Myriad Genetics Inc (MYGN) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Myriad Genetics second-quarter 2025 financial earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Myriad Genetics 2025 年第二季財務收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would not like to hand the conference over to your speaker today, Matt Scalo, please go ahead.

我不想把今天的會議交給你們的發言人馬特‧斯卡洛 (Matt Scalo)，請繼續。

Good afternoon and welcome to the Myriad Genetics second-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. Our quarterly earnings release was issued this afternoon on Form 8-K can be found on our website at investor.myriad.com. I'm Matt Scalo, Senior Vice President of Investor Relations. And 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.

下午好，歡迎參加 Myriad Genetics 2025 年第二季財報電話會議。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。我們的季度財報已於今天下午以 8-K 表格形式發布，可在我們的網站 investor.myriad.com 上查閱。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 和我們的營運長 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. 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. 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. These documents identify employer risk factors that could cause the actual results to different materially from those contained in our projections for forward-looking statements.

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表現的預測或其他前瞻性陳述。這些聲明是基於管理層目前的預期，由於各種原因，實際事件或結果可能與這些預期有重大不利差異。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，具體而言，本公司 10-K 表年度報告、10-Q 表季度報告以及 8-K 表當前報告。這些文件確定了可能導致實際結果與我們的前瞻性陳述預測結果有重大差異的雇主風險因素。

With that, I'll now turn the call over to Sam.

說完這些，我現在將電話轉給 Sam。

Thanks, Matt. Good afternoon, everyone, and thank you for joining us. Before I begin, I want to share that I believe today, as I did when I joined the company, that Myriad is a really good at a lot of things, and we have significant potential, but we have not lived up to our potential yet. I'm excited about the journey we're on to live up to that potential by focusing on high growth market segments and executing with stepped up urgency and strengthened execution rigor.

謝謝，馬特。大家下午好，感謝大家的參與。在開始之前，我想分享的是，今天我相信，就像我加入公司時一樣，Myriad 在很多方面都非常出色，我們有巨大的潛力，但我們還沒有充分發揮我們的潛力。我對我們即將踏上的旅程感到興奮，我們將透過專注於高成長細分市場、加強緊迫感和加強執行嚴謹性來實現這一潛力。

Let me start with our results. I'm pleased to report on the overall progress the team has made, both financially and operationally in the second quarter. We generated revenue of $213 million, representing an increase of 5% year-over-year when you exclude UnitedHealthcare's decision on GeneSight and the divested European ENDOPREDICT business. Growth in average revenue per test during the second quarter up 2% year-over-year, with growth across most of our test's year-over-year, was a leading contributor to our strong Q2 results.

讓我先從我們的結果開始。我很高興地報告團隊在第二季在財務和營運方面的整體進展。我們創造了 2.13 億美元的收入，如果排除 UnitedHealthcare 對 GeneSight 的決定和剝離的歐洲 ENDOPREDICT 業務，則同比增長 5%。第二季度每次測試的平均收入年增 2%，其中大部分測試的年增率是我們第二季業績強勁的主要貢獻者。

This growth in underlying average revenue per test has been enabled by great execution in Q2 and over many quarters on multiple programs that are part of our pricing improvement operational plan by our strong revenue cycle team. There are no material revenue contributions from prior periods. This momentum certainly provides a nice tailwind in the second half of the year and supports our profitable growth journey.

每次測試的潛在平均收入的成長得益於我們強大的收入週期團隊在第二季度以及多個季度中對多個項目的出色執行，這些項目是我們定價改善營運計劃的一部分。前期沒有重大收入貢獻。這一勢頭無疑為下半年帶來了良好的順風，並支持了我們的盈利增長之旅。

Our strong results were also enabled by the actions we have been taking to address the challenges we noted on our Q1 call. I'm pleased that our execution has been better and quicker, contributing to our better than projected revenue growth, a step forward on delivering on Myriad's potential.

我們所取得的強勁業績也得益於我們為應對第一季電話會議上提到的挑戰而採取的行動。我很高興我們的執行變得更好、更快，有助於我們實現超出預期的收入成長，這是在發揮 Myriad 潛力方面邁出的一步。

Now I want to talk about testing volume. We continue to have strong volume growth for MyRisk HCT in oncology at 14% over the year ago quarter. We saw a return to volume growth for MyRisk HCT for unaffected as our efforts on addressing previously identified challenges with customer workflows, including EMR functionality are starting to be addressed, which Mark will talk about further in his section.

現在我想談談測試量。我們的 MyRisk HCT 腫瘤學銷售量持續保持強勁成長，與去年同期相比成長了 14%。我們看到 MyRisk HCT 的交易量恢復成長，因為我們在解決客戶工作流程（包括 EMR 功能）先前發現的挑戰方面的努力開始得到解決，Mark 將在他的部分中進一步討論這一點。

GeneSight volume increased from low single digits to 5% growth year-over-year, as we had anticipated, based on our organization settling in after deliberate cost savings related actions we made in Q1 and our focus on targeted accounts. Prolaris volume, as we anticipated, was slightly down year-over-year against a strong 2024 compare, but up 6% sequentially over Q1 of 2025.

正如我們預期的那樣，GeneSight 的銷量從較低的個位數增長到同比增長 5%，這得益於我們在第一季度採取的刻意成本節約相關行動以及對目標賬戶的關注。正如我們預期的那樣，Prolaris 的銷量與 2024 年的強勁表現相比略有下降，但與 2025 年第一季相比環比增長 6%。

Volume for our legacy prenatal products, PREQUEL and FORESIGHT, declined 7% year-on-year. This was based on challenges we had with implementing an order management system, which slowed down orders in Q2. I've been close to this, working with our CTO Kevin Haas, Mark Verratti, and our Chief Commercial Officer Brian Donnelly. We have fixed the prenatal ordering system issue. There's no remaining impact to customers, and we expect to see improving trends in prenatal volume growth starting in Q3.

我們傳統的產前產品 PREQUEL 和 FORESIGHT 的銷量較去年同期下降了 7%。這是基於我們在實施訂單管理系統時遇到的挑戰，這導致第二季的訂單速度減慢。我一直在努力實現這一目標，與我們的技術長 Kevin Haas、Mark Verratti 和首席商務長 Brian Donnelly 合作。我們已經修復了產前訂購系統問題。對客戶沒有剩餘影響，我們預計從第三季開始產前銷售成長趨勢將有所改善。

Along with maintaining strong growth for respiratory cancer testing in oncology, mid-single digit growth for GeneSight, and resuming growth for our prenatal products, we are actively executing programs to increase growth for HCT and unaffected and Polaris. We believe these actions will lead to increasing volume growth in Q3 and Q4 and enable us to enter 2026 with momentum.

除了保持腫瘤學呼吸道癌症檢測的強勁增長、GeneSight 的中等個位數增長以及產前產品恢復增長之外，我們還在積極執行計劃以增加 HCT 和未受影響產品以及 Polaris 的增長。我們相信這些舉措將推動第三季和第四季的銷售成長，並使我們以強勁的勢頭進入 2026 年。

Turning now to profitability. We generated strong adjusted gross margins of 71.5% in the second quarter or 140 basis points greater than last year and closely managed our discretionary spend as reflected in our adjusted OpEx line. Ultimately, we reported strong adjusted EBITDA of $14.5 million or 24% growth over last year and $0.05 of adjusted EPS for the second quarter.

現在談談獲利能力。我們在第二季度實現了 71.5% 的強勁調整毛利率，比去年高出 140 個基點，並且嚴格管理我們的可自由支配支出，這反映在我們的調整後營運支出線上。最終，我們報告稱，第二季調整後的 EBITDA 強勁，達到 1,450 萬美元，比去年增長 24%，調整後每股收益為 0.05 美元。

I'm pleased that Myriad secured a $200 million term loan from OrbiMed, a well-known investor in the health care industry. We ran a thorough process working with Evercore, and we're very happy with the number and quality of interested lenders. We're excited to partner with OrbiMed on the credit facility, which provides us with liquidity and flexibility to support our growth journey.

我很高興 Myriad 從醫療保健行業知名投資者 OrbiMed 獲得了 2 億美元的定期貸款。我們與 Evercore 合作進行了徹底的流程，我們對有興趣的貸款人的數量和品質感到非常滿意。我們很高興與 OrbiMed 就信貸安排進行合作，這為我們提供了流動性和靈活性，以支持我們的成長之旅。

The journey ahead will be enabled by our updated strategy intended to drive accelerated growth and profitability by focusing on the cancer care continuum, as we will refer to it as the CCC. Before I share more about our strategy, let me note that based on our Q2 results and the progress we're making on addressing identified challenge, we are raising guidance for 2025. Scott will share more details in his section.

我們更新的策略將幫助我們邁向未來，該策略旨在透過關注癌症治療連續體（我們稱之為 CCC）來推動加速成長和獲利。在我分享更多有關我們策略的資訊之前，請允許我指出，根據我們第二季的業績以及我們在應對已確定的挑戰方面取得的進展，我們正在提高 2025 年的指導。斯科特將在他的部分分享更多細節。

Now on the next slide, I want to provide a summary of our updated strategy. Since becoming CEO, one of my top priorities has been to work on updating our long range strategy to provide clarity on our direction for this next chapter of Myriad. Since May, we made significant progress on advancing our strategy work. While next level details will be completed over the coming months, the core of our updated strategy is to drive accelerated growth and profitability by focusing on the cancer care continuum. There are three strategic pillars to support its achievement.

現在在下一張投影片中，我想對我們更新後的策略進行總結。自從擔任執行長以來，我的首要任務之一就是致力於更新我們的長期策略，以明確 Myriad 下一章的方向。自5月以來，策略推進工作取得重大進展。雖然下一階段的細節將在未來幾個月內完成，但我們更新後的策略的核心是透過關注癌症治療連續性來推動加速成長和獲利。有三大戰略支柱支撐其實現。

On the next slide, let me start by answering the question, why focus on cancer? After careful consideration of different possibilities, we're choosing to focus on the cancer care continuum for a number of reasons. The cancer-related market is sizable and growing with good reimbursement. We are a pioneer in cancer diagnostics and have a strong reputation for high-quality products established over 30 years.

在下一張投影片中，我先回答這個問題：為什麼要關注癌症？在仔細考慮了各種可能性之後，我們出於多種原因選擇關注癌症治療的連續性。癌症相關市場規模龐大，並且隨著報銷政策的良好實施而不斷增長。我們是癌症診斷領域的先驅，30 多年來以高品質的產品而享有盛譽。

We have market-leading products for HCT and HRD, and we have extensive commercial coverage with health care providers and systems. Now let me walk you through our first pillar, focusing on the cancer care continuum to accelerate growth. We will leverage our leadership in hereditary cancer testing and increase growth with initiatives such as the breast cancer risk assessment program, the upcoming launch of the expanded MyRisk Panel. We plan to expand our testing portfolio in other attractive cancer segments, such as therapy selection, including comprehensive genomic profiling and HRD assays, immuno oncology therapy response monitoring, and MRD.

我們擁有市場領先的 HCT 和 HRD 產品，並且與醫療保健提供者和系統擁有廣泛的商業覆蓋範圍。現在讓我向您介紹我們的第一個支柱，重點關注癌症護理連續性以加速成長。我們將利用我們在遺傳性癌症檢測方面的領導地位，並透過乳癌風險評估計劃、即將推出的擴展 MyRisk Panel 等措施來促進成長。我們計劃在其他有吸引力的癌症領域擴大我們的檢測組合，例如治療選擇，包括全面的基因組分析和 HRD 檢測、免疫腫瘤治療反應監測和 MRD。

As you can see here, these are large, high growth market segments. And though there are other companies in these areas, we believe we have the opportunity to build meaningful revenue streams here based on health care providers and systems wanting to work with only a handful specialty diagnostic labs that they trust who can provide multiple tests that they need. And we will leverage the established trust and reach that we have with thousands of relevant health care providers.

