Earnings Callouts – CLPT, CYBR, IGT, KLC, KRMN, ONON, SSTI
ClearPoint Neuro (CLPT) via B. Riley analyst Anderson Schock:
“Notably in the quarter, the company reported a 103.9% Y/Y increase in singleuse consumables, demonstrating greater utilization of products. CLPT submitted data to the FDA to expand PRISM laser therapy for 1.5T, which is expected to double the addressable market in 2H25. CLPT’s 3.0 navigation software demonstrated strong early adoption, being used to treat 35 patients across 11 neurosurgeons, with all surgeons planning to reorder. CLPT remains on track to achieve GLP compliance in 2H25, which represents a significant growth opportunity for its biologics and drug delivery services business. The company is first focusing on expanding capacity, which will allow for more route administration, design, and troubleshooting studies before achieving GLP compliance in 2H25, which will allow for larger 50-60 subject studies in 2026. The company indicated that at least five pharmaceutical partners have already expressed interest in transferring studies to CLPT once GLP capabilities are operational.”
CyberArk Software (CYBR) via Truist analyst Junaid Siddiqui:
“Management highlighted several multi 6-figure ACV deals that included machine identity, which consists of the acquired Venafi business and CYBR’s Secrets Management. They also said that Venafi and Secrets Management were in 9 of the top 10 deals in Q1 and noted both strong cross-sell and new logo wins. Management noted they are seeing deal sizes 2-3x higher when adding machine identity vs. standalone PAM. We would expect to see acceleration in the machine identity business in 2H25, as management said integration was ahead of its expectations, and the pipeline continued to build.”
International Game Technology (IGT) via Stifel analyst Jeffrey Stantial:
“On the call, management incrementally noted technical scoring for the Italian Lottery RFP is now complete and is likely to be announced publicly by 5/19. This is well ahead of expectations, which previously called for 1-3 months to score the technical submissions starting late-April. Economic proposals are scheduled to be opened on 5/19, with the winner evident immediately thereafter. We are pleased to see the catalyst path for our risk/reward thesis accelerate, though we don’t see any clear read through from a quicker than anticipated technical scoring process to probability of an IGT win.”
Kindercare Learning (KLC) via Morgan Stanley analyst Toni Kaplan:
“Total revenue of 2.1% (1.1% ex-M&A) missed MSe/cons by 90/190bps as enrollments were weaker in the quarter due to delayed enrollment starts, as seen similarly with BFAM. Management believes demand remains favorable and price has not been a friction point. The enrollment issue seen in KinderCare was focused primarily on infant enrollment, particularly in January (which tends to be a high infant enrollment time period), where parents may have taken longer time off from their employment, delaying their start date.”
Karman (KRMN) via RBC Capital analyst Ken Herbert
“Quarterly bookings were significant at $157M. KRMN’s backlog grew 10% sequentially from 4Q24 with a 1.6x book-to-bill in the quarter. Management called out the HASC’s budget reconciliation which proposed $25B (of the $150B) for integrated air and missile defense, a positive for bookings potential in our view. We continue to believe KRMN is successful as a merchant supplier, and much of the 1Q25 bookings growth was on existing contracts. We also view Golden Dome as a significant opportunity.”
On Holding (ONON) via Raymond James analyst Rick Patel:
“April was the strongest month on record, implied 2H guide doesn’t fully bake in strength of Wholesale order book, higher planned prices in fall/winter support growth and further premiumize the brand, and strategic priorities (retail, China, apparel) continue to be significant drivers. One concern has been NKE accelerating its own innovation, but ONON’s outsized growth (1Q +45%) and its plans (guide >25% in 2Q-4Q) show it’s strongly gaining share, and NKE’s efforts haven’t affected ONON’s ability to sell into the Wholesale channel.”
SoundThinking (SSTI) via Cantor Fitzgerald analyst Jonathan Ruykhaver
“California Assembly Bill 2975 requires all hospitals in the state to implement weapons detection systems at all public entrances by 2027. This presents a significant opportunity for SafePointe, SoundThinking’s AI-based weapons detection solution, to expand into approximately 400 hospitals, representing an estimated 4,000 entrance points. SoundThinking typically charges around $20,000 per entrance. SafePointe stands out due to its non-intrusive design, eliminating the need for individuals to walk through checkpoints, and requiring minimal manual oversight. The firm submitted a bid for the five-year Chicago RFP in April and remains confident in the strength of its offering, though the outcome is still pending. Notably, the current guide does not include any potential contribution from Chicago. Recall that the city declined to renew its ShotSpotter contract in 2024, despite using the technology since 2012. The decision has faced significant backlash from residents and local officials.”