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    Puneet Souda

    Senior Managing Director and Senior Research Analyst at Leerink Partners

    Puneet Souda is a Senior Managing Director and Senior Research Analyst at Leerink Partners, specializing in equity research for Life Science Tools and Diagnostics companies. He closely covers firms such as Natera Inc, Veracyte Inc, Bio-Techne Corp, CryoPort, 908 Devices, NeoGenomics, Quanterix, and Hologic, with a reputation for rigorous financial analysis documented by over 73 earnings call questions across 22 companies. Since joining Leerink Partners in 2014 after previous roles at Citigroup and academic research at UCLA and Purdue University, Souda has leveraged his technical expertise and industry relationships to deliver actionable investment insights. He holds an M.B.A. from UC San Diego, a B.A. in Biology from Purdue, and has co-authored more than 45 scientific publications, but specific FINRA or securities licenses are not publicly listed.

    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership

    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Puneet Souda from Leerink Partners asked about any acceleration in business momentum during July and August, and requested more detail on the performance in China and the expected government stimulus.

    Answer

    CEO Padraig McDonnell confirmed a pickup in quoting activity and the replacement cycle in recent months, with momentum being similarly strong in both Pharma and CAM markets. For China, he noted 4% growth in Q3, while Mike Zhang, President of the Applied Markets Group, added that the company is building a strong funnel in anticipation of stimulus funds, where they have a historically high win rate.

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    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Puneet Souda from Leerink Partners asked about any acceleration in business momentum observed between July and August, comparing the pickup in the Pharma and CAM end markets. He also requested more detail on the expected stimulus in China.

    Answer

    President and CEO Padraig McDonnell confirmed a definite pickup in momentum reflected in the numbers, with increased quoting activity and a gradual acceleration in the instrument replacement cycle. He noted the momentum was similarly strong in both the Pharma and CAM markets. Regarding China, he mentioned stable growth and a new "quality productive forces" policy aimed at fostering innovation. Mike Zhang, President of the Applied Markets Group, added that the company is working closely with customers to build a strong funnel in anticipation of the stimulus, expressing confidence based on past high win rates.

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    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2025

    Question

    Puneet Souda of Leerink Partners requested details on the InfinityLab LC replacement cycle's traction across different end markets. He also asked for quantification of the impacts from Lunar New Year timing and government stimulus on China's quarterly growth.

    Answer

    CEO Padraig McDonnell stated the InfinityLab LC launch is progressing 'extremely well' with strong customer adoption and higher service attach rates, noting it's a gradual replacement cycle. CFO Bob McMahon added that strong growth in small molecule QA/QC and PFAS testing serve as proof points. Regarding China, McMahon clarified the Lunar New Year impact was as expected, the consumables pull-forward was tariff-related, and the funnel for a new stimulus round looks promising for the second half of the year.

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    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2025

    Question

    Puneet Souda asked for more detail on the China stimulus timing and inquired about the margin contribution from the 'Ignite' initiative and its key drivers.

    Answer

    CEO Padraig McDonnell explained the Q1 stimulus was a specific program where Agilent had a 50% win rate, and the next round is expected in the second half but not yet guided. Regarding 'Ignite,' he reiterated the 3-year goal of 70-100+ bps margin expansion. CFO Bob McMahon confirmed they are on track for the 50-70 bps target for the current fiscal year.

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    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q4 2024

    Question

    Puneet Souda asked for more detail on Agilent's global manufacturing footprint to assess the risk of retaliatory tariffs and inquired about the Infinity III launch, specifically if it caused an order pause and what the early order book indicates.

    Answer

    CEO Padraig McDonnell and CFO Robert McMahon explained that Agilent is well-prepared for tariff scenarios, having diversified its supply chain and invested heavily in 'in China for China' manufacturing, which minimizes exposure of U.S. exports to China. Regarding the Infinity III, McDonnell stated there was minimal pre-launch pause in orders due to careful customer management. He added that the order book is strong, driven by the new system's productivity benefits.

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    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2024

    Question

    Puneet Souda of Leerink Partners sought more insight into the instrumentation recovery, noting the book-to-bill ratio has been above one for two consecutive quarters, and asked what provides confidence for a continued rebound in 2025. He also asked about the impact of IRA drug pricing negotiations on large pharma R&D spending.

    Answer

    CEO Padraig McDonnell pointed to positive customer sentiment and strong activity in specific areas like PFAS testing as signs of a 'slow and steady' recovery. CFO Bob McMahon added that no budget flush is assumed in Q4 guidance. Regarding the IRA, McDonnell observed that while pharma customers are cautious, R&D programs in key modalities like GLP-1 are increasing, and the high spending levels of recent years are now normalizing.

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    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2024

    Question

    Puneet Souda asked about the confidence in an instrumentation recovery, given two consecutive quarters of book-to-bill ratios above one. He also inquired about the impact of IRA drug pricing negotiations on large pharma R&D spending, based on customer conversations.

    Answer

    CEO Padraig McDonnell and CFO Bob McMahon responded. Mr. McDonnell described the instrumentation recovery as 'slow and steady,' supported by positive customer sentiment but noted no budget flush is assumed in Q4 guidance. Regarding the IRA, he conveyed that while pharma customers are cautious amid consolidation, the number of R&D programs, particularly in high-growth areas like GLP-1s, continues to increase.

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    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q1 2024

    Question

    Puneet Souda requested more detail on the book-to-bill ratio, specifically for instrumentation and China, and asked for clarification on the Q2 revenue guide's sequential step-down. He also asked which sub-segments within pharma were showing the most traction.

    Answer

    CFO Robert McMahon and CEO Michael McMullen clarified that the Q2 guide reflects normal seasonality plus a $15 million demand pull-forward from China into Q1. The book-to-bill was above one in China but below one for instruments, as expected. Regarding pharma, McMahon noted relative strength was in biopharma, especially with mid-to-large cap companies, and highlighted strong performance in ACG services and consumables, indicating lab activity.

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    Puneet Souda's questions to AGILENT TECHNOLOGIES (A) leadership • Q4 2023

    Question

    Puneet Souda from Leerink Partners asked for the expected growth contribution from the Agilent CrossLab Group (ACG) in fiscal 2024, given its high percentage of service contracts. He also inquired about the growth outlook for LSAG and sought more detail on onshoring and environmental testing as growth drivers.

    Answer

    CFO Robert McMahon projected mid-single-digit growth for ACG in fiscal 2024, driven by double-digit growth in contract services, which is moderated by headwinds from new instrument placements. For the LSAG segment, he guided to a low-single-digit decline. While acknowledging the potential of onshoring and PFAS testing, McMahon stated the company is taking a prudent approach in its initial guidance. CEO Michael McMullen added that PFAS testing is expanding into new areas like the food market.

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    Puneet Souda's questions to Natera (NTRA) leadership

    Puneet Souda's questions to Natera (NTRA) leadership • Q2 2025

    Question

    Puneet Souda inquired about the impact of ASCO on Signatera volumes, the current market penetration, the strategy and timeline for the PROCEED and FIND early cancer detection trials, and the monetization plan for the company's AI initiatives.

    Answer

    CEO Steve Chapman confirmed a post-ASCO lift in momentum and stated Signatera penetration remains in the low single digits. Regarding early cancer detection, Chapman and Alexey Aleshin, GM of Oncology, detailed a risk-mitigated strategy with a PROCEED trial readout in late fall 2025 and a FIND trial readout in 2027. Chapman outlined a dual path for AI monetization: large pharma partnerships and integrating AI tools into existing diagnostic platforms.

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    Puneet Souda's questions to Natera (NTRA) leadership • Q1 2025

    Question

    Puneet Souda asked about the lapping of Invitae comps in the women's health business and the confidence in ASP stability. He also inquired about the key drivers for continued Signatera growth into 2026.

    Answer

    Executive Mike Brophy confirmed that the Invitae acquisition is now fully lapped, with comps being clean going forward. He expressed confidence in ASP stability due to Natera's highly effective revenue cycle operations. CEO Steve Chapman identified two key Signatera growth drivers: acquiring new ordering physicians (currently at 45% of oncologists) and increasing test utilization within existing accounts by leveraging new clinical data. He stressed the market remains in the very low single-digits of penetration.

