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    Matthew Stanton • Jefferies

    Matthew Stanton's questions to Codexis Inc (CDXS) leadership

    Matthew Stanton's questions to Codexis Inc (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 Inc (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 Inc (AZTA) leadership

    Matthew Stanton's questions to Azenta Inc (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 Inc (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 Inc (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 Inc (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 BioLife Solutions Inc (BLFS) leadership

    Matthew Stanton's questions to BioLife Solutions Inc (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 Inc (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 Inc (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 Repligen Corp (RGEN) leadership

    Matthew Stanton's questions to Repligen Corp (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 Corp (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 Corp (WGS) leadership

    Matthew Stanton's questions to GeneDx Holdings Corp (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 Corp (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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