Biodesix Inc (BDSX) 2023 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Biodesix second-quarter 2023 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Biodesix 2023 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the call over to Chris Brinzey of Investor Relations, our first speaker for today's conference. Please stand by.

現在我想將電話轉交給投資者關係部的 Chris Brinzey，他是今天會議的第一位發言人。請稍候。

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for a discussion of Biodesix second-quarter 2023 business highlights and financial results. Leading the call today will be Scott Hutton, Chief Executive Officer. He will be joined by Robin Harper Cowie, Chief Financial Officer. After the prepared remarks, we will open the call for Q&A. An audio recording and webcast replay for today's conference call will also be available online as detailed in the press release announcement for this call.

謝謝接線員，大家下午好。感謝您今天加入我們討論 Biodesix 2023 年第二季業務亮點和財務業績。今天的電話會議將由執行長 Scott Hutton 主持。財務長羅賓哈珀考伊 (Robin Harper Cowie) 也將加入他的行列。準備好發言後，我們將開始問答環節。今天電話會議的錄音和網路廣播重播也將在線上提供，詳情請參閱本次電話會議的新聞稿。

Today, we issued a press release announcing our business highlights and financial results for the second-quarter 2023. A copy of the release can be found on the Investor Relations page of the company website.

今天，我們發布了一份新聞稿，宣布了 2023 年第二季度的業務亮點和財務業績。新聞稿的副本可以在公司網站的投資者關係頁面上找到。

Actual events or results may differ materially from those projected as a result of changing market trends, reduced demand, and the competitive nature of Biodesix's industry. Such forward-looking statements and their implications involve known and unknown risks, uncertainties, and other factors that may cause actual results or performance to differ materially from those projected.

由於市場趨勢變化、需求減少以及 Biodesix 產業的競爭性質，實際事件或結果可能與預測有重大差異。此類前瞻性陳述及其影響涉及已知和未知的風險、不確定性以及其他可能導致實際結果或績效與預測有重大差異的因素。

The forward-looking statements discussed on this call are subject to other risks and uncertainties, including those discussed in the risk factors section and elsewhere in the company's annual report on Form 10-K for the year ending December 31, 2022, filed with the Securities and Exchange Commission on March 6, 2023, as well as subsequent quarterly reports on Form 10-Q filed during the 2023 as applicable. Additional information concerning factors that could cause results to differ materially from our forward-looking statements are described in greater detail in the company's press release issued today and in the company's filings with the SEC.

本次電話會議中討論的前瞻性陳述受到其他風險和不確定性的影響，包括風險因素部分以及公司向證券部提交的截至2022 年12 月31 日的10-K 表格年度報告中其他部分討論的風險和不確定性。和交易委員會於 2023 年 3 月 6 日提交的報告，以及隨後在 2023 年期間提交的 10-Q 表格季度報告（如果適用）。有關可能導致結果與我們的前瞻性陳述產生重大差異的因素的更多信息，在公司今天發布的新聞稿以及公司向 SEC 提交的文件中進行了更詳細的描述。

I would now like to turn the call over to Scott Hutton, Chief Executive Officer. Scott?

我現在想將電話轉給執行長 Scott Hutton。史考特？

Thank you, Chris. Biodesix is a patient-centric, mission-driven lung disease diagnostics company with a mission to unite physicians, patients, and biopharma to transform the standard of care and improve outcomes with personalized diagnostics. At Biodesix, we've built a comprehensive portfolio of precision diagnostic tests to support clinical decision-making across the lung cancer continuum of care.

謝謝你，克里斯。 Biodesix 是一家以患者為中心、以使命為導向的肺部疾病診斷公司，其使命是將醫生、患者和生物製藥公司聯合起來，透過個人化診斷改變護理標準並改善結果。在 Biodesix，我們建立了全面的精準診斷測試組合，以支持整個肺癌連續護理過程中的臨床決策。

Our core lung diagnostic testing portfolio ranges from initial risk assessment of lung nodules with Nodify Lung testing to post-cancer diagnosis treatment guidance and monitoring with IQLung testing. Nodify Lung consists of two blood-based proteomic tests, Nodify CDT and Nodify XL2, which are used by physicians to assess the risk of malignancy of a lung nodule.

我們的核心肺部診斷測試產品組合涵蓋從使用 Nodify Lung 測試對肺結節進行初步風險評估，到使用 IQLung 測試進行癌症後診斷治療指導和監測。 Nodify Lung 由兩種基於血液的蛋白質組學測試組成：Nodify CDT 和 Nodify XL2，醫生用它們來評估肺結節的惡性風險。

IQLung consists of three blood-based tests, the GeneStrat NGS genomic test, the GeneStrat ddPCR targeted genomic test, and the VeriStrat proteomic test. Offered as options within IQLung, these three tests are used to inform treatment decisions and monitor for the rise of resistance mutations while patients are on therapy. All five of our core lung diagnostic tests are covered by Medicare, and we believe we're the only diagnostics company with five on-market tests for lung cancer, all with Medicare coverage.

IQLung 包括三種基於血液的測試：GeneStrat NGS 基因組測試、GeneStrat ddPCR 標靶基因組測試和 VeriStrat 蛋白質組測試。這三種測試作為 IQLung 內的選項提供，用於為治療決策提供信息，並在患者接受治療時監測抗藥性突變的增加。我們的所有五項核心肺部診斷測試均由醫療保險承保，我們相信我們是唯一一家擁有五項市場上肺癌測試且全部均在醫療保險範圍內的診斷公司。

We've made significant strides, and I'm thrilled with our overall performance in the quarter and the first half of the year. We grew lung diagnostic test volumes and revenue, expanded our gross margin to the low 70% ahead of our year-end goal, and reduced our operating expense and cash burn. Our commitment to a cost-disciplined approach while growing and expanding the business continues to pay off, and this quarter's results reinforce the team's progress and outstanding execution on our path to profitability.

我們已經取得了重大進展，我對我們本季和上半年的整體表現感到非常興奮。我們增加了肺部診斷測試量和收入，在年底目標之前將毛利率擴大至 70%，並減少了營運費用和現金消耗。我們在發展和擴展業務的同時對成本控制方法的承諾繼續得到回報，本季度的業績加強了團隊在盈利之路上的進步和出色的執行力。

In addition, we successfully completed a fundraising effort through a private placement, raising $27.5 million in equity funding subsequent to quarter end to further support our growth and provide near-term financial flexibility. 100% of the funds raised through this private placement were from insiders, including all board members, all Section 16 officers, and additional members of the leadership team, which continues to signify our confidence in the future of the company and the extraordinary value that we believe exists. Time and time again, our long-term investors have demonstrated their steadfast support and unwavering commitment because they, too, believe in the Biodesix team and our goal to make a significant impact in the care of those patients with lung disease.

