Caris Life Sciences, Inc. (CAI) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Caris Life Sciences Q2 2026 Earnings Call. My name is Tanya, and I'll be your conference operator today. (Operator Instructions) After the prepared remarks, there will be a question-and-answer session. As a reminder, this call is being recorded.

各位大家好，歡迎參加 Caris Life Sciences 2026 年第二季財報電話會議。我叫 Tanya，今天將擔任會議接線員。(接線員指示) 在預備發言結束後，將進行問答環節。提醒各位，本次電話會議將被錄音。

I would now like to hand the call over to Russ Denton at Caris. Please go ahead.

現在我想把電話交給 Caris 的 Russ Denton。請開始。

Thank you. Earlier today, Caris Life Sciences released financial results for the quarter ended June 30, 2026. Joining from Caris today are David Dean Huber, our Founder, Chairman and CEO; and David Spetsler, our President; Brian Briley, our Vice Chairman and EVP; and Luke Power, our CFO.

謝謝。今天稍早，Caris Life Sciences 公布了截至 2026 年 6 月 30 日止季度的財務結果。今天與會的 Caris 團隊成員包括：我們的創辦人、董事長兼執行長 David Dean Huber；總裁 David Spetsler；副董事長兼執行副總裁 Brian Briley；以及財務長 Luke Power。

Before we begin, I'd like to remind you that during this call, management will make forward-looking statements within the meaning of federal securities laws.

在開始之前，我想提醒各位，在本次電話會議中，管理層將在聯邦證券法的意義下發表前瞻性陳述。

These statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to materially differ from those anticipated.

這些陳述係基於管理層目前的預期，並涉及風險與不確定性，可能導致實際結果與預期存在重大差異。

For a discussion of the factors that could affect our future results -- please refer to our SEC filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to update these statements, except as required by law.

關於可能影響我們未來業績的因素之討論——請參閱我們向 SEC 提交的文件，包括 Form 10-K 年度報告及 Form 10-Q 季度報告。除法律要求外，我們不承擔更新這些陳述的義務。

This call will also include a discussion of non-GAAP financial measures, which are adjusted to exclude certain specified items.

本次電話會議也將討論非 GAAP 財務衡量指標，該等指標經調整以排除某些特定項目。

The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures are provided in today's earnings release.

這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表，已載於今日的財報新聞稿中。

A copy of today's presentation materials can be found on our Investor Relations website. I'll now turn the call over to our Founder, Chairman and CEO, David Dean Halbert. David?

今日簡報資料的副本可於我們的投資人關係網站取得。現在我把電話交給我們的創辦人、董事長兼執行長 David Dean Halbert。David？

Thanks, Russ, and thanks, everyone, for joining. I want to start by highlighting that this was a record quarter with record clinical volume, including record tissue and record blood volume as the investment in our commercial engine in Q1 has started to pay dividends and will continue into the second half of the year.

謝謝你，Russ，也謝謝各位參與。我想先強調，本季創下紀錄：臨床量創新高，包括組織樣本量與血液樣本量皆創新高；因為我們在第一季對商業引擎的投資已開始帶來成果，並將延續到下半年。

We added roughly 6,400 cases in the quarter, a record for sequential case additions that led us to 59,200 cases. As you know, Caris case reflects our comprehensive approach with each case representing multiple oncology tests. On the tissue side, a single case can include oleo and whole transcription sequencing along with multiple ICs, methylation and fish.

本季我們新增約 6,400 個案例，創下連續季度新增案例數的紀錄，使我們達到 59,200 個案例。如各位所知，Caris 的「案例」反映我們的全面性方法，每個案例代表多項腫瘤檢測。在組織端，單一案例可包含全外顯子與全轉錄體定序，以及多項 IHC、甲基化與 FISH。

On the blood side, it's even more sequencing as we run whole-exome whole transcriptome and double that sequencing man for Buffy coat subtraction -- so each case is many tests worth of biology, and that's the strength behind our platform.

在血液端，定序量更大，因為我們會進行全外顯子、全轉錄體，並為了 Buffy coat 扣除而將定序量加倍——因此每個案例都相當於多項檢測的生物學資訊，這正是我們平台的強項。

Last quarter, we ran over 345,000 clinical oncology tests including over 114,000 whole exome and whole transcriptome tests. And that strength changes what we can do for patients today.

上季我們執行了超過 345,000 項臨床腫瘤檢測，其中包含超過 114,000 項全外顯子與全轉錄體檢測。而這樣的實力，改變了我們今天能為病患做到的事。

For therapy selection, our blood and tissue assays are indisputably superior to any because we run a whole exome and whole tescriptome sequencing together with our AI, and we're not just pointing physicians to the obvious drug -- we're surfacing the options they otherwise miss and more and more, we're helping inform the diagnosis itself, ordering any other test as a disservice to the patient.

在治療選擇方面，我們的血液與組織檢測無可爭議地優於任何其他方案，因為我們將全外顯子與全轉錄體定序結合 AI 一起運行；我們不只是把醫師導向顯而易見的藥物——我們會挖掘他們原本可能錯過的選項，而且愈來愈多時，我們也在協助釐清診斷本身；要求任何其他檢測，對病患而言都是一種不利。

This comprehensive approach is the whole reason I started Caris in 2008. I've always believed that if you could read a patient's entire molecular story, all of it at scale, and apply machine learning and AI to it, you can fundamentally change how disease is diagnosed or treated.

這種全面性方法，正是我在 2008 年創立 Caris 的根本原因。我一直相信，如果你能在規模化的情況下讀取病患完整的分子故事，並將機器學習與 AI 應用其中，就能從根本上改變疾病的診斷與治療方式。

That conviction is why I built Caris as a patient-focused, science-driven company from day 1. 8 years later, we've built 1 of the deepest molecular databases in all of oncology, over 1.13 million patients, and the AI train note reflects a comprehensive approach that no 1 can match.

正是這份信念，讓我從第一天起就把 Caris 打造成一家以病患為中心、以科學為驅動的公司。8 年後，我們建立了腫瘤學領域最深厚的分子資料庫之一，涵蓋超過 113 萬名病患，而 AI 訓練資料反映出一種無人能及的全面性方法。

We're also now putting that engine directly in our customers' hands with large language models and the next-generation AI assistant we call Jake.

我們也正透過大型語言模型，以及我們稱為 Jake 的下一代 AI 助理，把這個引擎直接交到客戶手中。

They can now run comparative analysis against our proprietary database in ways that simply weren't possible before. And it's that same commitment that led us to Caris to check. Not also called early detection tests are the same.

他們現在可以用過去根本不可能的方式，對我們的專有資料庫進行比較分析。也正是同樣的承諾，促使我們推出 Caris to check。不僅如此，所謂的早期偵測檢測也是一樣。

We built Caris to detect a whole genome and whole transcriptome sequencing because the narrower approaches like methylation just don't hold up in early stage. It's not only how you look, it's how much you find.

我們打造 Caris，是為了進行全基因組與全轉錄體定序，因為像甲基化這類較狹窄的方法，在早期階段就是站不住腳。重點不只是你怎麼看，而是你能找到多少。

Cancers found that Stage 1 have a 90% chance of being cured the cancers found in Stage 4 and we have a 10% chance. So early stage is the entire point.

在第一期發現的癌症，有 90% 的機會可以治癒；而在第四期發現的癌症，我們只有 10% 的機會。所以早期發現才是全部的重點。

I think about screening today is supposedly 1 cancer at a time -- and some of it, frankly, is unpleasant enough that people put it off for years.

我認為今天的篩檢，理論上是一次只針對一種癌症——而且坦白說，其中有些檢查令人不適到讓人一拖再拖，甚至拖上好幾年。

The stool test is the obvious one. So the question I always ask myself is simple. Why so for a test that looks for a single cancer on 1 blood draw can look for many currently 58 so far and actually perform where it counts early.

糞便檢測就是最明顯的例子。所以我一直問自己的問題很簡單。為什麼不做一個只需一次抽血、就能檢測單一癌症的檢測，進而能檢測多種癌症——目前已達 58 種——而且能在最關鍵的早期階段真正發揮效能？

To me, that's not someday, that's now and that is reflected by the interest from physicians, health systems patients, which has run ahead of even my own expectations for Detect.

對我而言，那不是「總有一天」，而是「現在」；而這也反映在醫師、醫療體系與病患對 Detect 的興趣上，其熱度甚至超出我自己的預期。

Frankly, near-term demand may run ahead of our rollout we can see back orders as we scale. But detection is only half of what makes the tech different because it doesn't stop in detection, and that's the other reason I'm exciting.

坦白說，短期需求可能會超過我們的推廣進度；隨著我們擴產，可能會看到積壓訂單。但偵測只是讓這項技術與眾不同的一半，因為它不止於偵測，這也是我感到興奮的另一個原因。

We're advancing what we call the mutational plan, and David Spetzler will get into it in more detail. But essentially, when cars detect flags disease early, we don't just report a signal.

我們正在推進我們所稱的「突變計畫」，David Spetzler 會更詳細說明。但基本上，當 Caris Detect 在早期標記出疾病時，我們不只是回報一個訊號。

We call it we go back at 10,000 fold depth of coverage, what we call our MAX assay Elis Jake and our AI and tools to identify specific immunogenic mutations and then we make peptides that are personalized immune targets.

我們會以 10,000 倍的覆蓋深度回頭檢視；我們稱之為 MAX 檢測，並運用 Jake 以及我們的 AI 與工具來辨識特定的免疫原性突變，接著製作胜肽作為個人化的免疫標的。

In other words, find the dangers mutations early and go after them before they do harm. This is the arc from urban detection to early interception and the same agent sequencing database and AI isn't limited to oncology.

換句話說，及早找到危險突變，並在它們造成傷害之前就加以對付。這是一條從早期偵測走向早期攔截的路徑，而同樣的定序、資料庫與 AI 並不僅限於腫瘤學。

We see the same approach extending into other disease areas over time, including cardiology, neurology and autoimmune, among others.

我們看到同樣的方法，隨時間推進也將延伸到其他疾病領域，包括心臟科、神經科與自體免疫等。

The biology is different, the Caris platform is the same. We're not slowing down on the near-term pipeline either. Later this year, we will take the platform into MRD, which David Spicer will walk you through in a few minutes.

生物學不同，但 Caris 平台相同。我們在短期產品線上也不會放慢腳步。今年稍晚，我們將把平台帶入 MRD（微量殘存疾病）領域，David Spicer 將在幾分鐘後為各位說明。

It all comes back to 1 thing for me, making precision medicine a reality for every patient, we took another big step this quarter, and we did it while growing and funding our own investments. That's the leading science company I set out to build 18 years ago, and I'm more convinced than ever about where it's headed.

對我而言，一切都回到一件事：讓精準醫療成為每位病患的現實。我們在本季又邁出了一大步，而且是在成長的同時也以自身資金支持我們的投資。這就是我 18 年前立志打造的領先科學公司，而我比以往任何時候都更確信它的發展方向。

I'll now turn it over to Brian to start walking through the presentation. Brian?

現在我把電話交給 Brian，開始帶大家走過簡報內容。Brian？

Thank's, David, and thank you all for joining our second quarter 2026 earnings call. This is another strong quarter, and we're pleased to report sustained growth, profitability and cash generation, which supports our investment strategy focused on our MSET launch, the broader product pipeline and commercial platform expansion.

謝謝你，David，也感謝各位參加我們 2026 年第二季財報電話會議。這又是一個強勁的季度，我們很高興報告持續的成長、獲利能力與現金創造能力，這些成果支持我們以 MSET 上市、更廣泛的產品研發管線以及商業平台擴張為核心的投資策略。

As illustrated on Slide 3, our platform continues to expand across technology, scale and commercial breadth.

如投影片 3 所示，我們的平台持續在技術、規模與商業覆蓋面上擴張。

We're now supporting more than 6,200 orderly oncologists with more than 74% of orders coming through our EHR and portal channels. In the second quarter, we completed approximately 59,200 cases, up 18% year-over-year.

我們目前支援超過 6,200 位開立檢測醫囑的腫瘤科醫師，且超過 74% 的醫囑透過我們的 EHR 與入口網站渠道送出。第二季我們完成約 59,200 件檢測案例，年增 18%。

With this clinical activity, our data set surpassed 1.13 million profiled cases, including more than 733,000 whole exomes, 783,000 French cryptones and approximately 843,000 matched cases with clinical outcomes.

隨著這些臨床活動，我們的資料集已超過 113 萬例完成分析的案例，其中包含超過 73.3 萬個全外顯子組、78.3 萬個 French cryptones，以及約 84.3 萬個具臨床結局配對的案例。

The Precision Oncology Alliance is growing in size and activity and now includes 101 members with the addition this quarter of UC San Francisco, a leading NCI academic cancer center and Northwell Health, New York State's largest health care provider.

