INEOS Automotive CEO on navigating evolving tariff landscape
Lynn Calder, INEOS Automotive CEO, joins Market Catalysts with Julie Hyman to discuss how the company is navigating trade tensions, pricing caps, and plans to expand its lineup with a hybrid range extender.
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Hinge Health (HNGE) is surging after releasing strong second quarter results — the company's first earnings release since its initial public offering (IPO). Hinge Health CEO Daniel Perez joins Market Catalysts host Julie Hyman and Yahoo Finance Senior Reporter Anjalee Khemlani to discuss the results. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts. We're going to talk about Hinge Health. Hinge Health reported a beat in second quarter earnings after the bell Tuesday. It's the first report since the company went public in late May. Revenues coming in at $139 million in the second quarter. That's a jump of 55% year over year. It also beat Wall Street's expectations of $125 million. Since going public, the company's stock is up more than 80%. Let's send it back over now to senior health reporter Angelique Molani who's standing by with the Hinge Health CEO and co-founder, Daniel Perez. That's right. Thanks so much, Julie. Daniel, so good to see you again. Uh the last time we were down at the exchange ringing that bell. Um, clearly some good news for the street today. You're beating, you've gotten some growth in, and considering this is the first earnings after the IPO, talk to me about how you're feeling about that and having to even have the visibility right now that everyone has into your books. Well, look, we appreciate the transparency. We were, we've been operating internally like a public company for multiple quarters pre-IPO, and we like to show that, you know, there's a lot of potential here in digital health, and our vision is to use technology to scale and automate the delivery of care. And I hope this first quarter out of the gates shows that there's a lot of momentum at our backs and that this is going to be a long process of using technology to scale what hitherto has been very manual one-on-one interactions with providers, and we're excited about the future ahead. Talk to me about the growth and subscription because that also drives your revenue. Um, I know that that has been part of the focus for many platforms like yours, and there's been sort of a test if you will. And that's why the spotlight is on you. I recall down on the exchange floor, you and I chatted during the IPO. You said you got a number of calls from Digital Health companies because this was going to be proof in the pudding on whether or not the market is back and interested. What can you tell us about whether or not you're seeing that right now? And whether or not this growth that you're seeing in subscribers is sort of par for the course or did it jump after the IPO? No, I don't think the IPO had a big impact on our subscribers. I haven't seen that yet. I would say for digital health companies, you really got to focus on being intellectually honest about what you're bringing to market. We try to make sure our products really improve clinical outcomes, that patients or members love using it. And thirdly, that they actually save costs. If you do that, you're going to get a lot of enterprise customers, health plans, employers, fully insured plans, Medicare management interested in your product. And then secondly, if you build a delightful experience, members are going to sign up. They're going to choose you over their many other alternative options, including alternative in-person care options. And you've got to run a layer underneath all of that, a foundation of a sustainable business. And frankly, there's a, if you have a digital health company that's delivering on that triple aim and healthcare, which is experience, outcomes, and costs, and you're able to build a foundation of a sustainable business underneath that, then the markets are open for you. I know that we talked about the growth. I want to talk about the one sort of cautionary flag in the report today, and that was the gap loss from operations, about half a billion there. What can you tell us about that and what you're expecting for the rest of the year? You know, when we go public, we issued a bunch of RSUs, restricted stock units before IPO. None of them vest. So as soon as you IPO, just a ton of RSUs that have been built up over multiple years vested. And so the reason the market somewhat, I think, I'm not the banker, has somewhat shrugged that off is because it's expected of a first earnings report when you IPO that you're going to have a ton of stock that's kind of built up over time just vest, and that's going to look like a very, very large gap loss. I think what a lot of investors are focused on, however, is our free cash flow, which was our non-GAAP free cash flow was $33 million for about a 23% non-GAAP free cash flow margin. And I think we're slightly ahead of schedule of what was expected of a company one quarter out the gate in terms of our free cash flow margin. And at the end, what matters is how much cash is the business generating, and we're excited to show that relatively early on, we're able to actually generate cash for the business, which is great. But you should expect our stock burn to go down over time because half a billion dollars is not sustainable. And so I hope to certainly beat that in Q2 or Q3 earnings