此外，我們透過私募成功完成了募款工作，在季度末籌集了 2,750 萬美元的股權融資，以進一步支持我們的成長並提供近期財務靈活性。透過本次私募籌集的資金 100% 來自內部人士，包括所有董事會成員、所有第 16 條官員以及領導團隊的其他成員，這繼續表明我們對公司未來的信心以及我們的非凡價值。相信存在。我們的長期投資者一次又一次地展示了他們堅定的支持和堅定不移的承諾，因為他們也相信 Biodesix 團隊以及我們為肺病患者的護理產生重大影響的目標。

In the second quarter, we reported total revenue of $11.9 million, which, excluding non-core revenue from COVID, represented growth of 48% compared to the same period a year ago. The quarter was, again, highlighted by the impressive growth in our core lung diagnostic testing business, which generated revenue of $11.4 million, reflecting approximately 58% year-over-year growth. We reported overall gross margins of 73%, a significant improvement over the 64% gross margins reported in the second quarter of 2022 and the 65% gross margins reported in the first quarter of this year.

第二季度，我們報告的總收入為 1,190 萬美元，扣除新冠疫情帶來的非核心收入，與去年同期相比成長了 48%。本季再次突出的是我們核心肺部診斷測試業務的令人印象深刻的成長，該業務產生了 1,140 萬美元的收入，年增約 58%。我們報告的整體毛利率為 73%，比 2022 年第二季報告的 64% 毛利率和今年第一季報告的 65% 毛利率有了顯著改善。

We are exceptionally pleased that our core lung diagnostic sales efforts continue to gain momentum during the second quarter, as the number of tests delivered reached the highest in company history for the second consecutive quarter, increasing by 75% compared to the second quarter of 2022 and nearly matching the 78% year-over-year growth we saw in the first quarter.

我們非常高興的是，我們的核心肺部診斷銷售工作在第二季度繼續保持增長勢頭，交付的測試數量連續第二個季度達到公司歷史最高水平，與2022 年第二季度相比增加了75% ，並且幾乎與我們第一季看到的 78% 的同比增長持平。

The test volumes also represent a 29% sequential increase over the first quarter of 2023. This strong growth continues to be primarily driven by our Nodify Lung testing volumes. Our sales team continues to benefit from regular interaction with physicians and care teams, and we are actively participating in an increasing number of peer-to-peer physician educational events. It is worth noting that the positive momentum we witnessed throughout the second quarter has carried over into the start of the third quarter, further reinforcing our satisfaction with the team's progress and performance.

測試量也比 2023 年第一季連續成長 29%。這種強勁成長仍然主要由我們的 Nodify Lung 測試量推動。我們的銷售團隊繼續受益於與醫生和護理團隊的定期互動，並且我們積極參與越來越多的同儕醫生教育活動。值得注意的是，我們在第二季度看到的積極勢頭已經延續到第三季度初，進一步增強了我們對團隊進展和表現的滿意度。

To further support our clinical adoption and reimbursement, we were pleased to have recently shared several updates on clinical studies that build upon and support the clinical utility of our Nodify Lung and IQLung testing strategies. In May, we presented original data in four separate poster presentations at the International Society for Pharmaceutical and Outcomes Research Conference, providing evidence of the health-economic benefit of the Nodify CDT and Nodify XL2 test in the management of pulmonary nodules.

為了進一步支持我們的臨床採用和報銷，我們很高興最近分享了幾項臨床研究的更新，這些研究建立在我們的 Nodify Lung 和 IQLung 測試策略的臨床實用性基礎上並支持它們的臨床實用性。 5 月，我們在國際製藥和結果研究學會會議上以四次單獨的海報展示形式展示了原始數據，提供了 Nodify CDT 和 Nodify XL2 測試在肺結節管理中的健康經濟效益的證據。

Most recently in July, we were thrilled to share data from the prospective real-world ORACLE study, an observational registry study to evaluate the performance of the Nodify XL2 test. It is important to remember that demonstrating clinical utility is a critical step necessary to drive adoption of any diagnostic test, and we're excited that the ORACLE study successfully achieved its primary endpoint, demonstrating a 74% reduction in unnecessary invasive procedures. Overall, the findings from the ORACLE study represent a significant advancement in the clinical evidence for use of the Nodify XL2 test in nodule management.

最近在 7 月份，我們很高興分享來自前瞻性現實世界 ORACLE 研究的數據，這是一項旨在評估 Nodify XL2 測試性能的觀察性註冊研究。重要的是要記住，證明臨床實用性是推動任何診斷測試所必需的關鍵步驟，我們很高興 ORACLE 研究成功實現了其主要終點，證明不必要的侵入性操作減少了 74%。總體而言，ORACLE 研究的結果代表了在結節管理中使用 Nodify XL2 測試的臨床證據的重大進步。

In addition to the ORACLE publication, physicians from Beth Israel Deaconess, Tulane University, and Einstein Medical Center published an independent, third-party, multi-center study demonstrating that the use of the Nodify XL2 test resulted in a 73% reduction in the number of unnecessary invasive procedures conducted on benign nodules as compared to the control arm.

除了 ORACLE 出版物之外，來自 Beth Israel Deaconess、杜蘭大學和愛因斯坦醫學中心的醫生還發表了一項獨立的第三方多中心研究，證明使用 Nodify XL2 測試使死亡人數減少了 73%與對照組相比，對良性結節進行不必要的侵入性操作。

Looking ahead, we anticipate sharing additional data and updates on other studies, including our insight study assessing the clinical effectiveness of VeriStrat, our proprietary blood-based proteomic immune profiling test, at the upcoming International Association for the Study of Lung Cancer World Conference on Lung Cancer being held in Singapore in September, and additional abstracts at the annual CHEST meeting being held in Hawaii in October.

展望未來，我們預計在即將舉行的國際肺癌研究協會世界肺癌大會上分享其他研究的更多數據和更新，包括我們評估VeriStrat（我們專有的基於血液的蛋白質組免疫分析測試）臨床有效性的洞察研究9 月在新加坡舉行的癌症會議，以及 10 月在夏威夷舉行的年度 CHEST 會議上的其他摘要。

In addition to the growth in volumes driven by our sales team, broadening reimbursement coverage remains an important part of our growth strategy. In July, the Biodesix Nodify CDT test was awarded Advanced Diagnostic Laboratory Test, or ADLT, status by the Center for Medicare and Medicaid Services. Receiving the ADLT status is a major milestone for the Biodesix team, as this status is reserved for innovative tests with Medicare coverage that provide clinical value and new diagnostic information that cannot be obtained from any other test or combination of tests, recognizing the unique utility of the Nodify CDT test.

