Financial Data and Key Metrics Changes - Discretionary assets under management (AUM) decreased by 1.2% in Q4 2025 from $24.3 billion to $24 billion, while total discretionary AUM increased by 3% for the year from $23.3 billion to $24 billion [3] - Total AUM decreased by 1.6% in Q4 to $37 billion but increased by 2% year-over-year from $36.5 billion [4] - Revenue for Q4 was $32 million, with a reported consolidated net loss of $0.1 million [11] - For the full year, revenue increased by 1.3% year-over-year to $19.6 million, while total expenses increased by 9.4% [14][15] Business Line Data and Key Metrics Changes - Organic new client accounts added in Q4 amounted to $124.5 million, bringing the total for 2025 to $688.3 million, indicating strong client acquisition [3] - Compensation and benefits expenses for Q4 increased by 12.1% year-over-year, primarily due to merit-based increases and new hires [11] Market Data and Key Metrics Changes - The firm ranked 6th in Nasdaq eVestment's Q4 2025 brand awareness rankings among mid-sized firms, reflecting growing recognition of its institutional capabilities [6] - The firm is expanding its international business development efforts with professionals in London and Australia, and is nearing completion of an Australian investment trust and a UCITS vehicle in Europe [6][7] Company Strategy and Development Direction - Silvercrest is making significant strategic investments to promote growth across multiple fronts, focusing on intellectual capital and headcount [5] - The firm is adjusting its interim compensation ratio to match investments in business growth, with an elevated compensation ratio expected to continue for the foreseeable future [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision and investment plans, anticipating that these will bear fruit with patience [43] - The firm expects to see significant flows from its global and international strategies in 2026, with a potential for multiple billions of dollars in AUM growth [26] Other Important Information - Total compensation and benefits expense for 2025 was $83.9 million, representing 67% of revenue, compared to 62% in 2024 [8] - The firm repurchased approximately $50.4 million worth of shares, with a new share repurchase program of $25 million announced in May 2025 [9][16] Q&A Session Summary Question: Current AUM in global and international strategies - The firm currently has over $2 billion across global and international strategies, with strong performance and a robust pipeline expected to yield significant flows in 2026 [22][26] Question: Future compensation ratio outlook - The compensation ratio will depend on future flows, with expectations that it will remain elevated due to ongoing hiring and investments [31][32] Question: Thoughts on further buybacks - The firm is open to considering additional buybacks, emphasizing the importance of returning capital to investors while also managing equity awards [37][38]

Financial Data and Key Metrics Changes - In 2025, rental revenue totaled $164.3 million, a 14% increase year-over-year, while total revenue reached $172.3 million, up approximately 10% compared to 2024 [13] - Adjusted EBITDA for the fourth quarter was $21.2 million, and for the full year, it was $81 million, both record figures for the company [6][13] - Net income for 2025 was $19.9 million, or $1.57 per diluted share, marking record performance [15] Business Line Data and Key Metrics Changes - Rented horsepower increased to approximately 563,000 by year-end 2025, a 14% increase over the prior year, with fleet utilization reaching 84.9% [5] - Rental revenue in the fourth quarter was $44.3 million, reflecting a 16% year-over-year increase due to fleet expansion and strong demand for large horsepower compression units [5] Market Data and Key Metrics Changes - Demand for natural gas compression remains strong, driven by domestic oil production, particularly in liquid-rich basins like the Permian [9] - Structural tailwinds include increasing LNG export capacity and growing electricity consumption from data centers and AI-related infrastructure, expected to drive growth for several years [9][22] Company Strategy and Development Direction - The company is focused on large horsepower and electric units, which generate higher returns and longer contract durations, while maintaining a disciplined capital allocation framework [8] - NGS aims to continue expanding its market share in the rental compression industry, having taken market share for three consecutive years [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive further improvements and increase shareholder value, supported by strong operational execution and market demand [4][19] - The company anticipates continued organic growth in 2026, driven by large horsepower deployments and expanding customer relationships [19] Other Important Information - The company initiated a return of capital program in 2025, returning approximately $2.6 million to shareholders through dividends [7] - Capital expenditures for 2025 totaled $121.5 million, with $109.8 million allocated for growth capital expenditures [17] Q&A Session Summary Question: Guidance on rental gross margins relative to 2025 - Management did not provide specific guidance on adjusted rental gross margins but expects modest uplift from the 60.6% figure in 2025 [24] Question: Lead times for large horsepower units - Lead times for high-end large horsepower units have extended to over 100 weeks, while lower horsepower units have not seen significant changes [25][26] Question: Competitive environment and pricing due to delays in large horsepower units - The competitive landscape is evolving, and while lead times are increasing, the company has sufficient units to meet customer needs [31] Question: Opportunities in midstream due to longer lead times - The company is seeing quoting activity in midstream but has not yet won contracts in that area [37] Question: Maintenance capital expenditures and their trajectory - Maintenance capital expenditures are expected to gradually increase due to the significant fleet horsepower growth over the past five years [59] Question: Future focus on power generation opportunities - The company is considering power generation as a potential area for growth but has not yet found a business with similar application lengths as compression [54]

