Kestra Medical Technologies (NasdaqGS:KMTS) Q1 2026 Earnings Call September 11, 2025 04:30 PM ET Company ParticipantsVaseem Mahboob - CFONeil Bhalodkar - VP of Investor RelationsBrian Webster - President and CEOConference Call ParticipantsMike Pollock - AnalystDaniel Downes - AnalystTravis Steed - AnalystLawrence Biegelsen - AnalystMatthew O'Brien - AnalystRick Wise - AnalystOperatorAfternoon and welcome to the Kestra Medical Technologies Earnings Conference Call. This conference call is being recorded for ...

Kestra Medical Technologies (NasdaqGS:KMTS) Q1 2026 Earnings Call September 11, 2025 04:30 PM ET Company ParticipantsVaseem Mahboob - CFONeil Bhalodkar - VP of Investor RelationsBrian Webster - President and CEOConference Call ParticipantsMike Pollock - AnalystDaniel Downes - AnalystTravis Steed - AnalystLawrence Biegelsen - AnalystMatthew O'Brien - AnalystRick Wise - AnalystOperatorAfternoon and welcome to the Kestra Medical Technologies earnings conference call. This conference call is being recorded for ...

Question-and-Answer SessionThanks for being here, Jason. With some investors maybe not at the speed on the company, can you spend the first minute or two, just giving us a quick overview of the company and your core technology.Jason MatuszewskiCEO, President, Secretary & Chairman Sure. So first and foremost, thank you, Denis , for having us here. Really appreciate first opportunity to speak at the Morgan Stanley Global Healthcare Conference. So great opportunity. So BioStem Technologies. So we are a profita ...

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>Biostem (OTCPK:BSEM) FY Conference September 10, 2025 03:20 PM ET Speaker1 Let's kick off. I'm Dennis Keller, Vice President with Morgan Stanley. Happy to be hosting BioStem Technologies with us today. Jason Matuszewski, CEO. Before we dive in, I just want to note for important disclosures, please see the Morgan Stanley Research Disclosure website, MorganStanley.com, Research Disclosures. If you have any questions, please reach out to your Morgan Stanley sales rep. With that, let's get started. Thanks for being here, Jason. With some investors maybe not up to speed on the company, can you spend the first minute or two just giving us a quick overview of the company and your core technology?</doc> <doc id='2'>Speaker0 Sure. First and foremost, thank you, Dennis, for having us here. I really appreciate the first opportunity to speak at the Morgan Stanley Global Healthcare Conference. Great opportunity. BioStem Technologies, we are a profitable medtech company focused in advanced wound care. Our core technology is BioREtain®. It's a proprietary technology that we process placental-based tissue allografts for the advanced wound care space, specifically looking at treating diabetic foot ulcers, pressure ulcers, and venous leg ulcers. This patient population is roughly about 7 million Medicare beneficiaries and a total market of about $11.3 billion in the advanced wound care space.</doc> <doc id='3'>Speaker1 Great. What is the BioREtain® process exactly, and how would you compare it to alternatives in the market? Speaker0 Yeah, I think, you know, it's definitely differentiated. We've published some real-world data so far on the BioREtain® process. We actually retain a large portion of the natural elements of the tissue, including the extracellular matrix, some of the growth factors and cytokines that are naturally found in placental-based tissue. As I mentioned earlier, our real-world data demonstrated that we, with the BioREtain® process, these allografts have supported a less number of applications to close a wound as well as less time to close a wound.</doc> <doc id='4'>Speaker1 Can you help us understand how you think about the addressable market today with the existing portfolio, and how that could expand over time as products get developed? Speaker0 Yeah, I think, you know, right now it's, call it the wound biologics TAM is roughly about $11.3 billion in the advanced wound care space. I think when we look at other areas of focus for BioStem, we're looking at areas like the hospital outpatient, surgical, OR suites, and things of that area where we could actually focus on leveraging our core technology of BioREtain® to those areas, as well as looking at synergistic M&A opportunities to target those areas as well.