Precision Oncology Alliance 的規模與活躍度持續成長，本季新增加州大學舊金山分校（UC San Francisco）—一所領先的 NCI 學術癌症中心—以及 Northwell Health（紐約州最大的醫療服務提供者）後，成員數已達 101 家。

As David noted, this is a very important quarter featuring product launches, which expanded our continuum of care. For example, ChromaSeeq, our heme therapy selection assay, featuring whole genome, whole transcriptome technology launched on April 1 and received Multix coverage at a reimbursed rate of $3,228.

如 David 所提到，這是一個非常重要的季度，包含多項產品上市，擴展了我們的照護連續體。例如，我們的血液腫瘤治療選擇檢測 ChromaSeeq（採用全基因組、全轉錄組技術）於 4 月 1 日上市，並獲得 Multix 給付，核定報銷費率為 3,228 美元。

In addition, MI clarity, our digital pathology prognostic for early and late recurrence risk in breast cancer is now live, and we'll be launching our next version with expanded capabilities in the second half of this year.

此外，MI clarity—我們用於乳癌早期與晚期復發風險的數位病理預後產品—現已上線，我們將於今年下半年推出具擴充功能的下一版本。

And most importantly, our multi-cancer early detection assay Caris protect launched in June with strong interest from many potential channel partners in concierge medicine, longevity centers and digital platforms such as Everly well.

最重要的是，我們的多癌種早期偵測檢測 Caris protect 於 6 月上市，並獲得許多潛在渠道合作夥伴的高度興趣，包括禮賓醫療、長壽中心以及 Everly well 等數位平台。

Caris detect features a unique technology platform, Ultradeep whole genome together with cell-free RNA and Seth will take you through the latest data shortly.

Caris detect 具備獨特的技術平台：超深度全基因組結合游離 RNA，Seth 稍後將帶各位了解最新數據。

In addition, we continue to make progress on our goal of launching a market-leading MRD capability. So our philosophy continues to be a long-term strategic orientation to develop the best and most comprehensive offerings on the market and to pursue this innovation while maintaining financial strength. We had a strong second quarter with total revenue increasing 45% year-over-year to $263.7 million.

此外，我們在推出市場領先的 MRD（微量殘存病灶）能力目標上也持續取得進展。因此，我們的理念仍是以長期策略導向，打造市場上最佳且最全面的產品組合，並在維持財務穩健的同時推動創新。第二季表現強勁，總營收年增 45% 至 2.637 億美元。

As illustrated on slide 4, this result was driven by strong performance from clinical profiling, with molecular profiling services revenue increasing to $252.3 million, representing growth of 55% year-over-year. In summary, we had a very productive quarter illustrated by the quarter highlights on Slide 5.

如投影片 4 所示，這項成果主要由臨床分析（clinical profiling）的強勁表現所帶動，分子分析服務營收增至 2.523 億美元，年增 55%。總結而言，我們度過了一個非常高產出的季度，重點如投影片 5 的季度亮點所示。

The strong revenue performance combined with the operating leverage inherent in our business model, has produced positive financial results while we continue to invest.

強勁的營收表現，加上我們商業模式內建的營運槓桿，使我們在持續投資的同時，仍能產生正向的財務成果。

Revenue growth of 45%, driven by volume growth of 18% and a 30% increase in clinical ASP. This revenue growth has led to improved gross margins of 68% on a GAAP basis, up from 63% in the second quarter last year and from 65% in the last quarter.

營收成長 45%，主要由 18% 的量增以及臨床 ASP（平均銷售單價）提升 30% 所驅動。這樣的營收成長帶動毛利率改善：按 GAAP 基礎計算毛利率達 68%，高於去年第二季的 63%，也高於上一季的 65%。

We've invested significantly this quarter, while maintaining financial discipline. This approach has produced positive adjusted EBITDA of $55.7 million and net cash from operations of $28.5 million.

本季我們在維持財務紀律的同時進行了大量投資。此一作法帶來調整後 EBITDA 為正，達 5,570 萬美元，營運活動淨現金流入 2,850 萬美元。

Accordingly, despite significant growth CapEx for MSED lab capacity, we generated positive free cash flow of $6.4 million. Notably, this is our fifth consecutive quarter of positive adjusted EBITDA and positive free cash flow, and it provides us with valuable strategic flexibility for ongoing investment in our platform, new products and new channels such as MSED.

因此，儘管為 MSED 實驗室產能擴張投入顯著的資本支出（CapEx），我們仍產生 640 萬美元的正向自由現金流。值得注意的是，這是我們連續第五個季度達成調整後 EBITDA 與自由現金流皆為正，並為我們在平台、新產品與 MSED 等新渠道的持續投資提供寶貴的策略彈性。

Our balance sheet remains strong with cash and investments of $793 million at quarter end. Given our financial position, our Board authorized a share repurchase program of up to $100 million and we used some of that in the second quarter with approximately $18 million purchased in the open markets.

我們的資產負債表仍然強勁，季末現金與投資合計為 7.93 億美元。基於我們的財務狀況，董事會核准最高 1 億美元的庫藏股回購計畫，我們在第二季已動用其中一部分，於公開市場回購約 1,800 萬美元。

We believe that our financial performance continues to give us unique strategic flexibility, which supports our ongoing investments in our product pipeline importantly, in MSED and MRD as well as continued expansion of our sales organization.

我們相信，我們的財務表現持續賦予我們獨特的策略彈性，支持我們對產品研發管線的持續投資，尤其是在 MSED 與 MRD 方面，同時也支持我們持續擴編銷售組織。

Our strategy is to maintain financial discipline through a strong balance sheet and profitability and these financial pillars of strength will allow us to realize our mission of making precision medicine a reality to benefit patients and support physicians.

我們的策略是透過強健的資產負債表與獲利能力維持財務紀律；這些財務支柱將使我們得以實現使命：讓精準醫療成為現實，以造福病患並支持醫師。

With that, I'll turn to commercial performance. The commercial strategy instituted in the first quarter is beginning to produce results.

接下來我將轉到商業表現。第一季所導入的商業策略已開始產生成果。

As Slide 6 indicates clinical case volume grew from approximately 52,800 cases in the first quarter to approximately 59,200 in the second quarter, roughly 6,400 incremental cases, which is a record for us. This represents 18% year-over-year and 12% sequential growth.

如投影片 6 所示，臨床案例量從第一季約 52,800 件成長至第二季約 59,200 件，增加約 6,400 件，創下我們的紀錄。這代表年增 18%，季增 12%。

With respect to performance by product, we completed approximately 48,300 my profile tissue cases, up 13% year-over-year and 11% sequentially and 10,700 Caris issue a blood cases up 50% year-over-year and 17% sequentially.

就各產品表現而言，我們完成約 48,300 件 MI Profile 組織（tissue）案例，年增 13%、季增 11%；以及 10,700 件 Caris Assure 血液（blood）案例，年增 50%、季增 17%。

Overall, we feel very optimistic about the market opportunity and demand for our technology-leading products. We feel very good about the execution of our new commercial strategy and leadership, and we completed the realignment of the sales team in January 2026, expanding our territory structure from 82 to 146 territories with a further expansion in the number of territories underway.

整體而言，我們對市場機會以及對我們技術領先產品的需求感到非常樂觀。我們對新商業策略與領導團隊的執行力也很有信心；我們已於 2026 年 1 月完成銷售團隊重整，將區域架構從 82 個擴增至 146 個區域，且目前仍在進一步擴增區域數量。

Since then, we have continued to build out the field organization at end of the quarter with more than 290 commercial team members, which is up from 270 at the end of the first quarter.

自那之後，我們持續擴建前線組織，至季末商業團隊成員已超過 290 人，高於第一季季末的 270 人。

We made those changes deliberately to improve coverage, sharpen accountability and create a broader footprint for execution across MI profile and Caris Assure as well as their new product launches.

我們刻意推動這些變革，以提升覆蓋率、強化責任歸屬，並為 MI Profile 與 Caris Assure 以及其新產品上市建立更廣泛的執行版圖。

The first quarter was a transition quarter, and in the second quarter, we are beginning to see the return on investment. So overall, we feel very good about the commercial team strategy and execution.

第一季是過渡季度，而在第二季，我們開始看到投資回報。因此整體而言，我們對商業團隊的策略與執行感到非常滿意。

I'll now turn the presentation over to Dr. Spetzler to discuss our progress on the product pipeline, along with updates on Caris detect. Spetz?

接下來我將把簡報交給 Spetzler 醫師，討論我們在產品研發管線上的進展，並更新 Caris detect 的最新情況。Spetz？

Thanks, Brian. I will walk through some product updates along with the next phase of development because the numbers you just heard are downstream of it. Everything I'm about to walk through comes back to a single idea you heard from David at the open, read the patient's entire molecular story at depth and you can transition the benefits of precision medicine from late-stage disease to early stage and nowhere is that more beneficial than in early detection.

謝謝你，Brian。我將說明一些產品更新以及下一階段的開發，因為各位剛聽到的數字都是其下游成果。我接下來要談的一切，都回到 David 開場時提到的一個核心概念：以深度讀取病患完整的分子故事，便能將精準醫療的效益從晚期疾病延伸到早期，而沒有任何領域比早期偵測更能受益。

So let's start with Caris Detect. The first thing to understand about Detect is breadth. From a single routine blood draw, Caris detect now identifies 58 distinct cancer types, spanning solid tumors, hematological malignancies and importantly, providing guidance to patients to minimize the time to diagnostic resolution.

那我們先從 Caris Detect 開始。首先要理解 Detect 的是「廣度」。透過一次例行的抽血，Caris detect 現在可辨識 58 種不同癌症類型，涵蓋實體腫瘤、血液惡性腫瘤；更重要的是，能為病患提供指引，以縮短達成診斷確定（diagnostic resolution）的時間。

Look across this map, lung, colorectal, breast, prostate, pancreas, the full upper GI and gynological spectrum, skin, brain, renal, urothelial liver and on the right, the harder categories, most screening tests simply don't touch, soft tissues and bone sarcomas and of course, the hematological malignancies -- this is not a single cancer test wearing a wide label.

看看這張分布圖：肺癌、大腸直腸癌、乳癌、前列腺癌、胰臟癌、整個上消化道與婦科範疇、皮膚、腦、腎臟、泌尿上皮、肝臟；而在右側是更棘手的類別，多數篩檢幾乎無法涵蓋的軟組織與骨肉瘤，當然也包括血液惡性腫瘤——這不是一個單一癌種檢測卻貼上寬泛標籤的產品。

It's a genuinely pan-cancer coverage from 1 blood draw, and that breadth is a direct product of building the whole genome and whole transcriptome sequencing which spans the entire spectrum of biology rather than a narrow approach, which only captures a small portion of what drives cancer. Detecting a signal is only half the job.

這是真正以一次抽血即可涵蓋泛癌種的檢測，而這樣的廣度，直接來自於我們建立了全基因組與全轉錄組定序，覆蓋整個生物學光譜，而非狹隘的方法；後者只能捕捉到驅動癌症的一小部分。偵測到訊號只是完成了一半的工作。

The question every clinician asks next is where is it and where our tissue of origin classified changes the economics of the workup.

每位臨床醫師接著都會問的問題是：它在哪裡？而我們的組織來源分類，改變了後續檢查流程的經濟性。

Our approach focuses on what the best action for the patient is finding the cancer faster, while minimizing the number of procedures a patient has to experience to get there. The way to think about this slide is on the left. When a signal comes back, most tests hand the physician in open-ended search a scatter shot battery of scans and procedures.

我們的方法聚焦於對病人最好的行動：更快找到癌症，同時把病人為了到達答案所必須經歷的處置數量降到最低。理解這張投影片的方法是看左邊。當訊號回來時，多數檢測會讓醫師進入一場沒有明確終點的搜尋：一連串分散式的掃描與處置。

Our classified does the opposite. It concentrates probability onto the true site and turns that open-ended hunt into a short prioritized work up. Here's what that looks like in the validation data.

我們的分類器則相反。它把機率集中到真正的部位，將那種無止盡的追尋，轉為一個短而有優先順序的檢查流程。以下是在驗證資料中的呈現。

Across true positives, a little over 2,500 patients, 83.9% are resolved in a single workup and 99.8% are localized within 2. That's an average of just 1.19 procedures per patient.

在真陽性中，略多於2,500位病人，83.9%可在一次檢查流程內解決，99.8%可在兩次內完成定位。平均每位病人只需要1.19次處置。

And even in the small false positive group, we've resolved essentially 100% within 2 workups, meaning patients are not sent down along arduous anxious and expensive diagnostic odyssey.

即使在少數的假陽性族群中，我們也幾乎在兩次檢查流程內解決了100%，這代表病人不會被帶入一段漫長、焦慮且昂貴的診斷長征。

Down at the bottom is why that matters. It's not abstract, fewer procedures, less radiation exposure, a faster path from signal to answer and real support for the hardest cases in oncology.

