Subbu Nambiar

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.