Financial Data and Key Metrics Changes - The company's adjusted FFO for the quarter was $1.26 per share, an increase from $1.22 in the prior year, representing a growth of 3.3% [18] - AFFO for the quarter was $1.24 per share compared to $1.20 in the prior year, also reflecting a 3.3% increase [18] - Total revenue for the quarter was $178.1 million, up from $173.1 million in the prior year [18] - Rental revenue increased by $5.3 million year-over-year, primarily due to investment spending and higher percentage rents [19] Business Line Data and Key Metrics Changes - The experiential portfolio comprises 274 properties, accounting for 94% of total investments, which stood at approximately $6.5 billion [8] - The education portfolio consists of 55 properties, all of which were 100% leased at the end of the quarter [8] - The box office in Q2 was $2.7 billion, a 37% increase compared to Q2 2024, driven by strong performing titles [9] Market Data and Key Metrics Changes - The North American box office for the first half of the year was $4.1 billion, a 15% increase over 2024 [11] - The company estimates the North American box office for the calendar year 2025 to be between $9.3 billion and $9.7 billion [11] Company Strategy and Development Direction - The company is focusing on a disciplined approach to capital allocation and has a robust pipeline of opportunities, including over $100 million committed to experiential development and redevelopment projects [5] - The strategy includes capital recycling to position the portfolio with productive and diversified experiential assets [6] - The company is particularly bullish on the fitness and wellness space, anticipating high-quality opportunities for acquisition and development [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the box office recovery and consumer demand for theatrical exhibitions, with expectations for the Regal master lease to meet percentage rent expectations [7] - Despite macroeconomic pressures, the company believes its differentiated strategy provides resilience and opportunity [7] - Management noted that the cost of capital has improved, allowing for a more aggressive growth posture in pursuing new opportunities [5] Other Important Information - The company sold a vacant former Regal Theater to Costco for net proceeds of $24 million, demonstrating the value of good real estate [17] - Year-to-date, the company has sold approximately $130 million of assets and revised its 2025 disposition guidance to a range of $130 million to $145 million [18] Q&A Session Summary Question: Is there a significant amount of assets for sale at reasonable prices? - Management indicated that there are still robust opportunities in the market, with over half of the pipeline being acquisitions, while being discerning in capital deployment [30][31] Question: How are dispositions planned for the back half of the year? - Management stated that they are close to achieving their targeted disposition range and will continue to look for opportunities to lower theater exposure [34][36] Question: How is the balance sheet strategy being approached? - Management highlighted flexibility in the balance sheet, with plans for a bond transaction to reduce line balance and prepare for upcoming maturities [40][41] Question: What is the demand for core assets? - Management noted that there is increasing interest in the theater space, with more activity and acceptance of it as an asset class [45] Question: How does the company view its exposure to Six Flags? - Management expressed confidence in their relationship with Six Flags, noting that the company is rationalizing its fleet and creating opportunities for accretive transactions [98]

Financial Data and Key Metrics Changes - TC Energy reported a 12% year-over-year increase in comparable EBITDA for Q2 2025, raising its 2025 comparable EBITDA outlook to between $10.8 billion and $11 billion, which represents a 9% increase over 2024 [7][20][22] - The company has completed or placed into service approximately $5.8 billion of capacity projects, including the Southeast Gateway and East Lateral Express projects [7][10] Business Line Data and Key Metrics Changes - Canada Gas EBITDA increased due to contributions from Coastal GasLink and higher flow-through regulated costs [18] - The U.S. business saw EBITDA growth primarily from the Columbia Gas settlement and new customer contracts [18] - The Mexico business experienced higher earnings from TGNH, driven by the Southeast Gateway pipeline completion, although offset by lower equity earnings from Sur de Tejas [19] Market Data and Key Metrics Changes - North American natural gas demand is now forecasted to grow by 45 Bcf per day by 2035, up from a previous forecast of 40 Bcf per day, driven by LNG exports, power generation, and industrial demand [8][9] - The company is engaged in commercial discussions with over 30 counterparties across the data center value chain, indicating strong customer demand for incremental service [9] Company Strategy and Development Direction - The company aims to maximize asset value through safety and operational excellence, execute a high-quality capital-efficient growth portfolio, and maintain financial strength for long-term value creation [24] - TC Energy is focusing on brownfield expansions and corridor projects, with an average project size of around $450 million, which allows for better capital