MDxHealth SA (MDXH) 2026 Q2 法說會逐字稿

Hello and welcome, everyone, joining today's MDxHealth second-quarter 2026 earnings conference call. (Operator Instructions) Please note this call is being recorded, and we are standing by if you should need any assistance.

各位好，歡迎各位參加今天 MDxHealth 2026 年第二季財報電話會議。(接線員指示) 請注意，本次電話會議將被錄音；如您需要任何協助，我們將隨時待命。

It is now my pleasure to turn the meeting over to John Fraunces with LifeSci Advisors. Please go ahead.

現在我很榮幸將會議交給 LifeSci Advisors 的 John Fraunces。請開始。

Before we begin, I would like to remind everyone that the company will make forward-looking statements during today's call. Whether in prepared remarks or during the Q&A session, these forward-looking statements are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the Risk Factors section of the company's filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 20-F.

在開始之前，我想提醒各位，公司在今天的電話會議中將會發表前瞻性陳述。無論是在事先準備的講稿或問答環節中，這些前瞻性陳述均受固有風險與不確定性影響。這些風險與不確定性已在公司向美國證券交易委員會提交文件的「風險因素」章節中詳述，特別是在公司 Form 20-F 年度報告中。

I will now turn the call over to Michael McGarrity, Chief Executive Officer.

現在我將把電話會議交給執行長 Michael McGarrity。

Thanks, John, and thank you all for joining us for our second-quarter 2026 earnings conference call. With me today is Ron Kalfus, Interim Chief Financial Officer.

謝謝你，John，也感謝各位參加我們 2026 年第二季財報電話會議。今天與我一同出席的是臨時財務長 Ron Kalfus。

Q2 was a pivotal quarter for MDxHealth. Following the unanticipated reimbursement developments related to our Resolve test in April, our Q2 results reflect the strength of our core business, which was precisely what we committed to deliver with our sales force focused solely on this significant market opportunity. More specifically, we communicated that we expected sequential revenue acceleration from Q1 to Q2. We generated a 14% sequential revenue increase, or $3.3 million, representing the largest quarter-over-quarter revenue acceleration in our company's history.

第二季對 MDxHealth 而言是關鍵的一季。在 4 月與我們 Resolve 檢測相關、出乎意料的給付（報銷）變動之後，我們第二季的結果反映了核心業務的實力；這正是我們所承諾要交付的成果，並且我們的銷售團隊專注於這個重大的市場機會。更具體而言，我們曾表示預期營收將從第一季到第二季呈現連續（季比）加速成長。我們實現了 14% 的季比營收成長，約 330 萬美元，創下公司史上最大的單季對單季營收加速幅度。

We also anticipated a recovery in our tissue-based business following the expected impact in Q4 and Q1 post-integration and sales force restructuring from the ExoDx acquisition. We delivered that recovery with a sequential increase of greater than 1,400 tissue-based tests.

我們也預期，在完成 ExoDx 收購後的整合以及銷售團隊重整所帶來的影響於第四季與第一季反映後，我們的組織（tissue-based）業務將出現復甦。我們確實達成了該復甦，組織檢測量季比增加超過 1,400 例。

We aggressively set a goal to transition all of our Resolve customers by the end of Q2, an objective that we achieved while also building deep credibility with our customer base through the unwavering dedication and support of our sales and client services teams. Based on our revenue growth expectations, coupled with exceptional operating discipline, we are now firmly on track to return to positive adjusted EBITDA as we exit 2026. Following the discontinuation of Resolve UTI testing, we completed the cessation of our Plano, Texas, lab operations and eliminated the $10.4 million contingent liability to Novitas from our corporate structure as a discontinued operation through an organized wind down of that independently operated entity.

我們積極設定目標，要在第二季結束前完成所有 Resolve 客戶的轉換；我們達成了這項目標，同時也透過銷售與客戶服務團隊堅定不移的投入與支持，與客戶群建立了深厚的信任與公信力。基於我們對營收成長的預期，加上卓越的營運紀律，我們目前已穩健走在正軌上，預計在 2026 年結束時恢復為正的調整後 EBITDA。在停止 Resolve UTI 檢測後，我們完成了德州普萊諾（Plano）實驗室營運的終止，並透過對該獨立營運實體的有序結束（wind down），將對 Novitas 的 1,040 萬美元或有負債自公司架構中移除，並將其列為終止營業。

And finally, we strengthened our balance sheet and cash position through a registered direct financing that generated $20 million in proceeds priced at the market with no discount or warrant structure. I want to express my sincere gratitude to our entire organization for their professionalism and perseverance over these challenging 90 days. In my experience, you are defined not by what happens to you, but by how you respond.

最後，我們透過一項註冊直接融資強化了資產負債表與現金部位，該交易以市價定價，無折價亦無認股權證架構，募集資金 2,000 萬美元。我想對全體同仁在這充滿挑戰的 90 天中展現的專業與毅力，致上最誠摯的感謝。以我的經驗，你的定義不在於遭遇了什麼，而在於你如何回應。

Our entire team, from sales and client services through revenue cycle management and laboratory operations, demonstrated incredible character, professionalism, and commitment to our customers and to each other. I am immensely proud to stand alongside such a resilient group of professionals who stepped up when it mattered most. I would also like to specifically thank our Plano, Texas, team for their unwavering commitment to serving our customers through their final day of operations on June 30. Their professionalism and dedication to our patients was extraordinary, and our entire organization owes them a debt of gratitude for their integrity and service.

