Integra LifeSciences (IART) Q1 2025 Earnings Call May 05, 2025 08:30 AM ET Company Participants Christopher Ward - Senior Director of Investor RelationsMojdeh Poul - President & Chief Executive OfficerLea Knight - Executive VP & CFOYoung Li - Senior VP - Equity ResearchJayson Bedford - Managing Director - Medical Technology Conference Call Participants None - AnalystVik Chopra - AnalystLilia-Celine Lozada - AnalystRavi Misra - Associate Analyst - Medtech Equity ResearchCraig Bijou - Equity Research Analyst ...

Exagen (XGN) Q1 2025 Earnings Call May 05, 2025 08:30 AM ET Company Participants Ryan Douglas - Director, Investor RelationsJohn Aballi - CEO, President & DirectorJeff Black - CFOPaul Knight - Managing Director Conference Call Participants Kyle Mikson - Managing Director & Senior Research AnalystRoss Osborn - Director, Lead Research Analyst - MedTech and DiagnosticsMark Massaro - Managing Director - Senior Equity Research AnalystAndrew Brackmann - Equity Research Analyst Operator Greetings, and welcome to t ...

BioCryst Pharmaceuticals (BCRX) Q1 2025 Earnings Call May 05, 2025 08:30 AM ET Company Participants John Bluth - Investor RelationsJon Stonehouse - Chairman, CEO, President & Interim CFOCharles Gayer - Chief Commercial OfficerHelen Thackray - Chief Research & Development OfficerSteve Seedhouse - Biotechnology Equity ResearchGena Huidong Wang - Managing Director, Biotech Equity ResearchLaura Chico - Managing Director, Equity ResearchLiisa Bayko - Managing DirectorJon Wolleben - Managing Director Conference C ...

Recursion Pharmaceuticals (RXRX) Q1 2025 Earnings Call May 05, 2025 08:00 AM ET Company Participants Chris Gibson - Co-Founder & CEONajat Khan - Chief R&D Officer, Chief Commercial Officer and DirectorBen Taylor - CFO & President Recursion UK Chris Gibson Hi, everybody. My name is Chris Gibson, cofounder and CEO of Recursion, and I'm delighted to welcome you to our learnings call this morning. We're gonna go ahead and get started. Perfect. So, of course, important to note that we're gonna be providing forwa ...

Recursion Pharmaceuticals (RXRX) Q1 2025 Earnings Call May 05, 2025 08:00 AM ET Company Participants Chris Gibson - Co-Founder & CEONajat Khan - Chief R&D Officer, Chief Commercial Officer and DirectorBen Taylor - CFO & President Recursion UK Chris Gibson Hi, everybody. My name is Chris Gibson, cofounder and CEO of Recursion, and I'm delighted to welcome you to our learnings call this morning. We're gonna go ahead and get started. Perfect. So, of course, important to note that we're gonna be providing forwa ...

Henry Schein (HSIC) Q1 2025 Earnings Call May 05, 2025 08:00 AM ET Company Participants Graham Stanley - VP of Investor Relations & Strategic Finance Project OfficerStanley Bergman - Chairman and CEORonald South - Senior VP & CFOJonathan Block - Managing DirectorMichael Petusky - Managing DirectorJohn Stansel - VP - Equity Research Conference Call Participants Jason Bednar - Senior Research AnalystJeffrey Johnson - Senior Research AnalystElizabeth Anderson - Senior Managing Director & Research AnalystAllen ...

Freshpet (FRPT) Q1 2025 Earnings Call May 05, 2025 08:00 AM ET Company Participants Rachel Ulsh - VP - IR & Corporate CommunicationsBilly Cyr - CEO & Board of DirectorTodd Cunfer - Chief Financial OfficerKen Goldman - Managing DirectorScott Morris - Co-Founder & PresidentBill Chappell - Managing DirectorRobert Moskow - Managing Director Jon Andersen - Partner - Equity ResearchKaumil Gajrawala - Managing Director Conference Call Participants Peter Benedict - Senior Research AnalystBrian Holland - MD - Resear ...

