Insiders still discovering the upside: management reports the opportunity keeps revealing itself bigger in live operatio
The model's full reasoning — Q2 2023 call → NOWe need to determine if management conveys both halves: (1) fresh discoveries coming out of live operation, and (2) following with real attention/resources. Let's examine the transcript. Management discusses KEDRAB sales increase, CYTOGAM tech transfer, InnovAATe trial progress, plasma collection expansion, etc. Key points: - KEDRAB: "significant increase in demand" and "expect even further momentum" - but is this a fresh discovery? They mention "we are taking significant market share" and "very effective marketing efforts" - but this seems like expected growth from their efforts, not a surprise discovery. They also mention Kedrion exercised option to extend distribution through 2026, and "active discussions to potentially expand scope" - that's a response but not necessarily a discovery from live operation. - CYTOGAM: FDA approval to manufacture at Israeli facility, and Health Canada approval. This is a capability achievement, not a discovery of new upside. - InnovAATe: enrollment ramping, EMA positive feedback. That's clinical trial progress, not a discovery from live operation. - Plasma collection: expanding capacity, opening second center. That's planned expansion. - Business development: looking for opportunities. The question asks: does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — that in the course of actually operating, selling, or delivering in the recent period, the company keeps encountering genuine positive surprises about how much more there is for it to do? Look for language like "we were surprised", "we didn't expect", "we found that", "we discovered", "we are seeing more than we thought". In the transcript, Amir says: "we were pleased to announce last month that Kedrion has exercised its option to extend our distribution agreement for KEDRAB in the U.S. through March 2026. Moreover, we remain in active discussion with Kedrion to potentially further expand the scope of our collaboration." That's a positive development but not a surprise discovery. He also says: "During 2022, we generated approximately $16 million in revenue from sales of KEDRAB to Kedrion for further distribution in the U.S. market, which is estimated to be a total of $150 million annually.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| WEC | WEC Energy Group, Inc. | Q1 2024 | 2024-05-01 | A |
| PDS | Precision Drilling Corporation | Q1 2024 | 2024-04-25 | B |
| ET | Energy Transfer LP | Q2 2023 | 2023-08-02 | C+ |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| MEC | Mayville Engineering Company, Inc. | Q3 2022 | 2022-11-05 | B+ |
| MOMO | Hello Group Inc. | Q3 2021 | 2021-11-30 | D |
| CYBR | CyberArk Software Ltd. | Q3 2021 | 2021-11-04 | B+ |
| LOPE | Grand Canyon Education, Inc. | Q2 2021 | 2021-08-08 | C |
| EMR | Emerson Electric Co. | Q3 2021 | 2021-08-04 | B+ |
| TENB | Tenable Holdings, Inc. | Q2 2021 | 2021-07-27 | A |
| UMH | UMH Properties, Inc. | Q3 2018 | 2018-11-02 | C+ |
| XOM | Exxon Mobil Corporation | Q2 2018 | 2018-07-27 | C |
| MKTX | MarketAxess Holdings Inc. | Q3 2017 | 2017-10-25 | C+ |
| LIND | Lindblad Expeditions Holdings, Inc. | Q2 2017 | 2017-08-06 | C |
| BCE | BCE Inc. | Q2 2017 | 2017-08-05 | B+ |
| BP | BP p.l.c. | Q4 2016 | 2017-02-07 | B+ |
| INGR | Ingredion Incorporated | Q1 2016 | 2016-05-01 | B+ |
BP · Q4 2016 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — both discovering new positive surprises from operations AND responding with re...YES The transcript shows management conveying exactly this posture in the Oman section. They recount a genuine operational surprise—“straight wells that we had not expected,” well rates “above plan,” and liquid production “higher than planned”—that emerged while the asset was actually running.
XOM · Q2 2018 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — that in the course of actually operating, selling, or delivering in the recent...YES The transcript shows management conveying exactly this posture in the Guyana section. Neil Chapman recounts fresh upward revisions to resource estimates ("now more than 4 billion... up from the 3.2 billion... just 4 months ago") and the eighth discovery ("Longtail exploration well...
LOPE · Q2 2021 → YESThe question is whether management is still discovering new upside inside a business that's already working, based on recent operations, and responding with attention or resources. YES The transcript shows management discovering fresh upside in the GCU traditional campus platform through live operations: they built three new residence halls expecting no further need next year, but current registrations reveal near-capacity demand, requiring at least two more halls to be built.