Exact Sciences Corp (EXAS) 2025 Q3 法說會逐字稿

Hello, and welcome to the Exact Sciences third-quarter 2020 earnings call. All lines have been placed on mute to prevent any background noise. (Operator Instructions)

大家好，歡迎參加Exact Sciences 2020年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。（操作說明）

I would now like to turn the conference over to Derek Leckow. You may begin.

現在我將把會議交給德里克·萊科主持。你可以開始了。

Thank you for joining us for Exact Sciences' third quarter 2025 conference call today, November 3, 2025. On the call today are Kevin Conroy, the company's Chairman and CEO; and Aaron Bloomer, our Chief Financial Officer. Earlier this afternoon, Exact Sciences issued a news release detailing our third quarter financial results. This news release and today's presentation are available on our website at exactsciences.com.

感謝您參加 Exact Sciences 於 2025 年 11 月 3 日舉行的 2025 年第三季電話會議。今天參加電話會議的有公司董事長兼執行長凱文·康羅伊，以及財務長亞倫·布盧默。今天下午早些時候，Exact Sciences 發布了一份新聞稿，詳細介紹了我們第三季的財務表現。這份新聞稿和今天的簡報可在我們的網站 exactsciences.com 上查看。

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 included 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.

在今天的電話會議中，我們將根據目前的預期發表一些前瞻性聲明。我們的實際結果可能與此類說法有重大差異。有關非GAAP財務數據的討論以及與GAAP財務數據的調節表已包含在我們的盈利新聞稿中。有關Exact Sciences相關風險和不確定性的描述已包含在我們的美國證券交易委員會文件中。兩者都可透過我們的網站存取。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Thanks, Derek. The Exact Sciences team delivered record results in the third quarter. Thanks to the team's execution, we're raising our full year 2025 revenue and adjusted EBITDA guidance.

謝謝你，德里克。Exact Sciences 團隊在第三季取得了創紀錄的業績。由於團隊的出色執行，我們提高了 2025 年全年營收和調整後 EBITDA 的預期。

A few highlights from the quarter include growing revenue 20% to $851 million, the highest quarterly growth rate in over two years. This was driven by Cologuard's strong brand awareness, inspiring commercial execution, accelerating health systems integrations and a record number of ordering providers.

本季的一些亮點包括營收成長 20% 至 8.51 億美元，這是兩年多來最高的季度成長率。這得益於 Cologuard 強大的品牌知名度、鼓舞人心的商業執行、加速的醫療系統整合以及創紀錄的訂購供應商數量。

Screening 0.25 million more people in the third quarter versus last year, deepening our relationships with payers and health systems by helping close gaps in guideline recommended cancer screening and launching Cancerguard, our multi-cancer early detection test.

與去年同期相比，第三季篩檢人數增加了 25 萬人，透過幫助縮小指南推薦的癌症篩檢差距，加深了我們與支付方和醫療系統的關係，並推出了我們的多癌種早期檢測測試 Cancerguard。

Our team is focused on continued commercial effectiveness, expanding access to Cologuard Plus, and driving adoption of our new tests to close a strong year.

我們的團隊致力於持續提升商業效益，擴大 Cologuard Plus 的普及範圍，並推動新測試的採用，以期為這一年畫下圓滿的句號。

I will now pass the call to Aaron to discuss our financial results.

現在我將把電話轉給亞倫，由他來討論我們的財務表現。

Thanks, Kevin, and good afternoon, everyone. Total revenue grew 20% year-over-year to $851 million, $43 million above the midpoint of our guidance. Growth was led by screening, which increased 22% year-over-year to $666 million. We saw broad-based Cologuard growth led by strong execution from the commercial organization, care gap programs and rescreens. Precision Oncology revenue increased 12% year-over-year on a core basis to $183 million.

謝謝你，凱文，大家下午好。總收入年增 20% 至 8.51 億美元，比我們預期的中位數高出 4,300 萬美元。成長主要由篩選業務帶動，該業務年增 22%，達到 6.66 億美元。我們看到 Cologuard 實現了全面成長，這主要得益於商業組織的強力執行、護理缺口計劃和複檢。精準腫瘤業務核心營收年增 12%，達到 1.83 億美元。

Growth was led by continued Oncotype DX expansion internationally, US Oncotype DX volumes and partner revenues. We generated $135 million in adjusted EBITDA, an increase of $37 million or 37% year-over-year. Adjusted EBITDA margins expanded 200 basis points to 16%, driven by continued efficiency efforts across our lab, supply chain, G&A and support functions.

成長主要得益於 Oncotype DX 在國際市場的持續擴張、美國 Oncotype DX 銷售的成長以及合作夥伴的收入。我們實現了 1.35 億美元的調整後 EBITDA，比去年同期增加了 3,700 萬美元，增幅達 37%。經過調整的 EBITDA 利潤率成長了 200 個基點，達到 16%，這得益於我們在實驗室、供應鏈、一般及行政管理和支援職能部門持續提高效率的努力。

Non-GAAP gross margins were 71%, down 100 basis points versus last year. The reduction was driven by record care gap shipments, which can cause a temporary timing difference between cost of goods and revenue.

非GAAP毛利率為71%，較去年下降100個基點。此次下降是由於護理缺口出貨量創歷史新高，這可能會導致商品成本和收入之間出現暫時的時間差。

Free cash flow was $190 million during the quarter, an increase of $77 million. This was driven by increased receivables collections following the Cologuard Plus launch and continued working capital improvements. Year-to-date free cash flow is $236 million, an increase of $173 million or 270% year-over-year. We ended the quarter with cash and securities of just over $1 billion.

本季自由現金流為 1.9 億美元，增加了 7,700 萬美元。這主要得益於 Cologuard Plus 上市後應收帳款的增加以及營運資金的持續改善。今年迄今的自由現金流為 2.36 億美元，比去年同期增加了 1.73 億美元，增幅達 270%。本季末，我們持有的現金和證券略高於10億美元。

Turning to guidance. We are raising total full year revenue to between $3.22 billion and $3.235 billion, an increase of $78 million at midpoint. This includes screening revenue between $2.51 billion and $2.52 billion or 20% growth at midpoint, and Precision Oncology revenue between $710 million and $715 million or 9% growth at midpoint.

尋求指導。我們將全年總收入預期上調至 32.2 億美元至 32.35 億美元之間，中間值增加 7,800 萬美元。其中包括篩檢收入在 25.1 億美元至 25.2 億美元之間，以中間值計算成長 20%；以及精準腫瘤學收入在 7.1 億美元至 7.15 億美元之間，以中間值計算成長 9%。

We are raising our adjusted EBITDA guidance to between $470 million and $480 million for the full year or 14.7% adjusted EBITDA margins at this point. Guidance at midpoint implies more than 47% adjusted EBITDA growth or about 300 basis points of adjusted EBITDA margin expansion.

目前，我們將全年調整後 EBITDA 預期上調至 4.7 億美元至 4.8 億美元之間，或調整後 EBITDA 利潤率為 14.7%。中位數指引意味著調整後 EBITDA 成長超過 47%，或調整後 EBITDA 利潤率擴大約 300 個基點。

As stated on our last call, our adjusted EBITDA guidance does not reflect any potential impact from the Freedom licensing agreement. The upfront payment of $75 million will be expensed to R&D upon clearance of HSR and it will not be an add back to adjusted EBITDA.

正如我們在上次電話會議中所述，我們調整後的 EBITDA 指引並未反映 Freedom 授權協議可能帶來的任何影響。預付的 7,500 萬美元將在 HSR 獲得批准後計入研發費用，不會加回調整後的 EBITDA。

Overall, this quarter marks an inflection point in our business. Momentum is building across the company. Operating leverage is expanding and cash generation continues to strengthen. We are well positioned to achieve our 2027 financial targets and create long-term value.

總體而言，本季標誌著我們業務的轉折點。公司各部門的發展動能都在增強。經營槓桿不斷擴大，現金流持續增強。我們已做好充分準備，實現 2027 年的財務目標並創造長期價值。

Back to you, Kevin.

凱文，該你了。

Thanks, Aaron. Strong Cologuard performance was driven by the trust patients, health care providers and health systems have in the Cologuard brand and our commercial organization. The Iconic Cologuard brand is recognized by more than 90% of consumers.

謝謝你，亞倫。Cologuard 的強勁表​​現得益於患者、醫療保健提供者和醫療系統對 Cologuard 品牌和我們商業組織的信任。超過 90% 的消費者都認可標誌性的 Cologuard 品牌。

This brand awareness is driving increased adoption of Cologuard among the 55 million Americans who are not up to date with colorectal cancer screening. To have a trusted diagnostics brand, you need to have best-in-class performance.

這種品牌知名度正在推動 Cologuard 在 5500 萬尚未接受大腸癌篩檢的美國人中的普及。要擁有值得信賴的診斷品牌，就必須具備一流的性能。

Cologuard Plus raised the bar for noninvasive CRC screening tests, demonstrating 95% and sensitivity and 94% specificity. This performance leads to a 40% reduction in false positives compared to the original Cologuard.

Cologuard Plus提高了非侵入性CRC篩檢測試的標準，敏感度達95%，特異性達94%。與原版 Cologuard 相比，此效能可使誤報率降低 40%。

A recent modeling study published in the Journal of the National Cancer Institute showed that Cologuard Plus was the only noninvasive screening option shown to be efficient at guideline recommended intervals in age ranges.

最近發表在《美國國家癌症研究所雜誌》上的一項建模研究表明，Cologuard Plus 是唯一在指南推薦的年齡間隔內有效的非侵入性篩檢方案。

We continue to make progress expanding patient access to Cologuard Plus, including positive coverage decisions from each of the top 10 payers. In the third quarter, we also signed contracts with Aetna and Highmark to bring the added value of Cologuard Plus to their members.

