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Friday, May 2, 2025

Meet 'Big Balls': DOGE Team in Wide-Ranging Interview on Shocking Examples Of Waste, Fraud, Abuse

 Elon Musk, head of the Department of Government Efficiency (DOGE), and his team have revealed shocking examples of waste and mismanagement within the U.S. government, exposing billions of dollars in misused COVID relief funds and questionable contracts, including one with a former Taliban member.

DOGE staffer Steve Davis told Fox News’s Jesse Watters Primetime that a $4 billion coronavirus fund allocated to the Department of Education had virtually no oversight. “There was a $4 billion COVID fund in the Department of Education, and there was no receipts required, so people could draw down on it, and when people looked into it—it wasn’t us, it was before us—they found the money was used to rent out Caesar’s Palace for parties, rent out stadiums,” Davis said. He added that DOGE implemented a simple fix: requiring receipts for withdrawals. “That was the only change that was made,” Davis noted. “And upon doing so, nobody drew down any money.”

Musk didn’t hold back, saying that government employees were “basically partying on the taxpayer’s money.”

The investigation didn’t stop there. At the U.S. Institute of Peace—an agency meant to promote global conflict resolution—DOGE uncovered even more troubling findings. A staffer revealed to Watters that the agency had a $130,000 contract with a former Taliban member for “generic services” with no clear description of the work. “We found that they were spending money on private jets and even had a $130,000 contract with a former member of the Taliban,” the staffer explained. “It was a contractor, they received $130,000 for generic services—and to Elon’s point—there was no actually a clear description of what the contract services were for.”

The situation escalated when DOGE entered the Institute’s Washington, D.C., headquarters. “Just a few hours after we got into their headquarters, we found that their chief accountant had deleted over a terabyte of accounting records,” the staffer said. “You have to ask the question: why would someone do that? The DOGE team, fortunately, was able to recover the data with the help of a few great employees at the Institute of Peace.” Musk called the incident “the definition of a cover-up.”

The recovered evidence was referred to the FBI and Department of Justice for further investigation. “In this case, we did refer the evidence in the accounting example to the FBI and DOJ,” the staffer concluded. “We were proud to do that.”

Amid the bombshell revelations, the interview had a lighter moment when DOGE staffer Edward Coristine, nicknamed “Big Balls,” explained the origins of his moniker. “I just set it as my LinkedIn username. People on LinkedIn take themselves too seriously and they’re very adverse to risk and I wanted to be neither of those things,” Coristine told Watters. “I just set it and I didn’t think anyone would notice.”

Watch the entire Watters-DOGE interview below:

Musk, who has been serving as a special government employee, recently announced he will step back from his DOGE role starting in May, as federal rules require him to leave within 130 days of beginning his tenure. During a Tesla investor call last week, Musk said he would continue supporting the Trump administration and DOGE “to make sure that the waste and fraud that we stop does not come roaring back.”

White House chief of staff Susie Wiles confirmed Musk is no longer working from the White House but remains engaged. 

“Instead of meeting with him in person, I’m talking to him on the phone, but it’s the same net effect,” Wiles told the New York Post. “He’s not out of it altogether. He’s just not physically present as much as he was,” she added.
“The people that are doing this work are here doing good things and paying attention to the details. He’ll be stepping back a little, but he’s certainly not abandoning it. And his people are definitely not,” Wiles added, noting that Musk’s team continues their work from the Eisenhower Executive Office Building near the West Wing.

Hologic drops as tariffs and geopolitics lead to guidance cut

 Hologic (NASDAQ:HOLX) shares plunged ~18% in early premarket trading on Friday after the diagnostic product maker, with its Q2 FY25 results, lowered its earnings outlook, citing a potential impact from the Trump administration’s tariffs and geopolitical tensions.

Marlborough, Massachusetts-based Hologic (NASDAQ:HOLX) posted $1B in revenue for the quarter in line with Street forecasts but indicating a ~2% YoY decline as its COVID-19-related revenue plunged ~30% YoY, keeping its Diagnostics revenue at $453.6M, roughly unchanged from a year ago.

