focusing on building second and third sources for memory and making product adjustments to mitigate costs [42]

Financial Data and Key Metrics Changes - The company reported Q4 2025 net revenue of $107.1 million, marking a growth of almost 10% compared to the prior quarter and approximately 18% growth year-over-year [26][27] - Year-to-date net revenue for VYJUVEK reached $389.1 million, an increase of approximately 34% compared to full year 2024 revenue [26] - Gross margin for Q4 was 94%, down from 96% in Q3 and 95% in Q4 of 2024, attributed to increased sales outside the U.S. which carry higher costs [27] Business Line Data and Key Metrics Changes - VYJUVEK continues to show strong performance with total net revenue since launch exceeding $730 million [8] - The company added over 50 new prescribers in Q4 2025, reaching over 500 unique prescribers since launch in the U.S. [10] - In Europe, over 90 DEB patients have been prescribed VYJUVEK across Germany, France, and Japan, with ongoing momentum in Germany and France [12][13] Market Data and Key Metrics Changes - The company has signed distributor agreements covering more than 20 countries, aiming to expand to over 40 countries in 2026 [5] - Pricing negotiations in Germany and France are ongoing, with expectations for agreements in the second half of 2026 for Germany and 2027 for France [13][16] - The company has expanded its distributor network to include Israel, enhancing its market presence [16] Company Strategy and Development Direction - The company aims to build a durable commercial gene therapy business with disciplined capital allocation and a focus on expanding global access for VYJUVEK [7] - The strategy includes investing behind measurable execution milestones and advancing a focused pipeline, with plans to initiate two additional registrational programs later this year [6][8] - The company is committed to optimizing processes to support patients and providers, leveraging partnerships with advocacy organizations [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential from international markets, noting that there are more DEB patients outside the U.S. than within [31] - The company anticipates that revenue may not track linearly with patient counts due to accruals and ongoing pricing negotiations [32] - Management highlighted the importance of registrational programs and expressed optimism about upcoming clinical data readouts [33] Other Important Information - The company ended the year with $955.9 million in combined cash and investments, positioning it well for future commercial launches and pipeline milestones [30] - The company received Fast Track designation for KB111 and RMAT designation for KB707, which can accelerate development timelines [25] Q&A Session Summary Question: Visibility into Q1 and 2026 revenue contribution from U.S. vs. ex-U.S. - Management indicated that while ex-U.S. markets will be the predominant growth driver, demand in the U.S. is also accelerating, with expectations to break out revenue in Q1 [35][36] Question: Data supporting modified dosing regimens for ocular and NK - Management confirmed that the changes were made to enhance patient compliance and convenience, with confidence in the safety profile of the drugs [38][39] Question: Compliance rates in EU and Japan - Management noted that compliance in Europe has been similar to the U.S., but highlighted a potential burden in Japan due to the two-week prescription requirement [42][46] Question: Updates on pricing negotiations in Europe - Management expects to reach a pricing agreement in Germany in the second half of the year, while negotiations in France may extend into the first half of next year [53] Question: Impact of modified dosing regimens on study data - Management confirmed that the data generated to date will be included in the primary analysis, with no changes to the dose volume [73][75]

Fluor (NYSE:FLR) Q4 2025 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsJamie Cook - Managing DirectorJason Landkamer - VP of Investor RelationsJim Breuer - CEOJohn Regan - CFOSteven Fisher - Managing DirectorConference Call ParticipantsAndrew Wittman - Senior Research AnalystAndy Kaplowitz - Senior AnalystMichael Dudas - Equity Research AnalystSangita Jain - Director and Equity Research AnalystOperatorGood morning, and welcome to Fluor's fourth quarter and full year 2025 earnings conferenc ...

NeoGenomics (NasdaqCM:NEO) Q4 2025 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsAbhishek Jain - EVP of Finance and Incoming CFOJeff Sherman - CFOKendra Webster - VP of Investor RelationsTony Zook - CEOWarren Stone - Chief Commercial OfficerConference Call ParticipantsAndrew Brackman - Equity Research AnalystAndrew Cooper - Equity Research AnalystBill Bonello - Equity Research AnalystDan Brennan - Equity Research AnalystDavid Westenberg - Equity Research AnalystMark Massaro - Equity Resear ...

NeoGenomics (NasdaqCM:NEO) Q4 2025 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsAbhishek Jain - EVP of Finance and Incoming CFOJeff Sherman - CFOKendra Webster - VP of Investor RelationsTony Zook - CEOWarren Stone - Chief Commercial OfficerConference Call ParticipantsAndrew Brackman - Equity Research AnalystAndrew Cooper - Equity Research AnalystBill Bonello - Equity Research AnalystDan Brennan - Equity Research AnalystDavid Westenberg - Equity Research AnalystMark Massaro - Equity Resear ...

Neuroone Medical Technologies (NasdaqCM:NMTC) Q1 2026 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsDave Rosa - CEORon McClurg - CFOConference Call ParticipantsJeffrey Cohen - AnalystJeremy Pearlman - SVP and Equity Research AnalystOperatorGood day, ladies and gentlemen, and welcome to the first quarter fiscal 2026 financial results conference call for NeuroOne Medical Technologies Corporation. Today's call will be conducted by the company's Chief Executive Officer, Dave Rosa, and Ron McCl ...