Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
Mike Ryskin
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 138on tracked calls
- Challenge rate
- 12%17 of 138 questions
- Companies
- 15questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 138 of 138 questions from 15 companies
AAgilent Technologies14 questions · 8 reporting periods · 1 of 14 challenging
Calendar 2026 Q3
Maybe I will start on China. You kind of called out the strength there, and you bumped the guide on that.
Show response
Padraig unpacked China +9% via double-digit pharma/biotech, GLP-1 and peptide testing, food mid-teens, and competitive wins including two CXOs.
Calendar 2026 Q2
I think you called out a 9 decline in the quarter. Maybe first half is in line, but anything specific to call out
Show response
Management framed China at stable ~$300M/quarter run rate with H1 flattish in line with full-year guide. Biotech bright spot growing high teens. Stimulus orders expected at start of next fiscal year.
you kind of talking about US academic. Stabilizing, if I understood correctly, as 1 of the areas of upside
Show response
Americas A&G roughly flat with instruments comp easing. Europe recovering in Germany, UK, Spain with Ukraine war impact now budgeted. US A&G at 3-4% of sales with uncertainty around multi-year grants.
Calendar 2026 Q1
My read of it is it sounds like you've had a slightly slower start to the year than you anticipated in select markets like cell analysis, like AMG specifically.
Show response
Adam emphasized key markets (pharma, CAM, DX) all performed well with only small pockets of difference in smaller markets. Storm hit biggest shipping days. Padraig added NIH is 1% of revenue. End market guide maintained. Direct framing.
Calendar 2025 Q4
Is this something new that's developed recently? Or is this just sort of the same global tax codes we've been talking about for a while?
Show response
Adam attributed to Pillar Two, OECD BEPS, and other jurisdictional changes. No information suggesting meaningful change going forward. More than offsetting the tax burden through above-the-line operating performance via Ignite. Direct.
Could you just talk about what the deal funnel looks like now, appetite for deploying cash next year
Show response
Padraig described shorter, very high-quality target list focused on growth opportunities with right to win. Adam emphasized discipline on price and upfront integration planning. Ignite and BioVectra experience provide confidence. Capital allocation priorities unchanged.
Calendar 2025 Q3
Could you remind us what the tariff hit is on the margin line for all of fiscal year 'twenty five?
Show response
Rodney quantified $35M Q3 (vs $25M expected), $35M expected Q4, $70M H2 total. Most mitigation actions implemented by end of Q4, ramping through FY2026. Direct with specific numbers.
Could you just talk a little bit more about, you know, where you saw it geographically? Sort of what gives you confidence that there was no pull forward
Show response
Padraig attributed to supply chain regionalization, greenfield investments in chemicals and advanced materials, and replacement momentum extending from LC to GC platforms. Direct and comprehensive.
Calendar 2025 Q2
are we going to expect like a nice gross margin jump in '26 because those offsets and that mitigation kicks in for next year?
Show response
Bob confirmed FY2026 gross margin tailwinds from tariff elimination, volume, and enhanced pricing capabilities. Direct while noting tariff uncertainty.
the implied OpEx step up in 3Q and 4Q especially, it seems like it's coming off from the SG&A side. Could you just talk through how much of that is
Show response
Bob detailed H2 margin drivers: volume leverage, seasonal spending patterns, $40M Ignite savings in H2 offsetting tariffs. Clear walkthrough.
Calendar 2025 Q1
Is that just another area where you have overlap where it's concentrated in a handful of different parts of the portfolio?
Show response
Padraig confirmed cell analysis has disproportionate academia exposure vs rest of portfolio. Hesitancy began pre-election, now becoming real. Direct.
is this things you started seeing back in November, December? I'm just trying to think of the timing of what was happening in the quarter
Show response
Bob explained globally consistent softness, slight January deterioration, and disproportionate China impact from Lunar New Year timing. Clear and analytical.
Calendar 2024 Q4
how China's stimulus could play out next year? And I'm asking this from a perspective of, you know, gradual ramp as you go through the year. Is it gonna be a trickle?
Show response
Padraig detailed stimulus order flow and competitive positioning. Bob framed China as Q4 run-rate times 4 for low single-digit growth baseline.
How much of that can you attribute to Ignite and sort of, you know, maybe some of the transformation or one-time cost savings, how much is just the underlying strength of the business
Show response
Bob acknowledged multiple drivers including price, Ignite efficiencies, and annualized savings but deferred detail to Investor Day. Partial, held back specifics.
DHRDanaher Corporation14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
You're not catching it back in 3Q, 4Q. Is this a multi-quarter rebase?
Show response
Matt quantified the shift (~$100M+ out of Q2/Q3 into 2027), noted it isn't in the Q4 plan; direct.
is there anything that's changed with visibility in the business?
Show response
Ryskin flagged the swing as a surprise vs stabilization; Rainer pushed back with order data and inventory-visibility processes; direct.
Calendar 2026 Q1
Can you just talk to what's driving that across the segments?
Show response
Blair detailed 3 proof points playing out as expected: China diagnostic headwinds on track, bioprocessing consumables strength, and Life Sciences pockets of improvement. Gugino quantified ~300bp headwind from respiratory/China/comps that fades by Q4.
Should that inform how we think about equipment growth next year?
