Fulgent Genetics Inc (FLGT) 2025 Q3 法說會逐字稿

Greetings and welcome to the Fulgent Genetics Q3 2025 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Fulgent Genetics 2025 年第三季電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to Lauren Sloane, Investor Relations. Please go ahead, Lauren.

現在我很高興將電話轉交給投資者關係部門的勞倫‧斯隆。請繼續，勞倫。

Good morning and welcome to Fulgent third-quarter 2025 financial results conference call. On the call are Ming Hsieh, Chief Executive Officer; Paul Kim, Chief Financial Officer; and Brandon Perthuis, Chief Commercial Officer.

早安，歡迎參加富爾根特2025年第三季財務業績電話會議。參加電話會議的有：執行長謝明；財務長金保羅；以及商務長布蘭登‧珀圖伊斯。

The company's press release discussing the financial results is available on the Investor Relations section of the company's website, ir.fulgentgenetics.com. A replay of this call will be available shortly after the call concludes on the Investor Relations section of the company's website.

本公司有關財務表現的新聞稿可在本公司網站 ir.fulgentgenetics.com 的投資人關係欄位查閱。本次電話會議的錄音回放將在會議結束後不久發佈在公司網站投資者關係欄位中。

Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. These forward-looking statements represent management's estimates based on current views, expectations, and assumptions, which may prove to be incorrect. As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties, and changes in circumstances that may cause actual results to differ from those described in the forward-looking statements.

管理層在今天電話會議上的發言稿和對您問題的回答將包含前瞻性陳述。這些前瞻性陳述代表管理階層基於當前觀點、預期和假設的估計，這些估計可能被證明是錯誤的。因此，任何前瞻性聲明中討論的事項都存在風險、不確定性和情況變化，可能導致實際結果與前瞻性聲明中描述的結果有所不同。

The company assumes no obligation to update any of the forward-looking statements it may make today to reflect actual results or changes in expectations. Listeners should not rely on any forward-looking statements of predictions of events and should listen to management's remarks today with the understanding that actual events, including the company's actual future results, may be materially different than what is described in or implied by these forward-looking statements.

本公司不承擔任何義務更新其今天可能作出的任何前瞻性聲明，以反映實際結果或預期變化。聽眾不應依賴任何對事件的預測性陳述，而應在理解實際事件（包括公司未來的實際業績）可能與這些前瞻性陳述中描述或暗示的內容存在重大差異的情況下，聆聽管理層今天的講話。

Please review the more detailed discussion relating to these forward-looking statements, including the discussions of some of the risk factors that may cause results to differ from those described in the forward-looking statements contained in the company's filings or the Securities and Exchange Commission, including the previously filed 10-K for the year ended December 31, 2024, and subsequently filed reports which are available on the company's Investor Relations website.

請查閱有關這些前瞻性聲明的更詳細討論，包括對可能導致結果與公司文件或美國證券交易委員會文件中所載前瞻性聲明中所述結果存在差異的一些風險因素的討論，包括之前提交的截至 2024 年 12 月 31 日止年度的 10-K 表格以及隨後提交的報告，這些文件均可在公司投資者關係網站上查閱。

Management prepared remarks, including discussion of profit, loss, margin, earnings, and earnings per share, contain financial measures not prepared in accordance with accounting principles generally accepted in the United States or GAAP. Management has presented these non-GAAP financial measures because it believes they may be useful to investors for various reasons, but these measures should not be viewed as a substitute for or superior to the company's financial results prepared in accordance with GAAP.

管理層準備的發言稿，包括對利潤、虧損、利潤率、收益和每股收益的討論，其中包含的財務指標並非按照美國公認會計原則（GAAP）編制。管理階層之所以列出這些非公認會計準則財務指標，是因為他們認為這些指標可能出於各種原因對投資者有用，但這些指標不應被視為替代或優於公司按照公認會計準則編制的財務表現。

Please see the company's press release discussing its financial results for the third quarter 2025 for more information, including the description of how the company calculates non-GAAP income loss, non-GAAP earnings loss per share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating profit and loss, and margin and adjusted EBITDA; and the reconciliation of these financial measures to income and loss, earnings loss per share, and operating margin, the most directly comparable GAAP financial measures.

請參閱公司關於 2025 年第三季度財務業績的新聞稿，了解更多信息，包括公司如何計算非 GAAP 損益、非 GAAP 每股收益虧損、非 GAAP 毛利潤、非 GAAP 毛利率、非 GAAP 營業損益及利潤率和調整後 EBITDA；以及這些財務指標與損益、每股收益和收益

With that, I'd now like to turn it over to Ming. Please go ahead.

接下來，我想把麥克風交給明。請繼續。

Thank you, Lauren. Good morning, and thank you for joining our call today. I will start with some comments on the third quarter of 2025 in our two business lines. Then Brandon will review our product and go-to-market updates for our Laboratory Services business. And Paul will conclude with the financial and guidance before we take your questions.

謝謝你，勞倫。早安，感謝各位參加今天的電話會議。首先，我將對我們兩大業務線在 2025 年第三季的情況做一些評論。然後 Brandon 將審查我們實驗室服務業務的產品和市場推廣更新。最後，保羅將就財務和指導方面做總結，之後我們再回答大家的問題。

We are pleased with our third-quarter results and sustained the momentum in the business. As we move through the year, our results are testament to the progress we have made on our strategic objectives in both our Laboratory Services and the Therapeutic Development business.

我們對第三季的業績感到滿意，並保持了業務成長勢頭。隨著這一年的推進，我們的業績證明了我們在實驗室服務和治療開發業務方面在策略目標方面取得的進展。

We have shown both sequential and year-over-year growth and efficiency in Laboratory Services, with our investment in AI and digital pathology solutions, while making strong pipeline progress our clinical candidates. As a result of a momentum in our business, we are raising our outlook for the remainder of 2025.

我們在實驗室服務方面實現了連續增長和同比增長，這得益於我們對人工智慧和數位病理解決方案的投資，同時我們的臨床候選藥物也取得了強勁的研發進展。由於公司業務發展勢頭良好，我們上調了對 2025 年剩餘時間的預期。

Our Therapeutic Development pipeline is on track and progressing well. Our first clinical candidate, FID-007, is progressing through a Phase 2 clinical trial in combination with cetuximab in our patients with a recurring or metastatic head and neck squamous cell carcinoma -- with 39 patients that have been randomized and 36 have received at least one dose of study treatment as of the date cutoff date of September 25, 2025.

