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    Rachel Vatnsdal

    Research Analyst at JPMorgan Chase & Co.

    Rachel Vatnsdal is an Executive Director of Equity Research at JPMorgan Chase & Co., specializing in healthcare sector analysis with a focus on medical technology and life sciences. She covers companies including Henry Schein, Adaptive Biotechnologies, Avantor, CAI International, 10x Genomics, and Twist Bioscience, delivering investment recommendations that feature regular price targets and ratings, though specific performance metrics are not publicly disclosed. Vatnsdal began her career as a research analyst at Piper and advanced to Vice President, then Senior Equity Research Analyst at JPMorgan Chase before being promoted to her current executive director role in New York City in April 2022. She holds FINRA registrations required for senior research analysts and has been recognized for her expertise in healthcare equity research.

    Rachel Vatnsdal's questions to AGILENT TECHNOLOGIES (A) leadership

    Rachel Vatnsdal's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Rachel Vatnsdal from JPMorgan Chase & Co. questioned whether the Q4 guided growth rate is a reasonable baseline for fiscal 2026 and asked if a potential year-end budget flush is included in the Q4 guidance.

    Answer

    CEO Padraig McDonnell stated it was too early for a formal 2026 guide but acknowledged the strong momentum from the second half of 2025 provides a solid foundation, with tariff mitigation and Ignite being tailwinds. He clarified that the Q4 guide already incorporates expectations for a 'standard year-end' budget flush, based on an increase in the value of quotes being requested by customers.

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    Rachel Vatnsdal's questions to AGILENT TECHNOLOGIES (A) leadership • Q3 2025

    Question

    Rachel Vatnsdal from JPMorgan Chase & Co. questioned if the Q4 2025 growth rate is a reasonable baseline for fiscal 2026 expectations and asked whether the Q4 guidance incorporates assumptions for a year-end budget flush from customers.

    Answer

    President and CEO Padraig McDonnell stated it was too early for a specific 2026 guide but noted the second-half momentum provides a solid foundation. He highlighted tailwinds for 2026 margins, including full tariff mitigation and Ignite program benefits. Regarding budget flush, McDonnell clarified that the guidance is based on current quoting activity, which indicates a more "standard year end" spend, but not specific orders yet. Interim CFO Rodney Gonsalves added that continued Ignite savings would be a factor for 2026 margins.

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    Rachel Vatnsdal's questions to AGILENT TECHNOLOGIES (A) leadership • Q2 2025

    Question

    Rachel Vatnsdal of JPMorgan Chase & Co. asked about the potential for a pharma reshoring tailwind, seeking details on customer conversations and timing. She also questioned the company's ability to implement price increases amid tariffs and what pricing is assumed in the guidance.

    Answer

    CEO Padraig McDonnell characterized reshoring discussions with pharma clients as very early-stage, estimating any significant revenue impact is likely two to three years away. On pricing, he noted that the 'Ignite' program has built enterprise capabilities for structured price actions. CFO Bob McMahon added that Agilent is on track for at least 100 basis points of price realization for the year, using a balanced approach of pricing and supply chain moves to mitigate tariff impacts.

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    Rachel Vatnsdal's questions to Cars.com (CARS) leadership

    Rachel Vatnsdal's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Rachel Vatnsdal of JPMorgan Chase sought color on the drivers of the Carus Assure blood test volume growth, the attachment rate between blood and tissue tests, and the outlook for the Pharma R&D Services business.

    Answer

    SVP & CFO Luke Power stated that blood test volume growth comes from both new and existing accounts, with concurrent testing guidelines driving adoption; for instance, 35% of Q2 blood cases also had a tissue test. He noted that New York State approval is a future catalyst. For the pharma business, he expects an uptick in H2 2025 driven by data and CDx partnerships.

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    Rachel Vatnsdal's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Rachel Vatnsdal from JPMorgan Chase & Co., on behalf of Sebastian Sandler, inquired about the drivers of the Caris Assure blood test volume, the tissue-blood attachment rate, and the growth outlook for the Pharma R&D Services business.

    Answer

    SVP & CFO Luke Power reported that blood test volume growth comes from both new and existing accounts. He noted that in Q2, about 35% of blood cases also had a tissue test, aligning with concurrent testing guidelines. For the Pharma R&D business, Power indicated the pipeline is weighted towards the second half of the year, with growth expected from data and CDx partnerships.