Show response
Blair confirmed equipment guide assumes flat YoY (vs down double digits last year). Order growth underwrites the guide and supports out-year acceleration, though lumpiness from customer readiness remains a factor.
Calendar 2025 Q4
how much conservatism is embedded in that, or maybe what are the levers or what are the drivers you could see getting you closer to that six
Show response
Rainer identified two primary upside levers: Life Sciences end market improvement (academic/government stabilization + biotech funding flowing to orders) and bioprocessing exceeding high-single-digits.
what the orders look like exiting the year and how that supports next year's outlook
Show response
Book-to-bill around one on consumables supports the guide. Equipment orders increased sequentially for three consecutive quarters. Revenue grew in Q4 but one quarter is not yet a trend.
Calendar 2025 Q3
there's concern of another wave down the road, maybe oncology and thyroid was called out by another player
Show response
Matt estimated $75-100M of remaining China VBP headwind for 2026, modest at Danaher level. Company is getting to the other side of the wave that started in Q4 2024.
what the world looks like for a 3% versus a 6%, where do you need to see more improvement relative to this year
Show response
Rainer walked through each segment: bioprocessing high-single-digit, equipment assumed flat, Life Sciences no meaningful improvement, Diagnostics growth accelerates past China headwinds, respiratory $1.7B.
Calendar 2025 Q2
what regions geographically and also what customer segments, whether it's pharma, or some of the more industrial or applied
Show response
Trade uncertainty primarily affects pharma capacity decisions on where to build. Clinical and applied markets less impacted. Planning assumption is overhang clears within six to twelve months.
what the book to bill was, whether you saw orders accelerate from the first quarter
Show response
Rainer detailed performance consistent with Q1: consumables low double-digit growth, equipment still below historical trends. Overall first-half orders fully supportive of high-single-digit H2 growth.
Calendar 2025 Q1
between those various levers, you talked about supply chain, the pricing surcharges, the manufacturing footprint
Show response
Rainer outlined multiple levers: regionalized manufacturing, surcharges, supply chain management, cost actions. Matt added everything would be on table if situation worsens, more aggressive surcharges and footprint changes.
what you've seen over the last three months that gives you a little bit more confidence in bioprocess
Show response
Rainer detailed strong orders and revenue performance, raised to high-single-digit core growth for 2025. Consumables led with low double-digit growth. No meaningful demand change from tariffs yet.
Calendar 2024 Q4
Is the delta there really just the instrumentation part of it?
Show response
Rainer confirmed consumables essentially back to normal with large customers driving growth; smaller customers and equipment not yet fully recovered. Very strong Q4 orders support confidence.
what changed in the VBP? Sound like it changed a little bit in the fourth quarter
Show response
Matt explained VBP accelerated to $200M over two years instead of three. On respiratory, defended $1.7B as endemic rate, last two years were above-trend due to double-dip seasonal pattern.
IDXXIdexx Laboratories14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
if you could talk about the bandwidth and the capacity to launch 2 platforms, to ramp 2 platforms
Show response
Mike expressed comfort launching multiple platforms and Andrew cited existing multi-analyzer execution (Catalyst, hematology, SediVue, inVue), but gave no specific Multi-Q update.
Is this just sort of normal lumpiness that we should expect in the business
Show response
Andrew attributed placement variability to customer timing, reiterated the 5,500 full-year goal (2,700 YTD, ~50%), and noted Q4 is seasonally a stronger capital quarter.
Calendar 2026 Q1
just that placement number, 1,099. You reiterated the 5,500 for the year, but we would have expected you to do a little bit more in the first quarter
Show response
Jay directly addressed concern, citing Q4 strength carryover and quarter-to-quarter variability in customer mix. Reaffirmed 5,500 target with confidence.
modestly [indiscernible] the industry outlook -- just would be great to drive into that a little bit more. Is that U.S. or OUS?
Show response
Andrew provided detailed breakdown, Q1 visits minus 1% vs initial guide of minus 2%, trailing 12-month average now aligning with full year minus 1.5% estimate. Green shoots from aging pets.
Calendar 2025 Q4
Any way you could quantify what CancerDx was or what sort of total innovation contribution in '25 was
Show response
Jay emphasized indirect multiplier impact of innovation through IDEXX 360 programs. Andrew declined to break out Cancer Dx specifically but noted standalone pricing ~$60 and ~$15 in panels, calling direct contribution modest. Cited $1.1 billion long-term Cancer Dx TAM. Jay compared to Catalyst One, after 10+ years of menu innovation, EVI is 2.5x the original.
Are you having more conversation with vets on that? Is there any pushback
Show response
Jay noted pricing not a flashpoint with customers. IDEXX has remained close to CPI over the past 4+ years. Shift toward volume-driven growth profile described as healthy normalization as inflation subsides to under 3%.
Calendar 2025 Q3
whether you're seeing sort of the ability to leverage that for the rest of the business, the uplift you're seeing in consumables that will add consumables in the Reference Lab
Show response
Andrew noted non-wellness visits nearly flat while wellness declined 2.5%, with aging pets benefiting diagnostic frequency. Jay explained InVue placements drive indirect benefits through IDEXX 360 programs, pulling reference lab and rapid assay volume. About 2/3 of InVue placements in North America.
