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    Michael Ryskin

    Research Analyst at Bank of America Merrill Lynch

    Michael Ryskin is an Analyst-Equity at BofA Securities specializing in life science tools and diagnostics, with a track record of covering major industry players such as Waters Corporation and Mettler-Toledo International. He has a background as an oncology research scientist at Pfizer and began his financial analyst career at Merrill Lynch, later joining BofA Securities in 2019. Ryskin holds a BA from Cornell University, an MA from Brown University, and an MBA from New York University, and is known for his expertise in equity research for high-impact healthcare and life sciences companies. His analytical work is informed by strong academic credentials and hands-on scientific experience in both industry and finance.

    Michael Ryskin's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership

    Michael Ryskin's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership • Q4 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch sought clarification on the fiscal 2026 guidance, asking to break out the inorganic contribution from the Zoetis MFA acquisition and its impact on adjusted EBITDA. He also questioned the specific drivers behind the strong 7% growth in the legacy Animal Health business during fiscal 2025.

    Answer

    CFO Glenn David clarified that at least half of the projected $40-50 million incremental EBITDA in fiscal 2026 is from the full-year contribution of the Zoetis business, with the rest from legacy growth and the Fibro Forward initiative. Regarding the strong legacy performance in 2025, he noted that the 4% MFA growth was partly due to weaker comparators in the prior year. COO Larry Miller added that continued strong demand and new product introductions in the vaccines and nutritional specialties segments were also significant contributors to the outperformance.

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    Michael Ryskin's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership • Q3 2025

    Question

    Michael Ryskin from Bank of America asked for clarification on the updated full-year guidance, noting that while revenue guidance was largely unchanged, the EBITDA and EPS forecasts were raised significantly. He inquired about the primary drivers behind this impressive increase, questioning whether it was due to product mix, the Phibro Forward initiative, or other factors.

    Answer

    CFO Glenn David explained that the guidance increase was driven by several factors. He confirmed that favorable product mix, particularly in the vaccine portfolio, and incremental growth from the Phibro Forward initiative were contributors. However, David identified the largest factor as the higher-than-expected margin contribution from the newly acquired Zoetis MFA portfolio, which is benefiting from Phibro's ability to leverage its global infrastructure more effectively than initially anticipated.

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    Michael Ryskin's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership • Q3 2025

    Question

    Michael Ryskin questioned the drivers behind the significant increase in EBITDA and EPS guidance while revenue guidance remained stable. He also requested more specific details on tariff impacts, such as the product categories or geographic sources involved.

    Answer

    CFO Glenn David attributed the improved guidance to a favorable product mix, benefits from the Phibro Forward initiative, and stronger-than-anticipated margin contribution from the newly integrated Zoetis MFA portfolio. Chairman, President and CEO Jack Bendheim clarified that tariff pressures are not primarily from China-sourced active ingredients but from broader tariffs on various inputs, which the company is managing through supplier negotiations and operational adjustments.

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    Michael Ryskin's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership • Q2 2025

    Question

    Speaking on behalf of Michael Ryskin, an analyst asked why the EPS guidance for the Zoetis MFA acquisition came in significantly higher than expected while revenue guidance was in line, and also questioned if the initial two-month revenue contribution of $37 million was light relative to the full-year target.

    Answer

    Chief Financial Officer Glenn David attributed the EPS upside to better-than-anticipated profitability from the Zoetis assets, driven by the timing of hiring costs and a favorable product mix. He clarified that the initial revenue was impacted by expected transition effects like blackout periods and destocking, noting that December sales were double those of November, indicating strong acceleration toward the full-year target.

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    Michael Ryskin's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership • Q1 2025

    Question

    Michael Ryskin asked for clarification on the Zoetis MFA acquisition guidance, questioning why the 8-month contribution was not a simple pro-rata of the full-year estimate. He also inquired about the rationale for discontinuing the atopic dermatitis product and the sustainability of the strong 15% growth in the legacy MFA business.

    Answer

    CFO Glenn David explained the Zoetis guidance reflects transitory impacts in the first 3-6 months, including inventory destocking required by the deal and regulatory-driven sales blackout periods in certain markets. EVP Daniel Bendheim stated the atopic dermatitis project was discontinued because it 'missed the mark' on its target product profile. COO Larry Miller and CFO Glenn David attributed the strong MFA performance to continuing trends from FY24, favorable seasonality, strong product demand, and the focus of their sales team.

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    Michael Ryskin's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership • Q4 2024

    Question

    Michael Ryskin inquired about the specific growth drivers behind the fiscal 2025 revenue guidance for the Animal Health sub-segments, sought more detail on the 'Phibro Forward' initiative's scope and timing, and asked about the regulatory approval status for the Zoetis MFA acquisition.

    Answer

    CFO Glenn David detailed the FY2025 guidance, projecting continued growth in Animal Health and a recovery in other segments, while noting vaccine growth would moderate from FY2024's high pace. CEO Jack Bendheim and EVP Daniel Bendheim elaborated on the 'Phibro Forward' initiative, describing it as a multi-year plan focused on revenue and cost efficiencies with benefits accelerating in FY2026 and FY2027. Daniel Bendheim also confirmed that U.S. regulatory approval for the Zoetis MFA deal is secured, with one international approval pending, targeting a Q4 calendar year close.

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    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership

    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch asked about the drivers of the strong performance in the Chemicals and Advanced Materials (CAM) segment and sought clarification on the full-year tariff impact on margins.

    Answer

    CEO Padraig McDonnell attributed the 10% growth in CAM to supply chain regionalization, greenfield investments, and an emerging instrument replacement cycle. Interim CFO Rodney Gonsalves clarified that the net tariff cost was approximately $35 million in Q3 and is expected to be similar in Q4, totaling around $70 million for the second half of the year. He confirmed mitigation efforts will ramp through 2026.

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    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch asked for the key drivers behind the 10% growth in the Chemicals and Advanced Materials segment and sought clarification on the total fiscal 2025 margin impact from tariffs and how that should be viewed for fiscal 2026.

    Answer

    President and CEO Padraig McDonnell attributed the CAM strength to capacity growth from supply chain regionalization, greenfield investments, and an emerging instrument replacement cycle, particularly in the chemical and semiconductor sectors. Regarding tariffs, McDonnell reiterated the plan for full mitigation in 2026 through manufacturing footprint leverage, supplier relocation, and targeted pricing. Interim CFO Rodney Gonsalves quantified the tariff cost at approximately $35 million in Q3 and expects a similar level in Q4, totaling around $70 million for the second half of the year.

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    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America inquired about the margin cadence for the rest of the year, particularly the drivers of OpEx leverage in the second half. He also asked about the gross margin outlook for fiscal 2026, considering the planned full mitigation of tariffs.

    Answer

    CFO Bob McMahon explained that second-half margin improvement will be driven by volume, seasonality, and approximately $40 million in savings from the 'Ignite' program, which will primarily benefit OpEx and offset tariff impacts on gross margin. For 2026, he suggested gross margins should improve as tariff costs are fully eliminated through supply chain moves, complemented by volume leverage and enhanced pricing, though he did not provide formal guidance.

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    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2025

    Question

    Michael Ryskin asked for clarification on the timing of the -7% decline in the academic and government market and followed up on whether the cell analysis business is disproportionately concentrated in this end market.

    Answer

    CFO Bob McMahon stated the softness was seen globally, with some incremental softness in January related to NIH uncertainty. President of Life Sciences and Diagnostics Simon May confirmed that the cell analysis business does have a proportionately higher exposure to the academic and government market compared to other parts of the portfolio, explaining the impact seen there.

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    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership • Q4 2024

    Question

    Michael Ryskin asked for insight into how the China stimulus might materialize throughout fiscal 2025 and requested a breakdown of the drivers for the 50-70 bps margin expansion guidance for the year.

    Answer

    CEO Padraig McDonnell noted that initial China stimulus orders are in the low single-digit millions and more are expected in Q1, but visibility beyond that is limited. CFO Robert McMahon added that the initial guide is conservative on stimulus timing. Regarding margins, McMahon explained the expansion is driven by a combination of factors: annualization of prior cost savings, price, and efficiencies from the Ignite transformation program, which will contribute more in the second half. More details will be provided at the December Investor Day.

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    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2024

    Question

    Michael Ryskin from Bank of America asked for clarification on why small molecule pharma performed better than large molecule, questioning the specific drivers. He also inquired about the strategic intent behind the BIOVECTRA acquisition and how aggressively Agilent plans to expand its presence in the CDMO market.

    Answer

    CFO Bob McMahon explained that small molecule was down mid-single digits, aided by growth in Europe, suggesting a replacement need is emerging. He clarified that after excluding the NASD business, biopharma was also down mid-single digits, making the performance more comparable. On CDMO strategy, CEO Padraig McDonnell stated that M&A, like BIOVECTRA, is focused on strategic fit in high-growth markets. Simon May, President of DGG, added that it builds on their strong RNA position and they see rich opportunities for future expansion.

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    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2024

    Question

    Michael Ryskin sought clarification on why small molecule pharma performed better than large molecule and asked about the strategic intent behind the BIOVECTRA acquisition, specifically how aggressively Agilent plans to expand in the CDMO space.

