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    Patrick Donnelly

    Managing Director and senior equity research analyst at Citi

    Patrick Donnelly is a Managing Director and senior equity research analyst at Citi, specializing in coverage of leading global industrial and life sciences companies such as Mettler-Toledo. Known for his insightful investment calls, Donnelly recently raised Citi’s price target on Mettler-Toledo from $1,400 to $1,600 following strong earnings, reflecting his proactive approach to sector developments and client returns. He began his finance career at Lazard Capital Markets in 2010, advanced through vice president roles at JP Morgan and Goldman Sachs, and joined Citi as Managing Director in January 2024, leveraging a robust academic background from the University of Notre Dame. Donnelly is recognized for his deep market expertise, leadership in research teams, and active engagement in industry discussions, and is presumed to hold standard FINRA registrations for senior research analysts.

    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership

    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Patrick Donnelly from Citi inquired about the potential for outsized margin expansion in fiscal 2026, given the reversal of tariff headwinds, and asked about the contribution from pricing in the quarter.

    Answer

    CEO Padraig McDonnell pointed to Ignite program gains, tariff mitigation, and volume leverage as key tailwinds for 2026 margins, reaffirming the long-term '100 basis points plus' algorithm. Interim CFO Rodney Gonsalves specified that pricing contributed approximately 100 basis points to growth in the third quarter.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Patrick Donnelly from Citi inquired about the potential for above-average margin expansion in fiscal 2026, considering the reversal of 2025 headwinds like tariffs, and asked about the specific contribution from pricing versus volume in Q3.

    Answer

    President and CEO Padraig McDonnell acknowledged the key tailwinds for 2026 margins, including Ignite program gains, tariff mitigation, and volume leverage, reaffirming the long-term goal of 100 basis points-plus improvement. He highlighted the expected 200 basis point sequential margin improvement from Q3 to Q4. Interim CFO Rodney Gonsalves specified that pricing contributed approximately 100 basis points of improvement in the quarter.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2025

    Question

    Patrick Donnelly of Citi inquired about Q2 order trends, particularly their progression during the quarter, and whether there was any pull-forward activity related to tariffs. He also asked for an update on the performance and visibility of the NASD and BioVectra businesses.

    Answer

    CEO Padraig McDonnell confirmed the book-to-bill ratio was above one and noted stable pharma demand with no order pull-forward, though some consumables revenue was pulled into Q2. Simon May, President of the Life Sciences & Diagnostics Markets Group, added that the CDMO businesses performed well, with NASD progressing on commercial programs and BioVectra showing success in GLP-1 manufacturing. May expressed confidence in achieving double-digit growth for NASD in the second half of the year, citing a strong order book.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2025

    Question

    Patrick Donnelly asked for details on Agilent's outsized share gains from China's stimulus program and whether the next round of tenders is factored into guidance. He also requested an update on the NASD business and its growth outlook.

    Answer

    CEO Padraig McDonnell confirmed winning 50% of ~$35M in Q1 stimulus orders but noted about half was likely a pull-forward. CFO Bob McMahon clarified the next stimulus round is not in the guide and represents potential upside. Regarding NASD, President of Life Sciences and Diagnostics Simon May stated the full-year guide for high-single-digit growth remains intact, expressing confidence in the long-term outlook.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q4 2024

    Question

    Patrick Donnelly inquired about the current state of the instrument replacement cycle, expectations for its recovery, and the outlook for the China market in fiscal 2025, including the impact of government stimulus.

    Answer

    President and CEO Padraig McDonnell stated that Agilent is seeing a steady instrument recovery, with a book-to-bill ratio over one, and is likely midway through the replacement cycle. He highlighted the new Infinity III LC, which has already secured tens of millions in orders and is expected to drive demand. Regarding China, McDonnell and CFO Robert McMahon noted better-than-expected performance, improving lab activity, and early stimulus orders. They project slight growth for the year in China, with PFAS being a standout growth driver, but have taken a conservative approach in their guidance.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2024

    Question

    Patrick Donnelly of Citigroup Inc. inquired about the outlook for China, including expectations for the remainder of the year and the potential for a capital spending pause ahead of stimulus clarification. He also asked about the margin structure for the rest of the year and into 2025, focusing on key drivers like the cost-saving program.

    Answer

    CFO Bob McMahon expressed optimism for China's mid-term stimulus, viewing it as more of a fiscal 2025 event, and pointed to encouraging activity in services and consumables. Angelica Riemann, President of the Agilent CrossLab Group, confirmed sequential services growth in China. On margins, McMahon stated the $100 million annualized savings program is on track, providing a tailwind for 2025 that will help offset variable pay resets. He affirmed a commitment to leveraged earnings growth, with more details to come at the December Investor Day.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2024

    Question

    Patrick Donnelly questioned the outlook for China, asking about expectations for the remainder of the year and the potential for a capital spending pause ahead of stimulus clarity. He also asked for a breakdown of the margin construct moving into 2025, including the impact of cost savings and variable pay resets.

    Answer

    CFO Bob McMahon and ACG President Angelica Riemann responded. Mr. McMahon noted that while instrument demand in China remains dampened, encouraging lab activity is evident from growth in services and consumables. He views the stimulus as primarily an FY25 event. On margins, Mr. McMahon confirmed the $100 million cost savings program is on track, providing a tailwind for FY25 that will help offset variable pay resets, and reiterated a commitment to delivering leveraged earnings growth.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2024

    Question

    Patrick Donnelly of Citi questioned if the slowdown in the instrument business is still related to the velocity of converting orders to revenue and if that timeline is stretching out. He also asked how the company is thinking about capital investment for NASD given the revised revenue outlook.

    Answer

    CEO Padraig McDonnell confirmed the sales funnel is stable with a book-to-bill over 1, but purchasing decisions are extending through the second half. CFO Bob McMahon added that expected budget releases didn't materialize. Regarding NASD, McDonnell stated there is 'absolutely not' any change to capital investment plans, citing the strong long-term outlook and 50%+ growth in the clinical business. McMahon noted the expansion also adds new therapeutic capabilities like CRISPR.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2024

    Question

    Patrick Donnelly asked about the EPS guide, specifically the impact of higher net interest income and the pacing of the cost savings plan. He also inquired about the expected trend for the instrument book-to-bill ratio throughout the year.

    Answer

    CFO Robert McMahon confirmed that higher-than-anticipated interest income, driven by strong cash flow, provides more confidence in the full-year guide. He also noted the cost savings plan is on track. Regarding order trends, McMahon reiterated the company's previous statement that the full-year book-to-bill will be above one, with Q1's instrument book-to-bill being below one as an expected part of that pattern.

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    Patrick Donnelly's questions to AGILENT TECHNOLOGIES (A) leadership • Q4 2023

    Question

    Patrick Donnelly from Citigroup sought clarity on the confidence behind the expected revenue ramp in the second half of fiscal 2024, asking about visibility and the balance between market optimism and easier comparisons. He also requested details on the moving pieces of the margin outlook and cost-saving initiatives.

    Answer

    CEO Michael McMullen expressed confidence in a gradual recovery, citing early signs of order stabilization, healthy sales funnels, and easier second-half comps. CFO Robert McMahon added that the Q1 guide prudently assumes no budget flush. Regarding margins, McMahon detailed the $175 million in planned cost savings, noting about half would be offset by variable compensation resets. The savings are sourced from DGG portfolio optimization (30%), COGS improvements (25%), and reductions in discretionary spending and workforce optimization.

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    Patrick Donnelly's questions to Cars.com (CARS) leadership

    Patrick Donnelly's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Patrick Donnelly of Citi asked about the company's competitive strategy and timeline for the MRD market, and how commercial payer traction was trending relative to internal expectations.

    Answer

    President David Spetzler described the MRD offering as a unique, comprehensive, tissue-naive assay that provides therapy guidance, germline findings, and CHIP mutations, differentiating it from existing solutions. He did not provide a specific timeline. SVP & CFO Luke Power added that commercial payer contracting is progressing positively, potentially a quarter or two ahead of schedule.

