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    Matthew Sykes • Goldman Sachs

    Matthew Sykes's questions to Fortrea Holdings Inc (FTRE) leadership

    Matthew Sykes's questions to Fortrea Holdings Inc (FTRE) leadership • Q1 2025

    Question

    Matthew Sykes posed a high-level question about achieving the 1.2x book-to-bill target, asking how much of that path depends on external factors versus internal, controllable factors like sales execution.

    Answer

    CEO Tom Pike emphasized the importance of 'controlling the controllables,' such as cost management, sales force training, and early customer engagement. He confirmed that based on the current pipeline, a path to a 1.2x book-to-bill exists. However, he cautioned that significant macroeconomic uncertainty could impact the timing and outcome, while noting the second half of the year typically includes more predictable large pharma business.

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

    Matthew Sykes's questions to Cytek Biosciences Inc (CTKB) leadership • Q1 2025

    Question

    Matthew Sykes from Goldman Sachs asked about the specific drivers behind the double-digit growth of the Aurora Cell Sorter and whether any end markets showed differentiated performance. He also questioned the assumption that revenue growth would be loaded into the second half of the year.

    Answer

    CEO Wenbin Jiang attributed the Aurora Cell Sorter's success to its seamless integration with Cytek's widely adopted analyzers and its high-performance capabilities, such as running 40+ color panels. CFO William McCombe explained that the back-half loaded guidance reflects typical customer buying seasonality and an expectation that funding uncertainties may lessen later in the year. He also highlighted the stabilizing effect of the growing recurring revenue base.

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    Matthew Sykes's questions to Cytek Biosciences Inc (CTKB) leadership • Q4 2024

    Question

    Matthew Sykes from Goldman Sachs asked about Cytek's capital allocation strategy for organic R&D and its innovation pipeline. He also requested details on the drivers of service revenue growth and the outlook for that segment in 2025.

    Answer

    CEO Wenbin Jiang highlighted that nearly 20% of revenue is invested in R&D, pointing to recent innovations like Cytek Cloud and the ESP module. CFO William McCombe added that they are also investing in the service network and IT automation. Regarding services, McCombe explained the primary driver is the growing installed base and that they expect the strong momentum from 2024 to continue.

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    Matthew Sykes's questions to 10X Genomics Inc (TXG) leadership

    Matthew Sykes's questions to 10X Genomics Inc (TXG) leadership • Q1 2025

    Question

    Matthew Sykes asked about the strong Xenium consumable pull-through, the potential runway to increase utilization among existing customers, and whether this can sustain spatial consumable growth amid weaker instrument placements.

    Answer

    CEO Serge Saxonov confirmed there is significant runway for growth, stating that utilization is increasing across the entire customer base, including low, medium, and high-volume users. He explained that after an initial adoption period, customers steadily increase their usage, which provides confidence in continued consumable growth independent of new instrument sales.

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    Matthew Sykes's questions to 10X Genomics Inc (TXG) leadership • Q4 2024

    Question

    Matthew Sykes asked how investors should measure the progress and success of the commercial reorganization in the first half of 2025 and what the key leading indicators would be.

    Answer

    CEO Serge Saxonov described the changes as a holistic re-architecting of the go-to-market strategy, creating specialized teams for Xenium, biopharma, and academia to improve focus. He stated that progress is being made in hiring, onboarding, and account coverage, with the expectation that the new model will be in 'full force by the middle of the year,' but did not provide specific metrics to track.

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    Matthew Sykes's questions to 10X Genomics Inc (TXG) leadership • Q3 2024

    Question

    Matthew Sykes focused on the existing sales force, asking about their morale and buy-in to the significant territory and account changes. He also inquired about the expected timeline for this cohort to re-ramp their productivity, and whether it would be faster than the timeline for new hires.

    Answer

    CEO Serge Saxonov expressed that the changes were made to unlock the potential of the talented existing team by providing clearer focus. While acknowledging the transition has been tough, he believes there is positive momentum. He suggested that while some individuals are already on a good trajectory, the overall expectation is for the entire organization, including existing and new members, to be fully ramped and executing well by the middle of next year.

