Dexcom (NasdaqGS:DXCM) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsDavid Roman - Managing DirectorJake Leach - President and CEOJereme Sylvain - CFOJoanne Wuensch - Managing DirectorJosh Jennings - Managing DirectorMarie Thibault - Managing DirectorMatt Taylor - Managing DirectorRichard Newitter - Managing DirectorSean Christensen - VP of Finance and Investor RelationsTravis Steed - Managing DirectorZachary Day - Equity Research AssociateConference Call ParticipantsBrandon Vazque ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $3.2 billion, a 10% increase compared to Q4 2024, while full-year revenue was $12 billion, reflecting a 9% growth versus 2024 [32][33] - Non-GAAP net income for Q4 2025 was $1.3 billion, up 24% year-over-year, resulting in earnings per share of $5.03, a 26% increase compared to the prior year [37] - The company ended 2025 with $12.3 billion in cash, cash equivalents, and marketable securities, positioning it well for future investments [37] Business Line Data and Key Metrics Changes - Cystic fibrosis (CF) therapies generated full-year 2025 growth of 7% globally, with U.S. CF revenue growing 11% year-over-year [32][33] - CASGEVY achieved $54 million in revenue in Q4 and $116 million for the full year 2025, indicating strong patient initiations and first cell collections [34] - JOURNAVX delivered $27 million in sales in Q4 and $60 million for the full year, with significant growth in quarterly prescriptions since its launch [34][35] Market Data and Key Metrics Changes - The CF population has seen a 3% annual increase over the last five years, contributing to revenue growth [20] - In Europe, reimbursement for ALYFTREK has been secured in key countries, enhancing market access [21] - The company has engaged with payers covering over 210 million lives regarding the renal pipeline, indicating strong interest and education on IgAN [60] Company Strategy and Development Direction - The company aims to expand leadership in CF, accelerate adoption of CASGEVY, and grow JOURNAVX while advancing its renal franchise [6][29] - The renal pipeline is expected to rival the scale of the CF business, with a focus on patient-centric approaches and securing reimbursement [29][30] - The company is committed to serial innovation and comprehensive patient support programs to enhance access to its therapies [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustained growth through commercial execution and innovation [6] - The guidance for 2026 anticipates total revenue in the range of $12.95 billion to $13.1 billion, representing 8%-9% growth versus the prior year [38] - The company expects combined non-GAAP operating expenses to be in the range of $5.65 billion to $5.75 billion as it continues to invest in its late-stage clinical pipeline [39] Other Important Information - The company has initiated a rolling BLA submission for povetacicept in IgAN, with breakthrough therapy designation granted by the FDA [11][12] - The company plans to double the size of its field force for JOURNAVX in Q2 2026 to drive prescription growth [26] Q&A Session Summary Question: Concerns about hypogammaglobulinemia adverse events related to pove - Management indicated that while low IgG levels are expected, data from the RUBY-3 study showed no serious adverse events or infections associated with low IgG levels, suggesting a favorable benefit-risk profile [43][44] Question: Guidance details for CF component and ALYFTREK performance - Management provided total revenue guidance of $12.95 billion to $13.1 billion, with a non-CF contribution of $500 million or more, while noting strong international launch contributions for ALYFTREK [49][51][52] Question: Payer access and reimbursement for pove - Management reported positive engagements with payers, indicating strong interest in the product and ongoing discussions to ensure access [59][60] Question: Expected results on proteinuria for pove - Management emphasized the importance of proteinuria response magnitude, referencing RUBY-3 results as a benchmark for expected outcomes in the RAINIER trial [62][64] Question: Rationale for studying pove in generalized myasthenia gravis - Management highlighted the significant patient population and limitations of current treatments, positioning pove as a potentially superior option due to its mechanism of action [70][72]

SPS Commerce (NasdaqGS:SPSC) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsChad Collins - CEOIrmina Blaszczyk - Director of Investor RelationsKim Nelson - CFOConference Call ParticipantsChris Quintero - Equity Research AnalystDylan Becker - Equity Research AnalystGeorge Kurosawa - Equity Research AnalystJeff Van Rhee - Equity Research AnalystLachlan Brown - AnalystMatt VanVliet - Equity Research AnalystMatthew Kikkert - Associate AnalystNehal Chokshi - Equity Research AnalystScott ...