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    Puneet Souda's questions to Natera (NTRA) leadership • Q4 2024

    Question

    Puneet Souda of Leerink Partners asked about the expected cadence of revenue and gross margin growth throughout 2025, considering new product launches and ASP drivers, and also asked about NCCN guidelines and advanced adenoma data.

    Answer

    Executive Mike Brophy detailed the expected revenue cadence, with Women's Health returning to typical seasonality and Signatera/Prospera growth being more consistent. He confirmed the gross margin guidance implies a bullish outlook, driven by ASP improvements and scale. CEO Steve Chapman and an executive named Mark Massaro addressed the other questions, noting positive reception to NCCN updates and explaining the prospective, colonoscopy-matched sample collection method for the advanced adenoma study minimizes the risk of performance degradation.

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    Puneet Souda's questions to Natera (NTRA) leadership • Q3 2024

    Question

    Puneet Souda of Leerink Partners inquired about the drivers of Natera's ASP growth, particularly for Signatera, and the source of its volume increases. He also asked about the clinical impact of recent study publications and expectations for upcoming trial data.

    Answer

    Executive Mike Brophy detailed that Signatera's ASP growth from ~$800 to $1,050 is driven by better execution with Medicare Advantage payers, with future upside from state biomarker laws. CEO Steve Chapman added that investments in medical appeals have improved collections across the portfolio. Chapman also noted Signatera's volume growth is a mix from both academic and community settings, driven by new data like GALAXY. Chief Medical Officer Alexey Aleshin explained the Nature Medicine paper is significant for demonstrating overall survival (OS) benefit, impacting both physicians and pharma partners, and confirmed the IMvigor011 trial is on track for H1 2025.

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    Puneet Souda's questions to VERACYTE (VCYT) leadership

    Puneet Souda's questions to VERACYTE (VCYT) leadership • Q2 2025

    Question

    Puneet Souda of Leerink Partners questioned the growth trajectory and ASP stability for Afirma, given its market maturity. He also asked about the commercial strategy for the MRD test, including sales force structure, customer targeting, and MolDX timing.

    Answer

    CCO John Leite stated that Afirma's growth will be driven by share gains and enhanced clinical evidence, with no major changes in ordering patterns. He confirmed the MRD launch will leverage the existing Decipher sales channel. CFO Rebecca Chambers noted that the negative impact from a laboratory benefit manager on Afirma's ASP will lapse in November 2025, which should improve its 2026 financial profile. She also confirmed the MRD tech assessment was submitted to MolDX in March.

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    Puneet Souda's questions to VERACYTE (VCYT) leadership • Q1 2025

    Question

    Puneet Souda asked for clarification on the 2025 guidance not being raised despite a Q1 beat, the growth outlook for Afirma, the financial impact of the Marseille facility, and the differentiation strategy for the Prosigna LDT launch in the U.S.

    Answer

    CFO Rebecca Chambers clarified that the guidance is for testing revenue only, which met expectations, while the beat was from non-guided product and biopharma revenue. She reiterated high single-digit growth expectations for Afirma. On Marseille, she confirmed the process is on track to conclude by year-end. CEO Marc Stapley and CCO John Leite explained the Prosigna launch is timed with new evidence and will follow the successful Decipher playbook of using clinical data and KOL collaboration to gain share.

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    Puneet Souda's questions to VERACYTE (VCYT) leadership • Q4 2024

    Question

    Puneet Souda of Leerink Partners asked about the key factors driving Decipher's strong volume growth, particularly the impact of NCCN guidelines, and sought clarification on the future of the Prosigna test given the potential changes to the company's French operations.

    Answer

    CEO Marc Stapley attributed Decipher's success to its robust Level 1 clinical evidence, which underpins the NCCN guidelines, rather than the guidelines being the sole driver. He clarified that while the French SAS entity's funding is under review, Veracyte is committed to continuing the Prosigna test supply, contingent on finding a buyer for that part of the business, and the long-term IVD strategy remains intact.

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    Puneet Souda's questions to VERACYTE (VCYT) leadership • Q3 2024

    Question

    Puneet Souda from Leerink Partners asked for the expected forward growth rate for Decipher given its tailwinds and questioned the stability of commercial payer relationships in light of pressures seen by peers in other diagnostic areas.

    Answer

    CEO Marc Stapley declined to give a specific 2025 growth rate for Decipher but reiterated bullishness based on NCCN guidelines, the metastatic indication ramp in H2 2025, and new payer contracts. He distinguished Veracyte's position by highlighting the extensive clinical evidence supporting Afirma and Decipher, stating they are adding, not losing, commercial payer contracts, with Decipher now over 200 million covered lives.

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    Puneet Souda's questions to BIO-TECHNE (TECH) leadership

    Puneet Souda's questions to BIO-TECHNE (TECH) leadership • Q4 2025

    Question

    Puneet Souda of Leerink Partners asked for clarification on the fiscal 2026 low single-digit growth outlook, questioning if it applied to the full year and its expected cadence across segments. He also inquired about which specific instruments were driving strong performance in the large pharma segment and the outlook for the core antibodies and cytokines business.

    Answer

    CFO James Hippel clarified the low single-digit growth outlook is expected to persist only until market uncertainties (e.g., NIH funding, pharma tariffs) are resolved, not necessarily for the entire fiscal year. President & CEO Kim Kelderman attributed strong instrument sales in large pharma to the biologics product lines (Maurice) and the new high-throughput Simple Western system (LEO), which are increasingly used in QA/QC applications. He also noted that while LUNARFOR placements were delayed, the order book remains strong.

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    Puneet Souda's questions to BIO-TECHNE (TECH) leadership • Q3 2025

    Question

    Puneet Souda of Leerink Partners inquired about the drivers for the Q4 guidance slowdown, asking if it was due to a pharma pull-forward or academic market weakness, and sought clarity on the fiscal 2026 outlook, particularly for China.

    Answer

    CFO Jim Hippel clarified the Q4 guide reflects conservatism around new tariff uncertainties impacting pharma, a slowdown in academia following February policy announcements, and the non-repeat of large partner orders from Q3. He confirmed large pharma grew double-digits in Q3. CEO Kim Kelderman added that unlike Q2, there was no material pull-forward in Q3, and that more clarity on fiscal 2026 would be provided in the next quarter as market uncertainties resolve.

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    Puneet Souda's questions to BIO-TECHNE (TECH) leadership • Q1 2025

    Question

    Puneet Souda of Morgan Stanley inquired about the sustainability of the strong growth momentum in the Diagnostics and Spatial Biology segment and sought confidence in the observed improvement in the biotech and biopharma end markets.

    Answer

    CEO Kim Kelderman affirmed the sustainability of the Diagnostics and Spatial Biology segment's growth, highlighting the strong market penetration runway for the ExoDx prostate test, a robust R&D funnel for Asuragen kits, and the early-stage launch of the multiomic-capable COMET spatial biology platform. CFO Jim Hippel added that while Q1's exceptional cell and gene therapy growth might moderate, he is confident in continued overall growth, supported by an encouraging pickup in the run-rate research-use-only (RUO) business from smaller biotechs, which began in the back half of Q1 and continued into October.

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    Puneet Souda's questions to BIO-TECHNE (TECH) leadership • Q2 2024

    Question

    Puneet Souda asked about the Q3 to Q2 pull-forward of GMP reagent orders, the key drivers of the Q3 recovery, and the potential impact of NIH funding concerns. He also inquired about Bio-Techne's M&A strategy in the current market.

    Answer

    CEO Kim Kelderman confirmed that large GMP protein orders from late-stage clinical customers were pulled into Q2, driving growth. CFO Jim Hippel added that broad-based strength in large pharma provides confidence for Q3, offsetting the pull-forward, and downplayed NIH funding risks, noting academic growth improved in January. Kelderman reiterated that M&A is a priority, focusing on discovery platforms and cell and gene therapy manufacturing tools.

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    Puneet Souda's questions to Cryoport (CYRX) leadership

    Puneet Souda's questions to Cryoport (CYRX) leadership • Q2 2025

    Question

    Puneet Souda from Leerink Partners sought clarification on the Sarepta revenue headwind, signs of broader caution in AAV gene therapy, the primary growth drivers for the MVE business, and the competitive landscape.