reports and moving forward. Yeah, well, the street's certainly loving it right now, up more than 20% on the market right now. 20%? Wow. That's not bad. I hadn't noticed. Okay. Well, now you know. Talk to me about keeping up the momentum though, because it always is that sort of, you know, that spotlight on you, the sort of shakiness of getting out the gate, and then keeping up that momentum. We've seen companies, you know, start off strong and then maybe plateau over time. So what can you tell us about how you're planning on keeping up that momentum? That's a great question because look, we had a strong quarter, but that's just one quarter, and we largely baked this quarter a while ago through the efforts that we've made here at the company. And we recognize that we want to build a company that's going to become an iconic organization that lasts long term, and that's going to require sustainable growth over a long period of time, not just one quarter. That's why we try not to look at the numbers, the stock price, how it gyrates up and down on any given day. And we try to remain paranoid. We're a founder-led company, and we think long term. This company, in all of our meetings, we're constantly thinking long term and try to be very intellectually honest in the products we bring to market and our go-to-market strategies, and where we spend our money. And we're evaluating the business up and down. And so I'm confident in what we got in the pipeline, as well as the runway ahead of us. We have about a $500 million runway for digital physical therapy for what we believe is a $70 billion market. So a lot of runway in digital physical therapy, but this model of applying software and connected hardware to automate the delivery of care itself is a model we want to apply to other areas of healthcare. And so you're going to see us over time peeling away more aspects of in-person care and using technology to automate, say, 60-70% of it in version one, with the aim of getting to where we are today with digital physical therapy, where we've automated away about 95% of provider interactions. And what's exciting about healthcare is that, you know, just about every market that you look at in healthcare is $10-20 billion plus. And so it is, even relatively small markets and healthcare are really big TAMs and give us a big opportunity to have an impact on patient outcomes, as well as cost reduction. Yeah, absolutely. We're going to have to bring you back at the end of the next quarter to see how this all pans out. Daniel Perez, CEO of Hinge Health. Thank you so much for joining us. Thank you, Angelique.
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Pfizer CEO shares 3 pillars of company's cost-cutting efforts
Pfizer (PFE) topped second quarter expectations, but looming Trump-era pharmaceutical tariffs remain a concern. Pfizer CEO Albert Bourla joins Market Domination to discuss the company's earnings results and cost-cutting efforts. He also notes that a manufacturing shift would require a grace period due to long timelines. To watch more expert insights and analysis on the latest market action, check out more Market Domination. Pfizer reporting a beat on revenue and earnings for its second quarter. But the pharmaceutical manufacturer is facing new hurdles with tariff threats and calls from President Trump to lower prices. Our own, Julie Hyman, and senior health reporter, Anjalee Khemlani, spoke with the CEO about cost-cutting efforts and the future of the firm. I would call it more its productivity enhancement and margin expansion. We do that by implementing three things. One, it is focus. So we stop doing things that they are not that important, and we double down on things that they are. The second is technology. Technology right now offers tremendous opportunities for improvement of productivity, particularly AI and simplification of our business process. There is a lot of waste that is happening when you have complicated structures that require usually more people than if you have streamlined your areas. And this is where we are. We have announced a program that we are on track to exceed actually this year. And then announced an additional 1.7 billions of cost reductions, 1.2 billions of that until '27 will happen in SGNA in administrative and marketing and selling expenses. And that will fall to the bottom line. 500 millions will happen in R&D, and that will be reinvested all back in R&D. So it's not just the cost-cutting though, obviously, investors also want to see growth on the top line, growth in revenues. You guys did have growth in revenues this quarter by 10%. And the revenue growth has been more volatile. So how do you keep that momentum going and also find stability? Yes. If you see the elements of our revenues, the volatile piece is mainly our COVID. Because COVID could happen in different quarters every year. Usually there are two waves every year and in sometimes like 23, one way, the summer or the winter are stronger. And the same as in 24. So it's a different year by year. So I think that's the variability. The rest of the business, it's a very strong, continuous growth momentum, I think, and new products and recently acquired products contributed 4.7 billion dollars in this first half of the year. And they are growing at 15%. So it's very solid. I do want to talk about the backdrop from Washington. Because that's something that involves, that affects not just you, but the whole