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Navigating the AI Landscape: Transparency and Accountability in Corporate Disclosures
As companies rush to integrate artificial intelligence (AI) into their products and corporate strategies, they are increasingly challenged to do so responsibly and transparently. Beyond the race for innovation, the real test lies in communicating AI’s role without exaggeration—a practice known as “AI-Washing.” Recent guidance from the U.S. Securities and Exchange Commission (SEC) and other […]
Gilmartin ESG Newsletter | October 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Environmental media group Trellis recently examined what the healthcare sector must do […]
Making Sense of the Fed’s Rate Cut by a 50bps vs. 25bps
What Happened? In its much-awaited first rate cut of the post-pandemic economic cycle, the FOMC cut the Fed Funds target rate by 50 bps to a range of 4.75%–5.00%. Prior to Wednesday, markets had all but priced in the decision to cut, but the controversy was whether to cut 25 or 50 bps, with the market […]
Gilmartin ESG Newsletter | September 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight A recent report by Bain & Company revealed a growing disconnect between […]
Gilmartin ESG Newsletter | August 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Earlier this month, the U.S. Securities and Exchange Commission (SEC) issued a […]
Impact of Past Presidential Elections on MedTech and Biotech Sectors
With the 2024 Election rapidly approaching, we took a look at the impact of the last three election cycles on the MedTech and Biotech industries. Given recent headlines, this 2024 election cycle – especially as we approach the final stretch – is already unlike many that we have seen in recent history. As such, there […]
MedTech IPO and Capital Markets Perspectives
Gilmartin Group hosted 2 events in July focused on MedTech capital markets activity. Early in the month, our team co-sponsored a MedTech IPO Summit with Piper Sandler focused on IPO readiness and potential drivers of an upcoming acceleration in both private and public capital markets activity. This past week, we hosted a similar conversation with […]
Gilmartin ESG Newsletter | July 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Although the SEC has delayed its climate disclosure rule amid legal challenges, […]
The Current State and Outlook for Value-Based Care Across Healthcare Services and Tech
On July 11th, 2024, Gilmartin Group held a webinar discussing the current state and outlook for value-based care (VBC) across the healthcare services and tech space, featuring speakers Sean Dodge, Director, Healthcare IT & Digital Health at RBC Capital Markets, and Jailendra Singh, Managing Director, Healthcare Services & Digital Health at Truist. Below are the key […]
Biotech Sector Trends: The Return of the PIPEs in 2024
Market volatility in the biotech sector is likely a product of macroeconomic headwinds The biotech capital markets came in hot to kickstart 2024 with 6 IPOs listed on NASDAQ or NYSE in the months of January and February. However, investor optimism started to dissipate as the momentum faded, with only 3 additional biotech IPOs since […]
State of the Union: Life Science Tools & Diagnostics
2024 started off with renewed optimism for the sector. Now, nearly six months into the year, it appears the set-up was not all that conservative for growth LS tools – with a number of companies posting disappointing revenue for the first quarter. In diagnostics, sentiment has remained positive with companies delivering better than anticipated volume […]
Biotech Trends & Outlook: A Conversation with Morgan Stanley
On June 12th, 2024, Gilmartin Group held a webinar with Matthew Harrison, Managing Director, Biotech Investment Banking at Morgan Stanley. The webinar covered the capital markets trends in the first half of 2024 and outlook for the second half of 2024 and beyond. KEY TAKEAWAYS: Current Health of the IndustryThe COVID transformation of the market is […]
Gilmartin ESG Newsletter | June 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight According to a recent Deloitte survey, ESG is becoming a growing area […]
13F Reports: Focus on the Why
Over the years, the U.S. Securities and Exchange Commission (SEC) has created and amended multiple reporting rules for most equity investor classes. For example, shareholders who acquire over 5% of the outstanding equity shares, which falls under the Exchange Act, must file beneficial owner reports on Schedule 13D or 13G. Company directors and officers, as […]
Gilmartin ESG Newsletter | May 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight BlackRock Chairman and CEO Larry Fink released his annual letter to investors […]
NIRI Webinar Recap: Navigating Capital Markets and the Macroeconomic Landscape
On Thursday, March 21st, the National Investor Relations Institute (NIRI) held the webinar “Navigating Capital Markets and the Macroeconomic Landscape” with moderator Rose Sorensen (Partner, Snell and Wilmer) and panelists Alysa Craig (M&A Managing Director, Stifel), Paul Burgon (Managing Partner, Exit Ventures), and Pavel Molchanov (Equity Research Managing Director, Raymond James). The webinar discussed monetary […]
Gilmartin ESG Newsletter | March 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Last week, the SEC finalized its long-awaited climate disclosure rule, which was […]
State of the Union: MedTech
Strong Fundamentals Driving Valuation RecoveryAs we close the book on 2023 and move deeper into 2024, MedTech fundamentals remain overwhelmingly positive. Procedure volumes, utilization, pricing trends, and the pace of regulatory approvals and new product launches are improving from recent years. Meanwhile, macro dynamics (ex: supply chain issues, staffing delays, and high inflation) have stabilized, […]
MolDX Proteomics Testing and CMS’s Proposal to Downregulate IVD’s
On Tuesday, February 27th, Gilmartin Managing Director, David Deuchler, hosted a webinar with Hannah Mamuszka (Founder & CEO, Alva10), Ipsita Smolinski (Founder & Managing Director, Capitol Street), and Isaac Ro (Partner, Catalio Capital Management). The panel discussed implications of FDA’s proposal to downregulate IVD’s from class III (high risk) to class II (moderate risk), FDA’s […]
Gilmartin ESG Newsletter | February 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight In early February, European lawmakers finalized a set of rules that aim […]
2024 Biotech Outlook
This past Wednesday, January 31st, Gilmartin Group’s Managing Directors, Laurence Watts and Stephen Jasper hosted a webinar with Jefferies’ Michael Brinkman, Managing Director and Joint U.S. Head of Biopharmaceuticals Investment Banking, and Charlie Glazer, Managing Director and Head of Healthcare ECM to discuss recent trends in the biotech capital markets and outlook for 2024. Moderators: […]
Key Sector Takeaways Out of JPM 2024
Last week was a productive and efficient return to the J.P. Morgan Healthcare Conference held in San Francisco. The annual event reunited fervid participants and fostered meetings among investors, analysts, bankers and strategic corporate teams across both public and private clients. At Gilmartin, we see this conference as the first look into the upcoming market […]
Gilmartin ESG Newsletter | January 2024
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight In December, the state of Tennessee filed a lawsuit against BlackRock alleging that […]
Gilmartin ESG Newsletter | December 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Earlier this month, 23andMe revealed that hackers were able to access the […]
Preparing for Climate Disclosure: Where Companies Can Start
Last week, Patrick Smith, Gilmartin’s Head of ESG Advisory and Green Project Technologies’ Founder and CEO Sam Stark had an in-depth conversation about the state of climate disclosure regulation today and what companies can do to gather and prepare their greenhouse gas (GHG) emissions data. Click here for access to the replay of the webinar. […]
Gilmartin ESG Newsletter | November 9, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. On Friday, Gilmartin’s Head of ESG Advisory Patrick Smith will be hosting a dialogue with […]
GLP-1s and MedTech—How to Respond & What’s Ahead
The efficacy and availability of GLP-1s have caused a dramatic and unprecedented sell-off across the MedTech sector. Understanding management teams are well versed in many of the street’s views and concerns already, our Gilmartin team composed a quick synopsis of major events (both recent and forward-looking) and our recommendations for companies. Newsflow Market Reactions & […]
Gilmartin ESG Newsletter | October 12, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight At the end of September, DWS, Deutsche Bank’s asset management arm, agreed […]
Gilmartin ESG Newsletter | September 21, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Last week, the California legislature passed two bills that aim to set […]
Gilmartin ESG Newsletter | August 31, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight BlackRock and Vanguard recently published their investment stewardship reports for the 2023 […]
Gilmartin ESG Newsletter | August 18, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Alternative investment manager CVC Capital Partners outlined new climate-related expectations for its […]
Navigating SEC & FINRA Regulations in Healthcare
This past Tuesday, August 1st, Gilmartin Managing Directors, Laurence Watts and Stephen Jasper hosted a webinar with Latham & Watkins Partners Colleen Smith and John Sikora. The panel explored all things FINRA and SEC-related, and best practices when confronted with inquiries. Below are key takeaways from this conversation. Moderators: Guest Speakers: Key Takeaways: FINRA Inquiries Towards […]
Gilmartin ESG Newsletter | August 4, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight With record-breaking temperatures across the Northern Hemisphere in the headlines this summer, […]
Gilmartin ESG Newsletter | July 24, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight As the dust settles after proxy season, the voting records of leading […]
Gilmartin ESG Newsletter | July 7, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Last week, the International Sustainability Standards Board (ISSB) published its long-awaited global […]
Market Perspectives of Digital Health and Health Technology
This past Wednesday, June 21st, Gilmartin’s Managing Director, Ryan Halsted, hosted a webinar with BTIG’s David Larsen (Senior Research Analyst, Digital Healthcare/HCIT) and Marie Thibault (Senior Research Analyst, Digital Healthcare/HCIT) and Needham’s Ryan MacDonald (Senior Research Analyst, Digital Healthcare/HCIT/Vertical SaaS). The panel explored market perspectives of the digital health and healthcare technology sectors and discussed […]
Gilmartin ESG Newsletter | June 23, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight As the 2023 proxy season draws to a close, the number of […]