除了我們的銷售團隊推動的銷售成長之外，擴大報銷範圍仍然是我們成長策略的重要組成部分。 7 月，Biodesix Nodify CDT 測試被醫療保險和醫療補助服務中心授予高級診斷實驗室測試 (ADLT) 地位。獲得ADLT 資格對於Biodesix 團隊來說是一個重要的里程碑，因為該資格是為具有Medicare 覆蓋範圍的創新測試保留的，這些測試可提供無法從任何其他測試或測試組合中獲得的臨床價值和新診斷信息，從而認識到ADLT 的獨特效用Nodify CDT 測試。

Now, Biodesix has three tests, Nodify CDT, Nodify XL2, and VeriStrat, all with ADLT status. We'll continue to expand and build upon our reimbursement coverage and expect to have additional updates in the second half of the year.

現在，Biodesix 有三種測試：Nodify CDT、Nodify XL2 和 VeriStrat，兩者都具有 ADLT 狀態。我們將繼續擴大和擴大我們的報銷範圍，並預計在今年下半年有更多更新。

Moving on to our biopharmaceutical partnerships and services business. In the second quarter, we reported revenue of $423,000, which grew slightly over the first quarter, but is still an area that continues to be impacted by delayed enrollment in clinical trials. We remain bullish on the biopharmaceutical partnership and service business as we continue to have a strong backlog and incoming requests for proposals, and we ended the quarter with $9.3 million under contract, but not yet recognized.

繼續我們的生物製藥合作夥伴關係和服務業務。第二季度，我們報告營收為 423,000 美元，比第一季略有成長，但仍繼續受到臨床試驗延遲入組的影響。我們仍然看好生物製藥合作夥伴關係和服務業務，因為我們繼續有大量積壓訂單和不斷收到的提案請求，本季末我們的合約金額為 930 萬美元，但尚未確認。

While we're encouraged by the continued strength in the backlog, we assume the challenges our biopharma partners are experiencing will remain for the next few quarters, as projects slow and, in some cases, are delayed beyond the originally expected timelines.

雖然我們對積壓的持續強勁感到鼓舞，但我們認為我們的生物製藥合作夥伴所面臨的挑戰將在未來幾個季度持續存在，因為項目進展緩慢，在某些情況下，延遲超出了最初預期的時間表。

I've emphasized this point before and cannot stress it enough. Lung cancer is still the deadliest of all cancers, as it claims more lives annually in the United States than the combined total of the next three deadliest cancers: breast, prostate, and colon cancer. Time is of the essence when it comes to diagnosing and treating these patients.

我之前已經強調過這一點，再強調也不為過。肺癌仍然是所有癌症中最致命的，因為在美國，肺癌每年奪走的生命比緊隨其後的三種最致命癌症（乳腺癌、前列腺癌和結腸癌）的總和還要多。在診斷和治療這些患者時，時間至關重要。

At Biodesix, we take great pride in our capability and capacity to discover, develop, and commercialize a wide range of tests that deliver critical clinical results and insights to healthcare professionals and care teams swiftly. We strive to offer the best testing turnaround times in the industry for all our tests, with the goal of improving patient outcomes.

在 Biodesix，我們對自己發現、開發和商業化各種測試的能力和能力感到非常自豪，這些測試可以迅速為醫療保健專業人員和護理團隊提供關鍵的臨床結果和見解。我們努力為所有測試提供業界最佳的測試週轉時間，以改善患者的治療結果。

Our company and team experienced a strong quarter and first half of the year. We maintain confidence in our ability to sustain this momentum, driving continued growth in test volumes and revenue throughout the second half of the year and beyond.

我們的公司和團隊經歷了強勁的季度和上半年。我們對維持這股動能的能力充滿信心，推動下半年及以後測試量和收入的持續成長。

Now, let me turn it over to Robin to review the second quarter 2023 financial performance. Robin?

現在，讓我請 Robin 回顧一下 2023 年第二季的財務表現。羅賓？

Thanks, Scott. Second-quarter total revenue was $11.9 million, an 8% increase over the prior year, including COVID revenue, and a 48% increase over the prior year, excluding COVID revenue of $3.0 million from COVID testing volumes in the second quarter of 2022.

謝謝，斯科特。第二季總收入為 1,190 萬美元，比上年增長 8%，其中包括新冠病毒收入，比上年增長 48%，不包括 2022 年第二季度新冠檢測量中的 300 萬美元新冠收入。

Core lung diagnostic revenue in the second quarter was $11.4 million, compared to $7.3 million for the second quarter of 2022, an increase of 58% over the prior year. In the quarter, we recorded total lung diagnostic test volumes of approximately 9,800 versus approximately 5,600 for the second quarter of 2022, a 75% increase.

第二季核心肺診斷收入為 1,140 萬美元，而 2022 年第二季為 730 萬美元，年增 58%。本季度，我們記錄的肺部診斷測試總量約為 9,800 次，而 2022 年第二季度約為 5,600 次，增加了 75%。

The test volume growth was primarily driven by our Nodify nodule management lung testing, which includes Nodify XL2 and Nodify CDT. The difference in growth rates between volumes and revenue was primarily driven by the timing of Medicare coverage for Nodify CDT achieved in the second quarter '22.

測試量的成長主要是由我們的 Nodify 結節管理肺部測試推動的，其中包括 Nodify XL2 和 Nodify CDT。銷售量和收入之間的成長率差異主要是由於 Nodify CDT 的醫療保險覆蓋時間在 22 年第二季實現的。

Biopharmaceutical services revenue was $423,000 in the quarter compared to $744,000 in the second quarter of 2022 and $411,000 in the first quarter of '23, a decrease of 43% compared to the second quarter of '22, and an increase of 3% over the first quarter of '23. As a reminder, this business can fluctuate due to several factors, including contract timing and project execution, but in this instance, reflects the continued delays of enrollment in prospective clinical trials to complete the projects and recognize revenue. As Scott mentioned, we ended the second quarter of 2023 with $9.3 million contracted, but not yet recognized as revenue. These dollars are tied to multiple agreements with different timelines and will be recognized as these projects are executed.

