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    Daniel Arias

    Managing Director and Senior Equity Research Analyst at Stifel, Nicolaus & Company, Incorporated

    Daniel Arias is a Managing Director and Senior Equity Research Analyst at Stifel, Nicolaus & Company, specializing in the coverage of life sciences, genomics, and diagnostics companies. He covers a range of companies in the sector, including recent coverage of MaxCyte (MXCT) and has a demonstrated track record of setting industry-relevant price targets and providing in-depth research analysis. Arias began his equity research career in 2006, with prior roles at Citigroup as Director and Senior Research Analyst, as well as experience at UBS and industry positions at Roche and Wyeth Pharmaceuticals before joining Stifel in June 2019. He holds a B.S. in Biology from Mary Washington College and an MBA with specialization in Pharmaceutical Management and Finance from Rutgers University, and is recognized as a 'Rising Star' by Institutional Investor in their All-America Research Team rankings.

    Daniel Arias's questions to 908 Devices (MASS) leadership

    Daniel Arias's questions to 908 Devices (MASS) leadership • Q2 2025

    Question

    Daniel Arias of Stifel Financial Corp. asked whether the positive federal funding tailwinds are translating into tangible orders yet, or if they are more of a long-term benefit. He also inquired if the company can sustain EBITDA positivity after achieving it in Q4 2025, given business seasonality.

    Answer

    CEO Kevin Knopp explained that the funding tailwinds are more of a long-term driver setting up growth for FY26, as the new administration prioritizes defense and law enforcement. CFO Joe Griffith addressed the profitability question, stating that while they are on track for a positive adjusted EBITDA in Q4, seasonality will likely lead to fluctuations in 2026, with the first half typically being cash-consuming before recovering in the second half.

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    Daniel Arias's questions to 908 Devices (MASS) leadership • Q1 2025

    Question

    Daniel Arias inquired about the expected timing for receiving approval to move into full production for the AVCAD program and whether the projected $10 million in annual revenue would be a gradual ramp or a steady state. He also asked about the percentage of active MX systems in the field and the potential gross margin benefit from the upcoming next-generation system.

    Answer

    Executive Kevin Knopp explained that for the AVCAD program, they expect a full-rate production decision by the end of the government's fiscal year and are encouraged that the device's detection performance is meeting expectations. Executive Joseph Griffith clarified that the revenue ramp to the potential $10 million annually could happen quickly in 2026 but might span over 2026 and 2027. He also noted that of the over 2,800 MX908 devices in the field, 40-50% are under service contracts, and that next-generation products are expected to offer a gross margin benefit due to design and component efficiencies.

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    Daniel Arias's questions to 908 Devices (MASS) leadership • Q4 2024

    Question

    Daniel Arias from Stifel asked about the most accessible near- and mid-term ancillary opportunities for 908 Devices' handheld products, particularly within the pharmaceutical market. He also inquired about the level of conservatism embedded in the 2025 guidance, given the current uncertainty around government spending and budgets.

    Answer

    CEO Kevin Knopp explained that the company is focusing on its core, high-growth applications like fentanyl response and toxic material detection, while addressing life science opportunities like reaction monitoring through OEM and partnership agreements. CFO Joe Griffith and CEO Kevin Knopp added that the 2025 guidance adequately reflects assumptions for government funding, noting potential tailwinds from border security and fentanyl crisis initiatives without including aggressive assumptions.

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    Daniel Arias's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership

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

    Question

    Daniel Arias from Stifel asked for clarification on the updated EPS guidance, questioning if the $0.40 reduction from Swiss tariffs was a gross impact or included mitigation efforts. He also inquired about whether demand visibility in China is stabilizing.

    Answer

    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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    Daniel Arias's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q1 2025

    Question

    Daniel Arias from Stifel asked if the manufacturing capabilities in Mexico have expanded beyond their original life sciences scope. He also explored whether tariff mitigation efforts, particularly pricing, could have 'stickiness' and create a benefit if tariffs were to de-escalate.

    Answer

    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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    Daniel Arias's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q4 2024

    Question

    Daniel Arias of Stifel asked for an updated outlook on the Industrial business, particularly core Industrial and Product Inspection, and sought clarity on the assumptions for biopharma recovery embedded in the Laboratory segment's guidance for 2025.

    Answer

    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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    Daniel Arias's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q3 2024

    Question

    Daniel Arias questioned the biggest sources of potential variability for the 2025 outlook and whether the recent product portfolio refresh could meaningfully impact overall profitability.

    Answer

    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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    Daniel Arias's questions to CODEXIS (CDXS) leadership

    Daniel Arias's questions to CODEXIS (CDXS) leadership • Q1 2025

    Question

    Daniel Arias from Stifel requested details on the recent RNA ligase orders from large pharma and innovator customers, including the supply volume and the expected path for these customers to generate steady, repeat orders.