    Answer

    VP of IR Thomas Heinzen clarified the $2M Sarepta headwind is for H2 2025 only. Chief Scientific Officer Dr. Mark Sawicki attributed recent FDA caution to a new administration and sees no material market impact. Thomas Heinzen identified strong animal health sales and cryogenic system sales in APAC (ex-China) and EMEA as key MVE drivers. President & CEO Jerrell Shelton asserted that the competitive position is strengthening, not changing significantly.

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    Puneet Souda's questions to Cryoport (CYRX) leadership • Q1 2025

    Question

    Michael Almisry, on behalf of Puneet Souda, asked about the drivers behind the 500-basis point year-over-year expansion in service gross margins and whether similar growth could be expected for the rest of the year. He also requested color on clinical trial starts, comparing performance between small and large pharma clients.

    Answer

    CEO Jerrell Shelton confirmed the significant services gross margin increase, attributing it to leverage from core Cell & Gene Therapy services and expecting the trend to continue, albeit slightly moderated by new initiatives like IntegriCell. Chief Scientific Officer Dr. Mark Sawicki described trial additions as balanced between biotech and large pharma. Shelton added that Q1 saw a strong 32 trial additions, resulting in a net increase of 10.

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    Puneet Souda's questions to Cryoport (CYRX) leadership • Q4 2024

    Question

    Puneet Souda asked for details on the 2025 revenue guidance, specifically the service versus product growth assumptions, the potential impact from tariffs, and expectations for clinical trial growth.

    Answer

    CFO Robert Stefanovich indicated the 2025 guidance is driven by services growth, with a conservative view on products. Executive Jerrell Shelton and VP Thomas Heinzen stated tariff impacts would be passed on via surcharges with no expected margin impact, and that U.S. products are made domestically. Dr. Mark W. Sawicki expects 2025 clinical trial acquisition to be stronger than 2024, with minimal exposure to NIH issues.

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    Puneet Souda's questions to Cryoport (CYRX) leadership • Q3 2024

    Question

    Puneet Souda of Leerink Partners questioned the sequential and year-over-year performance of commercial revenue, asked for the rationale behind reiterating full-year guidance amid industry headwinds, and sought clarity on growth assumptions for the MVE business. He also requested an update on the new HV-3 shippers.

    Answer

    CSO Dr. Mark Sawicki explained that commercial revenue follows a 'stair step' pattern and was up 14% over the nine-month period, with a strong step-up expected in Q4. CEO Jerrell Shelton characterized this as normal for a start-up industry. CFO Robert Stefanovich stated the company is comfortable with its $225M-$235M guidance range and expects modest revenue changes for MVE. Dr. Sawicki added that the HV-3 shippers are in final qualification and will be available by year-end.

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    Puneet Souda's questions to MYRIAD GENETICS (MYGN) leadership

    Puneet Souda's questions to MYRIAD GENETICS (MYGN) leadership • Q2 2025

    Question

    Puneet Souda from Leerink Partners asked for an update on the GeneSight submission to UnitedHealthcare, including the timeline for a potential resolution, and whether other payers are requesting reconsiderations. He also sought clarification on the PRECISE MRD launch timeline and remaining validation requirements.

    Answer

    COO Mark Verratti detailed that three publications will be submitted to UnitedHealthcare during its fall review cycle, with a potential policy update expected around November for a 2026 effective date. He noted no negative reconsiderations from other payers, highlighting new coverage wins instead. CEO Sam Raha clarified the MRD strategy involves an 'early access' launch in the first half of 2026 to get the test to key providers, which may occur before a full commercial launch post-MolDX approval.

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    Puneet Souda's questions to MYRIAD GENETICS (MYGN) leadership • Q1 2025

    Question

    Puneet Souda of Leerink Partners inquired about GeneSight payer dynamics, asking if other payers were following UnitedHealthcare's negative coverage decision and if provider prescribing habits were changing. He also asked CEO Sam Raha for his view on the current product portfolio and the potential for divestitures.

    Answer

    CFO Scott Leffler stated that no other payers have followed UnitedHealthcare's policy change for GeneSight, and in fact, Myriad has secured some small incremental coverage wins. COO Mark Verratti noted no meaningful change in provider prescribing behavior, though reduced marketing spend did impact Q1 volume. CEO Samraat Raha explained that a full portfolio review is underway to optimize for profitable growth, with oncology remaining the core focus, and that strategic decisions will be finalized in the coming months.

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    Puneet Souda's questions to MYRIAD GENETICS (MYGN) leadership • Q4 2024

    Question

    Puneet Souda asked about the company's exposure to potential Medicaid spending cuts and how it is prioritizing investments across its portfolio, considering potential tailwinds like ACOG guideline updates.

    Answer

    COO Samraat Raha stated that Medicaid exposure is low, as the revenue is concentrated in prenatal testing, which is not a historical target for cuts. He affirmed that investment priorities remain unchanged across oncology, women's health, and pharmacogenomics. He highlighted that Myriad is prepared for ACOG updates with its Foresight Universal Plus test and is focused on building out the full continuum of cancer care, from MyRisk to the upcoming MRD test, supplemented by strategic partnerships like PATHOMIQ.

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    Puneet Souda's questions to MYRIAD GENETICS (MYGN) leadership • Q3 2024

    Question

    Puneet Souda of Leerink Partners asked for confirmation of the GeneSight Medicare rate, questioned why other payers wouldn't also apply pressure, and inquired about the competitive landscape for hereditary cancer testing following a recent acquisition in the sector.

    Answer

    President and CEO Paul Diaz confirmed the GeneSight Medicare rate is $13.56 and reiterated that while the whole system faces pressure, Myriad has upside from low test adoption and significant 'no-pay' opportunity. Regarding competition, Diaz and Chief Commercial Officer Mark Verratti framed recent market dislocations, including the Ambry acquisition, as significant opportunities to gain share for their 'gold standard' MyRisk test.

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    Puneet Souda's questions to 908 Devices (MASS) leadership

    Puneet Souda's questions to 908 Devices (MASS) leadership • Q2 2025

    Question

    Puneet Souda of Leerink Partners asked for more detail on the drivers behind the 20%+ growth target for 2026, particularly the contribution from new federal funding programs. He also requested information on the expected revenue phasing for the AvCAD program, pricing power within grant-funded sales, and the gross margin ramp following the facility consolidation.

    Answer

    CEO Kevin Knopp outlined three growth catalysts for 2026: modernizing customer equipment with the existing portfolio, launching new products like Viper and the next-gen MX, and scaling the AvCAD program. CFO Joe Griffith added that the US state and local channel provides a steady baseline. On AvCAD, he reiterated it's a potential $10M+ annual opportunity over 5-7 years, likely ramping in 2026. He also confirmed the Danbury manufacturing consolidation is complete, providing ample capacity and setting the stage for future gross margin expansion.

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    Puneet Souda's questions to 908 Devices (MASS) leadership • Q1 2025

    Question

    Puneet Souda asked about the expected first-half versus second-half revenue split for the full-year guidance, the timing of revenue recognition for the Texas Department of Public Safety order, and the company's visibility into government contracts. He also followed up with questions on pricing levers for gross margin and the capacity utilization of the new Danbury facility.

    Answer

    Executive Joseph Griffith confirmed the Texas DPS order is a Q2 revenue event and that the company anticipates a back-half weighted ramp consistent with typical seasonality. He noted visibility comes from tracking large, multi-unit opportunities. Executive Kevin Knopp added that the company's transformation aligns with federal tailwinds in national security and law enforcement. Regarding margins, Knopp stated that pricing is holding for 2025 and that the Danbury facility move should yield immediate benefits with very little underutilization, as future product launches will fill out the space.

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    Puneet Souda's questions to 908 Devices (MASS) leadership • Q4 2024

    Question

    Puneet Souda from Leerink Partners inquired about the strategic process that led to the divestiture of the desktop bioprocessing portfolio to Repligen, asking if it was a competitive process. He also asked for clarification on any assumptions related to tariffs for Canada and Mexico and for details on MX908 installations and full-year expectations for handhelds.

