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    Dan Leonard

    Senior Analyst at UBS Group AG

    Dan Leonard is a Senior Analyst at UBS Securities LLC specializing in healthcare equities, with a particular focus on biotechnology, diagnostics, and life sciences companies. He currently covers over 50 healthcare stocks, including industry leaders such as Illumina, and has achieved a 57% success rate on his recommendations with an average return per transaction of 8.9%, according to TipRanks. Leonard joined UBS in 2023 after prior experience at Credit Suisse Securities, building a career distinguished by sound investment calls and deep sector knowledge. He holds relevant securities licenses registered with FINRA, reflecting his professionalism and regulatory compliance in equity research.

    Dan Leonard's questions to AGILENT TECHNOLOGIES (A) leadership

    Dan Leonard's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Dan Leonard of UBS sought to reconcile comments about pricing contribution being both 100 basis points and double the prior year's impact. He also asked for more color on the instrument replacement opportunity in the chemical market.

    Answer

    Interim CFO Rodney Gonsalves clarified that the pricing impact was ~50 bps last year and 100 bps this year, making the comments consistent. Mike Zhang, President of the Applied Markets Group, explained that the chemical market replacement cycle is being driven by a large installed base and customer demand for new technologies, like the 8850 GC, that offer enhanced productivity and sustainability.

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    Dan Leonard's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Dan Leonard of UBS sought to reconcile the commentary that pricing was a 100 bps tailwind with the statement that its impact doubled year-over-year. He also asked for more context on the scale of the instrument replacement opportunity in the chemical market.

    Answer

    Interim CFO Rodney Gonsalves clarified the pricing figures, stating the contribution was about 50 bps in the prior year and 100 bps in the current quarter, thus doubling the impact. Mike Zhang, President of the Applied Markets Group, addressed the chemical market replacement cycle, explaining that innovations from platforms like Intuvo are being integrated into current platforms (e.g., the 8850 GC), driving customer adoption for improved productivity and sustainability. He emphasized Agilent's large installed base and strong innovation pipeline as key drivers.

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    Dan Leonard's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2025

    Question

    Dan Leonard of UBS asked for color on business trends in China by end market. He also requested a bridge to explain the sequential deceleration in the Q3 organic growth guidance compared to the strong Q2 result.

    Answer

    CEO Padraig McDonnell described the China market as 'very stable,' with pharma steady and industrials down slightly, and noted growing excitement for a new government stimulus program. CFO Bob McMahon explained the Q3 guidance reflects a more difficult year-over-year comparison and a prudent approach given macro and tariff uncertainties, advising against over-interpreting the sequential change from Q2.

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    Dan Leonard's questions to QIAGEN (QGEN) leadership

    Dan Leonard's questions to QIAGEN (QGEN) leadership • Q2 2025

    Question

    Dan Leonard sought clarification on management's 'stay tuned' comment regarding QuantiFERON automation, asking if it implied partnerships beyond the existing one with DiaSorin.

    Answer

    CEO Thierry Bernard affirmed the strength of the DiaSorin partnership, stating there is no current need for other partners. The alluded-to innovation focuses on enhancing the QuantiFERON test itself to make it simpler, increase throughput, and improve ease of use, in collaboration with DiaSorin. He also mentioned the ongoing development of the QIAreach test for emerging markets.

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    Dan Leonard's questions to BIO-TECHNE (TECH) leadership

    Dan Leonard's questions to BIO-TECHNE (TECH) leadership • Q4 2025

    Question

    Dan Leonard of UBS Group questioned whether Bio-Techne's long-term commitment to grow at "market plus 500 basis points" still holds in the current uncertain environment. He also asked how the company plans to achieve 100 basis points of operating margin expansion on low single-digit revenue growth.

    Answer

    President & CEO Kim Kelderman stated that while outperformance is less predictable in a turbulent market, he has no doubt the company will return to its differentiated growth model of market plus 500+ basis points once clarity returns. CFO James Hippel explained that the fiscal 2026 margin expansion is primarily driven by the divestiture of the Exosome Diagnostics business, which was a ~200 basis point headwind, with some of that benefit being reinvested into core growth pillars.

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    Dan Leonard's questions to Stevanato Group S.p.A. (STVN) leadership

    Dan Leonard's questions to Stevanato Group S.p.A. (STVN) leadership • Q2 2025

    Question

    Dan Leonard of UBS asked about the demand impact of GLP-1 compounding on vials and inquired what proportion of Stevanato's U.S. demand is currently supplied from its U.S. facilities.

    Answer

    CFO Marco Dal Lago clarified that syringes and cartridges are the predominant formats for GLP-1s, not vials. CEO Franco Stevanato explained that the Fishers plant is still in its early stages, supplying only a small portion of U.S. revenue, with the long-term goal of having the plant serve the U.S. market more fully.

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    Dan Leonard's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership

    Dan Leonard's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q2 2025

    Question

    Dan Leonard of UBS inquired about the sources of strength in the Product Inspection business and whether its full-year forecast had been revised. He also asked for the growth rate and outlook for the Process Analytics business.