正如您所看到的，這些都是龐大且高成長的細分市場。儘管這些領域還有其他公司，但我們相信，我們有機會在這裡建立有意義的收入來源，因為醫療保健提供者和系統只希望與少數他們信任的專業診斷實驗室合作，這些實驗室可以提供他們所需的多項測試。我們將利用與數千家相關醫療保健提供者建立的信任和影響力。

Strategic partnerships, such as the one we have with Pathomic, enable us to provide prostate cancer tests that combine the power of molecular and AI analysis, will help us bring compelling tests to market faster. I expect to have more exciting news regarding strategic partnerships to share with you over the coming quarters. Also, as part of this pillar, we will plan to increase our investment in R&D for the CCC and focus on enhancing our commercial capabilities and customer digital experience.

策略合作夥伴關係（例如我們與 Pathomic 建立的合作夥伴關係）使我們能夠提供結合分子和人工智慧分析能力的前列腺癌測試，這將幫助我們更快地將引人注目的測試推向市場。我希望在接下來的幾季裡能與大家分享更多關於策略夥伴關係的令人興奮的消息。此外，作為這項支柱的一部分，我們計劃增加對 CCC 研發的投資，並專注於增強我們的商業能力和客戶數位體驗。

On this next slide, let me move to the other two strategic pillars. While we are focusing on accelerating growth in the cancer care continuum going forward, our second strategic pillar reflects our recognition of the opportunity to meaningfully grow prenatal health and mental health revenues at or above market growth. We will do this in prenatal health by leveraging recently launched tests, including prequel NIPS that can be performed eight weeks into pregnancy and an expanded foresight carrier screen panel, both of which have been well received in the market.

在下一張投影片中，讓我談談另外兩個戰略支柱。雖然我們專注於加速未來癌症治療領域的成長，但我們的第二個策略支柱反映了我們認識到有機會在市場成長水平或以上的情況下顯著增加產前保健和心理健康收入。我們將利用最近推出的測試在產前保健方面做到這一點，包括可以在懷孕八週後進行的前傳 NIPS 和擴展的預見性攜帶者篩檢面板，這兩項測試都得到了市場的好評。

In addition, we recently commenced early access for our first gene multiple prenatal screen that we believe has significant potential to expand the prenatal market over time and plan to do a full commercial launch in 2026. We expect to continue to grow revenue for our market-leading mental health test GeneSight by focusing on high volume accounts and leveraging state biomarker laws, building on the success we've been seeing this past quarter, including a number of payers newly initiating coverage of the test. And while we achieve this growth for prenatal and mental health, while maintaining a disciplined level of resourcing and investment in these businesses, while prioritizing investment in the cancer care continuum strategic pillar.

此外，我們最近開始了我們的第一個基因多產前篩檢的早期使用，我們相信隨著時間的推移，它具有擴大產前市場的巨大潛力，並計劃在 2026 年全面投入商業推廣。我們期望透過關注大宗客戶和利用國家生物標誌物法律，繼續增加我們市場領先的心理健康測試 GeneSight 的收入，並鞏固我們在過去這個季度所取得的成功，包括一些新開始覆蓋該測試的付款人。我們在實現產前和心理健康成長的同時，保持對這些業務的資源和投資的嚴格水平，同時優先投資於癌症護理連續戰略支柱。

The third strategic pillar is about our focus and commitment to delivering sustained, profitable growth. While we will provide further financial detail in the future, we believe execution of this updated strategy will enable us to grow revenue in the high single digit to low double digit range and increase profitability over the next five years by complementing the revenue growth drivers outlined in the first two strategic pillars with increasing focus on maintaining financial discipline, growing revenue faster than operating expenses, and strengthening our planning and execution capabilities. We expect to fund near- and longer-term revenue growth in part by maintaining industry leading gross margin profile, which is enabled by low cost per test, leveraging operational excellence and stable pricing, leveraging strong revenue cycle capabilities.

第三個策略支柱是我們對實現持續獲利成長的關注和承諾。雖然我們將在未來提供進一步的財務細節，但我們相信，透過執行這項更新的策略，我們將能夠在未來五年內實現高個位數到低兩位數的收入增長，並通過補充前兩個戰略支柱中概述的收入增長動力來提高盈利能力，同時更加註重保持財務紀律，收入增長速度超過運營支出，並加強我們的規劃和執行能力。我們期望透過維持業界領先的毛利率狀況來為近期和長期收入成長提供資金，而這得益於較低的測試成本、卓越的營運和穩定的定價以及強大的收入週期能力。

Moving now to the next slide. I've already shared, when introducing the CCC strategic pillar, why we're choosing to focus on cancer and our strength that we believe we can leverage to drive accelerated growth and increase access for patients. I want to take a moment to share what we're going to do differently from before to enable our intended success. First, it's about capital allocation. We're going to be disciplined in prioritizing investments, resources, organizational focus on attractive cancer care continuum opportunity.

現在轉到下一張投影片。在介紹 CCC 策略支柱時，我已經分享了我們為什麼選擇專注於癌症，以及我們相信可以利用的優勢來推動加速成長並增加患者的治療機會。我想花點時間分享我們將採取哪些與以前不同的措施來實現我們預期的成功。首先，是關於資本配置。我們將嚴格優先考慮投資、資源和組織重點，以提供有吸引力的癌症治療連續機會。

Next, it's about compelling portfolio. We plan to expand beyond the established tests we have in HCT and HRD to complement them with relevant offerings for other important high growth testing applications. Next, it's about strategic partnerships. Unlike before, we see an increasing opportunity to serve attractive market opportunities in a timely manner by complementing Myriad's differentiated capabilities by leveraging select partnerships.

接下來是關於引人注目的投資組合。我們計劃擴展我們在 HCT 和 HRD 中已建立的測試，並透過其他重要的高成長測試應用的相關產品進行補充。接下來是關於策略夥伴關係。與以前不同的是，我們看到了越來越多的機會，可以透過利用精選的合作夥伴關係來補充 Myriad 的差異化能力，及時滿足有吸引力的市場機會。

And finally, it's about execution. We've started to and will think and act with elevated urgency and strengthen execution through enhanced processes, continuing to add the right talent, and elevated rigor and discipline. I'm confident that the implementation of our updated growth strategy based on these strategic three -- strategic pillars that I shared with you, along with strengthening our organization and execution will enable Myriad to drive sustained profitable growth. Now let me hand it over to our COO, Mark Verratti. Mark?

最後，是關於執行。我們已經開始並將以更高的緊迫性思考和行動，並透過改進流程、繼續增加合適的人才以及提高嚴謹性和紀律性來加強執行力。我相信，透過實施基於我與大家分享的三大策略支柱的最新成長策略，並加強我們的組織和執行力，Myriad 將能夠實現持續的獲利成長。現在，讓我把它交給我們的營運長馬克·維拉蒂 (Mark Verratti)。標記？

Thanks, Sam. Turning to the second quarter, I would echo Sam's comments regarding the strong, broad-based trend in average revenue per test, which was driven by a combination of test mix, sales targeting, revenue cycle projects, and expanding payer coverage.

謝謝，山姆。談到第二季度，我同意 Sam 關於每次測試平均收入強勁、廣泛趨勢的評論，這是由測試組合、銷售目標、收入周期項目和擴大付款人覆蓋範圍等因素共同推動的。

Looking at our businesses. Hereditary cancer revenue grew 5% for the quarter, reflecting 10% volume growth year-over-year in our oncology channel and a modest but improving 3% volume growth in the unaffected population. This improving volume growth trend in the unaffected market is particularly important as it reflects an improving EMR environment due to focused workflow improvements put in place in our first quarter.

看看我們的業務。本季遺傳性癌症收入成長了 5%，反映出我們的腫瘤學管道銷量較去年同期成長 10%，未受影響人群銷量成長適度但有所改善，為 3%。未受影響市場中銷售成長趨勢的改善尤其重要，因為它反映了由於我們在第一季實施的重點工作流程改進而導致的 EMR 環境的改善。

Consistent with what we said on our first quarter call, these improvements can take several quarters to produce results, so we are pleased with the Q2 progress and expect continued growth throughout the coming quarters. As we discussed in Q1, we are expanding our breast cancer risk assessment program, including a fully automated process that enables providers to rapidly identify patients who qualify for additional screening. We continue to see positive momentum in our initial sites and expect to make further investments in our commercial capabilities to accelerate this program through the second half and into 2026 to fuel growth in our MyRisk volume.

與我們在第一季電話會議上所說的一致，這些改進可能需要幾個季度才能產生效果，因此我們對第二季度的進展感到滿意，並預計未來幾季將繼續增長。正如我們在第一季討論的那樣，我們正在擴大我們的乳癌風險評估計劃，包括一個完全自動化的流程，使提供者能夠快速識別有資格進行額外篩檢的患者。我們繼續看到初始站點的積極勢頭，並期望進一步投資於我們的商業能力，以在下半年和 2026 年加速該計劃，以推動我們的 MyRisk 量的增長。

Our prenatal performance was mixed in the quarter as revenue grew 7% year-over-year, helped by expanded payer coverage for foresight expanded carrier screening. But volume growth declined due to temporary interruptions encountered in the transition of our internal prenatal order management system. We have fixed the issue in the second quarter and do not anticipate further disruptions from our system change.

本季我們的產前表現好壞參半，營收年增 7%，這得益於預見性擴大攜帶者篩檢的付款人覆蓋範圍的擴大。但由於我們內部產前訂單管理系統在過渡期間遇到暫時中斷，導致銷售成長下降。我們已經在第二季解決了這個問題，並且預計系統變更不會造成進一步的干擾。

Moving to oncology. In the second quarter, total oncology revenue grew 4% over the 4, driven by strong hereditary cancer testing. I would call out that our MyRisk test continues to gain share in the affected market in the second quarter as volume grew 14% year-over-year. Shifting to prostate cancer. Prolaris revenue in the second quarter grew 4% year-over-year, an improvement from the last few quarters.

轉向腫瘤學。第二季度，受遺傳性癌症檢測強勁成長的推動，腫瘤學總收入較上年同期成長了 4%。我想說的是，我們的 MyRisk 測試在第二季度繼續在受影響的市場中獲得份額，因為其測試量同比增長了 14%。轉向前列腺癌。Prolaris 第二季的營收年增 4%，比前幾季有所改善。

Overall demand remains relatively consistent with 2024 trends and does not appear to have been impacted by the Q4 2024 update to NCCN guidelines. And now that we have announced our partnership with Pathomic, we are excited to incorporate their AI technology platform into our portfolio. With the target of a first quarter '26 launch, Myriad will be the only company that will offer AI, biomarker, germline, and tumor profile testing. Although our volume has been relatively consistent, we are not pleased with this business performance and feel Prolaris has strong clinical utility and provider support. As mentioned on previous calls, we are investing in the commercial channel and other programs to grow and regain share in this market.

