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    Matthew Stanton

    Research Analyst at Jefferies

    Matthew Stanton is an Equity Analyst at Jefferies specializing in the healthcare and industrials sectors, covering companies such as Cryoport, Standard BioTools, BioLife Solutions, and Azenta. His performance metrics reflect a 33.33% success rate and an average return of -38.22% across his analyst ratings, according to platforms like Stock Analysis. Stanton began his coverage of these companies at Jefferies in at least 2024, with prior career history and start date not publicly documented. Professional credentials and securities licenses are not explicitly listed in available sources, nor is external recognition or notable industry ranking.

    Matthew Stanton's questions to CODEXIS (CDXS) leadership

    Matthew Stanton's questions to CODEXIS (CDXS) leadership • Q2 2025

    Question

    Matthew Stanton of Jefferies inquired about the significant growth in the EcoSynthesis customer pipeline, asking for a breakdown of the over 30 engagements. He also sought details on the Eco Innovation Lab's utilization and the company's plans and timing for expanding manufacturing capacity to meet rising demand. Finally, he asked for more color on the revenue phasing for the second half of the year.

    Answer

    COO Kevin Norrett confirmed the pipeline has grown to over 30, approaching 40, with a mix of CDMOs, large drug innovators, and smaller biotechs. CEO Stephen Dilly added that the breadth of the pipeline allows them to be selective and that they are already planning a second Eco Innovation Lab to service early-phase projects. CFO Georgia Erbez reiterated full-year guidance, noting that second-half growth is expected to come from the ligase and EcoSynthesis businesses.

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    Matthew Stanton's questions to CODEXIS (CDXS) leadership • Q4 2024

    Question

    Matthew Stanton inquired about the composition of the 7+ customer pipeline, whether the 2025 guidance includes ECO Synthesis revenue, the nature of completed feasibility studies, and the outlook for gross margins.

    Answer

    CFO Georgia Erbez confirmed that revenue from ECO Synthesis contracts is expected to contribute to growth in the second half of 2025. President and CEO Dr. Stephen Dilly and COO Kevin Norrett added that the customer pipeline is dynamic and shouldn't be rigidly categorized, as relationships evolve between ligation and full synthesis. They stressed the focus is on overall traction. Ms. Erbez also stated that while 2023 margins were artificially high, the company aims to improve upon the 56% gross margin reported for 2024.

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    Matthew Stanton's questions to Azenta (AZTA) leadership

    Matthew Stanton's questions to Azenta (AZTA) leadership • Q3 2025

    Question

    Matthew Stanton from Jefferies asked for more detail on NGS growth drivers, traction from academic labs outsourcing work, and the timeline for when the innovation pipeline might contribute to revenue.

    Answer

    CEO John Marotta credited strong sales execution with core labs in both academic and pharma settings for the NGS growth. On innovation, he noted increased investment in R&D and product management, driven by the Azenta Business System, but did not provide a specific timeline for revenue impact. CFO Lawrence Lin quantified a delayed C&I order as a 'couple million' dollars, which shipped in July.

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    Matthew Stanton's questions to Azenta (AZTA) leadership • Q2 2025

    Question

    Matthew Stanton asked for more detail on the Gene Synthesis business trends, particularly by customer type and geography, and the potential impact of tariffs. He also probed the company's capital deployment strategy, the balance between M&A and share buybacks, and the development of its M&A capabilities.

    Answer

    CEO John P. Marotta attributed the Gene Synthesis softness to a temporary pause in large pharma programs due to customer-side restructuring, but noted that April bookings showed positive signs. On capital deployment, he emphasized a focus on long-term shareholder value through four levers, stating that M&A opportunities are becoming clearer. While the company remains open to buybacks, he stressed a disciplined approach to all capital allocation, overseen by the Board and a new Value Creation Committee.

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    Matthew Stanton's questions to Azenta (AZTA) leadership • Q1 2025

    Question

    Matthew Stanton from Jefferies asked for details on Azenta's academic and government end-market exposure, particularly related to NIH funding, and inquired about recent trends in the cell and gene therapy business.

    Answer

    CEO John P. Marotta stated that potential NIH funding impacts are contemplated in the guide, noting the company has seen some project delays but can pivot sales focus to its larger pharma and biotech customer base. He also highlighted strong momentum in cell and gene therapy, with the auto cryo business growing significantly and continued bullishness on the end market.

