Financial Data and Key Metrics Changes - ORIC Pharmaceuticals is in a strong financial position with $436 million in cash, providing a runway into the second half of 2028, assuming full success in ongoing programs [57][58][60] - The company completed a PIPE financing of $125 million and drew down an additional $119 million from an ATM, indicating robust capital management [56][57] Business Line Data and Key Metrics Changes - ORIC-944, a small molecule inhibitor targeting the PRC2 complex, is in dose optimization and is expected to start phase three studies next year [4][5] - ORIC-114 is also progressing, with updates expected in the second half of the year for various patient cohorts [50][51] Market Data and Key Metrics Changes - The prostate cancer market is significant, with androgen receptor inhibitors collectively generating over $10 billion in annual sales, growing at solid double-digit rates [8] - ORIC-944 aims to differentiate itself in this competitive landscape by demonstrating better drug properties compared to Pfizer's Mevrimetastat [10][12] Company Strategy and Development Direction - The company is focused on advancing its clinical pipeline, particularly ORIC-944 and ORIC-114, with plans to initiate phase three studies in the first half of 2026 [31][38] - ORIC Pharmaceuticals is not waiting for phase three data from competitors and is moving forward with its own studies to capitalize on market opportunities [46][60] Management's Comments on Operating Environment and Future Outlook - Management believes that the probabilities for success in PRC2 drug development have increased, especially with the limited number of PRC2 inhibitors in late-stage development [63] - The company is confident in its ability to capture a significant market share even as a second mover, given the expected differentiation in safety and efficacy profiles [45][46] Other Important Information - ctDNA is being explored as a biomarker for long-term durability outcomes, with expectations for substantial decreases in ctDNA levels among patients [32][33] - The company is strategically focusing on first-line treatments for ORIC-114, moving away from second-line settings for commercial and cost reasons [50] Q&A Session Summary Question: What updates can be expected for ORIC-944 and ORIC-114? - The next update for ORIC-944 will be operational in nature, focusing on the rationale for dose optimization, while ORIC-114 will have updates on various patient cohorts in the second half of the year [25][50] Question: How does ORIC-944 compare to Mevrimetastat? - ORIC-944 has shown promising early data with higher PSA response rates compared to Mevrimetastat, indicating potential for better efficacy [19][24] Question: What is the expected cash runway for the company? - The company has a cash runway through the second half of 2028, which supports ongoing development for both ORIC-944 and ORIC-114 [57][58] Question: What is the strategy for launching ORIC-944? - The company aims to minimize the timeline gap with competitors and is focused on starting phase three studies without waiting for competitor data [46][60] Question: What is the expected efficacy benchmark for ORIC-114? - The company aims for a top-line objective response rate (ORR) of around 55% for monotherapy and 65% for combination therapy with Mavantamib in first-line settings [54]

