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    Brandon Couillard

    Senior Equity Analyst at Wells Fargo & Company

    Brandon Couillard is a Senior Equity Analyst at Wells Fargo, specializing in healthcare sector coverage with a focus on diagnostics, life sciences tools, and scientific instrumentation. He actively covers companies including Bruker, Waters Corporation, Thermo Fisher Scientific, Exact Sciences Corp, Bio-Rad Laboratories, and Align Technology, consistently ranking in the top 3% of Wall Street analysts with a 62% success rate and a +17.1% average return per rating. Couillard began his analyst career prior to 2012, has issued over 700 stock ratings, and currently leads healthcare equity research at Wells Fargo, following previous roles at other firms. He holds multiple FINRA securities licenses and is recognized for his actionable research, frequent buy ratings, and accurate forecasting for listed companies.

    Brandon Couillard's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership

    Brandon Couillard's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q2 2025

    Question

    Brandon Couillard of Wells Fargo asked about the new strategic focus on e-commerce, including its current revenue contribution and potential. He also sought clarification on whether the company is committed to keeping the Biologics Safety Testing (BST) business in its portfolio following the strategic review.

    Answer

    CEO Bernd Brust stated that e-commerce is critical for the research business and that its current revenue contribution is in the low single digits. Regarding the BST business, both Brust and CFO Raj Asarpota gave non-committal answers, emphasizing that their primary goal is creating shareholder value and that the recent restructuring provides strategic optionality.

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    Brandon Couillard's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q1 2025

    Question

    Brandon Couillard from Wells Fargo requested an update on the utilization and visibility of the Flanders service facilities. He also asked about the margin outlook for Q2, specifically if EBITDA would be similar to Q1 and if gross margins would decline sequentially.

    Answer

    Executive William Martin highlighted that the Flanders service business provides high visibility of 2-3 quarters, which informs their guidance cadence, and that capacity is ample. Executive Kevin Herde stated that while a sequential drop in BST revenue would pressure margins, the overall revenue level is the most significant factor for EBITDA performance, as the company's underlying cost structure is expected to remain stable.

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    Brandon Couillard's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q4 2024

    Question

    Brandon Couillard of Wells Fargo asked for the quarterly breakdown of high-volume CleanCap revenue from 2024 to help establish a baseline for the base business. He also inquired about the development of the sales pipeline for the new Flanders 2 facility compared to prior expectations.

    Answer

    Chief Financial Officer Kevin Herde provided the 2024 quarterly high-volume CleanCap revenues in round numbers: $9M in Q1, $25M in Q2, $17M in Q3, and $14M in Q4. Chief Executive Officer William Martin added that the Flanders 2 sales funnel is growing significantly, highlighted by a customer commitment through commercial launch, though he cautioned that customer program timing remains a dynamic variable.

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    Brandon Couillard's questions to CareDx (CDNA) leadership

    Brandon Couillard's questions to CareDx (CDNA) leadership • Q2 2025

    Question

    Brandon Couillard of Wells Fargo asked for details on heart and lung test volume growth for the quarter and questioned the updated timeline for the Epic integration, noting it appeared to be a second-half 2025 event rather than a Q2 rollout.

    Answer

    President & CEO John Hanna confirmed that both heart and lung volumes grew well in Q2, with heart showing steady movement. COO Keith Kennedy addressed the Epic timeline, stating the project is ahead of schedule, with pilot sites going live in Q3 and a target of 10% of volume on Epic by year-end 2025.

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    Brandon Couillard's questions to CareDx (CDNA) leadership • Q1 2025

    Question

    Brandon Couillard of Wells Fargo & Company questioned what assumption for overall transplant procedure volume growth is included in the 2025 guidance, given the soft year-to-date UNOS data. He also asked how the new CPT code for AlloSure will translate to better coverage and a higher ASP.

    Answer

    CEO John Hanna stated the company remains on track with its guidance, anticipating a potential second-half procedure uptick from the IOTA program. He explained that the new AlloSure-specific CPT code is critical for securing in-network contracts with private payers. This allows for payment at a contracted rate on the first claim, avoiding the lengthy and uncertain appeals process associated with unlisted codes.

