Subbu Nambiar

Subbu Nambiar asked about competitive dynamics from other players launching solutions, what levers the company can pull to maintain market share, and if competitive pressures are baked into the guidance.

Answer

CEO Serge Saxonov expressed confidence in the company's competitive position in both spatial and single-cell, noting Xenium's rapid growth and the continuous innovation that has extended the gap with competitors. He stated that recent competitive offerings have not materially affected their business and they feel good about their position relative to the landscape.

Subbu Nambiar questioned the competitive dynamics from other players launching solutions, the company's strategies to maintain market share, and whether competitive pressures are factored into the guidance.

Answer

CEO Serge Saxonov expressed strong confidence in 10x Genomics' competitive position in both spatial and single-cell markets. He highlighted Xenium's rapid growth and continuous innovation, which has extended the company's lead over competitors, noting that recent market entries have not materially impacted their business.

Subbu Nambiar from Guggenheim inquired about Bruker's new products in microbiology and diagnostics, specifically asking about the product roadmap and expected revenue growth perspective exiting 2026.

Answer

Frank Laukien, President and CEO, detailed plans for the Wave platform, expecting FDA clearance for the first rapid AST claim in 2026 and clinical trials for additional claims. He also mentioned the rollout of second-generation affordable syndromic panels on Genea systems, starting with regulatory approvals in Europe in late 2026/2027, which will contribute to cumulative growth over time, similar to the strong performance seen in molecular diagnostics in 2025.

Subbu Nambiar from Guggenheim asked if the NovaSeq 6000 pull-through has leveled off or remains a material headwind, and for an outlook on Europe and Asia's growth prospects in 2026 compared to the U.S. market.

Answer

CEO Jacob Thaysen explained that NovaSeq 6K customers are maintaining their traditional assays on the platform, leading to continued pull-through, while new assays are built on the X, which is seeing substantial growth. He expects fewer 6K customers over time. He noted that Europe has performed tremendously well and is expected to continue strong growth in 2026, with the APAC region's mid-market expected to rebound somewhat. CFO Ankur Dhingra added that the 6K transition is substantially complete on the research side and moving into the latter part for clinical, expecting it to be mostly done by the end of 2026 from a volume perspective.

Subbu Nambiar asked about the NovaSeq 6000 pull-through, specifically if it has leveled off or remains a material headwind, and how Europe and Asia's growth prospects compare to the U.S. clinical market for the upcoming year.

Answer

CEO Jacob Thaysen explained that customers are maintaining NovaSeq 6000s for traditional assays while building new ones on NovaSeq X, which sustains the pull-through, though fewer 6K customers are expected over time. CFO Ankur Dhingra added that the 6K transition is substantially complete on the research side and moving into the latter part for clinical, expected to be mostly done by the end of 2026. Jacob noted Europe has performed tremendously well and is expected to continue strong growth, while the APAC mid-market is anticipated to rebound.