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    Daniel Leonard

    Managing Director and Senior Equity Research Analyst at Stifel Financial Corp.

    Daniel Leonard is a Managing Director and Senior Equity Research Analyst at Stifel Financial Corp., specializing in covering the healthcare, life sciences tools, and diagnostics sectors. He regularly covers major companies such as Illumina and other leading players, maintaining a track record with recent performance metrics showing a 56% to 67% success rate and average returns of around 8-9% per recommendation based on independent analyst platforms. Leonard began his analyst career in the early 2000s and has held roles at firms including UBS before joining Stifel, where he continues to build his reputation for rigorous sector analysis. He holds FINRA registrations and is licensed to conduct securities research and recommendations, reflecting his standing as a trusted voice in healthcare equity research.

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

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

    Question

    Daniel Leonard of UBS sought clarification on any direct or indirect government revenue exposure (e.g., BARDA) and asked about the sustainability of the strong Q1 Biologic Safety Testing (BST) revenue, questioning if it represented a new run-rate.

    Answer

    Executive William Martin stated there is no direct government exposure, as the BARDA program work is complete. Regarding BST, both Martin and executive Kevin Herde clarified that Q1 is typically a seasonal high point for the segment, driven by manufacturing cycles and a particularly strong quarter in China. They indicated the $18 million figure is not a new quarterly run-rate and a seasonal dip should be expected.

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

    Question

    Daniel Leonard inquired about the Q4 sequential revenue decline in the Nucleic Acid Production (NAP) segment, asking for a breakdown between the impact of project pushouts versus a generally weaker market.

    Answer

    Chief Financial Officer Kevin Herde clarified that of the sequential decline, approximately a couple of million dollars could be attributed to a specific customer project being pushed into 2025, with the remainder of the decline resulting from broader market weakness.

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    Daniel Leonard's questions to QIAGEN (QGEN) leadership

    Daniel Leonard's questions to QIAGEN (QGEN) leadership • Q1 2025

    Question

    Daniel Leonard inquired about the specific drivers behind the accelerated growth of QuantiFERON in the first quarter, beyond the well-established trend of converting from skin tests.

    Answer

    CEO Thierry Bernard explained that the strong performance was not due to a single event but rather the result of a consistent, multi-faceted strategy. He highlighted continuous product innovation, with the test now in its fourth generation, its proven reliability and quality, and the value of automation partnerships with companies like DiaSorin and Tecan. Bernard emphasized that this strategy is driving robust, continuous growth across all major global regions.

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

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

    Question

    Daniel Leonard of UBS asked for more detail on the company's tariff exposure, questioning why the financial impact isn't larger, and whether the situation alters Bio-Techne's 'China-for-China' manufacturing strategy.

    Answer

    CEO Kim Kelderman explained that the largest tariff exposure is on instruments imported into China, which can be mitigated by shifting manufacturing from the U.S. to another global facility exempt from those tariffs. He noted consumables have faced minimal tariffs. CFO Jim Hippel added that not all instruments for China are currently made in the U.S., simplifying the transition. Kelderman affirmed the 'China-for-China' strategy is unchanged and proving advantageous.

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    Daniel Leonard's questions to BIO-TECHNE (TECH) leadership • Q1 2025

    Question

    Daniel Leonard of UBS requested details on the COMET spatial biology platform, including its average selling price (ASP), expected consumable pull-through, and the scale of the recent manufacturing capacity increase. He also asked about the instrument vs. consumable revenue mix in China.

    Answer

    CEO Kim Kelderman stated the COMET instrument's ASP is approximately $350,000 and that the company has increased manufacturing capacity to meet strong demand, though he did not quantify the increase or the installed base. He noted that the revenue mix in China is typically 50% instruments and 50% consumables. Kelderman also mentioned that the expected stimulus-related tender activity is primarily for the automated Western blot business.

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

    Question

    Daniel Leonard sought clarification on the current trend of the 'run-rate' business and whether the positive January performance comment was specific to the U.S. academic market.

    Answer

    CFO Jim Hippel explained that the run-rate business is improving but lags the company's overall growth, which is accelerated by its growth pillars. He and CEO Kim Kelderman confirmed the positive January comment was specific to the U.S. academic market, which constitutes about 11% of revenue, with direct NIH exposure being less than 1%.

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

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

    Question

    Daniel Leonard of UBS inquired about Mettler-Toledo's revised 2025 revenue growth forecast for China, requesting a breakdown between the Laboratory and Industrial segments, and asked for quantification of the potential business opportunity from manufacturing onshoring initiatives.

