New York Times (NYT) Q1 2025 Earnings Call May 07, 2025 09:00 AM ET Speaker0 Good morning, everyone, and welcome to the After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Anthony DiClemente, Senior Vice President, Investor Relations. Please go ahead. Speaker1 Thank you, and welcome to The New York Times Company's first quarter twenty twenty five earnings conference call. On the call tod ...

LivaNova (LIVN) Q1 2025 Earnings Call May 07, 2025 08:00 AM ET Speaker0 Good day, ladies and gentlemen, and welcome to the LivaNova plc First Quarter twenty twenty five Earnings Conference Call. My name is Emily, and I'll be coordinating your call today. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Ms. Brianna Gottlin, Levernova's Vice President of Investor Relations. Please go ahead. Speaker1 Thank you, and welcome to our conference ...

Lantheus (LNTH) Q1 2025 Earnings Call May 07, 2025 08:00 AM ET Speaker0 Good morning. Welcome to Lantheus First Quarter twenty twenty five Conference Call. All lines have been placed on mute. This call is being recorded and a replay will be available in the Investors section of the company's website approximately two hours after the completion of the call and will be archived for at least thirty days. I'll now turn the call over to Mark Kanarney, Vice President of Investor Relations. Mark? Speaker1 Thank yo ...

Financial Data and Key Metrics Changes - The company reported revenue of $162 million for Q2 2025, with gross margins at 24.9% which included $38.6 million in EA-related inventory and supply chain charges [21] - Total operating expenses were $125.1 million, including restructuring charges of $8.8 million and impairment charges of $39.8 million [21] - The company anticipates a revenue outlook of $145 million for Q3 2025, with gross margins projected at 46.5% [23] Business Line Data and Key Metrics Changes - The decision to discontinue the electronics assembly (EA) equipment business was announced, which accounted for charges of $86.6 million primarily related to inventory write-downs and restructuring [21] - The automotive and industrial sectors saw a sequential decline of approximately 7% in Q2, but were up nearly 14% year-over-year due to ongoing demand improvements [10] - The APS business continues to provide stable revenue, with expectations for overall installed base and utilization trends to improve [11] Market Data and Key Metrics Changes - Southeast Asia experienced a significant slowdown, accounting for the majority of the company's Q2 to Q3 weakness, while order activity increased in China and Taiwan [22][28] - Utilization rates in China are over 80%, while Taiwan's utilization is just touching 80% [70] - The ongoing trade situation has created uncertainty in global markets, particularly affecting the automotive and industrial sectors [8] Company Strategy and Development Direction - The company intends to focus on vertical wire, power semiconductor, advanced dispense, and thermal compression technologies to enhance growth prospects [9] - The restructuring effort aims to improve long-term financial performance and gross margins [7] - The company is well-positioned to leverage its technology leadership in high-volume semiconductor markets [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the semiconductor industry's resilience despite macroeconomic uncertainties [8] - The company anticipates continued capacity digestion supported by improving utilization rates, with expectations for a return to incremental capacity growth in core markets [23] - Management noted that customer hesitation is primarily due to uncertainties surrounding tariffs and trade dynamics [60] Other Important Information - The company has nearly 120 systems installed across 10 different customers, demonstrating a strong market presence [19] - The vertical wire technology is expected to drive significant interest and potential production ramp by 2026 [12] Q&A Session Summary Question: Can you provide insights on June's dynamics and expectations beyond? - Management indicated a Q3 slowdown, particularly in Southeast Asia, with Q2 revenue at $162 million and Q3 guidance at $145 million, attributing the decline to tariff concerns in the automotive and industrial sectors [28][32] Question: What is the revenue run rate of the EA business being exited? - The EA business generated approximately $25 million to $30 million annually, with gross profits around $7 million to $11 million [38] Question: What are the dynamics on the power semiconductor front? - The power semiconductor market is expected to grow rapidly, with new products being introduced to enhance market share [41] Question: Can you elaborate on the utilization rates in Taiwan and China? - Utilization rates in China are over 80%, while Taiwan's are just touching 80%, with expectations for continued high utilization [70] Question: How is the company addressing customer hesitation due to trade policies? - The company manufactures in Singapore, avoiding direct tariff impacts, but acknowledges indirect costs and customer caution due to trade uncertainties [74]

