Financial Performance - Revenue for 2Q 2025 was $145 million, a decrease of 13.6% compared to $168 million in 2Q 2024[10, 24] - Gross margin was 39.2% in 2Q 2025, compared to 42.9% in 2Q 2024[10, 27] - Adjusted EBITDA was $14 million in 2Q 2025, compared to $27 million in 2Q 2024, with a margin of 9.8% versus 15.9%[10, 27] - Adjusted net loss was $1.936 million, compared to an income of $7.269 million in 2Q 2024[27, 42] Revenue Mix & Growth Pillars - Grills accounted for 51% of revenue, consumables 24%, and accessories 25%[12, 13] - Consumables revenue increased by approximately 7% in 2Q 2025[15] Tariff Mitigation & Project Gravity - The company expects to offset approximately 80% of the $60 million unmitigated tariff exposure for Fiscal Year 2025[6, 16] - Project Gravity is expected to drive $30 million of annualized cost savings once fully implemented, with realized savings expected to be up to $13 million in FY 2025[7, 18] Liquidity & Debt - The company had $180 million in liquidity at the end of 2Q 2025, compared to $175 million in 2Q 2024[20] - Net debt was $402 million in 2Q 2025, compared to $409 million in 2Q 2024[20] Fiscal Year 2025 Guidance - Total revenue is projected to be between $540 million and $555 million[29] - Gross margin is expected to be between 40.5% and 41.5%[29] - Adjusted EBITDA is projected to be between $66 million and $73 million[29]

Second Quarter 2025 Financial Results Conference Call August 6, 2025 Matt, an XDEMVY® Patient Today's Speakers Bobby Azamian, MD, PhD CEO & Chairman Aziz Mottiwala Chief Commercial Officer Jeff Farrow Chief Financial & Strategy Officer 2 | © Tarsus Pharmaceuticals | For Investor Purposes Only Forward-Looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These statements and the most recent Form 10-Q quarterly filing filed with the SEC include statemen ...

Financial Performance - Marqeta's Total Processing Volume (TPV) in Q2 2025 reached $91 billion[8], reflecting a 29% increase year-over-year[8] - Net Revenue for Q2 2025 was $150 million[12], representing a 20% increase year-over-year[12] - Gross Profit for Q2 2025 was $104 million[15], with a Gross Profit Margin of 69%[15]; the increase was partly driven by a revised accounting policy for estimating and recognizing Card Network Incentives, effective Q2'25, which contributed 8.6 percentage points to the Gross Profit growth[16] - Adjusted Operating Expenses for Q2 2025 were $76 million[18], a decrease of 7% year-over-year[18] - Adjusted EBITDA for Q2 2025 was $29 million[21], resulting in an Adjusted EBITDA Margin of 19%[21] Financial Guidance - The company projects Net Revenue Growth of 15-17% for Q3 2025 and 17-18% for fiscal year 2025[32] - Gross Profit Growth is expected to be 12-13% for Q3 2025 and 18-19% for fiscal year 2025[32] - Adjusted EBITDA Margin is anticipated to be 15-17% for Q3 2025 and 14-15% for fiscal year 2025[32] Non-GAAP Measures - The report utilizes non-GAAP financial measures such as Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Operating Expenses to provide supplemental insights into the company's performance[23] - Adjusted EBITDA is defined as Net (loss) income adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; acquisition-related expenses; income tax expense; and other income, net[24] - Adjusted Operating Expenses are defined as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; and acquisition-related expenses[26]

Financial Performance - Revenues reached $97.8 billion, a 23% increase year-over-year[11] - Adjusted Earnings per Diluted Share increased by 5% to $8.26[11] - The company is raising its Fiscal 2026 Adjusted Earnings per Diluted Share outlook to a range of $37.10 to $37.90[11] Segment Results - U.S Pharmaceutical revenues increased by 25% to $89.954 billion, with adjusted segment operating profit up by 17% to $950 million[15] - Prescription Technology Solutions revenues grew by 16% to $1.434 billion, and adjusted segment operating profit increased by 21% to $269 million[16] - Medical-Surgical Solutions revenues increased by 2% to $2.701 billion, with adjusted segment operating profit up by 22% to $244 million[17] Capital Allocation - The Board of Directors approved a 15% increase in the quarterly dividend[11] - Approximately $2.5 billion is anticipated for share repurchases in Fiscal Year 2026[27]