我們持續取得進展，擴大患者獲得 Cologuard Plus 的機會，包括來自前 10 大支付方的積極承保決定。第三季度，我們還與安泰保險公司和海馬克保險公司簽訂了合同，將 Cologuard Plus 的附加價值帶給他們的會員。

Backing the Cologuard brand is our patient center technology platform, ExactNexus. We've spent over a decade building a platform that is deeply integrated within primary care workflows. Our platform connects tens of millions of patient records and integrates access and awareness to accelerate adoption of new tests. Broad insurance coverage, deep provider engagement, health system integrations, and proven product quality allow us to deliver innovative diagnostics efficiently and at scale.

Cologuard 品牌背後的支持是我們的患者中心技術平台 ExactNexus。我們花了十多年時間建構了一個與基層醫療工作流程深度整合的平台。我們的平台連接數千萬份病患記錄，整合了存取和認知功能，以加速新檢測方法的普及應用。廣泛的保險覆蓋範圍、深入的供應商合作、醫療系統整合以及經過驗證的產品質量，使我們能夠高效、大規模地提供創新診斷。

The power of the Cologuard brand and our ExactNexus platform is driving triple-digit growth in a new patient demographic, customer-initiated orders or CIO. This enables individuals to easily request tests ordered online by a telehealth provider directly from their phones.

Cologuard 品牌和我們的 ExactNexus 平台的強大實力正在推動新患者群體、客戶發起的訂單或 CIO 實現三位數成長。這使得個人可以直接透過手機輕鬆地向遠距醫療服務提供者在線上申請檢測。

ExactNexus is eliminating friction points for individuals who know they want to get screened with Cologuard. Our commercial engine continues to deliver strong results. The sales team is energized by territory realignments, AI-powered efficiency tools and new products, Cologuard Plus and Cancerguard.

ExactNexus 正在消除那些知道自己想要接受 Cologuard 篩檢的人的顧慮。我們的商業引擎持續取得強勁的業績。銷售團隊因區域重新劃分、人工智慧驅動的效率工具以及新產品 Cologuard Plus 和 Cancerguard 而充滿活力。

The changes we made are working. In the third quarter, we had over 12,000 providers order a Cologuard test for the first time, the greatest number in over five years. We also saw the number of active ordering providers climbed to over 200,000, a new record. Our commercial team is firing on all cylinders and they're just getting started. All these efforts will have a lasting impact and fuel momentum in Cologuard restraints.

我們所做的改變正在發揮作用。第三季度，超過 12,000 家醫療機構首次訂購了 Cologuard 檢測，這是五年多來的最高數字。我們也看到活躍訂購供應商的數量攀升至 20 萬以上，創下新紀錄。我們的商務團隊火力全開，而這只是個開始。所有這些努力都將產生持久的影響，並推動 Cologuard 約束系統的發展。

Rescreens represent the growing base of patients that rely on Cologuard every three years to stay up to date on colon cancer screening. Today, these patients make up more than one-fourth of our total screening volume.

每三年進行一次複查的患者群體不斷壯大，他們依靠 Cologuard 來了解最新的大腸癌篩檢情況。如今，這些患者占我們篩檢總量的四分之一以上。

In the third quarter, we launched Cancerguard, our multi-cancer early detection test. With the blood draw, Cancerguard screens for more than 50 cancer types and subtypes. This launch is a major step forward in our mission to help eradicate cancer through earlier detection. Today, only 14% of cancers are found through screening. Cancerguard will help address this problem.

第三季度，我們推出了 Cancerguard，這是一款多癌種早期檢測測試產品。透過抽血，Cancerguard 可以篩檢 50 多種癌症類型和亞型。此次發布是我們透過早期檢測幫助根除癌症這項使命向前邁出的重要一步。如今，只有 14% 的癌症是透過篩檢發現的。Cancerguard將有助於解決這個問題。

We are bringing Cancerguard to patients through many channels to maximize patient adoption, including primary care physicians, health systems, concierge practices and our CIO platform. We are leveraging our large sales force to educate providers about Cancerguard.

我們正在透過多種管道向患者推廣 Cancerguard，以最大限度地提高患者的接受度，包括初級保健醫生、醫療系統、私人診所和我們的 CIO 平台。我們正在利用我們龐大的銷售團隊向醫療服務提供者宣傳 Cancerguard。

In the third quarter, we trained the first group of sales reps on Cancerguard. We plan to train our entire screening and precision oncology commercial teams in the US by the end of the year. On October 1, we launched our consumer-initiated ordering platform that allows people to request a Cancerguard test directly from our website and build on the learnings of Cologuard CIO capability.

第三季度，我們對第一批銷售代表進行了 Cancerguard 培訓。我們計劃在年底前完成美國所有篩檢和精準腫瘤學商業團隊的培訓。10 月 1 日，我們推出了消費者自主訂購平台，讓人們直接從我們的網站申請 Cancerguard 檢測，並藉鑒了 Cologuard CIO 的能力。

Starting in the fourth quarter, we are investing in direct-to-consumer marketing, including social media campaigns to drive awareness of Cancerguard, drawing on a decade of consumer marketing experience with Cologuard, these efforts leverage our trusted brand with the message that Cancerguard comes from the makers of Cologuard. We are excited about the launch, and we look forward to sharing more over the next few quarters.

從第四季度開始，我們將投資於直接面向消費者的行銷，包括社群媒體活動，以提高人們對 Cancerguard 的認識。憑藉我們在 Cologuard 上累積的十年消費者行銷經驗，這些努力將利用我們值得信賴的品牌，傳遞 Cancerguard 來自 Cologuard 製造商的訊息。我們對此次發布感到非常興奮，並期待在接下來的幾季中與大家分享更多資訊。

Our Precision Oncology team continues to be a global platform for growth. Oncotype DX delivered solid order growth globally in the third quarter. The strong summer was supported by effective commercial execution and the recent expansion in screening guidelines to include younger age groups.

我們的精準腫瘤團隊將繼續成為一個全球性的發展平台。Oncotype DX 第三季全球訂單實現穩健成長。夏季的強勁增長得益於有效的商業執行以及篩檢指南近期擴大範圍，涵蓋了較年輕的年齡層。

We are seeing positive momentum across our Precision Oncology portfolio, including OncoExTra, Riskguard and our recently launched MRD test Oncodetect. The Oncodetect launch is progressing well. We're seeing encouraging utilization in colorectal cancer and meaningful traction in breast cancer driven by synergies with Oncotype DX.

我們看到精準腫瘤產品組合呈現正面勢頭，包括 OncoExTra、Riskguard 和我們最近推出的 MRD 檢測 Oncodetect。Oncodetect 的發布進展順利。我們看到，在結直腸癌領域，該療法的應用令人鼓舞；在乳癌領域，由於與 Oncotype DX 的協同作用，該療法也取得了顯著進展。

Turning to our pipeline. One of our guiding R&D principles is to invest in areas where we can help patients the most. We have broad technological capabilities through our multi-omic platform, including our proprietary PCR and also deep next-generation sequencing capabilities.

接下來我們來看看我們的管道。我們的研發指導原則之一是投資於我們能夠最大程度幫助病患的領域。我們透過多組學平台擁有廣泛的技術能力，包括我們專有的 PCR 和深度下一代定序能力。

These technologies form the backbone of our novel tests. Our platform allows us to advance multiple single cancer screening tests in areas of significant needs such as liver, esophageal and endometrial cancers. Current screening methods for these cancers are outdated and lack effectiveness.

這些技術構成了我們新型測試的基石。我們的平台使我們能夠在肝癌、食道癌和子宮內膜癌等急需領域推進多種單一癌症篩檢測試。目前針對這些癌症的篩檢方法已經過時，缺乏有效性。

Next week, at the liver meeting, the flagship International Congress hosted by the American Association for the Study of Liver Diseases, we will present ONCOGUARD liver data from the ALTUS study, A-L-T-U-S. This readout underscores the test potential to transform liver cancer surveillance for at-risk populations.

下週，在由美國肝病研究協會主辦的旗艦國際會議——肝臟會議上，我們將展示來自 ALTUS 研究的 ONCOGUARD 肝臟數據。此結果凸顯了此檢測方法在改變高風險族群肝癌監測方面的潛力。

During the fourth quarter, we will share data supporting Oncodetect use in triple-negative breast cancer. In 2026, we also look forward to sharing clinical validation data in launching the next-generation version of Oncodetect that leverages our Maestro technology.

第四季度，我們將分享支持 Oncodetect 在三陰性乳癌中使用情況的數據。2026 年，我們也期待分享臨床驗證數據，推出利用我們 Maestro 技術的下一代 Oncodetect。

We are investing in MRD evidence generation to support reimbursement and adoption. We have over 10 clinical validation studies planned over the next few years, including four key studies in breast cancer, colorectal cancer and pan tumor indications.

我們正在投資 MRD 證據生成，以支持報銷和推廣。未來幾年，我們計劃進行 10 多項臨床驗證研究，其中包括四項針對乳癌、大腸癌和泛腫瘤適應症的關鍵研究。

I'm very proud of the strong third quarter the Exact Sciences team delivered. Our best-in-class products, trusted brands, patient-centered platform and commercial execution provide a foundation for long-term growth as we continue to make transformative new tests available to physicians and their patients who need them. We're now happy to answer your questions.

我對Exact Sciences團隊第三季所取得的優異成績感到非常自豪。我們一流的產品、值得信賴的品牌、以患者為中心的平台和商業執行力為長期成長奠定了基礎，我們將繼續為需要的醫生及其患者提供變革性的新檢測方法。現在我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hi, Kevin. Thanks for taking my question and congrats on nice spring here. My one question is on just the performance in the third quarter, quite remarkable here for screening. Can you talk about what drove the speed, right? Was this care gap versus screens versus first-time rescreens. And related to that, I think the Street is looking at like 14% screening growth for 2026.

嗨，凱文。感謝您回答我的問題，也恭喜您這裡春天過得愉快。我的問題僅針對第三季的表現，就篩選而言，這相當出色。你能說說是什麼因素導致了這樣的速度嗎？這是指篩檢與首次複檢之間的照護差距嗎？與此相關的是，我認為華爾街預計 2026 年的螢幕使用量將成長 14%。

You guys have done 20% year-to-date. So I'm curious on how -- any early comments on 2026.