我們的治療藥物研發管線進展順利，一切都在按計畫進行。我們的第一個臨床候選藥物 FID-007 正在進行 2 期臨床試驗，與西妥昔單抗聯合用於治療復發性或轉移性頭頸部鱗狀細胞癌患者——截至 2025 年 9 月 25 日的截止日期，已有 39 名患者被隨機分組，其中 36 名患者至少接受過一次研究治療。

The preliminary data was presented at the ESMO Congress on October 20, 2025. FID-007 combined with cetuximab, demonstrate a meaningful anti-cancer efficacy at both dose level for the first-line and the second-line treatment of R/M HNSCC over 35 patients (inaudible) valuable for the efficacy at a time this preliminary data was revealed.

初步數據於 2025 年 10 月 20 日在 ESMO 大會上公佈。FID-007 與西妥昔單抗聯合用藥，在 35 例復發/轉移性頭頸部鱗狀細胞癌患者的一線和二線治療中，在兩個劑量水平上均顯示出顯著的抗癌療效（聽不清楚），在公佈這些初步數據時，其療效具有重要價值。

The objective response rate or ORR for the 75-milligram per square meter arm, and 125-milligram per square meter arm or 44% and 59%, respectively. And the 51% overall when both arms are combined. The median progression survival for the 75-milligram arm and 125-milligram arm were 9.2 months and 7.8 months, respectively. The overall PFS was 7.8 months compared to the historical 2.3 months of the standard care therapies.

每平方公尺 75 毫克組和每平方公尺 125 毫克組的客觀緩解率 (ORR) 分別為 44% 和 59%。兩組數據加起來，整體比例為 51%。75 毫克組和 125 毫克組的中位進展存活期分別為 9.2 個月和 7.8 個月。與以往標準治療的 2.3 個月相比，整體 PFS 為 7.8 個月。

FID-007 also exhibits manageable safety and tolerability profile. Particularly, no Grade 3 and above peripheral neuropathy has been reported today. As of today, we have a total of 43 patients enrolled and expect to complete patient enrollment by end of 2025 with a full data readout in 2026.

FID-007 也表現出可控的安全性和耐受性。尤其值得一提的是，今天沒有報告任何 3 級及以上週邊神經病變病例。截至目前，我們共有 43 名患者入組，預計 2025 年底完成患者入組，並於 2026 年獲得完整的數據結果。

Our second candidate, FID-022, began a Phase 1 trial and the first dose level has been successfully completed. While the second dose level will commence this month. FID-022 is a nano encapsulated, [SN 30A] for the treatment of solid tumors, including potentially colon, pancreatic, ovarian, and bile duct cancers. I'm encouraged by the continued progress of our clinical pipelines and the potential for both FID-007 and FID-022. These drug candidates address heavily pretreated patients with very few options left, and I hope we were able to provide alternatives to better their lives.

我們的第二個候選藥物 FID-022 已開始第 1 期試驗，第一個劑量水平已成功完成。第二劑接種將於本月開始。FID-022 是一種奈米封裝的 [SN 30A]，用於治療實體腫瘤，包括潛在的結腸癌、胰腺癌、卵巢癌和膽管癌。我對我們的臨床研發管線的持續進展以及 FID-007 和 FID-022 的潛力感到鼓舞。這些候選藥物針對的是接受過大量治療、選擇餘地很小的患者，我希望我們能夠提供一些替代方案來改善他們的生活。

Overall, I'm pleased with the progress we have made this year in both our business area. Our pharma R&D efforts are progressing faster, better, and more cost-effective than planned. Additionally, our Laboratory Services is greatly benefit from our investment in AI technology, which makes our services more efficient and more precise, as Brandon will discuss shortly.

總的來說，我對我們今年在業務領域的進展感到滿意。我們的醫藥研發工作進展比計畫更快、更好、更具成本效益。此外，我們的實驗室服務也受惠於我們在人工智慧技術方面的投資，這使得我們的服務更有效率、更精準，布蘭登稍後將對此進行討論。

I would like to thank our employees, partners, and stakeholders for your hard work and your loyalty in the great quarter of our business. We look forward to further progress in the remainder of 2025.

我要感謝我們的員工、合作夥伴和利害關係人，感謝你們的辛勤工作和忠誠，正是你們的支持才成就了我們業務的輝煌。我們期待在2025年剩餘的時間裡取得進一步進展。

I will now turn over the call over to Brandon Perthuis, our Chief Financial Officer, to talk more about our Laboratory Services business. Brandon?

現在我將把電話交給我們的財務長布蘭登·珀圖伊斯，讓他更詳細地談談我們的實驗室服務業務。布蘭登？

Thanks, Ming. It was again another excellent quarter delivering nearly $84 million in Laboratory Services revenue. Breaking down our results by business area, Precision Diagnostics was up $3.4 million or 7.3% sequentially and was up $7.2 million or 16.4% year over year. BioPharma was up $1 million or 15.4% sequentially, and was up $3.3 million or 83.4% year over year. Anatomic pathology was down $2.1 million or 7.6% sequentially due to timing of collections. However, it was up $1.8 million or 7.2% year over year.

謝謝你，明。本季實驗室服務收入再次取得優異成績，接近 8,400 萬美元。依業務領域細分業績，精準診斷業務季增 340 萬美元，增幅 7.3%；年增 720 萬美元，增幅 16.4%。生物製藥產業季增 100 萬美元，增幅 15.4%；年增 330 萬美元，增幅 83.4%。由於收款時間的原因，解剖病理學收入較上季下降 210 萬美元，降幅達 7.6%。然而，與去年同期相比，成長了 180 萬美元，增幅為 7.2%。

In the last quarter, we introduced an enhanced version of our whole genome sequencing that incorporates RNA analysis to improve diagnostic yield. This new offering has sparked strong interest from both existing and prospective clients. Building on that momentum, we're pleased to announce the launch of our ultra rapid whole genome sequencing service.

上個季度，我們推出了增強版的全基因組定序，其中加入了 RNA 分析，以提高診斷率。這項新產品引起了現有客戶和潛在客戶的濃厚興趣。乘著這股勢頭，我們很高興地宣布推出超快速全基因組定序服務。

This solution provides a preliminary report within 48 hours, followed by a comprehensive report within five days. The primary focus for this service is the neonatal intensive care unit, or the NICU, where studies have shown that whole genome sequencing can significantly improve patient outcomes and support more efficient healthcare delivery. The data suggests that implementing rapid genome sequencing as a first-line test in the NICU will change medical management for up to 87% of babies and reduce healthcare costs up to $15,000 per child.

