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    Rachel Vatnsdal Olson • JPMorgan Chase & Co.

    Rachel Vatnsdal Olson's questions to Natera Inc (NTRA) leadership

    Rachel Vatnsdal Olson's questions to Natera Inc (NTRA) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson questioned which specific indications drove the most significant sequential growth for Signatera volumes and asked for an update on the company's colorectal cancer screening program and related R&D spending.

    Answer

    CEO Steve Chapman described Signatera's growth as 'pan-cancer,' with strong performance across all key indications like colorectal, breast, and lung, rather than being driven by a single one. Regarding screening, Chapman announced the PRESIDE study has completed enrollment with a readout expected by year-end, and the FDA-enabling FIND study is enrolling its first patient this month. He confirmed that related R&D expenses are factored into the current financial guidance.

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    Rachel Vatnsdal Olson's questions to Natera Inc (NTRA) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson of JPMorgan Chase & Co. inquired about the potential for Signatera's sequential volume growth in 2025 compared to 2024's performance and asked for clarity on the expected trajectory of revenue "true-ups."

    Answer

    CEO Steve Chapman highlighted the accelerating interest and underpenetrated market for Signatera, noting Q1 was tracking to be a record volume quarter. Executive Mike Brophy clarified that guidance assumes growth modestly above the old 8,000-10,000 sequential target, acknowledging quarterly fluctuations are normal. Brophy also explained that true-ups, resulting from better-than-accrued cash collections, are expected to moderate over time as ASPs stabilize and are not included in guidance due to their lumpy nature.

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    Rachel Vatnsdal Olson's questions to Natera Inc (NTRA) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson of JPMorgan Chase & Co. inquired about the outlook for Signatera's sequential volume growth in Q4 and 2025, and asked for a breakdown of the increased SG&A spending and the OpEx growth framework for the upcoming year.

    Answer

    CEO Steve Chapman reiterated the 8,000-10,000 sequential unit growth as a conservative average for Signatera, noting Q3's 11,400 was exceptionally strong and that quarterly figures can be volatile. Executive Mike Brophy added caution for Q4 due to holidays. Chapman detailed that increased investments are going toward clinical trials, innovation, EMR connectivity, and commercial expansion for Signatera. Brophy confirmed the mid-to-high single-digit OpEx growth framework for 2025 remains appropriate, with a priority on reinvesting for growth while remaining cash flow positive.

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    Rachel Vatnsdal Olson's questions to Bruker Corp (BRKR) leadership

    Rachel Vatnsdal Olson's questions to Bruker Corp (BRKR) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson of JPMorgan Chase & Co. asked for expectations on future bookings, whether Q1 represented a bottom for orders, and the projected year-end backlog. She also inquired about China stimulus revenue recognized in Q1 and assumed for the remainder of the year.

    Answer

    CEO Frank Laukien responded that U.S. academic order weakness is expected to be most pronounced in Q2 and Q3, not Q1. However, due to business diversification, he anticipates the year-end backlog will remain strong at 6.5 to 7 months. He stated that China stimulus revenue was minimal in Q1 (under $10 million) and is not expected to be a significant contributor to 2025 results due to funding delays.

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    Rachel Vatnsdal Olson's questions to Bruker Corp (BRKR) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson asked for a detailed breakdown of the M&A contribution assumptions for the first quarter and the full year, and questioned what level of benefit from China's stimulus is included in the 2025 guidance.

    Answer

    CEO Frank Laukien clarified that the M&A benefit will be most significant in Q1 at a mid-to-high single-digit rate, moderate in Q2, and then fall off as acquisitions become organic. Regarding China, CFO Gerald Herman explained that stimulus orders are expected to be spread out, with revenue benefits hitting mostly in the second half of 2025 and into 2026. Laukien added that only modest levels are baked into the guidance to offset other uncertainties.

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    Rachel Vatnsdal Olson's questions to Bruker Corp (BRKR) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson requested a breakdown of the 250 basis point cut to organic growth guidance and asked if the biopharma and China markets had worsened sequentially. She also inquired about order dynamics and the future of reporting book-to-bill metrics.

    Answer

    CEO Frank Laukien attributed the guidance cut to be roughly two-thirds from China weakness and one-third from biopharma. He clarified that Q3 China orders were lower than expected, pushing revenue recognition out of 2024. On order dynamics, he noted that Q3 BSI organic bookings growth was the strongest in five quarters. The book-to-bill ratio was above 0.9, and Bruker plans to report this metric annually going forward.

