Investment Pitches

Pitch Summary:
A cornerstone of many portfolios, Apple remains a consistent and reliable investment. Revenue continues to be driven by the iPhone's dominant market share and a loyal ecosystem of over 2 billion active devices. Notably, Apple has not followed competitors into the massive spending spree on AI infrastructure. By avoiding the multi-billion-dollar AI arms race, they have maintained a superior balance sheet and consistent shareholder buybacks. Apple has never truly been a pioneer. Rather, they wait out speculative companies and ultimately partner with whomever the winner is. They are sticking to that script with their AI strategy. On the product manufacturing side of the business, Apple recycles and reuses a significant amount of rare earth materials, cobalt, and aluminum. Their long-term objective is to have all products either recycled or renewable materials and packaging.

BSD Analysis:
The manager presents a bullish thesis on Apple based on its disciplined capital allocation and ecosystem strength rather than AI leadership. The 2 billion device ecosystem provides recurring revenue streams and customer loyalty that creates sustainable competitive advantages. The manager views Apple's restrained AI spending as a strategic advantage, preserving balance sheet strength while competitors engage in costly infrastructure buildouts. This approach aligns with Apple's historical strategy of being a fast follower rather than a pioneer, ultimately partnering with proven winners rather than making speculative bets. The manager appreciates Apple's consistent shareholder returns through buybacks enabled by this disciplined approach. The emphasis on recycling and sustainable materials demonstrates Apple's commitment to environmental responsibility, which could become increasingly important for brand value and regulatory compliance. The manager sees Apple as a reliable, defensive technology holding that will benefit from AI adoption without the associated capital intensity and execution risks.

Pitch Summary:
Formerly called NextTracker, NextPower creates robotic technology that rotates several hundred solar panels at once to optimize their power generation. NextPower supports industrial size companies with large solar fields. In addition to their robotics, they also have technology that determines the optimal location for a solar field, provides various insights, and can even protect the panels from weather events like wind and hail. NextPower's products help the buildout of solar utilities saving users money and providing electricity with limited pollution.

BSD Analysis:
The manager presents a bullish case for NextPower based on its leadership in solar tracking technology for utility-scale installations. The company's robotic systems that optimize solar panel positioning represent a critical efficiency enhancement for large solar projects. Beyond basic tracking, NextPower offers comprehensive solutions including site optimization analytics and weather protection systems, creating a differentiated technology platform. The manager emphasizes the dual value proposition of cost savings and environmental benefits, positioning the company to benefit from the renewable energy transition. The focus on utility-scale projects suggests exposure to the fastest-growing segment of solar deployment. The company's ability to increase energy output while reducing operational risks through weather protection technology demonstrates clear value creation for customers. The manager views NextPower as well-positioned for the accelerating solar buildout driven by AI data center power demands and energy localization trends.

Pitch Summary:
We have also added smaller stakes in a few interesting growth stories where shares can typically be hard to come by. These include Vertiseit, which describes itself as a supplier of "in-store Experience Management (IXM) platforms". This can be translated into 'software that runs all the screens you see in stores' to simplify. The appeal of the business lies in the execution, we believe. The company is led by owner-operators who have ten-folded annual recurring revenue over the last decade. This is partly due to organic growth but also complemented by successful acquisitions where there are considerable synergies that can be extracted. We visited Grassfish, one of Vertiseit's subsidiaries, in Vienna earlier this month, and were enthused by the growth opportunities that remain.

BSD Analysis:
Protean added a smaller position in Vertiseit, a Swedish software company providing in-store experience management platforms that power digital screens in retail environments. The investment thesis centers on exceptional execution by owner-operator management who have achieved ten-fold growth in annual recurring revenue over the past decade through both organic growth and synergistic acquisitions. The manager conducted due diligence including a site visit to Grassfish, a Vertiseit subsidiary in Vienna, which reinforced confidence in remaining growth opportunities. Vertiseit operates in the digital signage and retail technology space, benefiting from retailers' increasing focus on enhancing customer experience through digital touchpoints. The company's track record of successful M&A integration and ability to extract synergies suggests strong capital allocation capabilities. The characterization of shares being 'hard to come by' indicates limited liquidity and potentially concentrated ownership, which could support valuation if execution continues. The combination of proven management, recurring revenue model, and exposure to retail digitization trends creates an attractive growth profile in the manager's view.