industry. You're also currently the head of the Pharmaceutical Industry Association. You did say on the call that you have a special relationship with members of this administration. Of course, we've heard the president be critical of the industry. What do you feel you have been able to educate President Trump about to sort of better help him understand the industry's perspective? I said we have a special relation with the president because that relation was cemented during the COVID crisis. He was very concerned. He want to make sure that we speed up the development of vaccines. So we speak every second week. So he was very active and he would ask about studies and where we are, and what can we do to accelerate. So it was very, it was a bonding, let's say, exercise. No, I, I think he's educated. Of course, it doesn't go into the details, is not his job, but he understands the dynamics. I had multiple times the opportunity to discuss with him the impact that the middleman has in the prices in the US. And he understands this very well and he speaks very vocally about it. Other things that they are subsidizing, that they are taking out of the prices of pharma, so that the patient pays a lot, but then we don't collect all of that because it goes to other areas like 340B. So he, what he wants to achieve, it is to have a better deal. He's very competitive. He doesn't like that others paying less. And he wants to fix it and we are very productively discuss, productively discussing right now what we can do on that. And the president did say in an interview today that tariffs could eventually reach 250%. He's talking about a phase in of that. Are you confident that you'll avoid that outcome for the industry, that 250% on imports of pharmaceuticals? I don't want to speak for the president, but what he said today, which was very important also was that it will be a very small tariff in the first couple of years. And then he opened actually the window for a grace period. Because I had this discussion with him and I had this discussion with multiple other members of the administration, but a manufacturing site to be completed, it takes more than five years for our industry. We in North Carolina, we just completed, not just, but we completed recently a few years back, the build of one manufacturing site. But was one product only, and it took us four and a half years and that was our record. So you can't just say you need to do it immediately and pay tariffs until you transfer. We can't afford to pay tariffs and the investments to transfer. Right. Makes sense. I want to bring in our Anjalee Khemlani, who, of course, you also know, our senior health reporter to talk more about some of these issues. So Anj, I know you're also, of course, watching the pricing debate very closely. Yeah, that most favored nations clause. Albert, I love the letter. Got your special, you know, name crossed out on there from Trump. But going to the contents of it, I know you've already talked about the DTC push and getting that direct to consumer push. You've already unfolded a strategy there, so you're really ahead of the curve there. But I want to actually talk about the pricing part of it because we've had notes from analysts talking about how it's really unfeasible to do most favored nations pricing the way that it's laid out in that letter. Can you talk to us about how you're planning for that? We are planning for all different scenarios of different ways of implementing something like that. And we are discussing and making mitigation plans. But we don't know how that will end up. We are still discussing it with with the president, how and what will be the devil could be on the details in this case. And talking about the tariffs as well. I know that with the manufacturing push, the industry had been trying to really pull the president away from these tariffs and conversations around it with the more than $200 billion in investments. Explain to us how that works considering that 90% of prescription drugs are generics and those are the ones that are cheaper to make, come from overseas, have smaller margins. Therefore, not really appealing to companies like you to produce. Meanwhile, the branded drugs are mostly produced here with the API is coming from overseas. So can you just put it together for us on how it would really impact you with tariffs coming in? What components? Depends on the product and depends how the custom authorities define a country of origin. First of all, you are right that generics are more than nine prescriptions per 10 in the US. And those are the cheapest medicines anywhere in the world. The generic prices in the US are the cheapest of any medicine. I think again, patients are paying way more than the real price of the generics, because of ways that the insurance system and the benefits work. But even with that, they are the cheapest generics in the world. Then the 10% or less that they are, they're branded. Many of them are manufactured here, as you know, probably. We have 13 sites in the US of manufacturing. 11 are manufacturing plants and then two are gigantic warehouses, almost like a plant. So we do a lot of them here, but we over the years, we produce some stuff outside. And Ireland is a typical example, Switzerland is a typical example, other places are typical examples. And those we need to understand if they will be the API will dictate the country of origin or where the final product is made.
