Insiders still discovering the upside: management reports the opportunity keeps revealing itself bigger in live operatio
The model's full reasoning — Q1 2024 call → NOWe need to determine if management conveys both halves: (1) fresh discoveries coming out of live operation, and (2) management is following the discoveries with real attention/resources. Let's scan the transcript for any language about discovering new upside, surprises, or learning from actual operations. Jim Clemmer's opening: "we are seeing improvements here during the first quarter" - that's about improvements, not discoveries. He mentions NanoKnife growth, international growth, etc. But is there any specific mention of discovering new uses, new buyers, or that the opportunity is bigger than expected? He talks about "we believe that NanoKnife has the potential" - that's a belief, not a discovery. He mentions "we are also pursuing plans to gain an indication for Auryon to treat coronary artery disease" - that's a plan, not a discovery from operation. He mentions "we anticipate receiving CE Mark for Auryon" - that's a future event. He talks about "we are proud to be holding our fourth Scientific Symposium" - that's an event. Steve Trowbridge talks about financials, guidance, etc. Is there any language about "we discovered" or "we were surprised" or "we found that"? Let's look for phrases like "we learned", "we found", "we discovered", "it turned out", "we were surprised", "we didn't expect", etc. In the Q&A, Jim says: "We hear anecdotes too where people try it in different areas are so confident in how it works." That's about Auryon small vessel DVT, but he says "we're focused on our internal R&D process" - so they are not following that discovery with resources? Actually, they are developing a product for that, but they say "we're going to continue to focus on our internal testing, get the product ready for launch." That could be a response, but is it a fresh discovery? He says "We hear anecdotes" - that's from customers, but it's not clearly a discovery that management is acting on in a significant way. Also, he says "we're not sure if you'll see any data published by our customers prior to 2025" - so it's not a major thing. Another part: Jim mentions "we have been very pleased with the clinical feedback that we've received regarding the success that physicians have had with AlphaVac.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| WEC | WEC Energy Group, Inc. | Q1 2024 | 2024-05-01 | A |
| PDS | Precision Drilling Corporation | Q1 2024 | 2024-04-25 | B |
| ET | Energy Transfer LP | Q2 2023 | 2023-08-02 | C+ |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| MEC | Mayville Engineering Company, Inc. | Q3 2022 | 2022-11-05 | B+ |
| MOMO | Hello Group Inc. | Q3 2021 | 2021-11-30 | D |
| CYBR | CyberArk Software Ltd. | Q3 2021 | 2021-11-04 | B+ |
| LOPE | Grand Canyon Education, Inc. | Q2 2021 | 2021-08-08 | C |
| EMR | Emerson Electric Co. | Q3 2021 | 2021-08-04 | B+ |
| TENB | Tenable Holdings, Inc. | Q2 2021 | 2021-07-27 | A |
| UMH | UMH Properties, Inc. | Q3 2018 | 2018-11-02 | C+ |
| XOM | Exxon Mobil Corporation | Q2 2018 | 2018-07-27 | C |
| MKTX | MarketAxess Holdings Inc. | Q3 2017 | 2017-10-25 | C+ |
| LIND | Lindblad Expeditions Holdings, Inc. | Q2 2017 | 2017-08-06 | C |
| BCE | BCE Inc. | Q2 2017 | 2017-08-05 | B+ |
| BP | BP p.l.c. | Q4 2016 | 2017-02-07 | B+ |
| INGR | Ingredion Incorporated | Q1 2016 | 2016-05-01 | B+ |
BP · Q4 2016 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — both discovering new positive surprises from operations AND responding with re...YES The transcript shows management conveying exactly this posture in the Oman section. They recount a genuine operational surprise—“straight wells that we had not expected,” well rates “above plan,” and liquid production “higher than planned”—that emerged while the asset was actually running.
XOM · Q2 2018 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — that in the course of actually operating, selling, or delivering in the recent...YES The transcript shows management conveying exactly this posture in the Guyana section. Neil Chapman recounts fresh upward revisions to resource estimates ("now more than 4 billion... up from the 3.2 billion... just 4 months ago") and the eighth discovery ("Longtail exploration well...
LOPE · Q2 2021 → YESThe question is whether management is still discovering new upside inside a business that's already working, based on recent operations, and responding with attention or resources. YES The transcript shows management discovering fresh upside in the GCU traditional campus platform through live operations: they built three new residence halls expecting no further need next year, but current registrations reveal near-capacity demand, requiring at least two more halls to be built.