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    Chad Wiatrowski • TD Cowen

    Chad Wiatrowski's questions to BioLife Solutions Inc (BLFS) leadership

    Chad Wiatrowski's questions to BioLife Solutions Inc (BLFS) leadership • Q2 2025

    Question

    Chad Wiatrowski of TD Cowen asked about the strategic investment in Pluristics, questioning if its Plurifreeze product is viewed as a competitor and the potential for a future acquisition. He also requested an update on the Panthera acquisition, specifically regarding the development of next-generation combination formulations.

    Answer

    Chairman & CEO Roderick de Greef clarified that they do not see Pluristics' Plurifreeze product as a competitive threat, as its focus is on iPSC cells. He emphasized that BioLife's primary interest is in Pluristics' development of biological assays, an area of potential expansion. Regarding Panthera, de Greef reiterated the timeline of having a commercial product in the second half of the next year. He added that the scientific work is focused on identifying the best Gen2 molecule to combine with CryoStor and that two large commercial customers are already testing one of the molecules.

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    Chad Wiatrowski's questions to BioLife Solutions Inc (BLFS) leadership • Q1 2025

    Question

    Chad Wiatrowski asked why potential headwinds from tariffs and NIH funding cuts have had a limited impact and questioned the company's exposure in Europe.

    Answer

    CEO Roderick de Greef explained that the impact is minimal because cell processing products are manufactured in the U.S. with few foreign raw materials, limiting supplier-side risk. On the customer side, direct sales have little exposure to China, and European customers are unlikely to switch from a critical product due to tariffs. He added that their largest distributor believes the Chinese government may subsidize the products to protect its domestic biotech industry and has not altered its sales forecast.

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    Chad Wiatrowski's questions to BioLife Solutions Inc (BLFS) leadership • Q4 2024

    Question

    Chad Wiatrowski asked how biopreservation media usage differs across various cell therapy modalities like CAR-T and TILs, and about the competitive dynamics for non-media products like CellSeal vials and CryoCase.

    Answer

    CEO Roderick de Greef explained that the primary difference in media usage is the volume per dose, with TIL therapies like Iovance's AMTAGVI being a high-volume user. He acknowledged competitors like West for vials and established cryo bags for the CryoCase, but emphasized BioLife's advantages in material science, form factor, and compatibility with automation.

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    Chad Wiatrowski's questions to Cytek Biosciences Inc (CTKB) leadership

    Chad Wiatrowski's questions to Cytek Biosciences Inc (CTKB) leadership • Q2 2025

    Question

    Chad Wiatrowski from TD Cowen asked about Cytek's appetite for M&A, given its strong balance sheet, and questioned which potential white spaces or adjacent technologies the company might target to spur growth.

    Answer

    CFO William McCombe confirmed that Cytek is actively evaluating M&A opportunities, with a focus on targets that offer high synergy potential, either within its existing markets or in adjacent areas. CEO Wenbin Jiang added that the company also remains focused on driving organic growth, highlighting the strong double-digit performance of its reagents and service businesses.

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    Chad Wiatrowski's questions to Cytek Biosciences Inc (CTKB) leadership • Q1 2025

    Question

    Chad Wiatrowski from TD Cowen asked about the company's capital allocation strategy, specifically how it reconciles conducting share repurchases with the need for M&A or organic investment, and what the plan is for the remainder of the year.

    Answer

    CFO William McCombe stated that Cytek has sufficient cash to pursue both share repurchases and M&A. He confirmed the company renewed its repurchase authorization and bought back $10.5 million in shares during Q1 but could not provide further details on future plans, reiterating that the capital allocation strategy is designed to accommodate both.

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    Chad Wiatrowski's questions to Cytek Biosciences Inc (CTKB) leadership • Q4 2024

    Question

    Chad Wiatrowski of TD Cowen, on for Brendan Smith, inquired about the company's appetite for M&A, the criteria for potential targets, and the key factors driving the rapid user adoption of the Cytek Cloud platform.

    Answer

    CFO William McCombe confirmed Cytek is open to M&A, targeting adjacent markets to extract synergies and achieve positive EBITDA contribution within approximately 12 months. CEO Wenbin Jiang explained that Cytek Cloud's growth is driven by its ability to simplify and accelerate high-parameter panel design, which also helps drive reagent sales.

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    Chad Wiatrowski's questions to Twist Bioscience Corp (TWST) leadership

    Chad Wiatrowski's questions to Twist Bioscience Corp (TWST) leadership • Q3 2025

    Question

    On behalf of Brendan Smith, Chad Wiatrowski asked about the company's perspective on M&A and potential business white space following the Atlas spin-out, versus a continued focus on organic product development.

    Answer

    President & COO Dr. Patrick Finn emphasized a 'relentless focus' on achieving adjusted EBITDA breakeven through strong execution. He noted that while the company is building its capability to evaluate inorganic opportunities, the near-term priority remains squarely on executing its current organic growth strategy.

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    Chad Wiatrowski's questions to Alpha Teknova Inc (TKNO) leadership

    Chad Wiatrowski's questions to Alpha Teknova Inc (TKNO) leadership • Q1 2025

    Question

    Chad Wiatrowski asked about the economic model of the cryopreservation collaboration with Pluristics, such as whether it's a cost-plus or royalty-based agreement. He also inquired about the strategic conviction for winning market share against the incumbent gold standard.

    Answer

    CFO Matt Lowell explained that while the specific details are not disclosed, Teknova is the exclusive manufacturer and reseller, and the collaboration is expected to be adjusted EBITDA positive over time, though not material in the near term. President and CEO Stephen Gunstream added that the product is competitively positioned due to its lower viscosity, making it better suited for large-scale allogeneic cell therapies, and an RUO version is available to target the large home-brew research market.

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    Chad Wiatrowski's questions to Alpha Teknova Inc (TKNO) leadership • Q3 2024

    Question

    Chad Wiatrowski of Morgan Stanley inquired about the market reception and progress of the recently launched Express-Tek and RUO+ services, asking if further sales and marketing investment would be needed. He also asked about the potential for future inventory write-downs and how the recent charge has impacted the company's inventory management strategy.

    Answer

    President and CEO Stephen Gunstream confirmed positive customer engagement with Express-Tek and RUO+, noting they are fully operational and do not require significant new investment. CFO Matt Lowell stated that no further inventory write-downs are anticipated, as the recent charge was specific to inventory built in 2022. He added that the company has since implemented new internal rules to better manage inventory levels.

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    Chad Wiatrowski's questions to Codexis Inc (CDXS) leadership

    Chad Wiatrowski's questions to Codexis Inc (CDXS) leadership • Q3 2024

    Question

    Chad Wiatrowski, on for Brendan Smith at TD Cowen, asked about further opportunities to monetize non-core assets and the potential impact on gross margin and capacity from bringing enzyme production in-house.

    Answer

    President and CEO Dr. Stephen Dilly indicated that the company is nearing the end of monetizing non-core assets to focus on its core business, though some potential future income from existing partnerships remains. He explained that bringing production of new, higher-margin enzymes in-house should have a 'very positive' directional impact on gross margin and that all planned work fits within the current real estate footprint.

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