efficiency [56][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution plan for the remainder of the year, expecting to place approximately $8.5 billion of assets into service, which is about 15% below budget [10][20] - The company anticipates further deleveraging to approximately 4.75 times by 2026, supported by cash flow from new projects [20][63] Other Important Information - The company released its 2025 sustainability report, highlighting a 12% reduction in absolute methane emissions over the last five years while increasing throughput by 15% [22][23] - The report also sets a new methane intensity reduction target of 40% to 55% by 2035, based on 2019 levels [23] Q&A Session Summary Question: Details on Columbia Gas settlement rates - Management confirmed a 26% increase in pre-filed firm transportation rates due to the Columbia Gas settlement, with further details to be provided in final filings [27][29] Question: Capacity availability for Meta's data center in Ohio - Management indicated strong positioning to serve capacity needs in the New Albany area, with ongoing optimization efforts [31][32] Question: 2027 EBITDA guidance considerations - Management remains confident in the 2027 EBITDA guidance range of $11.7 billion to $11.9 billion, with ongoing rate cases and project execution being key factors [37][39] Question: Canadian pipeline assets and potential toll revisions - Management does not foresee downward pressure on returns for Canadian pipeline assets, emphasizing the need for capacity expansion to meet market demands [40][42] Question: Project announcements in Pennsylvania - Management highlighted the potential for increased market share in Pennsylvania due to rising demand and ongoing project discussions [49][51] Question: Future project partnerships - Management expressed openness to partnerships for future projects, focusing on capital efficiency and leveraging existing capabilities [110]

Financial Data and Key Metrics Changes - The company reported second quarter earnings per share of $1.67, a 17% increase year over year from $1.43 in 2024 [5] - Total Marine Transportation segment revenues were $493 million with an operating income of $99 million, resulting in an operating margin of 20.1% [14] - Distribution and Services segment revenues were $363 million with an operating income of $35 million, yielding an operating margin of 9.8% [20] Business Line Data and Key Metrics Changes - Inland marine transportation saw barge utilization rates in the low to mid 90% range, with revenues increasing 1% year over year due to improved pricing [16] - Coastal marine transportation revenues increased 3% year over year and 14% sequentially, with operating margins in the high teens [17][19] - Power generation revenues increased 31% year over year, driven by strong demand from data centers and industrial customers [10] Market Data and Key Metrics Changes - Spot market rates increased in the low single digits sequentially and in the mid single digits year over year, supported by limited barge availability [7] - The inland fleet had over 1,100 barges representing 24.5 million barrels of capacity, with expectations to end 2025 with 1,110 inland barges [19] - The oil and gas segment experienced a 27% year over year decline in revenues, although operating income increased significantly due to cost management [23] Company Strategy and Development Direction - The company aims to maintain capital discipline while pursuing long-term value creation through strategic investments and acquisitions [31] - The outlook for inland marine is positive due to limited new barge construction, although some price moderation is expected [32] - The company plans to use free cash flow primarily for share repurchases, absent any acquisitions [80] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has become more complex, with trade policy shifts introducing uncertainty [29] - Despite challenges, the company expects 15% to 25% year over year growth in earnings for 2025, with potential adjustments based on demand trends [30] - The company remains confident in its ability to adapt and execute, with a strong balance sheet and solid free cash flow generation [31] Other Important Information - The company expects to unwind some working capital as the year progresses, with capital expenditures projected between $60 million and $290 million for the year [26] - The backlog in power generation projects increased by 15% to 20% in the second quarter, indicating strong future demand [53] Q&A Session Summary Question: Insights on inland business demand and spot pricing - Management acknowledged a slight pullback in chemical customer volumes but maintained a cautious outlook for the third quarter with expected barge utilization around 90% [41][42] Question: Update on power generation segment performance - The strong performance was attributed to deliveries and a growing backlog, with expectations for continued strong shipments in the third quarter [51][52] Question: Clarification on capital expenditures and M&A strategy - The company plans to defer some growth-related capital expenditures into 2026 while focusing on stock buybacks in the absence of acquisitions [78][80] Question: Outlook on inland and coastal margins - Management indicated that while inland margins are expected to remain in the low 20% range, coastal margins are anticipated to improve significantly due to supply constraints [66][67]

