Neogenomics Inc (NEO) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to the NeoGenomics Third Quarter 2025 Financial Results Call. (Operator Instructions) Please note, this conference is being recorded.

各位早安，歡迎參加NeoGenomics 2025年第三季財務業績電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Priya Vedaraman, Senior Vice President of Finance at NeoGenomics. The floor is yours.

現在我將把會議交給主持人，NeoGenomics 的高級財務副總裁 Priya Vedaraman。現在輪到你發言了。

Thank you, Jenny, and good morning, everyone. Welcome to the NeoGenomics Third Quarter 2025 Financial Results Call. With me today to discuss the results are Tony Zook, Chief Executive Officer; and Jeff Sherman, Chief Financial Officer. Additional members of the management team will be available for the Q&A portion of our call.

謝謝你，珍妮，大家早安。歡迎參加NeoGenomics 2025年第三季財務業績電話會議。今天與我一起討論業績的是執行長托尼·祖克和財務長傑夫·謝爾曼。管理團隊的其他成員將參與電話會議的問答環節。

This call is being simultaneously webcast. For reference, concurrent with today's call, we posted a short slide presentation in the Investor tab on our website at ir.neogenomics.com. During this call, we will make forward-looking statements regarding our future financial and business performance, business strategy, the timing and outcome of reimbursement decisions and financial guidance.

本次通話正在進行網路直播。作為參考，在今天的電話會議期間，我們在公司網站ir.neogenomics.com的「投資者」欄位中發布了一份簡短的幻燈片簡報。在本次電話會議中，我們將就公司未來的財務和業務表現、業務策略、報銷決策的時間和結果以及財務指引做出前瞻性聲明。

We caution you that the actual events or results could differ materially from those expressed or implied by the forward-looking statements. These forward-looking statements made during the call speak only as of the original date of this call, and we undertake no obligation to update or revise any of these statements. Please refer to the information disclosed on the safe harbor statement slide in the deck posted on our website as well as the information under the heading Risk Factors in our most recent Forms 10-K, 10-Q, and 8-K that we filed with the SEC to identify important risks and other factors that may cause our actual results to differ materially from the forward-looking statements. These documents can be found in the Investors section of our website or on the SEC's website.

我們提醒您，實際事件或結果可能與前瞻性聲明中明示或暗示的內容有重大差異。本次電話會議中所做的這些前瞻性陳述僅代表截至本次電話會議當日的觀點，我們不承擔更新或修改任何此類陳述的義務。請參考我們網站上發布的演示文稿中的“安全港聲明”幻燈片所披露的信息，以及我們最近向美國證券交易委員會提交的 10-K 表格、10-Q 表格和 8-K 表格中“風險因素”標題下的信息，以識別可能導致我們的實際結果與前瞻性聲明存在重大差異的重要風險和其他因素。這些文件可以在我們網站的投資者關係部分或美國證券交易委員會的網站上找到。

During this call, we will also refer to certain non-GAAP financial measures that involve adjustments to GAAP results. The non-GAAP financial measures presented should not be considered an alternative to the financial measures required by GAAP, should not be considered measures of liquidity and are unlikely to be comparable to non-GAAP financial measures provided by other companies. Any non-GAAP financial measures referenced on this call are reconciled to the most directly comparable GAAP financial measures in a table available in the press release we issued this morning and in the slide deck available in the Investors section of our website.

在本次電話會議中，我們也將提及一些非GAAP財務指標，這些指標涉及GAAP結果的調整。所列的非公認會計準則財務指標不應被視為公認會計準則所要求的財務指標的替代指標，不應被視為流動性指標，並且不太可能與其他公司提供的非公認會計準則財務指標具有可比性。本次電話會議中提及的任何非GAAP財務指標均已在今天早上發布的新聞稿和我們網站投資者關係部分的幻燈片中以表格形式與最直接可比的GAAP財務指標進行了核對。

I will now turn the call over to Tony.

現在我將把電話交給東尼。

Thanks, Priya. Well, good morning, everyone. Thank you for joining us today. I'll begin with a discussion of Q3 highlights and key business growth drivers before turning the call over to Jeff for a deep dive into the financials. We'll then open the call for your questions.

謝謝你，Priya。大家早安。感謝您今天蒞臨。我將先討論第三季的亮點和關鍵業務成長驅動因素，然後再將電話交給 Jeff，讓他深入分析財務狀況。接下來我們將開放提問環節。

During the third quarter of 2025, we again delivered record clinical volumes and revenues while making meaningful progress advancing our NGS and MRD long-term growth initiatives, including securing a favorable court ruling in our ongoing litigation with Natera that paves the way for a full clinical launch of our RaDaR ST MRD assay. I'll cover these initiatives in more detail shortly.

2025 年第三季度，我們再次實現了創紀錄的臨床量和收入，同時在推進 NGS 和 MRD 長期增長計劃方面取得了實質性進展，包括在與 Natera 的持續訴訟中獲得有利的法院裁決，為 RaDaR ST MRD 檢測的全面臨床推出鋪平了道路。我稍後會更詳細地介紹這些舉措。

Taking a step back, for those who may be new to the story, having spent much of my first two quarters as CEO, engaged in conversations with key stakeholders, I am as optimistic as ever about the significant opportunities that are in front of us as a leader in cancer testing. Importantly, we continue to differentiate ourselves in the community setting with both hospitals and oncologists, where approximately 80% of all cancer care is delivered.

退一步講，對於那些可能不太了解情況的人來說，在我擔任執行長的前兩個季度裡，我花了大量時間與主要利益相關者進行對話，因此，作為癌症檢測領域的領導者，我對我們面前的重大機會仍然保持著一貫的樂觀態度。重要的是，我們在社區環境中，無論是在醫院還是在腫瘤科醫生方面，都繼續保持差異化優勢，因為大約 80% 的癌症治療都是在社區環境中進行的。

We've built a geographically balanced lab network that allows us to be responsive to customer needs, including offering some of the fastest test turnaround times in the industry when faster, more accurate treatment decisions can have a material impact on patient outcomes.

我們建立了一個地理均衡的實驗室網絡，使我們能夠回應客戶的需求，包括提供業界最快的檢測週轉時間，因為更快、更準確的治療決策會對患者的治療結果產生實質的影響。

Our recent acquisition of Pathline, a New York State-approved lab based in New Jersey, gives us a meaningful presence in the Northeast, which is the number 3 cancer care market in the US. We believe the addition of Pathline allows us to offer significantly faster turnaround times, a larger and relevant New York State-approved test menu and an enhanced physician experience in the Northeast region, where we have historically been underpenetrated.

我們最近收購了位於新澤西州、獲得紐約州批准的實驗室 Pathline，這使我們在東北地區擁有了重要的業務，而東北地區是美國第三大癌症治療市場。我們相信，Pathline 的加入使我們能夠在東北地區（我們歷來滲透率較低）提供更快的周轉時間、更廣泛且相關的紐約州批准的測試菜單以及更優質的醫生體驗。

The integration continues to proceed according to the plan that we communicated when we announced the transaction in March, including the validation of critical turnaround time-sensitive assays, which was completed during the third quarter. We remain positive about the impact that the acquisition will have in accelerating our growth in the Northeast, and we're on track to capture operational efficiencies and synergies that we anticipate will be accretive to profitability beginning in 2026.

整合工作正按照我們在 3 月宣布交易時所公佈的計劃繼續進行，包括對關鍵週轉時間敏感的檢測方法的驗證，該驗證工作已在第三季度完成。我們仍然對此次收購在加速我們在東北地區的成長方面所發揮的作用持樂觀態度，並且我們正按計劃推進，以實現營運效率和協同效應，我們預計這將從 2026 年開始增加盈利能力。

Together with our world-class commercial team, we have deep relationships with hospitals, cancer centers, and oncologists across the country. We're winning the customer experience by enabling precision oncology in the community setting, where adoption of next-generation testing has historically lagged behind NCI-designated cancer centers.

我們與世界一流的商業團隊一起，與全國各地的醫院、癌症中心和腫瘤學家建立了深厚的合作關係。我們透過在社區環境中推廣精準腫瘤學來贏得客戶體驗，而社區中下一代檢測技術的普及程度歷來落後於美國國家癌症研究所指定的癌症中心。

Our customers increasingly view us as the partner of choice for all of their testing needs as their patients advance along their cancer care journey. We offer one of the broadest menus in the industry with more than 500 tests focused solely on oncology. Our menu spans everything from diagnostics to next-generation sequencing for therapy selection to MRD for cancer recurrence and monitoring. This makes Neo an ideal partner for institutions and practices who are looking to consolidate send-out testing to simplify operational workflows and improve patient experience.

隨著患者在癌症治療過程中不斷進步，我們的客戶越來越將我們視為滿足其所有檢測需求的最佳合作夥伴。我們提供業界最廣泛的檢測項目之一，超過 500 項檢測專門針對腫瘤學。我們的服務範圍涵蓋從診斷到下一代定序（用於治療選擇），再到 MRD（用於癌症復發和監測）等各個方面。這使得 Neo 成為希望整合外送檢測以簡化操作流程並改善患者體驗的機構和診所的理想合作夥伴。

The therapy selection and MRD markets represent more than $40 billion of addressable market opportunity, both of which are growing rapidly and are relatively underpenetrated. Needless to say, the ongoing investments that we make in R&D as well as the potential BD partnerships are focused on these areas. This is particularly true of MRD, where we think we can create significant value while introducing innovation to the cancer testing market where it's needed most in the community setting.

治療選擇和 MRD 市場代表著超過 400 億美元的潛在市場機會，這兩個市場都在快速成長，但滲透率相對較低。毋庸置疑，我們持續在研發方面的投資以及潛在的業務拓展合作都集中在這些領域。對於 MRD 來說尤其如此，我們認為我們可以在為癌症檢測市場引入創新的同時，創造巨大的價值，而社區環境正是癌症檢測市場最需要創新的地方。

We also remain committed to our next-gen MRD research program, focused on generating IP that is entirely separate and distinct from our RaDaR portfolio. Given our broad menu and strong brand recognition in the community setting, coupled with a competitive MRD test, we believe we will capture market share over time as we add additional indications to this modality.