    Answer

    CFO Bob McMahon explained that small molecule's relative strength (down mid-singles) reflects underlying replacement needs, especially in Europe. He noted that biopharma, excluding the lumpy NASD business, was also down mid-single digits. CEO Padraig McDonnell described the BIOVECTRA acquisition as the 'start of our ambition' to build out capabilities for customers in high-growth markets, fitting squarely within the company's M&A strategy.

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    Michael Ryskin's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2024

    Question

    Michael Ryskin of Bank of America pressed on the topic of visibility, asking why it should be considered better now when previous customer conversations proved unreliable. He also questioned the implied $120 million sequential revenue ramp from Q3 to Q4 and the potential risk to that number.

    Answer

    CFO Bob McMahon responded that the current guidance is more prudent, assuming no significant market inflection in the second half. He noted that for the NASD business, which is a key variable, they have all the necessary orders in-house for H2, increasing confidence. McMahon explained the Q3-to-Q4 ramp is primarily driven by a $30 million NASD step-up as delayed clinical programs are fulfilled in Q4, bringing the underlying seasonality to a more historical level.

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    Michael Ryskin's questions to Evotec (EVO) leadership

    Michael Ryskin's questions to Evotec (EVO) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch questioned the current pricing environment, customer price sensitivity, and any differing geographic trends in customer behavior.

    Answer

    CEO Christian Wojczewski explained that while there is more price pressure in the transactional services business, the company's integrated and strategic partnerships are less price-sensitive due to their unique value. Geographically, he noted strong traction in East Asia, caution in the US, and Europe positioned in the middle, with Evotec's primary exposure being to the US and Europe.

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    Michael Ryskin's questions to Evotec (EVO) leadership • Q1 2024

    Question

    Michael Ryskin asked about the historical volatility in Discovery closed sales, questioning if it's driven by seasonality or large orders and how predictive recent strength is. He also questioned if market demand signals have altered the timeline or extent of the company's cost optimization and capacity reduction plans.

    Answer

    CBO Matthias Evers explained that the volatility in Discovery sales is driven by high-value, large contracts rather than a steady flow of smaller units. COO Craig Johnstone and CBO Matthias Evers confirmed the cost reset plan is fully on track and its timeline is unchanged, stating the goal is to create a more efficient base from which to grow as the market recovers.

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    Michael Ryskin's questions to Cars.com (CARS) leadership

    Michael Ryskin's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Michael Ryskin asked for details on the Q2 Average Selling Price (ASP) uplift, questioning the split between Medicare realization and commercial payer progress, the conservatism in the full-year guidance given the strong Q2 exit rate, and the sustainability of positive adjusted EBITDA.

    Answer

    Luke Power, SVP, CFO & Chief Accounting Officer, explained that the ASP increase was primarily driven by the mix shift to MI CancerSEQ, which constituted 78% of tissue cases, along with catch-up Medicare payments and new commercial contracts covering over 170 million lives. He noted the guidance reflects a conservative, linear growth model for ASP and volumes in H2. Power also confirmed that the company expects to remain adjusted EBITDA positive going forward, stating they have "crossed that bridge."

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    Michael Ryskin's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Michael Ryskin from Bank of America Merrill Lynch asked about the key drivers behind the Q2 Average Selling Price (ASP) increase, the level of conservatism in the full-year guidance, and the company's ability to sustain positive adjusted EBITDA.

    Answer

    Luke Power, SVP & CFO, attributed the strong ASP primarily to the rapid adoption of the FDA-approved MI CancerSEQ assay, which constituted 78% of tissue cases, and improved commercial payer coverage affecting over 170 million lives. He explained the full-year guidance reflects a cautious approach while acknowledging the potential for upside. Power also confirmed the company expects to maintain positive adjusted EBITDA going forward, having crossed a significant profitability milestone.

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    Michael Ryskin's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch inquired about the drivers of the significant Q2 ASP uplift, the potential conservatism in the full-year guidance, and the sustainability of positive adjusted EBITDA.

    Answer

    SVP & CFO Luke Power attributed the strong ASP to the high adoption rate of MI CancerSEQ (78% of tissue cases), Medicare reimbursement catch-ups, and new commercial contracts covering over 170 million lives. He clarified that the annual guidance is built on a more linear growth model from a pre-true-up base. Power also confirmed the company expects to remain adjusted EBITDA positive going forward, having crossed that profitability milestone.

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    Michael Ryskin's questions to Tempus AI (TEM) leadership

    Michael Ryskin's questions to Tempus AI (TEM) leadership • Q2 2025

    Question

    Michael Ryskin from Bank of America Merrill Lynch questioned the pipeline for major pharma partnerships in the Data and Insights business and the competitive landscape. He also asked about the company's priorities for investment while balancing growth and the path to profitability.

    Answer

    CEO Eric Lefkofsky described the pharma pipeline as 'super strong,' stating they have not felt pressure from competitors or pharma budget cuts, as AI/data is a small part of R&D spend. Regarding investments, he emphasized the goal of disciplined growth, aiming for sustained operating leverage and reaching adjusted EBITDA breakeven without sacrificing long-term investment. CFO Jim Rogers added that the company is not 'starving the business' to achieve this leverage and is making appropriate investments.

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    Michael Ryskin's questions to Tempus AI (TEM) leadership • Q1 2025

    Question

    Michael Ryskin asked for a breakdown of the updated $1.25 billion revenue guidance, specifically how much of the new AstraZeneca/Pathos deal is included and whether the growth assumptions for the legacy Tempus oncology and Ambry hereditary businesses remain unchanged.

    Answer

    CEO Eric Lefkofsky confirmed that some revenue from the new AZ/Pathos deal is included in the guide, but noted the company always expects to sign and deliver a certain amount of new revenue within the year. He stated the company is being 'appropriately conservative' on the growth rates for Ambry and feels the new guidance is the right place to be, highlighting that they have raised guidance by a total of $20 million over the last 90 days.

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    Michael Ryskin's questions to Tempus AI (TEM) leadership • Q4 2024

    Question

    Michael Ryskin followed up on Ambry's contribution, asking about its longer-term growth outlook beyond 2025. He also questioned the trend in Total Remaining Contract Value (TCV), noting its relative stability and asking why it shouldn't be viewed as a leading indicator for future growth.

    Answer

    CEO Eric Lefkofsky projected that long-term, Ambry's growth rate should align with Tempus's core genomics business at around 25%. Regarding TCV, both Lefkofsky and CFO Jim Rogers emphasized that the metric is inherently lumpy due to large, multi-year deals. They noted that the fact TCV grew at all while the company recognized record data revenue indicates a very healthy business, providing a substantial buffer and visibility.

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    Michael Ryskin's questions to Tempus AI (TEM) leadership • Q3 2024

    Question

    Michael Ryskin asked for clarification on the Ambry Genetics acquisition, specifically how much of Ambry's revenue would be incremental versus overlapping with its current role as Tempus's reference lab. He also questioned the drivers behind the sequential improvement in Genomics ASP to $1,530 and the outlook for reimbursement.

    Answer

    CEO Eric Lefkofsky stated that the vast majority of Ambry's business is not overlapping with Tempus's current volume. CFO Jim Rogers added that the primary call points are complementary, with Ambry focused on genetic counselors and Tempus on oncologists. Regarding ASP, Rogers attributed the improvement to new in-network contracts with payers like Blue Shield of California and Illinois. He noted the next significant reimbursement accelerant would be the migration to the xT CDx assay in Q1 2025, pending ADLT pricing.

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    Michael Ryskin's questions to 10x Genomics (TXG) leadership

    Michael Ryskin's questions to 10x Genomics (TXG) leadership • Q2 2025

    Question

    Michael Ryskin asked for details on the $4 million revenue pull-forward in China, including how the amount was estimated and what is driving the region's underlying strength.

    Answer

    CEO Serge Saxonov explained that their confidence in the $4 million estimate comes from their improved go-to-market model in China, which provides close contact with customers who specifically indicated they were ordering ahead of potential tariffs. He attributed the broader strength in the region to these structural business changes and more favorable market dynamics.

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    Michael Ryskin's questions to 10x Genomics (TXG) leadership • Q1 2025

    Question

    An analyst on behalf of Michael Ryskin asked how the academic and government customer segment performed outside of the U.S. during the quarter.

    Answer

    CEO Serge Saxonov responded that the academic and government business held up "pretty well" outside the U.S. He characterized the international funding environment as "relatively healthy" despite some pressures from the global geopolitical situation.

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    Michael Ryskin's questions to 10x Genomics (TXG) leadership • Q4 2024

    Question

    Michael Ryskin requested more clarity on Q1 2025 seasonality and pressed for reasons why the biopharma segment is not already a larger portion of revenue, questioning what has held back adoption until now.

    Answer

    CEO Serge Saxonov explained that the product portfolio has only recently matured to be fully suitable for later-stage pharma work, particularly with the introduction of fixation and FFPE sample compatibility. He also noted that adoption cycles in pharma are longer and that key applications like large-scale CRISPR screens are just now gaining broad interest. Finally, he highlighted the new, dedicated biopharma commercial team as a key future growth driver.

