Callouts & quotes from 205+ activist slides

""Stryker is fantastic at buying really inexpensive crummy companies, so for them to think about buying a $2, $3, or $4 billion dollar company like Nevro, I don't see it. I just don't. I don't think it's in the culture. I don't think it's who they are. When Nevro stock was down in the $30's and low $40's, that would have been a great m&a target but now it's an incredibly expensive platform. If another technology comes up and beats them, it's really not worth much. All the other stim companies are scaling bigger and they have more options for doctors. Nevro is still pretty much a one-trick pony. They're going to have to cut costs to shore up the bleeding, so they're not going to pay reps $350,000. They're going to pay $185,000 and you'll see low-quality reps." — Former Nevro executive"

"We ended the first quarter with cash and marketable securities of $4 billion and generated approximately $591 million of cash from operations in the quarter. This is ahead of our internal targets and significantly more than in Q1 2019. This reflects increased earnings and a reduction in working capital, primarily driven by accounts receivable during the quarter. As I noted in January, we did not repurchase any shares in Q1, nor do we plan to do so during the remainder of the year. In addition to the discretionary spending controls I previously outlined, we have also taken steps to conserve cash, including reductions in planned capital expenditures and project spending, focusing on opportunities and accounts payable and slowing M&A activities. — CEO Lobo, Q1 2020 Conf Call"

""Amcor’s financial profile will be enhanced, and our existing capital allocation framework, or shareholder value creation model, will be maintained and strengthened with this transaction." — CEO ACMR; "Sales to PepsiCo, and its subsidiaries, accounted for approximately 11.1%, 11.0% and 11.7% of our sales in fiscal years 2019, 2018 and 2017, respectively." — Amcor 10-K; "So the (specialty) cartons business is a little less than 10% of sales now. It’s a global business. It’s predominantly selling tobacco cartons." — Amcor CEO Citi Conf Dec 2019; "Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately 11 percent in 2018 and 10 percent in 2017 and 2016. The Company primarily sells to Kraft Heinz Company in the U.S. Packaging segment." — Bemis 10-K"

""I'm surprised there hasn't been regulatory pressure put on them. I'm surprised...listen, I've worked for a lot of pharma companies, okay? And I've never seen the goofiness that I've seen with this company...the pressure to produce...it was just terrible. It was awful. A lot of pressure on sales, a lot of pressure on getting referrals...it was just a lot of pressure...I mean, how many cataplexy patients are there? Oh my god. How many are there? Get in no matter how you need to get in; get the referrals...I mean, as far as entertaining and speaker's programs, like these guys do - I've never seen it." — Ex-field reimbursement manager working with Harmony, who stated most of his team and a large number of sales reps resigned due to pressure to support improper conduct."

""Our business historically has been built on increasing our recurring revenue. Almost 80% of the revenue we recognize each month is for scheduled services that are on the books as of the first of the month. I'd like to think of this as the gift that keeps on giving. In a sense, we're much like the phone company or cable TV business." — CEO Rollins Q1 2014; "Yes, one thing I might add, we also implemented a new pay plan for our commercial sales, people that much more greatly incentivize them to pursue recurring revenue. We kind of got hooked on that bed bug revenue for a period of time. And while that's great to get, it's not recurring and as you guys know, we really prefer that recurring revenue to build." — Fmr COO / Vice-Chairman Wilson On Bed Bugs"

"There's tremendous potential for abuse in the role the rep plays with the patient. I have refused to work with reps who have acted unethically and that I knew were full of crap. There's no question that they influence the patient during the trial. There's no question about it, that there's the ability to influence. It just depends on your judgment. It's more common with younger implanters and people who work in private practice, who are trying to get a business out there. The reps are saying I'll do this for you, I'll do that for you, I'll introduce you to doctors. It's natural. No question, I've seen over the years reps that are just very sleazy. I have told companies straight out: I will not work with these people. — KOL and high volume implanter"

