SOPHiA GENETICS SA (SOPH) 2023 Q4 法說會逐字稿

Good morning. My name is Drew, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sophia Genetic Fourth Quarter and Full Year 2023 earnings conference call(Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Kellen Sanger, Sophia Genetics, Head of Strategy and Investor Relations. You may begin.

早安.我叫德魯，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Sophia Genetic 2023 年第四季和全年財報電話會議（操作員說明）請注意，活動正在錄製中。我現在想將會議交給 Sophia Genetics 策略和投資者關係主管 Kellen Sanger。你可以開始了。

Thank you, and good morning, everyone. Welcome to the Sophia Genetics Fourth Quarter and Full Year 2023 earnings conference call. Joining me today to discuss our results are Dr. Jurgi Cambling, our Co-Founder and Chief Executive Officer; and Ross Muken, our Chief Financial Officer and Chief Operating Officer.

謝謝大家，大家早安。歡迎參加 Sophia Genetics 2023 年第四季和全年財報電話會議。今天與我一起討論我們結果的是我們的共同創辦人兼執行長 Jurgi Cambling 博士；以及我們的財務長兼營運長 Ross Muken。

I would like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements.

我想提醒您，管理層將在本次電話會議中發表聯邦證券法含義內的前瞻性聲明。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異，而您不應過度依賴前瞻性陳述。

Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release of the Genetics issued today and in the documents and reports filed by Sofia Genetics from time to time with the Securities and Exchange Commission. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of IFRS to non-IFRS measures is included in today's earnings press release, which is available on our website.

有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參見今天發布的 Genetics 新聞稿以及 Sofia Genetics 不時向美國證券交易委員會提交的文件和報告。在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。今天的收益新聞稿中包含了 IFRS 與非 IFRS 指標的調節表，該新聞稿可在我們的網站上取得。

With that, I will now turn the call over to Jurgi.

現在，我將把電話轉給尤爾吉。

Thanks, Kellen, and good morning, everyone. During today's call, I will start with another view of our progress in 2023, followed by a quick look at our performance in Q4.

謝謝，凱倫，大家早安。在今天的電話會議中，我將首先對我們 2023 年的進展進行另一種看法，然後快速瀏覽我們在第四季度的表現。

Next, I will highlight our key priorities for 2024, then Ross will provide a more detailed look at our financial results, business trends and guidance for the upcoming year.

接下來，我將重點介紹我們 2024 年的主要優先事項，然後羅斯將更詳細地介紹我們來年的財務表現、業務趨勢和指導。

Before I get started, I want to take a momentum to reflect on some of the trends we saw in FY2023 and also more broadly across industry. Minimally 2023 was the year of AI. It was the first time that to the Generic in access to our food, AI model and learn what they can do. As the co-founder and leader of an AI-driven precision medicine company was being working on building AI health care team, Sophia Genetics assumption in 2011.

在開始之前，我想先反思一下我們在 2023 財年以及更廣泛的行業中看到的一些趨勢。至少 2023 年是人工智慧年。這是第一次讓 Generic 訪問我們的食物、人工智慧模型並了解它們可以做什麼。身為一家由人工智慧驅動的精準醫療公司的共同創辦人和領導者，正在致力於建立人工智慧醫療保健團隊，Sophia Genetics 在 2011 年做出了這樣的假設。

This moment as being a fulfilling experience for me. I will take this opportunity to highlight that since inception, 13 years ago, we have invested over $400 million to build some of the most advanced AI capabilities in the health care sector. We have recruited a team of more than 200 of the top data scientists and engineers in the world, who contribute to building and developing our platform, SoPHIA DDM.

這一刻對我來說是一次充實的經驗。我想藉此機會強調，自 13 年前成立以來，我們已投資超過 4 億美元來建立醫療保健領域一些最先進的人工智慧功能。我們招募了一支由 200 多名世界頂級資料科學家和工程師組成的團隊，他們為建立和開發我們的平台 SoPHIA DDM 做出了貢獻。

Sophia DDM today is widely recognized by health care professionals for its world-class analytical performance and by some of our partners as leading AI platform in health care. However, Sofia Genetic innovation is not the development of new technology, but rather the adoption of those technologies in the market. And in that spirit, let's turn to 2023 and the progress we made driving adoption of Sophia DDM.

