Sign in

    Mark Massaro • BTIG

    Mark Massaro's questions to Cars.com Inc (CARS) leadership

    Mark Massaro's questions to Cars.com Inc (CARS) leadership • Q2 2025

    Question

    Mark Massaro asked about the competitive environment in tissue testing and the potential to continue taking share. He also inquired about the company's appetite for M&A given its large cash balance and sought clarification on whether the 170 million covered lives figure was for the higher-priced MyCancerSEQ CDx.

    Answer

    An executive stated that the market remains in the early stages of adoption, and Caris's sophisticated platform and AI insights provide a strong competitive edge. He confirmed the company's focus remains on organic growth with no appetite for M&A. Luke Power, SVP, CFO & Chief Accounting Officer, confirmed the 170 million covered lives figure applies to MyCancerSEQ and includes Medicare.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Tempus AI Inc (TEM) leadership

    Mark Massaro's questions to Tempus AI Inc (TEM) leadership • Q2 2025

    Question

    Mark Massaro of BTIG inquired about the demand and competitive positioning of the xF liquid biopsy franchise, particularly regarding multiple time point testing. He also asked for the drivers behind the strong growth in the Ambri hereditary testing business.

    Answer

    CEO Eric Lefkofsky stated that Tempus's liquid biopsy franchise has grown significantly faster than the market. While acknowledging the emerging treatment response monitoring space, he noted that volumes are gated until reimbursement is secured. For Ambri, he attributed the strong performance roughly 'fifty-fifty' to capturing market share from competitors and the strength of Ambri's best-in-class platform, which is increasingly seen as the 'gold standard' by large systems.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Tempus AI Inc (TEM) leadership • Q1 2025

    Question

    Mark Massaro asked how Tempus can leverage its data and pharma collaborations to gain an advantage in the MRD space for both its tumor-naive and tumor-informed offerings. He also asked if any specific tests in the broader portfolio were gaining market share.

    Answer

    CEO Eric Lefkofsky explained that Tempus's primary differentiator is its AI and technology, which can derive unique insights from massive data sets. He believes this will allow Tempus to create intelligent, personalized diagnostics for MRD that can predict recurrence with greater granularity and guide intervention. CFO Jim Rogers added that while they saw growth across the entire portfolio, MRD volumes are being intentionally metered due to the current lack of reimbursement.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to CareDx Inc (CDNA) leadership

    Mark Massaro's questions to CareDx Inc (CDNA) leadership • Q2 2025

    Question

    Vivienne, on behalf of Mark Massaro from BTIG, asked if the draft LCD impacts the company's Long-Range Plan, sought clarification on the assumptions for the $30 million headwind scenario for HeartCare, and requested a breakdown of kidney testing between surveillance and for-cause.

    Answer

    President & CEO John Hanna stated that the Long-Range Plan will not be updated until the LCD is finalized. He clarified the $30 million headwind assumes the loss of AlloMap Heart reimbursement, given its high attachment rate (upwards of 90%) with HeartCare. He declined to provide a specific split for kidney testing but confirmed a significant shift toward surveillance following policy clarifications.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to CareDx Inc (CDNA) leadership • Q1 2025

    Question

    An analyst on behalf of Mark Massaro at BTIG asked about additional levers for driving average selling prices (ASPs) beyond the Epic integration. They also requested clarification on the impact of severe weather and the amount of prior period collections during the quarter.

    Answer

    Executive Keith Kennedy outlined a multi-quarter strategy to improve revenue cycle management through cleaner claims, better verification, and a new appeals process, alongside market access efforts using the new PLA code. CFO Abhishek Jain quantified the weather impact at 500-600 tests and noted a $1.1 million write-off for aged receivables from previous quarters.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to CareDx Inc (CDNA) leadership • Q4 2024

    Question

    Mark Massaro of BTIG questioned the amount of prior period collections in Q4 and FY2024, its inclusion in 2025 guidance, the drivers of mid-teens volume growth, and the rationale for the revenue guidance range.

