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    David Westenberg • Piper Sandler Companies

    David Westenberg's questions to Zoetis Inc (ZTS) leadership

    David Westenberg's questions to Zoetis Inc (ZTS) leadership • Q2 2025

    Question

    David Westenberg asked about Zoetis's strategy to leverage its injectable dermatology product, Cytopoint, to defend market share against new oral competitors. He also inquired about the growth rate of Cytopoint versus orals and sought clarification on whether the quarter's increase in contract manufacturing revenue was a one-time event.

    Answer

    CEO Kristin Peck emphasized that the dermatology portfolio, including Apoquel, Apoquel Chewable, and Cytopoint, remains highly differentiated. She noted Cytopoint is a preferred solution for many vets due to its convenience and compliance benefits. EVP & CFO Wetteny Joseph added that the contract manufacturing revenue increase was on a small base and not a significant driver to note for future trends.

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    David Westenberg's questions to Zoetis Inc (ZTS) leadership • Q1 2025

    Question

    David Westenberg asked about the strategic response to Amazon selling pet medications and its potential to accelerate the shift to alternative channels. He also inquired about any potential product approval backlogs at the FDA or USDA.

    Answer

    CEO Kristin Peck stated that Zoetis has not seen any slowdowns in its pipeline at the FDA or USDA and is actively engaged with regulators. On retail, she noted the channel grew 40% and now represents 21% of U.S. business. CFO Wetteny Joseph added that alternative channels are another form of diversification and are economically neutral to positive for Zoetis.

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    David Westenberg's questions to Zoetis Inc (ZTS) leadership • Q3 2024

    Question

    David Westenberg of Piper Sandler inquired about the company's pricing strategy relative to veterinary CPI and declining clinic visits, and asked for clarification on the 'reasonable promotion environment,' particularly for the upcoming parasiticide season.

    Answer

    CEO Kristin Peck explained that pricing is based on product-specific innovation and value, not just macro indicators like CPI, and noted that while general clinic visits are down, therapeutic visits for dermatology and pain are up. CFO Wetteny Joseph clarified that the promotional environment is more disciplined and targeted compared to the previous year, which faced a new competitor launch, leading to better price realization.

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    David Westenberg's questions to IDEXX Laboratories Inc (IDXX) leadership

    David Westenberg's questions to IDEXX Laboratories Inc (IDXX) leadership • Q2 2025

    Question

    David Westenberg asked for the key drivers behind the strong international growth, questioning the mix between market growth, share gains, and utilization. He also inquired about any potential tariff-related pull-forward of consumable orders in Q2.

    Answer

    CFO Andrew Emerson stated there was no meaningful change in customer ordering patterns related to tariffs, partly due to the pay-per-run model for instruments like InVueDx. CEO Jay Mazelsky attributed the strong international performance to the market being in a more embryonic stage, with lower diagnostic utilization rates than the U.S. He highlighted IDEXX's success in achieving good product-market fit and building out a complete commercial, lab, and software infrastructure to drive diagnostic adoption.

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    David Westenberg's questions to IDEXX Laboratories Inc (IDXX) leadership • Q1 2025

    Question

    David Westenberg asked about pet adoption trends, particularly a potential shift towards cats, and its impact on diagnostic utilization. He also inquired about customer purchasing decisions between IDEXX 360 and capital purchases in the current environment.

    Answer

    CEO Jay Mazelsky noted the overall pet population has stabilized at a high level, with a ~3% CAGR since 2019. He acknowledged the mix shift toward cats and highlighted IDEXX's strong portfolio, like SDMA and the Triple assay, to support feline health. Regarding purchasing, he confirmed that the IDEXX 360 program remains the primary placement model and that strong EVI growth reflects high-quality competitive and greenfield wins.

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    David Westenberg's questions to IDEXX Laboratories Inc (IDXX) leadership • Q3 2024

    Question

    David Westenberg highlighted the significant growth gap between consumables and Reference Labs, asking if this indicates a strategic shift by vets towards more in-clinic testing. He also theorized whether the influx of elderly pets for pain medication could create a 'captive audience' for increased diagnostics in the future.