我們整個團隊，從銷售與客戶服務、到營收循環管理與實驗室營運，都展現了非凡的品格、專業，以及對客戶與彼此的承諾。我非常自豪能與這群韌性十足的專業人士並肩而立，他們在最關鍵的時刻挺身而出。我也要特別感謝德州普萊諾（Plano）團隊，在 6 月 30 日最後一天營運前，始終如一地致力於服務客戶。他們對病患的專業與投入極為卓越，我們全體同仁都應感謝他們的正直與服務精神。

This company did not suddenly forget how to operate and execute. While our operational strength was clearly on display in Q2, we are confident that our growth trajectory will return to the performance we have consistently delivered over the last number of years as we move through the remainder of 2026 and beyond. This confidence is rooted in our high-growth market opportunity, our strong competitive position, and our unparalleled suite of clinically actionable diagnostics, supporting clinicians and patients across the entire prostate cancer continuum. Our foundational commitment to focus, execution, and growth has never been more evident than during our navigation of Q2, and we look forward to continuing that momentum.

公司並沒有突然忘記如何營運與執行。雖然我們在第二季清楚展現了營運實力，但我們有信心，隨著 2026 年剩餘期間及往後的推進，我們的成長軌跡將回到過去多年來一貫交付的表現水準。這份信心來自於我們所處的高成長市場機會、強勁的競爭地位，以及無可比擬、具臨床可行動性的診斷產品組合，能在整個前列腺癌照護連續體中支持臨床醫師與病患。我們對聚焦、執行與成長的根本承諾，在我們應對第二季挑戰的過程中從未如此清晰可見；我們也期待延續這股動能。

Before turning the call over to Ron, I want to thank our shareholders who stepped up to support our mission, as well as our customers and stakeholders for their continued trust and confidence in MDxHealth. We are incredibly proud of our team's commitment not only to our operational and financial performance, but to what matters most, the patient and family on the other side of every single sample we receive.

在把電話會議交給 Ron 之前，我想感謝挺身支持我們使命的股東，以及我們的客戶與利害關係人，持續對 MDxHealth 保持信任與信心。我們為團隊的投入深感自豪；這份投入不僅體現在營運與財務表現上，更體現在最重要的事——每一份我們收到的樣本背後的病患與家庭。

I will follow up with some closing comments and view forward, but first, let me turn the call over to Ron to walk through our second quarter financial results. Ron?

我稍後會補充一些結語與前瞻觀點，但首先讓我把電話會議交給 Ron，請他帶各位回顧我們第二季的財務結果。Ron？

Thank you, Mike. Before I dive into the financial results, I want to briefly frame our Q2 presentation. As detailed in our press release, we have successfully completed the wind-down of our Resolve UTI business in Q2 with the permanent cessation of operations of our Delta Laboratories subsidiary and its Plano, Texas laboratory prior to June 30, 2026. Having met the requisite accounting criteria, the Resolve business is now formally classified as a discontinued operation.

謝謝你，Mike。在我深入說明財務結果之前，我想先簡要說明我們第二季簡報的架構。如新聞稿所述，我們已在第二季成功完成 Resolve UTI 業務的結束作業，並於 2026 年 6 月 30 日前永久停止我們 Delta Laboratories 子公司及其德州普萊諾（Plano）實驗室的營運。在符合必要的會計認列標準後，Resolve 業務現已正式分類為終止營業。

As such, all current and prior-year financial metrics reflect only our continuing core operations with the historical results of the Resolve business fully excluded. Our revenue for the second quarter ended June 30, 2026 was $27.2 million, an increase of 16% over the second quarter of 2025. Revenue in the second quarter of 2026 was comprised of 73% from tissue-based tests, compared to 96% for the same period last year.

因此，所有本期及前一年度的財務指標僅反映我們持續經營的核心業務，並已完全排除 Resolve 業務的歷史結果。截至 2026 年 6 月 30 日止的第二季營收為 2,720 萬美元，較 2025 年第二季成長 16%。2026 年第二季營收中，73% 來自組織檢測，相較去年同期為 96%。

Moving below the revenue line, our gross profit for the quarter was $17.9 million, an increase of 11% as compared to $16.1 million for the second quarter of 2025. Gross margins were 65.7% compared to 68.6% for Q2 2025, a decrease of 2.9 percentage points, primarily attributed to tissue versus liquid mix. Our operating loss for the quarter increased to $5.1 million, compared to $1.5 million for the second quarter of 2025, primarily driven by increases in headcount and other operating expenses related to the ExoDx acquisition, which were not present at this time last year. Our net loss increased 36% to $9.5 million, compared to $7 million for the prior year, primarily driven by operating expenses related to the ExoDx acquisition.

往下看營收以下項目，本季毛利為 1,790 萬美元，較 2025 年第二季的 1,610 萬美元成長 11%。毛利率為 65.7%，相較 2025 年第二季的 68.6% 下降 2.9 個百分點，主要歸因於組織檢測與液體檢測的組合（mix）變化。本季營業損失擴大至 510 萬美元，相較 2025 年第二季為 150 萬美元，主要由於 ExoDx 收購帶來的人員增加及其他營運費用上升，而去年同期並無此等費用。本季淨損增加 36% 至 950 萬美元，相較前一年度為 700 萬美元，主要同樣由 ExoDx 收購相關營運費用所致。

We are confident that our guidance and associated revenue growth will absorb this increase in acquired operating expenses and return to our trend of adjusted EBITDA profitability as we exit this year. Adjusted EBITDA for the second quarter was a negative $2.3 million, compared to a positive $1.1 million for the second quarter of 2025. Note that a reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release.

我們有信心，我們的財測與相關營收成長將能吸收這些新增的併購營運費用，並在今年結束時回到調整後 EBITDA 獲利的趨勢。第二季調整後 EBITDA 為負 230 萬美元，相較 2025 年第二季為正 110 萬美元。請注意，本新聞稿所附表格中已提供 IFRS 與非 IFRS 財務衡量指標之調節表。

Finally, cash and cash equivalents as of June 30, 2026, total $19.2 million. In addition, on August 11, we executed a $20 million registered direct placement with existing shareholders. After taking this transaction into account, our pro forma cash balance as of June 30, 2026, would have been $39.2 million.