    Answer

    CFO Abhishek Jain clarified that Q4 included $2.2 million and FY2024 included $17 million in prior period revenue, which is not baked into 2025 guidance, representing potential upside. CEO John Hanna confirmed that increased surveillance testing is a substantial contributor to the mid-teens volume growth forecast. Jain and Hanna explained the guidance range reflects variables in volume and ASP, with upside potential from faster surveillance adoption and improved cash collections.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to CareDx Inc (CDNA) leadership • Q3 2024

    Question

    Mark Massaro asked if the early rebound in surveillance testing could continue into 2025 ahead of full protocol re-establishment and inquired about the expected timing and content of the final LCD for transplant testing from Palmetto GBA.

    Answer

    CEO John Hanna confirmed that the surveillance recovery is additive to the for-cause testing growth seen earlier in 2024. On the LCD, Hanna noted there is no specific timeline from Palmetto but expects any future draft to be updated with recent literature, like the Nature Medicine study, while the 2021 LCD remains active.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Personalis Inc (PSNL) leadership

    Mark Massaro's questions to Personalis Inc (PSNL) leadership • Q2 2025

    Question

    Vivian, on for Mark Massaro of BTIG, asked if the biopharma revenue shortfall was a push-out or cancellation, whether it was related to Moderna, and if the growth in NeXT Personal test volume was driven by new physicians or more tests per patient.

    Answer

    CEO Christopher Hall clarified that the revenue weakness was not related to the Moderna program, which is progressing as expected. Instead, project delays in the translational research sector caused the shortfall, which he characterized as push-outs, not cancellations. Hall emphasized that the MRD biopharma business remains strong, with 300-400% growth on track. He also stated that clinical test volume growth is driven by both an increase in ordering physicians (now over 600) and deeper penetration within existing accounts, facilitated by the successful Tempus partnership.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Personalis Inc (PSNL) leadership • Q1 2025

    Question

    Vivian, on for Mark Massaro, asked about potential one-time items affecting the quarter, the decision not to raise full-year guidance, and the clinical need for a more sensitive MRD test in colorectal cancer (CRC).

    Answer

    Executive Aaron Tachibana confirmed there were no one-time items and that the Q1 beat was driven by strong biopharma performance. He maintained the $80-$90 million full-year guidance, citing a potential $3-$5 million headwind from pharma project deferrals that is offset by a strong NeXT Personal sales funnel. Executive Richard Chen addressed the CRC question, emphasizing the need for high sensitivity in the post-surgical landmark window to inform adjuvant therapy decisions, a key differentiator for NeXT Personal.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Personalis Inc (PSNL) leadership • Q3 2024

    Question

    Mark Massaro asked about the market reception of NeXT Personal's 'ultra-sensitive' feature, whether the company is intentionally throttling the commercial launch pre-reimbursement, and how the recent capital raise will affect 2025 spending plans.

    Answer

    CEO Christopher Hall and Chief Medical Officer Richard Chen confirmed the 'ultra-sensitive' concept is resonating well, with 30-40% of positive results falling in this range, leading to 98% physician retention. Hall acknowledged they are purposefully managing the launch pace. He also stated the company will remain in 'cash conservation mode,' with significant sales force expansion planned only after reimbursement is secured. CFO Aaron Tachibana noted that investment in clinical evidence generation will remain a priority.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Adaptive Biotechnologies Corp (ADPT) leadership

    Mark Massaro's questions to Adaptive Biotechnologies Corp (ADPT) leadership • Q2 2025

    Question

    Mark Massaro from BTIG asked for details on the EMR integration timeline, specifically how long it takes for an Epic site to mature and show accelerated growth. He also inquired about the phases and expected financial impact timeline of the NeoGenomics collaboration.