Neuronetics (NasdaqGM:STIM) Q4 2025 Earnings call March 17, 2026 08:30 AM ET Company ParticipantsAdam Maeder - Managing Director, Equity ResearchCory Anderson - CTODaniel Stauder - Director, Equity ResearchKeith Sullivan - President, and CEOMark Klausner - Managing PartnerSteven Pfanstiel - EVP, CFO, and TreasurerConference Call ParticipantsWilliam Plovanic - Managing Director, Equity Research Medical Technology AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to the Neuronetics R ...

Financial Data and Key Metrics Changes - Discretionary assets under management (AUM) decreased by 1.2% in Q4 2025 from $24.3 billion to $24 billion, while total discretionary AUM increased by 3% year-over-year from $23.3 billion to $24 billion [3] - Total AUM decreased by 1.6% in Q4 to $37 billion but increased by 2% year-over-year from $36.5 billion, with no revenue effect [4] - Revenue for Q4 was $32 million, with a reported consolidated net loss of $0.1 million [11] - For the full year, revenue increased by 1.3% year-over-year, driven by market appreciation in discretionary AUM, partially offset by net client outflows [13] Business Line Data and Key Metrics Changes - Organic new client accounts added in Q4 amounted to $124.5 million, bringing the total for the year to $688.3 million, indicating strong client acquisition [3] - Compensation and benefits expense for Q4 increased by 12.1% year-over-year, primarily due to merit-based increases and new hires [11] Market Data and Key Metrics Changes - The firm ranked 6th in Nasdaq eVestment's Q4 2025 brand awareness rankings among mid-sized firms, reflecting growing recognition of its institutional capabilities [6] Company Strategy and Development Direction - Silvercrest is focused on significant strategic investments to promote growth across multiple fronts, particularly in intellectual capital and headcount [5] - The firm is expanding its international business development efforts, with professionals now in London and Australia, and is creating an Australian investment trust and a UCITS vehicle in Europe [6][7] - The company expects to receive regulatory approval to operate in Europe through its new Dublin office by Q2 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision and investment plans, anticipating that these will bear fruit with patience [43] - The firm expects to see significant flows from its global and international strategies in 2026, with a potential for multiple billions of dollars in AUM [26] Other Important Information - Total compensation and benefits expense for the full year was $83.9 million, representing 67% of revenue, compared to 62% in 2024 [8] - The company repurchased approximately $50.4 million worth of shares, with a new share repurchase program of $25 million announced in May 2025 [9][17] Q&A Session Summary Question: Current AUM in global and international strategies - The company currently has over $2 billion across global and international strategies, with strong performance and a robust pipeline expected to yield significant flows in 2026 [22][23] Question: Future compensation ratio expectations - The compensation ratio is expected to remain elevated due to ongoing hiring and investment in growth, with historical ratios around 54%-56% [31][32] Question: Thoughts on future buybacks - The company is open to considering further buybacks, emphasizing the importance of returning capital to investors while also managing equity awards [37][38]

Neuronetics (NasdaqGM:STIM) Q4 2025 Earnings call March 17, 2026 08:30 AM ET Company ParticipantsAdam Maeder - Managing Director, Equity ResearchCory Anderson - CTODaniel Stauder - Director, Equity ResearchKeith Sullivan - President, and CEOMark Klausner - Managing PartnerSteven Pfanstiel - EVP, CFO, and TreasurerConference Call ParticipantsWilliam Plovanic - Managing Director, Equity Research Medical Technology AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to the Neuronetics R ...

