Exact Sciences Corp (EXAS) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Exact Sciences first quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Exact Sciences 2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指示）

I would now like to turn the conference over to Derek Leckow, Vice President Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資者關係副總裁 Derek Leckow。先生，請繼續。

Thanks, operator. Thank you for joining us for Exact Sciences first quarter 2025 conference call. On the call today are Kevin Conroy, the Company's Chairman and CEO; and Aaron Bloomer, our Chief Financial Officer.

謝謝，接線生。感謝您參加 Exact Sciences 2025 年第一季電話會議。今天參加電話會議的有公司董事長兼執行長凱文康羅伊 (Kevin Conroy)；以及我們的財務長 Aaron Bloomer。

Exact Sciences issued a news release earlier this afternoon detailing our first quarter financial results. This news release and today's presentation are available on our website at exactsciences.com. During today's call, we will make forward-looking statements based on current expectations. Our actual results may be materially different from such statements. Discussions of non-GAAP figures and reconciliations to GAAP figures are available in our earnings press release, and descriptions of the risks and uncertainties associated with Exact Sciences are included in our SEC filings, both can be accessed through our website.

Exact Sciences 今天下午早些時候發布了一份新聞稿，詳細介紹了我們的第一季財務業績。本新聞稿和今天的簡報可在我們的網站 exactsciences.com 上查閱。在今天的電話會議中，我們將根據目前的預期做出前瞻性陳述。我們的實際結果可能與此類陳述有重大差異。有關非 GAAP 數據的討論以及與 GAAP 數據的對帳可在我們的收益新聞稿中找到，有關與 Exact Sciences 相關的風險和不確定性的描述包含在我們的 SEC 文件中，兩者都可透過我們的網站存取。

I'll now turn the call over to Kevin.

我現在將電話轉給凱文。

Thanks Derek. Highlights in the first quarter include delivering 1.2 million total results to patients, growing core revenue 11% while non-GAAP operating expenses grew just 4%, improving our profitability by increasing adjusted EBITDA more than 60%, launching Cologuard Plus our next generation Cologuard test with Medicare coverage and quality measure inclusion and being recognized as a Gallup Exceptional Workplace for the second year in a row. Cologuard is driving significant and durable growth because it satisfies an unmet need in an expanding market.

謝謝德里克。第一季的亮點包括向患者提供了 120 萬份總結果、核心收入增長 11% 而非 GAAP 運營費用僅增長 4%、調整後 EBITDA 增長 60% 以上從而提高了盈利能力、推出了下一代 Cologuard 測試 Cologuard Plus，該測試具有醫療保險覆蓋範圍和衡量質量納入，並連續第二年被評為蓋洛普傑出工作場所。Cologuard 正在推動顯著而持久的成長，因為它滿足了不斷擴大的市場中尚未滿足的需求。

We're pleased to share some of the early successes from the commercial initiatives we began last year. Our purpose built commercial organization and expanded field team are engaging providers with the highest potential to order at record rates. The shift to territories and calling on providers with the highest potential to order is making our team even more effective.

我們很高興與大家分享我們去年開始的商業計劃所取得的一些早期成功。我們專門建立的商業組織和擴大的現場團隊正在吸引最有潛力的供應商以創紀錄的價格訂購。轉向地域並呼籲最有潛力的供應商下訂單使我們的團隊更有效率。

Our team is expanding the number of providers we engage each quarter. As a result, they are helping reach new ordering providers much faster. We're also seeing positive feedback from new advertising campaigns and customer satisfaction was at an all-time high in the first quarter.

我們的團隊每季都會擴大合作供應商的數量。因此，他們能夠更快地幫助找到新的訂購供應商。我們也看到了新廣告活動的正面回饋，第一季客戶滿意度達到了歷史最高水準。

Our customer initiated ordering platform grew triple digits in the first quarter and we have plans to improve these initiatives from further. We are incredibly proud of our entire commercial organization and their positive impact on advancing our mission. Commercial improvements are just one of many drivers that will fuel growth over the coming years. Others include our Rescreen program.

我們的客戶發起的訂購平台在第一季成長了三位數，我們計劃進一步改善這些措施。我們為整個商業組織及其對推進我們使命的正面影響感到無比自豪。商業改進只是未來幾年推動成長的眾多動力之一。其他包括我們的 Rescreen 程式。

We have a growing base of loyal customers, which now represent more than 25% of our revenue. This provides a predictable, recurring source of revenue and we are getting even better at keeping those patients screened. Our care gap program, this program helps payers and health systems close gaps in screening.

我們擁有不斷成長的忠實客戶群，目前他們為我們帶來了超過 25% 的收入。這提供了一個可預測的、經常性的收入來源，我們在對這些患者進行篩檢方面做得也越來越好。我們的照護差距計畫可以幫助付款人和醫療系統縮小篩檢方面的差距。

This program grew triple digits last year and will continue to grow strong double digits this year. We are still in the early innings of driving higher adherence in these programs. The launch of Cologuard Plus. This will deliver increased value, improved performance, higher adoption and improved margins. New products we're starting to see the benefit of investments we've made to launch and scale new tests in large and growing markets. These growth drivers will continue to play out over 2025 and beyond. It's never been a more exciting time at Exact.

該項目去年實現了三位數的成長，今年將繼續保持兩位數的強勁成長。我們仍處於推動這些計劃更高依從性的早期階段。Cologuard Plus 的推出。這將帶來更高的價值、更好的性能、更高的採用率和更高的利潤率。新產品我們開始看到我們在大型和不斷成長的市場中推出和擴展新測試的投資所帶來的好處。這些成長動力將在 2025 年及以後繼續發揮作用。對於 Exact 來說，這是從未有過的令人興奮的時刻。

I'll now pass it on to Aaron to discuss our first quarter financial results and provide an updated outlook for 2025.

現在我將把它交給 Aaron，討論我們的第一季財務表現並提供 2025 年的最新展望。

Thanks Kevin, and good afternoon everyone. Our team delivered strong results in the first quarter ahead of our expectations while navigating through one of the worst flu seasons we have seen in years.

謝謝凱文，大家下午好。我們的團隊在第一季取得了超乎預期的強勁業績，同時度過了多年來最嚴重的流感季節之一。

The team's dedication to our mission also enabled us to deliver two product launches, which will fuel growth and create value for years to come. First quarter revenue grew 11% on both a reported and core basis $19 million above the midpoint of our guidance Screening revenue exceeded guidance increasing 14% to $540 million. Broad based Cologuard growth was led by continued success in rescreens, care gap programs and growth in new ordering providers.

團隊對我們使命的奉獻精神也使我們能夠推出兩款產品，這將推動未來幾年的成長並創造價值。第一季營收按報告和核心基礎計算均成長了 11%，比我們的指導中位數高出 1,900 萬美元，篩檢收入超過指導，成長 14%，達到 5.4 億美元。Cologuard 的廣泛成長得益於重新篩選、護理差距計劃的持續成功以及新訂購提供者的成長。

Precision Oncology revenue also exceeded guidance increasing 4% to $167 million on a core basis. Growth in the quarter was led by continued strength in Oncotype DX adoption internationally.

精準腫瘤學收入也超出預期，核心收入成長 4%，達到 1.67 億美元。本季的成長得益於 Oncotype DX 在國際上的持續強勁應用。

Adjusted EBITDA increased 61% to $63 million. Adjusted EBITDA margin expanded 280 basis points driven by volume leverage, productivity, cost cutting initiatives and improvements in G&A. As a percentage of revenue, adjusted G&A improved more than 520 basis points and was down 7% year-over-year. This was partially offset by sales and marketing investments to drive near and long-term growth.

調整後的 EBITDA 成長 61%，達到 6,300 萬美元。受銷售槓桿、生產力、成本削減措施和 G&A 改善的推動，調整後的 EBITDA 利潤率擴大了 280 個基點。調整後的 G&A 費用佔收入的百分比提高了 520 多個基點，比去年同期下降了 7%。這在一定程度上被推動近期和長期成長的銷售和行銷投資所抵消。

We expect continued leverage across the P&L. In the first quarter, we took 25 million in actions to optimize costs and increase operational efficiency over time. We expect these actions to deliver annual savings of $18 million with $9 million coming in 2025.

我們預期損益表中的槓桿作用將持續存在。第一季度，我們投入了2500萬美元來優化成本並持續提高營運效率。我們預計這些措施每年可節省 1,800 萬美元，到 2025 年可節省 900 萬美元。

We have additional operational excellence initiatives planned and will provide additional updates in the coming quarters. Free cash flow reached break even during the first quarter, a year-over-year improvement of $120 million. We are making progress to generate meaningful free cash flow growth through productivity and working capital initiatives and expect strong full year cash generation.

我們規劃了更多卓越營運舉措，並將在未來幾季提供更多更新。第一季自由現金流達到損益兩平，較去年同期成長1.2億美元。我們正在透過生產力和營運資本計畫實現有意義的自由現金流成長，並預計全年將產生強勁的現金流。

Looking at free cash flow cadence, we expect a meaningful build in our AR balance as we launch Cologuard Plus temporarily impacting our cash flow in Q2. We expect to collect on these in the back half of the year, driving our full year cash flow to a new record. We ended the quarter with cash and securities of $786 million, which reflects the $249 million convertible note paydown.

從自由現金流節奏來看，我們預計，隨著我們推出 Cologuard Plus，我們的應收帳款餘額將顯著增加，這將暫時影響我們第二季的現金流。我們預計在今年下半年收回這些資金，推動全年現金流創下新高。本季末，我們的現金和證券總額為 7.86 億美元，其中包括 2.49 億美元的可轉換票據償還款。

Turning to guidance, we are increasing total revenue guidance to between $3.07 and $3.12 billion for the year, an increase of $40 million at midpoint with second quarter revenue between $765 million and $780 million.

