Myriad Genetics Inc (MYGN) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Myriad Genetics first-quarter 2025 financial earnings conference call.

您好，感謝您的支持。歡迎參加 Myriad Genetics 2025 年第一季財務收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Matt Scalo, Senior Vice President of Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係高級副總裁 Matt Scalo。

Please go ahead.

請繼續。

Good afternoon, and welcome to the Myriad Genetics first quarter 2025 earnings call. During the call, we will review the financial results we released today. And afterwards, we will host a Q&A session.

下午好，歡迎參加 Myriad Genetics 2025 年第一季財報電話會議。在電話會議中，我們將回顧今天發布的財務結果。之後，我們將舉辦問答環節。

Our quarterly earnings release was issued this afternoon on Form 8-K and can be found on our website at investor.merid.com.

我們的季度收益報告於今天下午以 8-K 表格形式發布，可在我們的網站 investor.merid.com 上查閱。

I'm Matt Scalo, Senior Vice President of Investor Relations, on the call with me today are Sam Raha, our President and Chief Executive Officer; Scott Leffler, our Chief Financial Officer; and Mark Verratti, our Chief Operating Officer.

我是投資者關係資深副總裁 Matt Scalo，今天與我一起參加電話會議的還有我們的總裁兼執行長 Sam Raha；我們的財務長 Scott Leffler；以及我們的營運長 Mark Verratti。

This call can be heard live via webcast at investor.myriad.com, and a recording will be archived in our Investors section of our website along with this slide presentation, please note that some of the information presented today contains projections or other forward-looking statements regarding future events or the future financial performance of the company.

您可以透過 investor.myriad.com 上的網路直播收聽此電話會議，錄音將與此投影片簡報一起存檔在我們網站的「投資者」部分，請注意，今天提供的一些資訊包含有關未來事件或公司未來財務業績的預測或其他前瞻性陳述。

These statements are based on management's current expectations, and the actual events or results may differ materially and adversely from these expectations for a variety of reasons.

這些聲明是基於管理層目前的預期，而實際事件或結果可能由於各種原因與這些預期有重大不利差異。

We refer you to the documents the company files from time to time with the SEC, specifically the company's annual report on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K.

我們請您參閱本公司不時向美國證券交易委員會提交的文件，特別是本公司的 10-K 表年度報告、10-Q 表季度報告和 8-K 表當前報告。

These documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

這些文件確定了可能導致實際結果與我們的預測或前瞻性陳述中的結果大不相同的重要風險因素。

I will now turn the call over to Sam.

現在我將把電話轉給薩姆。

Good afternoon, everyone, and thank you for joining us. While I'm pleased to lead my first earnings call as President and CEO, we had a challenging first quarter with revenue of $196 million at the lower end of our first quarter target range, representing a decline of 3% year-over-year. Strength in our (inaudible) oncology virus tests were offset by softness in volume for GeneSight unaffected hereditary cancer tests.

大家下午好，感謝大家的參與。雖然我很高興以總裁兼執行長的身份主持我的第一次財報電話會議，但我們第一季經歷了充滿挑戰的時期，營收為 1.96 億美元，處於第一季目標範圍的低端，同比下降 3%。我們的（聽不清楚）腫瘤病毒測試的優勢被 GeneSight 不受影響的遺傳性癌症測試的體積柔軟度所抵消。

If we exclude the UnitedHealthcare impact of GeneSight, the revenue associated with the EndoPredict divestiture and the onetime benefit the retroactive coverage by a large payer for 1 of our tests in the first quarter of 2024. Total Q1 revenue grew 5% year-over-year.

如果我們排除 GeneSight 對 UnitedHealthcare 的影響，那麼與 EndoPredict 剝離相關的收入以及 2024 年第一季大付款人對我們其中一項測試的追溯承保的一次性收益。第一季總營收年增5%。

In the quarter, we saw strong performance for a number of our tests including ForeSight and Prequel, which had volume growth of 10% year-over-year and continued strong demand for our myRisk test for cancer patients part of our oncology business with test volume growth of 11% year-over-year ago period.

本季度，我們的多項測試均表現強勁，其中包括 ForeSight 和 Prequel，其測試量同比增長 10%，並且我們腫瘤業務中針對癌症患者的 myRisk 測試需求持續強勁，測試量同比增長 11%。

However, we had softness in GeneSight test volume, which grew 2% year-over-year, impacted by UnitedHealthcare policy change related head count reduction and marketing spend reallocation actions we took in the quarter.

然而，受本季 UnitedHealthcare 政策變化相關的員工減少和行銷支出重新分配行動的影響，GeneSight 測試量有所下降，年增 2%。

Test volume of myRisk for screening of unaffected individuals, part of our Women's Health business was flat year-over-year and reflects lower-than-expected ramp and testing volume from our breast cancer risk assessment program and from customer sites that have had EMR integrations.

作為我們女性健康業務的一部分，用於篩檢未受影響個體的 myRisk 測試量與去年同期持平，反映了我們的乳癌風險評估計劃和已進行 EMR 整合的客戶站點的成長和測試量低於預期。

Mark will share more about these challenges in his section. While we are actively working on actions to increase volume for GeneSight and my risk for unaffected individuals, we are projecting softer than planned volume for both of these test.

馬克將在他的部分中分享更多有關這些挑戰的資訊。雖然我們正在積極採取措施增加 GeneSight 的檢測量並降低未受影響個體的風險，但我們預計這兩項測試的檢測量都會低於計劃。

And consequently, we have updated our 2025 financial guidance. We've ordered our annual revenue by $35 million from the prior midpoint and reduced OpEx by $25 million from the prior midpoint. Scott will share more about our updated guidance in this section.

因此，我們更新了 2025 年財務指引。我們已將年收入在先前的中點基礎上減少了 3500 萬美元，並將營運支出在先前的中點基礎上減少了 2500 萬美元。斯科特將在本節中分享更多有關我們更新的指南的資訊。

We have started taking deliberate steps to reduce our overall projected spending while prioritizing investments and resources on driving 2025 revenue and high-value new product development, including PRECISE MRD and AI-enabled Prolaris.

我們已經開始採取慎重措施來減少我們的整體預期支出，同時優先考慮投資和資源來推動 2025 年的收入和高價值新產品開發，包括 PRECISE MRD 和支援 AI 的 Prolaris。

Before I transition to Mark, I want to update you on the progress we're making on our new product pipeline. First, we're on track to launch first gene our combined carrier screening and NIPS assay within the next couple of months.

在轉交給馬克之前，我想先向您通報我們新產品線的進度。首先，我們將在未來幾個月內推出第一個基因聯合帶因者篩檢和 NIPS 檢測。

Next, the PRECISE MRD positive clinical data was presented at the AACR conference last week and additional clinical data will be presented at Apio in June. We are making progress on our path to launch our first MRD test in the first half of 2026.

接下來，PRECISE MRD 陽性臨床數據已於上週在 AACR 會議上公佈，更多臨床數據將於 6 月在 Apio 會議上公佈。我們正在朝著在 2026 年上半年推出首個 MRD 測試的目標邁進。

Finally, we're on track to launch our first AI-enabled Prolaris test to support clinical divisions at the time of biopsy in partnership with omic by the end of this year.

最後，我們將在今年年底前與 omic 合作推出首個支援人工智慧的 Prolaris 測試，以在活檢時為臨床部門提供支援。

With that, I'll now turn it over to our Chief Operating Officer, Mark Verratti. Mark?

現在，我將把發言權交給我們的營運長馬克‧維拉蒂 (Mark Verratti)。標記？

Thanks, Sam. Turning to the first quarter. First quarter total revenue declined 3% year-over-year, driven by the underperformance in GeneSight and myRisk for the unaffected patients in our women's health channel.

謝謝，山姆。轉向第一季。第一季總收入年減 3%，原因是 GeneSight 和 myRisk 對於我們女性健康管道中未受影響的患者表現不佳。

As Sam mentioned, our prenatal performance was a highlight in the quarter with revenue growth of 11% over the same period and 15% excluding Sleep peak. We saw healthy demand across both our carrier screen and IPF lines and continued traction from our mid-fourth quarter launch of Prequal at 8 weeks gestational age.

正如 Sam 所提到的，我們的產前表現是本季的一大亮點，同期營收成長了 11%，不包括睡眠高峰則成長了 15%。我們發現，攜帶者篩檢和特發性肺纖維化 (IPF) 產品線的需求都很旺盛，自從我們在第四季度中期推出適用於 8 週妊娠的 Prequal 產品以來，市場需求持續成長。

Our hereditary cancer revenue was down 2% for the quarter. We saw positive growth in our oncology channel, although our hereditary business and our women's health channel continue to be impacted by Newmar integrations ramping slower than expected.

本季我們的遺傳性癌症收入下降了 2%。儘管我們的遺傳業務和女性健康管道繼續受到 Newmar 整合速度低於預期的影響，但我們的腫瘤學管道仍呈現積極成長。

We have system integrations across 15-plus different vendors, including strategic partnerships with Athena, Epic and Flatiron.

我們與 15 多個不同的供應商進行了系統集成，包括與 Athena、Epic 和 Flatiron 建立戰略合作夥伴關係。

We are addressing workflow disrupting account by account that can take several quarters to stabilize. As an example, we recently met with Epic to integrate our Mi Gene history assessment into our Epic integration to better apply patients that qualify for hereditary cancer testing and improving the provider experience.

我們正在逐一解決工作流程中斷問題，這可能需要幾個季度才能穩定下來。例如，我們最近與 Epic 會面，將我們的 Mi Gene 歷史評估整合到我們的 Epic 整合中，以便更好地應用有資格進行遺傳性癌症檢測的患者並改善提供者的體驗。

We have also announced a handful of other workflow improvements that we have activated our teams to address over the coming quarters. While this situation continues to be a headwind to volume growth this year, we are optimistic about addressing these challenges in the coming quarters.

我們也宣布了一些其他工作流程改進，並已啟動我們的團隊在未來幾季內解決這些改進。儘管這種情況繼續對今年的銷售成長造成阻力，但我們對未來幾季應對這些挑戰持樂觀態度。

In addition, we continue to see positive momentum from our breast cancer risk assessment programs that were implemented.

此外，我們繼續看到已實施的乳癌風險評估計劃的積極勢頭。

However, they are not at scale yet to materially impact the overall hereditary cancer performance. Turning to GeneSight. Revenue was down 20% year-over-year due primarily to the anticipated impact of the UnitedHealthcare coverage policy change effective January 1.

然而，它們的規模尚未達到對整體遺傳性癌症表現產生實質影響的程度。轉向 GeneSight。營收年減 20%，主要原因是預計 1 月 1 日生效的 UnitedHealthcare 保險政策變更將產生影響。

We Cheese test volumes grew 2% over a year ago period, impacted by our actions to reduce resources in this area during the first quarter. Moving to oncology.

我們的起司測試量比去年同期增加了 2%，這受到我們在第一季減少該領域資源的行動的影響。轉向腫瘤學。

Mirus remains the gold standard in the market for hereditary cancer testing.

Mirus 仍然是遺傳性癌症檢測市場的黃金標準。

Building on this cornerstone, our strategy in oncology remains to serve the continuum of patient care from screening to therapy selection to monitoring and therapy adjustment for the most prevalent cancer indications.

在此基石的基礎上，我們在腫瘤學領域的策略仍然是針對最常見的癌症適應症，為患者提供從篩檢到治療選擇、監測和治療調整的全程護理。

In the first quarter, total oncology revenue declined 2% over the first quarter of 2024. My risk effective test volume was a highlight with 11% year-over-year volume growth. Total olfactory hereditary cancer testing also continued to see headwinds from further anticipated declines and (inaudible) testing. Shifting to prostate cancer.