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    Patrick Donnelly's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Patrick Donnelly asked about the company's competitive strategy and timeline for its Minimal Residual Disease (MRD) offering. He also inquired about the progress with commercial payers and how it is trending relative to internal expectations.

    Answer

    Dr. David Spetzler, President, described the MRD offering as a differentiated, tissue-naive, whole exome/transcriptome assay that provides comprehensive data beyond a simple positive/negative result, but did not provide a timeline. Luke Power, SVP, CFO & Chief Accounting Officer, stated that commercial payer progress is trending "a quarter or two ahead" of initial expectations, with major national contracts expected to contribute more significantly in the second half of the year.

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    Patrick Donnelly's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Patrick Donnelly from Citi asked about Caris's competitive strategy for the Minimal Residual Disease (MRD) market, including timelines and commercial approach, and also requested an update on progress with commercial payers.

    Answer

    President David Spetzler highlighted the MRD offering's comprehensive, tissue-naive approach, which provides therapy guidance and germline findings in addition to the MRD result. He did not provide a specific timeline. SVP & CFO Luke Power stated that commercial payer contracting is trending positively and is 'a quarter or two ahead' of initial expectations, with new national contracts set to contribute in the second half of the year.

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    Patrick Donnelly's questions to Sotera Health (SHC) leadership

    Patrick Donnelly's questions to Sotera Health (SHC) leadership • Q2 2025

    Question

    Patrick Donnelly from Citi inquired about the drivers of Sterigenics' strong performance, asking if there was any pull-forward demand related to tariffs and seeking details on the recovery in medtech versus bioprocessing volumes.

    Answer

    Chairman and CEO Michael Petras confirmed there was no material pull-forward from tariffs. He attributed the strength to progressing volumes as forecasted, with both medtech and bioprocessing performing well. Petras specified that Sterigenics' volume and mix grew 6% while pricing increased 4% in the quarter.

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    Patrick Donnelly's questions to Sotera Health (SHC) leadership • Q1 2025

    Question

    Patrick Donnelly asked about the potential impact of tariffs on Sotera Health's business and sought an update on the volume recovery trends in the Sterigenics and Nelson Labs segments.

    Answer

    CEO Michael Petras stated that the company does not expect current tariff policies to have a material impact, noting that Cobalt-60 from Canada is exempt under the USMCA. He also expressed optimism about the ongoing volume recovery, mentioning that volumes improved throughout the first quarter and are expected to continue improving for the remainder of the year in both Sterigenics and Nelson Labs.

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    Patrick Donnelly's questions to Sotera Health (SHC) leadership • Q4 2024

    Question

    Patrick Donnelly of Citigroup inquired about the overall volume backdrop from Q4 2024, the underlying assumptions for volume recovery and destocking in the 2025 guidance, and the expected progression of margins throughout the year.

    Answer

    CEO Michael Petras stated that volume improved gradually in 2024 and this trend is expected to continue in 2025, with minimal concerns around customer destocking. CFO Jon Lyons added that Sotera Health anticipates solid constant currency margin improvement in 2025, noting that Q1 is typically the lowest quarter for both revenue and margins. Michael Petras also highlighted expectations for sequential margin improvement at Nelson Labs.

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    Patrick Donnelly's questions to Sotera Health (SHC) leadership • Q3 2024

    Question

    Patrick Donnelly of Citigroup asked for an update on the volume recovery trajectory in the Sterigenics segment, including visibility for Q4 and beyond. He also sought high-level commentary on whether 2025 performance would align with the company's long-term financial profile.

    Answer

    CEO Michael Petras confirmed that Sterigenics saw volume and mix growth in Q3 and expects similar slight improvements in Q4. He noted that inventory destocking pressures are easing and expressed optimism for continued volume improvement. Regarding 2025, Petras deferred specific guidance to the upcoming Investor Day but affirmed that the business fundamentals, including pricing power and organic growth investments, remain intact.

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    Patrick Donnelly's questions to 10x Genomics (TXG) leadership

    Patrick Donnelly's questions to 10x Genomics (TXG) leadership • Q2 2025

    Question

    Patrick Donnelly asked for an update on the academic research funding environment, particularly regarding NIH budget uncertainty and customer spending behavior throughout the quarter.

    Answer

    CEO Serge Saxonov described the environment as dynamic and cautious. He noted that while there was some increased optimism, the slow disbursement of funds and ongoing budget uncertainty have kept customers conservative. He highlighted specific issues like NIH funding allocation scares and new university restrictions, stating that he expects Q3 to be broadly similar to Q2.

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    Patrick Donnelly's questions to 10x Genomics (TXG) leadership • Q1 2025

    Question

    Patrick Donnelly asked about the nature of recent customer conversations amid NIH and academic funding volatility, and what path would restore visibility enough to reinstate full-year guidance.

    Answer

    CEO Serge Saxonov described a worsening funding environment creating a "very large cloud of uncertainty" that extends beyond the NIH to other agencies and procedural issues, causing customers to hesitate on new projects. CFO Adam Taich added that this unpredictability created an unusually wide range of outcomes, making the withdrawal of full-year guidance the "most intellectually honest approach" until conditions stabilize.

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    Patrick Donnelly's questions to 10x Genomics (TXG) leadership • Q4 2024

    Question

    Patrick Donnelly asked about the potential impact of the newly announced 15% cap on NIH indirect costs, inquiring about initial customer reactions and how the company is framing the risk.

    Answer

    CFO Adam Taich clarified that the 2025 guidance already incorporates a ~$7 million revenue impact from anticipated weakness in NIH funding based on trends from late 2024. However, the guidance does not reflect the potential impact of the 15% indirect cost cap. Taich estimated this could represent an additional $10 million to $15 million revenue risk if fully implemented, and acknowledged the heightened uncertainty could further impact customer spending.

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    Patrick Donnelly's questions to 10x Genomics (TXG) leadership • Q3 2024

    Question

    Patrick Donnelly asked how 10x Genomics is balancing the need for disciplined spending and profitability with the significant hiring required to fill open sales roles. He also requested an update on the competitive landscape, asking if pressure was coming from academic homebrew solutions or from other corporate players.

    Answer

    CEO Serge Saxonov explained that while headcount is being added in key commercial areas, the new structure is designed to be substantially more efficient, which he expects to improve leverage and support cash management. On competition, he noted no significant change in the spatial dynamic. In single-cell, he acknowledged more aggressive behavior from smaller competitors but stated the fundamental dynamic has not changed, with customers still preferring 10x for quality and performance.

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    Patrick Donnelly's questions to BIO-TECHNE (TECH) leadership

    Patrick Donnelly's questions to BIO-TECHNE (TECH) leadership • Q4 2025

    Question

    Patrick Donnelly from Citi inquired about the underlying performance in China, excluding temporary factors like pull-forwards, and how the region fits into the forward outlook. He also asked what specific indicators management is watching for to gain visibility and signal an inflection point back toward normal growth rates.

    Answer

    President & CEO Kim Kelderman described the underlying China market as stabilizing, with a key future driver being the high level of out-licensing activity by Chinese firms, which he believes will support a continued recovery to modest growth. CFO James Hippel listed the key indicators for a market inflection as resolution on NIH funding, stabilization of biotech funding, and clarity on potential pharma tariffs and MFN pricing policies.

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    Patrick Donnelly's questions to BIO-TECHNE (TECH) leadership • Q3 2025

    Question

    Patrick Donnelly of Citi inquired about the biopharma segment's performance, asking for specific trends in the biotech customer base given funding volatility, and also requested an update on Wilson Wolf's performance.

    Answer

    CEO Kim Kelderman stated that large pharma's recovery is outpacing biotech, which was 'flattish' in Q3. He attributed the biotech weakness to its sensitivity to capital markets and economic uncertainty, which leads to more frugal spending. CFO Jim Hippel reported that Wilson Wolf continues to perform very well, delivering solid double-digit growth in the quarter and remaining on track for a strong year.

