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    Dan Brennan

    Research Analyst at UBS

    Dan Brennan is a Managing Director and Senior Analyst specializing in Life Science and Diagnostic Tools, with a proven track record covering major healthcare companies such as Illumina (ILMN), Exact Sciences (EXAS), and PacBio. He has made over 53 stock coverage recommendations, maintaining a TipRanks success rate of 38% and an average return per transaction of 6.3%, including notable high-return calls like an 800% gain on WGS. Brennan joined TD Cowen after serving as Managing Director and senior Life Science & Diagnostic Tools analyst at UBS, following earlier roles as a senior health care analyst at Columbus Circle Investors and a lengthy tenure at Morgan Stanley. In addition to his BA from Georgetown and MBA from Harvard, he is a CFA charterholder, underscoring his deep professional credentials.

    Dan Brennan's questions to MDxHealth (MDXH) leadership

    Dan Brennan's questions to MDxHealth (MDXH) leadership • Q1 2025

    Question

    Dan Brennan (via an unknown analyst on the line) asked for more detail on the accelerated tissue growth, including doctor adoption rates for the combined portfolio, pricing opportunities for GPS, and the reasons for slower growth in liquid-based tests.

    Answer

    CEO Michael McGarrity explained that tissue growth is driven by both a 'push' from pathology partners and successful penetration within large urology practices, leading to 'sticky', compliant adoption without expanding the sales force. On pricing, he noted the focus is on both advancing ASPs and reducing COGS through scale and efficiency. Regarding liquid tests, McGarrity described the slower growth as a tactical decision to focus sales incentives on the higher-margin, higher-growth tissue-based portfolio, which is performing as planned.

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    Dan Brennan's questions to 10x Genomics (TXG) leadership

    Dan Brennan's questions to 10x Genomics (TXG) leadership • Q1 2025

    Question

    An analyst on behalf of Dan Brennan asked for more detail on other potential cost-saving levers the company could pull if the challenging environment were to persist.

    Answer

    CFO Adam Taich reiterated the over $50 million in 2025 OpEx savings already actioned, split between headcount and discretionary spending. He noted that there is more that can be done, particularly in discretionary areas, and emphasized the company's commitment to remaining nimble to protect its balance sheet. CEO Serge Saxonov added that the company will be agile while navigating the environment.

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    Dan Brennan's questions to SERA PROGNOSTICS (SERA) leadership

    Dan Brennan's questions to SERA PROGNOSTICS (SERA) leadership • Q1 2025

    Question

    Asked for details on the recent ACOG bulletin, the process and potential timelines for guideline inclusion, progress with Medicaid opportunities, and confirmation of the Medicaid pilot program target.

    Answer

    The ACOG bulletin supports risk stratification, which aligns with Sera's strategy. Guideline updates could happen in a normal 2-4 year cycle, be accelerated, or be delayed. The company is excited about Medicaid engagement in states where preterm birth is a priority, as the test can help meet quality metrics and reduce costs. The target of 2-4 Medicaid pilots in the next year was confirmed.

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    Dan Brennan's questions to EXAGEN (XGN) leadership

    Dan Brennan's questions to EXAGEN (XGN) leadership • Q4 2024

    Question

    Dan Brennan asked about commercial payer feedback on the new markers, the size of the RA market opportunity, the strategy for volume growth in 2025, and the outlook for operating expense leverage.

    Answer

    John Aballi stated that payer feedback is positive, with denials mostly related to out-of-network status, which they can appeal effectively. He sized the addressable market at ~2.5 million annual tests and expects volume growth to improve to high single-digits with an expansion of the sales force. Jeff Black added that significant OpEx leverage and scaling are expected in the second half of 2025.

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    Dan Brennan's questions to MYRIAD GENETICS (MYGN) leadership

    Dan Brennan's questions to MYRIAD GENETICS (MYGN) leadership • Q3 2024

    Question

    Speaking for Dan Brennan, an analyst from TD Cowen asked for the drivers behind the company's confidence that Hereditary Cancer testing volumes can accelerate to low-double-digit growth, given that recent trends have been closer to mid-single-digits.

    Answer

    An executive explained that the overall Hereditary Cancer number has been partially dragged down by the BRACAnalysis CDx business, while the core MyRisk test is seeing stronger growth. President and CEO Paul Diaz added that the company has strategically focused on profitable revenue over pure volume, and expects share shifts from recent competitor disruptions to accelerate in 2025, boosting MyRisk adoption.

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    Dan Brennan's questions to NEOGENOMICS (NEO) leadership

    Dan Brennan's questions to NEOGENOMICS (NEO) leadership • Q3 2024

    Question

    Representing Dan Brennan, Thomas Stevens asked about the growth outlook for NGS given a modest deceleration, and also inquired about the surprising strength of the base clinical business and the apparent lack of cannibalization.

    Answer

    CEO Chris Smith and CCO Warren Stone expressed confidence in the NGS runway, citing under-penetration in community oncology and the upcoming PanTracer liquid biopsy launch. Regarding the base business, Warren Stone explained that while some cannibalization occurs, it is more than offset by strong commercial execution, particularly a significantly improved customer retention rate which stabilizes the business.

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    Dan Brennan's questions to OMIC leadership

    Dan Brennan's questions to OMIC leadership • Q1 2024

    Question

    Asked for an update on the G4X services and instrument funnel, the commercial launch timeline for 2025, the expected timing for first publications, and the key differentiators of the G4X platform against potential competition.

    Answer

    The company has a deep funnel for both services and early access instruments. The commercial launch is targeted for Q2 2025, following an early access program in late 2024. Publications are expected later in the year. The platform's differentiation comes from a combination of proprietary chemistry optimized for tissue, a fast and flexible instrument design, and a strong IP portfolio.

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