Noah

Noah, on behalf of Anna Andreeva from Piper Sandler, asked for details on how Vans' DTC versus wholesale channels and geographic trends are expected to perform in Q4 fiscal 2026. He also inquired about The North Face's premiumization strategy, its timing, and how the brand aims to position itself against newer competitors.

Answer

CEO Bracken Darrell prioritized Vans' Americas business, followed by DTC (especially e-commerce), with stores and wholesale expected to lag. For The North Face's premiumization, he described it as a systematic, not revolutionary, opportunity, particularly in North America, citing the Summit Series and lifestyle products, emphasizing careful and well-executed changes.

Noah inquired about the strategic timing and customer feedback for Natera's expanded 20-gene Fetal Focus panel, including its reimbursement outlook, and then shifted to Signatera's path to NCCN guidelines and broader commercial payer adoption following recent ESMO and Invigor data.

Answer

CEO Steve Chapman highlighted positive customer feedback on the initial 5-gene panel and the planned expansion, emphasizing the EXPAND clinical trial as a gold standard. General Manager of Oncology and Chief Medical Officer Alex Aleshin and President of Clinical Diagnostics Solomon Moshkevich discussed the Invigor 011 data's Level 1A status, its submission for FDA approval, and the expectation for NCCN guideline inclusion by mid-to-late next year. CFO Michael Brophy noted early traction with commercial payers due to biomarker bills and the strong clinical evidence.