底下說明了為什麼這很重要。這不是抽象概念：更少的處置、更少的輻射暴露、從訊號到答案更快的路徑，以及對腫瘤科最棘手病例的實質支援。

The metastases of unknown primary, where origin is genuinely uncertain and because every routing step is explainable, the coverage balance is a dial we can tune -- it's not a black box. I want to make this concrete because it's ultimately what the ordering physician holds in their hands.

例如原發灶不明的轉移癌：其來源確實不確定；而且因為每一步的導引都可解釋，覆蓋與平衡是一個我們可以調整的旋鈕——不是黑盒子。我想把這點講得更具體，因為這終究是開立檢驗的醫師手上拿到的內容。

Every DETECT result is delivered as a prioritized work up, not just a yes or no. At the top, a clear actionable statement cancer signal detected backed by whole genome and whole transcriptome sequencing, below it, the suspected tissues of origin ranked by probability.

每一份DETECT結果都以「具優先順序的檢查流程」呈現，而不只是是或否。最上方是一句清楚可執行的陳述：偵測到癌症訊號，並由全基因組與全轉錄組定序支持；其下則是依機率排序的疑似組織來源。

Sometimes that's a single high confidence call, like the 99% thoracic lung example on the left, sometimes the signal is spread across sites, like the example on the right, led by HPB liver at 18%.

有時是單一高信心的判定，例如左側99%胸腔肺的例子；有時訊號分散於多個部位，例如右側的例子，以HPB肝臟18%為首。

And critically, each of those ranked sites comes with a specific next step. The exact study to order mapped onto the body, a colonoscopy, a contrast enhanced CT of the chest or a CT of the abdomen and pelvis. We even tell the physician what the data prioritizes.

而且關鍵是：每一個排序的部位都會附上一個明確的下一步。把要開立的檢查精準對應到身體部位：大腸鏡、胸部增強對比CT，或腹部與骨盆CT。我們甚至會告訴醫師資料優先指向什麼。

The tissue is the signal makes unlikely listed at under 10th of a 1%. So the diagnostic searches narrowed from the very first day, sometimes knowing what -- where it's not can be just as valuable as knowing where it is.

資料顯示不太可能的組織來源，會被列在低於0.1%。因此從第一天起，診斷搜尋就被縮小；有時知道「不是哪裡」，和知道「是哪裡」同樣有價值。

That's the Detect story. test, know, act. Now this is the part that I'm most excited to walk you through because it's where Caris stops describing disease and starts intervening against it.

這就是Detect的故事：檢測、知道、行動。接下來這一段是我最期待帶各位走過的，因為在這裡Caris不再只是描述疾病，而是開始介入對抗它。

We call it the mutational cleanse and it's the embodiment of that shift you saw on the title from personalized medicine to personalized prevention. Here's the arc left to right.

我們稱之為「突變清除（mutational cleanse）」，它體現了你在標題上看到的轉變：從個人化醫療走向個人化預防。以下是從左到右的脈絡。

First, Caris detect flags disease early, while tissue of origin routing as possible and disease burden is still low. In the validation set that 60% Stage I/II sensitivity we're catching, and this is the stage that has a very high curate. We don't just want to report the signal.

首先，Caris Detect在疾病早期就能示警，同時盡可能進行組織來源導引，且此時疾病負荷仍低。在驗證資料集中，我們捕捉到的I/II期敏感度為60%，而這個分期具有非常高的治癒率。我們不只想回報訊號。

We want to follow it. Step 2, Caris Max, we go back and interrogate the circulating tumor signal at 10,000x depth of coverage ultra-deep mutational analysis of the Exim layered with HLA and germline logic to separate out real somatic mutations from noise and identify the rare variants that matter.

我們想追蹤它。第二步，Caris Max：我們回頭以10,000x覆蓋深度，對循環腫瘤訊號進行超深度突變分析（Exome），並結合HLA與胚系（germline）邏輯，將真正的體細胞突變從雜訊中分離出來，找出那些重要的罕見變異。

Step 3 is where our AI does the work no panel can. It scores each candidate mutation on pathogenicity, clonality, expression, antigen processing, HLA fit and blood on target risk, to identify the subset of mutations that are immunogenic, which are the mutations the immune system can actually see, and the performance here is strong. 83.8% positive predictive value and 86.5% sensitivity on the top variant per patient.

第三步是我們的AI做出任何panel都做不到的工作。它會針對每個候選突變在致病性、克隆性、表現量、抗原處理、HLA適配度，以及血液on-target風險等面向進行評分，以找出具有免疫原性的突變子集——也就是免疫系統實際看得見的突變；而這裡的表現很強：以每位病人的首要變異而言，陽性預測值83.8%，敏感度86.5%。

We were able to achieve this level of performance by leveraging our unmatched data set, which contains thousands of specimens collected before the administration of immunotherapy and matched samples after.

我們能達到這樣的表現，是因為運用了我們無可匹敵的資料集，其中包含數千份在免疫治療給藥前收集的檢體，以及治療後的配對樣本。

Step 4, the top neoepitopes become patient-specific immune targets which we can monitor over time against ctDNA and T-cell response to determine if the source of the signal is going away, a closed loop. So the whole idea in 1 line is on this slide. bind the dangerous clone early, make its mutation visible to the immune system and remove it before clinically over disease ever emerges. That is early detection becoming early interception.

第四步：最重要的neoepitope會成為病人專屬的免疫標的；我們可隨時間針對ctDNA與T細胞反應進行監測，以判斷訊號來源是否正在消退，形成一個閉環。因此用一句話概括這張投影片的核心：及早鎖定危險克隆，讓其突變對免疫系統可見，並在臨床顯性疾病出現之前將其移除。這就是早期偵測走向早期攔截。

Now let me turn from the frontier to what's landing in the near term, 3 pipeline items an upgrade to my clarity, our MRD program and the clinical evidence underneath all of it. My clarity is our recurrence risk platform and version 2 meaningfully expands what it does.

現在我把焦點從前沿轉到近期即將落地的內容：三個管線項目——myClarity的升級、我們的MRD（微小殘存病灶）計畫，以及支撐這一切的臨床證據。myClarity是我們的復發風險平台，而第2版在功能上有實質擴展。

Version 1 already delivered distant recurrence across both the early and late windows, years 0 through 5 and 5 through 15, orderable rights at diagnosis with fast turnaround time at an accessible cost.

第1版已能在早期與晚期兩個時間窗（0至5年、以及5至15年）提供遠端復發風險評估，可在診斷時開立，周轉時間快，且成本可負擔。

What's new in V2 is decision support not just prognosis. We're adding chemotherapy decision support, identifying which patients are actually likely to benefit from chemo. We have also extended endocrine therapy decisions, informing treatment beyond the first 5 years.

第2版的新功能是決策支援，而不只是預後。我們加入化療決策支援，辨識哪些病人實際上可能從化療中受益。我們也延伸了內分泌治療決策，為超過前5年的治療提供資訊。

And we have also expanded ordering years after diagnosis, which the extended endocrine therapy decisions need to be made.

此外，我們也擴大了在診斷多年後仍可開立的情境，因為延長內分泌治療的決策需要在那個時間點做出。

And finally, we've integrated early and late treatment decision support into a single test. In short, version 2 moves my clarity from telling you the risk to helping you act on it.

最後，我們把早期與晚期的治療決策支援整合到單一檢測中。簡言之，第2版讓myClarity從「告訴你風險」進一步到「幫助你依風險採取行動」。

As you heard at the open, we're taking the platform into MRD, minimal residual disease, and we're doing it with 2 complementary approaches because different clinical settings need different tools.

如同各位在開場聽到的，我們正把平台延伸到MRD（微小殘存病灶），並以兩種互補的方法來做，因為不同臨床情境需要不同工具。

On the left, tumor-naive built on whole exome plus whole transcriptome on our Caris share platform initially in colorectal, a diagnostic for stage 2 and 3 solid tumors after curative intent treatment profiling cancer associated circulating tumor DNA and RNA from a whole blood sample with no need for the original tumor tissue. We're collecting more longitudinal outcome data for Moldex technical assessment and with more indications to follow.

左側是tumor-naive方案：建立在我們Caris Share平台上的全外顯子組加全轉錄組，初期聚焦於大腸直腸癌；這是一項用於第2與第3期實體腫瘤在以治癒為目的治療後的診斷，從一管全血樣本中分析與癌症相關的循環腫瘤DNA與RNA，不需要原始腫瘤組織。我們正在收集更多縱向結局資料以供MolDx技術評估，並將擴展到更多適應症。

On the right, a tumor-informed whole genome solution, leveraging our Caris precision technology platform, we perform whole genome not just on the tissue, but also in the blood sample. And the approach we will offer pan tumor stage 1 through 3.

右側是tumor-informed的全基因組解決方案：運用我們的Caris Precision技術平台，我們不只對組織做全基因組，也對血液樣本做全基因組。而我們將提供涵蓋泛腫瘤、第1至第3期的方案。

This comprehensive approach reflects our forward-looking vision of always providing the best possible assays. Tumor-normal whole genome sequencing identifies the maximum number of trackers, which minimizes false negatives and drives ultra-low parts per million sensitivity.

這種全面性的作法反映了我們前瞻性的願景：始終提供最佳可行的檢測。腫瘤-正常配對的全基因組定序可識別最多的追蹤標記，將假陰性降到最低，並推動達到每百萬分之一等級的超低濃度敏感度。

The analytic performance speaks for itself over 5 logs of linear dynamic range a median of roughly 15,000 trackers per patient and an R squared above 0.99 with a slope near 1 across that entire range.

分析表現不言自明：線性動態範圍超過 5 個對數級距，每位病患的追蹤標記（trackers）中位數約 15,000 個，且在整個範圍內 R 平方高於 0.99、斜率接近 1。

The validation for this assay is in process and our launch planning is underway. We are applying the same principle as we always use everywhere else on the Caris platform, more depth, more trackers and fewer things missed.

此檢測的驗證正在進行中，我們的上市規劃也已展開。我們正套用在 Caris 平台其他所有地方一貫採用的相同原則：更深的深度、更多的追蹤標記、以及更少的遺漏。

And I want to close on the studies we released this quarter to further build on the evidence that our approach leads to better outcomes for patients compared to small panels of hundreds of genes because this is the through line of the entire company.

最後我想以本季我們發布的研究作結，進一步強化證據：相較於僅涵蓋數百個基因的小型面板，我們的方法能為病患帶來更佳的結果，因為這正是整家公司貫穿始終的主軸。

Comprehensive testing reveals what targeted gene panels miss on both sides of the equation, who is eligible for therapy and how they actually do. 2 peer-reviewed studies from this year support this claim.

全面性檢測能揭示標靶基因面板在方程式兩端所遺漏的內容：誰符合治療資格，以及他們實際治療表現如何。今年有 2 篇同儕審查研究支持此主張。

On the left, our look back program published in the oncologist shows how our commitment to the patient doesn't end when we deliver the report by re-interrogating prior comprehensive results with no new test and no rebiopsy we identified 13,293 patients newly eligible for FDA-approved targeted therapies and told their physicians about their new options. That came from reviewing 87 FDA approvals across more than 483,000 molecular profiles in 10 tumor types.

左側，我們的 Look Back 計畫在《The Oncologist》發表，顯示我們對病患的承諾並不會在交付報告時結束：透過在無需新檢測、也無需再次活檢的情況下重新檢視先前的全面性結果，我們辨識出 13,293 位新符合 FDA 核准標靶治療資格的病患，並告知其醫師新的選項。這來自於回顧 10 種腫瘤類型、超過 483,000 份分子檔案中的 87 項 FDA 核准。

The depth we captured years ago is still generating new treatment options for patients still fighting their disease today.

我們多年前所取得的深度資料，至今仍在為仍與疾病奮戰的病患帶來新的治療選擇。

On the right, published in cancer immunology, the study shows that our whole exome-based total mutational burden assay drove longer overall survival than smaller panels when selecting patients for pembrolizumab, and you can see why? Targeted panels, even larger ones at 300 to 650 genes disagreed with the whole exome on TMB in roughly 10% to 15% of cases.

右側，發表於《Cancer Immunology》的研究顯示：在為 pembrolizumab 選擇病患時，我們以全外顯子體為基礎的總突變負荷（TMB）檢測，相較於較小的面板可帶來更長的總存活期；你也能看出原因。標靶面板，即使是涵蓋 300 到 650 個基因的較大型面板，在約 10% 到 15% 的案例中，與全外顯子體在 TMB 判定上出現不一致。

That's 1 in 7 to 1 in 10 patients potentially misscored on a decision that determines whether they get immunotherapy and the opportunity to live longer.

這代表每 7 到 10 位病患中就可能有 1 位在一項決策上被錯誤評分，而該決策將決定他們是否能接受免疫治療並獲得更長存活的機會。

And we don't just see this as a competitive advantage. We do it because it's providing patients with the best care, and it's why we built the entire platform the way we have. So that's our focus on our science, detection that's both broad and precise and interception strategy that's genuinely novel and world changing and a pipeline landing in the near term, all on evidence that keeps validating the depth first approach.