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    Brandon Couillard's questions to CareDx (CDNA) leadership • Q3 2024

    Question

    Brandon Couillard inquired about the 30 new commercial hires, asking about the scale of the increase, their roles, and the associated incremental spend. He also asked if the Q4 ASP is a good baseline for 2025 and if H2 2025 growth will outpace H1.

    Answer

    CEO John Hanna explained the hires are a reinvestment to restore previous staffing levels, with two-thirds in field sales and one-third in marketing. CFO Abhishek Jain confirmed the incremental spend is roughly $10 million. Jain also affirmed the Q4 ASP of ~$1,335 is a good starting point for 2025 and that growth is expected to be stronger in H2 2025 as new hires become fully productive.

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    Brandon Couillard's questions to BIO-TECHNE (TECH) leadership

    Brandon Couillard's questions to BIO-TECHNE (TECH) leadership • Q4 2025

    Question

    Brandon Couillard of Wells Fargo sought to clarify the assumptions behind the margin outlook, asking if the ramp to 200 basis points of expansion by Q4 assumes an accelerating top line and what is embedded for pricing and tariffs. He also asked for a breakdown of China's growth between consumables and instruments and the impact of stimulus.

    Answer

    CFO James Hippel explained the margin expansion ramp is driven by the timing of the Exosome divestiture roll-off, ongoing productivity initiatives, and natural revenue seasonality, not necessarily an assumed top-line acceleration. President & CEO Kim Kelderman noted a handful of stimulus-related instrument shipments to China and, while not providing a specific breakout, stated the growth between consumables and instruments was "relatively similar."

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    Brandon Couillard's questions to MYRIAD GENETICS (MYGN) leadership

    Brandon Couillard's questions to MYRIAD GENETICS (MYGN) leadership • Q2 2025

    Question

    Brandon Couillard of Wells Fargo asked about the plan to increase R&D investment to support the new cancer strategy, questioning if it could be funded within the current R&D run rate and what level of incremental spending should be anticipated.

    Answer

    President and CEO Sam Raha affirmed that the company can increase R&D investment in oncology while adhering to its discipline of growing revenue faster than operating expenses. He explained this will be achieved through a deliberate reallocation of existing R&D funds and by leveraging strategic partnerships to manage development costs and accelerate market entry. He did not provide specific financial figures but assured that the company's P&L profile would continue to strengthen.

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    Brandon Couillard's questions to MYRIAD GENETICS (MYGN) leadership • Q3 2024

    Question

    Brandon Couillard from Wells Fargo & Company asked if the Q4 guidance includes any hurricane-related headwinds, sought to confirm the size of the prior-period revenue benefit in Q3, and inquired about the timing of revenue pull-through from new EMR integrations.

    Answer

    An executive, likely CFO Scott Leffler, confirmed the Q4 guide does not assume any specific weather-related headwind and that the prior period benefit was a little over $8 million, similar to last year's ~$7 million. President and CEO Paul Diaz added that EMR integration pull-through varies, with some sites showing immediate adoption while larger systems will see a ramp through Q4 and into 2025.

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    Brandon Couillard's questions to BRUKER (BRKR) leadership

    Brandon Couillard's questions to BRUKER (BRKR) leadership • Q2 2025

    Question

    Brandon Couillard asked for an explanation of the Q2 free cash flow burn, inquiring about one-time impacts, the outlook for H2 operating cash flow, and the rationale for reducing CapEx. He also questioned the flat BSI aftermarket revenue, seeking more detail on performance by customer type.

    Answer

    EVP & CFO Gerald Herman attributed the cash outflow to the timing of specific tax payments which are not expected to recur. Chairman, CEO & President Frank Laukien added these were sizable payments of $50-60M. Herman also noted CapEx is being scaled back in H2. Laukien addressed the aftermarket question by highlighting strong performance in diagnostics consumables, implying softness in other aftermarket segments, but did not provide a granular breakdown.

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    Brandon Couillard's questions to BIO-RAD LABORATORIES (BIO) leadership

    Brandon Couillard's questions to BIO-RAD LABORATORIES (BIO) leadership • Q2 2025

    Question

    Brandon Couillard of Wells Fargo questioned the expected revenue and margin phasing for the second half of 2025, ddPCR instrument performance in Q2, and the market positioning of the new Continuum platform relative to Stila's products.