該方案可在 48 小時內提供初步報告，並在五天內提供綜合報告。該服務的主要重點是新生兒加護病房（NICU），研究表明，全基因組定序可以顯著改善患者的治療效果，並支持更有效率的醫療保健服務。數據顯示，在新生兒加護病房 (NICU) 中實施快速基因組定序作為第一線檢測，將改變高達 87% 嬰兒的醫療管理，並為每個孩子減少高達 15,000 美元的醫療保健成本。

Our second exciting announcement centers around expansion of our Beacon Carrier Screening service. We've consistently pushed the boundaries to remain at the forefront of genetic screening, having been the first US laboratory to offer a panel with over 700 genes, still the largest of its kind to the best of our knowledge.

我們第二個令人興奮的消息是關於擴大我們的信標載體篩檢服務。我們不斷突破界限，始終處於基因篩檢的前沿，是美國第一家提供包含 700 多個基因的檢測項目的實驗室，據我們所知，該項目至今仍是同類項目中規模最大的。

Now we're taking another major step forward with the launch of [Beacon K], which expands our panel to 1,000 genes. This enhancement will further strengthen our ability to detect rare genetic conditions.

現在，我們推出了 [Beacon K]，這標誌著我們向前邁出了另一個重要步伐，它將我們的基因檢測範圍擴大到 1,000 個基因。這項改進將進一步增強我們檢測罕見遺傳疾病的能力。

Beacon has earned a strong reputation as a leading carrier screening solution. Powered by our proprietary platform and advanced informatics, Beacon consistently delivers high analytical detection rates, accurate differentiation of pseudogenes, and reliable copy number variant calls. Additionally, our turnaround time remains exceptional, averaging just 8.8 days, roughly twice as fast as many other laboratories.

Beacon作為領先的病毒攜帶者篩檢解決方案，已贏得了良好的聲譽。Beacon 由我們專有的平台和先進的資訊技術提供支持，能夠持續提供高分析檢測率、準確區分假基因和可靠的拷貝數變異調用。此外，我們的周轉時間仍然非常出色，平均只需 8.8 天，大約是其他許多實驗室速度的兩倍。

We have mentioned on previous calls the significant investment we have made in digital pathology. This has allowed us to digitize our slides instead of the traditional method of microscopy. There are several advantages to digital pathology, but perhaps the most powerful one is our ability to utilize and develop AI to help make our pathologies faster and better.

我們在之前的電話會議中提到過，我們在數位病理學領域進行了大量投資。這使我們能夠將載玻片數位化，而不是採用傳統的顯微鏡方法。數位病理學有許多優勢，但或許最強大的優勢在於我們能夠利用和開發人工智慧來幫助我們更快、更好地進行病理診斷。

Until very recently, we were using a third-party image management system or IMS, but it had limitations. However, we're excited to announce we have developed and launched our own proprietary IMS which we are calling [EZOPath].

直到最近，我們仍在使用第三方影像管理系統（IMS），但它有一些限制。不過，我們很高興地宣布，我們已經開發並推出了我們自己的專有IMS，我們稱之為[EZOPath]

EZOPath was created to address the growing demand for custom features necessitated by our high daily case throughput to support all lines of business and to enable the deployment and integration of AI tools to assist our pathologists in their diagnosis. EZOPath provides a case management solution with possible integrations with laboratory information systems or LISs, provides data storage for digital pathology images and metadata, enables collaboration by pathologists through sharing of annotations and comments, and integrates best-in-class AI tools developed in-house and integrated from third parties.

EZOPath 的創建是為了滿足我們日益增長的客製化功能需求，這些功能源於我們每天大量的病例處理，以支援所有業務線，並實現 AI 工具的部署和集成，從而幫助我們的病理學家進行診斷。EZOPath 提供病例管理解決方案，可與實驗室資訊系統 (LIS) 集成，提供數位病理影像和元資料的資料存儲，支援病理學家透過共享註釋和評論進行協作，並集成了內部開發和第三方集成的最佳 AI 工具。

As an enterprise IMS, it enables rapid investigation of digital pathology slides and output from AI modules for expedited reporting. We are committed to creating the highest quality and most efficient pathology lab possible, and this is a big step in that direction. With a strengthened product portfolio, outstanding laboratory performance, and an expanded sales team, we believe we are well positioned for continued growth, and we're pleased to once again raise our annual guidance.

作為企業級IMS，它能夠快速調查數位病理切片，並利用AI模組輸出結果，從而加快報告速度。我們致力於打造最高品質、最高效的病理實驗室，而這是朝著這個方向邁出的一大步。憑藉更強大的產品組合、卓越的實驗室性能和更強大的銷售團隊，我們相信我們已做好充分準備，實現持續成長，我們很高興再次提高年度業績預期。

I want to sincerely thank our entire team for their hard work and dedication, and we look forward to finishing 2025 on a strong note. With that, I'll turn the call over to our Chief Financial Officer Paul Kim. Paul?

我衷心感謝我們整個團隊的辛勤工作和奉獻精神，我們期待以強勁的勢頭結束2025年。接下來，我將把電話轉交給我們的財務長保羅金。保羅？

Thank you, Brandon. Revenue in the third quarter of 2025 totaled $84.1 million compared to $81.8 million in the second quarter of 2025. Since revenue from COVID-19 testing is expected to continue to be negligible in 2025, we will no longer provide separate metrics on what we have previously referred to as core revenue, which we defined as total revenue excluding COVID-19 testing.

謝謝你，布蘭登。2025 年第三季營收總計 8,410 萬美元，而 2025 年第二季營收為 8,180 萬美元。由於預計 2025 年 COVID-19 檢測的收入仍將微不足道，我們將不再提供先前稱為核心收入的單獨指標，核心收入的定義是不包括 COVID-19 檢測的總收入。

Separately, we have begun to see minimal revenue in our Therapeutic Development business from our acquisition of ANP in July, primarily related to IT licensing royalties. Gross margin on a non-GAAP basis was 44.3% and on a GAAP basis was 42.2%. Gross margins have improved year over year due to streamlined operations and enhanced efficiency as a result of our investments in scaling and centralizing lab operations.

另外，我們從 7 月收購 ANP 的治療開發業務中開始看到微薄的收入，主要與 IT 授權費有關。以非GAAP準則計算的毛利率為44.3%，以GAAP準則計算的毛利率為42.2%。由於我們對實驗室營運規模化和集中化進行了投資，簡化了營運流程並提高了效率，毛利率逐年提高。

Now turning to operating expenses, non-GAAP operating expenses totaled $40.7 million compared to $43.9 million in the previous quarter. Total GAAP operating expenses were $50.9 million for the third quarter, which decreased when compared to $54.1 million in the prior quarter. The decrease in operating expenses was partially driven by a reduction in advertising and marketing expenses and a favorable reduction in bad debt expense, reflecting improved collection from Precision Diagnostics.

