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    David Westenberg

    Research Analyst at Piper Sandler

    David Westenberg is Managing Director and Senior Research Analyst at Piper Sandler, specializing in equity research covering animal health and life science tools and genomics labs. He covers a range of major companies including Illumina, Zoetis, IDEXX Laboratories, Elanco Animal Health, Exact Sciences, and Quest Diagnostics, with a documented track record of over 400 published ratings and a TipRanks success rate near 49%, achieving notable single-stock returns such as +199% on Natera and frequent outperformance on select recommendations. Westenberg began his analyst career at CL King, later joining Guggenheim Securities as senior analyst before becoming Managing Director at Piper Sandler in 2021. He is a CFA Charterholder with a Master's in Finance from Bocconi University and holds FINRA securities licenses, and was recognized as a StarMine runner-up for stock picking in 2018.

    David Westenberg's questions to PACIFIC BIOSCIENCES OF CALIFORNIA (PACB) leadership

    David Westenberg's questions to PACIFIC BIOSCIENCES OF CALIFORNIA (PACB) leadership • Q2 2025

    Question

    David Westenberg asked about the impact of the U.S. macroeconomic environment on instruments versus consumables, the sentiment among labs regarding NIH funding, and the market dynamics of the new Vega system, particularly its role in attracting new customers.

    Answer

    President and CEO Christian Henry responded that the tough U.S. macro environment primarily affects instrument sales, with academic customers remaining cautious due to NIH funding uncertainty. He noted that consumable utilization has remained healthy. For the Vega system, Henry explained it is successfully attracting new customers, including smaller labs that are now insourcing long-read sequencing for applications like microbial and targeted panels, which is helping to balance market capacity.

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    David Westenberg's questions to PACIFIC BIOSCIENCES OF CALIFORNIA (PACB) leadership • Q1 2025

    Question

    David Westenberg from Piper Sandler asked about the strategic plans to increase Revio's consumable pull-through to over $300,000 and inquired about the impact of tariffs on input costs and pricing strategy.

    Answer

    Christian Henry, President and CEO, outlined a strategy to boost pull-through by making the product easier to use, targeting high-utilization customers, and enabling more applications. Regarding tariffs, Henry stated that PacBio's supply chain is positioned to avoid significant immediate impact, so they do not currently plan to add a surcharge, aiming to remain economical for customers.

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    David Westenberg's questions to Cytek Biosciences (CTKB) leadership

    David Westenberg's questions to Cytek Biosciences (CTKB) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies inquired about Cytek's performance relative to the broader flow cytometry market, the company's confidence in its second-half guidance, and the potential drivers for recovery after the current capital spending cycle.

    Answer

    An executive and CFO William McCombe addressed the questions. Management stated that while the overall flow cytometry market is declining, Cytek's core FSP instrument unit volume is growing, implying market share gains. CFO William McCombe explained that the H2 guidance assumes continued high-double-digit growth in recurring revenues and an instrument sales pattern similar to the prior year. Regarding a future recovery, they noted that continued investment in new technology like the Aurora EVO and greater clarity on NIH funding would position the company for growth when capital spending improves.

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    David Westenberg's questions to Cytek Biosciences (CTKB) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies inquired about Cytek's performance relative to the broader flow cytometry market, the company's confidence in its second-half guidance amidst capital spending cycles, and its strategic positioning for a post-cycle recovery.

    Answer

    An executive, likely CEO Wenbin Jiang, stated that Cytek's core FSP instrument unit volume is growing despite a declining overall market, implying market share gains. CFO William McCombe affirmed the second-half guidance, citing strong recurring revenue growth and typical back-end weighted instrument sales. Management also noted that continued investment in new products like the Aurora EVO positions them well for when the capital spending environment improves.

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    David Westenberg's questions to Cytek Biosciences (CTKB) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies inquired about Cytek's performance relative to the broader flow cytometry market, the company's confidence in its second-half guidance, and the potential drivers for growth once the capital spending cycle recovers.