    Answer

    CEO Jay Mazelsky responded that the company does not see a modality shift to in-clinic testing, attributing the growth differential primarily to wellness visit pressure, which disproportionately affects the Reference Lab business. He also stated they have not observed an increase in diagnostic use for patients visiting for pain medication. Executive Brian McKeon added that the key long-term utilization driver remains increasing the inclusion of blood work in visits, a metric that has sustained at high levels and represents a major future growth opportunity.

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    David Westenberg's questions to Illumina Inc (ILMN) leadership

    David Westenberg's questions to Illumina Inc (ILMN) leadership • Q2 2025

    Question

    David Westenberg from Piper Sandler Companies asked about the spending patterns of clinical customers, particularly early NovaSeq X adopters, and questioned why a faster clinical transition wouldn't negatively impact revenue due to lower per-test costs.

    Answer

    CEO Jacob Thaysen highlighted the long-term strength of the clinical market and explained that customers transitioning to the NovaSeq X often expand their assay content to remain competitive, which helps offset the lower price per gigabase. CFO Ankur Dhingra added that the transition is lumpy and occurs on a customer-by-customer basis, so he does not anticipate a sudden, material revenue change in the coming quarters.

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    David Westenberg's questions to Illumina Inc (ILMN) leadership • Q1 2025

    Question

    David Westenberg asked for a breakdown of the drivers behind weakness in mid- and low-throughput consumables, questioning the relative impact of competitive switching, service provider shifts, or funding gaps. He also sought confirmation on the strength of customer contract commitments (performance obligations) mentioned in the prepared remarks.

    Answer

    CEO Jacob Thaysen attributed mid-throughput weakness primarily to macro conditions affecting less production-oriented labs, leading them to push out purchases or use service providers, rather than competitive pressure. He highlighted strong momentum for the new MiSeq i100 in the low-throughput segment. CFO Ankur Dhingra confirmed that performance obligations (long-range order bookings) were up double-digits year-over-year, a stronger build than in recent years.

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    David Westenberg's questions to Illumina Inc (ILMN) leadership • Q4 2024

    Question

    David Westenberg inquired about the NVIDIA collaboration's benefits and network effect, the Travera genome project, the potential for more private-sector genome initiatives, and the timeline for sequencing at birth.

    Answer

    CEO Jacob Thaysen highlighted that the NVIDIA partnership enhances compute power for customers, particularly for multiomics, and enables the building of foundational AI models. He confirmed strong global interest in large-scale genome projects from both sovereign nations and pharmaceutical companies, viewing them as a significant area of activity.

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    David Westenberg's questions to Illumina Inc (ILMN) leadership • Q3 2024

    Question

    David Westenberg requested more detail on demand elasticity to counter the 'clinical cliff' narrative and asked for an explanation for the unusual Q4 sequential consumables decline, given the typical year-end budget flush.

    Answer

    CEO Jacob Thaysen reiterated that customers are creating larger assays or sequencing deeper, which demonstrates elasticity. CFO Ankur Dhingra explained the Q4 seasonality is driven by fewer working days due to holidays, impacting testing volume and inventory management, especially for X consumables which have a shorter shelf life. He noted instrument revenue is still expected to be up sequentially.

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    David Westenberg's questions to Neogen Corp (NEOG) leadership

    David Westenberg's questions to Neogen Corp (NEOG) leadership • Q4 2025

    Question

    An analyst on behalf of David Westenberg of Piper Sandler asked about the key differences in management style and priorities between the outgoing and incoming CEOs, and inquired if the Genomics business was stabilizing for fiscal 2026 following its recent sequential improvement.