Financial Data and Key Metrics Changes - The company reported adjusted net investment income of $0.56 per share and adjusted net income of $0.64 per share for Q2 2025, with annualized returns on equity of 13.1% and 15.1% respectively [6][25] - The net asset value (NAV) per share increased to $17.17, up from $17.04 as of March 31, 2025, representing a 70 basis points increase [11][25] - Total investments decreased slightly to $3.3 billion from $3.4 billion in the prior quarter due to net repayment activity [25] Business Line Data and Key Metrics Changes - The company provided total commitments of $289 million and total fundings of $209 million across 13 new investments and four upsizes in Q2 [16] - Approximately 30% of commitments were sourced outside the sponsored channel, with the remaining 70% from traditional sponsor-backed finance [16] Market Data and Key Metrics Changes - The M&A market saw a 31% decline in loan volume in Q2 compared to Q1, marking the lowest levels since 2023 [12] - The company noted a significant reduction in exposure to older pre-2022 vintage assets, decreasing to 29% of the portfolio by cost, compared to 59% for the public BDC sector average [21] Company Strategy and Development Direction - The company anticipates a shift in focus from credit quality to dividend coverage as portfolio yields decline due to lower forward rates and tighter portfolio spreads [9] - The management emphasized the importance of sourcing differentiated investment opportunities to maintain robust dividend coverage, which exceeded the base dividend by 22% in Q2 [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism that credit issues are predominantly behind the company, with an improvement in non-accruals observed [8] - The company expects a moderate increase in M&A activity in the coming quarters as earlier investments approach the six to seven-year mark [14] Other Important Information - The board approved a base quarterly dividend of $0.46 per share and a supplemental dividend of $0.05 per share related to Q2 earnings [11] - The weighted average total yield on debt and producing securities was 12%, down from 12.3% in the previous quarter [22] Q&A Session Summary Question: How does the company manage portfolio diversification and risk? - The company focuses on idiosyncratic underwriting and has a strong track record of managing risk, emphasizing the importance of minimizing losses to achieve outperformance [39][40] Question: What are the attractive investment themes currently? - The company is focusing on off-the-run, non-sponsor investments, including sectors like specialty pharmaceuticals and asset-based lending, which tend to offer better returns [42][44] Question: What is the outlook for repayment activity in the second half of the year? - The company expects repayment activity to remain elevated, driven by a strong pipeline of post-2022 vintage assets [105]

Financial Data and Key Metrics Changes - Revenue for the second quarter reached $672 million, up 11% year over year, exceeding the high end of guidance [5][17] - Earnings per share (EPS) grew 25% to $1.89, also above the high end of guidance [5][19] - Gross margins increased by 70 basis points year over year to 38.9%, while adjusted EBITDA margins expanded by 50 basis points to 17% [6][19] - Free cash flow for the trailing twelve months was $216 million, aligning with expectations [7][24] Business Line Data and Key Metrics Changes - Automation Solutions revenue grew 10% year over year, with orders up 11% [20] - Smart Infrastructure Solutions revenue increased by 13% year over year, with orders up 23% [21] - Broadband business revenue also saw growth, including 5% organic growth in fiber products [22] Market Data and Key Metrics Changes - All major regions experienced growth, contributing to a 5% organic growth overall [6] - Order activity was strong, with orders up 8% sequentially and 16% year over year [6][18] Company Strategy and Development Direction - The company is focused on solutions transformation, aiming to deliver high-value offerings and enhance earnings power [6][29] - Recent wins include a multi-site solutions award with a hyperscale data center customer and a global specification from a major US automotive manufacturer, showcasing the effectiveness of the solutions strategy [8][12] - The company is positioned to benefit from trends in reindustrialization, automation, digitization, and IT/OT convergence [28][29] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing uncertainty in the macro environment but expressed confidence in the medium and long-term outlook due to fundamental trends driving the business [27][28] - The company expects steady near-term demand, with third-quarter performance likely to mirror typical seasonal patterns [27][28] Other Important Information - The company has a robust M&A pipeline focused on technology gaps, customer access, and software capabilities [69][72] - The effective tax rate for the second quarter was 12.3%, benefiting adjusted EPS by $0.11 [19][20] Q&A Session Summary Question: Thoughts on the second half demand environment - Management sees steady improvement in automation solutions and growth in key verticals, but acknowledges uncertainty in smart infrastructure solutions [34][35] Question: Margin performance and future leverage - Management indicated that the incremental EBITDA margin remains around 25% and that there are no significant changes expected [39] Question: Context on the hyperscale award - The hyperscale contract is a multimillion-dollar deal expected to play out over several years, addressing energy management challenges faced by data center providers [54][56] Question: Update on solutions sales tracking - Solutions sales are on track to reach the target of 20% by 2028, with automation solutions leading the way [58][59] Question: Comments on fiber and broadband market - The company is focused on the distribution portion of the broadband network, with strong sales in fiber products [76][78] Question: Impact of copper volatility on guidance - Guidance incorporates current copper prices, with a typical two-month lag for passing through costs to customers [80][83]

