Biodesix Inc (BDSX) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to Biodesix's third-quarter, 2024 earnings conference call. (Operator Instructions)

再會。感謝您的支持。歡迎參加 Biodesix 2024 年第三季財報電話會議。（操作員指令）

Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Brinzey, Biodesix's Investor Relations. Please go ahead.

請注意，本次會議正在錄音。現在，我想將會議交給今天的發言人、Biodesix 投資者關係主管 Chris Brinzey。請繼續。

Thank you, operator, and good morning everyone. Today, Biodesix's released results from the third quarter of 2024. Leading the call today will be Scott Hutton, Chief Executive Officer. He is joined by Robin Harper Cowie, Chief Financial Officer, an audio recording of today's call and the press release announcement with the quarterly results can be found in the investor relations section of the company's website at biodesix.com.

謝謝接線員，大家早安。今天，Biodesix 發布了 2024 年第三季的業績。今天的電話會議主持人將是執行長 Scott Hutton。財務長 Robin Harper Cowie 也出席了此次會議，今天電話會議的錄音和包含季度業績的新聞稿可在公司網站 biodesix.com 的投資者關係部分找到。

As today's call includes forward-looking statements. We encourage you to review the statements contained in today's press release and the risks and uncertainties described in our SEC filings which identify certain factors that may cause the company's actual events, performance and results to differ materially from those contained in the forward-looking statements made on today's webcast.

因為今天的電話會議包含前瞻性陳述。我們鼓勵您查看今天的新聞稿中的聲明以及我們提交給美國證券交易委員會的文件中描述的風險和不確定性，這些文件中指出了某些可能導致公司實際事件、業績和結果與今天的網絡廣播中的前瞻性聲明存在重大差異的因素。

In addition, we will discuss non-GAAP financial measures on this call. Descriptions of these non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures are included in today's press release.

此外，我們將在本次電話會議上討論非公認會計準則財務指標。今天的新聞稿中包含了這些非公認會計準則財務指標的描述以及公認會計準則與非公認會計準則財務指標的對帳。

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

現在我想將電話轉給執行長 Scott Hutton。斯科特。

Thank you, Chris, and thank you all for joining us today. Our key business fundamentals facilitate our ability to transform the standard of care and improve patient outcomes with personalized diagnostics.

謝謝你，克里斯，也謝謝大家今天的到來。我們的關鍵業務基礎促進了我們透過個人化診斷轉變護理標準和改善患者治療結果的能力。

Commercial execution has been and continues to be enabled by a strong culture as well as a foundation built upon scientific clinical and operational excellence. And I'm happy to report that it has been another quarter of solid year over year growth.

商業執行已經並將繼續由強大的文化以及建立在科學臨床和卓越運營基礎上的基礎所推動。我很高興地報告，本季我們又實現了同比穩定成長。

As I've stated previously, 2024 is a year of execution and our team continues to deliver on three key goals which include driving increased revenue through the adoption of our lung diagnostic test and BioPharma services, implementing operational efficiencies to continue to deliver strong gross margins and maintaining a strict cost discipline approach on our path to profitability.

正如我之前所說，2024 年是執行之年，我們的團隊將繼續實現三個關鍵目標，包括透過採用我們的肺部診斷測試和生物製藥服務來增加收入、實施營運效率以繼續提供強勁的毛利率並在實現盈利的道路上保持嚴格的成本紀律方法。

In the third quarter, we delivered 35% year over year growth in revenue, 77% gross margins and a 6% improvement in net loss.

第三季度，我們的營收年增35%，毛利率成長77%，淨虧損改善6%。

Our quarter's growth was slightly under our expectations driven in part by the hurricanes in the southeast, slower sales team expansion and timing of completion of BioPharma service projects.

本季的成長略低於我們的預期，部分原因是東南部的颶風、銷售團隊擴張放緩以及 BioPharma 服務項目完成時間較長。

However, due to a variety of factors I will discuss in a moment, our experience in and expectations for the fourth quarter lead us to reiterate our 2024 full year revenue guidance of $70 million to $72 million and our expectation that we will achieve adjusted EBITDA break even in the second-half of 2025.

但是，由於我稍後將討論的各種因素，我們在第四季度的經驗和預期促使我們重申 2024 年全年收入預期為 7000 萬美元至 7200 萬美元，以及我們的預期，即在 2025 年下半年實現調整後的 EBITDA 收支平衡。

Let's start with an update on the adoption of our lung diagnostic test volumes grew 34% over the third quarter of last year. And as we've discussed, the timely expansion of our sales team is a critical component of our overall growth strategy.

首先我們來了解肺部診斷測試的最新情況，與去年第三季相比，我們的肺部診斷測試量增加了 34%。正如我們所討論的，及時擴大我們的銷售團隊是我們整體成長策略的關鍵組成部分。

Our approach has been to hire the right sales team members that help advance our long term strategic growth while positively impacting our culture mission and vision.

我們的方法是聘請合適的銷售團隊成員，幫助推進我們的長期策略成長，同時對我們的文化使命和願景產生積極影響。

In this quarter, we focused on adding sales teammates in new territories and upgrading talent in other sales territories to further set ourselves up for success in the fourth quarter. And into 2025. The third quarter had an average of 63 contributing sales team members. And we graduated a large sales training class in early October who will contribute in the fourth-quarter.

本季度，我們專注於在新地區增加銷售隊友並提升其他銷售地區的人才，以進一步為第四季度的成功做好準備。並進入 2025 年。第三季平均有 63 位銷售團隊成員做出貢獻。我們在十月初畢業了一個大型銷售培訓班，他們將在第四季做出貢獻。

Given the timing of hiring and the graduation of the class, we anticipate that our average number of fully contributing sales team members in the fourth quarter will be between 70 and 75 catching up to our planned sales team member count at the end of 2024 for 2025. We'll keep adding an average of 6 to 8 sales team members per quarter as we continue to build out the organization needed to address the significant market opportunity.

考慮到招募時間和班級畢業的時間，我們預計第四季度全員貢獻的銷售團隊成員平均人數將在 70 至 75 人之間，從而趕上我們計劃在 2024 年底和 2025 年達到的銷售團隊成員人數。隨著我們繼續建立應對重大市場機會所需的組織，我們將繼續以平均每季增加 6 至 8 名銷售團隊成員的速度成長。

I also want to comment on the impact of the hurricanes that hit Florida and the south-eastern United States in September and October. We observed in the last two weeks of the third quarter, that many patients, physicians and our local bioethics team members were forced to evacuate their homes and businesses thus affecting the normal volume of testing in those regions.

我還想評論一下九月和十月襲擊佛羅裡達州和美國東南部的颶風的影響。我們觀察到，在第三季的最後兩週，許多患者、醫生和我們當地的生物倫理團隊成員被迫撤離他們的家園和企業，這影響了這些地區的正常檢測量。

While these communities are in the early stages of recovery, we expect most health care providers to return to normal service levels in the near future and the long term impact to our business will be minimal before we go on, the entire bio ethics team wishes to acknowledge the communities who continue to face the devastating effects of the recent hurricanes. Our thoughts are with our teammates health care providers, patients and residents of those communities as they continue the long process of recovery.

雖然這些社區正處於恢復的早期階段，但我們預計大多數醫療保健提供者將在不久的將來恢復正常服務水平，並且在我們繼續之前對我們業務的長期影響將是最小的，整個生物倫理團隊希望承認那些繼續面臨最近颶風的毀滅性影響的社區。我們的心與我們的隊友、醫護人員、病人以及這些社區的居民同在，希望他們能繼續漫長的復原過程。

Now, back to the quarter, lung diagnostic testing revenue grew 40% year over year with the difference in test volume growth and revenue growth driven by our previously announced reimbursement successes and new coverages added this quarter.

現在，回到本季度，肺診斷檢測收入年增 40％，檢測量增長和收入增長的差異得益於我們之前宣布的報銷成功和本季度增加的新保險範圍。

We added new coverage policies in the third quarter for Nodify X2 from Blue Shield of California, Blue Cross, Blue Shield, Nebraska, Centene, Salon and Security Health Plan in Wisconsin. We're pleased to add these policies to our existing Medicare and other private payer coverages and we remain focused on adding more policies for all of our tests.

我們在第三季為Nodify X2增加了加州藍盾、藍十字、內布拉斯加州藍盾、Centene、Salon和威斯康辛州安全健康計畫的新保險政策。我們很高興將這些保單添加到我們現有的醫療保險和其他私人付款人保險中，並且我們仍致力於為我們所有的測試添加更多保單。

In order to support expanded adoption and coverage of our test. We continue to focus on clinical excellence by generating quality data and initiating new studies, early in October at the CHEST annual meeting in Boston, the largest pulmonology conference of the year. New data was presented from a cohort of 35,000 patients who received notified lung testing in a real world clinical setting.

為了支持我們測試的擴大採用和覆蓋範圍。我們將於 10 月初在波士頓舉行的年度最大肺病學會議 CHEST 年會上產生高品質數據並開展新的研究，繼續專注於臨床卓越性。新數據來自 35,000 名在真實臨床環境中接受通知肺部檢測的患者。

The presentation demonstrated that national clinical use patterns and reclassification rates are consistent with prior published data highlighting the high proportion of results that up or down classified patients into actionable risk categories with clear guideline recommended diagnostic plans.

該報告表明，全國臨床使用模式和重新分類率與先前發布的數據一致，強調了將患者上調或下調到可操作風險類別的結果比例很高，並有明確的指導方針推薦的診斷計劃。

This was one of several presentations in the scientific program at CHEST featuring notified lung testing demonstrating continued interest in the role our tests play in the clinical assessment of lung nodules reception to this educational content was exceptional leading to hundreds of positive interactions with health care professionals and new partnership opportunities.

這是 CHEST 科學計畫中幾次以通知肺部測試為特色的演講之一，表明人們對我們的測試在肺結節臨床評估中所起的作用的持續興趣，對這種教育內容的接受度非常高，從而導致了與醫療保健專業人士的數百次積極互動和新的合作機會。

Generally, we're seeing an increased focus on lung Nodule biomarkers at medical conferences including CHEST last month in Boston, Massachusetts and the American Association of oncology and Interventional pulmonology or AABIP in Charlotte, North Carolina in August.

總體而言，我們看到在醫學會議上人們對肺結節生物標記的關注度有所提高，包括上個月在馬薩諸塞州波士頓舉行的 CHEST 會議和 8 月在北卡羅來納州夏洛特舉行的美國腫瘤學和介入性肺病學協會 (AABIP)。

We believe this interest and excitement is a strong leading indicator of continued adoption of Nodify lung testing. Given our first mover advantage and progress in generating evidence that demonstrates the benefits to health care providers, health systems and their patients.