    Answer

    CEO Kevin Knopp detailed that the company was approached by a potential acquirer, which led to a competitive bidding process that Repligen ultimately won. He emphasized the decision allows focus on the higher-growth handheld business. CFO Joe Griffith stated that while the company is monitoring potential tariff impacts, it is not a major concern for its primarily U.S.-based supply chain. He also highlighted strong combined handheld placements, including a significant MX908 order from Romania.

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    Puneet Souda's questions to 908 Devices (MASS) leadership • Q3 2024

    Question

    Puneet Souda asked if there are any structural or competitive issues in the handheld market contributing to the guidance miss, beyond government budget delays. He also inquired about the recovery trajectory for the desktop business into the first half of 2025 and questioned if the recent workforce reduction has appropriately rightsized the company to capitalize on a market recovery.

    Answer

    Executive Kevin Knopp denied any structural or competitive issues in the handheld market, attributing the weakness to the compressed government spending period and election-related uncertainty. He highlighted that core MX908 grew 20% when excluding the prior year's large AVCAD delivery. For desktops, he anticipates a sequential improvement in Q4 driven by partnerships but did not provide a specific outlook for H1 2025. Knopp affirmed that the 11% workforce reduction has rightsized the organization, enhancing agility while maintaining the capacity for future growth by leveraging direct sales and expanded channel partnerships.

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    Puneet Souda's questions to CASTLE BIOSCIENCES (CSTL) leadership

    Puneet Souda's questions to CASTLE BIOSCIENCES (CSTL) leadership • Q2 2025

    Question

    Puneet Souda from Leerink Partners asked about the expected volume growth cadence for TissueCypher and sought details on the DecisionDx-SCC reconsideration request, including timelines and the contents of the submission.

    Answer

    CFO Frank Stokes stated that the guidance assumes continued strong growth for TissueCypher, which is not yet showing seasonality due to low penetration. Founder, CEO, & President Derek Maetzold detailed that the SCC reconsideration package included significant new clinical evidence published after the MACs' comment periods closed, and they expect a response from MolDx by early September.

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    Puneet Souda's questions to CASTLE BIOSCIENCES (CSTL) leadership • Q1 2025

    Question

    Puneet Souda from Leerink Partners sought to reconcile the full-year growth outlook, asking for the implied growth for TissueCypher given the guidance for DecisionDx-Melanoma. He also asked about the TissueCypher sales force and commercial reimbursement progress.

    Answer

    CFO Frank Stokes confirmed that growth beyond melanoma is driven by TissueCypher and noted potential for ASP improvement in melanoma. CEO Derek Maetzold stated the company is assessing the impact of its recent expansion to 65 GI sales reps before committing to further hiring, acknowledging the current team size might be low for the target market.

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    Puneet Souda's questions to CASTLE BIOSCIENCES (CSTL) leadership • Q3 2024

    Question

    Puneet Souda asked for an update on NCCN guidelines for melanoma, the impact of a peer's non-coverage decision on IDgenetix, the company's most defensible reimbursement areas, and the status of commercial payer efforts for melanoma.

    Answer

    CEO Derek Maetzold expects potential NCCN updates in December or early 2025. CFO Frank Stokes stated the peer's non-coverage decision has a minimal impact on IDgenetix and that the company continues to pursue commercial coverage for all its tests by generating strong clinical evidence. Stokes noted the challenge in pharmacogenomics reimbursement is that payers do not directly bear the cost of ineffective treatment.

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    Puneet Souda's questions to BRUKER (BRKR) leadership

    Puneet Souda's questions to BRUKER (BRKR) leadership • Q2 2025

    Question

    Puneet Souda inquired about the revised 2025 guidance, questioning why the strong backlog isn't providing more support and seeking clarity on the expected Q4 and FY2026 recovery. He also asked about the timing of UHF magnet revenue and the potential impact from an acquisition of BD's microbiology assets on Bruker's MALDI Biotyper channel.

    Answer

    Chairman, CEO & President Frank Laukien explained that the backlog is being utilized but has come down slightly, and expressed confidence in the Q4 ramp. He noted it's too early for specific 2026 guidance but emphasized margin expansion is planned even with no growth. He confirmed one UHF magnet revenue recognition is expected in Q4 2025. Regarding the BD asset sale, he stated that while the future is uncertain, Bruker has a strong direct sales channel and a history of successful partnerships.

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    Puneet Souda's questions to BRUKER (BRKR) leadership • Q1 2025

    Question

    Puneet Souda of Leerink Partners inquired about potential Q1 revenue pull-forward due to tariff concerns, order cancellations in the U.S. or Europe, and the potential for offsets like AI chip demand or German stimulus to mitigate headwinds.

    Answer

    CEO Frank Laukien clarified that there was no significant revenue pull-forward, though a UK system installation occurred in Q1 instead of Q2 due to smooth execution. He confirmed there have been no order cancellations, only delays, particularly in China. Laukien noted that while AI-related demand is a strong offset, major stimulus programs in Europe are more likely to impact fiscal 2026.

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    Puneet Souda's questions to BRUKER (BRKR) leadership • Q4 2024

    Question

    Puneet Souda questioned Bruker's confidence in its 2025 guidance, particularly the 3-4% organic growth and 140 bps margin expansion, given NIH funding uncertainty. He asked about offsetting growth drivers and customer feedback on instrument installations and potential backlog cancellations.

    Answer

    CEO Frank Laukien stated the guidance is balanced, acknowledging NIH uncertainty (less than 5% of revenue) but highlighting offsetting strength from a biopharma recovery, China stimulus, microbiology, and semiconductor markets. He affirmed confidence in the 5-7% CER revenue growth and the commitment to margin expansion and 14-16% CER EPS growth. Laukien noted no backlog cancellations have occurred but confirmed Q1 organic growth might be flat, baking in a cushion for the uncertainty.

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    Puneet Souda's questions to BRUKER (BRKR) leadership • Q3 2024

    Question

    Puneet Souda asked about the drivers behind the 2024 guidance reduction, questioning whether it was due to order pushouts or cancellations, and inquired about the outlook for 2025 EPS given the current market weakness.

    Answer

    CEO Frank Laukien confirmed there were no material cancellations. He attributed the guidance change to delayed recoveries in biopharma, which is undergoing significant cost-cutting, and a substantial, over 20% year-over-year decline in China orders. While China stimulus orders are beginning to materialize, their P&L impact won't be felt until the second half of 2025. Consequently, Laukien stated it "makes complete sense to lower estimates for 2025" from the prior base.

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    Puneet Souda's questions to WATERS CORP /DE/ (WAT) leadership

    Puneet Souda's questions to WATERS CORP /DE/ (WAT) leadership • Q2 2025

    Question

    Puneet Souda of Leerink Partners inquired about the outlook for the academic and government (A&G) market, particularly for instrumentation. He also asked about the expected sequence of realizing the $290 million in revenue synergies from the BD acquisition after the deal closes.

    Answer

    President and CEO Dr. Udit Batra noted that the A&G segment's 3% decline was better than expected, but the company remains conservative for the second half, assuming no funding improvements. Regarding BD deal synergies, he detailed that commercial execution initiatives like instrument replacement, service attachment, and e-commerce would have an immediate 'day one' impact. SVP & CFO Amol Chaubal added that a straight-line assumption for synergy realization over five years is reasonable.

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    Puneet Souda's questions to WATERS CORP /DE/ (WAT) leadership • Q1 2025

    Question

    Puneet Souda of Leerink Partners asked for details on supply chain realignments made to mitigate tariffs and questioned how pharma customer confidence in the U.S. and Europe compares to India, seeking to understand Waters' outperformance versus peers.

    Answer

    CFO Amol Chaubal explained that of the $45M gross tariff impact, $15M is offset by surcharges and $14M by manufacturing actions, with most plans already landing. CEO Udit Batra attributed Waters' outperformance to its strong downstream position in regulated, high-volume applications, the ongoing instrument replacement cycle, and idiosyncratic drivers like GLP-1 and PFAS testing.

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    Puneet Souda's questions to WATERS CORP /DE/ (WAT) leadership • Q4 2024

    Question

    Puneet Souda questioned the wide range of the Q1 2025 guidance (4-7% constant currency), asking how risks like NIH cuts were factored in. He also requested more detail on the strong performance in Europe and the sustainability of growth in India.