    Answer

    An executive, likely CEO Wenbin Jiang, stated that Cytek's core FSP instrument unit volume is growing while the overall market is declining, implying market share gains. CFO William McCombe added that the second-half guidance is supported by strong, high-double-digit growth in recurring revenues and a historical pattern of stronger instrument sales in the latter half of the year. For post-cycle recovery, executives pointed to continued innovation with new products like the Aurora EVO and the eventual easing of NIH funding uncertainty.

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    David Westenberg's questions to Cytek Biosciences (CTKB) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies inquired about Cytek's performance relative to the broader flow cytometry market, the company's confidence in its second-half guidance, and the potential timing and drivers of a capital equipment cycle recovery.

    Answer

    CEO Wenbin Jiang stated that Cytek is growing its core FSP instrument unit volume and taking market share in a declining overall market. CFO William McCombe explained that the H2 guidance is supported by strong, predictable recurring revenue growth and historical instrument sales patterns that are weighted to the second half. Regarding a recovery, Jiang highlighted ongoing innovation like the new Aurora EVO, while McCombe noted that NIH funding certainty and lower interest rates would likely be positive but offered no specific timeline.

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    David Westenberg's questions to Cytek Biosciences (CTKB) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies inquired about Cytek's performance relative to the broader flow cytometry market, the company's confidence in its second-half guidance, and the potential drivers for recovery after the current capital spending cycle.

    Answer

    An executive, likely CEO Wenbin Jiang, stated that while the overall flow cytometry market is declining, Cytek's core FSP instrument unit volume is growing, implying market share gains. CFO William McCombe added that the second-half guidance is supported by strong, high-double-digit growth in recurring revenues and a historical pattern of stronger instrument sales in the latter half of the year. He also noted that while clarity on NIH funding and lower interest rates would likely be positive, the company has no special insight into those macro trends.

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    David Westenberg's questions to Cytek Biosciences (CTKB) leadership • Q1 2025

    Question

    David Westenberg of Piper Sandler inquired whether Cytek is observing competitors raising prices in response to tariffs. He also asked for more detail on the company's R&D spending focus, particularly regarding imaging versus spectral technologies.

    Answer

    CEO Wenbin Jiang responded that while it is still early, Cytek has seen reports of competitors passing some tariff-related costs to customers. He confirmed that R&D spending remains between 15% and 20% of revenue and that imaging is a key area of focus for new product innovation within the R&D department.

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    David Westenberg's questions to Cytek Biosciences (CTKB) leadership • Q4 2024

    Question

    David Westenberg questioned the divergence between strong 8.5% instrument unit growth and the more modest 4% top-line growth, asking about product mix dynamics, associated consumable usage, and the potential impact of U.S. tariffs on margins and growth.

    Answer

    CFO William McCombe acknowledged strong unit growth in the Northern Lights system. CEO Wenbin Jiang added that the Cytek Cloud platform is driving reagent adoption. Regarding tariffs, Jiang highlighted that Cytek's global manufacturing footprint (U.S., Singapore, China) provides flexibility, while McCombe noted the primary risk is from reciprocal tariffs on U.S. exports, which is mitigated by their in-China-for-China production.

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    David Westenberg's questions to Cytek Biosciences (CTKB) leadership • Q3 2024

    Question

    Speaking on behalf of David Westenberg, an analyst asked about Cytek's long-term growth rate expectations, what could drive a return to historical 20-30% growth, and how the company is tracking CapEx spending.

    Answer

    CEO Wenbin Jiang stated that while the life sciences industry is challenged, Cytek's goal is to continue growing above the market rate. He highlighted the long-term strategy to increase recurring revenue from services and reagents, which currently constitute about 30% of the business, driven by the growing installed instrument base.

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    David Westenberg's questions to Adaptive Biotechnologies (ADPT) leadership

    David Westenberg's questions to Adaptive Biotechnologies (ADPT) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies questioned the sustainability of MRD profitability, asking about visibility into milestone payments. He also sought a rank-ordering of clonoSEQ volume drivers and clarification on the new serial ordering feature within the Flatiron EMR integration.