而我們不僅把這視為競爭優勢。我們之所以這麼做，是因為它能為病患提供最佳照護，這也是我們打造整個平台的原因。因此，我們聚焦於科學：兼具廣度與精準度的偵測、真正新穎且具世界改變性的攔截策略，以及短期內即將落地的產品管線；所有這些都建立在持續驗證「深度優先」方法的證據之上。

With that, I'll turn it over to Luke.

接下來我把時間交給 Luke。

Thanks, David. Turning to Slide 18, and I'll be brief, as David and Brian touched on some of these highlights earlier, we again delivered another strong quarter with total revenue of $263.7 million, up 45% year-over-year.

謝謝，David。請看第 18 張投影片，我會簡短說明，因為 David 和 Brian 先前已提到其中一些重點。我們再次交出強勁的一季，總營收為 2.637 億美元，年增 45%。

Molecular profiling revenue was $252.3 million, up 55%, and Pharma R&D Services revenue was $11.4 million reflecting the timing of deliverables in that business as we continue to focus on longer-term partnerships and growth in our pipeline rather than onetime smaller deals.

分子剖析（Molecular profiling）營收為 2.523 億美元，年增 55%；藥廠研發服務（Pharma R&D Services）營收為 1,140 萬美元，反映該業務交付時點的影響。我們持續將重心放在較長期的合作夥伴關係與管線成長，而非一次性的小型交易。

Completed clinical case volume was up 18% in the quarter, and we were very pleased with the sequential improvement and the great work done by our sales and lab teams in the quarter and as Brian noted, our tissue volume reaccelerated, and our blood continued growing at 50% year-over-year.

本季完成的臨床案例量年增 18%。我們對於連續性的改善以及銷售與實驗室團隊在本季的出色表現感到非常滿意。正如 Brian 所提到的，我們的組織（tissue）量重新加速，而血液（blood）業務仍以年增 50% 持續成長。

GAAP gross margin expanded to 68%, up from 63% a year ago and operating expenses were $152.7 million up about $21 million year-over-year as we invest behind the commercial expansion and product pipeline, including Caris detect.

GAAP 毛利率擴張至 68%，高於一年前的 63%；營業費用為 1.527 億美元，年增約 2,100 萬美元，反映我們對商業擴張與產品管線（包含 Caris Detect）的投資。

The revenue growth continues to translate into a strong bottom line with our GAAP net loss narrowing to $0.6 million, which also included a $25 million onetime extinguishment charge for refinancing of our term loan in April.

營收成長持續轉化為強勁的獲利表現，我們的 GAAP 淨損收斂至 60 萬美元；其中亦包含 4 月為再融資定期貸款而產生的一次性債務清償費用 2,500 萬美元。

As Brian also mentioned, our adjusted EBITDA increased to $55.7 million, up from $16.7 million last year and free cash flow was $6.4 million making Q2 our fifth consecutive quarter of positive adjusted EBITDA and positive free cash flow.

如 Brian 也提到，我們的調整後 EBITDA 增至 5,570 萬美元，高於去年的 1,670 萬美元；自由現金流為 640 萬美元，使得第二季成為我們連續第五個季度達成調整後 EBITDA 為正且自由現金流為正。

Free cash flow this quarter also absorbed $22.1 million of capital expenditures as we continue to ramp up capacity for the new product launches. Along with continuing to expand our inventory with the goal to continue to fund our next growth catalysts from the strength of our existing business.

本季自由現金流亦吸收了 2,210 萬美元的資本支出，因我們持續為新產品上市擴充產能。同時也持續擴增庫存，目標是憑藉既有業務的實力，為下一波成長催化劑提供資金。

Moving to the next slide. This reflects the strength of our molecular profiling business, which grew 55% year-over-year. And as we continue to gain traction with payers due to our unique comprehensive approach.

接著看下一張投影片。這反映我們分子剖析業務的強勁表現，年增 55%。隨著我們獨特的全面性方法持續獲得保險支付方（payers）的認可，我們也持續取得進展。

Our blended base ASP surpassed $3,850, including our newer products, which was a new record for us and continues to demonstrate the strength of our approach.

我們的混合基礎 ASP（平均銷售單價）超過 3,850 美元，包含較新的產品，創下新高，並持續展現我們方法的強勁。

Approximately 75% of my profile volume continues to be my cancer seek and we also received our first reimbursement for Caris Chroma seek by Medicare at the approved reimbursement rate of $3,228.

約 75% 的分子剖析量仍來自 my Cancer Seek；我們也首次獲得 Medicare 對 Caris Chroma Seek 的給付，並以核准的給付金額 3,228 美元進行報銷。

With regards to covered lives that now stands at approximately $239.5 million from high cancer and $131.9 million for Caris Assure and is a testament to the great work by our market access teams as we continue to see improvements across the payer landscape.

就涵蓋人數（covered lives）而言，目前約為：my Cancer Seek 2.395 億，以及 Caris Assure 1.319 億；這也證明我們市場准入團隊的出色工作，因為我們持續看到支付方環境的改善。

Due to the great work by these teams of getting my cancer see covered, we're also pursuing a similar strategy with Caris Assure, focusing on increasing the number of covered lives for that solution as quickly as possible in order to increase access, while we continue to work on medical policy updates, which we believe will benefit us very near in the future, and it was great to surpass the $130 million covered lives milestone this past quarter.

由於這些團隊在推動 my Cancer Seek 納入給付方面表現優異，我們也正以類似策略推進 Caris Assure：聚焦於盡快提升該方案的 covered lives 以增加可近性；同時我們也持續推動醫療政策更新，我們相信這將在不久的將來對我們有利，而本季能突破 1.3 億 covered lives 的里程碑也令人振奮。

As a reminder on the framework, our clinical assays are built at CDLTs and we continue to view our underlying reimbursement position at stable with an expected update in September on the current PAMA reporting cycle. Finally, turning to guidance on Slide 20. On the strength of our first half and particularly around molecular profiling, we are raising our full year outlook.

提醒一下整體架構：我們的臨床檢測是在 CDLTs 下建立，我們仍將基礎報銷態勢視為穩定，並預期在 9 月就目前的 PAMA 申報週期獲得更新。最後，請看第 20 張投影片的財測指引。基於上半年、尤其是分子剖析的強勁表現，我們上調全年展望。

We now expect total revenue of $1.03 billion to $1.04 billion, representing 27% to 28% growth, up from the prior range of $1 billion to $1.2 billion driven by the continued molecular profiling strength.

我們目前預期總營收為 10.3 億至 10.4 億美元，代表 27% 至 28% 的成長；相較先前區間的 10 億至 12 億美元，我們此次上調主要由分子剖析持續強勁所帶動。

We continue to expect clinical therapy selection volume to grow approximately 20%, with Q3 expected to hit that market and continuing to improve from there. and we now expect GAAP operating expenses of $595 million to $600 million, up from $595 million, and that is due to the continued commercial expansion along with increased marketing behind our launches.

我們仍預期臨床治療選擇（clinical therapy selection）量約成長 20%，並預期第三季達到該市場水準且之後持續改善。同時，我們目前預期 GAAP 營業費用為 5.95 億至 6.00 億美元，高於先前的 5.95 億美元，主要因持續的商業擴張以及上市相關行銷投入增加。

We also continue to expect adjusted EBITDA to be positive for the full year. And for free cash flow, we expect that to be positive for the full year, as we plan to utilize the positive free cash flow from the first half of the year to fund the rapid inventory and initiatives for Caris Detect in Q3 and then have positive free cash flow again in Q4, resulting in full year free cash flow positivity.

我們也仍預期全年調整後 EBITDA 將為正。至於自由現金流，我們預期全年亦將為正；我們計畫運用上半年正向自由現金流，於第三季為 Caris Detect 的快速備貨與相關計畫提供資金，並在第四季再次實現正向自由現金流，從而使全年自由現金流為正。

With that, I'll wrap up, and I'll turn it back to the operator to open the line for questions. Operator?

以上我就總結到這裡，接下來我把時間交回給接線員，開放提問。接線員？

(Operator Instructions) Michael Ryskin, Bank of America.

(接線員指示) Michael Ryskin，美國銀行（Bank of America）。

Maybe a high-level 1 for me. High level, maybe broad. But just focusing on the total clinical volume. Nice to see the bounce back and nice to see the step-up in the quarter.

我這邊先問一個較高層次的問題。高層次、可能比較廣泛。但想先聚焦在整體臨床量。很高興看到回升，也很高興看到本季的提升幅度。

You talked about a lot of things that contribute to that, but maybe if you can just drill in specifically into why you think you were able to reaccelerate that from 1Q to 2Q, or where they're looking at year-over-year, if there was -- if that's tied to the commercial ramp, anything like that, as part of that, maybe you could talk about some of the tests that didn't come through in the first quarter.

你談到了很多促成因素，但也許你可以更具體地深入說明，為什麼你認為你們能夠從第一季到第二季重新加速，或者從他們年對年觀察的角度來看——如果其中有任何與商業化爬坡（commercial ramp）相關之類的因素，作為其中一部分，也許你可以談談一些在第一季沒有進來的檢測。

There is a small volume of test were you able to recapture that. Just kind of want to dig into that the volume number. And I've got a follow-up.

有一小部分的檢測量，你們是否能夠把它追回來。只是想更深入了解那個量的數字。我還有一個追問。

Yes, Michael, I'll take that. This is Luke. So yes, so we feel great about the volume and the reacceleration, particularly around tissue.

好的，Michael，我來回答。我是Luke。所以是的，我們對檢測量與重新加速感到非常振奮，特別是在組織（tissue）方面。

We've obviously been excelling at Caris tissue, since we've launched it, and that remains at the kind of 50% growth rate we feel very good about our blood share and where that's growing. But for tissue and particularly, to see that acceleration, and it's the most amount of cases we've added in the quarter. You referenced kind of that fallover from Q1.

自從我們推出以來，我們在Caris的組織檢測一直表現出色，且仍維持在約50%的成長率；我們也對血液（blood）市占以及其成長狀況感到非常滿意。但就組織而言，尤其看到那樣的加速，而且這也是我們在單季新增案例數最多的一季。你提到第一季的部分遞延（rollover）。

Even excluding the 1,000 cases that we mentioned back in Q1, it was still a record for us. And that's due to the great work by the sales team after we've done the alignment and people are getting more and more mature now in their new territories.

即便不包含我們在第一季提到的那1,000個案例，對我們來說仍然是創紀錄的一季。這要歸功於我們在完成組織調整（alignment）後，銷售團隊的出色工作，而且大家在新的負責區域也越來越成熟。

So I think as we look going forward, I definitely think tissue. We are obviously 1 of the leaders, if not the leader in tissue. I think that's going to continue. And I think you'll see that play out over the second half of the year.

所以我認為展望未來，組織檢測絕對是重點。我們顯然是組織領域的領導者之一，甚至可能是領導者。我認為這會持續下去。而且我想你會在下半年看到這一點逐步反映出來。

The other thing that also gives us confidence is -- we got to the 290 salespeople. We publicly disclosed that. We surpassed 300 in July.

另外一件也讓我們更有信心的事是——我們的銷售人員已達到290人。我們已公開揭露過。我們在7月已經超過300人。

I feel good telling people that today, but we're not going to stop there because, again, the KPIs we're seeing and the investment strategy that Bobby and the team are implementing, it's going to play out. And we feel very confident with the numbers and the guidance.

我今天很有信心對大家這麼說，但我們不會就此停下來，因為我們看到的KPI，以及Bobby和團隊正在執行的投資策略，將會逐步展現成效。我們對這些數字與指引非常有信心。

Okay. And then maybe related to that, you're talking about your EBITDA and your cash flow. You touched on reinvestment. Just want to get a little bit more clarity on where you're going to be reinvesting any particular areas you're going to focus on in the second half anything you could do to quantify it.

好的。那也許相關地，你們在談EBITDA和現金流。你提到再投資。我想更清楚了解你們會把資金再投資到哪些特定領域、下半年會聚焦哪些方向，以及是否能量化一些。

And specifically to the lab build out and some of that CapEx, is that complete? Do you still have more to do, sort of if you could give us an update on the CapEx and the lab build out side?

特別是實驗室擴建以及部分資本支出（CapEx），那已經完成了嗎？你們是否還有更多要做？也就是說，能否請你更新一下CapEx與實驗室擴建的進度？

Yes. So from an investment standpoint, you'll see it on our balance sheet this quarter. You can see the ramp-up that we did in inventory, and that was on purpose.

是的。從投資角度來看，你會在我們本季的資產負債表上看到。你可以看到我們在存貨上的拉升（ramp-up），那是刻意為之。

And David Albert obviously touched on this in his speech, the outreach that we've received for detection has been quite substantial. So we're actually investing ahead of kind of the ramp in the cases coming in.

而David Albert在他的發言中也提到，我們在Detect方面收到的外部洽詢（outreach）相當可觀。所以我們其實是在案例量進來的爬坡之前就提前投資。

So you'll see our inventory increase $47 million from Q1 to Q2, and that's on purpose because we want to get ahead of the volume.