    Answer

    SVP and CFO Amol Chaubal explained the wider Q1 range reflects prudence given macro uncertainties and two fewer business days. President and CEO Dr. Udit Batra added that the company is investing for growth in Q1. Regarding India, Batra highlighted its significant opportunity tied to generic drug manufacturing, expecting it to add 70-100 bps to growth. Chaubal noted Europe's 11% growth was broad-based.

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    Puneet Souda's questions to WATERS CORP /DE/ (WAT) leadership • Q3 2024

    Question

    Puneet Souda inquired about the drivers behind Waters' instrument recovery, particularly its QA/QC positioning, while some peers still see declines. He also asked about the sustainability of the 8% chemistry growth and the breadth of Waters' position in the growing GLP-1 market, including for new oral formulations.

    Answer

    President and CEO Dr. Udit Batra described recurring revenues as a 'Swiss clock' due to their stability, which he expects to continue, fueled by innovation and service attachment. He attributed the strong instrument performance to Waters' focus on volume-driven QA/QC applications, the start of the replacement cycle, and a revitalized, best-in-class product portfolio. On GLP-1s, Batra confirmed a 'pole position' with the two largest injectable manufacturers and stated the company is well-positioned for future oral versions and generic competition.

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    Puneet Souda's questions to ILLUMINA (ILMN) leadership

    Puneet Souda's questions to ILLUMINA (ILMN) leadership • Q2 2025

    Question

    Puneet Souda of Leerink Partners asked whether Illumina saw any customer purchasing pull-forward ahead of tariffs and inquired about the pace of the NovaSeq X transition among large clinical customers.

    Answer

    CEO Jacob Thaysen stated that the company did not see a significant pull-forward of orders. Instead, he noted that the order backlog is growing as customers gain confidence in the NovaSeq X platform for production-scale work. He described the clinical transition as a deliberate, customer-by-customer process designed to avoid disrupting growth during validation, rather than a sudden "cliff event."

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    Puneet Souda's questions to ILLUMINA (ILMN) leadership • Q4 2024

    Question

    Puneet Souda sought elaboration on why Illumina expects the 'unreliable entity list' designation from China to be reversed and asked for clarification on the clinical volume transition to NovaSeq X, specifically the target for year-end 2025.

    Answer

    CEO Jacob Thaysen declined to comment on a potential reversal or its timeline, stating the company is in active dialogue with the relevant parties. CFO Ankur Dhingra clarified that 50% of clinical volume had transitioned by the end of Q4 2024, and the aggregate goal remains ~75% of total high-throughput volume on X by mid-2025, with the remainder of the transition driven mostly by clinical customers.

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    Puneet Souda's questions to ILLUMINA (ILMN) leadership • Q3 2024

    Question

    Puneet Souda inquired about the source of the decline in mid-throughput instruments, asking if it was driven by China or competition in the U.S. and Europe, and asked for key considerations for 2025 revenue, particularly the impact of the clinical transition to the lower-cost NovaSeq X.

    Answer

    CEO Jacob Thaysen noted that while competition is global, he is encouraged by stabilizing sequential revenue in China. He attributed mid-throughput pressure primarily to macro constraints causing smaller biotechs to outsource sequencing. Regarding 2025, he reiterated the goal of returning to positive growth but deferred specific guidance until after Q4.

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    Puneet Souda's questions to Guardant Health (GH) leadership

    Puneet Souda's questions to Guardant Health (GH) leadership • Q2 2025

    Question

    Puneet Souda from Leerink Partners asked about the key drivers behind Shield's impressive growth, the outlook for its Average Selling Price (ASP), and for an update on the data timeline for Shield V2.

    Answer

    Co-CEO AmirAli Talasaz attributed Shield's strong performance to high market pull and increased sales team productivity. CFO Michael Bell explained the Q2 ASP rose to over $900 due to ADLT status and strong Medicare Advantage reimbursement, but guided for a full-year ASP around $800 to account for a potential payer mix shift. Regarding Shield V2, Talasaz described it as a 'very active program' without providing a specific data release date.

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    Puneet Souda's questions to Guardant Health (GH) leadership • Q1 2025

    Question

    Puneet Souda inquired about where the Shield test is gaining the most traction in the market and the plans for sales force expansion. He also asked about the product-market fit for Reveal, particularly in CRC surveillance and breast cancer, given its later entry.

    Answer

    Co-CEO AmirAli Talasaz noted Shield is seeing strong traction with PCPs due to the large unscreened population, with plans to have about 200 reps deployed by year-end. Co-CEO Helmy Eltoukhy explained that Reveal's key differentiators are its fast turnaround time for the adjuvant setting and its broad catchment ability for surveillance, making it highly competitive despite being a later entrant.

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    Puneet Souda's questions to Guardant Health (GH) leadership • Q4 2024

    Question

    Puneet Souda asked about the drivers behind the strong 2025 Shield revenue guidance and how the company reconciles its optimism for Guardant Reveal with recent NCCN guidelines that recommended against its use in surveillance.

    Answer

    Co-CEO AmirAli Talasaz attributed the Shield guidance to a back-half loaded ramp from an expanded sales force, which grew to 100 reps by the end of 2024. Co-CEO Helmy Eltoukhy addressed the NCCN guidelines for Reveal, stating they view the update as a step forward and noted that guidelines often lag behind clinical practice, similar to the early adoption curve of Guardant360.

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    Puneet Souda's questions to Guardant Health (GH) leadership • Q3 2024

    Question

    Puneet Souda asked for the expected timing of data for Shield V2 and the company's current assumption for market penetration in CRC screening, given its significant head start.

    Answer

    Co-CEO AmirAli Talasaz stated that Guardant Health expects to have Shield V2 data in 2025 and could potentially upgrade the test that year if the data is positive. Regarding market share, he reiterated the Investor Day assumption of aiming for 60% of the blood-based CRC screening market, noting that the company now has at least a 2.5-year lead before any competitor is expected to gain FDA approval and Medicare reimbursement.

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    Puneet Souda's questions to HOLOGIC (HOLX) leadership

    Puneet Souda's questions to HOLOGIC (HOLX) leadership • Q3 2025

    Question

    Puneet Souda asked about the conversion strategy for legacy mammography gantries and the potential impact of recent changes to the USPSTF committee on testing guidelines.

    Answer

    CEO Stephen MacMillan described the gantry replacement as a steady, improving process, with the end-of-life program converting older units to the current product, while the new Envision system will target thought leaders later next year. Regarding the USPSTF, he expressed confidence that the fundamental importance of Hologic's tests insulates the business from short-term committee changes.

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    Puneet Souda's questions to HOLOGIC (HOLX) leadership • Q2 2025

    Question

    Puneet Souda asked a combined question about Hologic's supply chain mitigation strategies for tariffs and why the company doesn't anticipate more capital expenditure pressure from hospitals for its gantries, especially with a new launch approaching.

    Answer

    CEO Stephen MacMillan responded that Hologic is evaluating options but feels well-positioned with its U.S.-centric manufacturing for diagnostics and mammography. He stated they are not planning to move their established Costa Rica operations. Regarding capital spending, he expressed confidence that hospitals will budget for the new gantry because it offers a meaningful product improvement and is not a massive purchase price for them.

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    Puneet Souda's questions to HOLOGIC (HOLX) leadership • Q1 2025

    Question

    Puneet Souda inquired about changes to sales incentives in the Breast Health division and the resilience of hospital capital spending on mammography systems if budget pressures were to increase.

    Answer

    CEO Stephen MacMillan expressed confidence that mammography equipment remains a high-priority capital expenditure for hospitals, even in challenging budget environments, due to its critical role in women's health. He noted that the sales force is now re-engaging its focus on driving gantry sales, a shift from the period during the chip shortage when product delivery was constrained.

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    Puneet Souda's questions to NEOGENOMICS (NEO) leadership

    Puneet Souda's questions to NEOGENOMICS (NEO) leadership • Q2 2025

    Question

    Puneet Souda of Leerink Partners asked about the size and strategy of the oncology sales force, the source of NGS sales (oncologist vs. pathologist), and how the company is competing in an increasingly crowded market. He also asked about OpEx cuts.