如今，Sophia DDM 因其世界一流的分析效能而受到醫療保健專業人士的廣泛認可，並被我們的一些合作夥伴視為醫療保健領域領先的人工智慧平台。然而，Sofia Genetic 的創新並不是新技術的開發，而是這些技術在市場上的採用。本著這種精神，讓我們展望 2023 年，以及我們在推動 Sophia DDM 的採用方面取得的進展。

2023 was a tremendous year for Sophia Genetic . We grew revenue 31% year-over-year with $62.4 million by continuing to drive widespread adoption of our platform. In 2023, Sophia (inaudible) was used by 450 core genomic customers across the globe to perform over 317,000 analysis. This record number of analysis represents a remarkable 27% year-over-year growth, when excluding COVID related volumes.

2023 年對 Sophia Genetic 來說是重要的一年。透過持續推動我們平台的廣泛採用，我們的營收年增 31%，達到 6,240 萬美元。2023 年，全球 450 家核心基因組客戶使用 Sophia（聽不清楚）執行了超過 317,000 項分析。如果不包括新冠病毒相關數量，這項創紀錄的分析數量比去年同期增加了 27%。

At the beginning of 2023, we laid out three primary route drivers to achieve our ambitious growth objectives. First, we highlighted as a large market potential for Sophia DDM, solid tumor application. Initially, we expressed excitement over HRD, which was exhibiting workplace analytical performance due to an innovative deep learning algorithm we developed called Ginger.

2023 年初，我們制定了三個主要路線驅動因素，以實現我們雄心勃勃的成長目標。首先，我們強調 Sophia DDM 實體瘤應用的巨大市場潛力。最初，我們對 HRD 表示興奮，HRD 透過我們開發的名為 Ginger 的創新深度學習演算法展示了工作場所分析效能。

Second, we highlighted high potential for growth in the US market. And third, we explained that the genomic and multimodal data computed every day on our platform in addition to our advanced AI algorithms being trained on these datasets, which creates meaningful value for our biopharma partners. I am proud to say that we delivered in each of these three areas. With respect to Sophia DDM solid tumors applications and in particular, HRD, we saw impressive growth.

其次，我們強調美國市場的巨大成長潛力。第三，我們解釋說，除了在這些數據集上訓練的先進人工智慧演算法之外，我們的平台每天都會計算基因組和多模式數據，這為我們的生物製藥合作夥伴創造了有意義的價值。我很自豪地說，我們在這三個領域都取得了成果。對於 Sophia DDM 實體瘤應用，特別是 HRD，我們看到了令人印象深刻的成長。

Solid tumor revenue grew above company average in 2023, and HIV was a major driver with over 150% revenue growth during the period. We are pleased to see both existing and new customers adopt Sophia DDM for solid tumor applications. We signed an impressive 36 new logos for solid tumor applications in 2023. And by the end of Q4, we were proud to have a total of 129 core genomics customers using solid tumors applications. The group includes nearly 50 customers using Sophia DDM for HRG, all of which were attracted by the applications world-class analytical performance.

2023 年實體瘤收入成長高於公司平均水平，愛滋病毒是主要驅動力，在此期間收入成長超過 150%。我們很高興看到現有客戶和新客戶都採用 Sophia DDM 進行實體瘤應用。2023 年，我們為實體瘤應用簽署了 36 個令人印象深刻的新標誌。截至第四季末，我們很自豪共有 129 家核心基因組學客戶使用實體瘤應用程式。該集團包括近 50 個使用 Sophia DDM for HRG 的客戶，所有這些客戶都被該應用程式的世界一流分析性能所吸引。

Moving on to our second growth driver for 2023, the US market. In 2023 US revenue grew 70% to $9.5 million, up from $5.6 million in 2022. We signed nine new core genomic customers in the US in 2023, and we are proud to welcome some of the top US cancer centers and labs to the Sophia DDM network. Apart from customers' relationships, we also had a landmark year with our partners in the US.

接下來是我們 2023 年的第二個成長動力，即美國市場。2023 年美國營收成長 70%，達到 950 萬美元，高於 2022 年的 560 萬美元。2023 年，我們在美國簽署了 9 個新的核心基因組客戶，我們很自豪地歡迎一些美國頂級癌症中心和實驗室加入 Sophia DDM 網路。除了客戶關係之外，我們與美國合作夥伴也度過了具有里程碑意義的一年。

Namely, we continue to build our strategic partnership with .(inaudible) During 2023, we entered into a partnership with MSK to help them to decentralize their liquid biopsy test, MSK access and their solid tumor test, MSK impact and to make this test available to health care institutions across the globe. We officially launched MSK access powered with Sophia DDM in December and have been pleased to see strong demand for this application in the market.

