D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: The company provided no forward financial guidance. They plan to start IND-enabling studies for their chronic cough program in early 2025 if financing is secured. Partner Indivior expects to start IND-enabling studies in the first half of 2025 for substance use disorder.

Call summary: Addex completed research on their GABAB positive allosteric modulator program and achieved positive preclinical results for chronic cough treatment. The compound showed a 1 milligram per kilogram minimum effective dose with good tolerability compared to baclofen. The company has 3.3 million Swiss francs in cash and is advancing partnerships with Indivior and others while maintaining a strong balance sheet.

− EPS missed estimates by 97.9%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Management reaffirmed full year guidance of 4.4 to 4.7 billion dollars in TTR revenue, expecting significantly higher quarter-over-quarter growth for the rest of 2026. They also expect the rare disease portfolio to continue contributing steady growth alongside the TTR cardiomyopathy launch expansion in international markets.

Call summary: Alnylam delivered 1.17 billion dollars in total product revenue in the first quarter, marking its first quarter exceeding 1 billion dollars. The TTR franchise generated 910 million dollars, up 153 percent year over year, with U.S. revenue growing 230 percent driven by strong AMVUTTRA adoption for heart disease. Management highlighted over 90 percent patient adherence to vutrisiran and broader international success including new launches in Europe and Japan, though Germany pricing adjustments created a temporary headwind that they expect to reverse in coming quarters.

+ EPS beat estimates by 56.5%; Revenue beat estimates by 2.7%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: AppFolio raised its full-year revenue guidance to $1.11 to $1.125 billion, expecting 17.5 percent growth. The company also raised non-GAAP operating margin guidance to 26 to 28 percent, up from 24.7 percent in 2025. Management expects continued strength from new customers, premium tier upgrades, and increased adoption of AI-powered products like RealmX Performers and Resident Onboarding Lift.

Call summary: First quarter revenue hit $262 million, up 20 percent year over year, driven by strong adoption of AI features and tier upgrades. The company managed 9.5 million units, a gain of 700,000 from last year, and added 1,415 new customers. Management highlighted that AI actions grew 7 times year over year and Performer adoption nearly quintupled quarter over quarter, reflecting strong customer traction on its Real Estate Performance Management strategy.

+ EPS beat estimates by 7.0%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Aptiv maintained full year revenue growth guidance of 4 percent and earnings per share between $5.70 and $6.10. Management expects acceleration in the second half from improved vehicle production, program launches, and abatement of customer-specific headwinds. However, new commodity cost pressures from the Middle East conflict will offset some gains through customer pass-throughs and operational improvements.

Call summary: Aptiv completed the separation of its Electrical Distribution Systems business into Versigent and reported solid first quarter results with $5.1 billion in revenue, up 1 percent year over year, and record earnings of $1.71 per share. The company won $4.6 billion in new business awards, with strong growth in nonautomotive markets at 9 percent and software and services at 10 percent. Management highlighted progress in artificial intelligence driven advanced driver assistance systems and robotics partnerships, though acknowledged commodity inflation from Middle East tensions and near term customer mix headwinds that will improve by mid year.

+ EPS beat estimates by 6.9%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Management reaffirmed their full-year comparable sales guidance at about flat but guided the second quarter toward positive one percent comparable sales growth. They expect continued pressure on restaurant margins from ingredient inflation in the second quarter but anticipate that pressure to ease in the second half of the year.

Call summary: Chipotle reported first-quarter revenue of $3.1 billion, up seven point four percent year over year, with comparable sales growing zero point five percent driven by positive transaction growth. The company benefited from menu innovations including high-protein offerings, Chicken Al Pastor and cilantro-lime sauce, which together contributed meaningful sales lift. Management highlighted strong momentum continuing into April fueled by the new rewards program launch and menu innovation, while noting that the high-efficiency equipment rollout across now over 600 restaurants is generating hundreds of basis points of comparable sales outperformance in those locations.

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Management provided no forward guidance. They noted market volatility from the Iran conflict will likely push out exit activity near term but expect robust activity in the second half if conflict resolves. The firm reiterated confidence in its capital-light model and ability to deploy $74 billion of dry powder in credit.