整體需求與 2024 年的趨勢保持相對一致，似乎並未受到 2024 年第四季 NCCN 指南更新的影響。現在我們已經宣布與 Pathomic 建立合作夥伴關係，我們很高興將他們的 AI 技術平台納入我們的產品組合。Myriad 計劃於 2026 年第一季推出，並將成為唯一一家提供人工智慧、生物標記、種系和腫瘤概況測試的公司。儘管我們的銷售相對穩定，但我們對這項業務表現並不滿意，並認為 Prolaris 具有強大的臨床實用性和提供者支援。正如先前的電話會議中所提到的，我們正在投資商業管道和其他項目，以擴大並重新獲得該市場的份額。

I'm also excited to call out in collaboration with National Cancer Center Hospital East in Japan, new clinical data regarding the use of Myriad's ultra sensitive precise MRD test was presented at this year's American Society of Clinical Oncology conference in May. This data showed that one hundred percent baseline sensitivity and that sixty percent of patients testing positive one month after surgery had levels only detectable via our ultra sensitive MRD test. We are excited to commence an early access launch of our ultra sensitive PRECISE MRD test in the 2026. Moving to our women's health business. In the second quarter, women's health delivered revenue of $90 million, an increase of 4% over prior year period.

我也很高興地宣布，與日本國立癌症中心東醫院合作，在今年 5 月的美國臨床腫瘤學會會議上展示了有關使用 Myriad 超靈敏精確 MRD 測試的新臨床數據。該數據顯示，基線敏感性為百分之百，且手術後一個月檢測呈陽性的患者的百分之六十的水平只能透過我們的超靈敏 MRD 測試檢測到。我們很高興能夠在 2026 年開始提前推出超靈敏的 PRECISE MRD 測試。轉向我們的女性健康業務。第二季度，女性健康業務收入達 9,000 萬美元，比去年同期成長 4%。

As I mentioned earlier, we are pleased to see incremental positive momentum in hereditary cancer testing in the unaffected market, with revenue growth of 1% and volume growth of 3% year-over-year. We remain optimistic about our increasing tailwinds from EMR integration and breast cancer risk assessment program implementations. In addition, we are seeing continued positive traction in hereditary cancer testing from our expanded commercial partnerships like J Screen. As for prenatal testing in the second quarter, we encountered modest volume headwinds. As we discussed, we fixed the internal issue and anticipated prenatal test volume to accelerate in the second half of the year.

正如我之前提到的，我們很高興看到未受影響市場的遺傳性癌症檢測呈現出積極的增長勢頭，收入同比增長 1%，數量同比增長 3%。我們仍然對 EMR 整合和乳癌風險評估計劃實施帶來的日益增強的順風持樂觀態度。此外，我們透過與 J Screen 等擴大的商業合作夥伴，看到遺傳性癌症檢測領域持續呈現積極勢頭。至於第二季的產前檢測，我們遇到了適度的數量阻力。正如我們所討論的，我們解決了內部問題，並預計下半年產前檢查量將會加速。

As for our commercialized tests, prequal at eight weeks and foresight, we continue to see positive demand. And I would call out incremental positive payer coverage for the expanded carrier screening panel ahead of any ACOG guideline update. Lastly, the team is excited about the early access launch of our first gene multiple prenatal screening in June. We believe this test provides added insight to providers and has the potential to expand the overall addressable market. We are looking forward to full commercial launch next year.

至於我們的商業化測試、八週預審和預見性測試，我們繼續看到積極的需求。在任何 ACOG 指南更新之前，我都會呼籲擴大承運人篩選小組的增量積極付款人覆蓋範圍。最後，團隊對我們將於六月推出的首個基因多重產前篩檢的早期版本感到非常興奮。我們相信，這項測試為供應商提供了額外的見解，並有可能擴大整體可尋址市場。我們期待明年將全面商業化推出。

Turning now to mental health. In the second quarter, the team generated GeneSight revenues of $38 million on volume growth of 5% year-over-year, an improvement from our first quarter that was impacted by the realignment of group resources. We continue to drive expansion of the ordering provider base, achieving a record number of ordering clinicians to over 36,000 in the second quarter.

現在來談談心理健康。第二季度，該團隊為 GeneSight 創造了 3,800 萬美元的收入，銷量年增 5%，與第一季相比有所改善，但受到集團資源重新調整的影響。我們繼續推動訂購提供者基礎的擴大，第二季訂購臨床醫生的數量創歷史新高，超過 36,000 名。

While quarterly revenue continues to be impacted by UnitedHealthcare's coverage policy change, we continue to make progress publishing additional data, such as the meta analysis accepted for publication in the Journal of Clinical Psychopharmacology that follows the economic utility data published in the same journal in Q1. We expect United to review our new clinical data as part of their typical review cycle in the fall.

雖然季度收入繼續受到聯合健康保險覆蓋政策變化的影響，但我們在發布更多數據方面繼續取得進展，例如在《臨床精神藥理學雜誌》上接受發表的元分析，該分析遵循了第一季度在同一雜誌上發表的經濟效用數據。我們預計 United 將在秋季的典型審查週期中審查我們的新臨床數據。

While we continue to work with United to achieve a successful outcome for both parties, we continue to make forward looking decisions assuming the status quo. We are excited and proud of our payer markets team for securing positive coverage policies for GeneSight in Q1 and Q2 related to biomarker laws. Most recently, the California Medicaid program, Medi Cal, added GeneSight with a September 25 effective date, noting we have not seen any new negative policies this year.

在我們繼續與美聯航合作以實​​現雙方成功結果的同時，我們將繼續在維持現狀的前提下做出前瞻性的決定。我們對我們的付款人市場團隊感到興奮和自豪，他們在第一季和第二季為 GeneSight 確保了與生物標誌物法律相關的積極覆蓋政策。最近，加州醫療補助計劃 Medi Cal 增加了 GeneSight，生效日期為 9 月 25 日，並指出今年我們還沒有看到任何新的負面政策。

I am proud of our GeneSight team that continues to drive growth and focus on the unmet need in mental health care treatment. Building on what Sam shared, our strategy for GeneSight growth includes continuing our highly effective digital engagement from driving provider and patient awareness to provider onboarding.

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。基於 Sam 所分享的內容，我們針對 GeneSight 的成長策略包括持續進行高效的數位化參與，從提高提供者和病患的意識到提供者的入職培訓。

It also includes optimizing patient direct payment options and optimizing revenue cycle workflows to maximize reimbursement. I will now turn the call over to our CFO, Scott Leffler.

它還包括優化患者直接支付選項和優化收入周期工作流程以最大限度地提高報銷。現在我將把電話轉給我們的財務長 Scott Leffler。

Thanks, Mark. I'll start with a recap of our Q2 consolidated financial results. For the second quarter, we reported revenue growth of 1% year-over-year, with test volume down 1%, but average revenue per test up 2%. The improvement in second quarter overall revenue per test reflects a combination of product mix and the expansion of payer coverage for a number of tests. There was no material contribution from prior periods in either the 2025 or 2024.

謝謝，馬克。我將首先回顧我們的第二季合併財務表現。我們報告第二季度營收年增 1%，測試量下降 1%，但每次測試的平均收入成長 2%。第二季度每次測試總收入的提高反映了產品組合和多項測試付款人覆蓋範圍擴大的綜合作用。2025 年或 2024 年之前期間均無重大貢獻。

Therefore, we have a fairly clean view of underlying organic rate trends, which continue to be very encouraging. While Q2 rates were unfavorably impacted by the change in UnitedHealthcare policy with respect to GeneSight coverage, we continue to see a positive trend in underlying rates across our portfolio. This is a continuation of the generally positive trend we have been reporting for at least a year now and represents another proof point for the great work being done by our revenue cycle and payer markets teams, along with others throughout the company.

因此，我們對潛在的有機利率趨勢有相當清晰的認識，這仍然非常令人鼓舞。儘管第二季的費率受到 UnitedHealthcare 關於 GeneSight 覆蓋範圍的政策變化的不利影響，但我們仍然看到整個投資組合中基礎費率呈現正面趨勢。這是我們至少一年來報告的整體積極趨勢的延續，也是我們的收入周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的又一個證明。

As we have said before, I want to emphasize the sustainable nature of these improvements, which we believe represent both the great work being done by our team, as well as the maturation in the reimbursement landscape for our products. As Mark pointed out, the hereditary cancer testing in the affected population saw the strongest revenue growth in the second quarter, with revenue increasing 9% year-over-year.

正如我們之前所說，我想強調這些改進的可持續性，我們相信這既代表了我們團隊所做的出色工作，也代表了我們產品報銷格局的成熟。正如馬克所指出的，受影響人群的遺傳性癌症檢測在第二季度的收入成長最為強勁，營收年增了 9%。

Our pharmacogenomics business saw revenue decline 12% year-over-year due to the impact of the UnitedHealthcare coverage decision, but volume growth year-over-year rebounded in Q2 as the team adjusted to reallocated resources. You may recall that we attributed the underperformance in GeneSight volume growth in Q1 to the transition associated with our reorganization of the commercial organization in pharmacogenomics.

由於受到聯合健康保險承保決定的影響，我們的藥物基因組學業務收入年減 12%，但隨著團隊調整資源重新分配，第二季銷售量年增率出現反彈。您可能還記得，我們​​將 GeneSight 第一季銷售成長表現不佳歸因於與藥物基因組學商業組織重組相關的轉變。

We had predicted that once the newly organized team had more time to stabilize, we would see a recovery in volume growth trends. The recovery to mid single digits volume growth for GeneSight in Q2 is a validation of that view. The combination of a reacceleration in GeneSight volumes and unaffected HCT volumes represents an important proof point in our efforts to recover from the headwinds we cited in Q1 buoyed by the incremental strength in reimbursements.

我們曾預測，一旦新組建的團隊有更多時間穩定下來，我們就會看到銷售成長趨勢的復甦。GeneSight 在第二季度恢復到中等個位數的銷售成長證實了這一觀點。GeneSight 交易量的再次加速和未受影響的 HCT 交易量的結合，代表了我們努力從第一季提到的逆風中恢復的重要證明點，這得益於報銷額度的增加。

Even with the modest overall Q2 revenue growth, we were able to expand our gross margins by 140 basis points to 71.5%. This year-over-year improvement reflects favorable test mix, expanding payer coverage and lab efficiencies, and is a testament to the power of our scalable business model. Second quarter adjusted operating expenses increased minimally year-over-year and reflects cost controls across SG and A. We continue to focus on striking the right balance between investment for future growth and profitability, with a concerted effort to divert spend to areas consistent with our strategic priorities. While we are pleased with the favorable progress in our overall business results, we did have a significant non cash negative item impacting our GAAP results.

即使第二季整體營收成長不大，我們的毛利率仍提高了 140 個基點，達到 71.5%。這一同比增長反映了有利的測試組合、不斷擴大的付款人覆蓋範圍和實驗室效率，並證明了我們可擴展業務模式的強大功能。第二季調整後的營運費用較去年同期略有增加，反映了 SG 和 A 的成本控制。我們繼續專注於在未來成長和獲利能力的投資之間取得適當的平衡，並齊心協力將支出轉移到符合我們策略重點的領域。雖然我們對整體業務業績的良好進展感到滿意，但確實有一個重大的非現金負面項目影響了我們的 GAAP 業績。

Due to the significant and prolonged decline in our market capitalization this year, we recognized impairment charges of $317 million of goodwill and intangibles in the second quarter. This charge is non-cash and excluded from non-GAAP EPS. It is important to emphasize that this charge does not represent a meaningful change in our business outlook. We are simply following standard accounting practice, which required that we test the carrying value of our goodwill and intangibles in light of the drop in market cap. Without getting too deep into the mechanics of the process, our testing result was adversely impacted by factors such as much higher assumptions regarding cost of capital in connection with the drop in market cap.