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    Matthew Sykes's questions to Qiagen NV (QGEN) leadership

    Matthew Sykes's questions to Qiagen NV (QGEN) leadership • Q1 2025

    Question

    Matthew Sykes questioned whether the value proposition of the new automated Sample tech instruments would be compelling enough to drive adoption and growth even if the weak capital equipment environment persists.

    Answer

    CEO Thierry Bernard expressed confidence that the new systems will succeed because they offer significant innovation in cost savings, time-to-result, and ease of use, rather than being 'me-too' products. He cited very positive early feedback from key pharma and liquid biopsy customers. While a sustained CapEx downturn could cause delays, he stated the company's 2028 growth ambition for the segment remains unchanged due to the instruments' strong differentiation.

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    Matthew Sykes's questions to Qiagen NV (QGEN) leadership • Q4 2024

    Question

    Matthew Sykes asked about the expected timeline for completing the QDI business transition to a SaaS model and the phasing of OpEx, particularly SG&A, throughout 2025 to achieve margin targets.

    Answer

    CEO Thierry Bernard stated that the transition to a SaaS model for the QDI business is expected to normalize progressively starting in H2 2025, with a significant performance impact in 2026. CFO Roland Sackers projected that EBIT margin would see a notable increase starting in Q1, potentially exceeding 28%, and could surpass 30% as early as Q2, indicating an earlier-than-typical margin ramp.

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    Matthew Sykes's questions to Qiagen NV (QGEN) leadership • Q3 2024

    Question

    Matthew Sykes questioned how QIAGEN's portfolio mix, particularly QIAstat and QIAcuity, will drive growth as QuantiFERON normalizes, and asked about the confidence in the 2028 operating margin target given recent strong performance.

    Answer

    CEO Thierry Bernard reiterated confidence in the five growth pillars (Sample tech, QuantiFERON, Digital PCR, QIAstat, QDI), providing specific 2028 revenue targets for each. CFO Roland Sackers acknowledged the strong margin progress and stated that while it's too early to formally update, they might have to revisit the 2028 target of over 31% in a positive way in the future.

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    Matthew Sykes's questions to IQVIA Holdings Inc (IQV) leadership

    Matthew Sykes's questions to IQVIA Holdings Inc (IQV) leadership • Q1 2025

    Question

    Matthew Sykes asked about opportunities for margin expansion and cost-saving measures, and separately, about the competitive landscape for RFPs and the potential for accelerated vendor consolidation in the current environment.

    Answer

    EVP and CFO Ron Bruehlman clarified that recent margin guidance changes were almost entirely due to foreign exchange impacts on revenue, not underlying profitability. He cited ongoing cost reductions and AI implementation as margin drivers. Chairman and CEO Ari Bousbib added that R&DS RFP flow remains solid despite market uncertainty, with softness in bookings caused by decision delays and EBP funding issues, not a shift in competitive dynamics. He noted that cancellations have returned to normal historical levels.

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

    Matthew Sykes's questions to Waters Corp (WAT) leadership • Q1 2025

    Question

    Matthew Sykes from Goldman Sachs asked a high-level strategic question about whether Waters would consider investing more in upstream research given market challenges there, and inquired about the lighter-than-expected services revenue.

    Answer

    CEO Udit Batra affirmed the company is very happy with its downstream, high-volume application focus and sees significant opportunity there, such as expanding Wyatt's light scattering into QA/QC, rather than getting distracted by upstream areas. CFO Amol Chaubal explained that services revenue was impacted by two fewer days in the quarter and lower parts purchases by third-party service providers.

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    Matthew Sykes's questions to Waters Corp (WAT) leadership • Q3 2024

    Question

    Matthew Sykes asked about the expected slope of the instrument 'catch-up opportunity' and whether its recovery could outpace the historical 5% average. He also inquired about the medium- to long-term growth outlook for China given its moderating GDP growth.

