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    Matt Larew • William Blair & Company

    Matt Larew's questions to Alpha Teknova Inc (TKNO) leadership

    Matt Larew's questions to Alpha Teknova Inc (TKNO) leadership • Q2 2025

    Question

    Matt Larew from William Blair inquired about the triggers for unlocking customer spending amid macro headwinds, the dynamics of new account growth versus average spend per customer, and the drivers behind the strong gross margin performance.

    Answer

    CEO Stephen Gunstream stated that customers are seeking predictability and are moving from a 'wait and see' mode to active decision-making. He attributed new customer growth to commercial investments, while lower spend per customer reflects the macro environment. CFO Matt Lowell explained that strong gross margins were driven by revenue leverage and manufacturing efficiencies, and while he guided cautiously for the back half, he reiterated the long-term target of 70% drop-through on incremental revenue.

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    Matt Larew's questions to Bio-Techne Corp (TECH) leadership

    Matt Larew's questions to Bio-Techne Corp (TECH) leadership • Q4 2025

    Question

    Matt Larew of William Blair asked what customer outreach has revealed about the specific catalysts that would unlock budgets amid current uncertainties. He also inquired about the company's M&A strategy following recent portfolio reshaping, including target profiles by segment and profitability.

    Answer

    CFO James Hippel suggested that customer behavior in the academic market is currently more conservative than even a worst-case funding outcome, implying that any resolution or certainty would be an upside catalyst. President & CEO Kim Kelderman reiterated that M&A is the highest priority for capital, focusing on high-margin, high-volume products that align with core reagents, cell therapy, and the ProteinSimple instrument franchise.

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    Matt Larew's questions to Stevanato Group SpA (STVN) leadership

    Matt Larew's questions to Stevanato Group SpA (STVN) leadership • Q2 2025

    Question

    Matt Larew of William Blair asked about the reasons for new order delays in the Engineering segment and the timeline for its recovery, and also sought confirmation on the continued improvement in the vials business.

    Answer

    CFO Marco Dal Lago clarified that Engineering order delays were due to customer CapEx decision timing, not lost deals, and that the guidance reflects this shift. CEO Franco Stevanato added that demand remains strong and completing legacy projects will enable new orders. Regarding vials, Dal Lago confirmed that strong order intake supports the full-year growth forecast, with Stevanato noting a gradual market normalization.

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    Matt Larew's questions to Twist Bioscience Corp (TWST) leadership

    Matt Larew's questions to Twist Bioscience Corp (TWST) leadership • Q3 2025

    Question

    Matt Larew asked about the growth drivers for the Synbio business, questioning the contrast between recent single-digit growth and the historical 20% CAGR, and seeking clarity on customer order trends and the expected impact of new products.

    Answer

    CEO & Co-Founder Dr. Emily Leproust explained that underlying Synbio growth was over 20% when excluding a large, non-recurring order from the prior year. She identified future growth drivers as penetrating the 'long tail' of smaller customers and launching a rich pipeline of new products, with AI in drug discovery acting as a catalyst. She noted a strategic shift to rebalance efforts from gross margin improvement back toward accelerating top-line growth.

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    Matt Larew's questions to Repligen Corp (RGEN) leadership

    Matt Larew's questions to Repligen Corp (RGEN) leadership • Q2 2025

    Question

    Matt Larew asked for color on the standout performance in capital equipment and China, questioning the drivers behind equipment demand and the source of optimism in the Chinese market. He also sought to reconcile the high-teens revenue growth from emerging biotechs with their muted order levels.

    Answer

    CEO Olivier Loeillot attributed the capital equipment strength to the differentiated nature of Repligen's systems, which increasingly integrate PAT technology, and noted the company is gaining share from a small base. For China, he credited the new leadership team and sees significant long-term growth potential. Loeillot acknowledged that while biotech sales were strong, muted orders reflect continued funding headwinds in that sector.

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    Matt Larew's questions to West Pharmaceutical Services Inc (WST) leadership

    Matt Larew's questions to West Pharmaceutical Services Inc (WST) leadership • Q2 2025

    Question

    Matt Larew of William Blair noted that HVP guidance was raised back to its original level despite ongoing labor constraints at a European facility and asked for the resolution timeline and potential for upside.

    Answer

    CEO Eric Green acknowledged the ongoing hiring ramp at the European facility but expressed confidence in the team's execution. He clarified that the restored guidance reflects confidence not just in resolving that constraint, but also in the strength of multiple other growth drivers, including biologics, GLP-1s, and Annex One, which provide a solid foundation for HVP growth.

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