Financial Data and Key Metrics Changes - Total product revenues for Q1 2025 were $121.5 million, representing a year-over-year growth of 62% compared to $75 million in Q1 2024 [18][21] - Net loss for Q1 2025 was $59.4 million or $1.22 per share, an improvement from a net loss of $68.4 million or $1.44 per share in Q1 2024 [21] - Cash and cash equivalents at the end of Q1 2025 were $300.9 million, down from $315.4 million at year-end [21] Business Line Data and Key Metrics Changes - Avelity net product sales were $96.2 million for Q1 2025, representing 80% year-over-year growth from $53.4 million in Q1 2024 [18] - Sunosi net product revenues were $25.2 million for Q1 2025, a 17% year-over-year growth from $21.6 million in Q1 2024 [18] Market Data and Key Metrics Changes - Avelity led the market in TRx growth in Q1 with approximately 167,000 prescriptions, reflecting 76% year-over-year growth [23] - Sunosi total prescriptions were over 46,000, representing a 12% growth versus Q1 2024 [25] Company Strategy and Development Direction - The company aims to advance three novel NDA stage product candidates: AXS-fourteen for fibromyalgia, AXS-five for Alzheimer's disease agitation, and AXS-twelve for narcolepsy [8][12] - The company is focused on executing multiple Phase III clinical programs to broaden the potential of current products and candidates [8][14] - The company anticipates a strong position with potentially five marketed products across six indications by 2026 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate trade policy developments, stating that any potential impact would be immaterial [15] - The company expects 2025 to be a catalyst-rich year with significant updates on product launches and clinical trials [17] Other Important Information - The company is preparing for the launch of Cymbravo, with positive feedback from healthcare providers regarding its clinical profile [26] - The company is actively negotiating to expand payer coverage for Avelity and Sunosi [68] Q&A Session Summary Question: FDA interactions regarding developmental agents - Management indicated that dialogue with the FDA remains status quo and no changes have been noted regarding review teams or agency responsiveness [32] Question: DTC advertising for Avelity - A national campaign is expected to launch later this year [35] Question: Coverage evolution for Avelity - Management is focused on increasing covered lives and reducing utilization management [68] Question: Expected cadence of coverage for Cymbravo - Management stated it is premature to specify the cadence but is focused on securing access quickly [48] Question: Sales opportunity for AXS-fourteen in fibromyalgia - Management is enthusiastic about the potential impact, given the large market size and lack of recent therapeutic innovation [62] Question: Profitability expectations for 2025 - Management remains confident in achieving cash flow positivity but has not provided specific guidance on profitability [94]

