Earnings Call Transcripts
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All Earnings Calls
Inspire Medical Systems Q4 2025 Earnings Call - Coding Shift to CPT 64582 with -52 Modifier Threatens Physician Fees and 2026 Guidance
Inspire closed 2025 on solid operational footing, but the conversation for 2026 is dominated by reimbursement mechanics, not clinical performance. Management disclosed that coding for the new Inspire ...
- Coding clarification: Inspire 5 procedures will transition to CPT 64582 with a -52 modifier, creating uncertainty in the physician professional fee.
- Estimated professional fee impact ranges from about 10% to 50%, with the company acknowledging the final magnitude will differ by MAC and commercial payer and only be known after claims data flow.
- 2026 revenue guidance widened to $950 million to $1.0 billion, reflecting 4% to 10% growth, with the low end assuming a 50% physician fee cut and the high end assuming a 10% cut.
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QuidelOrtho Q4 2025 Earnings Call - $140M cost cuts push adjusted EBITDA to 22% as Labs growth offsets respiratory decline
QuidelOrtho closed 2025 delivering on guidance, driven by a company-wide reset that generated roughly $140 million in cost savings and expanded adjusted EBITDA margin to 22%. Revenue was $2.73 billion...
- Company delivered 2025 guidance with $2.73 billion in reported revenue, Q4 revenue $724 million.
- Company executed $140 million in cost savings, expanding adjusted EBITDA margin to 22% for full year 2025, a 240 basis point improvement year-over-year.
- Labs business grew mid-single digits, 7% in Q4 and 6% for the year, and now accounts for 55% of total revenue, providing stability versus respiratory declines.
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AppLovin Q4 2025 Earnings Call - Axon AI and MAX auction power drove record profit and cash, e-commerce is the next battleground
AppLovin closed 2025 with blowout numbers and a bullish playbook. Q4 revenue hit $1.66 billion, up 66% year over year, and adjusted EBITDA reached $1.4 billion at an 84% margin. For the year revenue w...
- Q4 revenue $1.66 billion, up 66% year over year; adjusted EBITDA $1.4 billion at an 84% margin, demonstrating exceptional operating leverage.
- Full year 2025 revenue $5.48 billion (+70% YoY); adjusted EBITDA $4.51 billion (+87% YoY) and free cash flow $3.95 billion (+91% YoY).
- Quarterly free cash flow was $1.31 billion, growing the cash balance to roughly $2.5 billion by quarter end.
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Aurora Fourth Quarter 2025 Earnings Call - Driverless commercial launch accelerates, targeting 200+ observerless trucks by end-2026
Aurora used the quarter to change the debate from promise to product. The company reported its commercial launch is scaling: the Aurora Driver has surpassed 250,000 driverless miles, expanded to multi...
- Aurora reports the Aurora Driver exceeded 250,000 driverless miles by January, nearly triple the cumulative miles from early October 2025.
- Company expanded driverless domain, adding seven lanes and increasing addressable market to over 3.6 billion vehicle miles traveled.
- Aurora claims 100% on-time performance and zero Aurora Driver-attributed collisions on commercial operations to date.
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Q2 Holdings Q4 2025 Earnings Call - Back-half bookings drove subscription growth, margin expansion, and a platform-first AI/fraud narrative
Q2 closed 2025 with a powerful back-half run: record-level bookings pushed subscription ARR higher, adjusted EBITDA and free cash flow materially improved, and management laid out an explicit path to ...
- Q4 revenue $208.2M, +14% YoY; full-year revenue $794.8M, +14%.
- Subscription revenue grew 16% YoY in Q4 and 17% for full-year 2025; subscription revenue represented 82% of total revenue for the year.
- Subscription ARR ended at $780M, up 14% YoY; total ARR $921M, up 12% YoY.
