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    Doug Schenkel

    Research Analyst at Wolfe Research LLC

    Doug Schenkel is Managing Director, Senior Research Analyst, and Head of Life Science & Diagnostic Tools at Wolfe Research LLC, specializing in life sciences and diagnostic tools with extensive coverage of nearly 50 leading public companies in the sector. He is recognized for his strong track record, posting a 55.1% success rate and an average return of 33.6% across 67 stock ratings, ranking in the top 20% of Wall Street analysts. Schenkel joined Wolfe Research in October 2023 after serving as CFO and Head of Strategy at DELFI Diagnostics and previously built a top-ranked franchise as Managing Director at Cowen. He holds a BS in Business Administration from Georgetown University and an MBA from UCLA Anderson, and maintains professional credentials typical for senior sell-side analysts.

    Doug Schenkel's questions to AGILENT TECHNOLOGIES (A) leadership

    Doug Schenkel's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Doug Schenkel of Wolfe Research inquired about the company's guidance philosophy, balancing strong momentum with setting achievable targets, and asked about capital deployment plans, including M&A readiness.

    Answer

    CEO Padraig McDonnell affirmed 'very good visibility' for the year-end guidance and a commitment to clear, achievable targets. On capital deployment, he stated that organizational readiness for M&A is 'extremely high' due to the Ignite operating model and that M&A will be a more meaningful focus, guided by a disciplined, strategy-aligned approach.

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    Doug Schenkel's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Doug Schenkel of Wolfe Research inquired about the company's guidance philosophy, specifically how it balances strong current momentum with the goal of setting achievable targets. He also asked about the capital deployment strategy, focusing on M&A readiness and potential buybacks.

    Answer

    President and CEO Padraig McDonnell emphasized that the Q4 guidance is based on very good visibility from the order book and is considered clear and achievable, though it's too early for a 2026 guide. On capital deployment, he stated that M&A is expected to be a more meaningful part of the strategy, guided by a disciplined approach aligned with strategic pillars. He noted the company's organizational readiness for deals is "extremely high" thanks to the execution capabilities developed through the Ignite program.

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    Doug Schenkel's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2024

    Question

    Doug Schenkel questioned the full-year guidance, noting the math implies a significant second-half recovery, and asked if this relies on market improvement or just easier comps. He also asked about the company's current thinking on capital deployment.

    Answer

    CFO Robert McMahon confirmed the math is correct and that the expected second-half growth is largely a function of easier year-over-year comparisons, suggesting a 2-year stack view shows a smoother trend. CEO Michael McMullen added that market 'stabilization' is the key factor. On capital deployment, McMullen stated Agilent remains interested in a balanced approach, including M&A, and noted the deal pipeline is more robust than it has been in years.

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    Doug Schenkel's questions to Tempus AI (TEM) leadership

    Doug Schenkel's questions to Tempus AI (TEM) leadership • Q2 2025

    Question

    Doug Schenkel from Wolfe Research LLC asked for a rule of thumb on how Tempus decides between partnering versus organic development. He also inquired about the long-term potential for MRD as a percentage of oncology volumes and its impact on gross margin.

    Answer

    CEO Eric Lefkofsky explained that their M&A filter starts with not acquiring anything that would derail their plan to reach adjusted EBITDA positivity. On MRD, he stated it will be a catalyst for unit growth post-reimbursement, but the company will be measured in its rollout to ensure sustainable, long-term growth rather than a short-term spike. CFO Jim Rogers added that any margin impact from MRD would be managed carefully to maintain the company's overall path to profitability.

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    Doug Schenkel's questions to PACIFIC BIOSCIENCES OF CALIFORNIA (PACB) leadership

    Doug Schenkel's questions to PACIFIC BIOSCIENCES OF CALIFORNIA (PACB) leadership • Q2 2025

    Question

    Doug Schenkel asked about the size of the sales pipeline that is close to converting but awaiting resolution on NIH funding. He also inquired about the development of reusable smart cells and which customer segment, research or clinical, would be more receptive to this new technology.

    Answer

    President and CEO Christian Henry described the number of near-term sales opportunities, particularly for Vega, as "significant" and larger than normal, representing potential upside for 2025 and 2026. On reusable smart cells, he stated that both clinical and research customers are excited about the innovation. The initial rollout will likely target high-throughput customers to maximize the benefit of lower costs, which also improves PacBio's gross margins.

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    Doug Schenkel's questions to Natera (NTRA) leadership

    Doug Schenkel's questions to Natera (NTRA) leadership • Q2 2025

    Question

    Doug Schenkel asked about the adverse impact of new patient exome costs on gross margin, the potential to raise guidance on incremental Signatera volume growth, and the rationale for holding operating spend flat despite strong revenue performance.

    Answer

    CFO Mike Brophy explained that without the influx of new patients, gross margin would have seen steady sequential improvement. He suggested analysts could modestly increase volume expectations but should anticipate quarterly fluctuations. Regarding OpEx, management's prepared remarks indicated they are holding the guide flat to gain operating leverage from prior investments, while remaining opportunistic to fund high-return projects.