你們今年迄今完成了 20%。所以我很想知道──對於2026年有什麼初步看法嗎？

Sure. Thank you, Vijay, and I'll let Aaron take the second part of that. But the first part, let's go back a year ago when we had a challenging quarter. The team really came together. I'm incredibly proud of the work that they did to deepen our relationships with health systems to design territories, allowing us to have total ownership of those territories, making more calls with better targeting, stronger messaging.

當然。謝謝你，維傑，剩下的部分就交給亞倫吧。但首先，讓我們回到一年前，當時我們經歷了一個充滿挑戰的季度。團隊真正團結一致。我為他們所做的工作感到無比自豪，他們深化了我們與醫療系統的關係，劃分了區域，使我們能夠完全擁有這些區域，進行更多有針對性的電話溝通，傳遞更強有力的信息。

So that you can really bring the Cologuard brand, which is known for its high strong test performance, sensitivity and specificity. Through our ExactNexus platform and then also bringing new products. So this is a total commitment on the part of leadership.

這樣你就可以真正引進 Cologuard 品牌，該品牌以其強大的檢測性能、靈敏度和特異性而聞名。透過我們的 ExactNexus 平台，並持續推出新產品。這是領導階層的全面承諾。

And really more so on the part of our frontline sales force, our team members who are out there every day doing important work. And that's both on the screening side and the precision oncology side. So we could not be more proud of the work that is done and we think that -- this sets us up for lasting growth and a flywheel effect.

尤其對於我們的第一線銷售人員，那些每天都在外奔波從事重要工作的團隊成員來說更是如此。無論是篩檢方面還是精準腫瘤學方面，都是如此。因此，我們對所做的工作感到無比自豪，我們認為——這將為我們實現持久成長和良性循環奠定基礎。

So we can get those 50 million Americans, so our not up-to-date was screening screened.

這樣我們就可以對那 5000 萬美國人進行篩檢，讓他們不再需要最新的篩檢。

And then, Vijay, specific to your comment on 2026, I think it's important to keep in mind the long-term guide that we have sitting out there, which is a 15% compounded annual growth rate from 2022 through 2027. And as you referenced, we're obviously accelerating in growth here through the back half of the year.

Vijay，關於你提到的 2026 年，我認為重要的是要記住我們目前設定的長期指導方針，即 2022 年至 2027 年的複合年增長率為 15%。正如您所提到的，我們顯然在今年下半年加速成長。

The full year guide for screening is at 20%. The back half of the year is obviously even north of that. And so obviously, we're pacing ahead of our long-term goal, but it's important to note, our normal practice would be to provide our 2026 guidance at our next earnings call as we review the fourth quarter and look ahead to next year.

全年篩檢指引率為 20%。下半年的情況顯然還要更糟。因此，很顯然，我們目前的進展超過了我們的長期目標，但需要注意的是，我們通常的做法是在下次財報電話會議上提供 2026 年的業績指引，屆時我們將回顧第四季度並展望明年。

Obviously, as Kevin alluded to, really pleased with the progress on the commercial side, the momentum that we have with care gaps and then there's a lot of work we have to do in the coming months on Cologuard plus contracting as well.

正如凱文所暗示的那樣，顯然，我們對商業方面的進展非常滿意，我們在護理缺口方面也取得了進展，接下來的幾個月裡，我們在 Cologuard 和合約方面還有很多工作要做。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

Hey, thanks. Two hopefully quick ones. Aaron, maybe just on the care gap strength. How should we think about that continuing and then impact on margins going forward? And then for Kevin, can you just talk a little bit more about the Cancerguard strategy with payers and how you're thinking about reimbursement? Obviously, one of your competitors has a CRC first pass on reimbursement. So how do you kind of think about that as an approach versus where you're headed?

嘿，謝謝。希望兩個問題都能很快解決。亞倫，或許只是在護理缺口方面比較突出。我們應該如何看待這種情況的持續發展及其對未來利潤率的影響？那麼，凱文，你能否再多談談 Cancerguard 與支付方的合作策略，以及你們是如何考慮報銷問題的？顯然，你的某個競爭對手已經獲得了 CRC 的優先報銷資格。那麼，你如何看待這種方法與你未來的發展方向之間的關係呢？

So on the first part, Tycho, we had a record quarter in terms of our Care gap business. We had our largest orders go out in the third quarter. And how we're thinking about this is we're really investing in our care gap program. Obviously, it's slightly lower gross margins but highly accretive to the total bottom line. And this is really giving us an opportunity to partner with payers, helping them achieve their quality measures.

所以，Tycho，就第一部分而言，我們在護理缺口業務方面取得了創紀錄的季度業績。我們最大的訂單都是在第三季發出的。我們正在認真考慮如何彌補醫療服務缺口。顯然，雖然毛利率略低，但對總利潤的提升效果非常大。這確實給了我們一個與支付方合作的機會，幫助他們實現品質指標。

It's also really helping us with patients, getting more and more of that 50 million to 55 million patients out there and get them up to date with screening. And so we view this as an investment that's really bringing accelerated growth here in the back half of the year, that obviously has both near-term as well as long-term patient and financial impact.

這也確實幫助我們更好地服務患者，讓越來越多的5000萬到5500萬患者接受篩檢，並及時更新他們的健康狀況。因此，我們認為這是一項真正能在今年下半年帶來加速成長的投資，顯然會對病患和財務產生近期和長期的影響。

As it relates to the gross margins, we would expect to see an uptick in the fourth quarter as we would have less care gap shipments go out in the fourth quarter relative to Q3 and again, as a reminder, these are typically back-half weighted. I think we've said in the past, more than two-third of the revenue kind of comes in the back half of the year.

就毛利率而言，我們預計第四季毛利率會上升，因為與第三季相比，第四季護理缺口產品的出貨量會減少。再次提醒大家，這些出貨量通常集中在下半年。我想我們之前說過，超過三分之二的收入都來自下半年。

Yeah. As for the second question, as we talked about with Cancer Guard, Cancer Guard is priced at $689 distinct from other Medicare covered tests. We think the approach is being taken by others. It's an interesting approach.

是的。至於第二個問題，正如我們之前在 Cancer Guard 中提到的，Cancer Guard 的定價為 689 美元，與其他 Medicare 涵蓋的檢測項目不同。我們認為其他人也在採取這種方法。這是一個很有意思的方法。

I think the more sustainable approach given the regulatory context and compliance context is to keep those two tests separate in the Medicare population in terms of the playbook to get coverage across Medicare and commercial payers.

鑑於監管和合規的背景，我認為更永續的做法是在醫療保險人群中將這兩個測試分開，以便制定在醫療保險和商業支付方之間獲得覆蓋的策略。

We think that is a long-term game, and we think that the work that is being done in this field by GRAIL, by Exact, by others, is work that will eventually captivate the payers to recognize the positive impact that screening can have. And that's the way that we look at this space.

我們認為這是一場長期的博弈，我們認為 GRAIL、Exact 和其他機構在這個領域所做的工作，最終將促使支付方認識到篩檢可以帶來的正面影響。這就是我們看待這個領域的方式。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hey guys, thank you for taking the question. Kevin, maybe to stay on the screening side, can you just update us the latest on the time lines around Freenome. I know VQ is looming the FDA would love just an update on some of those time lines. And then on that same topic, just how you're thinking about your internal program? I know you kind of keep it going? Maybe just an update on how you're thinking about the two combined there. I appreciate it.

各位，謝謝你們回答這個問題。Kevin，為了更了解情況，你能給我們更新 Freenome 的最新時間表嗎？我知道VQ即將上市，FDA很想知道一些時間表的最新進展。那麼，關於這個主題，你們是如何考慮內部專案的呢？我知道你一直在努力維持下去？或許可以更新一下你對這兩者結合的看法。謝謝。

Really, thanks for the question. Really no changes there at all in terms of the from Freenome B2 time lines. We expect that data to be presented in conjunction with a scientific conference sometime in the next few months. In terms of our internal program, yes, that continues. We haven't given more of an update there other than to say the Freenome test is now the exact test.

非常感謝你的提問。從 Freenome B2 的時間軸來看，實際上沒有任何變化。我們預計這些數據將在未來幾個月內的某個科學會議上公佈。就我們的內部計劃而言，是的，它仍在繼續。除了說明 Freenome 測試現在是確切的測試之外，我們沒有提供更多更新資訊。

We're really looking forward to making that available to physicians and patients through our deep network of providers that we have a relationship with over 200,000 ordering in the last quarter, over 250,000 total and our incredible commercial reach. So we're excited about bringing our blood test subject to regulatory approvals to clinicians and to patients.

我們非常期待透過我們龐大的供應商網絡，將這項服務提供給醫生和病人。上個季度，我們與該網路建立了超過 20 萬個訂單，總計超過 25 萬個訂單，再加上我們強大的商業影響力，我們能夠更好地服務醫生和患者。因此，我們很高興能在獲得監管部門批准後，將我們的血液檢測產品帶給臨床醫生和患者。

Dan Brennan, Cowen

丹布倫南，考恩

Hi there, thanks for taking the question. Just wanted to hear about kind of the Cologuard to Cologuard plus Sunset plan. I would imagine, it sounds like you're more aligned with payers than ever and payers would want to have their members on the better test. So I just wanted to kind of hear about how you're thinking of pacing?

您好，感謝您回答這個問題。只是想了解 Cologuard 升級到 Cologuard Plus Sunset 的方案。我想，聽起來你們比以往任何時候都更傾向於與支付方保持一致，而支付方也希望他們的會員能夠接受更好的測試。所以我想聽聽你對節奏把控的看法？

Well, thanks for the question. And yes, the Sunset plan is -- it's in the works. We -- I haven't provided public details of that at the appropriate time we will. What's important is what you pointed out is that Cologuard Plus is a better test. There's no screening test that we're aware of that has 95% sensitivity and 94% specificity, no noninvasive test.

謝謝你的提問。是的，日落計劃——它正在製定中。我們——我還沒有公開相關細節，我們會在適當的時候提供。重要的是你指出的這一點，即 Cologuard Plus 是一款更好的檢測產品。據我們所知，目前還沒有任何篩檢測試能夠達到 95% 的靈敏度和 94% 的特異性，也沒有任何非侵入性測試。

And as a result, we are in active discussions with payers. The top 10 payers were proud to report of all covered Cologuard. So they've issued a positive policy decision that Cologuard Plus is covered. And now we're in discussions with 6 of the remaining 10 to contracts.