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    Patrick Donnelly's questions to BIO-TECHNE (TECH) leadership • Q2 2024

    Question

    Patrick Donnelly asked for on-the-ground insights from the management's recent trip to China and for details on the drivers of the second-half margin expansion beyond foreign exchange impacts.

    Answer

    CEO Kim Kelderman noted that while China's economic environment remains tough, the commitment to life sciences research and increased government funding support a return to growth. CFO Jim Hippel attributed the expected 2H margin expansion to strong volume leverage on higher revenue, improved product mix, and the full impact of prior organizational efficiency initiatives.

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    Patrick Donnelly's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership

    Patrick Donnelly's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q2 2025

    Question

    Patrick Donnelly of Citi asked about management's confidence in increasing hiring and what book-to-bill ratio would be necessary to drive positive DSA growth next year. He also inquired about pricing stability and its implications for margins, given the planned headcount additions.

    Answer

    CEO James Foster clarified that the hiring is to catch up with current demand, not get ahead of a recovery, and deferred commenting on 2026 growth. He described DSA pricing as stable, with Charles River competing on quality and speed rather than price. CFO Flavia Pease added that a favorable mix of higher-priced studies has positively impacted the price/mix dynamic in the first half.

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    Patrick Donnelly's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q1 2025

    Question

    Patrick Donnelly asked if the DSA segment's book-to-bill ratio is expected to remain above 1x going forward and inquired about the key moving parts for segment margins throughout the year.

    Answer

    CEO James Foster expressed pleasure with the 1.04x book-to-bill but cautioned that it is only one quarter and needs to be sustained to indicate a trend. CFO Flavia Pease noted that while DSA margins were strong in Q1, they remain cautious for the second half. She expects Manufacturing margins to improve as the year progresses, leading to a tightened full-year company margin outlook.

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    Patrick Donnelly's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q4 2024

    Question

    Patrick Donnelly questioned the 'flat sequentially' book-to-bill comment, noting his math suggested a decline based on the backlog change, and asked for clarification. He also inquired about the long-term margin trajectory for the DSA segment.

    Answer

    EVP & CFO Flavia Pease reiterated that the gross and net book-to-bill ratios were flat quarter-over-quarter, suggesting potential FX impacts in his model. Chair, President & CEO James Foster stated that DSA margins will not continue to contract long-term and should improve due to infrastructure leaning, technology implementation, and the return of pricing power as capacity tightens.

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    Patrick Donnelly's questions to CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) leadership • Q3 2024

    Question

    Patrick Donnelly of Citi asked about the rationale for closing 15 facilities and how the footprint is being managed to ensure capacity for a future demand recovery. He also requested a high-level framework for 2025 interest expense, considering the expiring interest rate swap.

    Answer

    Chairman, President and CEO James Foster explained the site closures are part of a footprint optimization to consolidate smaller, less efficient sites into larger, more robustly utilized facilities, which improves margins without sacrificing capacity for a recovery. EVP and CFO Flavia Pease noted that while the favorable swap is expiring, a significant portion of debt remains fixed-rate, and the company feels good about its balance sheet and leverage position heading into 2025.

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    Patrick Donnelly's questions to Fortrea Holdings (FTRE) leadership

    Patrick Donnelly's questions to Fortrea Holdings (FTRE) leadership • Q2 2025

    Question

    Patrick Donnelly of Citi asked for details on the bookings environment, specifically focusing on cancellation trends and win rates. He also inquired about the key drivers for margins and the current state of the pricing environment.

    Answer

    CFO Jill McConnell stated that cancellations remain low and in line with historical trends, even slightly improving from Q1. She noted win rates were stable with existing clients but saw a drop with 'new to Fortrea' biotechs. On pricing, she described the market as competitive but affirmed Fortrea's strategy is to be priced at market, not to be the lowest-cost provider. She deferred specific 2026 margin guidance but highlighted the future benefit from cost-saving initiatives.

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    Patrick Donnelly's questions to Fortrea Holdings (FTRE) leadership • Q1 2025

    Question

    Patrick Donnelly asked about the current bookings backdrop, considering challenges like biotech funding and potential drug pricing policy changes, and whether the competitive landscape and pricing environment have intensified.

    Answer

    CEO Tom Pike stated that while the overall environment feels similar, there is increased caution among biotech clients, who are seeking more regulatory clarity and ensuring funding is secure, leading to slower decision-making. He acknowledged that competition from larger CROs has increased but affirmed that the pricing environment remains disciplined.

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    Patrick Donnelly's questions to Fortrea Holdings (FTRE) leadership • Q4 2024

    Question

    Patrick Donnelly asked about the delayed identification of issues with pre-spin projects that are negatively impacting the 2025 forecast, and questioned the company's strategy for shareholder returns given the stock's performance.

    Answer

    CEO Tom Pike explained that a detailed, project-by-project analysis, necessary after exiting legacy systems, revealed the issue over the last couple of months. He noted that new, higher-margin work is starting slower than expected due to a heavy mix of biotech and oncology studies. For shareholder value, Pike highlighted strong bookings, a focus on growing areas like FSP, and a significant SG&A transformation program targeting $40-$50 million in savings for 2025.

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    Patrick Donnelly's questions to Fortrea Holdings (FTRE) leadership • Q3 2024

    Question

    Patrick Donnelly inquired about the strong Q3 book-to-bill of 1.23x, which exceeded prior expectations of a gradual build in the second half, and asked about the confidence level in achieving previously discussed 2025 EBITDA margin targets.

    Answer

    CEO Tom Pike affirmed the company's target of a 1.2x average book-to-bill for the second half, noting a predictable mix in the Q4 pipeline. CFO Jill McConnell deferred providing 2025 guidance, stating the company needs to finalize Q4 results, assess the new business mix, and complete TSA exits before offering an update in Q1 2025.

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    Patrick Donnelly's questions to QuidelOrtho (QDEL) leadership

    Patrick Donnelly's questions to QuidelOrtho (QDEL) leadership • Q2 2025

    Question

    Patrick Donnelly of Citi asked for a breakdown of the moving parts affecting the full-year adjusted EBITDA guidance, particularly the balance between lower COVID-19 revenue and benefits from the Savanna discontinuation and reduced tariffs. He also sought clarity on the confidence in the second-half China forecast.

    Answer

    CFO Joseph Busky clarified that the full-year adjusted EBITDA guidance remains unchanged as the negative impact from lower COVID-19 revenue ($20-25M) is fully offset by benefits from reduced tariff impacts ($15-20M) and the discontinuation of Savanna development ($5-10M). He also noted the China forecast was narrowed due to improved visibility with two quarters completed.

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    Patrick Donnelly's questions to QuidelOrtho (QDEL) leadership • Q1 2025

    Question

    Patrick Donnelly inquired about the specific financial exposures related to tariffs, particularly U.S.-to-China trade, and sought an update on the Savanna molecular diagnostics platform, including the company's commitment level and development timelines.

    Answer

    CFO Joe Busky clarified that the largest tariff impact is on immunoassay products shipped from the U.K. to the U.S., with a smaller impact on products shipped to China. He expressed confidence in fully mitigating the impact. CEO Brian Blaser addressed Savanna, stating the company is 'laser-focused' on its RVP4 panel submission to the FDA this summer and remains committed to the molecular diagnostics market.

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    Patrick Donnelly's questions to QuidelOrtho (QDEL) leadership • Q4 2024

    Question

    Patrick Donnelly from Citigroup Inc. asked about the specific levers driving EBITDA margin expansion in 2025 and beyond, as well as the key drivers for the respiratory revenue guidance and the outlook for Savanna.

    Answer

    Chief Financial Officer Joe Busky detailed that the 250 basis point margin improvement in 2025 is driven by approximately $50 million in carry-over savings and $30-$50 million in new procurement savings, primarily impacting OpEx. He also explained that the decline in guided COVID revenue is due to non-repeating government contracts and lower retail sales, with the professional business now at an endemic level. The rest of the respiratory portfolio is expected to see low-single-digit growth.