Financial Data and Key Metrics Changes - Second quarter adjusted operating income increased by more than $100 million or 27% year-over-year, with a margin expansion of 70 basis points [9][23] - Adjusted earnings per share grew by 48%, reflecting improved operating performance and strategic execution [9][23] - Enterprise sales for the second quarter were $13.1 billion, which included a reduction of $343 million or 2.6% related to a legal contingency accrual primarily in pork [23][24] Business Line Data and Key Metrics Changes - **Prepared Foods**: Sales were in line with last year, with adjusted operating income increasing nearly 5% and margin improving by 50 basis points [24][25] - **Chicken**: Achieved the best second quarter adjusted operating income in nine years, with a nearly 95% increase compared to the same quarter last year [16][26] - **Beef**: Sales increased primarily due to a higher average price per pound, but adjusted operating income declined due to spread compression [27] - **Pork**: Adjusted operating income increased by 67%, reflecting the strongest second quarter result in the past three years [18][28] Market Data and Key Metrics Changes - 71% of U.S. consumers sought to increase their protein consumption in 2024, indicating robust demand for meat products [10][11] - U.S. meat sales at retail hit an all-time high in 2024, with meat included in nearly 90% of home-cooked dinners [11] Company Strategy and Development Direction - The company is focused on operational excellence, customer and consumer obsession, and capital allocation to drive long-term value [19][32] - A multi-year plan is in place to optimize operations, launch innovations, and expand distribution, particularly in the Prepared Foods segment [13][19] - The company is transitioning to a new logistics and distribution infrastructure, which is expected to generate around $200 million in annual savings upon completion [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic macro environment, emphasizing the importance of their multi-protein, multi-channel portfolio [9][44] - The company anticipates sales growth to be flat to up 1% year-over-year, with adjusted operating income expected between $1.9 billion and $2.3 billion [30][32] - Management acknowledged challenges in the beef segment but remains optimistic about the overall business performance [44][106] Other Important Information - The company is committed to eliminating petroleum-based synthetic dyes from its products, with completion expected by May [21][22] - A new Chief Growth Officer, Christina Lambert, has been appointed to lead strategic initiatives [33][34] Q&A Session Summary Question: Why did the company not raise guidance for the full year despite beating consensus expectations? - Management indicated that while results were strong, they are cautious due to uncertainties in the beef market and consumer pressures, reaffirming guidance for the year [41][46] Question: What is the outlook for chicken demand? - Management remains optimistic about chicken demand, citing strong performance and a commitment to maintaining market share, despite some uncertainties in the industry [49][51] Question: Can you elaborate on the changes in cold storage facilities and expected savings? - Management explained that the transition to new cold storage facilities is aimed at reducing costs and improving efficiency, with expected annual savings of $200 million [56][62] Question: What are the expectations for the international business? - Management highlighted improved operational fundamentals and execution of a commercial growth strategy, leading to strong performance in the international segment [95][96] Question: How does the company view the impact of tariffs on trade flows? - Management does not expect global protein consumption to change significantly but anticipates temporary disruptions as trade flows adjust [121]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $1.45 billion and non-GAAP earnings per share of $0.55, both exceeding the midpoint of guidance with a non-GAAP gross margin of 40% [6][7][18] - Free cash flow increased by 72% year over year to $455 million, representing 31% of revenue [18][26] - GAAP gross margin was 20.3%, while non-GAAP gross margin was down 530 basis points sequentially and 590 basis points year over year [24][26] Business Line Data and Key Metrics Changes - Automotive revenue was $762 million, a 26% sequential decline, while industrial revenue was $400 million, down 4% sequentially [21][22] - Revenue for the Power Solutions Group (PSG) was $645 million, a decrease of 20% quarter over quarter, and for the Analog and Mixed Signal Group (AMG) it was $566 million, down 7% quarter over quarter [23] - The Intelligent Sensing Group (ISG) revenue was $234 million, a 23% decrease quarter over quarter [23] Market Data and Key Metrics Changes - The company noted early signs of stabilization in the industrial market, particularly in traditional industrial sectors [8][64] - In the automotive sector, leading OEMs are adopting silicon carbide technology, with expectations of significant growth in the Chinese EV market [11][80] Company Strategy and Development Direction - The company is focused on streamlining operations through a "fab right" approach and investing in R&D to enhance gross margins as the market recovers [7][17] - A restructuring initiative led to a 9% reduction in the global workforce, expected to generate approximately $25 million in savings [20] - The company aims to increase share repurchase to 100% of free cash flow for 2025, with $1.5 billion remaining on the repurchase authorization [19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in certain markets, particularly industrial, while acknowledging ongoing inventory digestion and customer caution [8][9][64] - The geopolitical environment and tariff policies were highlighted as potential risks, but management expects minimal direct impact on the business [8][105] Other Important Information - The company anticipates Q2 revenue in the range of $1.4 billion to $1.5 billion, with non-GAAP gross margin expected between 36.5% and 38.5% [29] - Capital expenditures for Q1 were $147 million, with inventory down by $164 million quarter over quarter [27] Q&A Session Summary Question: Why is the revenue guidance flat compared to peers? - Management indicated that the difference is due to exposure to different end markets, particularly the automotive sector, which has not yet seen recovery outside of China [33][34] Question: What metrics should be used to think about gross margin? - Management stated that for every point of utilization increase, gross margin improves by 25 to 30 basis points, with expectations for improvement as the market recovers [35][36] Question: What has changed regarding pricing? - Management noted that pricing is being used as a tool to defend market share amid a prolonged downturn, with expectations of low single-digit pricing declines [42][43] Question: Update on the non-core business exit? - Management confirmed plans to exit the non-core business, with approximately $50 million already walked away from in Q1, expecting to exit around $300 million by year-end [52][55] Question: What is the outlook for silicon carbide growth? - Management remains bullish on silicon carbide, expecting to maintain and increase market share, particularly in the EV market in China [56][92] Question: What is the status of inventory management? - Management indicated a disciplined approach to channel inventory, with no significant changes expected in distribution inventory levels [68][70]