    Answer

    CCO Susan Bobulsky clarified that 'mature' Epic sites are those live for over a year, with about six currently in that category, and noted the Flatiron rollout was a single event for 113 account groups. Regarding the NeoGenomics partnership, she explained Phase 1 is a small pilot with no material volume impact expected in 2025, with a material lift anticipated in 2026-2027. CEO Chad Robins added that NeoGenomics will sell clonoSEQ as part of its COMPASS and Chart offerings.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Adaptive Biotechnologies Corp (ADPT) leadership • Q1 2025

    Question

    Mark Massaro from BTIG asked about the drivers of the strong sequential clonoSEQ volume growth, the timing of MRD pharma milestones, and the strategy for payer contract negotiations relative to the Medicare rate.

    Answer

    Executive Susan Bobulsky attributed growth to NHL indications and EMR integrations, noting no significant weather impact. CFO Kyle Piskel stated that the MRD milestone funnel is strong, with more milestones becoming available earlier, supporting the raised guidance. CEO Chad Robins confirmed a disciplined contracting strategy, refusing rates not at or near the established Medicare rate.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Adaptive Biotechnologies Corp (ADPT) leadership • Q4 2024

    Question

    Mark Massaro of BTIG sought more detail on the potential scale of the NeoGenomics partnership opportunity in 2026 and 2027, and asked about the company's success in leveraging the higher Medicare price to negotiate better rates with commercial payers.

    Answer

    Executive Sharon Benzeno characterized the NeoGenomics partnership as a 'win-win' that could materially impact volumes by 'mid- to high single digits' over the course of the three-year deal. CEO Chad Robins confirmed they are successfully using the new PLA code and Medicare rate to re-contract with existing commercial payers and engage uncontracted payers at higher rates.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Adaptive Biotechnologies Corp (ADPT) leadership • Q3 2024

    Question

    Mark Massaro asked why the upper end of the MRD revenue guidance was not raised despite a Q3 beat, sought confirmation on the number of trials using clonoSEQ as a primary endpoint, and inquired about feedback from pharma partners on the benefits of this shift.

    Answer

    CFO Kyle Piskel cited an unforeseen ASP reserve charge, pharma business volatility, and prudence as reasons for not raising the guide's top end. CEO Chad Robins confirmed 10 multiple myeloma studies now use clonoSEQ as a primary endpoint. Executive Susan Bobulsky detailed that pharma partners are interested in the significant trial time reduction, potentially from 8-10 years down to 3 years.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Castle Biosciences Inc (CSTL) leadership

    Mark Massaro's questions to Castle Biosciences Inc (CSTL) leadership • Q2 2025

    Question

    Mark Massaro of BTIG inquired about the reimbursement outlook for the internally developed atopic dermatitis test, the plan for the DecisionDx SCC test going forward, and the drivers behind the increased full-year revenue guidance.

    Answer

    CEO Derek Maetzold indicated that while multiple reimbursement paths exist for the atopic dermatitis test, its revenue impact in 2026 will be immaterial. He affirmed that Castle will continue offering the DecisionDx SCC test for patient care. CFO Frank Stokes attributed the guidance raise to strong performance across the business and noted typical Q2-to-Q3 seasonal flatness for melanoma.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Castle Biosciences Inc (CSTL) leadership • Q1 2025

    Question

    Mark Massaro of BTIG asked about the financial terms of the Previse acquisition, the optics of its timing, and details on Previse's historical revenue and its sponge technology's market position.

    Answer

    CFO Frank Stokes confirmed the Previse deal was all cash but did not disclose the value, stating its historical revenue was not material to Castle. He positioned the acquisition as a technology and pipeline opportunity. CEO Derek Maetzold stated the timing was unrelated to the SCC reimbursement situation. Frank Stokes added that Previse's sponge technology is not yet at the point of seeking Medicare coverage.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Guardant Health Inc (GH) leadership

    Mark Massaro's questions to Guardant Health Inc (GH) leadership • Q2 2025

    Question

    Mark Massaro of BTIG inquired about the drivers of Guardant360 Liquid's strong performance, asking whether the SERENO-six trial publication had a material impact in Q2 and about the potential to increase testing frequency in breast cancer.