    Answer

    President and CEO Dr. Udit Batra explained that while the magnitude of the instrument catch-up is significant, the slope of recovery is hard to predict. However, he pointed to positive leading indicators, including improving funnel conversion rates and an increase in large, multiyear CapEx planning discussions with customers. For China's long-term outlook, Batra stated that while the market is expected to grow in the mid-single digits, he believes Waters can outperform that rate due to its advantaged portfolio and strong execution.

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    Matthew Sykes's questions to Twist Bioscience Corp (TWST) leadership

    Matthew Sykes's questions to Twist Bioscience Corp (TWST) leadership • Q2 2025

    Question

    Matthew Sykes asked for details on the SynBio promotional programs, questioning if they drove the 20% academic market growth, if they led to visible market share shifts, the expected duration of the promotions, and their impact on gross margins.

    Answer

    CEO Emily Leproust explained the promotion for Express Genes is a strategic move to support academic customers during funding uncertainty and to drive long-term adoption by showcasing the product's value. She confirmed the promotion will last until the fiscal year-end and has a positive impact on margins, as the resulting volume increase more than offsets the temporary price reduction.

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    Matthew Sykes's questions to Twist Bioscience Corp (TWST) leadership • Q1 2025

    Question

    Matthew Sykes inquired about the revenue mix shift towards the Express gene portfolio, its expected contribution for the year, and the company's timeline for achieving full profitability.

    Answer

    CFO Adam Laponis explained that the entire Express portfolio is driving sequential revenue growth, expanding wallet share with existing customers, and attracting new accounts. Regarding profitability, Laponis reiterated the company's commitment to sequential improvements in gross margin and disciplined OpEx, with the goal of avoiding further equity raises, but did not provide a specific timeline.

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    Matthew Sykes's questions to Twist Bioscience Corp (TWST) leadership • Q4 2024

    Question

    Matthew Sykes inquired about the performance of Express Genes and new products within the SynBio segment during fiscal 2024 and specifically in Q4. He also asked for guidance on operating expense trends and phasing for fiscal 2025, particularly for R&D and SG&A.

    Answer

    CFO Adam Laponis explained that operating expenses are expected to see modest, inflationary increases in fiscal 2025, with a notable rise in Q1 due to annual merit and bonus payouts, followed by relatively stable spending. Regarding growth drivers, Laponis highlighted ongoing operational efficiency projects and reiterated the company's target of exiting Q4 2025 with a 50% gross margin, driven by continued sequential improvements.

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    Matthew Sykes's questions to Mettler-Toledo International Inc (MTD) leadership

    Matthew Sykes's questions to Mettler-Toledo International Inc (MTD) leadership • Q1 2025

    Question

    Matthew Sykes of Goldman Sachs asked about the competitive landscape in China and the risk of local substitution if tariffs persist. He also inquired about the underlying strength of the Services business and any foreign exchange assumptions embedded in the updated EPS guidance.

    Answer

    CEO Patrick Kaltenbach asserted that Mettler-Toledo is well-positioned in China, as it manufactures locally and is perceived as a local company, minimizing tariff exposure. He also expressed confidence in Services, forecasting mid-to-high single-digit growth for 2025. CFO Shawn Vadala added that the EPS guide now assumes a neutral FX impact for the year, an improvement from the previous forecast.

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    Matthew Sykes's questions to Mettler-Toledo International Inc (MTD) leadership • Q4 2024

    Question

    Matthew Sykes of Goldman Sachs asked if the strong Laboratory demand seen in Europe could be extrapolated to other regions like the U.S. and inquired about the company's exposure and manufacturing flexibility related to potential tariffs on goods from Mexico.

    Answer

    CEO Patrick Kaltenbach expressed optimism that the strong portfolio reception in Europe, driven by innovation, could translate to the U.S. and help trigger replacement cycles. CFO Shawn Vadala added that the U.S. Lab business also performed well in Q4. Regarding Mexico, Mr. Vadala noted that exports to the U.S. from Mexico are less than from China and the company is prepared to mitigate potential tariff impacts through supply chain adjustments and pricing.