    Answer

    CFO Shawn Vadala provided a detailed forecast, stating that for the full year 2025, China is expected to be down slightly, with the Lab business up low-single-digits and Industrial down low-single-digits. CEO Patrick Kaltenbach addressed onshoring, noting it's a significant future opportunity but has not yet had a meaningful impact on results, as Mettler-Toledo's involvement occurs later when facilities are being equipped.

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

    Question

    Daniel Leonard inquired about the company's preparations for a potential change in the tariff environment and the current growth rate of the Process Analytics business now that destocking is complete.

    Answer

    CEO Patrick Kaltenbach explained that the company has enhanced its manufacturing flexibility since 2018-2019 by expanding production in Mexico, creating redundancies for its China operations to better navigate potential tariffs. He also confirmed that destocking in the Process Analytics business is over, with CFO Shawn Vadala adding that the business saw very strong, double-digit growth in the U.S. and Europe during the quarter.

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

    Daniel Leonard's questions to Guardant Health (GH) leadership • Q1 2025

    Question

    Daniel Leonard asked about Guardant's current market share in tissue testing versus its long-term potential and questioned if the new tissue product could achieve a higher ASP, potentially through ADLT status.

    Answer

    Co-CEO Helmy Eltoukhy stated that while he wouldn't provide specific share numbers, he sees no ceiling on their potential in the tissue market and believes they can eventually match their position in liquid biopsy. He confirmed that the plan is to seek FDA approval for the new tissue test, which could lead to ADLT status and a higher reimbursement rate in the future.

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    Daniel Leonard's questions to ICON (ICLR) leadership

    Daniel Leonard's questions to ICON (ICLR) leadership • Q1 2025

    Question

    Daniel Leonard from UBS asked for ICON's perspective on the volume of clinical development originating from China and how the company is positioned to participate in any regional shifts.

    Answer

    CEO Dr. Steve Cutler described China as an "underrecognized powerhouse" in clinical development. He affirmed that ICON is well-positioned with a significant operation of 1,200 employees and is prepared to manage trials both within China and for Chinese companies expanding globally.

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    Daniel Leonard's questions to ICON (ICLR) leadership • Q3 2024

    Question

    Daniel Leonard questioned whether the large pharma issues were truly isolated to two customers, given that several companies fit the description. He also asked for assurance that this wasn't a lagging indicator of broader weakness seen elsewhere in the R&D supplier landscape.

    Answer

    CEO Dr. Steve Cutler reiterated that the issues are isolated to two specific, significant customers where an expected uptick in functional work did not materialize to offset declines in full-service work due to their own budget cuts. He stated this is not a broader trend across their portfolio and that ICON is gaining market share elsewhere, positioning it for growth after a 2-3 quarter transition period.

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    Daniel Leonard's questions to REPLIGEN (RGEN) leadership

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

    Question

    Daniel Leonard requested a quantification of the Q1 timing benefit within the Proteins franchise and asked for management's characterization of its current demand visibility and confidence that the growth is sustainable rather than a result of restocking.

    Answer

    Executive Jason Garland clarified that while there was an upside from timing in Proteins, the full-year growth guidance for the franchise remains unchanged at 10-15%. Executive Olivier Loeillot expressed high confidence in demand visibility, citing a 30% year-over-year increase in the funnel of opportunities with over 50% probability, which he views as a strong indicator for sustained growth.

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

    Question

    Daniel Leonard inquired about the assumptions behind the fourth-quarter revenue ramp and the velocity of deals moving through the equipment sales funnel.

    Answer

    President and CEO Olivier Loeillot stated that the Q4 forecast is supported by strong, consistent order growth throughout the year, a book-to-bill ratio above one, and a robust start to October. He added that equipment deal closure times typically range from 3-6 months for smaller systems and 6-9 months for larger ones, depending on the customer.

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    Daniel Leonard's questions to REVVITY (RVTY) leadership

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

    Question

    Daniel Leonard of UBS questioned how Revvity was managing its reagent supply chain into China to mitigate tariffs, noting the difficulty of quickly establishing local production. He also asked for an update on the Signals business's conversion to a SaaS model and whether strong on-premise sales were driving recent growth.

    Answer

    CEO Prahlad Singh emphasized the company's agility, stating with high confidence that it has successfully established non-U.S. supply chains for reagents and instruments into China. CFO Maxwell Krakowiak reported that the SaaS conversion is on track, with about one-third of the portfolio converted. He acknowledged that on-premise revenue contributes to current performance but stressed that key SaaS metrics like ARR and net retention rate remain strong.