因此你會看到我們的存貨從第一季到第二季增加了4,700萬美元，這是刻意的，因為我們希望在量能上來之前先行準備。

So that's what the bulk of the cash is going to be utilized for in Q3. And then from a CapEx standpoint, yes, we spent $22 million. We're going to continue to build out -- we're also looking at additional sequencing capabilities, not just what our current existing supplier is.

所以第三季大部分的現金將用在這裡。至於資本支出方面，是的，我們花了2,200萬美元。我們會持續擴建——同時也在評估額外的定序（sequencing）能力，不僅限於我們目前既有的供應商。

So we'll continue to assess that as we go into the second half of the year. So there will be incremental dollars there from a standpoint of what we would expect for Q3 to kind of get to the crux of your question, we would expect our free cash flow to basically be neutral by the end of the 9 months.

所以我們會在進入下半年時持續評估。因此在增量投入上會有額外的金額；就你問題的核心而言，我們預期到9個月期末，我們的自由現金流基本上會接近持平。

So utilizing that 30-ish million from the first 6 months, spending that in Q3 and then ramping that back up in Q4. And then from a CapEx standpoint, our expectation is to be in the $15 million to $20 million in Q3.

也就是把前6個月約3,000萬美元的金額在第三季花出去，然後在第四季再把它拉升回來。而在資本支出方面，我們預期第三季會落在1,500萬到2,000萬美元。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

I guess my first 1 is on the updated guidance here at Luke. So your clinical volumes I think implied for back half is 23%. And what drives this acceleration from first half I know there's some disruption from the sales force for you.

我想我第一個問題是關於Luke你們更新後的指引。我認為你們下半年隱含的臨床量（clinical volumes）成長是23%。是什麼驅動這個相較上半年加速？我知道你們的銷售團隊曾有一些調整帶來的干擾。

Is that what is being assumed in the back half that the sales force for your disruption is primarily done in Salesforce gets more productive in the back half. What visibility do you have in the step-up for the back half?

下半年的假設是否是銷售團隊的干擾基本上已經結束，銷售團隊在下半年會更有效率、更具生產力？你們對下半年這個提升有多大的能見度？

Yes. I mean, Vijay, look, what we -- what I just stated, I think, is what gives us confidence is we did the bulk of the work in Q1. It was disruptive. We were very upfront about that on the Q1 earnings call. But seeing those KPIs play out in Q2 and the great work done by the sales team once they're starting to mature.

是的。我的意思是，Vijay，你看，我們——我剛才說的，我認為讓我們有信心的是，我們在第一季完成了大部分工作。那確實造成干擾。我們在第一季財報電話會上也非常坦率地說明了。但在第二季看到這些KPI逐步反映出來，以及銷售團隊在開始成熟後所做的出色工作。

That's what's given us confidence as we go in as we've referenced throughout the script, too, like the record quarter for sequential growth in tissue like adding that amount of cases, the 4,700 cases, even if you include some of those cases rolling over from Q1, like we said, it's still a record if you include those.

這就是讓我們有信心的原因；而且如同我們在講稿中多次提到的，例如組織檢測在連續季度成長上創下紀錄——新增了那麼多案例、4,700個案例；即便把第一季遞延過來的一些案例也算進去，如我們所說，包含那些仍然是紀錄。

So I think we have the momentum building there. And again, based on the KPIs we're seeing and continuing to add to the sales team, like we're not going to stop.

所以我認為我們的動能正在累積。而且再次強調，基於我們看到的KPI，以及我們持續擴編銷售團隊——我們不會停下來。

We're going to continue to assess the KPIs given the financial position we're in and the profitability we have, we're going to continue to invest and give the resources to the team. So we feel very confident, particularly about tissue, along with blood, like blood continues to do that 50-plus percent -- so that's the expectation that we continue to add into the second half of the year.

我們會在目前的財務狀況與獲利能力之下，持續依KPI來評估，並持續投資、提供資源給團隊。所以我們非常有信心，特別是在組織檢測方面；同時血液檢測也一樣——血液仍持續維持在50%以上的成長——因此我們預期下半年會持續增加。

Understood. Then maybe 1 on new products. There's a lot of details in the presentation between Caris Detect in your MRD test. What is being assumed for any of these contributions from new products? And when you think about the guidance raise Lu, is any of the new launches contributing?

了解。那再問一個關於新產品。簡報中在Caris Detect與你們的MRD檢測之間有很多細節。對於這些新產品的貢獻，你們的假設是什麼？以及當你看Luke你們上調指引時，是否有任何新產品上市的貢獻？

Or is this just the step-up from first half back payments? Is that what's driving the revenue guidance increase?

還是這只是上半年一些回補款項（back payments）帶來的提升？是這個在推動營收指引上修嗎？

It's -- yes, it's basically -- it's our existing business. We're not assuming anything for Detect. We've been quite clear like when we launch new products, we're going to give it a quarter or 2. We're very excited about it. but we don't want to put numbers out there until we have a history of it coming in.

是——基本上是我們既有業務。我們沒有把Detect的任何貢獻納入假設。我們一直很清楚：當我們推出新產品時，我們會先給它一到兩個季度。我們對此非常興奮，但在我們看到有一段實際進量的歷史之前，我們不想先把數字說出去。

Again, we're planning based on what you can see from our inventory ramp up, a lot of volume coming in, but we want to see it play out before we start including in the guidance.

再次強調，我們的規劃是基於你們從我們庫存爬坡所能看到的情況——有大量的量能正在進來——但在我們開始把它納入財測指引之前，我們希望先看到實際落地的表現。

And to answer your question, Vijay, too, you mentioned kind of the true-ups. Like those are kind of standard now, like we continue to excel. And obviously, you can see that from our ASP. Those are kind of standard, as you can see across the industry. So we feel very good.

另外也回答你的問題，Vijay，你提到的那種調整（true-ups）。這些現在算是相當標準化了，我們也持續表現出色。而且很明顯，你可以從我們的ASP看得出來。如同你在整個產業都能看到的，那些算是常態。所以我們感覺非常好。

Even with that, we've raised the guidance just purely on the molecular profiling business. And we're not assuming any true-ups in that raise in the second half of the year.

即便如此，我們仍然是純粹基於分子分型（molecular profiling）業務而上調了指引。而且在這次對下半年上調的部分，我們並沒有假設會有任何調整（true-ups）。

Subbu Nambi, Guggenheim.

Subbu Nambi，Guggenheim。

You have at -- more suppliers and adding a series of new assays. There are clearly long-term benefits to these changes. That said, are you contemplating in guidance any potential transitory inefficiencies such as longer turnaround time or a higher failure rates as you migrate assays and evolved menu?

你們有——更多供應商，並且新增一系列新的檢測（assays）。這些變更顯然有長期效益。但話說回來，你們在指引中是否有考量任何可能的短期效率損失，例如在遷移檢測與擴充/演進檢測選單（menu）時，周轉時間變長或失敗率提高？

Yes, I can take that. I think you broke up a little bit, Subbu. But no, we're not contemplating that at all. I think what we're doing and what we're planning for is obviously we're putting in a significant investment now to ensure that we're ready for the expected volume coming in the door.

是的，我可以回答。我覺得你剛剛有點斷訊，Subbu。但沒有，我們完全沒有把那種情況納入考量。我想我們正在做、也正在規劃的是：很明顯，我們現在投入相當可觀的投資，以確保我們已準備好迎接預期會進來的量。

We have 1 of the leading turnaround times for tissue and for blood considering we're doing whole exome transcriptome, and we want to maintain that as we obviously increase the portfolio solution with the new products. Did I answer your question?

就組織（tissue）與血液（blood）而言，考量到我們在做全外顯子與轉錄體（whole exome transcriptome），我們的周轉時間是領先同業之一；而且在我們透過新產品擴大解決方案組合的同時，我們也希望維持這樣的水準。我有回答到你的問題嗎？

Yes. Yes. And for the broader team, the first move in a said is towards the potential FDA approval over the coming quarters. Do you have any plans for a study that would support every approval especially given the importance to CMS reimbursement.

有。有。另外針對更廣泛的團隊，某項檢測的第一步是朝未來幾季可能取得FDA核准邁進。你們是否有規劃一項研究來支持任何核准，特別是考量到CMS給付（reimbursement）的重要性？

Yes. Do you want to take that one, Spetz, and then I can answer the reimbursement?

有。Spetz，你要先回答那題嗎？然後我再補充給付的部分。

Yes. So we're in the planning phase of FDA submission for Cerus Assure. That will be our next submission, and that's really our next 1 that we're looking at.

好。我們目前正在規劃Cerus Assure的FDA送件。那會是我們下一個送件案，也確實是我們接下來要推進的下一個項目。

Yes. So Subbu, to answer your question on MSED. We've stated, obviously, for the last couple of quarters, our plan is to go self-pay route, and that's what we're doing, and that's what we've launched. We'll continue to assess the reimbursement landscape.

好。Subbu，回答你關於MSED的問題。我們在過去幾季已經說明得很清楚，我們的計畫是走自費（self-pay）路線；我們正在這麼做，也已經推出了。我們會持續評估給付環境。

Again, the focus for us is always on the technology first and given where the current landscape sits. They're not really taking into account the technology from that standpoint and the performance we feel. So we'll continue to assess that, but there's no plans right now.

再次強調，我們的重點一向是先把技術做好，而且就目前的環境來看，他們並沒有從那個角度真正把技術與我們認為的表現納入考量。所以我們會持續評估，但目前沒有相關計畫。

Casey Woodring, JPM.

Casey Woodring，JPM。

This is Mark seminal for Casey. I just wanted to follow up on the updated guidance. Any color you can provide on pacing for volumes in the back half, specifically between tissue and blood -- and then also on your gross margins, they came in quite strong in 2Q. So how should we think about that for the full year?

我是代Casey發言的Mark Seminal。我想追問一下更新後的指引。你們能否提供一些量能在下半年推進節奏的說明，特別是組織與血液之間——另外也想問毛利率，你們第二季（2Q）的表現相當強勁。那我們該如何看待全年？

Yes. So for tissue and blood, we expect to have a consistent kind of mix of what we saw in Q2 as we progress into the second half of the year from a growth standpoint.

好的。就組織與血液而言，從成長角度來看，我們預期在進入下半年後，組織與血液的組合（mix）會大致維持與第二季相近的一致性。

What I mentioned in the kind of remarks was our next milestone for our therapy selection? Is that 20%, and we expect to hit that in Q3 and then continue to improve on that as we go into Q4.

我在剛才的說明中提到，我們在治療選擇（therapy selection）方面的下一個里程碑，是達到20%，我們預期會在第三季（Q3）達成，並在第四季（Q4）持續改善。

So that's kind of the cadence from a milestone standpoint. To answer your question on the gross margin, again, we maintain that we've been in that kind of high-60 gross margin. We feel very good about that.

所以從里程碑角度來看，節奏大概是這樣。至於你問的毛利率，我們再次重申，我們一直維持在大約高60%區間的毛利率。我們對此感覺非常好。

One of the things that we've always communicated is -- we're not trying to push gross margin as much as we could possibly do right now. It's always deeper, not cheaper for us when we're developing assays when we're running assays.

我們一直以來溝通的一點是——我們現在並不是要把毛利率推到我們可能做到的極致。對我們而言，在開發檢測、執行檢測時，永遠是「更深（更全面）」，而不是「更便宜」。

And obviously, you can see that by detect on our existing profiling assays. So we're going to maintain doing that and getting the most from assays before we actually start squeezing, but the potential is there for future years to get our COGS way down, but that's not where we're focused on right now. So I would expect it to be in that 60% for the second half of the year as well.

而且你也可以從我們現有分型檢測的檢出（detect）看得出來。所以我們會維持這樣的做法，先把檢測的價值發揮到最大，之後才會開始更用力去擠壓成本；當然，未來年度確實有空間把COGS大幅降下來，但那不是我們目前的重點。因此我預期下半年也會維持在大約60%這個水準。

And then quickly on Chromosik. Just wanted to ask now that you have the Multix approval, how is the early traction going? And then what trips are selling you currently? And what's your plan in terms of what reps are going to sell at going forward?

另外很快問一下Chromosik。現在你們已經拿到Multix核准，早期的市場牽引（traction）如何？以及你們目前是由哪些業務團隊在銷售？未來在由哪些業務代表負責銷售方面，你們的規劃是什麼？

Yes. So it's been going well. We launched products. We roll it out. What we've been trying to do with these 2 new products from a clinical standpoint in Q2 was to give the clinicians and physicians kind of more the complete care continuum from our solutions. So these are assisting us also with our tissue volume on our blood volume.

好的。目前進展得不錯。我們已經推出產品。也正在逐步推廣。第二季從臨床角度來看，我們希望透過這兩個新產品，為臨床醫師與醫師提供更完整的照護連續性（care continuum）解決方案。因此，這些產品也在協助我們帶動組織量與血液量。

So from a heme standpoint, we've communicated previously, it's a smaller market, but we do have the sales force selling a particular team and the sales force selling it and that will continue to ramp as we get into the second half of the year as we add indications to the assay.