Gilmartin ESG Newsletter | June 9, 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight As U.S. companies wait for the SEC to issue its final climate-related […]
Counting Carbon: How Healthcare Companies Can Navigate the Emissions Reporting Landscape
Although climate change is one of the most widely discussed ESG and sustainability issues, disclosing climate-related information is not the first natural step for healthcare companies to take as they start their ESG initiatives. In one of our previous ESG blog posts, we recommended that healthcare companies use the Sustainability Accounting Standards Board (SASB) standards […]
Analyst Interactions with Biotechs
This past Tuesday, May 2nd, Gilmartin Group hosted a webinar with TD Cowen’s Joseph Thome, PhD (Managing Director) and Tyler Van Buren (Managing Director), moderated by Gilmartin Managing Directors, Laurence Watts and Stephen Jasper to discuss analyst interactions with biotechs. Below are the key takeaways from the dialogue. Moderators: Guest Speakers: Key Takeaways: Standing Out […]
Macro-Environment Effects on Investment Decision-Making in Life Science Tools & Diagnostics
This past Wednesday, April 26th, Gilmartin Group hosted a webinar with three sell side analysts, Dan Arias (Managing Director, Stifel), Dan Brennan (Managing Director, Cowen) and Mark Massaro (Managing Director, BTIG), moderated by Gilmartin Managing Director, David Deuchler, to discuss macro effects on investor sentiment in the sector. Below are the key takeaways from the […]
Navigating Today’s Liquidity Environment
On Tuesday, April 18th, Gilmartin hosted its inaugural Private Company Showcase, highlighting innovative private companies across various healthcare verticals. To kick off the day of presentations and fireside chats, Gilmartin Group Managing Director, Vivian Cervantes, moderated a panel focused on navigating today’s liquidity environment. The panel featured insights from notable thought leaders in the space […]
Navigating IR: What Healthcare Executives Need to Know
Last Wednesday, April 5th, Gilmartin Founder & CEO, Lynn Lewis, moderated a panel at Biocom California’s CFO Breakfast & Networking Event in San Francisco. Joining for the discussion were John Craighead, PhD, CFO & Head of Corporate Development for Elpiscience, Celia Economides, CFO of Gritstone Bio and Jason Mills, Executive Vice President of Strategy at […]
Webinar Recap | Medtech Spotlight 2023—What Matters From Here
Moderator: Marissa Bych, Principal, Gilmartin Group Guest Speakers: Travis Steed, Managing Director, Equity Research, Bank of America & Ryan Zimmerman, Managing Director, Equity Research, BTIG Earlier this week, Gilmartin Group’s Marissa Bych hosted a webinar with Travis Steed, Managing Director, Equity Research, Bank of America and Ryan Zimmerman, Managing Director, Equity Research, BTIG to discuss […]
Webinar Recap | ATM Usage by Biotechs at a Time of Depressed Valuation
Moderators: Laurence Watts, Stephen Jasper Participants from Cantor Fitzgerald: Steve Aldridge, Sameer Vasudev Gilmartin Group’s Managing Directors Laurence Watts and Stephen Jasper hosted a virtual webinar with Cantor Fitzgerald’s Steven Aldridge, Managing Director of Healthcare Investment Banking, and Sameer Vasudev, Managing Director and Head of ATM Capital Markets. The discussion centered around ATM usage by […]
The 2023 Gilmartin Reading List
Gilmartin Group prides ourselves on our “work hard, play hard” mentality and with the excitement of 2023 well underway, we’d like to shift our focus away from Investor Relations for just a moment to share our 2023 annual Reading List and recommendations. “Unaccountable: What Hospitals Won’t Tell You and How Transparency Can Revolutionize Health Care” […]
Webinar Recap | The JPM “Post-Conference”: Medtech Insights and 2023 Expectations
Earlier this week, Gilmartin’s Founder & CEO Lynn Pieper Lewis hosted a webinar with J.P. Morgan’s Annie Wernig (Managing Director, Healthcare Investment Banking) and Benjamin Burdett (Managing Director, Healthcare Equity Capital Markets) to discuss insights, trends, and 2023 expectations for public and private MedTech companies. Here are our key takeaways: Key Takeaways: There seems to […]
Gilmartin ESG Newsletter | January 2023
Welcome to the latest edition of Gilmartin Group’s ESG newsletter and our first release for 2023. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. In The Spotlight Republican U.S. politicians are continuing their […]
Key Sector Takeaways Out of JPM
Last week was a welcomed return to the in-person J.P. Morgan Healthcare Conference held in San Francisco each January. The annual event reunited fervid participants and fostered meetings among investors, analysts, bankers and strategic corporate teams across both public and private clients. At Gilmartin, we see this conference as the first look into the upcoming […]
4 Things to Look for at JPM 2023
After a two year COVID-related hiatus, healthcare executives, investors, research analysts, bankers, and venture capitalists are once again headed back to San Francisco to meet with corporate management teams and greet old friends. While COVID-19 has somewhat loosened its grip on the U.S., its repercussions are still being felt in every industry, especially healthcare. Throughout […]
10 Tips for a Better J.P. Morgan Conference
JP Morgan 2023 is right around the corner. Readjusting to attending the conference in-person can be a bit daunting. To help spark your muscle memory and prepare you for a successful conference, we’ve pulled together our top 10 tips & tricks to a better, more efficient and valuable JPM week. 1 | If you’re going […]
The Who & What of Investors | 2023 J.P. Morgan Conference & Beyond
Traveling to investor conferences can be time consuming and exhausting. While management teams are often provided with schedules from the conference host and investor biographies from Gilmartin, a name and biography doesn’t always tell the complete story. Understanding the job function and responsibilities of the person you’re meeting with are critical pieces of information to […]
Webinar Recap: Creative Financing & Investor Sentiment for Biotechs
WATCH WEBINAR REPLAY The Biotech team at Gilmartin recently hosted a webinar with BTIG on Creative Financing and Investor Sentiment for Biotechs. The webinar featured a Q&A session that was joined by BTIG’s K.C. Stone (Managing Director, Head of Healthcare Investment Banking), Mikhail Keyserman (Managing Director, Healthcare Investment Banking) and Michael Karmiol (Managing Director & Head of Healthcare Equity Capital Markets). The […]
5 Biotech Market Trends out of the Biocom California CFO Breakfast Panel
Biocom California recently hosted an in-person panel with three equity research analysts: Ritu Baral from Cowen, Laura Chico from Wedbush, and Josh Schimmer from Evercore. Moderated by NIRI San Diego chapter president Jason Spark, the panel discussed the current and future biotechnology climate for both public and private companies. Our top five takeaways are below: […]
Webinar Recap: Fidelity Management & Research Virtual Buy-Side Engagement Panel
Fidelity recently hosted a webcast focused on engaging with investors. The panel featured a Q&A session with several portfolio managers and analysts who offered specific tips on what matters, what doesn’t and how to position yourself for success when interacting with the investment community broadly and with asset managers at Fidelity, specifically. Here are our […]
Keynote Recap: MedTech Financing in The Current Market
In the event you missed it, Gilmartin held its Inaugural Emerging Growth Company Showcase featuring a Keynote Panel on MedTech Financing in The Current Market that was joined by Morgan Stanley’s Peter Harrison (Managing Director, Investment Banking), Piper Sandler’s Neil Riley (Managing Director, Equity Capital Markets), and Wilson Sonsini Goodrich & Rosati’s Philip Oettinger. The panel was moderated by Lynn Lewis (Founder & Chief […]
Financial Forecasting During a Period of Macro-Economic Uncertainty
When investors evaluate investment opportunities, they look to management teams who accurately forecast and deliver results at or above guided levels. With macro-economic factors placing increasing pressure on financial results and expectations, it is as important as ever for companies to outline a plan they can confidently execute against. Generally, guidance metrics include top-line growth, […]
Mid-Year 2022 Private Market Review (VC) and Fundraising Refresher
The past few years have been ones of immense strength and record activity for venture capital (VC). Following a monstrous and record-setting 2021, the first half of 2022 has been different of sorts. VC has not been sheltered from the barrage of uncertainty felt in broader markets due to macro concerns. The private market has […]
Gilmartin ESG Newsletter | June 2022
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. IN THE SPOTLIGHT Over the past few years, ESG has grown increasingly mainstream within the […]
Common Questions Entering a Bear Market
Coming off the heels of a record breaking 2021, the first half of 2022 has shaped up to be less than ideal. With no one key driver in our current climate, factors such as eastern unrest, high inflation and interest rates, supply chain complications, and labor challenges due to wage inflation have indicated a looming […]
The Return of In-Person Meetings
As COVID-19 became widespread in early 2020, global gatherings came to a complete standstill, emptying sports stadiums, airports, and restaurants. Investor events were no exception, with many investment bank conferences and industry gatherings being outright cancelled or postponed during this time. Many executive teams concerned over the disruption of the pandemic on the market and […]
The Un-stealthing Process for Early-Stage Private Companies
For early-stage private healthcare companies, the process of un-stealthing is thematically similar to the process of becoming a publicly traded company; namely, the company has to prepare for increased scrutiny from external parties. Therefore, when making the decision to un-stealth, when and how to do so should be decided in the context of several important […]
How to Leverage Your IR Calendar for Success
The IR calendar is a vital tool used by any investor relations professional. One of the most important aspects of IR is making sure that your management team is regularly in front of investors without limiting their ability to run their business. Ultimately, it is a delicate balance. The IR calendar allows the IR team, […]
How Public and Private Biotech Companies Should Utilize PR
Recently, the Gilmartin biotech team hosted a webinar with Berry and Company, discussing how public and private biotechnology companies should utilize public relations (PR). If you were unable to attend, you can watch a replay of the conversation. Gilmartin Group’s managing director Laurence Watts and principal biotech Stephen Jasper interviewed Berry and Company’s Bill Berry, […]
MedTech Research Coverage: Who Covers Whom?