該季度生物製藥服務收入為 423,000 美元，而 2022 年第二季度為 744,000 美元，2023 年第一季為 411,000 美元，比 22 年第二季度下降 43%，比第一季增長 3% 23 年季度。提醒一下，該業務可能會因合約時間和專案執行等多種因素而波動，但在這種情況下，反映了為完成專案和確認收入而參加前瞻性臨床試驗的持續延遲。正如斯科特所提到的，我們在 2023 年第二季度結束時簽訂了 930 萬美元的合同，但尚未確認為收入。這些美元與具有不同時間表的多個協議掛鉤，並將在這些項目執行時確認。

Gross margin percentage in the second quarter of 2023 was 73% versus 64% in the prior-year quarter and 65% in the first quarter of 2023. Current growth margin trends reflect the growth in our higher growth margin lung diagnostic testing business, successful completion of projects to decrease costs and optimize testing workflows, and cessation of commercial COVID testing. This margin achievement is ahead of plan, and we anticipate maintaining margins in the low 70s going forward.

2023 年第二季的毛利率為 73%，去年同期為 64%，2023 年第一季為 65%。目前的成長率趨勢反映了我們較高的肺部診斷測試業務的成長，成功完成了降低成本和優化測試工作流程的項目，並停止商業新冠病毒測試。這一利潤率成績超出了計劃，我們預計未來利潤率將維持在 70 多美元的低水平。

Overall operating expense, excluding direct costs and expenses, was $19.6 million in the second quarter of '23, compared to $18.6 million for the same period of 2022 and $22.3 million in the first quarter of 2023. The increase versus last year is primarily from increased sales and marketing expense, from increased travel-related costs due to the return to pre-pandemic level access to physicians, and increases in other non-employee-related costs.

2023 年第二季的整體營運費用（不包括直接成本和費用）為 1,960 萬美元，而 2022 年同期為 1,860 萬美元，2023 年第一季為 2,230 萬美元。與去年相比的成長主要是由於銷售和行銷費用，由於恢復到大流行前看醫生的水平而導致與旅行相關的成本增加，以及其他非員工相關成本的增加。

The decrease as compared to the first quarter is related to the realization of savings from our prioritization of projects that are expected to result in near-term revenue and the delay of longer-term projects. Operating expense for the second quarter of 2023 includes $1.1 million in non-cash stock compensation expense as compared to $1.4 million during the second quarter of 2022 and $2.3 million in the first quarter of 2023.

與第一季相比的下降與我們優先考慮預計會帶來短期收入的項目和長期項目的延遲所實現的節省有關。 2023 年第二季的營運費用包括 110 萬美元的非現金股票補償費用，而 2022 年第二季為 140 萬美元，2023 年第一季為 230 萬美元。

Net loss for the second quarter of 2023 was $13.4 million compared to a $15.8 million net loss for the same period of 2022 and $18.7 million for the first quarter of 2023, driven partially by the improvements in gross margin and operating expenses. The decrease in net loss for the quarter included a decrease in non-cash stock-based compensation and the absence of a one-time loss on extinguishment in the year-ago quarter of $3.0 million, resulting from the restructuring of the Contingent Consideration Agreement with Integrated Diagnostics, offset by an increase in interest expense primarily associated with the perceptive term loan facility. If we remove the $800,000 from depreciation and amortization, $1.1 million from stock-based compensation and $2.4 million in interest expense, the loss for the second quarter was $9.1 million as compared to $13.2 million when making the comparable adjustments to first quarter of 2023, a decrease of 31%.

2023 年第二季的淨虧損為 1,340 萬美元，而 2022 年同期的淨虧損為 1,580 萬美元，2023 年第一季的淨虧損為 1,870 萬美元，部分原因是毛利率和營運費用的改善。本季淨虧損的減少包括非現金股票補償的減少，以及由於與綜合診斷，被主要與感知定期貸款便利相關的利息支出的增加所抵消。如果我們扣除80 萬美元的折舊和攤銷、110 萬美元的股票薪酬和240 萬美元的利息支出，第二季度的虧損為910 萬美元，而對2023 年第一季進行可比調整時的虧損為1,320 萬美元。減少31%。

We ended the quarter with $17.4 million in unrestricted cash and cash equivalents, as compared to $25.3 million in unrestricted cash and cash equivalents at the end of the first quarter, a decrease of $7.9 million, which included the scheduled milestone payment of $2.3 million paid in April 2023 to Integrated Diagnostics, change in working capital, and also includes $5.8 million in tenant improvement dollars, offset by $6.2 million in investment in the new facility.

本季末，我們的非限制性現金和現金等價物為1,740 萬美元，而第一季末的非限制性現金和現金等價物為2,530 萬美元，減少了790 萬美元，其中包括2017 年支付的預定里程碑付款230 萬美元。2023 年 4 月，整合診斷、營運資金發生變化，還包括 580 萬美元的租戶改善資金，被新設施的 620 萬美元投資所抵銷。

The cash burn decreased from $17.8 million in the first quarter of 2023 as a result of our commitment to a cost-disciplined approach in growing the business. The cash balance as of June 30, 2023, does not include the $27.5 million raised in the private placements previously discussed, which was completed subsequent to quarter end.

由於我們致力於在業務成長中採取成本控制方法，現金消耗量較 2023 年第一季的 1,780 萬美元有所下降。截至 2023 年 6 月 30 日的現金餘額不包括先前討論的私募配售中籌集的 2,750 萬美元，該配售在季度末後完成。

In the upcoming fourth quarter, we expect to move into our new state-of-the-art facility in Louisville, Colorado, just down the road from our current Boulder location. The new facility has improved capacity for lung diagnostic testing, biopharmaceutical services testing, and collection kit manufacturing, which we brought in-house in 2022. During the construction of the new facility, materials and equipment were incorporated to optimize energy efficiency and reduce emissions, advancing some of our longer-term ESG goals.

在即將到來的第四季度，我們預計將搬進科羅拉多州路易斯維爾的最先進的新工廠，就在我們目前的博爾德工廠附近。新設施提高了肺部診斷測試、生物製藥服務測試和收集套件製造的能力，我們於2022 年將這些能力引入內部。在新設施的建造過程中，採用了材料和設備，以優化能源效率並減少排放，推進我們的一些長期 ESG 目標。

We remain focused on two major goals: growing our revenue by helping more physicians treat more patients than ever before, and making sequential progress on our path to profitability. Second-quarter results showed our progress and success towards both of those goals, and we are maintaining the guidance provided earlier this year of full year 2023 revenue of $52 million to $55 million. Our guidance assumes continued strong year-over-year growth in our core lung diagnostic testing business, broader reimbursement of our five on-market tests, as well as modest expected growth in our biopharmaceutical services business.

