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    Subbu Nambi • Guggenheim Securities

    Subbu Nambi's questions to Cars.com Inc (CARS) leadership

    Subbu Nambi's questions to Cars.com Inc (CARS) leadership • Q2 2025

    Question

    Subbu Nambi questioned if Caris's strategy for early cancer detection has changed based on recent market events and asked about the market reaction to the GPS AI publication, questioning if it could be a market share inflection driver.

    Answer

    Dr. David Spetzler, President, clarified that the early detection strategy remains focused on breast cancer, where there is a significant unmet need, with an initial self-pay launch plan. Regarding GPS AI, he explained that the tool has been on the market for some time and has already been driving adoption by providing profound clinical value. The recent publication validates its impact, but it is not a sudden inflection point.

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    Subbu Nambi's questions to Grail Inc (GRAL) leadership

    Subbu Nambi's questions to Grail Inc (GRAL) leadership • Q2 2025

    Question

    Subbu Nambi of Guggenheim Securities asked if full clinical utility data is required for PMA submission, sought clarification on the normalization of PPV in the Pathfinder 2 study, and inquired about growth expectations from the new EverlyWell partnership.

    Answer

    CEO Bob Ragusa clarified that the FDA's approval process focuses on clinical validation (benefit-harm profile), not clinical utility, which is more relevant for payers. President Dr. Joshua Ofman explained that the higher PPV in Pathfinder 2 is currently reported within the study's diverse population and will be normalized later. Chief Commercial Officer Andy Partridge expressed optimism that EverlyWell's large customer base will significantly amplify Galleri's reach and drive growth.

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    Subbu Nambi's questions to Grail Inc (GRAL) leadership • Q3 2024

    Question

    Thomas from Roth MKM asked for an update on GRAIL's progress, focusing on the outlook for Galleri reimbursement, the FDA regulatory pathway, and the company's broader commercial strategy, including timelines for FDA submission and potential CMS reimbursement. He also followed up on how GRAIL is managing its commercial spending to align with its cash runway.

    Answer

    Executive Robert Ragusa outlined the regulatory timeline, targeting a PMA submission in the first half of 2026 and potential FDA approval in the first half of 2027. He highlighted the upcoming launch of a new, more automated Galleri assay designed for scalability and cost reduction. Ragusa also noted strong bipartisan support for the MCED bill, which is critical for CMS reimbursement. Regarding spending, he explained that a recent restructuring moderated commercial investment to extend the cash runway into 2028, focusing on making the commercial effort more cost-neutral by concentrating on the most productive channels.

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    Subbu Nambi's questions to Tempus AI Inc (TEM) leadership

    Subbu Nambi's questions to Tempus AI Inc (TEM) leadership • Q2 2025

    Question

    Subbu Nambi of Guggenheim Securities asked about the development and commercialization plans for a recently published AI algorithm for diabetes risk. He also inquired about the long-term strategy for expanding the Insights business into areas beyond cancer.

    Answer

    CEO Eric Lefkofsky explained that while Tempus develops many algorithms, the commercialization of pure AI products is challenged by a lack of reimbursement mechanisms in the U.S. healthcare system. He noted that the pure AI algorithm business will remain small until payment models evolve. Regarding expansion, he confirmed Tempus has large datasets in cardiology and other areas, but nothing compares to the scale of its oncology data, which will remain the primary focus for data and diagnostic products for the foreseeable future.

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    Subbu Nambi's questions to Pacific Biosciences of California Inc (PACB) leadership

    Subbu Nambi's questions to Pacific Biosciences of California Inc (PACB) leadership • Q2 2025

    Question

    Subbu Nambi asked about the assumptions for international growth embedded in the full-year guidance, particularly in light of tariff uncertainty, and whether the strong international performance could represent a pull-forward of demand.

    Answer

    President and CEO Christian Henry responded that the company's guidance incorporates a conservative view on tariffs and international demand. He emphasized that despite the volatile situation, especially concerning China, the forecast is built on a cautious foundation and does not assume a best-case scenario, mitigating the risk of it being based on unsustainable pull-forward.

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    Subbu Nambi's questions to Veracyte Inc (VCYT) leadership

    Subbu Nambi's questions to Veracyte Inc (VCYT) leadership • Q2 2025

    Question

    Subbu Nambi of Guggenheim Securities requested more color on the feedback from MolDX regarding the MRD test submission, urologist interest in a whole-genome based MRD approach, and the significance of integrating Decipher data with the NCI's SEER database.