    Answer

    Executive VP & CFO Roop Lakkaraju projected Q3 revenue to be similar to Q2, with a seasonal step-up in Q4, and noted the organic guide did not decrease. He expects Q3 margins to be similar to Q2, with improvement in Q4 due to mix and absorption. President & COO Jonathan DiVincenzo added that ddPCR instrument sales were soft year-over-year but highlighted that the Continuum platform is positioned to expand the market by targeting qPCR conversions, while the Stila-derived QX700 series will also help drive broader digital PCR adoption.

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    Brandon Couillard's questions to BIO-RAD LABORATORIES (BIO) leadership • Q1 2025

    Question

    Brandon Couillard of Wells Fargo asked about the potential for demand destruction in China due to tariffs, whether surcharges are included in the guidance, the feasibility of the implied second-half revenue ramp, and the company's capital allocation priorities between share buybacks and M&A.

    Answer

    An executive, likely CFO Roop Lakkaraju, confirmed that surcharges are embedded in the guidance and the company's strategy is to preserve customer continuity and market share, not assume total demand destruction. CEO Norman Schwartz added that products shipped to China from Europe and Singapore help mitigate tariff impacts. Regarding the guidance ramp, executives acknowledged the challenge but expressed confidence based on commercial team feedback and stable win rates, despite longer instrument sales cycles. On capital allocation, CEO Norman Schwartz stated there is a 'real appetite for doing something meaningful' and larger, given moderating asset valuations and the company's balance sheet capacity for a deal in the billion-dollar range.

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    Brandon Couillard's questions to BIO-RAD LABORATORIES (BIO) leadership • Q4 2024

    Question

    Brandon Couillard of Wells Fargo & Company asked about the strategic rationale for acquiring Stilla Technologies now, its financial profile, and potential for cannibalization. He also sought clarification on the Q1 revenue outlook and the specifics of the recent cost restructuring.

    Answer

    COO Jon DiVincenzo explained that Stilla's new platform and Bio-Rad's global reach create a strong synergy. CFO Roop Lakkaraju added that Stilla expands their market opportunity at both the entry and high-end of digital PCR without cannibalization and is expected to be accretive in 18-24 months. Lakkaraju confirmed the Q1 revenue decline guidance and stated the workforce reduction was broad-based, primarily in OpEx, to align with current market softness.

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    Brandon Couillard's questions to BIO-RAD LABORATORIES (BIO) leadership • Q3 2024

    Question

    Brandon Couillard inquired if the Q4 revenue guidance was conservative, asked for the size of the diagnostics revenue pull-forward into Q3, and questioned the status of the digital PCR business, including the reason for the QX Continuum launch delay.

    Answer

    EVP and CFO Roop Lakkaraju confirmed the guidance is conservative and quantified the Q3 diagnostics pull-forward as being in the 'low single-digit millions'. President and COO Jon DiVincenzo explained the QX Continuum launch was postponed to allow for performance refinements to meet Bio-Rad's high product standards, calling it a prudent decision for a market leader.

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    Brandon Couillard's questions to GeneDx Holdings (WGS) leadership

    Brandon Couillard's questions to GeneDx Holdings (WGS) leadership • Q2 2025

    Question

    Brandon Couillard questioned if Q2 volume included a catch-up from Q1 weather disruptions, asked for a breakdown of OpEx growth drivers, and inquired about the outlook for the pharma data partnership business.

    Answer

    CFO Kevin Feeley confirmed a small catch-up of 400-500 tests from Q1 weather events was included in Q2 results, on top of strong organic growth. He noted the Fabric acquisition added about $1M to OpEx in the quarter. CEO Katherine Stueland described the data business as healthy, with growth from existing and new customers, and expressed optimism for larger future collaborations.

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    Brandon Couillard's questions to GeneDx Holdings (WGS) leadership • Q2 2025

    Question

    Brandon Couillard of Wells Fargo asked if Q2 volume included a catch-up from Q1 weather disruptions, questioned the drivers of the sequential OpEx increase, and inquired about the outlook for the data/pharma partnership business.