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    Matthew Stanton's questions to Azenta (AZTA) leadership • Q4 2024

    Question

    Matthew Stanton asked about Azenta's M&A strategy under the new CEO, inquiring about the state of the deal funnel and the key criteria for strategic tuck-ins, such as ROIC hurdles. He also asked about the pricing assumptions embedded in the 3-5% revenue growth guidance for fiscal 2025.

    Answer

    CEO John P. Marotta stated that while it's early, he sees M&A opportunities in the biorepository space where Azenta can leverage its automation platform. He emphasized that any deal would be subject to a rigorous process with a double-digit ROIC as a clearing criterion. Regarding pricing, CFO Herman Cueto said the guidance anticipates continued pricing headwinds in NGS and that the company is not yet treating the recent stabilization as a definitive trend.

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    Matthew Stanton's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership

    Matthew Stanton's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q1 2025

    Question

    Matthew Stanton of Jefferies asked for more detail on the five new CleanCap license agreements signed in the quarter, including customer types and cross-selling success. He also inquired about the long-term market share dynamics for CleanCap given increased competition.

    Answer

    Executive William Martin specified the new licenses included academic, CDMO, innovator clinical, and OEM customers. Chief Commercial Officer Becky Buzzeo added that a reorganized sales team is focused on driving cross-selling. Regarding market share, Martin acknowledged the competitive landscape and stated Maravai is embracing the need for lower mRNA costs through its vertical integration and workflow optimization services, which allow for competitive pricing while protecting margins.

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    Matthew Stanton's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q4 2024

    Question

    Matthew Stanton from Jefferies asked for insights into Maravai's 2025 profitability, specifically seeking guardrails on gross margins and inquiring about available cost-saving measures given the significant headwind from removing high-volume CleanCap revenue.

    Answer

    Chief Financial Officer Kevin Herde explained that the 2025 cost structure is expected to remain consistent with 2024, as cost-saving measures will offset strategic investments in acquisitions, commercial expansion, and IP protection. Herde noted that of the company's cost structure, approximately $200 million is fixed, with a variable component of 10-12% of revenue, suggesting an adjusted EBITDA breakeven point around the $230 million revenue level.

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    Matthew Stanton's questions to BIOLIFE SOLUTIONS (BLFS) leadership

    Matthew Stanton's questions to BIOLIFE SOLUTIONS (BLFS) leadership • Q1 2025

    Question

    Matthew Stanton asked for an update on demand trends from the clinical (non-commercial) side of the business and inquired about the strategic rationale and future milestones for the recent PanTHERA CryoSolutions acquisition.

    Answer

    CEO Roderick de Greef stated that the clinical customer segment performed as expected, with growth primarily driven by commercial clients. He noted that distributors have not signaled any slowdown despite potential macro headwinds. Regarding PanTHERA, he explained the acquisition timing was driven by successful proof-of-concept, allowing BioLife to control the development of a next-generation cryopreservation product. The goal is to enhance efficacy, lower DMSO concentrations, or enable -80°C storage, with the new scientific team increasing R&D throughput.

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    Matthew Stanton's questions to BIOLIFE SOLUTIONS (BLFS) leadership • Q4 2024

    Question

    Matthew Stanton asked about the expected pacing of adjusted EBITDA margin expansion through 2025 and the strategy for realizing the 2-3x revenue increase from cross-selling the broader portfolio beyond media.

    Answer

    Executive Troy Wichterman advised using Q4 2024 SG&A as a baseline for 2025, noting R&D would increase from a Q4 2023 baseline, leading to steady EBITDA margin expansion into the mid-20s. CEO Roderick de Greef added that cross-selling is a multi-year effort focused on clinical trial customers and the pipelines of commercial clients for products like CryoCase and CellSeal vials.

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    Matthew Stanton's questions to BIOLIFE SOLUTIONS (BLFS) leadership • Q3 2024

    Question

    Matthew Stanton of Jefferies asked about BioLife's strategic focus after the SciSafe sale, particularly regarding M&A or capacity additions for the media business. He also requested an update on the new Crow Case launch, including customer feedback and how success will be measured.