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Porch Group Fourth Quarter 2025 Earnings Call - Breakout Profitability and a $600M RWP Target Backed by Surplus and Conversion Gains
Porch closed a transformational 2025, turning a new reciprocal operating model into a cash-generating, high-margin business. Management delivered an 11x increase in adjusted EBITDA to $76.6 million, c...
- Porch reported Q4 2025 reciprocal written premium of $125.7 million, revenue of $112.3 million, and gross profit of $91.4 million, implying an 81% gross margin for the quarter.
- Full year 2025 adjusted EBITDA was $76.6 million, an 11x increase versus 2024, with Q4 adjusted EBITDA of $23.5 million, a 21% margin.
- Porch converted adjusted EBITDA to cash at an 85% rate in 2025, producing $65.4 million of Porch shareholder interest cash flow from operations.
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Paycom Q4 2025 Earnings Call - Automation Delivers Margin Lift but 2026 Guide Is Conservative
Paycom closed 2025 with solid execution: $544 million in Q4 revenue (up 10%), $2.05 billion full-year revenue, recurring revenue of $1.94 billion (up 10%), and record-like adjusted EBITDA margins (Q4 ...
- Q4 revenue $544 million, up 10% year over year; recurring and other revenue $517 million, up 11% YOY.
- Full-year 2025 revenue $2.05 billion, recurring and other revenue $1.94 billion, up 10% vs. 2024.
- Adjusted EBITDA margin remains very high: Q4 adjusted EBITDA $236 million (43.4% margin); full-year adjusted EBITDA $882 million, up 14% with a 43% margin.
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QuantumScape Q4 2025 Earnings Call - Eagle Line inaugurated, blueprint for scalable QSE-5 production and licensing
QuantumScape closed 2025 by turning lab wins into manufacturing reality. Management inaugurated the Eagle Line on February 4, 2026, positioning it as a highly automated pilot that incorporates the COB...
- Eagle Line milestone: Eagle Line inaugurated Feb 4, 2026, is a pilot, highly automated production suite incorporating the COBRA process, and is presented as the blueprint for customers to scale QSE-5 to gigawatt-hour factories.
- COBRA integrated: COBRA process was integrated into QuantumScape’s cell production baseline in June 2025, and is billed as the enabler of gigawatt-hour scale manufacturing.
- Commercial sampling and demos: COBRA-based QSE-5 cells were shipped to Volkswagen Group partners, and the Ducati V21L race bike showcased QSE-5 in a public vehicle demo at IAA Munich last year.
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Redwood Trust Q4 2025 Earnings Call - Mortgage Banking Scale and Capital Shift Drive Earnings Above Dividend
Redwood closed 2025 by leaning hard into mortgage banking, with Sequoia, CoreVest, and Aspire producing a record $23 billion of volume for the year and pushing core operating returns materially higher...
- Redwood’s three operating platforms produced a record $23 billion of volume in 2025, the highest in company history.
- Management shifted capital aggressively to operating platforms, with over 80% of capital invested in core operating and related activities at year-end 2025, up from 57% in 2024.
- Q4 GAAP net income was $18.3 million, or $0.13 per share; consolidated EAD rose to $0.20 per share in Q4 and exceeded the $0.18 common dividend.
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LightPath Technologies Q2 2026 Earnings Call - Record revenue and NDAA-aligned Black Diamond push, but earnout charge and execution risk remain
LightPath says the corporate metamorphosis is real. Q2 produced record revenue of $16.4 million, a 120% jump year over year, healthier gross margins at 37%, positive adjusted EBITDA, and a near-$100 m...
- Record revenue: Q2 fiscal 2026 revenue was $16.4 million, up 120% versus $7.4 million a year ago.
- Margin progress: Gross profit rose to $6.0 million, representing a 37% gross margin versus 26% in the year-ago quarter, driven by higher mix of assemblies, modules, and cameras.
- Adjusted EBITDA positive: Adjusted EBITDA was $0.6 million in Q2, an improvement from a $1.3 million adjusted EBITDA loss a year earlier.
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