Could you expand on that a little bit, between incremental R&D on future platforms and maybe to continue to work on Multi-Q Dx
Show response
Jay outlined three investment buckets: commercial expansion (short-return, 3-4 quarter payback), R&D (multi-year: biomarkers, InVue, Multi-Q Dx), and software (cloud PIMS, Vello). Andrew noted Q3 opex grew 12% YoY, balancing margin expansion with reinvestment.
Calendar 2025 Q2
Of the remaining $20 million, $10 million is inVue placements because you're saying $60 million instead of $50 million
Show response
Andrew confirmed $70M FX + $20M operational. The $20M reflects Q2 outperformance momentum, innovation ramp, and investment in commercial expansion in three countries plus modest US expansion.
when you place the instrument in the vet clinic, is there an initial bolus of consumables that goes with that
Show response
Jay explained paper-run auto-replenishment system. Customers buy a couple of sleeves to start, then auto-ship kicks in. Onboarding and training help customers develop muscle memory quickly.
Calendar 2025 Q1
you saw pretty meaningful swings between wellness and non-wellness. It looks like non-wellness deteriorated, wellness kind of snapped back
Show response
Jay noted wellness snapback partly from vector-borne disease screening season. Andrew added diagnostic frequency and utilization increased for visits that do occur, showing quality resilience.
you did 302 in the quarter, but then you talked about, I think, 900 cumulative through the end of April
Show response
Jay confirmed strong utilization trends in line with expectations. Customers respond to slide-free operation and consistent results. Moved from gated to full volume in April.
Calendar 2024 Q4
you guys are assuming a little bit more share buyback. I think you said 2% to 3% reduction in shares
Show response
Andrew cited strong free cash flow generation, healthy balance sheet at 0.7x gross leverage, and confidence in innovation-driven growth as rationale for higher buyback.
just the dispersion here between wellness and non-wellness, is what really struck me
Show response
Jay acknowledged marginal macro impact on wellness visits but pivoted to positive diagnostic intensity trends. Did not directly address the dispersion widening Michael highlighted.
TMOThermo Fisher Scientific14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
I think we were expecting 4Q to be a little bit higher previously because of the days tailwind.
Show response
Jim said quarterly phasing is not meaningfully changed versus the original assumption.
It seems like it was a pretty broad-based beat in the quarter, across segments, across end markets.
Show response
Marc attributed the beat to broad end-market strengthening, especially pharma and biotech at about 60% of revenue.
Calendar 2026 Q1
what would you say to sort of [indiscernible] some of those fears about the ramp needed to hit the full year guide
Show response
Marc explained the ramp is driven by comparable days and pharma services phasing, not market improvement. Jim detailed specific Q1-Q2 and H1-H2 bridge factors.
is there just any moving pieces in terms of what came out worse than expected to offset some of the strength in pharma and biotech?
Show response
Marc confirmed end markets tracked expectations with no material surprises. Noted weaker respiratory season was immaterial in scale.
Calendar 2025 Q4
Just wanna make sure that entire framework is still intact, especially how we think about, next year about 2027
Show response
Williamson confirmed the prior midterm framework is consistent with current assumptions, and Casper added that irrespective of market conditions the focus is delivering 6-8% EPS growth.
can you talk a little bit more about what's underpinning that
Show response
Casper said guidance assumes similar market conditions to 2025, noting the ~1 point pandemic runoff headwind won't repeat, putting underlying 2025 growth at roughly 3% already.
Calendar 2025 Q3
Is there any risk from government shutdown starting to hurt some of that? Potential recovery in A and G
Show response
Casper said customers feel better about stable funding, with consensus building around flat budgets, though the government shutdown adds short-term hesitancy.
Just wondering if anything has changed in your conversations with your major customers. Over the last couple of weeks and months
Show response
Casper noted pharma customers have quiet confidence in navigating policies, with TMO actively engaged in reshoring discussions and leveraging its sterile fill-finish network.
Calendar 2025 Q2
Can you talk about the levers you have there? How much of it is PPI versus some of the synergies from the business you brought on
Show response
Williamson attributed margin expansion to PPI tools including AI capabilities, noting underlying Q2 delivered 100bps expansion and 6% organic earnings growth.
Could you sort of break that 7% plus down a little bit, give us a little more clarity on that
Show response
Casper explained 7%+ assumes 4% market growth plus 2-3 points of share gain, with near-term 3-6% driven by academic recovery and clinical research acceleration.
Calendar 2025 Q1
any thoughts on what your view is of the underlying tools market growth rate that, you know, four to six percent, is that still viable
Show response
Casper expressed optimism about long-term industry health driven by aging demographics and scientific breakthroughs, noting NIH impact is a few points of revenue.
upside downside sort of the world looks like for the lower end versus what the world looks like for the higher end
Show response
Casper outlined upside from US-China policy changes and FDA modernization, downside from further tariff escalation or macro dampening.
Calendar 2024 Q4
how much conservatism you built into the guide, just what are your assumptions on some of these factors
Show response
Casper explained management's philosophy of managing through policy changes and noted excitement about a more business-friendly US environment.
Sort of what's the contribution from return to volume growth or maybe mix shift? Just any color on that 90 basis points
Show response
Williamson attributed margin expansion to strong volume pull-through on cost actions taken during the pandemic wind-down, plus PPI-driven productivity.