現在來看營運費用，非GAAP營運費用總計4,070萬美元，而上一季為4,390萬美元。第三季 GAAP 總營運費用為 5,090 萬美元，較上一季的 5,410 萬美元有所下降。營運費用的下降部分是由於廣告和行銷費用的減少以及壞帳費用的有利下降，這反映出Precision Diagnostics的收款情況有所改善。

We remain committed to R&D spending to support both our laboratory testing services and our clinical studies and to sales and marketing spending to expand the sales team. Non-GAAP operating margin improved sequentially to minus 4.2%.

我們將繼續致力於研發投入，以支援我們的實驗室檢測服務和臨床研究；同時，我們也將繼續致力於銷售和行銷投入，以擴大銷售團隊。非GAAP營業利益率較上月改善至-4.2%。

Our GAAP loss in the current quarter was $6.6 million, an improvement from the prior quarter's GAAP loss of $19 million, which included a one-time non-cash charge related to a $9.9 million impairment of a prior investment.

本季 GAAP 虧損為 660 萬美元，較上一季 GAAP 虧損 1,900 萬美元有所改善，上一季虧損包括與先前投資減損 990 萬美元相關的非現金一次性支出。

Adjusted EBITDA for the third quarter was approximately $0.7 million compared to a loss of $3 million in Q2 2025. On a non-GAAP basis and excluding equity-based compensation expense, intangible asset amortization, and acquisition-related costs, income for the quarter was approximately $4.5 million, or $0.14 per share based on [31.3 million] weighted average diluted shares outstanding.

第三季調整後 EBITDA 約 70 萬美元，而 2025 年第二季虧損 300 萬美元。以非GAAP準則計算，不包括股權激勵費用、無形資產攤銷和收購相關成本，該季度收入約為450萬美元，即每股0.14美元（基於3130萬股加權平均稀釋流通股計算）。

In the third quarter, we did not repurchase any shares under our stock repurchase program. Since the inception of the stock repurchase program in March 2022, a total of approximately [$110.4 million] has been spent, with approximately [$139.6 million] remaining available for future repurchase of our of our common stock.

第三季度，我們沒有根據股票回購計畫回購任何股票。自 2022 年 3 月股票回購計畫啟動以來，已花費約 1.104 億美元，目前仍有約 1.396 億美元可用於未來回購我們的普通股。

Turning to the balance sheet, we ended the third quarter with approximately $787.7 million in cash, cash equivalents, restricted cash, and marketable securities. The increase in cash from the previous quarter is driven by strong operating cash flows, partially offset by capital expenditures.

從資產負債表來看，截至第三季末，我們擁有約 7.877 億美元的現金、現金等價物、受限現金和有價證券。現金較上一季增加，主要得益於強勁的營運現金流，但部分被資本支出所抵銷。

There were no stock or income tax credits purchased during the third quarter. However, in October, we used $67.9 million for the purchase of income tax credits. As I mentioned earlier, given the minimal impact of COVID-19 testing revenue on our overall performance, we have transitioned to guiding total revenue.

第三季沒有買股票或所得稅抵免。然而，10 月份，我們動用了 6,790 萬美元用於購買所得稅抵免。正如我之前提到的，鑑於 COVID-19 檢測收入對我們整體績效的影響微乎其微，我們已經轉而預測總收入。

Reflecting on our current business momentum, we are revising our full-year 2025 revenue outlook upward to $325 million for 2025, representing a growth of 15% year over year. We continue to expect non-GAAP gross margins for the full year to exceed 40%, continuing the strong momentum we've experienced in recent quarters. We expect non-GAAP operating margins to improve from minus 15% to minus 10% for the year, driven largely by increased revenue.

鑑於我們目前的業務發展勢頭，我們將 2025 年全年營收預期上調至 3.25 億美元，年增 15%。我們繼續預計全年非GAAP毛利率將超過40%，並延續近幾季以來的強勁成長動能。我們預計，受營收成長的推動，本年度非GAAP營業利潤率將從-15%改善至-10%。

Our strategy for success centers on the continuing to scale efficiently and driving innovation across our service offerings. We will continue to invest in business expansion, further advancing our laboratory operations and upgrading existing laboratory facilities while remaining focused on managing our spending. We believe that our foundational technology platform supports a strong long-term margin profile.

我們的成功策略核心在於持續且有效率地擴大規模，並在我們的服務產品中推動創新。我們將繼續投資業務擴張，進一步推進實驗室運營，升級現有實驗室設施，同時繼續專注於控制支出。我們相信，我們的基礎技術平台能夠支撐強勁的長期利潤率。

Using an average share count of [31 million], we expect an improvement to our full-year 2025 non-GAAP EPS guidance from a loss of $0.35 per share to a positive $0.30 per share, excluding stock-based compensation, impairment loss, acquisition-related costs, and amortization of intangible assets, as well as any one-time charges.

假設平均股數為 [3,100 萬股]，我們預期 2025 年全年非 GAAP 每股盈餘預期將從每股虧損 0.35 美元改善至每股獲利 0.30 美元，不包括股權激勵費用、減損損失、收購相關成本、無形資產攤銷以及任何一次性費用。

Reflecting the improvement in our operations, which is offset by the effect of the one-time non-cash impairment adjustment, we are now revising our GAAP EPS guidance from a loss of $1.70 per share from $2.10 per share, excluding any future one-time charges using a [31 million] average share count.

鑑於我們營運狀況的改善，但被一次性非現金減損調整的影響所抵消，我們現在將 GAAP 每股收益預期從每股虧損 2.10 美元修正為每股虧損 1.70 美元，不包括任何未來的一次性費用，使用 [3100 萬] 平均股數。

Finally, our cash position remains strong. We focus on efficient capital allocation that allows us to reinvest in our business, fund key initiatives, and support future growth. Excluding any future stock repurchases or other expenditures outside the ordinary course which include M&A, we anticipate ending 2025 with approximately $800 million of cash, cash equivalents, restricted cash, and investments in marketable securities.

最後，我們的現金狀況依然強勁。我們專注於高效的資本配置，以便能夠對業務進行再投資，為關鍵舉措提供資金，並支持未來的成長。除未來股票回購或其他非正常支出（包括併購）外，我們預計到 2025 年底將擁有約 8 億美元的現金、現金等價物、受限現金和有價證券投資。

This number further assumes receipt of approximately $106 million in tax refunds prior to the end of 2025, which may be delayed as a result of the current government shutdown. Overall, we see strength in our core business which has grown organically, and we see good momentum for the balance of 2025.

該數字還假設在 2025 年底之前收到約 1.06 億美元的退稅款，但由於目前的政府停擺，這筆退稅款可能會被延遲。總體而言，我們看到核心業務實力強勁，實現了有機成長，我們認為 2025 年剩餘時間將保持良好的發展勢頭。

Thank you for joining our call today. Operator, you may now open it up for questions.