Financial Data and Key Metrics Changes - In 2025, rental revenue totaled $164.3 million, a 14% increase year-over-year, while total revenue reached $172.3 million, up approximately 10% compared to 2024 [13] - Adjusted EBITDA for the fourth quarter was $21.2 million, and for the full year, it was $81 million, both record figures for the company [6][19] - Net income for 2025 was $19.9 million, or $1.57 per diluted share, marking record performance [15] Business Line Data and Key Metrics Changes - Rented horsepower increased to approximately 563,000 by year-end 2025, a 14% increase over the prior year, with fleet utilization reaching 84.9% [5] - Rental revenue in the fourth quarter was $44.3 million, reflecting a 16% year-over-year increase due to fleet expansion and strong demand for large horsepower compression units [5] Market Data and Key Metrics Changes - Demand for natural gas compression remains strong, driven by domestic oil production, particularly in liquid-rich basins like the Permian [9] - Structural tailwinds include increasing LNG export capacity and growing electricity consumption from data centers and AI-related infrastructure [9][22] Company Strategy and Development Direction - The company is focused on large horsepower and electric units, which generate higher returns and longer contract durations [8] - NGS is committed to a capital allocation framework that combines organic growth, shareholder returns through dividends and share repurchases, and disciplined evaluation of strategic M&A opportunities [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth and market share expansion, expecting Adjusted EBITDA guidance for 2026 to be between $90.5 million and $95.5 million [19][22] - The company is monitoring geopolitical developments and their potential impact on global oil markets and U.S. production activity [9] Other Important Information - The company initiated a return of capital program in 2025, returning approximately $2.6 million to shareholders in the second half of the year [7] - Capital expenditures for 2025 totaled $121.5 million, with $109.8 million allocated for growth capital expenditures [17] Q&A Session Summary Question: Guidance on Adjusted Rental Gross Margin - Management did not provide specific guidance but expects modest uplift from the 60.6% margin achieved in 2025 [24] Question: Lead Times for Equipment - Lead times for large horsepower units have extended significantly, particularly for high-end models, but lower horsepower units have not seen significant changes [25][26] Question: Competitive Environment and Pricing - The competitive landscape is evolving, and while lead times are increasing, the company has sufficient units to meet customer needs [31] Question: Maintenance Capital Expenditures - Maintenance capital expenditures are expected to gradually increase due to the significant fleet horsepower growth over the past five years [59] Question: Discretionary Cash Flow and Return of Capital - Management acknowledged the importance of a consistent and increasing dividend but did not provide specific guidance for future returns of capital [45]

Abeona Therapeutics (NasdaqCM:ABEO) Q4 2025 Earnings call March 17, 2026 08:30 AM ET Company ParticipantsBrian Kevany - CTOJoe Vazzano - CFOMadhav Vasanthavada - Chief Commercial OfficerVish Seshadri - CEOConference Call ParticipantsDavid Bautz - Senior Biotech AnalystJeff Jones - Managing Director and Senior AnalystKristen Kluska - Equity Research AnalystMaury Raycroft - Equity Research AnalystRam Selvaraju - Managing Director and Senior Healthcare Equity Research AnalystStephen Willey - Managing Director ...