最後，截至 2026 年 6 月 30 日，現金及約當現金合計為 1,920 萬美元。此外，我們於 8 月 11 日與現有股東完成一筆 2,000 萬美元的註冊直接私募（registered direct placement）。若將此交易納入考量，截至 2026 年 6 月 30 日的備考（pro forma）現金餘額將為 3,920 萬美元。

This concludes my overview of the financial results, and I will now turn the call back to Mike.

以上為我對財務結果的概述，現在我將把電話會議交回給 Mike。

Thanks, Ron. When speaking with stakeholders following our Q1 results, I noted that while the decision to discontinue Resolve was unfortunate, I believed it would likely end up being a blessing in disguise, one that would manifest as an absolute singular focus on the vertical we have built in the urology market and our prostate cancer franchise in particular. Our Q2 performance represents the first clear evidence of that promise and potential being realized.

謝謝你，Ron。在我們公布第一季業績後與利害關係人溝通時，我提到，雖然停止 Resolve 的決定令人遺憾，但我相信這很可能會因禍得福，讓我們能夠把全部且唯一的重心，放在我們在泌尿科市場所建立的垂直領域，尤其是我們的前列腺癌產品線。我們第二季的表現，代表這項承諾與潛力開始兌現的第一個明確證據。

From a focus perspective, the peer-reviewed publication of data from our Oxford ProMPT study is already being recognized and embraced by our urology customers. Furthermore, we see clear visibility into the potential of our landmark Oxford ProtecT study to transform the market landscape, particularly for patients in the active surveillance setting. Our vision is to establish GPS as the only diagnostic test with NCCN level 1 evidence in this critical patient population, which represents the majority of patients in the prostate cancer diagnostic pathway.

就聚焦而言，我們 Oxford ProMPT 研究數據的同儕審查期刊發表，已經獲得泌尿科客戶的認可與採用。此外，我們也清楚看見具里程碑意義的 Oxford ProtecT 研究有潛力改變市場格局，特別是對於處於主動監測（active surveillance）情境的患者。我們的願景是，讓 GPS 成為在這個關鍵患者族群中，唯一具備 NCCN 第 1 級證據的診斷檢測；而該族群占前列腺癌診斷流程中的大多數患者。

Additionally, we continue to advance our AI initiatives, which will deliver meaningful incremental value to both new and existing customers across our urology and pathology stakeholders. Over the past two years, our efforts to establish and expand our reach with pathology partners alongside the urologists they serve have paid significant dividends. We are confident that both Confirm and GPS will continue to resonate strongly with this key constituency through their unique clinical features, benefits, and supporting data.

此外，我們也持續推進 AI 計畫，將為泌尿科與病理相關的新舊客戶帶來具意義的增量價值。過去兩年，我們在建立並擴大與病理合作夥伴（以及其所服務的泌尿科醫師）之觸及方面的努力，已帶來顯著成果。我們有信心，Confirm 與 GPS 將憑藉其獨特的臨床特性、效益與支持性數據，持續在這個關鍵族群中引發強烈共鳴。

All of this progress in Q2 reinforces our commitment to and confidence in meeting or exceeding our full-year guidance of $110 million to $115 million in revenue while returning to adjusted EBITDA profitability as we exit this year. Our culture of quality first and customers always continues to drive our growing reputation for excellence across the urology market.

第二季的所有進展，進一步強化我們對達成或超越全年營收指引 1.10 億至 1.15 億美元的承諾與信心，並在今年結束時重返調整後 EBITDA 獲利。我們「品質優先、客戶至上」的文化，持續推動我們在泌尿科市場日益成長的卓越口碑。

We remain steadfast in our commitment to delivering growth and value, cementing MDxHealth's position as the leading precision diagnostics company focused exclusively on our high-growth urology market opportunity. As always, we carry a profound responsibility to create long-term value for all of our stakeholders, including patients, clinicians, payers, and shareholders.

我們仍堅定致力於帶來成長與價值，鞏固 MDxHealth 作為領先精準診斷公司的地位，並專注於我們高成長的泌尿科市場機會。一如既往，我們肩負為所有利害關係人創造長期價值的重大責任，包括患者、臨床醫師、支付方與股東。

Thank you for your continued interest in and support of MDxHealth. I will now turn the call back over to the operator to open the line for questions.

感謝各位持續關注並支持 MDxHealth。接下來我將把電話交回給接線員，開放提問。

(Operator Instructions) Thomas Flaten, Lake Street.

(接線員指示) Thomas Flaten，Lake Street。

Hey, Mike and Ron. Congrats on a nice rebound quarter. Two questions from me. Given the sequential increase on the tissue side, do you think we can conclude that the challenges were internal rather than there being any competitive dynamics that were impacting volumes previously?

嗨，Mike 和 Ron。恭喜本季漂亮反彈。我有兩個問題。鑑於組織切片（tissue）端的營收/表現呈現季比增加，我們是否可以推論，先前影響量能的挑戰主要是內部因素，而非任何競爭動態所致？

Yeah, Thomas. I think we were ahead of that a little bit. I kind of signaled we expected Q4 and Q1 to be a little choppy, really a function of the restructuring of the sales organization. We had a territory reorganization and then cross-training of the new reps, remapping of the customer base, the combined businesses, and that's really what we saw. So we didn't see it in, hopefully Q2 is the beginning of evidence of that it would disrupt our position in the market. Just more create a little diversion of the focus for that quarter or two and we're confident that Q2 signals that we're back to the full sales force focused on our core menu.