我們相信，這種興趣和熱情是繼續採用 Nodify 肺部測試的有力領先指標。鑑於我們的先發優勢和在提供證據方面取得的進展，這些證據可以證明醫療保健提供者、衛生系統及其患者的利益。

The company also announced a new complementary clinical study named CLARIFY, a Multicenter retrospective chart review study evaluating the impact and utility of the blood based proteomic integrated classifier and auto antibody test in the real world.

該公司還宣布了一項名為 CLARIFY 的新補充臨床研究，這是一項多中心回顧性圖表審查研究，旨在評估基於血液的蛋白質組學綜合分類器和自身抗體測試在現實世界中的影響和實用性。

CLARIFY will collect patient outcomes and other clinical information on 4,000 patients who have received notified testing in clinical practice with at least 1 to 2 years of available follow up, the CLARIFY study uses a cost effective study design that is faster to execute and confirm performance of the Nodify CDT and Nodify X2 test in a broad population of patients across the country.

CLARIFY 將收集 4,000 名已在臨床實踐中接受通知檢測的患者的結果和其他臨床信息，並提供至少 1 至 2 年的隨訪，CLARIFY 研究採用具有成本效益的研究設計，可以更快地執行並確認 Nodify CDT 和 Nodify X2 研究在全國廣大患者群體中的表現。

This study allows us to focus on diverse patient subgroups that historically may not have been studied in other clinical studies to further demonstrate the effectiveness of the test in the real world.

這項研究使我們能夠關注歷史上其他臨床研究可能未曾研究過的不同患者亞群，以進一步證明該測試在現實世界中的有效性。

We expect to release interim data in 2025 and complete the study in 2026. We're also making progress with altitude which is designed to assess clinical utility of the notified test through a prospective randomized controlled trial. It's continuing to accrue patients and a third party data safety management board is scheduled to meet early first quarter of 2025 to review the progress of the trial and discuss the potential for an interim data release.

我們預計將於 2025 年發布中期數據，並於 2026 年完成研究。我們也在海拔研究方面取得了進展，旨在透過前瞻性隨機對照試驗來評估通知測試的臨床效用。該研究正在繼續招募患者，第三方資料安全管理委員會計劃於 2025 年第一季初開會審查試驗進度並討論發布中期數據的可能性。

We will provide additional updates following their review. Finally, new health economics and outcomes research data on our notified test will be presented at the Professional Society for Health economics and outcomes research meeting known as ISPOR in Barcelona, Spain. Later this month, let's move now to our BioPharma services business which is enabled by our scientific and operational expertise.

我們將在審核後提供更多更新。最後，我們通知的測試的新的衛生經濟學和結果研究數據將在西班牙巴塞隆納舉行的衛生經濟學和結果研究專業協會會議（ISPOR）上公佈。本月晚些時候，我們將轉向我們的生物製藥服務業務，這項業務由我們的科學和營運專業知識推動。

We saw increasing demand for our services and grew the dollars under contract but not yet recognized as revenue to $11.1 million up from $8.1 million at the end of the second quarter, revenue in the quarter was a 17% decrease versus third quarter of last year.

我們看到對我們服務的需求不斷增加，合約金額但尚未確認為收入的金額從第二季末的 810 萬美元增加到 1,110 萬美元，本季度收入與去年第三季度相比下降了 17%。

Reflecting the delay in timing of sample receipt and the resulting completion of a larger project that shifted from the last weeks of September into the first weeks of October.

反映了樣品接收時間的延遲以及由此導致的大型專案的完成時間從九月的最後幾週轉移到十月的第一周。

We're excited about the growth in the funnel through an increasing number of RFPS contracts and projects. This is a differentiated service offering that leverages our multiomic platforms and research and development expertise to help deliver insights that our BioPharma partners use to personalize patient care and help improve disease detection, evaluation and treatment across all disease types.

我們很高興看到 RFPS 合約和專案數量的不斷增加帶來了管道的成長。這是一項差異化服務，利用我們的多組學平台和研發專業知識，幫助提供我們的生物製藥合作夥伴用來個性化患者護理的見解，並幫助改善所有疾病類型的疾病檢測、評估和治療。

Across the board, the fourth quarter is off to a great start with an excellent chess meeting, filled with customer interactions, leading to opportunities for the sales team to drive additional clinical adoption, new data presentations and the announcement of the CLARIFY study are further establishing our position as the market leader in Lung Nodule Risk assessment.

總體而言，第四季度開局良好，會議非常精彩，充滿了客戶互動，為銷售團隊創造了推動更多臨床應用的機會，新的數據展示和 CLARIFY 研究的宣布進一步確立了我們作為肺結節風險評估市場領導者的地位。

The momentum from CHEST, the new data and study. The addition of the newly graduated class of sales team members and the completion of the large BioPharma project already in the quarter are all contributing to the achievement of our 2024 guidance.

來自 CHEST 的動力、新數據和研究。本季新畢業的銷售團隊成員的加入和大型 BioPharma 專案的完成都為我們實現 2024 年目標做出了貢獻。

With that, let me turn it over to Robin to review the financial performance. Robin.

說完這些，讓我把責任交給羅賓來審查財務表現。羅賓。

Thanks, Scott, and Good morning everyone. Third quarter, total revenue was $18.2 million, a 35% increase over the prior year lung diagnostic testing revenue in the third quarter was $17.2 million from approximately 13,900 tests as compared to $12.3 million from approximately 10,400 tests for the third quarter of 2023 representing 40% growth in revenue and 34% growth in test volume, BioPharma services revenue was $1.0 million in the quarter compared to $1.2 million in the third quarter. 2023, a decrease of 17%.

謝謝，斯科特，大家早安。第三季總營收為 1,820 萬美元，較上年同期成長 35%，第三季肺部診斷檢測營收為 1,720 萬美元，約 1,3,900 次檢測，而 2023 年第三季為 1,230 萬美元，來自約 1,0,400 次檢測，營收成長 40%，檢測 30 萬美元收入成長 30 萬美元，而 10 萬美元收入成長 300 萬美元。 2023年，下降17%。

The BioPharma services revenue was impacted by the timing of sample receipt and project completion between the end of the third quarter and beginning of the fourth quarter 2024, as Scott discussed, our pipeline is robust and we ended the quarter with approximately $11.1 million contracted but not yet recognized as revenue, which is a record high, gross margin percentage in the third quarter, 2024 was 77.0%. Up from 76.1% in the prior year quarter and down slightly from 78.4% in second-quarter of 2024.

正如 Scott 所討論的，BioPharma 服務收入受到 2024 年第三季度末至第四季度初之間樣品接收和項目完成時間的影響，我們的渠道非常強勁，本季度末我們已簽訂合同但尚未確認為收入約 1110 萬美元，創歷史新高，2024 年第三季度的毛利率百分比為 77.0%。高於去年同期的 76.1%，略低於 2024 年第二季的 78.4%。

Our gross margins remain consistently in the upper 70s as expected even when impacted by BioPharma services margins from the completion of a large project spanning the end of the third quarter and beginning of the fourth quarter, overall operating expense excluding direct costs and expenses was $22.6 million compared to $17.4 million for the third quarter of 2023, a 29% increase.

即使受到第三季末和第四季初大型專案完工對 BioPharma 服務利潤率的影響，我們的毛利率仍保持在預期的 70% 左右，不包括直接成本和費用的總營運費用為 2,260 萬美元，而 2023 年第三季為 1,740 萬美元，成長了 29%。

Operating expense for the third quarter. 2024 includes $3.0 million in non-cash stock compensation expense and depreciation and amortization as compared to $1.7 million during the third-quarter of 2023.

第三季的營業費用。 2024 年包括 300 萬美元的非現金股票薪酬費用和折舊和攤銷，而 2023 年第三季為 170 萬美元。

The increase in operating expense versus the prior year quarter is primarily the result of an increase in sales and marketing costs to support lung diagnostic testing, sales growth to enhance product awareness and drive adoption as well as an increase in depreciation expense related to the leasehold improvements in our Lewisville, Colorado office and laboratory which opened in January 2024.

與去年同期相比，營業費用的增加主要是由於支持肺部診斷測試的銷售和營銷成本增加、為提高產品知名度和推動採用而實現的銷售增長，以及與我們於 2024 年 1 月開業的科羅拉多州路易斯維爾辦事處和實驗室的租賃改良相關的折舊費用增加。

Net loss for the third quarter, 2024 was $10.3 million. An improvement of 6% as compared to a $10.9 million net loss for the third quarter of 2023 and $10.8 million or 5% improvement versus the second quarter of 2024 adjusted EBITDA, which excludes non-cash and other onetime items was a loss of $5.6 million compared to a loss of $5.4 million for the third-quarter, 2023 and a loss of $5.6 million for second-quarter, 2024.

2024 年第三季淨虧損為 1,030 萬美元。與 2023 年第三季的 1,090 萬美元淨虧損相比，改善了 6%，與 2024 年第二季相比，調整後的 EBITDA 為 1,080 萬美元或改善了 5%，不包括非現金和其他一次性項目，虧損為 560 萬美元，而 2023 年第三季的虧損為 20 萬美元，為 200 萬美元的虧損第二季虧損。

We ended the quarter with $31.4 million in unrestricted cash and cash equivalents as compared to $42.2 million at the end of the second quarter, which included the final milestone payment of $6.1 million for the acquisition of integrated diagnostics in 2018.

本季末，我們的非限制現金和現金等價物為 3,140 萬美元，而第二季末為 4,220 萬美元，其中包括 2018 年收購綜合診斷業務的最後一筆里程碑付款 610 萬美元。

Last quarter, we provided a breakdown of our cash flow from operations excluding the milestone payments which continue to show improvement in the third-quarter. For clarity, the milestone payments are labelled on the statement of cash flows as contingent consideration.

上個季度，我們提供了不包括里程碑付款的經營現金流明細，里程碑付款在第三季度繼續呈現改善。為了清楚起見，里程碑付款在現金流量表中被標記為或有對價。

Net cash and cash equivalents used in operating activities. Net of the milestone. Contingent consideration was $4.6 million for the third-quarter versus $4.8 million in the second-quarter and $11.9 million in the first-quarter.

經營活動中使用的淨現金及現金等價物。里程碑淨值。第三季的或有對價為 460 萬美元，而第二季為 480 萬美元，第一季為 1,190 萬美元。

As Scott mentioned, we are reaffirming our 2024 total revenue guidance of $70 million to $72 million and we expect to achieve adjusted EBITDA profitability in the second-half of 2025.