    Answer

    CFO Kevin Feeley confirmed a small catch-up of about 400-500 tests from Q1's weather impact was realized in Q2. He noted the Fabric acquisition contributed about $1 million to OpEx for the partial quarter, with the remainder being organic investments. CEO Katherine Stueland described the data business as healthy, with growth in patient matching and data visualization services, and expressed optimism for future collaborations.

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    Brandon Couillard's questions to GeneDx Holdings (WGS) leadership • Q1 2025

    Question

    Brandon Couillard asked when the company expects to recoup the test volumes lost to weather in Q1 and whether any residual hereditary cancer revenue will remain in the second half of the year.

    Answer

    CFO Kevin Feeley explained that recouping lost volume is not immediate due to long wait times for specialist appointments, so the recovery may take weeks or months. He also stated that he expects revenue from the hereditary cancer business to be 'zero or near zero' in the second half of 2025 as the wind-down completes.

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    Brandon Couillard's questions to GeneDx Holdings (WGS) leadership • Q4 2024

    Question

    Brandon Couillard asked about the gross margin profile of the hereditary cancer business being exited and for details on the Epic Aura rollout plan, including the number of sites expected by year-end and the implementation process.

    Answer

    CFO Kevin Feeley stated the gross margin for the hereditary cancer business was about 40%. CEO Katherine Stueland explained that a pipeline of customers was established before the Epic contract was signed and that UNC Health is the first live site, with fast followers in waiting. Kevin Feeley added that while the initial infrastructure build took 6 months, new hospital integrations will now only take 2-3 weeks, radically improving the speed of onboarding new health systems.

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    Brandon Couillard's questions to GeneDx Holdings (WGS) leadership • Q3 2024

    Question

    Brandon Couillard of Wells Fargo asked about the company's plans for incremental investments now that it has reached profitability and how investors should think about operating expense trends moving into 2025.

    Answer

    CEO Katherine Stueland stated that the company will make discrete, meaningful investments with a clear ROI, such as the Epic Aura partnership and genome product enhancements. CFO Kevin Feeley added that all investments are measured for near-term payback (1-3 years). He expects OpEx dollars may increase incrementally but should decline as a percentage of revenue in the next year as revenue and gross profit growth outpace spending.

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    Brandon Couillard's questions to AGILENT TECHNOLOGIES (A) leadership

    Brandon Couillard's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2025

    Question

    Brandon Couillard of Wells Fargo asked for the reason behind the lower full-year operating cash flow guidance and the impact of currency on EPS. He also inquired about the company's appetite for large-scale M&A given its strong balance sheet and the current macro environment.

    Answer

    CFO Bob McMahon stated the operating cash flow forecast was reduced to account for a one-time inventory build to mitigate tariff impacts. CEO Padraig McDonnell addressed M&A by saying that while the company remains disciplined, acquisitions are a strategic priority and will become a bigger part of Agilent's growth story, driven by a robust pipeline of opportunities rather than short-term market volatility.

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    Brandon Couillard's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2025

    Question

    Brandon Couillard questioned the drivers behind the Q1 gross margin decline and the outlook for the coming quarters. He also requested an update on the performance of the pathology and genomics businesses.

    Answer

    CFO Bob McMahon attributed the lower gross margin to product mix, including China stimulus orders, and a 20-30 basis point currency impact, but expects improvement. President of Life Sciences and Diagnostics Simon May noted genomics saw some impact from U.S. academic funding but also strong traction from the Magnus system. CEO Padraig McDonnell added that the overall diagnostics and clinical market grew 7%.

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    Brandon Couillard's questions to AGILENT TECHNOLOGIES (A) leadership • Q4 2024

    Question

    Brandon Couillard inquired about the Infinity III launch, asking about the rollout timing of its predecessor and if the new system carries an ASP premium. He also asked about the portion of FY25 CapEx dedicated to the NASD build-out.

    Answer

    CEO Padraig McDonnell noted the Infinity III builds on the success of a broad installed base, including the Infinity II and older 1100 series, which are prime for replacement. CFO Robert McMahon added that early pricing on the new system has held up nicely. McMahon also specified that roughly half of the guided $450 million in FY25 CapEx is for the NASD expansion, with maintenance CapEx expected to be 2.5-3% of sales going forward.