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    Doug Schenkel's questions to VERACYTE (VCYT) leadership

    Doug Schenkel's questions to VERACYTE (VCYT) leadership • Q2 2025

    Question

    Doug Schenkel of Wolfe Research LLC inquired about the long-term durability of Decipher's growth, specifically maintaining over 20% growth, and whether this could sustain double-digit revenue growth for the entire company, even with moderating Afirma performance.

    Answer

    CFO Rebecca Chambers clarified that the current guidance implies 22.5% to 24% revenue growth for Decipher, driven by the metastatic launch's halo effect and strong sales execution. CEO Marc Stapley affirmed confidence in reaching 80% market penetration for Decipher and outlined a layered growth strategy with Prosigna, MRD, and other pipeline products to ensure sustained double-digit company growth.

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    Doug Schenkel's questions to QIAGEN (QGEN) leadership

    Doug Schenkel's questions to QIAGEN (QGEN) leadership • Q2 2025

    Question

    Doug Schenkel asked about the current M&A funnel and the key parameters for potential deals, and also questioned the drivers behind margins trending ahead of the 2028 long-range plan.

    Answer

    CEO Thierry Bernard described the M&A strategy as focused on synergistic, value-creating bolt-on acquisitions with a clear path to accretion within 2-3 years. CFO Roland Sackers acknowledged tracking ahead of margin targets, attributing future improvements to digital initiatives, AI, and scale, but noted they are taking a realistic view given the macro environment and will likely update long-term guidance early next year.

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    Doug Schenkel's questions to QIAGEN (QGEN) leadership • Q3 2024

    Question

    Doug Schenkel challenged management on the stock's valuation, asking why the company isn't more aggressive with share buybacks now, and sought to understand the key levers for margin expansion into next year beyond the obvious factors.

    Answer

    CEO Thierry Bernard expressed that consistent execution would ultimately be rewarded by the market. CFO Roland Sackers noted the company's consistent buyback policy and acknowledged opportunities to increase it over time. On margins, both executives highlighted that beyond the NeuMoDx discontinuation, drivers include site rationalization, COGS improvements for QIAstat, and procurement efficiencies, balanced with reinvestment in accelerating R&D projects.

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    Doug Schenkel's questions to MYRIAD GENETICS (MYGN) leadership

    Doug Schenkel's questions to MYRIAD GENETICS (MYGN) leadership • Q2 2025

    Question

    Doug Schenkel of Wolfe Research LLC inquired about the new strategic plan, asking for specific KPIs to measure progress, whether the portfolio review is complete regarding potential divestitures, and what fundamentally differentiates this new strategy from those of previous leadership.

    Answer

    President and CEO Sam Raha explained that specific, quantifiable KPIs for the new strategy will be shared in the coming months. He stated that while the company is excited about the current portfolio, all product lines will be periodically reviewed against strategic goals. Raha emphasized that the new strategy's key differentiators are a disciplined capital allocation towards the cancer care continuum, expanding the portfolio beyond HCT and HRD through partnerships, and a renewed focus on execution with 'stepped up urgency and strengthened execution rigor'.

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    Doug Schenkel's questions to Stevanato Group S.p.A. (STVN) leadership

    Doug Schenkel's questions to Stevanato Group S.p.A. (STVN) leadership • Q2 2025

    Question

    Doug Schenkel of Wolfe Research sought clarity on tariff mitigation efforts, the mathematical drivers of the guided operating margin expansion, and the reason for the increased full-year tax rate assumption.

    Answer

    CFO Marco Dal Lago explained that tariff impacts are being offset through customer negotiations and leveraging their global footprint. He attributed the operating margin expansion to a higher mix of High-Value Solutions and lower depreciation, not flat OpEx. The higher tax rate is a non-cash item reflecting a cautious approach on deferred tax assets in Denmark.

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    Doug Schenkel's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership

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

    Question

    Doug Schenkel from Wolfe Research asked if stabilizing trends in Europe and China could represent potential upside to the implied Q4 guidance. He also requested more detail on the strong demand for automation within the core industrial business.

    Answer

    CFO Shawn Vadala was cautious, noting that Europe faces a tough Q4 comparison and that China remains a 'wild card' for which the company's outlook is conservative. CEO Patrick Kaltenbach attributed the core industrial strength to a sustained demand for automation and digitalization solutions, highlighting good momentum in the U.S. and a recovery in China and Asia Pacific across various end markets.

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    Doug Schenkel's questions to Avantor (AVTR) leadership

    Doug Schenkel's questions to Avantor (AVTR) leadership • Q2 2025

    Question

    Doug Schenkel sought clarification on why contract extensions in the lab business were being described as 'share gains.' He also asked about the impact of the price-focused strategy on near- and long-term margin targets and questioned the conviction behind the implied Q4 EBITDA margin ramp to ~18% given current headwinds.

    Answer

    President & CEO Michael Stubblefield explained that during competitive bids, Avantor not only retained existing business but also won business from competitors at those same accounts, resulting in net share gains. EVP & CFO R. Brent Jones acknowledged near-term margin pressure in the lab segment but stressed the long-term value of the wins. He clarified the Q4 margin ramp is at the high end of guidance and would require a favorable mix shift, not a baseline assumption.