While it may be easy to feel content with coverage from your group of supportive sell-side analysts, it is important to consider how this list will evolve throughout the lifespan of your company. For some public issuers, this will happen naturally, but others may need to take a more active approach to keep their sell-side […]
Understanding Short Interest for Recent IPO’s
It is no secret that newly listed companies face a host of issues that many established public companies do not face. Whether it be a lack of executional credibility or liquidity issues caused by the lock-up period, management teams are often fighting an uphill battle during the early days of being a newly public company. […]
Gilmartin ESG Newsletter | April 2022
Welcome to the latest edition of Gilmartin Group’s ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. IN THE SPOTLIGHT In late March, the SEC proposed a set of rules that would […]
Impacts of Labor Dynamics on Hospital Finances and the Healthcare Industry
Labor—salaries and wages for physicians, nurses, and other healthcare professionals—has historically represented a significant portion of hospitals’ operating expenses. For HCA Healthcare, one of the largest healthcare systems in the US, the ratio of salaries and benefits expenses to revenues consistently approximated 46% from 2019-2021. By comparison, supplies as a percent of revenues approximated 16% […]
Recap of Webinar: Demystifying ESG Reporting for Healthcare Companies
On March 17, 2022, the Gilmartin ESG team hosted a webinar with a panel of leaders from three healthcare companies that have integrated ESG into their decision-making and reporting processes. If you were unable to attend, you can watch a replay of the conversation. Matt Berner, Managing Director of ESG Advisory at Gilmartin Group, and […]
How to Navigate Clinical Development Setbacks
Understanding the challenges biotech companies face when developing drugs is vital to assessing risk factors that might hinder a company’s clinical trial program. First, the probability of success is low; approximately 1 in 1,000 potential drugs graduate to human clinical trials after the preclinical testing phase in the United States and almost 9 of every […]
Recap of Webinar: Debt Financing for Emerging Biotechs
Recently, the Gilmartin biotech team hosted a webinar with Silicon Valley Bank (SVB), discussing debt financing for emerging biotech companies. If you were unable to attend, you can watch a replay of the conversation. Gilmartin Group’s managing director Laurence Watts and principal biotech Stephen Jasper interviewed SVB’s managing directors Kate Walsh and Shawn Perry about […]
Ins and Outs of “Down Rounds”
What is a “down round” and why would a company settle for these financing terms? To fully comprehend the circumstances that might lead to a down round, one first needs to grasp how private companies grow. Typically, they will raise capital through equity financing events (known as rounds), in which shares of the company are […]
Gilmartin ESG Newsletter | February 2022
Welcome to the latest edition of Gilmartin Group’s ESG newsletter and our first update for 2022. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. IN THE SPOTLIGHT Hologic started the new year with […]
3 Advancements in Oncology for 2022
As we enter 2022, a new year, it is common to find ourselves full of hopefulness for the future. As we leave last year behind, we may also find ourselves reflecting on the past. Since 1933, cancer has held the position of the second leading cause of death in the U.S. As predicted by the […]
Gilmartin ESG Newsletter | November 2021
Welcome to Gilmartin’s inaugural ESG newsletter. With a special focus on the healthcare sector, this newsletter sheds light on the latest trends in the rapidly evolving ESG space, covering developments with companies, investors, regulators, and policymakers. If you want to learn more about ESG, contact the Gilmartin ESG team. IN THE SPOTLIGHT Medtronic released its […]
The Rising Costs of National Healthcare
While there has been much focus across the U.S. recently on inflation throughout the economy, the healthcare industry has long captured the attention of the nation as costs have continued to rise steadily over the last few decades. Healthcare is a uniquely positioned sector in the U.S. economy that impacts the personal lives and wellbeing […]
The Makings of a Successful Crossover Round in Biotech
The crossover round has become a rite of passage to any biotech company intending to tap the public markets, whether it be to fund specific clinical programs that will lead to long-term value creation in the public markets or serve as a quality or diligence check to more generalist investors or a higher step-up multiple […]
A New Legacy: The Shifting Investment Landscape of Family Offices
Family offices around the world have become increasingly active and sophisticated in their investment into innovations over the years. The growth of family offices and their broadened investment mandates have led to an expanding influence in venture capital and private equity. While the spotlight on investment capital has often focused on more traditional sources (i.e., […]
The SASB Standards: An Overview for the Healthcare Sector
With the rise of ESG integration across capital markets, investors are looking beyond traditional financial statements to understand how sustainability issues impact enterprise value. While companies are expected to disclose more ESG-related information than ever before, disclosures currently lack the standardization of financial statements. In the U.S., the SEC requires companies to report financial information […]
How the $3.5T Federal Spending Package May Impact the Healthcare Industry
After almost two years of near constant twists and turns through the COVID-era, the fiscal roller coaster ride isn’t over yet. As the House gears up to jockey over final details of the $1T spending bill passed by the Senate in early August, eyes are already turning towards the $3.5T package that is expected to […]
Dual Listings: Considerations and Processes to Ensure Success
It’s approaching dawn in New York. We’re keeping a watchful eye on trading, as our market in the East has opened, trying to get a sense for how the US market will react when it too opens for trading. Earlier, we had ushered in a press release, with the timing of issuance earmarked to serve […]
A New Era of ESG – Environmental, Social, and Governance
2020 was a transformative year in recent history, and it also marked a pivotal year for ESG. Between the COVID-19 pandemic that upended the world, the swell of activism over social injustice, rising populism and political polarization, and the increasing occurrence of natural disasters linked to climate change, the events of 2020 warranted a major […]
Considerations of a SPAC: Part III – Takeaways from a Dozen Healthcare SPAC Processes
Given the prevalence of recent SPAC-sponsored public listings, the process of executing a successful SPAC combination may seem clearer than ever. Advantages of combining with an SPAC (Special Purpose Acquisition Company, or blank-check company) are now relatively well understood, including (1) efficient access to capital and (2) the potential to leverage your SPAC partner for […]
A Beginner’s Guide to Non-Deal Roadshows
Non-deal roadshows (NDRs) offer investors a comprehensive look at a company’s story that press releases, conference presentations, and other public documents cannot. Public and private companies alike may benefit from scheduling NDRs to foster effective communication between the executive team and investors. The focus of NDRs is to update investors on company performance (i.e. financial […]
Leveraging KOLs and PIs for Investor and Analyst Diligence
Before investing in or launching coverage on a company, investors and analysts will want to perform rigorous due diligence. The ability to leverage primary research can go a long way. Key opinion leaders (KOLs) and primary investigators (PIs) are key assets in this area and can play an important role in educating the overall investment […]
Recap of Webinar: “How to Engage with Sell Side Analysts”
Insights from a Candid Conversation with One of Wall Street’s Leading Biotech Analysts The Gilmartin biotech team recently held a webinar with Evercore biotech analyst Josh Schimmer on how to engage with sell side analysts for private and public companies. For those who were unable to attend, a replay of the conversation can be accessed […]
Maintaining Investor Trust and Shareholder Value Through a CEO Transition
When evaluating any company, investors look to the CEO for guidance, as CEOs are the bridge to the Street. As the face of the company, the CEO has to earn the trust of investors, customers, and employees. Therefore, the CEO’s role is heavily weighted when considering a potential investment. Inevitably, every company reaches an inflection […]
Gilmartin Pizza Review
Earlier this year, we published our first ever Gilmartin Book Review to kick off 2021 on a lighter note. It was so well received that we decided to start our summer off on the right foot with a “Gilmartin Pizza Review.” Originally, this conversation was sparked in an internal weekly meeting between two NYC pizza […]
Tips & Tricks for a Smoother Earnings Report
Management teams are constantly juggling numerous tasks, and they often look for ways to improve and expedite processes. For public company management teams, reporting quarterly earnings is of critical strategic importance, requiring meticulous thought and consideration. If not planned properly, earnings calls can cause unnecessary stress. This blog post will cover some of the tips […]
Material Non-Public Information (MNPI) & Insider Trading – The Basics
Disseminating information to employees on the IPO is an important step in becoming a public company. As we have discussed before, there are certain topics that are critical to discuss with employees, including Regulation FD (Reg FD), insider trading, material non-public information (MNPI), and employee stock plans. Today, let’s go through the basics of insider […]
Gene Editing – The 21st Century Miracle
Gene editing? CRISPR? Everyone has heard the term CRISPR from mainstream media. But few can explain what it is or its significance for the future of human medicine. Hailed as a 21st century miracle, Jennifer Doudna and Emmanuelle Charpentier were recently awarded the Nobel Prize for their breakthrough research on CRISPR technology in December 2020. […]
Addressing Unfavorable or Undesired Analyst Coverage
Addressing Sell-Side Research Challenges: What to do When Your Company is Faced with Unfavorable or Inaccurate Analyst Coverage At the top of almost any IR to do list, and certainly one of the more important metrics used to evaluate a successful program, is sell-side analyst research coverage – particularly as it relates to quality banks, […]
The Telehealth Upward Trend
The pandemic continues to accelerate the adoption of technology throughout the healthcare sector and investors are taking notice. Pre-COVID, many established companies and start-ups entered the digital health market by solving issues related to the delivery and management of healthcare through technology. The subsequent regulatory changes and increased awareness have helped accelerate adoption, particularly in […]
How COVID-19 Continues to Affect Earnings