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

    Rachel Vatnsdal Olson's questions to Tempus AI Inc (TEM) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson asked about the risk to the Data business's Total Contract Value (TCV) given the choppy macro environment, including biotech funding challenges and potential pharma tariffs. She questioned if Tempus has seen any impact, such as the elevated cancellations reported by some CROs.

    Answer

    CFO Jim Rogers acknowledged that the biotech funding environment has had some impact on that smaller segment of their customer base over the last 24 months. However, he stated they have not seen a significant impact on the large pharma side, which constitutes the majority of TCV and consists of committed, multiyear subscriptions. He added that when budgets are cut, Tempus's data can be a benefit, as it helps clients design trials and identify targets more efficiently.

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    Rachel Vatnsdal Olson's questions to Tempus AI Inc (TEM) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson asked for a breakdown of the accelerated core Genomics unit growth, requesting sequential volume numbers and details on which tests drove the increase. She also sought an update on sales force productivity following recent hires and the expected ramp-up into Q4 and next year.

    Answer

    CFO Jim Rogers provided specific volume numbers, stating tests grew from approximately 66,500 in Q2 to nearly 69,000 in Q3 (excluding MRD), with growth coming from core assays xT, xR, and xF. CEO Eric Lefkofsky added that the sales force is becoming more productive monthly, though it can take 6-9 months for reps to fully ramp. He emphasized that the investment is metered and not a major drag on the company's clear path to profitability.

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    Rachel Vatnsdal Olson's questions to Mettler-Toledo International Inc (MTD) leadership

    Rachel Vatnsdal Olson's questions to Mettler-Toledo International Inc (MTD) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson of JPMorgan questioned why customer caution is expected to primarily impact Q2 and which segments would drive improvement later in the year. She also requested a breakdown of the tariff offset drivers and the expected gross margin cadence through year-end.

    Answer

    CFO Shawn Vadala clarified that the company's outlook has changed, and they no longer expect a second-half volume improvement over the first half (excluding prior-year shipping delays). He noted that it was too early to provide a precise breakdown of tariff offsets but reiterated that the full-year pricing assumption is now around 3%, with supply chain benefits materializing more toward year-end.

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    Rachel Vatnsdal Olson's questions to Mettler-Toledo International Inc (MTD) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson of JPMorgan requested a detailed breakdown of the Q1 and full-year 2025 guidance by business segment and geography, including and excluding the prior-year shipping comparison. She also asked about the potential impact of Chinese stimulus.

    Answer

    CFO Shawn Vadala provided a comprehensive breakdown of Q1 and full-year 2025 growth guidance for each segment and geography, giving both reported and adjusted (ex-shipping delay) figures. CEO Patrick Kaltenbach added that the company has not factored new stimulus into its 2025 guidance and would benefit more from a broad-based fiscal stimulus rather than targeted research funding, which had minimal impact previously.

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    Rachel Vatnsdal Olson's questions to Mettler-Toledo International Inc (MTD) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson asked for more detail on near-term trends in China, including the drivers of its return to growth, and for a breakdown of the Q4 guidance by segment and geography.

    Answer

    CFO Shawn Vadala detailed that China's Q3 growth was driven by the Lab business on an easier comparison. For Q4, China is forecast to grow mid-single-digits (low-single-digits ex-shipping benefit). CEO Patrick Kaltenbach added that recovery is strongest in pharma and specialty chemicals, while industrial automation remains weak due to overcapacity. Shawn Vadala then provided a full breakdown of Q4 growth assumptions for all segments and geographies, both on a reported and adjusted basis.

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

    Rachel Vatnsdal Olson's questions to Guardant Health Inc (GH) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson questioned the cadence of Shield's volume growth, noting that a linear extrapolation of Q1's sequential increase would only reach the low end of the annual guidance. She pressed for details on the expected volume step-up in Q2 and beyond.

    Answer

    Co-CEO AmirAli Talasaz reiterated that Shield's growth is expected to be back-half loaded. He explained that the ramp-up is tied to sales force productivity, as new reps take 12-18 months to become fully productive. He implied a gradual ramp rather than a dramatic step-up in Q2, as the sales force is still in its early expansion phase.

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    Rachel Vatnsdal Olson's questions to Guardant Health Inc (GH) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson asked for a detailed breakdown of the ASP assumptions for Guardant360 in the 2025 guidance and inquired about the potential levers for further ASP growth during the year.