CVRx (NasdaqGS:CVRX) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsJared Oasheim - CFOKevin Hykes - President and CEOMike Vallie - Healthcare Investor Relations Managing DirectorConference Call ParticipantsChase Knickerbocker - Senior Equity Research AnalystFrank Takkinen - Senior Research AnalystJohn Young - Research AnalystLily Lozada - Research AnalystMax Smock - Equity Research AnalystNone - AnalystOperatorWelcome to the CVRx Q4 2025 Earnings Call. At this time, all participant ...

Sensus Healthcare (NasdaqCM:SRTS) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAnthony Vendetti - Executive Managing DirectorBen Haynor - Managing Director of Medical Technology ResearchJavier Rampolla - CFOJoe Sardano - Chairman and CEOMichael Sardano - President & Chief Commercial OfficerTirth Patel - VPOperatorGood afternoon, and welcome to the Sensus Healthcare Fourth Quarter and Full Year 2025 Financial Results Conference Call. All participants will be in listen-only mode. Sh ...

Financial Data and Key Metrics Changes - In Q4 2025, global revenue reached $1.319 billion, reflecting a 14% year-over-year increase or 13% on a constant currency basis [32] - Adjusted EBITDA for Q4 was $542 million, with an Adjusted EBITDA margin of 41%, up 20 basis points year-over-year [34] - Free cash flow for the full year 2025 increased by 33% to $1.25 billion, representing a free cash flow conversion of 99% [35] Business Line Data and Key Metrics Changes - The U.S. and Canada region generated $979 million in revenue, growing 9%, while Europe saw revenue of $245 million, growing 25% [32][33] - Revenue from the Rest of World markets was $96 million, growing 64% [33] - Ad impressions grew by 41% in Q4, but ad pricing declined by 19% year-over-year due to a mix shift towards under-monetized international markets [33] Market Data and Key Metrics Changes - Global monthly active users (MAUs) reached 619 million, up 12% year-over-year, marking the tenth consecutive quarter of record-high users [31] - The U.S. and Canada region had 105 million MAUs, growing 4%, while Europe had 158 million MAUs, growing 9%, and the Rest of World markets had 356 million MAUs, growing 16% [31] Company Strategy and Development Direction - The company aims to broaden its revenue mix and accelerate sales transformation, focusing on mid-market and SMB advertisers [8][22] - AI is positioned at the core of the company's strategy, enhancing user experiences and optimizing internal operations [9][16] - The acquisition of tvScientific is intended to leverage high-intent audiences beyond Pinterest's own surfaces, expanding monetization opportunities [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with Q4 revenue performance, attributing it to external factors like tariffs affecting ad spend from large retailers [7][17] - The company is focused on improving monetization to reflect user engagement strength, with plans to enhance sales and go-to-market strategies [19][20] - Management remains optimistic about long-term growth potential, emphasizing the need for execution improvements to match user engagement with revenue [29][42] Other Important Information - The company has made significant progress in expanding its Taste Graph, which grew by nearly 40% in 2025, enhancing content relevance and recommendations [13] - Approximately 50% of new code is AI-generated, reflecting the company's commitment to leveraging AI for operational efficiency [16] Q&A Session Summary Question: Can you talk more about the drivers of Q4 revenue and the Q1 guidance? - Management noted that larger retail advertisers created a headwind in Q4 as they pulled back on ad spend, impacting revenue more significantly due to the current revenue mix [47] Question: How is the new go-to-market team likely to drive wallet share and digital advertising for Pinterest? - The new team is focused on broadening revenue, particularly across mid-market and SMB advertisers, and enhancing measurement and technical capabilities within the sales organization [53][56] Question: Can you discuss the necessary tech investment to broaden the advertiser base? - Management indicated that significant tech investment is required to deepen the advertiser base and enhance performance selling capabilities, particularly for SMBs [59][64]