因此，我們正與支付方積極進行磋商。排名前 10 名的支付方自豪地報告了所有 Cologuard 的承保範圍。因此，他們發布了一項積極的政策決定，Cologuard Plus 已納入醫療保險範圍。現在我們正在與剩餘 10 家公司中的 6 家洽談合約事宜。

So for our contracted, six remain. And -- the -- there's a long list of additional smaller payers that we are focused on as well. And at some point next year, we will sunset Cologuard so that Cologuard Plus will be the test available to all patients. We think that's the right thing to do. It's incredible technology.

所以，我們簽約的人員還剩下六人。此外，我們也關注許多其他規模較小的付款方。明年某個時候，我們將停止使用 Cologuard，屆時 Cologuard Plus 將成為所有患者可用的檢測方法。我們認為這樣做是對的。這項技術太不可思議了。

It's differentiated and it's good for patients.

它具有差異化優勢，對患者有益。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Hey guys, thanks for the question. Maybe just on your overall portfolio. You have some new products now with Oncodetect now covered by Medicare. -- in Cancer Guard launching. Are either of those material contributors in 25? And how should we think about measurements for success as those ramp in '26?

大家好，謝謝你們的提問。或許只是對你的整體投資組合而言。您現在有一些新產品，例如 Oncodetect，現在已納入聯邦醫療保險 (Medicare) 的報銷範圍。 ——Cancer Guard 也即將上市。這兩位是第 25 位的重要貢獻者嗎？那麼，隨著這些措施在 2026 年逐步實施，我們該如何看待成功的衡量標準呢？

Thanks, Catherine. We do have these wonderful new products. As we've said from the beginning of the year, we don't expect them to be material in terms of the overall mix. of revenues over time, we expect them to be very material. And those are big markets.

謝謝你，凱瑟琳。我們確實有這些很棒的新產品。正如我們年初所說，我們預期它們在整體收入組成中佔比不會很大。但隨著時間的推移，我們預期它們在收入佔比中將佔據非常重要的地位。而且這些都是很大的市場。

They take time to penetrate. And we are pleased in terms of how they are progressing Cancerguard, of course, just launched within the last couple of months. And as a result, that's nascent. But we're excited about what we're seeing and the growth that we have seen, not only week over week, but day over day. And we have big expectations there.

它們需要時間才能滲透。當然，我們對 Cancerguard 的進展感到滿意，該產品是最近幾個月才推出的。因此，它還處於萌芽階段。但我們對目前的情況和所取得的成長感到興奮，這種成長不僅體現在每週的成長上，也體現在每天的成長上。我們對此寄予厚望。

And with Oncodetect, and I'm sure there will be more questions more in depth there. But we are doing all of the things you need to do in terms of getting the scientific evidence to secure a broad base of coverage so that we can go out there and serve patients in this large and growing opportunity. It's -- we're excited about it.

至於 Oncodetect，我相信那裡會有更多更深入的問題。但是，我們正在盡一切努力獲取科學證據，以確保廣泛的覆蓋範圍，以便我們能夠抓住這個巨大且不斷增長的機會，為患者提供服務。我們對此感到非常興奮。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Thanks. Good afternoon. Aaron, could you give us a sense of what Cologuard Plus contributed to screening growth in the quarter? And where you see that mix exiting the year? And Kevin, would be great to get an update just on care gap compliance and how that's playing out. And if you've been able to move the needle more using your compliance engine maybe relative to where you were 12 months ago .

謝謝。午安.Aaron，你能為我們介紹一下 Cologuard Plus 在本季對篩檢成長的貢獻嗎？你認為這種組合在年底時會處於什麼位置？凱文，非常希望能了解醫療缺口合規情況以及進展如何。如果你的合規引擎能讓你有更大的進步，那麼相對於12個月前的情況來說，結果可能會更好。。

Brandon, thanks for the questions. On the first part, as it relates to Cologuard Plus, so when we originally did the guide for the year, we expected a couple of points in terms of contribution to growth coming from Cologuard plus pricing and mix.

布蘭登，謝謝你的提問。第一部分與 Cologuard Plus 有關，因此，當我們最初制定年度指南時，我們預計 Cologuard Plus 的定價和組合將對成長做出幾項貢獻。

What we saw in the third quarter, just given some of the progress we had made and updated everybody on the last call with Medicare and two of the top 10 payers, we were kind of in the 200 to 300 basis points range in terms of price impact on overall screening growth rates.

根據我們在第三季度取得的一些進展，以及我們在上次與聯邦醫療保險和十大支付方中的兩家進行的電話會議上向大家匯報的情況，我們在價格對整體篩檢增長率的影響方面，大致達到了 200 到 300 個基點。

With now having four of the top 10 plus Medicare, we would expect kind of in the 300 to 400 basis points impact on growth in terms of the fourth quarter. And you kind of package that all together, those four payers plus Medicare represent approximately 30% of our volume, which is where we will be exiting then as we head into 2026. And as Kevin alluded to earlier, obviously, in active discussions with the remaining top payers as well.

現在前 10 名中有 4 名加上 Medicare，我們預計這將對第四季度的成長產生 300 到 400 個基點的影響。把所有這些加起來，這四家支付方加上聯邦醫療保險約占我們業務量的 30%，而隨著我們進入 2026 年，我們將逐步退出這一領域。正如凱文之前提到的那樣，顯然，他也在與其餘的主要出資方積極進行討論。

Brandon. In terms of care gap compliance, let me first just remind folks what Karapirgap is what we referred to payers who are approaching us to help them improve their CRC screening rates within their membership. And unfortunately, again, about half of the population in the US eligible for colon cancer screening is not up today. And payers care about it.

布蘭登。關於護理缺口合規性，首先讓我提醒大家甚麼是 Karapirgap，我們指的是那些聯繫我們以幫助他們提高會員中 CRC 篩檢率的支付方。不幸的是，美國約有一半符合大腸癌篩檢條件的人口今天還沒有接受篩檢。支付方也很在意這一點。

Health systems also care deeply about getting more of their member. Screening capacity is limited with GIs having pretty much full capacity across the country. So what is occurring is they're approaching us to help get an order initiated prescribed by a physician so that the patient gets a Cologuard kit.

醫療系統也非常重視如何提高會員數。篩檢能力有限，全國各地的胃腸道篩檢中心幾乎都已滿載運轉。所以現在的情況是，他們聯繫我們，希望我們能幫助他們獲得醫生開立的處方，以便患者能夠獲得一套 Cologuard 試劑盒。

In terms of compliance, we see room for improvement there, Brandon. In terms of total volumes, we're seeing a significant year-over-year increase. As you may know, programs, care gap program started about 20 years ago. That has been the predominant way to fill those care gaps.

布蘭登，就合規性而言，我們認為還有改進的空間。從總量來看，我們看到年比顯著成長。如您所知，護理缺口計劃大約在 20 年前啟動。這是填補這些醫療服務缺口的主要方式。

Many payers and now health systems are converting to Cologuard because they see an opportunity to secure a longer duration of somebody being screened and therefore, getting three years of credit versus one-year of credit.

許多支付方和醫療系統正在轉向使用 Cologuard，因為他們看到了一個機會，可以確保某人接受篩檢的時間更長，從而獲得三年而不是一年的信用額度。

And then also they have fallen in love with our compliance engine, our ability to engage with patients. But the patients that we get are typically people who have refused screening over and over again. So I think it's just going to take more work for us to get the uplift we know we can with care gap compliance. We're pleased with the volume increase and the people we're getting screened that this, over time, we think can be even more impactful.

此外，他們也對我們的合規機制以及我們與患者互動的能力讚不絕口。但我們接診的患者通常是那些屢次拒絕篩檢的人。所以我認為，要實現我們透過醫療缺口合規所能達到的提升，我們還需要付出更多努力。我們對篩檢數量的增長以及接受篩檢的人群感到滿意，我們認為隨著時間的推移，這將產生更大的影響。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, hi, guys, thanks for taking my questions. First one, just wanted to understand the six commercial payers that are not in paying for Cologuard under the contracted rate. When do you think they will be contracted, if you can provide some time line on that? I'm just wondering, Kevin, on CRC blood, how are you thinking about pricing? And if the data was positive for V2, how are you thinking about pricing there?

嗨，各位，謝謝你們回答我的問題。首先，我想了解一下有哪些六家商業保險公司沒有以合約價格支付 Cologuard 的費用。您認為他們何時會簽訂合約？能否提供一下大致的時間表？Kevin，我想問你，關於CRC血液，你對定價有什麼想法？如果 V2 的數據是正面的，你們打算如何定價？

So in terms of the contracting for Cologuard Plus with the remaining top 10 -- all I can say, Puneet, is that we continue to work with those payers. Eventually, we will sunset Cologuard and move all payers -- really move all patients to the newer and better tests.

所以，關於與剩餘前 10 名支付方簽訂 Cologuard Plus 合約的問題——Puneet，我只能說，我們將繼續與這些支付方合作。最終，我們將停止使用 Cologuard，並將所有支付方——實際上是將所有患者——轉移到更新、更好的檢測方法。

We have great relationships with the payers, and we have high hopes for getting that done sooner rather than later. So we won't be providing time lines there, but it's -- we're making strong progress. And then in terms of CRC blood pricing, we haven't decided that yet.

我們與付款方保持著良好的關係，我們非常希望能夠盡快完成這項工作。因此我們不會提供具體時間表，但是——我們正在取得顯著進展。至於CRC血液定價，我們還沒決定。

Our philosophy around how we price our test is to secure the broadest access and impact. If you look at the effectiveness of a screening program, it equals the sensitivity of a test times the access that people have for the tax tests and compliance. And those factors are the factors that impact screening. Access is so important. Commercial payers are sensitive to price and they look at the performance of a test as part of that mix.

