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    Chad Wiatrowski

    Research Analyst at TD Cowen

    Chad Wiatrowski is an Analyst at TD Cowen specializing in equity research with a focus on the healthcare and biotechnology sectors, closely tracking companies such as BioLife Solutions and OrthoPediatrics. He has contributed to TD Cowen’s proprietary research on artificial intelligence adoption in drug discovery, illustrating a keen interest in how innovation drives performance in health care equities. Wiatrowski has participated in quarterly earnings calls for multiple healthcare firms, engaging directly with management on operational strategies and market outlooks. While specific rankings, performance metrics, and professional credentials like securities licenses are not publicly disclosed, his active involvement in research publications and earnings calls signifies a growing presence in the analyst community.

    Chad Wiatrowski's questions to BIOLIFE SOLUTIONS (BLFS) leadership

    Chad Wiatrowski's questions to BIOLIFE SOLUTIONS (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 (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 (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 (CTKB) leadership

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

    Question

    Chad Wiatrowski from TD Cowen asked about Cytek's openness to M&A given its strong balance sheet, and what potential adjacencies or non-core technologies the company might consider to accelerate growth.

    Answer

    CFO William McCombe confirmed that Cytek is actively evaluating M&A opportunities, with a focus on targets that offer high synergy potential, such as those in existing markets or adjacent areas where they can leverage their customer relationships. An executive added that alongside M&A, the company remains committed to investing in organic growth, particularly in its rapidly expanding reagents and service businesses.

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

    Question

    Chad Wiatrowski from TD Cowen asked about Cytek's openness to M&A given its strong balance sheet and inquired about potential white spaces, adjacencies, or non-core technologies the company might consider to access higher-growth markets.

    Answer

    CFO William McCombe confirmed that Cytek is open to M&A and actively evaluates opportunities, prioritizing those with the greatest synergy potential in existing or adjacent markets, such as other products that can be sold to the same customer base. An executive, likely CEO Wenbin Jiang, added that the company is also focused on investing in organic growth, highlighting the double-digit growth in its reagents and service businesses.

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

    Question

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

    Answer

    CFO William McCombe confirmed that Cytek is open to M&A and actively evaluates opportunities, prioritizing those with the greatest synergy potential in existing or adjacent markets. CEO Wenbin Jiang added that the company is also focused on driving organic growth, pointing to the continued double-digit growth in its reagents and service businesses.

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

    Question

    Chad Wiatrowski from TD Cowen asked about Cytek's openness to M&A given its strong balance sheet, and what potential white spaces, adjacencies, or non-core technologies the company might consider to access higher-growth markets.

    Answer

    CFO William McCombe confirmed that Cytek is open to M&A and continuously evaluates opportunities, prioritizing those with the greatest synergy potential in existing or adjacent markets. An executive, likely CEO Wenbin Jiang, added that the company is also focused on organic growth, continuing to invest in its double-digit growing reagents and service businesses.

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    Chad Wiatrowski's questions to Cytek Biosciences (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 (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 908 Devices (MASS) leadership

    Chad Wiatrowski's questions to 908 Devices (MASS) leadership • Q2 2025

    Question

    Chad Wiatrowski, on for Brendan Smith at TD Cowen, asked if all new products, including the next-generation MX908, will be manufactured in the Danbury facility and if this would require significant CapEx. He also questioned whether the federal budget tailwinds would primarily drive replacement cycles or help in acquiring new customers.

    Answer

    CEO Kevin Knopp confirmed that all manufacturing is now consolidated in the Danbury facility to leverage operational efficiency, and this includes future products. CFO Joe Griffith added that any CapEx for the next-gen MX would be minimal. Regarding the budget tailwinds, Kevin Knopp stated they support both new customer acquisition, as seen with the Explorer device, and the replacement of older technologies. He also noted that increased defense spending from international NATO allies provides an additional tailwind.

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    Chad Wiatrowski's questions to 908 Devices (MASS) leadership • Q4 2024

    Question

    Chad Wiatrowski from TD Cowen asked if progress on the next-generation MX908 2.0 provided extra conviction to sell the bioprocessing portfolio and requested details on planned product improvements and the potential upgrade cycle. He also inquired if RedWave was on track to achieve its acquisition-related earn-outs.

    Answer

    CEO Kevin Knopp confirmed that the strong product roadmap, including the next-gen MX908, was an element of their conviction, but emphasized the immediate growth catalyst is the expanded portfolio of four handhelds. He noted the new MX908 will be smaller, simpler, and have more connected services. CFO Joe Griffith added that the RedWave earn-outs are still achievable through April 2026, which would be a positive outcome for revenue growth.

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

    Chad Wiatrowski's questions to Twist Bioscience (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 RAPID MICRO BIOSYSTEMS (RPID) leadership

    Chad Wiatrowski's questions to RAPID MICRO BIOSYSTEMS (RPID) leadership • Q1 2025

    Question

    Chad Wiatrowski inquired about the role of AI in the company's long-term strategy and whether the MilliporeSigma partnership offers flexibility against tariffs or provides other specific success metrics to monitor.

    Answer

    President and CEO Robert Spignesi confirmed that AI is part of the R&D roadmap to leverage the vast digital data created by their systems. CFO Sean Wirtjes noted the partnership doesn't offer a direct tariff offset but presents opportunities for cost reduction by sourcing materials from MilliporeSigma, which he currently views as potential upside to the margin forecast.

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

    Chad Wiatrowski's questions to Alpha Teknova (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 (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 MAXCYTE (MXCT) leadership

    Chad Wiatrowski's questions to MAXCYTE (MXCT) leadership • Q1 2025

    Question

    Chad Wiatrowski, on for Brendan Smith, asked about the potential for new product news flow this year from organic investments and inquired about the company's 3-to-5-year vision for expanding beyond electroporation.

    Answer

    CEO Maher Masoud confirmed that MaxCyte has a robust product pipeline and expects to launch new products in 2025 that are complementary to its current offerings. He stated the long-term vision includes disciplined inorganic growth, similar to the SeQure Dx acquisition, to enter new areas in cell and gene therapy while maintaining a strong financial position and a clear path to profitability.

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    Chad Wiatrowski's questions to MAXCYTE (MXCT) leadership • Q3 2024

    Question

    Chad Wiatrowski, on for Brendan Smith, asked about emerging trends in cell types or disease areas among prospective SPL customers and whether customers can switch to MaxCyte from competing platforms while in the clinic.

    Answer

    CEO Maher Masoud identified a clear trend toward autoimmune diseases and more complex cell edits for improved durability in oncology. He confirmed that customers do switch platforms, noting that two of this year's SPLs were conversions from competitors by companies already in the clinic. He credited this to MaxCyte's superior technology, efficiency, and comprehensive scientific and regulatory support.

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    Chad Wiatrowski's questions to CODEXIS (CDXS) leadership

    Chad Wiatrowski's questions to CODEXIS (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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