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    Rachel Vatnsdal's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Rachel Vatnsdal, on for Sebastian Sandler, asked about the performance of the Caris Assure blood test, including sources of traction and the attachment rate with tissue tests. She also inquired about the growth outlook for the Pharma R&D Services business in the second half of the year.

    Answer

    Luke Power, SVP, CFO & Chief Accounting Officer, stated that blood test traction comes from both existing tissue customers and new accounts, driven by concurrent testing guidelines. He noted that approximately 35% of Q2 blood cases also had a tissue test. For the pharma business, he indicated the pipeline is weighted towards the second half, particularly Q4, with growth expected from data and CDx partnerships.

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    Rachel Vatnsdal's questions to Tempus AI (TEM) leadership

    Rachel Vatnsdal's questions to Tempus AI (TEM) leadership • Q2 2025

    Question

    Rachel Vatnsdal of JPMorgan Chase & Co. asked about bookings trends for the Insights and Trials businesses, whether there was any observed weakness from pharma or biotech customers, and how to model revenue from the Pathos deal for the second half of the year.

    Answer

    CEO Eric Lefkofsky confirmed that Q2 bookings were 'super strong' due to the AstraZeneca Pathos deal, materially increasing total contract value. He noted that the clinical trial matching business, while strategically important, is not a large driver of bookings currently. CFO Jim Rogers added that since the Pathos deal did not contribute for a full quarter in Q2, there will be a slight sequential revenue step-up, with similar quarterly revenue levels expected in the back half of the year.

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    Rachel Vatnsdal's questions to Tempus AI (TEM) leadership • Q4 2024

    Question

    Casey, on behalf of Rachel Vatnsdal, asked for clarification on the implied growth rate for Ambry in the 2025 guidance, which appeared to be around 17%, and requested details on the quarterly phasing of revenue for the year, given the guidance for 20% of revenue to fall in Q1.

    Answer

    CEO Eric Lefkofsky confirmed that a high-teens growth rate for Ambry is a reasonable expectation for 2025, as the business laps one-time growth accelerants from 2024, while core Tempus is forecasted closer to 30% growth. CFO Jim Rogers noted that Q1 is consistently the lowest quarter by revenue percentage and that the ADLT volume ramp will contribute to growth phasing throughout the year.

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    Rachel Vatnsdal's questions to Natera (NTRA) leadership

    Rachel Vatnsdal's questions to Natera (NTRA) leadership • Q2 2025

    Question

    Rachel Vatnsdal inquired about the current size of the oncology sales force and the productivity ramp for new hires. She also asked for the specific number of new Signatera patients added and the indications driving that growth.

    Answer

    CEO Steve Chapman confirmed a 'meaningful step up' from the typical 150-175 oncology reps in Q2, noting a 6-9 month productivity ramp creates a 'slingshot effect' on expenses versus revenue. CFO Mike Brophy declined to provide a specific new patient KPI, calling it a volatile metric, but noted the margin impact was multiples of the typical 40 basis points and expressed confidence in the long-term growth trajectory.

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    Rachel Vatnsdal's questions to WATERS CORP /DE/ (WAT) leadership

    Rachel Vatnsdal's questions to WATERS CORP /DE/ (WAT) leadership • Q2 2025

    Question

    Rachel Vatnsdal from JPMorgan Chase & Co. asked for an explanation of the second-quarter operating margin, which was lighter than expected despite strong recurring revenue. She also questioned the $8 million sales pull-forward, seeking clarity on the company's conviction in that figure and how its reversal is factored into back-half guidance.

    Answer

    SVP & CFO Amol Chaubal explained that the margin impact was primarily at the gross margin line, driven by geographical sales mix and costs for tariff remediation. He noted the largest EPS headwind was a 5-cent impact from a higher-than-expected tax rate, which is expected to normalize. Regarding the pull-forward, he expressed high conviction in the $8 million figure based on order patterns and customer discussions, and stated it is prudently assumed to reverse evenly in Q3 and Q4.

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    Rachel Vatnsdal's questions to WATERS CORP /DE/ (WAT) leadership • Q2 2025

    Question

    Rachel Vatnsdal of JPMorgan Chase & Co. asked about the drivers behind the lighter-than-expected operating margin, despite solid recurring revenue, and the margin outlook for Q3 and Q4. She also requested more detail on the $8 million sales pull-forward and its expected impact on the second half of the year.