也就是說，我們繼續與以下國家建立戰略合作關係：.（聽不清楚）2023 年期間，我們與MSK 斯隆建立了合作夥伴關係，幫助他們分散其液體活檢測試、MSK 准入和實體瘤測試、MSK 影響，並將該測試提供給全球的醫療保健機構。我們於 12 月正式推出由 Sophia DDM 提供支援的 MSK 訪問，並很高興看到市場對此應用程式的強勁需求。

In the US, we announced a number of new signings for MSK access powered with Sophia DDM and are looking forward to capitalizing on this momentum going into 2024.

在美國，我們宣布了一系列由 Sophia DDM 提供支援的 MSK 接入新簽約，並期待在 2024 年充分利用這一勢頭。

The third growth driver we focused on in 2023, while delivering value to our biopharma customers. The first way we accomplish this was by a number of deals with biopharma partners, where they sponsored the deployment of Sophia DDM. Biopharma customers are motivated to do this because, we are mutually interested in expanding access to cancer test.

我們在 2023 年重點關注的第三個成長動力，同時為我們的生物製藥客戶提供價值。我們實現這一目標的第一個方法是與生物製藥合作夥伴達成多項交易，他們贊助了 Sophia DDM 的部署。生物製藥客戶有動力這樣做，因為我們都對擴大癌症檢測的覆蓋範圍感興趣。

Our partnership with AstraZeneca as being a major proof point in this area. Last month, we announced that AZ sponsored the deployment of Sophia DDM's HRD application across Spain in 2023 with resounding success. For the deployment of our genomics offering continues to be a key focus for us and our biopharma partners, we have always intended to complement our genomics computing capabilities with multimodal analytics.

我們與阿斯特捷利康的合作關係是這一領域的一個重要證明。上個月，我們宣布 AZ 贊助了 2023 年在西班牙部署 Sophia DDM 的 HRD 應用程序，並取得了巨大成功。由於我們的基因組學產品的部署仍然是我們和我們的生物製藥合作夥伴的重點關注點，因此我們一直打算透過多模式分析來補充我們的基因組學計算能力。

Multimodal data and multimodal algorithms analyzing that data provides significant value to biopharma companies. 2023 was a landmark year for us in building our multimodal capabilities. We launched Sophia (inaudible), a module of Sophia DDM, which enables customers to perform longitudinal analysis of multimodal sufficient data. This includes multimodal models designed to predict treatment effects of different therapy decisions.

多模式數據和多模式演算法分析數據為生物製藥公司提供了重要價值。 2023 年對於我們建立多式聯運能力而言是具有里程碑意義的一年。我們推出了 Sophia（聽不清楚），它是 Sophia DDM 的一個模組，使客戶能夠對多模態充足資料進行縱向分析。這包括旨在預測不同治療決策的治療效果的多模式模型。

As you can imagine, these capabilities provide differentiated value to our biopharma customers, who are willing to pay for the access to the multi-modal patient data and the multimodal algorithms which analyzes them. [Words], the end of 2023, we completed a momentous project with one of our key biopharma partners, where Sophia (inaudible) densify the signature in ship populations of lung cancer patients, which could indicate different treatment effect for a specific drug. We continue to remain excited about these use cases for our multimodal offering and the value these capabilities bring to our biopharma customers.

正如您可以想像的那樣，這些功能為我們的生物製藥客戶提供了差異化的價值，他們願意為訪問多模式患者數據和分析這些數據的多模式演算法付費。 [文字]，到 2023 年底，我們與主要生物製藥合作夥伴之一完成了一項重要項目，其中 Sophia（聽不清楚）在肺癌患者群體中強化了特徵，這可能表明特定藥物的不同治療效果。我們繼續對我們的多模式產品的這些用例以及這些功能為我們的生物製藥客戶帶來的價值感到興奮。

In 2024, we plan to expand the footprint of Sophia (inaudible)lung cancer to breast, [prostate] and kidney cancer, where we need some key announced two data partnerships, which will accelerate our progress in this mission. First with MSK. Second, with exact case innovation, a network of 13 hospitals across Canada dedicated to improving cancer to (inaudible). These partners will help us gain access to valuable multimodal datasets, which will be ingested into Sophia ClariPath for our biopharma customers to use and access.