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    Matthew Sykes's questions to Mettler-Toledo International Inc (MTD) leadership • Q3 2024

    Question

    Matthew Sykes asked about the potential for operating leverage in the services business given technology investments and the key assumptions behind the 2025 China growth forecast, including stimulus impact.

    Answer

    CEO Patrick Kaltenbach stated that while technology and automation improve service efficiency, the company will continue investing in headcount to capture the large, untapped installed base opportunity. He also clarified that the low single-digit growth forecast for China in 2025 does not factor in any potential government stimulus, and the company's long-term outlook for high single-digit growth in the region remains unchanged.

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    Matthew Sykes's questions to Sotera Health Co (SHC) leadership

    Matthew Sykes's questions to Sotera Health Co (SHC) leadership • Q1 2025

    Question

    Matthew Sykes asked for an update on the company's legal strategy following the recent Illinois settlement and how it assesses risk in ongoing cases. He also inquired about the progress of cross-selling initiatives between the Nelson Labs and Sterigenics businesses.

    Answer

    CEO Michael Petras reiterated the company's confidence in its science-based defense against EO claims, stating they will vigorously defend their position in court while adapting strategy to each jurisdiction. Regarding cross-selling, he noted that incentives have been in place for years and that approximately 70% of revenue for Sterigenics and Nelson Labs comes from shared customers, with continued progress being made on integrated service offerings.

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    Matthew Sykes's questions to Sotera Health Co (SHC) leadership • Q4 2024

    Question

    An analyst on behalf of Matthew Sykes at Goldman Sachs asked for an update on cross-selling between Sterigenics and Nelson Labs and whether potential tariffs were factored into guidance, including any mitigation capabilities.

    Answer

    CEO Michael Petras confirmed that cross-business unit initiatives are progressing well, citing growth in Embedded Labs, and that these benefits are included in the 2025 guide. Regarding tariffs, he stated they are not included in guidance due to a lack of clarity, but noted that for cobalt, contracts are structured for customers to absorb the cost. He acknowledged a minor potential impact on some Nelson Labs supplies from China but deemed it manageable.

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    Matthew Sykes's questions to ICON PLC (ICLR) leadership

    Matthew Sykes's questions to ICON PLC (ICLR) leadership • Q1 2025

    Question

    Matthew Sykes of Goldman Sachs requested details on non-labor cost savings, the potential for further cost reductions, and whether these actions could create an imbalance for a future demand recovery.

    Answer

    CFO Nigel Clerkin noted that while most costs are labor-related, the company is making progress with automation. COO Barry Balfe added that they are standardizing platforms to improve cost efficiency and quality, with significant progress on these changes expected by the end of Q2.

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    Matthew Sykes's questions to ICON PLC (ICLR) leadership • Q4 2024

    Question

    Matthew Sykes asked about the potential impact of policy uncertainty, specifically reports of FDA headcount reductions, and whether ICON has received any feedback from customers on how this might affect their pipeline progression.

    Answer

    CEO Dr. Steve Cutler stated that they have not received specific customer feedback regarding FDA headcount. He expressed a cautiously optimistic view on the broader policy environment, suggesting potential positives for the industry, such as challenges to existing regulations or favorable changes to the IRA for small molecules, could create opportunities for CROs.

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    Matthew Sykes's questions to ICON PLC (ICLR) leadership • Q3 2024

    Question

    Matthew Sykes asked if there were any common themes, such as price or capabilities, behind the identified opportunities that failed to materialize during the quarter.

    Answer

    CEO Dr. Steve Cutler responded that while each case was different, a recurring theme was uncertainty within the biotech segment. He specified that delays were often related to clients' caution and challenges in securing or allocating capital in the current funding environment, rather than issues with ICON's pricing or service offerings.

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    Matthew Sykes's questions to Revvity Inc (RVTY) leadership

    Matthew Sykes's questions to Revvity Inc (RVTY) leadership • Q1 2025

    Question

    Matthew Sykes of Goldman Sachs questioned the competitive landscape and margin contribution of the rapidly growing Signals software business. He also asked for regional color on the strong ImmunoDx results and whether mid-single-digit growth is the new normalized rate for the Diagnostics segment.

