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CFO Shawn Vadala clarified that the $0.40 impact is a gross headwind for the current year with limited time for mitigation, but the company is confident about offsetting it for 2026. He noted that prior to the tariff news, they saw stabilizing trends, particularly in the Industrial business. CEO Patrick Kaltenbach added that China's performance was slightly better than guided in Q2 but is expected to be flattish in the second half, with no potential stimulus factored into the forecast.

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CFO Shawn Vadala confirmed that the Mexico facility's production has significantly expanded to a wide range of products across the Lab, Industrial, and Food Retail segments. Regarding tariff offsets, Mr. Vadala and CEO Patrick Kaltenbach explained that while surcharges would be flexible, the strategic supply chain enhancements, like the expanded Mexico footprint, are permanent and provide long-term strength.

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CFO Shawn Vadala confirmed they remain cautious on core Industrial but noted strong momentum in Product Inspection, expecting high-single-digit growth in Q1. For the Lab business, Mr. Vadala stated the full-year 2025 guidance implies mid-to-high single-digit growth (excluding shipping delay effects) and that while bioprocessing conditions improved in Q4, the small biotech segment remains mixed.

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CFO Shawn Vadala identified China as the largest source of variability due to its potential for rapid market shifts, followed by broader macroeconomic conditions and project timelines. He noted that while no single product launch is transformative, the consistent cadence of new, higher-value products is a key ingredient in driving overall margin expansion and strengthening the company's pricing power.

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CEO Stephen Dilly stated that Codexis fully expects these to become repeat customers with steady orders. He explained that adoption is occurring in Phase II/III, which shortens the ramp to peak revenue to 3-5 years. He outlined a scaling cadence, with initial orders of grams or tens of grams progressing to several hundred grams annually to support a commercial product, indicating a clear path to significant, recurring revenue.

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President and CEO Dr. Stephen Dilly clarified that they will be able to announce wins, such as filling capacity in the ECO lab, but will likely be unable to name specific partners or assets. COO Kevin Norrett added that his comments on customer needs reflected the variety of services required, not delays. Dr. Dilly noted that partners are focused on the 3-to-5-year demand horizon, which necessitates action now, rather than just the next 12 months.

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COO Kevin Norrett and President and CEO Dr. Stephen Dilly explained that key steps include proving the technology on customer-specific constructs and demonstrating a clear, scalable path to GMP manufacturing with a secure raw material supply. For CDMOs specifically, proving the technology's value to large drug innovators is a critical precursor to partnership. SVP of Research Stefan Lutz added that while the platform is broadly applicable to current siRNAs, it is now being tuned to solve specific customer pain points and expanded to include new conjugation modalities.

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CFO Jim Hippel explained that even a worst-case 40% cut to academic revenue would not derail the company's long-term double-digit growth plan, as academia was never projected as the primary growth driver. CEO Kim Kelderman clarified that for cell and gene therapy, the company uses a trailing twelve-month (TTM) growth metric due to lumpy orders from late-stage customers, which stood at just over 30%.

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CFO Jim Hippel indicated that while underlying demand is strong, GMP reagent growth in Q3 will be more moderate than in Q2 due to order timing. He described the business as highly profitable, second only to core RUO reagents, and stated that any negative mix impact in Q3 would be offset by improvements in the RUO business.

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CEO Eric Lefkofsky stated that demand for both their tumor-naive and the partnered tumor-informed MRD products has been strong. He noted that the tumor-informed approach is currently more conventional and that the Personalis platform is 'best-in-class.' He explained that volumes are being metered because the assays are not yet reimbursed by MolDx. He feels good about their long-term position and has not encountered any major negative surprises, viewing the process as a learning experience.

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CEO Eric Lefkofsky and CFO Jim Rogers clarified that the major contract renewals are still several years away, falling in the 2027 to 2029 timeframe. Rogers stated that while there are puts and takes, no significant year-over-year change in Ambry's ASP is assumed. He also identified an increase in cash collection rates as a key accelerant for Ambry's recent performance.

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CEO Udit Batra explained that the TA business can be lumpy but performed well in battery testing, especially in China, with lower overall growth reflecting order timing. He also noted that the sensitive Xevo TQ Absolute mass spec is gaining traction in the drug metabolism (DMPK) segment within pharma, an area where Waters is improving its software capabilities.

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President and CEO Dr. Udit Batra stated that PFAS testing is still in its "very early innings" of penetration across academic, public health, and contract labs. SVP and CFO Amol Chaubal clarified that Mass Spec uptake is not meaningfully impacted by LC replacement, as its growth is driven by its own revitalized portfolio in applications like PFAS, clinical, and bioanalytical characterization.

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Executive Olivier Loeillot stated that while monitoring headlines, Repligen remains optimistic about the mid- to long-term potential of new modalities, which saw mid-single-digit sales growth and over 20% order growth in Q1. He noted that the largest new modality customer is less than 3% of total revenue and the company has not heard of any customers slowing or canceling trials due to FDA changes.