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    Patrick Donnelly's questions to QuidelOrtho (QDEL) leadership • Q3 2024

    Question

    Patrick Donnelly asked about the key levers for achieving the long-term mid-to-high 20s EBITDA margin target beyond current cost savings, and what growth assumptions for China are factored into the 2025 outlook.

    Answer

    CEO Brian Blaser outlined further margin levers, including broad cost improvements across the P&L and focusing commercial teams on more profitable segments. CFO Joe Busky projected mid-to-high single-digit growth for China in 2025, stating that despite complexities, they see more opportunity than risk.

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    Patrick Donnelly's questions to Stevanato Group S.p.A. (STVN) leadership

    Patrick Donnelly's questions to Stevanato Group S.p.A. (STVN) leadership • Q2 2025

    Question

    Patrick Donnelly of Citi questioned how the company is absorbing the new tariff rates and asked for an update on the capacity at the Fishers facility. He also requested color on the expected split of performance between Q3 and Q4.

    Answer

    CFO Marco Dal Lago detailed that tariff impacts are being managed through customer negotiations, price adjustments, and optimizing their global footprint. CEO Franco Stevanato noted the Fishers plant is focused on validations and will offer more benefit in the medium term. For the second-half outlook, Dal Lago guided to mid-single-digit growth in both Q3 and Q4 versus the prior year.

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

    Question

    Patrick Donnelly asked for details on the expected quarterly progression of revenue and margins for the rest of the year and how geopolitical tensions and tariffs are impacting the company's China expansion strategy.

    Answer

    CFO Marco Dal Lago reiterated the outlook for sequential growth, with H2 being stronger than H1 (56% vs 44% of revenue), and sequential margin improvement. CEO Franco Stevanato explained that the immediate focus is executing on the Latina and Fishers expansions to meet customer contracts, which has taken priority over the China expansion for now, though Asia remains a strategic market.

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

    Question

    Patrick Donnelly of Citigroup asked for details on the expected pacing of revenue and margins throughout 2025 and questioned the potential impact of a U.S. administration change on tariffs and government contracts.

    Answer

    CFO Marco Dal Lago projected sequential quarterly growth in 2025, with a stronger second half driven by new syringe capacity, vial market recovery, and Engineering project completions. Chairman and CEO Franco Stevanato emphasized the company's global footprint, especially the Fishers plant, as a strategic tool to mitigate tariff risks. Dal Lago also noted that U.S. vaccine revenue is minimal, limiting exposure to contract changes.

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    Patrick Donnelly's questions to Stevanato Group S.p.A. (STVN) leadership • Q3 2024

    Question

    Patrick Donnelly from Citi asked for details on margin pressures, particularly from the Engineering segment, and questioned the company's confidence level that the vial destocking issue is largely resolved.

    Answer

    CEO Franco Stevanato expressed "strong confidence" that vial destocking is a temporary inventory normalization, noting that current demand is below 2019 levels. CFO Marco Dal Lago added that the Engineering segment is undergoing an optimization plan to address challenges from complex projects and that it will take another 2-3 quarters to fully normalize profitability.

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    Patrick Donnelly's questions to BRUKER (BRKR) leadership

    Patrick Donnelly's questions to BRUKER (BRKR) leadership • Q2 2025

    Question

    Patrick Donnelly focused on the second-half guidance, noting that the implied Q4 earnings represent a very steep ramp-up from Q3 and questioned the company's visibility and confidence in achieving this significant sequential improvement.

    Answer

    EVP & CFO Gerald Herman acknowledged the significant Q4 lift but expressed confidence, citing historical seasonality where Q4 is disproportionately large. He also highlighted that planned cost savings kicking in during Q4 will help improve profitability. Chairman, CEO & President Frank Laukien reinforced this, stating that large fourth quarters are a typical pattern for Bruker.

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    Patrick Donnelly's questions to BRUKER (BRKR) leadership • Q1 2025

    Question

    Patrick Donnelly of Citigroup requested details on the pricing, cost, and manufacturing initiatives intended to fully offset tariff impacts by 2026. He also asked whether the current U.S. academic market downturn is a structural issue or a one-year re-basing event.

    Answer

    CEO Frank Laukien detailed that mitigation plans include targeted pricing, supply chain re-engineering, and about $30 million in new cost actions for 2025, with the full benefit expected in 2026. Regarding the academic market, he anticipates continued weakness into next year but expects year-over-year growth from the disrupted 2025 base, suggesting some current headwinds are temporary.

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    Patrick Donnelly's questions to BRUKER (BRKR) leadership • Q4 2024

    Question

    Patrick Donnelly's associate inquired about the academic and government budget outlook in Europe and China, including the impact of stimulus, and sought clarification on the expected EPS dilution from acquisitions in 2025.

    Answer

    CEO Frank Laukien noted that China's stimulus funding is expected to be spread out over 2025 and 2026, with Europe remaining reasonably good. CFO Gerald Herman confirmed that the EPS dilution from acquisitions is expected to decrease from $0.15-$0.20 in 2024 to $0.08-$0.10 in 2025. Frank Laukien added that the goal is for these acquisitions to be near breakeven by 2026.

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    Patrick Donnelly's questions to BRUKER (BRKR) leadership • Q3 2024

    Question

    Patrick Donnelly asked for an update on the margin dilution from recent acquisitions, particularly NanoString, and inquired about the academic and government market outlook for 2025 in light of the U.S. election.

    Answer

    CFO Gerald Herman stated that acquisition integration is on track and dilution expectations for 2024 and 2025 remain solid. CEO Frank Laukien added that the goal to bring NanoString and Cellular Analysis to breakeven by 2026 is unchanged, though progress is hampered by weak life science tools demand. Regarding the academic market, Laukien noted that current election uncertainty is a headwind, and a split government might be the most stable outcome for the sector by avoiding extreme policy shifts.

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    Patrick Donnelly's questions to METTLER TOLEDO INTERNATIONAL INC/ (MTD) leadership

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

    Question

    Patrick Donnelly from Citi asked about the company's confidence in its above-consensus Q3 guidance and requested a segment-level breakdown. He also questioned the role of pricing as a lever to offset tariff impacts.

    Answer

    CFO Shawn Vadala expressed confidence in the Q3 guide, breaking it down as low-single-digit growth for Lab, mid-to-high single-digit for both Core Industrial and Product Inspection, and a low-single-digit decline for Retail. He noted particular optimism for the Industrial businesses. On pricing, Vadala stated that price realization was about 3% in Q2, is expected to be around 3.5% in the second half, and will land near 3% for the full year. He added that future pricing will consider the new tariffs in a balanced manner.

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

    Question

    Patrick Donnelly from Citi asked for a detailed breakdown of the tariff impact, including its sources and the specifics of mitigation efforts like supply chain adjustments and pricing. He also inquired about customer sentiment and the outlook for the Core Industrial market amid macro volatility.

    Answer

    CFO Shawn Vadala explained that mitigation actions have reduced direct China import exposure to approximately $50 million and that the full-year pricing assumption has been raised from 2% to about 3%. CEO Patrick Kaltenbach added that while there are some short-term delays in large industrial projects, the long-term outlook is positive due to automation trends. Mr. Vadala then provided specific growth forecasts for the Core Industrial and Product Inspection businesses.

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

    Question

    Patrick Donnelly of Citi asked for a detailed breakdown of the margin build for Q1 and the full year 2025, including contributions from price and other factors. He also sought to reconcile comments about a cautious start to the year with positive momentum in several end-markets.

    Answer

    CFO Shawn Vadala detailed the margin drivers, highlighting strong Q4 expansion from volume, pricing, and productivity. For 2025, he guided to 2% pricing with potential upside from tariffs. He explained the margin impacts from the prior-year shipping comparison, providing adjusted figures showing underlying expansion. CEO Patrick Kaltenbach reiterated a cautious stance for early 2025 due to global uncertainties like tariffs, despite specific areas of strength.

