TD Cowen Insights

Through conversations with leading innovators and executives across the industry, TD Cowen's ToolTalks podcast series seeks to explore the key technologies and business strategies that are transforming life science and clinical diagnostics markets today. Each episode aims to highlight the potential for Tools to enable more efficacious drugs, lower care costs, and provide better and earlier diagnoses that ultimately extend and save human lives. In the podcast's inaugural episode, TD Cowen's health care analyst Dan Brennan hosts Christian Henry, Pacific Biosciences President and CEO, to understand the progress and continued promise of next-generation sequencing to deliver new biological insights, accelerate discoveries, and power the next generation of clinical assays. We discuss Henry's experience and success with short-read NGS leader Illumina, his move to long-read sequencing leader Pacific Biosciences, and reflect on PacBio's recent success dramatically scaling/improving their technology as well as the tremendous opportunity that lies ahead across clinical, research, and applied markets. Recorded on 06/24/25 https://go.td.com/PodcastDisclosure

Recorded on 06/18/25We host Melissa Butler, Founder & CEO of The Lip Bar, to discuss her journey building an inclusive beauty brand rooted in authenticity and community. From crafting lipstick in her kitchen to now being a national leader in Target, Walmart, and Amazon, Melissa shares how purpose, performance, and customer connection power growth and cultural relevance for The Lip Bar.Brand Building With and For Community. In this episode, Melissa Butler, CEO of The Lip Bar, shares how she’s scaled a brand that’s as bold in performance as it is in purpose. Headquartered in Detroit, The Lip Bar blends cultural authenticity with data-driven product development, delivering high-efficacy formulas designed to show up on every skin tone and last all day. Melissa discusses how the flagship store serves as a real-time R&D lab, why retention, not virality, is the true measure of success, and how she leads with both community connection and operational clarity. From navigating tariffs to decoding TikTok, she offers a rare look at what it takes to build a brand that endures. https://go.td.com/PodcastDisclosure

Recorded on 07/18/25In this episode, Roman Schweizer, TD Cowen’s WRG geopolitics & defense analyst, discusses recent congressional accomplishments with an All-Star reporter lineup. Topics include the passage of the One Big Beautiful Act, FY26 defense authorization and appropriations bills, as well as an update on President Trump's NATO visit and new plans to support Ukraine with U.S. military hardware purchased by NATO. https://go.td.com/PodcastDisclosure

Recorded on 07/10/25TD Cowen's Life Science Tools & Diagnostics analysts Dan Brennan and Brendan Smith discuss the current and future outlook of the Tools/Dx sector as a wrap-up to The 4th Annual Tools/Dx Revolution Conference featuring a broad spectrum of executives and industry insiders from leading public and private players in the space. The team dives into key themes and critical investment topics across the sector and sheds light on lessons learned, the path forward for the space, and strategies to differentiate the leaders from the laggards.Panel highlights include salient commentary pertaining to everything AI (which permeated every panel), company strategy (to navigate the challenging times), lessons learned (from industry vets about assessing the current environment to past periods), how Pharma is looking to improve R&D productivity, optimizing products/strategy for the Longevity wave, and the oncology Dx business models (particularly as competition intensifies). Though the Tools sector has seen challenges in recent years, confidence in the long-term vibrancy of the sector is evident, coupled with enthusiasm for the Dx and AI spaces that are experiencing numerous tailwinds. https://go.td.com/PodcastDisclosure

Recorded on 06/03/25Follow the Digital Luxury Leader: How Will Differentiation, Integration, & Long-Term Growth Evolve at LuxExperience? On this episode of Retail Visionaries, we host LuxExperience's CFO, Dr. Martin Beer, for a discussion on the transformation ahead for the company. LuxExperience now operates three distinct segments: Mytheresa, Net-a-Porter & Mr. Porter, and YOOX & The Outnet following the YNAP acquisition from Richemont in April 2025. Key discussion points include: differences of each platform, potential synergies following the integration, long-term financial targets, and the outlook for the luxury industry. The digital luxury sector remains much better positioned relative to last year with leaner inventories; however, management monitors customer uncertainty related to tariffs and other geopolitical factors. https://go.td.com/PodcastDisclosure