Twelve months ago, society as we knew it changed forever at the hands of the COVID-19 pandemic. As a result of this increased volatility and certain negative impact on health care systems and the global economy, public company executives had no choice but to withdraw 2020 financial guidance. This led investors to ask tough questions […]
Reinstating Guidance for 2021
Is it Time to Bring Back Guidance for 2021? When the COVID-19 pandemic started to affect the world in early 2020, nearly every business saw an immediate and meaningful impact on revenue. Public companies began withdrawing financial guidance that was previously provided for the fiscal year 2020 as well as any outlook leading into 2021 […]
Disseminating Information to Employees on Your IPO
While transitioning to become a public company is a significant milestone in the corporate journey, moving forward toward this achievement, executives and employees face limitations around communications, along with an increased level of scrutiny by the SEC. Given these restrictions and heightened level of review, it is important for companies to implement a structured and […]
Ignore the Noise
In his famous December 5, 1996 speech, former Federal Reserve Chairman Alan Greenspan stated, “But how do we know when irrational excitement has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade? And how do we factor that assessment into monetary policy?” […]
Activist Investors
There are many benefits to becoming a public company; however, the additional publicity does not come without risks. Suddenly, investors have access to buy and sell shares of your company on a day-to-day basis, and the control over the top owners of your company diminishes. The substantial amount of capital investors put into your business […]
Early 2021 Trends and 2020 in Blogs
Retail Momentum Market participant demographics are changing as new brokerage platforms like Robinhood, which offers convenient mobile apps and low commission trading, continue to attract the next generation of investors. This group is more engaged across social media, where “influencers” have demonstrated the ability to incite herd mentality trades that can generate meaningful momentum and […]
The Purpose and Goals of Testing The Waters Meetings
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Gilmartin’s 2021 Reading List
2020 brought a number of topics and trends to light within the healthcare sector, in which many of our peers have faced significant challenges throughout the year. We have addressed many of the topics in our blog throughout the course of the year. Some of the recurring topics included: What goes into a SPAC process; […]
Employee Sales on First Day of Trading
Should Employees be Allowed to Sell Shares on the First Day of Trading? Airbnb’s IPO Pop: Auction Transparency, Public Market Appetite & Equity Compensation The first day of trading, when a newly minted public company begins to trade on the exchange, is a day marked with excitement and accomplishment. It is a day of celebration, […]
Board Diversity and Wall Street – An Emerging Priority
Over the past year, Wall Street has increased its focus on diversity and its implications for companies. This discussion is reflective of not only a broader national dialogue on social justice, but also an international emphasis on Environmental, Social, and Corporate Governance (ESG) investing. While European-based funds have thought about socially responsible investing for quite […]
Maximizing Presentations & Investor Meetings in the 2021 Virtual Conference World
As 2020 mercifully heads to the rearview mirror, it does appear that the virtual conference scene is likely here for at least the first half of 2021. Depending on the pacing of the vaccine rollouts, it may potentially stay until the fall of next year. With that in mind, managing the ever-shortening time slots at […]
Intro to Quarterly Financial Reporting
There are many decisions that must be made before every company’s earning call. Every company will have its own correct answer based on the past working experience and comfort level of the management team presenting. A few of themost commonly asked questions are: Do we prepare slides for our quarterly call? Do we really need […]
What to Consider When Providing KPIs Post IPO
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Director & Officer (D&O) Insurance for an IPO
Becoming a public company brings many benefits, including greater access to capital markets, additional publicity, and, of course, new cash to develop the business. However, an IPO also creates additional risks, particularly the risk of a class action lawsuit brought by investors following the IPO. One of the ways newly public companies can mitigate this […]
The Value Of Emergency INDs To Biotech Investors
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Virtual Marketing Learnings
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The SEC’s Proposed 13F Reform and its Implications on Public Issuers
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Celebrating Your IPO During a Pandemic
The process of an initial public offering typically requires tons of work and can take months or even years to complete. The day a company begins trading on a national stock exchange is a great reason to celebrate, and what better way to celebrate than ringing the opening or closing bell at the New York […]
Understanding the Importance of the NASDAQ Biotech Index (NBI)
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Considerations if Your Company is Planning on Going Public Through a SPAC: Part 2
Positioning Your Company for Success Post SPAC or Reverse Merger When a company executes a reverse merger and/or becomes public via a Special Purpose Acquisition Company (SPAC) transaction, the newly public company will encounter investor relations challenges that differ from those of a traditional IPO. In Part II of our series, we will cover key […]
Considerations if Your Company is Planning on Going Public Through a SPAC: Part 1
Since January 2019, there have been about 15 US-listed SPAC IPOs compared to about 270 traditional IPOs. In our two-part series, we will explain the recent interest in SPACs and investor relations process and considerations. In Part I, we will cover how SPACs work and key transaction considerations. In Part II of our series, we […]
The Enduring Communications Playbook: How A Solid IR/PR Strategy Can Help Win Over Investors During Bull and Bear Markets
Strong investor relations and public relations strategies are core to building corporate visibility among investors of all sizes. Communications must ensure that key stakeholders are reached across a multitude of channels, whether one is preparing for a financing round or IPO as a private company or trying to attract additional audiences as a public company. […]
How Management Teams Establish Credibility
How do management teams establish credibility and become well-regarded by investors and sell side analysts? Summary Well-regarded management teams are generally characterized by their ability to establish credibility with investors and analysts. Credibility is earned through effective and balanced communication, rigorous financial planning, and the ability to respond to, and incorporate change into strategic planning. […]
Revisiting Your IR Calendar
The COVID-19 pandemic has transformed the way we interact with everyone, including investors. Virtual meetings and conferences have become the new normal. While the personal, face-to-face conversations are missed, this format is likely to continue to some degree even after the current climate changes. Earlier in the pandemic, IHS Markit reported the results of a […]
S-1 Business Section Drafting 101
Pre-Org Meeting IPO Prep: S-1 Drafting The S-1 is comprised of business and financial information designed to inform prospective investors and outline all material business risks. It offers an in-depth, first look at a private company, and analysts and portfolio managers often comb through the public document carefully when considering an investment. General S-1 Drafting […]
5 Things To Include In An IR Presentation
All companies, both public and private, will inevitably have to present their organization to investors. Though not every presentation is identical, there are some common topics that must be touched upon in every slide deck. Having worked on countless investor presentations for our clients, we have compiled a short list of what we believe should […]
What Makes an IR Website Best-In-Class?
Any company looking to attract market attention today should not underestimate the importance of a sophisticated corporate website with a high-quality investor relations section. We often tell clients that while a great website doesn’t make your company high-quality, all high-quality companies have great websites. Your website is often the very first place potential investors will look to […]
Re-engaging with Investors After a Setback
Given the inherent scientific uncertainty in the drug development process, it is common for management teams to communicate equivocal or negative news to the investment community. Most seasoned biotech investors will say they make their investment decisions without a quarter to a third of the information they would like, and that the goal is to […]
The ABCs of VC/PE: PART 2 – INVESTOR TARGETING
When a company initiates a fundraising process or contemplates a sale, it can be difficult to identify appropriate firms to target, structure diligence items internally, and adequately prepare for the inevitable investor Q&A. After providing a general overview on Venture Capital and Private Equity in Part 1 of this series, we turn our attention to […]
IPO Timing Considerations
During these unprecedented times, one recurring question we hear from private companies is whether to go public now or wait till markets and society normalize. Since markets are by nature dynamic and constantly changing, we italicize normalize to emphasize that everything appears chaotic when timelines are reduced. That is not to diminish the current environment, […]
Secondary Offerings In The COVID World
With the COVID-19 pandemic continuing to overwhelm global economies and the uncertainty around the future and recovery timelines, many listed companies are recapitalizing through equity fundraising in the capital markets. Given the solid market recovery and valuations among med tech names, this has proven to be an opportunistic time for companies to finance. New equity […]
Analyst Education during Your IPO Process – Part II: Financial Diligence Meeting
Initial public offerings (IPOs) are one of the most important milestones for many companies. During the IPO process, analysts are required to conduct formal diligence of the market opportunity, the unmet need, your company’s solution and your prospects for long term growth and business viability. Companies typically initiate this by hosting an Analyst Diligence meeting, […]
Analyst Education during Your IPO Process – Part I: Analyst Diligence Meeting
Initial public offerings (IPOs) are one of the most important milestones for many companies. During the IPO process, analysts are required to conduct formal diligence of the market opportunity, the unmet need, your company’s solution and your prospects for long-term growth and business viability. This is typically initiated with companies hosting an Analyst Diligence meeting, […]
Could J.P. Morgan’s 2021 Healthcare Conference Be Cancelled?