</doc> <doc id='5'>Speaker1 Help us understand the clinical data portfolio of the company, kind of key highlights from the clinical trial data set at this point.</doc> <doc id='6'>Speaker0 Yeah. Right now we're actively running three RCTs. We just finished enrollment in our first diabetic foot ulcer study, with roughly 72 patients enrolled across 10 sites. We're looking to report out data on that diabetic foot ulcer study later this year. We're also enrolling patients in two additional studies, one in the venous leg ulcer space, same number of sites, roughly about 10, and similar patient population size, about 60 patients. A secondary diabetic foot ulcer study on our AmnioWrap2â"¢, our BRAM trial, is just solely focusing on the amnion layer of the placenta. Similar size trial, roughly 60 patients across 10 sites. The last two trials we're aiming to get readouts kind of the mid to beginning of mid to next year on those two trials.</doc> <doc id='7'>Speaker1 Great. I guess pivoting to the partnership with Venture Medical, it's been a key driver for the business. Can you help us understand kind of just at a high level what the partnership brings and how we should think about the partnership on a go-forward basis? Speaker0 Yeah, I think the partnership has been instrumental in our growth. Definitely a story from, you know, 2022 to 2024. 2023 was roughly about $16.9 million top line revenue, 2024 over $300 million. We entered into that partnership with Venture Medical in late 2023. The partnership really represented both their recognition of our BioREtain® process and the product portfolio, and they really realized that this is a differentiated product line for the advanced wound care market.</doc> <doc id='8'>What we saw in Venture Medical is they've developed a software platform called OneView, and we felt that that was a really amazing platform to support providers not only from a compliance perspective, but also from a cash flow management perspective on managing where claims are and how to appropriately process those claims and really help and support those providers, especially when we're talking about their core focus in the mobile wound care segment as well as physician office segment. Those are areas where they're smaller groups, right? They're not institutionalized hospitals, large organizations where they have the infrastructure to support that cash flow management side of the business as well as the compliance side. I think it was a really good synergistic opportunity between both groups. We kicked off with over 100 FTEs into the field on day one.</doc> <doc id='9'>The opportunity to really scale very quickly with the commercial team on day one was a great opportunity. They came over from an existing product line as well, a placental-based tissue product line. It was a quick study for their reps and their team to get out and go to work, and that's kind of what's led to the success of late 2023 and into 2024 and what it is today.</doc> <doc id='10'>Speaker1 Excellent. As you think about your commercial strategy on a go-forward basis, what are the puts and takes relative to going direct versus your distribution channel? Speaker0 Yeah, I mean, I think, you know, obviously, which we haven't really got to yet is some of the headwinds around reimbursement and some of those struggles, or opportunities, I should say, coming forward. I think when we look at the model with Venture Medical and the opportunity that we've had in an exclusive partnership to really capitalize on the mobile wound care segment, physician office segment, you know, as we go into 2026, I think some things may change in regards to how we look at commercializing the product. You know, we are looking to internalize some of the commercial team on the core focus in hospital, OR, and into the federal space, so VADOD. I think the hybrid model where Venture has really demonstrated their knowledge and success in the mobile wound care segment will continue to leverage that partnership and continue to hopefully flourish.