是的，Thomas。我想我們先前就有稍微預告過。我曾暗示我們預期第四季與第一季會有些顛簸，主要是銷售組織重整所致。我們進行了區域重劃，接著對新業務代表進行交叉訓練、重新繪製客戶版圖、整合合併後的業務，而這正是我們所看到的情況。因此我們並未看到（也希望第二季是開始的證據）這會破壞我們在市場上的地位。它更多只是讓那一兩季的專注度稍微被分散；而我們有信心，第二季顯示我們已回到全體銷售團隊聚焦於核心產品組合。

Excellent. Then as we go from first half to second half towards your guidance range, do you expect the revenue progression to be pretty linear, or should we expect some type of fluctuation between Q3 and Q4?

很好。那麼，當我們從上半年走向下半年、朝你們的指引區間前進時，你們預期營收走勢會相當線性嗎？還是我們應該預期第三季與第四季之間會有某種波動？

Yeah, Thomas, I would say generally linear. Q3 is always a little bit of a wild card with some seasonality just based on patients and clinician flow through our urology customer base. So that being the only potential factor to affect Q3, we would expect acceleration in Q3 and Q4 in linear-ish.

是的，Thomas，我會說大致上是線性的。第三季一向有點不確定性，因為存在一些季節性因素，主要取決於患者與臨床醫師在我們泌尿科客戶群中的就診/流量。因此，這可能是影響第三季的唯一因素；我們預期第三季與第四季會加速成長，整體呈現近似線性的走勢。

Great. I appreciate that.

很好。謝謝你的說明。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

Hey, guys. Maybe just the first one, it's nice to hear that liability, I think that was there from the Texas Medical case, is off the books now, I guess, because you closed the lab. Just wanted to confirm, I guess. Did you guys discuss that at 1Q, like this ability to remove that given these actions? Because it sounds like it's a nice removal on your part.

嗨，各位。先問第一個，聽到那筆我認為源自 Texas Medical 案件的負債現在已經從帳上移除，應該是因為你們關閉了實驗室，這點很不錯。我只是想確認一下。你們在第一季時有討論過嗎？也就是透過這些行動能夠移除該負債的可能性？因為聽起來這對你們而言是個很好的解除。

Yeah, Dan, thanks. I didn't want to get ahead of that. There was obviously a lot of work to occur with all of our outside counsels and advisors on setting that up and consent from our lending partner, but it came together as we anticipated. We believed the structure, the way we set that entity up allowed for that. We just wanted to make sure that we had it all tight, and we were able to close that up here for this communication. So we believe that is a significant derisking element to our business as we go forward.

是的，Dan，謝謝。我不想太早談這件事。顯然，我們與所有外部法律顧問與顧問團隊在架構設計上做了大量工作，也需要取得我們貸款合作夥伴的同意，但最終如我們預期般順利完成。我們相信，當初設立該實體的架構方式，使得這件事成為可能。我們只是想確保所有細節都非常嚴謹，並且能在這次對外溝通前完成結案。因此，我們認為這是公司未來發展上一項重要的降風險（derisking）因素。

Good stuff. Then the raise, obviously getting it done at the market, it was attractive. Just wondering, can you speak to a little bit how that sets you up? Obviously, your adjusted EBITDA positive exiting the year, which is nice to hear. You have this $20 million of additional capital. As we look ahead, I know you've got the debt, and you have some payments from Exact still out the next couple of years. Just how do we think about the need for further capital versus internally generated cash flow?

很棒。接著談到這次募資，顯然能以市價完成相當有吸引力。想請你談談這如何讓你們更有利於後續布局？你們提到今年結束時調整後 EBITDA 轉正，這點很不錯。你們也新增了 2,000 萬美元資金。往前看，我知道你們有債務，且未來幾年仍有來自 Exact 的一些款項支付。那麼，我們該如何看待未來是否仍需要進一步募資，相較於由內部產生的現金流來支應？

Yeah, I think your last statement is key, right? We anticipate that based on the scale of our business and the leverage we have in the P&L, one of the key execution items we've focused on is significant and consistent top-line growth while holding our OpEx really straight away for the past three years. We expect both those to continue, and that leverage generates meaningful progress in the business beginning to fund itself from an operating basis. We're confident that that gives us pretty strong leverage as we go forward.

是的，我認為你最後那句是關鍵，對吧？我們預期，基於公司規模以及損益表（P&L）上的營運槓桿，我們聚焦的其中一個關鍵執行項目，就是在過去三年將營運費用（OpEx）維持相當平穩的同時，實現顯著且持續的營收成長。我們預期這兩點都會延續，而這樣的槓桿效應將帶來具意義的進展，使公司開始能以營運層面逐步自給自足。我們有信心，這將在未來為我們帶來相當強的槓桿。

This capital, our balance sheet position, obviously provides significant runway for the business. And we've demonstrated, I think, with our partner, Exact, Abbott, flexibility on that. All those options remain in front of us, but the two key points, and also the equity option on that, they are stakeholders in the company as well. We're really counting on the business progress growth continuing that really begins to fund some of those obligations. But we have clear runway through that period right now.

這筆資金與我們的資產負債表狀況，顯然為公司提供了可觀的資金跑道（runway）。而且我認為，我們也已與合作夥伴 Exact、Abbott 展現了在相關安排上的彈性。所有選項仍在我們面前，包含其中兩個關鍵點，以及相關的股權選項；他們同時也是公司的利害關係人。我們真正仰賴的是公司業務持續進展與成長，進而開始為部分義務提供資金來源。但就目前而言，我們在那段期間內有明確的資金跑道。

Terrific. Okay, guys.

太好了。好的，各位。

Bill Bonello, Craig-Hallum.

Bill Bonello，Craig-Hallum。

Hey, guys. I want to circle back on a couple of the topics that have been talked about. I guess first again on tissue. It was great to see the sequential increase, but it looks like volume's still down on a year-over-year basis, yet competitors still growing in the mid-teens. You did have one competitor talk about weakness in the low-risk segment of the market.