談到指引，我們將全年總營收指引上調至 30.7 億美元至 31.2 億美元之間，中期增加 4,000 萬美元，第二季營收在 7.65 億至 7.8 億美元之間。

This assumes screening revenue between $595 million and $605 million for the second quarter and between $2.39 billion and $2.425 billion for the year, and precision oncology revenue between $170 million and $175 million for the second quarter and between $680 million and $695 million for the full year.

假設第二季篩檢收入在 5.95 億美元至 6.05 億美元之間，全年篩檢收入在 23.9 億美元至 24.25 億美元之間，精準腫瘤學收入在第二季在 1.7 億美元至 1.75 億美元之間，全年篩檢收入在 6.8 億美元至 6.95 億美元之間。

We're also raising adjusted EBITDA guidance to between $425 million to $455 million for the full year, or 14.2% adjusted EBITDA margins at midpoint. Annual guidance at midpoint implies total revenue growth of 12%, including 14% in screening and 5% in precision oncology. Underpinning our increased screening guidance are early signs of improved commercial execution.

我們也將全年調整後的 EBITDA 預期上調至 4.25 億美元至 4.55 億美元之間，或中位數調整後的 EBITDA 利潤率為 14.2%。中期年度指導意味著總收入成長 12%，其中篩檢收入成長 14%，精準腫瘤學收入成長 5%。我們加強篩選指導的基礎是商業執行力改善的早期跡象。

As Kevin noted earlier, we're seeing several leading indicators fueling growth ahead of our expectations in new to Cologuard orders. To highlight a couple customer engagement by our field force is up more than 30% year-over-year and over 190,000 providers ordered during the first quarter, an increase of nearly 10% year-over-year.

正如凱文之前提到的，我們看到幾個領先指標推動著 Cologuard 新訂單的成長超出了我們的預期。值得一提的是，我們的現場團隊與客戶的互動比去年同期成長了 30% 以上，第一季訂購的服務超過 19 萬家，比去年同期成長了近 10%。

These factors are coupled with continued momentum in rescreens, care gap orders and Cologuard Plus pricing, which help inform our increased annual guidance. Specific to Precision Oncology guidance we are excited about the Oncodetect launch and the core business is performing as expected.

這些因素加上重新篩選、護理差距訂單和 Cologuard Plus 定價的持續成長勢頭，有助於我們提高年度指導。具體到精準腫瘤學指導，我們對 Oncodetect 的推出感到非常興奮，核心業務的表現也符合預期。

Shifting to profitability guidance. We are pleased with the leverage in the first quarter and continue to find ways to drive improved margins. Additionally, we have little to no impact from tariffs as we manufacture and perform our lab work in the United States.

轉向盈利指導。我們對第一季的槓桿率感到滿意，並將繼續尋找提高利潤率的方法。此外，由於我們在美國生產和進行實驗室工作，因此關稅對我們幾乎沒有影響。

Guidance at midpoint implies more than 35% adjusted EBITDA growth, or about 250 basis points of adjusted EBITDA margin expansion.

中點指引意味著調整後的 EBITDA 成長超過 35%，或調整後的 EBITDA 利潤率擴大約 250 個基點。

Back to you Kevin.

回到你身邊，凱文。

Thanks Aaron. Cologuard Plus is one of the most accurate screening tests ever developed and will help revolutionize colorectal cancer screenings. The test detects 95% of colon cancer at a 94% specificity resulting in a 40% reduction in false positives. Cologuard Plus fits into our best-in-class primary care commercial organization and proprietary ExactNexus platform.

謝謝 Aaron。Cologuard Plus 是迄今為止最準確的篩檢測試之一，將有助於徹底改變大腸癌篩檢。此測試可檢測出 95% 的結腸癌，特異性為 94%，從而將假陽性率降低 40%。Cologuard Plus 適合我們一流的初級保健商業組織和專有的 ExactNexus 平台。

Our team is seamlessly bringing Cologuard Plus to physicians and patients. We have rapidly achieved Medicare coverage, pricing and quality measure guideline inclusion. Cologuard Plus builds on the strong Cologuard brand and top of mind awareness of Cologuard surpassed colonoscopy for four out of the last six months.

我們的團隊正在將 Cologuard Plus 無縫地帶給醫生和患者。我們迅速實現了醫療保險覆蓋、定價和品質衡量指南的納入。Cologuard Plus 以強大的 Cologuard 品牌為基礎，並且在過去六個月中有四個月中，Cologuard 的知名度超過了大腸鏡檢查。

All of these benefits equip our commercial team with a practice changing message for healthcare providers. Cologuard First Colonoscopy as needed we are working to ingrain Cologuard Plus as the first option in healthcare provider screening toolkit.

所有這些好處都為我們的商業團隊提供了改變醫療保健提供者實踐的資訊。Cologuard 首次大腸鏡檢查根據需要我們正在努力將 Cologuard Plus 作為醫療保健提供者篩檢工具包的首選。

The launch is going well and we are excited about the test potential. We know which patients are covered for Cologuard Plus through our exact Nexus platform and can triage them accordingly. We've already completed over 30,000 tests and are engaging commercial payers to bring Cologuard Plus to more patients.

發布會進展順利，我們對測試潛力感到興奮。我們透過精確的 Nexus 平台了解哪些患者可以使用 Cologuard Plus，並可以對他們進行相應的分類。我們已經完成了超過 30,000 次測試，並正在與商業付款人合作，為更多患者提供 Cologuard Plus。

In April, we advanced Exact Science's unique position to guide a cancer patient's journey every step of the way by launching Oncodetect, our molecular residual disease test. This vital tool could help benefit 6 million cancer patients. Oncodetect fits right into our precision oncology portfolio led by Oncotype DX.

今年 4 月，我們透過推出分子殘留疾病測試 Oncodetect，提升了 Exact Science 指導癌症患者治療每一步的獨特地位。這項重要工具可使 600 萬癌症患者受益。Oncodetect 非常適合我們由 Oncotype DX 領導的精準腫瘤學產品組合。

Deep relationships with oncologists, a global footprint, our customer experience and our evidence generation strategy will drive adoption of Oncodetect for years to come. We are actively working with Medicare to secure reimbursement for our test in colorectal cancer, which we expect to occur this quarter. We look forward to sharing updates on Oncodetect over the course of the year.

與腫瘤學家的深厚關係、全球影響力、我們的客戶體驗以及我們的證據生成策略將在未來幾年推動 Oncodetect 的採用。我們正在積極與醫療保險合作，以確保我們的大腸直腸癌檢測能夠獲得報銷，預計本季即可實現。我們期待在今年分享有關 Oncodetect 的最新進展。

We remain on track and there is no change to our timeline to share mid-summer top line results from our pivotal Blue Sea study supporting our blood based colon cancer screening test. Over the last few months, our product development team took important steps to bring the best possible science to patients and physicians. Since our last update, we have completed three studies to optimize and lock our algorithm.

我們仍在按計劃進行，我們的時間表沒有改變，我們將在仲夏分享支持我們基於血液的結腸癌篩檢測試的關鍵藍海研究的頂線結果。在過去的幾個月裡，我們的產品開發團隊採取了重要措施，為患者和醫生提供最好的科學技術。自上次更新以來，我們已經完成了三項研究來優化和鎖定我們的演算法。

Based on those results, we believe we have a high quality test and optimized algorithm. As we head into the testing of the clinical trial samples, our team is focused on final steps ahead of running samples including Lab, IT, manufacturing, quality and sample readiness. After we have run the BLUE-C samples, we plan to announce via press release top line data including overall cancer and pre-cancer sensitivity and specificity.

基於這些結果，我們相信我們有一個高品質的測試和最佳化的演算法。當我們開始進行臨床試驗樣本的測試時，我們的團隊專注於運行樣本前的最後步驟，包括實驗室、IT、製造、品質和樣本準備。在運行 BLUE-C 樣本後，我們計劃透過新聞稿發布頂線數據，包括整體癌症和癌前敏感性和特異性。

Our blood test features our unique scientific approach and a differentiated cost profile. The test will fit into our existing commercial infrastructure and our ExactNexus platform. Shifting to multi cancer screening, we remain on track for the launch of Cancerguard in the second half of 2025 through our large screening and precision oncology commercial organization.

我們的血液檢查採用獨特的科學方法和差異化的成本配置。該測試將適合我們現有的商業基礎設施和 ExactNexus 平台。轉向多種癌症篩檢，我們仍有望透過大型篩檢和精準腫瘤學商業組織在 2025 年下半年推出 Cancerguard。

Cancerguard also fits into our unique ExactNexus technology platform. Our test enables population level screening for cancer and we look forward to bringing this test to patients later this year.

Cancerguard 也適合我們獨特的 ExactNexus 技術平台。我們的測試可以實現全民癌症篩檢，我們期待今年稍後將這項測試推廣給患者。

In summary, we are off to a very strong start in 2025. We launched two new innovative products that will make positive impacts on patients. The commercial improvements we made are building momentum and we believe will deliver sustained growth. The Exact Sciences platform, our deeply embedded standard-of-care tests and our growing portfolio of innovative diagnostics puts us in the best position to make early detection and personalized treatment the new standard.