第一季度，腫瘤學總收入比 2024 年第一季下降了 2%。我的風險有效測試量是一大亮點，年增 11%。整體嗅覺遺傳性癌症檢測也持續面臨阻力，預計進一步下降，（聽不清楚）檢測也將繼續受到阻礙。轉向前列腺癌。

Prolaris revenue in the first quarter decreased 2% year-over-year, similar to our performance in the fourth quarter of 2024. Overall demand remains consistent with 2024 trends, and our view remains that the confusion over the updated NCM guidelines will not create any meaningful headwinds for testing volumes.

Prolaris 第一季的營收年減 2%，與我們 2024 年第四季的表現相似。整體需求與 2024 年的趨勢保持一致，我們仍然認為，更新後的 NCM 指南帶來的混亂不會對測試量造成任何重大阻礙。

Our updated 2025 revenue guidance reflects no change to our Polaris assumptions. I would like to emphasize again that Polaris is included in the NCCN prostate cancer guidelines for low intermediate and high-risk patients at the time of initial biopsy.

我們更新後的 2025 年收入指引並未反映出我們對 ​​Polaris 的假設有任何變化。我想再次強調，Polaris 已被納入 NCCN 前列腺癌指南，適用於初次活檢時的低風險、中風險和高風險患者。

Furthermore, every test in urology market and Malaris competes with has the same NCCN Category 2A level of evidence. Guidelines also state the need for germline and tumor profile and testing for certain prostate cancer patients.

此外，泌尿科市場和 Malaris 競爭的每項測試都具有相同的 NCCN 2A 類證據等級。指引也指出，某些前列腺癌患者需要進行種系和腫瘤分析和檢測。

And now that we have added Peptolmic's AI technology platform to our portfolio, Maria will be the only company that will offer AI, biomarker, germline and tumor profile testing. Moving to our women's health business. In the first quarter, Women's Health delivered $87 million of revenue, an increase of 4% over the prior year period.

現在，我們將 Peptolmic 的 AI 技術平台添加到我們的產品組合中，Maria 將成為唯一一家提供 AI、生物標記、種系和腫瘤概況測試的公司。轉向我們的女性健康業務。第一季度，女性健康業務收入達 8,700 萬美元，比去年同期成長 4%。

Prenatal testing was a highlight with 11% revenue growth year-over-year as we continue to sell deeper into current accounts and win new accounts.

產前檢測是一大亮點，隨著我們繼續深入現有客戶並贏得新客戶，營收年增 11%。

We continue to see growing traction from the Q4 launch of Precoat weeks and believe this test will continue to support our positive growth moving forward.

我們繼續看到第四季度推出的 Precoat 週的吸引力不斷增長，並相信這次測試將繼續支持我們未來的積極成長。

The strength in prenatal was partially offset by the weakness in unaffected periodic cancer testing, which I mentioned earlier. However, our women's health team continues to see positive traction in perimetry cancer testing from our partnerships with Jaren and Cancer Care.

正如我之前提到的，產前檢查的優勢部分被未受影響的定期癌症檢測的弱點所抵消。然而，我們的女性健康團隊透過與 Jaren 和 Cancer Care 的合作，繼續看到視野癌症檢測取得積極進展。

We remain optimistic about the potential contribution to overall growth from EMR integration and breast cancer risk assessment program implementations. Turning to pharmacogenomics. In the first quarter, GSI revenues were $31 million, impacted by UnitedHealthcare's coverage policy change effective January 1.

我們仍然對 EMR 整合和乳癌風險評估計劃實施對整體成長的潛在貢獻持樂觀態度。轉向藥物基因組學。第一季度，GSI 收入為 3,100 萬美元，受到 1 月 1 日起生效的 UnitedHealthcare 保險政策變更的影響。

We continue to work with UnitedHealthcare, which includes submitting additional data such as the increased economic utility data recently published in the Journal of Clinical Psychopharmacology as well as more data to follow in the second half of the year.

我們將繼續與聯合健康保險合作，包括提交額外的數據，例如最近在《臨床精神藥理學雜誌》上發表的增加的經濟效用數據，以及今年下半年將發布的更多數據。

Our team continued to drive expansion of ordering provider base, which is over 30,000 providers in the quarter. I am proud of our GeneSight team that continues to drive growth and focus on the unmet need in mental health care treatment.

我們的團隊繼續推動訂購供應商基礎的擴大，本季已超過 30,000 家供應商。我為我們的 GeneSight 團隊感到自豪，他們不斷推動發展並專注於心理健康治療中未滿足的需求。

Our strategy for GeneSight growth includes continuing our highly effective digital engagement from driving provider and patient awareness to provider on-prem. It also includes optimizing patients dugout payment options and optimizing revenue cycle workflows to maximize reimbursement.

GeneSight 的成長策略包括繼續進行高效的數位化互動，從提高供應商和患者的意識到為供應商提供現場服務。它還包括優化患者的住院付款選項和優化收入周期工作流程以最大限度地提高報銷額。

I will now turn the call over to our CFO, Scott Leffler.

現在我將電話轉給我們的財務長 Scott Leffler。

Thanks, Mark. I'll start with a recap of our Q1 consolidated financial results.

謝謝，馬克。我將首先回顧我們的第一季綜合財務表現。

For the first quarter, we reported a 3% year-over-year decline in revenue. with test volume up 1%, but average revenue per test down 4%. The underlying current period rate environment remains stable and consistent with the favorable performance we saw throughout 2024.

我們報告第一季營收年減 3%。測試量增加了 1%，但每次測試的平均收入下降了 4%。目前期間利率環境保持穩定，與我們在 2024 年全年看到的良好表現一致。

The decline in overall revenue per test reflects the absence of any meaningful contribution from prior periods in the first quarter of 2025 compared to a $7 million benefit in the first quarter of 2024, which resulted from positive change of estimates as well as a onetime benefit from a payer who implemented coverage of 1 of our products on a retroactive basis.

每次測試總收入的下降反映了 2025 年第一季前期沒有任何有意義的貢獻，而 2024 年第一季度則獲得了 700 萬美元的收益，這源於估計值的正向變化以及付款人對我們其中一款產品實施追溯覆蓋的一次性收益。

In addition, Q1 rates were unfavorably impacted by the change in UnitedHealthcare policy with respect to GeneSight coverage. Notwithstanding the headwind items, the stability and underlying rates across our portfolio represents another proof point to the great work being done by our revenue cycle and payer market teams along with others throughout the company.

此外，聯合健康保險 (UnitedHealthcare) 關於 GeneSight 覆蓋範圍的保單變更對第一季的費率產生了不利影響。儘管存在不利因素，但我們投資組合的穩定性和潛在利率再次證明了我們的收入週期和付款人市場團隊以及整個公司其他團隊所做的出色工作。

As Mark pointed out, the prenatal testing business saw the strongest growth in the first quarter, with revenue increasing 11% year-over-year. Our pharmacogenomics business saw revenue declined 20% year-over-year due to the impact of the United care coverage decision and our reallocation of commercial resources to other product lines.

馬克指出，產前檢測業務在第一季成長最為強勁，營收年增11%。由於聯合醫療保險決定的影響以及我們將商業資源重新分配到其他產品線，我們的藥物基因組學業務收入比去年同期下降了 20%。

Even with the Q1 revenue decline, we were able to expand our gross margins by 50 basis points, delivering a 59% gross margin. This year-over-year improvement reflects lab efficiencies and is a testament to the power of our scalable business model.

即使第一季營收下降，我們的毛利率仍提高了 50 個基點，達到 59%。這項同比進步反映了實驗室效率的提高，也證明了我們可擴展業務模式的強大力量。

First-quarter adjusted operating expenses increased minimally year-over-year and reflect the balance between greater investment in R&D and cost controls across SG&A. We continue to focus on striking the right balance between investment for future growth and profitability.

第一季調整後的營運費用較去年同期略有增加，反映了研發投資增加與銷售、一般及行政費用成本控制之間的平衡。我們將繼續致力於在未來成長投資和獲利能力之間取得適當的平衡。

In addition, I wanted to call out an income tax benefit of $29.3 million we recognized in the first quarter.

此外，我想指出的是，我們在第一季確認了 2,930 萬美元的所得稅收益。

While this benefit is largely excluded from non-GAAP EPS, it is especially noteworthy and it is expected to result in approximately $13 million of cash tax refunds and interest payments to the company anticipated to be received in the next few quarters.

雖然這一收益在很大程度上被排除在非公認會計準則每股收益之外，但它尤其值得注意，預計將為公司帶來約 1,300 萬美元的現金退稅和利息支付，預計在未來幾個季度內將收到。

Next, we'll take a deeper look at the unusual item impacting our year-over-year revenue trajectory to provide a better sense for performance of the underlying business. While revenue in Q1 of this year compared to the Q1 of 2024 declined 3%, you've also heard both Mark and Sam referenced a first quarter 2025 revenue growth rate of 5% and after adjusting for the impact of those 3 key items on our Q1 of 24 baseline.

接下來，我們將深入研究影響我們同比收入趨勢的異常項目，以便更好地了解基礎業務的表現。雖然今年第一季的營收與 2024 年第一季相比下降了 3%，但您也聽過馬克和薩姆都提到 2025 年第一季的營收成長率為 5%，並且在調整了這 3 個關鍵項目對我們 24 年第一季基準的影響後。

UnitedHealthcare's impact on GeneSight of $10 million. The divestiture were an EndoPredict European business of $3 million and the Q1 2024 benefit of $3 million from the payer who granted retroactive coverage to one of our products. By doing so, we're able to show what we consider to be a clearer view as to Myriad's underlying performance trends.

UnitedHealthcare 對 GeneSight 的影響為 1000 萬美元。此次剝離的是價值 300 萬美元的 EndoPredict 歐洲業務，以及來自為我們的一款產品提供追溯保險的付款人的 2024 年第一季 300 萬美元收益。透過這樣做，我們能夠更清楚地展示 Myriad 的潛在業績趨勢。

Next, I'll discuss profitability, cash flow and liquidity. This year, Q1 adjusted EBITDA was near breakeven.

接下來，我將討論獲利能力、現金流和流動性。今年第一季調整後的 EBITDA 接近盈虧平衡。

First quarter is typically a heavier cash burn quarter and adjustment operating cash flow was a usage of approximately $10 million.

第一季通常是現金消耗較大的季度，調整後的營運現金流約為 1,000 萬美元。

We finished Q1 with $92 million of cash and cash equivalents and $42 million available under our revolver, subject to ongoing requirements. We believe that our liquidity will be sufficient to meet our projected operating requirements through 2025 and but we plan to continue to evaluate opportunities to further strengthen the balance sheet to ensure a multiyear liquidity runway.

我們在第一季結束時擁有 9,200 萬美元的現金和現金等價物，且我們的循環信貸額度為 4,200 萬美元，但需滿足持續需求。我們相信，我們的流動性足以滿足到 2025 年的預期營運需求，但我們計劃繼續評估進一步加強資產負債表的機會，以確保多年的流動性。

Next, I'll cover our updates to full year 2021 financial guidance. For the full year 2025, we are updating the financial guidance that was previously issued in February. We now expect annual revenue of $807 million to $823 million, a gross margin range of 68.5% to 69.5% and adjusted OpEx of between $555 million and $565 million.

接下來，我將介紹我們對 2021 年全年財務指引的更新。對於 2025 年全年，我們正在更新先前於 2 月發布的財務指引。我們現在預計年收入為 8.07 億美元至 8.23 億美元，毛利率範圍為 68.5% 至 69.5%，調整後的營運支出在 5.55 億美元至 5.65 億美元之間。

This resulted in adjusted EPS of between a loss of $0.02 and a gain of $0.02 for full year 2025. We are also targeting adjusted EBITDA of between $19 million and $27 million. We are not providing quarterly guidance. But as you think about the revenue trajectory during the rest of 2025, we are expecting modest sequential increases each quarter.