Financial Data and Key Metrics Changes - The company reported a 5% decline in organic net sales and adjusted EBITDA of $34 million, which is over 20% below last year's performance [13][20] - Adjusted gross margin fell 50 basis points to 21.8% in the third quarter, and adjusted EBITDA margin decreased by 140 basis points to 8.6% of net sales [20] - Interest costs decreased by 16% year over year to $12 million, driven by lower outstanding borrowings and a reduction in interest rates [22] Business Line Data and Key Metrics Changes - In North America, organic net sales declined 10% year over year, primarily driven by lower sales in Snacks and Baby and Kids [24] - International organic net sales grew by 0.5%, led by growth in Meal Prep and Baby and Kids, despite declines in beverages and snacks [25] - Snacks category saw a 13% year-over-year decline in organic net sales, while Baby and Kids experienced a 6% decline [27] Market Data and Key Metrics Changes - The North American segment accounted for 80% of the top line shortfall, with two-thirds attributed to Snacks [40] - The international segment is expected to improve sequentially in the fourth quarter due to pricing actions and new innovations [25] - The overall snacks category has softened, with only a few brands driving growth during the quarter [40] Company Strategy and Development Direction - The company launched a new strategy called "Hain Reimagined," aimed at streamlining operations and simplifying the product portfolio [6][9] - A formal process to review the company's portfolio has been initiated to maximize shareholder value, with Goldman Sachs retained as a financial advisor [9] - The focus is on five key drivers: simplifying the business, accelerating innovation, implementing strategic revenue growth management, driving operational productivity, and enhancing digital capabilities [16][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the third quarter results were disappointing and emphasized the need for clarity, focus, and action moving forward [11][12] - The company expects organic net sales growth for the full year to decline approximately 5% to 6%, with adjusted EBITDA around $125 million [33] - Management remains optimistic about the future, citing strong brands in attractive categories and a commitment to continuous improvement [34][35] Other Important Information - The company took charges totaling $8 million associated with restructuring, with total transformation program charges expected to be between $115 million and $125 million by fiscal 2027 [21] - Free cash flow in the third quarter was an outflow of $2 million, compared to an inflow of $30 million in the prior year [29] - The company closed the quarter with cash on hand of $44 million and net debt of $665 million, with a net leverage ratio of 4.2 times [30][31] Q&A Session Summary Question: Insights on Snacks and Infant Nutrition Categories - Management acknowledged underperformance in Snacks, attributing 80% of the top line shortfall to North America, with two-thirds from Snacks [40][41] - They noted execution challenges and category softness, but expressed confidence in brand health and upcoming marketing efforts [41][42] Question: Visibility and Forecasting Improvements - Management indicated that investments in the commercial team and digital capabilities would enhance forecasting and visibility [50][51] Question: Strategic Review Details - The strategic review aims to evaluate the strategy and portfolio to maximize shareholder value, with no specifics available yet as the process is early [58][59] Question: Pricing Strategy and Market Environment - Management confirmed that pricing is under review and emphasized the need for improved execution in revenue growth management [90][91] Question: Brand Positioning and Value Creation - Management stated the importance of creating value in brands through innovation and marketing, aiming to charge appropriate prices based on brand value [76][77] Question: Right to Win and Competitive Environment - Management expressed confidence in the company's right to win, emphasizing the need for brand renovation and innovation to support growth [78][80]