    Answer

    CEO Prahlad Singh described the Signals business as a 'crown jewel,' benefiting from strong new business wins, new product introductions, and synergies with the broader Life Sciences franchise. CFO Maxwell Krakowiak confirmed the ImmunoDx business performed well globally, particularly in the U.S., without any tariff-related pull-forward. Singh reiterated that Diagnostics products are not sourced from the U.S. for China, negating tariff pull-forward effects.

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    Matthew Sykes's questions to Revvity Inc (RVTY) leadership • Q4 2024

    Question

    Matthew Sykes asked about expectations for the instruments business, inquiring about leading indicators for a recovery and the nature of customer conversations regarding 2025 CapEx plans. He also questioned if the strong Q4 2024 exit rate was influenced by a budget flush, explaining why that momentum isn't extrapolated into the 2025 forecast.

    Answer

    CEO Prahlad Singh noted that the instrument portfolio is specialized, not a commodity, and recovery will vary regionally, with some modest stimulus impact expected in China. He confirmed the 2025 guidance remains prudent and does not assume a snap-back recovery in instrument demand. He explicitly stated there was 'absolutely none' when asked about a Q4 budget flush, attributing the conservative 2025 guidance to market uncertainty rather than a one-time Q4 event.

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    Matthew Sykes's questions to Revvity Inc (RVTY) leadership • Q3 2024

    Question

    Matthew Sykes asked about the operating leverage of the transformed business model in a recovery scenario and inquired about the specific investments that have been pressuring Life Sciences margins.

    Answer

    CEO Prahlad Singh emphasized that expanding margins by 80 bps in a weak market demonstrates the power of the new cost structure, suggesting significant leverage in a recovery. CFO Maxwell Krakowiak identified strategic investments in a GMP facility, a unified e-commerce platform, and the Signals software portfolio as key areas of spending.

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    Matthew Sykes's questions to Thermo Fisher Scientific Inc (TMO) leadership

    Matthew Sykes's questions to Thermo Fisher Scientific Inc (TMO) leadership • Q1 2025

    Question

    Matthew Sykes inquired about biopharma customer order patterns, specifically asking if there was any evidence of inventory pull-forwards to get ahead of tariffs. He also asked for details on the company's manufacturing flexibility to mitigate these impacts, particularly the differences between instruments and consumables.

    Answer

    CEO Marc Casper stated that due to the rapid implementation of tariffs, the company did not observe any significant inventory pull-forward from customers in Q1. He emphasized that Thermo Fisher's scale, global manufacturing footprint, and use of 'twin factories' provide enormous flexibility and a competitive advantage, enabling them to shift production and mitigate impacts quickly, which also presents a share gain opportunity.

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    Matthew Sykes's questions to Quanterix Corp (QTRX) leadership

    Matthew Sykes's questions to Quanterix Corp (QTRX) leadership • Q4 2024

    Question

    Matthew Sykes questioned the 2025 guidance, focusing on the steep Q1 decline and the reliance on a second-half recovery in the Accelerator lab. He asked for the reasons behind the first-half project delays and the source of confidence for the second-half rebound. He also inquired about the revenue contribution timeline for the 10 hospitals and labs currently in the validation phase for Alzheimer's testing.

    Answer

    President and CEO Masoud Toloue attributed the Accelerator lab's first-half slowdown to the timing of several large-scale projects, which are now expected in the second half of 2025. He cited a strong and diverse customer pipeline as the basis for confidence in a back-half recovery, building on the lab's 37% growth in 2024. Regarding the new lab partners, he explained that some are in the contracting phase while others await validation completion, with revenue contributions expected to begin during 2025, though a specific quarterly breakdown was not provided.

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    Matthew Sykes's questions to Quanterix Corp (QTRX) leadership • Q3 2024

    Question

    Matthew Sykes of Goldman Sachs inquired about the customer mix in the high-performing Accelerator Lab and the utilization trends from Alzheimer's diagnostic health system partnerships.