感謝您今天參加我們的電話會議。操作員，現在可以開始接受提問了。

(Operator Instructions) Lu Li, UBS.

（操作說明）Lu Li，UBS。

First one on the margin. Appreciate the new disclosure on the margin by segment. It seems like the lab is turning positive margin in the quarter. I wonder, Paul, like, how do you think about the going forward path, in terms of like what will be the ultimate like operating margin target that you're looking for? Thanks.

第一個在邊緣。感謝新增的按業務板塊劃分的利潤率揭露資訊。看來該實驗室本季將可獲利。保羅，我想知道，你如何看待未來的發展道路，例如你最終想要達到的營業利潤率目標是多少？謝謝。

Thank you for the questions, Lu. We were really pleased with what we saw in the gross margins for this quarter. As you remember, we had high margins in Q3, but Q3, we had an impact -- a favorable impact to the margins of about $1.6 million, $1.7 million. That was due to our capitalization policy. But in this quarter, in the third quarter, even without that, our margins, they came in just as high at 44.3%, actually a little bit higher than what we achieved in Q2. And that's due to the overall efficiencies of the organization, continued automation that we have for the business and streamlining our policies.

謝謝你的提問，盧。我們對本季的毛利率非常滿意。如您所知，我們在第三季度的利潤率很高，但第三季度，我們受到了影響——對利潤率產生了約 160 萬美元至 170 萬美元的有利影響。那是由於我們的資本化政策所造成的。但在本季度，也就是第三季度，即使沒有那項因素，我們的利潤率也高達 44.3%，實際上比我們在第二季度取得的利潤率還要高一些。這得益於組織的整體效率、業務的持續自動化以及政策的精簡。

I'll turn it over to Ming, who can talk about what we see directly for margins in our business without giving out specific numbers, because there are particular technologies that we are beginning to utilize, which might enhance our margins going forward.

我將把發言權交給 Ming，他可以談談我們業務利潤率的直接情況，而無需透露具體數字，因為我們正在開始利用一些特定的技術，這些技術可能會在未來提高我們的利潤率。

Yes. Thanks, Paul. And Lu, as you probably hear from Brandon, we started you up with the AI technology in-house, building the -- our capability for the -- through our digitalization of the entire -- almost the entire pathology services. So we'll continue to see the improvement in the area. In addition, we'll be building a pretty rich database for us to be continuing the benefit for us to get into the further margin and reimbursement improvement in that territory.

是的。謝謝你，保羅。盧，正如你可能從布蘭登那裡聽到的那樣，我們利用公司內部的人工智慧技術，透過對幾乎整個病理服務的數位化，建立了我們的能力。因此，我們將繼續看到該地區的改善。此外，我們將建立一個相當豐富的資料庫，以便我們能夠繼續從中受益，從而進一步提高該領域的利潤率和報銷率。

Anything, Brandon, you want to add?

布蘭登，你還有什麼要補充的嗎？

No, I think that's well said, Ming and Paul. Thank you.

不，我覺得明和保羅說得很好。謝謝。

Thank you. Second question on the [AP], Brandon, I think you mentioned there are some timing issues in the quarter. I'm wondering if you can give a little bit more color and whether that will be a catch up in Q4 and then I have a follow up.

謝謝。關於[AP]的第二個問題，布蘭登，我想你提到本季存在一些時間安排問題。我想知道您能否再詳細解釋一下，以及這是否會在第四季度得到解決，之後我還有後續問題。

Yeah, certainly, thanks for the question. Yes, it was a timing issue. It was mostly related to the collections in the quarter, which did reduce the amount of revenue we could recognize, But already in this quarter, we're beginning to see an improvement in the collections, and we think that that's going to continue to improve the next couple of quarters. So no material weakness in the business, just a timing issue around collections.

好的，謝謝你的提問。是的，是時機問題。這主要與本季的收款情況有關，這確實減少了我們可以確認的收入金額。但本季我們已經開始看到收款情況有所改善，我們認為這種情況將在接下來的幾季繼續改善。所以公司業務本身並沒有什麼實質的弱點，只是收款的時間安排有問題。

Okay. And then on the Precision Diagnostic, you mentioned several new products, the rapid whole genome, and then you talk about the expanding of the Beacon panel. I wonder how this like a new manual expansion kind of like support the growth going forward. You seem like pretty confident in terms of like growing double-digit forward. I wonder how should we think about the 2026 things.

好的。在精準診斷方面，您提到了幾款新產品，包括快速全基因組檢測，然後您談到了 Beacon 檢測板的擴展。我想知道這種新的手動擴展方式將如何支持未來的成長。你似乎對實現兩位數成長很有信心。我想知道我們應該如何看待2026年的事。

Well, we are really excited about launching both of those products. I think our -- indeed, investment there was quite efficient. Our timing was quite efficient. We, last quarter, launched a new improved whole genome sequencing test that included RNA, which is a significant diagnostic yield increase that's generally sold into pediatrics, developmental pediatricians, geneticists. But if you want to help families in the NICU which require rapid results, we needed a faster product. So the follow on to our last quarter update is this new rapid ultra rapid whole genome sequencing test.

我們非常高興能夠推出這兩款產品。我認為我們在那裡的投資確實非常有效。我們的時間安排非常有效率。上個季度，我們推出了一種新的改進型全基因組定序測試，其中包括 RNA，這大大提高了診斷率，通常銷售給兒科醫生、發育兒科醫生和遺傳學家。但如果你想幫助新生兒加護病房 (NICU) 中需要快速結果的家庭，我們就需要一個速度更快的產品。繼上一季更新之後，我們帶來了這項全新的超快速全基因組定序測試。

So this is more or less the first time for us to launch a product directly targeted at the NICU. We believe our turnaround time -- some of the features around the genome in terms of its variant calling ability, puts us in a strong position to penetrate that market. We mentioned on the call, I mean, this is becoming a standard of care in the NICU for many patients. It's a favorable margin profile in terms of billing institutionally for the test.

所以這是我們第一次直接針對新生兒加護病房推出產品。我們相信，我們的周轉時間——基因組變異檢測能力方面的一些特性——使我們處於打入該市場的有利地位。我們在電話會議中提到，這正在成為新生兒加護病房中許多患者的標準護理。就機構對這項測試的收費而言，這是一個有利的利潤率。

So we'll see how much it contributes to 2026, but at the end of the day, it's going to be a powerful product for clinicians to use in the NICU. And I'm excited the team was able to launch it so quickly, and it does dovetail right into what we've been talking about, expanding our sales team. We have invested significantly in expanding the pediatric sales team, so this puts one more powerful tool in their bag to sell when they're visiting children's hospitals and academic medical centers.