    Answer

    Chairman & Co-CEO Helmy Eltoukhy stated that Guardant360's over 20% growth was primarily driven by the product-market fit of the Infinity smart liquid biopsy platform. He clarified that any impact from the SERENO-six trial was minimal in Q2, with the majority of the benefit expected post-drug approval, which could significantly expand testing opportunities.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Guardant Health Inc (GH) leadership • Q1 2025

    Question

    Mark Massaro asked for a rank-ordering of the drivers behind the accelerated oncology volume growth and inquired about the components of the raised Shield screening guidance, including the implied average selling price (ASP) and Medicare mix.

    Answer

    Co-CEO Helmy Eltoukhy attributed the strong oncology growth primarily to the Guardant360 Smart Liquid Biopsy upgrade, followed by Reveal's momentum and the new Guardant360 Tissue product. Co-CEO AmirAli Talasaz and CFO Mike Bell explained the Shield guidance increase was driven by sales force productivity and ADLT pricing. Bell clarified the blended ASP of ~$800 for the rest of the year reflects a mix of Medicare, a conservative approach to Medicare Advantage, and zero-paying commercial plans.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Guardant Health Inc (GH) leadership • Q4 2024

    Question

    Mark Massaro asked for anecdotes about field reception for the upgraded Guardant360 Liquid product and inquired about the level of interest for Shield from the non-Medicare, commercially insured population.

    Answer

    Co-CEO Helmy Eltoukhy reported high excitement from the sales team and strong momentum for G360 Liquid, with growth coming from deeper penetration within existing accounts. Co-CEO AmirAli Talasaz noted that prior to focusing on Medicare, the younger, commercial population represented a majority of Shield orders, confirming significant underlying demand exists.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Guardant Health Inc (GH) leadership • Q3 2024

    Question

    Mark Massaro inquired about the early performance of the Shield test, seeking metrics like ordering provider numbers, and asked if the favorable Medicare pricing suggests potential upside to the 2028 target of over $500 million in revenue from one million tests.

    Answer

    Co-CEO AmirAli Talasaz stated that while specific Shield volumes are not yet being disclosed, initial post-launch volume is ahead of expectations with strong momentum, and the company intends to report volume and revenue in Q4. CFO Michael Bell added that the 2028 target of $500 million revenue now seems more secure, given the better-than-assumed ASP, a first-line label (vs. an assumed second-line), and a longer lead time over competitors.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to GeneDx Holdings Corp (WGS) leadership

    Mark Massaro's questions to GeneDx Holdings Corp (WGS) leadership • Q2 2025

    Question

    Mark Massaro from BTIG inquired about the current payer denial rate, the rationale for raising the revenue guide while maintaining the volume guide for Exome & Genome, and the progress of the Fabric Genomics acquisition.

    Answer

    CFO Kevin Feeley reported that the paid rate has improved to the mid-50s. He explained the guidance update reflects high confidence in the durability of improved reimbursement rates, justifying the revenue raise, while reaffirming the volume target. CEO Katherine Stueland stated the Fabric Genomics integration is on track, with teams collaborating on data porting and platform integration for future growth.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to GeneDx Holdings Corp (WGS) leadership • Q1 2025

    Question

    Mark Massaro asked about the Fabric Genomics acquisition, including its pricing model, margin profile, and cash burn. He also questioned if the new ultraRapid test was factored into guidance and requested quantification of Q1's weather impact.