    Answer

    President and CEO Masoud Toloue stated that 70-80% of Accelerator customers are recurring. He noted that while LucentAD testing revenue was immaterial, partner enablement is gaining traction. Executive Vandana Sriram quantified this, stating partner enablement revenue was $2.7 million, up significantly from $700,000 in the prior quarter, highlighting progress with partners like Mount Sinai.

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    Matthew Sykes's questions to Agilent Technologies Inc (A) leadership

    Matthew Sykes's questions to Agilent Technologies Inc (A) leadership • Q1 2025

    Question

    On behalf of Matthew Sykes, an analyst asked about the drivers behind the 70% growth in the PFAS testing market and the outlook for future growth. They also questioned whether instrument growth was due to market recovery or the Infinity III replacement cycle.

    Answer

    CEO Padraig McDonnell explained that strong PFAS demand is global, contributing 75 basis points to company growth. He noted the Infinity III launch has spurred a tech refresh, with high-single-digit growth in LC/MS in pharma, indicating both market recovery and strong product adoption. CFO Bob McMahon added that PFAS revenue is now well over a $100M annual run rate.

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    Matthew Sykes's questions to Agilent Technologies Inc (A) leadership • Q4 2024

    Question

    Matthew Sykes asked about the drivers behind the strong performance in the Diagnostics and Genomics Group (DGG), its sustainability, and how the new organizational resegmentation will impact R&D and product innovation speed.

    Answer

    President and CEO Padraig McDonnell and LDG President Simon May highlighted high-single-digit growth in the pathology business as a key driver for DGG. May added that the genomics business saw its first growth quarter in a while, driven by strategic pivots to products like the Magnis automated NGS library prep. They believe this growth is durable. Regarding the restructuring, McDonnell explained it is designed to bring Agilent closer to its customers and enable more focused capital allocation, which he expects will lead to an acceleration of R&D and innovation.

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    Matthew Sykes's questions to Agilent Technologies Inc (A) leadership • Q3 2024

    Question

    Matthew Sykes inquired about the drivers of the Life Sciences and Applied Markets Group (LSAG) outperformance, particularly the contribution from consumables versus instruments, and its implications for the biopharma replacement cycle. He also asked about durable trends in the declining Academia and Government market.

    Answer

    CEO Padraig McDonnell and CFO Bob McMahon responded, confirming that strong mid-single-digit growth in consumables and services drove the LSAG results, indicating stable lab activity. They noted that while the instrument business was down low-double digits, it performed better than expected with a book-to-bill ratio greater than one. For the Academia and Government market, Mr. McDonnell attributed the 11% decline to a difficult comparison against prior-year stimulus, stating that underlying funding remains stable outside of some reallocation in Europe towards defense.

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    Matthew Sykes's questions to Guardant Health Inc (GH) leadership

    Matthew Sykes's questions to Guardant Health Inc (GH) leadership • Q4 2024

    Question

    Matthew Sykes asked about the current gating factors for the Shield sales force expansion and how Guardant is thinking about the size of that investment over the next one to two years.

    Answer

    Co-CEO AmirAli Talasaz reiterated that Shield investments are gated by continued commercial execution and are financially disciplined within the ~$200 million annual net burn target for the screening business. He noted that better-than-expected unit economics, driven by a higher Medicare price, provide additional gross profit that can be reinvested into expanding the commercial infrastructure.

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    Matthew Sykes's questions to Exact Sciences Corp (EXAS) leadership

    Matthew Sykes's questions to Exact Sciences Corp (EXAS) leadership • Q4 2024

    Question

    Matthew Sykes of Goldman Sachs asked about changes made to the commercial team and its new areas of focus for 2025, considering the multiple product launches and challenges seen in the prior year.

    Answer

    CEO Kevin Conroy stated that the field sales team is now appropriately sized and equipped with data to target high-potential healthcare providers. He emphasized that the team has been extensively trained on Cologuard Plus, which is energizing the force. Conroy noted that leading indicators, such as total calls and calls on the right providers, are up, which historically predicts success.