所以我們將看看它對 2026 年能做出多大的貢獻，但歸根結底，它將成為臨床醫生在新生兒加護病房 (NICU) 中使用的強大產品。我很高興團隊能夠如此迅速地推出這項服務，而且它與我們一直在討論的擴大銷售團隊的目標完美契合。我們投入巨資擴充兒科銷售團隊，這樣一來，當他們拜訪兒童醫院和學術醫療中心時，就能擁有更強大的銷售工具。

And regarding Beacon, we continue to push the envelope there. We believe, especially, in the reproductive setting, there is a need to test for more. There's a desire to test for more conditions. I mean, these conditions become rarer as we add more, but collectively, they're not rare. So we're going from 700 genes, which we've been offering now for about a year to 1,000 genes, which should make us, as far as we know, the largest panel on the market.

至於 Beacon，我們將繼續在該領域取得突破。我們認為，尤其是在生殖健康領域，有必要進行更多檢測。人們希望測試更多病症。我的意思是，隨著我們增加病例數量，這些情況會變得越來越少見，但總體而言，它們並不罕見。因此，我們將從目前已提供約一年的 700 個基因增加到 1000 個基因，據我們所知，這將使我們成為市場上最大的基因檢測組合。

Our Beacon portfolio has performed incredibly well. I mentioned our turnaround time of 8.8, 9 days, and that's exceptional. I mean, we're dealing with patients where turnaround time is critically important, whether they're going through fertility treatments, whether they're already pregnant, there's a lot of anxiety there. So to be able to give results that quickly does give us a significant advantage in the marketplace.

我們的 Beacon 投資組合表現非常出色。我之前提到過我們的周轉時間為 8.8 到 9 天，這非常出色。我的意思是，我們面對的病人對治療速度非常敏感，無論他們是正在接受生育治療，還是已經懷孕，他們都非常焦慮。因此，能夠如此迅速地提供結果，確實使我們在市場上擁有顯著優勢。

Thank you.

謝謝。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

Actually, I'm going to continue with some of those questions. So Brandon, with the KNOVA product, are you finding that physicians prefer to order kind of the bundle of tests versus just a single NIPT test or carrier microdeletions all in one? Is that favoring you? And can you give us a reminder on how those are reimbursed again if they're reimbursed again, if the reimbursed had been a bundle or if they're reimbursed separately?

實際上，我打算繼續回答其中一些問題。布蘭登，在使用 KNOVA 產品時，您是否發現醫生更傾向於訂購包含多種檢測項目的套餐，而不是單獨訂購 NIPT 檢測或攜帶者微缺失檢測？那對你有利嗎？如果這些費用可以再報銷，能否提醒報銷方式？如果是打包報銷還是分項報銷？

Yeah, thanks for the question, David. I mean, certainly in the OB/GYN and MFM market, NIPT and carrier screening is often ordered bundled together, not always, but very frequently. So I think we've established a really good brand for Beacon, our carrier screening product in the marketplace. I think we've become sort of a go-to laboratory for carrier screening, our turnaround time, our quality, the number of genes, the customization. We've really fired on all cylinders as it relates to carrier screening.

是的，謝謝你的提問，大衛。我的意思是，在婦產科和母胎醫學市場，NIPT 和攜帶者篩檢通常一起訂購，雖然並非總是如此，但非常常見。所以我認為我們已經為Beacon（我們的病毒攜帶者篩檢產品）在市場上樹立了非常好的品牌形象。我認為我們已經成為攜帶者篩檢的首選實驗室，這得益於我們的周轉時間、品質、基因數量和客製化服務。我們在攜帶者篩檢方面已經取得了全面進展。

And then not too long ago, we decided to launch KNOVA, a novel NIPT test, and the strategy there is to sell those together, but they're two independent tests, right? Testing for completely different things, you ask is it bundle billing? No, I mean, it's a separate orderable test, so we get an order for KNOVA, we bill for KNOVA, we get an order for Beacon, we bill for Beacon. Not bundled together from a billing perspective, but clinically, they're very often ordered together.

不久前，我們決定推出 KNOVA，一種新型的 NIPT 測試，我們的策略是將這兩項測試一起銷售，但它們是兩項獨立的測試，對吧？你問這是捆綁計費嗎？測試的內容完全不同。不，我的意思是，這是一個單獨的可訂購測試，所以我們收到 KNOVA 的訂單，我們就收取 KNOVA 的費用；我們收到 Beacon 的訂單，我們就收取 Beacon 的費用。從計費角度來看，它們並不捆綁在一起，但從臨床角度來看，它們經常一起訂購。

Perfect. And then just continued reimbursement updates. I mean, I think that ACOG update on expanded carrier screening is taking a lot longer than I think the industry expected.

完美的。然後就是持續更新報銷情況。我的意思是，我認為美國婦產科醫師學會 (ACOG) 關於擴大攜帶者篩檢的最新進展比業界預期的要慢得多。

If there's any update there or if insurance companies are just kind of seeing the value of expanded carrier screening already and you know maybe proactively reimbursing ahead of that and same question for kind of microdeletions which is another one where we kind of thought DiGeorge syndrome was already going to be covered by now.

如果這方面有任何更新，或者保險公司已經意識到擴大攜帶者篩檢的價值，並可能提前主動報銷，同樣的問題也適用於微缺失，我們之前認為迪喬治綜合徵現在應該已經被納入保險範圍了。

Yeah, good question. I mean, look, not everything hinges on that ACOG statement. There's a lot of other efforts going on behind the scenes. Actually, a lot of the companies are all working together, actually a part of a coalition to expand access to some of these tests.

嗯，問得好。我的意思是，你看，並不是所有事情都取決於美國婦產科醫師學會的那份聲明。幕後還有很多其他工作正在進行。事實上，許多公司都在共同努力，組成了一個聯盟，以擴大這些檢測的覆蓋範圍。

So certainly, the ACOG -- a new ACOG guideline would be beneficial to the industry, but we are seeing payers get ahead of that, and I think some of these other grassroots efforts that are happening, working directly with the payers to show them the value proposition, to show how it impacts clinical care. Some of these payers are getting ahead of that guideline. I think the guideline will just push it one step further.

所以，ACOG（美國婦產科醫師學會）的新指南當然對行業是有益的，但我們看到支付方搶佔了先機，我認為目前正在進行的一些其他基層努力，直接與支付方合作，向他們展示價值主張，展示它如何影響臨床護理。有些支付方正在搶先一步，超越了該指導方針。我認為這項指導方針只會讓情況更進一步。

So we're continuing to see increased reimbursement for many of our tests, not just reproductive health. And again, I think it's really a result of working directly with the payers and showing them that clinical proposition. And hopefully before too terribly long, we might get some positive news from ACOG to take it to the next level.