ZTSZoetis12 questions · 7 reporting periods · 5 of 12 challenging
Calendar 2026 Q2
aggressive job cut announcements. You've talked about cost controls. Just wondering how much that's already rolled in
Show response
Wetteny pointed to cost actions already showing (SG&A down 4%, lower manufacturing costs); Kristin declined to time the competitive recovery, saying it could be 6, 12, or 18 months.
Calendar 2026 Q1
what can you specifically do more in the near term to turn the ship around
Show response
Kristin outlined execution levers including integrated vet solutions, DTC investment and loyalty programs but acknowledged the near-term gap before pipeline products arrive in 2027-2028.
That seems like a pretty aggressive ramp. You've got easier comps in the second half
Show response
Wetteny explained initial guidance already anticipated H1/H2 dynamics, distributor patterns have normalized, and easier comps plus ongoing actions support the full year range.
Calendar 2025 Q4
I want to ask sort of explicitly on competition for 2026 and what you are factoring in. Just maybe you could, at a high level, frame the level of conservatism you have put in on some of the key bra...
Show response
Wetteny confirmed various competition scenarios factored into guidance including another US JAK launch and IL-31 competitor. Price returning to normal 2-3% range from ~4% in 2025. At low end of 3-5% guide, less volume; at high end, more balanced.
Calendar 2025 Q3
it really is a pretty striking change in the companion outlook in the U.S. and globally, sort of what we've seen over the last couple of years versus 3Q
Show response
Wetteny explained therapeutic visits (derm, OA pain) turned negative this year vs being up in prior years, unlike wellness visits which were already declining. Alternative channels grew ~21%. Distributor inventory dipped intra-quarter but recovered, still at historically low levels since 2023.
Can you just sort of thought on that as you look to the fourth quarter and again into next year
Show response
Wetteny confirmed distributor inventory recovered within Q3 after intra-quarter dip but remained below historical low end of range, where it has been operating since early 2023.
Calendar 2025 Q2
When do you think Librela can return to growth, if you think it can start growing again year-over-year later this year or if this is more of a 2026 benefit?
Show response
Kristin cited third-party studies reading out starting Q4 2025, medical education with European KOL tours, and DTC engagement. Did not directly commit to a timeline for return to growth.
I'm just wondering if you've had any change in your go-to-market strategy in terms of how you approach things as you've seen more and more entrants in both of those markets. Are competitors being m...
Show response
Wetteny confirmed no change in go-to-market strategy, emphasized disciplined promotional approach driving long-term patient share. Trio grew 20% in Q2, no patient share loss since direct competition launched. Key Derm grew 11% with large untreated/undertreated population still available.
Calendar 2025 Q1
is your assumption for fiscal year ’25 Librela any different than it was before? Do you think you’ll be able to offset some of these as you go through the year?
Show response
Wetteny reiterated double-digit franchise-level guidance without product-specific detail. Highlighted 86% clinic penetration, 27M medicalized OA dogs, only 1M on Librela.
where are you seeing the most competitive pressure? How is it taking shape? Is it more in terms of price? Anything you are seeing in terms of pre-stocking, pre-selling?
Show response
Kristin emphasized first-mover advantage, 40% puppy share, and 19% Trio growth despite competition. Combined franchises expected to grow double-digits for full year.
Calendar 2024 Q4
are you taking on any incremental investments to support your major brands, derm, combo parasiticides, in terms of go-to-market strategy
Show response
Wetteny confirmed brand investment plans including DTC and vet education, noting strong returns on these investments, factored into guidance.
explicitly, could you sort of walk us through what you're factoring into the guide? Whether it's in terms of color for growth for those products?
Show response
Wetteny acknowledged factoring competition scenarios but did not quantify specific impact assumptions or product-level growth expectations.
WSTWest Pharmaceutical Services11 questions · 7 reporting periods · 1 of 11 challenging
Calendar 2026 Q2
Any additional color you could provide on sort of what's drawing that?
Show response
Eric attributed strength to biologics/biosimilars, Annex 1 upgrades and operational excellence; Bob added the Annex 1 runway is still early innings.
Calendar 2026 Q1
did you notice anything unusual in terms of ordering patterns, or acceptance from customers
Show response
Bob confirmed no pull-forward from the Middle East conflict after extensive analysis. Greater-than-expected SmartDose revenue was related to transaction timing, not geopolitical dynamics.
I was wondering if you could talk through that, like whether it's price increases? I know you guys have a hedge on oil
Show response
Bob confirmed multiple mitigation tools beyond hedging, similar to tariff mitigation approach. Declined to detail specifics but expressed confidence in ability to recover a portion of costs.
Calendar 2025 Q4
Looking at what you talked about in terms of 10% at the midpoint of the guide for 2026, 10% growth, that seems relatively conservative given recent trends
Show response
Bob confirmed the 10% GLP-1 assumption is deliberately conservative, requiring greater than 30% oral penetration by 2030 which they view as unlikely. Intent is to show the business can achieve guidance even with lower GLP-1 contribution.
You have a solid cash balance. You also have the proceeds from the SmartDose sale coming midyear
Show response
Eric emphasized organic investment priority with potential bolt-on acquisitions to accelerate HVP components. Bob noted returning cash to shareholders is actively being discussed and viewed as upside to plan.