我們制定測試定價策略的理念是確保最廣泛的覆蓋率和影響力。如果考察篩檢項目的有效性，它等於測試的靈敏度乘以人們獲得稅務測試和合規性的機會。而這些因素正是影響篩檢的因素。取得醫療資源至關重要。商業保險公司對價格很敏感，他們會將檢測的表現作為考量因素之一。

So that's been our philosophy, how we end up pricing a blood test is probably going to be within our greater philosophy of bringing value to patients and to payers in a greater health care ecosystem. We think it's 1one of the reasons Cologuard has been such a wonderful success because of where we priced it relative to colonoscopy.

所以這就是我們的理念，我們最終如何為血液檢測定價，很可能要符合我們更大的理念，即在更廣泛的醫療保健生態系統中為患者和支付方帶來價值。我們認為，Cologuard 之所以取得如此巨大的成功，其中一個原因就是我們將其定價與大腸鏡檢查的價格比較合理。

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

Thank you and good afternoon. Just had a couple financial ones I wanted to ask. First is just more color on the $150 million cost savings program you've talked about in the past. Just how is that progressing and how you think that steps up into 2026.

謝謝，下午好。我有一些關於財務方面的問題想問一下。首先，我想更詳細地介紹您之前提到的1.5億美元的成本節約計畫。進展如何？您認為到 2026 年又會如何發展？

And then last quarter, you had the accounts receivable stepped up because of the timing of the Cologuard Plus payments. I was just wondering if you were fully caught up on that. It looked like yes, but one in confirmation.

然後上個季度，由於 Cologuard Plus 付款的時間安排，你們的應收帳款增加了。我只是想問你是否已經完全了解了這件事。看起來像是，但還需要一次確認。

Jack. So on the first piece around the productivity program, really pleased with the progress that we've made. Just as a reminder, what we committed to was to deliver $150 million in savings in 2026, which would be about $100 million year-over-year impact. We're progressing very nicely against that. The actions that we need to take to deliver against that have been taken.

傑克。所以，關於生產力提升計畫的第一部分，我們對所取得的進展非常滿意。再次提醒大家，我們承諾在 2026 年實現 1.5 億美元的節約，這將比前一年節省約 1 億美元。我們在應對這一問題上進展非常順利。為實現這一目標，我們需要採取的行動已經採取。

If you think about the other component to that is the onetime expenses. And last quarter, we guided to kind of $90 million to $95 million in 2025 and then $105 million to $120 million in total. We're going to come in a little bit lighter on that, which is a good thing. So we now expect approximately $85 million in terms of onetime expenses for this year. So making good progress and the team is executing against that nicely.

如果你考慮到另一部分，那就是一次性支出。上個季度，我們預計到 2025 年將達到 9,000 萬美元至 9,500 萬美元，然後總計達到 1.05 億美元至 1.2 億美元。我們在這方面會稍微減少一些投入，這是一件好事。因此，我們預計今年的一次性支出約為 8500 萬美元。所以目前進展順利，團隊也很好地執行了相關任務。

As it pertains to the AR, yes, all of the AR from Q2 related to Cologuard Plus has now been collected on in the third quarter. And maybe just take a step back on just the progress that the teams have made across Exact to really lean in and deliver record amounts of free cash flow for the company.

關於應收帳款，是的，第二季與 Cologuard Plus 相關的所有應收帳款現已在第三季收回。或許我們應該回顧一下 Exact 各個團隊的進展，他們真正全力以赴，為公司創造了創紀錄的自由現金流。

On a year-to-date basis, we're at $236 million. And obviously, the strength in the third quarter obviously came from collecting on the Cologuard Plus claims, but also all of the progress that the teams have really made in terms of working capital. improvements.

今年迄今為止，我們的收入為 2.36 億美元。顯然，第三季的強勁表現主要得益於 Cologuard Plus 索賠的收款，以及團隊在營運資金改善方面取得的顯著進展。

So inventory optimization as well as renegotiation of payment terms with suppliers. So really, really pleased with the progress that the team has made across the company.

因此，需要進行庫存優化，並與供應商重新協商付款條款。我對團隊在公司各方面的進展感到非常滿意。

Dan Brennan, [Talend]

丹布倫南[Talend]

Maybe just one. I know Aaron in the past is typically updated in terms of the contribution within the screening guide between the different buckets, whether it's first-time users or GAAP seen you've given some color on if you can aggregate that, like how you're thinking about that for the year and for the fourth quarter?

或許就一個。我知道 Aaron 過去通常會更新不同使用者群體在篩選指南中的貢獻情況，無論是首次使用者還是 GAAP 用戶。我看到你已經提供了一些關於如何匯總這些資訊的細節，例如你如何看待今年和第四季的情況？

And then just any comment on OpEx sales and marketing kind of was below our expectation. R&D was above. I just wondering kind of what continues to be at into the fourth quarter, how do we think about like the different buckets of an OpEx.

此外，任何關於營運支出、銷售和行銷的評論都低於我們的預期。研發投入高於此。我只是想知道第四季度的情況會如何，我們該如何看待營運支出的不同組成部分。

Thanks, Dan. So we saw broad growth in the third quarter, really across all lines of business. And no matter which way you cut it 50-plus, 45 to 49 rescreens, care gaps, CIO all elements of the business was growing north of double digits.

謝謝你，丹。因此，我們在第三季看到了全面成長，實際上是所有業務線都實現了成長。無論從哪個角度來看，50歲以上、45至49歲復診、護理缺口、首席資訊官，所有業務要素的成長都超過了兩位數。

So really pleased with the progress. All of the commercial improvements that Kevin alluded to earlier, we're really seeing that flow through, not only in the leading indicators and the sales rep productivity, but now obviously also into volumes.

對目前的進展非常滿意。Kevin 先前提到的所有商業改進，我們確實看到了成效，不僅體現在領先指標和銷售代表的生產力上，而且現在顯然也體現在銷售上。

We talked at length already about care gap and the record amount of volume that we're seeing there as well. Just in terms of some of the OpEx items, yes, R&D spend did step up a little bit in Q3. we would expect similar levels of spending in Q4. A lot of that is tied to all of the clinical evidence generation and the work we're doing to continue to improve our Oncodetect test and get additional cancer indications on that into the future.

我們之前已經詳細討論過醫療服務缺口以及我們目前看到的創紀錄的就診量。就部分營運支出項目而言，是的，研發支出在第三季確實略有增加。我們預計第四季的支出水準將與此類似。這很大程度上與臨床證據的產生以及我們為不斷改進 Oncodetect 檢測並在未來獲得更多癌症適應症所做的工作有關。

In terms of sales and marketing, Kevin talked about that earlier as well, but we would expect and are investing in our Cancerguard launch, particularly as it pertains to marketing and then you'll probably start to see whether you're watching on YouTube or Netflix or any of the other social channels, you'll start to see some cancer card adds start to take flight here as soon as this week.

關於銷售和行銷方面，凱文之前也談到過，但我們預計並正在投資我們的 Cancerguard 產品發布，尤其是在行銷方面，然後您可能會開始看到，無論您是在 YouTube、Netflix 還是任何其他社交管道上觀看，您都會在本週開始看到一些癌症卡片廣告開始投放。

Doug Schenkel, Wolf Research.

道格‧申克爾，狼研究公司。

Just a couple of questions. So first on reality, the fourth quarter has typically been a seasonally weaker quarter due to the holiday season. Obviously, your guidance implies -- this is not the case this year. Some of that, I think, is just the assumption that ASP is going to increase sequentially. I think the balance of that is care gap.

幾個問題。首先，從實際情況來看，由於假日的原因，第四季通常是季節性淡季。顯然，你的指導意見暗示——今年情況並非如此。我認為，部分原因是人們假設平均售價會逐年上漲。我認為關鍵在於解決護理缺口。

Do I have that right? And if so, is that probably the right way to think about your business moving forward, meaning not just this year?

我理解對嗎？如果是這樣，那麼這是否是思考企業未來發展（而不僅僅是今年）的正確方式？

And then my second question is on CRC blood, it may be too early, but I'll ask anyway. I'm just wondering if you have a good handle on how to manage that launch in a way where there is no channel conflict. And as we think about the P&L, at least in terms of gross profit per test, is there a way to price that test in a way where there's -- we're going to see the same level of gross profitability whether it's stool or blood. Again, it's early, but just curious if you guys have given any thought to that, that you'd be willing to share?

我的第二個問題是關於CRC血液檢查的，現在問可能有點早，但我還是想問一下。我只是想知道你是否已經很好地掌握瞭如何管理這次發布，以避免頻道衝突。當我們考慮損益表時，至少就每次檢測的毛利而言，有沒有辦法對檢測進行定價，使得無論是糞便檢測還是血液檢測，我們都能獲得相同的毛利水平？現在說這個還太早，但我只是好奇你們有沒有考慮過這個問題，是否願意分享一下你們的看法？

I'll start maybe the first piece there, Doug, just on the seasonality. Paragraphs obviously are just with the tremendous demand that we're seeing from payers are becoming a larger part of our business. And again, given the lumpy nature that those programs have, i.e., they're back-end loaded.

道格，我或許可以先從這方面入手，談談季節性。顯然，段落的出現正是為了滿足支付方龐大的需求，這正逐漸成為我們業務中越來越重要的組成部分。此外，考慮到這些程式的不穩定性，即它們是後端加載的。

That certainly would distort some of the more traditional seasonality trends that we had in our business. And I would just flag in particular, when you think about this Q4 guide and then what that implies for a typical Q4 to Q1 step down in terms of sequential growth as we head into and again, all driven by the strength and demand in our care gap programs.

這肯定會扭曲我們業務中一些較傳統的季節性趨勢。我特別想指出，當你考慮這份第四季度指南時，以及它對典型的第四季度到第一季度連續增長放緩的影響，因為我們即將進入……而且這一切都是由我們護理缺口計劃的強勁勢頭和需求所驅動的。

You did hit on pricing. Pricing will be up slightly sequentially from 3Q to 4Q, but that's really only about 100 basis points in terms of the overall uplift.