    Answer

    CEO Marc Stapley characterized the MolDX process as a standard back-and-forth. CSO & CMO Dr. Phillip Febbo highlighted significant physician enthusiasm for the whole-genome MRD approach due to its ability to monitor clonal evolution. He explained the SEER database collaboration enhances research opportunities and raises confidence in Veracyte's diagnostics platform.

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    Subbu Nambi's questions to Veracyte Inc (VCYT) leadership • Q4 2024

    Question

    Subhalaxmi Nambi from Guggenheim Securities inquired about Veracyte's commercial headcount and its product focus, as well as the company's positioning to potentially launch a digital pathology complement to its existing assays.

    Answer

    CEO Marc Stapley highlighted the significant leverage of the current sales force (around 50 heads for Afirma, slightly more for Decipher) and sees no need for major expansion. Regarding digital pathology, he stated that while current data doesn't show its superiority, Veracyte is exceptionally well-positioned with its vast biobank of scanned tissue samples, genomic data, and in-house AI capabilities to pursue it as a future opportunity if warranted.

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    Subbu Nambi's questions to Personalis Inc (PSNL) leadership

    Subbu Nambi's questions to Personalis Inc (PSNL) leadership • Q2 2025

    Question

    Subbu Nambi of Guggenheim Securities inquired about key takeaways from ASCO, the process for determining pricing post-reimbursement, and whether the wait for coverage has led to any erosion in physician interest.

    Answer

    Chief Medical Officer Rich Chen highlighted positive ASCO data for neoadjuvant breast cancer, which he said positions the company to seek expanded reimbursement coverage for that indication upon publication. CEO Christopher Hall explained that pricing is determined after coverage is granted but that financial models are based on existing reimbursement for similar tests as a floor, with potential upside. Hall also stated that the company has not seen any erosion in physician interest, noting that the focus is on expanding the user base and deepening relationships by demonstrating the test's clinical value.

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    Subbu Nambi's questions to Sophia Genetics SA (SOPH) leadership

    Subbu Nambi's questions to Sophia Genetics SA (SOPH) leadership • Q2 2025

    Question

    Subbu Nambi of Guggenheim Securities inquired about the specifics of the milestones for the new AstraZeneca partnership and asked for an update on the competitive landscape and adoption trends for Sophia Genetics' rare disease applications outside the U.S.

    Answer

    Co-Founder and CEO Jurgi Camblong and President Ross Muken explained that the AstraZeneca deal is the largest in the company's history and is a multi-year agreement with milestones based on a series of deliverables over several quarters. Regarding rare diseases, which constitute 20% of the business, they highlighted 20% year-over-year growth, strong demand for exomes and genomes, and competitive win rates exceeding 35%, particularly for their enhanced exome product.

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    Subbu Nambi's questions to Castle Biosciences Inc (CSTL) leadership

    Subbu Nambi's questions to Castle Biosciences Inc (CSTL) leadership • Q2 2025

    Question

    Subbu Nambi from Guggenheim Securities asked if further studies are needed for DecisionDx Melanoma's FDA approval, how resources are prioritized across new initiatives, and about the impact of TissueCypher's growth on overall margins.

    Answer

    CEO Derek Maetzold expressed confidence that existing data is sufficient for an FDA submission for DecisionDx Melanoma. He explained that the new pipeline initiatives are complementary and target existing customer bases. CFO Frank Stokes acknowledged that while TissueCypher's costs have improved, its lower margin profile could be slightly dilutive as its volume grows.

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    Subbu Nambi's questions to Bruker Corp (BRKR) leadership

    Subbu Nambi's questions to Bruker Corp (BRKR) leadership • Q2 2025

    Question

    Subbu Nambi questioned the feasibility of the 2025 guidance, specifically how the company expects to achieve its second-half targets given that major cost savings are delayed until 2026 and FX headwinds are increasing.

    Answer

    Chairman, CEO & President Frank Laukien clarified that approximately $30 million in cost savings are expected to benefit the current fiscal year, though they are being offset by larger headwinds. EVP & CFO Gerald Herman added that the bulk of these 2025 savings will be realized in the fourth quarter, contributing to the expected ramp in profitability.

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    Subbu Nambi's questions to Twist Bioscience Corp (TWST) leadership

    Subbu Nambi's questions to Twist Bioscience Corp (TWST) leadership • Q3 2025

    Question

    Subbu Nambi inquired about the company's prudent guidance approach for the NGS segment, asking how clinical diagnostic launch timelines in 2025 compared to internal expectations and if the guidance methodology would change for fiscal 2026.