我們將繼續致力於下一代 MRD 研究計劃，專注於產生與我們的 RaDaR 產品組合完全獨立和不同的智慧財產權。鑑於我們廣泛的菜單和在社區中強大的品牌知名度，再加上具有競爭力的 MRD 檢測，我們相信隨著我們為這種療法增加更多適應症，我們將逐漸獲得市場份額。

While Jeff will provide a detailed review of our financials in a moment, I'd like to hit a few highlights from our third quarter. Our clinical business continued to perform well, driven by volume and share gains in key segments. As expected, nonclinical revenue declined in the quarter due to lower revenue from pharma and biotech customers.

傑夫稍後會詳細回顧我們的財務狀況，在此我想先介紹一下我們第三季的一些亮點。在關鍵細分市場銷售和市場份額成長的推動下，我們的臨床業務持續表現良好。正如預期的那樣，由於製藥和生物技術客戶的收入減少，本季非臨床收入有所下降。

Total revenue for Q3 was $188 million, representing double-digit growth of 12% year-over-year. Our clinical business continued its robust growth, generating revenue growth of 15%, excluding the Pathline acquisition. The clinical performance was driven by effective execution of our commercial strategy: Protect, expand and acquire.

第三季總營收為 1.88 億美元，年增 12%，實現了兩位數的成長。我們的臨床業務持續保持強勁成長，在不計入收購 Pathline 的情況下，營收成長了 15%。臨床表現的取得得益於我們商業策略的有效執行：保護、擴張和收購。

In the third quarter, we again saw a sequential improvement in AUP, a record quarter for test volumes and NGS revenue growth of 24%, well ahead of the low to mid-teens NGS market growth rate. The five NGS products launched in 2023 contributed 24% of clinical revenue in the quarter. We continue to see demand for our non-NGS modalities as well with all modalities growing above market, which represented -- which resulted in record volumes, up 10.4% versus prior year on a same-store basis.

第三季度，AUP再次較上季改善，測試量創歷史新高，NGS營收成長24%，遠超過NGS市場十幾到二十幾的成長率。2023 年推出的五款 NGS 產品貢獻了該季度 24% 的臨床收入。我們繼續看到對非 NGS 模式的需求，所有模式的成長都高於市場水平，這代表著——這導致了創紀錄的銷量，與前一年相比，同店銷量增長了 10.4%。

The nonclinical portion of our business accounted for less than 9% of our total revenue in the third quarter and was down from the prior year, consistent with our expectations.

第三季度，我們業務中非臨床部分的收入佔比不到總收入的 9%，低於上年同期水平，這與我們的預期一致。

Turning now to our RaDaR ST test. In August, the District Court for the Middle District of North Carolina granted our motion for summary judgment that all of Natera's asserted patent claims are invalid for claiming an eligible subject matter. The court dismissed Natera's claims against NeoGenomics with prejudice and entered a declaratory judgment of invalidity of both of Natera's asserted patents. The ruling paves the way for us to broadly commercialize RaDaR ST, formerly RaDaR 1.1.

現在我們來看RaDaR ST測試。8 月，北卡羅來納州中區地方法院批准了我們的簡易判決動議，裁定 Natera 所主張的所有專利權利要求均因未涉及合格主題而無效。法院駁回了 Natera 對 NeoGenomics 的訴訟請求，並作出宣告性判決，宣布 Natera 所主張的兩項專利無效。這項裁決為我們廣泛商業化 RaDaR ST（原名 RaDaR 1.1）鋪平了道路。

We launched RaDaR ST for biopharma customers in Q3. And while some of these efforts could result in bookings in Q4 of '25, the lead times necessary to obtain samples make it more likely that we'll begin recognizing revenue from biopharma customers in 2026. We have received MolDX approval for RaDaR ST in subsets of head and neck and breast cancer. We're preparing for a robust launch of this important assay in the clinical oncology setting in Q1 of 2026.

我們在第三季推出了生物製藥客戶的RaDaR ST。雖然其中一些努力可能會在 2025 年第四季帶來訂單，但獲得樣品所需的提前期使我們更有可能在 2026 年開始確認來自生物製藥客戶的收入。我們已獲得 MolDX 批准，RaDaR ST 可用於治療部分頭頸癌和乳癌患者。我們正在為2026年第一季在臨床腫瘤學領域大力推出這項重要的檢測方法做準備。

We estimate that MRD cancer surveillance and monitoring represents a $30 billion addressable market, growing at a 30% CAGR. And with the market penetration of less than 10%, we believe we are well positioned as the cancer testing partner of choice in the community setting to capitalize on this lucrative market and deliver a differentiated and integrated MRD solution to our oncology customers.

我們估計 MRD 癌症監測和監測代表 300 億美元的潛在市場，年複合成長率達 30%。由於市場滲透率不到 10%，我們相信我們已做好充分準備，成為社區環境中首選的癌症檢測合作夥伴，從​​而利用這個利潤豐厚的市場，並為我們的腫瘤客戶提供差異化和一體化的 MRD 解決方案。

In parallel with our RaDaR ST launch preparedness activities, we continue to focus our R&D investments in next-generation MRD, demonstrating our long-term commitment to the MRD space as well as complementary targeted partnerships that allow us to fill in MRD product gaps that we don't currently address in an effort to deliver a unique industry-leading MRD portfolio to the market.

在進行 RaDaR ST 發射準備活動的同時，我們繼續將研發投資重點放在下一代 MRD 上，這表明我們對 MRD 領域的長期承諾，以及互補的、有針對性的合作夥伴關係，使我們能夠填補目前尚未解決的 MRD 產品空白，努力為市場提供獨特的行業領先的 MRD 產品組合。

Now turning to PanTracer LBx, our liquid biopsy genomic profiling test that delivers comprehensive clinically actionable insights from a simple blood draw. PanTracer LBx is a noninvasive blood-based test that analyzes circulating tumor DNA to identify key genomic alterations that inform treatment decisions in patients with advanced stage solid tumors.

現在讓我們來看看 PanTracer LBx，這是一款液體活檢基因組分析測試，只需簡單的抽血即可提供全面的、具有臨床操作性的見解。PanTracer LBx 是一種非侵入性的血液檢測，它分析循環腫瘤 DNA，以識別關鍵的基因組改變，從而為晚期實體瘤患者的治療決策提供資訊。

PanTracer LBx, together with our PanTracer tissue test, form a comprehensive portfolio, capable of delivering a holistic genomic picture of the patient in support of therapy selection. With an average turnaround time of just seven days, PanTracer LBx empowers real-time decision-making.

PanTracer LBx 與我們的 PanTracer 組織檢測一起構成了一個全面的產品組合，能夠提供患者的整體基因組圖景，以支持治療選擇。PanTracer LBx 的平均週轉時間僅為 7 天，可實現即時決策。

Recall that last quarter, we elected to delay the commercial launch of PanTracer LBx so that we could incorporate learnings from our evaluation assessment program to improve the product profile. In preparation for a full clinical launch, we allowed select physicians to use the assay on a limited basis ahead of commercial availability. The EAP, which was very well subscribed and help us further enhance the assay clinically and optimize the launch by testing and identifying the opportunities to streamline logistics, reporting, and customer support.

回想一下，上個季度，我們決定推遲 PanTracer LBx 的商業發布，以便我們能夠將評估計劃中的經驗教訓融入產品特性中，從而改進產品特性。為了準備全面進行臨床應用，我們在商業化應用之前，允許部分醫生在有限範圍內使用此檢測方法。EAP 獲得了非常熱烈的回應，幫助我們進一步在臨床上改進檢測方法，並透過測試和發現簡化物流、報告和客戶支援的機會來優化產品上市。

With the benefit of valuable lessons we garnered from our EAP, we launched the product in late July, three months later than expected. Based on the interest we're seeing, I believe the delay allowed us to introduce a better product, which will further support the strong NGS volumes we are capturing this year and position us well for continued growth in 2026. We continue to work with MolDx on our PanTracer LBx submission, and we'll provide additional updates as they become available.

由於我們從員工援助計劃 (EAP) 中汲取的寶貴經驗，我們在 7 月下旬推出了該產品，比預期晚了三個月。根據我們看到的市場興趣，我相信這次延期讓我們能夠推出更好的產品，這將進一步支持我們今年取得的強勁的 NGS 銷量，並為我們在 2026 年的持續增長奠定良好的基礎。我們將繼續與 MolDx 合作推進 PanTracer LBx 的提交工作，如有新的進展，我們將及時更新。

As it pertains to our full year 2025 guidance, based on the strength in our clinical business and expected performance in our nonclinical business that I just reviewed, we are reiterating the revised guidance for consolidated revenue, adjusted EBITDA, and net loss that we provided last quarter.

關於我們 2025 年全年業績指引，基於我們臨床業務的強勁表現以及我剛才回顧的非臨床業務的預期業績，我們重申上個季度提供的合併收入、調整後 EBITDA 和淨虧損的修訂指引。

I'm incredibly optimistic about our future, particularly as we continue to innovate in the large and rapidly growing NGS and MRD markets and further leverage our leading presence in the community setting, where as much as 80% of cancer care is delivered to patients.

我對我們的未來充滿信心，尤其是在我們繼續在龐大且快速成長的 NGS 和 MRD 市場進行創新，並進一步利用我們在社區環境中的領先地位的情況下，因為高達 80% 的癌症治療都是在社區環境中為患者提供的。

And with that, I'll hand it over to Jeff to further discuss our results from the quarter.

接下來，我將把發言權交給傑夫，讓他進一步討論我們本季的表現。

Thanks, Tony, and good morning. Third quarter total revenue grew sequentially by 4% from Q2 and increased by 12% over prior year to $188 million. Total clinical revenue continued with strong double-digit growth and increased by 18% from prior year. This strong clinical growth was partially offset by nonclinical revenue climbing by 27% versus the prior year, driven by weakness in the pharma revenue Tony spoke about.

謝謝你，托尼，早安。第三季總營收季增 4%，年增 12%，達到 1.88 億美元。臨床總收入持續保持強勁的兩位數成長，比上年增長了 18%。強勁的臨床成長被非臨床收入較上年增長 27% 的部分抵消，這主要是由於 Tony 提到的製藥收入疲軟所致。

Adjusted gross profit improved by $5.2 million or 7% over prior year. Adjusted EBITDA was $12.2 million, the ninth consecutive quarter of positive earnings. Clinical volumes and revenues continued with robust growth in the quarter. Total test volumes increased by 15% in the third quarter with AUP growth of 3%. Same-store revenue without contribution from Pathline was $167 million, representing growth of 15%, driven by a 10% increase in test volumes and a 4% increase in AUP.

