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Monday, November 2, 2026

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BMRN Earnings Review

BioMarin’s Q3 revenue rose 32% to $1.02 billion after the Amicus acquisition, while lower 2026 guidance and $2.8 billion of net debt weighed on earnings.

BMRN $11B
Cestrian Capital Research 1 click

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@pennycheck 1 click

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$BFLY earnings thoughts Overall very pleased. Numbers were excellent double beat and raise with record gross margins --- This despite weakness in int'l sales due to lumpiness and weakness from sales team but happy to hear on the call they are very aggressively working to switch their int'l sales model to the us based one which focuses mainly on large enterprise deals . The fact they had such strong numbers despite int'l weakness is promising. embedded rev which is the real growth driver is ramping - went from practically zero to over 11 million but they didnt disclose exact contribution to that was from mid journey 15 new contracts in the last Q for compass AI ten 7 figure deals five 6 figure deals ! also most noteable for the data moat compass in getting up to 80% of all scans in some hospitals vastly improving the ai data moat All the near term catalysts are on track home + CC rev is already starting in Q4 w/partners already wanting to expand to bladder and spesis scans. P5.1 next gen chip/probe on track to start shipping early 27 as well expanding into icu and cardiology verticals highlighted near term opportunities non medical / wearables already shipping to embedded partners some really interesting commentary on fed ramp approval and some very large potential opportunities. most interesting thing for me personally on the call was they referenced around 7 times that the next big "mid-journey" type of deal was coming soon. thesis fully intact on this one of one. $SILC earnings thoughts Overall solid but disappointed by lack of color on the cyber security refresh cycle. Solid EPS beat slight revenue beat + raise return to profitability earlier than forecasted and mentioned on call expect that to accelerate in Q4 seems like a interesting upcoming catalyst "in final discussions with a new customer on a “major evolving use case” and expect agreement imminently" design wins ahead of schedule although bearish flag that one inference partner left due to a change in strategy which i think is main cause for weakness today but if this next deal is as imminent as they imply investor confidence should return. other bearish flag is inventory remains quite elevated at 73M but they did mention on call they expect refreshes coming soon from core cyber security biz unfortunate that there was only one analyst in the q + a so didn't get a ton of color i really would of loved to know more about this cyber security refresh and it was only adressed in passing due to the analyst question but in general with near term catalyst as well as continued healthy rev growth and return to non-gaap profitability stock feels cheap here

Investor Letters

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PRIM · long

Primoris Services CORP

Primoris Services, a $5 billion EPC contractor, has fallen about 60% from its peak.

PRIM $3.9B
Value Investors Club

Altria: Dutiful

Altria raised 2026 adjusted EPS guidance to $5.66 to $5.74 and authorized more buybacks, while on! loses share as cigarette margins hold.

MO $130B
Invariant 2 clicks

When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet…

ABR $2.2B
John Hempton's Newsletter 3 clicks

Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $404M
The Oak Bloke 2 clicks

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