    Answer

    CFO Adam Laponis confirmed that Twist Bioscience will maintain its prudent guidance methodology and not get ahead of customer product launches. He noted that Minimal Residual Disease (MRD) revenue is currently a small portion of the NGS business but is growing rapidly and expected to ramp significantly in fiscal 2026 as numerous customers move toward commercialization.

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    Subbu Nambi's questions to Illumina Inc (ILMN) leadership

    Subbu Nambi's questions to Illumina Inc (ILMN) leadership • Q2 2025

    Question

    Subbu Nambi from Guggenheim Securities questioned if Illumina has observed changes in customer behavior due to anticipated competition and asked if the product pipeline addresses competitors' advantages in turnaround time.

    Answer

    CEO Jacob Thaysen responded that Illumina's primary focus is on serving customer needs through early engagement and roadmap sharing, rather than reacting to competitors. He characterized the demand for very fast turnaround times as a niche market, stating that for the majority of applications, an overnight run is sufficient. Thaysen reiterated the company's core strategy is to deliver the highest quality biological insights at the lowest end-to-end cost.

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    Subbu Nambi's questions to Guardant Health Inc (GH) leadership

    Subbu Nambi's questions to Guardant Health Inc (GH) leadership • Q2 2025

    Question

    Subbu Nambi of Guggenheim Securities asked about the potential for the new CRC surveillance reimbursement to increase Reveal's tests-per-patient metric from its current 1.7 level, and also inquired about the status of Reveal's ADLT application.

    Answer

    Chairman & Co-CEO Helmy Eltoukhy confirmed that Reveal is the fastest-growing oncology product and that they are already seeing an increase in subsequent draws following the reimbursement decision. He expressed high expectations for continued growth in tests per patient. Regarding ADLT status, he stated that an application has been submitted and they are awaiting a decision, hopefully within the next quarter.

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    Subbu Nambi's questions to Repligen Corp (RGEN) leadership

    Subbu Nambi's questions to Repligen Corp (RGEN) leadership • Q2 2025

    Question

    Subbu Nambi asked for tangible KPIs that investors can use to track Repligen's progress towards its goal of growing 5% above the market. He also questioned if the company's margin expansion goals could be met even if the revenue doubling target is not achieved.

    Answer

    CEO Olivier Loeillot pointed to the company's order book as a key KPI, noting that orders have exceeded sales for eight consecutive quarters and have grown sequentially for five quarters. He also mentioned the growing sales funnel. CFO Jason Garland added that margin expansion is not solely dependent on volume; levers like the Repligen Performance System (RPS), footprint optimization, and sourcing initiatives also contribute significantly.

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    Subbu Nambi's questions to Neogen Corp (NEOG) leadership

    Subbu Nambi's questions to Neogen Corp (NEOG) leadership • Q4 2025

    Question

    Subbu Nambi of Guggenheim Securities questioned the timing of issuing guidance given the new CEO appointment, sought clarification on the $10 million tariff headwind, asked about growth strategies amid a pressured consumer backdrop, and inquired about key performance indicators for the Petrifilm transition.

    Answer

    CFO & COO David Naemura stated that providing guidance is 'business as usual' and confirmed the $10 million tariff headwind is for fiscal 2026. President and CEO John Adent highlighted regulatory tailwinds from increased USDA testing for Listeria and Salmonella as a key growth driver. Naemura identified reduced CapEx, initiating test production, and certifying Petrifilm SKUs as key transition milestones.

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    Subbu Nambi's questions to GeneDx Holdings Corp (WGS) leadership

    Subbu Nambi's questions to GeneDx Holdings Corp (WGS) leadership • Q2 2025

    Question

    Subbu Nambi from Guggenheim Securities questioned the strategy for targeting the 25,000 relevant pediatricians, the reason for strength in the supposedly deprioritized 'other panels' segment, and progress on onboarding clients from the Epic Aura waiting list.

    Answer

    CEO Katherine Stueland clarified the initial focus is on the 25,000 pediatricians who currently diagnose children with CDID. CFO Kevin Feeley explained that 'other panel' volume is a passive result of activating new accounts for exome/genome testing and is not actively incentivized. Stueland confirmed progress with Epic Aura, with three health systems live and a goal of at least twelve by year-end.

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