    Answer

    CEO Roderick de Greef explained that the strategic focus is now squarely on the core cell processing product line, with proceeds from the sale funding biopreservation capacity expansion. He emphasized that any potential M&A would be subject to stringent criteria to protect margin trajectory. Regarding the Crow Case, he noted positive initial feedback but stated that material revenue is not expected until the second half of 2025 due to customer validation processes.

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    Matthew Stanton's questions to Cryoport (CYRX) leadership

    Matthew Stanton's questions to Cryoport (CYRX) leadership • Q1 2025

    Question

    Matthew Stanton asked for more detail on leading indicators, seeking to qualify the nature of order stabilization in Life Science Products and the increased client engagement in Life Science Solutions, particularly regarding new versus existing clients.

    Answer

    Chief Scientific Officer Dr. Mark Sawicki pointed to the growth in the clinical trial portfolio to 711 trials as a key indicator of new client acquisition. He also highlighted the 22.5% YoY growth in BioStorage/BioServices revenue as evidence of deeper penetration with existing clients. An executive also noted that the growing ecosystem, including DHL's acquisition and interest from other major logistics players, validates Cryoport's strategy.

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    Matthew Stanton's questions to Cryoport (CYRX) leadership • Q4 2024

    Question

    Matthew Stanton sought to clarify the growth expectation for the commercial revenue bucket in 2025, asking if it would be closer to the 20% annual rate or the high 30s quarterly rate.

    Answer

    CSO Dr. Mark W. Sawicki clarified that while growth in 2025 will be stronger than the 20% seen in full-year 2024, a rate in the mid-30s would be 'a hair aggressive.' He estimated growth would likely land in the 'high 20s' based on current visibility.

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    Matthew Stanton's questions to STANDARD BIOTOOLS (LAB) leadership

    Matthew Stanton's questions to STANDARD BIOTOOLS (LAB) leadership • Q1 2025

    Question

    Matthew Stanton of Jefferies asked for an update on the U.S. academic and government market, inquiring how trends progressed through Q1 and into Q2, and how the forecasted mid-teens decline is split between product categories. He also requested early feedback and details on the commercial model for the newly launched single SOMAmer Reagents.

    Answer

    CEO Michael Egholm stated that the mid-teens decline forecast for the U.S. academic market remains appropriate, citing evidence such as institutions delaying instrument purchases and curbing travel budgets. He noted some instrument sales to academia were supported by private funding. Regarding the new single SOMAmer Reagents, Egholm explained they are now fully available after an early access period, with initial applications in protein pull-downs. He sees a significant long-term opportunity but advised against high short-term revenue expectations as it is a new commercial capability for the company.

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    Matthew Stanton's questions to STANDARD BIOTOOLS (LAB) leadership • Q4 2024

    Question

    Matthew Stanton asked for real-time feedback on the NIH funding situation's impact and inquired about the specifics of the forecasted high single-digit million headwind. He also sought more color on the Illumina partnership's $1 billion market opportunity and what revenue is anticipated from it in the 2025 guidance.

    Answer

    Executive Michael Egholm stated that while direct impacts are not yet significant, they anticipate reduced academic spending and have factored it into guidance. CFO Hanjoon Kim specified the impact is expected primarily on instruments. Regarding the Illumina partnership, Egholm affirmed the $1 billion market opportunity is substantial. Kim added that while revenue from the partnership will increase in 2025, it is considered a transition year, with more significant growth expected in 2026 and beyond.

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    Matthew Stanton's questions to STANDARD BIOTOOLS (LAB) leadership • Q3 2024

    Question

    Matthew Stanton inquired about potential green shoots in the weak instrument market, specifically in China, and asked about investment priorities for new launches like the single SOMAmer product. He also sought directional commentary for 2025 revenue.

    Answer

    President and CEO Michael Egholm noted that while instrument funnels are building, a market recovery is not yet evident, though China could be a 2025 tailwind. He confirmed that growth investments are protected despite cost cuts and detailed the 'minimal viable product' launch for single SOMAmers to existing customers. Both Egholm and COO/Interim CFO Hanjoon Kim declined to provide 2025 guidance, emphasizing focus on Q4 and the long-term potential of the Illumina partnership.

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    Matthew Stanton's questions to STANDARD BIOTOOLS (LAB) leadership • Q2 2024

    Question

    Matthew Stanton asked for a breakdown of the revised revenue guidance, the visibility into the second-half recovery, whether the SomaScan service revenue miss was a timing issue, and the long-term revenue path to achieve 2026 adjusted EBITDA breakeven.