經調整後的毛利比去年同期成長了520萬美元，增幅為7%。調整後 EBITDA 為 1,220 萬美元，連續第九個季度實現盈利。本季度臨床業務量和收入持續保持強勁成長。第三季總檢測量增加了 15%，平均單次偵測量增加了 3%。不計 Pathline 的貢獻，同店營收為 1.67 億美元，成長 15%，這主要得益於偵測量成長 10% 和 AUP 成長 4%。

We are continuing to see strength across our portfolio with above-market growth rates across the modalities we offer. NGS revenues grew by 24% over prior year in the quarter and accounted for 33% of total clinical revenue. Year-to-date NGS revenues grew by 22% over prior year.

我們持續看到產品組合的強勁表現，我們提供的各種治療方式的成長率均高於市場平均。本季 NGS 營收比上年同期成長 24%，佔臨床總營收的 33%。今年迄今為止，NGS 的收入比上年增長了 22%。

Average revenue per clinical test increased sequentially from Q2 by $15 or 3% and was up by 3% from prior year. Excluding Pathline, AUP increased by $17 or 4% from Q2 and was also up 4% over prior year. A larger percentage of higher-value tests, including NGS as well as recent managed care pricing increases are helping to drive higher AUP.

每次臨床測試的平均收入比第二季度環比增長 15 美元，增幅為 3%，比上年同期增長 3%。剔除 Pathline 後，AUP 較第二季成長 17 美元，增幅 4%，較上年同期成長 4%。高價值檢測（包括 NGS）比例的增加以及近期醫療管理定價的上漲，都有助於推高 AUP。

Total operating expenses in the quarter were $107 million, an increase of $11 million or 12%. We recorded an additional $7 million in impairment charges related to the planned sale of Trapelo with the balance of the cost increase due to higher compensation costs driven by the expansion of the commercial sales team.

本季總營運支出為 1.07 億美元，增加了 1,100 萬美元，增幅為 12%。我們提列了與計劃出售 Trapelo 相關的 700 萬美元減損費用，其餘成本增加是由於商業銷售團隊擴張導致薪酬成本上升所致。

Cash flow from operations was a positive $9 million in the quarter, and we ended the quarter with total cash of $164 million, up slightly from Q2. Our balance sheet and expected cash flow will enable us to continue to invest in our business to drive organic growth, increase operating efficiencies, and fund future business development opportunities, including licensing and partnerships.

本季經營活動產生的現金流為正 900 萬美元，季末現金總額為 1.64 億美元，比第二季略有成長。我們的資產負債表和預期現金流將使我們能夠繼續投資於我們的業務，以推動內生成長，提高營運效率，並為未來的業務發展機會（包括許可和合作）提供資金。

We continue to see traction from the investments we have made to expand and enhance our commercial organization with our strong test volume growth. The LIMS project remains on track, and we expect to deliver operating efficiencies in 2026 and 2027 through the consolidation of multiple LIMS systems and reduction in redundant operating costs as well as streamlining our lab operations. We remain committed to driving long-term shareholder value through targeted investments in the business and improved operational execution.

我們不斷看到投資帶來的成效，這些投資旨在擴大和加強我們的商業組織，而我們強勁的測試量成長也印證了這一點。LIMS 專案仍在按計劃進行，我們預計在 2026 年和 2027 年透過整合多個 LIMS 系統、減少冗餘營運成本以及簡化實驗室運營，實現營運效率的提升。我們將繼續致力於透過對業務的定向投資和改進營運執行，為股東創造長期價值。

As Tony noted, we are reiterating our full year guidance that we updated in the second quarter. We expect full year consolidated revenue will be in the range of $720 million to $726 million, representing growth of 9% to 10% over full year 2024. We anticipate adjusted EBITDA to be in the range of $41 million to $44 million, representing growth of 3% to 10%. And we expect full year net loss to be in the range of $116 million to $108 million, representing an increase of 37% to 47% as compared to our full year 2024 net loss of $79 million. We will release our 2026 guidance when we report our full 2025 full year earnings in February 2026.

正如托尼所指出的，我們重申了我們在第二季度更新的全年業績預期。我們預計全年合併收入將在 7.2 億美元至 7.26 億美元之間，比 2024 年全年增長 9% 至 10%。我們預計調整後的 EBITDA 將在 4,100 萬美元至 4,400 萬美元之間，成長 3% 至 10%。我們預計全年淨虧損將在 1.16 億美元至 1.08 億美元之間，與 2024 年全年淨虧損 7,900 萬美元相比，將成長 37% 至 47%。我們將於 2026 年 2 月公佈 2025 年全年獲利報告時，同時發布 2026 年業績指引。

With that, I'll turn the call back to Tony.

這樣，我就把電話轉回給托尼了。

Thanks, Jeff. To recap, during the third quarter, we again delivered strong clinical volumes and revenue while advancing NGS and MRD initiatives that we believe will contribute to accelerating growth in 2026 and beyond. We believe our unwavering focus on delivering a superior customer experience in the community setting is resonating in the marketplace. And as we continue to expand our menu of tests, community oncologists and pathologists will continue to view us as a partner of choice for their cancer testing and send-out consolidation needs. We remain committed to innovation and operational excellence, which we believe will drive sustainable and profitable growth for our company and improve outcomes for patients.

謝謝你，傑夫。綜上所述，在第三季度，我們再次實現了強勁的臨床業務量和收入，同時推進了 NGS 和 MRD 項目，我們相信這將有助於在 2026 年及以後加速成長。我們相信，我們始終致力於在社區環境中提供卓越的客戶體驗，這種做法正在市場上引起共鳴。隨著我們不斷擴大檢測項目範圍，社區腫瘤學家和病理學家將繼續將我們視為癌症檢測和外送整合需求的首選合作夥伴。我們將繼續致力於創新和卓越運營，我們相信這將推動公司實現可持續的獲利成長，並改善患者的治療效果。

Thank you for your continued interest in NeoGenomics. Operator, this concludes our prepared remarks, so please open the line for questions.

感謝您一直以來對NeoGenomics的關注。接線員，我們的演講到此結束，請開放提問通道。

Thank you very much. At this time, we will be conducting a question-and-answer session. (Operator Instructions)

非常感謝。屆時我們將進行問答環節。（操作說明）

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

Thank you very much. Congrats on a strong quarter, particularly with that clinical revenue growth. So how do you feel -- I'm going to start with Jeff. How comfortable do you feel with the guidance? And can you remind us what's the latest on PanTracer liquid? Is there any chance you could see some revenue from it this year? And I just want to confirm that, that was removed from the guidance, so if we do get revenue from it this year, it would be upside to your estimates.

非常感謝。恭喜公司本季業績強勁，尤其是臨床收入成長方面。那麼，你們感覺如何？我先從傑夫開始。你對這種指導方式有何感覺？您能提醒我們一下 PanTracer 液體的最新進展嗎？今年有可能從中獲得一些利益嗎？我只想確認一下，這部分已經從預期中移除，所以如果我們今年確實從中獲得收入，那將超出你們的預期。

Yes. Thanks, Dave. So we gave thoughtful guidance for the year in Q2. We believe we had a good third quarter and believe we're in a good position to meet Q4 expectations. In terms of liquid, Tony was pretty clear that last quarter, that we did not need approval for liquid biopsy from MolDX to hit our guide, and that is still the case as we look at our performance now in the fourth quarter.

是的。謝謝你，戴夫。因此，我們在第二季度給出了深思熟慮的年度指導。我們認為第三季業績良好，並相信我們有能力達到第四季的預期目標。就液體活檢而言，Tony 在上個季度已經非常明確地表示，我們不需要 MolDX 的液體活檢批准就能達到我們的目標，而從我們目前第四季的業績來看，情況仍然如此。

Gotcha. And now I know you're not giving '26, but you gave a lot of good commentary on MRD and you hinted that you will be a contributor to revenue in '26. Can you give us a sense for when you expect certain reimbursements? I mean I know there's some competitive stuff you want to be a little bit careful with. But just in the sense of the magnitude and timing of some of those, what you're going to get in MRD?

明白了。我知道你不會在 2026 年捐款，但你對 MRD 發表了很多很好的評論，並暗示你將在 2026 年為收入做出貢獻。您能否大致告知我們預計何時收到部分款項？我知道有些競爭方面的事情需要謹慎對待。但就其中一些事件的規模和時間而言，MRD 能帶來什麼呢？

And then can you give us a sense on how much commercial muscle you'll put behind these launches? And just as a reminder, I mean, I think with breast, you have a lot of expansion indications. Do you think could you get expansion in that indication this year, so -- next year? And again, congrats, and I'll hop off after this.

那麼，您能否大致透露一下，您將在這些產品發表會上投入多少商業資源？再次提醒一下，我的意思是，我認為對於乳房來說，有很多擴張的跡象。你認為今年（或明年）這個指標有可能成長嗎？再次恭喜，我這就下線。

Thank you.

謝謝。

Thanks, David. It's Tony. I'll take a crack at a couple of these, and then certainly, I can look to Warren to add a little bit more color as well. First, on '26, as you appropriately say, we'll talk '26 in 2026, but I will give you a sense of what we see as some of the growth drivers that we anticipate for 2026. And then I will pull that back to your conversation around liquid biopsy and RaDaR ST.

謝謝你，大衛。是托尼。我會嘗試畫其中幾幅，當然，我也可以請沃倫幫忙增添一些色彩。首先，關於“26”，正如您所說，我們將在 2026 年討論“26”，但我會先向您介紹我們認為 2026 年的一些增長驅動因素。然後我會把話題拉回你之前關於液體活檢和RaDaR ST的談話中。

So at the highest level, you should expect the growth drivers for '26 to be in large part, quite similar to what we had in 2025. We expect our ongoing strong clinical performance relative to volumes to continue. And so that will certainly be a growth driver for us. We expect ongoing NGS growth rate. As Jeff commented in his remarks, we had 24% growth in revenue in NGS, and that without the full ability of PanTracer LBx included within that mix. And so we have every expectation that NGS will continue to be a growth driver for us.