Financial Data and Key Metrics Changes - As of March 31, 2025, the company had approximately $457.5 million in cash, cash equivalents, restricted cash, and marketable securities, down from $502.9 million as of December 31, 2024 [43] - Total net product revenue for Q1 2025 was $39.4 million, a decrease of $8 million from Q4 2024, attributed to an inventory drawdown among distributors [43][44] - Research and development expenses for Q1 2025 were $15.1 million, compared to $29.4 million for the same period in 2024, primarily due to lower clinical trial costs [44][45] - Selling, general, and administrative expenses increased to $40 million in Q1 2025 from $27.1 million in the same period last year, mainly due to higher personnel expenses [45] Business Line Data and Key Metrics Changes - Q1 Rytello net revenues were $39.4 million, down from Q4, with demand relatively flat at a 1% increase compared to the previous thirteen weeks [6][44] - Approximately 900 sites of care utilized Rytello as of April 2025, an increase of almost 300 new sites since the end of Q4 [24] - Demand grew approximately 10% in the four-week period ending April 25 compared to the prior four-week period, marking the highest month-over-month growth since October 2024 [25] Market Data and Key Metrics Changes - The estimated U.S. total addressable market for Rytello is approximately 15,400 lower-risk MDS patients, with significant opportunities to expand use in earlier lines of treatment [15] - In Europe, the estimated total addressable market for Rytello is approximately 80% of the U.S. market [15] - Approximately 85% of U.S. covered lives are now under favorable Rytello medical coverage policies consistent with FDA label and NCCN guidelines [26] Company Strategy and Development Direction - The company's top priority is the successful commercialization of Rytello in the U.S., with plans to increase brand awareness and refine marketing efforts [5][17] - The company is pursuing a disciplined path for EU commercialization, planning to engage third-party partners to minimize investment while focusing on U.S. efforts [11][28] - The ongoing Phase III trial for Imetelstat in relapsed-refractory myelofibrosis could potentially double the commercial opportunity for Rytello if successful [12][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q1 sales were modest and do not reflect the product's true commercial potential, emphasizing the commitment to making Rytello part of the standard of care [47] - The company is encouraged by early performance indicators and is ready to make adjustments to improve commercial execution [47] - The interim analysis for the Phase III trial is expected in the second half of 2026, with management optimistic about the potential outcomes [49] Other Important Information - The company is in the process of identifying a permanent CEO, with a decision expected within the next six months [12] - The company plans to maintain financial discipline while investing in the commercialization strategy for Rytello [46] Q&A Session Summary Question: What are the expectations for Q2 given the inventory impacts and demand improvements? - Management noted that inventory issues have been addressed and expects continued momentum into Q2, with new commercial representatives expected to impact later in the year [50][53] Question: Can you comment on commercial efforts to promote switching to Rytello? - Management highlighted that awareness and education are key, with positive shifts in perceptions regarding Rytello's efficacy and cytopenia management among physicians [56][58] Question: What is the current status of inventory levels? - The inventory at the end of Q1 was on the lower end of two to two and a half weeks, indicating a drawdown from the higher levels seen previously [93] Question: Are new patient starts exceeding discontinuations? - Management indicated that while there is no perfect data, new patient starts are promising, with approximately 25% of new starts occurring in the first and second lines of therapy [96] Question: What drove the incremental cash burn in Q1? - The cash burn was higher due to payouts of bonuses and early investments in inventory, typical for Q1 [97]