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    Michael Ryskin's questions to 10x Genomics (TXG) leadership • Q3 2024

    Question

    Michael Ryskin pointed out that spatial consumables revenue has been relatively flat sequentially for three quarters, despite a significant increase in the Xenium installed base. He asked for an explanation, questioning if it was due to inventory drawdowns or reordering patterns, and what this implies for spatial consumables growth going forward.

    Answer

    CEO Serge Saxonov explained that sequential dynamics were complex due to new product launches creating initial pent-up demand that later smoothes out. He pointed to encouraging underlying trends like good reorder rates for Visium and consistent growth in Xenium utilization. He also noted that spatial consumables were impacted by the Q3 commercial transformation headwinds, suggesting the strong year-over-year growth provides a more encouraging picture.

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    Michael Ryskin's questions to Elanco Animal Health (ELAN) leadership

    Michael Ryskin's questions to Elanco Animal Health (ELAN) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America asked about the gross margin trajectory for new products like Quattro and Zenrelia, specifically at what revenue or volume threshold they shift from dilutive to accretive. He also asked for an assessment of the potential U.S. sales uplift for Zenrelia following the expected removal of the fatal vaccine risk language from its label.

    Answer

    CFO Bob VanHimbergen acknowledged that new launches will drive margin accretion over time but did not provide specific thresholds, emphasizing a focus on long-term health and data-driven investment. CEO Jeffrey Simmons added that manufacturing synergies are already being realized as Quattro and Zenrelia are produced at an existing facility. Regarding Zenrelia, Simmons stated the label change will create more confidence, leading to wider clinic adoption and deeper penetration, noting that first-line use is already increasing and is higher in international markets with less restrictive labels.

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    Michael Ryskin's questions to Elanco Animal Health (ELAN) leadership • Q1 2025

    Question

    Michael Ryskin questioned why the full-year innovation guidance was only raised by $20 million despite a very strong $198 million contribution in Q1. He also asked for clarification on Credelio Quattro's 10% dollar share, specifically if it was sell-in versus sell-out.

    Answer

    CEO Jeff Simmons attributed the strong innovation performance to the entire 'Big 6' basket, highlighting Credelio Quattro's strong competitive share capture and favorable cannibalization. CFO Todd Young clarified that the 10% share for Quattro is sell-in to vet clinics, but distributor inventories are lean, and Q2 investments are aimed at driving consumer sell-out.

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    Michael Ryskin's questions to Elanco Animal Health (ELAN) leadership • Q4 2024

    Question

    Michael Ryskin asked for the specific products driving the increased 2025 innovation revenue guidance and sought clarity on management's confidence in the Q4 2025 approval timeline for the IL-31 monoclonal antibody, given regulatory uncertainties.

    Answer

    President and CEO Jeff Simmons attributed the increased innovation guidance to strong momentum from Experior, which benefited from its heifer clearance, and the robust European launch of Adtab. He also cited the significant market opportunity for Zenrelia and Credelio Quattro. Regarding IL-31, Simmons confirmed that while it is not in the 2025 guidance, the company continues to progress with the USDA and remains confident in a late 2025 approval, noting no change in the program's status.

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    Michael Ryskin's questions to Elanco Animal Health (ELAN) leadership • Q3 2024

    Question

    Michael Ryskin of Bank of America inquired about the specific internal metrics, such as clinic penetration, being used to track the early progress of the Zenrelia launch. He also asked for a detailed breakdown of the factors constraining operating leverage in 2025, including gross margin pressures and incremental investments, to better understand the potential for margin expansion in 2026 and beyond.

    Answer

    CEO Jeff Simmons explained that key metrics for Zenrelia are clinic penetration and reorder rates, noting that several hundred new clinics are adopting the product weekly and reorder rates are increasing. CFO Todd Young addressed the 2025 outlook, stating that the U.K. CMO issue is a gross margin headwind, while the company plans to keep G&A flat to reinvest savings into the blockbuster launches of Zenrelia and Credelio Quattro, delaying significant operating leverage until 2026.

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    Michael Ryskin's questions to Schrodinger (SDGR) leadership

    Michael Ryskin's questions to Schrodinger (SDGR) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch questioned the rationale for the May restructuring given the company's resilient performance and strong balance sheet, and asked about the refined Q4 data timeline for SGR-2921 and SGR-3515.

    Answer

    CEO Ramy Farid explained the workforce reduction was a broad-based measure that did not impact strategic goals. CFO Richie Jain noted it reflects cost discipline and led to lower operating expense guidance. Karen Akinsanya, President and Head of Therapeutics R&D, clarified the Q4 timeline for the two programs is based on data collection progress and is not related to any FDA delays.

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    Michael Ryskin's questions to Schrodinger (SDGR) leadership • Q1 2025

    Question

    Michael Ryskin asked about the potential to broaden the clinical pipeline given the strong balance sheet and inquired about the quarterly revenue pacing for the remainder of the year after a strong Q1.

    Answer

    CFO Geoffrey Porges stated that while they are investing to backfill the pipeline, he does not foresee a material step-up in R&D expense or cash burn. Karen Akinsanya, President of R&D, added that some programs are already partnered. Regarding pacing, Porges noted Q4 will still be the largest for software, and the remaining drug discovery revenue will be spread out over the year.

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    Michael Ryskin's questions to Schrodinger (SDGR) leadership • Q4 2024

    Question

    Michael Ryskin asked about the significant jump in key performance indicators for top-tier customers, such as the number of accounts with ACV over $5 million, and questioned the sustainability of this trend.

    Answer

    CEO Ramy Farid explained that the increase reflects a growing recognition among customers that using the platform at scale (around the $5M+ level) is essential to achieve significant impact. He emphasized that this is not considered the ceiling, as Schrodinger's internal programs utilize the technology even more extensively, indicating substantial further growth potential within these large accounts.

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    Michael Ryskin's questions to Schrodinger (SDGR) leadership • Q3 2024

    Question

    Michael Ryskin of Bank of America, represented by John Kim, sought clarification on whether the delayed 2024 milestones are simply pushed to 2025 or if their achievement is now uncertain.

    Answer

    CFO Geoff Porges clarified that while no future milestone is 100% certain until experimental data is available, the company's expectation is that these milestones will be recognized in 2025 rather than 2024. He also noted that revenue from the new Novartis drug discovery collaboration is expected to be a significant contributor next year as project teams ramp up.

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    Michael Ryskin's questions to QIAGEN (QGEN) leadership

    Michael Ryskin's questions to QIAGEN (QGEN) leadership • Q2 2025

    Question

    Michael Ryskin asked about performance in China, which was down in the teens, and the outlook for the region, and also inquired about any signs of customer pull-forward or unusual stocking ahead of potential tariffs.

    Answer

    CEO Thierry Bernard stated that the outlook for China is unchanged, with no recovery expected before 2026 and the region now representing less than 4% of revenue. He firmly denied any pull-forward or unusual inventory building from customers, stating that the 41% growth in QIAstat was not influenced by such patterns.

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    Michael Ryskin's questions to QIAGEN (QGEN) leadership • Q1 2025

    Question

    Michael Ryskin asked about current trends in the pharma and biotech end market and how the company plans to balance its capital allocation priorities between the newly initiated dividend, share buybacks, and M&A.

    Answer

    CEO Thierry Bernard reported positive trends in the pharma market, particularly for QIAcuity and a growing demand for companion diagnostics (CDx). Regarding capital allocation, he outlined three balanced priorities: 1) investing in organic growth via R&D (9-10% of sales), 2) enhancing shareholder returns through the new dividend and buyback authorization, and 3) pursuing value-creating M&A, noting that the pipeline is 'very, very good' with potential deals in the 'coming weeks'.

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    Michael Ryskin's questions to QIAGEN (QGEN) leadership • Q4 2024

    Question

    Michael Ryskin asked for an outlook on 2025 market conditions, particularly for instrument CapEx, and questioned the drivers of margin expansion, seeking clarity on the trajectory from the >30% target in 2025 to the >31% target in 2028.

    Answer

    CEO Thierry Bernard expressed confidence in solid market fundamentals but noted concern over volatility, expecting CapEx to normalize in H2 2025. CFO Roland Sackers detailed that only about 45% of the margin improvement is from the NeuMoDx decision, with the majority from efficiency gains. He added that margin improvement will not stop in 2025 and expects double-digit operational profit improvement beyond that year.

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    Michael Ryskin's questions to QIAGEN (QGEN) leadership • Q3 2024

    Question

    Michael Ryskin asked for more detail on the Sample Prep business and the path to reaccelerating its growth, and requested clarification on the expected revenue contribution from NeuMoDx in 2025 during its wind-down.

    Answer

    CEO Thierry Bernard detailed the Sample Prep strategy, which is focused on automation. He explained that future growth, targeted at ~3% CAGR, will be driven by upgrades to existing systems like the QIA symphony and the launch of three new instruments between 2025 and 2026. For NeuMoDx, he clarified that revenues are expected in Q1 and Q2 of 2025 but should cease in the second half of the year as the manufacturing site is shut down.