總而言之，我們在 2025 年將有一個非常強勁的開局。我們推出了兩款新的創新產品，將對患者產生正面的影響。我們所做的商業改進正在累積動力，我們相信將帶來持續的成長。Exact Sciences 平台、我們深度嵌入的標準護理測試以及我們不斷增長的創新診斷產品組合使我們處於最佳位置，可以將早期檢測和個人化治療作為新標準。

We're now happy to answer your questions.

我們現在很高興回答您的問題。

(Operator Instructions) Tycho Peterson, Jefferies.

（操作員指示） Tycho Peterson，Jefferies。

Okay, thanks. Yes, I'll keep it to one. Let others ask in the pipeline. But Kevin, I want to focus on commercial execution. You highlighted this a number of times. You made a lot of changes in the last two quarters. Obviously, we're now seeing the results. You talked about the shift to territories, dynamic calling lists, but maybe what are some of the other changes you made on the commercial front that are really working? How is that driving new to Cologuard orders, rescreens and care gap, and then the 30% year-over-year increase in customer engagement? Can you clarify? Is that Doc calls? Is that Doc calls per rep? Thank you.

好的，謝謝。是的，我會保留一個。讓其他人在管道中詢問。但是凱文，我想專注於商業執行。您多次強調了這一點。過去兩個季度你們做出了很多改變。顯然，我們現在看到了結果。您談到了向地域的轉變、動態呼叫列表，但您在商業方面所做的其他一些真正有效的改變是什麼？這如何推動 Cologuard 的新訂單、重新篩選和照護差距，以及客戶參與度年增 30%？你能解釋一下嗎？是 Doc 打來的嗎？Doc 是按代表呼叫的嗎？謝謝。

It's Doc calls. The volume of calls is up and thanks, Tycho. Yes, we are really pleased with the leading indicators based on the changes that we made. You have to go back to December of last year when we made many of the changes.

是 Doc 打來的。通話量增加了，謝謝，Tycho。是的，我們對基於我們所做的改變的領先指標感到非常滿意。你必須回顧去年 12 月，當時我們做了許多改變。

And then throughout the first quarter these changes we've seen responsiveness. We're really pleased. We have the right number of reps. We are engaging with the right customers with the right frequency. The rep productivity, the per rep productivity is up about 10%. That's fantastic.

在整個第一季度，我們看到了這些變化的反應。我們真的很高興。我們有正確的代表人數。我們以適當的頻率與合適的客戶接觸。代表生產力，即每次代表生產力提高了約 10%。太棒了。

That tells you that you have an engaged sales force that is out there really making sure that people are getting screened. Cologuard Plus is making a difference. We have the benefit of having a test that is 95% sensitive, 94% specific.

這說明您擁有一支敬業的銷售隊伍，並真正確保人們接受篩選。Cologuard Plus 正在發揮作用。我們的優勢在於，我們的測試敏感性為 95%，特異性為 94%。

Docs Healthcare providers are really excited to learn more about Cologuard Plus. We're equipping our sales force with the right data on who to call on in their geographic territory and the geographic territory alignment that's clearly having an impact. We're targeting the right, those right providers with the right frequency.

Docs Healthcare 供應商非常高興了解有關 Cologuard Plus 的更多資訊。我們正在為我們的銷售人員提供正確的數據，告訴他們在各自的地理區域內應該聯繫誰，以及顯然有影響的地理區域分佈。我們的目標是正確的、具有正確頻率的正確提供者。

We think that builds out as you go throughout the year and beyond. And one of the things that we're really happy about is three out of four new ordering providers in the quarter have been reached actively by either our inside team or our field team within a week or two of that first order. We call that no order left behind.

我們認為，隨著全年乃至更長遠的發展，這種趨勢將會不斷增強。我們真正感到高興的事情之一是，本季四分之三的新訂購供應商在接到第一筆訂單後的一兩週內都得到了我們內部團隊或現場團隊的積極聯繫。我們稱之為不遺漏任何訂單。

And it's having an impact. Always has, we believe, always will, and we'll just keep aggressively surrounding every new customer with education, demo kits, etcetera. The engagement, the depth of our relationship with our customers continues to strengthen.

並且它正在產生影響。我們相信，我們一直以來都是如此，將來也將如此，我們將繼續積極地為每位新客戶提供教育、演示套件等服務。我們與客戶的關係的深度和參與度不斷加強。

So here's a data point, our customer satisfaction has reached an all-time high. We track this rigorously. It's part of, typically part of our bonus structure has been in the past, it's at an all-time high in Q1. Our care gap programs continue to be robust. We're on track there. We also, our brand awareness is at a high.

這是一個數據點，我們的客戶滿意度達到了歷史最高水準。我們對此進行嚴格追蹤。這是我們獎金結構的一部分，通常來說，它在第一季達到了歷史最高水平。我們的護理缺口計劃持續保持強勁。我們一切進展順利。我們的品牌知名度也很高。

So when you poll customers, which we've done this for years, and ask them on an unaided basis, what is a way to get screened for colon cancer? More people say Cologuard than colonoscopy in four of the last six months. That's telling you something. You're moving towards Cologuard becoming the frontline way that people think about screening.

因此，當您對顧客進行調查時（我們已經這樣做了很多年），我們會在獨立的基礎上詢問他們，有什麼方法可以篩檢結腸癌？在過去六個月中，有四個月內，使用 Cologuard 的人比使用大腸鏡檢查的人多。這告訴你一些事情。您正在朝著 Cologuard 成為人們考慮篩檢的前沿方式的方向邁進。

And as you know, there are a lot of people out there, 50 million to 60 million people out there that are not up to date with screening. And then one final thing is ordering Cologuard through our website. If anybody on this call is listening and hasn't is not up to date with screening, go to the cologuard.com website and you can, you're going to have to answer some questions and put in your health card, health insurance information and excuse me, you can get screened and you can get screened quickly. That CIO customer initiated ordering business is growing in triple digits. So firing on all cylinders, but it's a start. So we have a lot of work to do throughout the course of the year.

如你所知，有很多人，大約有 5000 萬到 6000 萬人沒有接受及時篩檢。最後一件事是透過我們的網站訂購 Cologuard。如果此電話會議中的任何人正在收聽但尚未進行最新的篩檢，請訪問 cologuard.com 網站，您可以，您將需要回答一些問題並提供您的健康卡、健康保險信息，然後您就可以接受篩檢，而且可以快速接受篩檢。CIO客戶發起的訂購業務正以三位數的速度成長。所以全力以赴，但這只是個開始。因此，我們全年有很多工作要做。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Hey guys, thanks for the question. Maybe one for you. Aaron, can you just unpack guidance a bit? How should we think about cadence in the back half of the year? And then can you walk us through the puts and takes there of the raised revenue outlook? How much of that is care gap versus rescreens versus broader commercial execution or any other color you might have? Thanks.

嘿夥計們，謝謝你的提問。也許有一個適合你。亞倫，你能稍微解釋一下指導嗎？我們該如何考慮下半年的節奏？然後您能否向我們介紹上調收入預期所帶來的利弊？其中有多少是護理差距、重新篩選、更廣泛的商業執行或您可能擁有的任何其他顏色？謝謝。

Hey, Catherine, it's early in the year and we would take any increase in guidance at this early point, we'd treat it with caution. But coming off of the strong Q1 that we have, and we've got excellent visibility now into kind of how Q2 is shaping up in terms of orders.

嘿，凱瑟琳，現在才年初，對於任何在年初就上調的指導意見，我們都會謹慎對待。但是，基於我們第一季的強勁表現，我們現在對第二季的訂單情況有了很好的了解。

Kevin just outlined all the reasons why we're really pleased with the changes that we made last December. The leading indicators that we're seeing and ultimately starting to see that translate into orders, and so that's giving us visibility to raise not only from Q1, but also Q2. And ultimately, it is still early and so as we think about revenue pacing, first half versus second half, the back half of the year already implied slightly higher revenue growth.

凱文剛剛概述了我們對去年 12 月所做的改變感到非常滿意的所有原因。我們看到的領先指標最終開始轉化為訂單，因此，這讓我們不僅能夠看到第一季的業績成長，還能看到第二季的業績成長。最終，現在還為時過早，因此當我們考慮收​​入節奏時，上半年與下半年相比，下半年的收入成長已經略高。

If you just look at screening as an example, this revenue guidance will imply about 13% growth in the first half of the year, and that would step up to about 15% growth in the back half of the year, primarily driven by the launch of Cologuard Plus the pricing benefit that we'll see from that and then some of the benefit from the commercial execution.

如果僅以篩選為例，該收入指引意味著上半年成長約 13%，下半年成長將升至約 15%，這主要得益於 Cologuard Plus 的推出、我們將從中看到的定價優勢以及商業執行帶來的一些優勢。

Specific to kind of what led to the increased guidance raise that was entirely attributable to some of the improvements that we're seeing that Kevin noted earlier related to commercial execution.

具體來說，導致指導價上調的原因完全歸因於凱文之前提到的與商業執行有關的一​​些改進。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

Thanks. Good afternoon. Aaron, back to you. On just margins so sales and marketing is a lot higher than we had modeled. Can you kind of unpack where you made investments in the first quarter? Was there anything one time in there? How should we think about that line over the balance of the year? And where do you expect free cash flow to land for the year? Thank you.

謝謝。午安.亞倫，回到你身邊。光從利潤率來看，銷售額和行銷額就比我們預測的要高得多。您能否詳細解釋一下您在第一季進行的投資有哪些？那裡曾經有過什麼東西嗎？我們該如何看待全年的平衡？您預計今年的自由現金流將達到多少？謝謝。

Hey, Brandon, first of all, we're really pleased with the progress that we made on overall profitability in the first quarter so we grew it by more than 60%. And I think it just showed the power of what we have. And we have multiple ways in order for us to expand our margins. I'll start with gross margin. We do, we had some headwinds last year, just as it pertains to care gaps. And so we challenged our manufacturing, our lab, our supply chain team to figure out how do we get costs down over time. And really, really pleased with the hard work that they put in in the back half of last year.