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    Matthew Sykes's questions to Exact Sciences Corp (EXAS) leadership • Q4 2024

    Question

    Matthew Sykes asked about changes made to the commercial team and its focus for 2025, considering the multiple new launches and challenges observed in the prior year.

    Answer

    CEO Kevin Conroy stated that the field sales team is now appropriately sized and equipped with data to effectively target high-potential healthcare providers. He emphasized that the team is extensively trained on Cologuard Plus and that leading indicators, such as total sales calls and calls on the right providers, are already up. He believes these efforts will have a positive impact over the coming quarters.

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    Matthew Sykes's questions to Exact Sciences Corp (EXAS) leadership • Q3 2024

    Question

    Matthew Sykes from Goldman Sachs asked for a deeper breakdown of the commercial execution issues, questioning if it was related to sales management, rep turnover, or new reps ramping slowly, given the focus was seemingly lost on newer doctors.

    Answer

    CEO Kevin Conroy focused on forward-looking solutions rather than past issues, stating the company is providing better tools to its sales force to target the most responsive providers. He highlighted a key opportunity: providers who began ordering since 2020 do so at a 50% higher rate initially. He emphasized that improving execution is a leadership priority and the team is confident in its ability to address it.

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    Matthew Sykes's questions to Exact Sciences Corp (EXAS) leadership • Q3 2024

    Question

    Matthew Sykes from Goldman Sachs asked for a deeper analysis of the commercial execution issues, questioning if the root cause was related to sales management, rep turnover, or the ramp-up of new reps, especially since dealing with fewer in-office visits is an ongoing challenge.

    Answer

    CEO Kevin Conroy stated he preferred to look forward but acknowledged the company can execute better. He explained that newer providers who began ordering post-pandemic are being called on at half the rate of more tenured ones, representing a clear opportunity. He emphasized that the company is providing its sales force with better tools to focus on the most responsive providers and that he and the leadership team take accountability for improving execution.

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    Matthew Sykes's questions to Exact Sciences Corp (EXAS) leadership • Q2 2024

    Question

    Matthew Sykes asked for clarification on the Q3 guidance, which was below some expectations, questioning if it reflected seasonality and a Q4 weighting for care gap programs. He also asked if the company could break out Prevention Genetics revenue from the overall screening segment.

    Answer

    CFO Aaron Bloomer confirmed that growth drivers like rescreens and care gap programs are more weighted towards Q4. He also noted that historically, the steepest growth curve occurs from mid-August through November as wellness visits increase post-summer, which informed the back-half guidance. The question about Prevention Genetics revenue was not addressed.

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

    Matthew Sykes's questions to Charles River Laboratories International Inc (CRL) leadership • Q4 2024

    Question

    Matthew Sykes asked for the total percentage of RMS revenue from academic clients, including the NIH, and inquired about real-time demand trends and feedback from this customer base given recent funding uncertainty.

    Answer

    Chair, President & CEO James Foster stated that academic and government clients represent about 40% of RMS revenue and 10% of total company revenue. He noted that the company is not yet seeing significant impacts from NIH funding directives and believes the business will be fine given its diversified client base within that segment.

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    Matthew Sykes's questions to Charles River Laboratories International Inc (CRL) leadership • Q3 2024

    Question

    Matthew Sykes from Goldman Sachs asked if the cost-saving and reprioritization efforts in the large pharma segment are nearing an end and what the demand recovery might look like in 2025. He also questioned if the headcount reductions and site consolidations could create customer friction or hinder a potential recovery.

    Answer

    Chairman, President and CEO James Foster stated that while some large pharma restructuring is likely at its tail end, the process is not fully complete, but he feels demand is unlikely to deteriorate further. He expressed confidence that the workforce reductions were surgical, preserving key scientific staff, and that the company could re-hire direct labor quickly if demand accelerates, ensuring they are well-positioned for a recovery without disrupting client service.