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

    Question

    Daniel Leonard asked for details on the low-double-digit growth in newborn screening, specifically the contribution from China versus the rest of the world. He also inquired about the performance and outlook for the Immunodiagnostics business in China.

    Answer

    CEO Prahlad Singh confirmed the 'Year of the Dragon' provided a modest lift to birth rates. CFO Maxwell Krakowiak specified that newborn screening in China grew high-single digits, with the rest of the world growing faster. He added that China's Immunodiagnostics business performed in line with expectations and is projected to grow mid-single digits for the full year.

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    Daniel Leonard's questions to Medpace Holdings (MEDP) leadership

    Daniel Leonard's questions to Medpace Holdings (MEDP) leadership • Q1 2025

    Question

    Daniel Leonard of UBS asked about Medpace's exposure to biotechs with negative enterprise values and the risk of these clients shutting down. He also inquired whether the recent turnover at the FDA is affecting client behavior or causing delays.

    Answer

    CEO August Troendle and President Jesse Geiger clarified that they do not specifically track clients' enterprise values but noted that client funding difficulties are a more significant issue than companies closing down. Regarding the FDA, Troendle acknowledged that the turnover creates uncertainty but said he has not yet seen any concrete evidence of it causing client delays or behavioral changes.

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    Daniel Leonard's questions to Medpace Holdings (MEDP) leadership • Q4 2024

    Question

    Daniel Leonard of UBS inquired about the specific drivers behind the strong service gross margins in the fourth quarter, beyond the pass-through mix, and asked about the key assumptions that would enable Medpace to reach the high end of its 2025 revenue guidance.

    Answer

    CFO Kevin Brady attributed the margin outperformance to the high productivity of existing staff and the favorable progression of programs within the backlog. He added that achieving the high end of the 2025 revenue forecast would depend on an improving business environment and the conversion of pre-backlog projects into the main backlog.

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    Daniel Leonard's questions to Medpace Holdings (MEDP) leadership • Q3 2024

    Question

    Daniel Leonard asked for a timeline on when the wave of cancellations from "COVID sugar high" funded companies might be fully resolved. He also requested framing for the expected book-to-bill ratio in Q4 2024.

    Answer

    CEO August Troendle expressed hope that the worst is over but noted that some clients funded in that period remain challenged, and the overhang is not entirely eliminated. Regarding Q4, he stated the book-to-bill would be "depressed" but better than Q3's 1.0x, suggesting it would likely be somewhere above 1.0x but under 1.1x.

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    Daniel Leonard's questions to Natera (NTRA) leadership

    Daniel Leonard's questions to Natera (NTRA) leadership • Q4 2024

    Question

    Daniel Leonard from UBS asked for clarification on the timeline for the early cancer detection (ECD) trial and potential FDA approval, and questioned if the underlying technology platform could be expanded to a multi-cancer test.

    Answer

    CEO Steve Chapman confirmed the 18-month trial enrollment timeline is roughly correct, suggesting data by late 2026. He noted the process is streamlined by leveraging the infrastructure from the preceding 3,000-patient PROCEED study. Chapman affirmed the discovery platform was built for pan-cancer applications and that while the initial focus is CRC, the technology allows for expansion to other cancer types in the future.

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

    Daniel Leonard's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2025

    Question

    Dan Leonard sought to clarify if the improvement in pharma CapEx was narrowly focused on QA/QC or if it was broader, including R&D. He also asked for specifics on actions taken to mitigate potential tariffs.

    Answer

    CEO Padraig McDonnell stated strength was seen across development and QA/QC. President of Life Sciences and Diagnostics Simon May added that biopharma funnels remain robust. Regarding tariffs, McDonnell explained that Agilent's diverse global manufacturing allows for mitigation, estimating a potential $5M impact is 'very mitigatable' by shifting supply chains.

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    Daniel Leonard's questions to AGILENT TECHNOLOGIES (A) leadership • Q4 2024

    Question

    Daniel Leonard sought to clarify if the 2025 guidance assumes flat instrument growth and asked which other business areas, besides food, were sensitive to a potential change in the U.S. administration.

    Answer

    CFO Robert McMahon clarified that the forecast is for low single-digit growth for instruments in 2025, not flat. CEO Padraig McDonnell identified other areas sensitive to administrative changes, including potential shifts in NIH funding, an expected increase in PFAS spending, tariffs, and the impact of the IRA on biopharma. He emphasized that Agilent's conservative guidance accounts for these uncertainties.