    Answer

    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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    Daniel Arias's questions to CODEXIS (CDXS) leadership • Q4 2024

    Question

    Daniel Arias sought clarification on the communication strategy for commercial wins, asking if it meant no announcements at all. He also asked if commentary on customer needs implied delays and questioned the near-term oligo material demand outlook.

    Answer

    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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    Daniel Arias's questions to CODEXIS (CDXS) leadership • Q3 2024

    Question

    Daniel Arias of Stifel asked about the primary hurdles in securing ECO Synthesis partnerships with pharma and CDMOs, what is needed to finalize a CDMO partnership, and whether the platform's advantages vary across different siRNA therapeutic targets.

    Answer

    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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    Daniel Arias's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership

    Daniel Arias's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q1 2025

    Question

    Daniel Arias of Stifel asked about the focus of new versus discontinued preclinical trials and the primary drivers for incremental demand in the next 12-18 months for CleanCap and Biologic Safety Testing (BST).

    Answer

    Executive William Martin explained that while preclinical programs were flat, clinical programs saw net additions, suggesting a focus on later-stage assets. He identified key growth drivers as the natural progression of clinical programs leading to larger reagent orders and, critically, the new Flanders service facility, which allows Maravai to offer full mRNA drug substance production, shifting from a reagent supplier to a service partner.

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    Daniel Arias's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q4 2024

    Question

    Daniel Arias from Stifel sought clarification on whether the 2025 forecast completely excludes all COVID-related vaccine revenue. He also asked about the top 10 customer concentration percentage for 2024 and the outlook for 2025.

    Answer

    Chief Financial Officer Kevin Herde confirmed that the 2025 guidance assumes "basically zero" revenue from commercialized COVID vaccines, as those customers have not provided forecasts. Chief Executive Officer William Martin added that top 10 customer concentration was 46% in 2024, down from 48% in 2023, indicating a trend of gradual diversification.

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    Daniel Arias's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q3 2024

    Question

    Daniel Arias asked about the customer penetration in the growing guide RNA (gRNA) trial space and its potential to be a 'needle mover' for the NAP segment. He also questioned how derisked the Q4 EBITDA guidance is and if there's flexibility to protect margins if revenue falls short.

    Answer

    Chief Executive Officer William Martin and President of Nucleic Acid Production Andrew Burch confirmed they see gRNA as a needle-moving opportunity and believe their CleanCap participation is similar to the broader mRNA market. Chief Financial Officer Kevin Herde addressed the EBITDA outlook, stating the cost structure is already lean and that profitability is fundamentally tied to revenue leverage, with limited discretionary spending flexibility.

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    Daniel Arias's questions to RAPID MICRO BIOSYSTEMS (RPID) leadership

    Daniel Arias's questions to RAPID MICRO BIOSYSTEMS (RPID) leadership • Q1 2025

    Question

    Daniel Arias inquired about the current business environment, customer sentiment towards the Growth Direct system, and the trajectory for gross margins given potential tariff headwinds.

    Answer

    President and CEO Robert Spignesi stated that while the environment has incremental uncertainty, high-ROI key projects like Growth Direct are being prioritized. CFO Sean Wirtjes added that tariff impacts are expected to be limited due to sourcing strategies and inventory levels, and that the gross margin exit rate for the year is still expected to be higher than the full-year guidance, making a double-digit model a fair assumption.

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    Daniel Arias's questions to RAPID MICRO BIOSYSTEMS (RPID) leadership • Q4 2024

    Question

    Daniel Arias from Stifel Financial Corp. asked if the MilliporeSigma partnership would accelerate entry into new markets and questioned the conservative 2025 system placement guidance, which seems low given positive developments like the Lonza win and the new distribution deal.

    Answer

    President and CEO Rob Spignesi confirmed the MilliporeSigma partnership is strategically designed to accelerate entry into adjacent markets like personal care and cosmetics. CFO Sean Wirtjes explained the 2025 guidance of 21-25 placements is 'prudent and achievable,' as it does not assume any contribution from MilliporeSigma or large multi-system orders, citing ongoing uncertainty in the customer purchasing environment. Rob Spignesi added that these un-forecasted items represent potential upside.

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    Daniel Arias's questions to RAPID MICRO BIOSYSTEMS (RPID) leadership • Q3 2024

    Question

    Daniel Arias asked about the pace of adoption among customers in new modalities like cell and gene therapy, whether the new Rapid Sterility product will be a material revenue contributor in 2025, and if product gross margins have reached a sustainably positive level.

    Answer

    CEO Robert Spignesi confirmed that biologics and cell/gene therapy customers are high-volume, accretive users and that leading indicators for the Rapid Sterility launch are positive for 2025 revenue. CFO Sean Wirtjes noted that while product gross margins are on the right trajectory, quarterly positivity is not guaranteed yet due to product mix, though he sees a chance for it in Q4.