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    Michael Ryskin's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership

    Michael Ryskin's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch asked a high-level question about the book-to-bill ratio as a leading indicator for revenue, given that the ten-month backlog can offset a sub-1.0x ratio. He questioned what level of book-to-bill is sufficient to achieve flat or positive revenue growth.

    Answer

    CEO James Foster acknowledged the steady upward trajectory of the book-to-bill is positive but stated that a ratio above 1.0x is not essential for growth. He explained that the ten-month backlog provides significant flexibility to slot in replacement studies for those that slip or cancel, putting the company in a 'good place' to manage its workflow and revenue stream. CFO Flavia Pease added that the short 6-9 month preclinical cycle allows ample time to rebuild the backlog.

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    Michael Ryskin's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q1 2025

    Question

    Michael Ryskin asked for more details on the DSA bookings with quicker start dates, questioning if it was a pull-forward, and inquired about the potential scope of the strategic review with Elliott Investment Management.

    Answer

    CEO James Foster described the quick study starts as a one-quarter event driven by client urgency and available capacity, and it is not expected to continue. Regarding the strategic review, he explained the Board committee will conduct a comprehensive analysis of the entire portfolio, but it is premature to speculate on outcomes like divestitures or a sale.

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    Michael Ryskin's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q4 2024

    Question

    Michael Ryskin requested a more quantitative range for the 'modestly lower' consolidated operating margin guidance for 2025. He also asked for a broader perspective on whether current pricing levels are healthy and sustainable long-term.

    Answer

    EVP & CFO Flavia Pease declined to give a specific number but pointed out that for 2024, 'modestly down' resulted in a 40 basis point decline. Chair, President & CEO James Foster stated that the current pricing environment is transitory and that as demand rebuilds and capacity tightens, the company will regain meaningful pricing power.

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    Michael Ryskin's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q3 2024

    Question

    Michael Ryskin from Bank of America asked about the heterogeneity of demand within global biopharma, noting a perceived dichotomy between high-spenders and those cutting back. He questioned the confidence that the current high-spenders wouldn't begin their own reprioritizations later.

    Answer

    Chairman, President and CEO James Foster responded that he believes all large pharma companies are being cost-conscious due to factors like the looming patent cliff. He emphasized the irony that outsourcing to Charles River is a primary method for these clients to reduce their own internal cost structures and infrastructure, which should continue to support demand. He expects more clarity after Q4 client budget discussions.

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    Michael Ryskin's questions to Fortrea Holdings (FTRE) leadership

    Michael Ryskin's questions to Fortrea Holdings (FTRE) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America asked why Fortrea's cancellation trends have been more resilient than peers and questioned the second-half EBITDA outlook, suggesting it appeared conservative given the expected impact of cost savings.

    Answer

    CFO Jill McConnell attributed the stable cancellation rate to the company's limited exposure to government-funded work and vaccines, along with a conservative bookings policy. Regarding the EBITDA outlook, she explained that the guidance reflects the timing of SG&A savings, which are weighted to the second half, and the impact of slightly lower service fee revenue projected for H2.

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    Michael Ryskin's questions to Fortrea Holdings (FTRE) leadership • Q1 2025

    Question

    Michael Ryskin requested clarification on the cost savings figures, asking what was incremental compared to the prior quarter's announcement and seeking details on the timing and line-item impact.

    Answer

    CFO Jill McConnell confirmed the figures were consistent with the Q4 call and that no new programs were being announced. The plan remains a $150 million gross reduction ($70M from SG&A, $80M from operations) yielding a $90-$100 million net benefit. She emphasized that while the plans are set, the company continues to 'sharpen the pencil' to find further optimizations to align its cost structure with peers.

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    Michael Ryskin's questions to Fortrea Holdings (FTRE) leadership • Q4 2024

    Question

    Michael Ryskin challenged the clear distinction between pre- and post-spin project quality, noting the employee base is largely the same, and asked if there's a risk that some earlier post-spin bookings could also be lower quality.

    Answer

    CEO Tom Pike countered that management processes have changed 'quite a lot.' He cited more detailed and frequent project reviews, stricter controls over scope changes, and a more aggressive hubbing strategy to use lower-cost resources as key differences. He asserted that this new discipline has made a significant difference, though it is difficult to apply retroactively to mature projects.

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    Michael Ryskin's questions to MYRIAD GENETICS (MYGN) leadership

    Michael Ryskin's questions to MYRIAD GENETICS (MYGN) leadership • Q2 2025

    Question

    Michael Ryskin from Bank of America Merrill Lynch asked for more detail on the company's increased emphasis on strategic partnerships for the cancer care continuum, including examples of what these partnerships and their financial structures might look like.

    Answer

    President and CEO Sam Raha used the existing Pathomic partnership as a key example, where a partner's AI capabilities are combined with Myriad's molecular assay. He described a model where partners provide R&D or product development, which is then complemented by Myriad's extensive commercial reach, reputation, and operational infrastructure. He suggested financial structures could include milestone payments and royalties, designed to be mutually beneficial and favorable to Myriad's financials.

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    Michael Ryskin's questions to MYRIAD GENETICS (MYGN) leadership • Q3 2024

    Question

    Speaking for Michael Ryskin, an analyst from Bank of America asked for quantification of the progress made in reducing the 'no pay' rate and the size of the remaining opportunity, particularly for 2025.

    Answer

    An executive, likely CFO Scott Leffler, referenced the improvement from a 46% to 44% 'no pay' rate mentioned at the recent investor event and noted that progress continued in Q3. While not committing to a specific 2025 target, he reiterated that achieving a 2% annual improvement is a reasonable minimum expectation, with potential for up to 4% in a good year.

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    Michael Ryskin's questions to Zoetis (ZTS) leadership

    Michael Ryskin's questions to Zoetis (ZTS) leadership • Q2 2025

    Question

    Michael Ryskin inquired about Zoetis's competitive strategy for its Simparica Trio and dermatology franchises, focusing on pricing and the role of alternate channels. He also asked about the expected timeline for Librela's return to growth following new educational initiatives.

    Answer

    EVP & CFO Wetteny Joseph stated that the strategy for Simparica Trio and dermatology remains disciplined, with strong performance and no patient share loss despite competition. He highlighted the expansion of the triple combination market and growth in alternate channels. CEO Kristin Peck addressed Librela, explaining that new third-party study data, expected from Q4 2025 into 2026, will be key to providing vets with clinical validation and accelerating adoption.

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    Michael Ryskin's questions to Zoetis (ZTS) leadership • Q1 2025

    Question

    Michael Ryskin asked about the nature and impact of competitive pressures in parasiticides and dermatology, particularly from new entrants. He also questioned if the 2025 outlook for Librela has changed following recent learnings.

    Answer

    CEO Kristin Peck emphasized Zoetis's first-mover advantage, noting Simparica Trio's 19% growth despite competition and the strength of the dermatology portfolio. CFO Wetteny Joseph reiterated that the three key franchises are expected to grow double-digits in 2025 and highlighted the vast untapped market for OA pain, confirming confidence in the long-term opportunity for Librela.

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    Michael Ryskin's questions to Zoetis (ZTS) leadership • Q4 2024

    Question

    Michael Ryskin asked about the assumptions for new market entrants and competition factored into the 2025 guidance, particularly for the dermatology franchise, and inquired about incremental investments to support key brands.

    Answer

    CFO Wetteny Joseph confirmed that the guidance includes various scenarios for competition, expected mainly in the second half of the year. He emphasized the large, untreated market in dermatology (20 million dogs) provides a vast growth opportunity. He also noted that investments in direct-to-consumer marketing and veterinarian education are factored into the 2025 plan and have historically shown strong returns.

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    Michael Ryskin's questions to Zoetis (ZTS) leadership • Q3 2024

    Question

    Michael Ryskin of Bank of America asked if there were any Q3 inventory stocking or destocking dynamics for key products like Librela and Trio, and requested details on the full-year 2025 financial impact of the medicated feed additives (MFA) divestiture for modeling.

    Answer

    CEO Kristin Peck confirmed it was a 'clean quarter' with no stocking dynamics. CFO Wetteny Joseph elaborated that distributor inventory levels are at the low end of historical averages and that Librela, being a direct-to-clinic product, is not subject to the same inventory build. For the MFA divestiture, he reiterated the business did about $400 million in 2023 revenue with ~30% margins, which can be used to model the impact for 2025.

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

    Michael Ryskin's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership • Q2 2025

    Question

    Michael Ryskin sought to clarify the updated revenue guidance, asking for the drivers of the remaining $10 million in operational improvement after accounting for FX and InVueDx. He also asked about the InVueDx consumable sales process, specifically if there is an initial bolus of consumables sold with each instrument placement.

    Answer

    CFO Andrew Emerson attributed the operational revenue uplift to strong Q2 performance and continued momentum from innovation, which is partially offset by planned commercial investments. CEO Jay Mazelsky explained that InVueDx utilizes a pay-per-run and auto-replenishment model, so there is no large initial bolus of consumables at launch; instead, supplies are shipped as they are used, which is tracked during the onboarding and training process.

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    Michael Ryskin's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership • Q1 2025

    Question

    Michael Ryskin asked about the macroeconomic impact on clinical visit trends, particularly the dynamics between wellness and non-wellness visits, and inquired about the rollout of the IDEXX inVue Dx analyzer, including customer feedback and placement pacing for the year.