Financial Data and Key Metrics Changes - Stryker's MedSurg and Neurotechnology business has grown over 11% organically for the past three years, with year-to-date growth also exceeding 11% [3][5] - The company expects to grow 200 to 300 basis points faster than its end markets [3][4] Business Line Data and Key Metrics Changes - The endoscopy division achieved 15% organic growth, driven by strong performance in the visualization business and hospital infrastructure [21][22] - The Medical division is expected to be a double-digit grower, with strong contributions from products like LifePak 35 and ProCuity beds, despite some supply chain challenges [30][31] - Neurocranial business experienced 20% growth, with strong performance from interventional spine and neurosurgical segments [36][38] Market Data and Key Metrics Changes - The neurovascular business is larger outside the U.S. than domestically, with growth impacted by various market activities in China [43] - The company is optimistic about new product launches in neurovascular, including the Broadway catheter and Surpass Elite system, which are expected to drive future growth [44] Company Strategy and Development Direction - Stryker maintains a consistent strategy focused on power brands and innovation, with a strong emphasis on M&A to enhance its business portfolio [4][8] - The company is actively assessing opportunities in robotics, particularly in soft tissue robotics, while ensuring thorough evaluation of potential acquisitions [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stable hospital capital equipment environment and a strong order book, indicating a solid second half of the year [10] - The company expects to continue its trend of outpacing competitors through innovation and specialized sales forces [70] Other Important Information - Stryker's upcoming Investor Day in November will focus on growth areas and updates on long-term financial goals [11] - The company is committed to exploring consolidation opportunities in the crowded neurovascular market [45][49] Q&A Session Summary Question: What is the growth outlook for Stryker's MedSurg segment? - Management indicated that MedSurg is crucial for Stryker's success, and they expect solid growth in the second half of the year [6] Question: Can you provide insights on new product launches? - Management highlighted several key product launches, including LifePak and the 1788 visualization platform, which are expected to drive growth [7][8] Question: What are the challenges in the Medical division? - Supply chain issues have impacted growth, but the division is still expected to achieve double-digit growth this year [30] Question: How is the Neurocranial business performing? - The Neurocranial business is performing strongly, with significant growth driven by interventional spine and neurosurgical segments [36][38] Question: What is the company's approach to M&A? - Stryker is actively pursuing M&A opportunities across its diverse business lines, with a focus on strategic fit and market growth potential [12][14]

Financial Data and Key Metrics Changes - The company reported a strategic review in Q2, resulting in a decision to return $375 million of capital to investors, indicating a focus on KER-065 and the preclinical pipeline [3][40] - As of the last earnings report, the company had $690 million in cash, which after the capital return leaves $315 million, providing a runway into the first half of 2028 [40] Business Line Data and Key Metrics Changes - The most advanced asset, KER-065, is being prioritized after deprioritizing Suborosev due to safety concerns [2][3] - KER-065 is positioned as a muscle bone anabolic with antifibrotic and anti-inflammatory properties, targeting Duchenne muscular dystrophy (DMD) [4][5] Market Data and Key Metrics Changes - The company has restructured to focus on delivering value, reducing its workforce to about half of what it was at the end of the previous year [3] - The market for KER-065 is primarily in muscular dystrophies, with potential expansion into other neuromuscular indications as resources allow [41][42] Company Strategy and Development Direction - The company is focusing on KER-065 as its primary clinical asset while exploring preclinical opportunities for future indications [2][41] - There is a strategic emphasis on sequencing trials rather than running multiple trials in parallel due to limited bandwidth [41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the skepticism surrounding muscle mass-increasing agents in neuromuscular diseases but emphasized the unique properties of KER-065 that differentiate it from previous failures [8][11] - The company is preparing to submit documents to regulatory bodies for the next phase of trials, indicating a proactive approach to advancing KER-065 [38] Other Important Information - The company is considering a second indication for KER-065 but will prioritize DMD until sufficient resources are available [41] - The partnership with Takeda for elritercept (KER-050) remains a potential source of upside, with ongoing developments in myelofibrosis [49][50] Q&A Session Summary Question: What is the current status of KER-065 and its clinical trials? - Management discussed the focus on KER-065 and the need for an open-label trial to generate proof of concept data earlier [30][41] Question: How does the company plan to return excess capital to investors? - The company is exploring options for capital return, including dividends or share buybacks, and is engaging with advisors to determine the best approach [55] Question: What are the implications of the safety profile observed in KER-065? - Management noted that while there were increases in hemoglobin levels, they were small and manageable, with plans for dose titration to mitigate risks [16][20]

