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After the books closed

After the books closed: the quarter's biggest news happened too late to be in the numbers

Calls Tested
497
Answered YES
13
Hit Rate
2.6%
rare by design

Kamada Ltd. (KMDA) — this company's answers

NO on the Q2 2023 call 2023-08-16 B+
The model's full reasoning — Q2 2023 call → NO我们根据提供的财报电话会议记录,判断管理层是否报告了在报告期后期或之后不久发生的最重要的积极进展,且这些进展对报告结果影响很小或没有影响,管理层自己强调了时间点。 在电话会议中,管理层提到了几个积极进展: - KEDRAB销售增长,但这是整个上半年的趋势,没有特别强调是季度末或之后发生的。 - 获得FDA批准在以色列工厂生产CYTOGAM,以及随后获得Health Canada批准。这些批准是在5月(FDA)和最近(Health Canada)获得的,但管理层说“我们最近获得了类似的批准”,并预计第四季度初开始销售。这算是在报告期后不久发生的积极事件,但管理层没有明确说这些事件对报告结果影响很小,而是说确保供应不中断。 - InnovAATe试验的EMA积极建议,这是“最近”收到的,但管理层没有说这影响报告结果。 - 与FIMI的融资协议,但尚未完成,需要股东批准,属于未来事件。 管理层在讨论财务结果时,没有明确说“由于这些事件发生在季度末或之后,报告结果没有反映它们”。他们只是提到这些进展,但并没有强调时间点对结果的影响。例如,CYTOGAM的批准是5月,属于第二季度内,但生产销售要到第四季度,所以对第二季度结果没有影响,但管理层没有明确说“这些事件发生在季度末,所以结果没有反映”。 此外,管理层重申了全年指引,并说“我们预计下半年的盈利能力会增强”,但没有具体说因为某个后期事件。 关键点:管理层是否明确表示“这些积极事件发生在报告期后期或之后,所以报告结果没有反映它们”?在电话会议中,管理层提到“我们最近获得了Health Canada的批准”,但这是关于CYTOGAM的,而CYTOGAM的销售在第二季度可能已经存在(从CSL购买),所以批准只是制造转移,不影响销售。管理层说“我们预计第四季度初开始销售以色列工厂的产品”,所以这确实是一个后期事件,但管理层没有说这影响了报告结果。 另外,KEDRAB的销售增长是贯穿整个上半年的,没有特别强调是季度末。 因此,管理层没有明确将报告结果与后期事件联系起来,也没有说“这些事件发生在季度末,所以结果没有反映”。他们只是列举了进展,但并没有强调时间点对结果的影响。 所以答案应为NO。

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Show the exact prompt the model was given
Using ONLY the supplied earnings call transcript and no outside information: On this call, does management report that the MOST IMPORTANT POSITIVE DEVELOPMENTS of the period happened SO LATE IN THE REPORTED PERIOD, OR SHORTLY AFTER IT ENDED, that the results being presented contain little or none of their effect — with management itself marking the timing? Answer YES when management's own words convey, in whatever form fits the business, ONE coherent situation with BOTH halves present: (1) LATE-BREAKING, CONCRETE POSITIVE EVENTS. Management points to specific favorable developments that actually occurred near the end of the reported period or in the weeks since it closed — real events, not hopes or pipeline. The events may take whatever form fits the industry: a contract, order, customer, or program signed or won late in the period or after quarter-end; a facility, location, product, or service that opened, launched, or shipped its first volumes in the final stretch or just afterward; an approval, certification, or qualification obtained late that has already begun converting into business; a large customer that went live, began ordering, or expanded right at the close or since; an acquisition or capability completed at or after period-end that is now operating. What matters is that management itself anchors the timing — saying in substance 'late in the quarter,' 'in the final weeks,' 'at the very end of the period,' 'since quarter-end,' 'subsequent to the close,' 'just after the period ended,' or equivalent — for events that are described as done or now happening, not merely expected. (2) MANAGEMENT TREATS THEM AS THE REAL STORY THE NUMBERS MISSED. Management conveys, directly or plainly in substance, that because of this timing the reported results reflect little or none of these developments — and treats them as consequential to where the company is now heading, for example by discussing how they will contribute in coming periods, how the company is now delivering or ramping them, or by contrasting the period's reported figures with the level of business the company is already doing as it exits. The late events should be presented as meaningful relative to the company's current size — capable of changing its trajectory — rather than as routine items in a long list. Answer NO if the period's positive developments are described as spread across the quarter in the ordinary way, with no emphasis on late or post-period timing. NO if the late-dated items are only letters of intent, negotiations, pipeline, expected signings, or events still contingent on approvals, financing, or decisions not yet made. NO if the late events are routine in scale for this company — the normal cadence of wins or openings it always reports — with no sense that they change its level of business. NO if management mentions timing only as an excuse for weak results without concrete late-arriving positives now in hand. NO if the post-period mention is a boilerplate subsequent-events disclosure that management does not connect to the company's trajectory. NO if the timing framing appears only in an analyst's question or model that management does not itself affirm. Use only the supplied transcript. Answer only YES or NO.