J.P. Morgan’s Annual Healthcare Conference is widely regarded as an unmissable event for industry executives, bankers, analysts, and private and public investors. However, despite being the largest healthcare investor conference, it is a fixture that many participants have mixed feelings about; it offers unrivaled access to investors and partners, but has been described at various […]
How To Make The Most Of 13F Filing Information
Institutional investment managers with over $100 million in 13(f) securities that use the US mail or other means of interstate commerce are required to report their holdings as of the last day of each calendar quarter on SEC form 13F. Filings are due 45 days following the last day of the calendar quarter. This filing […]
Shareholder Rights Plans
Following a company’s stock price being impacted by the COVID-19 pandemic, executive management teams should discuss any potential strategic implications on the company’s strategy with the board. As a result of a stock price dislocation driven by circumstances and factors outside the scope of management’s decision making, a company may become vulnerable to an undesired […]
Navigating Investor Meetings During A Crisis
Many aspects of the business world have been affected by the COVID-19 pandemic, and plans for investor interactions in 2020 is no exception. Planning for scheduled investor interactions, such as non-deal roadshows, generally takes place well in advance. This gives you time to reserve windows for travel during times when there are no quiet period […]
Virtual Annual Meetings
Annual meetings are a regulatory requirement for most public and private companies. While many retail investors may think a company’s annual shareholder meeting is like the extravaganza put together by Berkshire Hathaway, typical annual meetings are administrative and follow a specific format. Investors who own shares in a public company will receive a notification about […]
How is the Coronavirus Impacting Biotechs?
As the global number of confirmed COVID-19 cases soared past the one-million-mark last week, the United States has slowly climbed to the top of the list of most affected countries. While it is difficult to comprehensively detail the full breadth of the virus’ far-reaching consequences, this blog takes a look at the effect the pandemic […]
Guidance Considerations for COVID-19
The everchanging news cycle has been accelerated with COVID-19 and the associated onset of daily, if not hourly, updates related to this global pandemic. Feeding into the news has been a set of dynamic considerations that are also continuously changing, such as COVID-19 testing details and evolving guidelines established at levels that stem from global […]
IR Considerations For Managing Your COVID-19 Response
In many ways, a crisis such as COVID-19 demands immediate action. Since January, and particularly over the past few weeks, we have seen a tremendous mobilization of government and private resources in response to the novel coronavirus that has upended society and markets around the globe. This mobilization, along with the implementation of mitigation policies […]
The ABCs of VC/PE, Part 1
Before a company initiates a fundraising process or contemplates a sale, it can be difficult to identify appropriate firms to target, structure diligence items internally, and adequately prepare for the inevitable investor Q&A. In the first part of this series we will provide a general overview on venture capital (VC) and private equity (PE). Our […]
Environmental, Social & Governance (ESG) Part 2: How To Get Started
In part two of our series on Environmental, Social, and Governance (ESG), we will explore ways to jump-start your company’s entrance into this new level of disclosure. There has been a lot of insightful information published on this topic, but many public companies are still left wondering the best, most comprehensive way to publicly disclose […]
Environmental, Social & Governance (ESG) Part 1: Landscape & Scores
Environmental, Social, and Governance (ESG) considerations are becoming more relevant globally, and companies are now being evaluated on “non-financial” criteria alongside more traditional financial metrics. Changing priorities such as climate change and gender equality have become critical issues for the global community, including the investment landscape. As ESG metrics increase in importance, asset managers are […]
Five Ways Investor Relations Can Assist the Board of Directors
The investor relations team direct interactions with boards of directors are limited, but IR is a strong resource for the board in many situations. An integrated IR strategy with “boots on the ground” accumulates a wide variety of data from investors, sell-side analysts, bankers, lawyers, accountants, stock exchanges, corporate communications providers, and healthcare industry and […]
Which is Better for Development-stage Biotechs: IR or PR?
A question I frequently get asked is this: As a development stage biotech, should I be engaging with a PR company or an IR company, and what is the difference? Let’s start with the latter first. What is the difference between IR and PR? Investor relations and public relations differ by virtue of their target […]
More Timing Considerations For Earnings Calls
In a 2017 blog titled Important Timing Considerations For Earnings Calls, we covered several things to keep in mind when scheduling quarterly earnings calls. In this blog we will review the quarterly reporting requirements and expand and look at a couple more considerations. An earnings call refers to the time when publicly-traded companies host a […]
Preannouncing At The JPM Conference
“To pre-announce, or not to pre-announce, that is the question.” Next month marks the 38th year of the great pilgrimage to San Francisco. For five days every January, healthcare executives, investors, research analysts, bankers, and venture capitalists congregate in and around Union Square, searching for the next blockbuster company while trying to avoid a Theranos-like […]
Considerations for Visual Content in Investor Presentations
It goes without saying that a compelling investor presentation deck can be a resourceful tool for providing a company’s value proposition. The visual content of the deck, in particular, plays an impactful role in the process of delivering this messaging. As Scott Berinato, a Senior Editor at Harvard Business Review, previously indicated, “A good visualization […]
Don’t Jump The Gun: Pre-IPO Considerations
With the right team in place, a compelling growth story, a comprehensive long-range plan, and a clear line of sight towards an IPO, executives become exceedingly proficient in marketing their company and its value proposition to a multitude of stakeholders. As they prepare for their organizational meeting and the official launch of the IPO process, […]
Hiring an Outside Writer for Your S-1
One of the many decisions confronting a private company management when they begin contemplating accessing the public markets is how to write the S-1 document. The scope, complexity and legal requirements of the S-1 can make this process feel very daunting, particularly for managements who are undergoing it for the first time. And, while there […]
Financial Community Perception Surveys
Is it time to consider a financial community perception survey? At some point in a public company’s lifespan, it’s prudent to consider conducting a formal survey of the financial community. The primary goal is to reach out to a targeted group of analysts and investors to identify how they currently perceive certain aspects of your […]
Valuable Lessons from WeWork and Other Unicorns
Recent scandals among tech’s unicorns have turned investor attention to hypergiant funding and blitzscaling: Outcome Health faced an investor lawsuit regarding misleading claims; John Carreyou’s NYTimes bestseller “Bad Blood: Secrets and Lies in a Silicon Valley startup” centers around fraud charges faced by Theranos; and, most recently, WeWork has faced negative publicity for its IPO […]
IPO Lock-Ups and Early Releases
When a company is about to go public, early investors anticipate the stock rising after the IPO, but they must also endure a mandatory waiting period called the lock-up period. This period keeps pre-IPO investors from immediately selling their stock. Why does this exist, how does it impact the stock and what are some of […]
A Guide to Rule 10b5-1 Plans
Insider trading restrictions can be a constant headache for companies and their executive officers. Executives who receive a significant portion of their compensation in the form of options, restricted stock, or stock grants have a continual need to sell stock. Yet Securities and Exchange Commission’s (SEC) regulations, company insider trading policies, and fears of allegations […]
Investor Relations Considerations for Biotechs Partnering with Big Pharma
Public and private investors in biotechnology stocks always look for the third-party validation of a biotech’s claims and technology. Multiple parties can provide such endorsements, including marquee investors, the scientific conferences at which biotechs present, the journals in which preclinical and clinical data is published, the caliber of members on your board and, most importantly, […]
Setting Goals for the J.P. Morgan Healthcare Conference (2020)
The largest annual healthcare investment conference is quickly approaching. In the third week of 2020, from January 13—16, over 40,000 professionals will congregate in San Francisco to discuss healthcare business and industry updates at the J.P. Morgan Healthcare Conference. Management teams of both private and public medtech, life science tools and diagnostics, pharmaceutical, biotech, distributors, […]
Quiet Period: What It Means for Public and Private Companies
A quiet period is the period of time when company insiders are required to limit certain business-related communication with the public. During this time, communication is monitored and enforced by the US Securities and Exchange Commission (SEC). Quiet periods exist mainly to avoid selective disclosure of material non-public information and prevent an artificial increase in […]
Should All Companies Prepare Quarterly Earnings Slides?