"Grossman has a history of working with Bess Weatherman of Warburg Pincus who's on the board, and I think they look for companies that are really ground down. They move some people in, move some people out, but at the end of the day, they really control cost. They don't really add true value and that's kind of how I see Grossman. I don't see Grossman adding value to spinal cord stimulation. I don't think he really understands the market. He'll reformat all those guarantees that the reps have. From a revenue point of view, the company should be a lot bigger than it is, but I'm very underwhelmed because when I look at sales capacity, there's 150 more field team now, for about the same amount of revenue. It's crazy. — Former Nevro executive"

"I don't get it because Nevro's device is a piece of crap. I think people are picking up on it... The company couldn't care less about explant rates. They know. It's obvious. They don't want to hear from doctors because they already know this stuff. They've made a conscious decision. They don't give a shit. They just want to sell the company. — High volume implanter and KOL; Nevro keeps explant rates very well hidden from the field reps... The explant rate was a hell of a lot higher than [the stated] 2%. I don't know that people asked for it, because ignorance is bliss. I didn't want to know. Don't ask questions you don't want to know the answer to. My peers in the field felt the same way. — Former Nevro regional sales director"

""Omnia is a joke I think to most doctors...even the doctors that were loyal Nevro users." — KOL; "a marketing move" — Nevro implanter; "an attempt to save market share with a beleaguered cohort of doctors that are sick of explanting the device." — Former Nevro user; "window dressing with Grossman" — Former Nevro executives and sales reps; "just re-packaging of an old product," — Former Nevro executives and sales reps; "nobody’s going to buy Omnia" — Former Nevro executives and sales reps; "a lie." — KOL; "it’s impossible to capture" — KOL; "so stupid" — KOL; "just dopey." — KOL; "value to Wall Street and no one else." — KOL; "putting lipstick on a pig," — KOL; "smoke and mirrors" — KOL; "trying to hoodwink," — KOL"

"“What Ginkgo's doing differently is that they are looking at hundreds of thousands of these manipulations, and they're doing them all at the same time using robotics... It's a high throughput method of brute force, trying to figure out the best set of enzymes to undertake a certain type of reaction to produce a final product.” — Former Ginkgo executive; “The unique about Ginkgo is their high throughput... So, putting the DNA into the yeast and then selecting the clones and then growing everything, it's very cumbersome, very time-consuming for people, and so, they've been doing a very good job at automating these steps. So now, you can just have a robot doing 24/7” — Current executive at Motif"

"Scott D. Farmer, Cintas's Chairman and Chief Executive Officer, stated, "We are pleased with these fourth quarter financial results which conclude a very successful year. For the ninth consecutive year, our organic revenue growth was in the mid- to high- single digits and EPS grew double digits when adjusted for one-time and special items. Additionally, our strong cash flow and balance sheet enabled us to deploy cash to increase shareholder value. In fiscal 2019 we paid an annual dividend of $220.8 million that increased 26.5% over the prior year, and we purchased 4.8 million shares of company stock in a total amount of $953.4 million." — Fiscal Year 2019 results press release"

""From then on, we believe that after this has been worked through, the market is going to grow with around 6.8% on average and we're going to grow as you saw by our gains in the marketplace or by our market share gains, we got to grow above that." — Dr. Klaus Kleinfeld, February 8, 2017; "On Engineered Products and Solutions, we expect the revenues to be up low single digits driven by share gains of new aero platforms..." — Dr. Klaus Kleinfeld, January 31, 2017; "I want to show you and demonstrate how we can gain market share with those innovative products and how we can grow with those products..." — Karl Tragl, Group President – EPS at Arconic, December 14, 2016"

"Yes. Obviously, we don't give margin targets by segment, but I would say that within ESG and Climate, our focus is really on driving top line growth, not margin expansion. And so we're not targeting for the margin to expand from current levels. — CFO Q2'2022; I would say I would not overly focus on the margins in any given segment in any period. And more generally, we are not focused heavily on segment margins or the company margin overall. Our primary focus is on driving strong EPS growth. The margin is an input into that, and our pace of spend is an input into that. But overall, we're really focused on driving that attractive EPS growth over time. — CFO Q2'2023"

""The people prescribing Wakix are the dumb doctors or they're speakers for the company, not the ones I would want my family seeing for narcolepsy...the speakers are prescribing like crazy, and I'm like, okay, how are you finding the patients?...If Wakix was going to be a hit, it would have been a hit by now...I scratch my head wondering why patients that are on it are on it." — Physician and professor at Stanford. "Bro. These guys invented price increases. I literally learned it from them." — Martin Shkreli. "I put a lot of money on the fact that dude, I'm probably their number-one guy...who the hell wouldn't want to write this shit?" — An Alabama physician."