Calendar 2025 Q3
could you talk about the sustainability of that being over double -- the double digits. You talked about hitting in the fourth quarter as well
Show response
Eric cited normalized ordering, bioprocessing indicators, and Annex-1 multiyear conversion as supporting sustained HVP growth. Bob confirmed Q4 guidance implies low-to-mid teens HVP growth and identified gross margin expansion from mix, efficiency, and yield improvements.
Calendar 2025 Q2
You guys called out GLP a little bit more in the quarter. It seems like that drove some of the beat
Show response
Eric highlighted GLP-1 for multiple drugs including plungers and vials. First half HVP organic growth was low-to-mid single digit; second half expected high single to double digit, getting full year to mid-to-high single digits.
Calendar 2025 Q1
I wanna make sure I heard that correctly because I think you did 3.4% price contribution in the quarter
Show response
Bernard clarified Q1 pricing was satisfactory at 3.4%; the lighter pricing commentary was forward-looking for the remainder of the year.
Did you see any weird timing of maybe things pulling forward a little bit or customers moving around timing plans
Show response
Eric confirmed no tariff-related pull-forward in orders, noting West's made-to-order process and co-located global manufacturing network.
Calendar 2024 Q4
given it creates an air pocket, sort of how bad was that given these were existing customers
Show response
Eric acknowledged the air pocket but emphasized preserving financial construct; space will be reused for future launches with better economics.
What I want to get at is sort of, like, what's a one-time versus a reset to a new base?
Show response
Bernard explained that most headwinds are 2025-specific including device mix, CGM transition, and incentive comp, positioning them as temporary rather than permanent resets.
Show 9 more companies
CRLCharles River Laboratories10 questions · 6 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
I would love to hear you talk -- comment on what you view as your capacity to support this
Show response
Girshick said CRL has sufficient DSA capacity after prior volume declines, with lab expansions underway for 2027-plus growth and no near-term bottleneck.
on pricing, both on NHPs and just more broadly, what you see in 2Q, what are your expectations for the second half?
Show response
Girshick said pricing remains stable at recent-year levels with no change in discounting; expects improvement as capacity fills, but any uptick would flow through in 2027.
Calendar 2025 Q4
You had a pretty strong start to the year, then a little bit of a lull over summer months in terms of demand, and then a pickup again in the recent months
Show response
Jim attributed 2025 volatility to client concerns about capital access and funding. Cited $28B Q4 biotech funding and January continuing strong as reasons for cautious optimism. Acknowledged they are trying not to overcall it.
Calendar 2025 Q3
is this a final update? Or are there more discussions in progress?
Show response
Foster said first phase of the strategic review is complete and moving to implementation phase of divestitures. The strategic planning and capital allocation committee will continue ongoing portfolio evaluation.
Do you feel like conversations with customers are becoming more stable?
Show response
Foster confirmed increasing stability and visibility across both pharma and biotech. Large multiyear pharma contracts provide predictability; 9-month backlog is optimal for business planning vs the 14-18 month levels that were too long.
Calendar 2025 Q2
what level of book-to-bill you think is sufficient to get positive or at least flat revenue growth?
Show response
Foster said 10-month backlog provides sufficient buffer to slot studies for slippage or cancellations without requiring book-to-bill above 1x. Non-NHP studies can be replaced almost immediately from backlog; NHP studies with appropriate notice.
Calendar 2025 Q1
could you expand on that? What do you think exactly drove that? And then just a question on, could that be sustainable for the rest of the year?
Show response
Foster characterized fast starts as clients utilizing available capacity for backlog work, likely a one-quarter phenomenon not expected to continue; unusual compared to recent years.
could you lay out what are the directions you will be looking at, whether -- what are you considering?
Show response
Foster said the committee will evaluate entire portfolio including competitive dynamics, returns on M&A, geography, and whether any business is underperforming, but declined to predict outcomes.
Calendar 2024 Q4
Do you feel like in general for your business and maybe for the market overall, prices are at a healthy level?
Show response
James framed pricing as a pure supply-demand function, expressing confidence that as capacity fills and backlog elongates, pricing power will return as it did in 2021-2022.
I'm getting, you know, pretty close to down a hundred bps, something in that ballpark. Is that right
Show response
Flavia refused to quantify the margin decline, only offering the qualitative anchor that 2024's "modestly lower" ended up being 40bps. Declined to provide more specifics.
MTDMettler Toledo10 questions · 6 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
I want to dig a little bit more into biopharma. It sounds like that's one of the places you're feeling
Show response
Patrick detailed strong Pro/bioprocessing growth and reshoring positioning, framing pharma investment as early innings.
Calendar 2026 Q1
Is this something that you saw in the first quarter? Is this just adding a little bit of caution given the macro?
Show response
Shawn answered directly, attributing the modest organic trim to first-half uncertainty while reaffirming confidence in second-half growth.
Calendar 2025 Q4
It feels that that's been doing a little bit better than expected. I think it stands out a little bit more for us the last couple of quarters
Show response
Shawn attributed Europe outperformance to product inspection mid-market innovation and Spinnaker go-to-market program leveraging direct sales force. PMIs in low 40s but MTD executing well. Broad-based execution across categories.