這導致 2025 年全年調整後每股收益在虧損 0.02 美元至盈利 0.02 美元之間。我們也設定了調整後 EBITDA 目標，達到 1,900 萬美元至 2,700 萬美元之間。我們不提供季度指引。但當您考慮 2025 年剩餘時間的營收走勢時，我們預期每季都會出現適度的連續成長。

This new revenue range reflects the impact of our reallocation of commercial resources away from GeneSight and towards other products as well as the slower than anticipated ramp in volume contributions from a number of initiatives referenced by Sam and Mark impacting unaffected hereditary cancer testing volumes.

這項新的收入範圍反映了我們將商業資源從 GeneSight 重新分配到其他產品的影響，以及 Sam 和 Mark 提到的一些舉措對未受影響的遺傳性癌症檢測量的影響，導致銷售貢獻的增長速度低於預期。

The new OpEx range is reflective of deliberate steps to reduce discretionary spend without compromising our commitment to strategic growth investments in key areas such as our commercial organization and new product development.

新的營運支出範圍反映了我們為減少可自由支配支出所採取的謹慎措施，同時又不損害我們對商業組織和新產品開發等關鍵領域的策略性成長投資的承諾。

Now let me turn the call back to Sam.

現在讓我把電話轉回給薩姆。

Thanks, Scott. I want to reiterate that we understand the challenges we face in 2025 that we have activated plans to overcome these challenges and our guidance reflects this. I'd like to end by sharing a framework that I will be using to lead Myriad's success going forward.

謝謝，斯科特。我想重申，我們了解我們在 2025 年面臨的挑戰，我們已經啟動了克服這些挑戰的計劃，我們的指導也反映了這一點。最後，我想分享一個我將用來引領 Myriad 未來成功的框架。

It's simple and based on 3 elements: compelling strategy, strong team and organizational design and execution excellence. In terms of strategy, we have started looking across everything we do to determine what will best enable us to maximize profitable growth and to increase our market share by leveraging our differentiated capabilities.

它很簡單，基於三個要素：引人注目的策略、強大的團隊和組織設計以及卓越的執行力。在策略方面，我們已經開始審視我們所做的一切，以確定如何才能最大限度地實現利潤成長，並透過利用我們的差異化能力來增加我們的市場份額。

While our strategy refresh will take several months, we are resolute on oncology remaining the cornerstone of Myriad and a critical part of our go-forward strategy will continue to be meaningfully serving the cancer care continuum from screening to therapy selection to treatment monitoring with our portfolio of testing products.

雖然我們的策略更新將需要幾個月的時間，但我們堅定地認為腫瘤學仍然是 Myriad 的基石，而我們未來策略的關鍵部分將繼續透過我們的檢測產品組合為從篩檢到治療選擇再到治療監測的癌症護理全過程提供有意義的服務。

In terms of team, I'm excited to have Mark Verratti stepping into the COO role and being able to leverage his deep understanding of our customers and our company. and to have Brian Donnelly joining us as our new CCO and being able to leverage this proven commercial expertise and experience domain knowledge.

在團隊方面，我很高興馬克·維拉蒂 (Mark Verratti) 擔任首席營運官，並能夠利用他對我們的客戶和公司的深刻理解。並邀請 Brian Donnelly 加入我們，擔任我們的新任 CCO，並能夠利用他久經考驗的商業專業知識和經驗領域知識。

Over the last few months, we've also added key talent in strategic areas, including Gusen (inaudible) as SVP of Oncology R&D and Lou (inaudible) as SVP of our Biopharma Services and CDx business.

在過去的幾個月裡，我們還在策略領域增加了關鍵人才，包括任命 Gusen（聽不清楚）為腫瘤學研發高級副總裁和任命 Lou（聽不清楚）為生物製藥服務和 CDx 業務高級副總裁。

In terms of execution excellence, areas we will focus on strengthening include product development and commercial launch planning. While we have had a disappointing start to the year, I'm as excited now as I was when I joined Myriad in December 2023, about the potential for Myriad.

在執行卓越性方面，我們將專注於加強的領域包括產品開發和商業發布規劃。雖然今年的開局令人失望，但我現在對 Myriad 的潛力感到興奮，就像我在 2023 年 12 月加入 Myriad 時一樣。

The potential for sustained profitable growth, gaining market share and positively impacting an increasing number of patient lives. The management team and I are now focused on unlocking that potential by ensuring we are pursuing a compelling strategy, strengthening our team and organizational capabilities and improving execution.

實現持續獲利成長、獲得市場份額以及對越來越多患者的生活產生積極影響的潛力。我和管理團隊現在致力於釋放這一潛力，確保我們實施令人信服的策略，加強我們的團隊和組織能力並提高執行力。

I'll now pass the call back over to Matt for Q&A.

我現在將把電話轉回給馬特進行問答。

Thanks, Sam. And as a reminder, during today's call, we use certain non-GAAP financial measures A reconciliation of the GAAP to non-financial results and a reconciliation of GAAP to non-GAAP financial guidance can be found in our earnings release and under the Investor Relations section of our website.

謝謝，山姆。提醒一下，在今天的電話會議中，我們使用了某些非 GAAP 財務指標。 GAAP 與非財務結果的對帳以及 GAAP 與非 GAAP 財務指導的對帳可以在我們的收益報告和我們網站的投資者關係部分中找到。

Now, we are ready to begin Q&A. In order to ensure broad participation, we are asking participants to please ask only 1 question and 1 follow-up. Operator, we're now ready for the Q&A portion of our call.

現在，我們準備開始問答。為了確保廣泛參與，我們要求參與者只提出 1 個問題和 1 個後續問題。接線員，我們現在準備好進行通話的問答部分。

(Operator Instructions)

（操作員指示）

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

So Sam, as you acknowledge, it's a disappointing quarter. It's messy. And at a high level for many investors, there's just too many moving parts in the myriad equation. This quarter's weather, it's guideline debates, its divestiture impact, it's United issues it's just a lot, especially given the history of the company. How long is it going to take for you to simplify this and to clean this up.

所以，山姆，正如你所承認的，這是一個令人失望的季度。很亂。對許多投資人來說，從高層次來看，這個複雜的方程式所涉及的變動因素實在太多了。本季的天氣、指導方針辯論、資產剝離影響、聯合問題等等，因素太多，尤其是考慮到該公司的歷史。您要花多長時間來簡化和清理這個問題？

I mean if I think of your prepared remarks, is 20 minutes of lots of lots of moving parts for a company that's clearly struggling right now.

我的意思是，如果我考慮到你準備好的發言，那麼對於一家目前顯然陷入困境的公司來說，20 分鐘的發言包含了很多內容。

How do you simplify it? How long is it going to take? And if you were to say like, hey, these are the 3 most important metrics to just kind of simplify it for everybody moving forward, what are those metrics? So that's a lot, but I think it's probably the biggest thing that's on everybody's mind right now. And then my follow-up is really on GeneSight.

如何簡化它？這需要多長時間？如果你要說，嘿，這 3 個最重要的指標只是為了讓每個人向前看時都更容易理解，那麼這些指標是什麼呢？這雖然很多，但我認為這可能是現在每個人最關心的事情。然後我的後續研究實際上是關於 GeneSight。

Back in November, you talked about this being a $40 million headwind. What is it now? I'm still not clear on what the guidance bridge is in spite of having lots of slides on it mathematically, I don't know what the bridges. So if you could walk us through what's United and what else is in there, that would be helpful.

早在 11 月，您就說過這是一項 4000 萬美元的逆風。現在怎麼樣了？儘管從數學角度來看有很多關於導引橋的幻燈片，但我仍然不清楚導引橋是什麼，我不知道橋樑是什麼。因此，如果您能向我們介紹一下 United 以及其中還包含哪些內容，那將會很有幫助。

Yes. Thank you, Doug. I appreciate the questions. And let me start with the first 2 that you asked, and then I'll ask Scott to jump in as it relates to the GeneSight question. Our intention is, and I think I've shared this before, that we have an opportunity to really simplify the narrative and get really more focused on the things that really accelerate growth are tied to the more of the company.

是的。謝謝你，道格。我很感謝你們提出這些問題。讓我先回答您問到的前兩個問題，然後我會請 Scott 回答與 GeneSight 問題相關的問題。我們的目的是，我想我之前已經分享過這一點，我們有機會真正簡化敘述，並更加專注於真正加速成長的事情，這些事情與公司的更多方面息息相關。

Now it's going to take a little bit of time. I think the better part of several months to do the work and gain that clarity and be able to share that in a more definitive way. I mean what I can tell you in advance of that, again, is that we remain absolutely resolute on the importance of oncology.

現在需要一點時間。我認為需要幾個月的時間來完成這項工作並獲得清晰的認識，並能夠以更明確的方式分享這一點。我的意思是，我可以提前告訴你們的是，我們仍然堅定地認識到腫瘤學的重要性。

It's the cornerstone of what is Myriad and really being able to serve that for a continuum of cancer care all the way from screening through to therapy selection and ultimately, MRD, other things that we're adding in both organically and inorganically through partnerships such as (inaudible) we know that, that remains at the heart of where Myriad goes.

這是 Myriad 的基石，我們能夠真正為癌症治療提供全方位的服務，從篩檢到治療選擇，最終是 MRD，我們還透過合作夥伴關係以有機和無機的方式添加了其他內容，例如（聽不清楚），我們知道，這仍然是 Myriad 發展的核心。

And while I appreciate the different parts of the business, including Gene said, the resiliency is showing in the base of the UnitedHealth headwinds there really are sacred cows, and we're going to look beyond oncology.

雖然我很欣賞業務的不同部分，包括吉恩所說的，但聯合健康逆風的基礎顯示出韌性，確實存在一些不可侵犯的事物，我們將把目光投向腫瘤學之外。

We're going to be looking at everything to really look at the best way to prioritize the way that we can focus our efforts grow in a predictable, profitable way. And so that's that the time line, and that's a little bit of the process, probably going into late Q3, Q4 before we have the absolute clarity and it doesn't mean we're not executing at the moment, won't take opportunities to provide more clarity even as we go.

我們將仔細審視一切，真正找到最佳的優先方式，以便集中精力，以可預測的、有利可圖的方式實現成長。這就是時間線，也是過程的一部分，可能要到第三季末或第四季我們才能獲得絕對的清晰度，但這並不意味著我們目前沒有執行，我們不會抓住機會在執行過程中提供更清晰的清晰度。

As it relates to maybe I'll take your second question and talk a little bit about catalysts. What should you look at for Myriad in terms of knowing that we're making progress on a new journey and our new chapter. I'll go back to the framework that I shared in my prepared comments, right?

就此而言，也許我會回答你的第二個問題並稍微談談催化劑。從了解我們在新的旅程和新的篇章中取得進展的角度來看，您應該為 Myriad 做些什麼呢？我會回到我在準備好的評論中分享的框架，對嗎？

We'll sell strategy.

我們將推銷策略。

One, we just addressed that, I guess, as part of your question, we are looking to gain that clarity, which will provide us the focus time line on that again is over the next several months, late Q3 into Q4.

首先，我想，我們剛剛回答了這個問題，作為您問題的一部分，我們希望獲得明確的答案，這將為我們提供重點時間線，即未來幾個月，從第三季度末到第四季度。

In terms of teen, it is about having the team that has the right combination of domain knowledge, execution ability, the experience that we need again, very happy about market as well and adding Brian to the team and others that we are in a very deliberate way that we're adding to the team.

就青少年而言，關鍵在於擁有一支具備領域知識、執行能力、我們再次需要的經驗的正確組合的團隊，對市場也非常滿意，並將 Brian 和其他人加入團隊，我們正在以非常慎重的方式將他們加入團隊。

So there's more work to think about how in terms of organizational design we will be more effective. But that those are milestones to continue looking for.

因此，在組織設計方面，我們還需要做更多的工作來思考如何更有效。但這些都是值得繼續尋找的里程碑。

And third, I think it is about execution. So when you look to in terms of Catalyst One, of course, that we're able to meet our updated financial guidance. that you look at Polaris volume, we didn't explicitly call that out in the prepared remarks, but it's relatively steady throughout the year that for our unaffected hereditary cancer, which is an important part of our growth narrative and it returns to growth within the year.