    Answer

    President & COO Warren Stone confirmed the sales force is at its target of ~135 people, with the majority of NGS growth driven by the oncology specialist team. CEO Tony Zook added that competitive 'stickiness' is built through a broad portfolio and operational excellence. CFO Jeff Sherman stated that while not providing future guidance, the company expects to achieve operating efficiencies in the second half of the year.

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    Puneet Souda's questions to NEOGENOMICS (NEO) leadership • Q2 2025

    Question

    Puneet Souda of Leerink Partners inquired about the oncology sales force structure and its role in driving NGS growth amidst rising competition, and also asked about any planned operating expense reductions.

    Answer

    President & COO Warren Stone detailed the ~135-person sales force, noting the oncology specialist team drives the majority of NGS growth. CEO Tony Zook added that their broad portfolio creates competitive "stickiness." CFO Jeff Sherman indicated that while no specific cuts were announced, the company continues to focus on achieving operating efficiencies.

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    Puneet Souda's questions to NEOGENOMICS (NEO) leadership • Q1 2025

    Question

    Puneet Souda of Leerink Partners noted that NGS growth appeared lower and asked about long-term expectations and whether core AUP was down beyond the Pathline dilution. He also inquired about cost-lowering initiatives given the near-term growth profile.

    Answer

    CFO Jeff Sherman explained the lower NGS growth was due to a difficult year-over-year comparison of over 50% growth in Q1 2024, and the company still expects over 25% NGS growth for the full year. Management detailed several cost-saving initiatives, including gaining operating leverage from volume growth, a long-term LIMS project, lab automation, optimizing the site footprint, and transitioning to more cost-effective sequencing platforms like the NovaSeq X and the new Ultima Genomics partnership.

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    Puneet Souda's questions to NEOGENOMICS (NEO) leadership • Q4 2024

    Question

    Puneet Souda inquired about the Average Unit Price (AUP) assumptions within the 2025 guidance, the expected gross margin impact from the new PanTracer liquid biopsy, its commercial strategy, and the growth outlook for the Pharma business.

    Answer

    CEO Christopher Smith stated that the mix of volume and AUP growth in 2025 is expected to be similar to the previous year. CFO Jeff Sherman noted PanTracer will be accretive to gross margins. CCO Warren Stone explained the commercial strategy leverages concurrent tissue and liquid testing on a common platform. Management expects modest growth in the Pharma business for 2025 after a challenging 2024.

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    Puneet Souda's questions to NEOGENOMICS (NEO) leadership • Q3 2024

    Question

    Puneet Souda asked if the current Average Unit Price (AUP) could serve as a baseline for 2025 and requested a breakdown of the clinical revenue payer mix.

    Answer

    An executive provided the Q3 payer mix as approximately 58% direct client bill, 15% commercial, and 13% government. He also stated it is reasonable to assume AUP will continue to grow over time, driven by the increasing NGS mix and Revenue Cycle Management initiatives, but deferred specific guidance on the pace of that growth.

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    Puneet Souda's questions to REPLIGEN (RGEN) leadership

    Puneet Souda's questions to REPLIGEN (RGEN) leadership • Q2 2025

    Question

    Puneet Souda inquired about the drivers of the strong order book, specifically the mix between clinical and commercial demand, and whether customers were pulling orders forward ahead of potential tariffs. He also asked for more detail on the company's gene therapy exposure and the outlook for 2026.

    Answer

    CEO Olivier Loeillot stated there was very little evidence of order pull-forward, except for a couple of million dollars in China. He noted that the company's business is shifting to be more commercial but did not provide an exact split. Regarding gene therapy, Loeillot confirmed the guidance accounts for a headwind from a specific platform but expressed confidence in other new modalities like cell therapy and ADCs. He declined to comment on 2026 guidance.

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    Puneet Souda's questions to REPLIGEN (RGEN) leadership • Q1 2025

    Question

    Puneet Souda questioned the sustainability of Repligen's growth, asking about the changing mix between clinical and commercial revenue. He also inquired about the commercial strategy for the newly acquired 908 Devices portfolio and the associated integration and cost-saving efforts.

    Answer

    Executive Olivier Loeillot explained that the clinical/commercial revenue split remains 65/35, but this masks a significant increase in commercial revenue that offset prior-year headwinds, projecting a move toward 50/50 over the next 4-5 years. He added that the 908 Devices integration is on schedule, with a focus on R&D synergies, cross-selling, and manufacturing consolidation to improve the cost base.

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    Puneet Souda's questions to REPLIGEN (RGEN) leadership • Q4 2024

    Question

    Puneet Souda of Leerink Partners questioned the sustainability of Repligen's strong order trends, especially given the less smooth recovery seen at peer companies, and asked if January and February trends were comparable to Q4.

    Answer

    President and CEO Olivier Loeillot emphasized the sustainability of the order trends, noting that order intake increased sequentially every quarter in 2024, with Q4 up 18% versus Q1. He pointed out that the book-to-bill ratio has been above one for six to seven consecutive quarters and that all franchises, excluding Proteins, saw double-digit order growth in 2024. He declined to comment on the current quarter's performance but stated that 'things are doing well.'

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    Puneet Souda's questions to REPLIGEN (RGEN) leadership • Q3 2024

    Question

    Puneet Souda asked about the business overlap between CDMOs and new modalities, the revenue split between clinical phases, and the company's current M&A strategy.

    Answer

    President and CEO Olivier Loeillot explained that while an exact overlap isn't tracked, many new modality customers are CDMOs. He noted that about 65% of business is clinical phase and that the M&A strategy remains focused on acquiring unique, differentiating technologies, including larger targets, while still pursuing bolt-on acquisitions like Tantti that offer strong portfolio synergy.

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    Puneet Souda's questions to REVVITY (RVTY) leadership

    Puneet Souda's questions to REVVITY (RVTY) leadership • Q2 2025

    Question

    Puneet Souda questioned the drivers and sustainability of the strong software business growth and asked why it wasn't providing a greater lift to gross margins. He also asked a high-level question about the company's portfolio resiliency.

    Answer

    CEO Prahlad Singh attributed the 30%+ software growth to strong SaaS bookings and key metrics like net retention, calling it sustainable. CFO Max Krakowiak explained that the margin benefit was offset by the volume drop of high-margin diagnostic assays in China. Singh reiterated confidence in the portfolio's resilience, citing strengths across multiple business lines.

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    Puneet Souda's questions to REVVITY (RVTY) leadership • Q4 2024

    Question

    Puneet Souda inquired about the strong growth in the software business, asking if there were any one-time items and what the growth expectations are for Q1 and the full year 2025. He also asked about the company's direct and indirect exposure to NIH funding and how potential headwinds are factored into the guidance.

    Answer

    CEO Prahlad Singh explained that software revenue can be lumpy due to multi-year contract renewals but follows a predictable pattern, with the net contract value being the key metric. CFO Max Krakowiak confirmed the 2025 software growth outlook is low double-digits. Regarding NIH, Prahlad Singh stated that direct exposure is minimal (~1%) and estimated indirect exposure is not more than 5%. He noted the impact is not material as they primarily sell reagents and small-ticket items, which are essential for ongoing experiments regardless of budget pressures.

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    Puneet Souda's questions to REVVITY (RVTY) leadership • Q3 2024

    Question

    Puneet Souda asked for details on the drivers of the strong reagents growth, which outpaced peers, and inquired about management's confidence in China's instrument market once stimulus funds are released.

    Answer

    CEO Prahlad Singh attributed the reagents outperformance to the broad-based strength and diversity of the portfolio, including ELISA, HTRF, and BioLegend products. He expressed high confidence that the China stimulus program will be a significant growth driver in 2025, citing the large number of funding proposals his team is actively working on.

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    Puneet Souda's questions to DANAHER CORP /DE/ (DHR) leadership

    Puneet Souda's questions to DANAHER CORP /DE/ (DHR) leadership • Q2 2025

    Question

    Puneet Souda requested an update on the company's financial exposure to tariffs and asked about the breadth of its exposure to the gene therapy market, particularly AAV-based therapies at Aldevron and Cytiva, in light of recent clinical setbacks for a customer.