As we have stated in multiple blogs, quarterly earnings calls are possibly the most important form of communication that companies have with the investment community. With the advent of Regulation Fair Disclosure (Reg FD), the earnings call is an ideal opportunity for management teams to avoid selective disclosure and provide company information to all investors […]
Insider Trading Basics
Despite insider trading being more commonly associated with illicit activities, legally, company insiders can buy and sell their stock. Legal insider trading activity is often tracked and analyzed by investors to gain insight into the internal sentiment of a company, and the lawful buying and selling decisions made by a company’s top executives can influence […]
How To Communicate A CEO Transition
Nearly every company, no matter the size, will eventually face a CEO transition. In fact, according to a study by Challenger, Gray & Christmas, the oldest executive outplacement firm in the US,CEO turnovers in 2018 occurred at the highest rate since the Great Recession, with 1,452 CEO departures, up 25.2% year over year. From an IR perspective, […]
Managing Corporate Access as the Relationship between Investors and Investment Banks Evolves
For years, a mutually beneficial relationship existed between corporate management teams, investment banks and the buy-side regarding corporate access as represented by non-deal roadshows (NDRs) and conferences. Now, like many elements of this relationship, the process is undergoing a major revision with implications for all relevant parties. For corporate management teams, the bottom line is […]
How To Prepare for a Short Attack
Short attacks have the potential to do significant and long-term damage to a public company’s valuation. Unlike the typical investor, a short seller seeks to gain from the decline in a company’s stock price. While there is little you can do to completely protect your shares from such an attack, there are several things you […]
IPO Pricing and Shares Offered Dynamics
Going public can be a daunting process, with multiple steps to take, decisions to make, and involvement from many constituents – management teams, boards of directors, investors, lawyers, bankers, and more. All these constituents have different opinions, objectives, and areas of expertise. The culmination of all of this is the pricing of the IPO which […]
MiFID II Implications
One of the largest global regulatory packages in the past ten years became effective on January 3, 2018. The European Union’s Markets in Financial Instruments Directive, more commonly known as MiFID II, originated from the European Commission and is meant to provide a European-wide legislative framework for regulating financial markets. The primary goals of MiFID […]
Financial Modeling for Biotechs
The average publicly listed biotech generates neither profit nor revenue. As such, so-called “quarterly earnings” announcements are typically non-events. Instead, management teams use quarterly releases and occasional “earnings calls” to update The Street on strategic events or pipeline development. While other companies and their following analysts fret over sales growth, gross margins, and market penetration, […]
Earnings Video Conference Calls
Must see T.V. – Thoughts on using video broadcasting for earnings conference calls Earnings calls are arguably the most important form of communication that companies have with the investment community. Investors expect management teams to discuss business updates and financial performance every 90 days. This is the best opportunity management teams have to broadly disseminate […]
Investor Targeting
Introduction Getting in front of investors who are active in your sector but may not be familiar with your company should be a top priority for public company management teams. It is especially important for micro and small-cap growth companies who are not yet household names in the investor world to actively pursue this practice […]
Pros & Cons of Professionally Taping Your Roadshow
An Initial Public Offering or IPO is the process of selling new or existing securities to the public for the first time. The process of “going public” consists of many steps, culminating in the pricing and after-market stabilization by the underwriters. While every step in the process is imperative, the ability of management to “sell” […]
IR Communications for Private Companies
A critical element in the foundation of any company is a solid investor relations (IR) strategy. Essential to this strategy is a structure that effectively drives IR communications that build and sustain confidence and ensure continuous support. Often discussions about IR programs are centered around public companies, but a strong IR communications strategy can be […]
Follow-On Offerings
In previous blogs we have covered some of the basics of IPOs, the Importance of ATM Financing for Biotechs and Shelf Registrations. Today we look at a few basics of a marketed follow-on offering. Marketed Follow-On A marketed follow-on is a publicly announced offering that may include a short roadshow. Unlike an IPO roadshow which […]
Engaging Hedge Funds
Hedge funds represent a substantial pool of potential capital to biotech management teams, but engaging with them can offer many challenges due to their varying structures and motivations. Understanding the drivers of the decisions within this class of investors should aid in increasing management teams’ comfort level in dealing with them. Two of the more […]
Internal Forecasts, Guidance and Consensus Considerations
At the start of each earnings cycle, one of the first places we look to begin preparations for quarterly reporting is the external consensus numbers (what Wall Street expectations are) and our client’s internal forecasts –for the current quarter, the upcoming quarter and the full year. Topline growth, gross margins, operating expenses, and net income […]
The Value of 13F Filings
Filed by institutional investment managers with at least $100 million in equity assets under management, SEC Form 13F is a quarterly report that must be completed no more than 45 days after the end of each quarter. The report discloses to the Securities and Exchange Commission (SEC) the U.S. equity holdings of each filing entity. […]
What is an ETF?
What Is An ETF? An ETF, or an exchange-traded fund, represents a portfolio of securities from traditional investments such as stocks or bonds to alternative assets like commodities or currencies, which aims to track the performance of a specific market index. An ETF is bought and sold on a stock exchange, and just like a […]
The Importance of ATM Financing for Biotechs
The story of a development-stage biotech company is one of almost continuous fund-raising. Why, you may ask? Well, in the absence of revenue, the expense of progressing a drug candidate through preclinical and then clinical studies falls squarely on a company’s shareholders and supporters. Once a biotech company is public however, the number of funding […]
What Is Reg FD and How Does it Impact Me?
Regulation Fair Disclosure, better known as Reg FD, is a regulation on corporate communication promulgated by the SEC. The regulation limits public companies from disclosing material nonpublic information to select members of the investment community. This type of information must be broadly disseminated through broad, non-exclusionary, public distribution. The purpose of Reg FD is to […]
Quarterly Earnings – Do We Really Need to Read The Script?
As we think about best practices for earnings and quarterly reporting, we focus on the message in its totality and how to best prepare. This means the press release, scripted remarks, Q&A preparation, analyst after-call preparation, and slides (if relevant). We spend time reviewing perception, consensus expectations, specific analyst areas of focus, and competitive commentary […]
Investor Outreach: Keeping Up with a Changing Landscape
Marketing your company to investors can be extremely stressful and time consuming. Constant traveling to get your company in front of investors is not ideal, from both a budgetary and quality of life standpoint. That’s why it’s important to utilize the available tools and tricks of the ever-changing marketplace, which can help save your company […]
Quarterly Earnings Calls: To Prerecord or Not Prerecord
The United States Securities and Exchange Commission (SEC) requires that public companies, whose securities trade on an exchange in the U.S., file quarterly and annual financial reports. According to the National Investor Relations Institute (NIRI), a U.S.-based association of corporate officers and investor relations consultants, 92% of companies represented by their members conduct quarterly earnings […]
IPO Marketing, Pricing & Allocation Tips
You’ve spent the last 12 months preparing for your IPO and life as a public company, selected bankers, and have finally flipped your S-1 from confidential to public. But what’s next? As you prepare for your first salesforce in-house presentation, the roadshow, and ultimately the deal pricing, here are a few tips to keep in […]
Quarterly Earnings Calls: Key Components and Flow
Financial results announcements can have a meaningful impact on stock price and analysts’ sentiment, particularly for well-followed large caps and profile sector specific stocks. For publicly traded companies on major exchanges, the SEC requires a 10K (annual) or 10Q (quarterly) filing. But what adds color and context is the optional–yet highly used–conference call following the […]
Environmental, Social, and Governance (ESG) and Its Relationship to Sustainable Investing
The importance of Environmental, Social and Governance, or ESG, is on the rise. But do you know how ESG relates to corporate social responsibility, or what it means for companies? In this article, we’ll explain ESG and how you can leverage it for sustainable investing. Understanding ESG ESG is the systematic integration of non-financial factors […]
Stock Delisting
Stock Delisting: A Summary In order for a company to be listed on a major stock exchange such as the New York Stock Exchange (NYSE) or the Nasdaq Stock Market, the company must meet and maintain several requirements. These requirements exist to maintain the exchange’s reputation and set a quality standard for the companies that […]
Content of an Investor Relations Website
Many investors, both individual as well as institutional, use a company’s investor relations (IR) website as their source of primary information. An effective IR website helps generate interest and build an active shareholder base, which is achieved through the effective delivery and execution of targeted investor communications. Strong design, website practices, and meaningful content that […]
Are Reverse Mergers A Good Way for Biotechs to Go Public?
In reality, some public companies fail. And in the world of biotechnology, failure is more frequent than in other industries where firms typically generate revenue and/or profits before seeking a stock exchange listing. As such, there always seem to be a slew of biotechs, usually after a negative data event has undermined the value of […]
Volume 12 – December Recap
DECEMBER RECAP & BEYOND One of the worst Decembers in history. The sell-off in the equity markets continued in December, coupled with meaningfully greater volatility, resulting in exceptionally high losses in December. The S&P experienced its largest decline since the Great Depression in 1931 and its first negative year in ten years. In another history-making […]
Volume 11 – November Recap
NOVEMBER RECAP & BEYOND Broad-based healthcare strength in November. The healthcare sector was up 6.8% in November, again outperforming the S&P which was up 1.8% in the month. Broad-based performance was driven by macro inflows, but with particular strength in the biotech sector (up 9.7% in November). Small and mid-caps continue to outperform their large […]
Getting to Know the Stock Exchanges
A big decision companies make after deciding to go public is which exchange they use to list their stock. The exchange acts as the market where stock is bought and sold by brokers and traders, and its primary function is to provide a place to sell stock, making it a liquid asset. This is accomplished […]
2019 Medtech Outlook
While the final three months of 2018 wiped out much of the gains created in the overall market in the first three quarters of the year, the average large cap medtech stock outperformed the S&P 500 for the fifth consecutive year. According to Bank of America Merrill Lynch, large cap medtech started 2018 at a […]
Family Offices
Family offices. Suddenly, that term is showing up on a regular basis in the investment community as family offices are seen more and more regularly on company schedules for investor meetings at conferences, NDRs and other investor events. In fact, the popularity and presence of family offices has increased to a point where some have […]
Preparing Your 2019 IR Calendar
‘Tis the season…yes, the one that comes around every year for preparing management’s calendar for the coming year. It may seem that pulling this together in one comprehensive, twelve-month calendar becomes as overwhelming as the holiday season. But, just like covering your gift-giving list, if you plan ahead, you can enter the new year with […]
Quarterly Earnings Calls: Planning & Preparation
Publicly-traded companies are required to report their financial results on a Form 10-Q no later than 45 days following the end of the quarter. Depending on the size and complexity of your company, you will likely also plan to issue an earnings press release and host a conference call around the same time. While there […]
Preparing for J.P. Morgan | Part II: Logistics and Packing
Happy Thanksgiving!! Last week, we wrote a piece on planning ahead for the annual J.P. Morgan Healthcare Conference in San Francisco. Unsurprisingly, it addressed investor relations related topics. This week, we address some of the lighter, non-IR, areas around planning. Preparation here can have a surprisingly meaningful impact on the success of your week at […]
Preparing for J.P. Morgan | Part I: Strategy
We have officially started planning for the annual J.P. Morgan Healthcare Conference in San Francisco which will run January 7-10, 2019. As with many of you, several of us at Gilmartin have been coming to San Francisco for the week of the J.P. Morgan conference longer than we care to admit. Whether this is your […]
Volume 10 – October Recap
OCTOBER RECAP & BEYOND Broad market volatility. Broad market volatility punctuated October, with both the Dow and the S&P erasing gains for the year. Drivers of downward pressure were worry of rising interest rates, global trade war concerns, and to a lesser extent concern about the mid-term elections. The volatility index (VIX) reached its highest […]
Volume 9 – September Recap
SEPTEMBER RECAP & BEYOND Healthcare continues to outperform the broader market. Healthcare stocks continue to outperform the broader market gaining 2.8% vs. 0.4% for the S&P 500. Equipment & Supplies and Medtech were the top performers, gaining 4.9% and 3.4% respectively. Flipping the script from August, large caps stocks outperfomred SMIDs on signs of profit […]
Volume 8 – August Recap
AUGUST RECAP & BEYOND Healthcare outperforms the S&P 500 for the third month in a row. The Healthcare sector was up 4.2% in August, again outperforming the S&P 500, which gained 3.0%. After lagging the broader healthcare sector in July, Providers & Services and Medtech both saw strong gains in August, gaining 6.8% and 6.0% […]
Volume 7 – July Recap
JULY RECAP & BEYOND Healthcare gains on strong start to Q2 earnings as tech giants weigh on broader S&P. The Healthcare sector was up 6.5% in July, outperforming the broader market (3.6%) and the Medtech universe (3.8%) on the back of a broader shift to more defensive sectors, strong Q2 prints from large-caps and major […]
Preparing for a Productive Investor Conference
Investor conferences provide a great opportunity for companies to increase their visibility among investors and Wall Street. Companies can use these events to attract new investors, deepen current investor relationships and build relationships with the sell-side. Typically, investor conferences are hosted by an investment bank at a hotel and consist of company presentations and one-on-one […]
Direct Listing IPO
Direct Public Offerings, or Direct Listings, gained attention in the first half of 2018 when Spotify bypassed the traditional underwritten IPO to list their shares on the New York Stock Exchange (NYSE) through a NYSE Direct Floor Listing. While this remains a rare occurrence for U.S. based companies, in this post we look at the […]
Investor Presentation Best Practices
We have created a myriad of investor presentations and slides, sat through countless investor meetings and attended numerous conference presentations. As we think about preparing for the annual J.P. Morgan conference in January – having a good investor deck is on the priority list. We have captured some of the most frequently asked questions, and […]
Corporate Presentation or Fireside Chat?