"“There were certain revenue expectations that the company had, that Ginkgo had for [key related party name redacted], and a certain timeline to achieve those. ... there was real pressure to produce, to do work in the Ginkgo foundry to produce revenue in their foundry that would have no real value for [key related party name redacted]. It was sort of make work because there was an expectation that that work needed to be done. Like I balked at that, basically, and was like, I can't do that. I'm not working for Ginkgo; it's not in the best interest. We have to take two steps back and think this through. I kind of got axed for that.” — Former Ginkgo employee"

""I think that this drug is a little 'meh'" — Physician in private and academic practice in PA with 30-40 narcolepsy patients. "I haven't had a single patient who said, oh my god, this is so much better" — Physician in private and academic practice in PA with 30-40 narcolepsy patients. "It was part of a cocktail, yeah. Usually, with cataplexy, they were on Xywav, and they were on Sunosi, and they were on Wakix, all three, actually. It was step up...I have to say it's never been a first-line, and even the sales rep told me actually they didn't promote it that way." — Physician in private and academic practice in PA with 30-40 narcolepsy patients."

""We are actively identifying portfolio synergies and collaborating amongst the sales team on combined [quotes] to our customers as they look to standardize to this full, advanced imaging portfolio. Beyond the sales force, NOVADAQ has an extensive clinical research team and impressive R&D team. We are excited about the long-term opportunity to advance the visualization market." — VP of IR Owen, Q3 2017 Conf Call. "So we're really pleased with NOVADAQ, but there was always going to be an initial hiccup because we ended up taking out a lot of sales reps as we brought the technology into our organization." — VP of IR Owen, Q2 2018 Conf Call."

"My projection is if PLA is a billion pounds per year right now and that look let's see up in here to like fifteen or twenty years to get to a billion pounds per year, PHA I think can go a lot faster, but there'll be like two billion pounds, you're not going to be a hundred billion pounds. — PepsiCo source; And you know the unfortunate part of everything, is I think a lot of people do not realize that the market opportunity for biodegradable polymers is very limited. Because the reality is that so much energy is stored within most polymers, you actually want to reuse them. You want to find ways to pull it back. — Novomer former manager"

"“They are metals, they are cations, they are positively charged metals. And I’ve been concerned about this in those with the type I deletion. And they account for about 1 of every 4 Prader-Willi patients... your blood becomes more sluggish, more prone to blood clots... Vykat is an ATP-sensitive potassium channel. Potassium, and those with the type I deletion will have a problem maintaining their potassium levels in their cells. And magnesium; it’s very key on magnesium. Magnesium is one of the important balancers that keeps us from not having seizures.” — Trial investigator and physician; one of the leading KOL’s in the PWS field"

"“Leading questions are one area of patient manipulation. I’ve caught reps specifically telling patients what they have to say. It’s an incentive-based thing for reps. Reps are very very incentivized to want the permanent implant and they’ll tell patients what to say. The rep will ask, what's your pain relief? A patient comes in and their pain is an eight, and after the trial implant the patients says well now it's a five. The rep says, if you want this device you'll have to say you have 50% pain relief, and you want the device right? And the patients says, "Well I guess so, I mean, it helped me a little bit."” — High volume KOL"

"They're not, and, in my opinion, when a medicine like this first comes out, all the narcolepsy specialists gravitate to it. We like to try things. I think they probably have gotten the large majority of narcolepsy specialists out there, and I don't see them all of a sudden running into huge practices and taking over for—I don't see that happening. I have a feeling it's kind of saturated from that angle...I think most of the prescribers that are going to get on board are going to be these types of prescribers that are like onesies, twosies, threes—they're not going to be high-volume ones. — Sleep physician in the Bay Area, CA"