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

    Question

    Patrick Donnelly asked for clarity on the underlying margin algorithm excluding logistics timing effects, the margin level in China, and whether the Industrial segment's weakness is confined to China.

    Answer

    CFO Shawn Vadala acknowledged that 2024 margins would likely have been down without the shipping delay benefit due to lower volumes, but affirmed long-term margin levers remain strong. He confirmed China's margins are above the corporate average. CEO Patrick Kaltenbach added that the Industrial segment's softness is broad-based, with slower decision-making also impacting the U.S. and Europe, not just China.

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    Patrick Donnelly's questions to Avantor (AVTR) leadership

    Patrick Donnelly's questions to Avantor (AVTR) leadership • Q2 2025

    Question

    Patrick Donnelly inquired about the broader order trends in the bioprocessing business, excluding the one-time issues, and asked about current lead times. He also asked about the rationale behind the new CEO appointment and any potential shifts in strategy or capital allocation.

    Answer

    President & CEO Michael Stubblefield stated that the underlying bioprocessing end market continues to strengthen, with strong demand for monoclonal antibody solutions and lead times returning to a normal 2-3 months. Regarding the CEO transition, he highlighted the incoming CEO's (Emanuel Ligner) deep industry and bioprocessing experience. He deferred on strategy changes, noting the new CEO will share his priorities after an initial assessment, likely on the Q3 call.

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    Patrick Donnelly's questions to Avantor (AVTR) leadership • Q4 2024

    Question

    Patrick Donnelly requested an expansion on the performance and outlook for the advanced technologies business, specifically the semiconductor piece, and its corresponding impact on margins for the upcoming year.

    Answer

    CEO Michael Stubblefield explained that the semiconductor market, a small part of the segment, stabilized in Q4 after a Q3 deterioration and is assumed to remain stable in 2025, creating a tough Q1 comp. An Unknown Executive added that this is fully baked into the margin guide, which benefits from a positive mix shift toward bioprocessing.

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    Patrick Donnelly's questions to Avantor (AVTR) leadership • Q3 2024

    Question

    Patrick Donnelly followed up on the biotech and pharma customer base, asking about any dichotomy in spending willingness. He also asked for a quick outlook on gross margins, given the mix impact in the current quarter.

    Answer

    President and CEO Michael Stubblefield reiterated the mixed biotech picture, with smaller firms remaining muted while more established ones show growth. EVP and CFO Brent Jones addressed gross margins, stating that for Q4, headwinds from the divestiture and mix should be offset by strong bioprocessing growth, resulting in a margin profile similar to Q3. He deferred on a 2025 outlook.

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    Patrick Donnelly's questions to BIO-RAD LABORATORIES (BIO) leadership

    Patrick Donnelly's questions to BIO-RAD LABORATORIES (BIO) leadership • Q2 2025

    Question

    Patrick Donnelly of Citi inquired about the sustainability of the strong Q2 results in Process Chromatography, the specific revenue contribution from the Stila acquisition in the updated guidance, and the primary factors driving the revised margin forecast.

    Answer

    Executive VP & CFO Roop Lakkaraju confirmed the sustainability of Process Chromatography performance, raising its full-year outlook to low-double-digit growth. He stated the overall guidance increase reflects the Stila acquisition, durable consumables, and the improved Process Chrome outlook. Lakkaraju attributed the higher operating margin guidance primarily to a significant reduction in expected tariff headwinds from 130 bps to 30-40 bps, supplemented by better manufacturing absorption and favorable product mix.

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    Patrick Donnelly's questions to BIO-RAD LABORATORIES (BIO) leadership • Q3 2024

    Question

    Patrick Donnelly asked about the sustainability of gross margin improvements into 2025, the recovery timeline for the process chromatography business, and the company's current stance on monetizing its Sartorius stake.

    Answer

    EVP and CFO Roop Lakkaraju stated that while underlying cost improvements are sustainable, mix and one-time royalties affect quarterly results, but the current ~55% margin is a reasonable starting point for 2025. He noted process chrome destocking will continue through 2025 but expects a return to growth next year. CEO Norman Schwartz added that the company's view on its Sartorius stake is unchanged; it remains a monetizable asset, but there is no immediate need to sell, particularly at its currently depressed value.

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    Patrick Donnelly's questions to Guardant Health (GH) leadership

    Patrick Donnelly's questions to Guardant Health (GH) leadership • Q2 2025

    Question

    Patrick Donnelly from Citi asked about the strategy of reinvesting gross profit upside into sales and marketing, and how this reflects management's confidence in the long-term path to profitability and the strength of the balance sheet.

    Answer

    CFO Michael Bell reaffirmed the company's commitment to its 2028 cash flow breakeven target and the strategy of reducing cash burn annually. He explained that reinvesting the stronger-than-expected Shield gross profit into commercial infrastructure accelerates growth without increasing the overall planned burn for the screening business. He also noted that the core business, excluding screening, remains on track to reach breakeven by year-end, underscoring their confidence in the financial plan.

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    Patrick Donnelly's questions to Guardant Health (GH) leadership • Q4 2024

    Question

    Patrick Donnelly asked about the change in commercial strategy for Guardant Reveal now that the company is no longer holding back volumes post-reimbursement, and also inquired about the expected timeline for the Shield V2 catalyst.

    Answer

    Co-CEO Helmy Eltoukhy explained that the sales team has been trained and motivated to more robustly pursue the Reveal opportunity, especially in the surveillance setting which was previously not a focus. Co-CEO AmirAli Talasaz stated that the company is planning for the approval and launch of Shield V2 by the end of 2025.

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    Patrick Donnelly's questions to HOLOGIC (HOLX) leadership

    Patrick Donnelly's questions to HOLOGIC (HOLX) leadership • Q3 2025

    Question

    Patrick Donnelly asked for more detail on the visibility for the Breast Health division's return to growth in Q4 and questioned the margin outlook for Q4 and the appropriate launching point for fiscal 2026.

    Answer

    CEO Stephen MacMillan attributed the improved Q4 visibility in Breast Health to better sales force execution and the strong performance of Endomagnetics. CFO Karleen Oberton projected a sequential increase in gross margins from Q3 to Q4, driven by higher revenue and favorable mix, but advised using the full-year FY25 margin as the baseline for FY26, not the Q4 exit rate.

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    Patrick Donnelly's questions to HOLOGIC (HOLX) leadership • Q2 2025

    Question

    Patrick Donnelly inquired about the financial impact of recently announced tariffs, including potential higher costs from suppliers and Hologic's mitigation efforts. He also asked about the strategic rationale behind the Breast Health sales force reorganization and the current capital spending appetite from hospitals.

    Answer

    CEO Stephen MacMillan stated that while the macroeconomic environment is volatile, the company believes it can offset potential supplier price increases related to tariffs. He explained that the Breast Health sales force reorganization aims to create a more stable, less 'boom-bust' business by separating capital and disposable sales efforts. This move is intended to strengthen recurring revenue streams and better position the company for future product launches like Envision and to maximize recent acquisitions.

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    Patrick Donnelly's questions to HOLOGIC (HOLX) leadership • Q1 2025

    Question

    Patrick Donnelly inquired about the cyclical nature of the mammography gantry business and the competitive landscape for the diagnostics portfolio, particularly for the BV/CV/TV assays.

    Answer

    CEO Stephen MacMillan explained that the gantry softness is a cyclical issue stemming from a post-chip-shortage sales bolus in late 2023 and early 2024, which created difficult comparisons. He expressed confidence in a 2026 reacceleration with a new product launch. Regarding diagnostics, Mr. MacMillan conveyed strong optimism about the business, citing the expanded Panther installed base and the significant market opportunity for vaginitis testing. CFO Karleen Oberton added that the specialized physician sales force is a key competitive advantage in driving test adoption.

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    Patrick Donnelly's questions to HOLOGIC (HOLX) leadership • Q4 2024

    Question

    Patrick Donnelly inquired about the fiscal 2025 margin outlook, including the key moving parts and potential for expansion, and also asked about the growth forecast for the Breast Health business, considering an upcoming new gantry launch.