The main objective for most companies that participate in investment bank conferences is increasing their exposure to current and potential new shareholders. With more than 70 investment bank healthcare-specific conferences scheduled each year, companies have many opportunities to meet with investors. Over the past several years, many of these banking-sponsored investor conferences have given corporate […]
What is a Shelf Registration?
A shelf registration statement (or form S-3, in SEC terminology), is a flexible registration with the SEC that allows an issuer to essentially “pre-register securities” without a specified issuance date or terms. The issuer of a shelf registration is not required to specify the exact amount or offering price of each type of security in […]
Communicating A Shortfall
All companies find a time when they need to deliver bad news – this could be on a myriad of topics: clinical trial data that falls short of expectations, litigation rulings that go the other way, product recalls, manufacturing problems, and many other possibilities. In addition, and what draws most attention on a quarterly basis, […]
The Long and The Short of Hedge Funds
Introduction to Hedge Funds Hedge Funds often have a bad reputation of being short sellers and/or frequent traders, due to short-term outlooks. While this may be true for some funds, it is important to understand there are many different investing strategies for hedge funds, including those that take large positions to hold for an extended […]
Tips for Analyst and Investor Meetings
Things to Consider Before, During, and After Meetings with Wall Street A fundamental component of a proactive investor relations program includes regular outreach and meetings with sell-side analysts and investors. We recommend showing a public company plan to the investment community for 2-3 days at least once a quarter. Those meetings can take many forms, […]
Introduction to Dutch Auctions
A Dutch auction, also called a reverse auction, is the process of selling goods through an auctioneer who offers prices starting above the expected purchase price and then lowers prices until a buyer makes a bid. If no buyers place a bid and the price drops to a predetermined reserve amount, then there is no […]
Crisis Communication: Tips and Approaches
Nearly every organization will experience a crisis of some form within its lifetime. Lack of preparation for a crisis may result in an operational break down, confused and angry stakeholders, and an extended period to bring resolution to the issue. As a result, the financial and reputational impact of the crisis may be more severe. […]
What Is A Crossover Fund?
Crossover Funds: A Win-Win Scenario? A crossover fund is an investment fund that invests in both publicly-traded and privately-held companies. Crossover funds are designed to give investors the ability to invest in private companies without having to be a “qualified” investor or an investor in a venture capital fund. Mutual and hedge funds that invest […]
Why Does Trading Volume Matter?
Trading volume is the number of a security’s shares traded during a given period of time. Trading volume indicates the overall activity of a stock and its momentum, and it is an important technical indicator used by investors to look at stock trends. Volume gives investors an idea of the price action of a security […]
Introduction to Dark Pools
What are “Dark Pools”? “Dark pools” or “Dark pools of liquidity,” popularized by Michael Lewis’ 2014 book “Flash Boys,” are private trading platforms that provide a platform for the anonymous trading of securities. In contrast to public exchanges such as the New York Stock Exchange (NYSE), dark pools are primarily used by institutional investors who […]
The Role of Investor Relations in Passive, Quant & Hybrid Funds
Passively Managed Funds Usually, of the 25 holders in many companies, one or more are passively managed funds. Think of names like Dimensional Fund, Vanguard, and BNY Mellon. These institutions can own positions in many public companies, and in some cases, material positions. From an investor outreach, targeting and shareholder mix perspective, how should you […]
Volume 6 – June Recap
JUNE RECAP & BEYOND The Healthcare sector was up 1.5% in June, outperforming the broader market (0.5%) and the Medtech universe (1.3%) for the first time in 2018 on the back of a broader shift to more defensive sectors. Within the sector, outperformance was driven by Equipment and Supplies (1.8%) and Providers & Services (1.8%), […]
What is a Greenshoe?
The Over-Allotment Option, or Greenshoe (named after the first company to use the instrument), is an often-misunderstood device that gives underwriters the means to stabilize a company’s stock for up to 30 days after an IPO or Follow-On pricing. To help you understand the mechanics and purpose of the Over-Allotment Option, we are going to […]
The Importance of a Compelling Investor Deck
A storyteller is one of the most critical roles for a private company executive. Before milestones have been reached and revenue earned, companies must sell potential investors on the dream of what they believe the future holds. The investor presentation is the vehicle to tell this story; therefore, it is critical that the investor deck […]
Volume 5 – May Recap
MAY RECAP & BEYOND The S&P 500 (SPX) outperformed the Healthcare Sector for the first time in 2018, gaining 2.2% in the month, and now up 1.2% for the year. Healthcare posted flat returns for the month, down about a half percent for the year. MedTech again posted strong outperformance in May, setting the industry’s […]
Volume 4 – April Recap
APRIL RECAP & BEYOND Healthcare sector performance, which was up roughly 1% for the month of April and flat to down over the year (-0.5%) remains in-line, to slightly outperforming the broader market. Within the sector, Medtech again outperformed (+1.7%) for the month, behind Providers & Services (+7.1%), but still retained the top spot for […]
Monitoring Short Sellers
A key discipline that investor relations professionals must actively develop is constantly monitoring investor sentiment, which is the overall attitude that investors have toward a particular market. It is crucial to maintain a thorough understanding of sentiment because it will inform each component of your company’s investor relations activities, including company messaging in communications and […]
When Your S-1 Flips to Public from Confidential
Filing Form S-1 with the SEC Form S-1 is a filing with the Securities Exchange Commission (SEC) used by private companies planning to go public, and it is comprised of business and financial information. The S-1 offers an in-depth, first look at a private company, and analysts and portfolio managers often use it when making […]
Does the Timing of Your Press Release Matter?
Press releases are an important component of any company’s investor relations program. We are often asked what, from an investor standpoint, is the best time to issue a press release? The truth is that there is no “magical time” when a press release will have the most (or least, depending on the nature of the […]
Why Does a Private Company Need Investor Relations?
Many private companies ponder if and when they will need an investor relations program. While it may seem like a non-essential service for a private company, partnering with the right IR firm can be a strategic way to begin educating the investment community on the investment opportunity with your brand, no matter what your exit […]
Managing the Press Release Process
Press releases are an important component of any company’s investor relations program. They are a key method for companies to announce news to a variety of stakeholders. Creating and approving press releases can be an involved process that requires various resources and stages of internal and external approval. Managing this process is not a simple […]
What You Need to Know about the Russell Index Rebalancing
Every year, FTSE Russell creates a family of indexes, called the Russell Indexes, that measure the performance of broad segments of the US equity market. These indexes have become benchmarks for measuring the performance of investment strategies used by institutional investors and portfolio managers. The main Russell Indexes are the Russell 3000, 1000 and 2000. […]
Understanding Regulation FD
Regulation Fair Disclosure (Reg FD) Regulation FD prohibits companies from disclosing material nonpublic information to select analysts, institutional investors and others without making widespread public disclosure. The rule reflects the view that all investors should have equal access to a company’s material disclosures at the same time. Since its enactment in 2000, Reg FD has […]
What type of content do investors look for on your IR website?