Call summary: Blackstone reported outstanding results with $4.1 billion in revenue beating consensus by $600 million and distributable earnings of $1.36 per share versus $1.35 expected. Assets grew 12 percent year over year to $1.3 trillion, driven by $69 billion in quarterly inflows and strong investment performance across infrastructure and credit. The firm emphasized its AI infrastructure dominance with over $150 billion deployed and plans to take public a new data center company focused on newly constructed facilities. Despite geopolitical turbulence and criticism of private credit, management highlighted institutional and insurance demand remains strong, with credit platform growing 15 percent year over year to $536 billion.

+ Revenue beat estimates by 17.2%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: CarGurus expects second quarter revenue between $247 million and $252 million, up eleven to fourteen percent year over year. For full year 2026 they reaffirmed revenue growth of ten to thirteen percent. They also expect adjusted EBITDA margins to compress about one point five to two point five percentage points due to investment in product development and artificial intelligence.

Call summary: CarGurus delivered fifteen percent revenue growth to $244 million in the first quarter, driven by dealer platform expansion and consumer engagement across their online marketplace. They launched several new artificial intelligence products for dealers including PriceVantage for inventory pricing and Shopper Signals for lead conversion, while also integrating their service into ChatGPT for consumer discovery. International markets performed strongly with thirty nine percent year over year growth, and the company remains disciplined on capital allocation, repurchasing $175 million in shares while maintaining investments in innovation.

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: AudioEye raised full-year 2026 revenue guidance to between $43.25 million and $44.25 million, with adjusted EBITDA expected to reach at least $12 million and adjusted earnings of at least 96 cents per share. The company expects notable revenue growth in the second half of 2026 driven by compounding annual recurring revenue, with a target of $15 million adjusted EBITDA run-rate by year-end.

Call summary: AudioEye delivered $10.6 million in first-quarter revenue, up 8 percent year over year, marking 41 consecutive quarters of record sales with 127 thousand customers. The company improved adjusted EBITDA to $2.4 million with a 22 percent margin while generating $1.9 million in free cash flow. Management highlighted growing digital accessibility litigation, a DOJ deadline extension for Title II compliance to April 2027, and upcoming AI-powered product releases as key drivers for the rest of 2026.

+ EPS beat estimates by 1276.5%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Crown Castle kept its full year outlook unchanged. The company expects about $3.9 billion in site rental revenue for 2026 and $2.7 billion in adjusted EBITDA at the midpoint. The company plans to spend about $1 billion on share buybacks and $7 billion on debt repayment after selling its fiber and small cell businesses, expected to close in the first half of 2026.

Call summary: Crown Castle delivered a solid first quarter with organic growth of 3.1 percent, though this was held back by $49 million in DISH terminations and $5 million in Sprint cancellations. The company is pursuing a transformation to become a best-in-class tower operator by cutting costs by $65 million on an annualized basis, buying more land under towers, and exploring new revenue opportunities like edge data centers and power-as-a-service. Management remains confident in the legal case against DISH for unpaid obligations and expects the fiber and small cell sale to close by mid-2026.

− EPS missed estimates by 13.3%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: CMS reaffirmed full year earnings guidance of $3.83 to $3.90 per share, expressing confidence toward the high end. The company expects 6 percent to 8 percent long-term adjusted earnings per share growth paired with approximately 3 percent dividend yield. Management believes new data center load and manufacturing growth in Michigan will support 2 percent to 3 percent annual sales growth over the next five years.

Call summary: CMS delivered first quarter adjusted earnings of $1.13 per share, beating consensus by $0.02, aided by rate relief and strong performance at NorthStar. Revenue of $2.73 billion beat consensus of $2.47 billion. The company is making progress on two major data center prospects that could materialize starting in 2028 and signed about $110 million worth of new industrial load contracts year to date. Management emphasized Michigan's attractiveness for growth with over 100 megawatts of new load signed so far in 2026, including Michigan Potash and Salt Company. An ice storm in March offset some gains.

+ Revenue beat estimates by 10.5%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Management said they will offer detailed guidance later this year but expect the company to deliver positive adjusted EBITDA and positive EBITDA for the rest of 2026 and beyond. They expect Emrosi revenue to continue growing as payer coverage expands and prescription volumes increase.

Call summary: Journey Medical delivered $16 million in total revenue, up 21 percent from last year, driven mainly by Emrosi which hit $6.3 million and 30,000 prescriptions. The company achieved positive adjusted EBITDA of $600,000 and ended with $27.2 million in cash. Management highlighted that Emrosi is gaining momentum with 3,700 unique prescribers, better refill ratios at 1.4 to 1, and just secured agreements with all three major group purchasing organizations covering 169 million commercial lives.