由於今年我們的市值大幅且持續下滑，我們在第二季確認了 3.17 億美元的商譽和無形資產減損費用。此費用為非現金費用，不計入非公認會計準則每股收益。需要強調的是，這項指控並不代表我們業務前景的重大變化。我們只是遵循標準會計慣例，該慣例要求我們根據市值的下降來測試我們的商譽和無形資產的帳面價值。無需深入了解流程機制，我們的測試結果受到了諸如與市值下降相關的資本成本假設過高等因素的不利影響。

So I would characterize the charge as the result of developments that had already occurred earlier in the year, as opposed to any deterioration in expectations. Next, I'll speak to the trends supporting overall robustness and revenue per test. For a while now, we have provided details regarding a number of key drivers for sustainable progress in average revenue per test, including various investments and initiatives by both our revenue cycle and payer markets team. We continue to see positive traction from these ongoing investments in revenue cycle workflows and from our ongoing payer engagement activities. These include, among other things, working with health plans to encourage their implementation of medical policies that conform to state biomarker legislation.

因此，我認為這項指控是今年早些時候已經發生的事情的結果，而不是預期的惡化。接下來，我將談談支持整體穩健性和每次測試收入的趨勢。一段時間以來，我們提供了有關推動每次測試平均收入可持續發展的一些關鍵驅動因素的詳細信息，包括我們的收入周期和付款人市場團隊的各種投資和舉措。我們繼續看到這些對收入週期工作流程的持續投資以及我們正在進行的付款人參與活動的正面影響。其中包括與健康計劃合作，鼓勵他們實施符合國家生物標記立法的醫療政策。

As discussed on prior earnings calls, there is a growing list of states that have passed biomarker legislation that lends itself to ensuring access to precision medicine and advanced diagnostics. As we've mentioned, we recently received expanded commercial and managed Medicaid coverage for GeneSight, and as Mark called out, we are pleased to see California's Medicaid program, Medi Cal, commencing coverage beginning in September. And there are several other payers who have moved forward with GeneSight coverage. Perhaps the most significant area of progress has been in prenatal testing, where we have seen a significant uptick in payers covering expanded carrier screening even without an update to ACOG guidelines that has been anticipated for such a long time. We applaud the progressive approach that many payers are now taking to cover ECS testing, and we see this trend continuing to benefit prenatal reimbursement going forward.

正如先前的收益電話會議所討論的那樣，越來越多的州通過了生物標誌物立法，以確保獲得精準醫療和先進診斷技術。正如我們所提到的，我們最近獲得了 GeneSight 的擴大商業和管理醫療補助覆蓋範圍，正如馬克所說，我們很高興看到加州的醫療補助計劃 Medi Cal 將於 9 月開始覆蓋。還有其他幾家付款人也已開始採用 GeneSight 保險。也許最重要的進展是在產前檢測領域，儘管 ACOG 指南尚未像人們預期的那樣進行更新，但我們已經看到支付擴大攜帶者篩檢費用的機構數量顯著增加。我們讚賞許多付款人現在採取的漸進式方法來支付 ECS 測試費用，我們認為這種趨勢將繼續有利於未來的產前報銷。

Year to date, our team has won 49 new product coverage or medical policy expansions from payers as we seek to bridge gaps in coverage across our no pay universe. As I have said in the past, no one of these wins will generally meaningfully move the revenue needle, but we certainly expect the accumulation of many small and medium sized wins over time to contribute to the maturing and more stable rate environment for our products.

今年迄今為止，我們的團隊已從付款人那裡贏得了 49 項新產品保險或醫療政策擴展，我們力求彌補無薪領域的保險差距。正如我過去所說的那樣，這些勝利中的任何一個都不會對收入產生重大影響，但我們當然希望隨著時間的推移，許多中小型勝利的積累將有助於我們產品的成熟和更穩定的利率環境。

Next, we'll take a deeper look at the unusual items impacting our year-over-year revenue trajectory to provide a better sense for performance of the underlying business. While revenue in Q2 of this year compared to 2024 grew 1%, you've also heard Sam reference a second quarter 2025 revenue growth rate of 5% after adjusting for the impact of certain items on our 2024 baseline, namely UnitedHealthcare's net impact on GeneSight of $7.1 million and the divestiture of our Endo Predict European business of $2.4 million. With these adjustments, we are able to show what we consider to be a clearer view as to Myriad's underlying performance trends. Next, let's discuss the company's recent capital raise.

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。雖然今年第二季的收入與 2024 年相比增長了 1%，但您也聽到 Sam 提到，在調整了某些項目對我們 2024 年基線的影響後，2025 年第二季度的收入增長率為 5%，即 UnitedHealthcare 對 GeneSight 的淨影響為 710 萬美元，以及我們 Endo Predict care 對 GeneSight 的淨影響為 710 萬美元，以及我們 Endo Predict care 對歐洲業務的剝離為 240 萬美元。透過這些調整，我們能夠更清楚地了解 Myriad 的潛在績效趨勢。接下來，讓我們來討論一下該公司最近的融資情況。

Last week we entered into a five-year term loan with OrbiMed, a well known healthcare investor. This agreement provides Myriad an initial tranche of $125 million immediately at a floating rate of one-month SOFR plus six fifty basis points or an annual interest rate of approximately 11% at current rates. The agreement also has a two-year option to draw on an incremental $75 million of committed financing, reaching a potential total loan amount of $200 million.

上週，我們與知名醫療保健投資者 OrbiMed 簽訂了一項五年貸款協議。該協議立即向 Myriad 提供 1.25 億美元的初始貸款，浮動利率為一個月 SOFR 加六個半基點，或以當前利率計算的年利率約為 11%。該協議還附帶一個為期兩年的選擇權，即提取增量 7,500 萬美元的承諾融資，使潛在總貸款額達到 2 億美元。

Initial use of proceeds was to replace our existing ABL facility, from which we had drawn $60 million as of the end of Q2. Including the option to draw on the second tranche of the facility, we have an estimated total potential liquidity of over $200 million. We are thrilled with this financing and consider it to be a significant upgrade from our previous capital structure. While the interest rate on drawn amounts was previously lower, our previous ABL was a short tenor facility with only minimal opportunity for incremental financing given its reliance on accounts receivable balances.

所得款項的初始用途是更換我們現有的 ABL 設施，截至第二季末，我們已從中提取了 6,000 萬美元。包括提取第二筆貸款的選擇權在內，我們估計總潛在流動資金超過 2 億美元。我們對此次融資感到非常高興，並認為這是對我們先前資本結構的重大升級。雖然先前提取金額的利率較低，但我們之前的 ABL 是一種短期貸款，由於其依賴應收帳款餘額，因此增量融資的機會很小。

Our objective was to obtain a larger amount of financing in order to ensure multiple years of liquidity comfort and the ability to invest as needed in areas of strategic prioritization. This facility provides that. While the rate on the initial tranche is higher than the ABL rate, we are excited to have the second tranche of committed capital at minimal cost. The blended rate we are paying for $200 million of committed capital for both the drawn first tranche and the undrawn second tranche is approximately 7%. Lastly, we generated $14.5 million of adjusted EBITDA in the second quarter, a significant improvement over first quarter.

我們的目標是獲得更大數額的融資，以確保多年的流動性舒適度以及根據需要在戰略重點領域進行投資的能力。此設施提供了這一點。雖然首批貸款的利率高於 ABL 利率，但我們很高興能夠以最低成本獲得第二批承諾資本。我們為已提取的第一批和未提取的第二批承諾資本支付的混合利率約為 7%。最後，我們在第二季度實現了 1450 萬美元的調整後 EBITDA，比第一季有顯著改善。

The combination of our strong gross profit base and increasing levels of adjusted EBITDA profitability demonstrate the profit and cash generating potential of the business, especially as we generate more operating leverage over our operating expenses. The fact that we're able to generate such a strong EBITDA quarter despite the headwinds that we have encountered this year is a testament to the profit generating potential of the business as we reaccelerate growth.

我們強勁的毛利基礎和不斷提高的調整後 EBITDA 獲利水準相結合，證明了業務的利潤和現金創造潛力，特別是當我們在營運費用上產生更多的營運槓桿時。儘管今年我們遇到了阻力，但我們仍能創造如此強勁的 EBITDA 季度，證明了隨著我們重新加速成長，業務的獲利潛力。

Next, I'll cover our full year 2025 guidance. For the full year 2025, we are updating the financial guidance that was previously updated in May. We are raising our full year revenue range to $818 million to $828 million, largely reflecting our positive Q2 revenue performance.

接下來，我將介紹我們 2025 年全年的指導。對於 2025 年全年，我們正在更新先前於 5 月更新的財務指引。我們將全年營收預期上調至 8.18 億美元至 8.28 億美元，這主要反映了我們第二季的正面營收表現。

We are also increasing our gross margin range to between 69.570%, and increasing the adjusted OpEx range to between five sixty two million dollars and $568 million. We are keeping our adjusted EPS between a loss of $0.02 and a gain of $0.02 for full year 2025, reflecting the incremental interest expense associated with the new financing.

我們也將毛利率範圍提高至 69.570% 之間，並將調整後的營運支出範圍提高至 5.62 億美元至 5.68 億美元之間。我們將 2025 年全年的調整後每股盈餘維持在虧損 0.02 美元至獲利 0.02 美元之間，以反映與新融資相關的增量利息支出。

Lastly, we are also raising adjusted EBITDA to between $27 million and $33 million. We are not providing quarterly guidance, but please recall that the third quarter is seasonally slower than the second quarter. In addition, 2024 will be an unusual comp due to a large almost $9 million out of period benefit in that quarter, which we do not expect to repeat this year, despite the fact that the underlying rate environment remains even stronger in Q3 of this year than it was in Q3 of last year.

最後，我們也將調整後的 EBITDA 提高至 2,700 萬美元至 3,300 萬美元之間。我們沒有提供季度指導，但請記住，第三季的季節性成長比第二季要慢。此外，2024 年將是一個不尋常的年份，因為該季度有近 900 萬美元的巨額期外收益，儘管今年第三季的潛在利率環境仍然比去年第三季更加強勁，但我們預計今年不會再出現這種情況。

Now let me turn the call back to Sam.

現在讓我把電話轉回給薩姆。

Thanks, Scott. Overall, Q2 results were positive and demonstrate the profitability potential of our business model. Strength in our core oncology HCT franchise continues, and an improving unaffected HCT business reflects progress with the EMR integrations. We think these trends will continue in the second half.

謝謝，斯科特。總體而言，第二季的業績是正面的，並證明了我們商業模式的獲利潛力。我們的核心腫瘤 HCT 特許經營權持續保持強勁，未受影響的 HCT 業務的改善反映了 EMR 整合的進展。我們認為這些趨勢將在下半年持續下去。

Q2 also demonstrates the ongoing execution of our payer markets group, supporting more coverage of our portfolio and further supporting overall growth and profitability. The team is also excited to move forward with a clear, focused growth strategy. The priorities that underpin this strategy will go a long way to enhancing our focus and execution rigor across the organization.