因此，從最高層面來看，2026 年的成長驅動因素在很大程度上將與 2025 年的成長驅動因素非常相似。我們預計目前相對於銷售而言強勁的臨床表現將持續維持。因此，這無疑將成為我們成長的驅動力。我們預計NGS將保持持續成長。正如 Jeff 在演講中提到的，NGS 的收入成長了 24%，而且這還不包括 PanTracer LBx 的全部功能。因此，我們完全有理由相信，NGS 將繼續成為我們成長的驅動力。

As you rightfully mentioned, PanTracer LBx combined with the PanTracer family, we believe, will be drivers moving forward. I can't really speculate as to the timing of LBx reimbursement. But nonetheless, we see early signs of a positive uptake for the product. And we believe once reimbursement is secured, that will be a growth driver for us. We'll see revenue build through the course of the year with obviously more of that becoming evident in the second half.

正如您所言，我們相信 PanTracer LBx 與 PanTracer 系列產品相結合，將成為未來發展的動力。我無法預測 LBx 報銷的具體時間。但儘管如此，我們已經看到該產品受到市場積極接受的初步跡象。我們相信，一旦報銷問題得到解決，這將成為我們成長的驅動力。我們將看到收入在年內逐步成長，下半年成長動能會更加明顯。

The sales force that you mentioned, we are beginning to see the full benefit of now the sales force expansion efforts that we have put in place, and we expect that to be a continued driver for us. And then on the RaDaR ST front, we've already launched RaDaR ST in the pharma sector. We're having good early conversations with that. As you might expect, the lead times on that book of business takes considerably longer. So we would expect kind of a slow revenue build in 2026 and most of that revenue becoming evident in the back half of 2026.

您提到的銷售團隊，我們現在開始看到我們實施的銷售團隊擴張措施的全部效益，我們預計這將繼續成為我們發展的動力。在 RaDaR ST 方面，我們已經在製藥領域推出了 RaDaR ST。我們與相關方進行了良好的初步溝通。正如你所預料的那樣，這部分業務的交付週期要長得多。因此，我們預期 2026 年營收成長速度會比較緩慢，而且大部分收入將在 2026 年下半年顯現出來。

And with MolDX approval with the current indications, we expect a full launch of RaDaR ST in the clinical setting in Q1. That will also be a build for us through the course of the year. And of course, there's still Pathline in our RCM initiatives. And so we still see a healthy list of growth drivers for us in '26.

隨著 MolDX 批准其目前的適應症，我們預計 RaDaR ST 將在第一季全面進入臨床應用。這也將成為我們今年需要努力的方向。當然，我們的RCM計劃中仍然包含Pathline。因此，我們仍然看到 2026 年有很多健康的成長動力。

And relative to sales force, I think Warren and Beth Eastland and their teams have done a phenomenal job at onboarding the existing representatives that we have. I will tell you that we still believe that that is the right size for the indication mix that we have. But as we continue to invest and we will invest in new indication flow, you should probably believe that we will be looking at options to upsize that sales force as it is under-indexed, especially in the oncology side of our sales force. But we don't anticipate that coming on too early.

至於銷售團隊方面，我認為 Warren 和 Beth Eastland 以及他們的團隊在現有銷售代表的入職培訓方面做得非常出色。我可以告訴你們，我們仍然認為，對於我們現有的適應症組合來說，這個規模是合適的。但隨著我們繼續投資，並且我們將投資於新的適應症領域，您應該相信，我們將考慮擴大銷售團隊規模，因為我們的銷售團隊規模較小，尤其是在腫瘤領域的銷售團隊。但我們預計這種情況不會來得太早。

That will be, again, a build probably more in the latter half, indicative of the new indications that we will be submitting and when they might come online, which will be more than likely second half. So that's kind of a high level of the drivers. And again, we'll get more detail on these things in '26 when we talk around February time. Okay, Dave?

這又將是一個可能在下半年進行的構建，表明我們將提交的新指標以及它們何時上線，這很可能是在下半年。所以這算是駕駛員的較高水準了。關於這些事情，我們將在 2026 年 2 月左右討論時獲得更多細節。好的，戴夫？

Thank you. That was a ton of detail, so thanks.

謝謝。細節非常多，謝謝。

Andrew Brackmann, William Blair.

安德魯·布拉克曼，威廉·布萊爾。

Great. Hi guys, good morning. Thanks for taking the question. Maybe on the NGS side of things, so the growth rates here imply that you're obviously taking share or growing the market or some combination of both. Can you maybe just sort of talk to us about where you're seeing the most win on the customer side of things? What types of accounts where you're winning? And then also on the product side, what products are you leading with? Where you're able to sort of capture share and begin to capture some share there?

偉大的。大家好，早安。感謝您回答這個問題。或許在 NGS 這邊是這樣，所以這裡的成長率表明，你顯然是在搶佔市場份額或擴大市場，或者兩者兼而有之。您能否跟我們談談，在客戶方面，您認為哪些方面取得了最大的成功？你在哪些類型的帳戶中獲利？那麼在產品方面，你們的主打產品是什麼呢？在哪裡你可以設法獲取市場份額，並開始在那裡獲取一些份額？

Thanks.

謝謝。

Yes. Thanks, Andrew. Certainly, as you said, the growth rate of 24% implies a pretty meaningful share capture. Most of that business in quarter three was coming out of the community setting and largely from the oncology practice. Certainly, we still see opportunity within the community hospital setting. But as we onboard new practices, bring on new oncology ordering physicians and we see repeat order rates, we're seeing a compounding effect. So largely coming from that community oncology setting.

是的。謝謝你，安德魯。當然，正如你所說，24% 的成長率意味著相當可觀的市佔率成長。第三季的大部分業務都來自社區，而且主要來自腫瘤科。當然，我們仍然看到社區醫院領域的機會。但是，隨著我們引入新的診療實踐，引入新的腫瘤科醫囑醫生，並且我們看到重複醫囑率，我們看到了一種疊加效應。所以，這主要源自於社區腫瘤科的工作環境。

In terms of focus areas, certainly, the PanTracer Family has been a core focus for us. We've launched liquid, as we've mentioned, but at the same time, we've introduced the PanTracer family, which includes PanTracer Tissue, PanTracer Tissue plus HRD and obviously, PanTracer Liquid, which is our solution for therapy selection on the solid tumor side, and we're seeing really strong growth within that category as we make that a priority. But we're certainly not losing sight of sort of what got us here, which is our heme NGS portfolio, and that continues to grow very effectively as well. But there's a subset of five to seven products, which are ultimately our key focus area from a therapy selection perspective, and all of them are seeing attractive growth.

就重點領域而言，PanTracer 系列產品無疑是我們的核心重點。正如我們之前提到的，我們已經推出了液體產品，但同時，我們也推出了 PanTracer 系列產品，其中包括 PanTracer Tissue、PanTracer Tissue plus HRD 以及 PanTracer Liquid，這是我們針對實體瘤治療選擇的解決方案，隨著我們將其作為優先事項，我們看到該類別實現了非常強勁的增長。但我們當然不會忘記是什麼讓我們走到今天，那就是我們的血紅素NGS產品組合，而且它也在持續有效地成長。但其中有五到七種產品，從治療選擇的角度來看，最終是我們重點關注的領域，而所有這些產品都呈現出令人矚目的成長動能。

And then just from a potential expand and acquire perspective, from an acquirer, new oncologists coming on board, we're seeing a good lift from recently brought on oncologists. In 2025, we track that closely, and we're seeing reorder rates and higher penetration amongst that. So we are seeing success in the acquire aspect of our strategy as well.

然後，從潛在的擴張和收購角度來看，作為收購方，新加入的腫瘤科醫生帶來了良好的業績提升。2025 年，我們將密切關注這一趨勢，並發現其中的再訂購率和滲透率將會提高。因此，我們在策略的收購方面也取得了成功。

I guess, Andrew, the last tap-off point, I think Warren was just hitting on it towards the end. NGS just strategic for us, is extremely important that we continue that penetration into the therapy selection markets. As Warren highlighted, the top five products now represent almost one-fourth of our clinical revenue and NGS in totality is almost 1/3 of our total clinical revenue. And so it aids us in AUP and a whole lot of other areas. And so it's going to be a continued point of emphasis for us moving forward. So thanks for the call.

我想，安德魯，最後一個擊球點，我覺得沃倫在最後階段才擊中它。NGS 對我們來說具有戰略意義，我們繼續滲透到治療選擇市場至關重要。正如沃倫所強調的，目前排名前五的產品占我們臨床收入的近四分之一，而 NGS 整體上占我們臨床總收入的近三分之一。因此，它對我們進行AUP以及其他許多領域的工作都很有幫助。因此，這將是我們未來持續關注的重點。謝謝你的來電。

Great thanks. And then if I could follow-up, just as one other question here. On the LIMS rollout, and I also think that you're integrating with Epic in some accounts. Obviously, those are multiyear processes to roll out here. But anything you can maybe share with respect to benefits that we should start to see from these initiatives into 2026, just in practical terms, what does this do for your business? Thanks.

非常感謝。然後，如果可以的話，我還想問最後一個問題。關於 LIMS 的推廣，我認為你們也在某些帳戶中與 Epic 進行了整合。顯然，這些都是需要多年才能在這裡實施的過程。但就這些措施在 2026 年可能帶來的益處而言，您能否分享一些實際的好處？例如，這些舉措對您的業務有什麼實際意義？謝謝。

Yes. Warren and I will tag team on that one, Andrew. I would say, first, from an organizational perspective, you're going to hear me speak quite a bit about ongoing need for simplification across the organization. I think that the model that we have today with multiple locations and, unfortunately, multiple LIMS systems, it works against us in that regard.

是的。安德魯，華倫和我將會聯手完成這件事。首先，從組織的角度來看，我會多次談到整個組織持續簡化流程的必要性。我認為我們目前採用的多地點、多套 LIMS 系統的模式，在這方面對我們不利。

And so moving towards a common LIMS program, it aids certainly within the organization, not just the lab team, where they'll be able to be able to see where a particular testing at any given time along the continuum. Organizationally, as you say, we can retire 8 LIMS systems that were in place prior to that. So there's certainly a cost benefit. And then across other parts of the organization as well because in order to kind of offset the complication of multiple LIMS systems, we do a lot of things in other organizations that require a bit of a heavy lift that I think the LIMS system provide some efficiencies for as well.