The Investor Relations portion of your website is a critical part of an investor’s learning experience surrounding your company. Both potential and current investors use your IR website as a quick reference page for financial information or calendar notifications as well as a way to familiarize themselves with your company’s earnings history, board and management […]
Managing Q&As: How to handle a difficult investor question
When planning ahead for your quarterly earnings call, it is critical to spend time focusing on the Q&A portion of your presentation. Prepping for questions that investors will likely ask allows you to be prepared and to deliver concise, impactful responses. Preparing scripted answers for Q&A sessions begins with creating a list of questions that […]
How to Get the Most Out of Your Non-Deal Roadshow
The aim of a for-profit company, public or private, is to earn a profit through its operations. In a perfect world, stock returns of public, for-profit companies would be positively correlated with corporate fundamentals; unfortunately, equity markets are inefficient. Scheduling a non-deal roadshow (NDR) is one of the easiest ways for senior management to introduce […]
Volume 3 – March Recap
MARCH RECAP & BEYOND The macro back-drop overshadowed sector driven effects in March with monetary policy, looming trade wars and tax reform contributing to the equity market’s continued volatility. March swings of +/- 1% were notable, but still far from the heights of the financial crisis where intra-month movement peaked at +/- 5%. Within the […]
Tips for Planning a Successful Investor Day
In order to set your company apart in the competitive investment capital environment, it is vital to plan and execute an effective investor day. Investor days allow you to stay top of mind and have regular and impactful contact with your analysts and investors. The ultimate goals of an investor day are to: Educate the […]
How to Write a Shareholder Letter
A shareholder letter is an opportunity for a CEO to directly communicate with shareholders and to clearly lay out his or her vision for the company, align employees and other stakeholders around that vision, and highlight its current progress toward long-term goals. In 2015, a NIRI report survey found that 88% of companies produce an […]
What to Consider in the 12 Months Prior to an IPO
The IPO process ramps up quickly. The 12 months before a company goes public is a period of increasing complexity that requires strong execution. We offer a framework of four broad areas to help you organize high-level goals and manage the ever-accelerating swirl of demands as you prepare for your IPO. Cultivate External Relationships Strong […]
The Relationship Between IR and PR
Perhaps the overlap between investor relations and public relations seems obvious because both roles are key communication functions within a company. But what about the relationship between the two functions? Strong coordination of a public company’s image and messaging to investors and the public can help drive valuation, sales and overall image. In an ideal […]
Volume 2 – February Recap
FEBRUARY RECAP & BEYOND We are off to an interesting start to the year! Healthcare stocks sold off in February in tandem with the S&P, but are still outperforming on a relative basis and remain up YTD. The sell-off was largely driven by an improvement in underlying economic indicators as inflation tics upwards and the […]
How to Communicate a Management Transition to Your Investors
Management changes, while inevitable for most companies, can be stressful for both employees and investors. Communicating the change and plan of action well is essential to managing how employees and investors will receive the news. Management changes are not always planned, leaving some companies without the advantage of foresight; but having a thoughtful and strategic […]
What’s the consensus on guidance?
Should we give guidance? With what metrics? At what interval? These are questions management companies often struggle with when it comes to how they want to manage the street’s expectations. The answers to these questions, like any other component of an investor relations strategy, are unique to each company. Establishing best practices when it comes […]
Preparing for an IPO? Considerations for Choosing Investment Bank Partners
Executing an initial public offering is one of the most important milestones for many companies. It is vital that you do your homework when considering which investment banks you will use when you are approaching an IPO, as well as acquisitions and additional capital raising events. This relationship can make or break the success of […]
Investment Banking and Industry Conferences: How to Maximize your Time and Get the Best Exposure
When thinking about your investor relations plan in the new year, it is critical to allot time for both industry and investment banking conferences. Staying in front of your current investors is critical, and so is participating in 1-on-1 meetings where you can tell your story and meet with interested potential investors. These personal meetings […]
Volume 1 – January Recap
JANUARY RECAP & BEYOND As we enter 2018 and on the heels of the J.P. Morgan Conference earlier in the month, January has been busy and productive marked by strong investor sentiment, healthcare sector performance and new issues. Included in this issue are our top takeaways from the J.P. Morgan Healthcare Conference as well as […]
FAQs on How to Structure an Earnings Script
Collectively, we have written, edited and read hundreds – if not thousands – of earnings scripts. So, today we are highlighting some of our most frequently asked questions and sharing our best practices for earnings call scripts. How long should our prepared remarks be? Over the past few years, we have tracked word count from […]
10 Ways to Improve the Quality of Your Webcasts and Extend Investor Reach
Webcasts of conference presentations and quarterly earnings calls have become a routine part of most public company IR programs. They offer a means for ensuring Reg FD compliance, extend the reach to those who can’t attend the event, reach investors in regions that aren’t on their regular NDR schedule, and provide a resource for new […]
Takeaways from J.P. Morgan’s 2018 Healthcare Conference
The J.P. Morgan Healthcare Conference continues to be the largest healthcare investment symposium, bringing together global industry leaders, emerging growth companies and multiple constituents from the investment community. It was raining again during this year’s conference, but overall sentiment was optimistic, due to the recently-passed tax reform, a series of positive pre-announcements and innovation across […]
How Social Media Benefits Investor Relations
According to Merriam-Webster, social media are forms of electronic communication (such as websites for social networking and microblogging) through which users create online communities to share information, ideas, personal messages, and other content. Based on research conducted by Hootsuite, there were 3.03 billion active social media users as of October 2017. With such a vast amount of […]
What Your Company Needs to Know about Reverse Mergers
What is a Reverse Merger? A reverse merger, the most common alternative form of a public offering, allows a privately-held company to go public by acquiring a controlling interest in and merging with an existing public company. The existing public company can be in the form of an operating public company or a “shell company,” […]
Four Keys to Attracting and Maintaining Sell-Side Coverage
There are many factors that go into sell-side analysts’ decisions to pick up coverage on a stock. Some of the questions they will ask themselves include: How much trading volume does the stock have? Can I interest my buy-side clients in this company? Can I generate trading revenue for my bank? Is there a clear […]
Tips for Planning Your Investor Relations Strategy
We have spent considerable time determining best practices for planning annual investor relations (IR) activities. Our approach is holistic – we are strategic in how we determine annual goals for investor relations. First, we tie in IR activities to operational events and expected achievements or challenges. From there, we incorporate potential news flow with the […]
The Best Practices for Large Cap Financial Reporting
We recently conducted a case study examining the best practices of quarterly financial reporting communications on twelve large cap, med tech companies, including Medtronic, Abbott Laboratories, Boston Scientific and Zimmer Biomet, to name a few. Throughout the course of our study, we identified several important best practices. Earnings Advisory The most common way companies choose […]
How Many Sell-Side Analysts Should Your Company Have?
What’s the right number of analysts for your company? Each public company is different, and so are the analysts and investment banks that cover them. Analysts cover stocks for a host of reasons, including institutional (client) interest, liquidity, perceived valuation, potential upside, and investment bank relationships. Based on these factors, large-cap companies typically have more […]
Things to Consider During Blackout and Quiet Periods
Amongst the many rules and considerations that surround investor relations disclosure and trading practices, blackout and quiet periods are very important policies to implement and understand. Blackout periods are legally-mandated timeframes when any corporate insider is forbidden to trade in the company’s securities. These restrictions exist to help reduce the risk of insider trading by […]
Best Practices for Analyst Meetings
There are a variety of options for a company when it comes to analyst and investor events – full or half-day meetings on a standalone basis, formal meetings at industry tradeshows, or smaller roundtable events. If orchestrated well, Analyst Meetings can effectively improve a company’s perception, increase Wall Street awareness and understanding, and generate investor […]
Preparing for Cyber Security and Data Breaches
Failing to plan is planning to fail. We attended a NIRI-hosted panel on cyber security and data breach in San Francisco, and we have been contemplating the implications for our client companies. The panel was hosted by Brandie Claborn, VP of Global Corporate Communications at Intel Security and included Mike Piazza – Partner at DLA […]
Important Timing Considerations for Earnings Calls
Following the end of a quarter, depending on public float and certain exceptions following IPOs, the Securities and Exchange Commission (SEC) requires companies to file quarterly and annual results via the respective 10-Q or 10-K forms. Typically, companies have 35-45 days to report their quarterly results, and year-end results are due within 60-90 days. Companies […]
Uplisting to a National Exchange
Uplisting to a national exchange is an important goal for many small, over-the-counter (OTC) companies, but it is one that needs to be vetted thoroughly. There are several important considerations including cost, ongoing listing requirements, timing, and adequate preparation. Once your company is trading on a national exchange – either the NYSE or NASDAQ – […]
Attracting Analyst Coverage
The environment for sell-side analyst coverage has changed over time, due to a growing number of boutique banks and fewer bulge bracket firms. In addition, with consolidation in the sell-side industry, many analysts are now covering upwards of 40 companies at a time, some with a large team co-covering stocks and others with very little […]
Takeaways from J.P. Morgan’s 2017 Healthcare Conference
This year’s J.P. Morgan Healthcare Conference was similar to years past, bringing together global industry leaders, emerging growth companies, and multiple constituents from the investment community. Despite the torrential downpour on Tuesday, umbrellas turned inside out, and rain throughout the week, investors and executives had packed schedules of meetings, receptions, and events. The incoming presidential […]