Appian (APPN) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Speaker0 note this event is being recorded. I would now like to turn the conference over to Jack Andrews, Vice President of Investor Relations. Please go ahead. Speaker1 Good morning, and thank you for joining us. Today, we'll review Appian's first quarter twenty twenty five financial results. With me are Matt Calkins, Chairman and Chief Executive Officer and Mark Lynch, Interim Chief Financial Officer. After prepared remarks, we'll open the call ...

Financial Data and Key Metrics Changes - Total net revenues increased by 43.6% year over year to $141,400,000, with significant contributions from all products [4][26] - Net income before income taxes for Q1 2025 was $71,300,000, a 145% increase year over year [28] - GAAP net income for Q1 2025 was $56,700,000, or $0.47 per basic share, reflecting a 144% increase year over year [28] - Non-GAAP net income for Q1 2025 was $86,600,000, or $0.71 per basic share, compared to $46,800,000 in Q1 2024 [28][29] Business Line Data and Key Metrics Changes - Firdapse generated revenue of $83,700,000, a 25.3% increase year over year [6][27] - Agamry's net product revenues totaled $22,000,000, compared to $1,200,000 in Q1 2024, marking its first full year of commercial availability [9][27] - Fycompa's net product revenue was $35,600,000, representing a year-over-year growth of 17.1% [11][28] Market Data and Key Metrics Changes - Approximately 20% to 25% of current Firdapse patients are cancer-associated LEMS patients, with expectations to increase this percentage through screening initiatives [49][90] - The market for LEMS is estimated at $1,200,000,000, with the company currently holding about 25% market penetration [94] Company Strategy and Development Direction - The company aims to expand its market leadership for Firdapse and Agamry while managing the transition of Fycompa post-patent expiry [12][15] - Strategic initiatives include enhancing patient access and focusing on business development opportunities that align with the company's goals [15][75] - The company is committed to advancing health equity by expanding access to therapies for underserved populations [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum and achieving full-year revenue guidance of $545,000,000 to $565,000,000 [16][26] - The company is focused on executing strategic priorities and maintaining operational excellence [15][36] Other Important Information - The company ended Q1 2025 with cash and cash equivalents of $580,700,000, an increase from $517,600,000 at the end of 2024 [34] - Research and development expenses for Q1 2025 were $3,900,000, up from $2,600,000 in Q1 2024, reflecting ongoing investments in clinical studies [33] Q&A Session Summary Question: What contributed to Firdapse's growth this quarter? - Management indicated that approximately 15% to 20% growth is typical, and the strong performance in Q1 was partly due to recovery from the Change Healthcare incident [39][41] Question: What is the proportion of Fycompa patients on tablet versus oral suspension? - Approximately 85% of Fycompa patients are on the tablet formulation [44][62] Question: How is the uptake of Firdapse among small cell lung cancer patients? - Currently, 20% to 25% of LEMS patients on Firdapse are cancer-associated, with plans to increase this through screening efforts [49][90] Question: What are the company's current thoughts on business development? - The company remains focused on identifying immediately accretive opportunities and sees the current market dynamics as beneficial for its strategy [54][56] Question: How does the company plan to minimize brand erosion for Fycompa post-exclusivity? - Management noted that there is a tendency for anti-seizure medications to retain patients, which may help minimize brand erosion [70][72] Question: What is the company's market penetration for Firdapse? - The company estimates a market penetration of about 25% for Firdapse, with significant growth potential remaining [94][96]