正如史考特所提到的，我們重申 2024 年總收入預期為 7,000 萬美元至 7,200 萬美元，並預計在 2025 年下半年實現調整後的 EBITDA 獲利。

Finally, I want to call out some good corporate housekeeping actions that we took this morning. We are refreshing our ATM program before it expires this month and have filed a prospectus for a new $50 million program ensuring we maintain flexibility and access to this tool going forward.

最後，我想指出我們今天早上採取的一些良好的企業內部管理措施。我們的 ATM 計劃將於本月到期，我們將對其進行更新，並且已提交了一份新的 5000 萬美元計劃的招股說明書，以確保我們在未來保持靈活性並可以使用該工具。

We also put up a resale registration statement to register restricted pre IPO pipe and compensatory shares for some of our largest director shareholders. To our knowledge, none of our directors or their affiliates intend to sell any shares at this time.

我們還提供了轉售登記聲明，以登記我們一些最大的董事股東的限制性 IPO 前管道和補償股份。據我們所知，我們的董事或其附屬公司目前均無意出售任何股份。

Now, I'll turn it back to Scott for some closing thoughts before the Q&A.

現在，在問答環節之前，我將把話題轉回給斯科特，讓他發表一些結束語。

Thank you, Robin. Overall, we're pleased with the team's execution, leading to solid revenue growth and steady gross margins for the third quarter and the momentum building in the fourth quarter helping to reinforce our full year 2024 revenue guidance and adjusted the profitability milestone for the second-half of 2025.

謝謝你，羅賓。總體而言，我們對團隊的執行力感到滿意，從而實現第三季度穩健的收入增長和穩定的毛利率，並在第四季度增強勢頭，有助於鞏固我們 2024 年全年收入預期，並調整了 2025 年下半年的盈利里程碑。

At Biodesix, we have both the opportunity and the responsibility to transform the standard of care and the diagnosis and management of patients with lung cancer.

在 Biodesix，我們有機會也有責任改變肺癌患者的護理標準以及診斷和管理。

I am compelled to state that lung cancer remains the deadliest of all cancers claiming more lives annually in the United States than the next three deadliest cancers combined breast, prostate, and colon cancer time is of the essence when it comes to diagnosing and treating patients.

我必須說，肺癌仍然是美國所有癌症中最致命的，每年在美國造成的死亡人數比排在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，在診斷和治療患者時，時間至關重要。

Today is November 1, and we are joining the international Lung cancer community in kicking off Lung Cancer Awareness Month with many activities to encourage education and screening for lung cancer.

今天是 11 月 1 日，我們將與國際肺癌社區一起啟動肺癌宣傳月，並開展多項活動來鼓勵對肺癌的教育和篩檢。

We want all eligible people to get lung cancer screening to help catch this deadly cancer early.

我們希望所有符合條件的人都能接受肺癌篩檢，以幫助儘早發現這種致命的癌症。

We'll also be marking national Lung cancer screening day on Saturday, November 9, and hope you will share information with your family and friends to get informed about screening.

我們也將於 11 月 9 日星期六紀念全國肺癌篩檢日，希望您與家人和朋友分享資訊以了解篩檢資訊。

Let's now move to questions. Operator. Let's start with the Q&A session.

現在我們來回答問題。操作員。讓我們從問答環節開始。

(Operator Instructions)

（操作員指令）

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Hi, Scott, Robin, good morning. Thanks for taking the questions. Maybe to start here on CHEST, Scott, I think you referenced in your prepared remarks that it resulted in some momentum again this year for the business. Can you maybe just be a little bit more specific on your sort of expectations for how that might play out in the utilization metric going forward for, for your ordering docs and I guess related to that from your standpoint, just high level.

你好，史考特、羅賓，早安。感謝您回答這些問題。斯科特，也許可以從 CHEST 開始，我想你在準備好的演講中提到過，這為今年的業務帶來了一些發展動力。您能否更具體地說明您對未來利用率指標可能產生的影響的期望，對於您的訂購文件，我想從您的角度來看，這與高層次有關。

Can you talk about how interest in the Nodify franchise has sort of evolved at that conference over the last few years? Thanks.

您能談談過去幾年人們對 Nodify 特許經營的興趣是如何在會議上發展的嗎？謝謝。

Yeah, great question. Thank you, Andrew. As I stated, it was a record CHEST for us this year when we showed in, in Boston really reminded ourselves that this is only the third CHEST back in person since the pandemic started. So really a huge opportunity for us to show, continue to educate, inform and empower physicians based upon our progress that we've made on Nodify, when it comes to the, the leads and our expectations.

是的，很好的問題。謝謝你，安德魯。正如我所說的，今年我們在波士頓的 CHEST 活動創下了歷史記錄，這確實提醒我們，這只是自疫情開始以來 CHEST 第三次親臨現場。因此，這對我們來說確實是一個巨大的機會，讓我們根據我們在 Nodify 上取得的進展，在線索和期望方面，繼續展示、告知和授權醫生。

What we've noticed over the last three chess, those three that were in person three years ago, we were back reintroducing ourselves welcoming people back after a long hiatus due to COVID. About a year ago when we were in Hawaii. What we noticed was we had a lot of peer to peer introductions, physicians walking into the booth and introducing us to, you know, a friend or someone they trained with this year. What we noticed was we weren't really pulling people into the booth.

我們注意到，在過去的三場西洋棋比賽中，也就是三年前面對面的三場比賽中，我們在因疫情而長期中斷之後，重新介紹了自己，歡迎大家回來。大約一年前我們在夏威夷。我們注意到，我們有很多同行的介紹，醫生走進展位，把我們介紹給他們的朋友或今年一起接受過培訓的人。我們注意到我們並沒有真正吸引人們進入展位。

We had people lining up, they'd heard of us, they'd read the papers. The questions changed and we think it's a wonderful evolution to where now the questions were, you know, if I haven't met my local rep. What does workflow integration look like? And how soon can you come in and help me and, and, and my staff with that.

人們排隊等候，他們聽過我們，也讀過報紙。問題發生了變化，我們認為這是一個奇妙的演變，現在的問題是，你知道，如果我沒有見過我當地的代表。工作流程整合是什麼樣的？您什麼時候能來幫助我和我的員工？

So we saw that really as a shift from historically, a push to a poll which is wonderful when you really consider adoption in a commercial product, our expectations coming out of CHEST, you know, we, we look at it as those are always going to be, hot leads. Somebody who comes in on their own accord ask for a follow up.

因此，我們認為這實際上是一種轉變，從歷史上看，是一種推動轉向民意調查，當你真正考慮在商業產品中採用它時，這是非常好的，我們的期望來自於 CHEST，你知道，我們將其視為永遠的熱門線索。有人主動進來要求跟進。

We turn those leads back over to the sales reps immediately following the meeting and here we are a couple weeks out. Every one of those, those physicians will have received kind of a follow up call, an introduction to their local rep if they hadn't met them and then a follow up scheduled so that we can go through, how best do we implement notified testing and into their practice?

會議結束後，我們立即將這些線索轉交至銷售代表，而現在我們已經等了幾週了。每位醫生都會接到一種跟進電話，如果他們以前沒有見過當地代表，就會向他們介紹當地代表，然後安排後續跟進，以便我們可以了解如何最好地實施通知測試並將其納入他們的實踐？

You know, it's changed a lot and we're proud of it. You know, we keep reminding ourselves, we, we have a first mover advantage, but we're also developing this market. And so each and every interaction is a significant opportunity for us to educate on the merits of notified testing. And, and what we noticed that this meeting was a big shift.

你知道，它發生了很大的變化，我們對此感到自豪。你知道，我們不斷提醒自己，我們擁有先發優勢，但我們也在開發這個市場。因此，每一次互動都是我們了解通知測試優點的重要機會。而且，我們注意到這次會議發生了重大轉變。

Limited competition, we've talked about that even during some of the panel presentations and some of the debates, it really was a reference to if you're, if you're interested in biomarker or molecular testing.

有限的競爭，我們甚至在一些小組演講和一些辯論中討論過這個問題，這實際上參考了你是否對生物標誌物或分子測試感興趣。

Biodesix is, is the, is the company to go visit. And so we were referenced by name, they even encouraged people to stop by our booth. And so from a health care professional standpoint, we've seen not only significant growth in adoption but to see that peer to peer referral gives us a lot of confidence that the tests are impacting. Not only those patients that those physicians treat, but they're making a big difference in the health care practice.

Biodesix 是一家值得參觀的公司。因此，他們直呼我們的名字，甚至鼓勵人們在我們的展位停留。因此，從醫療保健專業人員的角度來看，我們不僅看到採用率顯著增長，而且看到點對點的推薦讓我們非常有信心測試正在產生影響。這些醫生不僅治療患者，而且在醫療保健實踐中發揮重要作用。

So we're, we're really grateful, you know, CHEST happens each year in the fall. The best thing, the timing for us, Andrew is, it gives us the ability to follow up on those leads. Now, hopefully we see some traction here in the fourth quarter on those new leads that really sets us up for those to be part of the contributing accounts that aid growth and drive and fuel that growth early in 2025.

因此，我們真的很感激，你知道，CHEST 每年都在秋季舉行。安德魯，對我們來說，最好的時機是，它讓我們有能力跟進這些線索。現在，希望我們在第四季度看到這些新線索取得一些進展，這確實為我們奠定了基礎，使這些線索成為有助於成長的貢獻帳戶的一部分，並在 2025 年初推動和推動這一成長。

Perfect. Thanks for all that color. Maybe as a as my follow up and second question here just on the model, I think during the third quarter, you guys started talking more about this goal of positive adjusted EBITDA in the second half of next year. Can you maybe just sort of give us some, some high level building blocks to get to that point? How should we be sort of thinking about those underlying drivers? Thanks. Yeah.

完美的。感謝所有這些色彩。也許作為我的後續問題和關於模型的第二個問題，我認為在第三季度，你們開始更多地談論明年下半年實現正調整後 EBITDA 的目標。您能否為我們提供一些高級構建模組來幫助我們達到這一點？我們該如何思考這些潛在的驅動因素？謝謝。是的。

Yeah, it's a great question. You're right. I believe it was August. When I shared that we plan to get to adjusted but the profitability in the second half of next year, you know, for us, we're really fortunate to have the laboratory team that we do that has worked on, on, on efficiencies to drive gross margins for our notified testing. Having nearly, you know, 80% you know, in that high 70% range puts us in a unique category where we're one of the leaders across all diagnostics.