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $122 million, a 30% increase year-over-year, with 40% from systems and 60% from recurring revenue [5][10] - Full year revenue for 2025 was $453 million, up 13% year-over-year, indicating a market recovery trajectory [6][10] - Gross margin for Q4 was 40.8%, lower than guidance due to one-time inventory charges, with expectations for Q1 gross margin to return to approximately 45% [11][14] Business Line Data and Key Metrics Changes - Recurring business accounted for about 60% of total revenue in Q4, with recurring bookings up 34% sequentially [4][10] - Systems demand increased by 47% quarter-over-quarter, driven by higher equipment orders from major global customers [4][10] - Recurring revenue grew 4% quarter-over-quarter and 25% year-over-year, reflecting strong customer reliance on Cohu [5][10] Market Data and Key Metrics Changes - Test serialization trends improved, with estimated test serialization at 76% by the end of December, particularly strong in computing (78%) and automotive (75%) segments [7][10] - The top ten customers accounted for approximately 63% of Q4 bookings, indicating a healthy level of diversification [5][10] Company Strategy and Development Direction - Cohu is focusing on high-performance computing, HBM memory, and AI-related high-growth opportunities, streamlining offerings to better align with customer needs [11][12] - The company aims to support R&D investments enabling design wins in compute markets, including AI data center infrastructure [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating regional shifts and aligning with customers investing in long-term technology transitions [9][10] - The company anticipates a balanced mix of recurring and system revenue, with positive momentum entering 2026 [10][15] Other Important Information - Cash and investments increased by $286 million during Q4, totaling $484 million at year-end, primarily due to proceeds from convertible debt and operational cash generation [12] - Total debt stands at $305 million, including $288 million from the Q4 convertible debt offering [12] Q&A Session Summary Question: Order activity in Q4 - Management noted systems orders were up 47% quarter-over-quarter, with recurring orders up 34% [18][20] Question: Revenue from Neon high bandwidth memory - The company exited 2025 with $11 million in HBM revenue and forecasts $15 million to $20 million for 2026 [22][23] Question: Eclipse activity and capacity - Management confirmed capacity to meet demand for the Eclipse handler, with production ramping expected in the second quarter [25][26] Question: Customer activity changes - Management observed increased demand from traditional customers and strong pull for the Eclipse product line in compute and mobile applications [34][36] Question: IDM versus OSAT performance - Utilization rates for IDMs were slightly higher than OSATs in Q4, with expectations for OSATs to potentially increase faster in Q1 [49][50]

CVRx (NasdaqGS:CVRX) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsJared Oasheim - CFOKevin Hykes - President and CEOMike Vallie - Healthcare Investor Relations Managing DirectorConference Call ParticipantsChase Knickerbocker - Senior Equity Research AnalystFrank Takkinen - Senior Research AnalystJohn Young - Research AnalystLily Lozada - Research AnalystMax Smock - Equity Research AnalystNone - AnalystOperatorWelcome to the CVRx Q4 2025 Earnings Call. At this time, all participant ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue declined by 6% year-over-year to $101.1 million, while full-year revenue decreased by 8% to $396.9 million compared to $432.5 million in 2024 [20][28] - Free cash flow for 2025 was approximately $18 million, with client retention reaching 87%, up from the start of 2025 [10][29] - Net income for Q4 decreased by 53% to $3.2 million, with earnings per share at $0.17, while full-year net income decreased by 21% to $22.2 million [28][31] Business Line Data and Key Metrics Changes - Research segment revenue for Q4 was $76.6 million, down 4% year-over-year, while full-year revenue was $295.6 million, a decline of 7% [25] - Consulting revenue for Q4 was $21.8 million, down 16%, and $88.2 million for the full year, a decline of 9% [26] - Events revenue for Q4 was $2.7 million, a decline of 1%, and for the full year, it decreased by 29% to $13.1 million [26] Market Data and Key Metrics Changes - Client count increased in Q4 for the first time since Q4 2021, reflecting a positive trend in client engagement [10] - The percentage of contract value (CV) from multi-year deals increased to 72% at year-end, up from 69% in Q4 2024 [10] Company Strategy and Development Direction - The company plans to return to CV growth in 2026 by focusing on four initiatives: improving retention lifecycle, introducing more product options, fostering a culture of growth in sales, and producing actionable research [11][18] - A restructuring affecting 8% of employees was announced to align costs with revenue and focus on expanding research contract value [16][22] - The strategy consulting business will be exited due to ongoing instability and competition, while advisory services will continue [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are navigating a new paradigm shaped by AI, with increasing complexity in decision-making and technology challenges [6][7] - The company expressed optimism about the future, highlighting the potential of AI Access and the positive impact of new product offerings [19][31] - Management acknowledged macroeconomic uncertainties and the impact of the U.S. government's consulting pullback on performance [20][30] Other Important Information - The company is investing in AI to enhance its research capabilities and improve client engagement [18][32] - The new event strategy will focus on smaller, localized events to better meet client needs [17][53] Q&A Session Summary Question: Can you elaborate on the consulting restructure and expected revenue impact? - The revenue impact from sunsetting strategy consulting is approximately $6 million, with a backlog of about $8 million to service throughout 2026 [36] Question: What are the reasons for lower wallet retention? - Management indicated that volatility in the U.S. government sector and uncertainties in the U.S. business are contributing factors [38][39] Question: Can you discuss the product pipeline for the year? - The company is focused on providing more ways for clients to engage and purchase, with new product offerings scheduled for the year [44][48] Question: How did AI Access perform in Q4? - AI Access exceeded expectations with strong performance and a significant pipeline for the upcoming year [72][78] Question: Will there be changes in the sales process with new leadership? - The sales strategy will be reorganized around six industries, focusing on high-potential accounts and improving retention lifecycle execution [68][71]