Pitch Summary:
We have added Vimian as a mid-sized position. This is a Swedish animal health company, focusing mainly on pets. It has a relatively broad product offering partly due to an opportunistic acquisition strategy. As for many others, a string of acquisitions during the pandemic led to some issues, financially as well as operationally. The financial issues were resolved through a rights issue, while the operational issues have been gradually, but not fully, addressed through restructuring and cost savings. Where does the attraction lie? Q4 was strong with improved earnings quality, as well as stronger cash flow. This positive step has been disregarded in the overall market turmoil, and the share is trading at the low-end of its post-pandemic range, and considerably below levels where the main owner Fidelio (the PE sponsor that owns 60% of the stock) has added shares as recently as this autumn. The valuation does not fully capture the thematic exposure, we believe. With continued margin improvement, a return to more M&A and upside towards sector valuation, we see good risk/reward.

BSD Analysis:
Protean established a mid-sized position in Vimian, a Swedish animal health company focused on pet care with a broad product portfolio built through opportunistic acquisitions. The company faced financial and operational challenges from pandemic-era acquisition activity, but resolved financial issues through a rights offering while gradually addressing operational problems through restructuring and cost savings. The investment case centers on strong Q4 results showing improved earnings quality and cash flow generation, which the manager believes has been overlooked amid broader market volatility. The stock trades at the low end of its post-pandemic range and significantly below levels where majority owner Fidelio (60% PE sponsor) recently purchased shares, suggesting insider confidence. Protean believes current valuation doesn't reflect the company's thematic exposure to growing pet care markets. The upside case includes continued margin improvement, resumption of M&A activity, and potential rerating toward sector valuations. The combination of operational turnaround progress, insider buying, and attractive valuation relative to growth prospects creates what the manager views as favorable risk/reward dynamics.

Pitch Summary:
On the detractor side, Devyser continued its slump, with the share down by a third year to date. As we write this, the share now trades below its IPO price from 2021, despite clearly approaching cash-flow break-even and strong growth prospects in several areas. Devyser is active within genetic testing where DNA is used to assess disease risk as well as detecting them. Introducing new testing protocols takes time, but they are very sticky once established. The market might have overestimated the speed at which Devyser can establish itself, but we believe it underestimates the duration of the opportunity.

BSD Analysis:
Despite Devyser being a significant detractor with shares down one-third year-to-date and trading below 2021 IPO levels, Protean maintains conviction in the genetic testing company. The manager highlights that Devyser is approaching cash-flow break-even while demonstrating strong growth prospects across multiple business areas. The investment thesis centers on the sticky nature of genetic testing protocols once established, despite lengthy implementation timelines. Protean believes the market has misjudged both the adoption timeline and the durability of the opportunity in genetic testing for disease risk assessment and detection. The contrarian stance reflects confidence that current valuation doesn't reflect the long-term value of established testing protocols and market position. The manager's emphasis on 'duration of the opportunity' suggests belief in sustainable competitive advantages once protocols are adopted. Trading below IPO price despite approaching profitability indicates potential value opportunity if execution improves. The acknowledgment of market timing misjudgment while maintaining conviction demonstrates patient capital approach to healthcare technology investments.

Pitch Summary:
Cint reported a considerable sequential improvement in sales during the fourth quarter and we increased our stake in the company on the day of the report in February. Since then, the share has continued to climb and it became our biggest contributor in March. It's not a stock for widows and orphans but we believe the market is underestimating the growth opportunity within the business area Media Measurement. We acknowledge a string of operational issues, as well as about the impact of AI on the market research sector, but Q3 was likely the trough in terms of pain. The valuation is very appealing.

BSD Analysis:
Protean increased their Cint position following strong Q4 results that showed considerable sequential sales improvement, with the stock becoming their largest contributor in March. The manager acknowledges Cint faces operational challenges and AI disruption concerns in market research, but believes Q3 represented the operational trough. The investment thesis centers on the market underestimating growth opportunities in Media Measurement, a business area within Cint's platform. Despite acknowledging this is a higher-risk investment ('not a stock for widows and orphans'), Protean finds the current valuation compelling relative to the growth potential. The timing of their stake increase immediately following earnings suggests confidence in the turnaround trajectory. The manager's recognition of AI impact on market research while maintaining a bullish stance indicates they believe Cint can adapt or benefit from industry transformation. The characterization of Q3 as the 'trough in terms of pain' suggests expectations for continued operational improvement and margin recovery.