    Answer

    CEO Jay Mazelsky noted that overall visit trends have stabilized, with a snapback in wellness visits driven by seasonal factors and practices focusing on re-engagement. Executive Andrew Emerson added that the quality of visits remains high, with increased diagnostic utilization. Regarding inVue Dx, Mazelsky confirmed an accelerated rollout in April after moving to a full launch, highlighted enthusiastic customer feedback on workflow benefits, and reiterated the full-year placement goal of 4,500+ units.

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    Michael Ryskin's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership • Q4 2024

    Question

    Michael Ryskin asked about the widening gap between wellness and non-wellness visit trends in Q4, questioning if it was driven by consumer price elasticity. He also asked for the rationale behind the increased share buyback assumption in the 2025 guidance.

    Answer

    CEO Jay Mazelsky acknowledged potential macro impacts but emphasized that the quality of wellness visits improved, with higher diagnostic inclusion rates. He believes the new Cancer Dx panel will further support this trend. Incoming CFO Andrew Emerson explained the larger buyback reflects high confidence in the business, strong free cash flow, and a healthy balance sheet, which allows for higher capital deployment while maintaining low leverage.

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    Michael Ryskin's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership • Q3 2024

    Question

    Michael Ryskin questioned the weakness in Reference Lab revenue, specifically asking for details on the pricing impact from three major new customer agreements. He followed up by asking about the sustainability of the current 5% price realization and if it's expected to normalize to historical levels.

    Answer

    Executive Brian McKeon explained that Reference Lab organic growth was about 3% when normalized for shipping day effects and that volume growth was positive. He confirmed that price realization was moderated by three major customer agreements that are expected to drive long-term volume growth. CEO Jay Mazelsky added that the Reference Lab is more exposed to pressured wellness testing. Regarding overall pricing, McKeon reinforced the 5% full-year outlook, stating the company continues to deliver significant value through innovation, implying sustained pricing power.

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    Michael Ryskin's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership

    Michael Ryskin's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q2 2025

    Question

    Michael Ryskin from Bank of America asked for assurance on the company's ability to mitigate tariffs in 2026, even if new ones emerge. He also requested specifics on the mitigation plan for the significant tariff exposure related to Switzerland.

    Answer

    CFO Shawn Vadala expressed strong confidence in offsetting known tariff impacts for 2026, emphasizing the company's agility and multiple ongoing workstreams in supply chain and pricing. However, he declined to provide specific details on mitigating the Swiss tariff impact, stating it was too early to comment publicly but that the approach would involve a combination of actions.

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    Michael Ryskin's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q1 2025

    Question

    Michael Ryskin from Bank of America requested a bridge for the 150 basis point reduction in the full-year sales guidance, asking for the impact by geography and business segment. He also inquired about any changes in behavior from customers in the U.S. NIH and government end markets.

    Answer

    CFO Shawn Vadala provided a detailed bridge, attributing the guidance reduction primarily to a weaker outlook in China and the Americas, which impacted both the Industrial and Laboratory segments. He also noted that while direct NIH exposure is minimal, the broader U.S. academia and government market (about 3% of sales) is under pressure and contributing to headwinds.

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    Michael Ryskin's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q4 2024

    Question

    Michael Ryskin of Bank of America asked for a numerical breakdown of the components contributing to the $0.50 increase in the 2025 EPS guidance. He also questioned the change in the gross margin outlook for 2025.

    Answer

    CFO Shawn Vadala explained the EPS bridge by noting the Q4 beat was partially offset by FX headwinds, but that updated interest and other income assumptions also contributed to the net increase. Regarding gross margin, he clarified that the 2025 outlook is similar to previous expectations, but the starting point from 2024 is higher than anticipated. He provided adjusted figures to show underlying expansion, accounting for the shipping delay comparison.

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    Michael Ryskin's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership • Q3 2024

    Question

    Michael Ryskin sought confirmation of the 2025 flat operating margin outlook, the adjusted margin impact excluding shipping delays, and the long-term strategic view on the Food Retail business.

    Answer

    CFO Shawn Vadala confirmed the 2025 operating margin is expected to be flattish, with gross margin up 30-40 bps, and agreed that underlying margin expansion would be in the 50-75 bps range excluding the shipping distortion. CEO Patrick Kaltenbach described Food Retail as a lumpy, project-based business that remains a valid part of the portfolio due to technology leverage, with no immediate strategic changes planned.

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    Michael Ryskin's questions to Avantor (AVTR) leadership

    Michael Ryskin's questions to Avantor (AVTR) leadership • Q2 2025

    Question

    Michael Ryskin questioned the long-term outlook for the bioprocessing business, asking if recent challenges were one-time issues or indicative of underlying problems. He also sought clarity on the significant sequential growth ramp implied between the Q3 and Q4 guidance, questioning the potential for conservatism in the Q3 forecast.

    Answer

    President & CEO Michael Stubblefield asserted that absent discrete headwinds, bioprocessing would have performed in the mid-to-high single-digit range, emphasizing strong demand for the core mAbs platform. He expressed confidence in long-term growth. EVP & CFO R. Brent Jones added that the Q3 guidance is 'careful,' assuming a continuation of current lab trends and noting that timing in the silicones business contributes to the Q4 ramp.

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    Michael Ryskin's questions to Avantor (AVTR) leadership • Q1 2025

    Question

    Michael Ryskin questioned the drivers behind the significant Q2 guidance step-up from Q1 performance and asked for specifics on what tariff impacts are factored into the revised full-year guidance, particularly regarding the unchanged EPS forecast.

    Answer

    CFO R. Jones explained the Q2 forecast reflects a typically strong quarter and views Q1's Bioscience Production performance as an anomaly, calling the guide prudent. On tariffs, he clarified the guide includes a modest demand reduction in China but no other material tariff impacts are assumed. He noted the 2% COGS exposure from China is a risk the company has multiple levers to mitigate, such as alternate sourcing and pricing adjustments, but it is not explicitly factored into the earnings forecast due to ongoing volatility.

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    Michael Ryskin's questions to Avantor (AVTR) leadership • Q4 2024

    Question

    Michael Ryskin asked for clarification on the bioprocessing growth trajectory for 2025 and questioned the rationale behind the wide 100 bps range for the margin guidance, also probing if cost savings were being realized faster than anticipated.

    Answer

    CEO Michael Stubblefield reiterated expectations for gradual improvement in bioprocessing. An Unknown Executive explained the margin guidance range was to avoid false precision and reflects the significant operating leverage from sales growth. He confirmed strong momentum on cost savings execution but was not yet prepared to increase the overall program target.

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    Michael Ryskin's questions to Avantor (AVTR) leadership • Q3 2024

    Question

    Michael Ryskin asked for confirmation on how to model the financial impact of the clinical services divestiture into fiscal year 2025. He also questioned if the accelerated cost savings were a pull-forward from future years.

    Answer

    President and CEO Michael Stubblefield confirmed that prorating the Q4 impact of the divestiture (approx. $200M annual revenue, 10 bps margin dilution per quarter) is a reasonable approach for 2025 modeling. EVP and CFO Brent Jones clarified that the cost savings are ahead of schedule due to rapid execution, not a pull-forward, and they expect to exceed the in-year target.

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    Michael Ryskin's questions to ALIGN TECHNOLOGY (ALGN) leadership

    Michael Ryskin's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch asked how the Q2 miss and lowered 2025 outlook affect the long-range plan (5-15% growth) presented at the recent Analyst Day, given the lower starting point.

    Answer

    President & CEO Joe Hogan acknowledged the Q2 result was a setback but emphasized it was driven by one challenging month. He affirmed that the company stands by the long-term strategic vision and 5-15% growth target presented in New York. He expressed confidence that the business foundation is strong and the goals are achievable once consumer confidence improves.

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    Michael Ryskin's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q1 2025

    Question

    Michael Ryskin asked about the indirect impacts of the U.S.-China trade war, such as a potential consumer backlash in China. He also inquired about the FX impact on margins and the rationale for no longer disclosing regional revenue splits.

    Answer

    President and CEO Joe Hogan stated that the company has not experienced any consumer backlash in China, noting a strong quarter there, which he attributed to Align's 'in-China, for-China' operating model. CFO John Morici added that favorable FX provides a slight improvement to operating margin. Regarding disclosures, Morici explained the change was made to simplify reporting and provide the clearest information for analyzing the business.

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    Michael Ryskin's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q4 2024

    Question

    Michael Ryskin requested clarification on the potential Mexico tariff impact, specifically asking how to think about the 'transfer price' as a component of the cost of goods sold.

    Answer

    CFO John Morici explained that the transfer price excludes costs like freight and treatment planning. To provide scale, he estimated a 25% tariff on U.S. shipments from Mexico would have a cost impact of $4 million to $5 million per month. He noted that even at this level, manufacturing in Mexico for the U.S. market would remain economically viable.

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    Michael Ryskin's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q3 2024

    Question

    Michael Ryskin asked if annual restructurings should now be considered the 'new normal' for Align. He also sought to understand the drivers behind the company's confidence in a sequential ASP increase for Q4, given recent headwinds.