</doc> <doc id='11'>Speaker1 Now, a good segue to reimbursement. You've got proposed changes to CMS or PPS fee schedule, which were published in mid-July for skin substitutes. Some uncertainty around the final pricing for the products. What will the competitive landscape kind of look like moving forward? Can you share your perspectives on what these changes mean for you short term and maybe medium term from a market opportunity perspective? Speaker0 Yeah, sadly, we only have 27 minutes left. It's a long topic for sure. It's somewhat contested. There's a lot of changes potentially coming up. I think ultimately, I think these are good changes, right? I think this administration, along with leadership at CMS and HHS and even, frankly, even in the medical community, KOLs in the space like Dr. Bill Pettibuck and others have really kind of called out and said, "Look, there needs to be reform here." I think we have a runaway spend specifically utilizing the ASP plus six methodology that products are being priced at in the physician office and mobile wound care space, which aren't really tied to the</doc> <doc id='12'>payment structure that we find in HOPD and ASC, where it's a bucketed rate, right? This new OPPS and PFS, physician fee schedule, and outpatient physician fee schedule, are trying to align those things.</doc> <doc id='13'>We have a kind of continuous payment methodology for product across all sites of service. Looking at where we end up with specific placement reimbursement outside of product, it kind of gleans towards more of the traditional pass-through methodology that you've probably seen in the past. I think it's going to hopefully normalize this industry. I know wound care has been a struggle on ever-changing dynamics around reimbursement. I'm hopeful that ultimately we see a normalization past 2026. I am a little concerned about the low initial price that they propose, about $125. I think that ends up being a challenge for mobile wound care providers to service patients that have an underserved community or rural areas where they don't have access to get into a clinic and need that mobile wound care provider to get out to them and treat their wound.</doc> <doc id='14'>I'm hopeful that we see a price increase from that $125 number. We'll be actively commenting through the comment process. I think it ends on the 12th, so near term here. Hopeful to see what the outcome is in November as well on the final price for effective January 2026.</doc> <doc id='15'>Speaker1 As that process kind of moves forward, can you help us think through milestones such as clinical data and where you could have kind of more visibility for reimbursement that could come into effect at that time? Speaker0 Yeah, I mean, I think for us, we're in a new position, right? Because we do have clinical data coming out back half of this year. I think that will help substantiate our differentiation in the marketplace and say to folks, "Hey, we are a leader in this space, right? We're committed to this space. We're committed to investing in the clinical trial to demonstrate the purity of our product." I'm hopeful that driving that clinical data along with other initiatives creates more of a long-term initiative for our organization.</doc> <doc id='16'>Speaker1 Great. I guess pivoting to the business in the first half of 2025, you reported $121.8 million in revenue, which is up 5% year on year. Can you break down kind of the growth drivers in terms of expanding accounts, driving higher utilization with your existing users? Speaker0 Yeah, a combination of both. I think we saw some good utilization within the existing accounts. Frankly, looking to expand into areas geographically, you know, Venture Medical is kind of core to the West Coast, west of the Mississippi. We're looking to target some of the east marketplace for these products. Really trying to partner with more sophisticated long-term partnership as we bridge from this ASP plus six methodology into the new methodology and really looking for mobile wound care providers, specifically on the Venture side, as well as physician office folks that want to be here long term. It would be great partners that really value the technology and value how BioREtain® supports their patients in closing wounds. We're looking forward to seeing where that growth goes and continues to grow.