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    Kyle Mikson • Canaccord Genuity Group Inc.

    Kyle Mikson's questions to Pacific Biosciences of California Inc (PACB) leadership

    Kyle Mikson's questions to Pacific Biosciences of California Inc (PACB) leadership • Q2 2025

    Question

    Kyle Mikson asked about the nature of new clinical Revio placements, questioning if PacBio is displacing legacy technologies head-to-head. He also inquired if the strong Q2 instrument placements included any pull-forward from future quarters and what a sustainable placement run-rate might be.

    Answer

    President and CEO Christian Henry clarified that new clinical labs are using Revio to replace legacy molecular biology techniques and, in some cases, other long-read technologies. He highlighted Revio's favorable economics and informatics. Regarding future placements, he expects Vega to continue growing with a fast sales cycle, while Revio placements are forecasted to be relatively flat, contingent on NIH funding but supported by strong international demand.

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

    Question

    Kyle Mikson questioned why Revio shipments are expected to decline in 2025 after a significant drop in 2024, asking if it was due to macro factors, market dynamics, or cannibalization from Vega. He also requested a quantification of the NIH headwind baked into the guidance.

    Answer

    President and CEO Christian Henry attributed the Revio forecast to the "unprecedented macroeconomic times" and persistent funding challenges for high-cost capital equipment, not cannibalization or product fading. He stated that the guidance is responsible and considers these headwinds, but did not provide a specific dollar amount for the NIH impact. He highlighted that strong growth in Europe, demand for Vega in Asia, and scaling clinical customers are expected to offset some of the U.S. academic market challenges.

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    Kyle Mikson's questions to Pacific Biosciences of California Inc (PACB) leadership • Q3 2024

    Question

    Kyle Mikson of Canaccord Genuity asked about the potential for cannibalization between the new Vega platform and the existing Revio system. He also questioned the timing and rationale behind the recent debt exchange with SoftBank, noting the market's initial negative reaction.

    Answer

    CEO Christian Henry stated he doesn't expect significant cannibalization, as Vega's lower throughput targets different use cases and creates an on-ramp to Revio. Regarding the debt exchange, Henry and CFO Susan Kim explained it was a strategic opportunity to reduce debt by $259 million, extend maturity to 2029, and gain operational flexibility amid market uncertainty. Kim added the deal was more favorable now than it would likely be in the future.

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    Kyle Mikson's questions to 10X Genomics Inc (TXG) leadership

    Kyle Mikson's questions to 10X Genomics Inc (TXG) leadership • Q2 2025

    Question

    Kyle Mikson asked if the Scale Biosciences acquisition implies that 10x's droplet-based architecture cannot scale sufficiently and questioned when Scale's products might become a material part of the portfolio.

    Answer

    CEO Serge Saxonov refuted the premise, affirming strong conviction in the value of an instrument-based workflow for data quality and precision. He stated the acquisition's value lies in integrating Scale's complementary technologies to enhance the existing portfolio and push scaling further. He clarified that near-term revenue from Scale products is expected to be minimal.

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    Kyle Mikson's questions to 10X Genomics Inc (TXG) leadership • Q1 2025

    Question

    Kyle Mikson inquired about the expected performance of instruments versus consumables for the year, whether an NIH pull-forward occurred in Q1, and the market dynamics behind the 50% decline in spatial instrument revenue.

    Answer

    CFO Adam Taich confirmed there was no NIH pull-forward and stated that Q2 is expected to mirror Q1's trends, with pressure on capital expenditures and solid consumables performance. CEO Serge Saxonov attributed the decline in spatial instrument sales primarily to the challenging macro and CapEx environment, not a material shift in competitive dynamics, emphasizing strong customer feedback on the Xenium platform.

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    Kyle Mikson's questions to 10X Genomics Inc (TXG) leadership • Q4 2024

    Question

    Kyle Mikson followed up on biopharma spending assumptions within the 2025 guidance and asked if a recent PTAB decision against some patents would create more competitive headwinds in the single-cell market.