Financial Data and Key Metrics Changes - The company has been focused on driving utilization, ensuring strong reimbursement coverage, and reducing turnaround times and costs to open up access [4] - The gross margin for chromosomal microarray tests has improved to 40% - 50% from a negative margin a few years ago [15] Business Line Data and Key Metrics Changes - The company has diagnosed more children with rare diseases than anyone else globally, with a data asset of over 3 million patients and more than 850,000 exomes and genomes [3][4] - The company is expanding its focus from expert geneticists to pediatric specialists, aiming to reduce the average age of diagnosis from five years to three years [12] Market Data and Key Metrics Changes - There are approximately 600,000 children diagnosed with developmental or intellectual delays, with 60,000 general pediatricians involved in diagnosing these conditions [13][14] - The company is targeting 12 Epic integrated systems by the end of the year, with a goal to connect to over 800 level three and four NICUs [22][25] Company Strategy and Development Direction - The company aims to become a household name in genetic testing, focusing on early diagnosis of rare diseases to alleviate the burden on families [2][17] - The acquisition of Fabric Genomics is intended to enhance the company's interpretation-as-a-service capabilities and expand into international markets without the need for extensive lab setups [36][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the new guidelines from the American Academy of Pediatrics, which could significantly shift the standard of care for children and increase testing utilization [12][17] - The company anticipates an 18 to 24-month timeline for significant changes in general pediatrician behavior regarding testing orders [19] Other Important Information - The company has made over 500 gene disease discoveries, contributing to a virtuous cycle of product improvement [9] - The company is focusing on expanding its biopharma business, which has shown potential for significant growth by matching patients to clinical trials [40][41] Q&A Session Summary Question: What is the anticipated mix between two-day and five-day tests? - The company charges more for ultra-rapid testing ($5,000 to $7,000) compared to the five-day turnaround tests, which are priced lower [29] Question: What is the size of the volume base that could be converted quickly? - The company is focusing on general pediatricians who are actively diagnosing children with developmental delays, aiming to convert existing orders through education and improved customer experience [13][15] Question: What does the Fabric Genomics acquisition add to the business? - The acquisition allows the company to leverage its data asset for interpretation-as-a-service globally, enhancing diagnostic accuracy and efficiency [36][38] Question: How is the company approaching the NICU opportunity? - The company is targeting NICUs to increase genetic testing utilization, with a current testing rate of less than 5% among NICU patients [24][25] Question: What are the company's expectations for the pediatric market? - The company expects early adopters among general pediatricians to begin ordering tests within the next 18 to 24 months, although significant impacts on revenue are not anticipated until later [21][19]

Diageo (DEO) FY 2025 Conference September 04, 2025 02:15 PM ET Speaker0Good afternoon, everyone, and thank you very much again for joining us for this afternoon session. I'm very happy to have Nick Genghani here from Diageo joining us. So Nick, thank you for coming to the conference this year. Yes, we've got these lovely ritual drinks in front of us.Speaker1We served them all day yesterday, I think, starting at 08:10, and that's the beauty of a nonalcoholic product, right? There's no real cocktail hour that ...