Just curious if you could give us an update on that, any change in conversations or in tone
Show response
Patrick reiterated ~50% manufacturing and 20-25% QA/QC portfolio exposure. Sees onshoring as 2027+ opportunity. Currently in discussions with key accounts as preferred supplier. Not factored as big growth driver for 2026.
Calendar 2025 Q3
I want to follow just kind of what you were just touching on, on the 4Q moving pieces
Show response
Shawn walked through full Q3 to Q4 bridge: Lab 4%→low single digit (cautious on budget flush), core industrial 10%→low single digit, PI 7%→high single digit, retail 5%→~10%. Americas 10%→mid-single digit, Europe 6%→flattish, China 2%→low single digit.
walk us through exactly what that means. Is that fully set over the course of the year, fully offset as of Jan 1
Show response
Shawn quantified 6% gross EPS headwind to offset in 2026. Combination of pricing, innovation value proposition, and supply chain derisk. Should be in pretty good shape from Q1 start. Supply chain optimization began pre-2025 with COVID-era derisk initiatives.
Calendar 2025 Q2
Given the high Switzerland exposure for you, can you just sort of remind us what steps specifically you're going to be taking to mitigate that
Show response
Shawn declined specifics on Swiss mitigation, noting need to communicate internally first. Will always be combination of multiple levers. More color on next call.
is that mitigation that you're taking -- mitigation actions you're taking proactively? Where I'm coming from is we're still getting tariff headlines every day
Show response
Shawn emphasized culture of agility and multiple work streams (pricing, supply chain, cost). Visited Tijuana facility earlier in week. Very confident in 2026 offset regardless of changes.
Calendar 2024 Q4
on the EPS bridge for '25, the $0.50 increase. You talked about [Technical Difficulty] and FX in terms of the Swiss franc have an impact
Show response
Shawn noted FX and other offsets together in the high 50s (millions), with Q4 beat and below-line benefits making up the rest.
in my notes, I had you guys having gross margin up a little bit previously. I think you said you expect gross margins up 30 to 40 bps
Show response
Shawn clarified absolute margin target unchanged but base higher due to Q4 beat. Full year gross margin up slightly reported, up ~30bps adjusted.
RVTYRevvity9 questions · 5 reporting periods · 2 of 9 challenging
Calendar 2026 Q2
if software declined 20%, by our math, it kind of comes down to the rest of that segment was maybe a 1% growth number
Show response
Management said reagents grew low single digits in H1, expects similar in Q3, then a step-up to a mid-single-digit organic exit rate in Q4.
Calendar 2026 Q1
Did anything change ex-China, if maybe you could give us that bridge?
Show response
Max confirmed Q2 changes largely from China IDx removal. LS roughly flattish (LS Solutions low single digits, software down ~20% on comps). DX up mid-to-high single digits.
any high-level thoughts on how we should think about dilution in future years?
Show response
Prahlad said divestiture fortifies LRP. Cost efficiencies offset earnings dilution into FY27. Max confirmed 28.4% margin is permanent new baseline. Share buyback of proceeds provides additional offset.
Calendar 2025 Q3
if you look at the both organic 3Q to 4Q and on the margins, it's still a pretty steep ramp, probably even steeper than it was before
Show response
Max cited three organic growth drivers for Q4 ramp: IDx comp dynamics, software nominal dollar step-up despite growth deceleration, and normal instrument seasonality.
could you give us sort of a snapshot of what's left in the portfolio for China ImmunoDx and what the incremental risk in risk or downside in 2026 is?
Show response
Max confirmed DRG playing out as expected. Business expected to return to muted growth levels in H2 2026 after lapping anniversary. No change from prior communication.
Calendar 2025 Q2
could you interpret this as just another step to reduce cost and reduce spending?
Show response
Prahlad conceded cost reduction is the primary motivation but argued patient care needs will eventually drive single-plex testing.
if you could give us anything on the order trends book-to-bill
Show response
Max characterized H2 as stably cautious, not committing to any recovery timeline for instruments.
Calendar 2024 Q4
Anything you can say about what you're seeing in that terms of underlying end market maybe positioning, just sort of how that's trended through the quarter
Show response
Prahlad confirmed recovery signs in applied genomics on both clinical and pharma/biotech sides entering 2025.
could you pick out how much of the FX headwind you have on margins? Just will help us model underline a little bit better
Show response
Clarified FX doesn't materially impact op margins. Investments focused on digital/AI capabilities and expanding sales channels.
ALGNAlign Technology7 questions · 6 reporting periods · 3 of 7 challenging
Calendar 2026 Q2
there’s also been some incremental competition in the space from a handful of others
Show response
Hogan named specific competitors and distinguished a change in competitor mix from an increase in competitive intensity.
Calendar 2026 Q1
Is that still in the guide? I think it is, but I just want to confirm you didn't call out the full year ASP dynamic.
Show response
John confirmed 1-2% YoY ASP decline still in guide despite Q1 strength; product/country mix will play out over the year. On DSO vs retail: no change in dynamics, DSOs continue double-digit growth using scale/tech/brand while Align works to get retail doctors to operate similarly.
Calendar 2025 Q4
I'm just curious why you wouldn't see some upside there and sort of what's holding you back from giving them more aggressive outcome scanners.
Show response
John acknowledged S&S guidance is roughly in line with company average (3-4%). Growth drivers include upgrades, trade-ins, and other paths but broadly expects it to grow at similar rate to Clear Aligners.