    Answer

    CEO Joe Hogan characterized the restructuring as a responsible reaction to a 'sustained economic malaise' rather than a new normal, emphasizing the need to fund future technologies. CFO John Morici explained that the confidence in Q4 ASPs stems from two factors: the full impact of Advantage Program discounts being reflected in Q3, and a favorable Q4 geographic mix shift towards higher-ASP Europe.

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    Michael Ryskin's questions to NEOGENOMICS (NEO) leadership

    Michael Ryskin's questions to NEOGENOMICS (NEO) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch asked for confirmation on the PANTRACER launch ramp, questioned the company's competitive positioning in the lagging pharma services segment, and inquired about future use of cash and confidence in handling upcoming debt maturities.

    Answer

    CEO Tony Zook confirmed the PANTRACER launch plan is unchanged, merely delayed. He acknowledged that portfolio gaps, including the inability to sell RADAR 1.0, have impacted pharma services and that he sees continued risk in that segment. CFO Jeff Sherman expressed confidence in future cash flow generation, which he expects will allow the company to grow its cash balance and be in a strong position to address the 2028 convertible notes.

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    Michael Ryskin's questions to NEOGENOMICS (NEO) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch sought confirmation on the PANTRACER launch ramp, questioned the competitive positioning of the pharma services business, and asked about the company's cash position relative to future debt maturities.

    Answer

    CEO Tony Zook confirmed the PANTRACER launch plan is intact, just delayed. He attributed some pharma services weakness to the loss of RADAR 1.0 as a portfolio offering. CFO Jeff Sherman expressed confidence in their future cash flow generation and ability to manage the 2028 convertible notes from a position of strength.

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    Michael Ryskin's questions to NEOGENOMICS (NEO) leadership • Q3 2024

    Question

    Representing Michael Ryskin, John Kim asked for a timeline on NGS reaching 50% of clinical revenue and for an update on the uptake of licensing informatics data to pharma companies.

    Answer

    CEO Christopher Smith stated that while the market is shifting to NGS, the company has not set a specific timeline for it to reach 50% of revenue, as their other testing modalities are also growing. He noted it is still 'early days' for licensing informatics data, particularly from the newer solid tumor tests.

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    Michael Ryskin's questions to REVVITY (RVTY) leadership

    Michael Ryskin's questions to REVVITY (RVTY) leadership • Q2 2025

    Question

    Michael Ryskin challenged the assumption that China's DRG changes would lead to more single-plex testing rather than just being a cost-cutting measure. He also asked for color on order trends for Life Sciences instruments.

    Answer

    CEO Prahlad Singh acknowledged the policy is cost-driven but argued that proper patient care for autoimmune diseases will eventually necessitate single-plex tests for specific diagnoses. CFO Max Krakowiak stated they expect the 'stably cautious' environment for instruments to continue through the second half of the year.

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    Michael Ryskin's questions to REVVITY (RVTY) leadership • Q4 2024

    Question

    Michael Ryskin asked for an update on the Applied Genomics business, which is being resegmented, inquiring about its return to growth and underlying end-market trends. He also sought clarity on the 20-40 bps operating margin expansion guidance, asking about FX impact and the specific areas for the planned step-up in strategic investments.

    Answer

    CEO Prahlad Singh stated that the Applied Genomics business has likely bottomed out and is on a path to recovery in both clinical and pharma/biotech markets in 2025. He also clarified that FX is not expected to have a material impact on operating margins. The planned step-up in investments is focused on digital capabilities like e-commerce and AI, as well as expanding sales channels in adjacent high-growth markets, and is not considered a catch-up but a strategic move for long-term growth.

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    Michael Ryskin's questions to REVVITY (RVTY) leadership • Q3 2024

    Question

    Michael Ryskin inquired about the specific drivers behind the revised Q4 2024 outlook, asking for a breakdown of the impact from instrumentation weakness in China versus globally. He also sought a framework for thinking about 2025 organic growth.

    Answer

    CFO Maxwell Krakowiak explained that the reduced outlook was entirely driven by weaker instrumentation assumptions, particularly in China where customers are pausing purchases ahead of stimulus. CEO Prahlad Singh added that while the worst seems to be over, the market's path to normalization will likely extend into the first half of 2025.

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

    Michael Ryskin's questions to LABCORP HOLDINGS (LH) leadership • Q2 2025

    Question

    Michael Ryskin from Bank of America Merrill Lynch asked for quantification of the potential offsets to the $100 million PAMA impact in 2026 and for more detail on the drivers of the strong underlying margin performance.

    Answer

    President, CEO, and Chairman Adam Schechter clarified that any PAMA offsets would be in addition to existing Launchpad savings, but they would not be able to offset the entire $100 million impact if it materializes. EVP & CFO Julia Wang attributed the strong margin performance to leverage from revenue growth and cost management. She also noted that the Invitae margin headwind will annualize in Q3, which will help support margin expansion in the second half of the year.

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    Michael Ryskin's questions to LABCORP HOLDINGS (LH) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch asked for quantification and timing of PAMA offsets from initiatives like Launchpad and for more detail on the drivers of the strong underlying margin performance, excluding Invitae.

    Answer

    President, CEO, and Chairman Adam Schechter reiterated the potential $100 million PAMA impact and stated LabCorp is working on offsets beyond the committed Launchpad savings, but could not quantify them yet. EVP & CFO Julia Wang attributed the strong margin performance to revenue growth leverage and cost management. She noted that with the Invitae acquisition annualizing in Q3, the company is positioned to deliver full-year margin expansion.

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    Michael Ryskin's questions to LABCORP HOLDINGS (LH) leadership • Q1 2025

    Question

    Michael Ryskin asked about the rationale for maintaining the Biopharma Laboratory Services (BLS) guidance despite favorable FX, inquiring about the key leading indicators being monitored and any changes in customer price sensitivity.

    Answer

    Chairman and CEO Adam Schechter explained the guidance range was maintained to account for potential macro risks, such as the timing of trial starts and tariff impacts. He noted that while customers are always price-sensitive, most of the BLS business is secured under existing contracts in the backlog. He expressed confidence in improving margins by offsetting any pressures with cost reductions.

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    Michael Ryskin's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership

    Michael Ryskin's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch asked for more quantification on the GLP-1 contribution, which grew to 8% of sales, questioning its durability and expected ramp in the second half.

    Answer

    CEO Eric Green confirmed the GLP-1 contribution is strong and that West is well-positioned to meet rising customer demand through 2025 by leveraging assets from the pandemic era. He noted that while GLP-1 is a key driver, the expected second-half acceleration in HVP components (to high-single or double-digit growth) will also be driven by biologics and Annex One upgrades.

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    Michael Ryskin's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q1 2025

    Question

    Michael Ryskin requested clarification on pricing commentary, noting the 3.4% contribution in Q1 seemed strong, and asked if West observed customers accelerating orders to get ahead of potential tariffs.

    Answer

    CFO Bernard Birkett clarified that his comment about lighter pricing was in reference to the full-year outlook, not the first quarter's performance. CEO Eric Green stated that West has not seen any change in customer ordering behavior or pull-forwards related to tariffs, attributing this stability to their regional manufacturing footprint.

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    Michael Ryskin's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q4 2024

    Question

    Michael Ryskin of Bank of America questioned the fiscal year 2025 EPS guidance, seeking to distinguish between one-time impacts and a fundamental reset to a new earnings base. He specifically asked about the Contract Manufacturing segment's 'air pocket' from exiting continuous glucose monitoring (CGM) contracts and the rationale behind that decision.

    Answer

    CFO Bernard Birkett clarified that many impacts are concentrated in 2025 and that the company is actively working to improve profitability in areas like drug delivery devices through automation and scale. CEO Eric Green added that the decision to exit the CGM contracts was strategic, as the next-generation devices did not meet West's required financial thresholds, and the capacity will be repurposed for higher-margin business.

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    Michael Ryskin's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q3 2024

    Question

    Michael Ryskin sought more detail on the Q3 timing benefit, asking if it was broad-based or from a few large orders and which segments were affected. He also asked for a breakdown of the operational drivers behind the $0.10 increase in the adjusted EPS guidance.

    Answer

    CEO Eric Green clarified the timing benefit was somewhat broad, not from one or two customers, and primarily impacted the biologics and pharma segments. CFO Bernard Birkett explained the operational EPS guidance increase was driven by a combination of factors, including a stronger-than-anticipated operating margin, effective cost management, and favorable business mix, rather than a single item.

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    Michael Ryskin's questions to ICON (ICLR) leadership

    Michael Ryskin's questions to ICON (ICLR) leadership • Q2 2025

    Question

    Michael Ryskin from Bank of America Merrill Lynch inquired about the competitive environment, specifically who ICON competes against most frequently, and asked for an update on the progress of cost control initiatives.

    Answer

    CEO Steve Cutler highlighted good progress on cost controls, citing a $9 million year-over-year reduction in SG&A and the deployment of AI and technology to improve efficiency. COO Barry Balfe added that in the pharma space, competition is mainly with other large, established players, whereas the competitive set is more diversified in the biotech market.