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    Doug Schenkel's questions to ILLUMINA (ILMN) leadership

    Doug Schenkel's questions to ILLUMINA (ILMN) leadership • Q2 2025

    Question

    Doug Schenkel from Wolfe Research LLC asked for confirmation that Q4 guidance implies the strongest ex-China growth in two years and presented a framework for 2026 growth, asking if low-to-mid single-digit core revenue growth is a reasonable expectation.

    Answer

    CEO Jacob Thaysen avoided giving specific 2026 guidance but affirmed the company's growth trajectory, stating that the NovaSeq X transition remains the primary driver. He reiterated expectations that 2026 financial performance will be better than 2025, and 2027 will improve upon 2026, led by strength in the clinical segment. He also noted that multiomics is expected to add about one percentage point of growth, likely at the 2027 level.

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    Doug Schenkel's questions to HOLOGIC (HOLX) leadership

    Doug Schenkel's questions to HOLOGIC (HOLX) leadership • Q3 2025

    Question

    Doug Schenkel asked about the outlook for continued momentum into fiscal 2026 and whether any impact from China's DRG policies was felt in the quarter.

    Answer

    CFO Karleen Oberton confirmed the company expects mid-single-digit growth in FY26 but highlighted headwinds from the Fluoriscan discontinuation and ongoing challenges in China and with HIV testing. Corporate VP & IR Michael Watts later clarified that while Hologic is not directly exposed to the same DRG issues as peers, the overall China operating environment is difficult, with revenue from the region down over 50% year-over-year.

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    Doug Schenkel's questions to REPLIGEN (RGEN) leadership

    Doug Schenkel's questions to REPLIGEN (RGEN) leadership • Q2 2025

    Question

    Doug Schenkel probed the company's long-term growth outlook, asking for a definition of 'market growth,' whether the goal of outperforming the market by 5% is sustainable amid new modality pressures, and if doubling revenue in the 'medium term' could happen in as little as three years.

    Answer

    CEO Olivier Loeillot defined market growth as 8-12% and expressed confidence in outperforming that by 5% due to the strength across all franchises. He affirmed this goal is achievable even with headwinds in specific new modalities by focusing on a diversified portfolio. He clarified that the 'medium term' for doubling revenue refers to a typical five-year strategic plan, with M&A as a potential accelerator.

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    Doug Schenkel's questions to REVVITY (RVTY) leadership

    Doug Schenkel's questions to REVVITY (RVTY) leadership • Q2 2025

    Question

    Doug Schenkel inquired about the revenue pacing assumptions for the second half of the year, including factors like budget flush and NIH funding, and asked about the timeline for the China DRG headwind to annualize.

    Answer

    CFO Max Krakowiak noted that revenue pacing reflects normal seasonality, with a Q3-to-Q4 ramp boosted by the Genomics England (Gel) contract and a strong quarter for the Signals software business. CEO Prahlad Singh stated the DRG impact, which began in late Q2, is expected to persist until it is anniversaried next year.

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    Doug Schenkel's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership

    Doug Schenkel's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q2 2025

    Question

    Doug Schenkel from Wolfe Research LLC asked about the company's path back to normalized growth into 2026 and for clarification on what assumptions for tariffs are included in the current guidance.

    Answer

    SVP & CFO Bernard Birkett stated the tariff guidance is based on information known at the time it was prepared, with ongoing monitoring and mitigation efforts. CEO Eric Green described 2025 as a 'transition year' and expressed confidence in the building momentum of the HVP components business into the second half, but refrained from giving specific 2026 guidance.

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    Doug Schenkel's questions to DANAHER CORP /DE/ (DHR) leadership

    Doug Schenkel's questions to DANAHER CORP /DE/ (DHR) leadership • Q2 2025

    Question

    Doug Schenkel sought clarification on the bioprocessing assumptions within the full-year guidance, asking about the revenue growth target, second-half pricing assumptions, and whether strength in bioprocessing was offsetting weakness in Discovery & Medical (D&M).

    Answer

    EVP & CFO Matt McGrew confirmed the full-year guide for bioprocessing remains at high single-digits. He noted pricing was around 1.5-2% in the first half and expects a similar or slightly better rate in the second half. McGrew also affirmed that stronger performance in the core bioprocessing business is offsetting some softness in the D&M business, maintaining the overall segment guide.

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    Doug Schenkel's questions to BRUKER (BRKR) leadership

    Doug Schenkel's questions to BRUKER (BRKR) leadership • Q4 2024

    Question

    Doug Schenkel's associate asked about the levers available to protect margins if NIH or China conditions worsen and how Bruker is positioned to benefit from increased testing in areas like food, water, and PFAS.

    Answer

    CEO Frank Laukien stated that a reasonable contingency for NIH funding reduction is already baked into the guidance. CFO Gerald Herman added that Bruker's global diversification, with over 70% of revenue ex-U.S., and strength in areas like semiconductor metrology and microbiology provide resilience. Regarding environmental testing, Laukien noted Bruker's involvement in applied markets like PFAS testing and suggested that a focus on phenomics aligns well with long-term health and environmental research trends.

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