    Answer

    CFO & COO David Naemura deferred commenting on the new CEO's style, noting he has not yet started but described him as a 'back to basics guy.' Regarding Genomics, Naemura explained that after a restructuring to focus on the cattle end market, the business's revenue is expected to be slightly lower in fiscal 2026 compared to fiscal 2025, with the majority of the business focused on cattle.

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    David Westenberg's questions to Neogen Corp (NEOG) leadership • Q3 2025

    Question

    David Westenberg pressed for quantification of the distributor inventory situation to assess the potential for a future snapback. He also questioned how the company could quantify the highly uncertain tariff impacts in its updated guidance, given the dynamic environment.

    Answer

    CFO David Naemura clarified the situation was 'hesitancy to take inventory' rather than destocking, breaking down the $6 million Q3 revenue miss to illustrate the macro impact. Regarding guidance, Naemura acknowledged the high uncertainty but stated they assumed a consistent environment with an incremental tariff headwind of roughly $5 million to EBITDA. CEO John Adent added that the company is actively managing its cost structure to align with current revenue levels, which helped preserve the EBITDA margin percentage despite lower volume.

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    David Westenberg's questions to Neogen Corp (NEOG) leadership • Q2 2025

    Question

    David Westenberg asked for a breakdown of freight and distribution costs between internal and external factors and inquired whether the genomics restructuring involves exiting the companion animal market and its potential impact on related product lines.

    Answer

    CFO David Naemura clarified that the majority of excess freight costs are internal and operational, with plans in place to drive improvements. CEO John Adent explained the genomics strategy is to focus on value-add areas like differentiated cattle, as parts of the market, including companion animal testing, have become commoditized. Naemura added that they are seeing attrition in their back-office companion genomics testing, which is unrelated to other companion animal products.

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    David Westenberg's questions to Neogen Corp (NEOG) leadership • Q1 2025

    Question

    David Westenberg of Piper Sandler inquired about Neogen's investment plans for sales, marketing, and R&D within its food safety portfolio following the 3M acquisition. He also asked about the company's priorities for debt reduction over the next three years and the progress on winning back customers for its Petrifilm products after previous stockouts.

    Answer

    CFO David Naemura and CEO John Adent confirmed that capital allocation is prioritized for the food safety business, specifically through international commercial expansion and developing the Petrifilm platform. CEO John Adent reiterated that after funding the integration, the primary goal is reducing net leverage, which is expected to be around 3x by fiscal year-end. Regarding customer recovery, Adent noted that while customers in Japan have been won back, rebuilding trust with other customers impacted by warehouse issues is an ongoing process that requires demonstrating consistent supply.

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    David Westenberg's questions to GeneDx Holdings Corp (WGS) leadership

    David Westenberg's questions to GeneDx Holdings Corp (WGS) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies inquired about the specific drivers behind the significant increase in Exome & Genome ASPs and the company's strategy for balancing investment while entering the large general pediatrics market.

    Answer

    CFO Kevin Feeley attributed the ASP strength to sustained revenue cycle improvements, including better adherence to payer documentation requirements and expanded Medicaid coverage in new states, rather than one-time events. CEO Katherine Stueland explained their balanced approach to the pediatric market, focusing near-term on pediatric neurologists while building the general pediatrician market through targeted outreach, education at the AAP meeting, and simplifying the ordering and reporting experience.

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    David Westenberg's questions to Labcorp Holdings Inc (LH) leadership

    David Westenberg's questions to Labcorp Holdings Inc (LH) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies followed up on oncology, asking how LabCorp sees the CGP and MRD testing markets evolving and whether its scale will become a greater advantage. He also sought clarification on the growth rate of esoteric tests.

    Answer

    President, CEO, and Chairman Adam Schechter confirmed that the 3-4x faster growth rate for key esoteric areas has been consistent for some time. He reiterated the strategy to build a complete portfolio across tissue and liquid biopsy (for therapy selection and MRD) to become a 'one-stop shop' for oncologists. He believes LabCorp's size, scale, and scientific expertise will become a key competitive advantage over time.