    Answer

    EVP & CFO Matt McGrew estimated current tariff exposure at a 'couple hundred million' dollars and noted they successfully used levers to make the China tariff a net neutral event. President & CEO Rainer Blair described gene therapy as being in its 'early innings' and stated Danaher's total exposure is limited, as it is primarily a 'protein house.' He specified that the guidance already accounted for minimal H2 revenue from the Sarepta therapy via Aldevron.

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    Puneet Souda's questions to DANAHER CORP /DE/ (DHR) leadership • Q3 2024

    Question

    Puneet Souda asked for clarity on the 2025 outlook for China, specifically seeking a proper jump-off point, the expected impact from value-based pricing (VBP), and the role of local bioprocess competition in the region.

    Answer

    EVP and CFO Matt McGrew reiterated the VBP impact is estimated at $150 million over three years but noted activity is ramping up, so the timing may shift. President and CEO Rainer Blair advised viewing China as 'bumping along the bottom' and not expecting a change in the short term without a material stimulus rollout. Regarding local competition, Blair stated it exists but is more on the margin, as companies targeting international markets still prefer multinational suppliers like Cytiva for regulatory assurance.

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    Puneet Souda's questions to Quanterix (QTRX) leadership

    Puneet Souda's questions to Quanterix (QTRX) leadership • Q1 2025

    Question

    Puneet Souda asked for a breakdown of the revised full-year guidance by business segment, the company's confidence in the guide given macro headwinds, Q2 expectations, whether Simoa ONE could cannibalize HD-X sales, and the revenue outlook for Lucent Diagnostics given the competitive landscape.

    Answer

    CFO Vandana Sriram explained the guidance assumes instruments will be flat to 2024, consumables will remain sticky, and the Accelerator business will see the largest year-over-year drop. She expects H1 to represent 45-48% of full-year revenue. CEO Masoud Toloue asserted that Simoa ONE will not cannibalize the HD-X, as it's a workhorse in neurology and the new platform will initially focus on immunology/oncology. Regarding LucentAD, he expressed high confidence in its superior multi-marker algorithm and noted that revenue contribution is gated by therapy adoption, but the company is investing heavily to build out its commercial infrastructure.

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    Puneet Souda's questions to Quanterix (QTRX) leadership • Q4 2024

    Question

    Puneet Souda challenged the 2025 guidance, noting it was well below Street expectations, and asked how the company could be confident in a second and third-quarter recovery given market uncertainty. He also questioned why Quanterix continues to value Akoya the same as it did in early January, despite a significant deterioration in the macro environment and sector valuations since the deal was announced.

    Answer

    President and CEO Masoud Toloue defended the guidance by highlighting Quanterix's double-digit growth in 2024 and stating that the current academic market pressure, which he views as transient, is fully baked into the 2025 forecast. Regarding the Akoya valuation, he emphasized that the decision is based on long-term value creation, not short-term market swings. He reiterated the deal's core benefits: an expanded addressable market, $40 million in derisked cost synergies, and an accelerated path to scale and profitability, with positive free cash flow expected in 2026.

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    Puneet Souda's questions to Quanterix (QTRX) leadership • Q3 2024

    Question

    Puneet Souda of Leerink Partners asked about the competitive positioning of the multi-marker assay, the 2025 OpEx outlook given FDA and commercialization efforts, and trends observed between academic and biopharma customers.

    Answer

    President and CEO Masoud Toloue emphasized that LucentAD Complete is unique as a five-marker algorithmic test, which significantly reduces the intermediate zone compared to competitors' single-marker assays. Executive Vandana Sriram stated that the current OpEx run rate is representative and that while 2025 will see further investment, the company has flexibility to scale spending based on market development. She also confirmed that instrument softness was seen across both academic and pharma customer segments.

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    Puneet Souda's questions to AbCellera Biologics (ABCL) leadership

    Puneet Souda's questions to AbCellera Biologics (ABCL) leadership • Q1 2025

    Question

    Puneet Souda of Leerink Partners asked how recent clinical updates for competing molecules like rocatinlimab and amlitelimab inform AbCellera's view on the opportunity for its OX40L asset, ABCL575. He also inquired if AbCellera's Canadian base and IP domicile are factors in partnership discussions, given potential pharma tariffs.

    Answer

    President and CEO Dr. Carl L. Hansen stated that recent data, including Sanofi's positive subset results in asthma and other early data in alopecia and HS, reinforce the thesis that the OX40 ligand class will be large and applicable across many indications. He viewed these as positive tailwinds for ABCL575. CFO Andrew Booth addressed the IP question, stating that AbCellera's IP is held in Canada, which remains a good jurisdiction, and that spinning off assets is not a current topic of discussion.

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    Puneet Souda's questions to AbCellera Biologics (ABCL) leadership • Q3 2024

    Question

    Puneet Souda of Leerink Partners asked for an update on the GMP facility and potential impacts from the BIOSECURE Act, and also requested that management outline its near- and medium-term priorities heading into 2025.

    Answer

    CFO Andrew Booth updated that the GMP facility will see its first molecules in late 2025. President and CEO Dr. Carl Hansen added that controlling their own manufacturing provides a strategic advantage given geopolitical headwinds like the BIOSECURE Act. Dr. Hansen outlined the company's priorities as: 1) making smart capital allocation decisions to find a 'big winner' in their pipeline, 2) backing it up with a differentiated portfolio, and 3) maintaining operational efficiency.

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    Puneet Souda's questions to 10x Genomics (TXG) leadership

    Puneet Souda's questions to 10x Genomics (TXG) leadership • Q1 2025

    Question

    An analyst on behalf of Puneet Souda asked for an update on the contribution from recent product launches like GEM-X and other platform upgrades, and for the current sales mix of GEM-X versus older kits.

    Answer

    CEO Serge Saxonov reported that the new GEM-X product line now constitutes a "large majority" of sales within the Chromium franchise. He emphasized that the company's business is now largely driven by the suite of products launched over the last year, with GEM-X Flex and on-chip multiplexing performing particularly well and driving higher reaction volumes.

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    Puneet Souda's questions to 10x Genomics (TXG) leadership • Q4 2024

    Question

    Puneet Souda challenged the decision not to include the NIH indirect cost cuts in the 2025 guidance, highlighting the significant uncertainty this creates for customers at major research institutions, which could delay instrument purchases.

    Answer

    CEO Serge Saxonov responded that the situation is highly volatile, making it difficult to bake in firm assumptions. He emphasized that instrument exposure to this issue is somewhat bounded, as a smaller fraction of instruments go to academic core labs and are typically financed through direct funds. He reiterated that CFO Adam Taich's quantification of a potential $10-$15M impact was meant to provide transparency on the bounded risk.

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    Puneet Souda's questions to 10x Genomics (TXG) leadership • Q3 2024

    Question

    Puneet Souda asked for details on the sales force size and open positions, questioning the timeline for normalization. He also probed the Xenium instrument placements versus expectations and whether the shortfall was due to sales force issues or a fundamental slowdown in the spatial market.

    Answer

    CEO Serge Saxonov attributed the disappointing Q3 Xenium placement number primarily to the combination of a challenged CapEx environment and the disruption from the commercial reorganization. He asserted that fundamental demand indicators like customer interest, funding signals, and healthy instrument utilization remain strong, suggesting the issue is not with fundamental market demand.

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    Puneet Souda's questions to OABI leadership

    Puneet Souda's questions to OABI leadership • Q1 2025

    Question

    Speaking on behalf of Puneet Souda, Michael Almisry asked about the drivers behind the strong number of new program starts in Q1 and whether the strength was balanced across partner types. He also inquired about the new exploration platform, seeking confirmation it is for existing partners and asking how its promotional costs align with the lowered operating expense guidance.

    Answer

    Matthew Foehr, President and CEO, attributed the program growth to continued innovation, new technologies like OmniAb, and momentum carrying over from late 2024, while noting that starts can be lumpy. He confirmed the exploration platform is a 'partner access program' for their 95 partners and stated its launch costs were already factored into the company's financial plans and updated guidance.

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    Puneet Souda's questions to OABI leadership • Q4 2024

    Question

    Puneet Souda from Leerink Partners sought clarification on the 2025 revenue guidance, particularly the cash versus non-cash components, the impact of NIH funding concerns on academic partners, and whether strong Q4 program additions continued into Q1.