    Answer

    CFO Kyle Piskel explained that while milestones can be lumpy, the business trajectory supports sustained profitability and near-term cash flow break-even on an annualized basis. CCO Susan Bobulsky attributed volume growth to multiple factors, including EMR integrations, new indication uptake, and blood-based testing, rather than a single driver. CEO Chad Robins clarified that the Flatiron serial ordering feature allows clinicians to set a recurring test cadence, which has seen strong early adoption.

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    David Westenberg's questions to Adaptive Biotechnologies (ADPT) leadership • Q1 2025

    Question

    David Westenberg of Piper Sandler inquired about the potential for more frequent testing intervals in clinical trials to improve outcomes and asked about technological advancements to address adjacent markets or improve assay sensitivity.

    Answer

    Executive Susan Bobulsky confirmed a growing interest in more frequent testing in trials, particularly to monitor disease kinetics and meet FDA endpoint criteria. She also stated that Adaptive is continuously exploring technological enhancements to improve sensitivity and develop new approaches, such as a fully blood-based MRD test for multiple myeloma.

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    David Westenberg's questions to MYRIAD GENETICS (MYGN) leadership

    David Westenberg's questions to MYRIAD GENETICS (MYGN) leadership • Q2 2025

    Question

    David Westenberg from Piper Sandler Companies asked about the operational friction from the new prenatal order management system, seeking to quantify its impact, understand the resolution status, and get assurance that the issue has not led to permanent customer churn.

    Answer

    President and CEO Sam Raha and COO Mark Verratti confirmed the issue with the order management system has been fully resolved and is not expected to impact Q3. Verratti acknowledged that providers may use multiple labs but expressed confidence in the business's strength. CFO Scott Leffler helped quantify the impact by noting that year-to-date prenatal volumes were down approximately 4%, a significant deviation from expected growth, which he attributed to the disruption.

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    David Westenberg's questions to MYRIAD GENETICS (MYGN) leadership • Q1 2025

    Question

    David Westenberg of Piper Sandler requested more detail on the EMR integration challenges that are slowing the ramp in unaffected hereditary cancer testing. He also asked about the performance of Prolaris, its market growth rate, and competitive dynamics following recent NCCN guideline updates.

    Answer

    COO Mark Verratti detailed that EMR integration for unaffected patients is complex, requiring new workflow features for family history, kit shipping, and patient education, which are being addressed account-by-account. CEO Samraat Raha added that the Prolaris market is stable but competitive, and Myriad is focused on regaining share through new clinical evidence and its upcoming AI-enabled test with Pathomx, targeting a low double-digit growth market.

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    David Westenberg's questions to Zoetis (ZTS) leadership

    David Westenberg's questions to Zoetis (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 (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 (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 /DE (IDXX) leadership

    David Westenberg's questions to IDEXX LABORATORIES INC /DE (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 /DE (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 /DE (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 Fulgent Genetics (FLGT) leadership

    David Westenberg's questions to Fulgent Genetics (FLGT) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies asked for details on Anatomic Pathology growth, specifically regarding expansion into new geographies. He also inquired about the go-to-market strategy for rare disease testing following new AAP guidelines and asked for an update on the FID-seven clinical trial enrollment and potential timeline risks.

    Answer

    Chief Commercial Officer Brandon Perthuis explained that Anatomic Pathology growth was driven by hiring salespeople in new, previously uncovered geographies, leveraging national managed care contracts. Regarding rare disease, he noted the growing momentum for genomic sequencing but acknowledged the pediatrician market is fragmented and may require a larger sales team. CEO Ming Hsieh stated that FID-seven enrollment is expected to accelerate due to broadened patient inclusion criteria, expressing confidence in the timeline.

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    David Westenberg's questions to Fulgent Genetics (FLGT) leadership • Q1 2025

    Question

    David Westenberg asked about the expected adoption cadence for the therapeutic candidate FID-007, the potential for using capital to expand sales and marketing, and the drivers behind the strong BioPharma Services performance.