因此，朝著通用 LIMS 程序邁進，肯定有助於組織內部的工作，而不僅僅是實驗室團隊，他們能夠看到特定測試在整個過程中的任何給定時間點的位置。正如您所說，從組織層級來說，我們可以淘汰先前使用的 8 個 LIMS 系統。所以肯定是有成本效益的。而且在組織的其他部門也是如此，因為為了抵消多個 LIMS 系統帶來的複雜性，我們在其他組織中做了很多需要大量工作才能完成的事情，我認為 LIMS 系統也能提高這些工作的效率。

And so I think the early view is we should start to see some of these efficiencies coming through in the latter part of '26 and the later -- the better benefit being more evident in '27 and '28 and beyond. But it is just one step of many relative to simplification that we think could help us from a contribution perspective. And now Warren to give a little added color.

因此，我認為初步看來，我們應該會在 2026 年下半年開始看到這些效率的提升，而更好的效益會在 2027 年、2028 年及以後更加明顯。但就簡化流程而言，這只是我們認為能夠幫助我們做出貢獻的眾多步驟之一。現在，沃倫來補充一些細節。

Yes. So let me start with the Epic, Andrew. So first of all, I will start by saying we have over 340 interfaces in place already today. Some of them with Epic already, but we're establishing the Epic Aura solution, and that will go live towards the end of this year, and we'll see fairly rapid customer onboarding in early part of 2026 and beyond.

是的。那麼，就讓我先從史詩級作品開始吧，安德魯。首先，我要說的是，我們目前已經建立了超過 340 個介面。其中一些客戶已經與 Epic 合作，但我們正在建立 Epic Aura 解決方案，該方案將於今年年底上線，我們將在 2026 年初及以後看到客戶快速加入。

So excited about the acceleration nature that the Epic Aura solution will bring to us. And we've seen very strong sort of revenue growth and ongoing adoption when we put interfaces in place in general, and we believe it will be the same with Epic Aura. So certainly, that's a key strategy for us moving forward and enables growth and stickiness.

Epic Aura解決方案將為我們帶來巨大的加速，我們對此感到非常興奮。我們看到，當我們部署介面時，營收成長非常強勁，用戶採納率也持續上升，我們相信 Epic Aura 也會如此。所以，這無疑是我們未來發展的關鍵策略，能夠促進成長並提高用戶黏性。

Coming back to the LIMS side of things, as Tony said, I think a strategy to simplify, we have sort of five key priorities, operational simplification, and margin expansion, one of which is being LIMS. I'll touch on two of the benefits that I anticipate us seeing value in 2026.

回到 LIMS 這方面，正如 Tony 所說，我認為簡化策略，我們有五個關鍵優先事項，營運簡化和利潤擴大，其中之一就是 LIMS。我將談談我預計在 2026 年我們將看到價值的兩個好處。

The first one is our ability to be able to proactively equip physicians, ordering physicians and practices to understand sort of test status and more particularly the ability to do add-ons, et cetera, that they can do themselves versus having to come to customer service. So just ultimately creating a more seamless experience for the ordering physician or the practice, so to speak. That's one area.

首先，我們有能力主動幫助醫生、開單醫生和診所了解各種測試狀態，尤其是能夠自行完成附加項目等操作，而無需聯繫客戶服務。所以，歸根究底，就是要為開單醫生或診所創造更順暢的體驗。這是其中一個面向。

The second one is the LIMS system we're putting in place has sort of AI integrated into it, and it will allow us to identify areas of, I'm going to call it, leakage, productivity leakage within our workflows, and we can identify this and obviously look to streamline the workflow to iron out those areas that sort of lack or have opportunity for productivity. So it really is going to deliver insights to our workflow that we don't have today that will allow for further productivity.

第二點是，我們正在部署的 LIMS 系統整合了人工智慧，它能夠幫助我們識別工作流程中的「漏洞」（我稱之為生產力漏洞），我們可以識別這些漏洞，並著手簡化工作流程，以消除那些缺乏生產力或有提升空間的領域。因此，它確實會為我們的工作流程帶來我們目前所不具備的見解，從而提高生產力。

Great, that's all great color. Thank you.

太棒了，顏色真漂亮。謝謝。

Mason Carrico,Stephens.

梅森·卡里科，史蒂芬斯。

Hey guys, thanks for taking the questions here. On your NGS business, you've called out share gains. You guys often quote NGS revenue growth. But I was curious if you'd be willing to give us a bit of insight into how NGS volume growth has trended, just to give us a better view on gains. So when we look at NGS revenue growth, 24% this quarter, I think 23% last quarter. How much has been driven by volume versus ASP? Because I assume you guys are benefiting from ASP to some degree as coverage expands for those assays.

大家好，感謝你們回答這些問題。在您的 NGS 業務中，您提到了市場佔有率的成長。你們經常引用NGS的營收成長數據。但我很好奇您是否願意向我們介紹 NGS 交易量成長的趨勢，以便我們更了解收益狀況。所以，當我們看一下 NGS 的營收成長時，本季為 24%，我認為上季為 23%。銷量和平均售價分別對市場影響有多大？因為我假設隨著這些檢測項目的覆蓋範圍擴大，你們在某種程度上會從 ASP 中受益。

Yes. We haven't disclosed the volume per se, but I would say it is more volume driven. There is some AUP growth, but it's more volume-driven than AUP growth. And I think as we're continuing to see penetration there and getting the ability to be -- access our strong commercial channel, I think that's where we're seeing that volume uptick. I think bringing on the liquid, we're actually seeing good uptick between the two of them as well, liquid and solid. And so I think we're well positioned to continue to get those gains.

是的。我們沒有透露具體的成交量，但我認為成交量是主要驅動因素。AUP（平均單價）有所增長，但這種增長更多是由交易量驅動的，而不是 AUP 的增長。我認為，隨著我們不斷看到市場滲透率的提高，並且能夠進入我們強大的商業管道，我認為這就是我們看到銷售成長的原因。我認為隨著液體的加入，我們實際上也看到了液體和固體之間的良好增長。所以我認為我們有能力繼續取得這些進展。

Got it. Thanks. That's helpful. And when you think about revitalizing growth within your pharma business, could you just talk about how much of that is in your control versus how much relies on a snapback in spend across the broader sector? I guess what do you view as kind of the key internal initiatives that you'll need to execute on to reaccelerate growth in that segment?

知道了。謝謝。那很有幫助。當您考慮如何重振製藥業務的成長時，能否談談其中有多少是您可以控制的，又有多少取決於整個行業支出的快速回升？我想問，您認為為了重新加速該領域的成長，需要執行哪些關鍵的內部措施？

Yes. Mason, I'll take a crack and then Warren again could add additional detail. I would say that for us, a big part of the opportunity lies in the portfolio and bringing that portfolio forward. And so we have now the opportunity to represent products like Paletrra. We have RaDaR ST now available to us within the Pharma segment and of course, the liquid biopsy and PanTracer family. It affords us opportunities to have conversations and get a little bit more relevant in those conversations as well.

是的。梅森，我先試一試，然後沃倫可以再補充細節。我認為，對我們來說，機會很大一部分在於投資組合以及如何推動該投資組合的發展。因此，我們現在有機會代理像Paletrra這樣的產品。我們現在可以在製藥領域使用 RaDaR ST，當然還有液體活檢和 PanTracer 系列產品。它為我們提供了進行對話的機會，也讓我們能夠在這些對話中更加投入。

As I said to you before, I think a lot of those conversations are generating interest, but because of the lag times, I would still expect that some of the challenges that we see in our business in '25 will continue into 2026. And so we see a return to growth opportunity in '27 and anything that would lead that to happen a bit faster would represent upside.

正如我之前跟你說過的那樣，我認為許多這類對話都引起了人們的興趣，但由於存在滯後時間，我仍然預計我們在 2025 年業務中看到的一些挑戰將延續到 2026 年。因此，我們看到 2027 年將迎來成長機遇，任何能加速這一進程的因素都將帶來上漲空間。

As far as things in our control, there are things still in our control, and that's a heavy focus on execution excellence, and we have onboarded a leadership team that is taking the bull by the horns. And I think that part is very much in our control to drive the right conversations with the right customers. And that, I think, is something that we acknowledge that we had to improve upon. I'm pleased to see that that action is taking root across the organization. With that, I'll turn to Warren to add any other color.

就我們可控的方面而言，有些事情仍然在我們掌控之中，那就是高度重視執行力，而我們已經組建了一支敢於擔當的領導團隊。我認為，我們可以很好地掌控這部分，與合適的客戶展開正確的對話。我認為，這是我們承認需要改進的地方。我很高興看到這項措施正在整個組織內生根發芽。接下來，我會請沃倫添加其他顏色。

I think, Tony hit most of the high points. I'd say that certainly, we're preparing our execution so that we can offer an attractive value proposition to our target customers in the biopharma space. Certainly, the inclusion of RaDaR has made us a significantly more attractive partner, which is enabling access for us to focus on both RaDaR, but other sort of high-value products, NGS, Paletrra, et cetera.

我認為托尼已經提到了大部分要點。我可以肯定地說，我們正在為執行做好準備，以便能夠為我們在生物製藥領域的目標客戶提供有吸引力的價值主張。當然，RaDaR 的加入使我們成為更具吸引力的合作夥伴，這使我們能夠專注於 RaDaR，以及其他類型的高價值產品，如 NGS、Paletrra 等。

So we're certainly gearing our commercial organization around that focus, coupled with underpinning that with a sound customer experience, which is, again, a key buying driver for pharma sponsors. From a market perspective, certainly, we're going to continue to work to execute effectively. As the market rebounds, we feel that there will be a compounding effect in the recovery of the business.

因此，我們肯定會圍繞這一重點來調整我們的商業組織，並以良好的客戶體驗作為支撐，而客戶體驗又是製藥贊助商的關鍵購買驅動因素。從市場角度來看，我們當然會繼續努力，有效率地執行。隨著市場反彈，我們認為業務復甦將產生疊加效應。

But this is a long sales cycle product area. And so just to reiterate what Tony said last quarter, we expect pharma to be soft in Q4 as well as throughout 2026 as well.

但這是一個銷售週期很長的產品領域。因此，正如托尼上個季度所說，我們預計醫藥行業在第四季度以及整個 2026 年都將保持疲軟。

Got it. That makes sense. Thank you.

知道了。這很有道理。謝謝。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Hey, this is Tom on for for Dan. Thanks for taking the question here. Congrats on the quarter. Just a question now on what is driving the acceleration in your base clinical business? It looks like it's ticked up on a volumes basis this year versus prior years. The base clinical -- the non-NGS business. What is driving that? Is that better bundling? Is that better turnaround times to your point? This is a business that everyone thought would be kind of cannibalized quite aggressively by NGS. So I just want to understand how you're driving that growth and how sustainable that acceleration kind of could be going forward?