Pitch Summary:
In the middle of March, we bought a meaningful amount of Nibe. The thesis is not that the war ends tomorrow, nor that it drags on for months. The thesis is that regardless of outcome, this crisis will put energy efficiency and reduced oil dependence back on the political agenda across Europe – forcefully, and probably durably. It happened after the 2022 Ukraine shock, when heat pump sales exploded and energy renovation became a political priority. That impulse then faded as gas prices normalised and populist backlash pushed governments to soften their climate ambitions. Well, here we are again. Except this time, the lesson should be harder to forget: Europe's energy dependence is not a theoretical risk discussed at think tanks. It's a physical vulnerability that disrupts economies when things go wrong in places we can't control. Nibe is the dominant European manufacturer of heat pumps. The stock has been in the penalty box for two years – inventory destocking, normalising demand, increasing competition, a weak Swedish housing market. It's down 70% from its peak. We think the market is pricing a permanently impaired business, while the structural case for energy-efficient heating has just been handed another powerful catalyst.

BSD Analysis:
Protean initiated a meaningful position in Nibe during March's market volatility, viewing the Middle East crisis as a catalyst for renewed European focus on energy independence. The manager argues that geopolitical tensions will drive sustained demand for energy-efficient heating solutions, positioning Nibe as the dominant European heat pump manufacturer to benefit from this structural shift. The stock has declined 70% from peak levels due to cyclical headwinds including inventory destocking, normalized demand, increased competition, and weak Swedish housing markets. Protean believes the market is overly pessimistic, pricing in permanent business impairment rather than recognizing the temporary nature of current challenges. The investment thesis centers on energy security becoming a political priority across Europe, similar to the post-2022 Ukraine shock that drove heat pump adoption. The manager emphasizes this represents a structural opportunity independent of short-term geopolitical outcomes, with Nibe positioned to capture market share as European governments prioritize energy independence. The contrarian timing during market stress and focus on long-term structural trends rather than cyclical factors demonstrates classic value investing principles.

Pitch Summary:
For example, Carvana is our most natural source of funds given its size in our portfolio, but I was not going to sell shares in March when they were trading at 20x 2026 EBITDA and <15x 2027 EBITDA while growing nearly 40% y/y – an especially impressive result during a quarter with difficult weather externalities. At these valuations I am a happy owner and more inclined to buy than to sell. There were significant pullbacks in a lot of stocks, but none were more attractive to me than holding our Carvana. Carvana is perceived to be highly cyclical by some investors mostly due the drastic declines in 2022, but used car sales are not particularly cyclical. This is one of the reasons I am comfortable holding such a large position in Carvana. Even in 2022, with a major reduction in affordability from massive price inflation and significant increases in interest rates, the used car industry declined ~10%. The market is generally very stable in the ~40m unit range, implying relatively consistent and stable ownership periods for the auto fleet.

BSD Analysis:
The manager presents a compelling bull case for Carvana, emphasizing attractive valuation metrics at 20x 2026 EBITDA and under 15x 2027 EBITDA despite strong 40% year-over-year growth. The fund manager challenges the market perception of Carvana as highly cyclical, arguing that used car sales are fundamentally stable with only a 10% decline during the severe affordability crisis of 2022. The position represents 47.7% of the portfolio, demonstrating high conviction in the investment thesis. The manager views the current market pullback as an opportunity to hold rather than sell, indicating strong belief in the company's resilience and growth trajectory. The stable 40 million unit used car market provides a defensive foundation for the business model. Weather-related headwinds during the quarter make the 40% growth rate particularly impressive. The manager's reluctance to use Carvana as a funding source despite its large allocation underscores the attractiveness of current valuations.