嗨，各位。我想回到幾個剛剛談到的主題。我想先再談一次組織切片（tissue）。很高興看到季比增加，但看起來量能仍較去年同期下滑，而競爭對手仍有約十幾個百分點的成長。你們確實有一位競爭對手提到市場中低風險（low-risk）區隔出現疲弱。

However, I guess I'm just trying to get a sense of if things are sort of back to functioning on the sales force front without distraction, not destruction, why wouldn't we think of that being a business that should be growing faster year-over-year? I know you talked about acceleration but maybe give us some sense of what you think the potential is for that business in a more normalized year-over-year growth.

不過，我想我只是想了解一下，如果在銷售團隊端，事情某種程度上已經回到不受干擾、能正常運作（不是被破壞）的狀態，那為什麼我們不會認為這應該是一個年對年成長更快的業務？我知道你提到過加速，但也許請你談談，在一個更正常的年對年成長年度裡，你認為這項業務的潛力會是什麼樣子。

Yeah, Bill, I absolutely get the question. I think, at the risk of pointing to a comp, Q2 of last year was our highest tissue-based quarter. I don't want to lean too much on that. I think one other note of Q2, when I commented with Thomas on tissue in Q4 and Q1, Q2, one of the things that I was, I don't want to say concerned about but required a lot of focus was our sales organization also in a six-week period in the back half of the quarter, had to focus on transitioning all of our Resolve customers.

是的，Bill，我完全理解這個問題。我想，冒著把原因歸因於比較基期的風險，去年第二季是我們以組織（tissue）為基礎業務最高的一季。我不想過度依賴這點。我想第二季還有另一點：當我在第四季和第一季、第二季與 Thomas 談到 tissue 時，第二季有一件事我不想說是擔心，但確實需要投入大量注意力的是，我們的銷售組織在該季後半段的一個六週期間，也必須專注於把我們所有 Resolve 客戶完成轉換。

While we didn't disclose the number, that was hundreds of customers and thousands of urologists that were using that test. So that lift was significant, probably equal to or more than the restructuring of the sales organization based on the time. They completed that with all of our customers being successfully transitioned to their acceptance while driving that sequential acceleration. I get it, the flat year-over-year, we're not celebrating that on a go-forward basis, but our guidance as it's set up requires a return to year-over-year growth that we were seeing prior to this.

雖然我們沒有披露數字，但那是數百位客戶、以及數千位使用該檢測的泌尿科醫師。所以那個工作量非常大，就時間投入而言，可能不亞於、甚至超過銷售組織重整。他們在推動連續性加速成長的同時，也完成了這項工作，讓我們所有客戶都成功轉換並接受。我理解，年對年持平，我們不會在未來把這當作值得慶祝的結果；但我們目前的指引設定，要求回到我們在此之前所看到的年對年成長。

Our current guide at $110 million to $115 million contemplates 20% to 26% growth, which would suggest that if you look at our 2026 for tissue by quarters, we'd be down 12 flat, and then up accelerated. I guess hopefully that's a fair answer that we expect as we post and discuss Q3 and post and discuss Q4. We would agree, we do think our position in that lower risk category, the active surveillance population we reference, is really gaining strength, and we'll continue to count on that.

我們目前的指引為 1.10 億至 1.15 億美元，意味著 20% 到 26% 的成長；這也表示，如果你按季度來看我們 2026 年的 tissue 業務，可能會先下滑 12% 或持平，然後再出現加速上升。我想希望這是個合理的回答：我們預期在我們公布並討論第三季、以及公布並討論第四季時，會看到這樣的走勢。我們同意，我們在較低風險族群、也就是我們提到的主動監測（active surveillance）人群中的地位確實正在增強，我們也會持續仰賴這一點。

That's what our sales force will be focused on. I give a lot of credit to the team for doing two things at once, right? Driving the recovery in the business and taking care of all those customers. It's important to note, virtually all of those Resolve customers are prostate cancer customers. So it required real focus and goodwill working with our customers to obviously not upset our base, and we think we successfully achieved that.

這就是我們銷售團隊會聚焦的方向。我非常肯定團隊能同時做兩件事，對吧？一方面推動業務復甦，另一方面照顧所有那些客戶。需要強調的是，幾乎所有 Resolve 客戶都是前列腺癌客戶。因此，這需要非常專注，並與客戶建立善意合作，顯然是為了不影響我們的既有客群，而我們認為我們已成功做到。

That's helpful. Just to be crystal clear, because as we thought through the implications for you in low risk, we sort of could have envisioned one of two scenarios. One, you're seeing similar maybe macro level decline in utilization, or two, you're taking share. It sounds like from your answer, you're not necessarily seeing any kind of headwind in terms of utilization. Is that fair, or I'm putting words in your mouth?

這很有幫助。我想把問題問得非常清楚，因為當我們思考你們在低風險族群的影響時，我們大概可以想像兩種情境之一。第一，你們看到的是類似、可能是宏觀層面的使用量下滑；第二，你們是在搶市佔。聽起來從你的回答，你們不一定看到任何使用量方面的逆風。這樣理解公平嗎？還是我在替你說話？

No, I think that's fair. When we refer to our growth on the tissue side, particularly with GPS, I often reference two drivers of growth. One is market conversion. In other words, still, Bill, as you know, a significant part of that market opportunity is there for urologists that do not currently use biomarker testing in the active surveillance population and share. I think our growth trajectory over the past couple of years has been driven by both, and we expect that to continue.