嘿，布蘭登，首先，我們對第一季整體盈利能力的進步感到非常滿意，我們的盈利增長了 60% 以上。我認為這正好展現了我們的力量。我們有多種方法來擴大我們的利潤。我先從毛利率開始。確實，去年我們遇到了一些阻力，就像涉及護理差距一樣。因此，我們向製造、實驗室和供應鏈團隊發起挑戰，讓他們找出如何隨著時間的推移降低成本。我真的非常高興他們去年下半年所付出的辛勤努力。

And that really showed in the first quarter. So we saw gross margins expand again in the first quarter going down the lines of the P&L. The next area I'd highlight is G&A. So G&A has been an area that we've talked about. We've taken some actions there. We saw more than 500 basis points of margin growth in the first quarter alone.

這在第一季確實有所體現。因此，我們看到第一季毛利率再次擴大，並且與損益表呈線性關係。我要強調的下一個領域是 G&A。因此，G&A 一直是我們討論的領域。我們已在那裡採取了一些行動。光是第一季度，我們的利潤率就成長了 500 多個基點。

Sales and marketing we highlighted on our initial call this year that was going to be an area of an investment. And yes, it was up in the first quarter, but I'd like to unpack that just a little bit.

我們在今年的首次電話會議上強調，銷售和行銷將成為投資領域。是的，第一季有所上升，但我想稍微解釋一下。

If we think about the investments we've made within our screening portfolio supporting everything that we're doing from a Cologuard perspective, the growth that we saw in revenue in the first quarter significantly outpaced the growth and the investments that we made within sales and marketing.

如果我們從 Cologuard 的角度考慮我們在篩選組合中所做的投資，以支持我們所做的一切，那麼我們在第一季看到的收入成長大大超過了我們在銷售和行銷方面的成長和投資。

And so we saw leverage on that in the first quarter and we will see leverage on that throughout this entire year and in the years to come. The bigger investment from a sales and marketing perspective is really to support the new product launches that we have this year.

因此，我們在第一季就看到了這種槓桿作用，我們將在今年全年以及未來幾年看到這種槓桿作用。從銷售和行銷角度來看，更大的投資實際上是為了支持我們今年推出的新產品。

You know, we just launched Oncodetect recently. We've got the Cancer Guard launch coming later this year. These are brand new markets for us and we wanted to make sure that we were enhancing the size of those teams to be able to support those launches in a very big way.

您知道，我們最近剛推出了 Oncodetect。我們將於今年稍後推出「癌症衛士」計畫。對我們來說，這些都是全新的市場，我們希望確保擴大這些團隊的規模，以便能夠大力支持這些產品的發布。

And then just you had asked about free cash flow as well. We saw $120 million improvement year-over-year in free cash flow. And again, just kudos to the entire exact team. This has been an area of focus for us. We've taken a number of steps to drive improvements in working capital. Of note, we've seen a significant improvement within our days to pay.

然後你也問到了自由現金流的問題。我們的自由現金流年增了 1.2 億美元。再次向整個團隊表示敬意。這一直是我們關注的領域。我們已採取多項措施來改善營運資金。值得注意的是，我們在支付期限內看到了顯著的改善。

So how we manage our suppliers and that showed up in a very meaningful way here in the first quarter. As we do think about the pacing. As I as I said in the prepared remarks, we do expect a build in the second quarter. So we want to make sure that that's incorporated into everybody's models. And that just has to do with the launch of Cologuard Plus. We're able to recognize a higher revenue right away.

那麼我們如何管理我們的供應商，這在第一季就以非常有意義的方式體現出來了。正如我們確實考慮節奏一樣。正如我在準備好的發言中所說的那樣，我們確實預計第二季會出現成長。因此我們希望確保這一點被納入到每個人的模型中。這與 Cologuard Plus 的推出有關。我們能夠立即確認更高的收入。

But the MACs have into Q3 until all of that coding gets updated into the system at which time we would build a bill for that and then collect into the back half of the year.

但是 MAC 必須進入第三季度，直到所有編碼都更新到系統中，屆時我們將為此建立帳單，然後在下半年收取。

And then just on the pacing of sales and marketing, Brandon, pretty consistent as we pace throughout the year. As we’ve talked about before, I think the team is loaded to bear, fully ready to go to support the full year. And you saw that in Q1, would expect that to pace throughout the balance of the year.

然後就銷售和行銷的步伐而言，布蘭登，與我們全年的步伐相當一致。正如我們之前談到的，我認為團隊已經做好了充分的準備，可以支持全年的工作。您在第一季就看到了這一點，預計這一趨勢將持續到今年年底。

Operator, next question please. Operator, next question please.

接線員，請問下一個問題。接線員，請問下一個問題。

Your next question comes from the line -- . (technical difficulty)

你的下一個問題來自-- 。 （技術難度）

Operator, next question please. The operator has indicated that there is a challenge and to give her a minute. So please bear with us.

接線員，請問下一個問題。接線員表示有挑戰，請給她一點時間。所以請耐心等待。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hi, this is Colleen Babington on for Doug. Thanks for taking our question. So I believe in the prepared remarks that rescreens are now about 25% of total Cologuard orders. Is it reasonable to assume rescreens could get to 26% to 28% of total volume this year? Or should we assume that those should stay stable at around 25% as patients get access to Cologuard Plus for first time testing?

大家好，我是 Colleen Babington，代表 Doug 報到。感謝您回答我們的問題。因此，我相信準備好的評論，重新篩選現在約佔 Cologuard 總訂單的 25％。是否可以合理地假設今年重映影片數量將達到總放映量的 26% 至 28%？或者我們是否應該假設，當患者首次使用 Cologuard Plus 進行檢測時，這些比例應該保持穩定在 25% 左右？

Also, we know patients become more compliant with rescreening with subsequent rescreens. So as patients become eligible for their third or second and third Cologuard test, how should we be thinking about the pacing? From your path of your current hit rate of about 55% to your long-term goal of 70%-plus. Thank you.

此外，我們知道患者在後續的重新篩檢中會變得更加依從。那麼，當患者有資格進行第三次或第二次和第三次 Cologuard 測試時，我們應該如何考慮起搏？從您目前的命中率約 55% 到您的長期目標 70% 以上。謝謝。

Rescreens continues to be just an unbelievable growth driver for us. It's a great predictable recurring form of revenue for us that's going to provide a long term annuity for our screening business.

Rescreens 繼續成為我們令人難以置信的成長動力。對我們來說，這是一種非常可預測的經常性收入形式，它將為我們的篩選業務提供長期年金。

We've talked about how there's more than 2 million patients eligible rescreen this year. That's up more than 30% versus where it was a year ago. And yes, we do have opportunities to get even better in terms of driving adherence. We continue to get a couple of points of improvement per year over the last several years and we'll continue to drive that forward.

我們已經討論過今年有超過 200 萬名患者有資格重新篩檢。與一年前相比，這一數字增加了 30% 以上。是的，我們確實有機會在推動依從性方面做得更好。在過去的幾年裡，我們每年都會取得一些進步，我們將繼續推動這項進程。

In terms of just the guide we did more than 25% of our revenue in the first quarter came through rescreens. And yes, it is a fair assumption that rescreens would add a couple of points in terms of their overall contribution to our volume this year.

僅就指南而言，我們第一季超過 25% 的收入來自重新放映。是的，可以合理地假設，重新放映會為我們今年的票房總量增加幾個百分點。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thanks for taking the questions. Kevin, maybe just to pick up on the pipeline, helpful commentary there on the blood piece. Can you just talk about, I guess the hurdles left the timeline, it sounds like pretty well locked in here, tracking towards the mid-summer. But yes, maybe just talk about the milestones needed, what we should be keeping an eye on to get there and just confidence in the timeline.

嘿夥計們，感謝你們回答問題。凱文，也許只是為了了解管道，對血液部分的評論很有幫助。你能不能談談，我猜障礙已經離開了時間線，聽起來好像已經鎖定在這裡了，追蹤到仲夏。但是的，也許只是談論所需的里程碑，我們應該專注於什麼才能實現目標以及對時間表的信心。

And again, obviously the data I think the expectation is maybe some dilution from the case control, but help us on the expectations as well would be great. I appreciate it.

再次強調，顯然我認為預期數據可能與病例對照稀釋，但如果能幫助我們實現預期，那就太好了。我很感激。

Yes, sure. We’re to that point in moving forward to testing clinical trial samples that our team excels at. We’ve done this with Cologuard. We’ve done it with Cologuard Plus. It’s a big undertaking. You have one chance to do it. You want to do it really well, so you have to prepare the lab. You need multiple software systems that need to be validated, reagents, manufacturing, quality, the actual testing of the samples. And there’s a ton of work that goes into that. As you know, it’s a 20,000 patient study overall, there’s just a lot of work, and you want to do it well.

是的，當然。我們現在已經到了測試我們團隊擅長的臨床試驗樣本的階段。我們已經與 Cologuard 合作完成了這項工作。我們已經使用 Cologuard Plus 實現了這一目標。這是一項艱鉅的任務。你只有一次機會去做這件事。你想把事情做好，所以你必須準備好實驗室。您需要多個需要驗證的軟體系統、試劑、製造、品質、樣品的實際測試。這需要大量的工作。如你所知，這是一項涉及 20,000 名患者的研究，需要做大量工作，你必須做好它。

We are on track from a timing standpoint. There’s no change. We believe we’ll be competitive. So we believe in the assay team has done a ton of work to validate and lock that algorithm. And but I also want to take a step up a little bit.