是的，這是一個很好的問題。你說得對。我認為那是八月。當我分享我們計劃進行調整但在明年下半年實現盈利時，你知道，對於我們來說，我們真的很幸運擁有我們自己的實驗室團隊，他們一直致力於提高效率，以提高我們通知測試的毛利率。您知道，接近 80% 的比例，在 70% 的高範圍內，使我們處於獨特的類別，我們是所有診斷領域的領導者之一。

Obviously, as we grow in scale, there's an opportunity to have some gross margin improvement, albeit minimal. But as we continue to expand the sales force, this really is about increased test volumes associated with increased revenues, We're going to manage the same way we always have. We're going to be very, very prudent with when and where we invest and spend money.

顯然，隨著規模的擴大，我們有機會提高毛利率，儘管幅度很小。但隨著我們繼續擴大銷售隊伍，這實際上關係到與增加收入相關的測試量的增加，我們將以一貫的方式進行管理。我們將非常非常謹慎地決定何時何地進行投資和花錢。

And I think what we've demonstrated over the last not only few quarters but a few years is that we are on a trajectory to get there, we can continue to invest in the business and ultimately, there's going to be a great return, but really, it's normal course, there's no big changes. You won't see anything big in the 2025 model that deviates. It's really about continuing to fund and fuel our commercial engine and driving that top line growth.

我認為，我們在過去幾個季度乃至幾年中已經證明，我們正走在通往目標的軌道上，我們可以繼續投資於業務，最終將獲得豐厚的回報，但實際上，這是正常的進程，不會發生大的變化。你不會在 2025 年模型中看到任何重大的偏差。這實際上是為了繼續為我們的商業引擎提供資金和動力，並推動營收成長。

Great. Thanks so much.

偉大的。非常感謝。

Thank you, Andrew.

謝謝你，安德魯。

Kyle Mikson, Canaccord Genuity.

Canaccord Genuity 的 Kyle Mikson。

Hey guys, thanks for the questions starting with, with BioPharma. Scott, you said it was a large project that shifted from the end of the third quarter into four Q&I was the driver of the sequential revenue decline. Are you expecting revenue in that segment in BioPharma to kind of like increase sequentially in Q4, maybe just and also like any budget dynamics you're thinking about and is your forecast for the full year bio formal revenue unchanged relative to the Q2 update, albeit some shifting in like revenue and, and, and timing and stuff?

大家好，感謝你們向 BioPharma 提出的問題。史考特，您說過，這是一個大型項目，從第三季末轉移到第四季度，是導致收入連續下降的原因。您是否預計生物製藥部門的收入在第四季度將環比增長，也許就像您正在考慮的任何預算動態一樣，您對全年生物正式收入的預測是否與第二季度更新相比沒有變化，儘管收入、時間等方面有一些變化？

Yeah. Hey Kyle, great question. I'll go in reverse order. Yeah, it remains unchanged. All of the contracts, you know, as we get closer to the end of the year, all of the contracts are kind of slotted. We've got them in que in the laboratory. This was really at the end of the third quarter, it was really based upon receipt of samples. And so receipt of samples was delayed a few weeks.

是的。嘿，凱爾，好問題。我將按相反的順序進行。是的，保持不變。您知道，隨著年底的臨近，所有合約都已被安排好了。我們已經在實驗室裡將它們排好隊了。這實際上是在第三季末，是基於收到的樣品。因此樣品的接收被延遲了幾週。

We did receive start receiving those samples with about 2 to 3 weeks left in the quarter and as they came in, obviously, time just really ran out the good news and I'm happy to report all of those samples from that pretty significant run have been run and have been read purpose and delivered back to the BioPharma partners.

我們確實在本季度還剩下大約 2 到 3 週的時候開始收到這些樣品，當它們到達時，顯然時間真的用完了好消息，我很高興地報告，這次相當重要的運行中的所有樣品都已運行並進行了讀取並送回了 BioPharma 合作夥伴。

So we looked at it as really just a push. As we look at the fourth quarter, we're always mindful of time, right? We know what we have in que at this point in time. We'll be ready for any bluebirds that present. But again, as we progress through the quarter, the likelihood decreases. But we feel confident in, in our projections for the fourth quarter. And as you've noted, this book of business continues to grow and we're really proud and excited to share that we've got $11.1 million under contract, but not yet recognized as revenue. That really demonstrates that we're poised and set up for a strong start to 2025. I feel pretty confident that this can continue to grow and we can leverage that progress and momentum.

因此，我們實際上僅將其視為一種推動。當我們展望第四季時，我們總是留意時間，對嗎？我們知道此時此刻我們在排隊什麼。我們會做好準備迎接任何出現藍鳥的到來。但隨著本季的進展，這種可能性會降低。但我們對第四季的預測充滿信心。正如您所說，這筆業務持續增長，我們非常自豪和興奮地告訴大家，我們已簽訂了 1110 萬美元的合同，但尚未確認為收入。這確實表明我們已經做好了迎接 2025 年的準備。我非常有信心，這一趨勢能夠繼續發展，而且我們能夠利用這一進步和勢頭。

And, Kyle, you're exactly right. The, the aggregate second half number we expect to be on, on track for what we, we talked about in the second quarter. Just the mix of third quarter and fourth quarter is, is just a little bit different, but the total should be the same.

凱爾，你說得完全正確。我們預計下半年的總體數字將與我們在第二季度談論的數字一致。只是第三季和第四季的組合有一點不同，但整體應該是相同的。

Okay. That was, thanks so much. So, that was great. So, you know, I could bring it up because the client was reaffirmed and [Biodesix] is a pretty small portion of the business, but like, yeah, that declined also the core lung business kind of like missed our model as well. And you said that was, it sounds like a really like a hurricane impact. But could you just like possibly quantify that hurricane impact? And does that you know, similar to the, to the last question? Does that kind of get you capture over time as well.

好的。非常感謝。所以，這很棒。所以，你知道，我可以提起這一點，因為客戶得到了重申，並且 [Biodesix] 只佔業務的一小部分，但是，是的，這也導致核心肺業務的下降，有點像錯過了我們的模式。您說的聽起來真的像是颶風襲擊了一樣。但你能量化颶風的影響嗎？您知道嗎，這與最後一個問題類似？這樣是否也能讓你隨著時間的推移而捕捉到資訊？

Yeah. So the hurricane really impacted the last week and a half or so of the quarter. And as you know, we're focused and long and the, the southeast is the Tobacco Belt, it is the highest incidence and prevalence of lung cancer in the country. And so therefore, is a accounts for a very significant portion of our business. So disrupting those states for two weeks, absolutely impacted our quarter.

是的。因此，颶風確實影響了本季最後一周半左右的時間。如你所知，我們長期關注的是東南部地區，這裡是菸草帶，是全國肺癌發生率和盛行率最高的地區。因此，這佔了我們業務的很大一部分。因此，對這些州造成兩週的干擾，絕對會對我們的季度造成影響。

We do anticipate that the lung diagnostics. Again, second half should be about the same. You know, there's some push between third quarter and fourth quarter, but that's part of why we reaffirmed full year guidance of the $70 million to $72 million of keeping that full year guidance the same.

我們確實期待肺部診斷。再次，下半部應該大致相同。您知道，第三季和第四季之間存在一些推擠，但這也是我們重申全年銷售額指引為 7,000 萬美元至 7,200 萬美元並保持全年銷售額指引不變的部分原因。

Okay, perfect. And then just one quick one before I hop off first, Scott, you know, jumping off the CHEST comments in the last line of questioning anything about the findings, the insights that you presented that CHEST and even like the you know, some of the what we are hearing from some of the, you know, attendees and stuff at the conference.

好的，完美。然後，在我首先結束之前，我只想快速問一句，斯科特，你知道，在最後一行對 CHEST 的評論提出了質疑，關於調查結果、你在 CHEST 上提出的見解，甚至像你知道的，我們從會議上的一些與會者和其他人那裡聽到的一些內容。

Does that change your view on the addressable war opportunity that you have in Nodule management? And then how do you think about like penetration of that market given how lung cancer screening is like, you know, could evolve over time, I guess?

這是否會改變您對結核管理可能面臨的戰爭機會的看法？那麼，考慮到肺癌篩檢會隨著時間的推移而發展，您如何看待該市場的滲透率？

Yeah. It doesn't change any of our long term projections or beliefs, it really reaffirms and validates what we've said and what we believe, you know, we've stated we're going to continue to invest in data development. And, and I think that's what we see. Whereas 2 to 3 years ago, when we had you know, panoptic and then starting to release the oracle data, physicians are intrigued, they want more data, they ask for additional questions.

是的。它不會改變我們的任何長期預測或信念，它實際上重申並驗證了我們所說和所相信的，你知道，我們已經聲明過我們將繼續投資於數據開發。我想這就是我們所看到的。而兩三年前，當我們有了全景並開始發布 Oracle 數據時，醫生們很感興趣，他們想要更多的數據，他們會問更多問題。

So each and every opportunity we have to present more data. It's a positive especially when you start to see the results of that data, which is consistent across the board. Which is one of the reasons we were so excited to announce the new study, CLARIFY, which is the retrospective chart review study because that allows us to dive deeper into some of those individual and specific questions that physicians may have. So, you know, we think that it's an opportunity for us again to build the market, provide as much content and data as possible, raise the bar as high as we possibly can.

因此，我們要抓住一切機會提供更多的數據。這尤其當你開始看到全面一致數據結果時是正面的。這就是我們如此興奮地宣布這項新研究 CLARIFY 的原因之一，這是一項回顧性圖表審查研究，因為它使我們能夠更深入地探究醫生可能遇到的一些個別和具體的問題。所以，你知道，我們認為這對我們來說是一個再次開拓市場、提供盡可能多的內容和數據、盡可能提高標準的機會。

And I think that's what we saw, the, the feedback and I'll, I'll share this in one of the, one of the sessions. It was a pro versus con session where the, the physicians are set up to debate our biomarkers ready. Well, as you can imagine, it pretty much was a debate across whether that the notified test was ready for full adoption or not. The con was never made.

我想這就是我們看到的回饋，我會在某場會議上分享這一點。這是一場正反兩方的會議，醫生們準備就我們的生物標記進行辯論。嗯，正如你所想像的，這基本上是一場關於通知的測試是否已準備好全面採用的爭論。騙局從未發生過。

The physician didn't present a con. So there wasn't much of a pro versus con debate. So as we sat in that, it's pretty easy to leave that and say, hey, we've done a good job. We're not going to rest on that and, and we're not going to stop, you know, for us, it really is about continuing to, to demonstrate that we're going to invest in this portfolio. When it comes to penetration, we still think that we're in the low to mid-single digits in penetration. It's a massive market opportunity. And as you've highlighted with broader screening adoption, this only grows and creates more of a backlog of patients and a difficulty and challenge for health care professionals.