不，我覺得這樣說是公平的。當我們談到 tissue 端的成長，特別是 GPS，我常提到兩個成長驅動因素。第一是市場轉換（market conversion）。換句話說，Bill，如你所知，那個市場機會中仍有很大一部分來自於：泌尿科醫師目前在主動監測族群中尚未使用生物標記（biomarker）檢測，以及市佔提升。我認為我們過去幾年的成長軌跡同時由這兩者驅動，我們預期這會持續。

So it's kind of comparing to the two competitors in that space and how they report, it's a combination of are we taking share from them or are we converting the market? I think the ProMPT data today and the ProtecT data ultimately really help with both. But particularly on that conversion side, hopefully that holds together for you. But that's an important point that we see as the opportunity.

所以，若拿同一領域的兩個競爭對手及其揭露方式來比較，這其實是「我們是在從他們那裡搶市佔」或「我們是在推動市場轉換」的組合。我認為今天的 ProMPT 數據，以及最終的 ProtecT 數據，確實對兩者都有幫助。但特別是在市場轉換那一端，希望這能讓你更有信心。不過這是一個重要觀點：我們把它視為機會所在。

That's super helpful. Just one last one. Is it possible to give us any sense of what the liquid volume growth looked like on a pro forma basis so that we have some sense of what the underlying, because obviously big boost from the acquisition, but so we have some sense of what the underlying growth is?

這非常有幫助。最後一個問題。你們是否可以提供一些線索，說明在備考（pro forma）基礎下，液體檢測（liquid）的量成長大概是什麼樣子？這樣我們能了解一些底層的成長情況，因為顯然併購帶來了很大的提升，但我們想掌握底層成長。

I'm not sure I -- Yeah, go ahead.

我不確定我——對，你繼續。

Bill, I don't think we can because pro forma would be comparing Exo to Select, but we stopped selling Select mdx, so we can't really compare one to the other. It's not like we're selling bulk entirely.

Bill，我想我們做不到，因為備考會是拿 Exo 去對比 Select，但我們已經停止銷售 Select mdx，所以我們無法真正把兩者拿來比較。這不像是我們在賣完全同質的量。

I was trying to think of Exo last year versus Exo this year.

我是在想 Exo 去年對比今年的 Exo。

Oh, I see.

喔，我明白了。

To get that picture.

為了看出那個樣貌。

Yeah. I get it now. Yeah, we're not doing that. It wasn't our as-reported numbers, but we're confident that we'll be continuing to drive growth into the Exo product line. Really, again, with the integration, we're a couple quarters in. The majority of the Exo business that began to be covered by us was covered by legacy MDxHealth reps. We're confident that this is really the quarter where we begin to see that, and Q4 will be the first where we have actual year-over-year comps for a quarter on an Exo volume.

是的。我現在懂你的意思了。是的，我們沒有那樣做。那不是我們對外揭露的數字，但我們有信心會持續推動 Exo 產品線的成長。再說一次，隨著整合進行，我們才進入幾個季度。一開始納入我們覆蓋的 Exo 業務，多數是由原 MDxHealth 的業務代表所覆蓋。我們有信心這一季會真正開始看到成效，而第四季將是我們第一次能對 Exo 量做出單季的實際年對年比較。

Mark Massaro, BTIG US Bank.

Mark Massaro，BTIG US Bank。

Hey, guys. Since we are in the month of August, and we're tidying up our models, I was wondering if you could react to your confidence in perhaps growing 20% in 2027. And if you could just walk us through some of the puts and takes as to how you're thinking about the next full year.

嗨，各位。既然現在是八月，我們正在整理我們的模型，我想請你們談談：你們對於在 2027 年成長 20% 的信心如何？另外，也請你們帶我們走一遍，你們在思考下一個完整年度時，各項利多與利空（puts and takes）是什麼。

Sure, Mark. Probably premature to provide visibility to guidance for 2027, but I get the question. We think that there is significant opportunity for growth with the Exo business as we go forward. And then on the tissue side, I will provide more detail around our AI initiative there as well, which obviously would drive largely GPS. But we are very, very confident that that can and will begin to contribute in 2027.

當然可以，Mark。現在就提供 2027 年指引的能見度可能還太早，但我理解你的問題。我們認為，隨著我們往前走，Exo 業務有很大的成長機會。另外在 tissue 端，我也會就我們的 AI 計畫提供更多細節，這顯然主要會帶動 GPS。但我們非常、非常有信心，這在 2027 年可以、也將會開始貢獻。

And then the third arm of that would be the ProMPT data in the active surveillance population. When you look at the data from that peer-reviewed publication, we expect it to mirror what will come out in the landmark ProtecT. So I think our urologists today are noting that. That coupled with the AI initiatives we have going that we would expect to be supportive as we come out of this year and the next. We think we will have a basis to provide good growth trajectory 2027 and beyond.

第三個支柱會是主動監測族群中的 ProMPT 數據。當你看那篇同儕審查（peer-reviewed）出版物的數據時，我們預期它會與即將在具里程碑意義的 ProtecT 中公布的結果相呼應。所以我認為我們的泌尿科醫師今天也注意到了這點。再加上我們正在推進的 AI 計畫，我們預期在今年結束以及明年，這些都會形成支持。我們認為，我們將有基礎在 2027 年及之後提供良好的成長軌跡。

That is super helpful. Congrats on the raise, I guess. As Dan Brennan mentioned, you do have some puts and takes with the balance sheet. But I wanted to get a sense for, in recent years, you have brought in some assets and now you have divested some assets. How are you thinking about the portfolio going forward? I know you are talking about some internal development.

這非常有幫助。我想恭喜你們上調指引。如 Dan Brennan 提到的，你們的資產負債表確實有一些利多與利空因素。但我想了解的是，近幾年你們引進了一些資產，而現在也處分了一些資產。你們未來如何看待整體產品／資產組合（portfolio）？我知道你們也在談一些內部開發。

With the $20 million of cash coming in, how are you thinking about exploring potential tuck-ins? I know in the past you have been able to bolt on things at really rational and reasonable valuations. I am just curious how you are thinking about the potential for inorganic growth from here.