Pipeline and Programs - Arcus Biosciences has $927 million in cash, cash equivalents, and marketable securities as of June 30, 2025, funding operations through initial pivotal readouts for domvanalimab, quemliclustat, and casdatifan, including PEAK-1[10] - Casdatifan plus cabozantinib showed a confirmed ORR of 46% in patients who reached a minimum of 12 weeks of follow-up in IO-experienced ccRCC[16] - In first-line PDAC, a Phase 1 study showed a median overall survival (mOS) of 157 months (n=122) for patients treated with a quemliclustat-based regimen, exceeding historical benchmarks for chemotherapy alone (85 – 117 months)[108] - The company is targeting substantial market opportunities with three late-stage programs: Post-IO ccRCC (~$2B), IO-naive ccRCC (~$3B), 1L Gastric/GEJ/EAC (~$3B), 1L NSCLC (~$10B), and 1L PDAC (>$4B)[12] Casdatifan (HIF-2α Inhibitor) - Casdatifan plus cabozantinib in IO-experienced ccRCC demonstrated a high confirmed overall response rate (cORR) of 46% with a low rate of primary progression of 4%[29] - Casdatifan monotherapy in 2L+ ccRCC showed a confirmed ORR ranging from 21% to 33% across three cohorts, with median progression-free survival (PFS) of 97 months in the 50mg BID cohort[53] - Casdatifan achieves similar PD effect (EPO suppression) at only 20mg, one-fifth the "going forward" dose of 100mg[21] Domvanalimab (Anti-TIGIT mAb) - In the Phase 2 EDGE-Gastric study, patients with TAP ≥ 5% had a median PFS of 138 months, while those with TAP < 5% had a median PFS of 113 months[82] - In 1L PD-L1 High NSCLC, domvanalimab + zimberelimab showed a median PFS of 93 months compared to 54 months for zimberelimab alone, with a HR of 067[90] - In 1L PD-L1 High NSCLC, domvanalimab + zimberelimab showed a HR of 064 for overall survival (OS) compared to zimberelimab alone[90] Partnerships - Arcus retains co-promotion rights and profit share in the US, with high-teens to low-20's royalties on ex-US sales[19] - Taiho has development/commercial rights in Japan and the rest of Asia (ex-China), with up to $275 million in milestones per program and high single-digit to mid-teens royalties[19]

OBDC Highlights - OBDC's portfolio has a size of $169 billion across 233 portfolio companies[2] - The asset mix is heavily weighted towards senior secured debt, with 81% senior secured and 76% first lien investments[2] - The portfolio yield is 106% and the dividend yield is 104%[2] - OBDC's net debt-to-equity leverage is 117x[2] - The company's market capitalization is $72 billion[2] Blue Owl's Credit Platform - Blue Owl manages a market-leading credit business with $146 billion in AUM[3,10] - Diversified lending accounts for $75 billion of the credit platform's AUM[10] - BDCs make up more than half of Blue Owl's Credit platform AUM[10] Investment Strategy and Portfolio - Blue Owl primarily focuses on making debt and equity investments in U S upper middle-market companies[3] - The company's direct lending platform has extensive sponsor relationships with 800+ financial sponsors[3,13,35] - The average annual net loss rate is 7 basis points since the inception of the direct lending business in 2016[3] Financial Performance - The company has a total return of 92% since inception[32,35] - The portfolio is downside protected, with 81% senior secured and 98% floating rate investments[32] - The company's Q2 2025 net asset value per share was $1503[38]