Q2 也展示了我們付款人市場集團的持續執行，支持我們投資組合的更多覆蓋，並進一步支持整體成長和獲利能力。團隊也很高興能夠以清晰、專注的成長策略向前邁進。這項策略所依據的優先事項將大大增強我們整個組織的關注度和執行嚴謹性。

While we plan to provide additional details in the coming months, our updated strategy better positions Myriad to achieve its mission, advance health and well-being for all, and to positively impact an increasing number of patients, while driving accelerated growth and profitability. I'll now pass the call over to Matt for Q&A. Matt?

雖然我們計劃在未來幾個月提供更多細節，但我們更新的策略將使 Myriad 更好地實現其使命，促進所有人的健康和福祉，並對越來越多的患者產生積極影響，同時推動加速增長和盈利能力。我現在將電話轉給馬特進行問答。馬特？

Thanks, Sam. And as a reminder, during today's call, use certain non GAAP financial measures. A reconciliation of the GAAP to non-GAAP 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. Now we're ready to begin the Q&A session. To ensure broad participation, we're asking participants to ask only one question and one follow-up.

謝謝，山姆。提醒一下，在今天的電話會議中，請使用某些非 GAAP 財務指標。在我們的收益報告和我們網站的投資者關係部分中可以找到 GAAP 與非 GAAP 財務結果的對帳以及 GAAP 與非 GAAP 財務指導的對帳。現在我們準備開始問答環節。為了確保廣泛參與，我們要求參與者只提出一個問題和一個後續問題。

Operator, we're now ready to take the Q&A portion of the call.

接線員，我們現在準備進行電話的問答部分。

(Operator Instructions) Doug Schenkel, Wolfe Research.

（操作員說明）Doug Schenkel，Wolfe Research。

Hey, guys, and thank you for taking my questions. I really want to focus a couple on the strategic review. I I appreciate all the qualitative details. I I do think it would be great if there were more specific KPIs that we could use to measure progress both in terms of the near term and the long term. Is is the intent of this update today to demonstrate, hey, we're making progress.

嘿，夥計們，謝謝你們回答我的問題。我確實想專注於戰略評估。我欣賞所有定性細節。我確實認為，如果有更具體的 KPI 可以用來衡量近期和長期的進展，那就太好了。今天更新的目的是為了證明我們正在取得進展。

We're working on this. But to basically make the point that the KPIs are are coming soon. So that that's the the first question. The second is the language you're using seems to suggest that you've completed the strategic review of the portfolio. So should we essentially believe at this point there's not divestitures coming, you are happy with the portfolio plus the pipeline as currently built?

我們正在努力解決這個問題。但基本上要說明的是，KPI 即將到來。這就是第一個問題。第二，您使用的語言似乎表明您已經完成了投資組合的策略審查。那麼，我們是否應該相信，目前不會發生資產剝離，您對目前的投資組合和管道感到滿意？

And then last one, will get back in the queue after this. A lot of what you described makes sense. I would also say like a lot of it sounds pretty unobjectionable. And I would imagine that would also be the case with some of your predecessors. They also wanted to grow more than the market.

然後最後一個，之後會回到佇列中。您所描述的很多內容都是有道理的。我還想說，其中很多內容聽起來都無可非議。我想您的一些前任也會有這種情況。他們也希望實現比市場更大的成長。

They also wanted to grow revenue more than OpEx, things like that that make a lot of sense but aren't objectionable. What is the biggest thing that's changing here relative to previous administrations? Administrations? Thank you.

他們也希望收入成長超過營運支出，諸如此類的事情都很有道理，但並不令人反感。與前幾屆政府相比，這裡最大的改變是什麼？行政部門？謝謝。

Hey, Doug. Thank you very much for the questions. I appreciate it. You're spot on. Absolutely.

嘿，道格。非常感謝您的提問。我很感激。你說得完全正確。絕對地。

This was intended to share where we are with a strategic review, the clarity on the pillars, what we're going to do, and that over a five-year horizon that we believe the execution on these things will drive accelerated profitable growth, high single digit to low double digit. And yes, we will both be measured and we look forward to sharing details on KPIs and more specifics details, as you said, in a more quantifiable way in the upcoming months. It may be JPMorgan. But that's additional work that we're continuing to do. I think your second question was related to, are we happy with the portfolio?

這是為了分享我們的策略評估情況、支柱的清晰度、我們將要做的事情，以及我們相信在五年內這些事情的執行將推動加速盈利增長，從高個位數到低兩位數。是的，我們將進行衡量，正如您所說，我們期待在接下來的幾個月以更量化的方式分享有關 KPI 的詳細資訊和更多具體細節。可能是摩根大通。但這是我們將繼續做的額外工作。我認為您的第二個問題與我們對投資組合滿意嗎？

How do we think about divestitures? Mean, again, the work that we did gives us some real excitement about the strategy and being able to implement it to drive this accelerated growth. And as part of running the company with increased rigor and discipline, we're going to periodically review all product lines, including GeneSight, to determine the ability to really support those strategic goals. So that's the way we'll approaching it. And third, thank you for viewing what we shared today as non objectionable.

我們如何看待資產剝離？再次強調，我們所做的工作讓我們對該策略感到真正興奮，並能夠實施該策略來推動這一加速成長。作為以更嚴謹和紀律的方式經營公司的一部分，我們將定期審查包括 GeneSight 在內的所有產品線，以確定其真正支持這些策略目標的能力。這就是我們處理這個問題的方式。第三，感謝您認為我們今天分享的內容無可非議。

I think I'll take that as an endorsement. But very good point about what does this mean and what's going to be different. Listen, there's along with really focusing on high growth market segments, Our franchise in oncology has been an important one and a good one, but it has been primarily hereditary cancer testing and HRD.

我想我會將此視為一種認可。但關於這意味著什麼以及將會產生什麼不同，這是一個非常好的觀點。聽著，除了真正關注高成長市場領域之外，我們在腫瘤學領域的特許經營權一直很重要，也很好，但它主要是遺傳性癌症檢測和 HRD。

It's expanding beyond that into these other high growth applications and being able to do that by it's not all myriad through partnerships is an important change. Another important change is our stepped up urgency, our rigor and discipline in how we're going to execute, and just really make it a high functioning, high execution company. And those are the things, together with adding the right team that really understand the space and the domain, I think is going to be the difference for really being able to deliver on the intent of our new strategy.

它正在向其他高成長應用領域擴展，並且能夠透過合作夥伴關係做到這一點，這是一個重要的變化。另一個重要的變化是，我們增強了緊迫感，提高了執行的嚴謹性和紀律性，真正使其成為一家高效運作、高執行力的公司。我認為，這些因素，再加上真正了解該領域和空間的合適團隊，將是我們真正能夠實現新戰略意圖的關鍵。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yes. Hi, Sam and team. Thanks for taking my questions. So obviously GeneSight is was clearly an important product, a flagship product for you impacted here by the United coverage. But I know you talked about the feedback that you expect in fall, but can you maybe talk about what has been submitted to United?

是的。嗨，Sam 和他的團隊。感謝您回答我的問題。因此，GeneSight 顯然是一款重要的產品，也是受聯合通報影響的旗艦產品。但我知道您談到了您期望在秋季收到的回饋，但您能否談談已提交給 United 的內容？

Any of the early conversations giving you any leads in terms of when this can actually be resolved or not resolved? I mean, just maybe just help us understand what should we what should our expectation be? And just wondering any of the other commercial payers, are you getting any requests for further reconsiderations from other payers? And I have a follow-up.

早期的對話是否為您提供了有關何時可以真正解決或無法解決該問題的線索？我的意思是，也許只是幫助我們理解我們的期望應該是什麼？我只是想知道其他商業付款人是否收到其他付款人進一步重新考慮的請求？我還有一個後續問題。

Yes. Let me thank you Puneet. Appreciate the question. I'll start and then I'll hand it to Mark to add additional details. So again, we are happy that we've been able to, through the actions we've deliberately taken, increase the growth of GeneSight back to where we expected it to be by year end, which is mid single digits.

是的。讓我感謝你 Puneet。感謝你的提問。我先開始，然後交給馬克來添加更多細節。因此，我們很高興能夠透過我們精心採取的行動，將 GeneSight 的成長速度恢復到我們預期的年底水平，即中等個位數。

And kudos to the team for the refocus, execution, and our rev cycle team and peer markets team, which continue to really drive opportunities with new payers. And then I hand it off to Mark about timing and other things that you're asking. Nothing's changed on that, but I'll let Mark detail what we've shared in the past in terms of time points of what we're doing.

我們也要感謝團隊的重新聚焦、執行，以及我們的轉速週期團隊和同儕市場團隊，他們繼續真正推動新付款人的機會。然後我將時間安排和您詢問的其他事項交給馬克。在這方面沒有任何改變，但是我會讓馬克詳細說明我們過去在所做事情的時間點上所分享的內容。

Again, to dispel this point, we traditionally had a lot of commercial payers that we have agreements in place with. And no, we haven't experienced that. Quite to the opposite, as you heard, I think, in Scott's prepared remarks, we're actually seeing a number of new carriers that are joining. So Mark?

再次，為了消除這一點，我們傳統上有很多與我們有協議的商業付款人。不，我們沒有經歷過這種情況。恰恰相反，我想，正如您在斯科特的準備好的演講中所聽到的，我們實際上看到許多新的航空公司加入進來。那麼馬克？

Yeah. Thanks, Sam. So Puneet, just to give a little color to Sam's last comment, which I think we stated, we've had several wins across different commercial payers, mostly related to biomarker laws both in Q1 and in Q2. So we are seeing positive movement there for GeneSight, and it's across some commercial plans as well as managed Medicaid and, of course, Med Advantage plans as well. Related to United, which we also said on the call, we plan on submitting three publications as part of United's typical review cycle, which takes place in the fall.

是的。謝謝，山姆。因此，Puneet，只是為了給 Sam 的最後一條評論做一點補充，我想我們已經說過，我們在不同的商業付款人中取得了幾項勝利，主要與第一季度和第二季度的生物標誌物法有關。因此，我們看到 GeneSight 正在取得積極的進展，它涵蓋了一些商業計劃以及管理的醫療補助計劃，當然還有 Med Advantage 計劃。關於美聯航，我們在電話會議上也提到，我們計劃在秋季美聯航的典型審查週期內提交三份出版品。

Two have already been published, both in the Journal of Clinical Psychopharmacology. One was an economic utility study that we did with Optum. The other one is a new meta analysis focusing on the randomized trials related to GeneSight. And a third is a sub analysis related to the large prime care randomized trial that was done through the VA. So we plan on submitting those in the fall.

其中兩篇已發表，均發表在《臨床精神藥理學期刊》。其中一項是我們與 Optum 合作進行的經濟效用研究。另一項是針對與 GeneSight 相關的隨機試驗的新統合分析。第三個是與透過 VA 進行的大型初級保健隨機試驗相關的子分析。所以我們計劃在秋天提交這些。

We would expect United to review those as part of the typical review process. So we would expect to hear either status quo or potentially a change in that policy November time frame, which is when they usually announce. And the effective date would be the 2026.

我們希望美聯航能夠將這些內容作為典型審查流程的一部分進行審查。因此，我們預計在 11 月左右聽到有關政策現狀或可能的變化的消息，他們通常會在此時宣布這一消息。生效日期為 2026 年。

Got it. That's very helpful. And then on MRD, could you confirm if the timing of the launch has moved from first half '26, full launch to an early access launch. I wasn't clear what I heard on that, maybe if you can clarify. And what we saw obviously some of your ASCO data, just wanting to understand what remains to be done, the validation studies, any other studies that we should be expecting on MRD before you get into that early access phase?

