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    Matt Sykes • Goldman Sachs

    Matt Sykes's questions to Natera Inc (NTRA) leadership

    Matt Sykes's questions to Natera Inc (NTRA) leadership • Q1 2025

    Question

    An analyst on for Matt Sykes asked about the drivers of the strong gross margin, the potential for further COGS reduction, and the initial uptake and long-term positioning of the new Signatera whole genome product.

    Answer

    CEO Steve Chapman acknowledged that while there is still room for COGS improvements through scale and specific projects, the 'huge upside' for gross margin comes from improving ASPs. Regarding the new genome test, Chapman stated it is now broadly available and seeing some interest. However, he noted that most physicians still favor the exome test due to its extensive clinical outcome data and are wary of competitors' analytical claims that may not translate to clinical performance or have poor specificity.

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    Matt Sykes's questions to Charles River Laboratories International Inc (CRL) leadership

    Matt Sykes's questions to Charles River Laboratories International Inc (CRL) leadership • Q1 2025

    Question

    Hugh Will, on for Matt Sykes, asked if the demand environment within the DSA segment differed between safety assessment and discovery services.

    Answer

    CEO James Foster confirmed that the Discovery services business was weaker in the quarter. He explained that clients are currently prioritizing later-stage work to address the patent cliff, but he expects the investment pendulum to eventually swing back to discovery. He also mentioned an enhanced, integrated sales effort is underway to improve performance.

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    Matt Sykes's questions to GeneDx Holdings Corp (WGS) leadership

    Matt Sykes's questions to GeneDx Holdings Corp (WGS) leadership • Q1 2025

    Question

    Representing Matt Sykes, Will asked about a potential market shift from exome to whole genome testing, the cost difference between the two, and any risks to the business from potential Medicaid cuts.

    Answer

    CEO Katherine Stueland noted growing momentum for whole genome, particularly in newborn screening, citing Florida's legislation. CFO Kevin Feeley added that while genome COGS is slightly higher, the margin profile is similar, and the company is prepared to lead the expected long-term market transition to genome. Stueland expressed confidence that children's health remains a bipartisan priority, mitigating risks of significant Medicaid cuts affecting their services.

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    Matt Sykes's questions to Veracyte Inc (VCYT) leadership

    Matt Sykes's questions to Veracyte Inc (VCYT) leadership • Q4 2024

    Question

    Prashant Kota, on behalf of Matt Sykes at Goldman Sachs, asked to quantify the benefit of NCCN guideline inclusion and whether having it for one test increases the likelihood of inclusion for future products.

    Answer

    CEO Marc Stapley responded that it's not possible to quantify the specific benefit of NCCN guidelines, as they are part of a broader evidence package. He clarified that inclusion for one test does not guarantee it for others, as each must be validated by its own robust evidence. However, he noted the company's internal evidence-generation 'engine' is a key competitive advantage in achieving such recognition.

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    Matt Sykes's questions to Waters Corp (WAT) leadership

    Matt Sykes's questions to Waters Corp (WAT) leadership • Q4 2024

    Question

    An analyst on behalf of Matt Sykes inquired about the drivers of strong services growth, particularly the role of Empower software, and asked about the Q4 strength in the Academic & Government segment and its 2025 outlook.

    Answer

    SVP and CFO Amol Chaubal attributed the resilient 6-7% recurring revenue growth to the unique position of Empower software, high service attachment rates, new bioseparation columns, and e-commerce progress. He noted the strong Q4 A&G performance was due to budget flush and some China stimulus, but President and CEO Dr. Udit Batra clarified that the 2025 guide assumes only low single-digit growth for the segment.

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    Matt Sykes's questions to Cytek Biosciences Inc (CTKB) leadership

    Matt Sykes's questions to Cytek Biosciences Inc (CTKB) leadership • Q3 2024

    Question

    Speaking on behalf of Matt Sykes, an analyst asked about the drivers of service revenue growth, trends in service contract attachment rates, and the potential timing of an instrument replacement cycle.

    Answer

    CEO Wenbin Jiang explained that strong service revenue growth is a direct result of the rapidly increasing installed base and high instrument usage. He noted that while customers are extending instrument life in the current environment, new research programs and a push by global pharma to harmonize technology are driving demand for Cytek's advanced systems, creating a replacement cycle for older technologies.

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