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President and CEO Christian Henry explained that while the Estonia project was a contributor, EMEA's growth was broad-based, driven significantly by Revio placements in hospitals for routine clinical rare disease work. He confirmed that several other large-scale population sequencing programs are "percolating" globally and could become significant revenue drivers in 2026.

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President and CEO Christian Henry explained the revised timeline reflects the lower revenue trajectory from 2024's performance and the uncertain outlook for 2025. The path to breakeven assumes modest revenue growth from the 2025 guidance midpoint in subsequent years, combined with continued gross margin expansion into the 50s over time and disciplined expense management. The shift essentially pushes the original 2026 target out by one year.

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CEO Christian Henry likened the Vega manufacturing ramp to Revio's, expecting sequential unit growth throughout the next year with shipments starting early in Q1. Regarding gross margin, Henry and CFO Susan Kim clarified that while Vega consumables will be accretive from day one, the instrument itself may be dilutive in Q1 due to higher initial unit costs. However, they expect the platform to be accretive to the company's overall gross margin for the full year.

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CEO Serge Saxonov confirmed the European Xenium sales team is now fully in place and ramping well, leading to improved execution and a growing sales funnel. However, he noted that the challenging CapEx environment is causing opportunities to take longer to close, with funding being the primary bottleneck for customers.

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CEO Serge Saxonov stated that the cost reductions were company-wide but that direct sales roles were less impacted to protect the recently expanded commercial organization, which is seen as a foundation for future growth. CFO Adam Taich quantified the impact, noting the measures are expected to reduce 2025 operating expenses by over $50 million compared to 2024.

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CEO Serge Saxonov stated that based on past experience, it typically takes 3 to 4 quarters for the volume uplift from price elasticity to fully compensate for the initial price decrease and drive incremental top-line growth. He confirmed that in the interim, the company expects to see some near-term pressure and headwinds on revenue as customers gradually transition to the new, lower-priced products.

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CEO Peter Caldini reported that the consignment initiative is proceeding well, with permanent inventory now placed in over 100 accounts, which helps improve utilization. He also stated that the U.S. sales force currently stands at 43 representatives, with plans to add another 10 to 15 reps next year to support deeper penetration and the upcoming Preservay launch.

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CEO Peter Caldini stated that the FDA approval and U.S. momentum continue to help convert OUS clinics, though it is difficult to quantify the exact number of 'FDA-only' accounts. Regarding utilization, he explained that once a surgeon uses Motiva, conversion and reordering accelerate, with some accounts now placing over 100 orders.

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Executive Rajbir Denhoy confirmed the $35 million-plus guidance but declined to provide granular forward-looking metrics, stating the current 40-rep team is sufficient to achieve the target. CEO Juan Jose Quiros affirmed that supply challenges are resolved, noting that manufacturing capacity was ramped up with a third shift post-approval and no further issues are expected.

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CEO Marc Stapley confirmed the metastatic launch enhances Decipher's marketability across the care continuum and noted a positive trend in high-risk testing interest. CFO Rebecca Chambers clarified that an LCD is already in place with Medicare, which covers approximately two-thirds of the metastatic patient population, providing a strong reimbursement foundation at launch.

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CEO Marc Stapley stated the launch is deliberately planned for the second half of 2025 to ensure a successful rollout without disrupting the core business. CFO Rebecca Chambers added that the guidance assumes a relatively small contribution from the metastatic test in 2025, noting that outperformance in the core Decipher business is a more significant potential upside driver for the year.

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EVP & CFO Kevin Waters advised a conservative modeling approach for 2026 handpiece ASPs but noted the increasing mix of Hydros should drive low single-digit price increases over time. He confirmed that while the company works with third-party leasing firms and has done some flexible deals, the primary model of direct capital sales remains unchanged.

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President and CEO Sam Raha announced a strategic shift, stating the company will likely not launch its internally developed PRECISE Liquid product and will instead pursue a partnership to address the liquid biopsy CGP market. CFO Scott Leffler addressed the long-range plan, reiterating the expectation that revenue cycle and payer initiatives will continue to contribute 100-200 basis points of growth annually, even with the recent strong progress in expanded carrier screening coverage.

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President and CEO Paul Diaz explained that having rationalized the portfolio, the company is positioned to invest in clinical evidence across all products, including GeneSight. He emphasized that while all areas are important, the biggest opportunity to push the company into mid-teens growth lies in oncology with products like Precise Tumor and MRD, and that capital will be invested wisely where the biggest returns are for patients and investors.

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CEO Derek Maetzold stated that the GI sales team, expanded before year-end, is expected to reach full productivity in Q3 and Q4 2025. He explained that it is too early to provide specific data on DecisionDx Melanoma utilization trends post-shift, as the change was implemented late in the quarter.

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CFO Frank Stokes anticipated a slowing of SCC volume growth as promotional efforts shift to melanoma but noted the test's high value might sustain demand. CEO Derek Maetzold explained their growth algorithm for melanoma involves splitting territories when they reach a certain revenue threshold, allowing reps to balance nurturing existing accounts and hunting for new ones.

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CEO Derek Maetzold stated the GI sales team was expanded to around 40 territories and is expected to grow into the low-to-mid 60s in the next year to target the ~10,000 U.S. gastroenterologists. Regarding DecisionDx-SCC, he noted the test remains covered by Medicare via Novitas and that recent pivotal studies on adjuvant radiation therapy utility, published after the Palmetto LCD, strengthen the case for coverage.