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    Brandon Couillard's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership

    Brandon Couillard's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q1 2025

    Question

    Brandon Couillard of Wells Fargo sought clarification on whether recent order delays were specific to China or a more global issue. He also asked about working capital management and potential CapEx adjustments, given that the free cash flow guidance remained unchanged.

    Answer

    CFO Shawn Vadala clarified that customer caution and order hesitation are more pronounced in China, while Western markets show more optimism. He noted that the company feels good about its Q1 cash flow performance and is managing working capital to maintain its full-year free cash flow target, which it will continue to monitor.

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    Brandon Couillard's questions to EXACT SCIENCES (EXAS) leadership

    Brandon Couillard's questions to EXACT SCIENCES (EXAS) leadership • Q1 2025

    Question

    Asked for details on the higher sales and marketing spend, its composition, and the outlook for free cash flow for the year.

    Answer

    Profitability progress was strong, with gross margin expansion and G&A leverage. The increased sales and marketing spend was a planned investment to support new product launches like Oncodetect and Cancerguard. Free cash flow improved by $120 million year-over-year, and while a temporary AR build is expected in Q2 due to the Cologuard Plus launch, strong full-year cash generation is anticipated. S&M spending is expected to be consistent throughout the year.

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    Brandon Couillard's questions to WATERS CORP /DE/ (WAT) leadership

    Brandon Couillard's questions to WATERS CORP /DE/ (WAT) leadership • Q4 2024

    Question

    Brandon Couillard asked for a breakdown of the expected instrument growth across LC, Mass Spec, and light scattering for 2025, and inquired about the drivers behind the outsized growth in the PFAS market.

    Answer

    President and CEO Dr. Udit Batra projected mid-single-digit growth for LC and TA, around 4% for Mass Spec, and double-digits for the smaller light scattering business. He attributed the 40%+ PFAS growth, double the market rate, to the market-leading sensitivity of the Xevo TQ Absolute mass spectrometer, compliant software, and new chemistry workflows.

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    Brandon Couillard's questions to WATERS CORP /DE/ (WAT) leadership • Q3 2024

    Question

    Brandon Couillard asked which end markets specifically beat expectations to drive the guidance increase and whether the LC replacement cycle is accelerating faster than previously anticipated. He also requested an update on China, including stimulus-related quoting and order activity.

    Answer

    President and CEO Dr. Udit Batra stated that performance was strong across all segments, leading to the guidance raise. He explained the Q4 forecast reflects confidence in positive trends but remains prudent by modeling a Q3-to-Q4 revenue ramp similar to last year's weaker level. Regarding China, Batra reported that the market performed as expected, with orders stable year-over-year. He confirmed that the first stimulus-related order was received, signaling a tangible conversion from discussions to reality, and noted that Waters is well-positioned with an expanded distribution network and localized portfolio.

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    Brandon Couillard's questions to Avantor (AVTR) leadership

    Brandon Couillard's questions to Avantor (AVTR) leadership • Q4 2024

    Question

    Brandon Couillard requested a clarification on the impact of fewer selling days in the first quarter, asking for quantification and whether it was a sequential or year-over-year factor.

    Answer

    CEO Michael Stubblefield clarified that the impact from fewer selling days is a year-over-year headwind for Q1, not a sequential one. He described it as one of the various puts and takes that are blended into the cautious outlook for the first quarter.

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    Brandon Couillard's questions to REVVITY (RVTY) leadership

    Brandon Couillard's questions to REVVITY (RVTY) leadership • Q3 2024

    Question

    Brandon Couillard asked if the new 19% adjusted tax rate is a sustainable level for the future and whether the company can maintain its strong free cash flow conversion after a solid year-to-date performance.

    Answer

    CFO Maxwell Krakowiak confirmed that the tax planning benefits are largely structural, making the 19% rate a good forward-looking assumption. On cash flow, he noted that while working capital can still be improved, a planned step-up in CapEx will likely bring conversion closer to the long-term target of over 85%, down from the 100% achieved year-to-date.

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