Calendar 2025 Q3
if you adjust for some of that FX becoming more and more favorable as we go through the year, there is -- it does look like the underlying ASPs are a little bit weaker. Is that purely just attribut...
Show response
John clarified like-for-like ASPs in US and Europe are up sequentially. The decline is purely country mix from China's seasonal strength. Q4 will reverse as Europe's share increases and China's decreases.
Calendar 2025 Q1
What about on margins? I mean, it's just a pretty big swing in terms of how rates have gone. Is there any impact on margins?
Show response
John confirmed favorable FX provides slight op margin benefit that helps offset tariff costs, maintaining commitment to margin accretion for full year 2025.
There's a lot of thoughts of maybe indirectly, China will try to punish American companies by sort of pushing people towards local brands
Show response
Joe reported no consumer backlash in China, emphasizing Align's local manufacturing, treatment planning, and technology delivery makes them 'in-China, for-China.'
Calendar 2024 Q4
How should we think of it as a percent of your COGS? I think if you just go through the P&L with something like $375 COGS per case roughly?
Show response
John sized the 25% Mexico tariff impact at $4-5M per month, noting it's not large enough to justify moving manufacturing from Mexico to Poland.
LHLabCorp7 questions · 6 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
how impactful is that to the 3.6% organic growth that you've been talking about in the Dx business?
Show response
Adam acknowledged specialty cannot move the aggregate much at current scale and pivoted to the oncology-patient testing intensity argument without sizing the contribution.
Calendar 2026 Q1
Can you just give us an update on progress there? And you saw 40 bps of margin expansion in the first quarter
Show response
Adam detailed LaunchPad leveraging AI, robotics and automation for cost reduction and customer experience improvement. Julia confirmed Dx margin up 30 bps, BLS margin up 60 bps in Q1. BLS margin expected to expand more than Dx for full year. Double-digit EPS growth at midpoint.
Calendar 2025 Q4
I'm wondering if you could add a little bit of color on esoteric testing, what you saw in the fourth quarter
Show response
Julia quantified esoteric mix shift from 37.5% to 41.5% over two years. Adam confirmed consumer genetic client issue was one-time with good recovery and additional business brought in. Volume expected to be strong in 2026.
Calendar 2025 Q3
how are you guys prioritizing R&D investments into those more esoteric tests?
Show response
Adam confirmed esoteric testing growing but hard to move needle on 700M annual tests. Focus areas (oncology, women's health, neurology, autoimmune) growing 2-3x market. Agnostic between develop, license, or acquire. No specific ColoSense reimbursement update provided.
Calendar 2025 Q2
Could you just sort of quantify that? Help us think through the timing of that, when you'll implement those, how those will be implemented?
Show response
Adam confirmed LaunchPad $100-125M commitment continues regardless of PAMA; additional AI and efficiency projects underway beyond LaunchPad. Will be transparent on 2026 guidance. Julia cited revenue growth, operating efficiency, and Invitae annualization in Q3 as H2 margin drivers.
Calendar 2025 Q1
Sort of how did you approach that reset in guide? Is it anything that's come up in conversations with customers?
Show response
Adam detailed three watch items: trial start timing from regulatory input delays, tariff-driven geography shifts, and biotech funding for early development. No delays observed yet.
Any change in your expectations on pricing? Or have you had any early conversations on maybe customers being a little bit more price sensitive?
Show response
Adam acknowledged customers are always price-sensitive but most business is under contract. Will offset any pricing pressure with cost reductions.
DGXQuest Diagnostics5 questions · 4 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
I want to double click on the pricing. It does seem a little bit worse than Q1
Show response
Samad held to flattish company pricing, noting slightly positive health-plan and slightly negative hospital-reference dynamics.
Calendar 2025 Q4
I want to go back to Corewell and Fresenius contribution in 2026
Show response
Jim said Corewell starts at low single-digit margin in 2026, low teens by 2027. Fresenius expected at or slightly above company average margin by end of 2026.
Is that the biggest swing factor?
Show response
Sam confirmed Corewell is biggest swing factor plus Nova $0.25 incremental EPS. Fresenius similar to physician outreach acquisition margin ramp profile, improving over time.
Calendar 2025 Q3
If you could just provide an update on the integration and how that's going
Show response
Jim said Haystack fully integrated, volumes building, Medicare reimbursement expected in November CLFS. Sam expects 2026 to be less dilutive than 2025.
Calendar 2025 Q1
especially anything on PAMA, SALSA, just what your latest thoughts are on that. And then sort of tying into that, some concern about potential cuts to Medicare
Show response
Jim noted Medicare Advantage got a nice rate increase. Medicaid is ~8% of business. Broad bipartisan support for PAMA reform. LDT outcome was a positive.
ILMNIllumina, Inc.4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
It is a little bit of a surprising step down for the third quarter.
Show response
Ankur framed Q3/Q4 as usual seasonality, quantified the extra Q4 week as roughly half a point of consumables revenue, and reiterated elevated instrument placements.
Calendar 2026 Q1
is there any type of discounting going on here? Just sort of what's driving that big step-up in demand?
Show response
Jacob said the priority is placing Xs to drive ~$1.3M pull-through, with reasonable volume discounts on multiunit orders; Ankur noted some units are lease/reagent-model.