Pitch Summary:
We updated our investment memo on Pro Medicus (ASX: PME) during the quarter. It was an investment idea we presented at the recent FatAlpha Value (Asia) investing conference in Ho Chi Minh City, Vietnam. Pro Medicus provides streaming cloud-based medical imaging software as a service (SaaS) to 11 of the 20 top-rated hospitals in the US. Pro Medicus has two products: (1) RIS (Radiology Information System) for radiology administration and (2) PACS (Picture Archiving and Communication System) for radiology visualization. Its key PACS product, Visage 7 (93% of revenues), allows radiologists to view multi-gigabyte X-Ray, MRI, and CT scans in under a second, compared with legacy PACSs that use slow "compress, send, and unpack" technology, which struggles with higher volumes of images and larger file sizes. Pro Medicus dominates the US private healthcare system, with US PACS (90% of revenues) continuing to grow the fastest. We like to think of Pro Medicus as the Netflix of medical imaging. It strategically acquired a small German startup, Visage, for A$5.5m in 2009 for its streaming technology, enabling it to become an early disruptor in medical imaging visualization, riding two secular trends: (1) software unbundling from hardware and (2) shift from on-premises to the cloud. Pro Medicus's streaming technology, which was developed during the era of dial-up broadband, enabled it to operate at significantly lower bandwidth and higher latency than its competitors. To date, competitors have struggled to replicate Pro Medicus's superior offering, allowing Visage 7 to emerge as an increasingly dominant top dog. It is technically the most advanced, sells at a premium, and tends to work better for larger customers with higher imaging volumes. Despite Visage 7 being the most expensive, its lower bandwidth operating costs often result in a lower total cost of ownership (TCO) than cheaper competitors. Pro Medicus has 92% recurring revenue (see the charts below), zero customer churn, and a mission-critical product. Customers sign lengthy 5-10-year contracts, providing extremely high revenue visibility and predictability that most companies can only dream of. It is still in its early innings, with only a 10% market share in US PACS, as it gradually displaces peers in new RFPs. In short, we think Pro Medicus is amongst one of the highest-quality scalable businesses that we own (i.e., +28% revenue growth, 99.9% gross profit margins, 52% net income margins, 47% FCF margins, 49% ROIC that continue to rise, 5-10 year customer contracts, 4.5x future contract revenue, zero customer churn, premium and mission-critical product, run by excellent management with 46% insider ownership), that is well positioned to dominate increasingly. Despite Pro Medicus being a very high-quality business, we had originally sized it as a medium allocation due to its highly expensive valuations (>200x price/FCF). With valuations significantly lower at <100x price/FCF after the recent -64% peak-to-trough drawdown, we took the opportunity to add during the quarter, and would be happy to do so at even lower prices.

BSD Analysis:
Vision Capital Fund presents Pro Medicus as an exceptional quality SaaS business dominating medical imaging with superior streaming technology. The company serves 11 of the top 20 US hospitals through its Visage 7 PACS product, which enables radiologists to view multi-gigabyte medical scans in under one second versus legacy systems' slow compress-send-unpack technology. The manager compares it to "Netflix of medical imaging," highlighting the strategic 2009 acquisition of German startup Visage for A$5.5m that provided the core streaming technology. Pro Medicus exhibits remarkable business quality metrics: 28% revenue growth, 99.9% gross margins, 52% net margins, 47% FCF margins, 49% ROIC, 92% recurring revenue, zero customer churn, and 5-10 year contracts providing 4.5x future contracted revenue visibility. The company operates with only 10% US PACS market share, indicating substantial runway for growth as it displaces legacy competitors in RFPs. Despite premium pricing, lower bandwidth costs often result in superior total cost of ownership. The manager increased their position after a 64% drawdown reduced valuations from over 200x to under 100x price/FCF, viewing this as an attractive entry point for a mission-critical, dominant technology platform with excellent management holding 46% insider ownership.

Pitch Summary:
We wrote a new investment memo on Tesla (TSLA). Tesla is the first mover and remains one of the leading players in battery-electric vehicles (BEVs) globally, the 2nd-largest (13% share in 3Q25) after China's BYD (16% share), riding the multi-decade secular shift from internal combustion engine (ICE) to battery-electric vehicles (BEVs). Tesla is also the leading producer of battery energy storage systems, with a 15% global share and a 39% share in North America. Tesla should not be viewed solely as a traditional (BEV) automaker or an energy (solar/storage) company. It is bringing AI into the physical world through its autonomous FSD driving, Cybertaxi robotaxis, and Optimus humanoid robots, riding numerous sizable brand-new tailwinds that it is creating and leading. Tesla stands at yet another inflection point, transitioning from an electric-car company with softer EV sales to a dominant physical-AI company. Tesla's valuations are currently more "expensive" (~213x EV/FCF). We would prefer to see continued improvements in full self-driving (FSD) and early signs of successful Cybertaxi and Optimus scale-out to confirm the next growth inflection before considering adding to our position.

BSD Analysis:
Vision Capital Fund presents a comprehensive thesis on Tesla's evolution beyond traditional automotive into physical AI applications. The manager recognizes Tesla's strong market position as the second-largest BEV manufacturer globally with 13% market share, trailing only BYD at 16%, while also leading battery energy storage with 15% global share and 39% North American share. The investment thesis centers on Tesla's transformation from an electric vehicle company facing softer EV sales to a dominant physical AI company through autonomous FSD driving, Cybertaxi robotaxis, and Optimus humanoid robots. However, the manager maintains a cautious stance given the expensive 213x EV/FCF valuation. They require evidence of continued FSD improvements and early signs of successful Cybertaxi and Optimus scale-out before increasing their position. This reflects disciplined valuation awareness while acknowledging Tesla's potential in emerging AI-driven markets. The manager views Tesla as positioned at an inflection point but wants confirmation of execution before committing additional capital at current premium valuations.