醫生沒有提出任何反對意見。因此，贊成和反對的爭論並不多。因此，當我們坐在那裡時，很容易離開那裡並說，嘿，我們做得很好。我們不會就此止步，您知道，對我們來說，這確實是為了繼續證明我們將對這個投資組合進行投資。就滲透率而言，我們仍然認為我們的滲透率處於低到中等個位數。這是一個巨大的市場機會。正如您所強調的，隨著篩檢的廣泛採用，這種情況只會增加並造成更多的患者積壓，並給醫療保健專業人員帶來困難和挑戰。

So we're really excited to see what happens on the lung cancer screening front. Unfortunately, in lung cancer, the best you can find in the literature is anywhere from say a 4% to 10% adoption for those screen eligible patients.

因此，我們非常興奮地看到肺癌篩檢方面的進展。不幸的是，對於肺癌，在文獻中你能找到的最好的結果是，對於符合篩檢條件的患者，採用率只有 4% 到 10%。

So we are not getting to the right patients early enough. So we're excited about that. The heat of measures that will start to roll out towards the end of this year and into 2025, those will help drive screen awareness and adoption and then you might have heard there.

因此我們無法及早找到正確的患者。我們對此感到很興奮。一系列措施將於今年年底和 2025 年開始推出，這些措施將有助於提高人們對螢幕的認識和採用，然後你可能已經聽說過了。

We're really excited to bring a lot on the lung cancer awareness front this month and it's really about awareness, we know with lung cancer, early detection and diagnosis leads to the most positive long term outcomes possible. And so we're going to continue on that fight.

我們非常高興能夠在本月在肺癌宣傳方面做出很多貢獻，這實際上是為了提高認識，我們知道，對於肺癌來說，早期發現和診斷可以帶來最積極的長期結果。因此我們將繼續這場戰鬥。

Okay. That was perfect. But just maybe quickly discuss, as you just mentioned that, how does the introduction of blood based screening test for lung cancer, like over the, you know, medium term, I guess, affect what you've kind of just said about, you know, detecting nodules and understanding what to do with those.

好的。那太完美了。但是也許可以快速討論一下，正如您剛才提到的，引入基於血液的肺癌篩檢測試，例如在中期內，我想，會對您剛才所說的檢測結節以及了解如何處理結節產生什麼影響。

Yeah, so, you know, we're a big fan of the research that's been conducted thus far, there's a number of companies out there that are investing in research related to blood based screening products. Like you said, some of those are single cancer, early detection tests focused specifically on lung, others are multi cancer, early detection tests that might include multiple cancers and also lung. You know, what we've seen thus far is the data is promising. Unfortunately, in some of those cases, we've seen more false positives than actual positives.

是的，所以，你知道，我們非常支持迄今為止進行的研究，有很多公司正在投資與血液篩檢產品相關的研究。就像您所說的那樣，其中一些是單一癌症，早期檢測測試專門針對肺癌，其他是多癌症，早期檢測測試可能包括多種癌症以及肺癌。你知道，到目前為止我們看到的數據是有希望的。不幸的是，在某些情況下，我們看到的假陽性比實際陽性還要多。

And so I think the physician community is really looking at it saying, hey, we need to see improvement in those test results before there's broad adoption. But because this is a screen eligible population, it'll benefit us Nodify is the appropriate test for both incidentally found Nodule and screen detected Nodule.

因此，我認為醫生群體確實在關注這個問題，他們認為，嘿，我們需要看到這些測試結果的改善，然後才能廣泛採用。但因為這是一個符合篩檢條件的人群，所以對我們有利的是，Nodify 是針對偶然發現的結節和篩檢檢測到的結節的適當測試。

So when we talk to physicians, they see this as additive, they think of it in terms of enrichment. And so from a referral perspective, if you use a blood based screener, a positive screening test would then get referred on to a pulmonologist who would still need to do a result in CT and then post that image would add Nodify testing, they'll use those results to pull the appropriate patients forward.

因此，當我們與醫生交談時，他們認為這是一種添加劑，是一種豐富劑。因此，從轉診的角度來看，如果您使用血液篩檢儀，那麼陽性篩檢測試結果將被轉診給肺科醫生，該科醫生仍然需要透過 CT 檢查得出結果，然後發布該圖像並添加 Nodify 測試，他們會使用這些結果來推薦合適的患者。

And the example, we've used a positive Nodify CDT, which is a rule in test would then lead to a bronchoscopy. On the opposite end, a positive Nodify XL2 test, which is a rule out test would allow them to manage that patient population confidently through CT surveillance and monitoring over time.

例如，我們使用了陽性 Nodify CDT，這是測試中的一條規則，將導致支氣管鏡檢查。另一方面，陽性的 Nodify XL2 測試（一種排除測試）將允許他們透過 CT 監視和長期監測自信地管理患者群體。

So, you know, the biggest challenge that the physicians we work with tell us is their plates are already full. There's so many patients out there, they can't get to the mall if and when blood based screening tests take off, most physicians state that it's going to break the system. And so that's really where they look at Nodify and say I'm not going to be able to spend as much time, but I can do a mobile phlebotomy or remote phlebotomy and I can bring in the patients that are positive when I need to. I got to free my clinic time up.

所以，你知道，我們合作的醫生告訴我們，最大的挑戰是他們已經忙得不可開交了。有這麼多的病人，他們無法去商場，一旦血液篩檢測試開始實施，大多數醫生表示這會破壞系統。所以他們真正看重的是 Nodify，並說雖然我不能花太多時間，但我可以進行移動採血或遠端採血，並且可以在需要時將檢測呈陽性的患者帶進來。我得騰出我的診所時間了。

Happy to go in greater detail, but I hope that's helpful.

很高興能更詳細地講解，但我希望這會有所幫助。

Yeah, that was great. That's perfect stuff. Thanks so much. Thanks, Robin.

是的，非常棒。這真是完美的東西。非常感謝。謝謝，羅賓。

Thanks, Kyle.

謝謝，凱爾。

Dan Brennan, TD Cowen.

丹布倫南（Dan Brennan），TD Cowen 公司。

Great. Thank you. Thanks for taking the questions. Maybe just on sales force expansion and productivity. You're a few quarters in now. With some reps had, it looks like the lung diagnostic revenue per rep has been kind of steady if not increasing a bit to above a million dollars. Just kind of how do we think about that productivity level from here? And kind of how do you kind of contemplate that when you kind of set guidance?

偉大的。謝謝。感謝您回答這些問題。也許只是銷售隊伍的擴張和生產力。現在你已經進入了幾個季度了。從一些銷售代表的情況來看，每位銷售代表的肺部診斷收入似乎比較穩定，甚至略有增加，達到一百萬美元以上。那麼，我們現在該如何看待生產力水準呢？當您設定指導時，您是如何考慮這一點的？

Yeah, it's a great question. You know, we've demonstrated that we can continue to increase and grow and, and, and drive greater sales rep productivity. From a modeling perspective. The math is really simple that, that it's right at about a million dollars. And we've shared in the past there have been some territories and reps where we have capped their productivity to then in turn split the territory. And so it is a little bit of a blend or a mix as we think of what we'll do across the United States.

是的，這是一個很好的問題。你知道，我們已經證明我們可以繼續增加和成長，並提高銷售代表的生產力。從建模角度來說。這個數學計算其實很簡單，大約一百萬美元。我們過去曾分享過，我們對一些地區和代表的生產力進行了限制，然後反過來分割這些地區。所以，當我們考慮在美國各地要做什麼時，這是一種混合或融合。

We've shared that early sales force build out, started in the southeast and we've worked our way west. We still have a few territories west of the Mississippi where those individuals cover a large geography. What we know there is the more time they spend on the road, whether it's behind the windshield or in the air, not only does it drive up cost, but we know their productivity is going to be less because it decreases the amount of time they can spend with physicians.

我們已經分享了早期銷售團隊的建設情況，從東南部開始，然後向西部推進。在密西西比河以西我們仍然有幾個地區，那些人覆蓋了大片的地理區域。我們知道，他們在路上花費的時間越多，無論是在擋風玻璃後面還是在空中，不僅會增加成本，而且我們知道他們的生產力也會降低，因為這會減少他們與醫生在一起的時間。

So we're confident as we continue to grow and scale that we can drive higher sales rep productivity as we make more progress, we still have not seen. And most much of this has been intentional. We really haven't seen one of our sales professionals cap out.

因此，我們有信心，隨著我們繼續發展和擴大規模，我們可以提高銷售代表的生產力，並取得更多進步，這是我們還沒有看到的。而這大部分都是故意的。我們確實還沒有看到任何一位銷售專業人員達到銷售上限。

We've had a number of them demonstrate that they can get north of the $1.5 million per rep. And that's when we started to cut some territories. So for us, it's pretty linear. We still stay with, with less than 10% penetration into this market opportunity, we can continue to grow and scale. And, and drive sales rep productivity higher.

我們已經有不少代表證明他們每位代表可以獲得 150 萬美元以上的收入。從那時開始我們就開始削減一些領土。所以對我們來說，這是非常線性的。我們仍然堅持，憑藉不到 10% 的滲透率，這個市場機會我們能夠繼續成長和擴大。並提高銷售代表的生產力。

You may also recall about a year ago, we started implementing the associate sales consultant role. That's really going to aid us in driving that sales rep productivity hire. So you'll see us provide greater detail as we head into 2025, on the on the mix and how many actual sales consultants will hire versus associate sales consultants. But I think is as we head into 2025, somewhere in that $1 million to $1.5 million per sales rep is the appropriate sales rep productivity number.

您可能還記得，大約一年前，我們開始實施助理銷售顧問的角色。這確實有助於我們提高銷售代表的生產力。因此，當我們邁入 2025 年時，您會看到我們提供更詳細的信息，包括組合情況以及將僱用多少實際銷售顧問以及助理銷售顧問。但我認為，隨著我們進入 2025 年，每位銷售代表 100 萬至 150 萬美元是合適的銷售代表生產力數字。

Great. Thank you for that. You know, revenue growth has been certainly very strong, last couple quarters, penetration remains nascent versus you know, $5 million incidental lung nodules. You've got really good in coverage, you've got good data out there from oracle. Just wondering in terms of, you know, further inflections in the top line growth rate, like what are the triggers for that do you think?