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    Daniel Arias's questions to MAXCYTE (MXCT) leadership

    Daniel Arias's questions to MAXCYTE (MXCT) leadership • Q1 2025

    Question

    Daniel Arias asked if the industry was seeing a return to portfolio narrowing and asset prioritization, and questioned what would drive expected sequential revenue growth if end-market conditions are not improving.

    Answer

    CEO Maher Masoud characterized the current customer environment as 'status quo' from late last year, not seeing further widespread program rationalization. CFO Douglas Swirsky explained that the forecast for sequential revenue growth is not based on market improvement but on specific, identified opportunities within their sales pipeline, particularly for instruments, which are reviewed weekly.

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    Daniel Arias's questions to BIO-TECHNE (TECH) leadership

    Daniel Arias's questions to BIO-TECHNE (TECH) leadership • Q3 2025

    Question

    Daniel Arias of Stifel asked for clarification on how Bio-Techne could achieve long-term double-digit growth if severe NIH budget cuts materialize and requested the quarterly growth rate for the cell and gene therapy business.

    Answer

    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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    Daniel Arias's questions to BIO-TECHNE (TECH) leadership • Q2 2024

    Question

    Daniel Arias asked for growth expectations for GMP reagents in the upcoming quarter, considering the recent pull-forward, and requested commentary on the margin profile of the GMP business.

    Answer

    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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    Daniel Arias's questions to Tempus AI (TEM) leadership

    Daniel Arias's questions to Tempus AI (TEM) leadership • Q1 2025

    Question

    Daniel Arias asked about the MRD program, specifically what has gone as expected versus what has been a surprise for the xM assay in its first year of commercial availability. He also asked about the key milestones for the next year to feel the program is on track.

    Answer

    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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    Daniel Arias's questions to Tempus AI (TEM) leadership • Q4 2024

    Question

    Daniel Arias asked for the timing of the $300 million in renewal opt-ins for the AstraZeneca and GSK contracts. He also inquired about the implicit ASP assumption for Ambry in the 2025 guidance and sought clarification on the 'accelerants' that drove Ambry's recent growth.

    Answer

    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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    Daniel Arias's questions to WATERS CORP /DE/ (WAT) leadership

    Daniel Arias's questions to WATERS CORP /DE/ (WAT) leadership • Q1 2025

    Question

    Daniel Arias of Stifel asked for an explanation of the TA division's 1% growth, the moving parts within the industrial segment, and the performance of mass spectrometry specifically within the core biopharma market, beyond PFAS.

    Answer

    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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    Daniel Arias's questions to WATERS CORP /DE/ (WAT) leadership • Q4 2024

    Question

    Daniel Arias asked about the remaining capacity needs for PFAS water testing in the U.S. and questioned whether the LC replacement cycle is a significant driver for Mass Spectrometry sales.

    Answer

    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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    Daniel Arias's questions to REPLIGEN (RGEN) leadership

    Daniel Arias's questions to REPLIGEN (RGEN) leadership • Q1 2025

    Question

    Daniel Arias asked about the outlook for emerging modalities like cell and gene therapy, questioning if the growth trajectory is accelerating or decelerating given recent industry news and potential disruptions from changes at the FDA.

    Answer

    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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    Daniel Arias's questions to REPLIGEN (RGEN) leadership • Q4 2024

    Question

    Daniel Arias of Bank of America inquired about the evolution of business trends since the previous quarter, focusing on the sustainability of the recovery in CDMOs, particularly Tier 2 accounts, and capital equipment.

    Answer

    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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    Daniel Arias's questions to REPLIGEN (RGEN) leadership • Q3 2024

    Question

    Daniel Arias asked for factors suggesting the current CDMO recovery is sustainable and questioned the impact of the accounting restatement on 2025 growth expectations and quarterly modeling.

    Answer

    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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    Daniel Arias's questions to REVVITY (RVTY) leadership

    Daniel Arias's questions to REVVITY (RVTY) leadership • Q1 2025

    Question

    Daniel Arias of Stifel asked about the expected growth trajectory for the Signals software business in the second half of the year and whether its strong performance could lead to upside in its long-range plan (LRP) targets. He also inquired about the company's strategic appetite for M&A, particularly for larger deals.

    Answer

    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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    Daniel Arias's questions to REVVITY (RVTY) leadership • Q3 2024

    Question

    Daniel Arias asked about the 2025 demand outlook in China, specifically seeking insights beyond the stimulus and instrument dynamics based on the CEO's recent visit. He also requested a specific Q4 growth forecast for the China region.