Financial Data and Key Metrics Changes - In Q4 2025, rental revenue reached $44.3 million, a 16% year-over-year increase, while full-year rental revenue totaled $164.3 million, up 14% from the previous year [5][12] - Adjusted EBITDA for Q4 was $21.2 million, and for the full year, it was $81 million, both record figures for the company [5][12] - Net income for 2025 was $19.9 million, or $1.57 per diluted share, marking a record performance [15] Business Line Data and Key Metrics Changes - Rented horsepower increased to approximately 563,000 by year-end 2025, a 14% increase over the prior year, with fleet utilization reaching 84.9% [5][12] - Adjusted Rental Gross Margin for the full year was $99.6 million, reflecting a 14% year-over-year increase [13] Market Data and Key Metrics Changes - Demand for natural gas compression remains strong, driven by domestic oil production, particularly in liquid-rich basins like the Permian [8] - The company expects structural tailwinds from increasing LNG export capacity and growing electricity consumption from data centers and AI-related infrastructure [21][22] Company Strategy and Development Direction - The company is focused on fleet expansion, particularly in large horsepower and electric units, which generate higher returns and longer contract durations [7] - NGS initiated a return of capital program in 2025, including a dividend program that returned approximately $2.6 million to shareholders [6][17] - The company is committed to a disciplined capital allocation framework that includes organic growth, shareholder returns, and strategic M&A opportunities [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive further improvements and increase shareholder value, citing strong execution and market share gains [4] - The company anticipates continued organic growth in 2026, driven by large horsepower deployments and sustained industry demand for compression services [19] Other Important Information - The company recorded a $2.6 million non-cash impairment charge related to its Midland headquarters property [15] - Capital expenditures for 2025 totaled $121.5 million, with approximately $109.8 million allocated to growth capital expenditures for new large horsepower compression units [17] Q&A Session Summary Question: Guidance on large horsepower and electric motor drive assets' impact on rental gross margins - Management did not provide specific guidance on Adjusted Rental Gross Margin but expects modest uplift from the 60.6% figure in 2025 [24] Question: Lead times for large horsepower units and current bottlenecks - Lead times for high-end large horsepower units have extended beyond 100 weeks, while lower horsepower units have not seen significant changes [25][26] Question: Competitive environment and pricing due to delays in large horsepower units - The competitive landscape is evolving, and while lead times for high horsepower units are long, the company has sufficient units to meet customer needs [32] Question: Opportunities in midstream and pricing dynamics - The company is seeing quoting activity in midstream but has not yet won contracts in that area; they believe they can penetrate this market with their technology and service [38][42] Question: Return of capital and dividend strategy moving forward - Management understands shareholders' desire for a consistent and increasing dividend but did not provide specific guidance for 2026 [46] Question: Maintenance capital expenditures and their trajectory - Maintenance capital expenditures are expected to gradually increase due to the significant fleet horsepower growth over the past five years [61]

Financial Data and Key Metrics Changes - Discretionary assets under management (AUM) decreased by 1.2% in Q4 2025 from $24.3 billion to $24 billion, while total discretionary AUM increased by 3% for the year from $23.3 billion to $24 billion [3][4] - Total AUM decreased by 1.6% in Q4 to $37 billion but increased by 2% year-over-year from $36.5 billion [4][10] - Revenue for Q4 was $32 million, with a reported consolidated net loss of $0.1 million [10][14] - Adjusted EBITDA for Q4 was approximately $2.9 million, representing 8.9% of revenue [11] - For the full year, revenue increased by $1.7 million or 1.3%, while expenses increased by $10 million or 9.4% [12][13] Business Line Data and Key Metrics Changes - Organic new client accounts added in Q4 totaled $124.5 million, bringing the full year total to $688.3 million, indicating strong client acquisition [3] - Compensation and benefits expense for the full year was $83.9 million, representing 67% of revenue, up from 62% in 2024 [7][13] Market Data and Key Metrics Changes - The firm ranked 6th in Nasdaq eVestment's Q4 2025 brand awareness rankings among mid-sized firms, indicating growing recognition in institutional capabilities [6] - The firm is expanding its international business development efforts with professionals in London and Australia, and is nearing completion of an Australian investment trust and a UCITS vehicle in Europe [6] Company Strategy and Development Direction - Silvercrest is making significant strategic investments to promote growth across multiple fronts, focusing on intellectual capital and headcount [5] - The firm is adjusting its interim compensation ratio to match investments in business growth, expecting it to remain elevated for the foreseeable future [7] - The company is actively pursuing regulatory approval to operate in Europe through a new Dublin office, which is expected to be completed in Q2 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision and investment plans, anticipating that these will bear fruit with patience [43] - The firm is optimistic about the potential for significant AUM growth in global and international strategies, currently holding over $2 billion in these areas [21][25] Other Important Information - Total assets at the end of 2025 were approximately $166.6 million, down from $194.4 million at the end of 2024 [14] - Cash and cash equivalents at the end of 2025 were $44.1 million, compared to $68.6 million at the end of 2024 [15] Q&A Session Summary Question: Current AUM in global and international strategies and future growth potential - The firm currently has over $2 billion in global and international strategies, with strong performance and a robust pipeline expected to yield significant flows in 2026 [21][25] Question: Future compensation ratio expectations - The compensation ratio is expected to remain elevated due to ongoing hiring and investment in growth, with historical ratios around 54%-56% [30][31] Question: Thoughts on future buybacks and share count - Management indicated that further buybacks will be considered, and they aim to offset any shares given to employees to maintain a declining share count [37][38]