我們仍然專注於兩個主要目標：透過幫助更多的醫生治療比以往更多的患者來增加收入，並在獲利之路上取得連續進展。第二季的業績顯示了我們在實現這兩個目標方面取得的進展和成功，並且我們維持今年早些時候提供的 2023 年全年收入 5,200 萬至 5,500 萬美元的指導。我們的指導假設我們的核心肺部診斷測試業務持續強勁的同比增長，我們五項市場測試的更廣泛的報銷，以及我們的生物製藥服務業務的適度預期增長。

Now, let me turn it back to Scott. Scott?

現在，讓我把它轉回給史考特。史考特？

Thanks, Robin. In closing, I want to express my gratitude to all the incredible members of the Biodesix team who've shown unwavering belief in and dedication to our mission, vision, and culture. Our collective commitment and daily contributions are centered around making a positive impact on the lives of patients, and I'm truly thankful for your efforts.

謝謝，羅賓。最後，我要向 Biodesix 團隊中所有出色的成員表示感謝，他們對我們的使命、願景和文化表現出了堅定不移的信念和奉獻精神。我們的集體承諾和日常貢獻的核心是對病人的生活產生正面影響，我衷心感謝你們的努力。

We have again experienced remarkable double-digit growth in the past quarter, attributed to the exceptional performance of our lung-focused sales team, who've been instrumental in fueling our growth and success. We've published critical clinical data that demonstrates the utility of our test, supporting both physician and payer adoption, and achieved a major reimbursement milestone.

過去一個季度，我們再次實現了兩位數的驚人成長，這要歸功於我們專注於肺部的銷售團隊的出色表現，他們在推動我們的成長和成功方面發揮了重要作用。我們已經發布了關鍵的臨床數據，證明了我們的測試的實用性，支持醫生和付款人採用，並實現了重要的報銷里程碑。

Additionally, we've improved our already strong gross margins ahead of plan. Looking ahead, our focus remains on driving near-term revenue growth while maintaining a disciplined approach in reducing expenses and cash burn. By aligning these strategic priorities, we are confident in our ability to sustain our growth trajectory, make progress on our path to profitability, and deliver value to our shareholders. We look forward to moving into our new state-of-the-art facility that affords us the opportunity to maintain our growth and expand in an efficient and effective manner.

此外，我們也提前提高了本已強勁的毛利率。展望未來，我們的重點仍然是推動近期收入成長，同時保持嚴格的方法來減少開支和現金消耗。透過調整這些策略重點，我們對維持成長軌跡、在獲利之路上取得進展並為股東創造價值的能力充滿信心。我們期待著搬進我們最先進的新設施，這使我們有機會以高效和有效的方式保持成長和擴張。

Once again, I extend my sincere appreciation to each and every member of the Biodesix team for your invaluable contributions to our success. Together, we're making a real difference and positively impacting physicians and the patients they treat. Robin, the Biodesix team, and I are as excited as we've ever been about the future of Biodesix and the opportunities that lie ahead.

我再次向 Biodesix 團隊的每一位成員致以誠摯的謝意，感謝你們為我們的成功做出的寶貴貢獻。我們共同努力，做出了真正的改變，並對醫生和他們治療的患者產生了積極的影響。 Robin、Biodesix 團隊和我對 Biodesix 的未來和未來的機會一如既往地感到興奮。

With that, I'll turn the call over to the operator for questions.

這樣，我會將電話轉給接線生詢問問題。

(Operator Instructions) Andrew Brackmann.

（操作員說明）安德魯·布拉克曼。

Hey, everyone. This is Maggie Boeye on today for Andrew. Thanks for taking our questions. Maybe first to start on the guidance for the year, you reiterated your topline outlook today. Can you talk about the pacing for the third and fourth quarter within these assumptions, maybe both on the core lung diagnostic side and then the biopharma services side?

嘿大家。這是瑪吉·博耶今天為安德魯做的節目。感謝您回答我們的問題。也許首先從今年的指導開始，您今天重申了您的主要前景。您能否談談在這些假設下第三和第四季度的節奏，也許是核心肺部診斷方面，然後是生物製藥服務方面？

Yeah. Hi, Maggie. Thanks for hopping on. We haven't seen any -- or we don't expect any real change in the pacing for the quarters. We still expect it to look sort of like what we saw last year with a step up in third quarter and then a further step up in the fourth. With our biopharma services, that one is the one that is more difficult to predict. It's very lumpy. We've seen great interest coming into the company, more requests for proposals than ever before, but just things are slow and sort of delayed. That one, we hope to see some good uptick in the second half of the year but put more strength and more emphasis on the lung nodule management and lung diagnostics portion of the revenue.

是的。嗨，瑪吉。感謝您跳上來。我們還沒有看到任何變化，或者說我們預計本季的節奏不會發生任何真正的變化。我們仍然預計它看起來有點像我們去年看到的那樣，第三季度有所上升，然後第四季進一步上升。對於我們的生物製藥服務來說，這一點是更難以預測的。它非常凹凸不平。我們看到人們對公司產生了極大的興趣，比以往任何時候都需要更多的提案請求，但事情進展緩慢並且有點延遲。就這一點而言，我們希望在下半年看到一些良好的成長，但會加強並更加重視收入的肺結節管理和肺部診斷部分。

Got it. That makes sense. Maybe just one on volume growth on that core lung side, so you've now had two really strong quarters of growth in a row. Can you maybe break apart that growth and talk about how much of it's being driven by greater existing account utilization or even new account utilization or any other drivers here? Thank you.

知道了。這就說得通了。也許只是核心肺一側的銷售成長，所以你現在已經連續兩個季度實現了非常強勁的成長。您能否分解一下這種增長，並談談其中有多少是由更大的現有帳戶利用率、甚至新帳戶利用率或任何其他驅動因素推動的？謝謝。

Yeah. Thank you, Maggie. This is Scott. Appreciate the question. As we've stated before, we've had and experienced great interest in adoption, really, across all pulmonology groups, which also includes community, rural, and academic. We continue to see growth across all segments. We think that the ORACLE publication will continue to increase that.