隨著 2,000 萬美元現金入帳，您如何思考探索潛在的補強型併購（tuck-ins）？我知道過去你們能以相當理性且合理的估值進行加掛式收購（bolt-on）。我只是好奇，從現在開始你們如何看待透過非有機方式成長的可能性。

Yeah, I guess I would answer that two ways. One, per your previous question and hopefully my answer, we are very positive and confident on our current market opportunity. We believe it can support our growth for the foreseeable future based on our initiatives, our discipline on the operating side, and our sales force execution. But that said, we are a growth company. I think I have shared with you and everybody that we run a growth strategy process here.

是的，我想我會從兩個角度回答。第一，呼應你前一個問題以及希望我的回答也有說明，我們對目前的市場機會非常正向且有信心。我們相信，基於我們的各項倡議、營運端的紀律，以及銷售團隊的執行力，這個市場機會在可預見的未來足以支撐我們的成長。但話說回來，我們是一家成長型公司。我想我已經跟你以及大家分享過，我們在這裡有一套成長策略流程。

We are always looking out. I would say that that is flipped significantly where I think, and please take this the right way, it is not meant to be self-serving, but anybody who is looking for partner or opportunity or channel or infrastructure into the urology vertical, we are an obvious first stop. So I want to be careful here. I think you and I want to discuss don't get too far ahead with potential opportunities for growth, but we'll be very disciplined as we have in the past.

我們一直都在向外尋找。我會說情勢已經明顯翻轉；我認為——也請你用正確的方式理解——這不是為了自我吹捧，但任何想在泌尿科垂直領域尋找合作夥伴、機會、通路或基礎設施的人，我們顯然會是第一站。所以我在這裡要謹慎一些。我想你和我都希望討論時不要在潛在成長機會上走得太前面，但我們會像過去一樣保持高度紀律。

For right now, in the near term for sure, we are focused on execution of the opportunity we have in front of us in clearing what I said this Resolve development was probably a two- to three-quarter setback from our previous trajectory. We've got one quarter posted. We look forward to posting Q3 and Q4, and then I think 2027 and beyond comes more clear and then we can revisit how we think about growth. Definitely opportunities there. We just want to be disciplined.

就目前而言，短期內我們確實專注於把眼前的機會執行到位，並消化我所說的 Resolve 開發對我們先前成長軌跡造成的大約兩到三個季度的延宕。我們已經公布了一個季度的結果。我們期待公布 Q3 和 Q4，然後我認為到 2027 年及之後會更清晰，屆時我們可以再回頭檢視我們對成長的看法。那裡肯定有機會。我們只是希望保持紀律。

That makes perfect sense. If I can squeeze one more in. I wanted to ask, some of the other lab testing companies have seen benefits from revenue cycle management initiatives, collecting claims from prior periods, and other companies have been winning some additional commercial payer coverage and the like. I know there's a lot of focus on volume growth, but I just wanted to get a sense for is there any juice to squeeze on the ASP side?

這完全合理。如果我可以再塞一個問題。我想問的是，一些其他的實驗室檢測公司已從收入循環管理（RCM）措施中受益，例如追收前期期間的理賠款項，另外也有公司爭取到更多商業保險支付方的額外給付覆蓋等。我知道大家很聚焦在量的成長，但我想了解一下，在 ASP（平均銷售單價）這一端是否還有可榨取的空間？

Well, as I think you know, but just to be clear, our projections, the way we build our model is based on our expectation of unit growth, but we view our market access managed care team and our RCM team as productivity engines for the business as well. So while I'm not guiding to pick up there, I think we've seen stability in our ASPs, and I guess based on some of the dynamics in the reimbursement landscape across the industry, unrelated to Resolve, but just in general, we're confident that we've got good discipline there.

嗯，如你所知——但我再說清楚——我們的預測、我們建立模型的方式，是基於我們對單位量成長的預期；但我們也把市場准入的管理式醫療（managed care）團隊以及 RCM 團隊視為業務的生產力引擎。所以雖然我不會在這裡指引（guiding）會有額外提升，但我認為我們看到 ASP 維持穩定；而且基於整個產業在給付環境上的一些動態（與 Resolve 無關，只是整體而言），我們有信心我們在這方面維持了良好的紀律。

And yeah, we -- consistently, the data helps, Mark, as you know, right? So I think when you look at some of the initiatives that we have, even our AI initiatives, there's some opportunity there from both the ProMPT ProtecT as well as the way we'll end up positioning our AI to support that aspect of our business but nothing to project to right now.

而且是的，我們——一如既往，數據會有幫助，Mark，你也知道，對吧？所以我想當你看我們的一些倡議，甚至我們的 AI 倡議，在那裡確實有一些機會，既來自 ProMPT、ProtecT，也來自我們最終將如何定位我們的 AI 來支持這一塊業務，但目前沒有什麼可以做預測。

(Operator Instructions) Matt Larew, William Blair.

(接線員指示) Matt Larew，William Blair。

Hi, good afternoon. Mike, you've referenced both last quarter and this quarter the notion sort of a blessing in disguise, and you've also last quarter made quite a bit of progress on the Exo integration. Certainly, the sequential improvement in revenue maybe is the obvious KPI that would be a mark of that. But just curious in terms of other internal KPIs, whether it's sales force productivity, account touchpoint utilization, anything else that you're seeing underneath the hood that suggests to you those things are moving in the right direction and perhaps that's what's giving you additional confidence on the ramp of the back half of the year?