第三，我認為這與執行有關。因此，當您考慮 Catalyst One 時，當然，我們能夠滿足我們最新​​的財務指導。您看一下 Polaris 的交易量，我們在準備好的評論中沒有明確提到這一點，但對於我們未受影響的遺傳性癌症而言，它在全年都相對穩定，這是我們增長敘述的重要組成部分，並且它會在一年內恢復增長。

And then I think we have an opportunity to reset and be consistent with being able to meet our own time lines that are important, particularly on these high-value products that we intend to launch.

然後我認為我們有機會重新設定並保持一致，以滿足我們自己的重要時間表，特別是對於我們打算推出的這些高價值產品。

Starting with first gene, which is again, this combination NIPS, carrier screening assay, being able to bring that to market by the end of July.

從第一個基因開始，也就是這種組合 NIPS、載體篩選檢測，就能夠在 7 月底將其推向市場。

Then Prolaris with pride. This is the (inaudible) test, first product for the time of biopsy and between myRisk expanded panel by the end of 2025 as well in MRD with the first assay available for clinical use in the first half of 2026. So those are some of the (inaudible) that, Scott, let me turn it over to you to answer the question about GeneSight in the Headland.

然後，普羅拉里斯驕傲地說。這是（聽不清楚）測試，是用於活檢的首個產品，預計在 2025 年底之前在 myRisk 擴展面板以及 MRD 中進行，首個可用於臨床的檢測方法將於 2026 年上半年推出。這些就是（聽不清楚）的一些內容，斯科特，讓我把這個問題交給你來回答關於 Headland 的 GeneSight 的問題。

Sure. Thanks, Sam. Doug, as we mentioned in our prepared remarks, there was a $10 million revenue headwind in the first quarter relating to the change in United coverage of GeneSight -- as a reminder, what we talked about when the news was for developing around United's coverage, there were 2 components to the change.

當然。謝謝，山姆。道格，正如我們在準備好的發言中提到的那樣，由於聯合航空對 GeneSight 的覆蓋範圍發生變化，第一季度收入出現了 1000 萬美元的逆風——提醒一下，我們在新聞中談到圍繞聯合航空的覆蓋範圍進行開發時，發現這一變化有兩個組成部分。

One component related to United commercial policies, which was effective on January 1, and that's what is driving that $10 million headwind in Q1 there is an incremental amount that's much smaller again in March was related to United's managed Medicaid plans with the full effect of which is not seen in the Q1 numbers yet.

其中一個因素與聯合商業保險政策有關，該政策於 1 月 1 日生效，這也是導致第一季度出現 1000 萬美元逆風的原因，3 月份的增量金額再次小得多，這與聯合管理的醫療補助計劃有關，其全部影響尚未在第一季度的數據中顯現。

But generally, what I would say is that, that $10 million headwind that we saw in Q1 is in line with the overall estimates that we had given for the full year impact.

但總的來說，我想說的是，我們在第一季看到的 1000 萬美元的逆風與我們對全年影響的總體估計一致。

And of course, the full impact of that is reflected in our guidance.

當然，其全部影響都反映在我們的指導上。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Thanks for the question here. So maybe I'll continue with insight just given the focus here and the challenge you're seeing I mean, since the United announcement, could you update if you have heard from other payers or policies with respect to the test?

感謝您在這裡提出的問題。因此，也許我會繼續深入探討這裡的重點和您所面臨的挑戰，我的意思是，自從聯合航空宣布這一消息以來，如果您聽說過其他付款人或有關測試的政策，您能否更新一下？

My question is that the is the guide contemplating only United? Or are you expecting other payers to step away and not cover the test. I mean I think you would agree that currently the market and the payers are under more pressure than ever before, and they're looking for savings.

我的問題是，該指南是否僅考慮聯合航空？或您是否希望其他付款人退出並且不承擔測試費用。我的意思是，我認為你會同意，目前市場和付款人承受的壓力比以往任何時候都要大，他們正在尋求節省。

Some areas of diagnostics might just give them that so I just want to understand what is in the guide and in terms of other payers. What are you contemplating? And then second part of my question is, with respect to the providers, the physicians that are prescribing this test are you seeing any changes in the behavior in terms of the prescription patterns just because of United and payers not covering.

診斷的一些領域可能只會給他們這些，所以我只是想了解指南中的內容以及其他付款人的情況。你在想什麼？然後我的問題的第二部分是，對於提供者，對於開出此項測試的醫生，您是否看到處方模式方面的行為有任何變化，僅僅是因為聯合和付款人沒有承保。

I'm just asking this because we're potentially maybe heading into a recessionary environment and if that is the case, the patient pay might decline further.

我之所以問這個問題，是因為我們可能正走向經濟衰退，如果真是這樣，病患的醫療費用可能會進一步下降。

Thank you for the questions. Scott, if you could take the first part of that. And then I think related to the providers and so forth Mark, if you could take that part.

謝謝您的提問。史考特，你能回答第一部分嗎？然後我認為這與提供者等有關，馬克，如果你可以承擔這一部分。

Sure. So the first part of the question related to coverage. And I know you're asking primarily about GeneSight, but I think there was a little bit of a question that maybe had a carryover around the environment for coverage and reimbursement for our other products, I'll maybe make a directional comment on those as well.

當然。問題的第一部分與覆蓋範圍有關。我知道您主要問的是 GeneSight，但我認為還有一個問題可能與我們其他產品的覆蓋和報銷環境有關，我可能也會對這些問題發表一些方向性的評論。

So first, with respect to GeneSight specifically, I'll reiterate what we had said when the news around United was (inaudible) , unfolding which was that we had no reason to expect that United coverage determination would have any impact on coverage for any other payer. And what I would say is that in the months that have passed since then that has proven out.

首先，關於 GeneSight 的具體情況，我將重申我們在有關 United 的新聞（聽不清楚）曝光時所說的話，那就是我們沒有理由預期 United 的承保決定會對任何其他付款人的承保產生任何影響。我想說的是，過去幾個月來，這一點已經得到證實。

We haven't seen any indication of a risk of coverage across the rest of the payer university covers United. I mean, that covers GeneSight.

我們尚未看到任何跡象表明美國其他付款人大學存在承保風險。我的意思是，這涵蓋了 GeneSight。

And in fact, more recently, we have had a couple of interesting wins in terms of incremental coverage, including 1 on the commercial side for GeneSight now of course, it's not of the same magnitude as United coverage, but it consistent with our general theme that we've been talking about since the beginning of last year, which is that generally, we continue to see constructive opportunities to continue to build out the coverage universe for GeneSight.

事實上，最近我們在增量覆蓋方面取得了一些有趣的勝利，包括 GeneSight 在商業方面的 1 場勝利，當然，它的規模與 United 覆蓋範圍不同，但它與我們自去年年初以來一直在談論的總體主題一致，即總體而言，我們繼續看到建設性的機會，以繼續擴大 GeneSight 的覆蓋範圍。

And that general theme also, of course, throughout all of last year and so far this year is also applicable to generally the rest of our product portfolio.

當然，這個總體主題貫穿了去年全年以及今年到目前為止，也適用於我們其餘的產品組合。

And I mentioned this in my prepared comments, that generally, when you look at kind of underlying current period rate outside of the headwind items that we specifically called out we see a very favorable rate environment where we've been able to maintain the positive rate momentum that we had in 2024.

我在準備好的評論中提到了這一點，一般來說，當你查看我們特別提到的不利因素之外的當前期間利率時，我們會看到一個非常有利的利率環境，我們能夠保持 2024 年的積極利率勢頭。

And based on a number of rev cycle and payer market initiatives, we're optimistic that we'll be able to continue to make more progress in 2025. Mark? .

基於一系列收入週期和付款人市場舉措，我們樂觀地認為我們將能夠在 2025 年繼續取得更多進展。標記？。

Yes, I answer the second part of the question, we are not seeing any meaningful change in our providers. If anything, I think the market uncertainty, unfortunately, continues to drive the need for a test like GeneSight because the mental illness is not going away anytime soon.

是的，我回答問題的第二部分，我們沒有看到我們的供應商有任何有意義的變化。如果有什麼不同的話，我認為不幸的是，市場的不確定性繼續推動對 GeneSight 等測試的需求，因為這種精神疾病不會很快消失。

I would say, as we saw with our as we mentioned in our remarks, we did reduce spend in Q1 because of the UHC decision and so that did have an impact and it will have an impact going throughout the year. But as far as providers reacting to any payer coverage, we're not seeing that.

我想說，正如我們在評論中提到的那樣，由於 UHC 決定，我們確實減少了第一季的支出，因此這確實產生了影響，並且會持續全年產生影響。但就供應商對任何付款人承保的反應而言，我們還沒有看到。

But that said, we need to be really mindful that we're focusing on driving growth that is profitable and not just driving growth, that's going to continue to increase (inaudible).

但話雖如此，我們需要真正注意，我們專注於推動獲利成長，而不僅僅是推動成長，這將繼續增加（聽不清楚）。

Okay. And then if I could just follow up with Sam. Sam, as you have been at period for some time and now obviously in the head role, can you elaborate a little bit as to how you think about this portfolio? Is this the right portfolio I think that's been a major question for Myriad for a very long time.

好的。然後我是否可以跟進 Sam 的問題。山姆，您在這個職位上已經工作了一段時間，現在顯然擔任著主管職務，您能否詳細闡述一下您對這個投資組合的看法？這是正確的投資組合嗎？我認為這一直是 Myriad 長期以來面臨的一個主要問題。

The tests that have been added have some challenges or the other every year we run into them either if it's hereditary or a GeneSide.

每年我們都會遇到新增的測試，無論是遺傳的還是基因方面的，都會面臨一些挑戰。

Can you elaborate on the portfolio and if there's room for divestiture here?

您能否詳細說明投資組合以及是否存在剝離的空間？

Thank you again, Puneet, for the question. I mean it's similar to was, I think, going in that direction to I think that, again, while there will be some time to be taken, I think it's prudent thing to do while doing it quickly to make sure we do the thoroughness in looking at our strategy to understand and make decisions what I can tell you again is we are absolutely resolute on oncology, right?

再次感謝 Puneet 提出這個問題。我的意思是，這類似於，我認為，朝著那個方向發展，我認為，雖然需要一些時間，但我認為在快速行動的同時，謹慎行事是必要的，以確保我們徹底了解我們的策略並做出決定，我可以再次告訴你，我們在腫瘤學方面絕對堅定，對嗎？

And there too, we'll provide more clarity though we had underperformance compared to what we'd expected or wanted in unaffected hereditary cancer we think it's programmatic.

而且，我們也會提供更清晰的訊息，儘管與我們對未受影響的遺傳性癌症的預期或想要的表現相比，我們的表現不佳，但我們認為這是程序性的。

It's more execution related, which we're working to fix. It's just a matter of how long that takes. As a reminder, hereditary cancer for unaffected is almost a $4.5 billion market that's growing at high single digits. We are the leaders there, and there is a significant opportunity that remains, and it's for ours to go get. And it's just about the execution, which we can go into more.

它更多地與執行有關，我們正在努力解決這個問題。這只是需要多長時間的問題。需要提醒的是，未受影響的遺傳性癌症市場規模接近 45 億美元，而且還在以高個位數的速度成長。我們是該領域的領導者，並且仍然存在著重大機遇，等待著我們去掌握。這只是關於執行的問題，我們可以進行更深入的探討。

But beyond that, I think it's we're going to go through the rigor to really look at and say, we are myriad the way we are and how we got here, but what are the pieces going forward. So that really supports our best ability to grow on a predictable, profitable way, compete and win in the market.