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    Michael Ryskin's questions to ICON (ICLR) leadership • Q1 2025

    Question

    Michael Ryskin of Bank of America questioned why the full-year revenue guidance was not more conservative, given the weak book-to-bill, elevated cancellations, and the removal of two large COVID trials.

    Answer

    CFO Nigel Clerkin clarified that the guidance is a range that reflects a cautious view on book-to-bill and also accounts for a modest FX tailwind. CEO Dr. Steve Cutler added that positive news regarding the restart of one of the previously delayed trials provides additional reassurance for the current guidance range.

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    Michael Ryskin's questions to ICON (ICLR) leadership • Q4 2024

    Question

    Michael Ryskin asked a big-picture question, referencing the prior quarter's framing of risks versus opportunities, and whether management's perspective on balancing these factors has changed given recent performance and the outlook.

    Answer

    CEO Dr. Steve Cutler responded with a definitive 'absolutely yes,' confirming their perspective remains the same. He explained that they continue to operate in a highly volatile environment where both risks and opportunities are more numerous and potentially larger in scale. This reality is the primary reason for maintaining the wide guidance range, as navigating this balance is key to performance.

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    Michael Ryskin's questions to ICON (ICLR) leadership • Q3 2024

    Question

    Michael Ryskin asked whether the revised guidance was driven more by the risk of protracted headwinds from the two large pharma customers or by a lack of confidence in offsetting opportunities.

    Answer

    CEO Dr. Steve Cutler described the quarter as an anomaly where identified risks materialized to a much greater extent than opportunities could offset, a rare occurrence in his experience. He stated the process isn't broken and he doesn't see this imbalance as a new trend. SVP Kate Haven added that the updated Q4 forecast now reflects the continuation of these Q3 headwinds, implying a more conservative view on near-term opportunities.

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    Michael Ryskin's questions to THERMO FISHER SCIENTIFIC (TMO) leadership

    Michael Ryskin's questions to THERMO FISHER SCIENTIFIC (TMO) leadership • Q2 2025

    Question

    Michael Ryskin asked for clarification on Thermo Fisher's new 7%+ long-term growth outlook, questioning the underlying market growth assumptions and the company's conviction given recent uncertainty. He also inquired about the specific drivers for the projected 50-70 basis points of annual operating margin expansion over the next two years.

    Answer

    CEO Marc Casper explained the 7%+ long-term outlook assumes a return to approximately 4% market growth plus 2-3 points of share gain, driven by strong industry fundamentals. He framed the near-term 3-6% growth as a gradual improvement from the current environment as headwinds normalize. CFO Stephen Williamson added that the margin expansion will be driven by the proven PPI Business System, highlighting the 100 basis points of underlying margin improvement in Q2 as evidence of its effectiveness.

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    Michael Ryskin's questions to THERMO FISHER SCIENTIFIC (TMO) leadership • Q1 2025

    Question

    Michael Ryskin asked about the methodology behind the updated guidance, the potential upside and downside scenarios given macro uncertainty, and the company's levers to manage further changes. He also inquired about the long-term viability of the 4-6% market growth rate in light of new U.S. government funding policies.

    Answer

    CEO Marc Casper explained that despite a strong Q1, the guidance was updated to transparently reflect the dynamic macro environment, including tariffs and policy shifts. He outlined that an upside scenario would involve less severe U.S.-China trade impacts, while the downside would be further macro deterioration. For the long-term, he expressed optimism based on fundamental drivers like aging demographics and scientific innovation, while noting they will remain agile and transparent if their market view changes.

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    Michael Ryskin's questions to THERMO FISHER SCIENTIFIC (TMO) leadership • Q4 2024

    Question

    Michael Ryskin inquired about the 2025 guidance methodology, specifically the assumptions for potential policy changes like tariffs and export controls, and sought more detail on the drivers behind the strong EPS guidance and the projected 90 basis points of operating margin expansion.

    Answer

    Marc Casper, Chairman, President and CEO, explained that the company's philosophy is to manage through reasonable policy changes and that they anticipate a more business-friendly environment. Stephen Williamson, SVP and CFO, attributed the significant margin expansion to strong volume pull-through from past cost actions and ongoing productivity gains from the PPI Business System, rather than new large-scale initiatives.

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    Michael Ryskin's questions to THERMO FISHER SCIENTIFIC (TMO) leadership • Q3 2024

    Question

    Michael Ryskin inquired about the pace of market recovery into 2025, asking if it will remain gradual or if an inflection point is expected. He also requested more detail on the pharma and biotech segment, specifically on performance differences between large pharma and smaller biotech.

    Answer

    Marc Casper, Chairman, President and CEO, explained that while specific 2025 guidance will be provided in January, he is personally excited for the year as market conditions are modestly improving and pandemic-related headwinds will lessen. He noted that in the pharma and biotech segment, biotech funding and confidence are improving, while large pharma performance shows a normal distribution. Casper emphasized that Thermo Fisher's trusted partner status is driving differentiated performance.

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    Michael Ryskin's questions to IQVIA HOLDINGS (IQV) leadership

    Michael Ryskin's questions to IQVIA HOLDINGS (IQV) leadership • Q2 2025

    Question

    Michael Ryskin of Bank of America Merrill Lynch focused on the increased win rates in the emerging biopharma (EVP) segment, asking what internal steps were taken to achieve this and if the improvement is sustainable.

    Answer

    CEO & Chairman Ari Bousbib attributed the success to a 'see more, win more' strategy. This involves aggressively pursuing and responding to more RFPs (which were up low-teens YoY) and being more flexible on pricing to secure wins. He stated the strategy is sustainable because the qualified pipeline remains strong, particularly in EVP, and the execution depends on IQVIA's own capabilities and strategic choices.

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    Michael Ryskin's questions to IQVIA HOLDINGS (IQV) leadership • Q1 2025

    Question

    Michael Ryskin asked for clarification on the drivers behind the 1.02 book-to-bill ratio, particularly the impact from emerging biotech funding, and followed up with a question about any changes in the R&DS pricing environment.

    Answer

    Chairman and CEO Ari Bousbib attributed the softer book-to-bill to macro uncertainty causing large pharma to delay contract signings and an unusually high number of EBP awards being excluded from bookings due to unconfirmed funding. He emphasized that quarterly book-to-bill is not a reliable growth predictor. On pricing, he stated there has been no change, as the environment remains tough but stable, consistent with expectations after last year's strategic partnership renewals.

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    Michael Ryskin's questions to IQVIA HOLDINGS (IQV) leadership • Q4 2024

    Question

    Michael Ryskin sought more clarity on the comment that pharma portfolio reprioritization is '70-75% done,' asking how IQVIA arrives at that figure given the potential for further client cuts.

    Answer

    Ari Bousbib, CEO, explained that the figure is a 'best guess' estimate derived from continuous, high-level conversations with clients, which provide visibility into their pipelines and programs under review. He strongly cautioned against over-focusing on quarterly metrics like book-to-bill for a long-cycle business, calling the practice 'intellectually flawed' and detrimental to pricing negotiations.

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    Michael Ryskin's questions to DANAHER CORP /DE/ (DHR) leadership

    Michael Ryskin's questions to DANAHER CORP /DE/ (DHR) leadership • Q2 2025

    Question

    Michael Ryskin inquired about the specific trends in bioprocessing orders, including the book-to-bill ratio and expectations for the second half, and asked for more detail on the impact of global trade tensions on customer decisions.

    Answer

    President & CEO Rainer Blair explained that bioprocessing trends were consistent with Q1, with strong consumables growth and delayed equipment orders due to trade policy uncertainty. He noted the book-to-bill ratio was 'around one,' supporting the H2 outlook. Blair added that trade tensions are causing pharma companies to pause decisions on where to build new capacity, an overhang he expects to clear in the next 6-12 months.

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    Michael Ryskin's questions to DANAHER CORP /DE/ (DHR) leadership • Q1 2025

    Question

    Michael Ryskin inquired about the drivers behind increased confidence in the bioprocess business and the specific levers Danaher can use to offset tariff impacts.

    Answer

    President and CEO Rainer Blair confirmed that strong order momentum in bioprocessing, led by consumables, drove the improved outlook. He detailed tariff mitigation strategies including supply chain regionalization, surcharges, and cost actions. EVP and CFO Matt McGrew added that the company could pursue these levers more aggressively if necessary.

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    Michael Ryskin's questions to DANAHER CORP /DE/ (DHR) leadership • Q4 2024

    Question

    Michael Ryskin questioned the Diagnostics segment's 2025 guidance, focusing on the lower Cepheid respiratory forecast and the accelerated VBP headwind in China. He also asked if the Biotechnology segment's growth was being held back by instrumentation and if a recovery was in sight.

    Answer

    EVP and CFO Matt McGrew attributed the accelerated VBP headwind to a more aggressive stance from the Chinese government in late Q4. He defended the $1.7 billion respiratory forecast as a return to a 'normal' endemic pattern. President and CEO Rainer Blair addressed bioprocessing, highlighting very strong orders growth and noting that while consumables demand from large customers is normalizing, smaller customers and equipment sales are still recovering.