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    David Westenberg's questions to Labcorp Holdings Inc (LH) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies followed up on oncology, asking how the market for liquid biopsy and MRD might evolve and whether LabCorp's scale could become a greater advantage. He also sought clarification on the growth rate of esoteric tests.

    Answer

    President, CEO, and Chairman Adam Schechter confirmed that the 3-4x faster growth rate for key esoteric areas has been a consistent, long-standing trend. He reiterated the oncology strategy to lead in therapy selection and MRD, believing LabCorp's scale and comprehensive menu (tissue, liquid, and routine tests) will create a significant competitive advantage by offering a convenient, single-source solution for oncologists.

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    David Westenberg's questions to Labcorp Holdings Inc (LH) leadership • Q4 2024

    Question

    David Westenberg of Piper Sandler inquired about the integration of Invitae's assets, specifically focusing on the MRD assay's development timeline and reimbursement outlook. He also asked whether the expected accretion from Invitae in H2 2025 is driven more by revenue growth or cost synergies.

    Answer

    CEO Adam Schechter stated that Labcorp is taking a 'best of best' approach, combining its own MRD assets with Invitae's to advance the most promising candidates. He explained that Invitae's accretion in the second half of 2025 will be driven by both overlapping the prior year's dilutive impact and the realization of significant, thoughtfully executed cost synergies.

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    David Westenberg's questions to Labcorp Holdings Inc (LH) leadership • Q3 2024

    Question

    David Westenberg asked if there were any potential industry or company-specific surprises that could affect the long-range plan (LRP), given several favorable macro factors. He also asked for a reminder of the factors driving the high and low ends of the LRP.

    Answer

    CEO Adam Schechter reiterated confidence in the company's momentum and noted that the LRP still assumes a future negative impact from PAMA; a further delay would be a positive. CFO Glenn Eisenberg added that the LRP range is primarily driven by demand, but the company feels good about its mid-single-digit organic growth profile and capital allocation strategy. He mentioned that while the PAMA delay is a benefit, the dilutive impact of the strategic Invitae acquisition is a headwind, but overall the ranges remain appropriate.

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    David Westenberg's questions to Quest Diagnostics Inc (DGX) leadership

    David Westenberg's questions to Quest Diagnostics Inc (DGX) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies asked about the recent shift in payer mix, specifically if the LifeLabs acquisition was the cause, and also inquired about current trends in wage inflation.

    Answer

    CEO James Davis confirmed that the change in payer mix was entirely driven by the consolidation of LifeLabs' revenue, which is predominantly government-paid. Regarding labor, he stated that wage inflation has remained stable in the 3-4% range, while noting a significant positive trend in productivity as employee attrition continues to decline, approaching pre-pandemic levels.

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    David Westenberg's questions to Quest Diagnostics Inc (DGX) leadership • Q1 2025

    Question

    David Westenberg asked about the tangible financial benefits and key performance indicators (KPIs) associated with the Google Cloud and GenAI collaboration, particularly how it would improve customer and employee experiences.

    Answer

    James Davis, Chairman, CEO and President, explained the first step is moving disparate data to the cloud, which will improve the efficiency and growth of their data analytics business. He outlined future benefits including faster information retrieval for employees and AI-based chat services for physicians and patients to navigate the complex test menu. This will make ordering easier, faster, and lead to higher-quality outcomes.

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    David Westenberg's questions to Quest Diagnostics Inc (DGX) leadership • Q4 2024

    Question

    David Westenberg of Piper Sandler asked about the eight acquisitions made in 2024, their expected revenue enhancement, integration progress, and what factors might lead to a more aggressive M&A pace in the future.

    Answer

    CEO Jim Davis confirmed that carryover acquisitions will contribute about 6% to 2025 revenue growth, with LifeLabs being the largest part. He stated that while the team is focused on integration, the M&A funnel remains strong. CFO Sam Samad added that the LifeLabs integration is less complex as it's a stand-alone entity and that the capital plan does include allocations for more tuck-in M&A in 2025.