Financial Data and Key Metrics Changes - Forge reported total revenue of $25.3 million for Q1 2025, a 36% increase from the previous quarter, marking the best revenue quarter as a public company [13] - Marketplace revenue reached $16 million, up 85% from the last quarter, with trading volume increasing 132% to $692 million [13][14] - Custodial administration fees totaled $9.3 million, reflecting a 7% decline from the last quarter due to the impact of rate cuts [15] - The net loss for Q1 2025 was $16.2 million, nearly flat compared to the $16 million loss in the previous quarter [16] - Adjusted EBITDA loss improved to $8.9 million from $10.9 million in the prior quarter [16] Business Line Data and Key Metrics Changes - The increase in marketplace revenue was driven by improved market dynamics and several large institutional block trades [7][11] - SPV (Special Purpose Vehicle) volume continued to increase, reinforcing the value of the RIA (Registered Investment Advisor) business [12] - Net take rates declined from 2.8% to 2.3% due to the rates achieved on large block trades [14] Market Data and Key Metrics Changes - The Forge Private Market Index decreased by 1.9% in April, indicating some softening in buy-side demand and valuations [21] - Despite mixed signals in the market, the company noted a growing acceptance among private market stakeholders for liquidity options as IPOs are delayed [22] Company Strategy and Development Direction - Forge is focusing on expanding its wealth management capabilities and has announced plans to acquire Acquidity Capital Management to enhance its asset management offerings [9] - The company is building partnerships, such as with Yahoo Finance and ICE, to enhance data distribution and market presence [8][52] - Forge aims to provide innovative products that combine custody and investment opportunities, targeting a broader set of investors [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong deal pipeline and continued momentum in the private market despite macroeconomic volatility [20] - The company remains cautious about the impact of tariffs and the unpredictable economic landscape on business forecasting [12][20] - Management highlighted the importance of private markets in providing liquidity amid an unclear IPO outlook [7][22] Other Important Information - The company completed a 15:1 reverse stock split and initiated a share buyback program, repurchasing approximately 315,000 shares at an average price of $13.15 [18][19] - Cash, cash equivalents, and restricted cash at the end of the quarter totaled $71.6 million, down from $106.3 million at the end of the previous year [18] Q&A Session Summary Question: Can you walk us through the rationale for the equity acquisition? - Management noted that the acquisition aims to accelerate access to passive data-driven funds, which is seen as a strategic opportunity to expand AUM and drive recurring revenue [25][27][28] Question: What are the considerations for setting up an SPV for a specific company? - Management explained that any company mature enough to attract investor interest should have an SPV, with expectations of hundreds of such structures in the coming years [35][36] Question: How do you characterize customer reengagement in Q1? - Management observed broad-based reengagement across institutions and individuals, with AI being a significant driving theme [42][43] Question: What are your thoughts on the regulatory backdrop for retail access to private markets? - Management highlighted ongoing discussions with regulators to balance investor protections while increasing access to private markets, emphasizing the importance of providing market products now [66][70] Question: What are your expectations around cash burn for the rest of the year? - Management indicated that cash burn in 2025 is expected to be less than in previous years, with a target to reach breakeven by 2026 [71][72]

Financial Data and Key Metrics Changes - Emerson reported underlying orders growth of 4%, exceeding expectations, with all regions showing positive results, including China [6][12] - Underlying sales were up 2%, with Process and Hybrid businesses growing mid-single digits, while adjusted earnings per share increased by 9% year over year to $1.48 [12][24] - Free cash flow was $738 million, reflecting a 14% increase year over year, with a free cash flow margin of 17% [24][25] Business Line Data and Key Metrics Changes - Process and Hybrid markets grew by 6%, while Discrete businesses turned positive with Test and Measurement orders up 8% [6][14] - Software and Control segment grew by 7%, driven by higher software sales, while Intelligent Devices remained flat due to safety and productivity issues [22] - The Industrial Software business saw an 11% year-over-year increase in annual contract value (ACV), supported by strong demand for AspenTech's offerings [21] Market Data and Key Metrics Changes - Demand for Process and Hybrid businesses remained strong, particularly in energy and LNG projects, with significant capital investment noted in regions like the Middle East, Africa, and India [14][18] - The Americas experienced mid-single-digit growth, while Europe saw low single-digit growth, with continued momentum in Energy Transition and Life Sciences [18][19] - The company expects mid-single-digit growth in Process and Hybrid sales in the second half, with a more muted recovery anticipated in factory automation and automotive sectors [20][36] Company Strategy and Development Direction - Emerson is focused on integrating AspenTech as a key priority for 2025, targeting $100 million in cost synergies by 2028 [10] - The company has completed its portfolio transformation, retaining the Safety and Productivity business due to its strong profitability and cash generation potential [11] - Emerson aims to maintain disciplined capital allocation, prioritizing reinvestment in the business, dividends, and share repurchases while targeting bolt-on acquisitions under $1 billion [39][96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's plans for the year, guiding for underlying sales growth of approximately 4% and raising the midpoint of adjusted EPS guidance to between $5.90 and $6.05 [9][34] - The management noted that while there are signs of tariff-induced impacts, they have not seen widespread indications affecting demand [16][32] - The company anticipates a favorable spending environment in LNG and power sectors, driven by energy security and self-reliance commitments [16][36] Other Important Information - Emerson's gross exposure to tariffs is estimated at $245 million for 2025, which the company expects to fully mitigate through pricing actions and operational adjustments [7][31] - The company reported a backlog of $7.5 billion, with a book-to-bill ratio of 1.04, indicating a healthy order flow [22] Q&A Session Summary Question: What is improving in discrete automation? - Management highlighted recovery in Test and Measurement driven by Aerospace and Defense, while noting continued weakness in automotive sectors, particularly in China and Germany [42][44] Question: How real is the pharmaceutical spending? - Management confirmed that the commitments from pharmaceutical companies are genuine, with early projects emerging in the life sciences sector [46][48] Question: What can be done with AspenTech now that the deal is closed? - Management expressed excitement about the growth opportunities with AspenTech, emphasizing the potential for double-digit ACV growth and enhanced collaboration with existing Emerson platforms [53][55] Question: Will tariff impacts be offset by the end of the fiscal year? - Management confirmed that they expect to completely cover the tariff impacts by the end of fiscal 2025 [57][59] Question: Why retain the Safety and Productivity business? - Management concluded that retaining the business would provide the best value for shareholders, given its strong profitability and alignment with U.S. manufacturing trends [66][68] Question: What data points indicate softness in China? - Management noted that softness is primarily in the chemical sector, with some positive signs in power generation and marine business [70][72] Question: What is the outlook for Test and Measurement? - Management indicated strong growth in Aerospace and Defense and a recovery in semiconductors, while automotive remains a concern [92][94]