從時間角度來看，我們的進度正常。沒有變化。我們相信我們會具有競爭力。因此，我們相信分析團隊已經做了大量工作來驗證和鎖定演算法。但我也想再進一步。

All roads lead to getting into the quality measures, which is gated by USPSTF. That’s going to take likely a few years. There are changes there at USPSTF in terms of the budget being cut recently. So we don’t have a clear idea of when the guideline group will meet and then the heat us and starts quality measures. In terms of blood modeling, we know from multiple different studies that have been published in the last year that blood just doesn’t model at anywhere at basically, substantial reduction in life years gained at and a substantial increase in total costs.

條條大路通羅馬，品質衡量標準由 USPSTF 把關。這可能需要幾年的時間。由於最近削減了預算，USPSTF 發生了一些變化。因此，我們不清楚指導小組何時會開會，然後對我們進行熱身並開始品質措施。在血液建模方面，我們從去年發表的多項不同研究中得知，血液基本上無法建模，導致壽命延長年數大幅減少，總成本大幅增加。

So it’s we where does this shape out? We believe that blood there will be a niche for blood testing. We don’t know whether blood will get into the guidelines. It’s certainly not going to be an easy road there. We believe and this is tying back to something that Aaron just said.

那麼，我們該如何解決這個問題呢？我們相信，血液檢測將會佔有一席之地。我們不知道血液是否會被納入指導方針。這條路一定不會好走。我們相信，這與亞倫剛才所說的話相呼應。

This big base of customers that we have in our data, in our massive database. We have 30 million people today that have had a Cologuard test order. We believe that could grow to 50 million over the next several years and that allows us to parse the people who are willing to get screened with Cologuard, most are, and then the fraction that aren’t, we have a solution for.

我們的海量資料庫中擁有龐大的客戶群。今天我們有 3000 萬人收到了 Cologuard 測試訂單。我們相信，未來幾年，這個數字可能會成長到 5,000 萬，這使我們能夠分析出哪些人願意接受 Cologuard 篩檢，大多數人都願意，而對於不願意接受篩檢的那部分人，我們有解決方案。

And we have a great commercial team, an incredible commercial team, to deploy our blood tests through, to make sure that if there are patients that refuse guideline recommended forms of screening, that we can go and get them screened. So, we believe we’ll win because of the brand, the commercial capability, our tech platform, our cost. I was just talking with one of our area managers yesterday and said, okay. What are customers saying? And the area manager said, what we’re hearing from the field is that people are waiting for Exact’s blood tests.

我們擁有一支出色的商業團隊，一支令人難以置信的商業團隊，透過他們來部署我們的血液測試，以確保如果有患者拒絕指南推薦的篩檢形式，我們可以去對他們進行篩檢。因此，我們相信我們會憑藉品牌、商業能力、技術平台和成本取得勝利。我昨天剛與我們的一位區域經理交談過，我說，好的。顧客怎麼說？區域經理說，我們從現場聽到的消息是，人們正在等待 Exact 的血液檢查。

And I believe that because of the depth of our relationships over the last eleven years of engaging with customers. So that’s where we are really pleased with the progress. We’re at that point in time that the operations and lab and IT teams just they excel. So looking forward to the midsummer readout.

我相信這是因為我們在過去十一年與客戶建立了深厚的關係。所以我們對這項進展感到非常高興。我們正處於這樣一個階段，營運、實驗室和 IT 團隊都非常出色。非常期待仲夏的讀物。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. Thanks for taking the question guys. Apologies if I missed this earlier, but the update to the guide on revenues makes sense and you kind of talked through some of the screening contributions. On EBITDA, I just want to get a little bit more color there on where and how that’s flowing through versus reinvestment in some of the commercial initiatives and especially upcoming pipeline. So just want to talk about the EBITDA margin raise to guide. How we should think about that throughout the course of the year? Thanks.

偉大的。謝謝大家回答這個問題。如果我之前錯過了這一點，我很抱歉，但收入指南的更新是有意義的，而且您也談到了一些篩選貢獻。關於 EBITDA，我只是想更詳細地了解它的流向和方式，以及對一些商業計劃和特別是即將到來的管道的再投資。所以只想談談 EBITDA 利潤率的提高作為指導。在這一年我們該如何思考這個問題？謝謝。

Hey, Michael. We’re really pleased with the progress again that we made in the first quarter that gave us the belief to be able to raise the guide for the full year in line with the revenue guide that we raised. As well, I already called attention to the world class gross margins that we have in place continuing to get better, the productivity that we’re seeing within G&A. I also alluded to in prepared remarks some of the actions we took in the first quarter to not only impact back half of the year margins but also set ourselves up for long term cost out initiatives as well and as said earlier, we have more operational excellence initiatives planned on that front.

嘿，麥可。我們對第一季的進展感到非常高興，這讓我們有信心根據我們提高的收入指南提高全年指南。此外，我已經提請大家注意，我們現有的世界級毛利率正在持續提高，我們在 G&A 部門看到的生產力也不斷提高。我在準備好的發言中也提到了我們在第一季度採取的一些行動，這些行動不僅影響了下半年的利潤率，也為我們制定了長期成本削減計劃，正如之前所說，我們計劃在這方面採取更多的卓越運營計劃。

And then just in terms of the rest of the drop through, we will continue and are just investing in sales and marketing, in particular, in Oncodetect launch costs this year. But again, seeing really great productivity out of the investments that we’ve made on the CRC side, which we would expect to get meaningful leverage on throughout each of the quarters this year.

然後就其餘部分而言，我們將繼續投資銷售和行銷，特別是今年的 Oncodetect 發布成本。但是，我們在 CRC 方面的投資確實產生了巨大的效益，我們預計今年每季都會產生有意義的效益。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Hi guys. Thanks for taking my question and congrats on a nice sprint here. Kevin, maybe if I can just big picture sort of question. If I look at the stock, we’re at the low end of trading range. I look at your test volumes.

嗨，大家好。感謝您回答我的問題，並祝賀您在這裡的衝刺中取得圓滿成功。凱文，也許我可以問一個宏觀的問題。如果我看一下股票，就會發現我們正處於交易區間的低端。我看了你的測驗卷。

You’re doing north of 1 million tests here within screening. And yet the market doesn’t seem to give their credit. And part of it, I suspect, is this fear on blood, right? You have one of the largest sales force. When you put all of these elements together, it’s hard for us to see why the market is not giving you the credit.

你們在這裡進行了超過 100 萬次篩檢測試。然而市場似乎並不認可他們。我懷疑部分原因是對血液的恐懼，對嗎？你們擁有最大的銷售團隊之一。當把所有這些因素放在一起時，我們很難理解為什麼市場沒有給你信任。

When you think about the blood, A, on the data itself, when you look at versus competition, why is the market fearful of perhaps exact data not being comparable? Would love your thoughts on the work you’ve done internally. And second on pricing, I do think like you guys have a pricing advantage when it comes to blood, wouldn’t that negate the entire competition thesis? Thank you.

當你考慮血液，A，數據本身，當你與競爭對手對比時，為什麼市場擔心確切的數據可能無法比較？我很想聽聽您對內部所做工作的看法。其次，關於定價，我確實認為你們在血液方面具有定價優勢，這難道不會否定整個競賽論點嗎？謝謝。

Thanks, Vijay. I found over the years that you control and focus on what you really can control. And what we have focused on is getting more people screened and driving that with an incredible commercial focus. And I would say that probably if you look out over the past nine months, there’s been we’ve been more challenged by the commercial execution of Cologuard than, any noise around blood testing. That’s my particular view.

謝謝，維傑。多年來我發現你可以控制並專注於你真正可以控制的事情。我們關注的是讓更多的人接受篩檢，並以極大的商業焦點推動這一進程。我想說的是，如果你回顧過去九個月，你會發現，與血液檢測相關的任何噪音相比，我們在 Cologuard 商業化執行方面面臨的挑戰更大。這是我的個人觀點。

But what we can control is execution and on the commercial front, we’re executing. On the CRC colon cancer blood front, we’re executing, and we’re going to have a readout this summer. The key thing for the team, the management team, all of our team members is to focus on the long-term value creation. And we had a good quarter.

但我們能夠控制的是執行，在商業方面，我們正在執行。在 CRC 結腸癌血液方面，我們正在執行，並將於今年夏天進行讀數。對於團隊、管理團隊以及我們所有團隊成員來說，關鍵是要專注於長期價值創造。我們本季表現良好。

A lot of what happened in this quarter is because of things that we did two years ago and three years ago. And that’s where we keep focusing on building a company that has sustainable impact and that’s what we’re going to keep focusing on. And we’re also excited for a midsummer readout.

本季發生的很多事情都是因為我們兩年前和三年前所做的事情。這就是我們一直致力於打造一家具有永續影響力的公司的地方，也是我們將繼續關注的重點。我們也對仲夏的讀物感到興奮。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yes. Hi, Kevin and team, and thanks for taking my question here. First one on Cologuard Plus It’s been a month since the launch. Could you provide a view on what traction you’re seeing? What’s the mix of Cologuard versus current Cologuard versus Cologuard Plus? And just how should we think about that in the 2Q guide and for the full year? Thank you.