就血液腫瘤（heme）而言，我們先前已溝通過，這是一個較小的市場，但我們確實有一支銷售團隊在推這項產品；而且隨著我們在下半年為該檢測新增適應症，銷售動能也會持續爬坡。

And then from that standpoint, I think all our new solutions will continue to ramp as we go into the second half of the year. But as I stated, previous answer. We'll continue to assess it for a couple of quarters before we start adding it to guidance.

此外，從這個角度來看，我認為我們所有新解決方案在進入下半年後都會持續爬坡。但如同我在前一題的回答所說，在我們開始把它納入指引之前，我們會先評估幾個季度。

Brendan Deegan, Citi.

Brendan Deegan，Citi。

This is Albert Hu on for Brandon. Maybe just 1 on the ASP side. Did you guys discuss the ASPs for tissue and what specifically, if not, I would appreciate some color there.

我是代Brandon發言的Albert Hu。我想問一題關於ASP。你們是否有討論過組織（tissue）的ASP？如果沒有的話，希望你們能提供一些說明。

And maybe on the same line, maybe you can discuss on how payer conversations have went this quarter. And then maybe on success rates and what are the expectations there in the future?

另外同一條線上，也想請你們談談本季與付款方（payer）的溝通進展如何。以及成功率（success rates）方面，未來的預期是什麼？

Yes. So from an ASP standpoint. What we'll be guiding to and what we'll be disclosing going forward is going to be the total blended ASP, and there's kind of 2 reasons for that. Obviously, we're 5 quarters out from being a public company and of those 5 quarters, we've publicly disclosed in the past what our tissue and our blood ASP. And the reason for that is because tissue ramped so quickly over the past year, and we've had great success with it.

好的。就ASP而言。我們未來會提供指引、也會對外揭露的是「總體加權（blended）的ASP」，主要有兩個原因。很明顯，我們成為上市公司才第5個季度，而在這5個季度中，我們過去曾公開揭露過組織與血液的ASP。原因在於，過去一年組織量成長非常快，而且我們在這方面取得了很大的成功。

So going forward, now that we have an additional 2 products out there and now that tissue is getting, and it's following where we actually communicated at the start of the year. We're going to be just giving out the blended clinical ASP going forward.

因此展望未來，現在我們又推出了額外兩項產品，而且組織檢測的進展也正如我們在年初所溝通的方向。接下來我們將僅提供加權後的臨床ASP（平均銷售價格）。

And as I stated on the call, that getting over $3,850 was a record for us. So you're continuing to see strength through the tissue along with the uptick in covered lives, what we publicly disclosed.

而且如我在電話會議上所說，超過3,850美元對我們而言是創紀錄的。因此你會持續看到組織檢測的強勁表現，同時也看到我們公開揭露的受保人數增加所帶來的上升動能。

Then for blood, it's the same thing. One of our unique things that we're what we're doing with blood is we're trying to get as many covered lives as possible, and that's been successful for us because that opens up access and you'll see that play out in the volume along with improved reimbursement over time.

至於血液檢測，也是同樣的情況。我們在血液檢測上做的一個獨特之處，是盡可能爭取更多受保人數；這對我們很成功，因為那能打開可及性，你也會看到這在檢測量上反映出來，並且隨時間推移帶來更好的報銷。

So that's where we'll point to going forward. but we feel good about it continuing to improve as we progress into the second half of the year.

所以這就是我們接下來會指引的方向。但我們對其在今年下半年隨著推進而持續改善感到樂觀。

Okay. Great. And then maybe 1 on MRD. I think someone mentioned earlier in the call something about later this year. I didn't hear much on that after but we do see it's an launch planning initiated, but is it going to be later this year? Or how should we think about the time lines for MRD here?

好的。很好。另外想問一個關於MRD的問題。我想剛才會議中有人提到今年稍晚。之後我沒有聽到太多，但我們確實看到已啟動上市規劃；那會是在今年稍晚嗎？或者我們應該如何看待MRD的時程？

Yes. Spetz, do you want to take that one?

是的。Spetz，你要回答這題嗎？

Yes. Sure do. Yes. So we will finish the validation and be looking to launch it this -- the back half of this year.

是的。當然。是的。我們會完成驗證，並計畫在今年下半年推出。

Evie Kosloske, Goldman Sachs.

Evie Kosloske，高盛。

So I wanted to follow up on something you said in the answer to Mike's question, I think you mentioned looking at additional sequencing suppliers. Can you maybe walk us through how that could potentially change the economics of each test kind of in the long term.

我想追問你在回答Mike問題時提到的一點，我記得你提到正在評估其他定序供應商。你能否說明一下，從長期來看，這可能會如何改變每項檢測的經濟性？

Yes. Spetz, I think that's more your area.

是的。Spetz，我想這比較是你的領域。

Yes. Sure. So there are 2 competitors out there now against the long-standing sequencing supplier. And there their throughput and their cost is significantly higher and lower, respectively, than what's available. So they create the opportunity to increase our capacity and decrease our cost of goods simultaneously.

是的。當然。目前市場上針對那家長期合作的定序供應商，已經出現兩個競爭對手。相較於現有可用方案，他們的吞吐量顯著更高、成本則顯著更低。因此同時帶來提升我們產能、並降低銷貨成本的機會。

Okay. Great. And then I guess on EBITDA -- how should we think about the cadence for that going forward with the rest of the year?

好的。很好。那麼關於EBITDA——我們應該如何看待今年剩餘期間的節奏？

I mean, obviously, you have new tests coming online, which will probably come at a lower margin. So just anything you could provide there would be great.

我的意思是，顯然你們有新檢測項目上線，可能會帶來較低的毛利率。所以你能提供任何相關資訊都會很有幫助。

Yes, Evie. So from an EBITDA standpoint, and again, not talking about adjusted EBITDA, but EBITDA itself, like we want to -- basically, we did, what, $33 million in Q2. We would expect that to drop a little bit in Q3 as we continue to do our investments, et cetera. But we continue to maintain that will be positive.

是的，Evie。就EBITDA而言——再次強調，我不是在談調整後EBITDA，而是EBITDA本身——我們在第二季做到大約3,300萬美元。我們預期第三季會因持續投資等因素而小幅下降。但我們仍維持EBITDA會是正值。

And then that's kind of picking back up in Q4. So the expectation right now is for EBITDA to be about $10 million to $16 million in Q3 and maybe improving back up in Q4 to where we were in Q2. And then adjusted EBITDA, obviously, the only delta between the 2 is the stock comp expense.

然後在第四季會再回升。因此目前的預期是，第三季EBITDA約為1,000萬到1,600萬美元，第四季可能回升到接近第二季的水準。至於調整後EBITDA，顯然兩者之間唯一的差異就是股票薪酬費用。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

Congrats on the quarter. I know there was a question asked on the back half ramp. Would love to just explore a little bit more. So the guide for Q3 is 20% volume growth. I guess we can plug with the fourth quarter guidance.

恭喜這一季的表現。我知道剛才有人問到下半年放量的問題。我想再多探討一點。你們對第三季的指引是量增20%。我想我們可以再結合第四季的指引來推算。

And Luke, did hear you say you expect the mix to be similar between tissue and blood, which we had mix coming down, we have blood growing fast.

另外，Luke，我聽到你說你預期組織與血液的組合會類似；而我們看到組合占比在下降、血液成長很快。

Maybe just elaborate a little bit on that in terms of the expectation for tissue and blood in the third quarter, just so we're crystal clear on it. And then I have a couple of follow-ups.

能否再更清楚說明一下第三季對組織與血液的預期，讓我們完全明白？然後我還有幾個追問。

Yes. Yes, Dan. So like for us, for the tissue and blood mix, it's been in that kind of 80-20. So there will be probably some small like 79-21 from a blood and tissue standpoint. So that's kind of expectated but it's not going to change significantly from where it was in Q2.

是的。是的，Dan。對我們而言，組織與血液的組合一直大約是80/20。所以可能會有些微變動，例如從血液與組織的角度看變成79/21。這是可預期的，但相較第二季不會有顯著改變。

That's where I was getting up with that. I think from a ramp and cadence standpoint, I think what we stated on the call is our next goal and the goal that we've always set ourselves since the beginning of the year was to get through this reorg, start to show the improvement like we did in Q2 and continue to show the improvement in Q3 and Q4.

我剛才想表達的就是這點。就放量與節奏而言，我想我們在電話會議上說的是：我們下一個目標——也是自年初以來一直為自己設定的目標——是完成這次重整，開始像第二季那樣展現改善，並在第三季與第四季持續展現改善。

One of the unique things about us as a company. Obviously, when you look at our performance last year, we had very tough revenue comps as we go into Q3 and Q4 just because of the ramp we have with the -- my Cancer Seq reimbursement. -- but we actually have really good comps from a case volume standpoint. And that's the thing that we focused on from an investment as we went into the start of this year.

我們公司有一個獨特之處。顯然，當你看我們去年表現時，進入第三季與第四季時，因為my Cancer Seq報銷的爬坡，我們在營收比較基期上會非常艱難；但從案件量（case volume）的角度來看，我們其實有很好的比較基期。而這正是我們在今年年初投入資源時所聚焦的重點。

So I think any incremental that you're going to see is going to be a huge improvement in the second half of the year, and that's why we feel confident with the 20% guide today. So the 20%, obviously, it's in that 61,000 to 62,000 cases. We would point towards that kind of range and then the delta, as you said, in the second -- in Q4.

所以我認為你在下半年看到的任何增量，都是非常大的改善，這也是為什麼我們對目前20%的指引有信心。因此這20%顯然對應到約61,000到62,000個案例。我們會指向這個區間，然後如你所說，差異會在第二——在第四季體現。

Great. And then maybe kind of related to that with the sales force expansion, do you feel like -- how should we think about that back half year ramp? I mean is that like the number?

很好。另外可能也相關：關於擴編銷售團隊，你們覺得——我們應該如何看待下半年的放量？我的意思是，那就是那個數字嗎？

Or do you think there's some cushion based upon sales productivity and just continued kind of push that you guys have towards maybe providing some upside potential there? Just want to understand the characterization of this back half year volume ramp.

或者你認為基於銷售生產力，以及你們持續推動的動能，可能還有一些緩衝，進而帶來上行空間？我只是想了解你們對下半年量增爬坡的描述與定性。

Yes. Again, we're not incorporating the additional people that we've added into it. We want to see it play out, see the KPIs. We've been very clear that it takes normally 6 to 9 months for new people to get fully ramped up. So hopefully, we'll start seeing that and will be on top of that Dan as you progress into Q4.

是的。再次說明，我們沒有把新增的人力納入其中。我們希望先看到實際表現、看到KPI。我們一直很清楚地表示，新人通常需要6到9個月才能完全上手並達到滿載。所以希望我們在你進入第四季時會開始看到成效，我們也會密切追蹤，Dan。

The other thing too is, obviously, we're pushing very hard with the new products, and we're going to have Detect. We're going to have ChromaSeeq, my clarity.

另外一點是，顯然我們也在非常積極推動新產品，我們會有Detect。我們會有ChromaSeeq、my clarity。

We're continuing to build out and I think you'll start to see some of those play true. But from a therapy selection standpoint, I finally think we feel good about the numbers where they are today.

我們會持續擴建，我想你們會開始看到其中一些逐步兌現。但就治療選擇的角度而言，我終於覺得我們對目前的數字水準感到滿意。

Awesome. And if I can just sneak a quick 1 in. Just competitively, kind of what are you guys seeing? Obviously, 1 of your peers, blood leader has been posting accelerating growth. So just kind of wondering if you could speak to what's happening in the field in terms of blood usage, tissue usage?

太好了。如果我可以再快速補問一題。就競爭面來看，你們目前看到的是什麼情況？顯然，你們的一位同業、血液領導者一直在公布加速成長。所以想請你們談談在第一線血液使用量、組織使用量方面發生了什麼？

How do you guys feel competitively you're stacking up? And do you think you're getting your fair share of kind of the new starts that are out there? Yes.

你們覺得在競爭上你們的相對位置如何？你們認為自己是否拿到應有份額的新增起始（new starts）？是的。

Brian, do you want to take that 1 and I can chime in then.

Brian，你要不要先回答這題，然後我再補充。

Yes, sure. Dan, it's Brian. Look, we see opportunity everywhere, but we continue to think this market is in relatively early innings for precision oncology. The TAM is big. It's growing.

好的，當然。Dan，我是 Brian。你看，我們到處都看到機會，但我們仍然認為精準腫瘤學這個市場還在相對早期階段。TAM（總可服務市場）很大。而且還在成長。

And these institutions, whether they're community or academic are still in the process of organizing precision oncology programs. And they're looking for better technology, the best technology. They're looking for support in setting up those programs.