2024 年，我們計劃將Sophia（聽不清楚）肺癌的足跡擴大到乳腺癌、[前列腺] 和腎癌，在這方面我們需要一些關鍵的已宣布的兩項數據合作夥伴關係，這將加速我們在這一任務中的進展。首先是 MSK 斯隆。其次，透過精確的案例創新，加拿大各地 13 家醫院組成的網路致力於改善癌症（聽不清楚）。這些合作夥伴將幫助我們獲得有價值的多模式資料集，這些資料集將納入 Sophia ClariPath 中，供我們的生物製藥客戶使用和存取。

Now that I have provided a brief overview of 2023 as well. I would like to spend a minute discussing Q4 2023 performance in more detail. In Q4, we grew revenue 27% year-over-year to $17 million. We performed approximately 85,000 analysis up 20% year-over-year, including COVID related analysis for 24% year-over-year growth excluding COVID related analysis.

現在我也對 2023 年進行了簡要概述。我想花一點時間更詳細地討論 2023 年第四季的表現。第四季度，我們的營收年增 27% 至 1,700 萬美元。我們進行了約 85,000 項分析，年成長 20%，其中與新冠病毒相關的分析年增 24%，不包括與新冠病毒相關的分析。

As of December 31st, we had 450 core genomics customers, who are using our platform regularly to analyze patients for cancer and diabetes up from 434 in the prior year and up 19% sequentially from Q3. Q4 was a great quarter in terms of landing new logos. In the fourth quarter, we landed refunding 35 new core genomics customers. These customers will add to our total number of core genomics customers over the course of 2024, as they are on-boarded on to Sophia DDM.

截至 12 月 31 日，我們擁有 450 名核心基因組學客戶，他們定期使用我們的平台分析癌症和糖尿病患者，這一數字高於去年的 434 名，較第三季度連續增長 19%。就新標誌的落地而言，第四季是一個很棒的季度。第四季度，我們為 35 個新的核心基因組學客戶提供了退款。這些客戶將在 2024 年加入我們的核心基因組學客戶總數，因為他們已加入 Sophia DDM。

As mentioned previously, it typically takes customers six to nine months to enter routine usage. After landing a new logo, our expense strategy continues to be affected as existing customers adopt more and more applications. As of the end of Q4, 56% of customers were using two or more applications, up from 49% a year ago. 31% of customers were using three or more applications, up from 28% a year ago and 21% are using four or more applications, up from 17% a year ago.

如前所述，客戶通常需要六到九個月的時間才能進入日常使用狀態。在採用新徽標後，隨著現有客戶採用越來越多的應用程序，我們的費用策略繼續受到影響。截至第四季末，56% 的客戶使用兩個或更多應用程序，高於一年前的 49%。 31% 的客戶使用三個或更多應用程序，高於一年前的 28%；21% 的客戶使用四個或更多應用程序，高於一年前的 17%。

Moreover, our net dollar retention was 130% in Q4 2023 at 2,800 base points from 102% at the end of 2022. The continued proof of our ability to expand within existing customers exemplifies the importance of landing new customers across the globe.

此外，2023 年第四季我們的淨美元保留率為 130%，較 2022 年底的 102% 高出 2,800 個基點。不斷證明我們在現有客戶中擴展的能力證明了在全球範圍內吸引新客戶的重要性。

On that note, I will take a quick moment to highlight our progress in a key growth market for us India, where the usage of our platform grew 70% from 2022 to 2023. I recently returned from a heart warming trip across India, visiting our fantastic partners there, such as Tata Memorial Hospital in Mumbai and the Institute Rotary Cancer Hospital in New Delhi. I also spent time with our newest partner, (inaudible) healthcare for an oncology platform, boldly addressing the over $2 million estimated cancer cases in India each year.

就此而言，我將快速強調我們在印度這個關鍵成長市場的進展，從 2022 年到 2023 年，我們平台的使用量增加了 70%。我最近從印度進行了一次溫馨的旅行，並拜訪了我們在那裡的優秀合作夥伴，例如孟買的塔塔紀念醫院和新德里的扶輪癌症研究所醫院。我還與我們最新的合作夥伴（聽不清楚）醫療保健腫瘤學平台一起度過了時光，大膽地解決了印度每年估計價值超過 200 萬美元的癌症病例。

Together, we will work with (inaudible) to provide genomic testing applications to the population of India in addition to a range of other strategic objectives. I am especially inspired by the shared vision between Sophia Genetics and Karkinos and I am excited for what this means for the broad deployment of Sophia DDM across India.