    Answer

    CEO Patrick Kaltenbach attributed the strong Product Inspection performance to market share gains driven by a wave of new, innovative products for both mid-range and high-end markets. CFO Shawn Vadala confirmed the full-year outlook for that business was raised to mid-to-high single-digit growth. Regarding Process Analytics, Vadala did not provide a specific growth rate but highlighted strong momentum in bioprocessing and single-use technologies, which was partially offset by softness in the chemical end market.

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    Dan Leonard's questions to BIO-RAD LABORATORIES (BIO) leadership

    Dan Leonard's questions to BIO-RAD LABORATORIES (BIO) leadership • Q2 2025

    Question

    Dan Leonard from UBS asked for clarification on the impact of China's diagnostic policies (VBP, DRG) on Bio-Rad's specific product mix and inquired about the company's operational strategies for managing the uncertain tariff environment.

    Answer

    Executive VP & CFO Roop Lakkaraju and President & COO Jonathan DiVincenzo explained that Bio-Rad has not been impacted by VBP and had already factored in DRG policy effects in prior guidance. DiVincenzo noted that Bio-Rad's specialty diagnostics portfolio, particularly quality controls, is less exposed to these reimbursement pressures. Regarding tariffs, DiVincenzo detailed that the company has implemented countermeasures, including diversifying suppliers, shifting manufacturing locations, and building flexibility into its supply chain to mitigate impacts.

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    Dan Leonard's questions to REVVITY (RVTY) leadership

    Dan Leonard's questions to REVVITY (RVTY) leadership • Q2 2025

    Question

    Dan Leonard sought clarification on the 'difficult multiyear comps' in immunodiagnostics and questioned the drivers of the foreign currency impact on EBIT margin, noting FX movements didn't seem dramatic.

    Answer

    CFO Max Krakowiak clarified that on a multiyear stack basis, the underlying growth for immunodiagnostics (ex-China) is consistent for Q3 and Q4. He explained that while the US dollar has weakened significantly since their last update, the primary driver of margin pressure is the volume loss of high-margin assays in China, not FX.

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    Dan Leonard's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership

    Dan Leonard's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q2 2025

    Question

    Dan Leonard from UBS Group sought to clarify the guidance update, asking if the organic revenue increase was solely due to the Q2 beat and whether there was any pull-forward of demand into the quarter.

    Answer

    SVP & CFO Bernard Birkett confirmed the Q2 beat was passed through but also noted the full-year HVP components forecast was raised to mid-to-high single-digit growth, reflecting continued second-half optimism. He stated there was no significant pull-forward, attributing the strong results to true underlying demand for NovaChoice and Daikyo CZ products.

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    Dan Leonard's questions to IQVIA HOLDINGS (IQV) leadership

    Dan Leonard's questions to IQVIA HOLDINGS (IQV) leadership • Q2 2025

    Question

    Dan Leonard from UBS Group AG followed up on gross margin, asking how the compression from unfavorable business mix should be viewed going forward, especially in relation to the company's long-term margin expansion framework.

    Answer

    CEO & Chairman Ari Bousbib acknowledged the unfavorable mix from faster-growing real-world evidence and more FSP work will likely continue in the short term. However, he emphasized that the shift to FSP is not a strong long-term trend, noting FSP was a very low single-digit percentage of Q2 net bookings. EVP & CFO Ron Bruehlman added that these dynamics, along with FX impacts, are already factored into the current guidance.

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    Dan Leonard's questions to DANAHER CORP /DE/ (DHR) leadership

    Dan Leonard's questions to DANAHER CORP /DE/ (DHR) leadership • Q2 2025

    Question

    Dan Leonard asked for an elaboration on business trends in China outside of the diagnostics segment and sought to clarify if the full-year EPS guidance would be $0.15 higher based on current foreign exchange rates.

    Answer

    President & CEO Rainer Blair reported that the China business outside of diagnostics is 'firming up,' with slight growth in bioprocessing and increased activity in life science tools due to stimulus funding. EVP & CFO Matt McGrew clarified that while the math implies the guide could be $0.15-$0.20 higher from favorable FX and respiratory results, the company has not officially flowed that potential upside through to its guidance.

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    Dan Leonard's questions to HOLOGIC (HOLX) leadership

    Dan Leonard's questions to HOLOGIC (HOLX) leadership • Q4 2024

    Question

    Speaking on behalf of Dan Leonard, an analyst asked for quantification of the transitory headwinds from supply shortages and respiratory revenue conservatism. A second question concerned the timing and completion of the announced $250 million accelerated share repurchase (ASR) program.

    Answer

    Chief Financial Officer Karleen Oberton quantified the skeletal stop ship impact at roughly $5 million per month and the respiratory conservatism in the range of $10 million to $20 million, but noted the IV fluid impact is still evolving. She also stated that the $250 million ASR is expected to commence in the coming weeks and finish within the fiscal second quarter, providing a prorated benefit in fiscal 2025.

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