而這些機構，不論是社區型或學術型，仍在整理與建置精準腫瘤學計畫的過程中。他們在尋找更好的技術、最好的技術。他們也在尋求支援來建立這些計畫。

So our team of PhDs it's a whole programmatic approach, and the market is in a secular trend of adoption and adoption of not narrow panels, but of comprehensive genomic profiling David led us to whole exome whole transcriptome early.

因此，我們的博士團隊提供的是一整套方案式（programmatic）的做法；而市場正處於長期結構性（secular）的採用趨勢中——採用的不是狹窄的 panel，而是全面性的基因體定序（comprehensive genomic profiling）。David 很早就帶領我們走向全外顯子（whole exome）與全轉錄體（whole transcriptome）。

And that breadth and depth strategy has really served us well and will continue to serve us well. So for us, it's really all about execution and delivering that technology in those services as broadly as possible.

而這種廣度與深度的策略確實讓我們受益良多，未來也會持續發揮效果。所以對我們而言，關鍵就是執行力，以及盡可能廣泛地交付這項技術與相關服務。

So the things that Luke was talking about in terms of what we're doing in the commercial investment is very important. So it's all about that delivery of putting salespeople in the right territories improving the tactics to the tactical approach, covering more individual physicians and also cover and top down as well in terms of senior strategic leaders of these institutions who are increasingly expressing themselves and making decisions around who should be the profiling partner across the whole institution.

因此，Luke 剛才談到我們在商業端投資所做的事情非常重要。重點就在於交付：把業務人員配置在正確的區域、改善戰術與作戰方式、覆蓋更多個別醫師；同時也要做自上而下的覆蓋，針對這些機構的高階策略領導者——他們愈來愈會表態並做出決策，決定全院應該選誰作為基因體定序合作夥伴。

And our position as both a clinical partner as well as a research partner with the POA really matters. So I think we're as optimistic about the opportunity as we've ever been. The volumes that we've delivered here and will deliver is really a function of the investment in that pipe.

而我們同時作為臨床合作夥伴與研究合作夥伴（透過 POA）的定位非常關鍵。所以我認為我們對機會的樂觀程度比以往任何時候都更高。我們目前交付的量、以及未來將交付的量，實際上取決於我們對這條管線所做的投資。

And the good news here for us is we think we have the best technology. We have a tremendous set of relationships and we have the financial flexibility and power here to make these investments that we're making. So we're really excited at this point.

對我們來說，好消息是我們認為自己擁有最好的技術。我們有一套非常強的關係網，也具備財務上的彈性與實力來進行目前這些投資。所以我們在這個時間點非常興奮。

Mark Massaro, BTIG U.S. Bancorp.

Mark Massaro，BTIG／美國銀行（U.S. Bancorp）。

This is Megan on for Mark. Our first 1 has to do with the blood tissue attach rate. So we're just looking for you guys to help us understand what a normalized or target attach rate might look like over the medium term?

我是代替 Mark 的 Megan。我們第一個問題是關於血液與組織的附加率（attach rate）。我們想請你們協助我們理解：在中期來看，正常化或目標的附加率大概會是什麼樣子？

Yes, from -- I'll take this one, Spetz you can add to it. From an attach rate standpoint, so like for cases that we're getting in are not broad volume, it's kind of been consistent with what we've stated in the past in that kind of 40% range. So blood and then also a tissue coming in. So we kind of think that's where it is today.

好的——我先回答這題，Spetz 你可以再補充。就附加率而言，我們目前收到的案例並不是廣泛的大量（broad volume），整體大致與我們過去所說的一致，大約在 40% 左右。也就是血液，並且同時也會有組織送進來。所以我們認為目前大概就是這個水準。

Obviously, guidelines are going to be a driver of that as guidelines update. It's probably going to update that percentage of attach rate. But we feel very good where we're at today with that percentage, and we think there's only room for upside from there.

當然，臨床指引會是驅動因素，隨著指引更新，附加率的百分比可能也會隨之調整。但我們對目前這個比例感到非常滿意，而且我們認為從這裡往上只有上行空間。

Great. And our next question just had to do with M&A appetite. So can you help frame how you're thinking about capital deployment? Is M&A on the table to accelerate your capabilities in MRED pharma -- or is the preference to build organically and preserve flexibility?

很好。下一個問題是關於併購（M&A）意願。你們能否說明一下你們如何思考資本配置？為了加速你們在 MRED pharma 的能力，併購是否在選項之中——還是你們更偏好有機成長並保留彈性？

Yes, I can add Mike Tassan then I can pass it to Brian. And obviously, David, part. We obviously feel we have the best technology, and that's organic. And I think what we disclosed today in the presentation is the continued approach of building it ourselves just because of the comprehensiveness and we want it to be best-in-class. So we always look from a standpoint is with that technology, if we did an M&A, would it be additive, not just to have it.

好的，我先補充一下，之後再交給 Brian。當然，David 也會參與其中。我們顯然認為自己擁有最好的技術，而這是有機建立起來的。我想我們今天在簡報中揭露的是：我們會持續採取自行建置的方式，因為我們追求的是全面性，而且希望做到同級最佳（best-in-class）。因此我們看待併購的角度一直是：在既有技術之上，如果做 M&A，是否能帶來加成，而不是為了做而做。

So that's our approach, and that's how we're going to continue to look at it. So there's nothing in the pipeline right now. But again, we'll continue to assess. But again, it has to be from the technology standpoint. It has to be additive, and we haven't seen anything out there that's peaked our interest just yet.

這就是我們的方法，也會持續用這個方式來評估。所以目前管線裡沒有任何案子。但我們會持續評估。不過同樣地，必須從技術角度出發。必須是加成性的；而我們目前還沒有看到任何真正引起我們興趣的標的。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

I want to go back to detect. I appreciate all the CapEx color earlier. I guess when will you move beyond being capacity constrained? And then maybe just touch on OpEx, how you thinking about DTC spend and as you think about the channel, how do you balance the Everly well partnership with your own sales force expansion for MSET-specifically?

我想回到 detect。我很感謝你們先前對資本支出（CapEx）的詳細說明。我想問的是：你們什麼時候會不再受產能限制？另外也請談談營運支出（OpEx）：你們如何看待 DTC（直面消費者）支出？以及在通路策略上，針對 MSET，你們如何在 Everlywell 的合作夥伴關係與自家銷售團隊擴張之間取得平衡？

Yes, do you want to take that Spetz?

好的，Spetz 你要回答這題嗎？

Yes, sure. We're going to be pretty aggressive about our DTC campaign and advertising starting very soon. We've been aggressively expanding our capacity and continue to do so.

好的，當然。我們很快就會開始在 DTC 行銷活動與廣告投放上採取相當積極的策略。我們一直在積極擴充產能，而且會持續這麼做。

So we will hopefully stay above demand, but it's quite likely that we won't, but we'll be adding capacity as quickly as we possibly can.

所以我們希望能讓產能維持在需求之上，但很可能做不到；不過我們會以最快速度持續增加產能。

And our current capacity is about $1 billion a year of revenue, and we're just about to triple that. So that will be about $3 billion a year. in revenue, and we're still worried about backorders.

我們目前的產能大約相當於每年 10 億美元的營收規模，而我們即將把它提高到三倍。所以將會是每年約 30 億美元的營收規模，但我們仍然擔心會有積壓訂單（backorders）。

Okay. And then on the sales channel, every versus your own sales reps?

了解。那在銷售通路方面，Everlywell 與你們自家的業務代表之間怎麼分配？

Yes. So we're mostly doing it through channel partners. We're not devoting a lot of our sales team to detect directly. A direct-to-consumer ad campaign, which we're shooting on Monday and we'll start running nationally in a couple of months, and it's going to be pretty amazing.

是的。所以我們主要透過通路夥伴來做。我們不會把太多銷售團隊資源直接投入 detect。我們會做一個直面消費者的廣告活動——我們週一就要開拍，幾個月後會在全國投放，效果會相當驚人。

Okay. And then maybe just swim topics. What's the status of the New York state approval? And did you factor that into the back half of the year guide for liquids?

好的。另外換個話題。紐約州核准的進度如何？你們在下半年對 liquid 的指引中有把這個因素納入嗎？

So we're still in -- we can't get our CFO factory. We have done a cat history with it. Yes. So Tycho. So yes, we feel really good about our blood volume. We think the New York State approval would be on top as a catalyst on top of that 20% -- it's going through a review right now.

所以我們仍在——我們找不到我們的 CFO 工廠。我們已經用它做了一段貓的歷史。是的。所以 Tycho。所以是的，我們對血液量感到非常有信心。我們認為紐約州核准會是在那 20% 之上的額外催化劑——目前正在審查中。

We're still waiting. It's obviously a governmental agency. So there's no real update on that.

我們仍在等待。這顯然是政府機構。所以目前沒有任何實質更新。

Okay. And then last 1 on MRD. Just your compounding data, obviously, for MolDX,just what's the timing, I guess, of submitting the data?

好的。接著是關於 MRD 的最後一題。就你們的累積數據而言，顯然是針對 MolDX，我想問的是提交數據的時間點大概是什麼時候？

So it's waiting for the clinical outcome data to mature. So it really depends on the rate of relapse within our patient population, which is, of course, impossible to really predict it's probably another 6 months at least of clinical maturity that we need, but it could be more than that.

這取決於臨床結局數據的成熟度。所以實際上要看我們病患族群的復發率，當然這真的很難預測；我們至少還需要大約再 6 個月的臨床成熟期，但也可能更久。

You're talking about naive? Elevated tissue and form right now.

你指的是 naïve（未治療）？目前是升高的組織與 form。

Jack Meehan, Nephron Research.

Jack Meehan，Nephron Research。

I had a couple of sales related ones. The first is my Clarity launch V2. I was wondering, just because we've seen -- it seems like you're hiring to support that launch -- can you give us a quick update on what the reimbursement situation is for that?

我有幾個與銷售相關的問題。第一個是關於我的 Clarity launch V2。我想問一下，因為我們看到——看起來你們正在招募人員來支援這次上市——能否快速更新一下目前的給付（reimbursement）狀況？

Do you need like your own specific code and coverage? Or are there existing codes that you're building that under? What does that look like?

你們是否需要自己專屬的代碼與給付範圍（coverage）？還是有既有的代碼可以沿用？大概會是什麼樣子？

Yes. Jack, I'll take this one, I can pass it off to obviously others to chime in. Yes, so we're obviously having conversations with us about what particular LCD you could fall under, and that's kind of where we're at today. We're still going through that kind of analysis on where it could fit.

是的。Jack，這題我來回答，之後也可以請其他人補充。是的，所以我們目前正在討論它可能適用於哪一個特定的 LCD（地方給付決定），這就是我們目前的進度。我們仍在進行分析，看它可能適配在哪裡。

Obviously, there's been an expansion in these kind of AI technologies. So I think that's something that we're focused on.

顯然，這類 AI 技術近來有所擴張。所以我認為這也是我們聚焦的重點之一。

One of the key things we're also focused on from a reimbursement standpoint. -- is actually going to the third-party payers themselves directly because obviously, this is a cheaper alternative than some of the sequencing tests out there today. and we're making the case. So that would be United, et cetera.

從給付角度來看，我們也聚焦的一個關鍵點——是直接與第三方支付方（third-party payers）溝通，因為很明顯，這比目前市面上一些定序檢測是更便宜的替代方案，我們正在提出這個論點。例如 United 等等。

So we'll continue to do that, but I think it's going to be around a potentially updated LCD before you get kind of reimbursement in Medicare.

所以我們會持續推進，但我認為在 Medicare 端取得給付，可能會需要先有一個更新過的 LCD。

Great. Okay. And then I noticed in the deck, you said now 74% of orders going through EMR in the portal was trying to quickly look back to see what old stats were, but I was just wondering -- I couldn't find anything quickly. I was wondering how has that trended?

很好。好的。另外我注意到在簡報裡你們提到，現在有 74% 的訂單是透過 EMR 在入口網站下單；我剛剛想快速回頭看以前的數據，但一時找不到。我想問這個比例的趨勢如何？

And do you think that's -- that could kick-start more growth in terms of volumes beyond what the reps are doing?

你們是否認為這——除了業務代表所做的之外——可能會在檢測量（volumes）方面帶動更多成長？

Definitely. It's grown. So like I think last year in Q1, we're just above 50%. So we've continued to put investment behind that. It's a key initiative from a commercial standpoint as well.

絕對會。它確實成長了。例如去年 Q1，我們大概剛超過 50%。所以我們持續在這方面投入資源。這也是商業端的一項關鍵倡議。

So definitely, yes. Now you'll never get to 100%, obviously, but we're going to continue to push, especially with our bigger sites. And that's kind of 1 of the other objectives we have this year is to continue to push that percentage.

所以肯定是的。當然不可能到 100%，但我們會持續推動，特別是在我們較大的據點。而這也是我們今年的另一個目標之一，就是持續提高這個比例。

Catherine Schulte, Baird.