Companies that answered YES

TickerCompanyCallDateCall grade
ASM Avino Silver & Gold Mines Ltd. Q4 2023 2024-03-21 C+
KOPN Kopin Corporation Q4 2023 2024-03-14 C+
SCPH scPharmaceuticals Inc. Q3 2023 2023-11-08 B
NBTX Nanobiotix S.A. Q2 2023 2023-09-27 D
SWBI Smith & Wesson Brands, Inc. Q1 2023 2022-09-08 C+
YMM Full Truck Alliance Co. Ltd. Q2 2022 2022-08-25 C+
VNRX VolitionRx Limited Q1 2022 2022-05-12 F
OPK OPKO Health, Inc. Q1 2022 2022-05-09 D
BFIN BankFinancial Corporation Q1 2022 2022-05-06 A
RNW ReNew Energy Global Plc Q2 2022 2021-11-18 C
BFI BurgerFi International, Inc. Q3 2021 2021-11-12 C
LIND Lindblad Expeditions Holdings, Inc. Q2 2017 2017-08-06 C
PLAB Photronics, Inc. Q2 2017 2017-05-17 C+

How the model reasoned

OPK · Q1 2022 → YESThe question is: Does management report that the MOST IMPORTANT POSITIVE DEVELOPMENTS of the period happened SO LATE IN THE REPORTED PERIOD, OR SHORTLY AFTER IT ENDED, that the results being presented...YES The transcript shows management treating the ModeX acquisition (announced and closed on the call date, May 9) and the Sema4/GeneDx deal (closed April 29) as major positive developments that occurred after the Q1 period ended. These are framed as key steps toward unlocking value and are highlighted as the "exciting announcement" that changed the call format.
RNW · Q2 2022 → YESThe question is: Does management report that the MOST IMPORTANT POSITIVE DEVELOPMENTS of the period happened SO LATE IN THE REPORTED PERIOD, OR SHORTLY AFTER IT ENDED, that the results being presented...YES The transcript shows management explicitly marking the timing of key positive developments: 400 MW commissioned "since the end of the quarter" (bringing operating capacity to 7 GW today, with another 400 MW scheduled "over the next couple of weeks"), plus the completed Telangana acquisition adding 260 MW.
ASM · Q4 2023 → YESThe question is: Does management report that the MOST IMPORTANT POSITIVE DEVELOPMENTS of the period happened SO LATE IN THE REPORTED PERIOD, OR SHORTLY AFTER IT ENDED, that the results being presented...

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Not investment advice. Artul.ai publishes AI-generated earnings-call quality grades and expected-volatility estimates — never buy or sell recommendations. We tested over 1,600 predictive hypotheses against 165,000 transcripts; the honest result, including what failed, is documented in our methodology.