Gladstone Investment (GAIN) Q4 2025 Earnings Call May 14, 2025 08:30 AM ET Company Participants David Gladstone - Founder, Chairman & CEOMichael Licalsi - General Counsel & SecretaryDavid Dullum - PresidentTaylor Ritchie - CFOMickey Schleien - MD - Equity ResearchErik Zwick - Managing Director, Equity Research Operator and welcome to Gladstone Investment Corporation Fourth Quarter and Year End Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session w ...

Financial Data and Key Metrics Changes - The company reported net revenue of $65.4 million, a decline of 4.1% year-over-year [11] - Adjusted gross profit margin remained strong at 76.4%, an increase of 10 basis points year-over-year [11] - Adjusted EBITDA was $4.4 million, reflecting a margin of 6.7% [11] Performance by Business Line - Milk Makeup experienced a revenue decline of 15.1%, but domestic performance was solid, driven by the successful launch of Hydro Grip Gel Skin Tint [12][13] - Obagi Medical achieved net revenue of $36.2 million, increasing 7.1% from the previous year, despite out-of-stock issues [14] Market Data and Key Metrics Changes - Milk Makeup's U.S. retail sales showed high single-digit growth, particularly due to the launch into Ulta Beauty [12][17] - Obagi Medical's growth was tempered by supply chain issues, but the brand remains the fastest-growing top 10 professional skincare brand [36] Company Strategy and Development Direction - The company aims to strengthen its supply chain and improve flexibility to meet increasing demand [9][20] - Focus on expanding digital channels and retail footprint, with Milk Makeup's entry into Ulta Beauty being a significant step [10][21] - The company is committed to innovation and expanding into new categories while maintaining a disciplined approach to distribution [30][66] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the beauty market and macroeconomic environment but expressed confidence in achieving annual growth and profitability goals [6][7] - The company expects net revenue growth in the mid-teens and adjusted EBITDA margin in the mid to high teens for the full year [27] Other Important Information - The company is actively addressing supply chain disruptions and has implemented strategic changes to enhance operational efficiency [15][18] - Cash position at the end of Q1 was $10.8 million, with net debt totaling $172.1 million [24][25] Q&A Session Summary Question: Can you expand on the supply chain restructuring for Obagi? - Management indicated that they are working on improving the flexibility and responsiveness of the supply chain to better meet demand [45][46] Question: What is driving the slowdown in the physician channel? - Management clarified that there is no significant slowdown in the physician channel, attributing the decline to less favorable comparisons with the previous year [49][50] Question: Can you provide insights on sell-through trends for Obagi and Milk? - Management noted that Milk Makeup's U.S. retail sales were strong, while Obagi operates on a sell-through basis with no significant discrepancies [54][56] Question: What are the expectations for SG&A as sales grow? - Management expects SG&A to grow in absolute terms but aims for operational leverage, keeping it relatively flat as a percentage of sales [73][74] Question: How is the company addressing tariff impacts? - Management stated that the impact of tariffs is manageable, with low exposure to China, and potential pricing actions are being evaluated [69][71]