偉大的。謝謝你。您知道，過去幾個季度，營收成長確實非常強勁，但滲透率仍處於起步階段，相對於 500 萬美元的偶然肺結節。你們的報導非常詳盡，而且你們從 Oracle 獲得了很好的數據。只是想知道，就營收成長率的進一步變化而言，您認為其觸發因素是什麼？

Yeah, you know, we work with some of the large integrated networks and large health care systems. And one way we look at it is our sales reps on a day to day basis, do what we refer to as kind of bottoms up selling, they're knocking on doors, they're introducing the product in themselves. We spend a lot of time working from a top down. And so we think there's great opportunity for us to have broader adoption across an entire system.

是的，您知道，我們與一些大型綜合網路和大型醫療保健系統合作。我們看待這個問題的一種方式是，我們的銷售代表每天都會做我們所說的自下而上的銷售，他們挨家挨戶敲門，親自介紹產品。我們花費大量時間自上而下地開展工作。因此，我們認為，我們有很大機會在整個系統中得到更廣泛的採用。

We're making lots of progress on that front. Just haven't really been able to get to a point where we can disclose or announce any of those I fully anticipate and expect we'll make additional progress. Those would provide greater inflection points for us in 2025 and beyond. Additionally, we talked about it a little bit earlier. I think you just got to continue to invest in data development.

我們在這方面取得了很大進展。只是我們還沒有真正能夠披露或宣布任何我完全預料到並期望我們會取得進一步進展的事情。這些將為我們在2025年及以後提供更大的轉折點。此外，我們之前已經討論過這個問題。我認為你只需要繼續投資數據開發。

I think anything we can do to continue to educate and form and empower physicians to not only order the test but also continue to expand utilization. And so we think physicians will become more comfortable with broader utilization of Nodify. But for us, you know, the one that sits out there on the horizon, if you will is guideline inclusion. And we've stated this in the past, our pulmonology partners within CHEST or ACCP have not updated their guidelines in 10 years. And, and I'll state that again 10 years.

我認為我們可以做任何事情來繼續教育、培養和授權醫生不僅可以安排測試，還可以繼續擴大利用率。因此我們認為醫生會更樂意更廣泛地使用 Nodify。但是對我們來說，如果你願意的話，地平線上出現的那個就是指導方針的包容性。我們過去也曾表示過，CHEST 或 ACCP 內的肺病學合作夥伴 10 年來沒有更新他們的指引。並且，十年之後我還會再說一次。

So, you know, we think that we've put enough data out there. This is not a scenario where they've updated guidelines and not included us. And we think there's a big differentiation there. So we're confident that as we continue to grow and scale, knowing that some of those individuals that are involved in guideline establishment have experience with Nodify, they attend those meetings, they've read the data and the publications. And so for us, I think guideline inclusion at the point in time in which the CHEST guidelines are updated would also be a nice inflection point for us.

所以，你知道，我們認為我們已經提供了足夠的數據。這並不是他們更新了指南但未將我們納入其中的情況。我們認為其中存在著很大的差異。因此，我們相信，隨著我們不斷成長和擴大規模，我們知道參與制定指南的一些個人有使用 Nodify 的經驗，他們參加過這些會議，閱讀過數據和出版物。因此對我們來說，我認為在 CHEST 指南更新時納入指南也對我們來說是一個很好的轉捩點。

Is that helpful, Dan?

這有幫助嗎，丹？

Yeah, that's great. Thank you.

是的，太棒了。謝謝。

Yeah, perfect. Thank you.

是的，完美。謝謝。

Sung Ji Nam, Scotia Bank.

加拿大豐業銀行的 Sung Ji Nam。

Hi. Thanks for taking the question. Maybe one for Robin. You know, it's really nice to see the revenue per test growth. I think based on our model, it seems like a record quarter. I was wondering if there may have been any kind of onetime cash collection from prior periods or could we anticipate this type of cadence going forward based on the funnel of you know, private payer opportunities that you guys might have.

你好。感謝您回答這個問題。也許給羅賓一個。你知道，看到每次測試的收入成長真是令人高興。我認為，根據我們的模型，這似乎是一個創紀錄的季度。我想知道前期是否可能有任何類型的一次性現金收款，或者我們是否可以根據你們可能擁有的私人付款人機會管道預測這種節奏。

Good morning, Sang Ji. Thanks for the question. I'm very happy to report that it's all current quarter. So, no, no impact from unusual onetime items from prior periods. So, you are correct. It's one of our best ASPs really quite pleased with how the, the reimbursement wins that we've been able to announce over the last several quarters have really started to impact our day to day ASPs.

早安，桑吉。謝謝你的提問。我很高興地報告，這都是本季的數據。因此，不會受到前期不尋常的一次性項目的影響。所以，你是對的。這是我們最好的 ASP 之一，我們對過去幾季宣布的報銷勝利感到非常高興，這些勝利確實開始對我們日常的 ASP 產生影響。

Great. And then just my follow up is on CLARIFY. Maybe for Scott or Robin, just kind of curious, you talked about underrepresented populations. Are you guys potentially also looking at you know, different clinical characteristics that may have been overlooked before or curious about just the, the patient cohort, you know what that entails?

偉大的。然後我的後續工作就是澄清。也許對史考特或羅賓來說，只是有點好奇，你談到了代表性不足的人群。你們是否也可能關注之前可能被忽視的不同臨床特徵，或者只是對患者群體感到好奇，你們知道這意味著什麼嗎？

Yeah, it's a really good question. Thanks, Sung Ji. You know, the way we look at it is through a couple of different lenses and I think the answer is, is in short. Yes. So one that we're looking at as part of that, that chart review is really Nodify in conjunction with or alongside the utilization of pet scans. And so we know in this patient population, many pulmonologists are frustrated and disappointed with the results they get from a pet scan and some of that is going to be because of false positives.

是的，這是一個非常好的問題。謝謝，Sung Ji。你知道，我們透過幾個不同的視角來看待這個問題，我認為答案很簡單。是的。因此，我們正在研究其中的一部分，即圖表審查實際上是 Nodify 與寵物掃描的結合或一起使用。因此我們知道，在這群患者中，許多肺部疾病專家對於 PET 掃描的結果感到沮喪和失望，而其中一些原因是假陽性。

It could be related to where they're located geographically. If they're in the Histo or Coxy Belt and region, it can negatively impact those pet results. So as we pull those charts really looking at notified performance against the pet result.

這可能與他們的地理位置有關。如果它們位於 Histo 或 Coxy 地帶和地區，則會對這些寵物的結果產生負面影響。因此，當我們拉出這些圖表時，實際上是在觀察通知的表現與寵物的結果。

And so that was one of the big topics at chess and a lot of the questions we received, we think that's going to be of great value. But then we look at other subgroups. When you, when you start to consider a different race and ethnicity, we get a lot of questions about the performance of the test across different patient populations.

這是國際象棋中的一個大話題，我們收到的許多問題都具有很大的價值。然後我們再看看其他子群。當你開始考慮不同的種族和民族時，我們會收到很多關於不同患者群體的測試表現的問題。

And so our ability to dive deeper into that to demonstrate exactly how the tests perform in those different populations or subgroups, which we fully expect it will perform to the highest of standards and consistent with what we've seen to date.

因此，我們有能力深入研究這一點，以準確地展示測試在不同人群或亞群體中的表現，我們完全期望它將達到最高標準並與我們迄今為止所看到的情況一致。

But this is really the tip of the iceberg. I think we've highlighted it a chart review analysis based upon the, the greater than 35,000 patients. We've already enrolled clinically, you know, targeting 4,000 of them with 1 to 2 year outcomes is key. That's the other thing to add to this is we can go into those charts and we can quickly deduce what ended up happening with that patient long term at a one year time point.

但這其實只是冰山一角。我認為我們已經強調了基於超過 35,000 名患者的圖表審查分析。我們已經進行了臨床招募，您知道，目標是招募 4,000 名患者，1 至 2 年的結果是關鍵。除此之外，我們可以透過這些圖表快速推斷出該患者在一年的時間點上長期出現的情況。

At a two year time point, we'll do the same with altitude. But as we know any patient that's enrolled in altitude today, the clock starts and we have to wait two years. So that was part of it for us as we looked at it and said, there's a, there's a, there's a handful of questions that we think we can answer. We think those questions are meaningful and valuable. It's not really about expanding utilization. It's more about answering some of those clinical questions physicians have. Is that helpful Sanji?

兩年後，我們將對海拔採取同樣的措施。但我們知道，今天任何參加高海拔試驗的患者，都要從計時開始等待兩年。所以這對我們來說就是其中的一部分，當我們看著它並說，有一些問題我們認為我們可以回答。我們認為這些問題是有意義的、有價值的。這實際上與擴大利用率無關。它更多是為了回答醫生的一些臨床問題。這對 Sanji 有幫助嗎？

Yeah, very helpful. Thank you so much.

是的，非常有幫助。太感謝了。

Bill Bella, Craig-Hallum.

比爾貝拉、克雷格哈勒姆。

Hey, thanks a lot. Just a couple of things just to start off. Robin. Can you CLARIFY your answer on your expectations about lung volume in, in Q4? I just, I wasn't sure I was understanding you, right.

嘿，非常感謝。首先要說幾件事。羅賓。您能否在第四季澄清一下您對肺容量的預期？我只是不確定我是否理解了你的意思，對吧。

Yeah, I -- we expect that for the full year, we'll end up where we had said before in that $70 million to $72 million in total. With the BioPharma, we expect that the, excuse me, the second half number is the same no matter how you mix it between third quarter and fourth quarter and similar to lung diagnostics. So in aggregate, if you look back at where we thought we would be, we're still at the same point. So we don't expect a shift even despite the, the push of some of the tests from third-quarter.

是的，我預計全年總額將達到我們之前所說的 7,000 萬至 7,200 萬美元。對於 BioPharma，我們預計，無論如何混合第三季度和第四季度，下半年的數字都是相同的，並且與肺部診斷類似。因此，總的來說，如果你回顧我們原以為會處於的位置，我們仍然處於同一位置。因此，儘管第三季的一些測試受到推動，但我們預計不會出現轉變。

Okay. So, I mean, are you thinking and maybe you just don't want to say, but are you thinking that that lung volume should be up sequentially in Q4?

好的。所以，我的意思是，您是否在想，也許您只是不想說，但是您是否認為肺活量應該在第四季度連續上升？

Yes, we are.

是的。

Okay. So that's helpful. And, and so just, you know, Scott, you mentioned at the beginning of the call that, you know, you, you sort of elaborate on you know, reasons to feel comfortable with, with maintaining the guide and, and, you know, Q4, I mean, I think, you know what I've heard is, well, there was some BioPharma delayed from Q3 to Q4.