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    Daniel Leonard's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2024

    Question

    Daniel Leonard asked if Agilent expects sequential revenue growth in China for Q2. He also asked CEO Mike McMullen to elaborate on the timing of his retirement, which he noted was a surprise to the market.

    Answer

    CFO Robert McMahon stated that Q2 revenue in China is expected to be roughly the same sequentially as Q1. CEO Michael McMullen explained his retirement was a difficult personal decision he had been contemplating for some time. He engaged the board early to ensure a thorough succession process, which led to the selection of Padraig McDonnell, and also cited a desire to spend more time with his family.

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    Daniel Leonard's questions to AGILENT TECHNOLOGIES (A) leadership • Q4 2023

    Question

    Daniel Leonard of UBS asked for a breakdown of the forecasted sequential revenue decline from Q4 to Q1, separating normal seasonality from management prudence. He also inquired about the timeline for lapping headwinds in the genomics business and the company's appetite for continued investment in the area.

    Answer

    CFO Robert McMahon indicated the guided Q1 sequential decline is slightly larger than the prior year's, reflecting an element of prudence and an assumption of no significant budget flush. He expects the genomics business to face a difficult Q1 before improving. CEO Michael McMullen affirmed a strong appetite for focused investment in genomics, particularly in QA/QC tools like TapeStation, while reallocating R&D funds from other areas to maintain a healthy P&L.

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

    Daniel Leonard's questions to EXACT SCIENCES (EXAS) leadership • Q4 2024

    Question

    Daniel Leonard of UBS asked for clarification on the 2025 Screening guidance of 13% growth, suggesting it was below a previously communicated floor of 15% and asked what had changed in the company's thinking.

    Answer

    CEO Kevin Conroy denied ever messaging a 15% floor but acknowledged there is potential upside to the guide from stronger commercial execution and faster contract updates. CFO Aaron Bloomer clarified that at a recent conference, they had stated comfort with the analyst consensus, which was at 13%, and the midpoint of their guidance aligns with that figure.

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    Daniel Leonard's questions to EXACT SCIENCES (EXAS) leadership • Q4 2024

    Question

    Daniel Leonard asked for clarification on the 2025 Screening guidance of 13% growth, noting it seemed lower than a previously perceived floor of 15%.

    Answer

    CEO Kevin Conroy stated that the company had never messaged a 15% floor but acknowledged there is upside potential to the guidance based on commercial execution and the pace of payer contracting for Cologuard Plus. CFO Aaron Bloomer clarified that management had previously expressed comfort with the consensus estimate, which was 13%, and the company's guidance midpoint aligns with that figure.

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

    Question

    Daniel Leonard from UBS asked about the Cologuard Plus launch mechanics, questioning the Q2 timing and seeking clarity on how ADLT pricing would work, specifically regarding the list price versus the current ASP.

    Answer

    CEO Kevin Conroy clarified the launch is targeted for late Q1 or early Q2 2025. He explained the ADLT pricing mechanic: the company sets a list price, gets paid that price by Medicare for a period, and then the price reverts to the median of processed commercial claims. This process gives the company initial control over the price for its innovative new test.

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

    Question

    Daniel Leonard from UBS questioned the Cologuard Plus launch timing, asking why it's planned for Q2 2025 instead of Q1. He also asked for clarification on the ADLT pricing mechanics and how the list price would factor into Medicare reimbursement.

    Answer

    CEO Kevin Conroy clarified the launch timing is targeted for the end of Q1 or beginning of Q2. Regarding ADLT mechanics, he confirmed the process involves setting a list price which Medicare pays for an initial period. This price then reverts to the median of processed commercial payer rates. He explained this allows the company to control the initial price, which would then be established for a multi-year period before annual readjustments.

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

    Daniel Leonard's questions to BIO-RAD LABORATORIES (BIO) leadership • Q4 2024

    Question

    Daniel Leonard from UBS sought confirmation on the steep decline in process chromatography sales in 2024 and questioned the conviction behind the high single-digit growth forecast for 2025. He also requested a detailed bridge for the 2025 operating margin, asking how the headcount reduction fits in.

    Answer

    Roop Lakkaraju, EVP and CFO, confirmed the significant decline in process chromatography in 2024 but expressed strong conviction in the 2025 high single-digit growth forecast, citing customer destocking trends and direct conversations. He broke down the margin headwinds for 2025: 60 basis points from China reimbursement, 40 basis points from FX, and a potential 40 basis points from a Sabre Bio R&D expense. He explained the workforce reduction savings would offset other inflationary pressures like merit increases.