Financial Data and Key Metrics Changes - The company reported revenue of $800,000 for the first quarter, which fell short of expectations due to external headwinds and a greater concentration of testing through healthcare events [8][27] - The cash balance at the end of the first quarter was $25.2 million, which does not include the net proceeds from a recent public offering that raised approximately $16.1 million, bringing pro forma cash to over $41 million [23][11] - The non-GAAP net loss for the first quarter was $11.2 million, slightly higher than the trailing average of $10.8 million, with a non-GAAP net loss per share of $0.16 [29][28] Business Line Data and Key Metrics Changes - The company performed 3,034 EsoGuard tests in the first quarter, exceeding the target range of 2,500 to 3,000 tests [7] - The company doubled the number of contracts in its concierge medicine program and employer contracts in the first quarter [9][10] - The average allowable amount per test from adjudicated claims was approximately $13.62, with a median at the Medicare rate of $19.38 [32] Market Data and Key Metrics Changes - The company is experiencing delays in cash collections primarily from United Healthcare due to a national issue with a new claims processing system [27] - The percentage of Medicare volume is currently estimated at 10-15%, with a goal to increase this to 40% once Medicare coverage is secured [60][61] Company Strategy and Development Direction - The company is focused on driving commercialization of EsoGuard and enhancing long-term shareholder value, with a strong emphasis on securing Medicare coverage [5][6] - The company is actively engaging with regional commercial insurers to secure EsoGuard coverage and has seen positive developments with Highmark Blue Cross Blue Shield of New York [14][15] - The company is also targeting cash pay and contracted programs with concierge medicine practices and employers to diversify revenue streams [10][81] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the imminent Medicare coverage decision and believes it will significantly enhance commercialization efforts [38][40] - The company is preparing for a potential increase in test volumes and revenue once Medicare coverage is secured, while also managing cash burn effectively [70][82] - Management highlighted the importance of ongoing clinical studies to support expanded indications for EsoGuard, particularly in asymptomatic patients [44][46] Other Important Information - The company has secured a significant NIH grant for a larger study to replicate initial positive findings regarding EsoGuard's effectiveness in patients without GERD symptoms [46] - The company is actively involved in legislative efforts to promote biomarker testing coverage, although it acknowledges the challenges in translating state mandates into payer reimbursements [84][85] Q&A Session Summary Question: Impact of weather on Q1 volumes - Management indicated that there was no evidence that weather impacted volumes, noting a shift towards larger testing events which can create lumpier revenue [35][36] Question: Status of Medicare coverage discussions - Management confirmed ongoing engagement with the Medicare group and expressed confidence in the upcoming decision based on previous discussions [38][39] Question: Future studies related to EsoGuard - Management stated that additional data from the NIH study will be crucial for expanding clinical indications and market opportunities [41][46] Question: Trends in Medicare mix - Management noted that the current Medicare volume is lower than desired but plans to increase this significantly post-approval [60][61] Question: Marketing strategies for concierge medicine - Management explained that they are optimizing patient-facing materials and processes to effectively market EsoGuard within concierge practices [72][73] Question: Legislative efforts for biomarker testing - Management is actively engaged in legislative efforts to promote biomarker testing coverage but does not expect it to be a complete solution [84][85]

Kamada (KMDA) Q1 2025 Earnings Call May 14, 2025 08:30 AM ET Company Participants Brian Ritchie - Managing DirectorAmir London - Chief Executive OfficerChaime Orlev - Chief Financial OfficerAnnabel Samimy - Managing Director Conference Call Participants Jim Sidoti - Analyst Operator Greetings, and welcome to the Comida First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a re ...

Financial Data and Key Metrics Changes - First quarter revenue was $5,600,000, a decrease from $9,400,000 in the same period of 2024, primarily due to the temporary suspension of sales in France and lower investments in sales and marketing [21][22] - Adjusted net operating loss narrowed by 48% to $5,900,000 compared to the prior year, with gross margin expanding to 75% from 73% in the prior year and 45% in the previous quarter [5][21] - Cash and cash equivalents at the end of the first quarter were $20,400,000, providing a runway to achieve FDA approval and profitability [23][11] Business Line Data and Key Metrics Changes - Sales and marketing expenses decreased to $3,600,000 from $6,100,000 in the same period in 2024, driven by increased operating efficiency [22] - Research and development expenses were reduced to $2,600,000 from $5,700,000, primarily due to reduced costs related to the IDISSIPPI trial [22] - General and administrative expenses decreased to $5,200,000 from $6,400,000, with adjusted expenses at $3,800,000 excluding one-time financing costs [23] Market Data and Key Metrics Changes - The company observed over 40% growth quarter over quarter and year over year in its B2B2C model pilot in clinics in Europe [7] - The company expects revenues to ramp as the year progresses with the expansion of the B2B2C model and enhanced sales team onboarding [8] Company Strategy and Development Direction - The company’s 2025 plan focuses on five pillars: a new commercial plan, gaining FDA approval for the Allurion balloon, achieving profitability for the ex-U.S. business, scaling the AI product platform, and resuming commercialization in France [6][7] - The company aims to combine the Allurion program with low doses of GLP-1s to create a new standard of care for obesity management [16][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the efficiency of the new B2B2C model and the potential for significant shareholder value as the strategy is executed [25] - The company is optimistic about completing the PMA submission to the FDA by June and is encouraged by the FDA's feedback during the pre-PMA meeting [10][11] Other Important Information - The company is making progress in treating patients in France and has reengaged clinics and retrained providers [14] - The company does not expect any impact on gross margin from tariffs for the balance of the year [12] Q&A Session Summary Question: Trends in regional markets with the new marketing strategy - Management noted that mature markets for GLP-1s are creating tailwinds, and the expansion of the direct sales force is expected to accelerate new account openings [27][28] Question: Timeline and patient enrollment for the GLP-1 trial - Enrollment is expected to begin in the latter half of this year, with a one-year follow-up for at least 75 subjects across multiple sites in Europe [30][31] Question: Design of the trial arms - The trial will focus on validating previous retrospective work with a single arm prospective trial design, using historical data as comparators [32] Question: Future gross margin expectations - Management expects margins to remain in the same range as the first quarter for the remainder of the year, with potential increases as revenues ramp up [34][35] Question: Details on the pre-PMA meeting and next steps - The FDA was receptive to alternative analyses for the control group data, which could strengthen the overall application [39][41] Question: Procedure growth and trends in Q2 - Procedure volume is stable, with some growth in certain territories, and a recovery is expected in France in the second half of the year [57][58]