除了一系列其他戰略目標之外，我們還將與（聽不清楚）共同合作，為印度人民提供基因組測試應用。我特別受到 Sophia Genetics 和 Karkinos 之間的共同願景的啟發，我對這對在印度廣泛部署 Sophia DDM 意味著什麼感到興奮。

Beyond India, I would like to announce today a few additional major signings and expansions. In the U S, we recently signed lifetime health system, a network of award winning hospitals in Rhode Island with dozens of locations across states. Lifespan adopted multiple Sophia DDM applications due to their top analytical performance and our platform's ability to seamlessly integrate into the workflow.

除了印度之外，我今天還想宣布一些額外的重大簽約和擴張。在美國，我們最近簽署了終身醫療系統，這是一個由羅德島州屢獲殊榮的醫院組成的網絡，在各州設有數十個地點。Lifespan 採用了多個 Sophia DDM 應用程序，因為它們具有頂級的分析性能，並且我們的平台能夠無縫整合到工作流程中。

In Spain, we recently expanded our relationship with Valdebran Institute of Oncology, one of the top comprehensive cancer centers in Europe with adopting Sophia DDM solid tumor application for HRD. Valdebran joins other top European cancer centers using Sophia DDM (inaudible) testing, including the top two, namely (inaudible) and the Royal Morrison.

在西班牙，我們最近擴大了與歐洲頂級綜合癌症中心之一 Valdebran 腫瘤研究所的關係，採用 Sophia DDM 實體瘤應用進行 HRD。Valdebran 與其他歐洲頂級癌症中心一起使用 Sophia DDM（聽不清楚）測試，其中包括前兩位的（聽不清楚）和 Royal Morrison。

I am also excited to announce that in LatAm, we expanded our relationship with DASA, the largest clinical diagnostic company in Latin America. DASA is adopting MSK access power that we Sophia DDM for liquid biopsy testing. This will be the data six of Sophia DDM application. We are excited to see these customers in addition to the 35 new logos we landed in Q4 2023 begin ramping up usage of Sophia DDM. during 2024.

我還很高興地宣布，在拉丁美洲，我們擴大了與拉丁美洲最大的臨床診斷公司 DASA 的關係。DASA正在採用我們Sophia DDM的MSK接入電源進行液體活檢測試。這將是Sophia DDM 應用程式的數據六。我們很高興看到這些客戶除了我們在 2023 年第四季推出的 35 個新標誌之外，還開始增加 Sophia DDM 的使用。 2024 年期間。

Speaking of 2024, let's move on to our priorities and outlook for the upcoming year. Similar to last year, I will highlight three primary growth drivers. I will then touch on how these growth drivers along with continued fiscal discipline will allow us to achieve profitability in the next two plus years.

說到 2024 年，讓我們繼續討論來年的優先事項和展望。與去年類似，我將強調三個主要成長動力。然後我將談談這些成長動力以及持續的財務紀律將如何讓我們在未來兩年多的時間裡獲利。

First, we are excited to capitalize on the launch of our new liquid biopsy offering, including MSK access powered with Sophia DDM. We are pleased with the strong demand we are seeing in the market for this application and are excited by our sales pipeline for it, which is approaching double digit millions. As an additional catalyst for the growth of our liquid biopsy applications, we recently announced a collaboration with AstraZeneca in which they will sponsor the deployment of MSK access on Sopha DDM to customers across the globe during 2024.

首先，我們很高興能夠利用我們新的液體活檢產品的推出，包括由 Sophia DDM 提供支援的 MSK access。我們很高興看到市場對該應用程式的強勁需求，並對我們的銷售管道感到興奮，該銷售管道已接近兩位數百萬。作為液體活檢應用成長的額外催化劑，我們最近宣布與阿斯特捷利康合作，他們將贊助在 2024 年為全球客戶在 Sopha DDM 上部署 MSK 訪問。

Our second growth driver for 2024 is the significant opportunity we continue to see in solid tumors. A major tailwind for us in the solid tumor space has been the increasing complexity of signatures. A signature detection becomes more complex, more sophisticated algorithms are needed. One example is our proprietary algorithm, Ginger, which was recently published in Cell Reports medicine for its unique ability to detect the HRD signature.