    Answer

    CFO Mike Bell confirmed that the 2025 guidance is based on maintaining the $3,000 ASP achieved in the second half of 2024. He identified the primary lever for future growth as expanding coverage with commercial payers for more indications and cancer types, noting that significant success in this area would represent an upside to the current guidance.

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    Rachel Vatnsdal Olson's questions to Repligen Corp (RGEN) leadership

    Rachel Vatnsdal Olson's questions to Repligen Corp (RGEN) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson inquired about the 40% growth in CDMO orders, asking if potential tariffs drove any pull-forward. She also sought details on the key products behind the growth, the status of ATF adoption among CDMOs, and the specific offsets for the low single-digit revenue exposure to tariffs.

    Answer

    Executive Olivier Loeillot confirmed no tariff-related order pull-forwards occurred, stating the strong CDMO order growth was broad-based across products, including OPUS and ATF consumables. Executive Jason Garland added that any tariff-related sales increase would be less than 1%, with a minimal EPS impact, and noted the main exposure would be from potential retaliatory tariffs in Europe.

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    Rachel Vatnsdal Olson's questions to Repligen Corp (RGEN) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson from JPMorgan Chase & Co. asked for details on the ATF (Alternating Tangential Flow) business, including its 2024 revenue contribution and the expected timing and guidance impact of being specified into blockbuster drugs.

    Answer

    President and CEO Olivier Loeillot stated that the Filtration franchise, which includes ATF, generated approximately $373 million in 2024. While not providing a specific ATF revenue figure, he noted it's the largest part of the franchise. He explained that after a blockbuster drug win, orders arrive within a quarter, hardware is delivered in 6-12 months, and consumable sales follow after about a year. He also revealed that for the first time in 2024, ATF consumable sales surpassed hardware sales.

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    Rachel Vatnsdal Olson's questions to Repligen Corp (RGEN) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson requested clarification on sequential order growth, the book-to-bill ratio for the quarter, and how the margin-accretive COVID restatement affects the 2025 margin expansion outlook.

    Answer

    President and CEO Olivier Loeillot confirmed that Q3 orders grew 2% sequentially and that orders paced 4% ahead of sales, resulting in a book-to-bill above one. CFO Jason Garland stated that despite a higher step-off point due to the restatement, the company still expects to achieve its long-term goal of 100-200 basis points of annual gross margin expansion.

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    Rachel Vatnsdal Olson's questions to Avantor Inc (AVTR) leadership

    Rachel Vatnsdal Olson's questions to Avantor Inc (AVTR) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson inquired about the Lab Solutions segment, seeking a breakdown of equipment versus consumable declines in the weak academic and government end market. She also asked about the company's ability to realize price in the current environment and requested clarification on whether the 2% COGS exposure to China tariffs is absorbed in the guidance.

    Answer

    CEO Michael Stubblefield explained that caution around NIH funding led to pullbacks in both equipment purchases and general lab activity affecting consumables, and these trends are assumed to persist in the new guidance. On pricing, he stated it is largely playing out as expected, though new business is being won at modestly lower margins. CFO R. Jones clarified that the 2% COGS tariff exposure is the total potential risk and is not explicitly included in the guidance; the company will use mitigation strategies to offset any impact.

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    Rachel Vatnsdal Olson's questions to Avantor Inc (AVTR) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson questioned whether the company's guidance includes any prudence for risks related to the new administration and potential policy changes, such as NIH budget freezes, and if any changes in customer behavior have been observed.

    Answer

    CEO Michael Stubblefield responded that while it's early, he anticipates a more business-friendly environment. He noted the company has modest direct exposure to NIH funding and expressed confidence that good science will continue to be funded, stating no significant changes in customer behavior have been seen that would alter their outlook.

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    Rachel Vatnsdal Olson's questions to Avantor Inc (AVTR) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson inquired about the pricing outlook for Laboratory Solutions in 2025 and whether it could provide a growth floor amid budget pressures. She also asked for a breakdown of the Bioscience Production segment's exposure to biomaterials versus advanced technologies.

    Answer

    President and CEO Michael Stubblefield expressed confidence in the 2025 pricing strategy, expecting it to offset COGS inflation similar to 2024. He broke down the Bioscience Production segment as approximately two-thirds bioprocessing, with the remainder split between the NuSil biomaterials platform and other applications, including semiconductors, where the recent weakness was concentrated.