因此，我們看到許多檢測項目的報銷額度都在不斷提高，不僅僅是生殖健康的檢測。而且，我認為這確實是直接與支付方合作並向他們展示臨床方案的結果。希望不久之後，我們能從美國婦產科醫師學會（ACOG）得到一些正面的消息，將這項研究推向新的階段。

Got it. And then my next -- my last question is a combination for Ming Hsieh and Paul. It looks like you had some good data on FID-107 in Phase 2. Are you going to have additional updates in Phase 2 before moving on to Phase 3? What are the key milestones to look out for?

知道了。接下來——我的最後一個問題是給謝明和保羅的。看來你在第二階段獲得了一些關於 FID-107 的好數據。在進入第三階段之前，第二階段是否還會有其他更新？需要關注的關鍵里程碑有哪些？

And then, Paul, if you can maybe, explain the additional expenses that would come for moving from Phase 2 to Phase 3, what kind of increases in expenses you would expect. Thank you very much.

保羅，如果你可以的話，能否解釋一下從第二階段過渡到第三階段會帶來哪些額外費用，你預計費用會增加多少？非常感謝。

Right. Thank you, David, for the questions. We expect to finish the enrollment by end of 2025. By the ASCO, which is May of 2026, we would expect to do an oral presentation for the data we have, which we feel is very exciting.

正確的。謝謝大衛提出的問題。我們預計將於 2025 年底完成招生工作。到 2026 年 5 月的 ASCO 會議時，我們預計會就我們掌握的數據進行口頭報告，我們對此感到非常興奮。

By that time, for all the patients enrolled in the database will be at least had one or two scans already. So that will further enhance the data we present at ESMO in September of this year. So this will give us a strong confidence to move the FID-007 into the Phase 3 clinical trial because we see a significant progression-free comparison with the standard of care.

到那時，資料庫中登記的所有患者至少都已經接受過一到兩次掃描。這樣一來，我們將進一步增強我們今年9月在ESMO大會上展示的數據。因此，這將使我們有十足的信心將 FID-007 推進到 3 期臨床試驗，因為我們看到其與標準療法相比具有顯著的無惡化存活期。

So in terms of what is the Phase 3 cost in terms of the moving forward, I think it depends on the final -- the statistician come out the number and our Phase 3 design. We are in the process now. The estimate is around 300 patients to be enrolled. So from that point of view, the clinical cost of Phase 3 is roughly around $60 million.

所以，就推進第三階段的成本而言，我認為這取決於最終——統計學家得出的數字和我們的第三階段設計。我們目前正在進行中。預計招募約 300 名患者。因此從這個角度來看，3 期臨床試驗的成本約為 6,000 萬美元。

And then just to give you a full picture on the spending. So for 2025, we anticipated the cash spend for the therapeutics development would be about $25 million for the balance of the year. We believe that that spending is going to be a little bit less than that for this year.

然後，為了讓你全面了解支出狀況。因此，我們預計 2025 年剩餘時間用於治療藥物開發的現金支出約為 2,500 萬美元。我們認為今年的支出會比去年略低。

I think the great news for the company, whether it be the Therapeutic Development or the Laboratory Services, is the amount of science and the progress that we have seen so far for the Therapeutic Development. [Worth] spending a little bit, less than what we have anticipated is something that makes us really pleased because it goes back to the efficiency of our spending.

我認為對公司來說，無論是治療研發還是實驗室服務，最大的好消息是我們迄今為止在治療研發方面所取得的科學成果和進展。 [值得]投入的資金比我們預期的要少一些，這讓我們非常高興，因為它體現了我們資金使用的效率。

And then if you take a look at the Laboratory Services business, we've raised our guidance twice this year. All in the meanwhile, the cash forecast and our cash target, as you probably saw in the press release, has been raised to $800 million. So efficiency in running the operations, managing our cash, and getting output for a business, whether it be increased revenues for the Laboratory Services or the science and the data that we're seeing at Therapeutic Development, we're very pleased with.

此外，如果你看一下實驗室服務業務，我們今年已經兩次上調了業績預期。同時，正如您可能在新聞稿中看到的那樣，我們的現金預測和現金目標已上調至 8 億美元。因此，無論是實驗室服務收入的增加，或是治療開發領域所取得的科學成果和數據，我們在營運效率、現金管理以及業務產出方面都取得了顯著成效，我們對此非常滿意。

Yeah, Dave, for the ESMO data we published in September -- October this year, which is the data cut off on this in September, is available online. You should see it's a pretty impressive data in terms of the how -- about the efficacy of FID-007. So we are very, very pleased and we're very, very much encouraged.

是的，Dave，我們今年 9 月至 10 月發布的 ESMO 資料（9 月是該資料的截止日期）可以在網路上取得。你應該可以看出，就 FID-007 的功效而言，這是相當令人印象深刻的數據。所以我們非常非常高興，也備受鼓舞。

There is a similar -- the transactions in the area. The market is a big multi-billion-dollar market is addressable by our products. So we are very encouraged, and we believe that our investment will have a great return.

該地區的交易情況也類似。這是一個價值數十億美元的龐大市場，我們的產品可以滿足其需求。因此我們備受鼓舞，相信我們的投資將獲得豐厚的回報。

In addition, this is not a one job, this is a platform performance. We have the using the same delivery platform. We had the second drug, FID-022. That one in the Phase 1, for the dosing escalation exercise, it is going well and we're also -- we're much looking forward to provide additional data by mid next year.

此外，這不是一項單獨的工作，而是一個平台性的表現。我們使用同一個配送平台。我們有了第二種藥物，FID-022。1 期劑量遞增試驗進展順利，我們也期待明年年提供更多數據。

Thank you.

謝謝。

Andrew Cooper, Raymond James.

Andrew Cooper，Raymond James。

Maybe just first want to dive in on the anatomic pathology collections dynamic. We're not necessarily seeing that in the receivables. So just if you could unpack a little bit more sort of what's going on there and what gives you the confidence that it is just collections timing, if there's any volume stats or anything like that that you could share to help us get a little bit better understanding, that would be great.

或許首先應該深入了解解剖病理標本收藏的動態。但我們未必能在應收帳款中看到這種情況。所以，如果您能再詳細解釋一下那裡發生了什麼，以及是什麼讓您確信這只是收款時機的問題，如果您能分享一些收款量統計數據或其他類似信息，以幫助我們更好地了解情況，那就太好了。

Hey, Andrew, it's Brandon. Thanks for the question. No, it really was a timing issue. So -- I mean, at a high level, we made a change in our billing software. It takes a little bit of time to implement the new software. Software has been implemented. Things are going well. We're seeing collections begin to improve, so it was just around changing our billing software.