    Answer

    CEO Serge Saxonov asserted that the PTAB decisions do not impact the overall protection of their products and technology, expressing strong confidence in their competitive position and value proposition. He also confirmed that the growth trajectory and impact from the biopharma segment are factored into the 2025 guidance.

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    Kyle Mikson's questions to 10X Genomics Inc (TXG) leadership • Q3 2024

    Question

    Kyle Mikson questioned the level of confidence in the stated mid-next-year timeline for the commercial reorganization to yield benefits. He asked if it was fair to assume a return to more satisfactory revenue growth rates in the second half of next year, considering the potential for ongoing macro headwinds.

    Answer

    CEO Serge Saxonov expressed confidence in the mid-next-year timeline for the commercial organization to be fully ramped and efficient. However, he cautioned that the company's baseline assumption is that the challenging macroeconomic situation will persist and not necessarily improve. Therefore, while internal execution should be on track, external pressures are expected to remain a factor.

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    Kyle Mikson's questions to Quantum-Si Inc (QSI) leadership

    Kyle Mikson's questions to Quantum-Si Inc (QSI) leadership • Q2 2025

    Question

    Kyle Mikson asked about the duration of the new acquisition options, their potential application to the Proteus launch, instrument utilization trends, the target markets for new kits, the strategy behind PTM capabilities, and the potential for M&A or internal cost cuts.

    Answer

    President & CEO Jeff Hawkins stated that there are no current plans to offer Proteus under the new models, which are a reaction to current market conditions. He noted that consumable revenue was strong, supporting the new models. The new kits are designed to address specific needs in biopharma (barcodes) and broader research applications (library prep). Hawkins confirmed PTM development is a direct response to current customer demand. He emphasized that the priority is the core business, and while opportunistic, the bar for M&A is high. He sees no need for major cuts, viewing the current R&D and commercial teams as right-sized and productive.

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    Kyle Mikson's questions to Quantum-Si Inc (QSI) leadership • Q1 2025

    Question

    Kyle Mikson of Alliance Global Partners inquired about Quantum-Si's confidence in the biopharma market amid budget pressures, early customer feedback on the new Platinum Pro system, the future gross margin profile, and the company's long-term cash runway strategy.

    Answer

    President and CEO Jeffrey Hawkins stated that R&D funding in biopharma remains stable and that the Platinum Pro launch has been successful with reliable performance. He also confirmed that U.S. academic customers continue to purchase consumables. CFO Jeffry Keyes added that gross margins are expected to remain in the 40-50% range, and the company is managing potential tariff impacts. Hawkins concluded that the company is capitalized into the second half of 2027 and is focused on creating value through innovation like the Proteus platform.

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    Kyle Mikson's questions to Quantum-Si Inc (QSI) leadership • Q4 2024

    Question

    Kyle Mikson inquired about initial sales of the new Platinum Pro system, whether Q4 revenue included any pull-forward from Q1, and the expected contribution from the Avantor partnership. He also asked for feedback from recent genomics conferences, the company's confidence in its well-based approach versus nanopore technologies, and the development status of the next-generation Proteus platform.

    Answer

    President and CEO Jeffrey Hawkins stated that Platinum Pro shipments will begin before the end of Q1 2025, with no negative impact observed on legacy Platinum sales or consumables. He noted some minor year-end purchasing but not a significant pull-forward of revenue. Regarding Avantor, Hawkins explained that Q1 is a training and implementation phase, with revenue contributions expected to begin in Q2 and accelerate in the second half of the year. He also confirmed the key 2025 milestone for the Proteus platform is to demonstrate sequencing on a prototype system by year-end, stating that development is on track and derisked through key partnerships.

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    Kyle Mikson's questions to Quantum-Si Inc (QSI) leadership • Q3 2024

    Question

    Kyle Mikson of Canaccord Genuity Group Inc. asked about the lack of revenue visibility in Q3, the confidence in reaching over $1 million in Q4 revenue, and the primary bottlenecks preventing faster customer adoption. He also inquired about the sales mix between direct and distribution channels, customer feedback on the new version 3 kits, and the company's long-term view on the clinical and therapeutic potential of its protein sequencing technology.

