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    Eve Burstein • Goldman Sachs

    Eve Burstein's questions to Illumina Inc (ILMN) leadership

    Eve Burstein's questions to Illumina Inc (ILMN) leadership • Q2 2025

    Question

    Eve Burstein of Bernstein followed up on the topic of order pull-forwards, specifically asking if Chinese customers were stockpiling consumables, and whether the increased guidance for China is a short-term event for 2025.

    Answer

    CEO Jacob Thaysen acknowledged there may have been some pull-forward in China in Q1 but believes the business is now at a more natural run rate. He stressed the current situation remains unsustainable without a regulatory resolution. CFO Ankur Dhingra confirmed the guidance increase for China reflects near-term expectations for Q3 and should not be interpreted as a signal of an improving long-term outlook for 2026.

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    Eve Burstein's questions to Guardant Health Inc (GH) leadership

    Eve Burstein's questions to Guardant Health Inc (GH) leadership • Q2 2025

    Question

    Eve Burstein from Bernstein Research asked about Shield's commercial progress, specifically how private payer contracting is proceeding post-ADLT status, the expected contract rates, and the outlook for ASP in 2026 given potential rate resets.

    Answer

    Co-CEO AmirAli Talasaz reported that they are in discussions with select commercial payers following the NCCN guideline update but are not counting on major coverage wins before ACS or USPSTF inclusion. He expressed high confidence that the $1,495 ADLT rate will be maintained into the next cycle based on current Medicare Advantage collections. The ASP outlook for 2026 will depend on the evolving payer mix.

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    Eve Burstein's questions to Guardant Health Inc (GH) leadership • Q3 2024

    Question

    Eve Burstein asked about the recent shutdown of the Shonan research center in Japan, questioning if it was due to slow uptake of Guardant360 in the country. She also requested more color on commercial traction and expectations for G360 in Japan.

    Answer

    Co-CEO Helmy Eltoukhy clarified that the lab closure was a cost-cutting measure unrelated to performance and stemmed from a legacy plan connected to the former SoftBank JV. He acknowledged that the ramp in Japan has been slower than expected due to a reimbursement structure that favors tissue testing, as tests are reimbursed only once per lifetime. However, he expressed encouragement about new programs and believes Guardant can displace tissue volume over time.

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    Eve Burstein's questions to Exact Sciences Corp (EXAS) leadership

    Eve Burstein's questions to Exact Sciences Corp (EXAS) leadership • Q4 2024

    Question

    Eve Burstein of Bernstein Research sought clarification on the potential impact of the Braidwood v. Becerra case, asking if an adverse Supreme Court ruling would remove the zero-cost-sharing mandate for Cologuard and how the company is preparing for this risk.

    Answer

    CEO Kevin Conroy stated he does not believe there will be a significant hit to the business. He argued that payers are highly motivated to maintain high screening rates to protect their quality measure scores and associated bonuses. He also noted that the Trump administration has taken the same position as the Biden administration in opposing the lawsuit, and that 2025 plan designs are already set.

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    Eve Burstein's questions to Exact Sciences Corp (EXAS) leadership • Q4 2024

    Question

    Eve Burstein asked about the potential impact of the Braidwood v. Becerra Supreme Court case on Cologuard's zero cost-sharing coverage, how quickly payers could implement changes, and how Exact Sciences is preparing for this possibility.

    Answer

    CEO Kevin Conroy stated that the company does not expect a significant business impact. He argued that payers are highly motivated by quality measures (like HEDIS scores) to maintain high screening rates and would be at a competitive disadvantage if they imposed a co-pay. He also noted that both the Biden and Trump administrations oppose the lawsuit and that 2025 health plans are already set, delaying any potential changes.

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    Eve Burstein's questions to Pacific Biosciences of California Inc (PACB) leadership

    Eve Burstein's questions to Pacific Biosciences of California Inc (PACB) leadership • Q4 2024

    Question

    Eve Burstein, on for Matt Sykes, asked about the trends in instrument placements via reagent rental models versus direct capital expenditures. She also inquired about the comparative gross margin contribution from the Revio and Vega platforms.

    Answer

    President and CEO Christian Henry responded that the vast majority of sales remain straight CapEx purchases, though the company does a few reagent rentals and leasing deals each quarter. Regarding margins, he explained that Revio's margin is currently higher due to its maturity and cost-down initiatives. However, Vega was designed for high gross margin and is expected to approach or exceed Revio's margin in the second half of 2025 as it moves to full production.

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    Eve Burstein's questions to Waters Corp (WAT) leadership

    Eve Burstein's questions to Waters Corp (WAT) leadership • Q4 2024

    Question

    Eve Burstein sought clarification on the instrument replacement cycle, distinguishing between general pent-up demand and a specific lagged opportunity from 2015-2019. She also asked about the role of China and the components of the 200 bps pricing contribution.

    Answer

    President and CEO Dr. Udit Batra clarified there are two drivers: a standard post-downturn replacement cycle and a tracked, 15% remaining opportunity from a deferred 2018-2020 replacement wave. He noted China is assumed to have low single-digit growth. SVP and CFO Amol Chaubal confirmed the 200 bps pricing contribution for 2024 and 2025 is for like-for-like products and excludes mix or upsell benefits.

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