是的。嗨，凱文和他的團隊，感謝你們在這裡回答我的問題。Cologuard Plus 上的第一個產品自推出以來已經過去一個月了。您能否就您所看到的牽引力發表一下看法？Cologuard、目前 Cologuard 和 Cologuard Plus 的混合情況如何？那麼，我們應該如何看待第二季指南和全年指南中提到的這個問題呢？謝謝。

Well, thanks. You should think about Cologuard Plus as today being available for Medicare Part B patients, which is right around 14%, 15% of our customer volume. As you know, Medicare Advantage is becoming a much bigger part of the Medicare patient population, and we think that will grow over time.

嗯，謝謝。您應該考慮一下 Cologuard Plus，它目前可供 Medicare B 部分患者使用，約占我們客戶量的 14% 至 15%。如您所知，醫療保險優勢計劃在醫療保險患者群體中所佔的比例正在變得越來越大，而且我們認為這一比例還會隨著時間的推移而增長。

So think around 15% as we get more payers to change their contracts to include Cologuard Plus, we will be able to flip those orders. Bottom line is that we are testing a large volume of Cologuard Plus tests presently, and that will grow over time as those new patients those patients have access based upon their payer covering Cologuard and contracting with our team.

因此，想想大約 15% 的情況，隨著我們讓更多付款人改變他們的合約以包括 Cologuard Plus，我們將能夠翻轉這些訂單。底線是，我們目前正在測試大量的 Cologuard Plus 測試，隨著新患者的加入（這些患者根據其付款人承保 Cologuard 並與我們的團隊簽約）而獲得測試機會，測試數量將隨著時間的推移而增長。

So we’re excited. If we can get more of those payers on board sooner, that means more lift earlier. And right now, we’re focused on meeting the demand that we’re already seeing. I think it was a couple hundred thousand orders that converted to Cologuard Plus pretty early there in the launch and then a lot of new orders coming in.

所以我們很興奮。如果我們能夠更快地讓更多的付款人參與進來，那就意味著可以更快地獲得更多的利益。現在，我們專注於滿足我們已經看到的需求。我認為在推出初期就有幾十萬份訂單轉換為 Cologuard Plus，然後又有大量新訂單湧入。

And just in terms of what’s embedded into the guide then for Q2, it’s exactly what Kevin said. It’s the Medicare Part B that obviously then would grow as we go into the back half of the year. But think kind of right around that 15%. To the extent we’re successful with securing contracting with any of the larger payers, we will keep you all updated and then obviously reflect that.

就第二季指南中的內容而言，這正是凱文所說的。隨著我們進入下半年，醫療保險 B 部分顯然會有所增長。但想想大概就在 15% 左右。如果我們成功與任何較大的付款人簽訂合同，我們將及時向大家通報最新情況，並明確反映這一點。

Subu Nambi, Guggenheim.

古根漢的 Subu Nambi。

Thank you guys for taking my question. On the commercial payer front, could things still be a source of upside this year? Or, is that, too far out or maybe early next year is the right time frame to think about? And then my second question was, have you settled on the cancer guide pricing yet? You previously said folks were willing to pay roughly 500 to 700 out of pocket. So would it be reasonable to think that it’ll be in that range? Thank you.

謝謝你們回答我的問題。從商業付款人角度來看，今年的情況是否仍會好轉？或者，這太遙遠，也許明年年初才是考慮的正確時間範圍？我的第二個問題是，你們已經確定了癌症指南的定價嗎？您之前說過人們願意自掏腰包支付大約 500 到 700 美元。那麼認為它會處於該範圍內是否合理？謝謝。

On the first question in terms of coverage for Cologuard Plus, I think the base assumption is that there would be modest to little non Medicare Part B patients being tested this year. The team is working really hard in the early indications are pretty positive. The payers like Cologuard Plus why do they love Cologuard Plus it’s a 40% lower false positive rate. That means fewer unnecessary colonoscopies. So we’re engaged in discussions.

關於 Cologuard Plus 覆蓋範圍的第一個問題，我認為基本假設是今年接受檢測的非 Medicare B 部分患者數量會很少。團隊正在非常努力地工作，早期跡象非常積極。付款人喜歡 Cologuard Plus，為什麼他們喜歡 Cologuard Plus，因為它的誤報率降低了 40%。這意味著不必要的大腸鏡檢查會減少。因此我們正在進行討論。

Those discussions are quite positive. The team is excited, and I think it’s going to be a lot easier go around than it than it was the first time in part because, look, nine out of the top 10 payers are running care gap programs with us. We’ve become partners with the payers and it it’s so important. Cologuard has become so important to them in terms of their in terms of how they drive their quality metrics so that they can maximize their Medicare Advantage bonuses. We have on the second question, cancer guard pricing, we have not decided yet.

這些討論非常積極。團隊很興奮，我認為這次會比第一次容易得多，部分原因是，你看，前 10 名付款人中有 9 名正在與我們一起運行護理差距計劃。我們已經成為付款人的合作夥伴，這非常重要。就他們如何推動品質指標以最大化醫療保險優勢獎金而言，Cologuard 對他們來說變得非常重要。關於第二個問題，癌症防護定價，我們尚未決定。

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Hi, guys. Good afternoon. Thanks for taking the question. Kevin, maybe one for you on the pipeline. In the proxy, there’s mention of Cologuard 2.5. Can you maybe just talk about that product, the milestones that you’ve met and are expected and just how we should think about potentially launching that in the future? Thanks.

嗨，大家好。午安.感謝您回答這個問題。凱文，也許你在管道方面有一份工作。在代理中，提到了 Cologuard 2.5。您能否簡單談談該產品、您已經達到的里程碑和預期目標，以及我們應該如何考慮在未來推出產品？謝謝。

Cologuard 2.5 is our internal name for Cologuard Plus, which has a smaller collection kit. So if you think out into the future, we want to make sure that we meet the needs of all patients, and there are some patient populations that would like to have a very small kit that they could put inside a purse or a backpack or even in their back pocket. And so we have program going on right now. We’re having conversations with the FDA around that program. That also could be used in certain patient populations like care gap programs because the kit would be less expensive and much more efficient.

Cologuard 2.5 是我們對 Cologuard Plus 的內部名稱，它有一個較小的收集套件。因此，如果展望未來，我們希望確保滿足所有患者的需求，有些患者希望擁有一個非常小的工具包，可以放在錢包或背包裡，甚至是後口袋。所以我們現在正在進行一項計劃。我們正在與 FDA 就該計劃進行討論。該套件還可以用於某些特定患者群體，例如護理差距計劃，因為該套件價格更便宜，效率更高。

It is also an opportunity. This collection device really started as an opportunity to think about Cologuard outside of the US where cost requirements would be even be more sensitive to cost requirements. And so there are multiple different attributes that we think will be beneficial to expand Cologuard in the US and beyond. More to come later.

這也是一個機會。這款收集設備實際上是一個機會，讓我們思考美國以外地區的 Cologuard，因為那裡的成本要求對成本要求更加敏感。因此，我們認為多種不同的屬性將有助於 Cologuard 在美國及其他地區的擴張。稍後會有更多內容。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Great. Thanks for the question. I just kind of want to follow there on Ryskin’s question about the margin ramp and you guys have the three big launches, but I wanted to touch on the gross margin here. You guys had a good jump off point in the 1Q. You talked about some of the drivers there, but you have Cologuard Plus coming later on.

偉大的。謝謝你的提問。我只是想繼續回答 Ryskin 關於利潤率上升的問題，你們推出了三款大型產品，但我想在這裡談談毛利率。你們在第一季取得了一個很好的起步。您在那裡談到了一些驅動程序，但稍後還會推出 Cologuard Plus。

You have some better pricing as well. How should we think about the gross margin progression throughout the rest of the year? Is there a risk there that or is there a dynamic whereas those volumes continue start ramping and some of the other tests like Oncodetect, you could have a little bit of leverage or underutilized leverage?

您還能獲得更優惠的價格。我們該如何看待今年剩餘時間的毛利率成長？是否存在風險，或者是否存在動態，而這些數量繼續開始增加，並且一些其他測試（如 Oncodetect），您可能會有一點槓桿作用或未充分利用的槓桿作用？

It was a great launch point that we had off of Q1. Again, sequential improvement versus Q4 and also year-over-year improvement versus where we were Q1 a year ago. Obviously, launching Cologuard Plus, even if it’s just in the Medicare Part B, at an increased value that we’ll realize on both the top line and then the flow through on that from a price perspective will be accretive to our gross margins. That will more than offset any, potential headwinds as it pertains to just sorting and having to do run two different lines at the same time.

這是我們第一季取得的一個很好的起點。再次，與第四季相比，情況有所改善，與去年第一季相比，情況也有所改善。顯然，推出 Cologuard Plus，即使只是在醫療保險 B 部分，其價值的增加也將使我們在收入和價格方面實現雙贏，從而增加我們的毛利率。這將足以抵消任何潛在的阻力，因為它涉及分類和必須同時運行兩條不同的生產線。

Keep in mind too, with Cologuard Plus, the actual cost to run the test is lower by about 5% or 6% than it is for Cologuard.

還要記住，使用 Cologuard Plus，運行測試的實際成本比 Cologuard 低約 5% 或 6%。

Oncodetect will be a headwind on our gross margins in the back half of the year to the extent we’re very successful with that launch, and we’ll keep everybody appraised on impacts from that. But net, what I would say, just looking at the sequential pacing of gross margins throughout the year, we would expect to kind of sustain at that potentially even a bit better heading into the back half of the year.

