Matthew Parisi

Matthew Parisi asked for more details on the recent sales force expansion, the expected timeline for the full impact of these additions, and the total full-year test volume for 2025.

Answer

CEO John Aballi reported that the sales force expanded from 40 to 45 territories in 2025, emphasizing the thorough hiring and training process. He expects new reps to become proficient in lupus consultation within six months, with full impact on rheumatoid arthritis sales taking longer. He also proudly announced that the full-year 2025 AVISE CTD test volume exceeded 137,000.

Matthew Parisi inquired about the progress of the recent sales force ramp, asking when the full impact of the additions can be expected. He also requested the full year 2025 test volume number.

Answer

CEO John Aballi reported that the sales force expanded to 45 territories (up from 40 at the start of 2025), representing over 10% growth. He noted that new representatives, particularly those proficient in lupus clinical consultation, are expected to hit their stride by spring, following a second phase of training in December. The rheumatoid arthritis component, driven by two waves of product innovation, is a growing opportunity with positive feedback, but its full impact will take longer to realize. Future expansion will depend on adequately supporting recent additions. John Aballi proudly announced that the full year 2025 AVISE CTD test volume reached 137,000, driven by strong second-half momentum, and the ordering physician base grew from 2,370 in 2024 to 2,690 in 2025.

Matthew Parisi asked for the total number of cell and gene customers for 2025.

Answer

Stephen Gunstream, President and CEO of Alpha Teknova, did not have the exact number readily available. Matt Lowell, CFO of Alpha Teknova, provided that 24% of Teknova's total revenue in 2025 came from cell and gene therapy-related customers, a figure similar to 2024.

Matthew Parisi asked for the total number of cell and gene therapy customers for 2025.

Answer

Stephen Gunstream, President and CEO, did not have the exact number readily available. Matt Lowell, CFO, provided that 24% of Teknova's total revenue in 2025 came from cell and gene therapy-related customers, which was similar to the percentage in 2024.

Matthew Parisi of KeyBanc Capital Markets asked for updated growth expectations for the catalog business, clarification on the drivers of the Clinical Solutions revenue rebound in Q2, and insight into revenue phasing for the second half of the year.

Answer

CFO Matt Lowell indicated that full-year catalog business growth is now expected to surpass the initial mid-single-digit forecast, potentially reaching high-single or low-double digits. He clarified the Q2 Clinical Solutions growth was due to general business trends, not a single large order, and projected that second-half revenue would be similar to the first, with a seasonally softer Q4.

Matthew Parisi of KeyBanc Capital Markets requested an updated number of Cell and Gene Therapy customers and asked about Teknova's involvement with any commercial-stage therapies. He also asked for guidance on the expected revenue phasing for 2025.

Answer

President and CEO Stephen Gunstream stated that Cell and Gene Therapy customers now account for 27% of total revenue, with 23 clinical customers in this segment. He confirmed Teknova is not yet supporting any commercialized therapies, as its strategic focus on this area began in 2021. CFO Matthew Lowell provided 2025 revenue phasing guidance, expecting Q1 to be the lowest quarter, followed by sequential growth in Q2 and Q3, and a slight seasonal dip in Q4.

Matthew Parisi asked if it would be reasonable to assume continued high single-digit volume growth for DecisionDx-Melanoma in 2026, following two consecutive years of similar growth. Matthew Parisi also inquired about the split of the approximately 100-person salesforce team between Dermatology and GI.

Answer

Frank Stokes, Chief Financial Officer of Castle Biosciences, confirmed expectations for mid to high single-digit volume growth for DecisionDx-Melanoma in 2026. He noted the test's strong penetration at approximately 32% of patients and 50-60% of targetable physicians. Frank Stokes stated that the company does not disclose the exact number of reps in each sales force but reiterated that both sales forces are expected to be well-managed with fewer than 100 reps each. He mentioned that the TissueCypher sales force was expanded to 64 in April 2025, and the dermatology sales force was in the 70s last year, with continued expansions planned for growth.

Matthew Parisi asked if it would be reasonable to assume continued high single-digit volume growth for DecisionDx-Melanoma in 2026, following two consecutive years of similar growth. Matthew Parisi also inquired about the split of the approximately 100-person salesforce team between Dermatology and GI.

Answer

Frank Stokes, Chief Financial Officer of Castle Biosciences, confirmed expectations for mid to high single-digit volume growth for DecisionDx-Melanoma in 2026. He noted the test's strong penetration at approximately 32% of patients and 50-60% of targetable physicians. Frank Stokes stated that the company does not disclose the exact number of reps in each sales force but reiterated that both sales forces are expected to be well-managed with fewer than 100 reps each. He mentioned that the TissueCypher sales force was expanded to 64 in April 2025, and the dermatology sales force was in the 70s last year, with continued expansions planned for growth.

Matthew Parisi asked about the total COVID CleanCap revenue expected for 2026, specifically if any additional revenue is anticipated in the second half beyond the $10-$20 million in H1. He also inquired about the traction of new IVT kits and the timing of future kit launches in 2026.

Answer

Bernd Brust (CEO) clarified that the $10-$20 million is the total expected COVID CleanCap revenue for 2026, all anticipated in the first half, and this number is expected to be the ongoing run rate for future years. Chanfeng Zhao (CSO) reported strong reception for IVT kits, with over 100 kits ordered in the first four weeks, sequential growth from Q3 to Q4, and conversion of a major competitor customer, confirming plans to launch more kit versions this year. Bernd Brust (CEO) also highlighted ModTail's impressive early traction, with over $1 million in orders since its September launch.

Matthew Parisi asked if additional COVID CleanCap revenue is expected in H2 2026, beyond the $10-$20 million projected for H1. He also inquired about the traction seen in new IVT kits and the expected launch timeline for new kits in 2026.

Answer

CEO Bernd Brust clarified that $10-$20 million is the total expected COVID CleanCap revenue for 2026, all in H1, and represents the ongoing run rate. CSO Chanfeng Zhao reported strong reception for IVT kits with sequential growth and customer conversions, confirming more kit versions will launch this year. CEO Bernd Brust added that ModTail, launched in September, has over $1 million in orders and is expected to be a significant revenue driver.

Matthew Parisi of KeyBanc asked for more detail on the company's CDMO enablement strategy, specifically regarding the new CleanCap license and supply agreement with Thermo Fisher Scientific.

Answer

CEO Bernd Brust clarified that the agreement with Thermo Fisher is an example of their strategy to expand the use of CleanCap beyond Maravai's internal CDMO services. The goal is to have their GMP consumables, like CleanCap, used by as many CDMOs and pharmaceutical manufacturers as possible to drive broader adoption.

Matthew Parisi of KeyBanc Capital Markets asked if the company's 1% NIH funding headwind estimate might be revised given recent positive legislative news suggesting a potential funding increase.

Answer

CEO John Marotta stated that the positive news of a potential 1% NIH funding increase is consistent with their field intelligence and that they remain bullish on the outlook. He clarified that Azenta is well-positioned to support the direct research that would result from such an increase, whether through its multiomics or sample management services.