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President and CEO Olivier Loeillot confirmed that the Q3 turnaround in CDMOs and capital equipment was strongly validated and even accelerated in Q4. Loeillot highlighted that CDMO sales grew over 40% and orders increased over 11%, with momentum from both Tier 1 and Tier 2 CDMOs. He added that capital equipment orders rose 25% year-over-year, driven by the company's advanced system offerings.

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President and CEO Olivier Loeillot highlighted that CDMO sales are back to 2022 levels with mid-teens order growth over the last two quarters, driven by both large and small CDMOs. CFO Jason Garland confirmed the restatement should not cause modeling surprises for 2025 and that the company expects to return to more typical pre-COVID seasonality.

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CFO Maxwell Krakowiak projected strong double-digit growth for Signals in the second half, leading to upper-teens growth for the full year. He noted that while performance is strong, the long-term plan remains appropriate. CEO Prahlad Singh stated that while the company has an active M&A pipeline, it does not need M&A to be financially successful due to its strong organic profile post-transformation.

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CEO Prahlad Singh described the sentiment in China as strong and optimistic, with government support for the life sciences sector and positive customer feedback on Revvity's pipeline. CFO Maxwell Krakowiak projected mid-single-digit growth for China in Q4, driven by strong performance in Diagnostics and easier year-over-year comparisons.

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EVP and CFO Matt McGrew clarified that while $50 million of savings was achieved in Q1 and is in the guide, the remaining $100 million is being treated as a 'cushion' against potential macro volatility. He noted that if realized, the savings would likely be layered in evenly over the remaining quarters, but for now, it represents conservatism in the guidance.

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Co-CEO Helmy Eltoukhy affirmed that while they believe tissue-free (tumor-naive) MRD will be the largest market segment, they are open to adding a tumor-informed product to their portfolio based on market needs. Co-CEO AmirAli Talasaz clarified that only a small, non-material fraction of the potential 10,000 Abu Dhabi tests are included in the 2025 guidance due to ramp-up uncertainty.

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CFO Michael Bell clarified that the primary driver for the 2025 volume acceleration will be Guardant360 in the U.S., as international growth, while expected, will be dwarfed by domestic performance. Regarding Reveal, he explained that volume acceleration is not solely dependent on reimbursement timing. The company is making significant progress on COGS reduction, which will soon allow them to push volumes more aggressively even before reimbursement is secured, though reimbursement will enable a much harder push.

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CEO Serge Saxonov cited the sequential increase in reaction volumes from Q3 to Q4 2024 as the beginning of a new trend. He attributed the confidence for 2025 to the adoption of new products at lower price points, which are opening up new use cases, attracting new customers, and enabling large-scale projects like the Chan Zuckerberg Initiative.

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CEO Serge Saxonov explained that filling open roles, particularly in the Xenium CapEx and biopharma teams, is a major component of the work ahead. He also acknowledged that training and process adoption are significant ongoing efforts. Saxonov estimated that considering the time to hire and ramp up new sales personnel, the organization should be fully operational and realizing the benefits of the changes by the middle of the next year.

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CFO Ankur Dhingra responded that significant opportunities still exist. He highlighted ongoing initiatives, including consolidating manufacturing and R&D in Singapore to gain cost arbitrage and synergies, and expanding the company's back-office presence in India. He indicated a clear runway for structural cost optimization through 2025 and 2026.

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CEO Jacob Thaysen acknowledged the difficulty in predicting the macro environment but identified consumables growth as the key early indicator of a turnaround. CFO Ankur Dhingra added that the thesis of consumables returning to growth is playing out, providing a foundation for the future, while the instrument recovery timeline is less certain.

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CEO Thierry Bernard explained that one QIAstat Rise system is equivalent to eight standard QIAstat systems, which naturally increases pull-through and consumable volume. He emphasized that QIAstat's rapid growth is driven by its simplicity and workflow efficiency, which is amplified in the high-throughput Rise system, making it highly attractive to high-volume customers.

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CEO Kevin Conroy declined to give specific rep counts but confirmed the field force size would not be appreciably different in Q4 versus Q3. He noted the ~100 reps added earlier in the year are having a positive, growing impact, though more gradually than first expected. CFO Aaron Bloomer added that despite this, the company still achieved operating leverage on the sales and marketing line in Q3.

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CEO Kevin Conroy stated the company would not disclose the specific number of reps but noted the size would not be appreciably different in Q4 versus Q3. He confirmed the addition of about 100 reps discussed on the Q1 call has shown a positive, growing impact, making it a good investment. CFO Aaron Bloomer added that the company achieved operating leverage on the sales and marketing line in Q3 and expects that to continue.

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CEO Kevin Conroy provided a detailed overview of the USPSTF process, explaining it's a 2.5 to 3-year cycle that begins with a published research plan, followed by a literature review, a modeling report, and then draft and final guidance. He noted that the timing between updates can vary from 5 to 8 years. Based on the current timeline, with the research plan not yet published, he anticipates the next final guidance is more likely to be issued in 2027.

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President and CEO Michael Stubblefield acknowledged the potential for strong post-recovery growth but noted a lack of visibility on timing, pointing to gradual improvements as encouraging. He suggested a large consumables catch-up was unlikely, as destocking is largely complete and customer inventories are aligned with current activity levels, though he did note modest improvement in the equipment business.

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