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CEO Dominick Colangelo expressed high confidence in their pricing strategy, noting that the mid-90% prior approval rate has remained stable despite historical price increases. Regarding international expansion, he stated that a roadmap is expected by year-end, with Europe prioritized for a potential launch in the 2027-2028 timeframe.

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CEO Nick Colangelo responded that the company is monitoring the fluid situation with trade tariffs and will incorporate any potential impacts into its final decision on international expansion. Regarding training, he explained the strategy prioritizes existing MACI customers as the 'low-hanging fruit.' The sales force uses efficient methods like group sessions and synthetic models to train surgeons before moving on to prospect new users, making the process streamlined.

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CEO Dominick Colangelo explained that multiple training options exist and noted that biopsy growth from trained surgeons is already significantly outpacing others. For international expansion, he highlighted Europe as a key target, noting a pivotal study was already conducted there, which should streamline the regulatory process. He mentioned the commercial model would be decided on a country-by-country basis, potentially using direct sales, partners, or distributors.

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President & COO Joe Gilliam stated that over 50% of commercial and Medicare Advantage lives already have a positive policy, typically positioning iDose TR as a second or third-line therapy, and the company will work to move it closer to first-line over time. SVP & CFO Alex Thurman noted that iDose TR is a high-margin product and that the company is already starting to see modest gross margin accretion.

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President and COO Joe Gilliam confirmed the combo-cataract data has been well-received. In MACs with more established reimbursement, he noted broad growth, primarily in stand-alone procedures. However, as physicians gain confidence, they are beginning to increase their use of iDose in combination with cataract surgery. Gilliam reiterated that the company's primary strategic focus remains on driving the much larger stand-alone interventional glaucoma market.

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CFO Jeff Sherman noted that Pathline's performance was slightly ahead of plan, but its overall guidance contribution remains unchanged. President & COO Warren Stone explained that visibility in the pharma business is very limited (less than one quarter), which prompted a conservative forecast for the remainder of the year.

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CCO Warren Stone stated that 13 new products were launched over the past two years, primarily NGS-based, which fueled growth, but specific revenue contribution is not disclosed. CEO Christopher Smith added that progress from biomarker legislation has been slow, describing it as 'hand-to-hand combat' with payers, but it remains a long-term tailwind and part of their RCM initiatives.

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CEO Christopher Smith explained that while ordering patterns vary, the company's goal is to become 'sticky' by providing excellent service and a comprehensive menu, which reduces vendor switching. He explicitly confirmed that a key part of their strategy is for the new liquid biopsy to help drive more volume for their existing solid tumor tissue business.

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CEO Stephen MacMillan responded that while the BV CV/TV assay is in its middle innings, it's a 'long game' with significant runway left. He emphasized that long-term growth for the diagnostics business will be driven by continuously adding new assays to the menu, which is enabled by placing more Fusion sidecars onto the massive installed base of Panther systems, ensuring 'years and years of very nice growth.'

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Chief Financial Officer Karleen Oberton stated that the facility migration is expected to be completed over the course of the year and will contribute to the overall margin improvement in 2025, though specific figures were not provided. She also confirmed that Hologic is on the tail end of working through higher-cost chips and expects to move past the issue during fiscal 2025.

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CEO John Hanna clarified that the company is not suggesting a pull-forward of benefits but is seeing progress on surveillance testing that is on pace with annual guidance. Regarding potential new LCDs, Hanna expressed confidence in CareDx's position, citing the growing body of clinical evidence, such as the submitted KOAR study manuscript, which is expected to support coverage for kidney surveillance.

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CEO John Hanna stated that the company no longer provides a specific protocol count but confirmed that kidney testing outpaced other organs in Q4. He elaborated that surveillance volume comes from two sources: centers with newly initiated protocols that ramp up over time with new patients, and centers without formal protocols where individual clinicians use AlloSure for surveillance based on their positive clinical experience in detecting subclinical rejection.

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CEO John Hanna explained the primary focus is on implementing surveillance protocols for patients in their first year post-transplant, where rejection risk is highest. He added that for patients further out, there is growing interest in for-cause testing, especially as new therapeutics for antibody-mediated rejection become available, which AlloSure can detect early.

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Co-CEO Helmy Eltoukhy explained that the growth is largely driven by greater depth of adoption within existing accounts, as a majority of U.S. oncologists already use the test. He noted that the advanced capabilities of the upgraded G360 Liquid platform are encouraging physicians to increase utilization and test more of their patients.

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CFO Patrick Williams clarified that the -10% to +10% procedure volume range is an assumption for the overall China refractive market for the full fiscal year. He explained that the company's goal is to work down distributor inventory to contractual levels during the first half. The provided H2 revenue range of $75M to $125M reflects the uncertainty in how quickly this normalization occurs and when re-orders will resume based on the market's recovery.

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CEO Wenbin Jiang explained that APAC strength was broad-based, including Australia, New Zealand, Japan, and India. He acknowledged that China has seen an impact similar to that reported by peers, though less severe, and expects a return to normal in the next year. CFO William McCombe noted that for Q4, Cytek expects continued momentum in EMEA and APAC, with the U.S. showing some recovery but likely being the lowest-growth region.

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