Meanwhile, the company’s breast health and surgical segments added $356.2M and $162.5M to the topline, implying a ~7% YoY drop and ~4% YoY growth, respectively.

While HOLX’s non-GAAP gross margin improved by 40 bps to ~61% mainly due to higher margins at its newly acquired Endomagnetics and Gynesonics units, the company’s adj. earnings per share remained flat at $1.03, exceeding Street forecasts.

As for the full-year outlook, Hologic (NASDAQ:HOLX) reiterated revenue guidance for 2025 at $4.05B - $4.10B in line with FactSet consensus but lowered adj. earnings per share guidance to $4.15 - $4.25 from $4.25 - $4.35 in the prior forecast, falling short of $4.26 projected by analysts.

The company’s Q3 outlook also fell short of Street forecasts as $1.04 - $1.07 of adj. earnings per share and $1.00B - $1.01B projected for the quarter missed $1.09 and $1.03B in the consensus, respectively.

https://www.msn.com/en-us/money/markets/hologic-drops-as-tariffs-and-geopolitics-lead-to-guidance-cut/ar-AA1E344x

Alignment Healthcare grows Q1 revenue to $927M, hires former MultiPlan CFO

 Medicare Advantage (MA) insurtech Alignment Healthcare exceeded its high-end guidance for the first quarter, the company announced prior to a May 1 earnings call.

The company posted $926.9 million in revenue, up 47.5% year over year, and its membership grew to 217,500 enrollees. Adjusted gross profit came in at $107.2 million.

Alignment is still posting a net loss this quarter at $9.4 million. The insurer also had a net loss per share of five cents and a medical benefits ratio of 88.4%.

But in personnel moves, Thomas Freeman is stepping down as chief financial officer and transitioning to a new role as strategic advisor. He will be replaced by Jim Head, the former CFO for MultiPlan, which has rebranded to Claritev as the data analytics company tries to bat away lawsuits.

“I want to personally thank Thomas for his decade of tireless dedication and leadership, guiding us through our initial public offering and positioning us for long-term success,” said CEO John Kao in a statement. “His contributions helped guide Alignment’s financial growth from a local health plan to a nationally recognized leader in MA.

Freeman’s base salary will decrease from $580,000 to $290,000 starting in June, a 10-Q filing shows.

“At the same time, I am pleased to welcome Jim to the team,” said Kao. “His extensive experience and proven expertise in strategic finance, healthcare and business development make him the ideal leader to build on our strong foundation.

Head will receive a base salary of $600,000 and is eligible for a cash bonus and an annual equity grant with a target value of $2.5 million. He will also earn a one-time grant with a value of $2.5 million, with half restricted stock units and half performance share units.

The announcement follows the resignation of Chief Experience Officer Hakan Kardes this month. Kardes, whose last day is May 16, will be replaced by Aly Duzich. Arta Bakshandeh, M.D., was named president of AVA, the company's MA platform.

In January, Alignment sued the Centers for Medicare & Medicaid Services (CMS) over allegations the agency wrongly calculated its star ratings. CEO John Kao would not comment on the ongoing litigation

The company expects an adjusted EBITDA of $10 million to $18 million next quarter, and revenue of $950 million to $965 million. Alignment is expecting to see $38 million to $60 million adjusted EBITDA over the full year.

When asked about reports suggesting the CMS may limit the number of services subject to prior authorization, Freeman stressed the company’s motto is “more care, not less.”