是的。謝謝你，瑪吉。這是斯科特。感謝這個問題。正如我們之前所說，我們對所有肺病學團體（其中還包括社區、農村和學術界）的採用都表現出了極大的興趣。我們繼續看到所有細分市場的成長。我們認為 ORACLE 出版物將繼續增加這一點。

And we're exceptionally pleased with the sales rep access. For us, there's not one specialty within the pulmonology group where we're seeing greater or less adoption. It really is equal. And I think it speaks volumes about the clinical utility, which was also supported in ORACLE, where we demonstrated a 74% reduction in unnecessary invasive procedures.

我們對銷售代表的訪問感到非常滿意。對我們來說，肺病學組中沒有一個專業的採用率有所提高或降低。確實是平等的。我認為這充分說明了臨床實用性，這也得到了 ORACLE 的支持，我們證明不必要的侵入性操作減少了 74%。

Great. Thanks so much.

偉大的。非常感謝。

Thank you, Maggie.

謝謝你，瑪吉。

Kyle Mikson, Canaccord Genuity.

凱爾米克森，Canaccord Genuity。

Great. Hey, guys. Thanks for taking the questions. Congrats on the quarter. So, similar line of thoughts. The 75% growth year over year for test volume, I guess could you just parse out how much of that, Scott, is from recurring stickiness among clinicians and reordering? I think that's an interesting dynamic that this is such outsized growth. It seems like it's a lot of organic almost, but a lot of your tests have been on the market for a while and have medical coverage for years. So, if you could just double-click on that, it'd be kind of good to hear.

偉大的。大家好。感謝您提出問題。恭喜本季。所以，類似的想法。測試量年增 75%，史考特，我想你能分析其中有多少是來自臨床醫生之間反覆出現的黏性和重新排序嗎？我認為這是一個有趣的動態，如此巨大的成長。看起來幾乎都是有機的，但你們的許多測試已經上市一段時間了，並且有醫療保險多年。因此，如果您可以雙擊它，那就太好了。

Yeah. Thanks, Kyle. Appreciate the question. We haven't disclosed that metric. Obviously, we track that closely. What I'm comfortable sharing today is that we've been pleased, really, with that stickiness and that reorder rate. We've seen that not only stay kind of consistently strong, but grow over time, which is what you want, right? As an individual physician or healthcare practice gains experience, you hope they see the greater value in the clinical utility of the test. And that's consistent with what we've seen as we've tracked this over time.

是的。謝謝，凱爾。感謝這個問題。我們尚未披露該指標。顯然，我們密切跟踪這一點。今天我很樂意分享的是，我們真的對這種黏性和再訂購率感到滿意。我們已經看到，它不僅保持持續強勁，而且隨著時間的推移不斷增長，這就是您想要的，對吧？隨著個別醫生或醫療保健實踐獲得經驗，您希望他們看到測試的臨床效用的更大價值。這與我們隨著時間的推移所看到的情況是一致的。

One of the other metrics we've looked at, and again, we don't share the actual results publicly, is as somebody onboards and begins ordering the test and applying those test results, at what point in time do they become sticky? And so, for us, we really expect to get into that 10 to 20 tests per account or physician range. And then we go in and we focus on what we call kind of a clinical utility review with them to make certain that they understand how each test result not only impacted that individual patient, but potentially changed their approach.

我們研究過的其他指標之一（同樣，我們不會公開分享實際結果）是，當有人加入並開始訂購測試並應用這些測試結果時，它們在什麼時間點變得具有黏性？因此，對於我們來說，我們確實希望每個帳戶或醫生範圍內進行 10 到 20 次測試。然後我們深入研究，與他們一起進行所謂的臨床實用性審查，以確保他們了解每個測試結果不僅會影響個別患者，而且可能會改變他們的方法。

And so, that's resonated for us over time. But it's a great question. It is critically important to us. And we see equal value in not only getting ordering physicians to continue to order and continue to order more, but also for our sales professionals to go out and open new accounts.

因此，隨著時間的推移，這引起了我們的共鳴。但這是一個很好的問題。這對我們來說至關重要。我們認為，不僅讓處方醫生繼續訂購並繼續訂購更多藥物，而且讓我們的銷售專業人員走出去開設新帳戶也具有同等價值。

Okay. That was great, Scott. Thanks for that. And so, the nodule management side of the business continues to really drive a lot of this growth here. But I'm just curious, the other side, VeriStrat, GeneStrat, the treatment guidance, can you talk about the competitive dynamics that are happening in that market and maybe your penetration and how that has been progressing? Because we don't really hear about it as much on these calls.

好的。太棒了，斯科特。感謝那。因此，業務的結核管理方面繼續真正推動這裡的成長。但我只是好奇，另一方面，VeriStrat、GeneStrat、治療指南，您能談談市場中正在發生的競爭動態嗎？也許您的滲透率以及進展如何？因為我們在這些電話中並沒有真正聽到太多關於它的資訊。

Yeah. No, and it's a good point. The IQLung portion of our test, which includes VeriStrat, GeneStrat NGS, and GeneStrat ddPCR, the GeneStrat portion is our genomic offering. We see and receive great value and feedback in offering both a broad-based NGS panel and the targeted ddPCR panel. I think where the greatest value is on the targeted panel is turnaround time, right? Getting the physician those genetic results that they need in less than 36 hours. That's critical, especially early-stage disease before you prescribe treatment. We introduced, as you said, the NGS test more recently, and we felt like that complemented the ddPCR test. We are the only company out there offering both in that clinical setting.

是的。不，這是一個很好的觀點。我們測試的 IQLung 部分包括 VeriStrat、GeneStrat NGS 和 GeneStrat ddPCR，GeneStrat 部分是我們的基因組產品。我們在提供廣泛的 NGS panel 和靶向 ddPCR panel 方面看到並收到了巨大的價值和反饋。我認為目標面板的最大價值是周轉時間，對吧？在 36 小時內為醫生提供所需的基因結果。這很重要，尤其是在您開始治療之前的早期疾病。正如您所說，我們最近引入了 NGS 測試，我們認為這補充了 ddPCR 測試。我們是唯一一家在臨床環境中提供這兩種服務的公司。

But again, I think part of our reach limitations are based upon focusing specifically on lung cancer. So where the NGS test has a broader application, our sales professionals have stayed kind of focused on lung cancer, and so we know that we aren't expecting to hit significant competitive conversions and drive up that market share list on the NGS front. For us, it's more about being that trusted consultative sales company that physicians go to for the answers they need in lung disease and lung cancer.