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

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

    Question

    Matthew Sykes asked about expectations for revenue true-ups in 2025, the quarterly phasing of gross margins given the strong Q4 exit rate, and the key investments being made to build and protect the company's competitive moat.

    Answer

    CFO Kevin Feeley projected that while positive true-ups should continue, their magnitude might decrease as payment rates mature, and he expects gross margin improvements to be smooth throughout the year, with most impact in the second half. CEO Katherine Stueland identified the company's moat as its first-mover advantage, diversified customer base, brand strength, and its valuable, growing data asset which ensures a superior product with higher diagnostic yield. She emphasized continued investment in the customer experience to complement this data advantage.

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

    Question

    Matthew Sykes of Goldman Sachs asked about the impact of prior period collections on profitability and how to model this going forward. He also questioned if the company would consider more aggressively winding down or disposing of its non-exome/genome testing businesses.

    Answer

    CFO Kevin Feeley explained that the $6.3 million in prior period true-ups resulted from outperforming historical collection estimates and that he views the current $3,100 average reimbursement rate as a new floor for modeling. CEO Katherine Stueland noted that the company has already retired 70% of its test menu. Kevin Feeley added that remaining tests, like chromosomal microarray, are strategically important for future conversion to exome/genome and have been improved to a breakeven gross margin profile.

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    Matthew Sykes's questions to Avantor Inc (AVTR) leadership

    Matthew Sykes's questions to Avantor Inc (AVTR) leadership • Q4 2024

    Question

    An analyst on behalf of Matthew Sykes asked about customer cohort trends, specifically requesting color on the performance of large pharma versus emerging biotech customers.

    Answer

    CEO Michael Stubblefield reported encouraging trends from large pharma, which has returned to growth for two consecutive quarters. Conversely, he described biotech activity as bifurcated, with established biotechs performing adequately but start-up activity remaining weak due to a sequential decline in funding throughout the year.

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

    Matthew Sykes's questions to Natera Inc (NTRA) leadership • Q3 2024

    Question

    Matthew Sykes of Goldman Sachs asked about the allocation of sales and marketing spend between the women's health and oncology businesses, and inquired if Signatera growth was consistent across indications or if certain cancer types were ramping faster.

    Answer

    CEO Steve Chapman confirmed that the women's health commercial presence is largely established and at a steady state, with the majority of new investment being directed toward Signatera's growth. This includes spending on clinical trials, R&D, and commercial expansion. Chapman stated that Signatera's utilization growth has been pretty consistent and is primarily driven by the availability of peer-reviewed evidence, noting that a decent portion of use is already outside of currently covered indications, representing an upside opportunity.

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    Matthew Sykes's questions to Adaptive Biotechnologies Corp (ADPT) leadership

    Matthew Sykes's questions to Adaptive Biotechnologies Corp (ADPT) leadership • Q3 2024

    Question

    Matthew Sykes questioned the potential testing frequency and volume ramp for the newly covered mantle cell lymphoma (MCL) indication and asked where the most significant runway for further operating cost savings exists.

    Answer

    Executive Susan Bobulsky explained that MCL's aggressive, relapsing nature presents multiple testing opportunities, similar in market size to ALL. CFO Kyle Piskel stated that future cost improvements in S&M and G&A are a 'leverage story,' with R&D savings driven by targeted Immune Medicine spend, and no further major reductions are planned.

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    Matthew Sykes's questions to Neogenomics Inc (NEO) leadership

    Matthew Sykes's questions to Neogenomics Inc (NEO) leadership • Q3 2024

    Question

    Representing Matthew Sykes, Prashant Kota asked about the remaining R&D spend and timeline for the new RaDaR 1.1 MRD test and its potential long-term contribution to top-line growth.

    Answer

    CEO Chris Smith stated that much of the cost for RaDaR 1.1 was absorbed in the current year's financials, with CLIA validation expected in H1 2025. CFO Jeff Sherman added that he doesn't anticipate a major change to the base R&D spending level. Regarding its growth impact, Mr. Smith deferred a specific forecast, noting that updated long-range guidance will be provided in February.

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