    Answer

    CEO Ming Hsieh explained that FID-007 targets head and neck cancer initially with potential for broader applications. CFO Paul Kim and CCO Brandon Perthuis confirmed a planned ramp-up in sales and marketing spend from $7.6M in Q1 to a projected $10M-$11M per quarter for the rest of the year to fund new hires. Brandon Perthuis attributed BioPharma's strength to expanded service capabilities, which address a larger market and deepen client relationships, while noting the business remains variable quarter-to-quarter.

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    David Westenberg's questions to Fulgent Genetics (FLGT) leadership • Q4 2024

    Question

    David Westenberg inquired about key milestones and costs for the FID-007 clinical trial, the drivers behind strong Q4 year-over-year growth, and the specifics of the revised go-to-market plan that spurred 9% sequential growth in Anatomic Pathology.

    Answer

    CEO Ming Hsieh confirmed the FID-007 trial cost of approximately $10 million is on track and noted encouraging preliminary data will be presented at ASCO. CCO Brandon Perthuis attributed Q4's strength to market share gains, not one-time events, and explained the Anatomic Pathology growth was driven by a strategic focus on the dermatopathology market where Fulgent's fast turnaround times are a key advantage. CFO Paul Kim added that selling and marketing spend will increase to nearly $40 million in 2025 to support this momentum.

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    David Westenberg's questions to Fulgent Genetics (FLGT) leadership • Q3 2024

    Question

    David Westenberg of Piper Sandler asked for details on the successful turnaround strategy in Anatomic Pathology, whether the business is now considered 'fixed,' and its future growth prospects. He also inquired about potential upfront OpEx for the VA contract and the financial impact of the new Texas facility.

    Answer

    Chief Commercial Officer Brandon Perthuis credited the Anatomic Pathology turnaround to superior lab turnaround times (2-3 days vs. competitors' weeks), a revamped sales compensation plan focused on new business, and a world-class sales team. Executive Ming Hsieh added that the digitization of over 80% of pathology slides has significantly improved efficiency and quality. Chief Financial Officer Paul Kim confirmed no additional OpEx is needed to service the VA contract and that the new, fully-owned Texas facility is operating efficiently at scale.

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    David Westenberg's questions to ILLUMINA (ILMN) leadership

    David Westenberg's questions to ILLUMINA (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 (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 (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 (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 NEOGENOMICS (NEO) leadership

    David Westenberg's questions to NEOGENOMICS (NEO) leadership • Q2 2025

    Question

    David Westenberg from Piper Sandler Companies asked for context on the 10% organic clinical volume growth, specifically regarding market share gains. He also inquired about the long-term outlook for operating margins and cash flow seasonality.

    Answer

    CEO Tony Zook and CFO Jeff Sherman confirmed the 10% volume growth represents significant market share gains, as underlying market growth is estimated at 2-5%. President & COO Warren Stone attributed this to strong commercial execution. Regarding margins, Zook stated they expect long-term operating leverage from efficiency projects like the LIMS integration. Sherman described cash flow seasonality, with Q1 typically being a use of cash followed by cash generation through the rest of the year.

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    David Westenberg's questions to NEOGENOMICS (NEO) leadership • Q2 2025

    Question

    David Westenberg of Piper Sandler Companies asked about the drivers behind the strong 10% organic volume growth and its market share implications, as well as the long-term outlook for operating margins and cash flow trends.

    Answer

    CEO Tony Zook, CFO Jeff Sherman, and President & COO Warren Stone attributed the strong volume growth to successful commercial execution leading to market share gains across all modalities. For the long term, Zook confirmed expectations for operating leverage from efficiency projects like the LIMS integration. Sherman outlined the typical cash flow seasonality, with Q1 being a low point and cash building thereafter.