你的定價策略確實很到位。從第三季度到第四季度，價格將略有上漲，但就整體漲幅而言，實際上只有大約 100 個基點。

And for the second part of the question, Doug, around CRC blood and our launch of our CRC team license from we will take lessons from the launch of Cologuard and the launch of Cologuard cost and our unbelievable analytics around what patients have refused Cologuard or even colonoscopy over time so that we can get the right test to the right patient at the right time. And that right test may be a blood test for a patient who has consistently refused colonoscopy or semis.

至於問題的第二部分，Doug，關於 CRC 血液檢測以及我們 CRC 團隊許可證的推出，我們將從 Cologuard 的推出和 Cologuard 的成本以及我們對哪些患者拒絕 Cologuard 甚至結腸鏡檢查的令人難以置信的分析中吸取經驗教訓，以便我們能夠在正確的時間為正確的患者提供正確的檢測。對於一直拒絕接受大腸鏡檢查或半身鏡檢查的患者來說，正確的檢查方法可能是血液檢查。

So that's important. It's -- there are a huge number of people that are in that refuser camp and getting them tested with asset as lower performance is better than no test at all for sure. we will price that in a way so that we can maintain margins as much as possible. But we just don't see conflict here because we'll be out there educating physicians, clinicians, PAs, nurses about what patient population is appropriate for a test.

所以這一點很重要。確實有很多人屬於拒絕測試的陣營，讓他們接受性能較低的資產測試肯定比完全不測試好。我們會合理定價，盡可能維持利潤率。但我們不認為這裡有衝突，因為我們會向醫師、臨床醫師、助理醫師、護理師普及哪些病患群體適合接受某項檢查。

So we think of this has expanded. The way we think about this program is expansive to where we are today with growth. And because of the fact there are 50 million people not up to date with screening, there's plenty of room for growth. significant growth with Cologuard and with our CRC blood test.

所以我們認為這方面已經擴大了。我們對這個計畫的思考方式是放眼未來，並隨著發展而不斷擴展。由於有5,000萬人沒有及時接受篩檢，因此成長空間龐大，Cologuard和我們的CRC血液檢測將帶來顯著成長。

Andrew Brackmann, William Blair.

安德魯·布拉克曼，威廉·布萊爾。

Hi, good afternoon. Thanks for taking the question. Kevin, I think you made a comment that you're seeing encourage you signaled that with the MRD launch and in particular, in the indication -- anything more you can share with respect to how you're sort of thinking about the halo effect that oncotype that indication in particular? Any signals or color that you can provide there?

您好，下午好。感謝您回答這個問題。Kevin，我認為你曾說過，你看到了令人鼓舞的消息，你也暗示了這一點，隨著 MRD 的推出，尤其是在適應症方面——關於你如何看待 Oncotype 在該適應症方面的光環效應，你還有什麼可以分享的嗎？您能提供任何訊號或顏色嗎？

Yeah. Thanks, Andrew. It's been 21 years of onco among oncologists, surgical oncologists, pathologists, the customer trust us with that tissue block. They trust us in the breast cancer space. So as you think about the adoption curve, in breast cancer, we think that is a natural starting point for us.

是的。謝謝你，安德魯。21年來，腫瘤學家、外科腫瘤學家、病理學家一直信任我們，將組織塊交給我們處理。他們信任我們在乳癌領域的工作。所以，在考慮乳癌領域的採用曲線時，我們認為這是一個很自然的起點。

Also our strength in colon cancer is also a natural starting point. The studies that we are doing in breast cancer include what we call the exact DNA 003 test, which is our study. That's a study enrolling over 1,800 participants. -- with the -- in conjunction with NSABP. And then also, we are enrolling a pan-tumor study that has enrolled across 10 different tumor types, including lung cancer.

此外，我們在結腸癌領域的優勢也是一個天然的切入點。我們正在進行的乳癌研究包括我們稱為精確DNA 003測試的研究，這也是我們的研究方向。這是一項招募了超過 1800 名參與者的研究。 ——與——聯合 NSABP。此外，我們正在進行一項泛腫瘤研究，該研究已納入 10 種不同的腫瘤類型，包括肺癌。

And so we -- the evidence is going to mature and as we get breast cancer coverage, we expect to be able to really start to more deeply penetrate that customer base. And we're excited about the ability to do that.

因此，隨著證據的不斷完善，以及乳癌保險覆蓋範圍的擴大，我們有望真正開始更深入地滲透到客戶群中。我們很興奮能夠做到這一點。

The other thing that will unlock value is the MAESTRO technology which is whole genome approach for our next version, and we expect that to launch through 2026. It would be used to support other indications. It's important to start with breast.

另一項能夠釋放價值的技術是 MAESTRO 技術，它採用全基因組方法，將應用於我們的下一代產品，我們預計將在 2026 年推出。它將被用於支持其他指標。重要的是要從母乳開始。

The ability to look broadly across these thousands of different mutations while reducing the sequencing depth and achieving this ultra low limit of both potential low one part per million at an attractive cost point is a differentiator. And so that is work to be done.

能夠在降低定序深度的同時，廣泛觀察數千種不同的突變，並以有吸引力的成本點實現百萬分之一的超低限值，這是一個差異化優勢。所以，這方面還有很多工作要做。

It's a huge market. It's growing. It's underpenetrated at the current time, and we think that our commercial organization and reputation among oncologists will be a great starting point.

這是一個巨大的市場。它正在增長。目前該領域滲透率較低，我們認為我們的商業組織和在腫瘤學家中的聲譽將是一個很好的起點。

Dan Arias, Stifel.

Dan Arias，Stifel。

Afternoon guys thanks Aaron, maybe just following up on rescreening, what percentage penetration are you assuming that you'll be able to achieve there this year? I know you were thinking mid-50s as a percent back in the starting at the start of the year. That feels a little light just given the strength here, but would love to know just what an updated view would be and whether you think that number should move higher next year.

下午好各位，謝謝 Aaron，關於重新篩選的問題，您預計今年能達到多少滲透率？我知道年初的時候你認為這個數字會達到 50% 左右。考慮到目前的實力，這個數字感覺有點低，但我很想知道更新後的看法是什麼，以及您是否認為明年這個數字應該更高。

So rescreens continue to kind of be in that mid-50s to high 50s. We've continued to make progress on that throughout the year, Dan. I think if you take a step back, one of the things that we're really trying to do is automate the rescreen process. And there's a number of different things that we have in flight. To be able to do that.

所以重映場次仍然維持在 50% 到 50% 左右。丹，我們這一年來一直在朝著這個方向取得進展。我認為，如果我們退後一步來看，我們真正想要做的一件事就是實現複審過程的自動化。我們在飛行中有很多不同的東西。能夠做到這一點。

And what we have said is that over time, we think that we can get that up into the 70% or 75%. And the reason for that is because -- we know that the key to getting people rescreened is getting that prescription. And that once we get the prescription and ship the kit back to that patient, we know that the compliance rate is anywhere from 80% to 95%. And so that's what we're laser-focused on right now. No more to update on that. We'll keep you all posted as to what that means for future financial guidance.

我們說過，隨著時間的推移，我們認為我們可以將這個比例提高到 70% 或 75%。原因在於——我們知道，讓人們重新接受篩檢的關鍵在於獲得處方。一旦我們收到處方並將試劑盒寄回給患者，我們知道依從率在 80% 到 95% 之間。所以，這就是我們目前重點關注的事情。關於此事，無需再做更新。我們會及時向大家通報這對未來的財務指導意味著什麼。

Yeah. The goal really is to automate the screening process so that people get screened and stay screened throughout the duration of the recommended screening time period. That's important. It's one of the unique things that we can do with Cologuard and the ExactNexus platform that we have invested so heavily in over the last decade.

是的。真正的目標是實現篩檢過程的自動化，以便人們能夠接受篩檢，並在建議的篩檢時間內持續接受篩檢。這很重要。這是我們利用 Cologuard 和 ExactNexus 平台所能做的獨特事情之一，我們在過去十年中對這兩個平台進行了大量投資。

Bill Bonello, Craig-Hallum.

比爾·博內洛，克雷格-哈勒姆。

Hey guys, thanks a lot. I wanted to follow up on the telehealth comment that you made consumers or patients being able to order directly. Can you just talk a little bit about how that then integrates with a primary care physician, if you have that information or are able to get that information, does that information get channeled back to the PCP. Would the PCP still get quality credit for that patient being screened? Is there any potential conflict there. If the test is ordered via you rather than being prescribed by their PCP?

嘿，夥計們，非常感謝。我想就您之前提到的遠距醫療問題做個補充說明，即消費者或患者可以直接訂購。您能否簡單談談，如果您掌握或能夠獲取這些信息，這些信息是如何與初級保健醫生整合的？這些資訊是否會回饋給初級保健醫生？如果該患者接受了篩檢，初級保健醫師還能獲得品質積分嗎？這其中是否存在潛在衝突？如果這項檢查是由您而不是他們的家庭醫生開立的處方呢？

How do we think about that?

我們該如何看待這個問題？

Well, thanks, Bill. Yes, that's something that we're really sensitive to as we rolled out not only CIO, this customer-initiated ordering but also rescreen and care gap programs. And one of the beautiful things about the ExactNexus platform and the power, which is powered by Epic is that the MyChart account gets integrated ultimately, and we're -- that may take the next couple of years to really bring that to its maximum impact.

謝謝你，比爾。是的，我們在推出 CIO（客戶主動訂購）以及複檢和護理缺口計劃時，對此非常重視。ExactNexus 平台及其強大的功能（由 Epic 提供支援）的優點之一是最終可以整合 MyChart 帳戶，而我們可能需要未來幾年的時間才能真正發揮其最大作用。

That allows patients and physicians to see any type of test that is performed anywhere ultimately gets back into one single electronic medical record. We -- so that then enables a physician to get full credit for all of the screening regardless of whether they initiated it, and allows payers, which are on -- moving to the payer platform that allows them to see that as well. It's a powerful tool, us being on Epic, one of the nodes of Epic really creates the ability for us to do some pretty unique things in terms of managing the health at a population level. This is 1 of those really positive stories.