2024 年的第二個成長動力是我們在實體腫瘤領域繼續看到的重大機會。我們在實體腫瘤領域的主要動力是特徵的複雜性不斷增加。簽章偵測變得更加複雜，需要更複雜的演算法。一個例子是我們的專有演算法 Ginger，該演算法最近因其獨特的檢測 HRD 特徵的能力而發表在 Cell Reports Medicine 上。

Beyond HRD, we are also using other algorithms to help customers live from this via the tax additional contract signatures such as extra chromosomal DNA, which are present in about 20% of cancer care. Not only are we well equipped algorithmically to address this growing demand in solid tumors, but we also have a strong portfolio of comprehensive genomic profiling applications to meet our customers' needs.

除了 HRD 之外，我們還使用其他演算法，透過額外的合約簽名（例如額外的染色體 DNA）徵稅來幫助客戶擺脫這種困境，這種情況存在於大約 20% 的癌症護理中。我們不僅擁有完善的演算法來滿足實體瘤不斷增長的需求，而且我們還擁有強大的綜合基因組分析應用程式組合來滿足客戶的需求。

This includes the upcoming launch of MSK impact powered with Sophia DDM. Similar to our work with MSK access, we will decentralize MSK's CGP test, MSK impact and deploy it to customers worldwide. Astrazeneca joins us in the mission and will also contribute to the deployment of the application to customers across the globe.

這包括即將推出由 Sophia DDM 提供支援的 MSK Impact。與我們在 MSK 存取方面的工作類似，我們將分散 MSK 的 CGP 測試、MSK 影響並將其部署給全球客戶。阿斯特捷利康與我們一起完成這項使命，也將為向全球客戶部署該應用程式做出貢獻。

The third key priority for us in 2024 is continuing this trend of strong growth in the U.S. As mentioned earlier, we picked up significant momentum in the U.S. in 2020. In 2024, we are looking forward to capitalizing on this momentum and leveraging market names to attract other U.S customers to our network. Apart from the three growth drivers mentioned today, we are also delivering a series of targeted high impact platform and application launches in 2024.

2024 年我們的第三個關鍵優先事項是繼續美國的強勁成長趨勢。如前所述，我們在 2020 年在美國取得了顯著的成長勢頭。2024 年，我們期待利用這一勢頭並利用市場名稱吸引其他美國客戶加入我們的網路。除了今天提到的三個成長動力之外，我們還將在 2024 年推出一系列有針對性的高影響力平台和應用程式。

We plan to launch new capabilities in Hong Kong with an application to measure minimum residual disease for acute myeloid leukemia. We also plan to launch new features in rare and inherited disorders to serve our customers' needs on [Wall genome sequencing and pharmacovigilance]. From a platform perspective, we are launching a full modernization of Sophia DDM as we move to web technology and micro services.

我們計劃在香港推出新功能，推出測量急性骨髓性白血病最小殘留疾病的應用程式。我們還計劃推出罕見和遺傳性疾病的新功能，以滿足客戶的需求[Wall 基因組定序與藥物警戒]。從平台角度來看，隨著我們轉向 Web 技術和微服務，我們正在啟動 Sophia DDM 的全面現代化。

We will also continue making upgrades to Sophia (inaudible)and its multimodal capability in order to create even more value for our biopharma customers. Based on our current commercial pipeline, we are confident that these new launches will deliver long-term value to our business.

我們也將繼續升級 Sophia（聽不清楚）及其多模式功能，以便為我們的生物製藥客戶創造更多價值。基於我們目前的商業管道，我們相信這些新產品的推出將為我們的業務帶來長期價值。

In summary, 2024 is an exciting year from our liquid biopsy capabilities to our world-class solid tumor applications to the momentum we are building in the U S, we are well equipped for 2024 and as we continue on our path to profitability in the next two plus years.

總而言之，從我們的液體活檢能力到世界一流的實體腫瘤應用，再到我們在美國建立的勢頭，2024 年是令人興奮的一年，我們為2024 年做好了充分準備，並在未來兩年繼續走上獲利之路再加上歲月。

So, with that, I will now turn it over to Ross, who will provide a more detailed look at our financial results, business trends and guidance for the 2024 year.

因此，現在我將把它交給羅斯，他將更詳細地介紹我們的 2024 年財務表現、業務趨勢和指導。

Thank you, Jurgi, and good morning, everyone. I am pleased to share that despite the challenging macro environment, Sophia Genetics delivered strong performance in the fourth quarter, continuing our commitment to sustainable growth. Total revenue for the fourth quarter of 2023 was $17 million compared to $13.4 million for the fourth quarter of 2022, representing year-over-year growth of 27%.