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: DocuSign raised full-year revenue guidance by $38 million to a midpoint of $3.195 billion. For the next quarter, the company expects revenue of $806 million, up 7 percent year over year. Full-year billings are expected to reach $3.34 billion, up 7 percent, with a noted timing headwind from renewal renewals in the third quarter.

Call summary: Q2 was outstanding with revenue of $801 million up 9 percent and billings of $818 million up 13 percent. The team improved go-to-market with new sales segments and is seeing strong momentum in the AI Intelligent Agreement Management platform, with 50 percent of enterprise reps closing at least one IAM deal. Dollar net retention improved to 102 percent as customers increase eSignature usage when moving to IAM, and the company expects IAM to represent a low double-digit percentage of the subscription business by year-end.

+ EPS beat estimates by 7.8%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Amcor reaffirmed its expectation for adjusted earnings of 80 to 83 cents per share in fiscal 2026, representing growth of 12 to 17 percent from the prior year. The company expects to deliver at least 260 million dollars in synergies this year and plans to keep margins expanding through cost management and integration gains.

Call summary: Amcor delivered first quarter adjusted earnings of 19.3 cents per share, above guidance midpoint, as the combined company showed strong synergy execution with 38 million dollars delivered in the quarter. The company won over 70 million dollars in new annualized revenue from combined solution offerings with customers, though overall volumes declined 2 percent due to softer consumer demand and European weakness. Management emphasized the quarter demonstrated solid operational integration and cost flexibility, with both segments showing margin expansion despite challenging market conditions.

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Management cut the full-year lighting sales outlook to flat to down low single digits year-over-year, from an earlier expectation of up low single digits. They cited soft market conditions, project delays from government shutdown, and data center competition for contractors as main pressures. The spaces business still expects low to mid-teens growth for the full year.

Call summary: Acuity had a mixed quarter. Reported revenue of $1.06 billion was $5 billion above last year but missed consensus by $132 million. The lighting business fell 3 percent year-over-year but gross margins improved 70 basis points to 45.7 percent through pricing and productivity. The spaces unit grew strongly, with sales up $77 million, driven by Distech controls and QSC audio-visual gear. They cut full-year guidance because the lighting market remains weak, with customers releasing projects slowly despite a full pipeline.

− Revenue missed estimates by 11.1%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: For the full year, BILL expects core revenue between $1.46 billion and $1.49 billion, or about $1.475 billion in the middle. They also expect operating income between $257 million and $277 million, which is up from their prior guidance by $16 million. For the next quarter, they guide core revenue of $359 million to $369 million and earnings per share of 54 cents to 57 cents.

Call summary: BILL delivered $358 million in core revenue in the first quarter, up 14 percent year over year and at the top of their guidance range. Operating profit hit $68 million, beating expectations by $10 million due to strong cost management. The company launched three major partnerships with NetSuite, Paychex, and Acumatica to embed payments into their platforms, launched a cash account product, and rolled out AI agents like an automated W-9 request tool that they say saves customers 80 percent of manual work. Management noted they cut 6 percent of staff to drive profitability while continuing to invest in artificial intelligence and upmarket customers.

+ EPS beat estimates by 19.8%

D+ Negative report. Results or guidance disappointed and expectations are likely to move lower.

Guidance: Management raised 2026 total revenue guidance to 445 to 465 million dollars, up 20 million dollars from prior March guidance. They expect 48 to 52 percent growth versus 2025 results. The raise reflects strong Q1 performance and new payer contracts expected to boost pricing per test over the rest of the year.

Call summary: BillionToOne delivered a standout quarter with 108.4 million dollars in revenue, up 84 percent year over year, while achieving 16 percent operating profit margin and 24 percent adjusted EBITDA margin. Prenatal revenue hit 97.7 million dollars, up 72 percent, and oncology revenue nearly quintupled to 10.7 million dollars. The company launched Unity Confirm, a first noninvasive fetal cell confirmation test, and signed landmark payer contracts with Anthem and United, now covering 300 million lives. Gross margins expanded to 73 percent, up 9 percentage points year over year, driven by higher pricing per test and lower production costs despite growing oncology volume.

+ EPS beat estimates by 598.2%; Revenue beat estimates by 9.7%