嘿，我是湯姆，替丹來。感謝您接受這個問題。恭喜你本季取得佳績。現在請問一下，是什麼因素推動了貴公司基礎臨床業務的加速發展？今年的銷量似乎比往年有所成長。基礎臨床—非NGS業務。是什麼原因導致這種情況？這樣捆綁銷售比較好嗎？這樣能縮短處理時間嗎？大家都認為，NGS會非常猛烈地蠶食這個產業。所以我想了解你們是如何推動這種成長的，以及這種加速成長在未來能否持續？

Thank you.

謝謝。

Tom, thanks for the question. I think a couple of facets I'll highlight here. First of all, I would again come back to effective execution of our protect, expand, and acquire strategy. We continue to do a great job of protecting existing customers. And that's sort of driven to just continuous focus on customer experience, whether that be from an operational perspective or just end-to-end as we look at it from requisition to results. So protect has really been a key factor. But we're seeing accelerated wins on the expand side and the acquire side of things.

湯姆，謝謝你的提問。我想在這裡重點強調以下幾個方面。首先，我想再次強調有效執行我們的保護、擴張和獲取策略的重要性。我們繼續在保護現有客戶方面做得非常出色。而這在某種程度上促使我們持續專注於客戶體驗，無論是從營運角度或是從需求到結果的端到端視角。因此，保護確實是一個關鍵因素。但我們看到，在擴張和收購方面，我們都取得了加速的成功。

And I attribute that to two aspects. First and foremost, it's new products that we're bringing into the portfolio, and we speak significantly, obviously, about the NGS side of things, but don't forget about products like Claudin 18 and c-MET, which have been critical sort of pillars to actually round out our offering. So new products is certainly a key driver.

我認為這主要歸因於兩個方面。首先，我們為產品組合中引入了新產品，我們當然會重點談論 NGS 方面，但也不要忘記像 Claudin 18 和 c-MET 這樣的產品，它們是完善我們產品組合的關鍵支柱。因此，新產品無疑是關鍵驅動因素。

And I think lastly and very importantly, we communicated in Q4 of last year around the sales force expansion and sort of said that this was going to be a six to nine months sort of ramp to productivity. And what you're seeing right now is just follow through on exactly what we had said.

最後，也是非常重要的一點，我們在去年第四季就銷售團隊擴張問題進行了溝通，並表示這將需要六到九個月的時間來提高生產力。你們現在看到的，正是我們之前所說的話的落實。

We're starting to see increased productivity from those added sales resources, which are focused on the protect, expand, acquire strategy and the new products we're bringing to market. And these things are operating in concert with one another, delivering the type of numbers that you reflected on.

我們開始看到新增銷售資源帶來的生產力提升，這些資源專注於保護、擴張、獲取策略以及我們推向市場的新產品。這些因素相互配合，最終產生了你所思考的那種數據。

Yes. The only thing I would add to that is even with record volumes, our operational execution and turnaround times continue to improve. So that remains kind of a vital component of our go-to-market strategy for retaining and growing and expanding business.

是的。我唯一要補充的是，即使業務量創下紀錄，我們的營運執行力和周轉時間仍在不斷提高。因此，這仍然是我們市場拓展策略中對於維繫、發展和擴大業務至關重要的組成部分。

Great. And then just one follow-up on kind of the launch of PanTracer into next year and just trying to scope out the potential for acceleration there. So should we be treating this as kind of 2023 all over again? Or is the sales force now appreciably larger? Should we expect a larger acceleration given this is quite a hot area in general in oncology diagnostics? So just anything to help frame your expectations versus your kind of solid tissue launch in 2023 would be really helpful.

偉大的。然後，我們再跟進一下 PanTracer 明年的發布情況，看看它在加速發展方面有哪些潛力。所以，我們是否該把這次疫情視為2023年疫情的重演？或者銷售團隊的規模現在明顯擴大了？鑑於腫瘤診斷領域本身就是熱門領域，我們是否應該預期會出現更大的成長？所以，任何有助於您調整 2023 年實體紙巾上市的預期資訊都將非常有幫助。

Thank you.

謝謝。

Yes, certainly. As an organization, we've matured since 2023. We've also expanded commercially as well. And so I think using 2023 as sort of a proxy would probably be a good starting point at this junction and probably layering on some additional factors like the sales force expansion would be a way to look at it.

當然可以。自 2023 年以來，我們作為一個組織已經成熟了。我們的商業業務也得到了拓展。因此，我認為以 2023 年作為某種參考年份可能是一個不錯的起點，也可能考慮銷售隊伍擴張等其他因素。

And the majority of the sales force expansion was in the community segment. So that really positions us well to have the coverage we need for these new products.

銷售團隊的擴張主要集中在社區領域。因此，這讓我們在為這些新產品提供所需的保障方面處於非常有利的地位。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Hi guys, this is Thomas on for Subbu. Thanks for taking our questions. Maybe I can ask both upfront. So first, are you still expecting stronger performance in the data business on the nonclinical side in fourth quarter? And maybe just some color on why that should show strength based on what you've seen so far this year? What you're seeing in the funnel to be comfortable with that?

大家好，我是Thomas，今天為大家帶來Subbu的報導。謝謝您回答我們的問題。或許我可以先問問他們兩個。首先，您是否仍預期第四季非臨床數據業務將有更強勁的業績表現？或許可以詳細解釋一下，根據你今年迄今所看到的，為什麼這應該被視為一種優勢？從銷售漏斗中看到了什麼，才覺得可以接受？

And then second, can you just talk specifically for clinicians in the community setting on how RaDaR has been received following the favorable summary judgment? What's the chatter like there?

其次，您能否具體談談社區臨床醫生在獲得有利的簡易判決後對 RaDaR 的接受情況？那邊的聊天氣氛怎麼樣？

Thank you.

謝謝。

Yes. On the data business, Q4 is historically the strongest quarter in that business. That business actually did grow in the third quarter, double-digit growth in the third quarter. And so we are expecting that business to see sequential growth over Q3 and the fourth quarter.

是的。就數據業務而言，第四季歷來是該業務表現最強勁的季度。該業務在第三季確實實現了成長，第三季實現了兩位數的成長。因此，我們預計該業務在第三季和第四季將實現環比成長。

Yes. Again, I just want to reiterate that we have not clinically launched RaDaR as yet in the clinical setting. However, obviously, the news with regards to the outcome of the summary judgment has certainly circulated through the community oncology setting. And I'd say the vibe is increasingly positive about the fact that we can reenter the market. Again, it comes back to the fact that we believe we have one of the most sensitive assays in the market, but also the portfolio effect, the ability to consolidate all of your needs within the community oncology setting within a single vendor. So this helps round out that sort of value proposition for us.

是的。我再次重申，我們尚未在臨床環境中推出 RaDaR。然而，很顯然，有關簡易判決結果的消息已經在社區腫瘤學界傳開了。而且我認為，對於我們能夠重新進入市場，人們的情緒越來越正面。再說一遍，這都歸功於我們相信我們擁有市場上最靈敏的檢測方法之一，以及產品組合效應，即能夠在一個供應商內整合您在社區腫瘤學領域的所有需求。所以這有助於完善我們的價值主張。

Yes. I think that's an important point, just to reinforce. We've always said this preferred partner of choice in the community setting, and that speaks to a balance of breadth of portfolio and innovation as well. And we look at that breadth of portfolio beyond just heme of solid tumor and MRD, we look at breadth of portfolio at MRD as well.

是的。我認為這一點很重要，需要再次強調。我們一直稱之為社區環境中的首選合作夥伴，這也反映了我們在產品組合廣度和創新方面的平衡。我們不僅關注實體腫瘤和 MRD 的血液學，也關注 MRD 的廣泛性。

And so for us to be in a position to be able to offer Flow MRD, have an outstanding NGS partner MRD with Adaptive and now RaDaR ST. And don't forget, we're going to continue to invest in our next-gen MRD program. So it's a suite of products that also fits well into our overall strategy. So I believe as that becomes more evident to our customers, the chatter will increase. Thanks for the question.

因此，我們有能力提供 Flow MRD，與 Adaptive 和現在的 RaDaR ST 建立傑出的 NGS 合作夥伴 MRD。別忘了，我們將繼續投資我們的下一代MRD項目。所以，這一系列產品也很好地契合了我們的整體策略。所以我相信，隨著這一點在我們的客戶中變得越來越明顯，相關的討論也會越來越多。謝謝你的提問。

Great, thank you guys very much.

太好了，非常感謝你們。

Yuko Oku, Morgan Stanley.

奧裕子，摩根士丹利。

Hello, thank you for taking my question. Given that IMvigor011 trial demonstrated how incorporating MRD testing can enhance probability of trial success, are you seeing an uptick in interest from pharma partners in integrating MRD into their clinical trial designs?

您好，感謝您回答我的問題。鑑於 IMvigor011 試驗表明，納入 MRD 檢測可以提高試驗成功的機率，您是否注意到製藥合作夥伴對將 MRD 整合到其臨床試驗設計中的興趣增加？

And then a separate follow-up. Could you provide an update on an Adaptive partnership? And what are some of the key learnings and feedback from the pilot so far?

然後還有另一份後續報告。您能否提供一下與Adaptive合作的最新進展？到目前為止，試點計畫有哪些主要經驗和回饋？

Yes. So coming back to sort of pharma interest, I would say that pharma interest has been robust ever since we launched the product back in August of this year. Certainly, our first targets were prior users of the assay because of their familiarity, et cetera. But we've rapidly expanded that. We were recently at the ESMO conference, which was in Germany late last month or early this month. And again, very, very strong interest with regards to the assay for multiple purpose, but also from an endpoint perspective, as you articulated. So we're encouraged by the early signs in terms of the pharma sponsor interest with regards to MRD.

是的。所以回到醫藥行業的興趣上來，我想說，自從我們今年 8 月推出該產品以來，醫藥行業的興趣一直都很濃厚。當然，我們的首要目標是該檢測方法的先前用戶，因為他們比較熟悉該方法等等。但我們已經迅速擴大了這一規模。我們最近參加了ESMO大會，大會於上月底或本月初在德國舉行。再次強調，我們對此檢測方法的多用途性以及終點指標都非常感興趣，正如您所闡述的。因此，我們對製藥贊助商對 MRD 表現出的早期興趣感到鼓舞。

Sorry, what was your second question?