Financial Data and Key Metrics Changes - Adjusted net sales increased by 1.4% year over year, reaching approximately $3.36 billion to $3.415 billion for the full year [15][20] - Adjusted EBITDA was $73.3 million, up about 4% year over year, with an adjusted EBITDA margin rising by 20 basis points to 9.1% [15][16] - The company anticipates a full year adjusted EBITDA guidance range of $345 million to $375 million [20] Business Line Data and Key Metrics Changes - The acquisition of Harris Teas contributed nearly 5% to net sales, while pricing adjustments provided a benefit of approximately 4% [16] - Volume and mix negatively impacted adjusted EBITDA by $1.1 million, primarily due to planned margin management actions [17] - Operations and Supply Chain delivered a benefit of $10.6 million year over year, driven by cost savings and improved execution [17] Market Data and Key Metrics Changes - The private brand industry dynamics remain favorable, with private brands maintaining or gaining market share despite a lower consumption environment [7][9] - The current level of national brand promotion is below pre-pandemic levels, with expectations of increased promotional intensity in certain categories [8][9] Company Strategy and Development Direction - The company is focused on margin improvement and cost control, with a commitment to $250 million in gross supply chain savings through 2027 [11][12] - Strategic decisions include closing two plants to optimize the network within the pickles and cookies businesses, enhancing competitive positioning [14] - The company aims to leverage its supply chain initiatives and improved service levels to pursue profitable new business opportunities [21] Management's Comments on Operating Environment and Future Outlook - The operating environment is dynamic, but the company is focused on executing plans to drive profits and cash flow [5][6] - Management expects unit volumes to improve in the fourth quarter, with pricing dynamics continuing to support growth [7][21] - The company anticipates organic volume and mix to decline by high single digits in the third quarter, with a recovery expected in the fourth quarter [21][60] Other Important Information - The company is committed to maintaining a disciplined capital allocation strategy, focusing on organic and inorganic investments that enhance shareholder returns [18] - The company is monitoring tariff policies and their potential impacts on operations and pricing [20] Q&A Session Summary Question: Competitive environment and private label performance - Management noted that private label pricing increases were similar to branded units, and they performed well in four of their top five categories [25][30] Question: Innovation and its impact on private label - Management emphasized that private label acts as a fast follower in innovation, leveraging trends established by branded products [40][42] Question: Ground coffee demand and pricing - Management confirmed strong demand for ground coffee and noted that private label would benefit from lower price points due to tariff impacts [51][55] Question: Broth market share recovery - Management reported improved service levels in the broth category and anticipated regaining market share as production stabilizes [56][57] Question: Expectations for organic volume decline - Management indicated that underlying consumer trends are expected to remain steady, with some tailwinds from recovering production [60][62] Question: Gross margin evolution - Management expects gross margin to remain flat in Q3, with improvements anticipated in Q4 as efficiencies and cost savings materialize [83][84]

Financial Data and Key Metrics Changes - AMETEK reported record sales of $1,780 million, a 2.5% increase from 2024, with organic sales flat, acquisitions contributing 1.5 points, and foreign currency translation providing a one-point benefit [6][7] - Operating income was $462 million, a 3% increase over 2024, with operating margins at 26%, up 20 basis points from the prior year [7][20] - EBITDA reached a record $565 million, up 4% year-over-year, with EBITDA margins at 31.8% [7][20] - Earnings per diluted share were $1.78, reflecting a 7% increase compared to 2024 [7] Business Line Data and Key Metrics Changes - **Electronic Instruments Group (EIG)**: Sales were $1,160 million, up 1% from the previous year, with organic sales down 3% [8] - **Electromechanical Group (EMG)**: Achieved record sales of $618 million, a 6% increase from the prior year, with organic sales up 5% [10][11] - EIG operating income was $344 million with operating margins at 29.7%, while