    Answer

    President and CEO Jeffrey Hawkins explained that the Q3 revenue shortfall was due to a small number of instrument deals being delayed by about a month. He expressed confidence in surpassing $1 million in Q4 revenue based on the commercial team's forecast and a potential year-end budget flush. Hawkins stated that adoption bottlenecks are not tied to a single issue but are related to the natural ramp-up period for the newly expanded sales team and the ongoing generation of customer proof points. He confirmed that sales have been a mix of direct and distribution channels and that the version 3 kits have seen rapid, smooth adoption due to performance improvements. Regarding clinical potential, Hawkins noted continued traction in biopharma but indicated that a true clinical diagnostic application is still further in the future, with more details to be shared at the upcoming Investor Day.

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    Kyle Mikson's questions to Castle Biosciences Inc (CSTL) leadership

    Kyle Mikson's questions to Castle Biosciences Inc (CSTL) leadership • Q2 2025

    Question

    Kyle Mikson of Canaccord Genuity questioned the impact of the DecisionDx SCC reimbursement change on gross margin, the outlook for cash flow in 2026, and the potential for cross-selling between TissueCypher and the newly acquired ProVise assets.

    Answer

    CFO Frank Stokes projected that adjusted gross margin would likely be in the low-to-mid 70s range in the second half of the year. CEO Derek Maetzold clarified that the ProVise acquisition is focused on creating a superior multi-omics test, not on cross-selling, and that material revenue from the acquired EsoPredict test is not expected.

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    Kyle Mikson's questions to Castle Biosciences Inc (CSTL) leadership • Q1 2025

    Question

    Kyle Mikson of Canaccord Genuity asked for details on the Previse acquisition, its workflow relative to TissueCypher, the financial impact of discontinuing IDgenetix, and future pipeline plans for Previse's technology.

    Answer

    CEO Derek Maetzold positioned the Previse test as a potential enhancement to the TissueCypher franchise and noted its non-endoscopic technology could open upstream opportunities. CFO Frank Stokes stated that discontinuing IDgenetix would have a modest impact on revenue but would positively benefit EBITDA. Derek Maetzold added that while they can accelerate Previse's pipeline, specific timelines are not yet set.

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    Kyle Mikson's questions to Castle Biosciences Inc (CSTL) leadership • Q3 2024

    Question

    Kyle Mikson of Canaccord Genuity inquired about the sequential revenue decline in dermatology, the impact of Palmetto's non-coverage decision on DecisionDx-SCC, and the market opportunity and development timeline for the pipeline inflammatory disease test.

    Answer

    CFO Frank Stokes attributed the sequential volume trend to normal seasonality based on patient encounters and stated there was no business impact from the Palmetto policy. CEO Derek Maetzold confirmed the inflammatory disease test update is on track for Q4 2024, with a launch planned before the end of 2025, targeting patients with conditions like atopic dermatitis who are initiating systemic therapies.

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    Kyle Mikson's questions to Illumina Inc (ILMN) leadership

    Kyle Mikson's questions to Illumina Inc (ILMN) leadership • Q2 2025

    Question

    Kyle Mikson from Canaccord Genuity asked for a breakdown of the projected 20-30% volume growth between clinical and research segments and questioned if Illumina has the flexibility to lower prices in response to competitive pressures.

    Answer

    CEO Jacob Thaysen confirmed that clinical volume growth outpaced research in the quarter and is expected to be the stronger long-term driver. Regarding pricing, he stated that current declines are within the expected range. He confidently asserted that Illumina's superior cost structure provides the ability to compete on price if the company chooses to do so.

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    Kyle Mikson's questions to Illumina Inc (ILMN) leadership • Q1 2025

    Question

    Kyle Mikson from Canaccord Genuity asked two questions: First, if the conclusion of the SEC's GRAIL investigation would free Illumina to pursue larger M&A, such as in the MRD space. Second, whether the GRAIL divestiture, nearly a year prior, has tangibly helped accelerate the core Illumina business.

    Answer

    CEO Jacob Thaysen expressed pleasure that the SEC investigation closed with no findings and confirmed Illumina continues to look at value-added bolt-on acquisitions, but stated MRD is likely not a space they would pursue via M&A. CFO Ankur Dhingra highlighted the strong balance sheet and over $1B in cash generated since the divestiture, noting the focus is on bolt-on M&A and opportunistic share repurchases.