不好意思，您的第二個問題是什麼？

Adaptive

自適應

Adaptive. Yes. So we continue to progress very favorably with Adaptive. We started a pilot initiative in the third quarter. And really, this was just to sort of understand the operational workflows, et cetera, because both organizations are very focused on delivering a sound customer experience, and we continue to expand that pilot into -- in three distinct phases. We're rolling out the first phase of the 3-phase initiative now holistically in the fourth quarter and Phase II and Phase III will happen quickly in 2026.

自適應。是的。因此，我們在自適應方面繼續取得非常有利的進展。我們在第三季啟動了一項試點計劃。實際上，這只是為了了解營運流程等等，因為這兩個組織都非常注重提供良好的客戶體驗，我們將繼續把這個試點計畫擴展到三個不同的階段。我們現在將在第四季全面推出三階段計畫的第一階段，第二階段和第三階段將在 2026 年迅速展開。

Okay, thank you.

好的，謝謝。

Tycho Peterson, Jefferies

泰科·彼得森，傑富瑞

Hey team, this is Lauren on for Tycho. Thanks for taking our question. Just going back a little bit to the rebounding growth in the pharma and nonclinical setting, likely more of a '27 event. For '26, how are you seeing RaDaR adoption evolving in pharma partnerships versus the clinical setting? And then in terms of kind of the phrasing of partner of choice you've been using for community oncologists, what are some of the specific investments or initiatives that are kind of reinforcing that position? Thanks.

大家好，我是Lauren，代表Tycho為您報道。感謝您回答我們的問題。稍微回顧一下製藥和非臨床領域的復甦成長，這可能更像是 2027 年的事件。對於 2026 年，您認為 RaDaR 在製藥合作和臨床環境中的應用發展趨勢如何？那麼，就您一直以來對社區腫瘤學家所使用的「首選合作夥伴」這一措辭而言，有哪些具體的投資或舉措正在加強這一地位？謝謝。

So I think we are -- we're certainly expecting to see revenue on the MRD side of things in the pharma space for 2026. And certainly, that would sort of go a long way to address some of the other sort of headwinds we've been experiencing. We'll obviously look to quantify that as part of the guide when we speak about that next year, but certainly expecting pharma revenue for MRD.

所以我認為我們——我們當然期望在 2026 年看到製藥領域的 MRD 方面的收入。當然，這在很大程度上將有助於解決我們目前面臨的其他一些不利因素。我們顯然會在明年談到這個問題時，將其作為指導方針的一部分進行量化，但肯定會期待 MRD 的製藥收入。

In terms of your second question, it's multiple factors. I think first and foremost, it is around the portfolio and making sure that as we look to be the partner of choice to the community setting, it's having the most relevant portfolio, which a big focus of ours has been on ensuring we've got the right therapy selection portfolio. And we believe that the PanTracer family brings that to the table now, along with key sort of add-on sort of testing, c-MET, Claudin 18 that sort of rounds out our larger portfolio across diagnosis and therapy selection. Now we have MRD as well. And as Tony mentioned, it's not just RaDaR ST, it's the partnership with Adaptive. It's the fact that we have Flow MRD on the heme side as well.

關於你的第二個問題，這取決於多種因素。我認為首先也是最重要的是產品組合，確保我們能夠成為社區的首選合作夥伴，擁有最相關的產品組合，而我們一直以來都非常注重確保我們擁有合適的治療選擇組合。我們相信，PanTracer 系列產品現在能夠提供這些功能，同時也提供關鍵的附加檢測，如 c-MET 和 Claudin 18，從而完善我們在診斷和治療選擇方面的更廣泛產品組合。現在我們也有 MRD 了。正如東尼所提到的，這不僅僅是 RaDaR ST，而是與 Adaptive 的合作。事實上，我們在血紅素方面也有 Flow MRD。

But in addition to that, it's the work that we're doing from a bidirectional interface perspective. It's the work we're doing around customer experience because those are the two areas which are sort of critical buying drivers. We hear over and over again that these community oncology practices are looking to remove friction from their practices, so they can focus on sort of top of license type activities and they look for vendors that offer this frictionless experience. And we believe the combination of consolidating the oncology send-out requirements to a single lab along with best-in-class customer experience makes for a very, very attractive value proposition.

但除此之外，這也是我們從雙向介面角度所做的工作。我們正在圍繞客戶體驗開展工作，因為這兩個方面是影響購買決策的關鍵因素。我們一次又一次地聽到，這些社區腫瘤診所正在尋求消除診所運作中的摩擦，以便他們能夠專注於執業許可範圍內的頂級活動，他們正在尋找能夠提供這種無摩擦體驗的供應商。我們相信，將腫瘤外送檢測需求整合到一個實驗室，再加上一流的客戶體驗，將帶來非常非常有吸引力的價值主張。

Yes. I just think overall, from -- if you go back historically, when we were on the market for a few years with RaDaR Pharma, we hit $6 million, $7 million a year after a couple of years. So there will be a ramp for pharma in RaDaR as we're kind of reengaging in the market.

是的。我認為總的來說，回顧歷史，當我們以 RaDaR Pharma 的名義進入市場幾年後，我們在幾年後就達到了每年 600 萬至 700 萬美元的收入。因此，隨著我們重新進入市場，RaDaR 將為製藥業提供一個發展平台。

Perfect. Thanks so much.

完美的。非常感謝。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Yeah, hi guys. How are you thinking about the AUP with -- as you bring this MRD on board? And then maybe just elaborate to us sort of as you think about -- looking at the competitive landscape, CGP has continued to grow for a number of companies that are serving products in the marketplace. So are you seeing anything different competitively in the NGS side of the business?

嗨，大家好。您在引進這份 MRD 時，是如何考慮 AUP 的？然後，也許您可以詳細地向我們闡述您的想法——從競爭格局來看，CGP 對於市場上許多提供產品的公司來說都持續成長。那麼，您在NGS業務方面是否看到了任何不同的競爭格局？

So I'll start with AUP and then let Warren talk about the competitive dynamics. Puneet, so I think obviously, getting MolDX approval was a good first step for RaDaR. We're also working to get commercial approval as well. And as is the challenge with some larger panel tests, that will take time to get commercial coverage for RaDaR as well. Others being in the space and having more overall acceptance, I think, is a positive. So I think it will be a driver for AUP over time, but probably more starting in the back half of next year and into '27.

那我先從AUP開始，然後讓華倫談談競爭動態。Puneet，所以我認為很明顯，獲得 MolDX 批准對 RaDaR 來說是一個很好的開始。我們也在努力取得商業許可。與一些大型小組測試一樣，RaDaR 也需要時間才能獲得商業報告。我認為，其他人也身處其中，總體上更加接受這個領域，是一件好事。所以我認為它將成為 AUP 的一個發展驅動力，但可能更多是從明年下半年開始，一直持續到 2027 年。

I think in terms of are we seeing anything different in sort of therapy selection in NGS, Puneet, I mean, we certainly -- the competitors that we've continuously come up against in the community oncology setting remain very present. It's certainly a hotly contested environment. But we feel that the -- certainly the round out of our portfolio, which was sort of requested by many of these oncologists in the community has been very well received. And it's not just the volume increases that we've seen across the liquid biopsy test that we launched, we're seeing across the category.

普尼特，我認為就 NGS 治療選擇方面我們是否看到了任何不同之處而言，我的意思是，我們當然——我們在社區腫瘤學領域不斷遇到的競爭對手仍然非常活躍。這無疑是一個競爭異常激烈的環境。但我們認為，我們完善產品組合的舉措——這是社區中許多腫瘤學家提出的要求——受到了非常正面的評價。而且，我們看到的不僅僅是我們推出的液體活檢測試的銷售成長，而是整個類別的銷售量都在成長。

And actually, for interesting information, some of our what we call NeoTYPE, which are cancer-specific panels for breast or for lung or for brain, we're seeing actually renewed growth in those panels as well. So again, it comes back to this comprehensive offering that we have both across solid tumor and heme that creates the differentiation for us in the marketplace.

事實上，一些我們稱為 NeoTYPE 的癌症特異性檢測組合（例如乳癌、肺癌或腦癌的檢測組合）也出現了新的成長，這給我們帶來了一些有趣的資訊。所以，歸根結底，我們在實體腫瘤和血液腫瘤領域提供的全面解決方案，使我們在市場上脫穎而出。

Got it. And then just on the COGS side, can you talk a bit about the levers you have to reduce the COGS? As you bring on these new assays, there's obviously a push and pull there. So just wondering how are you thinking about the overall cost per test?

知道了。那麼，就成本方面而言，您能否談談您有哪些降低成本的手段？隨著這些新檢測方法的引入，顯然存在著一種拉鋸戰。所以我想知道您是如何考慮每次檢測的總成本的？

Yes. Thanks, Puneet. I think even in Q3, we've got some LBx volume and limited reimbursement. So we're actually covering the COGS in Q3 for LBx. As our volume increases from some of these larger panel tests, we will see operating cost efficiencies just by the number of tests we can do at one time.

是的。謝謝你，普尼特。我認為即使到了第三季度，我們仍然會有一些LBx交易量，但報銷額有限。所以，我們其實在第三季涵蓋了LBx的銷售成本。隨著我們進行的一些大型小組測試的數量增加，我們將能夠一次性進行更多測試，從而提高營運成本效率。

I think a few of the other things we've talked about today will also be drivers of COGS. The LENS consolidation, consolidating multiple LENS systems, streamlining the lab. We have a dedicated process on lab automation. And so the ability to automate processes and use technology and newer lab equipment to drive efficiencies is well underway, and we see good uptick there. Being able to digitize more lab processes to improve the customer experience as well.

我認為我們今天討論的其他一些因素也會影響銷售成本。LENS 系統整合，將多個 LENS 系統整合在一起，簡化了實驗室流程。我們有專門的實驗室自動化流程。因此，自動化流程、利用技術和新型實驗室設備來提高效率的能力正在穩步發展，我們看到這方面取得了良好的成長。能夠將更多實驗室流程數位化，進而改善客戶體驗。

And then digital pathology, we see efficiencies and revenue opportunities with digital pathology. And finally, look, we still have a fair amount of capacity in our lab footprint. So we've got the lab in Fort Myers. We've got a new lab we expanded in North Carolina, RTP. We have new lab in the Northeast. So just incremental volume coming in, we can get operating efficiencies on a relatively large fixed cost footprint. So we have a multiyear opportunity to drive margins there.