Financial Data and Key Metrics Changes - The company reported a 12% growth in royalty receipts, reflecting strong performance in a diversified portfolio [5][19] - Portfolio receipts grew by 17% to $839 million, driven by milestone payments and strong underlying performance [20][22] - The company repurchased $723 million of its shares in the first quarter, part of a $2 billion share repurchase plan for 2025 [6][24] Business Line Data and Key Metrics Changes - The cystic fibrosis franchise, including Trelegy and Xtandi, was a key driver of growth in royalty receipts [19] - Milestone and other contractual receipts amounted to $51 million, including a significant milestone payment of $27 million [20] Market Data and Key Metrics Changes - The company expects portfolio receipts for 2025 to be between $2.975 billion and $3.125 billion, reflecting growth of 6% to 12% [8][27] - The weakening of the U.S. Dollar is expected to provide a tailwind to revenue growth [8] Company Strategy and Development Direction - The company is focused on a dynamic capital allocation framework, balancing share repurchases with attractive royalty acquisitions [6][24] - A new Phase III R&D funding collaboration with Biogen for latifilumab in lupus was announced, indicating a focus on high-potential therapies [7][10] - The company aims to leverage its unique business model to drive shareholder value in the growing biopharma market [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong financial performance in 2025, citing a robust pipeline and effective capital allocation [32][34] - The company does not expect significant impacts from tariffs on its royalties, as tariffs are typically incurred upstream of royalty-bearing sales [31][50] Other Important Information - The company raised its full-year 2025 guidance, reflecting strong portfolio performance and favorable currency effects [8][27] - The company maintains significant financial capacity with cash and equivalents close to $1.1 billion and investment-grade debt [22][23] Q&A Session Questions and Answers Question: Impact of regulatory and policy uncertainties on deal-making - Management noted that while there is policy uncertainty, it has not significantly impacted their opportunity set, and the investment environment remains strong [39][40] Question: Updates on Vertex cystic fibrosis portfolio negotiations - No updates were provided on the Vertex situation, but management remains confident in their position regarding KALYDECO [41] Question: Potential for Royalty Pharma to step in as a funding source - Management highlighted the significant capital needs of the biotech sector, presenting an opportunity for Royalty Pharma to provide necessary funding [48][49] Question: Clinical benefit of echopipam and market parallels - Management emphasized the unmet need in the Tourette syndrome market and the potential for echopipam to fill this gap, while also acknowledging the TD market as an interesting comparison [77] Question: Timing for potential dispute with Vertex - Management could not comment on the timing of any potential dispute with Vertex [79]

Vital Farms (VITL) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Vital Farms First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand it over to your host, John Mills with ICR. Speaker1 Good morning and welcome to Vital F ...

Cleveland-Cliffs (CLF) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Speaker0 Good morning, ladies and gentlemen. My name is Sherry, and I will be your conference facilitator today. I would like to welcome everybody to Cleveland Cliffs First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. The company reminds you that certain comments made on today's call will in ...

Financial Data and Key Metrics Changes - The group-wide adjusted property EBITDA for Q1 2025 was approximately $341 million, while adjusted for VIP hold, it was approximately $313 million [9] - Operating expenses (OpEx) were reduced to $3.1 million per day in Q1 2025, down from $3.2 million in Q4 2024, with a target to exit Q2 2025 at $3 million per day [10][12] - Available liquidity stood at $3.3 billion, with consolidated cash on hand of approximately $1.2 billion as of the end of Q1 2025 [11] Business Line Data and Key Metrics Changes - Mass drop in Macau grew each month during the quarter, reaching record highs at both City of Dreams and Studio City, with market share increasing from 14.7% in Q4 2024 to 15.7% in Q1 2025 [4][5] - Studio City property EBITDA increased by 20% quarter-over-quarter, demonstrating the positive impact of recent renovations [6] - City of Dreams Mediterranean and Cypress achieved a 10% year-over-year growth in property EBITDA for Q1 2025 [7] Market Data and Key Metrics Changes - Property visitation in Macau grew by 30% year-over-year during the May Golden Week [4] - Golden Week visitation was up 40% year-over-year, indicating strong demand and market recovery [55] Company Strategy and Development Direction - The company is focused on maintaining high-quality product offerings and strategic marketing to drive business momentum [6] - There is an ongoing strategic review of City of Dreams Manila, with potential buyers currently engaged in the process [22] - The company aims to balance capital allocation between share buybacks and debt reduction, with a focus on maximizing shareholder value [12][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business momentum, citing strong performance in Macau and a stable market share despite new competition [4][18] - The company noted that the competitive environment in the Philippines has impacted performance, prompting adjustments in cost structure and marketing programs [7] - Management highlighted the importance of Chinese policy in supporting domestic consumption and travel, which is crucial for future growth [29] Other Important Information - The House of Dancing Water show was relaunched successfully, expected to drive additional visitation to City of Dreams [5] - The company has repurchased approximately $165 million in MLCO ADSs in 2025, taking advantage of low valuations in the equity markets [12] Q&A Session Summary Question: Impact of London Legrand opening on competition - Management reported no significant impact on market share or business from the opening of London Legrand, maintaining strong performance in Q1 [15][19] Question: Update on City of Dreams Manila strategic review - The strategic review is ongoing, with potential buyers signing NDAs and working through questions [22] Question: Signs of weakness on the gaming floor - Management indicated no signs of weakness post-Golden Week, with continued strong performance observed [27][32] Question: CapEx guidance for the year - Full year CapEx guidance remains unchanged at $415 million, with the completion of Sri Lanka highlighted as a major project [33] Question: OpEx expectations for Q2 - OpEx guidance for Q2 is expected to be around $3 million per day, excluding costs related to House of Dancing Water and residency concerts [36][37] Question: Non-gaming spend insights during Golden Week - Retail and F&B activity was strong during Golden Week, although high-end luxury retail continues to face challenges [57][58]

