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Michael Riskin

Research Analyst at Bank of America

Michael Riskin is a seasoned financial professional specializing in financial planning and practice management, with more than 15 years of industry experience. He is recognized for his expertise in advising clients and optimizing financial strategies, primarily within CPS, though specific coverage of companies and quantitative performance metrics are not publicly available. Riskin has established a comprehensive career in financial services, demonstrating a lifelong commitment to the field, but details regarding his tenure at Bank of America, prior firms, or definitive start dates remain undisclosed. Information on professional credentials such as FINRA registration or securities licenses is currently unavailable.

Michael Riskin's questions to Zoetis (ZTS) leadership

Question · Q3 2025

Michael Riskin from Bank of America pressed on the reasons for the significant shift in Zoetis's companion animal outlook, questioning why the company, historically insulated from vet challenges, is now more impacted by macro and vet dynamics, and whether competition plays a larger role. He also asked for an update on distributor inventory levels.

Answer

CFO Wetteny Joseph clarified that while overall vet visits have been down historically, the key difference is a three-quarter decline in therapeutic visits for dermatology and OA pain, directly impacting new patient starts. He highlighted that alternative channels, including home delivery, continue to show strong growth (21% in the quarter), partially offsetting clinic softness. Joseph also mentioned the impact of significant price increases by vet customers. He confirmed that distributor inventory levels, while dipping mid-quarter, recovered to remain below the historical low end by quarter-end.

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Question · Q3 2025

Michael Riskin questioned the significant shift in the U.S. companion animal outlook, given Zoetis's historical resilience to vet challenges, and asked if competition is playing a larger, more lasting role. He also sought clarification on distributor inventory levels heading into Q4 and 2026.

Answer

Wetteny Joseph, Chief Financial Officer, clarified that while overall vet visits were down, the key difference was three consecutive quarters of declining therapeutic visits (dermatology, OA pain), which impacted new patient starts. He noted strong growth in alternative channels (21% in Q3), including home delivery, and attributed some impact to significant price increases by vet customers. Joseph reiterated confidence in Zoetis's broad portfolio and innovation for long-term growth. He confirmed distributor inventory levels normalized by quarter-end, remaining below the historical low end since early 2023.

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Michael Riskin's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership

Question · Q3 2025

Michael Riskin asked about the trends in end-market clinical visits, IDEXX's ability to perform strongly despite market weakness, and how MUDX placements are leveraged to uplift the broader business, including consumables and reference labs. He also inquired about IDEXX's investment priorities in R&D and commercial sales force.

Answer

Andrew Emerson, CFO, noted that non-wellness visits were near flat in Q3, benefiting from an aging pet population, while wellness visits continued to decline by 2.5% due to macro pressures. Jay Mazelsky, President and CEO, explained that MUDX placements offer direct capital revenue and indirect benefits through IDEXX 360 programs, encouraging customers to consolidate testing with IDEXX. He detailed investment priorities in commercial expansion (international and U.S.), multi-year R&D for biomarkers, new instruments (MUDX, multi-queue DX), and cloud-based software. Emerson added that Q3's 12% operating expense growth reflects disciplined reinvestment for future growth.

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Question · Q3 2025

Michael Riskin asked about the impact of improving end market visit trends on IDEXX's strong performance, specifically how MUDX is leveraged across the broader business (consumables, reference lab), and if it leads to stronger IDEXX premium and cross-selling opportunities. He also inquired about IDEXX's investment priorities, including R&D for new platforms like multi-queue DX and commercial sales force expansion, and how top-line strength is allocated.

Answer

Andrew Emerson, CFO, noted that non-wellness visits were near flat in Q3, benefiting from aging pets (5+ years) leading to higher quality visits and expanded diagnostic frequency, while wellness visits declined 2.5% due to macro pressures. Jay Mazelsky, President and CEO, explained MUDX provides direct economic benefits (capital and recurring revenue) and indirect benefits by inspiring customers to consolidate overall testing volume, including reference labs and software, through IDEXX 360 programs. Regarding investments, Mazelsky detailed short-return commercial investments (salesforce expansion), multi-year R&D (biomarkers, new instruments like MUDX and multi-queue DX), and heavy investment in cloud-based PIMS and other software. Emerson added that Q3 operating expenses grew 12% year-over-year, reflecting disciplined resource allocation to drive future growth while delivering solid operating margin gains.

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Michael Riskin's questions to LABCORP HOLDINGS (LH) leadership

Question · Q3 2025

Michael Riskin from Bank of America (question asked by Aaron) inquired about the double-digit growth in esoteric testing compared to routine tests, how Labcorp prioritizes R&D investments in this area, and the commercialization strategy and reimbursement updates for Genoscopy's ColoSense.

Answer

Chairman and CEO Adam Schechter confirmed strong esoteric growth, emphasizing its importance for comprehensive patient care despite lower volume. He stated Labcorp focuses R&D on high-growth areas like oncology, women's health, neurology, and autoimmune diseases, aiming for 2-3x market growth. Labcorp is agnostic to internal development versus licensing/acquiring tests to bring the best solutions to market quickly.

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