知道了。這非常有幫助。然後在 MRD 上，您能否確認發佈時間是否已從 26 年上半年的全面發布改為早期訪問發布。我不太清楚我聽到了什麼，也許你能澄清一下。我們顯然看到了您的一些 ASCO 數據，只是想了解還有哪些工作要做，驗證研究，以及在進入早期訪問階段之前我們應該對 MRD 進行的其他研究？

Yes. I mean, to thank you for that question. We're continuing to make good progress in our MRD clinical studies that are underway, upwards of 20 that we're working on. And by year end, we expect to have more clinical utility work that's done and to submit for MolDEX by sometime in Q1, expecting MolDEX, if they're with customary timelines approval, sometime towards the end of the year. We will, however we're making a strategic decision because we think it's important to get our tests in the market so important providers can start using it to really in the course of treatment of patients, we intend to do that in the first half.

是的。我的意思是，感謝您提出這個問題。我們正在進行的 MRD 臨床研究持續取得良好進展，目前有 20 多項研究正在進行中。到年底，我們預計將完成更多臨床實用工作，並在第一季的某個時候提交給 MolDEX，如果 MolDEX 按照慣例時間表獲得批准，預計會在年底的某個時候完成。我們會的，但是我們正在做出一個戰略決策，因為我們認為將我們的測試推向市場非常重要，這樣重要的供應商就可以開始使用它來真正治療患者，我們打算在上半年做到這一點。

So we'll be strategic in taking that out in advance what is likely to be in advance of receiving MolDEX. Because we're not going to do a broad, full commercial launch to everyone, that's why you might have heard us use the term early access, meaning focus still on quite a number we haven't determined yet of actual providers using it in the course of medical care.

因此，我們將採取策略性措施，提前解決接收 MolDEX 之前可能出現的問題。因為我們不會向所有人進行廣泛、全面的商業發布，所以您可能聽到我們使用了“早期訪問”一詞，這意味著我們仍然關注相當多我們尚未確定的實際醫療護理提供者。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Hey, good afternoon guys. This is Kyle on for Dan. Thanks for taking the questions. I wanted to go back to the sort of mid to longer term guide here of high single digits to low double digits, not too far off from where you were before at 12% plus, but maybe can you just walk us through what the puts and takes there are across the portfolio, Just given that you'll be layering in some new tests with MRD, etcetera, how should we think about the different segments in the context of your guide?

嘿，大家下午好。這是 Kyle 代替 Dan 上場的。感謝您回答這些問題。我想回到中期到長期的指導，從高個位數到低兩位數，與之前的 12% 以上的水平相差不遠，但也許您能向我們介紹一下整個投資組合中的看跌期權和看漲期權，考慮到您將使用 MRD 等進行一些新的測試，我們應該如何在您的指導中考慮不同的部分？

Yes. Hey, maybe I'll start here and Scott you can add in. Kyle, thanks for the question. And our intention is to share more details, more quantifiable numbers and KPIs, including more specifics around our growth rates over the coming months, including into JPMorgan. But what you can tell, even from the strategy, the way that we shared it, is if you look at our second pillar, which is about prenatal health and mental health, being able to grow at or above market, we know that the prenatal market is growing somewhere in the low to mid-single digits.

是的。嘿，也許我會從這裡開始，然後你可以加入斯科特。凱爾，謝謝你的提問。我們的目的是分享更多細節、更多可量化的數字和關鍵績效指標，包括未來幾個月我們的成長率的更多具體信息，包括摩根大通。但是，即使從我們分享的策略中你也可以看出，如果你看一下我們的第二個支柱，即關於產前健康和心理健康，能夠實現等於或高於市場的增長，我們知道產前市場的增長速度在低到中等個位數之間。

And we believe we're going to be able to grow at that faster based on, again, the recent products we've launched and the excitement that we have for First Gene, the new product that we have. And GeneSight for mental health, we've already resumed growth back in the mid single digits and we are the market leaders there. We believe we can do that. It's really in oncology where we are seeing again really good growth We have big markets here.

我們相信，憑藉我們最近推出的產品以及我們對新產品 First Gene 的熱情，我們將能夠更快地成長。而在精神健康領域，GeneSight 已經恢復了中等個位數的成長，並且成為該市場的領導者。我們相信我們能夠做到這一點。在腫瘤學領域我們再次看到了非常好的成長，我們在這裡擁有龐大的市場。

We believe the combination of growing ourselves in the high single digits to low double digits in cancer testing both across the combination affected, unaffected. But then when you look at these new areas, which is an important net new, important part that we're trying to share in the strategy is our intention through both the work we're doing, like for example in MRD, but through partnerships to enter into these other important segments, if you will, including IO therapy response monitoring, more on comprehensive genomic profiling.

我們相信，癌症檢測的成長率將達到高個位數到低兩位數，無論受影響或不受影響。但當你看到這些新領域時，這是一個重要的全新部分，我們試圖在策略中分享的是我們的意圖，即透過我們正在做的工作，例如在 MRD 方面，但透過合作夥伴關係進入這些其他重要領域，如果你願意的話，包括 IO 治療反應監測，更多關於綜合基因組分析。

These things will our products that we bring to market there ourselves or through partnerships really should grow at least in the low double digits. So it's that composite when you put it together, including prostate cancer, by the way. We're excited again about the partnership with Pathomic and OnTrak to launch that combined product our first combined product in Q1.

我們自己或透過合作夥伴向市場推出的產品確實應該至少達到兩位數的成長。順便說一下，當你把它們放在一起時，它就是那個複合物，包括前列腺癌。我們再次對與 Pathomic 和 OnTrak 的合作感到興奮，並在第一季推出了我們的第一款組合產品。

So all of these things hopefully, Kyle, give you a little bit of color how we have confidence to grow high single digit to low double digit. Scott, would you add? I was pretty comprehensive there.

因此，凱爾，希望所有這些事情能夠讓你稍微了解我們如何有信心實現從高個位數到低兩位數的成長。史考特，你能補充一下嗎？我在這方面做得相當全面。

Yeah, don't have any more details on the financial targets at this time, but I'll just reiterate Sam's comment that we weren't necessarily intending to provide a formal and fulsome update to our LRP right now. That will come at a later date, perhaps by the end of the year or the very beginning of next year.

是的，目前還沒有關於財務目標的更多細節，但我只想重申 Sam 的評論，即我們現在不一定打算為我們的 LRP 提供正式且全面的更新。這將在稍後實現，也許是在今年年底或明年年初。

Yuko Oku, Morgan Stanley.

奧裕子，摩根士丹利。

Hi. This is Jason on for Yuko. Congratulations on the quarter, and thank you for taking our questions. So maybe just a question on Prequel. I'm wondering how has traction for a test been since the launch in 4Q last year? Has it been ahead as expectations were in line? And given the test differentiated eight-weeks gestation age approach, have you seen any share gains from other players in the space? Thank you.

你好。這是 Jason 為 Yuko 表演的。恭喜本季取得的成績，並感謝您回答我們的問題。所以也許只是一個關於前傳的問題。我想知道自去年第四季推出以來，測試的進展如何？是否如預期的提前了？並且考慮到測試區分的八週妊娠年齡方法，您是否看到該領域其他參與者的份額有所增長？謝謝。

Hey, Jason. Thank you very much for the question. Hey, Mark, why don't you take this one on PREQUEL and how it's traction and the interest of eight-week?

嘿，傑森。非常感謝您的提問。嘿，馬克，你為什麼不談談《前傳》以及它的吸引力和八週的興趣呢？

Look, gestational, I think as we've said before, we're excited about the launch. And we've seen tremendous uptake, mostly because, as we stated, at that eight-week time frame is typically when that is the first prenatal visit. And so it fits very nicely within workflows. So we have seen an uptick. We have seen volume increase there related to the test being ordered earlier, which is great. As far as our ability to be able to tease out the differentiations of stealing share, I think that's been a little bit more challenging. But as Sam mentioned, as we see growth there, we'll try to highlight that moving forward.

看，我想正如我們之前所說的那樣，我們對這次發布感到很興奮。我們看到了巨大的成長，主要是因為，正如我們所說，八週的時間段通常是第一次產前檢查。因此它非常適合工作流程。因此我們看到了上漲。我們看到與之前訂購的測試相關的數量增加，這很好。就我們能否找出竊取份額的差異而言，我認為這更具挑戰性。但正如薩姆所提到的，隨著我們看到那裡的成長，我們會努力強調這一點。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

Thanks for taking the question. Congrats on the quarter. Sorry if I'm asking repeat questions. I've been hopping between some queues here. So I just want to ask on the prenatal. You mentioned the friction from the new management ordering system. Can you quantify that impact and if you didn't already? And then steps to resolve it and how soon it could be resolved? And then just generally speaking, if you just want to make sure that when this thing happens that it's not a switch in provider and can you give us a comfort on that? Thank you.

感謝您回答這個問題。恭喜本季。抱歉，我重複問了問題。我一直在這裡的幾個隊列之間跳來跳去。所以我只想問一下產前的狀況。您提到了新管理訂購系統所帶來的摩擦。您能量化這種影響嗎？如果還沒有的話？然後採取什麼步驟來解決這個問題以及多久可以解決？一般來說，如果您只是想確保當這種情況發生時不會更換提供者，您能否讓我們放心呢？謝謝。

Yeah, I'll start and I'll hand it over to Mark. Hey Dave, thank you for the question. I just want to clarify, be very clear that's a redundancy there that the problem was related to an order management system, it has been addressed. So it's not like do we not only have a beat on it, but we have resolved it. But Mark, there is other parts of the question.

是的，我先開始，然後把它交給馬克。嘿，戴夫，謝謝你的提問。我只是想澄清一下，非常清楚這是一個冗餘問題，該問題與訂單管理系統有關，現在已解決。因此，我們不僅已經解決了這個問題，而且還解決了它。但是馬克，問題還有其他部分。

I think the other parts of the question so again, we have resolved it. So we don't expect it to continue, at least from system error perspective, to continue into Q3. From a provider perspective, look, many of our accounts use multiple providers. And so we see shifts throughout the quarter, so I don't know if we can quantify it. I think our results this quarter and our excitement about prenatal products growing in the back half of the year pretty much reflect the way we feel about resolving the issue and about the strength of Prequel, as the previous caller asked around PreQual at eight weeks, as well as the strength in our Foresight product as well.

我認為問題的其他部分我們已經解決了。因此，至少從系統錯誤的角度來看，我們預計這種情況不會持續到第三季。從提供者的角度來看，我們的許多帳戶都使用多個提供者。因此，我們看到整個季度都在發生變化，所以我不知道我們是否可以量化它。我認為本季的業績以及我們對下半年產前產品的興奮很大程度上反映了我們對解決這個問題的感受以及對 Prequel 的優勢的看法，正如之前的來電者詢問的八週 PreQual 的情況一樣，以及我們 Foresight 產品的優勢。

I'll just add to that. This is Scott. If you look at overall prenatal volumes, at least on a year to date basis, they're down about 4%. And that is something that obviously is very different from what we'd normally expect for that line of business or that product category. We would expect something in the high single digits to low double digits. And so that impact you can attribute to the disruption.

我只想補充一點。這是斯科特。如果你看一下整體產前檢查量，至少從今年迄今為止的數據來看，它們下降了約 4%。這顯然與我們通常對該業務線或產品類別的期望有很大不同。我們預期成長率將在高個位數到低兩位數之間。因此，你可以將這種影響歸咎於中斷。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. I want to probe into the guidance raise. Obviously, you lowered last quarter. Now you're raising. Maybe just for the back half of the year, how much is hereditary? Just talk about where the incremental step up is. Also, OpEx is going up. Curious about that given some of the cost out initiatives. And then I did want to probe on the LRP. I know you got the question earlier, but did anything change in your end market growth assumptions relative to last fall? Thanks.