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    Rachel Vatnsdal Olson's questions to Thermo Fisher Scientific Inc (TMO) leadership

    Rachel Vatnsdal Olson's questions to Thermo Fisher Scientific Inc (TMO) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson requested a breakdown of the $500 million guidance reduction from policy changes between the academic/government market and the CRO business. She also asked about updated pricing assumptions and the ability to mitigate tariff costs.

    Answer

    CEO Marc Casper clarified that the $500 million impact was split between a $200 million reduction from canceled or paused vaccine-related clinical trials and the balance from expected softness in the U.S. academic and government market. CFO Stephen Williamson added that pricing assumptions for the year have been appropriately raised from over 1% to nearly 2% to offset the inflationary impact of tariffs.

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    Rachel Vatnsdal Olson's questions to Thermo Fisher Scientific Inc (TMO) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson asked about the potential impact of NIH funding changes on customer behavior, the company's expectations for NIH funding, the drivers of the strong Q4 performance in Analytical Instruments, and the assumed contribution from China stimulus in 2025.

    Answer

    Marc Casper, Chairman, President and CEO, stated it was too early for policy impacts but noted academic and government growth is guided around the company average. He attributed the strength in Analytical Instruments to a "steady drumbeat of innovation" driving share gains, not just budget flush, and confirmed that China stimulus revenue began to flow in Q4 with stronger orders expected to ship in 2025.

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    Rachel Vatnsdal Olson's questions to Danaher Corp (DHR) leadership

    Rachel Vatnsdal Olson's questions to Danaher Corp (DHR) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson asked about the lowered Life Sciences guidance, particularly the weakness in U.S. academic and government markets, and requested more detail on bioprocessing order growth.

    Answer

    President and CEO Rainer Blair attributed the lower Life Sciences outlook to softening in the U.S. academic and government market, which he emphasized is a small part of Danaher's total revenue. EVP and CFO Matt McGrew confirmed the academic market was down mid-single digits in Q1. Regarding bioprocessing, he stated the book-to-bill ratio was 'solidly over 1' and sequential order growth was strong.

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    Rachel Vatnsdal Olson's questions to Danaher Corp (DHR) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson asked about the impact of recent U.S. export controls on flow cytometry and mass spec, and the broader risk to the Life Sciences sector. She also had a multipart question on bioprocessing, asking about the pace of recovery, comps, and expected seasonality in 2025.

    Answer

    President and CEO Rainer Blair stated the recent export controls are not meaningful for Danaher due to its portfolio positioning and that such licenses are not new to the category. On bioprocessing, he reiterated the recovery is underway and the guide assumes 6-7% quarterly core growth. EVP and CFO Matt McGrew outlined the typical seasonality: Q1 is the lightest, followed by a step-up in Q2, a dip in Q3, and a strong Q4.

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    Rachel Vatnsdal Olson's questions to Agilent Technologies Inc (A) leadership

    Rachel Vatnsdal Olson's questions to Agilent Technologies Inc (A) leadership • Q1 2025

    Question

    Rachel Vatnsdal Olson inquired about the level of prudence in Agilent's guidance, asking for quantification of the headline risk from U.S. federal funding embedded in the Q2 and full-year outlook. She also asked about the specific impact of foreign exchange (FX) on EPS and margins.

    Answer

    CEO Padraig McDonnell characterized the guide as prudent amid macro changes but noted increased customer activity in pharma. CFO Bob McMahon quantified the wider Q2 revenue range ($40M) as a buffer for potential downside, noting NIH exposure is only ~1%. For FX, McMahon stated the full-year incremental headwind is $110M in revenue, translating to a $0.09 EPS impact, while the Q2 headwind is about $30-32M in revenue and $0.02-$0.03 in EPS.

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    Rachel Vatnsdal Olson's questions to Agilent Technologies Inc (A) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson questioned the potential risk from tariffs on Agilent's business in China and globally, and asked for a breakdown of trends within the Chemical and Advanced Materials (CAM) segment, particularly semiconductors.

    Answer

    CFO Robert McMahon addressed the tariff question, stating that Agilent has been diversifying its supply chain since 2018 and considers the potential future impact manageable, noting that two-thirds of its U.S. business is sourced from the U.S. On CAM, CEO Padraig McDonnell said the 1% growth was driven by a 4% increase in advanced materials, including battery and semiconductor markets. McMahon then provided the FY25 outlook, projecting low-to-mid-single-digit growth for the CAM segment.