嘿，安德魯，我是布蘭登。謝謝你的提問。不，這確實是時機問題。所以——我的意思是，從總體上來說，我們對計費軟體進行了更改。實施新軟體需要一些時間。軟體已部署完畢。一切進展順利。我們發現收款情況開始好轉，所以問題僅僅在於更換了計費軟體。

And then in terms of the receivables, as you're very familiar with, Precision Diagnostics is the biggest part of our business and we have very strong collections during the quarter for that area of the business.

至於應收帳款方面，正如您非常清楚的那樣，精準診斷是我們業務中最大的部分，而且我們在這個季度中該業務領域的收款情況非常強勁。

Okay. Great. That's helpful. And is there any just so we're kind of prepared for it if it does come again? Are the software changes in place kind of across Precision Diagnostics as well? Is there any kind of potential disruption in any other segment as we move forward knowing that it may just be timing but at least to keep us on the lookout?

好的。偉大的。那很有幫助。那麼，有沒有什麼方法可以讓我們做好準備，以防它再次發生？Precision Diagnostics 的軟體變更是否也基本到位？隨著我們不斷向前發展，其他領域是否有任何潛在的干擾？我們知道這可能只是時間問題，但至少要讓我們保持警覺。

Mostly related to AP.

主要與AP有關。

Okay. That is helpful, and then pharma services had a nice quarter. Just want to kind of dive in a little bit there on the strength. Was it -- knowing this can be big and lumpy, is this a single program and a timing dynamic that is better in the quarter and obviously had you raised the guide for the year, or is this a little bit more kind of broad-based finding some traction? Just would love some understanding of what's letting you succeed there and sort of where the success is coming from.

好的。那很有幫助，而且醫藥服務部門本季業績不錯。我只是想稍微深入探討一下這方面的優勢。考慮到這可能規模龐大且波動較大，這是一個單一的項目，並且時間安排在一個季度內會更好，顯然，如果您提高全年的業績預期，或者這是一個更廣泛的項目，正在取得一些進展，那麼這是一個更有意義的項目嗎？我只是想了解一下是什麼讓你在那裡取得成功，以及成功的秘訣是什麼。

Yeah, thanks for the question. Look, I think it's mostly related to our capabilities expansion. I think we've mentioned before that pharma services at one point was pretty much just NGS. And that limited our market size there. There was a lot of RFPs that were being presented to us that required additional technology that we didn't offer at the time, so we had a smaller addressable market when we were just an NGS shop.

謝謝你的提問。我覺得這主要跟我們的能力擴張有關。我想我們之前提到過，醫藥服務一度幾乎只剩下 NGS 了。這限制了我們在那裡的市場規模。當時有許多 RFP 向我們展示，這些 RFP 需要我們當時無法提供的額外技術，因此，當我們只是一家 NGS 公司時，我們的目標市場較小。

But since then, we've launched a lot of new tests in our BioPharma services division. And that's allowed us to expand that addressable market and just blocking and tackling, allowing us to respond to more RFPs. So the business is -- it's still a bit lumpy. I mean, this is just the nature of these wins, but the pipeline looks good. Again, our capabilities are strong. I think the feedback we're getting from our biopharma partners is incredibly strong. They do value the tests that we're providing and the service we're providing.

但自那以後，我們在生物製藥服務部門推出了許多新的測試。這使我們能夠擴大目標市場，並透過一些基礎性措施，使我們能夠回應更多的 RFP。所以，這個產業——目前還不太穩定。我的意思是，這就是這類勝利的本質，但人才儲備看起來不錯。再次強調，我們的能力很強。我認為我們從生物製藥合作夥伴那裡得到的回饋非常積極。他們確實很重視我們提供的檢測和服務。

So it's an area we're going to continue to invest in, and we'll continue to see some lumpiness. But overall, we're quite pleased with the capabilities and the progress of that of that of that business.

所以我們會繼續在這個領域進行投資，而且我們也會繼續看到一些波動。但總的來說，我們對該業務的能力和進展相當滿意。

Okay. Helpful. And then another good quarter of Precision Diagnostics, you were up $3.5 million or so sequentially, I think like $7 million year over year. Can you just ring fence for us kind of the growth contributions you're getting there? How much of that is Beacon versus KNOVA versus other parts of the portfolio to help at least kind of rank order or give some flavor for the traction there?

好的。很有幫助。精準診斷業務又迎來了一個不錯的季度，季增了約 350 萬美元，年增了約 700 萬美元。你能不能把你們在那裡獲得的成長收益具體劃撥給我們？其中 Beacon、KNOVA 和其他投資組合部分分別佔多大比重？這樣至少可以大致確定一下排名順序，或是說說這些投資的成長情況。

Yeah, I mean, Beacon continues to be a really important test for the company, and it's continued to grow. We're winning new customers. We're moving into new markets, so really pleased with the progress of Beacon, and hopefully, launching Beacon K takes it to the next level. And certainly, keeping our turnaround times where they are has just been hugely important for the company.

是的，我的意思是，Beacon 對公司來說仍然是一項非常重要的測試，而且它一直在不斷發展壯大。我們正在贏得新客戶。我們正在進入新市場，所以對 Beacon 的進展感到非常滿意，希望 Beacon K 的推出能將其提升到一個新的水平。當然，維持目前的周轉時間對公司來說至關重要。

KNOVA is not yet a meaningful contributor to revenue. We're still trying to break into that OB/GYN marketplace. A lot of the Beacon business historically has been from the fertility side of things, REIs and fertility clinics. So Beacon continues to be quite important.

KNOVA目前對營收貢獻不大。我們仍在努力打入婦產科市場。Beacon 的大部分業務歷來都與生育方面有關，包括生殖內分泌與不孕症 (REI) 和生育診所。所以Beacon仍然非常重要。

We are seeing great momentum in our exomes and genomes as well. Our Oncology business is doing well, especially on the Heme side. So I think overall, I mean, you look at all the different sort of divisions of the company, they're all doing well, all firing on all cylinders, and we see great momentum.

我們在外顯子組和基因組研究方面也看到了巨大的發展動能。我們的腫瘤業務發展良好，尤其是在血液腫瘤領域。所以我覺得總體而言，我的意思是，你看公司所有不同的部門，它們都做得很好，都在全力運轉，我們看到了強勁的發展勢頭。

Okay. Great. I'll stop there and hop back in the queue. Thanks, everybody.

好的。偉大的。我就到此為止，然後重新排隊。謝謝大家。

Thanks, Andrew.

謝謝你，安德魯。

Thank you. We've reached the end of our question-and-answer session. And that does conclude today's teleconference and webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

謝謝。我們的問答環節到此結束。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。