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    Tom Stevens

    Vice President and analyst at Cowen and Company

    Tom Stevens is a Vice President and analyst at Cowen and Company, specializing in investment research with a focus on the bioproduction and biotechnology tools sectors. He covers key companies involved in monoclonal antibody bioproduction tools, as illustrated by his collaborative market surveys highlighting sector growth rates and customer demand trends. Stevens began his finance career as a Junior Research Associate at Wolfe Research LLC from 2019 to 2021 before advancing to Cowen, first as an Associate and now as Vice President. He brings a robust background in equity research and financial analysis, complemented by credentials typical of senior sell-side analysts such as FINRA registration and securities licenses.

    Tom Stevens's questions to PACIFIC BIOSCIENCES OF CALIFORNIA (PACB) leadership

    Tom Stevens's questions to PACIFIC BIOSCIENCES OF CALIFORNIA (PACB) leadership • Q2 2025

    Question

    Tom Stevens asked about the long-term strategy for the reusable flow cell, questioning if the focus has shifted to prioritizing gross margin over higher throughput. He also asked how recent progress on unit costs impacts the long-term gross margin outlook.

    Answer

    President and CEO Christian Henry affirmed the company's strategy is to pursue both higher throughput and lower costs to compete with short-read sequencing on price and scale. Regarding margins, he said that while long-term guidance is unchanged, the objective is a dramatic increase driven by innovations like the reusable cell and ongoing cost reductions, with a near-term goal of exiting 2025 with gross margin above 40%.

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