Financial Data and Key Metrics Changes - The company reported a 6.4% top-line growth in the quarter, despite a volume growth of only 2.3% equivalent admissions year-to-date, which was below the original guidance of 3% to 4% [15][7][5] - Medicaid volume decreased by 1.2% year-to-date, which was expected to be flat or slightly up, impacting approximately 17% of total volume [8][7] - Self-pay volume increased by only 1.5% year-to-date, significantly lower than the anticipated 3% to 4% range [11][13] - Medicare volume growth was at 3%, slightly below the initial estimate of 3.5% to 4% [17][19] Business Line Data and Key Metrics Changes - The commercial book, excluding exchanges, saw growth of just under 1% in the first half of the year, compared to a normal range of 1% to 2% growth [39][41] - Total commercial book growth, including exchanges, was around 4% to 4.5% year-to-date [43][45] - Exchange volume growth was 3% from Q1 to Q2, compared to a 15% increase in the previous year [31][29] Market Data and Key Metrics Changes - The healthcare exchanges accounted for about 8% of total volume and 10% of revenue, with utilization patterns falling between commercial and Medicaid populations [121][127] - The company noted that exchange patients utilize emergency care more than average employer-based patients and have lower utilization of elective procedures [123][121] Company Strategy and Development Direction - The company remains focused on organic growth within its 43 markets, investing 45% to 55% of capital back into these markets [193][196] - M&A activity is ongoing, with two acute care hospitals acquired this year and continued interest in outpatient acquisitions [198][200] - The company is committed to maintaining a balanced approach to capital allocation, including dividends and share repurchase programs [201][210] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of the labor market, noting improvements in wage inflation and retention rates [88][90] - The company is actively monitoring the potential impacts of enhanced exchange subsidies and Medicaid supplemental payments, with plans to provide more guidance in the fourth quarter [115][120] - Management highlighted the importance of revenue integrity and asset utilization as key components of their resiliency plan [145][146] Other Important Information - The company is leveraging advanced technologies, including AI, to improve claims processing and reduce denials [156][162] - Management indicated that the proposed OPPS rule was disappointing, while the inpatient IPPS rule was more favorable than expected [189][191] Q&A Session Summary Question: Can you elaborate on the volume trends from Q1 to Q2? - Management noted a decrease in Medicaid and self-pay volumes, contributing to lower overall volume growth than anticipated [7][11] Question: How do you view the impact of exchange growth on comparisons? - Management acknowledged that last year's exchange enrollment growth created a tougher comparison for this year [25][27] Question: What are the expectations for the second half of the year? - Management indicated that the implied growth rate for the second half is consistent with the first half, considering various moving parts [74][78] Question: How is the company addressing labor costs? - Management reported stable labor costs and improvements in retention rates, with a focus on reducing reliance on contract labor [88][90] Question: What is the company's stance on enhanced exchange subsidies? - Management is optimistic about the potential extension of subsidies but emphasized the need for clarity before making specific estimates [112][115] Question: How does the company view its M&A strategy moving forward? - Management confirmed ongoing M&A activity, particularly in outpatient services, while maintaining a disciplined approach to capital allocation [198][200]

Driven Brands (DRVN) FY 2025 Conference September 04, 2025 01:50 PM ET Company ParticipantsMark Jordan - VP - Equity ResearchMike Diamond - EVP & CFODaniel Rivera - Director, President & CEOMark JordanAll right. Good afternoon, everyone. Thank you for joining us at the Goldman Sachs 32nd Annual Global Retailing Conference. My name is Mark Jordan. I'm an analyst here at Goldman Sachs. It's my pleasure to introduce Driven Brands and to moderate our fireside chat. We have with us today Daniel Rivera, President ...

Macy’s (M) FY 2025 Conference September 04, 2025 01:50 PM ET Company ParticipantsBrooke Roach - VP - Equity ResearchTony Spring - Chairman & CEOTom Edwards - COO & CFOBrooke RoachGood afternoon and welcome to this next session of the Goldman Sachs 32nd Annual Global Retailing Conference. My name is Brooke Roach, and I cover the apparel, soft lines, and branded consumer goods here at GS. I'm thrilled to introduce our next session with Macy's. Here today representing Macy's is Tony Spring, Chairman and CEO, a ...

Driven Brands (DRVN) FY 2025 Conference September 04, 2025 01:50 PM ET Speaker1All right. Good afternoon, everyone. Thank you for joining us at the Goldman Sachs 32nd Annual Global Retailing Conference. My name is Mark Jordan. I'm an analyst here at Goldman Sachs. It's my pleasure to introduce Driven Brands and to moderate our fireside chat. We have with us today Daniel Rivera, President and CEO, and Mike Diamond, Executive Vice President and Chief Financial Officer. Daniel, Mike, it's a pleasure to have yo ...

Petco Health and Wellness Company (WOOF) FY 2025 Conference September 04, 2025 01:50 PM ET Speaker0Hi, hi everybody. Thank you for attending one of our last fireside chats of the conference. It's our pleasure to introduce you to Petco Health and Wellness Company Inc. Today we have with us Joel Anderson, Chief Executive Officer, and we also have with us Sabrina Simmons, Chief Financial Officer. Thank you both for joining us today. We're excited to have you. You do have a lot going on.Speaker2Yes, we do.Speak ...