""Q4/2023 adjusted EBITDA increased 18% y/y to $525 million, in line with the FactSet consensus of $522 million and our $527 million estimate" and "Management continues to deliver impressive EBITDA margin improvement WSP's Q4/2023 adjusted EBITDA margin increased 150 bps y/y to 19.0%....." — Canaccord, 2/8/24; "Adj. EBITDA of $525 mm beat Stifel's $518 mm by 1.4% and FactSet consensus of $522 mm by 0.6%. Adj. EBITDA margin of 19.0% was very strong and came in higher than our forecast of 18.2% and the Street at 18.7%. EPS was $1.99, 4.2% higher than us at $1.91 and 3.8% higher than the Street at $1.91." — Stifel, 2/29/24"

"Both Resideo and Snap One share a strong culture of innovation and employee bases dedicated to supporting their integrators and driving value in the markets where they operate. We see significant benefits for integrators in the combined businesses with a wider selection of third-party and proprietary products, access and enhancements to support services and rapid product fulfillment through a comprehensive branch footprint and strong digital capabilities. All of this creates an attractive financial profile that we expect to be accretive to revenue growth, margins and non-GAAP EPS for Resideo. — CEO Deal Call April 2024"

"And as John said, it's because we get the team together, we run this organization very flat, enormous amounts of transparency and we figure out what makes sense and then we lock arms on it. — CEO, Analyst Day, March 2026; As part of that, we are updating our segment reporting to align with our operating structure. It will benefit our investors by providing you with a clear understanding of the drivers of our combined company's results and our value chains. We've always been committed to transparency and candor, and we're taking steps to align fully with those values. — CFO, Business Update, October 2025"

"We appreciate the Board's willingness to engage with us about steps that can be taken to enhance value for all of Lyft's shareholders. Following a series of productive conversations, the Board has taken an important first step by committing to significant share repurchases in the coming quarters. In light of these actions, we have withdrawn our nomination and are providing the Company time to execute on its new commitments. Engine looks forward to continuing to engage with the Board about additional actions that can benefit shareholders. — Arnaud Ajdler, Founder and Portfolio Manager of Engine"

"“Based on Mr. Peltz’s track record, he’s not a short-term guy. When he gets on a Board, they stay in the stock for an average of 5.6 years. He’s told me that he’s told the mutual funds that are already in the stock that [Trian] will likely be there longer than they will. His track record in names like...I can go down the list: Wendy’s, they’ve been in Wendy’s since ’05. There’s Pepsi, Kraft, Mondelez, Tiffany’s. These are not fly by night investments from a guy who shows up and then bails 10 minutes later. Doesn’t the track record speak for itself?” — Scott Wapner, Host, CNBC’s Halftime Report"

"“Based on Mr. Peltz’s track record, he’s not a short-term guy. When he gets on a Board, they stay in the stock for an average of 5.6 years. He’s told me that he’s told the mutual funds that are already in the stock that [Trian] will likely be there longer than they will. His track record in names like...I can go down the list: Wendy’s, they’ve been in Wendy’s since ’05. There’s Pepsi, Kraft, Mondelez, Tiffany’s. These are not fly by night investments from a guy who shows up and then bails 10 minutes later. Doesn’t the track record speak for itself?” — Scott Wapner, Host, CNBC’s Halftime Report"

"“Based on Mr. Peltz’s track record, he’s not a short-term guy. When he gets on a Board, they stay in the stock for an average of 5.6 years. He’s told me that he’s told the mutual funds that are already in the stock that [Trian] will likely be there longer than they will. His track record in names like...I can go down the list: Wendy’s, they’ve been in Wendy’s since ’05. There’s Pepsi, Kraft, Mondelez, Tiffany’s. These are not fly by night investments from a guy who shows up and then bails 10 minutes later. Doesn't the track record speak for itself?” — Scott Wapner, Host, CNBC’s Halftime Report"

"“It was a huge red flag - I mean, it just didn't make sense that the salespeople were reimbursed on referrals or prescriptions. Quite a lot of these prescriptions were junk. They were just bullshit. I mean, they were for the wrong indication, you know, not even narcolepsy, not even cataplexy. They were like for sleeping disorders—a sleeping disorder is not narcolepsy, okay? So, you had reps getting paid fairly generously for offices providing a referral that didn't even meet the indication, any of the indications, not even close.” — Ex-field reimbursement manager working with Harmony"