</doc> <doc id='17'>I think there's other opportunities for us, specifically from a growth driver perspective, that come where maybe M&A opportunities come along or other areas to diversify into other segments, like I alluded to earlier in the hospital outpatient and the OR space.</doc> <doc id='18'>Speaker1 If you think about your current product suite and some of the selling points that are most attractive to the clinical community, could you walk through some of those? Speaker0 Sorry, can you ask? Speaker1</doc> <doc id='19'>Yeah, some of the selling points of the products that are most attractive to the clinical community.</doc> <doc id='20'>Speaker0 Yeah, I mean, obviously the BioREtain® process is definitely very attractive to them. I think what they've seen, at least initially on the real-world data, like I kind of alluded to earlier about less number of applications and quicker time to heal on very hard-to-heal wounds, that's very attractive to providers that really want to utilize a product that's going to get some of these hard-to-heal wounds. I think even frankly, you know, it's great to hear testimonials from providers that say, "Hey, I've been using a synthetic product or another competitor product. I've been trying to treat this patient. You know, we're going on 12 months, 18 months. We still have not gotten this wound closed. And we were able to use your product in three or four applications to get the wound closed, right?" It's extremely satisfying and gratifying in a way, right, to hear that.</doc> <doc id='21'>Yeah, it's kind of cool.</doc> <doc id='22'>Speaker1 Yeah, it seems like if you had those kind of referenceable proof points, you'd use those with the next center and kind of get the keeps giving.</doc> <doc id='23'>Speaker0 Yeah, and I think I hope, you know, going forward, at least, you know, with the readout of the RCT, that will also be more of a validating point, right? Some of these real-world data sets or real-world data patients aren't as compliant as when you're running a clinical trial, right? Getting a patient to be compliant is some of the biggest challenge in wound care, right? Getting a patient to come in, offload, do some of the things that are necessary for a proper blood flow and making sure that they're not continuing to propagate a wound. When you're in a more rigorous clinical trial, it's a lot easier to kind of hold some of those variables a little closer.</doc> <doc id='24'>Speaker1 even for the diabetic foot ulcer and the venous leg ulcers? Speaker0 Yeah, absolutely. Absolutely.</doc> <doc id='25'>Speaker1 Interesting. I guess stepping back, can you help us think through the growth trajectory over the next few years? Speaker0 Yeah.</doc> <doc id='26'>Speaker1 As a company? Speaker0 I think obviously going into 2026, we'll kind of have a reset based on the framework of reimbursement. I think that will also lend itself to really get some clarity around what does growth look like over the next four to six years. I think for us, we'll continue to kind of drive adoption of our existing BioREtain® platform in the mobile wound care space, hospital outpatient space, look to start getting involved onto GPO agreements, IDN agreements into the hospital setting, and look at other sites of service within, or frankly, call points within the hospital system, not so focused in chronic wound, but more gravitating to some of the acute wound space as well. I think there's a lot of M&A opportunities within this space as well.</doc> <doc id='27'>I think values are suppressed and some really nice targets that will kind of expand what I always say is the continuum of care, areas where we don't have a product that touches a patient across that value stream, and</doc> <doc id='28'>where we are currently kind of at the end of that continuum of care where all these other products didn't work on that patient and were a product of last resort. It'd be great to have an opportunity to expand our product portfolio and be able to service a patient on day one and hopefully on day wound closure.