Pitch Summary:
We exited our entire PayPal (PYPL) position (1.1%). This was our first sell. It will not be our last. When we invested in October 2024, the thesis was simple. Revenues were still growing at +8%. Valuations were cheap at ~11x EV/FCF (~9% FCF yield). A new CEO, Alex Chriss, was brought in from Intuit to turn things around. If he could reaccelerate growth, multiples could re-expand to 15-20x. Returns of 20-25% CAGR were plausible. We were wrong. Not about the price, but with the business. We severely underestimated PayPal's operational bloat and the extent of the required fixing and consolidation. PayPal's acquisition history left behind a sprawling empire of disconnected platforms. Braintree. Venmo. Zettle. Hyperwallet. Xoom. Honey. Paidy. Multiple platforms were on separate payment rails with different interchange relationships, had disparate data sources, and were on separate technology stacks. Each was pulling in different directions. The complexity did not just slow innovation. It made innovation structurally difficult. It was just too hard for Alex Chriss to fix. Growth decelerated from high single digits to low single digits. Product execution remained subpar. Patience with the board wore thin, and when CEO Alex Chriss was replaced by Enrique Lores, the former CEO of a mediocrely run HP Inc., our remaining confidence was gone. Most turnarounds simply don't turn. That is the brutal truth. We were patient. But PayPal's business just kept declining in quality. While its stock fell 47% from our entry, the damage was limited to a negative 0.8% contribution. We redeployed the proceeds into our highest-conviction holdings. The lesson is permanent: time is a true friend to good businesses and a brutal enemy to bad ones. Never confuse a cheap price with a good business. And never underestimate how hard it is to fix what is fundamentally broken.

BSD Analysis:
Vision Capital Fund executed a complete exit from PayPal after recognizing fundamental structural issues that made the turnaround thesis untenable. The manager initially invested based on attractive 11x EV/FCF valuation and expectations that new CEO Alex Chriss could reaccelerate growth from 8% revenue growth. However, they underestimated the operational complexity created by PayPal's acquisition spree, which left behind disconnected platforms (Braintree, Venmo, Zettle, Hyperwallet, Xoom, Honey, Paidy) operating on separate payment rails and technology stacks. This fragmentation made innovation structurally difficult rather than just slow. Growth decelerated to low single digits, product execution remained poor, and the replacement of Chriss with HP's former CEO Enrique Lores eliminated remaining confidence. The 47% stock decline resulted in only a 0.8% negative portfolio impact due to the small 1.1% position size. The manager emphasizes the key lesson that time favors good businesses while punishing bad ones, and warns against confusing cheap valuations with quality businesses. This disciplined exit demonstrates the importance of recognizing when fundamental business quality deteriorates beyond repair.

Pitch Summary:
Beam Communications is executing a $0.14 per share capital return, representing 74% of its current share price. Post-distribution, investors are effectively paying A$0.045 per share for the remaining business, which continues to generate cash through its legacy hardware operations. The company is also pursuing cost optimization measures, targeting significant annualized savings. The strategic review underway could lead to further value unlocking through a sale, merger, or wind-down of the residual business, presenting additional upside potential.

BSD Analysis:
The capital return by Beam Communications offers a significant immediate return to shareholders, with the potential for further value realization from the remaining business. The company's focus on cost optimization and cash-generating legacy operations provides a stable foundation for future strategic actions. The ongoing strategic review introduces the possibility of additional corporate actions that could enhance shareholder value. However, investors should be aware of the risks associated with the company's limited growth prospects and the potential challenges in executing a successful strategic transaction.

Pitch Summary:
Stratus Properties has announced a plan for complete liquidation and dissolution, subject to shareholder approval. The company has a history of selling assets at prices exceeding their NAV, and management has guided to liquidating distributions ranging from $29.73 to $37.69 per share. With the stock trading at $30, investors are buying at the low end of the forecasted liquidation value. The primary risk is the time required to complete the liquidation and secure shareholder approval, but the potential returns are attractive given the company's track record.