但我再次認為，我們的影響範圍的部分限制是基於對肺癌的專門關注。因此，在 NGS 測試具有更廣泛應用的地方，我們的銷售專業人員一直專注於肺癌，因此我們知道，我們預計不會實現顯著的競爭轉化並提高 NGS 方面的市場份額。對我們來說，更重要的是成為值得信賴的諮詢銷售公司，醫生可以向其尋求有關肺部疾病和肺癌的所需答案。

Perfect. And on the gross margin, this is great to see the 73%, low 70s% already kind of approaching mid-70s%, and it sounded like we should expect low 70s% going forward. So that is helpful guidance, I guess, just to model out. But I was just curious how the kind of tempered biopharma revenue is going to impact gross margins going forward, too. I know it's probably somewhat uncertain and hard to predict, but I was just curious if you guys could just comment on that.

完美的。就毛利率而言，很高興看到 73%，低 70% 已經接近 70% 的中期，聽起來我們應該預期未來會低 70%。所以我想這對於建模來說是很有幫助的指導。但我只是很好奇這種生物製藥收入的放緩將如何影響未來的毛利率。我知道這可能有些不確定且難以預測，但我只是好奇你們是否可以對此發表評論。

Yeah, it's a great question, and I think you kind of answered it. It is uncertain. Because we did state that we've got $9.3 million under contract, we're able to forecast and plan accordingly, and we have taken that into account. So when we state that we fully expect to stay in that low 70% range, that's inclusive of the biopharmaceutical agreements that we currently have in place. Now, as our biopharmaceutical team is out there trying to get more contracts, that can obviously change and shift, but we don't see that directionally negatively impacting gross margins in the near future.

是的，這是一個很好的問題，我想你已經回答了。這是不確定的。因為我們確實聲明我們的合約金額為 930 萬美元，所以我們能夠進行相應的預測和計劃，並且我們已經考慮到了這一點。因此，當我們表示完全希望保持在 70% 的低範圍內時，這包括我們目前簽訂的生物製藥協議。現在，隨著我們的生物製藥團隊試圖獲得更多合同，這顯然會發生變化和轉變，但我們認為這不會在不久的將來對毛利率產生定向負面影響。

Awesome. And then just a final one from me. Robin, you talked about you guys are moving into a new facility. Is there any CapEx implications from that, or is it already kind of built out and everything?

驚人的。然後是我的最後一篇。羅賓，你談到你們要搬進新設施。這是否有任何資本支出影響，或者它是否已經建成以及一切？

Yeah, there is. So we still have some tenant improvement dollars that we expect to exhaust here in the third quarter, and then there'll be some CapEx in third quarter and fourth quarter. We move at the end of the year, and we'll be live in the new laboratory facility for 2024. So we're not performing tests in the new facility until the new year. So we would expect to see sort of the consistent CapEx in third and fourth quarter like we've seen in first and second.

是的，有。因此，我們仍然有一些租戶改善資金，預計在第三季度耗盡，然後第三季和第四季會有一些資本支出。我們將於今年底搬遷，並於 2024 年搬進新的實驗室設施。因此，我們要到新年才會在新設施中進行測試。因此，我們預計第三季和第四季的資本支出會像第一季和第二季一樣保持一致。

So there wouldn't be like a step up temporarily?

那麼暫時不會有提升嗎？

No step up in the amount of CapEx, but a step down in the tenant improvement dollars that come in. So we'll exhaust that here in the third quarter, and then the final amounts will be all out of pocket, the CapEx.

資本支出金額不會增加，但租戶改善資金會減少。因此，我們將在第三季度用盡，然後最終金額將全部自掏腰包，即資本支出。

Interesting. Thanks, Robin. Thank you, Scott. Congrats, guys.

有趣的。謝謝，羅賓。謝謝你，斯科特。恭喜，夥計們。

Thank you, Kyle.

謝謝你，凱爾。

(Operator Instructions) Tejas Savant, Morgan Stanley.

（操作員指令）Tejas Savant，摩根士丹利。

Hello, this is Yuko on the call for Tejas. Thank you for taking our question. Just following up on some of the biopharma business comments here, could you comment on how delays in prospective clinical trial enrollment and sample delivery has trended over the course of the quarter and into July? And also, could you provide a degree of customer concentration for the $9.3 million under contract?

大家好，我是 Yuko，正在為 Tejas 通話。感謝您提出我們的問題。在此跟進一些生物製藥業務評論，您能否評論一下本季至 7 月份預期臨床試驗註冊和樣本交付的延遲趨勢如何？另外，您能否為合約規定的 930 萬美元提供一定程度的客戶集中度？

Hi, Yuko. Thanks for the question. Yeah, when we think about the trends, one of the things that we have found encouraging and we're excited about is we have seen access to retrospective samples and prospective trial enrollment increase and pick up. And so we've been watching that closely over time and really been waiting for that.

嗨，優子。謝謝你的提問。是的，當我們考慮趨勢時，我們發現令人鼓舞和興奮的事情之一是我們看到回顧性樣本的獲取和前瞻性試驗註冊人數的增加和回升。因此，隨著時間的推移，我們一直在密切關注，並且一直在等待。

The nice thing about having the significant amount of dollars under contract that we have is knowing that it really comes back to access, timing, and cadence. And so we feel like there is movement and progress there. And that's encouraging for us.

我們在合約下擁有大量資金的好處是，我們知道它真正取決於訪問、時間安排和節奏。所以我們覺得那裡有運動和進步。這對我們來說是令人鼓舞的。

We've also seen a record number of request for proposals moving forward. And so we feel like we're in a really, really strong position. When we break down those request for proposals and the $9.3 million currently under contract, we haven't really disclosed what the tests are.

我們也看到，徵求建議書的數量創歷史新高。所以我們覺得我們處於非常非常有利的位置。當我們細分這些徵求建議書和目前合約金額 930 萬美元時，我們並沒有真正透露測試內容。

We offer all of our commercial tests as part of our biopharmaceutical offering. And then we offer a number of additional tests, both tests that we have created and offer for RUO use and just have chosen to not commercialize. But also, we offer custom assay development. And so it really is a broad spectrum of different projects and tests or assays that we're offering. And the biopharmaceutical partners are really coming to us at varied stages of their own development research.

我們提供所有商業測試作為我們生物製藥產品的一部分。然後我們提供了一些額外的測試，這兩個測試都是我們創建並提供給 RUO 使用的，只是選擇不商業化。而且，我們也提供客製化化驗開發。因此，我們提供的確實是廣泛的不同項目和測試或分析。生物製藥合作夥伴確實在各自開發研究的不同階段來找我們。

So we feel like we're fairly balanced. We're also balanced, I say, across size of the biopharmaceutical companies where we've got some small biopharmaceutical companies coming in along with some of the major, more significant names that everybody might know. Is that helpful, Yuko?