Financial Data and Key Metrics Changes - Total revenue in Q4 2025 was $41.8 million, an increase of 86% compared to $22.5 million in Q4 2024, primarily driven by the inclusion of Greenbrook operations following the acquisition [17] - Adjusted pro forma revenue growth for Q4 was 23% year-over-year [17] - Net loss for Q4 2025 was $7.2 million, or $0.10 per share, compared to a net loss of $12.7 million, or $0.34 per share in the prior year [20] - EBITDA for Q4 2025 was negative $4.3 million, an improvement from negative $11 million in the prior year [20] - Cash provided by operations in Q4 was positive $0.9 million, marking a significant improvement from negative cash flow earlier in the year [21] Business Line Data and Key Metrics Changes - NeuroStar business revenue, including system and treatment session revenue, was $18.3 million in Q4 2025, representing a 9% increase on a pro forma basis [17] - U.S. NeuroStar system revenue was $4.4 million, a 15% year-over-year increase, with 49 systems shipped in the quarter [18] - U.S. treatment session revenue was $12.4 million, with a pro forma increase of 6% compared to the prior year [18] - Clinic revenue for Q4 was $23.5 million, a 37% increase on an adjusted pro forma basis, driven by growth in treatments across both NeuroStar TMS and Spravato [18] Market Data and Key Metrics Changes - The referring provider network added 430 new providers in Q4, a 25% increase year-over-year, contributing to over 1,300 new referrers added across 2025 [7] - Total treatment volume increased by 18% year-over-year in Q4 [9] - The expansion of TRICARE West coverage for TMS therapy to include adolescents aged 15 and older is a significant development for military families [13] Company Strategy and Development Direction - The company aims to leverage its integrated model to drive growth through expanding how NeuroStar TMS systems are brought to market and addressing the unmet need for treatment-resistant depression (TRD) [26][28] - Collaboration with Compass Pathways on COMP360 psilocybin is seen as a potential transformational treatment for TRD, with plans for commercial launch upon FDA approval [28][29] - The company is focused on operational efficiency and expects to reduce operating expenses to less than $100 million by Q4 2026 [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive revenue growth and achieve sustainable operating cash flow, with expectations for positive cash flow in the second half of 2026 [25] - The company acknowledges seasonality impacts on revenue, particularly in Q1, and is adapting its strategies accordingly [55][56] - Management highlighted the importance of maintaining strong relationships with primary care physicians and enhancing patient access to treatments [26] Other Important Information - The company appointed Dan Reuvers as the new President and CEO, effective March 23, 2026, indicating a leadership transition [5] - The company has made significant progress in integrating Greenbrook's operations, achieving positive operating cash flow and strengthening its balance sheet [16] Q&A Session Summary Question: Can you provide details on the CID investigation in Florida and Michigan? - Management confirmed that they are cooperating with the U.S. Attorney's Office regarding documentation for billing practices prior to the Greenbrook acquisition [36] Question: What are the profitability and patient monitoring differences for COMP360? - The treatment effect of COMP360 appears durable after one or two doses, and it will be administered under a REMS protocol similar to Spravato [40][42] Question: How did the $5 million payment to Perceptive affect cash position? - The payment did not come from restricted cash, and the company remains comfortable with its cash position despite projected Q1 cash burn [43][44] Question: Can you elaborate on the growth guidance for the clinic and standalone businesses? - Majority of growth in the clinic business is expected to come from volume, with Spravato growth anticipated to be significant in Q1 due to buy-and-bill impacts [50] Question: What are the integration requirements for the Compass collaboration? - The existing infrastructure for Spravato clinics will facilitate the integration of COMP360 treatments, with minimal additional updates needed [68]