    Answer

    CFO Kurt Gustafson explained the $20M-$25M revenue guidance is a GAAP figure, with the year-over-year decline driven by lower non-cash service revenue recognition; he noted that actual cash receipts are expected to increase in 2025. CEO Matthew Foehr stated that NIH funding concerns have not impacted academic partnerships, citing a recent new deal. Gustafson cautioned that program addition reporting can be lumpy and not to extrapolate from a single strong quarter.

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    Puneet Souda's questions to OABI leadership • Q3 2024

    Question

    Michael Almisry, on behalf of Puneet Souda, inquired about the drivers behind the significant increase in active programs, asking to distinguish between a macro biopharma recovery and company-specific gains, and also asked if the new OmniHub platform would be an additional revenue stream.

    Answer

    President and CEO Matt Foehr attributed the strong program growth to the company's new technologies, particularly the OmniAb platform for single-domain antibodies, and the overall validation of their platform. He clarified that OmniHub is an integrated tool designed to enhance partner collaboration and accelerate discovery workflows, rather than being a separate, billable line item.

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    Puneet Souda's questions to Twist Bioscience (TWST) leadership

    Puneet Souda's questions to Twist Bioscience (TWST) leadership • Q2 2025

    Question

    Puneet Souda asked for the U.S. academic growth rate, more detail on the composition of the over $100 million in orders from the last two quarters, and whether there was any demand pull-forward from European customers concerned about retaliatory tariffs.

    Answer

    CFO Adam Laponis confirmed strong U.S. academic growth across NGS and SynBio but did not disclose a specific rate. He noted the strong order book reflected growth across all product platforms (SynBio, NGS, Biopharma) and explicitly stated there was no meaningful pull-forward of orders related to tariff concerns.

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    Puneet Souda's questions to Twist Bioscience (TWST) leadership • Q1 2025

    Question

    Puneet Souda of Leerink Partners asked about the growth outlook for the NGS and diagnostics segments amid market headwinds and questioned the decision not to raise the top end of the NGS revenue guidance.

    Answer

    CEO Emily Leproust expressed confidence in Twist's ability to perform well in any market environment due to its differentiated products. She emphasized that the company's strategy is to leverage its technology to drive top-line growth, which naturally expands gross margins, while maintaining disciplined operating expenses. She framed market turbulence as an opportunity to gain share.

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    Puneet Souda's questions to Twist Bioscience (TWST) leadership • Q4 2024

    Question

    On behalf of Puneet Souda, an analyst asked for the company's pharma and biotech exposure amid funding pressures and the source of confidence in the 2025 guide. A second question probed how core the biopharma business is, considering its revenue contribution, the Zoma deal, and a recent leadership change.

    Answer

    CEO Dr. Emily Leproust stated that healthcare exposure is approximately 60% and expressed confidence in navigating funding pressures due to Twist's differentiated products. Regarding the biopharma division, she acknowledged past commercial struggles but highlighted recent order growth and its strategic value in offering a '1-2 punch' of both products and services to the same customer base, which supports the SynBio business.

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    Puneet Souda's questions to EXACT SCIENCES (EXAS) leadership

    Puneet Souda's questions to EXACT SCIENCES (EXAS) leadership • Q1 2025

    Question

    Asked about the initial traction and volume mix of Cologuard Plus since its launch and how it's factored into the Q2 and full-year guidance.

    Answer

    Cologuard Plus is currently available for Medicare Part B patients, which is about 15% of their volume. The Q2 guidance reflects this, and the volume will grow as they secure contracts with Medicare Advantage and commercial payers. They are already testing a large volume of Cologuard Plus tests and will provide updates as they sign on more payers.

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    Puneet Souda's questions to EXACT SCIENCES (EXAS) leadership • Q4 2024

    Question

    Asked why the price lift from Cologuard Plus is not expected to be more than 2 points and what levers could drive it higher. Also asked for a pricing assumption for Cancerguard.

    Answer

    Aaron Bloomer explained the 2-point lift assumes a Q2 launch only for the Medicare fee-for-service population (15% of volume), with most of the impact in the second half of the year. Kevin Conroy added that there is potential upside if commercial contracts are updated faster than assumed. The Cancerguard pricing question was deferred.

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    Puneet Souda's questions to EXACT SCIENCES (EXAS) leadership • Q4 2024

    Question

    Puneet Souda of Leerink Partners questioned why the 2025 pricing lift from Cologuard Plus is only guided to 2 points and what factors could increase it. He also asked about the expected price for the Cancerguard test.

    Answer

    CFO Aaron Bloomer explained the 2-point lift assumes a Q2 launch impacting only the Medicare fee-for-service population (15% of volume), with the benefit weighted to the second half of the year. CEO Kevin Conroy added that there is potential upside as they renegotiate commercial contracts, but the current assumption is that this will occur more in 2026. The Cancerguard pricing question was deferred.

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    Puneet Souda's questions to EXACT SCIENCES (EXAS) leadership • Q4 2024

    Question

    Puneet Souda questioned why the Cologuard Plus pricing lift is only expected to be 2 points in 2025 and asked about the pricing assumption for the upcoming Cancerguard test.

    Answer

    CFO Aaron Bloomer explained that the 2-point lift assumption is conservative, as it only includes a Q2 launch for the Medicare fee-for-service population (about 15% of volume) and accounts for the lag time between order and revenue recognition. He noted there is potential upside as commercial payer contracts are renegotiated. The question on Cancerguard pricing was deferred.

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    Puneet Souda's questions to EXACT SCIENCES (EXAS) leadership • Q3 2024

    Question

    Puneet Souda from Leerink Partners asked if there was an 'air pocket' from switching to the Exact Nexus platform and if they have seen any impact from a competitor's blood-based test launched in August.

    Answer

    CEO Kevin Conroy confirmed there was a negative impact from moving Oncotype DX onto the Exact Nexus platform, as they anticipate not being paid for some processed tests, which contributed to the revised Q4 outlook. He also stated that based on research and anecdotal evidence, the company has seen no impact on its business from the competitive blood-based test launch.

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    Puneet Souda's questions to EXACT SCIENCES (EXAS) leadership • Q3 2024

    Question

    Puneet Souda from Leerink Partners asked if there was an 'air pocket' or disruption from transitioning Oncotype DX to the Exact Nexus platform and whether a competitor's blood-based test launched in August had any market impact.

    Answer

    CEO Kevin Conroy confirmed there was a negative impact from moving Oncotype DX onto the Exact Nexus platform, as transitional challenges meant the company does not expect to be paid for some tests performed. He stated this was a component of the Q4 outlook. Regarding competition, he said the company has stayed close to the situation and has seen no impact on its business from the competitor's blood-based test, based on both anecdotal evidence and research.

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    Puneet Souda's questions to EXACT SCIENCES (EXAS) leadership • Q2 2024

    Question

    Puneet Souda asked if the FDA would likely approve a blood-based assay with performance lower than a recently approved competitor test. He also inquired about the expected adoption rate of Cologuard Plus by primary care physicians upon its launch.

    Answer

    CEO Kevin Conroy stated that any test meeting its pre-established study endpoints, particularly the 74% Medicare minimum for sensitivity, is likely to gain FDA approval. Regarding Cologuard Plus adoption, he highlighted that its lower false positive rate (7% vs. 10% for original Cologuard) is a key driver. He noted that this improvement means tens of thousands fewer unnecessary colonoscopies at a population level, a significant benefit that he expects will drive physician adoption.

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    Puneet Souda's questions to THERMO FISHER SCIENTIFIC (TMO) leadership

    Puneet Souda's questions to THERMO FISHER SCIENTIFIC (TMO) leadership • Q4 2024

    Question

    Puneet Souda asked about the current sentiment among large biopharma versus emerging biotech customers and how Thermo Fisher is positioned for a potential shift in drug discovery towards China, given the increase in IND filings from Chinese assets.

    Answer

    Marc Casper, Chairman, President and CEO, reported a "real change in confidence" among large pharma customers and a "reasonably confident" funding outlook for emerging biotech. Regarding innovation from China, he noted that while more licensing originates there, extensive development work still occurs in Western labs post-licensing, ensuring Thermo Fisher is well-positioned globally to support these programs.

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