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    Kyle Mikson's questions to Guardant Health Inc (GH) leadership

    Kyle Mikson's questions to Guardant Health Inc (GH) leadership • Q2 2025

    Question

    Kyle Mikson from Canaccord Genuity asked why management is confident in obtaining Reveal Medicare reimbursement for breast cancer quickly, questioned the tangible impact of NCCN guidelines on Shield volumes, and asked if a less-trusted USPSTF panel would diminish that milestone's importance.

    Answer

    Chairman & Co-CEO Helmy Eltoukhy explained their confidence in a faster reimbursement timeline for Reveal in breast cancer stems from having a better understanding of Medicare's requirements after successfully navigating the process multiple times. Co-CEO AmirAli Talasaz added that while it's hard to isolate the NCCN's impact amidst strong overall growth, it's a positive milestone, and they remain confident in future guideline inclusions from ACS and USPSTF regardless of panel composition.

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    Kyle Mikson's questions to Guardant Health Inc (GH) leadership • Q4 2024

    Question

    Kyle Mikson asked about the expected contribution from Guardant360 Tissue in 2025 and its long-term strategic importance. He also requested clarification on the expected patient demographic and insurance mix for Shield volumes in 2025.

    Answer

    Co-CEO Helmy Eltoukhy stated that a major upcoming upgrade to G360 Tissue will make it a highly competitive offering and an important pillar of the therapy selection business. Co-CEO AmirAli Talasaz clarified that the vast majority of Shield volume in 2025 is expected to continue to come from covered Medicare beneficiaries, similar to the mix in Q4 2024.

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    Kyle Mikson's questions to Guardant Health Inc (GH) leadership • Q3 2024

    Question

    Kyle Mikson asked for a breakdown of the updated revenue guidance, seeking to understand the core organic growth versus the impact from prior period collections. He also inquired about the reordering rates for the Shield LDT, which has been available since May 2022.

    Answer

    CFO Michael Bell attributed the guidance increase to several factors: approximately $20 million from prior-year cash collections, a higher Guardant360 ASP now at $3,000, and stronger-than-expected biopharma revenue. Co-CEO AmirAli Talasaz addressed the reordering question, explaining that since the recommended interval for Shield is three years, the company has not yet reached the time window to observe reordering rates from the initial LDT launch.

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    Kyle Mikson's questions to Grail Inc (GRAL) leadership

    Kyle Mikson's questions to Grail Inc (GRAL) leadership • Q1 2025

    Question

    Kyle Mikson asked about the status of conversations with the UK's NHS regarding Galleri's commercialization post-2026 and whether the reported 'substantially higher' PPV was a modeled or concrete figure. He also inquired about the stability of the 20% repeat testing rate and strategies to improve it.

    Answer

    Executive Harpal Kumar confirmed the PPV figure is a concrete, not modeled, number. He stated that the NHS is awaiting the final results from all three rounds of the study in mid-2026 before making any decisions on a national rollout. An executive added that the company is pleased with the greater than 20% repeat testing rate for a non-reimbursed test, noting it favorably impacts the customer acquisition cost model.

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    Kyle Mikson's questions to Grail Inc (GRAL) leadership • Q4 2024

    Question

    An associate on behalf of Kyle Mikson asked how the company's cash burn profile might be affected if the FDA submission and approval timelines were significantly elongated or shortened. He also asked if the 'Stargate' AI initiative announced by Oracle, Open AI, and SoftBank had any impact on GRAIL's Q1 results.

    Answer

    CFO Aaron Freidin and Executive Robert Ragusa stated that the company's cash runway, extending into 2028, was intentionally structured with a buffer to provide flexibility for potential delays in the FDA timeline. Regarding the 'Stargate' initiative, Mr. Ragusa commented that while it's positive for the field, it represents a longer-term opportunity and had no impact on Q1 2025 results.