好的。這很有幫助。所以，斯科特，您在電話會議開始時提到，您詳細說明了您對維持指南感到滿意的理由，而且，您知道，第四季度，我的意思是，我想，您知道我聽到的是，有些 BioPharma 從第三季度推遲到了第四季度。

There will be more productive sales people. I is there anything else you were calling out on why we, you know, should have confidence in Q4?

銷售人員的工作效率將會更高。您還有什麼其他看法嗎，為什麼我們應該對第四季充滿信心？

Yeah, great to hear from you, Bill. And, and you referenced some of the impact and, and, and we know that you reside in Florida. So we're glad that that you had minimal impact from the hurricanes and we're safe. You know, for us from an execution perspective this year, we've really been able to look at that sales rep productivity, those individual territories and we still see the same progression on their onboarding and then their return. So we feel confident that we have plenty of room to continue to invest in sales force expansion.

是的，很高興收到你的來信，比爾。而且，您提到了一些影響，而且，我們知道您居住在佛羅裡達州。因此，我們很高興看到颶風對你們的影響很小，我們很安全。您知道，從今年的執行角度來看，我們確實能夠看到銷售代表的生產力、那些個別地區，我們仍然看到他們的入職和回報取得相同的進展。因此，我們有信心有足夠的空間繼續投資於銷售團隊的擴張。

So that's really it, we there are some additional papers, some publications that will be coming out, those always help, right? Gives us additional data to share. But there's no deliverable here in November or December. This is still really about execution. Kieran O'Kane, our Chief Commercial Officer and mark to block our head of sales. It's really about them leading that team.

事實就是這樣，我們還有一些額外的論文和出版物即將出版，這些總是有幫助的，對吧？為我們提供更多可供分享的數據。但十一月和十二月還沒有交付成果。這其實還是關於執行的問題。Kieran O'Kane，我們的首席商務官兼銷售主管。這實際上與他們領導該團隊有關。

We, you high, you highlighted it. We referenced a significant addition to the sales team, a large class that went through training. Happy to share that those 8 to 10 individuals are already out in the field, they're contributing now. And so it brings that sales rep number up.

我們，你很高，你強調了這一點。我們提到，銷售團隊將大幅增加，並組成一個接受培訓的大型團隊。很高興地告訴大家，這 8 到 10 個人已經出去到現場，他們正在做出貢獻。這樣就使銷售代表的數量上升了。

So from a math perspective, you know, on an annualized basis, they may get to, you know, $1 million per sales rep annually, but we'll have significant contribution from those 8 to 10 in addition to the, the 63 that we had performing throughout the year.

因此，從數學角度來看，按年計算，他們每年每位銷售代表可能可獲得 100 萬美元，但除了全年表現出色的 63 名銷售代表外，這 8 到 10 名銷售代表也將為我們帶來重大貢獻。

Okay. That's really helpful. And then just on the timing of the hiring, I mean, was there anything it, it sounds like you, you'll catch up but you, you know, have moved maybe slightly more slowly than what you had expected is that just sort of the mix of, of people, you know, candidates that you had and, and who you felt comfortable with or you know, were there, there are more reasons to, to move more slowly.

好的。這真的很有幫助。然後關於招募的時間，我的意思是，聽起來你會趕上，但你的進展可能比你預期的要慢一點，這是因為人員的混合，你知道，你擁有的候選人，以及你覺得舒服的候選人，或者你知道，在那裡，有更多的理由讓你的進展更慢。

Yeah, it's a really good question and I would say that the short answer is yes. Right. We're -- we will always err on the side of being slow if we don't feel like we have the right fit. I still, I feel adamant that each and every teammate that we bring on board will impact the culture ever so slightly. And so we, we take a lot of time to ensure that they're a good fit that they can be a success here. They can thrive and they can not only have great earning potential but have a long career.

是的，這是一個非常好的問題，我的簡短答案是肯定的。正確的。如果我們覺得我們不合適，我們總是會選擇慢慢前進。我仍然堅信，我們招募的每一位隊友都會對文化產生微小的影響。因此，我們花費大量時間來確保他們能夠適合這份工作並取得成功。他們可以蓬勃發展，不僅擁有巨大的收入潛力，而且還能擁有長久的職業生涯。

You may recall, we, we hinted that we were going to be off when we started the fundraise kind of in the April, May time frame. Traditionally, we try to hire sales professionals as early in the quarter. So that we don't have a negative SG&A impact without seeing the return because the fundraise some of the net proceeds were for sales force expansion. We stated back then that we wouldn't begin hiring until we completed the fundraise.

您可能還記得，我們​​曾暗示，當我們在四月或五月開始籌集資金時，我們將開始籌集資金。傳統上，我們會盡量在季度初聘請銷售專業人員。這樣，我們就不會在沒有看到回報的情況下受到銷售、一般及行政費用的負面影響，因為籌集資金的部分淨收益用於擴大銷售團隊。我們當時表示，在完成募款前我們不會開始招募。

So we were very intentional going back to Q2 about being slow and bringing them on because we didn't want to exit Q2, you know, at that time with, with increased or added SG&A expense without the return. So that really set us off and then we just made a decision that, you know, we didn't want to compromise in who we were hiring.

因此，我們有意回到第二季度，放慢速度並讓他們繼續前進，因為我們不想在沒有回報的情況下退出第二季度，你知道，當時增加了或增加了銷售、一般和行政費用。這確實讓我們很生氣，然後我們就做出了一個決定，你知道，我們不想在聘用人員的問題上妥協。

We still want to go through our vetting process, our onboarding and training process. And so I think it was really just that once we started slow and delayed in Q2, there was a ripple effect. We were, we were pulling them forward and that's why we've disclosed that we had that large class now that gets us back on track.

我們仍需要完成審查流程、入職和培訓流程。所以我認為，一旦我們在第二季開始緩慢且延遲，就會產生連鎖反應。我們一直在推動他們前進，這就是為什麼我們現在透露我們有一個龐大的班級，讓我們回到正軌。

So I think the way to think about it is we'll exit the year somewhere in the 70 to 75 range if, if you split the difference and call it 73 sales reps. That's where we'll start the year and then we'll begin that cadence of hiring earlier in Q1 of 2025.

所以我認為，這樣想的話，我們今年結束時的銷售代表人數將會在 70 到 75 之間，如果你把差額分開，稱之為 73 名銷售代表。我們將從那裡開始新的一年，然後我們將在 2025 年第一季早些時候開始招募。

Okay. That's really helpful. And then just one last one on the, on the BioPharma backlog. Can you tell us sort of anything about the, the nature of those contracts like, you know, do you have a sense of how far off it is for, you know, bookings to convert to revenue? And you know -- we thinking? Gosh, you know, 80% of this converts to revenue, 50% of it might convert to revenue, you know, and sort of over what time period? How, how do we kind of think about that?

好的。這真的很有幫助。最後再問一次關於 BioPharma 積壓的問題。您能否向我們介紹這些合約的性質，例如，您是否知道預訂量轉化為收入還需要多長時間？你知道——我們在想什麼？天哪，您知道，其中 80% 會轉化為收入，其中 50% 可能會轉化為收入，您知道，在什麼時間段內？我們該如何看待這個問題？

Yeah, it's a great question. I think generally the way we look at it when we share this is that it will be 100% of that revenue will be achieved over a three year time horizon.

是的，這是一個很好的問題。我認為，我們分享這項消息時通常的看法是，100％的收入將在三年內實現。

What we really see is you're going to get somewhere in that 70% to 80% of the revenue is going to be achieved in kind of a 12 to 18 month time frame. And it really depends upon the nature of the study. They're all a little bit different. You know, it breaks down to is this a retrospective analysis where they can send in bank samples all in bulk or is it a prospective analysis where we get patient samples on a regular cadence over a lengthier period of time?

我們真正看到的是，你將在 12 到 18 個月的時間範圍內實現 70% 到 80% 的收入。這實際上取決於研究的性質。它們都有些不同。您知道，這可以分解為回顧性分析（他們可以批量發送銀行樣本）還是前瞻性分析（我們可以在較長時間內定期獲取患者樣本）？

So they're all a little bit different. We look at them in aggregate but again, we, we definitely see that, you know, that, you know, 70%, 75% to 80% recognized in that, you know, 12 to 18 month time frame and then all of it within a three year time horizon. If it goes any further than three years, then I think you can state, yeah, the likelihood of achieving 100% of it drops off significantly.

所以它們都有點不同。我們從總體上看，但我們確實看到，70%、75%至 80% 的識別率是在 12 至 18 個月的時間範圍內實現的，而所有識別率都在三年的時間範圍內實現。如果超過三年，那麼我想你可以說，是的，實現 100％ 的可能性會大大下降。

Okay. That's really helpful. So they're not projects that are contingent upon the Pharma company hitting some kind of milestone, which then will determine whether they move to the phase of working with you or not.

好的。這真的很有幫助。因此，這些項目並不取決於製藥公司是否達到某種里程碑，這將決定他們是否進入與您合作的階段。

That's correct. Yeah, I think the way to think about this is we aren't, we aren't bridging across phases of development. For them, we're within a phase. So as they move to kind of phase two, they start a contract with us and our results that we deliver to them, we look at it and say that's going to help inform and educate them as to whether they move on to the next phase.

沒錯。是的，我認為思考這個問題的方式是，我們並沒有跨越發展階段。對他們來說，我們正處於一個階段。因此，當他們進入第二階段時，他們會與我們簽訂合同，我們會審查我們向他們提供的結果，並說這將有助於告知和教育他們是否要進入下一階段。

And then when they do, you know, we also track that we see significant progress where we kind of embed ourselves early. And then we are part of that discovery and development effort within that individual BioPharma franchise.

然後當他們這樣做的時候，你知道，我們也會跟踪，我們看到了我們早期嵌入的重大進展。然後我們成為該 BioPharma 特許經營權內發現和開發工作的一部分。

The good news is across that $11.1 million in contracted dollars yet not received payment for you see a nice blend, new customers, existing customers and existing customers that have built on their development and progress.

好消息是，對於尚未收到的 1,110 萬美元合約款，您會看到一個很好的組合，新客戶、現有客戶以及在發展和進步基礎上進一步發展的現有客戶。

Okay. That's really helpful. Thank you so much.

好的。這真的很有幫助。太感謝了。

Yeah. Thank you.

是的。謝謝。

Thomas Flaten, Lake Street Capital markets.

托馬斯·弗拉滕 (Thomas Flaten)，Lake Street 資本市場。

Good morning. Thanks. I appreciate you taking questions. Just to follow up on the hurricane discussion we've had. So Middleton came a week and a half or so after her lien. So two parts of this, you know, the there's the one thing about evacuations and then the actual hurricane happening. But you know, as you look at the first couple of weeks of October, was there still some lingering challenges there from a customer perspective and generating samples. How long did that go on?