Catherine Schulte，Baird。

Congrats -- maybe just on pharma R&D, it came in a little bit lighter than we expected. -- do your full year assumptions of that $75 million to $80 million of revenues still hold there?

恭喜——也許先問一下藥廠研發（pharma R&D），實際結果比我們預期稍微低一些。

Or is the profiling strength offsetting that in your guide? And maybe just how we should think about the third quarter for pharma R&D?

Yes. Catherine. So for pharma, like what we stated at the start of the year still holds. -- we've had an opportunity to do smaller onetime deals that we're just not doing because we want to be focused on the longer-term initiatives and be more strategic with our pharma partners. So that's the focus, and that's what the pipeline is based on today.

是的。Catherine。就藥廠端而言，我們年初所說的仍然成立。——我們確實有機會做一些較小的一次性交易，但我們選擇不做，因為我們希望專注於更長期的計畫，並與藥廠合作夥伴採取更具策略性的方式。所以這就是重點，而目前的管線也是以此為基礎。

That being said, we obviously did double -- more than double from Q1 to Q2. We do -- and normally, over the last couple of years, we've had a drop down in Q3.

話雖如此，我們從 Q1 到 Q2 的確翻倍——甚至超過翻倍。而且通常在過去幾年，我們在 Q3 會出現下滑。

We don't expect that to occur this year. We actually do expect to improve from Q2 to Q3 based on our pipeline. And then from a Q4 standpoint, it is more heavily weighted towards Q4 similar to what you saw in 2024 for us.

我們預期今年不會發生這種情況。根據目前的管線，我們實際上預期會從 Q2 到 Q3 進一步改善。至於 Q4，營收權重會更偏向 Q4，類似你們在 2024 年看到我們的情況。

And again, that's due to the robust pipeline that we have going through discussions today. So we feel good about it right now. We'll continue to assess it.

再說一次，這是因為我們目前正在討論中的管線相當強勁。所以我們現在感覺不錯。我們也會持續評估。

Obviously, the sales cycle is a little longer than I would like as a CFO, but they normally start to play out as you get into Q3 and Q4. So once we get to the end Q3, we'll feel kind of very good about where the numbers are going to shake out at the end of the year.

很明顯，銷售週期比我這個 CFO 希望的還要長一些，但通常在進入 Q3、Q4 時就會開始逐步落地。所以等到 Q3 結束時，我們就會對年底數字的落點更有把握。

But overall, today, we feel good with the pipeline, the molecular profiling strength to your point continues to excel. So we feel really good about the overall guidance.

但整體而言，以目前來看，我們對管線很有信心；如你所說，分子特徵分析的強勁表現仍持續超出預期。所以我們對整體指引非常有信心。

Okay. Great. And then maybe on detect, I mean it seems like you guys are very excited about this and expecting a lot of volume there. Can you just remind us on the COGS or gross margin side, maybe COGS since that's more in your control?

好的。很好。接著可能問一下 Detect，我的意思是看起來你們對這個非常興奮，也預期會有很大的量。你能否提醒我們在 COGS 或毛利率端——也許談 COGS，因為那比較在你們可控範圍內？

How we should really think about that ramping as volume ramps and kind of any kind of midterm guidance you can give us there?

當量開始爬升時，我們應該如何看待 COGS 的變化？以及你們能否提供任何中期的指引？

Yes. I mean from a COGS standpoint, we've stated that it's going to be kind of consistent with our existing products from a liquid standpoint, I think we maintain that today. Obviously, as you ramp a new product, you're going to have more higher fixed costs hitting that, et cetera. That will go down as volume ramps. So we feel very good about that.

是的。就 COGS 而言，我們先前說過，從液體（liquid）產品的角度來看，它會與我們現有產品大致一致，我們目前仍維持這個看法。當然，當你在拉升一個新產品時，會有較高的固定成本分攤進來等等。隨著量上來，這些就會下降。所以我們對此很有信心。

And also, as Dr. Spetzler mentioned, we're also assessing other technologies as well that can definitely assist with that as we go in through the year. So from a RAM standpoint, that's 1 thing we're always saying, like the deeper, not cheaper, like that's our attitude and everything.

另外，如同 Spetzler 醫師提到的，我們也在評估其他技術，這些技術在今年推進過程中也能明顯協助改善。所以從 RAM 的角度來看，我們一直在說，我們的態度是「更深（deeper），不是更便宜（not cheaper）」——這是我們做每件事的立場。

We're not going to launch a product just to hit a gross margin. We're going to launch a product to make sure that technology works, and it's getting what we need to get to a patient.

我們不會為了達到某個毛利率就推出產品。我們推出產品是為了確保技術可行，並且能把我們需要的結果帶給病患。

And that's the same thing that we're going to do with Detect and then we'll continue like what we did with tissue that was very expensive, but that's continuing to come down. The same with blood, we'll get the data we need, and then we'll work on getting it down.

Detect 也是同樣的做法；然後我們會持續像組織（tissue）產品那樣——一開始非常昂貴，但成本正在持續下降。血液（blood）也是一樣，我們會先取得所需的數據，然後再著手把成本降下來。

So from a detect standpoint, the goal is to get it launched and get it into the hands of patients as quickly as possible. And then the gross margin itself will play out over the next couple of quarters as we ramp.

因此，從 Detect 的角度來看，目標是盡快把它推出並交到病患手上。接著，隨著我們放量爬坡，毛利率本身會在接下來幾個季度逐步展現。

Paige Chamberlain, Wolfe Research.

Paige Chamberlain，Wolfe Research。

I want to revisit the sales force expansion. It sounds like you guys have hit that 300 sales target and perhaps that's no longer a destination and you're going to go beyond that.

我想再回到銷售團隊擴編的議題。聽起來你們已經達到 300 名銷售的目標，而這可能不再是終點，你們會繼續往上。

So I guess, is there an updated sort of destination for the final sales rep counts that you are working towards? And also, I would welcome the same sort of steer on the territory adds.

所以我想問，你們目前正在努力達成的最終銷售代表人數，是否有更新的目標？另外，我也希望能得到同樣關於新增銷售區域（territory）數量的指引。

And if I can sneak in 1 more layer. How are you guys planning for allocating these commercial resources across the variety of tests that you are launching now?

如果我可以再多問一層。你們打算如何在目前正在推出的各種檢測之間，分配這些商業資源？

Yes. So I think like we're going to continue to assess as effectively what it is. We're not stopping at the $300 million. We're going to keep growing, again, due to our financial position and again, because of the profitability, the return on investment pays off pretty quickly.

是的。所以我認為，我們會持續評估實際需要的是什麼。我們不會停在 3 億美元。我們會持續成長，原因一方面是我們的財務狀況，另一方面是因為獲利能力，使得投資報酬率回收得相當快。

So I think that's our plan as we go into the second half of the year is continue to assess from a total head count standpoint.

因此，我認為我們在下半年會持續從總人力編制的角度進行評估，這就是我們的計畫。

From a territory, it's the same thing. We're going to continue to expand and we'll assess as we continue to grow. And obviously, as we get more customers, we'll continue to assess that count from a territory standpoint. But as we stated during the call, like the sales team have done a fantastic job since Q1.

在銷售區域方面也是一樣。我們會持續擴張，並在成長過程中持續評估。而且很明顯地，隨著客戶增加，我們會持續從區域配置的角度評估這個數量。但如同我們在電話會議中所說，銷售團隊自第一季以來做得非常出色。

I think that will continue into the second half. And we're in a great position that we can invest behind them and support them. So I think that's where we're going to focus on from a growth standpoint.

我認為這種表現會延續到下半年。而我們也處在一個很好的位置，可以在他們背後投入資源並支持他們。所以我認為，從成長的角度來看，這就是我們要聚焦的方向。

And just 1 more, if I may, on the guidance update for the full year revenue guide is up, the volume guide is the same. Is there something that has changed in your assumptions with ASPs for the full year? And if so, is that something that's still in front? Or is that already reflected in the second quarter?

如果可以的話，我再問一個：你們更新了全年營收指引（上調），但量的指引不變。你們對全年 ASP（平均售價）的假設是否有改變？如果有，這個變化是仍在未來（尚未發生）？還是已經反映在第二季？

Yes. So I think for ASP, like obviously, what I've stated is we expect to continue to improve even with the new product ramp -- launches. So we do expect for Q3 to be in the 380 to 3,900 blended ASP range. That's kind of our goal. And can we improve on that going into Q4.

是的。所以我認為就 ASP 而言，正如我先前所說，即使有新產品放量／上市，我們仍預期會持續改善。因此，我們預期第三季的混合 ASP 會落在 3,800 到 3,900 的區間。這算是我們的目標。並且看看進入第四季是否還能再提升。

We feel very strongly about that as we sit here today. So from an ASP, we feel really good about where we're at.

以我們目前的觀察，我們對此非常有信心。所以就 ASP 而言，我們對目前的狀況感覺很好。

Kyle Mikson, Canaccord Genuity.

Kyle Mikson，Canaccord Genuity。

Congrats on the next month quarter. Maybe Lu, could you just maybe distribute that $24 million in prior period collections on my profile and assure the $24 million is double last year. I think it compares to like $10 million last quarter. So if you could just help us distribute it would be good.

恭喜下個月這一季的表現。Lu，也許你能否把前期收款的 2,400 萬美元，按我的模型拆分一下？並確認這 2,400 萬美元是去年的兩倍。我想它跟上季大概 1,000 萬美元相比。所以如果你能協助我們拆分會很有幫助。

Yes. The bulk of it is the same with the blended. The bulk of it was obviously like our major product tissue. So -- and again, like the $24 million and the $10 million, like that's consistent with others. -- for the full year or for the 6 months.

好的。其中大部分與混合（blended）相同。大部分顯然來自我們的主要產品——tissue（組織）產品。所以——再者，2,400 萬美元和 1,000 萬美元——這與其他情況一致——就全年或就 6 個月而言。

So it's actually getting smaller and smaller as a percentage of revenue, which is kind of the expectation.

因此，作為營收的占比，它其實越來越小，這也符合預期。

Okay. That's helpful. And then on detect, with every well that the volume is obviously like in the sea properly. But are you going to -- do you expect to see more came this upfront for that for the 3,500 or monthly payment options to be the choice there because consumers just digest economics there could -- they can get more kind of a true to do attractive option.

好的。這很有幫助。另外在 Detect 方面，隨著每一口井（well），量顯然像是在海裡一樣正確地（properly）……但你們會不會——你們是否預期在 3,500（美元）這個價位上，會有更多人選擇一次性預付，或是選擇月付方案？因為消費者在經濟上消化後，可能——他們可以得到更具吸引力、真正可負擔的選項。

Obviously, some of these other FSETtests have monthly payment options and just it could be a liter for you guys. I was curious how you expect that to kind of progress going forward.

顯然，其他一些 FSETtests 也有月付方案，而這可能對你們來說是一個槓桿。我很好奇你們預期未來這會如何發展。

Yes, we'll be flexible. -- that's our thing. Obviously, we don't really need it from a cash flow standpoint. So we'll be flexible based on the needs of the patient.

是的，我們會保持彈性——這是我們的做法。顯然，從現金流的角度我們並不真的需要這樣做。所以我們會依病患的需求保持彈性。

Awesome. And on the Assured like covered wins ticket towards 200 lives for the end of the year. Is there anything based into guidance as you kind of gain broader coverage from commercial plans?

太好了。另外關於 Assured，像是 covered wins（取得給付覆蓋的勝利）朝著年底 2 億 covered lives（涵蓋人數）目標前進。當你們從商業保險計畫獲得更廣泛的覆蓋時，指引中是否已經納入任何假設？

Sorry, you broke up a little bit there on my side. Could you repeat that?

抱歉，你那邊在我這裡有點斷訊。你可以再說一次嗎？

Are you assuming Cares Assured gets any more coverage this year as you kind of get closer to 200 covered lives for that liquid biopsy product.

你們是否假設 Cares Assured 今年會獲得更多覆蓋，因為你們正逐步接近那個液體活檢產品 2 億 covered lives 的目標。

Yes, we'll continue to push. Again, we'll assess it as we progress. We want to get as many covered lives as possible.

是的，我們會持續推進。同樣地，我們會在推進過程中進行評估。我們希望取得盡可能多的 covered lives。

Obviously, starting this year, our code is obviously on the clinical lab fee schedule, so it's public. So that's helping us getting more and more contracts. And there's a strategy behind that, too, that will hopefully play out as we get into 2027.

顯然，從今年開始，我們的代碼已經列在臨床實驗室費用表（clinical lab fee schedule）上，所以是公開的。這正在幫助我們拿到越來越多的合約。而且這背後也有一套策略，希望在我們進入 2027 年時能逐步發酵。

I we're expecting increase of PAMA.

我——我們預期 PAMA 會增加。

And I'm showing that was our last question. Please stand by. And this concludes today's conference call. Thank you for participating. You may now disconnect.

我這邊顯示那是我們最後一個問題。請稍候。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。