但除此之外，我認為我們將經過嚴格的審視，並說出，我們的方式多種多樣，我們是如何走到今天的，但前進的步伐又是什麼呢？因此，這確實支持了我們以可預測、有利可圖的方式發展、在市場上競爭並獲勝的最佳能力。

Maybe those sound like a lot of obvious words, but behind it is the conviction to really be thorough and make choices to help support our go forward. So but has just a little bit of I appreciate just a little bit of time for the management team and I to work through that, and we'll have some clarity for ourselves and more that we can share by Q4.

也許這些話聽起來很顯而易見，但背後是真正徹底的信念，並做出選擇以幫助我們前進。所以，我很感激管理團隊和我能夠有一點時間來解決這個問題，到第四季度，我們會對自己有更清晰的認識，並且可以分享更多資訊。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

So just regarding the slower ramp on the unaffected population or unaffected testing in hereditary cancer due to EMR integration, sorry. us on the sell side are us investors, we really don't know the kind of the nuts and bolts and why this would kind of take multiple quarters kind of integrating when this kind of disruption looks like.

因此，由於 EMR 整合導致未受影響人群或遺傳性癌症未受影響檢測的增長速度較慢，對此我深感抱歉。我們賣方是我們的投資者，我們真的不知道具體細節，也不知道當這種中斷出現時，為什麼需要多個季度的時間來整合。

So can you give us a flavor for just a little bit more details on why you're certain this is the problem why you're certain is it take a couple of why it's going to take a couple of quarters to 6 and what that business can grow at? And again, I'm looking at this unaffected population, volume or revenue is down 4%, volumes were flat. So I just want to make sure that, that's just mix and not kind of lower maintenance or a lot more on coverage there?

那麼，您能否向我們詳細介紹為什麼您確定這是問題所在，為什麼您確定這需要幾個季度到 6 個季度的時間，以及這項業務可以增長多少？再次，我看到這個未受影響的群體，交易量或收入下降了 4%，交易量持平。所以我只是想確保，這只是混合，而不是較低的維護或更多的覆蓋範圍？

I have one short follow-up.

我有一個簡短的後續問題。

Dave, thank you for the question. I'm glad you asked it allows us to actually provide some detail, which I think will be helpful for many others on the call. And by the way, the two drivers, and I'll hand it over to Mark to really kind of go in a little bit more detail here.

戴夫，謝謝你的提問。我很高興您提出這個問題，這讓我們能夠提供一些細節，我認為這對通話中的許多其他人都會有所幫助。順便說一下，關於兩位車手，我會把時間交給馬克，讓他在這裡更詳細地介紹一下。

Along with the EMR, it's also just the time to the traction from our breast cancer risk assessment program. We've seen some early good results.

和 EMR 一起，現在也是我們乳癌風險評估計畫得到重視的時候了。我們已經看到了一些早期的良好成果。

It's just the ability to scale that too. So Mark, please provide some more.

這也只是擴充的能力而已。所以馬克，請提供更多資訊。

Yes. Sure, Dave. Let me provide a little bit of clarity and try to give an example related to EMR. And first, I want to thank our EMR teams, which has been a very cross-functional group of folks within the area that have been actively working on this over the last 18 months. And I would say there are some positives.

是的。當然，戴夫。讓我提供一些清晰度並嘗試給出一個與 EMR 相關的例子。首先，我要感謝我們的 EMR 團隊，他們是該領域內一個跨職能的團隊，在過去 18 個月中一直積極致力於此。我想說的是，也有一些正面的方面。

So when you think about our prenatal business or you think about the hereditary cancer business, on the OpEx side of the equation, a lot of the EMR integrations just have to do with the ability to order a Myriad test, right? You simply go into Epic and press a button and to be able to order the test.

因此，當您考慮我們的產前業務或遺傳性癌症業務時，在等式的營運支出方面，許多 EMR 整合都與訂購 Myriad 測試的能力有關，對嗎？您只需進入 Epic 並按下按鈕即可訂購測試。

What we see across all of our accounts, though, is from a workflow perspective, on the unaffected side, so patients who do not have cancer, it really starts with an ability to do a family history which is a series of asking a lot of different questions around relatives.

然而，從工作流程的角度來看，我們在所有帳戶中看到的都是未受影響的一面，因此對於沒有患癌症的患者來說，這實際上始於了解家族史的能力，這是一系列詢問親屬的許多不同問題。

I'm sure you've filled those out in the past. And ideally, that is a feature that needs to be added into the EMR work stream so that, that process is not manual. Also in many cases, when you think about an unaffected population, in many cases, those appointments are being done virtually.

我確信您以前已經填寫過這些內容。理想情況下，這是一個需要添加到 EMR 工作流程中的功能，以便該過程不再是手動的。此外，在許多情況下，當你考慮未受影響的人群時，在許多情況下，這些預約都是透過虛擬方式進行的。

So the idea that also a feature built within the ENR would require pushing a button having a kit ship virtually. Secondarily, many of those patients require patient education because once they get the results, it's not as clear, again, within the prenatal world or within the affected side, it is a very clear answer.

因此，ENR 中內建的功能也需要按下按鈕才能虛擬地運送套件。其次，許多患者需要接受患者教育，因為一旦他們得到結果，情況就不那麼清楚了，在產前世界或受影響的方面，這是一個非常明確的答案。

On the unaffected side, what do they do now that they see a number that says that they have a high risk, right? What are their options. What does that report telling them.

對於未受影響的人來說，當他們看到表明他們具有高風險的數字時，他們會怎麼做呢？他們有哪些選擇。那份報告告訴他們什麼？

And so in many cases, we need to make sure that it's either plugged into the myriad genetic counselors or it's plugged into the account, patient education materials. And so those workflows, what we've seen in working with our accounts are challenge points.

因此，在許多情況下，我們需要確保它要麼插入無數遺傳諮詢師，要麼插入帳戶、病患教育資料。因此，我們在處理帳戶時看到的那些工作流程都是挑戰點。

And so we systematically identified those accounts. We're going back. We're making sure that we're building on those features.

因此我們有系統地識別了這些帳戶。我們要回去了。我們正在確保以這些功能為基礎進行建置。

The example that I called out in the prepared remarks is actually working with Epic to build a digital cancer risk assessment so that would be built into the Epic platform, which would not only help the accounts that we've already enrolled but would also be a feature that we could utilize moving forward as well with new accounts that we onboard.

我在準備好的演講中提到的例子實際上是與 Epic 合作建立數位癌症風險評估，以便將其納入 Epic 平台，這不僅可以幫助我們已經註冊的帳戶，而且也是我們可以利用的功能，也可以用於我們加入的新帳戶。

So but again, that is going to take us some time because once we build those solutions, we now need to sort of get back in the queue with all those accounts so that those teams can also enable them on their side. I hope that provided a little bit of clarity.

但同樣，這將花費我們一些時間，因為一旦我們建立了這些解決方案，我們現在需要重新回到所有這些帳戶的隊列中，以便這些團隊也可以在他們那邊啟用它們。我希望這能提供一點清晰度。

I think there was oine other part of your question, which was around the fact that volumes were largely flat, but revenue was down somewhat. And I'll just say that there has been no deterioration in terms of the underlying rate environment in terms of coverage or no pay or reimbursement cycle for that category of testing.

我認為您的問題還有另一部分，即銷量基本上持平，但收入有所下降。我只想說，就該類測試的覆​​蓋範圍、免費或報銷週期而言，潛在的費率環境並沒有惡化。

Overall, we continue to see encouraging developments and positive momentum. There's some amount of adverse mix just in terms of payer mix, and there's always going to be some ebb and flow to that.

總體而言，我們繼續看到令人鼓舞的發展和積極的勢頭。就付款人組合而言，存在一定程度的不利組合，並且總是會出現一些起伏。

And then in the prior year period, you had some amount of favorability from change of estimates that did not favorably impact this year.

然後在去年同期，由於估計變化而產生了一定程度的有利影響，但這並沒有對今年產生積極影響。

But there's always can be some amount of movement from that type of thing and is not a reflection on the health of the underlying rate environment.

但這類事情總是會造成一定程度的波動，但這並不能反映出潛在利率環境的健康狀況。

Got you. And just I'll just ask my shorter follow-up then because give me a lot of time here. And just in terms of Polaris, down 2% what on rate were you at prior to the NCCN guidelines?

明白了。然後我只會問一個較短的後續問題，因為這裡給我很多時間。就 Polaris 而言，下降 2% 的比率在 NCCN 指南之前是多少？

And what's your best assessment of what the market growth would look like. We're just kind of just trying to get a sense of comfortability with the down being 2% being business as usual.

您對市場成長前景的最佳評估是什麼？我們只是想讓大家對 2% 的降幅感到安心，一切照常。

And then market growth rates to say, when you stabilize it, what that might look like. It's essentially what I'm trying to get at.

然後說一下市場成長率，當你穩定下來時，它可能會是什麼樣子。這基本上就是我想要達到的目的。

And Yes, you're welcome, David. Maybe I'll start there. And we have been in a very competitive situation, as you know, with the (inaudible) and it's relatively stable. So that's our perspective on how this year, how we expect it to be.

是的，不客氣，大衛。也許我會從那裡開始。如你所知，我們一直處於非常競爭的局面，（聽不清楚）而且相對穩定。這就是我們對今年的看法和預期。

But when we through the actions we are taking, by the way, we're not standing still, I'm just waiting for the partnership with (inaudible) develop our first AI-enabled test, which will definitely put us in a better place.

但是，當我們通過正在採取的行動時，順便說一句，我們並沒有停滯不前，我只是在等待與（聽不清楚）的合作開發我們的第一個支援人工智慧的測試，這肯定會讓我們處於更好的位置。

Along the way, we're also now making advances on getting (inaudible) Level 1 evidence in place. The work now with the (inaudible) accelerates that by 1 year to 1.5 years in terms of commercial teams. We've added folks. We've actually prioritized, clarified the message. We're starting to see traction there.

在此過程中，我們在獲取（聽不清楚）一級證據方面也取得了進展。現在與（聽不清楚）的合作將使商業團隊的進度加快 1 到 1.5 年。我們已新增人員。我們實際上已經確定了優先順序並澄清了資訊。我們開始看到那裡的進展。

And before maybe I hand it over to Mark, I think that, that market, we see as a low double-digit growth market, at least, and that's the opportunity to resume and get back to competing and winning that year. And actually, part of the (inaudible) partnership allows us to bring a product to market and post RP where we don't even participate today.

在我把話題交給馬克之前，我認為，我們認為那個市場至少是一個低兩位數成長的市場，這也是我們在那一年恢復、重新參與競爭並取得勝利的機會。實際上，（聽不清楚）合作關係的一部分使我們能夠將產品推向市場並發布我們今天甚至沒有參與的 RP。

It's a complete blue ocean, right? Because our Polaris solution today is the majority it's for a time of biopsy. But a lot there, Mark.

這完全是一片藍海，對吧？因為我們今天的 Polaris 解決方案是針對活檢時間的大多數。但是那裡有很多，馬克。

I just kind of got going I'm not sure there's much to add there, unless that didn't answer the question. So let me just ask.

我剛開始，我不確定還有什麼可以補充的，除非這沒有回答問題。所以我就問一下。

I think Dave maybe offline.

我認為戴夫可能離線了。

Matt Sik, Goldman Sachs.

高盛的馬特·西克 (Matt Sik)。

Will on for Matt here. Just wanted to dig a little more into the cost savings side of the guide. I know you mentioned it would be on discretionary spending rather than the pipeline or commercial organization. But any more detail you can provide on what's being cut there would be super helpful.

威爾將在這裡代替馬特。只是想更深入地了解指南中的成本節約方面。我知道您提到這將是可自由支配的開支，而不是管道或商業組織。但是，如果您能提供關於削減內容的更多詳細信息，那將會非常有幫助。

Let me start. Thank you for the question. I'll hand it to Scott. Yes, it's true, right? There are some big levers that we already started to take, including incredibly careful any additions of head count really holding steady on that being very deliberate of course, on the traditional things on any travel, entertainment, all those categories.