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    David Westenberg's questions to Quest Diagnostics Inc (DGX) leadership • Q3 2024

    Question

    David Westenberg asked about labor market dynamics, specifically the balance between reduced employee turnover and persistent wage inflation, and how automation and AI are being used to create operating leverage.

    Answer

    CEO Jim Davis noted that while turnover has improved to the 18-19% range, wage inflation remains elevated at 3-4%. He detailed that the company is offsetting these costs through automation, such as in its Lenexa lab, and AI-driven platforms for microbiology and cytology. CFO Sam Samad added that favorable revenue per requisition trends also contribute to operating leverage.

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    David Westenberg's questions to Elanco Animal Health Inc (ELAN) leadership

    David Westenberg's questions to Elanco Animal Health Inc (ELAN) leadership • Q4 2024

    Question

    David Westenberg asked if competitors were discounting products in anticipation of the Credelio Quattro launch, whether Galliprant's Q4 strength is a durable trend, and if the large biologics manufacturing investment signals potential for first-to-market products in the 2027-2030 timeframe.

    Answer

    President and CEO Jeff Simmons stated they are not seeing significant competitive discounting against Quattro, attributing it to the strong growth of the broad-spectrum market segment. He affirmed that Galliprant's differentiation has grown, and the company will continue to support the brand. CFO Todd Young clarified that the CapEx increase is for multiple projects, including expanding the Credelio franchise manufacturing in France and vaccine capacity in Iowa, not solely for the monoclonal antibody facility in Kansas, though they are excited about the next wave of biologics from R&D.

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    David Westenberg's questions to Elanco Animal Health Inc (ELAN) leadership • Q3 2024

    Question

    David Westenberg from Piper Sandler asked about Bovaer's expansion pipeline, the size of the Experior opportunity in heifers, and Experior's margin profile. He also asked how to view Credelio's path to blockbuster status given the expected cannibalization from the new Credelio Quattro launch.

    Answer

    CEO Jeff Simmons clarified that the focus for Bovaer is on the U.S. dairy market, with Canada and Mexico as other North American opportunities. He noted that Elanco's overall parasiticide business is relatively small, so cannibalization from Quattro is expected to be minimal, and the new product should be a catalyst for overall share growth in the U.S. parasiticide market. The question on Experior's margin profile was not directly addressed.

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    David Westenberg's questions to Tempus AI Inc (TEM) leadership

    David Westenberg's questions to Tempus AI Inc (TEM) leadership • Q4 2024

    Question

    David Westenberg asked for a reminder of the typical seasonality in Tempus's business. He also inquired about the long-term correlation between Total Remaining Contract Value (TCV) and revenue growth, and the expected recognition period for the current TCV balance.

    Answer

    CFO Jim Rogers detailed the seasonality, noting the genomics business follows typical lab trends with a slow start to the year, while the data business is weighted to the second half, aligning with pharma budget cycles. CEO Eric Lefkofsky explained that while TCV growth should match data revenue growth long-term, it is lumpy. He noted the current $940 million TCV balance against roughly $250 million in annual data revenue implies a multi-year recognition period.

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    David Westenberg's questions to Tempus AI Inc (TEM) leadership • Q3 2024

    Question

    An analyst on behalf of David Westenberg asked for Tempus's perspective on the future of reimbursement for psychiatric and pharmacogenomic testing, given recent industry challenges. He also asked for the differentiated value proposition of Tempus's CGP test and whether its billing is aligned with the value it provides.

    Answer

    CFO Jim Rogers stated that Tempus's neuropsych business is relatively small, so any reimbursement disruption has a minimal impact on overall growth. CEO Eric Lefkofsky affirmed that their billing is not 'out of whack' as rates are set by CMS, local MACs, and commercial payers. He emphasized that their tests have been independently validated and priced by multiple payers, creating a stable reimbursement environment, with potential upside from future ADLT status.

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