這樣一來，患者和醫生就可以看到，無論在何處進行任何類型的檢查，最終都會匯總到一個電子病歷中。這樣一來，無論篩檢是否由醫生發起，醫生都能獲得全部的篩檢積分，而支付方（他們正在向支付方平台遷移，以便也能看到這一點）也能夠獲得積分。這是一個強大的工具，我們身處 Epic 平台，Epic 的節點之一確實使我們能夠在人口層面上管理健康方面做一些非常獨特的事情。這是一個非常積極向上的故事。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Great, thanks. I want to follow up on -- I hope you guys on it. I mean, first, the gross margin you called out, I think 100 bps headwind, I think you kind of added to the record care gas strength, just to make sure just relatively you talked about tegaserod 4Q. Is that relatively the same impact you should expect then? And then just to make sure I got it right, reverses in 1Q and 2Q just from the seasonality.

太好了，謝謝。我想跟進一下——希望你們能關註一下。我的意思是，首先，你提到的毛利率，我認為有 100 個基點的逆風，我認為你又增加了創紀錄的護理氣體強度，只是為了確保相對而言，你談到了替加色羅 4Q。那麼，你預期會受到大致相同的影響嗎？然後為了確保我理解正確，第一季和第二季的逆轉只是由於季節性因素造成的。

I just want to make sure I got on pieces right there. And then I'll throw on the follow-up on the same time, to bridge the revenue raise to EBITDA, really solid beat, obviously, a nice raise. But even it didn't come up quite as much. Is that the gross price impact that's different there is a lot of the investments you've heard about earlier, I think when Dan Brennan was asking just kind of talk about the lines between GM and EBITDA?

我只是想確保我把那些部件都拿對了。然後我會同時發布後續報告，以銜接營收成長和 EBITDA，顯然，業績大幅超出預期，成長幅度相當可觀。但即便如此，它出現的頻率也沒有那麼高。毛價格影響是否有所不同？之前你聽過很多投資，我想丹布倫南當時問的就是毛利率和 EBITDA 的差別？

There's a lot of questions there, Mike. I'm going to do my best to unpack all of those. So on the gross margin, piece that we saw in the third quarter. Yes, it was exclusively limited to just kind of the record demand that we saw within our care cap programs.

麥克，這裡面有很多問題。我會盡我所能把所有這些都解釋清楚。所以，關於毛利率，我們在第三季看到了這一點。是的，這完全是因為我們護理基金計畫內出現了創紀錄的需求。

We would actually expect 4Q gross margins to step up -- and if you look at kind of where consensus gross margins are in the fourth quarter, it does imply a step up, and we certainly would expect that as well. And the reason for that is because we don't actually ship as many care gap programs out in the fourth quarter as we do in the third quarter or the second quarter.

我們預期第四季毛利率會有所上升——如果你看看第四季的普遍預期毛利率，你會發現確實存在上升的趨勢，我們確實預期會如此。原因在於，我們在第四季實際推出的護理缺口計畫數量不如第三季或第二季那麼多。

And the reason for that is because the payers, again, really want to try to get patients screened through their PCP early on in the year and then kind of turn to these larger care gap programs as you get into the middle part of the year. They want to ensure that they achieve their quality scores.

原因在於，支付方確實希望在年初就讓患者透過他們的初級保健醫生進行篩檢，然後在年中轉向這些更大的護理缺口計劃。他們希望確保達到品質評分標準。

And so then we would expect an uplift in 4Q as well as then in 1Q of 2026. On your question as it relates to the flow-through and the EBITDA guide, I think it's an important point to you to just kind of take a step back, which is this is going to be our second consecutive year with nearly 50% adjusted EBITDA growth.

因此，我們預計第四季以及 2026 年第一季都會出現成長。關於您提出的與利潤傳遞和 EBITDA 指引相關的問題，我認為對您來說，重要的是要退一步思考，那就是這將是我們連續第二年實現近 50% 的調整後 EBITDA 成長。

The margins in the back half of the year are going to be in the 16% to 17% range and well on our way to achieving the long-term goal that we have of 20% if you look kind of down the P&L line, where we're seeing the most amount of leverage right now continues to be from G&A -- we talked about the productivity plan, G&A as it stands already right now.

下半年的利潤率將在 16% 到 17% 之間，如果我們仔細觀察損益表，就會發現我們正朝著 20% 的長期目標穩步前進。目前，我們看到槓桿作用最大的仍然是管理費用——我們之前討論過生產力計劃，以及目前的管理費用情況。

It will be down about 700 basis points on an adjusted basis versus where we were two years ago. we have said that this year was going to be a year of investment. Some of -- on the R&D side, Kevin just talked about some of the areas we're investing as it pertains to MRD and the clinical evidence generation that we want to generate in that very, very large underpenetrated market.

經調整後，與兩年前相比將下降約700個基點。我們曾說過，今年將是投資之年。在研發方面，凱文剛才談到了我們正在投資的一些領域，這些領域與 MRD 以及我們希望在這個非常非常大的、滲透率很低的市場中產生的臨床證據有關。

And then in the back half of the year, really on sales and marketing expenses, specifically marketing or Cancerguard. Again, very, very large market. We don't have to add sales people to be able to get after that. We really don't want to hang into the large market that exists and we're putting our full back behind that and look forward to sharing updates in coming quarters and years on how that launch is progressing?

然後在下半年，主要集中在銷售和行銷費用上，特別是 Cancerguard 的行銷費用。再次強調，這是一個非常非常大的市場。我們不需要增加銷售人員就能達成這個目標。我們真的不想固守現有的龐大市場，我們正在全力以赴，並期待在未來幾季和幾年分享有關產品發布進度的最新消息？

Subu Nambi, Guggenheim.

蘇布南比，古根漢。

Hey guys, a couple of model cleanup questions and then one topic on Cancerguard. What were the Cologuard ASPs this quarter? Were they up quarter-over-quarter? And did I hear you right the Cologuard volumes grew 250,000 tests year-over-year. That's one.

大家好，我有幾個關於模型清理的問題，還有一個關於 Cancerguard 的話題。本季Cologuard的平均售價是多少？他們在季度環比成長了嗎？我沒聽錯吧，Cologuard 的偵測量比前一年增加了 25 萬次。這是其中之一。

And on the topic of Cancerguard, you have an unparalleled PCP commercial infrastructure. That said, given this is largely a cash pay market at this point, I'm curious how impactful do you expect the PCP commercial infrastructure advantage to be?

至於 Cancerguard，你們擁有無與倫比的 PCP 商業基礎設施。也就是說，鑑於目前這主要是現金支付市場，我很好奇您認為 PCP 商業基礎設施優勢會產生多大的影響？

On your first point, Subbu, the ASPs were up sequentially from Q3 versus Q2, and we would expect them to be up sequentially again in 4Q versus 3Q. And yes, we screened more than 0.25 million people more this quarter than we did a year ago at this time.

關於你的第一點，Subbu，ASP 從第三季到第二季較上季上升，我們預期第四季到第三季也會較上季上升。是的，本季我們篩檢的人數比去年同期增加了 25 萬多人。

To say that again, we screened in this quarter more than 250,000 more patients than we did a year ago. So yes, those are the modeling questions that you had. And then Kevin, maybe you want to take the Cancerguard question.

再說一遍，本季我們篩檢的患者人數比去年同期增加了 25 萬多人。是的，這些就是你們提出的建模問題。然後凱文，或許你想回答關於 Cancerguard 的問題。

Yeah, I think it's a good question as Subbu, as I've. Been out talking with our field reps, one of the things they're acutely aware of is which offices in their territories have patients that would be willing to pay for a cancer guard test. And so that will become an important part of our sales forces conversations. It will get them more access. We believe we're seeing that happen already.

是的，我覺得這是一個很好的問題，就像Subbu一樣，因為我也…我一直在和我們的現場代表交談，他們非常清楚他們轄區內哪些診所的患者願意付費進行癌症檢測。因此，這將成為我們銷售團隊對話的重要組成部分。這將使他們獲得更多機會。我們認為這種情況已經開始出現了。

It is -- you're bringing up a good point. It's not easy to -- in the US health system to get people to pay out of pocket for a novel technology, but something as important as a multi-cancer screening test we believe we will see uptake here. It will take some time, just like Cologuard did.

沒錯——你提出的觀點很好。在美國醫療體系中，讓人們自費購買一項新技術並不容易，但像多癌篩檢測試這樣重要的技術，我們相信會在這裡推廣。這需要一些時間，就像當初Cologuard那樣。

We're pleased here in the early month or two, the early days of this launch, and we think that a significant advantage will not only be our frontline sales reps, but also the relationships that we have with health systems.

在產品上市的最初一兩個月裡，我們對目前的進展感到滿意，我們認為，一個顯著的優勢不僅在於我們的第一線銷售代表，還在於我們與醫療系統建立的關係。

We're trusted because. They trust us with the quality of the test that we develop and bring to them the ability to electronically order and get resulted for a test, our customer service. They know that they can call us any time, day or night and get an answer that is needed. So all of this ecosystem, our human capability, our systems capabilities are important.

我們之所以值得信賴，是因為…他們信任我們，相信我們開發的測試質量，並讓他們能夠以電子方式訂購測試並獲得測試結果，以及我們的客戶服務。他們知道，無論白天或晚上，他們都可以隨時給我們打電話，得到他們需要的答案。因此，整個生態系、我們的人類能力、我們的系統能力都非常重要。

Another part of our company that is important is you remember back when we acquired Genomic Health, one of the three things we said that was important that we loved about Genomic Health was their international reach. Cologuard has much broader applicability outside the US than even inside the US, which is pretty significant in the US.

我們公司另一個重要的方面是，您還記得我們收購 Genomic Health 時，我們說過我們喜歡 Genomic Health 的三點重要原因之一就是他們的國際影響力。Cologuard 在美國以外的適用範圍比在美國境內還要廣泛得多，這在美國意義重大。

And the team just -- we just got back from our international headquarters where the team laid out their plans for launching Cologuard around the world. They're revving up their teams to be able to deliver this, and we're excited about that aspect of the platform, the Exact Sciences platform as well.