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    Daniel Leonard's questions to BIO-RAD LABORATORIES (BIO) leadership • Q3 2024

    Question

    Daniel Leonard sought confirmation of the key revenue headwinds for 2025, including instrument softness and challenges in China and donor screening, and asked if the focus on free cash flow was related to inventory management.

    Answer

    EVP and CFO Roop Lakkaraju confirmed the headwinds mentioned and added general biopharma market softness and the ongoing process chrome recovery to the list. He noted it was too early to quantify the 2025 impact but wanted to provide context. He affirmed that the 2025 free cash flow focus is directly tied to improving inventory levels and expects gradual progress.

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

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

    Question

    Daniel Leonard requested more details on the biopharma business, including its growth rate in 2024 and the expected timeline to achieve the long-term goal of biopharma comprising 50% of total revenue.

    Answer

    CEO Serge Saxonov acknowledged that the biopharma segment was challenged in 2024, particularly in the first half, but saw a 'really nice sequential improvement in Q4' following the commercial reorganization. While not providing a specific timeline to the 50% target, he expressed confidence in accelerating growth toward that goal, driven by targeted investments and a dedicated sales team.

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    Daniel Leonard's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership

    Daniel Leonard's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q3 2024

    Question

    Daniel Leonard of UBS sought to confirm if the Q4 sales outlook should be considered the business's run rate until market demand improves. He also asked if the incremental $50 million in 2025 cost savings would be sufficient to offset inflation and the restoration of incentive compensation.

    Answer

    EVP and CFO Flavia Pease stated that current trends are expected to persist into 2025, pressuring year-over-year growth, but refrained from confirming a specific run rate. She also explained that the initial $50 million in savings is not enough on its own, which is why the company is pursuing additional efficiencies through footprint optimization to protect margins. Chairman, President and CEO James Foster added that they don't see the situation deteriorating further.

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

    Daniel Leonard's questions to Stevanato Group S.p.A. (STVN) leadership • Q3 2024

    Question

    Daniel Leonard from UBS questioned the drivers behind the significant implied sequential gross margin expansion for Q4 and asked for more specific details on how far below 2019 levels current vial demand is.

    Answer

    CFO Marco Dal Lago attributed the Q4 margin outlook to higher volumes, a favorable mix toward high-value products covered by firm orders, and better cost absorption at the new plants. He explained that current vial demand is significantly lower due to the combination of a 38-40% decline this year on top of the 2023 decline from COVID-related business, but did not provide a precise revenue lift calculation.

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    Daniel Leonard's questions to ILLUMINA (ILMN) leadership

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

    Question

    Daniel Leonard asked for help framing the impact of the MiSeq i100 launch, including recent sales trends in the low-throughput category, and inquired about the impact of the XLEAP chemistry launch on NextSeq consumables.

    Answer

    CEO Jacob Thaysen said the MiSeq i100 is a major update that should drive a pickup in the low-throughput space over the next 12-18 months after a period of weakening performance. CFO Ankur Dhingra noted low-throughput instruments are less than 1% of revenue. Regarding XLEAP, Thaysen said it was well-received, with over 60% of NextSeq users having downloaded the required software.

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    Daniel Leonard's questions to Avantor (AVTR) leadership

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

    Question

    Daniel Leonard asked about the top-line growth required to achieve the 20% EBITDA margin exit rate target for 2025 and how the clinical services divestiture affects it. He also requested an update on the competitive landscape in Laboratory Solutions.

    Answer

    President and CEO Michael Stubblefield expressed high conviction in reaching the 20% margin target, noting it is primarily driven by controllable cost savings and does not require 'heroic' growth. He acknowledged the target will be adjusted for the divestiture. He also stated confidence in outperforming and gaining share in the lab business, highlighting its recent return to growth.

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

    Daniel Leonard's questions to DANAHER CORP /DE/ (DHR) leadership • Q3 2024

    Question

    Daniel Leonard requested more specific detail on the growth trends for Life Science equipment, separate from consumables. He also asked for an update on the performance of the recently acquired Abcam and whether its run rate is improving.

    Answer

    President and CEO Rainer Blair reiterated that market conditions for Life Science instruments were consistent with the first half of the year, with capital equipment spending remaining constrained, particularly in China. In contrast, he noted that consumables and service grew as lab activity stabilized. Regarding Abcam, Blair stated the team is making great progress on the integration, implementing DBS to drive growth and improve costs, and that he feels very good about the acquisition meeting long-term expectations.

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