早安.謝謝。感謝您回答問題。只是為了跟進我們對颶風的討論。因此，米德爾頓在她被留置大約一周半後就來了。所以這件事有兩個部分，你知道，一個是關於疏散，另一個是關於實際的颶風發生。但是您知道，當您回顧十月的頭幾週時，從客戶角度和生成樣品的角度來看，是否仍然存在一些揮之不去的挑戰。這持續了多久？

Yeah, Thomas great question. There definitely was and I think we all saw it. What was interesting about that? Was it also coincided with CHEST. So what we saw was when we were in Boston, some physicians coming up to us and saying, hey, I've got leave CHEST early. I need to get back. I need to help my family. We even had some of our teammates that were impacted. We have a pretty significant bioethics team representation in the state of Florida.

是的，湯瑪斯，這個問題問得很好。一定有，我想我們都看到了。那有什麼有趣的呢？是不是也跟 CHEST 吻合了。所以我們看到，當我們在波士頓時，一些醫生走過來對我們說，嘿，我必須提前離開胸腔科。我得回去了。我需要幫助我的家人。我們甚至有一些隊友也受到了影響。我們在佛羅裡達州擁有相當重要的生物倫理學團隊代表。

We've got 15 Biodesix team members that live in Florida. I'm happy to report that, that they're all safe, but that gives us an indication when we see them evacuate. We also know when they can get back in so we can start to track if they're back in. Then you assume that that many other in the community are that impact, not just for Helene and kind of the hurricanes this year, but we've seen it over time. It doesn't happen immediate. There is a lag.

我們有 15 位 Biodesix 團隊成員居住在佛羅裡達州。我很高興地報告說，他們都很安全，但當我們看到他們撤離時，這給了我們一個跡象。我們還知道他們什麼時候可以回來，所以我們可以開始追蹤他們是否回來了。然後你會假設社區中的許多其他人也受到了影響，不僅僅是海倫和今年的颶風，而且我們已經看到了它的影響。它不會立即發生。存在滯後。

You know, I would state this and, and you know, our hearts go out to all of those impacted, but I think where the greatest impact is and we're still trying to track and monitor is going to be more up into the Carolinas.

你知道，我會這樣說，你知道，我們的心與所有受影響的人同在，但我認為影響最大的是卡羅來納州，我們仍在試圖追蹤和監控。

You know, that the inland flooding was pretty significant we do know that even to date that access there is limited. So for us, we do the best we can to track those physicians. It's, we don't necessarily have the ability to track an individual patient that's scheduled. But in working with those practices, we'll continue to support them. I think the way we look at it, Thomas is we know that, that there's a backlog of patients and most pulmonology offices are booked out months in advance.

您知道，內陸洪澇災害相當嚴重，我們確實知道，到目前為止，那裡的交通仍然受到限制。因此，我們會盡力追蹤這些醫生。是的，我們不一定有能力追蹤已預約的個別患者。但在實施這些做法時，我們將繼續支持它們。湯瑪斯，我認為我們看待這個問題的方式是，我們知道，病人積壓了，大多數肺科診所的病房在幾個月前就已經預約滿了。

So as they return, they already have a full schedule to return back to the question is, is how quickly can they add those patients that were missed over those last few weeks back into that queue? We don't see a major bolus or kind of a push or catch up if you will. It's really related to the number of office visits that a physician can take on any given day. So our sales reps continue to work on kind of a one by one assessing what's going on within their territory.

因此，當他們返回時，他們已經有了完整的日程安排，問題是，他們能多快將過去幾週錯過的患者重新添加到隊列中？如果你願意的話，我們看不到主要的推注或某種推動或追趕。這其實與醫師每天可以接受的門診次數有關。因此，我們的銷售代表會繼續逐一評估其所在區域內發生的情況。

They communicate that to us and, and we're happy to report that we have seen the recovery begin and improve over the last few days and weeks. But there's always a little bit of a lingering, lingering impact and we'll continue to support those practices. And most importantly, we'll be there as they start treating those patients again. But, but we're excited to state that we don't see a long term impact. We don't think that'll impact us into Q4 at all.

他們向我們傳達了這一情況，我們很高興地報告，我們已經看到復甦在過去幾天和幾週內開始並有所改善。但總會有一點揮之不去的影響，我們將繼續支持這些做法。最重要的是，當他們再次開始治療這些病人時，我們會在場。但是，我們很高興地說，我們沒有看到長期影響。我們認為這根本不會對我們第四季產生影響。

Thanks for that. And not to parse the sales rep thing too much, but you mentioned in your prepared comments, Scott that you not only added territories, but you also upgraded certain and your average number of productive reps was a little bit below where we were thinking you'd be.

謝謝。並且不要過多地分析銷售代表的事情，但是你在準備好的評論中提到，斯科特，你不僅增加了地區，而且還升級了某些地區，而你的平均生產代表數量略低於我們想像的水平。

So, you know, when you add 6 to 8 reps per quarter, should we think that all of those are new territories or is there going to be a blend of quote unquote upgrades versus new territories that are coming in?

因此，您知道，當您每季增加 6 到 8 名銷售代表時，我們是否應該認為所有這些都是新領域，或者是否會有所謂的升級與新領域的混合？

Yeah, the goal is that it's, it's net so it will be 6 to 8 additions. So, we're very proactive, you know, one of the best things about being a growth company within the Biodesix culture, we're exceptionally competitive. We're passionate. We're very transparent. Our sales team members know where they rank, they know what their performance looks like, they know that, that we have high expectations.

是的，目標是淨增 6 到 8 個。所以，我們非常積極主動，你知道，作為 Biodesix 文化中的成長型公司，最好的事情之一就是我們的競爭力極強。我們充滿熱情。我們非常透明。我們的銷售團隊成員知道他們的排名，他們知道他們的表現如何，他們知道我們對他們有很高的期望。

Not just because that's what we expect, but because we have the right and honor to help these physicians treat patients. And so what you traditionally see across all commercial teams is that if a sales professional is looking for another alternative, they'll usually try to maximize their earning potential here or wherever they are, they'll depart later in the year so that they can start with a new entity at the beginning of the year this year. We anticipated some of that.

不僅因為這是我們的期望，更因為我們有權利和榮譽幫助這些醫生治療病人。因此，在所有商業團隊中，你傳統上會看到這樣的情況：如果銷售專業人員正在尋找其他選擇，他們通常會嘗試最大化他們在這裡或任何地方的盈利潛力，他們會在今年晚些時候離開，以便他們可以在今年年初開始在新的實體上工作。我們預料到了其中的一些情況。

And so we were a little more proactive and so we addressed some under performers in the third quarter because we wanted to make certain that we had you know, a fully dedicated productive sales professional that was going to be with us in 2025 in that territory.

因此，我們採取了更積極主動的態度，並在第三季度解決了一些表現不佳的問題，因為我們想確保我們擁有一位全心投入、高效的銷售專業人員，並將在 2025 年繼續在該地區與我們合作。

So that's a little bit of what you saw in Q3, very excited about where we stand with the team. But so that, that's why that number was a little bit off. As you stated is we, we backfilled a few of those territories with those new hires. And so the net in from Q2 to Q3 was really an addition of two. Where, so that's how we look at this and say we need to make up for four to six and we already feel like we've done that and have been addressing that over the last few weeks.

這就是您在第三季看到的一點情況，我們對我們與團隊的現狀感到非常興奮。但這就是為什麼這個數字有點偏差。正如您所說的，我們用這些新員工填補了其中一些地區的空缺。因此，從 Q2 到 Q3 的淨收入實際上是增加了兩個。這就是我們看待這個問題的方式，我們認為我們需要彌補四到六個，我們感覺我們已經做到了這一點，並且在過去幾週一直在解決這個問題。

Got it. And there's one final one if I may, robin any update on the Medicare Advantage issues.

知道了。如果可以的話，我還有最後一個問題，請問關於醫療保險優勢計劃問題的任何最新消息。

It's a great question. I feel like a little bit like a broken record. We're continuing to go back and forth and work with him on it, unfortunately. No, no change in the backlog. The great news is it hasn't expanded to other groups it still remains really now. It's just, you know, one to two payers. So no expansion, we continue to see good payment out of the other Medicare Advantages' and we're continuing to work on addressing the backlog.

這是一個很好的問題。我覺得自己有點像一張破唱片。不幸的是，我們仍在繼續與他反覆溝通並就此事進行努力。不，積壓情況沒有改變。好消息是它還沒有擴展到其他群體，它現在仍然存在。您知道，這只是一到兩個付款人。因此沒有擴張，我們繼續看到其他醫療保險優勢計劃的良好支付，我們正在繼續努力解決積壓問題。

Great. I appreciate it. Thanks so much.

偉大的。我很感激。非常感謝。

And I'm not showing any further questions at this time. I would like to turn the call back to Scott, for any follow up remarks.

我現在不想再問任何問題。我想將電話轉回給斯科特，以便他能提出任何後續意見。

Thank you, operator. It's an exciting time here at Biodesix, and we believe we have the best pulmonology focused commercial team in diagnostics with first mover status and lung Nodule management and an ever increasing body of robust clinical and economic data.

謝謝您，接線生。這是 Biodesix 令人興奮的時刻，我們相信我們擁有診斷領域最優秀的專注於肺病學的商業團隊，具有先發優勢和肺結節管理能力，以及越來越多的強有力的臨床和經濟數據。

We have the momentum for greater clinical and payer adoption for this large underserved population. We view 2024 as a pivotal year and we look forward to updating you on our full year progress on our next earnings call. In closing, i want to express my gratitude to all the remarkable team members of the Biodesix office and labs.

我們有動力為這龐大的醫療資源不足的人群提供更多的臨床和付款採用。我們將 2024 年視為關鍵的一年，我們期待在下次財報電話會議上向您通報我們的全年進度。最後，我要向 Biodesix 辦公室和實驗室的所有優秀團隊成員表示感謝。

What we've shown is unwavering belief in and dedication to our mission, vision and culture. Our collective commitment and daily contributions are center around making a positive impact on patients' lives and I'm truly thankful for the entire team's efforts. Thank you.

我們表現出對我們的使命、願景和文化的堅定信念和奉獻精神。我們的集體承諾和日常貢獻都是為了給患者的生活帶來正面影響，我真誠地感謝整個團隊的努力。謝謝。

Ladies and gentlemen, let's include today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，讓我們來回顧今天的演講。現在您可以斷開連接並享受美好的一天。