""There were also some reps that, since we were paid only, pretty much only on driving those referrals in, if you had a buddy, a doctor and say, hey listen, submit the form and then just ghost them. Don't even worry about it. Just submit the form and don't even worry about filling out the insurance information. I'll get paid for it and then tell them that the patient changed their mind, or you changed their mind, or you went in another direction, or whatever. I guess that there are some representatives that did that frequently." — Ex-Harmony territory manager for an eastern state"

""Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating...." — Acquisition of Bayer by Elanco 8/20/2019; "Looking at our returns, Elanco will generate significant cash flow and exercise strong cash management to pay down debt, reducing interest cost as quickly as possible, increasing optionality of the business and most importantly delivering double digit EPS growth to unlock value for you, our shareholders." — Elanco 2020 Investor Day 12/15/2020"

"I heard anecdotally that Nevro was paying $1,000 an hour. Question: Do you think what they're doing is essentially a kickback or an inducement? "Well, I'm not an ethicist but that certainly seems to be the case. [laughs] I mean, a hundred percent. Hundred percent." — KOL #1; "Yeah, because they're just trying to feed their kids. They're saying, "If you do this, we'll take care of you." ... Question: Have you ever observed the Nevro reps do anything illegal or what you thought may cross the line, or is it just kind of gray? "All the time"" — KOL #2"

"“Well, it's amazing you've done all that good investigation. It's very concerning...I feel like the truth eventually comes out... I've seen this before... I've learned to be cautious...it's so super expensive...and they didn't have weight loss data...that is concerning to me”; “you obviously are 20 steps ahead of me...I don't think we've started anyone on this in our whole practice...we may be foolishly just applying for it...it's very strange...you're quite knowledgeable on this.” — Pediatric oncologist, Children's Hospital of Philadelphia (CHOP)"

"“Yeah. One of the frustrating-but-sort-of-good news, good news, bad news aspect for us is our rep productivity, the amount of the amount of new MRR that reps have sold has actually been quite good. So, as we've scaled up the sales force, that's one of the things that you worry about will just fall off a cliff.” — Chris McKee, General Counsel and EVP; “We see a lot of opportunity to continue to grow the scope and scale of the organization and maintain productivity rates which we think are industry leading in some respects.” — Rick Calder, CEO"

"“that kind of pressure...it really put pressure on the salesforce because it incentivizes them to go outside those boundaries – and all of them do it...so ridiculous is how they’re forcing reps to work outside the boundaries of compliance...and all of them do it.” — Ex-Harmony territory manager for a large region in the southeast across two states. “it makes no sense whatsoever...I don’t know what methodology they were using to figure that out...the numbers never matched up.” — Ex-Harmony territory manager for several states in the Northeast"

"“The investor-focused approach keeps Wall Street bullish on Viacom but raises questions about whether creative executives feel comfortable throwing audacious ideas against the wall.... “You have people who are fearful of their jobs and their livelihood, and the chances of someone taking a chance in that scenario are very small,” Mr. Juenger, the analyst, says. Or, as a media executive close to Viacom puts it: “The sense over there is, ‘I like the private plane and I don’t want to get fired.’” — Mr. Juenger and unnamed media executive"

"the trick was to get it covered under cataplexy...now, we market it for - I don’t know what we said....” He described a wink-wink game where reps coach or cajole the doctor to indicate cataplexy by “really stretching it...so, you get into games like that....” — Ex-territory manager. “morale amongst the salesforce is really low...it’s not a happy environment...it’s a pretty sour environment,” and indicated increasing management pressure: “there’s certainly more pressure...I’ve heard that they are struggling.” — Ex-sales manager."