    Answer

    Chief Financial Officer Karleen Oberton explained that transitory headwinds in the first half, such as the IV fluid shortage impacting the profitable Surgical business, will give way to accelerated revenue and margin expansion in the second half, aided by network optimization. Chairman, President and CEO Stephen MacMillan added that while the new gantry launch might slightly slow sales in the near term, the overall Breast Health business remains solid due to its service and interventional segments, with reacceleration expected in future years.

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    Patrick Donnelly's questions to REVVITY (RVTY) leadership

    Patrick Donnelly's questions to REVVITY (RVTY) leadership • Q2 2025

    Question

    Patrick Donnelly asked about the performance and forward expectations for the reagents business across its end markets. He also inquired about the company's appetite for M&A versus share repurchases.

    Answer

    CFO Max Krakowiak noted five straight quarters of reagent growth and expects a stable, modestly improving environment to continue. CEO Prahlad Singh stated that while Revvity is actively evaluating M&A, it remains disciplined and has not yet found a target compelling enough from a financial and strategic perspective, leading to more aggressive share repurchases.

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    Patrick Donnelly's questions to REVVITY (RVTY) leadership • Q1 2025

    Question

    Patrick Donnelly of Citigroup inquired about Revvity's strategy to quickly neutralize the $135 million gross tariff impact on U.S.-to-China sales and asked for a breakdown of the moving parts within the Life Science Solutions guidance, particularly regarding instruments, software, and reagents.

    Answer

    CEO Prahlad Singh stated that contingency planning began post-election, enabling rapid supply chain adjustments. CFO Maxwell Krakowiak added that the affected products are primarily in Life Sciences, as Diagnostics are mostly manufactured in-region. Krakowiak clarified the Life Sciences guide, noting that instrument pressure is offset by stronger-than-expected growth in the Signals software business, while reagents are expected to see solid, albeit slightly slower, growth.

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    Patrick Donnelly's questions to REVVITY (RVTY) leadership • Q4 2024

    Question

    Patrick Donnelly questioned the Q1 2025 earnings guide, which appeared below consensus, asking for details on offsetting factors and the expected margin build throughout the year. He also requested an overview of the moving pieces and expectations for the Immunodiagnostics (ImmunoDx) business in 2025.

    Answer

    CFO Max Krakowiak clarified the full-year cadence, noting Q1 earnings are impacted by a higher initial tax rate and lower operating margins, consistent with the pattern in 2024. He stated the ImmunoDx business is expected to grow at high single-digits in 2025, driven by strong performance outside the U.S. (low to mid-teens growth) and continued geographic expansion, particularly in the autoimmune business.

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    Patrick Donnelly's questions to REVVITY (RVTY) leadership • Q3 2024

    Question

    Patrick Donnelly asked for a high-level overview of margin tailwinds and headwinds for 2025, considering factors like growth recovery and incentive compensation. He also requested more detail on the company's preclinical reagent exposure and its recovery path.

    Answer

    CFO Maxwell Krakowiak reiterated the company's margin expansion framework of 50-75 bps depending on market growth, with no major known headwinds. CEO Prahlad Singh confirmed that most reagents are in the preclinical space, making the broad-based recovery across all product lines an encouraging leading indicator for the business.

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    Patrick Donnelly's questions to LABCORP HOLDINGS (LH) leadership

    Patrick Donnelly's questions to LABCORP HOLDINGS (LH) leadership • Q2 2025

    Question

    Patrick Donnelly from Citi asked about the strong performance in the Biopharma Laboratory Services (BLS) segment, seeking color on the momentum in Central Labs and Early Development, customer conversations, and future expectations given the strong bookings.

    Answer

    President, CEO, and Chairman Adam Schechter attributed the 11% BLS revenue growth to strength in both Central Labs and Early Development. He noted Early Development's 18% constant currency growth benefited from an easy prior-year comparison but is expected to grow mid-single digits for the full year. He emphasized the strong quarterly book-to-bill of 1.18, driven by large Central Lab awards, which provides significant momentum for the business.

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    Patrick Donnelly's questions to LABCORP HOLDINGS (LH) leadership • Q2 2025

    Question

    Patrick Donnelly from Citi asked about the performance of the Biopharma Laboratory Services (BLS) segment, seeking color on the momentum in Central Labs and Early Development, customer conversations, and the outlook given the strong bookings.

    Answer

    President, CEO, and Chairman Adam Schechter highlighted the segment's 11% revenue growth (8% constant currency). He noted that Early Development's strong growth benefited from an easy prior-year comparison and that the quarterly book-to-bill was a robust 1.18, driven by several large Central Lab awards. This strong booking provides significant momentum and fuel for future growth in the business.

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    Patrick Donnelly's questions to LABCORP HOLDINGS (LH) leadership • Q1 2025

    Question

    Patrick Donnelly inquired about pricing conversations in the core lab business and whether tariffs were affecting them. He also asked if the guidance range for the Biopharma segment primarily reflects uncertainty around the timing of trial starts.

    Answer

    Chairman and CEO Adam Schechter stated that pricing in the Diagnostics business remains relatively flat, with constructive dialogue with payers on multi-year contracts. He confirmed that a key variable being watched for the Biopharma segment is the timing of trial starts within the backlog, noting it's more a question of 'when' not 'if' these trials will proceed.

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    Patrick Donnelly's questions to LABCORP HOLDINGS (LH) leadership • Q4 2024

    Question

    Patrick Donnelly of Citigroup inquired about the pricing environment for the core Diagnostics business, including the nature of recent conversations with payers. He also asked about the level of conservatism applied to utilization assumptions within the 2025 guidance.

    Answer

    CEO Adam Schechter characterized discussions with payers as going very well, emphasizing the value Labcorp provides through quality, scale, a broad test menu, and lower costs, particularly as it acquires hospital outreach businesses. He reiterated the strong underlying demand seen in Q4 provides momentum for the 2025 guidance, which assumes 3.5% organic growth for the Diagnostics segment.

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    Patrick Donnelly's questions to LABCORP HOLDINGS (LH) leadership • Q3 2024

    Question

    Patrick Donnelly asked about the core utilization trends in the Diagnostics business, excluding weather impacts, and whether there was any reason to expect performance to fall outside the long-range plan (LRP) in 2025.

    Answer

    CEO Adam Schechter acknowledged an acceleration in overall healthcare utilization but believes Labcorp is also gaining market share through hospital and regional lab acquisitions. He expressed confidence in the company's long-term guidance for Diagnostics, which includes 2.5% to 4.5% organic growth plus an increased inorganic growth expectation of 1.5% to 2.5%, citing strong momentum heading into the new year.

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    Patrick Donnelly's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership

    Patrick Donnelly's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q2 2025

    Question

    Patrick Donnelly from Citi asked about the margin outlook for the second half of the year and the key building blocks for margin expansion into 2026, given HVP momentum and the CGM headwind.

    Answer

    SVP & CFO Bernard Birkett projected a slight margin step-down from Q2 into Q3, consistent with typical seasonality due to plant shutdowns in Europe. He also noted that costs associated with hiring and training new employees to meet demand could have a temporary impact on productivity. He framed this as a normal seasonal pattern rather than a change in the underlying margin profile.

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    Patrick Donnelly's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q1 2025

    Question

    Patrick Donnelly asked about order trends for high-value components to assess confidence in the second-half ramp as destocking abates. He also inquired about the progress of discussions with customers to pass through tariff-related costs.

    Answer

    CEO Eric Green confirmed that destocking is proceeding as anticipated and that current order patterns support the forecast for a sequential improvement and a second-half ramp-up. CFO Bernard Birkett stated that while tariff mitigation efforts including customer pass-throughs are underway, he was not prepared to quantify the impact yet, promising more clarity on the Q2 call.

