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    Colleen Babington • Wolfe Research, LLC

    Colleen Babington's questions to Cars.com Inc (CARS) leadership

    Colleen Babington's questions to Cars.com Inc (CARS) leadership • Q2 2025

    Question

    Colleen Babington, on for Doug Schenkel, asked about operating expenses, specifically if R&D spend would stabilize due to a focus on computational work and whether the company might reallocate spending from R&D to sales and marketing to build brand recognition.

    Answer

    Luke Power, SVP, CFO & Chief Accounting Officer, confirmed that R&D spend is expected to remain flat as the major investments in the universal assay are complete. Dr. David Spetzler, President, added that while large studies are ongoing, the bulk of the investment has been made. An executive highlighted the significant operating leverage in the sales force, noting that volumes have doubled in recent years with a flat sales team headcount, negating the need to shift spending.

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    Colleen Babington's questions to Grail Inc (GRAL) leadership

    Colleen Babington's questions to Grail Inc (GRAL) leadership • Q2 2025

    Question

    Colleen Babington of Wolfe Research asked about GRAIL's international expansion strategy, specifically how the NHS Galleri data will be used to engage with single-payer systems, and whether international growth would require new lab facilities.

    Answer

    CEO Bob Ragusa highlighted significant inbound global interest and described the upcoming NHS Galleri study results as a 'great calling card' for discussions with other countries. President of International Business Harpal Kumar added that the study's rigor and the NHS's reputation are expected to help convert global interest into meaningful growth opportunities.

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    Colleen Babington's questions to Natera Inc (NTRA) leadership

    Colleen Babington's questions to Natera Inc (NTRA) leadership • Q1 2025

    Question

    Colleen Babington, on for Doug Schenkel, asked for a breakdown of the strong prenatal volume growth, an update on ACOG guidelines for microdeletions, and inquired about Signatera's indication mix and the impact of biomarker laws on commercial reimbursement.

    Answer

    CEO Steve Chapman explained that prenatal growth was proportional across the portfolio, led by NIPT and carrier screening. He noted that while ACOG guideline timing is unknown, they represent significant future upside, especially for the ~1 million annual 22q tests that are currently unreimbursed. An executive added that breast cancer is a major growth driver for Signatera and that the primary commercial reimbursement challenge remains broad payer coverage, which biomarker laws are beginning to positively influence.

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    Colleen Babington's questions to Veracyte Inc (VCYT) leadership

    Colleen Babington's questions to Veracyte Inc (VCYT) leadership • Q1 2025

    Question

    Colleen Babington, on for Doug Schenkel, asked about the Decipher ASP and volume outlook following the metastatic launch. She also questioned how the MRD test is differentiated, how its higher COGS will be managed, and if reimbursement will be ready at launch.

    Answer

    CFO Rebecca Chambers projected a stable Decipher ASP, as a higher Medicare mix in metastatic is offset by initial lack of commercial coverage. On MRD, CEO Marc Stapley highlighted the key differentiator is its 93-day lead time in detecting recurrence over imaging. Chambers added that while COGS are higher, a strong Medicare ASP and a multiyear cost-down plan will ensure the platform is accretive to adjusted EBITDA over time. She confirmed the plan is to launch with reimbursement in place.

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