讓我開始吧。謝謝你的提問。我會把它交給斯科特。是的，確實如此，對吧？我們已經開始採取一些重大措施，包括非常謹慎地增加員工人數，當然，在旅遊、娛樂等所有類別的傳統事務上也要非常謹慎地保持穩定。

And then there's other spend related to programmatic things, be it research studies or excuse me, when we're actually doing market studies and other things that we may be using consultants for to really be deliberate and focus it also for growth. But Scott, please kind of take it from there.

然後還有與程序化事物相關的其他支出，無論是研究研究，還是對不起，當我們實際進行市場研究和其他事情時，我們可能會使用顧問來真正進行深思熟慮並將其重點放在增長上。但是斯科特，請從那裡開始。

Yes. I'll just remind you that on the last call, we also talked about a reprioritization of spend because even our initial or previous guidance for OpEx was at a level that was kind of below the historical level of OpEx investment.

是的。我只是想提醒你，在上次電話會議上，我們還討論了重新調整支出優先級，因為即使是我們最初或之前的營運支出指導，其水平也低於營運支出投資的歷史水平。

And what we're really pleased to be able to communicate on the last earnings call was the fact that we were able to reprioritize spend in order to continue to invest in the more strategic parts of the business. Which includes things like the EMR integrations that we have ongoing, which includes the product development efforts that we continue to prioritize along with incremental investments in the commercial organization and we continue to be comfortable that we can fund the strategic investments by being more efficient in other parts of the offset infrastructure and the way the Sam describe it.

我們非常高興能夠在上次財報電話會議上傳達這樣一個事實：我們能夠重新調整支出的優先順序，以便繼續投資於業務中更具戰略性的部分。其中包括我們正在進行的 EMR 集成，包括我們繼續優先考慮的產品開發工作以及對商業組織的增量投資，我們仍然相信我們可以透過在抵消基礎設施的其他部分提高效率來為戰略投資提供資金，就像 Sam 所描述的那樣。

That's helpful. And then as a follow-up, on the RCM you guys were early to optimizing those processes and you've talked about the underlying rate environment being relatively stable today. But how much benefit is left for future improvement in RCM? And what are you guys doing to unlock those opportunities?

這很有幫助。然後作為後續，在 RCM 上，你們很早就開始優化這些流程，並且談到當今底層利率環境相對穩定。但對於 RCM 未來的改進還有多少好處呢？你們正在做什麼來抓住這些機會呢？

Yes. Great question. Scott, I know there's more room, and we're very actively working on that in a programmatic approach. So maybe you can provide some more.

是的。好問題。史考特，我知道還有更多空間，我們正在以程式化的方式積極地致力於此。所以也許你可以提供更多資訊。

Yes. So as a reminder, last year, we talked about this throughout the year. We had come into 2024 with a no-pay rate that was around 46%. And and we finished 2024 with an no-pay rating that was around 4% and or 43%. And so that's incremental improvement throughout 2024 really had a significant impact on our overall ASP environment coming into 2025.

是的。提醒一下，去年我們全年都在談論這個問題。進入 2024 年，無薪休假率已達 46% 左右。到 2024 年，我們的無薪率約為 4% 或 43%。因此，2024 年的逐步改進確實對我們 2025 年的整體 ASP 環境產生了重大影響。

But really, when you take a step back, the amount of no pay, just a sheer volume of no pay that remains for us to go after is tremendous. And so we continue to see a very sizable opportunity there. And we do continue to make investments our red cycle and payer market organization in order to tap into more of that opportunity over time, including within calendar year 2025.

但實際上，當你退一步考慮時，我們會發現，拖欠的工資數額，僅僅是拖欠工資的數額，就非常巨大。因此，我們繼續看到那裡存在著非常巨大的機會。我們確實會繼續投資我們的紅色週期和付款人市場組織，以便隨著時間的推移（包括在 2025 年內）挖掘更多這樣的機會。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

And thanks for the time so maybe I'll start with 1 on the MRD side of things. Following the data you guys showed it in renal. What should we expect at ASCO this year? And are you still on track to submit to uncoveragein breast by year-end? And then last bit of last question, ACR, increasing point of focus has been higher sensitivity.

感謝您抽出時間，也許我應該從 MRD 方面的 1 開始。根據你們在腎臟中顯示的數據。我們對今年的 ASCO 有何期待？您是否仍計劃在年底前完成乳房的揭露？然後是最後一個問題的最後一點，ACR，增加焦點可以獲得更高的靈敏度。

So I'm just curious as to your thoughts on what is that threshold for landmark sensitivity that's needed for physicians to be comfortable in terms of using MRD to either escalate or deescalate treatment?

所以我只是好奇您認為醫生在使用 MRD 來升級或降級治療方面所需的標誌性敏感性閾值是多少？

Thank you for the question, Tejas. There was a number of things you had there. So let me start and let me try to answer that. So yes, we are pleased by the study that was shared, the information that was shared by a collaborator, MD Anderson Cancer Center.

謝謝你的提問，Tejas。那裡有很多東西。那麼讓我開始嘗試回答這個問題。是的，我們對所分享的研究以及其合作者 MD 安德森癌症中心所分享的資訊感到高興。

And this was about for those that might not be familiar about clear cell, renal cell carcinoma and really showing that our ultrasensitive MRD test found that patients who tested negative Three months after radiation avoided progression to more aggressive therapy for nearly 5 years longer than on average in patients who test deposit.

對於可能不熟悉透明細胞癌、腎細胞癌的人來說，這確實表明我們的超靈敏 MRD 測試發現，在放療後三個月檢測呈陰性的患者避免進展到更積極的治療的時間比檢測呈陰性的患者平均長近 5 年。

The key is that we were able to help detect and determine in a clinical set of samples, very clearly something that otherwise wouldn't be depended by traditional imaging, and that's very meaningful. One of the first real clinical examples of the power of our performance.

關鍵在於，我們能夠幫助在臨床樣本中檢測和確定一些傳統影像無法依賴的東西，這是非常有意義的。這是我們性能強大功能的首批真實臨床案例之一。

Now, in terms of I think you also asked about ASCO we're excited at ASCO overall to have multiple 7 submissions that were accepted related to myriad oncology products, including MRD products.

現在，就我認為您也詢問過 ASCO 而言，我們很高興 ASCO 總體上有 7 份提交被接受，這些提交涉及無數腫瘤產品，包括 MRD 產品。

There will be a podium presentation there by a collaborator. Dr. [Ashu Mato] from MPC Japan. He'll be talking about pan-cancer molecular, MRD assessment using our assay for personalized CDNA panel.

一位合作者將在那裡進行演講。來自日本 MPC 的 [Ashu Mato] 博士。他將討論使用我們的個人化 CDNA 面板檢測進行泛癌分子、MRD 評估。

And it's going to actually again illustrate in a more broad net of cancers, the benefit of our ultra-sensitive assay and real-life samples, if you will.

如果你願意的話，它實際上將在更廣泛的癌症網絡中再次說明我們的超靈敏檢測和真實樣本的好處。

To answer your question on I think maybe it's about sensitivity or what will really be important for lesions that are choosing to use this product.

回答您的問題，我認為也許這與敏感性有關，或者對於選擇使用此產品的病變來說什麼才是真正重要的。

Again, just as a refresh, for us, an MRD a point of differentiation. What's important is to focus in on cancers that are low shedding, meaning they have very low parts in the blood of actual tumor ctDNA that can be detected just by nature of those cancers.

再次提醒一下，對我們來說，MRD 是一個差異點。重要的是關注脫落率低的癌症，這意味著它們血液中實際腫瘤 ctDNA 的含量非常低，僅憑這些癌症的性質就無法檢測出來。

And again, for us, that's breast, ovarian, renal, prostate and a number of other cancers. And what we found from working with clinicians and the more than 15 different MRD studies that are underway and all the dialogue that we've had, being able to detect consistently in a reproducible way down to many parts down to 2 to 5 parts per million will really make a difference for these low shedding cancers.

對我們來說，這些癌症包括乳癌、卵巢癌、腎癌、攝護腺癌和其他多種癌症。我們透過與臨床醫生的合作以及正在進行的 15 多項不同的 MRD 研究和所有對話發現，能夠以可重複的方式持續檢測出低至每百萬分之二到五的水平，對於這些低脫落癌症確實至關重要。

So Again, our clinical studies that are underway, collectively we'll be looking at 4,000 patients either receiving or will receive our precise MRD test and give them together, that's going to generate more than 30,000 time points of data. So I hope I answered your question.

因此，我們正在進行的臨床研究將總共觀察 4,000 名正在接受或將要接受我們精確的 MRD 測試的患者，並將他們放在一起，這將產生超過 30,000 個時間點的數據。我希望我回答了你的問題。

Got it. You did and 1 follow-up, actually, so at a high level, Sam, I know it's early days, but where do you see room for changes in strategy or perhaps even your sort of guidance or expectation management philosophy relative to past tenure or is essentially sort of like going to be more or less a similar approach? I know you laid out sort of the 3 parts to how you're thinking about it. But any kind of like initial sort of thoughts on that would be great. And then just to clean up on GeneSight.

知道了。實際上，您確實進行了 1 次跟進，所以從高層次來看，Sam，我知道現在還為時過早，但您認為戰略方面有哪些變化的空間，或者甚至您的指導或期望管理理念相對於過去的任期有哪些變化，或者本質上會或多或少採取類似的方法？我知道你已經從三個部分闡述了你對此的看法。但任何關於此的初步想法都是很好的。然後只需清理 GeneSight。

I'm just trying to get a sense of I guess your GeneSight performance in the quarter came in light versus where we were certainly versus, I think, where most Street models were.

我只是想了解一下，我猜您在本季度的 GeneSight 表現與我們當時的情況相比有什麼不同，我認為，與大多數街頭模型的情況相比也有什麼不同。

And I'm just trying to like parse out sort of what exactly drove the weakness because I know you had contemplated weakness in your initial guide from sort of the peer issues. But just trying to get a sense of is it on the volume side? Was there something else? Any color would be great.

我只是想分析一下究竟是什麼導致了這種弱點，因為我知道你在最初的指南中已經從同儕問題的角度考慮過弱點。但只是想了解它是否在音量方面？還有別的事嗎？任何顏色都很好。

I appreciate the question. Let me start with your first question here on maybe a little bit of what this next chapter of Myriad is going to look like. And then I'll Mark, if you don't mind answering a little bit more on GeneSight little bit more color there listen to just what I can tell you is to get a sense of who I am and what this chapter is going to look like.

我很感謝你提出這個問題。讓我先從你的第一個問題開始，關於 Myriad 的下一章將會是什麼樣子。然後我會馬克，如果你不介意在 GeneSight 上回答更多一點，多聽聽我能告訴你的，這樣你就會了解我是誰，以及這一章會是什麼樣子。

I think you could look at my experiences with the last 2 companies I've worked at and that includes my fundamental belief that both for the inside first and foremost, in the company to execute with excellence to really be able to meet our targets consistently simplification matters, being very clear on the critical few, what we're working on, how they all tie together.

我想你可以看看我在之前兩家公司工作的經歷，其中包括我的基本信念：首先，對於公司內部而言，要卓越地執行，才能真正實現我們的目標，簡化很重要，要非常清楚幾個關鍵點，我們正在做什麼，以及它們如何結合在一起。

And really having that clarity, including like already on this call, 1 of our colleagues that this is just there's always something, there's so many different parts.

真正有這樣的清晰度，包括已經在這次電話會議上，我們的一位同事也表示，這總是有一些事情，有很多不同的部分。

So I think we have the opportunity to get clearer and crisper on what Myriad is all about, and you should expect to see that in the coming quarters and years as part of Myriad. And the other thing I would add too is I've just grown up with the training and the philosophy of we a very important part of operating business like in life as being able to do what you say you're going to do.