Financial Data and Key Metrics Changes - Celebrite achieved a 23% year-on-year growth in Annual Recurring Revenue (ARR), reaching $408 million [26] - Adjusted EBITDA grew by 34% year-on-year, resulting in a 22% margin [8][32] - First quarter revenue was $107.5 million, a 20% increase from the previous year, primarily driven by a 21% growth in subscription revenue [30] - Non-GAAP net income was $26.2 million, with diluted non-GAAP EPS growing by 25% [33] Business Line Data and Key Metrics Changes - The Insights product family drove the majority of net ARR expansion, with a significant uplift from transitioning legacy digital forensics licenses [28] - Guardian's ARR growth rate exceeded 100% for the third consecutive quarter, indicating strong adoption [11][30] - Pathfinder is growing in line with the core business, with new enhancements expected to change its adoption trajectory positively [78] Market Data and Key Metrics Changes - The Americas region grew by 27%, with strong performance in state and local government and Latin America [27] - EMEA experienced a 15% expansion, while Asia Pacific saw a 28% growth [27] - The U.S. Federal segment faced modest shortfalls, impacting overall performance [10][26] Company Strategy and Development Direction - Celebrite is focused on growth while managing spending to support bottom-line objectives, with a commitment to expanding its capabilities in AI and cloud technologies [8][24] - The company is doubling down on the intelligence and defense sectors, responding to increased demand driven by geopolitical factors [14][75] - Celebrite is actively pursuing FedRAMP authorization to enhance its federal business opportunities [58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2025, citing a growing pipeline and the potential for recovery in federal spending [13][35] - The company remains cautious about the federal sector's spending environment but sees opportunities for growth in intelligence and defense [12][90] - Management highlighted the importance of their software in addressing rising crime rates and the sophistication of technology used in criminal activities [43][52] Other Important Information - Celebrite held its first user conference, attracting approximately 700 attendees from various agencies and enterprises [18] - The company announced a new spring 2025 release featuring cloud foundation and AI-powered innovations [19] - Celebrite's cash and investments totaled $509.8 million, reflecting a strong balance sheet [34] Q&A Session Summary Question: Is there any deterioration in the demand environment? - Management noted no material change in leadership decision-making and expressed optimism about the pipeline and new opportunities surfacing [42][44] Question: What is the visibility on deal closures? - Management indicated that while there is some slippage, the pipeline is growing, and new projects are accelerating [48][52] Question: Update on FedRAMP certification timing? - Management expects to achieve FedRAMP authorization to operate by the end of Q3 2025, pending sponsorship from a federal agency [59][61] Question: Insights on EMEA efforts? - Management emphasized the importance of demonstrating commitment to global operations and meeting with customers in key regions [66] Question: Why not embed more conservatism in the second half guidance? - Management expressed confidence in the pipeline and the necessity of their software, indicating a belief in a strong second half rebound [71][73]

Kamada (KMDA) Q1 2025 Earnings Call May 14, 2025 08:30 AM ET Company Participants Brian Ritchie - Managing DirectorAmir London - Chief Executive OfficerChaime Orlev - Chief Financial OfficerAnnabel Samimy - Managing Director Conference Call Participants Jim Sidoti - Analyst Operator Greetings, and welcome to the Comida First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a re ...