Preterm Birth Challenge - Preterm birth affects 1 in 10 babies[9], contributing to 342% of newborn deaths[9, 14] - The US preterm birth rate increased from 94% to 104% between 2013 and 2023[11] - In 2016, the average cost to manage complications of prematurity in the US was $64,815 per preterm birth[17] - Preterm births account for 61% of neonatal costs for in-hospital deliveries[17] - 50% of women who deliver prematurely have no known risk factors[22] PreTRM Test & AVERT Trial - The PreTRM test is designed to screen women without obvious risk factors for preterm birth, using a blood draw between 18 and 20 6/7 weeks of gestation[32, 34] - The AVERT PRETERM Trial demonstrated that the PreTRM test-and-treat strategy reduced neonatal hospital length of stay by 7 days[57] - The AVERT study showed an 18% reduction in severe neonatal morbidity and mortality with the PreTRM test-and-treat strategy[59, 60] PRIME Trial Results - The PRIME trial (2025) showed that the odds of adverse outcomes on the Neonatal Morbidity Index (NMI) scale were 25% lower in the intervention group compared to the control group (Odds Ratio 075)[90, 93] - The PRIME trial also indicated that infants in the intervention group had an 18% lower risk of prolonged hospital stays (Hazard Ratio 082) when focusing on the 10% with the longest stays[98] - In the full analysis set and intent-to-treat population of the PRIME trial, there was a 20% reduction in odds of NMI and a 22% reduction in odds of NICU admissions[103] Meta-Analysis of PRIME and AVERT - A meta-analysis of the AVERT and PRIME trials demonstrated a 22% decreased risk of prolonged hospital stay[113] - The meta-analysis also showed a 22% decreased odds of Neonatal Morbidity and Mortality (NMI)[120] Economic Value - With 5 million covered lives, the annual cost savings from PreTRM is $148 million, or $296 per covered life, with 39,773 pregnancies eligible and screened[128] - The PreTRM test shows powerful results, with the Number Needed to Screen (NNS) to prevent one NICU day demonstrated in the PRIME and AVERT study to be 3-4[125]

Company Overview - Sonos' FY24 revenue reached $1.52 billion[9] - The company boasts a strong patent portfolio with over 4,300 US patents and applications[9] - The average number of Sonos products per household in FY24 was 3.08[9] - Existing households account for 44% of product registrations[9] Market Position and Strategy - Sonos differentiates itself through an open content and control platform combined with premium hardware[12] - The company is focused on expanding its ecosystem by attracting new households and encouraging existing customers to purchase additional products[27] - Sonos is targeting a total addressable market (TAM) of $27 billion, encompassing premium global home audio and over-the-ear (OTE) headphones[48] Customer Behavior and Monetization - There are 16 million Sonos households in FY24[9] - The company identifies an incremental revenue opportunity exceeding $6 billion by increasing product adoption among existing single-product households[38] - Approximately 34% of customers repurchase within three years[41] Financial Performance - The GAAP gross margin for FY24 was 45%[9] - In FY24, Retail & Other accounted for 55% of revenue, DTC 23%, and Installer Solutions 22%[50]

Financial Performance - Red Violet achieved $82 million in Q2'25 TTM revenue[17] - The company's Q2'25 TTM Adjusted EBITDA reached $27 million[17] - Red Violet's Q2'25 Adjusted EBITDA margin was 33%[20] - The company's Q2'25 gross revenue retention was 97%[17] - Red Violet's Q2'25 adjusted gross margin was 84%[47] Customer Base - Red Violet has over 9,500 customers as of Q2'25[17] - FOREWARN has over 346,500 users as of Q2'25[52] Market Opportunity - Red Violet operates in a large and growing market with a Total Addressable Market (TAM) exceeding $10 billion[17] Revenue Growth - Red Violet experienced 22% revenue growth in Q2'25 TTM[17] - The company's Q2'25 contractual revenue accounted for 77% of total revenue[50]

Company Overview - Symbotic is an AI-enabled technology platform transforming the supply chain[17] - The company's AI/software platform drives actionable insights from goods and location data to improve inventory optimization and order accuracy[19] - Symbotic has a transformative technology platform with 46 systems in deployment and 42 operational systems[23] - The company has deep relationships with blue-chip customers and a $224 billion contracted backlog[55] Financial Performance - Symbotic experienced approximately 36% year-over-year revenue growth[23] - The company has a highly visible growth profile underwritten by approximately $224 billion contracted backlog[57] - In FY24, total revenue reached $1788 million, and adjusted EBITDA was $62 million, while GAAP net loss was approximately $85 million[59, 62] - The company is generating positive EBITDA with margin upside and strong free cash flow generation[57] Market Opportunity and Strategy - Symbotic is addressing existential threats such as labor pressures, evolving omni-channel strategies, and SKU proliferation with its AI-powered automation[13, 15] - The company is disrupting large addressable markets, including a $432 billion one-time system sales opportunity in operator-owned warehouses and a $500 billion+ "outsourced" incremental annual warehouse-as-a-service opportunity[26] - Symbotic has a long-term growth strategy targeting multiple vectors, including grocery, general merchandise, 3PL, apparel, CPG, and home improvement[51]