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    Kyle Mikson's questions to Quanterix Corp (QTRX) leadership

    Kyle Mikson's questions to Quanterix Corp (QTRX) leadership • Q1 2025

    Question

    Kyle Mikson inquired about the performance of the Accelerator lab revenue versus expectations, the drivers behind the record consumables quarter, the strategic implications of making Simoa ONE kits compatible with flow cytometers, and the expected timing and pricing for the LucentAD Alzheimer's test.

    Answer

    CEO Masoud Toloue stated that the record consumables quarter was driven by top neurology assays and growing traction in inflammation markers. He highlighted that making Simoa ONE kits compatible with the vast installed base of flow cytometers will accelerate menu adoption in a capital-constrained environment and has high synergy with the Akoya merger. He also noted that pricing for the multi-marker LucentAD test is expected in Q3, with reimbursement anticipated in early 2026 at a high triple-digit level. CFO Vandana Sriram added that Q1 Accelerator revenue was in line with expectations, but the forward-looking pipeline is developing more slowly with smaller project sizes.

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    Kyle Mikson's questions to Quanterix Corp (QTRX) leadership • Q4 2024

    Question

    Kyle Mikson asked for the company's response to the significant stock decline following the Akoya merger announcement, questioning if the Board's view had changed and what investors might be missing. He also sought confirmation of the $6 million in 2024 diagnostic enablement revenue and asked if this revenue stream is included in the 2025 guidance.

    Answer

    President and CEO Masoud Toloue attributed the stock pressure to broad market weakness in the life science tools sector due to NIH funding concerns, not negative sentiment about the Akoya deal itself. He reaffirmed the deal's strategic value in creating scale and accelerating profitability. CFO Vandana Sriram confirmed the $6 million in 2024 revenue from diagnostic partners, which trended between $1 million and $2.5 million per quarter. She stated this revenue is included in the 2025 guidance, while direct revenue from LucentAD testing is not.

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    Kyle Mikson's questions to Quanterix Corp (QTRX) leadership • Q3 2024

    Question

    Kyle Mikson of Canaccord Genuity questioned the interplay between declining Instrument sales and rising Accelerator revenue, the 2025 instrument sales outlook, the reimbursement and scaling strategy for LucentAD Complete, and the key metrics guiding future investment in the diagnostics business.

    Answer

    Executive Vandana Sriram acknowledged the toggle between Instruments and Accelerator, noting Accelerator's strength is offsetting instrument weakness but stated there are no concrete signs of an instrument recovery yet. President and CEO Masoud Toloue addressed reimbursement, stating the multi-marker LucentAD test is expected to command a materially higher rate than single-marker tests. He outlined a dual scaling strategy using both internal capacity and global partners, with investment drivers being therapy uptake and reimbursement rates.

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    Kyle Mikson's questions to Exact Sciences Corp (EXAS) leadership

    Kyle Mikson's questions to Exact Sciences Corp (EXAS) leadership • Q4 2024

    Question

    Kyle Mikson of Canaccord Genuity asked about the expected dollar contribution and growth from care gap revenue in 2025 compared to 2024. He also inquired about any noticeable shift in business from standard primary care ordering to these programs.

    Answer

    CFO Aaron Bloomer stated that after triple-digit growth in 2024 (over 250,000 patients), they expect to build on that momentum in 2025. He noted similar phasing to 2024, with about two-thirds of care gap revenue in the second half. CEO Kevin Conroy added that the ExactNexus platform is driving this shift, and these programs could become a $500M+ opportunity.

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    Kyle Mikson's questions to Exact Sciences Corp (EXAS) leadership • Q4 2024

    Question

    Kyle Mikson asked for details on the care gap revenue contribution in 2025 versus 2024, including the dollar amount and implied growth rate, and inquired about any shift in business from standard ordering.

    Answer

    CFO Aaron Bloomer stated that over 250,000 patients were screened via care gap programs in 2024, representing triple-digit growth, and the company expects to build on that momentum in 2025. He noted that about two-thirds of this revenue was recognized in the second half of 2024, with similar phasing expected in 2025. CEO Kevin Conroy added that the ExactNexus platform is the key enabler and that care gaps represent a potential $500 million-plus future opportunity.

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