Margin Outlook
Q: Can margins return to previous levels over time?
A: Management expects adjusted operating margins to improve by 100 to 200 basis points this year, ending somewhere in the mid-30s. " They acknowledged a significant headwind from incentive compensation accrual restatements of about 100 basis points. " Over time, they see no reason why margins couldn't get back to their long-term target range of 35% to 40%, consistent with past performance. "

Growth Outlook FY '25
Q: What is the organic growth guidance for fiscal year '25?
A: The company anticipates mid- to high single-digit overall organic growth for fiscal year '25, with an exit rate in the fourth quarter of '25 at low double digits. " Growth is expected to progress gradually based on baseline market expectations, with improvements in biotech funding and Chinese stimulus contributing to growth. "

China Sales
Q: How are China sales expected to trend, given the stimulus?
A: China sales were stable in Q4, with reagents growing double digits while instruments remained down. " Management doesn't project a major pickup in instruments until the first calendar quarter of 2025, when the Chinese stimulus is expected to kick in. " They are confident the stimulus will positively impact instrumentation sales over the coming years. "

Biopharma End Market
Q: How did the biopharma end market perform, and what is expected?
A: Biopharma revenues, excluding China, declined low single digits, consistent globally. " Sequential performance was stable from Q3 to Q4. " Management is encouraged by the stabilization and believes an improving market will lead to growth recovery. "

GMP Reagents Growth
Q: How did GMP reagents perform, and what's the outlook?
A: GMP reagent revenue grew roughly mid-single digit for fiscal year '24. " Management expects growth rates to increase with an improving market. "

Lunaphore Capacity
Q: Is the company addressing Lunaphore's capacity constraints?
A: Teams have worked diligently to increase capacity, and the constraints should be resolved in Q1 fiscal '25. " From then on, they expect to meet demand without limitations and focus on increasing sales. "

Growth Platforms Confidence
Q: Are you still confident in your key growth platforms?
A: Management remains committed to their four growth verticals and believes they have a differentiated market position. " While end market slowdowns have slightly delayed timelines, they are confident in achieving their long-term targets. "

RUO Reagents Growth
Q: Can you accelerate growth in RUO reagents independent of the market?
A: By linking RUO reagents to growth platforms and ensuring they pull through core reagent sales, the company aims to drive growth. " Enhancements in marketplace transactions and website improvements are also expected to boost sales. "

Spatial Portfolio Growth
Q: How sizable is the spatial portfolio, and what's its growth outlook?
A: The spatial biology business has a run rate of $120 million, with expectations of double-digit growth in the coming years. " Management sees strong potential, especially as instruments like COMET pull through reagent sales. "

Academic End Market
Q: What is the outlook for the academic end market?
A: The company predicts low single-digit market growth in academia. " They believe funding mixes will favor their strengths in neurology and immuno-oncology research areas. "

Molecular Diagnostics Growth
Q: Can the strong growth in Molecular Diagnostics continue?
A: Management sees underlying strength in these healthy end markets and believes they are taking market share. " While some momentum may normalize after inventory adjustments, they expect continued growth. "