謝謝尤爾吉，大家早安。我很高興地告訴大家，儘管宏觀環境充滿挑戰，Sophia Genetics 在第四季度仍取得了強勁的業績，繼續我們對永續成長的承諾。2023 年第四季的總營收為 1,700 萬美元，而 2022 年第四季的總營收為 1,340 萬美元，較去年同期成長 27%。

Constant currency revenue growth was 26% and constant currency revenue growth, excluding coating related revenue, was also 27%. On note, clinical revenue fell in line within our internal plan as consumption trends played out as expected in the second half. However, we did have a small amount of biopharma related revenue shift from the fourth quarter to the first half of 2024.

固定貨幣收入成長率為 26%，固定貨幣收入成長率（不包括塗料相關收入）也為 27%。值得注意的是，隨著下半年消費趨勢的發展符合預期，臨床收入的下降符合我們的內部計畫。然而，我們確實有少量生物製藥相關收入從第四季度轉移到了 2024 年上半年。

As I have stated previously, our biopharma revenue is still in its nascent stages and thus you should continue to expect small timing related recognition impacts over the near to medium term. Platform analysis volume was approximately 85,000 for the fourth quarter of 2023 compared to 71,000 for the fourth quarter of 2022, but 20% year-over-year growth was attributable to the strength of our core platform analysis volume, offset by continued expected decline of COVID-related analysis volume.

正如我之前所說，我們的生物製藥收入仍處於起步階段，因此您應該繼續預期中短期內與時間相關的小規模認可影響。2023 年第四季的平台分析量約為 85,000 條，而 2022 年第四季為 71,000 條，但同比增長 20% 歸功於我們核心平台分析量的強勁，但被新冠肺炎疫情的預期持續下降所抵消相關分析量。

Excluding COVID related volume, platform analysis grew a healthy 24% year-over-year in the period. Strengthened North America and Asia Pacific highlighted geographic outperformance in the quarter offsetting a slight moderation in Latin America, which had an overall strong 2023. From an application standpoint, rare and herited disease applications outperformed oncology applications in the period, given broad demand for exomes, despite strong contributions from solid tumor, liquid biopsy and hemog applications.

排除與新冠病毒相關的交易量，平台分析在此期間年增 24%。北美和亞太地區的強勁表現突顯了本季的地域表現出色，抵消了拉丁美洲的輕微放緩，而拉丁美洲在 2023 年整體表現強勁。從應用的角度來看，儘管實體瘤、液體活檢和血液學應用做出了巨大貢獻，但鑑於對外顯子組的廣泛需求，罕見疾病和遺傳性疾病應用在此期間的表現優於腫瘤學應用。

Gross profit for the fourth quarter of 2023 was $11.9 million compared to gross profit of $9.6 million in the fourth quarter of 2022, representing year-over-year growth of 24%. Gross margin was 70% for the fourth quarter of 2023 compared with 72% for the fourth quarter of 2022. Adjusted gross profit was $12.5 million, an increase of 25% compared to adjusted gross profit of $10 million in the fourth quarter of 2022.

2023 年第四季的毛利為 1,190 萬美元，而 2022 年第四季的毛利為 960 萬美元，較去年同期成長 24%。2023 年第四季的毛利率為 70%，而 2022 年第四季的毛利率為 72%。調整後毛利為 1,250 萬美元，較 2022 年第四季調整後毛利 1,000 萬美元成長 25%。

Adjusted gross margin was 73% for the fourth quarter of 2023 compared to 75% for the fourth quarter of 2022. We continued to benefit in the period from economies of scale related to cloud-based compute and storage costs, as well as favorable price capture, partially offset by a challenging prior year comparable related to sizable Microsoft Azure cloud credits offsetting our computational and storage related costs. Excluding this onetime benefit, gross margins would have increased 600 basis points year-on-year.

2023 年第四季調整後毛利率為 73%，而 2022 年第四季調整後毛利率為 75%。在此期間，我們繼續受益於與基於雲端的運算和儲存成本相關的規模經濟，以及有利的價格捕獲，但部分被去年充滿挑戰的微軟Azure雲端信用抵消了我們的運算和儲存相關成本所抵消。 。剔除這筆一次性收益，毛利率將年增 600 個基點。

Total operating expenses for the fourth quarter of 2023 were $30.8 million compared to $24.7 million for the fourth quarter of 2022. Across the functions, we continued to benefit from lower headcount both on a year- over-year, as well as quarter-on-quarter basis. FX was a notable headwind in the period, particularly impacting R&D expenditures. On a reported basis, share-based compensation was also a notable headwind broadly.