    Answer

    CEO Michael Egholm and CFO Jeff Black attributed the guidance cut primarily to project delays and forecasting misses in the SomaScan services business, which they are now addressing with a more rigorous process. Egholm confirmed the revenue miss was mostly timing-related but also faced tough year-over-year comparisons due to customer concentration. He reiterated a firm commitment to achieving adjusted EBITDA breakeven in 2026 regardless of the top-line revenue, stating they will manage costs to meet the target.

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    Matthew Stanton's questions to REPLIGEN (RGEN) leadership

    Matthew Stanton's questions to REPLIGEN (RGEN) leadership • Q1 2025

    Question

    Matthew Stanton asked about the drivers behind strong OPUS demand, particularly the shift to larger columns and increased adoption by large pharma. He also requested an update on the innovation pipeline, including feedback on the new Tantti resin and the strategy for the recently launched Metenova mixer.

    Answer

    Executive Olivier Loeillot attributed the OPUS trend to the operational ramp-up of large-scale single-use facilities and noted two significant new pharma wins. He highlighted strong performance from Repligen's own resins, including a new double-stranded RNA product, with more launches planned. The new Metenova mixer is receiving positive feedback, with demos planned and orders expected in the second half of 2025.

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    Matthew Stanton's questions to REPLIGEN (RGEN) leadership • Q3 2024

    Question

    Matthew Stanton asked for color on October order trends and inquired about the performance of new products launched in 2024, such as the RS10 system, compared to historical trends.

    Answer

    President and CEO Olivier Loeillot confirmed a "very strong start" to Q4 with robust October order intake, boosting confidence for the rest of 2024 and entry into 2025. He noted that the impact of new products is similar to last year and that recent launches like the RS10 system and integrated FlowVPX are seeing excellent traction, particularly in new modalities.

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    Matthew Stanton's questions to GeneDx Holdings (WGS) leadership

    Matthew Stanton's questions to GeneDx Holdings (WGS) leadership • Q4 2024

    Question

    Matthew Stanton, on for Tycho Peterson, asked about the immediate market opportunity and expected penetration for the new ultraRapid Whole Genome Sequencing product, as well as the company's capital allocation priorities between organic and inorganic growth.

    Answer

    CEO Katherine Stueland positioned the ultraRapid product as key to unlocking the ~$1 billion NICU market, where genetic testing is currently underutilized. She stated that organic growth is the priority, with investments focused on product development, enhancing the customer experience through AI and automation, and scaling lab and interpretation platforms to maintain a competitive edge in quality, speed, and cost.

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    Matthew Stanton's questions to GeneDx Holdings (WGS) leadership • Q3 2024

    Question

    Matthew Stanton of Jefferies asked for the primary drivers of the Q3 gross margin step-up and the key levers for continued improvement into 2025. He also inquired about the timing of the business impact from recent state coverage wins like Texas and Florida.

    Answer

    CFO Kevin Feeley identified the main drivers of margin expansion, in order of impact, as higher average reimbursement rates, lower cost per test, and favorable mix. Looking ahead, he highlighted automation of manual 'dry side' processes as the largest opportunity for further COGS improvement. He noted that the impact from new state coverage decisions typically has a 1-to-2 quarter lag, making them a 2025 contributor.

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    Matthew Stanton's questions to Nautilus Biotechnology (NAUT) leadership

    Matthew Stanton's questions to Nautilus Biotechnology (NAUT) leadership • Q3 2024

    Question

    Representing Matthew Stanton of Jefferies, an associate questioned how recent high-end mass spec pricing affects Nautilus's view on price elasticity and its go-to-market model. He also asked for an update on the academic funding landscape and the expected customer mix at launch.

    Answer

    CEO Sujal Patel stated that the strong pricing of new systems like the Astral validates the importance of proteomics and supports Nautilus's planned ~$1 million initial deal size, suggesting there could even be upward flexibility. Regarding the market, he acknowledged that while academic funding may be flattish, the platform's disruptive potential is expected to attract significant interest from both academic and pharma customers. He anticipates the initial customer mix post-launch will be relatively even between academic/non-profit and commercial entities like pharma.

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