如果我們的 Oncodetect 產品發布非常成功，那麼它將對我們下半年的毛利率產生不利影響，我們隨時都會向所有人通報其影響。但總體而言，我想說的是，僅從全年毛利率的連續增長速度來看，我們預計到下半年，這一水平將保持下去，甚至可能更好一些。

Dan Brennan, Cowen.

丹布倫南，考恩。

Great. Thanks. Thanks for the questions. Maybe I just wanted to go back to Blood, Kevin, if you don’t mind. I know back in September with the strong data you reported, the 31% AA, 88 CRC sensitivity. At the time, it seemed propelled by that new biomarker class. So I was hoping maybe you could speak to, A, is that new biomarker class included in the new locked assay? B, are there any new additional biomarkers that came into the assay? And C, I know back then you talked about the 31% AA potentially remaining like fit like to somewhere in the low to mid-20s. Just wondering kind of your confidence in the assay today that you have in locked moving forward versus where you were back in September. Thank you.

偉大的。謝謝。感謝您的提問。也許我只是想回到 Blood，凱文，如果你不介意的話。我知道早在 9 月您就報告了強有力的數據，即 AA 為 31%，CRC 敏感度為 88。當時，它似乎受到了新型生物標記類別的推動。所以我希望您能談談，A，新的鎖定檢測中是否包含新的生物標記類別？B，檢測中是否有任何新的附加生物標記？而且 C，我知道您當時談到 31% AA 可能會保持在 20 多歲的低點到中位。我只是想知道，與 9 月相比，您對今天的分析結果是否充滿信心。謝謝。

We have been asked this question multiple times, Dan, over since September. And what we have said, including in the press release in September, is we expect degradation. Anytime you go from a smaller study to a large prospective study, you’re going to see degradation. We’ll get into the exact composition of the test. It’ll be detailed in the publication that follows the top line data release or as we present this.

丹，自九月以來，我們已經多次被問到這個問題。我們已經說過，包括在九月份的新聞稿中，我們預計情況會惡化。當你從一項小型研究轉向一項大型前瞻性研究時，你會看到退化。我們將深入探討測試的具體組成。我們將在發布頂線資料之後或呈現此內容的出版物中詳細說明。

We believe our multi omic platform is a differentiated platform because of both performance and cost. And so in terms of going into all the details, we’re not going to go into more details than that now. Thing is you never know how a clinical trial is going to work. Is it going to perform better than expected or worse than expected? That’s what the exciting part of what we do is.

我們相信，我們的多組學平台是一個差異化的平台，因為它兼具效能和成本。因此，就所有細節而言，我們現在不會討論得更詳細。問題是你永遠不知道臨床試驗將如何進行。它的表現會比預期好還是差？這就是我們所做的事情令人興奮的部分。

And I want to reiterate, we feel good about the performance of the test based on the three additional studies that we have run, which included prospectively collected samples to lock the algorithm. And so that’s where we are. We’re going to keep working really hard to deliver the best possible tests and the highest quality clinical trial results in mid-summer.

我想重申一下，根據我們進行的另外三項研究，我們對測試的性能感到滿意，其中包括前瞻性收集的樣本以鎖定演算法。這就是我們現在的處境。我們將繼續努力，在仲夏提供最好的測試和最高品質的臨床試驗結果。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Good afternoon. Thanks for taking my questions. Maybe just focusing on a different topic on the capital allocation. Just looking at the change in the financial profile, your free cash flow breakeven moving to positive free cash flow going forward. You’ve got a lot of things to spend money on organically in your own business, which I totally understand.

午安.感謝您回答我的問題。也許只是關注資本配置的不同主題。僅查看財務狀況的變化，您的自由現金流量損益兩平就會轉變為正自由現金流。在您自己的業務中，有很多事情需要花錢，我完全理解這一點。

But as your financial profile improves and that free cash flow generation increases, how do you think about priorities of capital allocation? Are you still going to be gearing towards investing organically in the opportunities you have? Are there certain areas that a tuck in or bolt on acquisition would make sense maybe on the technology side? Just how are you thinking about that as the profile evolves?

但是，隨著您的財務狀況改善和自由現金流產生增加，您如何考慮資本配置的優先事項？您是否仍將致力於對您擁有的機會進行有機投資？在技​​術方面，是否存在某些領域適合進行收購或附加收購？隨著個人資料的發展，您是如何看待這一點的？

Yes, I’ll take this first and then it over to Aaron. This is an area of intense focus with our team, with our board, as we move to being a both a fast growing company, on the top line and the bottom line and generating cash. It’s an intense focus of the company. It gives us a ton of optionality moving forward. And we’ll start to lay out our philosophy as we get closer to that point. We’re not quite there yet, but that’s right around the corner.

是的，我先拿這個，然後再交給 Aaron。隨著我們逐漸成為一家快速發展的公司，在營收和利潤方面都有所成長，並能產生現金，這是我們團隊和董事會重點關注的領域。這是公司重點關注的重點。它為我們未來的發展提供了大量的選擇。當我們接近這一點時，我們就會開始闡述我們的理念。我們還沒有完全實現這一目標，但很快就能實現。

Aaron, do you want to add color to that?

亞倫，你想給它添加顏色嗎？

I would just say we’re proud of the strong balance sheet that we have and all of the hard work that the team’s put in over the last several quarters to really be able to even further strengthen that, increase our free cash generation. As Kevin alluded to, it just gives us the optionality moving forward. And we already started to evolve some of our capital structure last quarter with the convertible note debt pay down as well as taking out the revolving credit facility. And so all of these are meant to help us continue to evolve into the future and give us optionality moving forward.

我想說的是，我們為擁有強勁的資產負債表以及團隊在過去幾個季度中付出的所有努力感到自豪，這些努力確實能夠進一步加強我們的資產負債表，增加我們的自由現金產生。正如凱文所暗示的，它只是為我們提供了前進的選擇權。上個季度，我們已經開始調整部分資本結構，包括償還可轉換票據債務以及提取循環信貸額度。所有這些都是為了幫助我們繼續向未來發展，並為我們提供前進的選擇權。

Brad Bowers, Mizuho.

瑞穗的布拉德鮑爾斯。

Hey, thanks for taking the question here. I wanted to talk on Cologuard Plus. DTC initiative has been pretty strong, sort of spending and some of the ROI has been pretty good there. Just wanted to hear if there are any initiatives planned for Cologuard Plus and also the extent that you’re starting to have the conversation about moving up the continuum versus colonoscopy, how that’s also playing into some of the coverage conversations with payers? Thank you.

嘿，感謝您在這裡提出這個問題。我想談談 Cologuard Plus。DTC 計劃一直非常強勁，支出和投資回報率也相當不錯。只是想聽聽是否有針對 Cologuard Plus 的計劃，以及你們在多大程度上開始討論將連續體與結腸鏡檢查相結合，這對與付款人的一些承保對話有何影響？謝謝。

I want to make sure I understand the question correctly. In terms of Cologuard Plus did I hear you say DTC initiatives?

我想確保我正確理解了這個問題。關於 Cologuard Plus，我是否聽到您提到 DTC 計劃？

Sorry, advertisements.

抱歉，廣告。

Yes. Okay. So right now, the advertisements are just focused on continuing to build the Cologuard brand that will start to move more towards Cologuard Plus as we secure more contracts with payers. And so that will be in the coming quarters that that focus changes from an advertising perspective.

是的。好的。因此，現在，廣告只是專注於繼續打造 Cologuard 品牌，隨著我們與付款人簽訂更多合同，該品牌將開始更多地轉向 Cologuard Plus。因此，在接下來的幾個季度中，從廣告的角度來看，重點將會改變。

However, from a Salesforce perspective, there’s an intense focus on educating healthcare providers in the primary care setting of the data around Cologuard Plus. As I mentioned earlier, the data is generating a lot of excitement among our large and growing base of health care providers. They want to spend time with our sales force and our MSLs on that data.

然而，從 Salesforce 的角度來看，重點是向初級保健環境中的醫療保健提供者普及 Cologuard Plus 的相關數據。正如我之前提到的，這些數據在我們龐大且不斷增長的醫療保健提供者群體中引起了極大的興奮。他們希望花時間與我們的銷售人員和 MSL 一起研究這些數據。

It’s remarkable. 95% sensitivity, 94% specificity. There is no other screening test, and we’re really proud of this. No other screening test with that level of sensitivity and that level of specificity. So it’s kind of eye popping.

這真是太了不起了。敏感性為95%，特異性為94%。沒有其他篩檢測試，我們對此感到非常自豪。沒有其他篩檢測試具有這種靈敏度和特異性。這真是讓人大跌眼鏡。

That allows us to challenge all of our customers Cologuard first, if necessary, colonoscopy. That’s a game changer. If that’s happening right at the time, as we mentioned earlier, that the brand awareness of Cologuard is actually exceeding colonoscopy. It’s an exciting time at Exact, and I think if you look out over the next three or four years, here’s what the impact is going to be. We’re going to get more people screened. We’re going to push towards 80% screening and when you get to 80% screening, you’re near mammograms. You’re near Pap smears, and that’s where you start to bend the curve in terms of incidence and mortality. That’s our ultimate goal.

這使我們能夠首先向所有客戶挑戰 Cologuard，如有必要，進行大腸鏡檢查。這將會改變遊戲規則。如果這種情況真的發生，那麼正如我們之前提到的，Cologuard 的品牌知名度實際上已經超過了大腸鏡檢查。這是 Exact 公司激動人心的時刻，我認為，如果你展望未來三四年，你會發現它的影響將是如此。我們將對更多人進行篩檢。我們將努力將篩檢率提高到 80%，當篩檢率達到 80% 時，就接近乳房 X 光檢查了。您即將進行巴氏抹片檢查，這就是發病率和死亡率開始改變的地方。這是我們的最終目標。

Eve Bernstein, Bernstein Research.