    Answer

    CEO Katherine Stueland highlighted Fabric's strategic value, while CFO Kevin Feeley detailed its economics: a high-margin (~70%), recurring software revenue model with a current burn of a few million dollars per quarter, expecting accretion in 2026. Feeley confirmed the ultraRapid launch was included in the original guidance for a back-half ramp, with potential upside from a richer product mix. He estimated the combined weather and calendar impact was worth a few days of volume.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to GeneDx Holdings Corp (WGS) leadership • Q4 2024

    Question

    Mark Massaro asked for a comparison of the new 48-hour ultraRapid genome turnaround time to existing products, the potential for higher reimbursement, the expected phasing of revenue in 2025, and the company's strategy for the adult market.

    Answer

    CEO Katherine Stueland noted the dramatic reduction from 6-month turnaround times years ago to the current 5-day and 48-hour offerings, confirming the ultraRapid test will have a higher price point for institutional pay in the NICU. CFO Kevin Feeley added that Q1 revenue should be slightly above Q4 despite seasonality, with a larger ramp in the second half driven by the NICU and new indications. Katherine Stueland described the adult market as a massive, untapped opportunity in 'inning zero,' highlighting future potential in neurodegenerative and cardiac conditions.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to GeneDx Holdings Corp (WGS) leadership • Q3 2024

    Question

    Mark Massaro of BTIG asked about the Guardian newborn screening study published in JAMA, questioning who funded it and its impact on cash burn. He also inquired about the timeline for a commercial launch, the payer strategy for newborn screening, and the company's plans for adult exome/genome testing.

    Answer

    CFO Kevin Feeley clarified that the Guardian study involves in-kind contributions from all partners, with no cost to families. CEO Katherine Stueland projected a 5+ year timeline for meaningful commercialization and reimbursement of newborn screening, emphasizing the need to build a health economic argument. For adult testing, she stated the focus is on symptomatic conditions like neurodegenerative diseases, often tied to biopharma drug development, rather than broad screening at this time.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Sophia Genetics SA (SOPH) leadership

    Mark Massaro's questions to Sophia Genetics SA (SOPH) leadership • Q1 2025

    Question

    On behalf of Mark Massaro of BTIG, a representative asked for the company's perspective on the competitive landscape following the acquisition of Fabric Genomics and the trend towards exome applications.

    Answer

    Co-Founder and CEO Jurgi Camblong commented that the acquisition of Fabric Genomics by GeneDx highlights the increasing value of data analytics and bioinformatics in the industry, reinforcing SOPHiA's strategic focus. He noted this trend aligns with the shift of value from data production to data analytics. He also confirmed that rare disorders, which utilize applications like their Enhance Exome product, represent 20% of SOPHiA's business and are seeing significant market demand.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Sophia Genetics SA (SOPH) leadership • Q4 2024

    Question

    Mark Massaro of BTIG asked about the expected volume growth and ASP trends for 2025, the conversion rate for the MSK-ACCESS and MSK-IMPACT pipeline, and the target market for the new enhanced Exome product.

    Answer

    Co-Founder and CEO Dr. Jurgi Camblong highlighted the record 92 new logos signed and a record 35 implementations in Q4 as drivers for future volume. President Ross Muken explained that while 2025 growth will be volume-biased, new higher-priced products like MSK-ACCESS, MSK-IMPACT, and enhanced Exomes should lift ASPs in H2 2025 and into 2026. Regarding MSK applications, Camblong noted the rapid signing of 34 ACCESS and 7 IMPACT customers since their recent launches. Muken added that revenue impact will be back-half weighted due to implementation times. On the enhanced Exome product, Camblong clarified its initial focus is on germline/inherited diseases to improve lab economics.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Sophia Genetics SA (SOPH) leadership • Q3 2024

    Question

    An analyst on behalf of Mark Massaro of BTIG asked about management's confidence in biopharma headwinds subsiding in 2025 and sought confirmation on the key drivers for the implied Q4 revenue step-up.