嘿，謝謝。我想探究指導意見的提升。顯然，上個季度你們降低了。現在你正在加註。可能只是後半年，有多少是遺傳的？只討論增量步驟在哪裡。此外，營運支出也在上升。考慮到一些成本削減舉措，我對此感到好奇。然後我確實想探究 LRP。我知道您之前已經問過這個問題，但是與去年秋季相比，您的終端市場成長假設有什麼變化嗎？謝謝。

Hey, we'll go backwards Tycho. Thank you for the question. In terms of your last question, no, nothing material. So it's not because we just were benefiting from a new increase of a market or anything like that. That's not it at all.

嘿，我們將倒退，第谷。謝謝你的提問。至於您的最後一個問題，沒有，沒有什麼實質內容。所以這並不是因為我們剛從市場的新成長或類似的事情中受益。根本不是那樣。

It's again about, as I answered, being able to participate in a meaningful way in other segments of oncology or the cancer care continuum, which we're not today, and strengthening our own products too. So those are the drivers there. Scott, before I hand it over to you to answer a little bit more here, I'll say again that what has happened here in this quarter is we identified very clearly the challenges and the issues that were some of our biggest challenges in Q1. Again, we talked about changes we've made and the impact that it had made related to GeneSight. We talked about unaffected red cherry cancer and workflow related issues, including EMR.

正如我所回答的，這再次關乎能夠以有意義的方式參與腫瘤學或癌症護理連續體的其他領域（我們今天還沒有參與），也加強我們自己的產品。這些就是驅動因素。史考特，在我把問題交給你進一步回答之前，我想再說一遍，本季發生的事情是我們非常清楚地確定了第一季面臨的最大挑戰和問題。再次，我們討論了我們所做的改變以及它對 GeneSight 的影響。我們討論了未受影響的紅櫻桃癌和工作流程相關問題，包括 EMR。

So we have been incredibly focused and the team's been working hard. And again, as I mentioned, I'm pleased that we've been able to execute and some of the results are exactly what we expected by the year end. So this is not by chance or not by luck. We have done the work to make it happen, but it's been a little bit faster than we expect. But I don't know, Scott, you want to quantify there was a quantification question to hereditary cancer.

因此，我們非常專注，團隊也一直在努力工作。正如我所提到的，我很高興我們能夠執行，並且部分結果正是我們在年底所預期的。所以這不是偶然，也不是運氣。我們已經完成了相關工作，但進展比我們預期的要快一些。但我不知道，史考特，你想量化遺傳性癌症是否有量化問題。

Sure. Thanks, Sam. And we don't guide at the quarterly basis nor do we guide at the individual product basis. But what we have talked about already, even on the last earnings call, was around the expectation of sequential improvement throughout the year in the areas that have been adversely impacted by some of these headline headwinds that we've referenced. And so when you think about the hereditary cancer testing unaffected journey that was one of the headwind items that we had flagged on our last earnings call, whereas Sam was referencing, really excited about the incremental progress that we've made in accelerating volume growth in Q2, but that's not yet where we want it to be or expect it to be.

當然。謝謝，山姆。我們不會根據季度進行指導，也不會根據單一產品進行指導。但即使在上次財報電話會議上，我們也已經討論過，預計那些受到我們提到的一些主要不利因素不利影響的領域將在全年出現連續改善。因此，當您想到遺傳性癌症檢測不受影響的旅程時，這是我們在上次財報電話會議上標記的不利因素之一，而 Sam 提到的，對我們在第二季度加速銷量增長方面取得的逐步進展感到非常興奮，但這還沒有達到我們想要或期望的水平。

And so that is one of the areas where you'd expect to see or we expect to see a further acceleration in the second half of the year. Similarly, the prenatal challenges that we're newly referencing now, we certainly expect to significantly rectify in the second half of the year. One of the other areas that we referenced on the last earnings call was the near-term headwind in terms of GeneSight volumes, primarily associated with the transition in the commercial organization there.

這是您預計或我們預計今年下半年將進一步加速的領域之一。同樣，我們現在提到的產前挑戰，我們當然希望在今年下半年得到顯著糾正。我們在上次財報電話會議上提到的另一個領域是 GeneSight 銷售方面的近期阻力，這主要與那裡的商業組織的轉型有關。

We're pretty excited to have quickly recovered the volume trajectory there, at least within striking distance of where we expect it to land longer term. But those are the areas that we expect to see improvement and to deliver the guide for the second half of the year.

我們非常高興能夠迅速恢復那裡的銷售軌跡，至少在我們預期的長期目標範圍內。但這些都是我們期望看到改進並在下半年提供指導的領域。

Bill Bonello, Craig Hallum.

比爾·博內洛、克雷格·哈勒姆。

Hey, guys. Thanks. I guess I have a couple of follow-up questions going back on the strategic plan. I'm just trying to wrap my arms a little bit more around the oncology strategy. I mean, think I get it. You're saying you're going to add a bunch of additional products to try and grow in that channel and you may do that on your own, you may do that through partnership. But maybe just talk to us a little bit about sort of your right to play in that market.

嘿，大家好。謝謝。我想我還有幾個關於戰略計劃的後續問題。我只是想更深入地了解腫瘤學策略。我的意思是，我想我明白了。你說你將添加一系列額外的產品來嘗試在該管道中發展，你可以自己做，也可以透過合作來做。但也許您可以跟我們稍微談談您在該市場中參與的權利。

What is it about your position in hereditary cancer that sets you up to have success in the other areas of oncology testing? Help us think about how you might compete relative to the oncology testing companies that are already out there with multiple therapy selection tests and MRD, etcetera. And I have one follow-up.

您在遺傳性癌症領域的地位如何使您能夠在腫瘤學檢測的其他領域中取得成功？幫助我們思考一下，與已經擁有多種治療選擇測試和 MRD 等的腫瘤檢測公司相比，您如何競爭。我還有一個後續問題。

Hey, Bill. Yeah, thank you very much for the question, Bill. I appreciate it. It's a very important one. I mean, listen, what we believe we bring that's differentiating that we're going to be able to leverage includes, like you said, because of our hereditary cancer leadership being the gold standard in the market with that, as well as HRD, we have a reputation.

嘿，比爾。是的，非常感謝你的提問，比爾。我很感激。這是非常重要的一點。我的意思是，聽著，我們相信我們所帶來的差異化優勢，我們將能夠利用，就像你說的，因為我們在遺傳性癌症方面的領導地位是市場上的黃金標準，以及人力資源開發，我們享有盛譽。

We have a lot of trust. We also have access into thousands of the most relevant health care providers and systems. We also hear loud and clear through our primary and secondary research that increasingly health care systems and providers really want to down select to just a handful of providers that can provide them the most critical tests along the cancer care journey for a patient.

我們非常信任。我們還可以存取數千個最相關的醫療保健提供者和系統。透過一手和二手研究，我們也清楚地聽到，越來越多的醫療保健系統和提供者確實希望選擇少數幾家能夠為他們提供癌症治療過程中最關鍵測試的提供者。

So it's our ability, once we're there, we know that if we're able to provide other tests that are meaningful, that are easy to use and access, along with the fact that we have heard and this is something that we already have strength in is being able to provide a unified report, which makes it easier to interpret from multiple tests. That is help, particularly when you're thinking about a molecular tumor board, then you have that information that accelerates decision making.

所以這是我們的能力，一旦我們到達那裡，我們就知道如果我們能夠提供其他有意義的、易於使用和訪問的測試，再加上我們聽說過的事實，這是我們已經擁有的優勢，能夠提供統一的報告，這使得從多個測試中進行解釋變得更容易。這很有幫助，特別是當您考慮分子腫瘤委員會時，您就會獲得可以加速決策的資訊。

So it's those things along with adding to our portfolio and focusing in where our strength is. We are going to focus in, for example, in MRD, where we know our ultra sensitive differentiated assay makes a difference to look at these low shedding tumors, and we're going to focus in on breast, because that's one place. And we all have an established reach, reputation, and trust with that community.

因此，這些事情以及增加我們的投資組合和集中在我們的優勢。例如，我們將重點關注 MRD，我們知道我們的超靈敏分化檢測對於觀察這些低脫落腫瘤至關重要，並且我們將重點放在乳癌，因為那是一個地方。我們在社區中都擁有良好的影響力、聲譽和信任。

Subbu Namdi, Guggenheim Securities.

Subbu Namdi，古根漢證券。

Hey, guys. This is Ricky on for Subbu. Thanks for taking our questions. You got a few on Women's Health already, but wanted to see how the ramp for sneak peak has been going so far and it's near almost a year on the market. And if you've seen the goal of that funneling patients from sneak peak to prequel starting to materialize yet.

嘿，大家好。這是 Ricky 為 Subbu 拍攝的。感謝您回答我們的問題。您已經了解了一些有關《女性健康》的內容，但想看看到目前為止搶先體驗的進展如何，而且該產品上市已經快一年了。如果你已經看到了將患者從預告片引導到前傳的目標開始實現的話。

And then also just wanted to revisit the strategic update here in the context of women's health and mental health. Could you just provide some more color on what's new here incrementally compared to prior comments and the last Investor Day? Thanks.

然後，我也想在女性健康和心理健康的背景下重新審視這裡的策略更新。與先前的評論和上次投資者日相比，您能否逐步提供一些關於新內容的詳細資訊？謝謝。

Yeah. Hey, maybe I'll take this. And Mark or Scott, if you want to add in, please do. But listen, our sneak peek business is one that strategic intent was really to complement get in early on the cycle of engaging with a woman in her overall pregnancy journey. Quite honestly, it's been a challenge for us.

是的。嘿，也許我會接受這個。馬克或史考特，如果你們想加入的話，請加入。但聽著，我們的先睹為快業務的戰略意圖實際上是為了在女性整個懷孕過程中儘早參與其中。說實話，這對我們來說是一個挑戰。

And it's been an area that we still believe has a lot of potential. But given the areas we're focusing on, it hasn't been something we've spent a lot time, the immediate time, trying to optimize. So more on that as we have a chance to go into the next level of our own planning on our strategy. Your second question is like, what's net new? It's a great question.

我們仍然相信這個領域具有很大的潛力。但考慮到我們關注的領域，我們並沒有花費大量時間，尤其是目前的時間來嘗試優化。當我們有機會進入我們自己的策略規劃的下一階段時，我們會對此進行更多討論。你的第二個問題是，有什麼新鮮事嗎？這是一個很好的問題。

Again, so let me just be very clear. For prenatal health, we believe that the recently launched products, it's not just the NIPS pre quality gestational age, it's also the expansion we had to our foresight expanded carrier screening assay, as well as now the early access, which we launched in June for first gene, which is the combined screen, which brings the benefit of both NIPS together with carrier screening. Those things we believe will allow us to differentiate and grow at or above market.

再一次，請讓我說清楚。對於產前保健，我們認為最近推出的產品不僅僅是 NIPS 預質量孕齡，也是我們對預見性擴展攜帶者篩檢檢測的擴展，以及現在我們在 6 月份為第一個基因推出的早期訪問，即聯合篩檢，它將 NIPS 和攜帶者篩檢的好處結合在一起。我們相信，這些因素將使我們脫穎而出，並實現與市場持平或高於市場的成長。

And on mental health, again, it's really a focus in on being able to execute with more precision on targeted accounts and continue to drive improvement in our overall payer markets and revenue cycle activities. One huge, huge, huge, huge important difference from before is our absolute commitment to be deliberate in the level of resourcing, focus, and investment we will put into these businesses. It's going to be in a very focused, targeted way because our intention is to really focus in and grow the cancer care continuum business. That's the difference.

