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    Madeline Mollman • Wolfe Research

    Madeline Mollman's questions to 10X Genomics Inc (TXG) leadership

    Madeline Mollman's questions to 10X Genomics Inc (TXG) leadership • Q2 2025

    Question

    Madeline Mollman asked about the pricing headwind from new lower-cost products, given that single-cell consumables revenue declined while reaction volumes grew, and whether the Scale acquisition could worsen this dynamic.

    Answer

    CEO Serge Saxonov explained that product transitions to lower-priced solutions like GemX and Flex are driving volume elasticity, though the challenging macro environment is delaying the net positive impact on revenue. He stated that while there is a time lag, the fundamental trend of volume growth is encouraging and is expected to drive revenue growth in the long term.

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    Madeline Mollman's questions to 10X Genomics Inc (TXG) leadership • Q1 2025

    Question

    Madeline Mollman questioned the basis for confidence in the slight sequential revenue increase guided for Q2, especially given management's comments that the funding environment deteriorated throughout Q1.

    Answer

    CFO Adam Taich explained that the confidence in the Q2 guidance stems from having good visibility into the order book and purchasing patterns for the current quarter. He clarified that the significant uncertainty and lack of visibility is primarily a dynamic affecting the second half of the year, not Q2.

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    Madeline Mollman's questions to Twist Bioscience Corp (TWST) leadership

    Madeline Mollman's questions to Twist Bioscience Corp (TWST) leadership • Q3 2025

    Question

    Madeline Mollman asked for quantification of the gross margin benefit from order timing in Q3, whether the Q4 exit rate is a good baseline for 2026, and if the $5 million NGS revenue normalization was previously contemplated in guidance.

    Answer

    CFO Adam Laponis explained that the full-year normalization was contemplated, though the timing was uncertain. He attributed the 1-2 point sequential gross margin step-back in Q4 guidance to the positive timing benefits seen in Q3. He affirmed that the 50%+ gross margin level is a sustainable base for future improvement, though the focus is shifting to accelerating growth.

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    Madeline Mollman's questions to Pacific Biosciences of California Inc (PACB) leadership

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

    Question

    Madeline Mollman, on for Doug Schenkel at Wolfe Research, asked for an update on Revio placements, which were below expectations. She specifically inquired if placements delayed from Q2 had closed in Q3 or were pushed out again, and whether any cancellations had occurred.

    Answer

    CEO Christian Henry confirmed there have been no cancellations. He stated that while some delayed Q2 orders closed in Q3, others did not and remain in the funnel. He attributed the Q3 shortfall primarily to the last-minute delay of large tenders in Europe, which are now expected to close in Q4 or Q1. Henry acknowledged that prolonged sales cycles are a challenge but expects the new SPRQ chemistry to expand the sales funnel.

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