我們團隊剛從國際總部回來，團隊在那裡闡述了在全球推出 Cologuard 的計畫。他們正在全力以赴地組建團隊以實現這一目標，我們也對平台的這一方面以及 Exact Sciences 平台感到興奮。

Mark Massaro, BTIG.

馬克·馬薩羅，BTIG。

Congrats on the strong 22% growth in screening this quarter. But I wanted to ask about the Oncodetect MRD test. I appreciate the commentary about the meaningful lift in breast cancer and the encouraging utilization in CRC.

恭喜本季篩檢業務實現了22%的強勁成長。但我想諮詢Oncodetect MRD檢測。我很欣賞關於乳癌治療中顯著療效提升以及在結直腸癌治療中令人鼓舞的應用效果的評論。

Kevin, I'm just curious, do you think that Oncodetect could become at least a material contributor to your Precision Oncology business in 2026, you did put up double-digit or 12% growth in PO. I'm just trying to figure out how much of that strong growth this quarter came from OncoExTra versus Oncodetect? And any thoughts about '26.

Kevin，我只是好奇，你認為 Oncodetect 能否在 2026 年成為你精準腫瘤業務的重要貢獻者？你的採購訂單成長了兩位數，也就是 12%。我只是想弄清楚本季強勁的成長有多少來自 OncoExtra，又有多少來自 Oncodetect？關於26年，大家有什麼想法嗎？

Thank you.

謝謝。

Mark, it's too early really to give much color in terms of 2026. And as we said, Oncodetect is not material to this year's revenue, but over the long call, and we really tried to it's been core to who we are thinking about the long term. When we develop Cologuard, we've developed when Genomic Health developed Oncotype.

馬克，現在就 2026 年的情況做出太多預測還為時過早。正如我們所說，Oncodetect 對今年的收入影響不大，但從長遠來看，我們確實努力讓它成為我們長期思考的核心。我們在開發 Cologuard 時，借鑒了 Genomic Health 開發 Oncotype 的經驗。

Those were long-term investments that over time you're able to win because you do things the right way. And I'm proud that the team is doing things the right way in terms of gaining the evidence needed to then go to the customers show them that evidence and convince them that our test is the best test for their patient.

這些都是長期投資，隨著時間的推移，你終將獲得成功，因為你做事的方式是正確的。我為團隊在獲取所需證據方面所做的工作感到自豪，然後他們向客戶展示這些證據，並說服他們我們的測試是他們患者的最佳測試。

And so I -- we love what we're seeing so far, and we expect to be able to demonstrate that quantitatively in the future.

因此，我們非常滿意目前所看到的成果，並期望將來能夠透過量化方式證明這一點。

And then just in terms of -- then within the third quarter, and obviously, we are really pleased with what the PO team delivered in the third quarter as well, double-digit growth in our Precision Oncology business. That didn't come from Oncodetect.

然後就第三季而言，顯然，我們對 PO 團隊在第三季取得的成績也感到非常滿意，我們的精準腫瘤業務實現了兩位數的成長。那並非來自 Oncodetect。

As Kevin said, it's still early days, but it does speak to the strength of Oncotype DX -- and so Oncotype DX continues to expand and penetrate in international markets. And we also saw a nice uptick in volume in Oncotype DX in the US as well.

正如凱文所說，現在還處於早期階段，但這確實說明了Oncotype DX的實力——因此Oncotype DX繼續在國際市場擴張和滲透。我們也看到美國 Oncotype DX 的銷量也有了不錯的成長。

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

Great, thanks for the questions here. Just quick clearing up on the Freenome simple screen with the FDA jumped on Eli Lilly. I don't know if you guys gave an update of when you expect the FDA to kind of give you any feedback there or any type of feedback you've gotten and types of updates you guys need to do?

太好了，謝謝你們提出的問題。簡單澄清一下 Freenome 的簡易螢幕，FDA 對 Eli Lilly 進行了調查。我不知道你們有沒有透露一下預計FDA何時會給你們回饋，或者你們已經收到了哪些回饋，以及你們需要做哪些更新？

And then I guess, more longer term, as you think about the launch of that simple screen within that market. I mean you guys have a massive CRC screening database. And for whatever reason or not, whether it's a failed or a Cologuard test or just shipping tests out, realizing patients don't want to do that.

然後，我想，從更長遠的角度來看，當你考慮在那個市場推出那種簡單的螢幕時。我的意思是，你們擁有一個龐大的大腸癌篩檢資料庫。無論出於什麼原因，無論是 Cologuard 檢測失敗還是只是發送檢測樣本，我們都意識到患者不想這樣做。

That seems like a pretty low-hanging fruit to me as you kind of launch and think about commercializing this test? And can you use that also as you think about MST going forward, too?

在我看來，當你著手推出並考慮將這項測試商業化時，這似乎是一個很容易實現的目標？那麼，在您思考未來MST的發展方向時，是否也可以運用這一點呢？

Thanks, Luke. Yes, to that last question. Yes, the -- our relationship with well with over 30 million patients and more than 250,000 primary care physicians and then oncologists and beyond. You have GIs and OB/GYNs, were a source of trust in terms of our CRC blood test that we plan to bring to clinicians and to patients. We have the ability to meet what the NCCN and who else was it? ASGE, AGA recommended in terms of the broad test are cooked.

謝謝你，盧克。是的，最後一個問題我回答正確。是的，我們與超過 3000 萬名患者、超過 25 萬名初級保健醫生、腫瘤科醫生以及其他相關人員建立了良好的關係。你們的胃腸病學和婦產科學專家是我們值得信賴的專家，我們計劃將 CRC 血液檢測推廣給臨床醫生和患者。我們有能力滿足NCCN的要求，還有誰也提出了同樣的要求？ASGE、AGA 推薦的廣泛測試方法是烹飪。

They're not as effective as Cologuard, Cologuard Plus or colonoscopy -- they're just not. But the right test for the right patient at the right time. Somebody who doesn't get screened at all. For colon cancer, while we know who 10 million of those people are because we have sent them a Cologuard kit and they haven't returned it.

它們不如 Cologuard、Cologuard Plus 或大腸鏡檢查有效——就是不如。但要在適當的時間為適當的病人做適當的檢查。完全沒有接受篩檢的人。對於結腸癌，我們知道其中 1000 萬人是誰，因為我們已經給他們寄了 Cologuard 試劑盒，但他們沒有寄回。

Now that's over 11 years. And over time, that base of customers build. So we're able to work hand in glove with health systems to identify patients would be appropriate for a blood test, if that patient comes into the office, okay, they've tried to get a colonoscopy order. They have tried to get a Cologuard test. Now how both blood test.

現在已經超過11年了。隨著時間的推移，客戶群不斷壯大。因此，我們可以與醫療系統密切合作，以確定哪些患者適合進行血液檢查。如果患者來到診所，他們已經嘗試申請大腸鏡檢查。他們曾嘗試進行Cologuard檢測。現在來說說這兩種血液檢測方法。

We are in a unique position there to help that patient get screened and nothing is more important than getting patients screened.

我們在那裡擁有獨特的優勢，可以幫助患者進行篩檢，而沒有什麼比讓患者接受篩檢更重要的了。

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Hey guys, thanks for the questions. Congrats on the quarter. So on the CRC blood partnership, just a couple on that. So on the data that's, I guess, skewed early next year. Is that the V2 data that will ultimately trigger the $100 million opt-in payment upon April? Or is that data set related to that payment coming later in the year later.

大家好，感謝你們的提問。恭喜你本季取得佳績。關於CRC血液合作項目，我只想簡單提幾點。所以，根據目前的數據來看，明年年初的數據可能會出現偏差。這是 V2 數據嗎？這些數據最終會在 4 月觸發 1 億美元的自願加入付款嗎？或者，該數據集與今年稍後的那筆款項有關？

And secondly, something that's kind of come up in like my conversations, for example, is how do you prevent the partner from gaining access to your accounts in certain scenarios such as it's a provider options for the VMs version and the ownership of the customer kind of switches to the partner.

其次，例如，在我的談話中，經常會提到這樣一個問題：在某些情況下，例如虛擬機器版本採用提供者選項，並且當客戶的所有權轉移到合作夥伴名下時，如何防止合作夥伴存取您的帳戶？

So in terms of the Freenome B2 data, let's be clear about this. There is data that is kind of concept data -- and then there is a pivotal study that is -- that will be underway. The initial data is the data that will be forthcoming and sometime in the next few months.

所以，關於 Freenome B2 數據，讓我們明確一點。有些數據屬於概念性數據——還有一項關鍵性研究——即將展開。初始數據是指將在未來幾個月內公佈的數據。

The pivotal data is data that would come next year. And we don't know exactly when that data would come next year, but it's the pivotal data that is -- will be used to submit to the FDA, and that's the important thing. In terms of FDA approval that will be on the V1 data, which was submitted in August, and it takes about a year. In terms of any confusion about who gets the credit for CRC screening. We have the exclusive right to market CRC screening test and Freenome intends to launch a lung screening test and eventually a multi-cancer screening test. But CRC blood screening test is ours exclusively to market.

關鍵數據是指明年才會出現的數據。我們不知道明年什麼時候才能獲得這些數據，但這些數據至關重要，將用於提交給 FDA，而這才是最重要的。至於 FDA 的批准，那將取決於 8 月提交的 V1 數據，大約需要一年時間。關於誰應該獲得 CRC 篩檢的功勞這個問題，可能會引起一些困惑。我們擁有 CRC 篩檢測試的獨家銷售權，Freenome 計劃推出肺癌篩檢測試，並最終推出多癌症篩檢測試。但CRC血液篩檢測試是我們獨家擁有的市場推廣權。

This concludes the question-and-answer session. I'll turn the call to Kevin Conroy for closing remarks.

問答環節到此結束。接下來我將把電話交給凱文·康羅伊，請他作總結發言。

Thank you all for joining today and to the Exact Sciences dedicated team for their commitment to deliver on our mission of eradicating cancer. Thank you.

感謝各位今天蒞臨，也感謝Exact Sciences敬業的團隊致力於實現我們根除癌症的使命。謝謝。

This concludes today's conference call. Thank you for joining. 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了。