此外，數位病理學也帶來了效率提升和收入成長的機會。最後，你看，我們的實驗室規模仍然有相當大的產能。我們在邁爾斯堡設立了實驗室。我們在北卡羅來納州 RTP 擴建了一個新的實驗室。我們在東北部設立了新的實驗室。因此，即使產量逐步增加，我們也可以在相對較大的固定成本基礎上提高營運效率。因此，我們有多年時間來提高那裡的利潤率。

I'd add maybe 2 points to substantiate what Jeff was saying about larger volume and the leverage there. So I mean, we've always focused on turnaround time because that's a differentiator for us. And as a result, we hadn't moved to largest flow panels and we hadn't moved to the NovaSeq X. Those are both initiatives that we have in focus for us in 2026. So there are two real tangible examples in terms of how incremental volume can help to drive down cost.

我還要補充兩點，以佐證 Jeff 關於大交易量及其槓桿作用的說法。所以我的意思是，我們一直都很注重週轉時間，因為這是我們的競爭優勢。因此，我們還沒有採用最大的流式細胞儀面板，也沒有採用 NovaSeq X。這兩項都是我們 2026 年的重點項目。因此，從增量產量如何幫助降低成本的角度來看，有兩個切實可行的例子。

Yes. And the last piece I would say is from a cost per test perspective, Pathline has a higher overall cost per test than legacy Neo because of that lack of incremental volume. So the ability to streamline Pathline and actually pump incremental volume in there will bring down that cost per test as well. So early.

是的。最後我想說的是，從每次測試的成本角度來看，由於缺乏增量測試量，Pathline 的每次測試總成本都高於舊版 Neo。因此，簡化 Pathline 流程並實際增加偵測量，也將降低每次偵測的成本。這麼早。

Got it. Okay, thank you.

知道了。好的，謝謝。

Mark Massaro, BTIG.

馬克·馬薩羅，BTIG。

Hey, this is Vidyun on for Mark. I'll just keep it to one on RaDaR. Could you just remind us what indications you're pursuing here in addition to head and neck and breast cancer? And any cadence of reimbursement that you're expecting there? Any further milestones we should be looking for out to '26? Thanks.

大家好，我是Vidyun，為您報道Mark。我在 RaDaR 上就只保留一個。您能否提醒我們一下，除了頭頸癌和乳癌之外，您還在關注哪些其他指標？你們預期會以什麼頻率收到報銷款項？到 2026 年，我們還應該關注哪些里程碑事件？謝謝。

Well, as you mentioned, the two indications that we have secured have been subsets of head and neck, which is HPV-negative adjuvant and surveillance. And in breast, it's HR-positive and HER2-negative surveillance five years out. So those are the two that we go to market.

正如您所提到的，我們已獲得的兩個指標分別是頭頸部的子集，即 HPV 陰性輔助治療和監測。對於乳癌，HR陽性且HER2陰性患者需進行五年後的追蹤監測。所以，這就是我們推向市場的兩種產品。

Relative to new indication areas, I will tell you, we have every intention. We have done -- we have been doing ongoing work in R&D. And so we will be making additional submissions for indications, expansion for RaDaR ST. I won't go into the specifics about those for relatively obvious reasons, but we plan to be moving forward with those. And as well, we are continuing our next-gen MRD program as well.

關於新的適應症領域，我可以告訴你，我們完全有此意願。我們已經開展了研發工作。因此，我們將提交更多關於 RaDaR ST 適應症和擴展的申請。出於顯而易見的原因，我不會詳細說明這些細節，但我們計劃推進這些工作。同時，我們也持續推進下一代 MRD 計畫。

And we see the necessity of having both RaDaR ST and Next-Gen because having an ultrasensitive option for low-shedding cancers is going to be an important aspect as well. And so we see the indication flow a little bit different for our Next-Gen program that we would with RaDaR ST. So we're trying to avoid redundancy and overlap in spend relative to those indications. So you should expect us to add indication submissions in the short term, which we believe could be manifest in the second half of 2026.

我們認為同時擁有 RaDaR ST 和 Next-Gen 是必要的，因為對於低脫落癌症來說，擁有超靈敏的選擇也是一個重要的方面。因此，我們的下一代計劃的指示流程與 RaDaR ST 略有不同。因此，我們正努力避免在這些指標方面出現支出重複和重疊。因此，你們應該會期待我們在短期內增加適應症提交，我們相信這可能會在 2026 年下半年顯現出來。

Okay, thanks for the color.

好的，謝謝你提供的顏色。

Mike Matson, Needham.

麥克馬特森，尼德姆。

Hi, everyone. This is Joseph on for Mike. I guess just two from me. Just looking at pricing, AUP, obviously, you guys have seen many consecutive quarters of improvement there. While small Pathline is a headwind there. And I did hear what you guys said concerning just volume coming through at a higher rate will improve COGS. But I know NGS, bringing NGS into there is the plan or was the plan. I was just kind of curious if you could remind us on the time line for that. Is that a 2026 plan? Or is that already in the works to bring NGS or more NGS into the Pathline lab?

大家好。這裡是約瑟夫，替麥克報道。我想我只能選兩個了。單從定價和 AUP 來看，顯然，你們在這方面已經連續多個季度取得了進步。雖然小路徑線在那裡是逆風。我確實聽到了你們所說的，即更高的銷售速度將改善銷售成本。但我知道，將 NGS 引入其中是計劃，或者曾經是計劃。我只是想問您能否提醒我們時間安排。這是2026年的計畫嗎？或者說，Pathline 實驗室是否已經在著手引進 NGS 或更多 NGS 技術了？

Yes. So just to be clear, on the Pathline lab, so the NGS is going to be done at our other sites. So the fast turnaround tests enable us to capture more NGS work. The time lines for doing that NGS work enable us to send those out to our other labs in Florida and California and still meet our time frame. So we're actually going to gain operating leverage by pumping more volume into our existing sites as a pull-through through the Pathline site.

是的。為了明確起見，Pathline 實驗室的 NGS 檢測將在我們的其他站點進行。因此，快速週轉的測試使我們能夠進行更多的 NGS 工作。完成 NGS 檢測的時間表使我們能夠將這些樣本送到我們在佛羅裡達州和加利福尼亞州的其他實驗室，並且仍然能夠滿足我們的時間要求。因此，我們實際上將透過 Pathline 站點將更多的產量注入我們現有的站點，從而獲得營運槓桿。

Yes. And just as a follow-up, on that Pathline, as we said, the strategy there was always to give us opportunity to deal with the under-penetration in the Northeast, and we have made really good progress there. So all the legal integration and the assay validations have been completed. And so now we can offer a more complete complement of the Neo portfolio and take advantage of the Pathline site for the more rapid turnaround testing needs that are up there, but as Jeff said, taking advantage of our footprint and the efficiencies we gain in our other lab sites.

是的。作為後續補充，關於那條通道，正如我們所說，那裡的策略始終是讓我們有機會解決東北地區滲透率不足的問題，而且我們在那裡取得了非常好的進展。因此，所有法律整合和檢測驗證工作均已完成。因此，現在我們可以提供更完整的 Neo 產品組合，並利用 Pathline 站點來滿足更快速的周轉測試需求，正如 Jeff 所說，利用我們的規模和我們在其他實驗室站點獲得的效率。

And so we're confident. I know our selling team is excited about the prospects that they are generating. We see a healthy new customer list beginning to emerge, and that's why we are of the belief that it will be a growth driver for us in '26 and beyond.

因此我們充滿信心。我知道我們的銷售團隊對他們正在開發的潛在客戶感到興奮。我們看到一個健康的新客戶名單正在逐漸形成，因此我們相信它將成為我們在 2026 年及以後的成長動力。

Okay, great, that's very clear. I guess maybe just one quick one. NGS growth specifically, I know the target there is 25% or more, very near that target, obviously, above market growth right now. But we have seen acceleration there in NGS growth the last two quarters. I'm just curious how you're thinking of the next quarter, 4Q '25 and 2026? Is it back on that target of over 25%? Is the target more just above 20% at this point? I'm just kind of curious your guys' thoughts there.

好的，太好了，這很清楚。我想也許就快速地做一次吧。具體來說，我知道 NGS 的成長目標是 25% 或更高，非常接近這個目標，顯然高於目前的市場成長率。但我們看到，在過去的兩個季度裡，NGS 的成長速度有所加快。我只是好奇您對下一個季度、2025年第四季和2026年有什麼看法？它是否重回25%以上的目標？目前的目標是不是略高於 20%？我只是有點好奇你們對此有何看法。

Yes. So we gave guide for the back half of the year. We didn't give a Q4 specific guide. We expect to see continued good growth in NGS, but we haven't broken out the specifics on that.

是的。因此，我們為下半年制定了指導方針。我們沒有給出第四季度的具體指導方針。我們預計 NGS 將持續保持良好成長，但我們尚未公佈具體數據。

Okay, fair enough. Yeah, congrats on the great quarter.

好吧，這說得有道理。是的，恭喜你們取得了出色的季度業績。

Thank you. Thank you very much.

謝謝。非常感謝。

Thank you very much. Well, that does conclude our question-and-answer session. I would now like to turn the floor back to Tony Zook for closing comments.

非常感謝。好了，我們的問答環節到此結束。現在我想把發言權交還給托尼·祖克，讓他做總結發言。

Well, again, I'd just like to thank everybody for joining us on the call. As we said, it was a good quarter. We have focused on operational excellence, and I'm pleased to say that the teams in both our commercial organization and our lab have performed extremely well, and we're very proud of all the work people at Neo are doing to advance cancer care for all the patients in the community. Once again, thank you for your time, everyone, and we'll look forward to some one-on-one follow-ups.

再次感謝各位參加本次電話會議。正如我們所說，這是一個不錯的季度。我們一直專注於卓越運營，我很高興地說，我們商業組織和實驗室的團隊都表現得非常出色，我們為Neo的所有員工為社區所有癌症患者推進癌症治療所做的工作感到非常自豪。再次感謝各位抽出時間，我們期待與大家進行一對一的後續交流。

Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time, and have a wonderful day. We thank you for your participation.

非常感謝。今天的會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。