在心理健康方面，我們真正關注的是能夠更精確地針對目標帳戶執行，並繼續推動我們整體付款人市場和收入週期活動的改善。與以前相比，一個巨大、巨大、巨大的重要區別是，我們絕對致力於在這些業務上投入資源、關注和投資的水平。我們將採取非常集中、有針對性的方式，因為我們的目的是真正關注和發展癌症治療連續業務。這就是差別。

Sung Ji Nam, Scotiabank.

豐業銀行的 Sung Ji Nam。

Hi. Thanks for taking the questions. Just we'll ask one in the interest of time. With curious in terms of your expectations for above market growth going forward, how much of it is do you think coming -- will come from taking share away from others, your competitors versus guys more efficiently penetrating into the underpenetrated segments of the market? Just given that there is significant deployment of EMR and things like that across the industry, was just curious how realistic is it actual share gains in more competitive market environment? Thank you.

你好。感謝您回答這些問題。我們只是為了節省時間而問一個問題。我很好奇您對未來高於市場的成長的預期，您認為其中有多少成長將來自於從其他人、您的競爭對手或更有效地滲透到市場滲透不足的領域的公司手中奪取市場份額？鑑於整個產業都在大力部署 EMR 等技術，我只是好奇在競爭更激烈的市場環境下，實際的市佔率成長有多現實？謝謝。

Yeah, Sung Ji Nam, thank you very much for the question. And I think the short answer is both. We are excited to be particularly around the cancer care continuum. We are participating in large, attractive, high growth markets. So the numbers we've shared overall, the five-year high single digits, low double digit is enabled by growing with the market there in those components.

是的，Sung Ji Nam，非常感謝您的提問。我認為簡短的回答是兩者兼具。我們很高興能夠參與癌症治療的整個過程。我們正在參與規模龐大、極具吸引力且高成長的市場。因此，我們分享的總體數字，五年來最高的個位數和較低的兩位數的成長，是透過這些組件的市場成長實現的。

We intend to do better. How we will do better is, again, the combination of our tests where we can really win an account and provide value by having really compelling tests that come together in a report that makes it easier. Because it is true, over time, the differentiation of a lot of the tests are waning. Not always the case. Again, MRD, we believe we have a truly differentiated opportunity with a very low parts per million detection capability that we have.

我們打算做得更好。我們如何做得更好，再次強調，我們將結合我們的測試，透過一份報告，將真正引人注目的測試匯總在一起，我們可以真正贏得一個帳戶並提供價值，從而使事情變得更容易。因為事實是，隨著時間的推移，許多測驗的區分度正在逐漸減弱。但情況並非總是如此。再次，MRD，我們相信我們擁有真正差異化的機會，我們擁有百萬分之非常低的檢測能力。

And then in GeneSight, we're going to grow essentially with the market because we are the market leaders, a very strong market position. Prenatal, we think we have an opportunity to grow. We absolutely do. The market's growing low to mid single digits. We intend to do better than that, once again, of those differentiated products we've launched recently and other ones we're going do. Not to mention, Brian Donnelly's joint team is our new Chief Commercial Officer and a new perspective on stepped up commercial execution that I think will complement the great work that Mark did beforehand.

然後在 GeneSight，我們將與市場一起成長，因為我們是市場領導者，擁有非常強大的市場地位。產前，我們認為我們有成長的機會。我們絕對相信。市場成長率處於低至個位數之間。我們打算再次做得更好，包括我們最近推出的差異化產品以及我們將要推出的其他產品。更不用說，Brian Donnelly 的聯合團隊是我們的新任首席商務官，他對加強商業執行有著新的視角，我認為這將補充 Mark 之前所做的出色工作。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

Thanks, guys. Sam, at a high level, you talked about wanting to increase R&D investment to support the cancer strategy. Can you do that within the current R&D investment run rate? How much is currently allocated to oncology and how much incremental spend should we anticipate there in the next few years? Thanks.

謝謝大家。薩姆，您從高層角度談到希望增加研發投入來支持癌症策略。您能在目前的研發投資運作率內做到這一點嗎？目前分配給腫瘤學的經費有多少？未來幾年我們預計該領域的支出將增加多少？謝謝。

Yeah, great question. Thank you for that. Like we mentioned earlier, we're not providing specifics on financials now, but we intend to provide more as the months come, particularly heading into JPMorgan. But yes, to answer your question, we believe through deliberate management of where we spend our R&D dollars that we are and growing R&D. This is based on another thing you heard me say in the comments is we will grow revenue faster than operating expenses.

是的，很好的問題。謝謝你。正如我們之前提到的，我們現在不提供財務方面的具體信息，但我們打算在未來幾個月提供更多信息，特別是摩根大通的信息。但是的，回答你的問題，我們相信透過精心管理我們花費研發資金的地方，我們可以實現研發的成長。這是基於您在評論中聽到我說的另一件事，即我們的收入成長速度將快於營運支出。

So still being very disciplined in how we do that overall. So the P&L profile of the company continues to strengthen over this five-year period. But we believe we can increase our investments in R&D and oncology in a meaningful way to achieve our objectives. And again, we will get the benefit. We don't have to develop it all ourselves. Some of it will come through partnerships that enable us to get to market faster with a different differential cost profile as well.

因此，我們總體上仍然非常自律。因此，公司的損益狀況在這五年內持續增強。但我們相信，我們可以以有意義的方式增加對研發和腫瘤學的投資，以實現我們的目標。再次，我們將受益。我們不必自己開發一切。其中一些將透過合作夥伴關係實現，這使我們能夠以不同的差異化成本更快地進入市場。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. Thanks for squeezing me in. A lot has been asked already. I just want to squeeze one more in on some of strategic pillars you talked about. You talked up strategic partnerships a little bit more for some of these newer parts of the cancer care continuum.

偉大的。謝謝你讓我加入。已經有很多問題了。我只是想再補充一點您談到的一些策略支柱。您更多地談到了針對癌症治療過程中一些較新的部分的策略性合作夥伴關係。

Could just give us a couple examples of what that could look like both from partner you'd be looking for, how that would develop? I realize this is sort of really far in the future, just theoretically how we should think about that and what the financial profile of that might look like. That'd be helpful. Thanks.

能否給我們舉幾個例子，說明一下您尋找的合作夥伴是什麼樣的，以及將如何發展？我意識到這在未來還很遙遠，只是從理論上我們應該如何思考這個問題以及它的財務狀況會是什麼樣子。那將會很有幫助。謝謝。

Michael, thanks for the question. And hopefully, it's not so far in the future that it's a long time for now. I think the Pathomic relationship that we have for being able to leverage the AI capabilities that Pathomic brings together with our molecular assay for prostate cancer, Prolaris, is an example.

邁克爾，謝謝你的提問。希望這不會是遙遠的未來，而是現在漫長的時光。我認為，我們與 Pathomic 的合作關係就是一個例子，我們能夠利用 Pathomic 帶來的人工智慧功能以及我們的前列腺癌分子檢測 Prolaris。

What we're doing, at least some of the partnerships we're considering, is where the R&D or the product development capabilities of a partner will be complemented by our reach into the market, our reputation, our ability to really do all the way from ordering through delivery and support. And you can imagine that these relationships can be set up in a way where there are milestone payments and royalties to go along with it, but in a way that we think that we can achieve shared objectives in a way that's also favorable to Myriad's overall financials.

我們正在進行的，至少是我們正在考慮的一些合作，是合作夥伴的研發或產品開發能力將與我們的市場影響力、我們的聲譽、以及我們從訂購到交付和支持的全程能力相輔相成。你可以想像，這些關係可以透過某種方式建立起來，即伴隨里程碑付款和特許權使用費，但我們認為，我們可以以一種有利於 Myriad 整體財務的方式實現共同目標。

Mason Carrico, Stephens Inc.

梅森·卡里科，史蒂芬斯公司

Hey, thanks for fitting me in here. Sorry if I missed this, but I did not hear any commentary around PRECISE Liquid. So could you give us an update on where that product stands and the launch timeline there? And then sorry to do this, but going back to the LRP, you guys have been making progress on RCM. You called out 49 new coverage policies or expansions year to date. Even qualitatively, I know you may not want to talk directly to the growth rates, but how should we be thinking about the mix of ASP gains and volume growth that's built in there?

嘿，謝謝你讓我來這裡。抱歉，如果我錯過了，但我沒有聽到任何有關 PRECISE Liquid 的評論。那麼，您能否向我們介紹一下該產品的最新情況以及發佈時間表？很抱歉這樣做，但回到 LRP，你們在 RCM 方面已經取得了進展。今年迄今為止，您已宣布了 49 項新的保險政策或擴展政策。即使從品質上講，我知道您可能不想直接談論成長率，但我們應該如何考慮其中的平均售價成長和銷售成長的組合？

Scott, I'll let you take the second one as it relates to Precisely. Thank you for the question, by the way. We're making a strategic decision that we're likely not going to launch a Precise Liquid product that is based on assets, if you will, that we acquired last year. Rather, we are excited about being able to serve the liquid biopsy conference of genomic profiling opportunity through a partnership. So those will be some of the things that we look forward to being able to share with our customers and all of you in the coming quarters. And Scott, please comment on the second question.

史考特，我讓你回答第二個問題，因為它與「Precisely」有關。順便說一句，謝謝你的提問。我們正在做出一項策略決策，我們可能不會推出基於我們去年收購的資產的 Precise Liquid 產品。相反，我們很高興能夠透過合作為基因組分析機會的液體活檢會議提供服務。這些就是我們期待在未來幾季與我們的客戶和大家分享的一些事情。斯科特，請評論一下第二個問題。

Yeah, so in terms of the question around the composition of the LRP, I think what we have communicated in the past was that we thought based on the significant no pay opportunity that we still have, even after all the great progress by our rev cycle and payer markets team, that we thought we would continue to contribute 100 to 200 basis points per year from rev cycle and payer markets initiatives.

是的，關於 LRP 組成的問題，我認為我們過去所傳達的是，我們認為基於我們仍然擁有的重大無薪機會，即使在我們的收入周期和付款人市場團隊取得了巨大進展之後，我們認為我們將繼續每年從收入週期和付款人市場計劃中貢獻 100 到 200 個基點。

Even with the strength that we are seeing this year, and we are very excited about it, particularly when it comes to the progressive position many payers and LBMs also are taking in terms of coverage for expanded carrier screening. Even with that, I don't think we'd be ready yet to move off of that longer term expectation around 100 to 200 basis points.

即使我們看到今年的強勁勢頭，我們對此也感到非常興奮，特別是當談到許多付款人和 LBM 在擴大攜帶者篩選覆蓋範圍方面所採取的進步立場時。即便如此，我認為我們還沒有準備好擺脫 100 到 200 個基點左右的長期預期。

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。

All right. Thanks, Gigi. And this concludes our earnings call. A replay will be available via webcast on our website for one. Thank you again for participating and have a good rest of the afternoon.

好的。謝謝，吉吉。我們的財報電話會議到此結束。我們將透過網站網路直播提供重播。再次感謝您的參與，祝您下午過得愉快。

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。