EMG's operating income was a record $144 million with margins at 23.3% [9][11] Market Data and Key Metrics Changes - The aerospace and defense sector showed strong growth with high single-digit increases in both overall and organic sales [31] - Power and Industrial businesses reported low single-digit increases in sales, indicating a positive outlook for long-term growth [32] - The process businesses experienced flat sales year-over-year, with a 4% decline in organic sales [30] Company Strategy and Development Direction - AMETEK plans to invest an additional $85 million in strategic growth initiatives across the company, focusing on research, development, and engineering [12] - The acquisition of Ferro Technologies for approximately $920 million is expected to enhance AMETEK's presence in the digital reality market and improve operating margins [14][15] - The company aims to leverage its strong cash flow for strategic acquisitions, maintaining a robust acquisition pipeline [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the challenging macro environment, citing strong operating performance and margin expansion [5][19] - The company anticipates full-year sales to increase in the mid-single digits compared to 2024, with diluted earnings per share expected to be in the range of $7.06 to $7.20 [18][19] - Management noted that the trade landscape remains fluid but emphasized proactive measures to mitigate tariff impacts [16][17] Other Important Information - The effective tax rate for the quarter was 19%, with expectations for the full year to be between 19% and 19.5% [21] - Capital expenditures for the year are projected to be approximately $160 million, about 2% of sales [22] - AMETEK's gross debt to EBITDA ratio was 0.85, with a net debt to EBITDA ratio of 0.6 at the end of the second quarter [23] Q&A Session Summary Question: Can you provide insights on the end market and regional performance? - Management noted that overall sales for process businesses were flat year-over-year, with a 4% decline in organic sales, while aerospace and defense showed strong growth [30][31] Question: What are the synergies expected from the Ferro acquisition? - Management expects a couple of cents benefit in 2025, with potential for significant margin expansion through integration into AMETEK's infrastructure [46][48] Question: How is the automation business performing? - The automation business is experiencing strong growth in orders, with profitability increases driven by both Paragon and automation [71] Question: What is the outlook for organic growth in the back half of the year? - Management anticipates organic growth to remain positive, with acquisitions contributing to mid-single-digit growth for the year [84] Question: How is the company addressing tariff impacts? - Management has implemented comprehensive plans to mitigate tariff impacts, including pricing adjustments and supply chain localization [35][66]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2025 was $1,675 million, a 9.5% increase compared to the prior year pro forma for divestitures [12] - Adjusted EBITDA margin for Q2 was 30.7%, reflecting a 230 basis point increase year-over-year and 60 basis points ahead of guidance [14] - Adjusted free cash flow was approximately $137 million, exceeding expectations due to adjusted EBITDA outperformance [15] Business Line Data and Key Metrics Changes - Solid waste adjusted EBITDA margins reached 34.7%, the highest Q2 in the company's history [7] - Pricing increased by 5.8%, 30 basis points ahead of plan, with expectations for full-year pricing now between 5.5% and 5.75% [13] - Volume growth was positive across both U.S. and Canadian geographies, with U.S. volume growth accelerating by over 200 basis points sequentially [13][46] Market Data and Key Metrics Changes - Canadian volume growth was reported at 6.3% for Q2, with EPR-related activities contributing significantly [46] - U.S. volume growth turned positive despite industrial and construction-oriented slowdowns, indicating resilience in the business model [46] Company Strategy and Development Direction - The company is focused on densifying existing markets and has a robust M&A pipeline, with expectations to deploy $700 million to $900 million in M&A for the year [39] - The strategic growth investments in EPR are expected to yield significant returns, with ongoing operational efficiencies contributing to margin expansion [10][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate external headwinds and achieve record-setting performance [7] - The updated guidance reflects an increase in adjusted EBITDA target by $50 million, or 2.6%, despite economic uncertainties [11] Other Important Information - The company completed three small tuck-in acquisitions in the quarter and anticipates closing three more soon [10] - The impact of foreign exchange rates is significant, with a $30 million impact on annualized revenues for every 1 point move in FX [16] Q&A Session Summary Question: Potential options for the GIP business - Management is in the final stages of evaluating options for the GIP business, with two final bidders and a favorable outcome expected [27] Question: Update on margin improvements and self-help levers - Management highlighted pricing outperformance and improved labor turnover as key contributors to margin expansion, with expectations for continued improvement [32] Question: M&A pipeline visibility - The company is on track to achieve the high end of its M&A spending guidance, focusing on tuck-in acquisitions within existing markets [40] Question: Volume performance amidst economic weakness - Management noted that despite macroeconomic challenges, volume performance remains strong due to strategic market selection and investments [44] Question: Clarification on EPR contributions to volume - EPR is contributing significantly to volume growth, with management indicating that it was included in the original guidance [55] Question: Impact of bonus depreciation on free cash flow - Bonus depreciation is expected to provide a $25 million to $30 million tailwind, positively affecting free cash flow conversion [60] Question: Fleet conversion to CNG trucks - The company is progressing towards converting 50% of its fleet to CNG trucks over the next few years, particularly in large residential contracts [103]

Financial Data and Key Metrics Changes - Total operating income for Q2 2025 was $967 million, reflecting a 97% year-over-year growth, driven by significant unmet needs in MG and CIDP [13][14] - Product net sales were $949 million, with a quarter-over-quarter growth of 19% or $158 million compared to Q1 2025 [13][14] - The gross to net ratio increased from 12% in 2024 to approximately 20% by the end of Q2 2025 [16][75] - The company reported a profit after tax of $245 million for the quarter, with a year-to-date profit of $415 million [20] Business Line Data and Key Metrics Changes - Plinab achieved a remarkable year-over-year growth of 97% across all approved indications [4] - The company is treating 15,000 patients globally with Vipcart, including 2,500 CIDP patients just one year post-launch [5] - The introduction of the prefilled syringe (PFS) has driven new patient starts and prescriber demand, with 50% of PFS patients being new to the product [24] Market Data and Key Metrics Changes - In the U.S., product net sales reached $802 million, with an 18% quarter-over-quarter growth [14][15] - The contribution from non-U.S. markets now represents over 15% of global product net sales, indicating successful expansion [14] - The company is seeing strong growth in Japan and Germany, with both markets off to a fast start following recent launches [61] Company Strategy and Development Direction - The company’s Vision 2030 roadmap aims for long-term value creation, with a focus on expanding labeled indications and advancing a robust late-stage pipeline [4] - The strategy includes a commitment to innovation, with multiple registrational trials initiated in large market opportunities [4][6] - The company is expanding its immunology innovation platform, with four new molecules in Phase I studies targeting high unmet needs [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential within MG and CIDP, emphasizing the transformative impact of their treatments [30] - The company anticipates data from six Phase III and six Phase II trials over the next eighteen months, which could unlock new patient populations [31] - Management acknowledged the competitive landscape but remains committed to leading through innovation and maintaining high treatment standards [56] Other Important Information - The company has a strong cash position of $3.9 billion, up from $3.4 billion at the beginning of the year, primarily driven by operating cash flow [20][88] - The effective tax rate for the year to date is reported at 15% [19] Q&A Session Summary Question: How have your cycles per year in MG evolved? - Management confirmed that net revenue per patient remains consistent despite a higher gross to net ratio, with no price increases in 2025 [36][37] Question: Can you provide a breakdown of the PFS switches between Hytrula and IV? - Management indicated that Hytrulo is driving the majority of growth, with 50% of PFS patients being new to the product [42] Question: How much of the gMG patient adds were due to the prefilled syringe? - Management noted that the prefilled syringe significantly contributed to patient growth, with a strong prescriber base established [47] Question: What are your thoughts on increasing competition? - Management acknowledged the competitive dynamics but emphasized their commitment to innovation and maintaining leadership in the market [56] Question: Can you comment on the CIDP launch and patient dynamics? - Management reported strong growth in CIDP, primarily from IVIG switches, and noted that they are still early in the launch curve [68][70] Question: What is the outlook for gross margin? - Management expects gross margin to remain around 11%, with offsetting factors affecting cost of sales [66] Question: Can you provide an update on the FDA spares update from June? - Management stated that they are monitoring the situation and have not observed a significant change in the benefit-risk ratio [98][100]

Climb Global Solutions (CLMB) Q2 2025 Earnings Call July 31, 2025 08:30 AM ET Speaker0Good morning, everyone, and thank you for participating in today's conference call to discuss Climb Global Solutions' financial results for the second quarter ended 06/30/2025.Joining us today are Climb's CEO, Mr. Del Foster the company's CFO, Mr. Matthew Sullivan and the company's Investor Relations Adviser, Mr. Sean Mansouri with Elevate By now, everyone should have access to the second quarter twenty twenty five earning ...