    Answer

    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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    Daniel Arias's questions to DANAHER CORP /DE/ (DHR) leadership

    Daniel Arias's questions to DANAHER CORP /DE/ (DHR) leadership • Q1 2025

    Question

    Daniel Arias asked if the full $150 million in planned cost savings is included in the current EPS guidance and inquired about the expected timing of these savings.

    Answer

    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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    Daniel Arias's questions to Guardant Health (GH) leadership

    Daniel Arias's questions to Guardant Health (GH) leadership • Q4 2024

    Question

    Daniel Arias inquired about Guardant's MRD strategy and its interest in potentially offering both tumor-informed and tumor-naive tests. He also sought clarification on whether the Abu Dhabi test volumes are included in the 2025 Shield guidance.

    Answer

    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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    Daniel Arias's questions to Guardant Health (GH) leadership • Q3 2024

    Question

    Daniel Arias questioned how much of the expected 2025 clinical volume acceleration would be driven by international growth, specifically from Japan and the U.K. He also asked if the acceleration of Guardant Reveal volumes is contingent on securing reimbursement by a specific date.

    Answer

    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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    Daniel Arias's questions to 10x Genomics (TXG) leadership

    Daniel Arias's questions to 10x Genomics (TXG) leadership • Q4 2024

    Question

    Daniel Arias questioned the source of confidence for the guided acceleration in Chromium reaction volumes, from roughly flat in 2024 to double-digit growth in 2025, especially given the challenging macro environment.

    Answer

    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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    Daniel Arias's questions to 10x Genomics (TXG) leadership • Q3 2024

    Question

    Daniel Arias sought more detail on the commercial reorganization, asking for the breakdown between filling open sales roles versus implementing new processes. He also asked for a "line in the sand" timeline for when management expects the company to be fully on track with its new commercial structure and execution.

    Answer

    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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    Daniel Arias's questions to ILLUMINA (ILMN) leadership

    Daniel Arias's questions to ILLUMINA (ILMN) leadership • Q4 2024

    Question

    Daniel Arias asked for an update on the progress of Illumina's production and efficiency exercises, wanting to understand how much of the opportunity was captured in 2024 versus what remains for 2025 and beyond.

    Answer

    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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    Daniel Arias's questions to ILLUMINA (ILMN) leadership • Q3 2024

    Question

    Daniel Arias asked what gives management confidence that persistent macro headwinds will abate in 2025 and what key indicators to watch for a positive shift in instrument placements.

    Answer

    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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    Daniel Arias's questions to QIAGEN (QGEN) leadership

    Daniel Arias's questions to QIAGEN (QGEN) leadership • Q4 2024

    Question

    Daniel Arias inquired about the comparative annualized pull-through for the high-throughput QIAstat Rise system versus the standard system and whether overall QIAstat consumable revenue would increase as the menu expands.

    Answer

    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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    Daniel Arias's questions to EXACT SCIENCES (EXAS) leadership

    Daniel Arias's questions to EXACT SCIENCES (EXAS) leadership • Q3 2024

    Question

    Daniel Arias from Stifel asked for a snapshot of the commercial field force size in Q4, specifically the year-over-year change in the number of reps, to better understand productivity differences.

    Answer

    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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    Daniel Arias's questions to EXACT SCIENCES (EXAS) leadership • Q3 2024

    Question

    Daniel Arias from Stifel asked for a snapshot of the commercial field force size in Q4 compared to the prior year to better understand the year-over-year productivity difference.

    Answer

    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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    Daniel Arias's questions to EXACT SCIENCES (EXAS) leadership • Q2 2024

    Question

    Daniel Arias asked for details on the United States Preventive Services Task Force (USPSTF) guideline update process. He sought to understand the typical timeline, specifically how far in advance of the 2021 update the company was contacted and when they anticipate the process to begin for the next update cycle.

    Answer

    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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    Daniel Arias's questions to Avantor (AVTR) leadership

    Daniel Arias's questions to Avantor (AVTR) leadership • Q3 2024

    Question

    Daniel Arias asked for an updated view on the potential for an 'above-average growth period' post-recovery, a concept from a prior Investor Day. He also questioned if Q1 consumables orders might see a 'catch-up' after a muted end to the year.

    Answer

    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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    Daniel Arias's questions to AGILENT TECHNOLOGIES (A) leadership

    Daniel Arias's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2024

    Question

    Daniel Arias of Stifel asked for a description of the average time to close capital equipment deals in the second half versus historical norms. He also inquired about the extent to which the Inflation Reduction Act (IRA) is now part of the biopharma conversation.

    Answer

    CEO Padraig McDonnell described deal closure times as being at an 'elevated but stable level' without further deterioration, and noted the sales funnel is stable with no cancellations. CFO Bob McMahon added that several quarters of book-to-bill >1 for instruments is helping build backlog. On the IRA, McDonnell confirmed it is a 'continuing evolving conversation,' particularly impacting the NASD business due to pricing provisions.

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