"“I've got about, at this point, narcolepsy patients past and present are getting up to about—it came closer to 50-something patients. And the big issue, obviously, is the excessive daytime sleepiness in patients where it's interfering with normal activities and work, things like that. So, you had, Wakix was something that sounded very interesting because the consensus was that this wasn't something that would be addictive or patients wouldn't become dependent on it.” — Neurologist at a large hospital system in a Midwest state"

""Management is not particularly disciplined and tends to bid aggressively when it wants an asset." — Former senior employee; "We could have bought a particular asset for 7x EBITDA, but Matt was not interested. When Matt heard that a competitor was interested to buy the asset, suddenly he wanted to own it, and we ended up paying a lot more. There is no real process or discipline around M&A." — Former senior employee; "Dye and Durham keeps paying irrational prices for acquisitions where we compete." — CEO of a competitor"

""Our guidance includes the following assumptions related to the acquired G&K business: no transaction and integration expenses; revenue of $870 million to $900 million, compared to a prior year run rate of $965 million; synergies of approximately $50 million to $55 million; purchase price amortization expense related to intangible assets of $50 million; interest expense on G&K acquisition debt of about $65 million; and an EPS contribution of $0.15 to $0.17." — CFO Q4 2017 Earnings Call, July 20, 2017"

"Reported EPS included a $0.75 ($18.7m) acquisition gain related to our earn-out accrual with Biotix... The Biotix acquisition was structured with a large potential earn-out component. While we are very pleased with the Biotix acquisition and expect their operating profit to grow by more than 35% in the first two years, they fall short of the earn-out level. As a result, we recorded a one-time, non-cash gain to reverse a significant portion of the original amount. — CFO Vadala Q4'18 Conf Call"

""The HAMR process has a bit more steps, which is something that is never, from a material process perspective, more steps is never great." — Materials Science Expert; "I think the headline here is that there's three and a half times more capacity than sales for six four powder." — Materials Science Expert; "So I would never, as a former engineer, I would never try to launch a company saying, I'm going to come out with new fasteners from a technical standpoint." — Materials Science Expert"

"“the speakers that you’re talking about...they’re doing to give it to excessive daytime sleepiness patients because you can find a lot of those, and it’s an unclear diagnosis, and you can put them on it.” — Neurologist in New York with 70-80 narcolepsy patients. “I don’t know why there are 30 or 40 narcolepsy patients...in Flint, Michigan...no idea why...but she’s doing it, and she’s making a crap ton of money doing it.” — Ex-Harmony territory manager for several states in the Northeast"

"“…with Marcato establishing a 6% position in the stock, we think it is likely that 1) management will be under pressure to realize a more meaningful portion of the cost savings to EPS versus potential reinvestment 2) initiates a dialogue around the strategic value of DECK's non-core brands in its portfolio including potential alternatives 3) creates a greater sense of urgency around shareholder value enhancing initiatives including accelerated share repurchases.” — Buckingham 3/3/17"

""I said to another CEO, who I won't name who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first directors I'd ask to serve because he is an insightful, communicative, enthusiastic, energetic and available director." — William R. Johnson, Former Chairman and CEO, H. J. Heinz Company, current Director of Emerson Electric Co., United Parcel Service, Inc. and PepsiCo, Inc., and current Trian Advisory Partner"

"“One of Nevro’s biggest implanters had about 300 Nevro devices implanted and he didn’t know that they were all failing because the reps were fielding all the patient calls. Patients were told, if you have any problems just call Nevro or call your rep. Don’t call the doctor. He didn’t know until a year or two later that a third of his patients had gotten explanted at other practices. So, a lot of Nevro’s high volume implanters split.” — High volume implanter and KOL"

"I said to another CEO, who I won’t name who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available director. — William R. Johnson, Former Chairman and CEO, H. J. Heinz Company, current Director of Emerson Electric Co., United Parcel Service, Inc. and PepsiCo, Inc., and current Trian Advisory Partner"

"I said to another CEO, who I won’t name who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available director. — William R. Johnson, Former Chairman and CEO, H. J. Heinz Company, current Director of Emerson Electric Co., United Parcel Service, Inc. and PepsiCo, Inc., and current Trian Advisory Partner"

"I think there’s a lot of window-dressing with Grossman and that’s why you’re not seeing this big uptake in revenue. If Omnia is so good and you’ve got a hundred more reps out on the field and you’re doing all this great selling and all these customers are happy, why is it not going up? They’ve eroded their price. Nobody’s going to buy Omnia, unless you’re getting paid a couple thousand bucks to be put in a study to use it. — Senior Nevro ex-executive"