Elanco Animal Health (ELAN) Q1 2025 Earnings Call May 07, 2025 08:00 AM ET Speaker0 Ladies and gentlemen, thank you for standing by. Welcome to Elanco Animal Health's First Quarter twenty twenty five Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to hand the call over to Tiffany Kanaga, Head of Investor Relations. You may begin your conference. Sp ...

Financial Data and Key Metrics Changes - Organic net sales decreased by 1.5% in Q2 2025, with international markets growing by 3% while North America declined by 4% [22][36] - Adjusted gross margin rate increased by 100 basis points, with productivity savings of approximately 380 basis points [37][30] - Adjusted earnings per share were $0.87, slightly down from $0.88 in the prior year quarter [38] Business Line Data and Key Metrics Changes - Wet Shave organic net sales were down about 1%, while international Wet Shave grew by 3% [24] - Grooming organic net sales increased by 9%, led by a 20% growth for the Cremo brand [28] - Fem Care organic net sales decreased by approximately 9%, primarily driven by declines in tampons and pads [29] Market Data and Key Metrics Changes - Consumption in the U.S. Sun Care category decreased by 1% in the quarter, with total market share down by 60 basis points [27] - Double-digit organic growth was observed in Greater China, with mid-single-digit growth in Japan and Europe [22] - The U.S. razors and blades category saw a consumption decline of 30 basis points, with market share decreasing by 90 basis points [25] Company Strategy and Development Direction - The company is focused on restoring momentum in North America, with significant investments in sun care and women's shave categories [12][33] - A new campaign for Hawaiian Tropic is set to be the largest investment in the U.S. in five years, targeting Gen Z consumers [34] - The company aims to leverage recent successes in international markets to replicate growth in North America [13] Management's Comments on Operating Environment and Future Outlook - Management noted increasing pressure on consumers and a decline in consumer confidence, impacting spending behaviors [17][14] - The outlook for the second half of the fiscal year anticipates a modest growth profile, with organic net sales growth expected to be flat to 1% [41] - Management expressed confidence in sequential improvement in North America, driven by new leadership and strategic initiatives [14][75] Other Important Information - The estimated impact of tariffs on cost of goods sold for fiscal 2025 is approximately $3 million to $4 million [43] - The company plans to continue exploring opportunities to mitigate tariff impacts through productivity and potential price increases [92][93] - Free cash flow for the full year is now expected to be in the range of $130 million to $140 million, reflecting lower earnings and higher inventory levels [45] Q&A Session Summary Question: Can you provide more details on the tariff impact? - The estimated in-year impact of tariffs is $3 million to $4 million, primarily affecting the fourth quarter, with a broader annualized exposure of 3% to 4% of COGS [50][52] Question: What is the confidence level for second half organic sales growth? - The company expects a 2% organic growth in the second half, driven by international growth, Sun Care category growth, and a more thoughtful approach to fem care [62][64] Question: How does the company view the North American execution? - Management clarified that while sales did not meet expectations, they are confident in execution and are investing in key programs for improvement [76][78]