因此，我認為我們有機會更清楚地了解 Myriad 的全部內容，並且您應該會在未來幾季和幾年內看到它成為 Myriad 的一部分。另外我想補充的是，我從小就接受培訓，並且深知經營企業的一個非常重要的理念，就像在生活中一樣，能夠做到你說過要做的事。

So setting our expectations and being able to meet those meeting our own time lines for our state, for the sake of our customers in the market. And for those investors that follow us, those are things that we take extremely seriously as part of becoming a world-class business in this next chapter of Myriad.

因此，為了我們市場上的客戶，我們要設定我們的期望，並且能夠滿足我們自己國家的時間表。對於關注我們的投資者來說，這些都是我們非常重視的事情，因為這是我們在 Myriad 的下一篇章中成為世界一流企業的一部分。

So Mark, could you take the genetic question, please?

那麼馬克，你能回答一下遺傳問題嗎？

Yes. Let me add a little bit of color. I think as we've stated before, GeneSight is a very market-sensitive environment just because of the low awareness level related to police genomics. That said, because of the UHC hit to our revenues, we did have to make some difficult decisions around lowering the investment within GeneSight.

是的。讓我添加一點顏色。我認為，正如我們之前所說，GeneSight 是一個市場敏感度很高的環境，因為人們對警察基因組學的認識程度較低。話雖如此，由於 UHC 對收入的打擊，我們不得不做出一些艱難的決定，降低對 GeneSight 的投資。

And unfortunately, the timing of us being able to respond to that actually did take place in the beginning of the first quarter. So due to that lowering of investment, having an impact as well as just the disruption. That is why we had lower-than-expected volumes within first quarter.

不幸的是，我們能夠對此做出回應的時間實際上是在第一季初。因此，由於投資減少，不僅造成了混亂，還產生了影響。這就是我們第一季的銷售低於預期的原因。

But there wasn't anything about the fundamental business. or as we talked about before, there isn't any change in our provider readers either moving forward.

但沒有任何關於基本業務的內容。或者正如我們之前所討論的，我們的提供者讀者在未來也不會發生任何變化。

But as we did call out, we want to make sure that we're very but we do proper diligence moving forward and that we're focused on profitable growth because as we've called out before, GeneSight does have a high 0 pay rate. And so we want to make sure that we're targeting our sales organizations and our marketing efforts to the right providers and the right payers.

但正如我們所呼籲的那樣，我們希望確保我們非常努力，但我們會繼續進行適當的盡職調查，並且我們專注於盈利增長，因為正如我們之前所呼籲的那樣，GeneSight 確實有很高的 0 支付率。因此，我們要確保我們的銷售組織和行銷工作針對的是合適的供應商和合適的付款人。

Sung Ji Nam, Scotiabank.

加拿大豐業銀行的 Sung Ji Nam。

I have a question on Prolaris and it's a 2-parter, so I'll just count them with 2 questions. Just kind of curious, what do you think are the biggest misperceptions that are out there amongst the customer base with regards to the NCCN guidelines, -- are you having success in terms of having discussions with the customers and kind of clarifying kind of what you believe are the misperceptions and then just curious, obviously, you're very excited about the Pythonic partnership.

我有一個關於 Prolaris 的問題，它分為兩部分，所以我只用 2 個問題來計算。只是有點好奇，您認為客戶群對 NCCN 指南最大的誤解是什麼？您是否成功地與客戶進行了討論，並澄清了您認為的誤解？然後只是好奇，顯然，您對與 Pythonic 的合作感到非常興奮。

But how is that resonating with the customer base currently in their early discussions underway.

但在目前正在進行的早期討論中，這與客戶群的共鳴如何？

Yes. I appreciate the questions, Mark, why don't you go ahead and start, and I can complement as needed but .

是的。我很感謝你的提問，馬克，你為什麼不先開始呢？我可以根據需要補充，但是。

Yes, why don't I take the first part and maybe I'll pass it back to Sam on a second. But related to the first part, Yes, so we've met with our top providers over the quarter. There was a lot of confusion around the NCCN guidelines, because I think as we've called out before, of the 67 different cancer guidelines that NCCN puts out, prostate is the only one, and as a mention of this assignment level 1 evidence. And although it does have its merits, it is relatively new.

是的，為什麼我不先拿第一部分，然後第二部分再把它交還給 Sam。但與第一部分相關，是的，所以我們在本季度與我們的頂級供應商會面了。NCCN 指南引起了很多困惑，因為我認為，正如我們之前所指出的，在 NCCN 發布的 67 種不同的癌症指南中，前列腺癌指南是唯一的，並且作為這項任務的 1 級證據提及。儘管它確實有其優點，但它相對較新。

Again, it is only 1 of 67 guidelines that actually hasn't included. So there was a lot of confusion around the warning. And so we did have to spend time during the first quarter correcting any confusion that any providers had. I think the good news is, for the most part, we have that behind us. Providers do understand what the guidelines say.

再說一遍，它只是 67 條準則中實際上未包括的 1 條。因此該警告引起了很多混亂。因此，我們確實必須在第一季花時間糾正任何供應商存在的困惑。我認為好消息是，在很大程度上，我們已經擺脫了這些困境。提供者確實了解指南的內容。

They are also advocating to work with the NCCN writers to see if they can get that language clarified.

他們也主張與 NCCN 作者合作，看看是否可以澄清語言。

We don't expect that clarity to happen in 2025, but we hope that the recommendations will take place going into 2026. So with that confusion behind us, we're able to focus on the merits of our test, and we do have the highest clinical utility evidence at the time of biopsy.

我們並不期望這種明確性會在 2025 年出現，但我們希望這些建議在 2026 年得以落實。因此，消除這種困惑後，我們就可以專注於測試的優點，並且在活檢時我們確實擁有最高的臨床實用性證據。

And then as Sam mentioned, there is a lot of excitement even now as we start talking about combining Prolaris with Pathom, technology.

然後，正如 Sam 所提到的，當我們開始談論將 Prolaris 與 Pathom 技術結合時，現在人們感到非常興奮。

So on that, I'll turn it back over to Sam.

因此，我將把這個問題交還給 Sam。

Yes. Just to add a little bit and to answering the second question that you had, we're finding a real good level of interest and anticipation for our combined test. Part of it, I think, quite frankly, is there was some concern of our level of commitment to prostate cancer. And the partnership has helped reaffirm our commitment long term to prostate cancer and pipeline.

是的。為了回答您的第二個問題，我再補充一點，我們發現大家對我們的綜合測試非常感興趣，並且非常期待。坦白說，我認為部分原因是人們對我們對前列腺癌的投入程度有些擔憂。此次合作有助於重申我們對攝護腺癌和研發管線的長期承諾。

Now both that that's going to be there, starting with time of biopsy then post RB. So the other thing, our fulfillment colleagues have a great network. This is part of why we did our diligence, and we chose them in prostate cancer a significant number of thought leaders from the space that are leaders in key academic medical centers related to prostate cancer.

現在，這兩者都將存在，從活檢時開始，然後是 RB 後。另一件事是，我們的履行同事擁有強大的網絡。這就是我們盡職盡責的原因之一，我們在前列腺癌領域選擇了大量的思想領袖，他們都是前列腺癌相關主要學術醫療中心的領導者。

We actually get the combined benefit of what both Myriad brings and Potomac brings to start building a new narrative of what our combined test is going to be able to do to really serve patients.

實際上，我們結合了 Myriad 和 Potomac 的優勢，開始建立一個新的故事，講述我們的聯合測試如何真正為患者服務。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

A lot already asked, so maybe I'll just try 1 more time on the GeneSight piece. It sounds like the impact, the actual change here isn't anything with United as much as it is your sort of reprioritization of some of the sales force. So is that correct?

已經問了很多，所以也許我會在 GeneSight 部分再試一次。這聽起來像是影響，但這裡的實際變化與美聯航無關，而是對部分銷售人員的重新排序。那麼這是正確的嗎？

And then, can you just frame for us the actual kind of dollars and cents impact of that $35 million guidance reduction coming from that? And then I'll have a follow-up from there.

然後，您能否為我們描述一下由此產生的 3500 萬美元指導削減對實際金錢方面的影響？然後我會從那裡進行跟進。

Yes. No, I appreciate the question. Scott, do you want to take the question?

是的。不，我很感謝你提出這個問題。史考特，你想回答這個問題嗎？

Yes. So with respect to the first part, I think you're thinking about it the right way for the elements to the gene narrative right now. There's the kind of headline ASP impact of the change in United policy, which landed it was an impact of $10 million for the quarter, and that's in line with what we had anticipated and what has been incorporated into our previous guidance. What is different in terms of the Gene our view of on GeneSight right now is the reduced volume expectation.

是的。因此，關於第一部分，我認為您現在正在以正確的方式思考基因敘述的要素。聯合航空政策變化對平均售價產生了一定影響，本季的影響金額為 1000 萬美元，這與我們的預期以及我們先前的指導意見相符。就基因而言，我們目前對 GeneSight 的看法不同，即預期體積減少。

And that is a significant part of the $35 million reduction in our 2025 revenue guide. We're not going to break out the individual components.

這是我們 2025 年收入指南中 3,500 萬美元削減額的重要組成部分。我們不會將各個組件分開。

But generally, what I'll tell you is that GeneSight volume view the evolving gene state volume view and the performance, the slower ramp in terms of our unaffected rotary cancer testing volume are the 2 major contributors to that $35 million detriment to our revenue guidance.

但總的來說，我要告訴你的是，GeneSight 體積視圖、不斷發展的基因狀態體積視圖和性能，以及我們未受影響的旋轉癌症檢測量的增長較慢，是導致我們的收入預期損失 3500 萬美元的兩個主要因素。

And then maybe on a (inaudible) first gene launch, you put a pretty firm date on here by July, I think you said. So maybe, Sam, for you, you talked about the kind of credibility on launch time lines and making sure you're on track. What have you learned thus far?

然後也許在（聽不清楚）第一次基因發佈時，你會在七月之前確定一個相當確定的日期，我想你是這麼說的。所以，山姆，也許對你來說，你談論的是發佈時間表的可信度以及如何確保一切按計劃進行。到目前為止你學到了什麼？

And khow do we think about this first gene launch and what it might inform about how you approach launches still to come as we move through the next few years?

我們如何看待這次首次基因發布？它將如何影響我們在未來幾年內如何進行後續發布？

Yes, that's a great question. And I think it ties to in my framework, the pillar on execution or moving towards execution excellence. I think Myriad has long been continues to be a company of great science and great intentions and great colleagues, but really focusing on getting in a very deliberate way, better on product development, all the way from planning a product defining it, developing it and bringing it to market to mature that in a way that a number of other companies have, including I've clearly been and the number of my colleagues around the table have been, that's the opportunity.

是的，這是一個很好的問題。我認為它與我的框架中的執行支柱或邁向卓越的執行有關。我認為 Myriad 長期以來一直是一家擁有偉大科學、偉大願景和偉大同事的公司，但真正專注於以非常慎重的方式改進產品開發，從規劃產品定義、開發產品、將產品推向市場到使其成熟，就像許多其他公司一樣，包括我和在座的許多同事，這就是機會。

That's 1 of the big opportunities for us to get better. And I think it will drive more efficiency and it will drive on the inside, and most importantly, it will now enable us to predictively bring products to market on the top. First gene, this is it's been delayed, as you know. It will be the beginning. And it's going to be a little bit of an iterative process.

這是我們變得更好的重大機會之一。我認為它將提高效率，推動內部發展，最重要的是，它現在使我們能夠有預見性地將產品推向市場。第一個基因，如你所知，它已經被延遲了。這將是一個開始。這將是一個反覆的過程。

But there are specific things in a programmatic in an educational way and bringing in also colleagues who have done this and who understand how to guide an organization is part of the deliberate way. We're going to get a lot better in a hurry on our time line.

但是，以教育的方式在程序上有一些具體的事情，並且引入做過這件事並且懂得如何指導組織的同事是深思熟慮的方式的一部分。我們將會按照我們的時間表迅速取得進展。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Scott, 1 for you on kind of liquidity. You mentioned it's going to be sufficient to meet operating requirements through the end of the year. Can you just what do you say relative to the fixed charge ratio requirement under the ABL? And how much capacity you need to run the business day to day?

