RVTY Management Meetings: Notes From the Road

研报英文原文证据摘录

RVTY Management Meetings: Notes From the Road

new products to be expansion opportunities rather than cannibalizing existing

modules.

It usually takes ~6-12 months for revenue to ramp as customers test new products, so there is no material revenue • New Launches:

in guidance for new launches in 2026. Note that Xynthetica and LabGistics are consumption based models, expected to have

similar margins to the SaaS portfolio and no capacity constraints if they scale faster than expected.

One of the main focuses in investor conversations is the moat RVTY holds in software, and • Differentiation & AI Sentiment:

whether that can be displaced by other AI models. RVTY believes there remains a large disconnect between internal and external

expectations of what Signals can do, which centers around the "lab in a loop" concept of customers needing more pre-clinical

data to build models. The lab in a loop growth trajectory is supported by large pharma continuing to reinvest profits from more

efficient drug commercialization back into their pipelines. RVTY's differentiation lies in the data quality within Signals, entrenched

with customers who are already using the ELN software to hold and interpret proprietary data from their experiments. Additionally,

we learned that rather than viewing other models from the likes of OpenAI (Private) & Anthropic (Private) as a threat to Xynthetica,

RVTY is incorporating them into the platform, effectively supporting internal and external models on top of their pre-clinical software

infrastructure they already built with Signals.

• End Market Commentary

Context: In 1Q26, Pharma/Biotech grew LSD% including reagents and instruments growth within that being the strongest since •

1H23. Total Aca/Gov grew MSD%, and growth in the US was noted to be positive.