Recorded on 06/25/25In this episode, we will discuss the current state of the biopharma industry. Coming out of the pandemic, the biopharma research and development industry saw a wave of innovation and investment. However, as we move further beyond the pandemic, biopharma has begun to experience a multitude of headwinds, including the IRA, patent expirations, changes at the FDA, NIH funding cuts, and efforts to regulate drug pricing. This influx of pressure has forced the biopharma industry to rethink how it conducts its research and development programs.To help us discuss these topics and more, we are joined by Brian Whitlock, the founder and CEO of i3 Strategic Consulting. Brian has more than 25 years of clinical development experience across the biopharma and CRO industries. Prior to i3, Brian was the VP of Strategic Sourcing and Procurement R&D for Bristol Myers Squibb, and has also spent time at Amgen and Covance. https://go.td.com/PodcastDisclosure

Recorded on 06/03/25TD Cowen's Machine Medicine: AI & Health Care podcast series takes on the cross-sector revolution in artificial intelligence and breaks it down one piece at a time. We highlight some of the biggest misconceptions about how AI is and can be used in different health care settings and aim to contextualize the latest and most impactful developments in a field defined by rapid innovation.In this episode, TD Cowen's Health Care Analyst Brendan Smith hosts Sean McClain, Chief Executive Officer and Founder of Absci, to dive deeper into the world of monoclonal antibodies and how Absci's gen AI-powered drug design engine tackles the challenge of creating better drugs against harder-to-treat targets. We discuss the history of developing biologics, where this technology could take us over the very near term, and why this modality is the perfect target for the integration and revolution of AI. https://go.td.com/PodcastDisclosure

Recorded on 06/04/25Magic Meets Logic, Technology Meets Own Brands, & Influencer Innovation. On this episode of Retail Visionaries, we explore Revolve's foundation as a proprietary technology leader within the retail landscape with the company's Chief Financial Officer, Jesse Timmermans. The company owns just 3% of its target market and envisions opportunity to grow through best-in-class customer experiences and a curated but broad assortment with 100k SKU's available online across 1k brands. Secrets to success with respect to strategies include re-accelerating owned brands penetration (18% currently versus peak of 36% in 2019), investing in physical retail, and creating memorable events for key customers. https://go.td.com/PodcastDisclosure

Recorded on 06/03/25Iconic Platform of Saks + Neiman Marcus Drives A New Transformative Vision of Luxury. We host a conversation with Saks Global CEO, Marc Metrick, on the future of luxury, hyper-personalization, and innovation ahead for Saks Global. The company now includes Neiman Marcus and Bergdorf Goodman following the acquisition of Neiman Marcus Group in late 2024, resulting in Saks Global as the largest multi-brand retailer in the world. The luxury consumer remains in a wait & see mode given global uncertainty; however, Saks Global aims to stay connected with the consumer through the Art of You program, bringing hyper-personalized experiences to the shopper. https://go.td.com/PodcastDisclosure

Recorded on 05/29/25TD Cowen analyst Shaul Eyal speaks with Cellebrite's Andrew Kramer, VP of IR, from TD Cowen's 53rd Annual TMT conference about the company's tailwinds, technology, and business model, as well as current market trends as the company remains focused on driving double-digit growth and profitability.  Cellebrite is a rule of 45 company. Additionally, we address the competitive landscape, which remains largely intact given what we view as high barriers of entry. We continue to view Cellebrite as benefitting from a sizable >$15B TAM opportunity as its SaaS offering and its expanding platform support healthy adoption by its current customer base. We also address Cellebrite's enterprise opportunity as well as recent management changes and discuss cash utilization strategies. https://go.td.com/PodcastDisclosure