Calendar 2025 Q4
are you expecting something similar in terms of NovaX placements next this next year
Show response
Ankur guided ~200-240 X placements for 2026 with multipack orders and strong instrument demand; the 2025 software upgrade is running above spec.
Calendar 2025 Q1
How do we think about both of those markets going into 2026? And what I mean by that is
Show response
Jacob expected China to keep declining absent a resolution but framed NIH/academic pressure as a temporary hiccup, offset by cost actions.
IQVIQVIA4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
Could you just talk about how you see the development of those solutions over time?
Show response
Laid out the three requirements for deploying AI in healthcare and quantified agent deployment and top-20 pharma adoption, though no dollar investment figure was given.
Calendar 2025 Q2
I want to come back to the win rates you called out in EBP, touched on it a couple of times
Show response
Bousbib said sustainability is supported by qualified pipeline up high single digits YoY and sequentially, with EBP in double-digit growth. Strategy involves more aggressive RFP responses, price alignment to win more deals. Win rate is up significantly though numbers not disclosed.
Calendar 2025 Q1
1.02 in the quarter. Last year, you called out a few major cancellations across 3Q to be lower
Show response
Bousbib attributed soft book-to-bill to two factors: large pharma delaying contract signatures and EBP awards excluded from bookings due to unconfirmed funding. Argued book-to-bill is unreliable predictor.
Calendar 2024 Q4
you said something about 70% to 75% of the rate prioritization is done
Show response
Bousbib said estimate is based on direct client conversations at every level. A few large programs remain undecided. Warned against obsessive focus on quarterly book-to-bill.
TEMTempus AI, Inc.3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
you've made a series of major investments in partnerships with pharma over the last couple of years.
Show response
Eric said the big-pharma data pipeline is robust with no competitive pressure in data.
Calendar 2025 Q1
what are your assumptions that add up to the new revenue guide for the year, the $1.25 billion?
Show response
Eric confirmed some Pathos/AZ revenue is in the guide and framed Ambry assumptions as conservative.
Calendar 2024 Q4
I just want to make sure I caught that correctly. Just how we flesh it out in our model in 2026 and beyond?
Show response
Eric said Ambry should converge toward the Genomics growth rate, roughly 25% durably.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| A Agilent Technologies | 14 | 7%1 of 14 questions |
| DHR Danaher Corporation | 14 | 0%none of 14 questions |
| IDXX Idexx Laboratories | 14 | 7%1 of 14 questions |
| TMO Thermo Fisher Scientific | 14 | 0%none of 14 questions |
| ZTS Zoetis | 12 | 42%5 of 12 questions |
| WST West Pharmaceutical Services | 11 | 9%1 of 11 questions |
| CRL Charles River Laboratories | 10 | 0%none of 10 questions |
| MTD Mettler Toledo | 10 | 10%1 of 10 questions |
| RVTY Revvity | 9 | 22%2 of 9 questions |
| ALGN Align Technology | 7 | 43%3 of 7 questions |
- AAgilent Technologies · 14 questions7%1 of 14 questions
- DHRDanaher Corporation · 14 questions0%none of 14 questions
- IDXXIdexx Laboratories · 14 questions7%1 of 14 questions
- TMOThermo Fisher Scientific · 14 questions0%none of 14 questions
- ZTSZoetis · 12 questions42%5 of 12 questions
- WSTWest Pharmaceutical Services · 11 questions9%1 of 11 questions
- CRLCharles River Laboratories · 10 questions0%none of 10 questions
- MTDMettler Toledo · 10 questions10%1 of 10 questions
- RVTYRevvity · 9 questions22%2 of 9 questions
- ALGNAlign Technology · 7 questions43%3 of 7 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 21 | 5%1 of 21 questions | 12 |
| 2025 Q1 | 22 | 9%2 of 22 questions | 13 |
| 2025 Q2 | 19 | 11%2 of 19 questions | 12 |
| 2025 Q3 | 20 | 15%3 of 20 questions | 12 |
| 2025 Q4 | 19 | 5%1 of 19 questions | 12 |
| 2026 Q1 | 17 | 29%5 of 17 questions | 11 |
| 2026 Q2 | 19 | 16%3 of 19 questions | 14 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q421 questions · challenge rate 5% (1 of 21 questions) · 12 companies
- 2025 Q122 questions · challenge rate 9% (2 of 22 questions) · 13 companies
- 2025 Q219 questions · challenge rate 11% (2 of 19 questions) · 12 companies
- 2025 Q320 questions · challenge rate 15% (3 of 20 questions) · 12 companies
- 2025 Q419 questions · challenge rate 5% (1 of 19 questions) · 12 companies
- 2026 Q117 questions · challenge rate 29% (5 of 17 questions) · 11 companies
- 2026 Q219 questions · challenge rate 16% (3 of 19 questions) · 14 companies
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand51
- Revenue Growth36
- Guidance Reliability28
- Competitive Dynamics20
- Margin18
- Pricing14
- Macroeconomic13
- Trade Tariffs13
- Product Launch12
- Capex Investment11
Show all 20 topics
- Innovation & R&D10
- Regulation Policy9
- Cost Pressure8
- Geographic Expansion6
- Capital Allocation6
- M&A5
- Supply Chain5
- Fx4
- Cloud & AI2
- Inventory1