BSD Analysis:
The liquidation of Stratus Properties offers a compelling opportunity for investors seeking to capitalize on the company's asset sales in a high-demand real estate market like Austin. The wide range of potential liquidating distributions reflects uncertainties in the liquidation process, including tax implications, partnership unwinds, and selling costs. However, Stratus's historical ability to achieve favorable asset sale prices provides confidence in the potential for value realization. Investors should monitor the progress of shareholder approval and the timeline for asset sales to assess the risk-reward profile effectively.

Pitch Summary:
Otto Energy is trading at a valuation that is at or below its cash and equity value, presenting an opportunity for investors. The company has no financial debt and a strong cash position, which is significant given its market capitalization. With 75% of its revenue derived from oil and NGL products, Otto stands to benefit from rising oil and gas prices, particularly in light of geopolitical tensions. However, the company faces challenges with high general and administrative expenses and complexities in issuing dividends in Australia.

BSD Analysis:
The investment case for Otto Energy is supported by its strong balance sheet and potential for increased cash flow due to favorable oil and gas pricing. The absence of financial debt provides financial flexibility, while its Gulf of Mexico assets continue to generate positive value. Nonetheless, the company's high G&A costs relative to its size and operational scope pose a risk to profitability. Additionally, regulatory and procedural hurdles in Australia regarding dividend distribution could affect shareholder returns. Investors should weigh these factors against the potential upside from improved cash flow and asset value realization.

Pitch Summary:
Jarvis Securities is in the process of liquidating its assets after selling its brokerage business. The company is trading at a significant discount to its book value, with shares priced at 7.25p against a reported book equity of 18.8p per share. This represents a 61% discount, offering substantial upside potential if the liquidation process proceeds smoothly. The main constraint is the £10.5m cash held within its subsidiary, which requires regulatory approval for release. The involvement of an independent monitor aims to expedite the process and protect shareholder interests.

BSD Analysis:
The investment thesis hinges on the successful and timely completion of the liquidation process. While the discount to book value is attractive, potential risks include regulatory delays and higher-than-expected costs related to customer redress provisions and general administrative expenses. The presence of S&W Partners as an independent monitor provides some assurance that shareholder interests will be prioritized. However, investors should be prepared for a potentially extended timeline and variable final returns depending on the resolution of outstanding liabilities and regulatory approvals.

Pitch Summary:
Celsius Holdings, Inc. recently experienced a stock price drop to $34 due to Costco's introduction of a private label energy drink. Despite this, the impact is limited as Costco represents only 10% of sales. The integration of Alani Nu into the Celsius and Pepsi distribution systems has led to a significant re-acceleration of sales growth, with Alani Nu sales jumping in Q2 2025. The company's management projects strong growth, with consolidated revenue expected to reach $3.5 billion in 2026, up 40% from the previous year. With an expected operating income of $770 million and a return to a 50% margin, the stock is anticipated to rebound to $56, trading at 20x EV/EBIT.

BSD Analysis:
Celsius Holdings' strategic acquisition of Alani Nu and its integration into the Pepsi distribution network have been pivotal in driving sales growth. The company's ability to maintain strong margins and project significant revenue increases highlights its robust business model. Despite short-term challenges from competitors like Costco, Celsius's market position in the U.S. RTD energy category remains strong, with a 10.9% dollar share. The company's focus on innovation and distribution expansion continues to attract new consumers, supporting its growth trajectory. With a projected net cash position by the end of 2026, Celsius is well-positioned for future expansion and profitability.

Pitch Summary:
Iridex Corporation has shown a turnaround with growth in both its retina and glaucoma businesses. The company has implemented significant cost-cutting measures, resulting in positive cash flow and adjusted EBITDA in Q4 2025. The anticipated MDR certification in the EU is expected to boost sales of its PASCAL platform, which is already benefiting from an upgrade cycle in the US. At a share price of $1 and an EV of $15M, the company presents a compelling risk/reward opportunity with a 0.29x FY26 EV/S valuation. Despite a slight reduction in FY26 guidance, insider buying suggests confidence in the company's future prospects.

BSD Analysis:
Iridex's strategic focus on promoting its MicroPulse Technology as a primary treatment option positions it well in the ophthalmic market. The company's move to contract manufacturing is expected to further reduce costs and improve margins. The aging global population and increasing prevalence of diabetes are likely to drive demand for Iridex's products. The company's robust patent portfolio and ongoing clinical studies support its competitive advantage. However, macroeconomic headwinds such as inflation and geopolitical tensions could impact customer purchasing decisions. Overall, Iridex's growth potential and cost management efforts make it an attractive investment.