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    David Westenberg's questions to NEOGENOMICS (NEO) leadership • Q1 2025

    Question

    David Westenberg of Piper Sandler inquired about the maturity of the expanded sales force, including the average time to full productivity and the current status of new hires. He also asked if the Southern California wildfires had any impact on the business.

    Answer

    President & COO Warren Stone stated that the sales force expansion is now principally complete and that time to productivity is typically 6-9 months, depending on the representative's prior experience and relationships. He expects leverage from these additions in the second half of the year. CFO Jeff Sherman confirmed there was no material impact from the Southern California wildfires as the company's Orange County lab was not affected.

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    David Westenberg's questions to NEOGENOMICS (NEO) leadership • Q3 2024

    Question

    David Westenberg asked about capital deployment strategy now that the company is consistently EBITDA positive, including the potential for M&A, and followed up on the source of operating leverage improvements.

    Answer

    CFO Jeff Sherman confirmed a strong cash position to retire debt and invest in the business. Head of Strategy Kareem Saad added they are selectively pursuing M&A to gain leverage and supplement the portfolio. On operating leverage, an executive clarified it's driven by a durable shift to higher-margin NGS tests and operational efficiencies, not just one-time cost cuts, citing improved turnaround times on record volume as proof.

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    David Westenberg's questions to NEOGEN (NEOG) leadership

    David Westenberg's questions to NEOGEN (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 (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 (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 (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 (WGS) leadership

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

    Question

    David Westenberg asked for details on the significant increase in average selling price (ASP) for exome/genome tests and inquired about the company's strategy for balancing investment with the large market opportunity in general pediatrics.

    Answer

    CFO Kevin Feeley attributed the strong ASP to sustained improvements in the revenue cycle process and expanded Medicaid coverage, emphasizing there were no one-time benefits. CEO Katherine Stueland explained their approach to the pediatric market involves focusing on the core pediatric neurology segment while methodically building the general pediatrician market through targeted outreach, education, and simplifying the user experience.

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    David Westenberg's questions to LABCORP HOLDINGS (LH) leadership

    David Westenberg's questions to LABCORP HOLDINGS (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 (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 (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 (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 (DGX) leadership

    David Westenberg's questions to QUEST DIAGNOSTICS (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 (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 (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 (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 (ELAN) leadership

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

    David Westenberg's questions to Tempus AI (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 (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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    David Westenberg's questions to AKYA leadership

    David Westenberg's questions to AKYA leadership • Q3 2024

    Question

    Asked about the impact of Q2 customer stocking on Q3, expectations for a Q4 budget flush, sales cycle dynamics, and the structure of the sales force for driving consumable growth.

    Answer

    Management confirmed some Q2 stocking occurred but is now resolved. They noted the sales cycle has lengthened by about 35% and conversion rates are volatile due to funding issues. The company is pivoting to an application-driven sales model and sees value in a 'farming' function, likely through an inside sales team, to drive reagent growth from the installed base.

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    David Westenberg's questions to AKYA leadership • Q2 2024

    Question

    Asked about the impact of Q1 disruptions on the Q2 sales funnel, the length of current sales cycles for visibility into guidance, and the company's typical revenue seasonality.

    Answer

    The Q2 placements were a recovery, not an artificial bump, though the funnel did improve after manufacturing issues were solved. Sales cycles are longer than the historical 6-9 months. Seasonality follows a three-tiered pattern: Q1 is lowest, Q2/Q3 are similar and in the middle, and Q4 is highest.

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    David Westenberg's questions to AKYA leadership • Q1 2024

    Question

    Questioned the reiterated goal of achieving cash flow breakeven by year-end despite a lower revenue guide, and asked whether customers impacted by the manufacturing disruption were temporarily paused or lost for good.

    Answer

    Management explained that the cash flow breakeven goal is still achievable with expected Q4 growth, improved gross margins, and lower operating expenses following Q1 restructuring. They clarified that customers, particularly CROs and core labs, were only temporarily paused due to reagent fulfillment delays and that these opportunities have shifted to later quarters, not been lost to competitors.

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