伊芙‧伯恩斯坦，伯恩斯坦研究公司。

Great. Thanks so much. I’m going to build off Mike’s question also. So it’s clear that this year you’re cutting costs, you’re investing for growth. But this quarter, your revenue guidance went up $40 million and EBITDA guidance went up $50 million. So is it fair to say this is roughly what incremental margin looks like going forward? And can we expect that now that the company is more or less reached scale, there’s going to be a high 30's incremental margin on additional revenues?

偉大的。非常感謝。我還要繼續回答 Mike 的問題。所以很明顯，今年你要削減成本，你要為成長進行投資。但本季度，您的營收預期上漲了 4,000 萬美元，EBITDA 預期上漲了 5,000 萬美元。那麼，我們可以說，這大致就是未來增量利潤的樣子嗎？那麼，我們是否可以預期，現在公司已經或多或少達到了規模，額外收入的增量利潤率將達到 30% 以上？

Thanks for the question, Eve. I would say that this I’ll reiterate. This is a year of investment that we would expect to get meaningful leverage on for the years to come. And so when you think about incremental margins being in the high thirties, I would say we should be able to do better than that just given our world class gross margin profile over time. 2025 is a little bit unique just given the product launches that we are supporting.

謝謝你的提問，伊芙。我想說的是，我會重申這一點。這是投資的一年，我們期望在未來幾年內獲得有意義的槓桿作用。因此，當您想到增量利潤率達到 30% 以上時，我會說，鑑於我們長期以來世界一流的毛利率狀況，我們應該能夠做得更好。考慮到我們所支援的產品發布，2025 年有些特殊。

And I’d also just call attention on the 40 versus 15 to that it’s still very early in the year. We’ve got a lot of really exciting initiatives planned to further lean out and gain efficiencies throughout the P&L, and we’ll keep you posted on the progress to those later in the year.

我還想提請大家注意 40 與 15 之間的差異，因為今年還處於初期階段。我們規劃了許多真正令人興奮的舉措，以進一步精簡並提高整個損益表的效率，我們將在今年稍後向您通報這些舉措的進展情況。

Bill Bonello, Craig Hallum.

比爾波尼洛、克雷格哈勒姆。

Hey, thanks a lot guys. I just wanted to circle back to somebody mentioned several times on this call and a lot recently, Kevin, and just talked about the -- this concept of Cologuard first. Can you maybe which seems like kind of a radical change in how you’ve ever talked about this. In the past, can you maybe talk through what has to happen for that to be the paradigm? Are there are there guidelines that that would have to be changed?

嘿，非常感謝大家。我只是想回到最近在這次電話會議上多次提到的某人，凱文，剛才我們首先談到了 Cologuard 的概念。您是否可以這樣做？這似乎與您談論此事的方式有很大不同。過去，您能否談談，要使其成為典範，需要發生什麼事？是否存在需要改變的指導方針？

Is it more of a payer driven phenomenon? Is it really something you can drive literally just through your marketing and interaction with physicians? I mean, what how do we think about that change actually taking place?

這是否更多是一種由付款人驅動的現象？這真的可以僅透過行銷和與醫生的互動來實現嗎？我的意思是，我們如何看待這種實際發生的改變？

Bill, I would say we are driving this and you are starting to near the point that there will be more people screened with Cologuard in a given year than with colonoscopy. I’ll repeat that. We’re nearing the point that more people will opt for Cologuard in a year than colonoscopy. As you know, there’s a limit in The US to how many screening colonoscopies can be performed. Let’s say it’s a range somewhere between, call it, 5 million and 6 million.

比爾，我想說，我們正在推動這一進程，而你正在開始接近這樣一個目標：在特定年份，接受 Cologuard 篩檢的人數將超過接受大腸鏡檢查的人數。我再重複一遍。我們即將實現這樣的目標：一年內選擇 Cologuard 的人將多於選擇大腸鏡檢查的人。如您所知，美國對篩檢大腸鏡檢查的數量是有限制的。假設這個數字在 500 萬到 600 萬之間。

It’s hard actually to get that accurate data, but between , 5 million and 6 million screening colonoscopies are performed every year. There are 55 million to 60 million people not up to date with screening. If you just try to go and get those people screened, it would take you 9 or 10 years, take you a long, long time. And so what Cologuard has been able to do, and again, this is based on a ton of work that we’ve done in the past, is now moving towards -- when I talk to people and say, hey, are you up to date with your colon cancer screening, which I always do, more and more and more and more people, people say, I use Cologuard. These are people who have no idea what it is that I do.

實際上，要取得如此準確的數據非常困難，但每年大約會進行 500 萬到 600 萬次篩檢大腸鏡檢查。有5500萬至6000萬人未接受及時篩檢。如果你只是嘗試去對這些人進行篩檢，那將需要 9 年或 10 年的時間，需要很長很長的時間。Cologuard 能夠做到的，再次強調，這是基於我們過去所做的大量工作，現在正朝著這個方向發展——當我與人們交談並問，嘿，您是否及時進行了結腸癌篩檢時，我總是這樣做，越來越多的人說，我在使用 Cologuard。這些人根本不知道我在做什麼。

So that’s it’s a sea change. It’s going to happen. The question is, how much can we expedite it with innovative marketing, with our commercial organization, our field force, our MSLs, our ExactNexus platform, which is becoming more sophisticated with our rescreens, which are going to keep growing over time, and then, with our consumer initiated ordering capability and our care gap programs. And what’s going to come along next? Are employers going to want to drive this?

所以這是一個巨大的改變。它將會發生。問題是，我們可以透過創新行銷、我們的商業組織、我們的現場力量、我們的 MSL、我們的 ExactNexus 平台（該平台隨著我們的重新篩選而變得更加複雜，並將隨著時間的推移而不斷發展）以及我們的消費者發起的訂購能力和我們的護理差距計劃來多大程度上加快這一進程。接下來會發生什麼事？雇主願意推動這項措施嗎？

Are other avenues of growth going to occur? And then is international growth going to occur? So it’s a really exciting time to be at Exact, and there are a lot of possibilities for the future. But this one, we’re confident of. Cologuard will be first. Colonoscopy will be utilized as appropriate.

還會出現其他成長途徑嗎？那麼國際成長還會發生嗎？所以現在加入 Exact 真的是一件令人興奮的事情，未來也充滿著無限可能。但這一次，我們充滿信心。Cologuard 將是第一家。將會酌情使用大腸鏡檢查。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Hello. Thanks for squeezing me in. I wanted to follow-up on some of the discussion around coverage contracting for Cologuard Plus. Just any additional color you can share on progress signing up Medicare Advantage plans and then commercial payers, the discussions there as well? Thank you.

你好。謝謝你把我擠進來。我想跟進有關 Cologuard Plus 承保合約的一些討論。您能否分享一些有關簽署醫療保險優勢計劃和商業付款人的進展情況以及相關討論的額外資訊？謝謝。

Sure. Those conversations tend to be one and the same because most plans we talk to have commercial lines, they have Medicare Advantage lines, they have Medicaid lines, And so those conversations all go hand in hand.

當然。這些對話往往是相同的，因為我們談論的大多數計劃都有商業線路，有醫療保險優勢線路，有醫療補助線路，所以這些對話都是相輔相成的。

We’re pleased with the conversations that we’ve had. As I mentioned earlier, payers are excited about the higher sensitivity for both cancer and pre-cancer with a lower false positive rate. They’re excited about what they’re seeing in terms of the progress with our care gap programs with them.

我們對已經進行的對話感到非常滿意。正如我之前提到的，付款人對癌症和癌前病變的更高靈敏度以及更低的假陽性率感到興奮。他們對於我們與他們合作的護理差距計畫所取得的進展感到非常興奮。

And so there’s a potential for these conversations to be faster than occurred the first time. But why is that happening? Well, it’s because three things happened in succession quickly, FDA approval, Medicare including us with a price in the clinical lab fee schedule, and then importantly, the immediate inclusion into the quality measures.

因此，這些對話有可能比第一次更快。但為什麼會發生這種情況呢？嗯，這是因為三件事接連迅速發生：FDA 批准、醫療保險將我們納入臨床實驗室收費標準，然後重要的是，立即納入品質衡量標準。

So those three things happening in succession, that wasn’t accidental. That was an incredible team of people who made those things happen very quickly. And so we’ll lever that, those conversations. We’ll give you color as the year progresses but again, the base assumption should be Medicare fee for service only this year.

所以這三件事的連續發生並不是偶然的。這是一支非常出色的團隊，他們很快就讓這些事情發生了。因此，我們將利用這些對話。隨著時間的推移，我們會為您提供詳細信息，但同樣，基本假設應該是今年僅收取醫療保險服務費。

And we have reached the end of our question-and-answer session. I will now turn the call back over to Kevin for some final closing remarks.

我們的問答環節已經結束。現在我將把電話轉回給凱文，請他做最後的總結發言。

Thank you for joining us on today’s call. We look forward to updating you on all of our progress throughout this transformational year at Exact Sciences. Most importantly, thanks to the dedicated team at Exact Sciences for your commitment to our purpose of eradicating cancer. Thank you.

感謝您參加今天的電話會議。我們期待向您通報 Exact Sciences 在轉型之年的所有進展。最重要的是，感謝 Exact Sciences 的專業團隊對我們消滅癌症目標的承諾。謝謝。

That concludes today’s conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。