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    Patrick Donnelly's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership • Q4 2024

    Question

    Patrick Donnelly of Citi inquired about the growth trajectory of the GLP-1 market for West's Proprietary Products and the company's perspective on the potential market impact of oral GLP-1 alternatives. He also asked for color on the expected margin progression throughout 2025.

    Answer

    CEO Eric Green stated that while oral GLP-1s will have an impact, the company's models assume injectables will remain the majority delivery method. He identified Proprietary elastomers for GLP-1s as the company's fastest-growing area in 2025. CFO Bernard Birkett noted that Q1 margins would be the most challenged, with improvement expected through the year driven by HVP growth.

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    Patrick Donnelly's questions to ICON (ICLR) leadership

    Patrick Donnelly's questions to ICON (ICLR) leadership • Q2 2025

    Question

    Patrick Donnelly of Citi inquired about the progression of bookings throughout the quarter and whether management feels the industry has 'turned the corner' regarding cancellations and the book-to-bill ratio.

    Answer

    CEO Steve Cutler described the environment as 'constructive' but still volatile, stating he doesn't want to get 'too far ahead.' He noted that while gross bookings were strong, he expects cancellations to remain elevated in the near term. He believes pharma clients are beginning to move forward with plans despite market uncertainties and patent cliff pressures.

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    Patrick Donnelly's questions to ICON (ICLR) leadership • Q1 2025

    Question

    Patrick Donnelly from Citigroup Inc. asked for an overview of the current business backdrop, including pharma reprioritization, the biotech funding environment, and expectations for future cancellations and book-to-bill trends.

    Answer

    CEO Dr. Steve Cutler explained that predicting the cycle is difficult but expects elevated cancellations to persist for the rest of the year, noting a significant cancellation from a BARDA study will impact Q2. Executive Kate Haven added that the company's updated guidance incorporates the assumption of continued high cancellation rates.

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    Patrick Donnelly's questions to ICON (ICLR) leadership • Q4 2024

    Question

    Patrick Donnelly asked if management's sentiment had changed since issuing a wide earnings guidance range a month prior, what factors could lead to the low end of the range, and how margins are expected to progress throughout the year, including planned cost actions.

    Answer

    CEO Dr. Steve Cutler stated that their view has not changed, as market volatility and caution persist, justifying the wide guidance range. CFO Nigel Clerkin elaborated on margins, expecting the full-year 2025 EBITDA margin to be approximately 1% lower than 2024's 21% level. He projected lower margins in the first half of the year due to pass-through mix, with an expected improvement in the second half driven by cadence and cost management actions.

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    Patrick Donnelly's questions to ICON (ICLR) leadership • Q3 2024

    Question

    Patrick Donnelly followed up on margins, asking for details on the planned cost-saving actions and whether the implied second-half EBITDA margin would be a fair baseline for the next year.

    Answer

    CEO Dr. Steve Cutler confirmed that decisive cost actions are underway, including reviewing spans of control and staffing levels, with some benefits expected in Q4 and a fuller impact in 2025. Outgoing CFO Brendan Brennan added that cost management is a core strength embedded across the organization, emphasizing that while it takes time to adjust, the company is proactive in aligning its cost base with revenue realities.

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    Patrick Donnelly's questions to QUEST DIAGNOSTICS (DGX) leadership

    Patrick Donnelly's questions to QUEST DIAGNOSTICS (DGX) leadership • Q2 2025

    Question

    Patrick Donnelly from Citi requested details on the expected cadence of margins and earnings in the second half of the year and asked for a follow-up on the financial implications of PAMA, including potential offsets.

    Answer

    CFO Sam Samad outlined the typical earnings cadence, noting Q2 is usually the strongest quarter, with margins stepping down sequentially in Q3 and Q4. Regarding PAMA, he stated the potential negative impact is sized at approximately $100 million if cuts are not deferred or reformed. He added that while the company would take actions to mitigate this, it would not be able to offset the majority of the impact.

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    Patrick Donnelly's questions to QUEST DIAGNOSTICS (DGX) leadership • Q1 2025

    Question

    Patrick Donnelly asked about the expected margin pacing for the second quarter and the full year, including any impacts from tariffs or freight. He also inquired about the performance of the LifeLabs acquisition during the quarter.

    Answer

    Sam Samad, CFO, explained that Q1 operating margins expanded 50 basis points to 15.3% and that full-year EPS pacing should follow historical seasonality, with Q2 being the strongest quarter. James Davis, Chairman, CEO and President, added that LifeLabs' revenue was in line with expectations and that its margin rate is improving quarter-over-quarter, putting it on track to reach the corporate average within the planned 2-3 year timeframe.

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    Patrick Donnelly's questions to QUEST DIAGNOSTICS (DGX) leadership • Q4 2024

    Question

    Patrick Donnelly of Citi inquired about the expected cadence of margin expansion in 2025, considering the LifeLabs acquisition, and asked about underlying utilization trends exiting Q4 and into the new year.

    Answer

    CFO Sam Samad explained that while LifeLabs will initially be a drag on margins, overall margin expansion is expected for the year. He suggested pre-COVID quarterly EPS seasonality is a good proxy for 2025's cadence. CEO Jim Davis noted that utilization remains robust, driven by strong organic revenue per requisition growth from advanced diagnostics and favorable payer mix.

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    Patrick Donnelly's questions to QUEST DIAGNOSTICS (DGX) leadership • Q3 2024

    Question

    Patrick Donnelly inquired about the near-term margin impact from the LifeLabs acquisition, its earnings accretion profile for next year, and the current M&A pipeline for smaller versus larger deals.

    Answer

    CFO Sam Samad explained that LifeLabs' operating margin rate is initially dilutive but accretive to operating margin dollars and EPS, with the rate expected to ramp up to the company average over 2-3 years. CEO Jim Davis added that while the M&A pipeline remains strong, the immediate focus is on integrating recent acquisitions, though the company's appetite for smaller outreach deals continues.

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    Patrick Donnelly's questions to QIAGEN (QGEN) leadership

    Patrick Donnelly's questions to QIAGEN (QGEN) leadership • Q1 2025

    Question

    Patrick Donnelly asked for details on QIAGEN's exposure to global tariffs, any mitigation strategies in place, and the primary levers for margin expansion throughout the remainder of the year.

    Answer

    CFO Roland Sackers stated that while the tariff environment is volatile, QIAGEN was well-prepared through early inventory build-ups and supply chain reviews. He noted that imports from China to the U.S. are not material. For margin expansion, Sackers attributed 40-45% of the improvement to the NeuMoDx discontinuation, with the remainder driven by ongoing efficiency programs, including digitization and reorganization. He expressed confidence in achieving an adjusted operating margin north of 30% for the year.

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    Patrick Donnelly's questions to QIAGEN (QGEN) leadership • Q4 2024

    Question

    Patrick Donnelly questioned the drivers behind the flattish growth guidance for Sample Technologies in 2025 and asked about any observed impacts from recent administration changes in the U.S. and China.

    Answer

    CEO Thierry Bernard explained that the Sample Tech strategy focuses on automation, which is growing, and that 2025 is a transition year ahead of three new instrument launches by 2026. Regarding political changes, he advised it's too early to judge the new U.S. administration's impact. For China, he reiterated a cautious view, not expecting a market rebound before 2026. CFO Roland Sackers added a European perspective, expecting innovation focus to resume post-elections.

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    Patrick Donnelly's questions to QIAGEN (QGEN) leadership • Q3 2024

    Question

    Patrick Donnelly inquired about the sustainability of QuantiFERON's double-digit growth and the key drivers for revenue and margins heading into 2025.

    Answer

    CEO Thierry Bernard attributed QuantiFERON's success to converting skin tests, a successful partnership with DiaSorin, and broader guideline adoption, reiterating a $600M target for 2028. For 2025, Bernard highlighted momentum in QIAstat and Sample Technologies, while CFO Roland Sackers confirmed that margin expansion would continue, driven by ongoing efficiency programs and the full impact of the NeuMoDx discontinuation.