Financial Data and Key Metrics Changes - Nova achieved record results in both revenue and profitability, with revenues growing 50% year over year and non-GAAP EPS increasing by 56% year over year [4][16] - Total revenues for Q1 2025 reached $213 million, representing a 10% quarter-over-quarter growth and a 50% year-over-year growth [16][17] - Blended gross margins were 57% on a GAAP basis and 59.6% on a non-GAAP basis, attributed to a favorable product mix and higher revenue volume growth [18] - Operating margins reached 30% on a GAAP basis and 34.5% on a non-GAAP basis, surpassing the upper range of the updated target model [19] Business Line Data and Key Metrics Changes - Significant revenue increases were noted in Gate All Around and Advanced Packaging processes, with record sales from the Prism platform and integrated metrology solutions [7][10] - The software business achieved record performance driven by strong sales of the software suite targeting high-value applications [10] - Service revenues grew more than 30% year over year, indicating robust demand across various segments [12] Market Data and Key Metrics Changes - Nova's market share increased significantly in the thin film and CD metrology segment, solidifying its position as the second-largest vendor in this market [5] - Demand for semiconductor manufacturing capacity is robust, driven by AI applications, with stable demand for mature nodes [6][14] - The company expects positive trends to continue, despite macroeconomic uncertainties impacting various sectors [6][14] Company Strategy and Development Direction - The company is focused on operational excellence and adapting to evolving market dynamics, with a strong emphasis on R&D and sales to unlock future growth opportunities [5][19] - Nova completed the acquisition of Centronics and moved into a new facility in Germany, which is expected to significantly enhance its chemical metrology division [12][13] - The company published its 2025 Sustainability Insights Report, highlighting milestones in renewable energy use and greenhouse gas emissions reduction [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to outperform in 2025, despite challenges in visibility due to the current global trade environment [15] - The company anticipates similar strong demand patterns in Q2 2025, with a cautious outlook for the second half of the year due to uncertainties [15][51] - Management noted that while there are concerns regarding customer demand shifts, no significant changes have been observed [42] Other Important Information - The effective tax rate for Q1 was approximately 15%, with GAAP EPS at $2.03 and non-GAAP EPS at $2.18 per diluted share [19] - The company ended Q1 with $812 million in cash and equivalents, having deployed $20 million in share buybacks [20] Q&A Session Summary Question: Can you talk about where you are in the gate all around ramp? - Management sees a ramp in the first half of the year with strong demand and expects to meet growth plans, though market conditions may affect the second half outlook [26][27] Question: Can you discuss the size of the opportunity between R&D and high volume manufacturing? - The initial investments are expected to grow as the business transitions to high volume manufacturing, with growth anticipated in 2025 and 2026 [28] Question: Can you elaborate on the moving pieces for gross margin? - The gross margin is viewed on an annual basis, with expected impacts from tariffs and product mix affecting the second quarter [29] Question: Did you see any revenue impact in China from tariffs? - Currently, there is no observed impact on the top line from tariffs, and service growth is expected to meet targets for 2025 [33] Question: What is the framework for tariff impacts? - The main impact on gross margin comes from the BOM of machines, with most supply chains localized, resulting in a modest impact [35][36] Question: What is the outlook for China in the second half? - The nominal value from the China business is expected to stay flat or slightly decline year over year, with strong performance anticipated in other regions [54]