"“So I'll end my remarks on where I started with wanting this slide to be emblazoned in your mind. Again, as I look at the 4 steps that I think get this company another $20 to $30 a share, I think that these are all eminently doable... And more importantly than anything I can say up here, I'm obviously not only have I drank the Kool-Aid, but it actually tastes great, and I'm a believer.” — Peter Huntsman, Chairman, President & CEO, May 2018"

"I think it's just a nice, little additional drug in the whole spectrum of narcolepsy. And this is not, in my opinion, not a big wow...I think I'm not alone in this opinion...if I could only select from all the narcolepsy drugs, so I could only have one drug for all of my patients, I think it would not be pitolisant. — Physician at one of the largest sleep/narcolepsy centers in Europe, began prescribing pitolisant in 2016/17"

"We’re a very simple compensation structure: sales gross, margin, cash from operations and EPS [been] like that for years, 25% each. That’s for our annual bonus. By having those four, particularly gross margin, it creates financial literacy within the company. Given all employee bonus[es], and when one component is gross margin, the natural thing to ask is what’s gross margin and how do I get it? — CEO DB Conf June 11, 2019"

""Recurring' Beat Driven by 'One-time' Gain? Same Guidance Costs More... We found the company's inclusion in 'core' of this one time item [Vietnam gain] as rather bothersome." — Bernstein, 7/25/13; "PepsiCo is now guiding to ~5% FX neutral EPS growth (ex Vietnam benefit) lapping 5% declines a year ago... Given what we see as low-quality earnings, we would prefer to put money to work elsewhere." — Consumer Edge, 7/25/13"

"“Sort of every KOL was saying the device isn’t working. We had this one doctor in New York who implanted 13 Nevro systems. He removed 10 of them within a year. Nevro saw that a lot of these doctors were going away. They saw that their sales reps, like me, were leaving and the number one reason was because the therapy wasn’t living up to expectations.” — Former Nevro district sales manager, now at a key competitor"

""So we’ve got Alex [Fala] who is our FO. He’s been with me for just on a year now and he’s stepping into the role as acting CEO to free myself up to go out and find that global CE that we’re looking for; who knows how to grow a business from that $20 million of revenue to over $100 million of revenue, and in quick order." — Vaughan Rowsell, Exit Interview: Vaughan Rowsell steps down as CEO of Vend, Idealog, 2016"

"We can calculate Terminal Value in two ways. First, we can calculate Terminal Value using the Perpetuity Growth Method. This method assumes that the company keeps operating and generates cash flow forever into the future. Second, we can calculate Terminal Value using the Terminal Multiple Method. This method assumes we sell the company to an acquirer at the end of our forecast period. — The Core Technicals Guide"

"Gross margin was affected by product mix, including an increase in customer-funded R&D and early-stage programs. The inclusion of Themis, which has lower gross margins as well as an inventory step-up associated with the Themis purchase accounting. Germane will be dilutive to our gross margin and adjusted EBITDA margin in FY 2019, but accretive to fiscal 2019 adjusted EPS — CEO Aslett on Q4'18 Earnings Call"

""Reps will hammer patients with questions... According to my patients that have a Nevro trial, they'll get on average of ten calls over the course of two days." — KOL; "Nevro was strict on patient selection early on then they started recommending their device for everything. They overshot... There's pressure on them. They have to generate X number of patients. The industry is not well regulated." — KOL"

"If you speak to reps from other stim companies, they’ll tell you that Senza had all of that capability in there and just never used it. I met with [a key Nevro engineer] a few weeks ago to have him explain to me what’s in the guts of the Omnia and he admitted to me that a lot of its capabilities were there in the previous device but they never marketed it. — KOL and former high volume Nevro implanter"

"“Most doctors that do stimulators only implant six a year. They don't do that many, so they're nervous. They're insecure about it. And the reps are knowledgeable and very aggressive They can run the show. So when you're doing half a dozen a year and they're not all with Nevro and you've had a couple of bad outcomes, the reps blame you, and the doctor accepts it.” — High volume implanter and KOL"