    Answer

    Co-Founder and CEO Dr. Jurgi Camblong stated that the biopharma pipeline is growing, focused on post-approval activities where SOPHiA's global network provides a key advantage. President Ross Muken explained the Q4 step-up is driven by seasonal strength, new customer onboarding (including MSK-ACCESS), and an expected sequential improvement in the biopharma business, though the wide guidance range reflects timing uncertainty for large contracts.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Alpha Teknova Inc (TKNO) leadership

    Mark Massaro's questions to Alpha Teknova Inc (TKNO) leadership • Q4 2024

    Question

    Mark Massaro from BTIG asked about the typical time it takes for a new clinical customer to ramp up to mature spending levels and inquired about recent pricing actions. He also sought clarity on 2025 growth expectations by segment and plans for headcount.

    Answer

    President and CEO Stephen Gunstream explained that new clinical customers typically take 1 to 1.5 years to ramp up spending significantly, depending on their clinical trial timelines. He confirmed an average mid-single-digit price increase was implemented at the start of the year. Gunstream clarified that the custom Biopharma segment is expected to be the fastest-growing at 15% in 2025, with headcount and operating expenses remaining generally flat.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Exact Sciences Corp (EXAS) leadership

    Mark Massaro's questions to Exact Sciences Corp (EXAS) leadership • Q3 2024

    Question

    Mark Massaro from BTIG asked if there were recent changes to sales territories and how the company will manage the Cologuard Plus transition for commercial plans to avoid non-payment issues.

    Answer

    CEO Kevin Conroy expressed total confidence in the sales leadership and the team's high energy. Regarding the Cologuard Plus transition, he explained their system can identify which test a patient has coverage for (Cologuard 1.0 or Plus) and deliver the appropriate one. This leverages their deep relationships with over 800 payers to prevent 'zeros' or non-payment, ensuring patients get screened.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Exact Sciences Corp (EXAS) leadership • Q3 2024

    Question

    Mark Massaro from BTIG asked if any changes were made to sales territories and inquired about the logistical plan for the Cologuard Plus transition, specifically how the company will prevent 'no pay' situations for patients on commercial plans without an updated contract.

    Answer

    CEO Kevin Conroy expressed total confidence in the sales leadership and did not detail territory changes. For the Cologuard Plus transition, he explained that with over 800 payer contracts and a high collection rate, the company has deep relationships and robust systems. The platform can identify a patient's coverage and deliver the appropriate test—either Cologuard or Cologuard Plus—to ensure they get screened and to prevent 'no pay' scenarios, which he noted the company has not seen in many years.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Neogenomics Inc (NEO) leadership

    Mark Massaro's questions to Neogenomics Inc (NEO) leadership • Q3 2024

    Question

    Mark Massaro asked how the upcoming NEO PanTracer liquid biopsy will compete on sensitivity, its publication plan, and the timeline for payer coverage. He also asked about the recovery plan for the Advanced Diagnostics business.

    Answer

    CCO Warren Stone and CIO Andrew Lukowiak stated PanTracer will launch in H1 2025 with expected CMS coverage and competitive sensitivity, supported by comparison studies planned for publication. For Advanced Diagnostics, CCO Warren Stone outlined a recovery plan based on a stabilizing market and a new go-to-market strategy and business model launching in January to improve focus and targeting.

    Ask Fintool Equity Research AI

    Mark Massaro's questions to Cerus Corp (CERS) leadership

    Mark Massaro's questions to Cerus Corp (CERS) leadership • Q3 2024

    Question

    Mark Massaro of BTIG inquired about the future run rate for government contract revenue, given the light Q3 result and the new BARDA contract, and asked if the full-year adjusted EBITDA guidance was conservative after a strong quarterly beat.

    Answer

    CFO Kevin Green explained that government contract revenue will ramp as the RedeS study progresses and the new BARDA contract activities begin in earnest in 2025. President and CEO Obi Greenman noted that while tracking ahead of their adjusted EBITDA goal, the full-year guidance remains cautious due to potential variability in operating expenses and margins.

    Ask Fintool Equity Research AI