Financial Data and Key Metrics Changes - The company reported total revenue of over $45 million for Q1 2025, representing a 46% increase from $31 million in the same period last year [33][34] - Adjusted earnings per share (EPS) for Q1 2025 was $1.33, up from $1.20 in Q1 2024 [42] - Royalty revenue increased by 44% year-over-year, totaling $27.5 million in Q1 2025 [34][35] Business Line Data and Key Metrics Changes - Varonis' O2VARE reported net sales of $71.3 million in Q1 2025, nearly double the previous quarter's results [37] - Trevyr's Filspari achieved first-quarter U.S. sales of $56 million, representing over 180% year-over-year growth [38] - Merck's Capaxib reported Q1 sales of $107 million, more than double the prior quarter [39] Market Data and Key Metrics Changes - The company has over $200 million in cash and investments, with no debt and access to a $125 million revolving credit facility [8] - The current biopharmaceutical financing environment is challenging, leading to increased demand for royalty financing [10][11] Company Strategy and Development Direction - The company aims to deliver profitable and compounding growth through a diversified portfolio of royalty assets [14][16] - A focus on acquiring late-stage development assets and commercial assets with superior risk-reward profiles is central to the company's strategy [15][17] - The company anticipates long-term royalty revenue growth to meet or exceed a 22% compound annual growth rate [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future prospects, citing a strong start to 2025 and the potential for significant growth drivers [44] - The company is navigating short-term disruptions due to policy changes but remains focused on delivering clinical value [50][56] - Management noted that the current environment presents opportunities for mergers and acquisitions in the biotech sector [49] Other Important Information - The company executed a strategic transaction to merge its subsidiary, Pylthos Therapeutics, with Channel Therapeutics, raising $50 million in equity capital [22] - ZELSUVME, an FDA-approved therapy for molluscum contagiosum, is positioned as a first-line treatment option [29][31] Q&A Session Summary Question: Current environment for the space and special situations - Management noted an increase in special situations due to difficult financing markets for biotech companies, presenting good opportunities for the company [48][50] Question: Impact of most favored nation's status for drug pricing - Management indicated that while there may be short-term disruptions, the long-term outlook remains positive as most partners focus on the U.S. market [55][58] Question: Investment capacity and opportunities - Management expects to invest above the normal pace this year due to the number of good opportunities, while maintaining diversification limits [76][78] Question: Launch timing for ZELSUVME - The launch is expected to be independent of the merger closing, with preparations already underway [83] Question: Revenue trends for the year - Management anticipates a balanced revenue cadence throughout the year, reiterating guidance for Captisol and royalty revenue [88]

P10 (PX) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Speaker0 Hello and welcome to the PTEN First Quarter twenty twenty five Conference Call. My name is Latif and I will be coordinating your call today. Currently, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. As a reminder, today's conference call is being recorded. I will now hand the call over to your host, Mark Hood, EVP and Chief Administrative Officer. Mark, please go ahead. ...

Gladstone Commercial (GOOD) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Speaker0 As a reminder, this conference is being recorded. It is now my pleasure to introduce Mr. David Gladstone, Chief Executive Officer. Thank you, sir. You may begin. Speaker1 Well, thank you, Latonya. That was a nice introduction and thank all of you for calling in and listening to our pitch. We enjoy this time that we get with you and on the phone and wish we had more time to talk to you, but only do this once a quarter. And no ...