</doc> <doc id='29'>Speaker1 Really exciting. How would you evaluate where you are at from a market share perspective now, and then where you expect that to go over time? Speaker0 Yeah, no, it's a great question. I mean, as I kind of alluded to, it's $10.3 billion. It's a very large market. We delivered just over $300 million last year, so somewhat small and diminished, I guess, in the overall market opportunity. I think, like I said, we'll see how things suss out, you know, moving forward from 2026 and how that changes not only the TAM, but also, you know, who's left and who's interested in being a long-term player in this space. We'll continue to try to drive the BioREtain® message and, as I alluded to, getting into the hospital and things of that nature hopefully drives that as well.</doc> <doc id='30'>Speaker1 I guess if you look at it slightly differently, how many relevant accounts are out there, and how do you expect to kind of incrementally penetrate those accounts over time, recognizing the backdrop? Speaker0 I think ultimately, as I kind of alluded to, there's roughly about 7 million Medicare patients out there with a chronic wound. That number is growing exponentially as well. The problem isn't going away. I think when we look at how many patients we ultimately are not currently addressing right now just due to the market dynamics of high ASP products and other things, I think there's still a decent amount of market opportunity in the mobile wound care physician

公司信息 * 公司为iRhythm (纳斯达克代码: IRTC) 是一家提供动态心脏监测解决方案的医疗科技公司 其核心产品为Zio系列监测贴片 [3] * 公司近期业务势头强劲 过去两个季度实现了过去五年（除新冠疫情期间外）最大的业绩超预期和指引上调 [3] * 公司已向FDA提交了新一代产品Zio MCT的510(k)申请 预计在2026年下半年上市 [12][45][46] * 公司与FDA的关系在过去18-24个月内得到显著改善 从过去的紧张转变为如今高度协作的关系 [15][47][49] 核心业务表现与驱动因素 * 第二季度的业绩超预期主要由核心业务驱动 [4] * 核心业务增长得益于新客户获取和同店销售增长 [4] * 新客户平均体量更大 公司现具备能力一次性转换整个大型医疗网络 而非过去的逐个账户转换 [4][5] * 同店销售增长得益于将业务从心脏科（Cardiology）和电生理科（EP）向上推进至初级保健（Primary Care）领域 [7][8] * 目前约三分之一的处方来自初级保健渠道 且该渠道是业务中增长最快的 [7][10] * 临床数据（Camelot和Avalon研究）证明了Zio产品的优越性 在超过30万患者的CMS数据集和超过40万患者的商业数据集中均显示其能更快诊断、具有更高的诊断产出率、并降低医疗资源使用成本 [6][7] * 创新渠道合作伙伴业务（针对无症状患者）增长迅速 从一年前的零起点增长至第一季度占总量的约3% 第二季度继续攀升 [10] 市场机遇与战略转型 * 公司认为潜在市场远大于当前行业认知的650万次动态心脏监测（ACM）测试 估计约有2700万未确诊且无症状的心律失常患者 [11][37] * 这些无症状患者大量存在于具有共病（如2型糖尿病、COPD、CKD、OSA）的人群中 [11][24] * 公司战略是通过初级保健渠道和创新渠道合作伙伴（如支付方和有风险实体）来寻找这些患者 [11][22][35] * 创新渠道合作伙伴模式不仅销售贴片 还提供包含AI算法（用于筛查患者）、诊断工具（Zio）和远程心脏学服务的完整项目 以降低下游护理成本 [22][35] * 目前已与12家合作伙伴签约 覆盖约200万潜在患者生命 另有40家合作伙伴正在积极洽谈中 [36][37] * 按每片贴片250-300美元计算 现有12家合作伙伴的年化收入机会达4.5亿至6亿美元 [36] * 若与全部潜在52家合作伙伴签约 可覆盖约700万潜在患者 该机会规模已超过当前服务的市场 [37][39] 人工智能（AI）与算法进展 * 公司投资开发了基于EMR的AI算法 通过分析患者病史标记来识别可能患有心律失常的无症状者 [21] * 在初步的1000名患者试点中 算法识别出920名患者实际存在心律失常 准确率极高 [21] * 在后续的另1000名患者中 识别出超过800名患者存在心律失常 两组合计准确率超过80% 接近90% [22] * 此AI能力尚未对当前增长做出贡献 但未来与支付方合作时有巨大潜力 [20][22] 产品管线与监管进展 * Zio AT产品表现超出公司预期 [11] * 新一代产品Zio MCT的510(k)申请已于昨日（2025年9月9日）提交FDA [12][45] * Zio MCT设计为单次使用21天 不同于竞争对手需佩戴多个5-7天的贴片才能达到20-30天监测期 [52] * MCT申请中还包含了算法能力的增强 [52] * FDA审批流程为90天 但预计会有问询回合 公司计划于2026年下半年推出该产品 [45][46] * 公司目前在中长时程监测（MCT）市场占有率约为12% 预计年底接近15% 目标是达到25%-35%的市场份额 [15][53] * 公司拥有清晰的产品创新路线图 并与FDA就未来功能（如睡眠应用、生命体征监测、儿科应用）进行了积极沟通 [48][49] 财务目标与盈利能力 * 公司重申了到2027年实现10亿美元收入和15%调整后EBITDA利润率的目标 [57] * 公司认为有清晰路径实现25%的EBITDA利润率 主要杠杆在于大幅降低目前中位40百分比的G&A（行政管理费用）开支 使其向同行低20百分比的水平看齐 [57][58] * 毛利率也有持续改善空间 公司通常假设每年有200-300个基点的定价压力 但明年定价预计相对平稳 [58] * 今年投入了2500万美元用于质量体系补救 其中约1500万美元的费用将在明年消失 为利润表带来杠杆效应 [49] 风险与挑战 * 创新渠道合作伙伴业务的增长速度和规模仍难以精确预测 因其依赖于合作伙伴的决策和推广节奏（例如 Signify 用了18个月试点后全国推广 而 CenterWell 在90天内就全国推行） [40][41] * 公司曾因FDA的警告信和483观察项而延误了约两年时间 未能如期推出MCT产品 [14][15] * 在推广MCT产品的降级功能（downgradable capability）时 需谨慎避免对现有业务造成蚕食 [56]

Scout Investments, Inc., an affiliate of Carillon Tower Advisers, released the “Carillon Scout Mid Cap Fund” second quarter 2025 investor letter. A copy of the letter can be downloaded here. The Russell Midcap Index posted positive returns in the second quarter despite a sharp sell-off at the beginning of April following the liberation Day tariff announcement. However, the delay in collecting additional tariffs provided more time for trading partners to negotiate better terms. In addition, please check the ...