所以我們覺得我們相當平衡。我說，我們在生物製藥公司的規模上也很平衡，我們有一些小型生物製藥公司，以及一些每個人都可能知道的主要、更重要的名字。這樣有用嗎，優子？

Yeah, that was great. Thank you so much, Scott. Also, with the upcoming CHEST conference, what presentation and presence do you anticipate to have there? It's a conference that you are historically been present at. And then is it possible that we could see interim data from ALTITUDE at CHEST?

是的，那太好了。非常感謝你，斯科特。另外，對於即將召開的 CHEST 會議，您預計將有哪些演講和出席？這是您歷來出席的會議。那麼我們是否可以在 CHEST 看到 ALTITUDE 的臨時資料？

Yeah, great question. We look towards the annual CHEST meeting as one of the biggest opportunities for us. If you're not familiar with it, it's the largest pulmonology physician society conference on an annual basis, usually held in October or November. This year's meeting has been pulled up, so it's early October.

是的，很好的問題。我們將年度 CHEST 會議視為我們最大的機會之一。如果你不熟悉的話，這是最大的肺病醫師協會年度會議，通常在十月或十一月舉行。今年的會議已經拉起來了，現在已經是十月初了。

We're not yet able to disclose exactly what will be presented and published as a number of the items that we've already had accepted are embargoed until we get closer to the event. And we've got a number of other efforts that are still in the works. We put a lot of pressure on ourselves to make certain that we show up representing who we are.

我們還無法準確透露將展示和發布的內容，因為在我們接近活動之前，我們已經接受的許多項目都被禁運。我們還有許多其他工作仍在進行中。我們給自己施加了極大的壓力，以確保我們的表現代表了我們自己。

And so we think this CHEST will be equally as impactful as the last where we have an opportunity to get in front of a number of pulmonologists with an ever-increasing book of data. And so we're excited about that. Getting the ORACLE data out now when we could give them more time to digest it, to research it on their own. And so we fully expect to have great robust conversation there.

因此，我們認為這次 CHEST 將與上一次一樣具有影響力，我們有機會向許多肺科醫生展示不斷增加的數據集。所以我們對此感到興奮。現在就將 ORACLE 數據拿出來，這樣我們就可以給他們更多的時間消化數據、自行研究數據。因此，我們完全期待在那裡進行精彩而熱烈的對話。

And then the second part -- Yeah, I was just going to say -- Sorry, go ahead, Yuko.

然後是第二部分——是的，我只想說——抱歉，繼續吧，Yuko。

No, go ahead.

沒有，繼續。

Yeah, so for us, when we look towards interim data on ALTITUDE, it really is going to be based upon enrollment. We're very pleased with enrollment. We've had a number of back-to-back months with record number of enrollment. So I don't expect to have interim data or analysis that we'd be sharing at CHEST because we would already be doing that analysis.

是的，所以對我們來說，當我們查看 ALTITUDE 的中期數據時，它確實將基於註冊情況。我們對入學感到非常滿意。我們已經連續幾個月創下了入學人數的紀錄。因此，我預計我們不會在 CHEST 上分享臨時數據或分析，因為我們已經在進行該分析了。

I think as we get closer to the end of the year, we'll look at that and maybe do an interim analysis share sooner in the year next year, not waiting for CHEST. But it's critically important for us. We know that a prospective randomized trial in this space is significant. We're excited to get that data out there. And we're really proud to be working with the number of major academic institutions that we are on that study.

我認為，隨著接近年底，我們會對此進行研究，也許明年會更早進行中期分析，而不是等待 CHEST。但這對我們來說至關重要。我們知道，該領域的前瞻性隨機試驗意義重大。我們很高興能得到這些數據。我們非常自豪能夠與我們參與這項研究的眾多主要學術機構合作。

Great. Thank you so much for the color.

偉大的。非常感謝你的顏色。

Yeah. Thank you, Yuko.

是的。謝謝你，優子。

Thank you for your question. This now concludes our question-and-answer session. I'd now like to pass the call back over to Scott Hutton, Chief Executive Officer for Biodesix, for closing remarks.

謝謝你的問題。我們的問答環節到此結束。現在我想將電話轉回 Biodesix 執行長 Scott Hutton，讓其致閉幕詞。

Thank you, operator. We've worked long and hard to build the best pulmonology-focused sales team in diagnostics. And I think that's just the beginning of our growth. With a first-mover status in lung nodule management and an ever-increasing body of robust clinical data, we're eager to provide updates on our progress and how we continue to build on the momentum already created as we increase our clinical data and payer adoption in this extremely large market opportunity.

謝謝你，接線生。我們經過長期努力，建立了診斷領域最好的專注於肺病學的銷售團隊。我認為這只是我們成長的開始。憑藉在肺結節管理方面的先驅地位和不斷增加的可靠臨床數據，我們渴望提供有關我們進展的最新信息，以及我們如何繼續在我們增加臨床數據和付款人時已經創造的勢頭的基礎上繼續發展在這個極為巨大的市場機會中採用。

Ultimately, it's all about physicians and the patients they treat. And we believe in our ability to make a more significant impact in the future. Our research, development, and laboratory teams are continuously delivering on operational improvements and cost savings, maintaining a high level of compliance, and positively impacting our already strong gross margins while exceeding our standard of best-in class operations, as evidenced by our unmatched turnaround times on test result delivery.

最終，這一切都與醫生及其治療的患者有關。我們相信我們有能力在未來產生更重大的影響。我們的研究、開發和實驗室團隊不斷實現營運改善和成本節約，保持高水準的合規性，並對我們本已強勁的毛利率產生積極影響，同時超越我們一流的營運標準，我們無與倫比的周轉就證明了這一點測試結果交付時間。

We've prioritized a quality-focused Biodesix team and culture, and trust that our cost-discipline approach and result in reduction in operating expense and cash burn will provide greater clarity and assurance around our path to profitability.

我們優先考慮以品質為中心的 Biodesix 團隊和文化，並相信我們的成本紀律方法以及營運費用和現金消耗的減少將為我們的盈利之路提供更大的清晰度和保證。

We look forward to updating you on our continued progress and successes on the next earnings call and hosting you in our new state-of-the-art and highly accredited facility soon. Thank you.

我們期待在下一次財報電話會議上向您介紹我們的持續進展和成功，並很快在我們最先進且高度認可的新設施中接待您。謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。