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    Rachel Vatnsdal Olson's questions to Agilent Technologies Inc (A) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson asked for details on the NASD business, including the expected magnitude of the Q4 revenue step-up and how recent clinical data readouts might influence long-term assumptions. She also inquired about the Q4 guidance's implied exit rate for 2025 and how it compares to current consensus estimates.

    Answer

    CEO Padraig McDonnell, DGG President Simon May, and CFO Bob McMahon addressed the questions. Mr. McMahon confirmed a planned sequential revenue step-up of approximately $20 million for NASD in Q4, based on orders in-house. Mr. May noted that while the HELIOS-B readout was positive, its financial impact is long-term. Regarding the 2025 outlook, Mr. McMahon stated it was too early for specific guidance but expects the steady market improvement seen in Q3 and Q4 to continue into the next fiscal year, leading to a return to growth.

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    Rachel Vatnsdal Olson's questions to Adaptive Biotechnologies Corp (ADPT) leadership

    Rachel Vatnsdal Olson's questions to Adaptive Biotechnologies Corp (ADPT) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson of JPMorgan inquired about the expected contribution from the new NeoGenomics partnership within the 2025 guidance and the assumed cadence of MRD volume growth throughout the year.

    Answer

    Executive Sharon Benzeno explained that the NeoGenomics partnership will ramp slowly, with a pilot in the second half of the year, and therefore no material volume is included in the 2025 guidance; significant impact is expected in 2026 and 2027. CFO Kyle Piskel added that the guidance assumes linear volume growth, with potential upside in the second half from Epic and Flatiron integrations.

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    Rachel Vatnsdal Olson's questions to Illumina Inc (ILMN) leadership

    Rachel Vatnsdal Olson's questions to Illumina Inc (ILMN) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson asked what growth assumption for China was initially included in the 2025 guidance before the recent announcement. She also requested a breakdown of the Q1 forecast, particularly the outlook for consumables growth.

    Answer

    CEO Jacob Thaysen and CFO Ankur Dhingra both confirmed that the initial 2025 guidance assumed approximately flat growth for the China business, as they were not anticipating a meaningful growth contribution from the region in the near term.

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    Rachel Vatnsdal Olson's questions to Twist Bioscience Corp (TWST) leadership

    Rachel Vatnsdal Olson's questions to Twist Bioscience Corp (TWST) leadership • Q4 2024

    Question

    Rachel Vatnsdal Olson asked for a quantification of the Express Genes contribution in the quarter, an update on its pricing premium, and its expected contribution to the fiscal 2025 financial targets.

    Answer

    CEO Dr. Emily Leproust addressed the question by broadening the scope to the entire 'Express portfolio,' which now includes fragments, preps, and proteins. She highlighted that the portfolio is driving revenue growth, attracting new customers, and converting 'makers' into 'buyers.' Critically, she noted its positive impact on margins has brought the SynBio gross margin to a level comparable with NGS. While not providing specific figures, she emphasized the portfolio's importance in achieving the company's goal of adjusted EBITDA breakeven.

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    Rachel Vatnsdal Olson's questions to Myriad Genetics Inc (MYGN) leadership

    Rachel Vatnsdal Olson's questions to Myriad Genetics Inc (MYGN) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson of JPMorgan Chase & Co. asked for the rationale behind the change in the GeneSight total addressable market (TAM) from $5 billion to $2 billion, and for an update on market share opportunities in Women's Health given recent competitive disruptions.

    Answer

    President and CEO Paul Diaz deferred a detailed breakdown of the TAM calculation but emphasized the significant, growing need for pharmacogenomic testing to improve medication administration. Regarding Women's Health, an executive highlighted that market disruption continues to create opportunities to win new accounts and steal share, aided by product improvements and EMR integrations that enhance ease of use.

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    Rachel Vatnsdal Olson's questions to 10X Genomics Inc (TXG) leadership

    Rachel Vatnsdal Olson's questions to 10X Genomics Inc (TXG) leadership • Q3 2024

    Question

    Rachel Vatnsdal Olson requested specific placement numbers for Xenium and Visium instruments in Q3, suggesting a figure around 30 for Xenium. She also sought clarification on the Q4 guidance, which assumes spatial results similar to Q3, and asked if instrument placements are expected to grow sequentially.

    Answer

    CFO Adam Taich confirmed that the estimate of around 30 Xenium placements for Q3 was "about right." For Q4, he reiterated that the guidance does not assume a typical seasonal bump in CapEx sales. Therefore, the company anticipates a similar number of placements in Q4 as in Q3. However, he noted that consumables are expected to see continued nice growth due to strong utilization trends.

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