公司技术优势 - 提供创新性下一代神经调节解决方案 专门针对舌下神经刺激治疗中度至重度阻塞性睡眠呼吸暂停患者[1] - 采用完全差异化的双侧刺激技术 通过单切口植入实现[1] - 具备全身MRI兼容性 因未使用可植入电池设计[2] - 可穿戴组件包含电池及系统软件 患者睡眠时佩戴[2] - 无植入电池设计避免电池耗尽后的再次手术需求[2] 产品特性 - 治疗目标人群为中度至重度阻塞性睡眠呼吸暂停患者[1] - 系统采用双侧神经刺激技术[1] - 植入过程仅需单一切口[1] - 可穿戴设备同时承载供电系统与软件控制功能[2]

Teleflex (NYSE:TFX) FY Conference September 09, 2025 03:20 PM ET Company ParticipantsPatrick Wood - Managing DirectorLiam Kelly - Chairman, President & CEOPatrick WoodK. Let's kick it off. Thanks so much, everyone. Day two, Morgan Stanley Global Healthcare Conference. Patrick, I'm obviously on the MedTech team.I have no idea where the where disclosures thing goes, but it's morgansmiley.com/researchdisclosures. Given I've read that out about 20 times now today, so, I'm sure you can all go there and have a re ...

中澳合作领域 - 中澳合作聚焦三个领域包括传统产业转型为新产业合作如钢铁产业 医疗技术以及旅游业 [1] - 中澳合作与广州在经贸投资 绿色发展 医疗科技等领域相关 旨在实现互利共赢 [1] 中国经济与城市发展 - 中国经济快速发展且城市变得更靓丽 更宏大 更富活力 表明高质量经济发展稳步推进 [1] - 北京过去20年发生巨大变化 城市更绿且环境更安静 类似变化发生在中国许多城市 [1]

编辑丨王多鱼 排版丨水成文 前列腺癌 是全世界男性第二大癌症，随着中国人口老龄化和生活方式的西化，近年来我国前列腺癌发病率以每年 13% 的增速狂飙，现已位居我国男性恶性肿瘤 第六位，且发病率增速还在持续攀升 。 2024 年我国前列腺癌新发病例数达到 14.4 万人，预计 2030 年将达到 19.9 万人， 2035 年将达到 25 万人 。 前列腺癌的诊断主要依赖于血液前列腺特异性抗原 （ PSA ） 、 B 超和医生的直肠指诊。然而临床实践发现： 50 岁以上健康男性体检中， 1/3 的男性 B 超发 现有前列腺结节，近 10% 出现 PSA 异常升高，这些大量的"可疑患者"给临床诊断带来极大的困难，也给"患者"带来了巨大的心理压力。目前，全球各大临床指 南推荐磁共振检查 （ PI-RADS 评分 ） 进一步确诊，并据此进行前列腺穿刺活检来最终确定患者的诊断结果 。 然而，磁共振 PI-RADS 评分 存在两大缺陷： 1 ） 主观性缺陷 —— 该评分 本质 上 依赖放射科医生经验判断。以往研究显示 不同 医生间判读差异高达 30% 。这种主观偏差使精准诊断如同 " 轮盘赌局 "—— 患者可能因假阴性延 ...