    Answer

    SVP & CFO Amol Chaubal explained that the margin impact was primarily at the gross margin line, driven by geographical mix and tariff remediation costs. He noted the largest EPS headwind was a 5-cent impact from a higher-than-expected tax rate, which should normalize. He anticipates progressive margin improvement in Q3 and Q4. Regarding the pull-forward, he stated conviction in the $8 million figure and confirmed it is prudently assumed to reverse evenly over Q3 and Q4.

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    Rachel Vatnsdal's questions to Avantor (AVTR) leadership

    Rachel Vatnsdal's questions to Avantor (AVTR) leadership • Q2 2025

    Question

    Rachel Vatnsdal questioned the decision to lower the full-year guidance for Lab Solutions, given that Q2 results were in line with expectations. She also asked for quantification of the bioprocessing backorder headwind from the plant maintenance and inquired about the timeline for seeing a corresponding tailwind.

    Answer

    EVP & CFO R. Brent Jones described the Lab Solutions guidance reduction as a prudent measure, reflecting the assumption that the current challenging environment will persist through the second half. He quantified the bioprocessing maintenance headwind at 1-2 percentage points of growth in Q2 and stated that while the plant is operational, the backlog recovery will 'feather in through the rest of the year,' implying a gradual benefit.

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    Rachel Vatnsdal's questions to Guardant Health (GH) leadership

    Rachel Vatnsdal's questions to Guardant Health (GH) leadership • Q2 2025

    Question

    Rachel Vatnsdal of JPMorgan Chase & Co. pressed further on the Shield V2 timeline, asking for updated assumptions on the FDA review process and whether a launch by the end of 2025 was still feasible.

    Answer

    Co-CEO AmirAli Talasaz stated that the launch timeline is a function of when the data readout occurs and the subsequent FDA review. While pleased with agency conversations, he conceded that a launch by year-end might be 'a little bit delayed.' He reiterated that the company doesn't feel rushed, given the need to balance R&D efforts between V2 and the now-validated MCD test.

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    Rachel Vatnsdal's questions to REPLIGEN (RGEN) leadership

    Rachel Vatnsdal's questions to REPLIGEN (RGEN) leadership • Q2 2025

    Question

    Rachel Vatnsdal highlighted that Repligen's strong equipment orders contrast with peers who have cited a pause due to trade uncertainty, and asked for an explanation. She also requested an updated estimate of the company's total revenue exposure to AAV gene therapy.

    Answer

    CEO Olivier Loeillot explained that Repligen's equipment strength is driven by a strong funnel for its differentiated systems and a smaller market share, making it easier to grow. He stated the company has not seen a pause in orders. Regarding AAV, he noted that new modalities were 17% of sales year-to-date and that the AAV component is now estimated to be lower than previously thought, partly due to strong growth in other areas like cell therapy.

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    Rachel Vatnsdal's questions to REVVITY (RVTY) leadership

    Rachel Vatnsdal's questions to REVVITY (RVTY) leadership • Q2 2025

    Question

    Rachel Vatnsdal asked for details on the tariff assumptions in the guidance, particularly concerning the new EU deal, and inquired about the company's outlook on NIH funding and the academic market.

    Answer

    CFO Max Krakowiak estimated a potential $0.03-$0.05 gross impact from a 15% EU tariff in H2, noting mitigation efforts are underway. CEO Prahlad Singh stated that for the remainder of the year, they assume the academic and government market will remain weak but stable, declining to speculate on the 2026 NIH budget.

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    Rachel Vatnsdal's questions to THERMO FISHER SCIENTIFIC (TMO) leadership

    Rachel Vatnsdal's questions to THERMO FISHER SCIENTIFIC (TMO) leadership • Q2 2025

    Question

    Rachel Vatnsdal requested a breakdown of the 3-6% midterm growth framework across the key end markets of pharma, academic/government, and China. She also asked for an update on the NIH funding outlook based on management's conversations with customers and D.C. consultants.

    Answer

    CEO Marc Casper detailed that the 3-6% growth framework assumes the academic/government market stabilizes from a headwind to flat, pharma/biotech improves based on clinical research momentum, and China flattens out from its current decline. Regarding NIH funding, he expressed a personal belief that the outcome will be 'meaningfully better' than feared, possibly flat, due to strong bipartisan support, but noted customers remain cautious until budgets are finalized.