嗨，下午好。Mike，你在上個季度和這個季度都提到某種「因禍得福」的概念，而你在上個季度也在 Exo 整合上取得了相當多進展。當然，營收的連續性改善也許是最明顯、可作為衡量的 KPI。但我想問的是，就其他內部 KPI 而言，不論是銷售團隊生產力、帳戶觸點（touchpoint）使用率，或任何你在「引擎蓋下」看到的其他指標，是否顯示這些事情正朝正確方向前進，並且也許正是這些讓你對下半年爬坡更有信心？

Yeah. Matt, I think there's nothing we don't metric and measure here with regard to the way our business builds our opportunity. I don't want to disclose all those, but we look at everything from the way our physicians adopt our menu with the goal of selling our full pathway solution to the way they adopt within a large group practice. In other words, you get a few of them to buy into our pathway in a reliable way where it's internally, we call it compliance to our pathway.

是的。Matt，我想在這裡，關於我們的業務如何建立機會，我們沒有什麼是不做指標化與衡量的。我不想揭露所有那些指標，但我們會看從醫師如何採用我們的檢測菜單（menu）（目標是銷售我們完整的臨床路徑解決方案），到他們在大型團體診所內部的採用情況等各個面向。換句話說，你讓其中幾位以可靠的方式採用我們的路徑；在內部我們稱之為對我們路徑的「遵循度」（compliance）。

The other component to it is what I noted in my prepared comments, which is the influence and impact of pathology, which really has made a difference. I'll just be brief here, but there's a couple features of GPS in particular that really resonate with pathology, right? It requires significantly less tissue than the two competing tests. Once pathology understands the value of Confirm that it's not proving a pathology read was wrong, it's the limitations of biopsy.

另一個組成部分是我在事先準備的評論中提到的，也就是病理科的影響力與衝擊，這確實帶來了差異。我在這裡簡要說明，但特別是 GPS 有幾個特點非常能引起病理科共鳴，對吧？它所需的組織量顯著少於兩個競品檢測。一旦病理科理解 Confirm 的價值在於它不是在證明病理判讀是錯的，而是在指出切片檢體（biopsy）的限制。

All those things work with what we track to say, yeah, we're getting pick-up here. It's sustainable, it's sticky, and it helps actually create the model for our sales organization, our medical science liaison team. We have pathology supporting our resources that all work together to give us the data that suggests really helps us build our model and definitely our forecast as we go through this year.

所有這些都與我們追蹤的指標相互呼應，讓我們能說：是的，我們在這裡看到提升。它是可持續的、黏著度高的，而且實際上有助於為我們的銷售組織、我們的醫學科學聯絡人（MSL）團隊建立運作模型。我們有病理科支持我們的資源配置；這些都一起運作，提供我們數據，顯示這確實有助於我們建立模型，並且在今年推進過程中也明確支撐我們的預測。

Okay. Then just on ProtecT, just sort of the way you described it today, the notion of clear visibility into that, just wondering if there's anything that you're seeing that's giving you more confidence. I think that is reading out early next year, but I guess maybe just confirm that that's still the timeline, and what you anticipate the response might be from the physician community once you get that out there.

好的。那再談 ProtecT，依照你今天的描述，關於對它有清楚能見度這件事，我想知道是否有任何你看到的跡象讓你更有信心。我認為那會在明年初讀出（read out），但我想也請你確認一下時間表是否仍是如此，以及一旦結果出來，你預期醫師社群可能會有什麼反應。

Yeah. I think I've hesitated to give timelines there, but what I would say is our clinical scientific affairs team works directly with Oxford. We have consistent regular updates with them. They're almost a project management team coupled with our CSA and project management teams working in collaboration. So it gives us confidence every month that we're making progress there. It's difficult to handicap the timing of the readout, and then the secondary benefit would be the guideline work that we'll do on the other side of that.

是的。我想我一直猶豫要不要在那裡給出時間表，但我會說的是，我們的臨床科學事務（CSA）團隊直接與牛津（Oxford）合作。我們與他們保持一致且定期的更新。他們幾乎像是一個專案管理團隊，並與我們的 CSA 與專案管理團隊協同合作。因此每個月都讓我們更有信心，我們在那裡持續取得進展。要精準推估讀出時間很困難；而次要的效益則是，在那之後我們將進行的臨床指引（guideline）相關工作。

So based on our KOL network that that group has established, our somewhat influencer reach into the NCCN, and the reputation and sway of Dr. Hamby and the Oxford team, that gives us our confidence. Each quarter, I'll provide Matt better visibility as to how we think that comes timing-wise.

因此，基於該團隊建立的 KOL（關鍵意見領袖）網絡、我們對 NCCN 的一些影響者觸及（influencer reach），以及 Hamby 醫師與牛津團隊的聲譽與影響力，這些都帶來我們的信心。每個季度我會提供 Matt 更好的能見度，說明我們對時間點的看法。

But I think the last comment I will make on that is that getting the ProMPT published in a peer-reviewed manner does provide really good foundational view of this is what we expected. This is what they somewhat mandated that we do the ProMPT first before they turn on the ProtecT cohort, which is the most valuable one in the world. In hindsight, that was the right thing to do because it gave us confidence, them confidence, that GPS was and is the right test to prove that out.

但我想我對此最後要補充的是，以同儕審查（peer-reviewed）的方式發表 ProMPT，確實提供了很好的基礎視角：這就是我們所預期的。這也是他們某種程度上要求我們先做 ProMPT，之後才啟動 ProtecT 隊列（cohort）——那是全球最有價值的一個。事後看來，那是正確的做法，因為它讓我們有信心、也讓他們有信心，GPS 過去是、現在也是用來證明這件事的正確檢測。

And it does appear that there are no further questions at this time. Thank you. This brings us to the end of today's meeting. We appreciate your time and participation, and you may now disconnect.

看起來目前沒有進一步的問題。謝謝。今天的會議到此結束。感謝各位的時間與參與，現在可以斷線。