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    Conor Noel McNamara • RBC Capital Markets

    Conor Noel McNamara's questions to Illumina Inc (ILMN) leadership

    Conor Noel McNamara's questions to Illumina Inc (ILMN) leadership • Q1 2025

    Question

    Conor Noel McNamara from RBC Capital Markets asked if Illumina is observing customers delaying or deferring instrument purchases in anticipation of new or future product offerings from competitors.

    Answer

    CEO Jacob Thaysen stated firmly that Illumina has not seen any disruption or delayed customer decisions based on recent competitive technology announcements. He characterized the competitor's news as a 'technology overview' rather than a product launch, emphasizing that customers in tough times prioritize the certainty and reliability of established platforms like Illumina's.

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    Conor Noel McNamara's questions to Illumina Inc (ILMN) leadership • Q4 2024

    Question

    Conor Noel McNamara inquired if Q4 sequencing growth was negatively impacted by higher instrument placements or customers awaiting new single-cell solutions. He also asked about the expected pricing impact in early 2025, given that the NovaSeq X conversion appears to be tracking ahead of schedule.

    Answer

    CFO Ankur Dhingra stated that the company is pleased with the conversion progress and had anticipated a Q4 slowdown due to fewer working days and holidays. He expressed confidence in the trajectory and expects consumables growth to improve during 2025 as the company begins to lap the initial, more significant pricing impacts from the X transition.

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    Conor Noel McNamara's questions to QuidelOrtho Corp (QDEL) leadership

    Conor Noel McNamara's questions to QuidelOrtho Corp (QDEL) leadership • Q1 2025

    Question

    Conor Noel McNamara asked about QuidelOrtho's ability to offset potential tariff impacts with price increases on reagent rental contracts and whether tariffs would alter long-term manufacturing expansion plans.

    Answer

    CEO Brian Blaser explained that while the company will implement selective pricing actions, it must be mindful of competitive markets. He noted the company has prior experience with this during past inflationary periods. Blaser also stated that he does not expect any change to the overall manufacturing footprint at this time, emphasizing the value of their current global network, but acknowledged the situation remains fluid.

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    Conor Noel McNamara's questions to Bio Rad Laboratories Inc (BIO) leadership

    Conor Noel McNamara's questions to Bio Rad Laboratories Inc (BIO) leadership • Q1 2025

    Question

    Conor McNamara of RBC Capital Markets questioned the drivers of the strong process chromatography results, asking if it was a pull-forward ahead of tariffs. He also sought to understand the components of the $40 million reduction in the Life Science guidance and whether the 100 basis point cut to the clinical diagnostics outlook was based on conservatism or observed weakness.

    Answer

    An executive clarified that the process chromatography strength was driven by customer demand timing and was not a tariff-related pull-forward. The Life Science guidance cut was attributed to softness in the broader academic market, which constitutes about 20% of revenue, not just the 4% from federally funded NIH grants, as well as macro weakness in China. An executive noted a near-halt in grant approvals for several weeks in Q1. The reduction in the diagnostics outlook was attributed to macro dynamics and softness, with China being a significant contributing factor, rather than just general conservatism.

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    Conor Noel McNamara's questions to Bio Rad Laboratories Inc (BIO) leadership • Q4 2024

    Question

    Conor McNamara of RBC Capital Markets inquired about customer reactions to the proposed NIH indirect funding cap and its potential impact on spending. He also asked about the assumptions behind the expected Life Sciences market rebound and the competitive dynamics in the ddPCR market.

    Answer

    CEO Norman Schwartz noted that the NIH news was a shock to researchers, who are in a "wait-and-see" mode, likely impacting capital equipment sales most in the near term. CFO Roop Lakkaraju clarified that the 2025 outlook assumes sequential improvement but not necessarily a return to a "normal" market. Schwartz and Lakkaraju both commented on the competitive ddPCR market, stating that Bio-Rad continues to invest internally and through acquisitions like Stilla to segment its offerings and compete more effectively.

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    Conor Noel McNamara's questions to Repligen Corp (RGEN) leadership

    Conor Noel McNamara's questions to Repligen Corp (RGEN) leadership • Q4 2024

    Question

    Conor Noel McNamara from RBC Capital Markets asked about the end-market assumptions embedded in the 2025 guidance, the drivers for the expected full-year acceleration, and the pricing impact in 2024 and 2025.

    Answer

    President and CEO Olivier Loeillot explained that the company is returning to its historical pre-COVID pattern, where the second half of the year is stronger than the first, with Q4 typically being the strongest quarter. CFO Jason Garland added that pricing returned to historical low single-digit levels in 2024 and a similar level is expected for 2025, which he attributed to the company's product differentiation.

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    Conor Noel McNamara's questions to Repligen Corp (RGEN) leadership • Q3 2024

    Question

    Conor Noel McNamara asked for the implied Q4 base revenue growth and EBITDA margins to assess their viability as a jumping-off point for 2025, and whether recent platform wins were competitive.

    Answer

    President and CEO Olivier Loeillot stated that implied Q4 non-COVID revenue growth is 12-13% and that platform wins are a mix of competitive takeaways and wins in new areas where competition is limited. CFO Jason Garland noted the implied Q4 operating margin is just over 15%, but cautioned about quarterly ebbs and flows in OpEx when modeling for 2025.

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    Conor Noel McNamara's questions to Avantor Inc (AVTR) leadership

    Conor Noel McNamara's questions to Avantor Inc (AVTR) leadership • Q4 2024

    Question

    Conor Noel McNamara inquired about the impact of new distribution agreements on the third-party business, whether that business was down for the quarter and year, and if the new agreements are margin accretive.

    Answer

    CEO Michael Stubblefield positioned the new agreements as an important part of the strategy to return the lab business to low-single-digit growth in 2025. He noted these launches are incremental, part of roughly 100,000 new products launched annually, and contribute to having a differentiated portfolio to drive a return to growth for the platform.

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    Conor Noel McNamara's questions to Avantor Inc (AVTR) leadership • Q3 2024

    Question

    Conor Noel McNamara asked what factors would enable Avantor to reach the high end of its Q4 guidance range. He also inquired if strong cash flow and deleveraging could position the company for M&A activity in the next year.

    Answer

    EVP and CFO Brent Jones stated that hitting the higher end of Q4 guidance depends on a stronger seasonal activity ramp in the Laboratory Solutions business. Both he and CEO Michael Stubblefield confirmed they expect to be below 3x leverage next year, which would allow them to consider M&A, though they remain focused on organic execution and are not in a hurry.

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    Conor Noel McNamara's questions to Sophia Genetics SA (SOPH) leadership

    Conor Noel McNamara's questions to Sophia Genetics SA (SOPH) leadership • Q3 2024

    Question

    Conor McNamara of RBC Capital Markets questioned if management was seeing any slowdown in the broader clinical sequencing market and asked whether biopharma revenue pushouts were due to spending caution, competition, or a lower pharma appetite for AI.

    Answer

    Co-Founder and CEO Dr. Jurgi Camblong stated they have not seen a market slowdown and are experiencing a reacceleration in their own volumes. President Ross Muken noted robust growth in North America and APAC. Dr. Camblong attributed the biopharma delays to customer spending dynamics, not competition, emphasizing that SOPHiA's unique global network outside the U.S. is a key competitive advantage for post-approval pharma services.

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