“The way we look at it is, when we look at our auth and denial rates, we historically have been considerably below the national averages for MA,” he said.

https://www.fiercehealthcare.com/payers/alignment-healthcare-revenue-grows-927m-hires-former-multiplan-cfo

BrightSpring Health Services, Inc. Reports First Quarter, Ups Guidance

 

  • Net Revenue of $2,878 million, up 25.9% compared to $2,286 million in the first quarter of 2024.
  • Net Income from Continuing Operations of $9.2 million, compared to Net Loss from Continuing Operations of $56.0 million in the first quarter of 2024.
  • Adjusted EBITDA1 of $131 million, up 28.2% versus $102 million in the first quarter of 2024.
  • Planned divestiture of Community Living business to Sevita, announced on January 20, 2025, remains on track to be divested this year.
  • Increased 2025 Revenue and Adjusted EBITDA guidance:
    • Revenue: $12,000 - $12,500 million
    • Adjusted EBITDA1: $570 - $585 million

BrightSpring will host a conference call today, May 2, 2025, at 8:30 a.m. Eastern Time. Investors interested in listening to the conference call are required to register online.

A live and archived webcast of the event will be available on the “Events & Presentations” section of the BrightSpring website at https://ir.brightspringhealth.com/. The Company has posted supplemental financial information on the first quarter 2025 results that it will reference during the conference call. The supplemental information can be found under the “Events & Presentations” on the Company’s investor relations page.

https://www.globenewswire.com/news-release/2025/05/02/3073135/0/en/BrightSpring-Health-Services-Inc-Reports-First-Quarter-2025-Financial-Results-and-Increases-Full-Year-2025-Guidance.html

Fulgent Reports First Quarter 2025 Financial Results

 

  • Core Revenue of $73.5 million grows 16% year-over-year
  • Reiterating Full Year 2025 Core Revenue Guidance of $310 million
  • Non-GAAP income of $1.2 million, or $0.04 per share; GAAP loss of $11.5 million, or ($0.37) per share
  • Ended Q1 with $814.6 million of cash, cash equivalents, restricted cash, and investments in marketable securities, representing cash per share of $26.60

Pro-Dex disclosure, tariffs

 ITEM 1A. RISK FACTORS 

Our business, future financial condition, and results of operations are subject to a number of factors, risks and uncertainties, which are disclosed in Item 1A, entitled Risk Factors in Part I of our Annual Report on Form 10-K for our fiscal year ended June 30, 2024, as well as any amendments thereto or additions and changes thereto contained in this quarterly report on Form 10-Q for the quarter ended DecemberMarch 31, 20245. Additional information regarding some of those risks and uncertainties is contained in the notes to the condensed consolidated financial statements included elsewhere in this report and in Part I, Item 2, of this report eentitled Managements Discussion and Analysis of Financial Condition and Results of Operations. The risks and uncertainties disclosed in our Form 10-K, our quarterly reports on Form 10-Q, and other reports filed with the SEC are not necessarily all of the risks and uncertainties that may affect our business, financial condition and results of operations in the future. There have been no material changes to the risk factors as disclosed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024., except as provided in any amendments thereto and those set forth below.

Recently proposed tariffs could have a negative effect on our business, results of operations, financial condition, and liquidity.

Starting in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the U.S. from numerous countries and multiple nations countered with reciprocal tariffs and other actions in response. The U.S. government stated that it is willing to negotiate with other countries regarding the tariffs. While we manufacture our products locally, we source raw materials and purchased components through an extensive supply chain, and the tariffs may negatively impact demand and result in an increase in some product costs. We are currently analyzing the impacts of tariffs and actions that can be taken to moderate and/or minimize their effects.

https://d-risk.ai/PDEX/10-Q/2025-05-01

Adaptive Techologies ups revenue guidance

Adaptive Biotechnologies (ADPT) reported strong Q1 2025 financial results with total revenue of $52.4 million, up 25% year-over-year. The company's MRD business, contributing 83% of revenue, grew 34% to $43.7 million, driven by a 36% increase in clonoSEQ test volume to 23,117 tests. Operating expenses decreased 9% to $82.0 million, and net loss improved to $29.8 million from $47.5 million in Q1 2024. The company raised its 2025 MRD revenue guidance to $180-190 million while reducing operating expense guidance to $335-345 million and cash burn target to $50-60 million. Cash position remained strong at $232.8 million as of March 31, 2025.