斯科特，請您談談流動性的問題。您提到這將足以滿足今年年底的營運需求。您能否針對 ABL 下的固定收費率要求發表一下看法？您每天經營業務需要多少容量？

So we are still above the fixed charge coverage ratio in terms of the ABL covenant requirements. And then in terms of the day to day, 1 of the advantages of the international restructuring that we did last year is we significantly streamline the working capital requirements of the business.

因此，就 ABL 契約要求而言，我們仍然高於固定費用覆蓋率。就日常工作而言，我們去年進行的國際重組的優勢之一是，我們顯著簡化了業務的營運資金需求。

And so, I would say I don't think we're going to commit to a number that we need to run the business, but it's very modest relative to historical requirements. And just emphasize what I said in the prepared comments, which is that we have some liquidity to meet our projected needs for 2025.

因此，我想說，我認為我們不會承諾經營業務所需的數字，但相對於歷史要求而言，這個數字非常低。我只想強調我在準備好的評論中所說的內容，那就是我們有一些流動性來滿足我們對 2025 年的預期需求。

Okay. And then the follow-up is just on guidance, 2 things. One, are you in assuming kind of further pricing pressure anything kind of tied to part catch-up payments that you lagged this quarter?

好的。後續只是指導，有兩件事。首先，您是否認為本季滯後的部分補繳付款將帶來進一步的定價壓力？

And then, are you saying anything about the LRP? I mean, it wasn't that long ago JP Morgan, you did kind of lay out double-digit revenue growth, 70% margins.

那麼，您對 LRP 有什麼看法嗎？我的意思是，不久前摩根大通確實實現了兩位數的營收成長，利潤率達到 70%。

What are you kind of thinking about the LRP at this point?

您現在對 LRP 有什麼看法？

Scott, you start with the first one, and I can talk about the LRP after that.

史考特，你先從第一個開始，然後我可以談談 LRP。

Yes. And I think there may have been some confusion over some of the drivers of ASP. But overall, we're not anticipating any we're not experiencing nor are we anticipating any kind of incremental headwind in our rate environment. Again, the underlying rates remain healthy the year-over-year headwind that we have, first of all, related to GeneSight United, which is obviously known and then also in Q1 of last year, we had some favorability some out-of-period favorability that did not repeat in Q1 of this year.

是的。我認為 ASP 的一些驅動因素可能會有一些混淆。但總體而言，我們預計不會出現任何我們沒有經歷的情況，也不會預期我們的利率環境會出現任何形式的增量阻力。再次，基礎利率保持健康，我們面臨的同比逆風首先與 GeneSight United 有關，這顯然是眾所周知的，然後在去年第一季度，我們有一些有利因素，一些超出期外的有利因素，但在今年第一季並沒有重演。

And so it created a year-over-year headwind, but it wasn't representative of any negative development this year. So we continue to be optimistic about the rate environment, and that's what led in our full year guide.

因此，它造成了同比逆風，但並不代表今年會出現任何負面發展。因此，我們繼續對利率環境持樂觀態度，這也是我們全年指南的主導內容。

Yes, quickly on the LRP, though, we're going to get more clear and do the work during our strategy refresh, as I've already alluded to before. based on our performance and our guidance that we just spoke about, the attractive markets, again, that we're participating in, our capabilities, our access into those markets. and the new products, which we've talked a little bit about that we know are coming, the timing of those over a multi 3-year-plus period.

是的，不過，正如我之前提到的那樣，我們將在 LRP 上更清晰地了解情況，並在策略更新期間開展工作。根據我們的表現和我們剛才談到的指導，我們參與的有吸引力的市場，我們的能力，以及我們進入這些市場的管道。我們已經談論過一些即將推出的新產品，這些產品的推出時間將超過 3 年。

At this point, feel confident in the high single digit to low double digit but we'll refine that more or get clearer on that as we go through our strategy refresh work over the next few months.

目前，我們對高個位數到低兩位數的成長充滿信心，但在接下來的幾個月裡，隨著我們的策略更新工作，我們將對此進行進一步的完善或更清晰。

Lu Li, UBS.

盧莉，瑞銀。

Just very quick on the data cancer. So I appreciate that you're getting out a lot of example in terms of like how the EMR integration I wonder how many accounts already being converted or meaning like adding the feature. The reason I'm asking is just like, how do you actually track like the time line of the ramp? Is there any risk that you can get like push, push out like any longer? What are the risks to the guidance.

關於數據癌症，我們了解得非常快。因此，我很感激您舉出了很多有關 EMR 整合的例子，我想知道有多少個帳戶已經轉換或意味著添加了該功能。我問這個問題的原因是，你實際上是如何追蹤坡道的時間線的？是否有繼續推擠的風險？該指導存在哪些風險？

I appreciate the question. At a high level, before maybe Mark, I hand it to you. We as you know, we serve thousands of health care providers and customers and a subset of those are for unaffected heretary cancer, and that's where Mark is providing the guidance or excuse me, the detail about the workflow related matters that we're working through. But we've contemplated a lot of that puts and takes within our guidance, so I'll just say that at a high level.

我很感謝你提出這個問題。在高層次上，也許在馬克之前，我把它交給你。如您所知，我們為數以千計的醫療保健提供者和客戶提供服務，其中一部分針對未受影響的遺傳性癌症，這就是馬克提供指導的地方，或者對不起，關於我們正在處理的工作流程相關事宜的細節。但我們已在指導範圍內考慮了很多因素，所以我只是從高層次上來說這一點。

But Mark, I don't know what other color you need at?

但是馬克，我不知道你還需要什麼其他顏色呢？

Yes, I'm not sure I can give any more color because as Sam just mentioned, there's literally thousands of providers. And as we stated, in Q4 last year alone, we integrated over 4,500 accounts. So I guess what I would say is that the EMR integrations account by account level, it is material. To our overall affected hereditary cancer growth. So and we are going account by account.

是的，我不確定我是否可以提供更多信息，因為正如 Sam 剛才提到的，實際上有數千家提供者。正如我們所說，僅在去年第四季度，我們就整合了超過 4,500 個帳戶。所以我想我要說的是，EMR 整合帳戶按帳戶層級劃分，這是重要的。對我們整體遺傳性癌症的成長有影響。因此，我們將逐一進行核查。

I would say that some of the workflow challenges that I called out, we can address this year, specifically in Q2, Q3.

我想說的是，我提到的一些工作流程挑戰，我們今年可以解決，特別是在第二季和第三季。

So we will be implementing some different workflow solutions, but we'll definitely have a positive impact. That said, across all of our account basis, it is going to be an ongoing effort, but we are expecting to see positive momentum coming from those efforts as well as, as Sam mentioned, the hereditary breast cancer risk assessment programs that we've also had some positive results in Q1 as well.

因此，我們將實施一些不同的工作流程解決方案，但肯定會產生正面的影響。也就是說，在我們所有的帳戶基礎上，這將是一項持續的努力，但我們預計這些努力將帶來積極的勢頭，正如 Sam 所提到的，遺傳性乳癌風險評估計劃在第一季也取得了一些積極的成果。

Just 1 thing to add. This is an illustration of our intention to be even more deliver it in our prioritization whereas and it is important to continue integrating these customers, these providers on to their chosen EMRs are very explicitly now.

只需添加 1 件事。這表明我們打算在優先排序中進一步實現這一目標，而現在，繼續將這些客戶、這些提供者整合到他們選擇的 EMR 上是非常重要的。

We've had a number of working sessions to say how do we solve for, first and foremost, for the most important high-volume customers for those workflow challenges that Mark alluded to. So that's a priority.

我們已經舉行了多次工作會議，討論如何解決馬克提到的那些工作流程挑戰，首先也是最重要的，針對最重要的大批量客戶。所以這是優先事項。

And we will continue to add more EMR integrations, but even more so focused on ensuring that we provide customers what they need to be able to really order more tests that have a seamless experience and therefore, help us increase our volume.

我們將繼續增加更多的 EMR 集成，但更加重視確保我們為客戶提供他們所需的功能，以便能夠真正訂購更多具有無縫體驗的測試，從而幫助我們增加銷售量。

Our next question comes from the line of Subu Nabi from Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 Subu Nabi。

This is (inaudible) on for Subu at Guggenheim. We have a couple on women's health. So first, it looks like women's held ASPs were up around 10% year-over-year in the quarter. How much of that was from NIPT? And how much of it was from carrier screening?

這是古根漢美術館的 Subu 的（聽不清楚）。我們有一些關於女性健康的報導。首先，看起來本季女性持有的平均銷售價格年增了約 10%。其中有多少是來自 NIPT？其中有多少是透過帶因者篩檢獲得的？

And then on carrier screening at a conference in March, you said you were seeing some progress with commercial payers that we're starting to move towards covering expanded carrier screening. Could you elaborate on that progress? And how much ASP lift do you think that you could see from this reimbursement ahead of ACOG guideline inclusion? And then I have a follow-up.

然後在三月的一次會議上，關於攜帶者篩檢，您說您看到商業付款人取得了一些進展，我們開始朝著擴大攜帶者篩選覆蓋範圍的方向發展。能詳細說明一下這項進展嗎？您認為在納入 ACOG 指南之前，透過此次報銷可以獲得多少 ASP 提升？然後我有一個後續問題。

Appreciate the question, Scott?

感謝您的提問，斯科特？

Yes. So yes, the overall organic underlying rate environment is very favorable for the prenatal side of the business. It's coming from both of the the categories of testing that you were referencing. We also have some favorable mix that's impacting the ASP environment. We're not I don't think going to break down the individual contributions of each product, but just to say that we have positive momentum across the portfolio.

是的。所以是的，整體有機基礎利率環境對於產前業務非常有利。它來自您所引用的兩個測試類別。我們還有一些對 ASP 環境產生影響的有利組合。我認為我們不會去細分每種產品的單獨貢獻，只是說我們整個產品組合都呈現出正面的動力。

And that's consistent with what we saw throughout 2024 as well. I think in terms of the incremental tailwinds that we've got, so we had mentioned that we were seeing some incremental coverage wins in advance of any kind of guideline change, and we expect to continue to see more of that. But I don't think we're ready to quantify that yet.

這與我們在 2024 年看到的情況一致。我認為就我們所獲得的增量順風而言，我們曾提到，在任何指導方針改變之前，我們都看到了一些增量覆蓋勝利，並且我們預計將繼續看到更多這樣的勝利。但我認為我們還沒有準備好量化這一點。

Understood I'm not quantifying that. But then just 1 follow-up then on the guidelines inclusion. Do you have any updated expectations with respect to Ecoguidelines inclusion for expanded carrier screening and if you're expecting that this year is still or not?

我明白我沒有量化這一點。但隨後僅對指南納入進行了 1 次跟進。您對生態指引納入擴大帶因者篩檢有什麼最新預期嗎？您是否預計今年仍會如此？

We continue to track and anticipate and be fully prepared for that inclusion. But unfortunately, we don't I don't think we have any specific infill that isn't already out there. So we are ready and prepared. It will be a good guy when it happens.

我們將繼續追蹤和預測，並為這項納入做好充分準備。但不幸的是，我們沒有任何尚未存在的具體填充物。所以我們已經做好準備了。當它發生時，它將是一個好人。

Thank you. At this time, I would now like to turn the conference back over to Matt Scalo for closing remarks.

謝謝。現在，我想將會議交還給馬特·斯卡洛 (Matt Scalo) 作結束語。

Okay. Thanks, Gigi. And this concludes our earnings call. A replay will be available via webcast on our website for 1 week. Thank you again for joining us this afternoon.

好的。謝謝，吉吉。我們的收益電話會議到此結束。重播將透過網路直播在我們的網站上提供一週。再次感謝您今天下午加入我們。

We'll talk to you soon.

我們很快會和你聯絡。

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