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    Michael Ryskin's questions to DANAHER CORP /DE/ (DHR) leadership • Q3 2024

    Question

    Michael Ryskin followed up on the bioprocessing exit rate for 2024 and its implications for 2025, asking if the lag between order growth and revenue conversion is closing. He also asked for clarification on Cepheid's respiratory revenue beat, seeking to quantify the pull-forward effect, and requested more detail on where Cepheid is gaining market share.

    Answer

    EVP and CFO Matt McGrew confirmed that the high single-digit exit rate for bioprocessing in Q4 is a key building block for 2025 and that the gradual recovery seen in 2024 is expected to continue. Regarding Cepheid, McGrew acknowledged a significant portion of the respiratory beat was likely due to customer purchasing ahead of Q4 to ensure supply. He attributed market share gains primarily to the U.S., particularly with Integrated Delivery Networks (IDNs) expanding testing into point-of-care settings beyond the core hospital.

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    Michael Ryskin's questions to Ginkgo Bioworks Holdings (DNA) leadership

    Michael Ryskin's questions to Ginkgo Bioworks Holdings (DNA) leadership • Q1 2025

    Question

    Michael Ryskin inquired about the economic details of the $29 million ARPA-H contract, including revenue recognition, and asked about the security of other government contracts amid potential funding cutbacks.

    Answer

    Mark Dmytruk, an executive, explained that the $29 million ARPA-H contract is a two-year deal, with revenue recognized over that period, which significantly de-risks the annual guidance. He clarified that Ginkgo is the prime contractor and will recognize the full revenue amount. Executive Jason Kelly added that biotechnology remains a critical technology for the U.S. government, expressing cautious optimism about continued funding and noting recent executive orders supporting domestic production and biosecurity.

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    Michael Ryskin's questions to ILLUMINA (ILMN) leadership

    Michael Ryskin's questions to ILLUMINA (ILMN) leadership • Q1 2025

    Question

    Michael Ryskin of Bank of America asked for the longer-term outlook into 2026 for two key markets: China and the academic/government (ANG) sector. He questioned if China's revenue could fall to zero and whether the current ANG headwinds are temporary or structural.

    Answer

    CEO Jacob Thaysen acknowledged that China's revenue would continue to decline in 2026 if the regulatory situation remains unchanged, but stressed that cost actions have been taken to protect earnings regardless. He expressed a firm belief that the current academic funding pressure is a temporary 'hiccup' and that the fundamental importance of genomics research will drive a strong recovery.

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    Michael Ryskin's questions to Stevanato Group S.p.A. (STVN) leadership

    Michael Ryskin's questions to Stevanato Group S.p.A. (STVN) leadership • Q1 2025

    Question

    Michael Ryskin asked about the long-term tariff impact into 2026 and when the Fishers plant might fully offset it, and also about the recovery timeline for the Engineering segment's gross profit margin.

    Answer

    CFO Marco Dal Lago acknowledged the Fishers plant ramp-up is the primary long-term mitigator for tariffs. Regarding the Engineering segment, CEO Franco Stevanato stated that legacy projects are on track for completion in 2025, with the majority by mid-year. CFO Marco Dal Lago added that he expects sequential margin improvement in the segment throughout the year.

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    Michael Ryskin's questions to Stevanato Group S.p.A. (STVN) leadership • Q4 2024

    Question

    Michael Ryskin of BofA Securities asked about the expected timeline for a full recovery in the vial market and the key drivers and timing for the Fishers and Latina facilities to transition from being margin dilutive to margin accretive.

    Answer

    Chairman and CEO Franco Stevanato stated that the company anticipates a gradual recovery in vial demand throughout 2025. CFO Marco Dal Lago added that the Latina plant is expected to achieve normal gross profit margins by the end of 2025, while the larger Fishers facility is projected to turn gross profit positive in the second half of 2025, though it will remain dilutive for the full year.

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    Michael Ryskin's questions to BRUKER (BRKR) leadership

    Michael Ryskin's questions to BRUKER (BRKR) leadership • Q1 2025

    Question

    Michael Ryskin from Bank of America asked about the company's medium-term outlook, specifically how Bruker would offset a significant cut to the U.S. academic budget and which business areas would provide that offset. He also requested quantification of the BSI order book and backlog.

    Answer

    CEO Frank Laukien explained that while 2025 is a defensive year, the company's growth drivers like biopharma, AI demand, and European investments position it for resumed margin expansion in 2026. CFO Gerald Herman added that the BSI order book was only slightly down, with strength in biopharma and industrial markets offsetting academic weakness, and confirmed the total backlog remains at a healthy 7 months.

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    Michael Ryskin's questions to BRUKER (BRKR) leadership • Q4 2024

    Question

    Michael Ryskin's associate asked for an update on the expected timing of the biopharma market recovery.

    Answer

    CEO Frank Laukien stated that Bruker does not expect a step-function recovery in biopharma but rather a gradual improvement. He anticipates this recovery will begin in the first half of 2025 and potentially strengthen in the second half of the year.

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    Michael Ryskin's questions to BRUKER (BRKR) leadership • Q3 2024

    Question

    Michael Ryskin questioned the source of management's confidence in achieving above-market growth and significant margin expansion in 2025, and asked why the company's elevated backlog isn't able to offset the current revenue weakness.

    Answer

    CEO Frank Laukien cited several factors for his 2025 confidence: a significant excess backlog (7 months vs. a normal 5), strong performance in diagnostics and semiconductor metrology, and counter-cyclical demand for lab automation. Regarding the backlog, Laukien noted that the sequential revenue step-up from Q3 to Q4 is still substantial (around $100 million), and the current guidance reflects a prudent outlook based on the timing of fulfilling that backlog.

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    Michael Ryskin's questions to HOLOGIC (HOLX) leadership

    Michael Ryskin's questions to HOLOGIC (HOLX) leadership • Q2 2025

    Question

    An analyst on for Michael Ryskin asked how Hologic is thinking about tariff mitigation strategies for fiscal 2026 and whether the current macro environment has altered its capital allocation priorities.

    Answer

    CFO Karleen Oberton stated that, absent policy changes, the company expects the current $20-$25 million quarterly headwind from tariffs to continue into 2026. On capital allocation, she reaffirmed the company's strategy remains unchanged, with a priority on tuck-in M&A and share repurchases, supported by a strong balance sheet with $1.6 billion in cash and investments and robust cash flow generation.

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    Michael Ryskin's questions to HOLOGIC (HOLX) leadership • Q4 2024

    Question

    Speaking for Michael Ryskin, an analyst asked about Panther placement trends and whether a slowdown impacts growth, given the reagent-rental model. He also requested an update on the statistics for Panther customers using multiple assays.

    Answer

    Chief Financial Officer Karleen Oberton confirmed that Panther placements have slowed as expected from their pandemic peak, but this does not impact business growth, which is driven by assay utilization. Chairman, President and CEO Stephen MacMillan reinforced that the business model relies on recurring assay revenue, not instrument sales. CFO Karleen Oberton added that while specific stats weren't updated, the trend of customers adopting more assays continues to move in the right direction.

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    Michael Ryskin's questions to QUEST DIAGNOSTICS (DGX) leadership

    Michael Ryskin's questions to QUEST DIAGNOSTICS (DGX) leadership • Q1 2025

    Question

    Michael Ryskin asked for an update on potential policy and regulatory changes from Washington D.C., specifically regarding PAMA reform and the potential risks from cuts to Medicare or Medicaid.

    Answer

    James Davis, Chairman, CEO and President, stated that PAMA reform is now the top regulatory priority for the industry, noting there is broad bipartisan support to get something done this year. Regarding reimbursement, he said Medicaid and Managed Medicaid represent about 8% of the business and that it's too early to tell the outcome of budget discussions, but he feels optimistic about support for ACA exchange plans.

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    Michael Ryskin's questions to QUEST DIAGNOSTICS (DGX) leadership • Q3 2024

    Question

    Michael Ryskin asked about the future of PAMA, inquiring what a 'permanent legislative solution' might entail beyond the recurring cycle of one-year delays.

    Answer

    CEO Jim Davis stated that after five consecutive years of delays coupled with high inflation, the industry's strategy has shifted. Instead of advocating for a fix like the SALSA Act, the new goal is to push for a Medicare rate increase. He believes a new data collection process that includes commercial payments to hospital labs will support the case that Medicare rates should rise.

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    Michael Ryskin's questions to EXACT SCIENCES (EXAS) leadership

    Michael Ryskin's questions to EXACT SCIENCES (EXAS) leadership • Q2 2024

    Question

    Michael Ryskin asked for clarification on management's statement that their blood test would be 'at least comparable' to others. He sought to understand which specific performance metrics this referred to, such as overall sensitivity, specificity, advanced adenoma (AA) detection, or Stage 1 cancer detection.

    Answer

    CEO Kevin Conroy clarified that they are targeting specificity of at least 90% (the Medicare minimum) and cancer sensitivity in the low 80% range, which is similar to what competitors have shown. He noted that while competitor tests are 'essentially blind' to precancerous polyps beyond the false positive rate, Exact Sciences' test is seeing 'very similar cancer detection' and 'better precancer detection.' He stressed that the ultimate comparison would be in life years gained, where precancer detection is a key factor.

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