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    Patrick Donnelly's questions to ORASURE TECHNOLOGIES (OSUR) leadership

    Patrick Donnelly's questions to ORASURE TECHNOLOGIES (OSUR) leadership • Q1 2025

    Question

    Patrick Donnelly of Citigroup inquired about the international revenue outlook, particularly concerning alternative funding sources for HIV testing amidst U.S. funding uncertainty. He also asked about potential demand pull-forward ahead of tariffs and key indicators for future ordering trends.

    Answer

    CEO Carrie Eglinton Manner stated that international funding conversations are progressing, leading to a "steady but flat" outlook, which is an improvement from prior expectations. She noted multilateral funding sources remain more stable. CFO Ken McGrath highlighted the strength of their easy-to-use oral self-test, which requires less infrastructure. Regarding tariffs, Manner confirmed no demand pull-forward was observed and expects minimal impact due to the advanced progress of in-sourcing manufacturing to their Pennsylvania facility.

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    Patrick Donnelly's questions to ORASURE TECHNOLOGIES (OSUR) leadership • Q3 2024

    Question

    Patrick Donnelly of Citigroup inquired about the expected duration of gross margin headwinds from the wind-down of the risk assessment business and sought an update on the Saphris partnership's product development and timeline.

    Answer

    Chief Financial Officer Ken McGrath explained that Q4 gross margins are impacted by the risk assessment exit and a higher international sales mix, but the company maintains its long-term goal of reaching gross margins in the 50% range through operational efficiencies. President and CEO Carrie Eglinton Manner added that while the Saphris partnership is progressing well, the regulatory process has inherent uncertainty, and they still anticipate a 2025 revenue contribution as previously planned.

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    Patrick Donnelly's questions to EXACT SCIENCES (EXAS) leadership

    Patrick Donnelly's questions to EXACT SCIENCES (EXAS) leadership • Q1 2025

    Question

    Requested an update on the blood-based colon cancer screening test, including remaining hurdles, confidence in the timeline, and expectations for the data.

    Answer

    The company is on track for a mid-summer top-line data release. The team is focused on the final operational steps for running the pivotal BLUE-C study samples. While the long-term goal is inclusion in quality measures via USPSTF, which will take years, they believe they will have a competitive test. Exact Sciences feels it is well-positioned to win in the blood-based testing niche due to its brand, commercial capabilities, tech platform, and cost profile.

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    Patrick Donnelly's questions to EXACT SCIENCES (EXAS) leadership • Q4 2024

    Question

    Patrick Donnelly of Citigroup asked about the commercialization pathway for the pipeline products—Oncodetect (MRD), Cancerguard (MCED), and the blood-based CRC test—and which is expected to become a material revenue contributor first.

    Answer

    CEO Kevin Conroy identified Cologuard Plus as having the most immediate and significant impact, followed by MRD (Oncodetect), and then multi-cancer screening (Cancerguard) over the longer term. CFO Aaron Bloomer added that the existing commercial infrastructure and ExactNexus platform will provide significant leverage for these new launches.

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    Patrick Donnelly's questions to EXACT SCIENCES (EXAS) leadership • Q4 2024

    Question

    Patrick Donnelly asked about the pathway for the pipeline tests—Oncodetect (MRD), Cancerguard (MCED), and the blood-based CRC test—to become material revenue contributors and their expected trajectory.

    Answer

    CEO Kevin Conroy ranked the expected impact as Cologuard Plus having the most immediate effect, followed by MRD, and then multi-cancer screening, which he noted has the largest long-term potential. He expressed confidence that these three opportunities, combined with the company's established platform, will drive double-digit growth for a decade. CFO Aaron Bloomer added that the tests' attractive economics can be dropped into the existing commercial infrastructure for significant leverage.

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    Patrick Donnelly's questions to EXACT SCIENCES (EXAS) leadership • Q3 2024

    Question

    Asked about the timing of when the headwinds became apparent during the quarter and questioned the EBITDA guidance reduction, seeking clarity on the cost structure and the trajectory into 2025.

    Answer

    Management indicated they realized the challenge was significant starting in September and into October, as expected order growth did not materialize at historical rates. On EBITDA, they reiterated confidence in their 2027 target of 20%+ margin, noting meaningful margin expansion is still occurring this year and is expected again in 2025, driven by revenue growth and cost controls, particularly in G&A.

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    Patrick Donnelly's questions to EXACT SCIENCES (EXAS) leadership • Q3 2024

    Question

    Patrick Donnelly from Citi asked how the headwinds developed during the quarter and when the company realized a shortfall was likely. He also asked about the EBITDA guide down and the cost structure trajectory into 2025.

    Answer

    CEO Kevin Conroy stated they monitor daily and weekly orders and saw that the typical steep growth from August to October did not materialize as expected, with the challenge becoming clear in September and October. CFO Aaron Bloomer expressed confidence in the 2027 target of 20%+ adjusted EBITDA margin, noting significant leverage on G&A (down over 500 bps YoY in Q3) and plans to continue addressing the cost base.

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    Patrick Donnelly's questions to EXACT SCIENCES (EXAS) leadership • Q3 2024

    Question

    Patrick Donnelly from Citi asked when during the quarter the company identified the headwinds and about the implications of the lowered EBITDA guidance on the cost structure and trajectory into 2025.

    Answer

    CEO Kevin Conroy stated that the challenge became apparent in September and into October when the typical seasonal increase in orders was weaker than expected. CFO Aaron Bloomer expressed confidence in achieving the 2027 target of 20%+ adjusted EBITDA margin, noting meaningful progress this year. He highlighted that leverage is being driven across the P&L, particularly in G&A, and that the company will continue to address its cost base to drive margin expansion in 2025.

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    Patrick Donnelly's questions to EXACT SCIENCES (EXAS) leadership • Q2 2024

    Question

    Patrick Donnelly inquired about the drivers behind the strong profitability and raised EBITDA guidance, asking about confidence in long-term margin trends. He also asked for an update on Exact Sciences' internal blood-based colon cancer screening program, its competitive positioning against a newly FDA-approved test, and the strategic role of the TwinStrand IP acquisition.

    Answer

    CEO Kevin Conroy attributed growth to Cologuard's brand awareness, strong health system relationships, and the Exact Nexus platform. CFO Aaron Bloomer highlighted that strong operational execution, especially in G&A, drove record adjusted EBITDA and allowed for reinvestment into high-ROI areas like MRD. Bloomer expressed confidence in exceeding the 2027 adjusted EBITDA target. Conroy positioned Cologuard Plus as superior to blood tests, citing challenges for competitors in gaining guideline inclusion and demonstrating value over FIT tests. He confirmed their own blood test shows promising performance in a 3,000-patient study and that the TwinStrand IP strengthens their portfolio for cell-free DNA sequencing.

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    Patrick Donnelly's questions to ILLUMINA (ILMN) leadership

    Patrick Donnelly's questions to ILLUMINA (ILMN) leadership • Q4 2024

    Question

    Patrick Donnelly asked for details on Q4 consumables performance, which appeared lighter than some expectations, requested a consumables versus instruments breakdown for the Q1 guide, and sought confirmation on whether Illumina is currently able to sell into China.

    Answer

    CEO Jacob Thaysen confirmed that Illumina continues to serve its customers in China. CFO Ankur Dhingra explained that Q4 consumables results were in line with their guidance for a seasonal step-down from Q3. For Q1, he guided to positive year-over-year growth for consumables but a likely decline for instruments.

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    Patrick Donnelly's questions to ILLUMINA (ILMN) leadership • Q3 2024

    Question

    Patrick Donnelly asked about the progress on the $100 million cost savings program, the pacing of the incremental $200 million in savings, and any potential margin headwinds to consider for 2025.

    Answer

    CEO Jacob Thaysen highlighted a company-wide cultural shift toward operational excellence. CFO Ankur Dhingra confirmed they are on track for the $100 million in savings this year, with the future $200 million coming from COGS and OpEx initiatives. He noted the main 2025 headwind is standard inflation, which they plan to offset, alongside potential reinvestment in sales and marketing.

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