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    Rachel Vatnsdal's questions to DANAHER CORP /DE/ (DHR) leadership

    Rachel Vatnsdal's questions to DANAHER CORP /DE/ (DHR) leadership • Q2 2025

    Question

    Rachel Vatnsdal asked about the expected timing for a recovery in bioprocessing equipment sales and the long-term opportunity from onshoring. She also inquired about the respiratory testing business, noting it was tracking ahead of its annual guide, and asked if the endemic run-rate would be revisited.

    Answer

    President & CEO Rainer Blair indicated that large equipment project decisions are being delayed by trade uncertainty and that 2025 is expected to be a down year for equipment. EVP & CFO Matt McGrew addressed respiratory, acknowledging it's tracking ahead of the $1.7 billion guide. He stated they are open to revisiting that number in the future but want to see how the full year plays out. He also confirmed the 4-in-1 test mix is about 75-80%.

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    Rachel Vatnsdal's questions to 10x Genomics (TXG) leadership

    Rachel Vatnsdal's questions to 10x Genomics (TXG) leadership • Q1 2025

    Question

    An analyst on behalf of Rachel Vatnsdal asked about the Q1 gross margin performance excluding the litigation settlement, the margin assumption for Q2, and the expected instrument placement mix in the Q2 guidance.

    Answer

    CFO Adam Taich explained that the Q1 gross margin of 64% (ex-settlement) was impacted by higher-than-normal inventory reserves related to a product transition. He stated that for Q2, gross margins are expected to improve modestly on a sequential basis, as similar levels of inventory reserves are not anticipated. He did not provide a specific instrument placement mix for the quarter.

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    Rachel Vatnsdal's questions to 10x Genomics (TXG) leadership • Q4 2024

    Question

    An associate on behalf of Rachel Vatnsdal asked for the outlook on Xenium and Visium instrument placements in 2025 and the expected magnitude of the pricing headwind for Chromium consumables.

    Answer

    CFO Adam Taich stated that the overall spatial business is expected to grow by double digits, with more Xenium unit placements in 2025 than in 2024, accelerating in the second half as the sales team fully ramps. For Chromium consumables, he reiterated expectations for double-digit volume growth offset by a double-digit price decline, resulting in 'modestly down' revenue for the category.

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    Rachel Vatnsdal's questions to ILLUMINA (ILMN) leadership

    Rachel Vatnsdal's questions to ILLUMINA (ILMN) leadership • Q1 2025

    Question

    Martha, on behalf of Rachel Vatnsdal of JPMorgan, asked for specifics on the tariff mitigation actions, inquiring which have been implemented versus planned and how they will affect EPS pacing. She also asked if the guidance assumes a year-end budget flush.

    Answer

    CEO Jacob Thaysen explained that mitigation actions for the estimated $85M tariff impact are underway, including supply chain adjustments and pricing actions that have already been initiated. He noted they expect to offset about half the impact in 2025. The transcript did not contain a direct answer regarding the Q4 budget flush assumption.

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    Rachel Vatnsdal's questions to AKYA leadership

    Rachel Vatnsdal's questions to AKYA leadership • Q4 2023

    Question

    Asked for the base case assumptions for 2024 instrument placements, potential upside and downside drivers, and an update on macro trends for capital equipment in early Q1 2024 and across different geographies.

    Answer

    Executives stated that placing a 'couple hundred' instruments in 2024 is a fair assumption. Potential upside could come from strong reagent growth and new, additive clinical partnerships. They assume the macro headwinds from late 2023 (budget tightening, longer approval cycles) will persist through 2024 and did not single out specific geographic weaknesses beyond China.

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    Rachel Vatnsdal's questions to CTLT leadership

    Rachel Vatnsdal's questions to CTLT leadership • Q4 2023

    Question

    Asked for more detail on the macro assumptions within the PCH guidance and about recent customer conversations, win rates, and any cancellations.

    Answer

    The company clarified that macro headwinds primarily affect the consumer health portion of PCH, while the rest of the segment is driven by its pharma pipeline and recovery from specific FY23 issues. They stated they are actively communicating with customers to provide a balanced perspective on performance and reassure them of Catalent's stability, but did not provide specifics on win rates or cancellations.

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