Financial Data and Key Metrics Changes - Warrior achieved a record high quarterly sales volume of 2.9 million short tons in Q4 2025, a 53% increase compared to 1.9 million tons in Q4 2024 [14] - Total sales volume for 2025 was 9.6 million short tons, a 21% increase year-over-year, while production volume reached 10.2 million short tons, a 24% increase from 2024 [6][7] - Adjusted EBITDA for Q4 2025 was $93 million, a 31% increase from Q3 2025, and a 75% increase from $53 million in Q4 2024 [21][23] - Net income for Q4 2025 was $23 million, or $0.44 per diluted share, compared to $1 million or $0.02 per diluted share in Q4 2024 [23] Business Line Data and Key Metrics Changes - Blue Creek mine began longwall operations in Q4 2025, contributing 1.3 million tons of production, exceeding expectations [15][16] - Mine No. 4 set a new record high output for both sales and production volume, continuing its strong performance [7] - Cash costs per ton decreased to approximately $94 in Q4 2025 from $120 in the same quarter last year, reflecting lower overall spending and the contribution of low-cost Blue Creek tons [27] Market Data and Key Metrics Changes - The PLV FOB Australia index averaged $182 per short ton in Q4 2025, marking a 9% increase from Q3 2025 [9] - Chinese steel export volumes for 2025 reached a record high of 119 million metric tons, a 7.2% increase year-over-year, while crude steel production decreased by 4.4% [8] - The average East Coast HVA index price decreased by $6 per ton, or 4%, in Q4 2025 compared to Q3 2025 [10][11] Company Strategy and Development Direction - Warrior plans to ramp production in line with contractual volumes to support pricing discipline while maximizing long-term value [17] - The company aims to reduce coal inventory levels to just below 1 million tons by the end of 2026 [35] - Warrior's strategy includes significant investments in Blue Creek, which is expected to enhance the company's cost structure and drive margin expansion [19][38] Management's Comments on Operating Environment and Future Outlook - Management expects steelmaking coal markets to remain consistent with 2025 levels, entering 2026 from a position of strength with higher contracted volumes and record production capacity [32] - The company anticipates total sales and production volumes to be significantly higher in 2026 due to the early start of Blue Creek longwall operations [32] - Management expressed cautious optimism regarding pricing, noting that recent disruptions in global mining production may be temporary [36] Other Important Information - Warrior's total available liquidity at the end of Q4 2025 was $484 million, consisting of cash and cash equivalents of $300 million, short-term investments of $43 million, and $141 million available under the ABL Facility [31] - The company plans to spend the remaining construction CapEx of $50-$75 million on the Blue Creek project in Q1 2026 [33] Q&A Session Summary Question: What is the PLV price assumption for 2026? - The PLV assumption is a range of $185-$215 per short ton [41][43] Question: How should working capital be expected to change in 2026? - Working capital is expected to build in the first half of the year due to increased accounts receivable and inventory [44][65] Question: What are the payments for federal leases? - The payments for federal leases are about $9 million per year for four years [46][48] Question: How will cash flow be managed in 2026? - The company expects to be free cash flow positive in the second half of 2026, depending on pricing [56][58] Question: What is the outlook for Mine No. 4's production? - Mine No. 4 is expected to continue running at levels similar to the previous year, maintaining strong performance [88]