Smith Douglas Homes (SDHC) Q1 2025 Earnings Call May 14, 2025 08:30 AM ET Company Participants Joe Thomas - SVP of Accounting & FinanceGregory Bennett - President, CEO, Director & Vice ChairmanRuss Devendorf - Executive VP & CFOMike Dahl - Managing Director - Equity ResearchJay McCanless - SVP - Equity Research Conference Call Participants Alex Isaac - Equity Research AnalystRafe Jadrosich - Managing Director & Senior Equity Analyst Operator Thank you for standing by. My name is Tina, and I will be your con ...

Financial Data and Key Metrics Changes - Net sales for Q1 2025 increased by 4.5% to $10 million compared to $9.6 million in the same quarter last year, primarily driven by higher volumes with recurring national customers [19] - Profit for Q1 2025 remained flat at $3.4 million compared to the previous year [20] - Gross margin decreased to 33.9% from 35.6% year-over-year, attributed to higher cost of goods sold as operating capacity and inventory increased [20] - Operating loss for Q1 2025 was $1.7 million, compared to a loss of $700,000 in Q1 2024 [21] - Cash used in operating activities increased to $5.4 million from $2.4 million year-over-year, driven by higher inventory purchases [22] Business Line Data and Key Metrics Changes - The company launched a new multifunctional soda line, which includes flavors like berry bubbly and strawberry vanilla, aimed at expanding its better-for-you portfolio [9][10] - Core product sales saw an expansion at Albertsons Safeway, adding over 1,100 new points of distribution for Reed's Ginger Ale [11] - Successful national offshoot program with Flying Cauldron at Albertsons exceeded internal projections and retail expectations [11] Market Data and Key Metrics Changes - The company secured national distribution in Sprouts Farmers Market and executed resets for all four Reed's functional SKUs across major retailers [10] - Distribution gains were noted in three states at Trader Joe's for classic new alcohol products, reflecting growing demand across core functional and alcohol portfolios [13] Company Strategy and Development Direction - The company is focused on sustainable growth and profitability, with immediate priorities on execution and operational improvements [17] - A strategic shift towards better inventory management and fulfillment rates is underway, supported by a recent capital infusion from a private placement [5][6] - The transition from glass bottles to cans is on track, enhancing cost structure and scalability [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about operational improvements and the potential for profitable growth, emphasizing a commitment to delivering premium, better-for-you beverages [23] - The company anticipates some modest gross margin pressure in Q2 due to seasonal promotion activity and higher trade spend [15] Other Important Information - The company appointed Rude Baker to the board of directors, bringing extensive experience in the beverage industry [8] - The company is actively evaluating alternative suppliers and sourcing strategies to mitigate potential disruptions from global trade dynamics [14] Q&A Session Summary Question: Operating expenses were higher than expected; what should be expected going forward? - Management indicated that the increase in SG&A is due to upfront investments in personnel and marketing to support growth initiatives, and they aim to remain disciplined in managing these expenses [25][27] Question: Will gross margins be pressured in Q2? - Management expects some seasonal compression in gross margins due to trade discounts and additional investments in the functional beverage launch [28] Question: Is there any revenue guidance for the year? - Management refrained from providing specific revenue guidance but emphasized a focus on growth and operating efficiency moving forward [33]

DarioHealth (DRIO) Q1 2025 Earnings Call May 14, 2025 08:30 AM ET Speaker0 morning, ladies and gentlemen, and welcome to the DarioHealth First Quarter twenty twenty five Results Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Wednesday, 05/14/2025. I would now like to turn the conference over to Kat Paralla, Investor Relations Manager at Dario. Kat, please go ahead. Speaker1 Thank you, ...