2023 年第四季的總營運費用為 3,080 萬美元，而 2022 年第四季的總營運費用為 2,470 萬美元。在各個職能部門，我們持續受惠於員工人數較去年同期減少。在此期間，外匯是一個顯著的阻力，特別是對研發支出的影響。據報道，股票薪酬也是明顯的阻力。

Lastly, I am also proud of our hard work on the G&A side, where we continue to benefit from lower professional service fees and optimization of our public company costs.

最後，我也為我們在一般行政費用方面的辛勤工作感到自豪，我們繼續受益於較低的專業服務費用和上市公司成本的最佳化。

Operating loss for the fourth quarter of 2023 was $18.9 million compared to $15.1 million in the fourth quarter of 2022. Adjusted operating loss for the fourth quarter of 2023 was $13.3 million compared to $12.1 million for the fourth quarter of 2022. We continue to be pleased with our trajectory toward profitability and believe the additional headcount actions we took in the second half of 2023 were necessary to sustain the trend into the first half of 2024.

2023 年第四季的營運虧損為 1,890 萬美元，而 2022 年第四季的營運虧損為 1,510 萬美元。2023 年第四季調整後營運虧損為 1,330 萬美元，而 2022 年第四季調整後營運虧損為 1,210 萬美元。我們仍然對我們的獲利軌跡感到滿意，並相信我們在 2023 年下半年採取的額外員工行動對於將這一趨勢維持到 2024 年上半年是必要的。

Of note below the line this quarter, we did have a significant charge related to foreign exchange losses. This is due to the material appreciation of the Swiss franc and euro in the period. As this is primarily related to inter-company receivables, you will see an immaterial impact on our cash utilization overall.

值得注意的是，本季線下，我們確實有一筆與外匯損失相關的重大費用。這是由於瑞士法郎和歐元在此期間大幅升值。由於這主要與公司間應收帳款有關，因此您將看到對我們整體現金利用率的影響不大。

Lastly, total cash burn for the fourth quarter of 2023 was $9.5 million compared to $10.6 million in the prior year quarter. This represents an 11% year-over-year improvement, even when factoring in a credit to computational and storage related expenses related to our strategic agreement with Microsoft in Q4 2022. We remain happy overall with our cash and utilization trends and are on track with respect to our medium term liquidity trajectory.

最後，2023 年第四季的現金消耗總額為 950 萬美元，而去年同期為 1,060 萬美元。即使考慮到我們在 2022 年第四季與 Microsoft 的策略協議相關的運算和儲存相關費用，這也意味著同比改善了 11%。我們對我們的現金和利用率趨勢總體感到滿意，並且我們的中期流動性軌跡步入正軌。

Now turning to full year 2023 financials. Total revenue for the full year 2023 was $62.4 million compared to $47.6 million in 2022, representing year-over-year growth of 31%. Constant currency revenue growth was 30% and constant currency revenue growth, excluding COVID related revenue was 32%. This outcome was generally in line with our initial forecast and speaks to the level of revenue visibility we continue to have in the business, despite ongoing macro and industry-specific headwinds.

現在轉向 2023 年全年財務狀況。2023 年全年總收入為 6,240 萬美元，而 2022 年為 4,760 萬美元，年增 31%。固定貨幣收入成長率為 30%，不包括新冠肺炎相關收入的固定貨幣收入成長率為 32%。這一結果總體上符合我們的初步預測，並說明了我們在業務中繼續擁有的收入可見性水平，儘管宏觀和行業特定的阻力持續存在。

Platform analysis volume was 317,000 for the full year 2023 compared to 264,000 in 2022 represented 28% year-over-year growth. Excluding COVID-related volume, platform analysis grew at a strong 27% year-over- year in the period. For the full year, oncology application growth outperformed rare and inherited disease applications led by strength in solid tumors and liquid biopsy.

2023 年全年平台分析量為 317,000 次，而 2022 年為 264,000 次，較去年同期成長 28%。排除與新冠病毒相關的交易量，該期間平台分析年增 27%。全年來看，腫瘤學應用的成長超過了以實體腫瘤和液體活檢為主的罕見和遺傳性疾病應用。

Regional growth was generally balanced with APAC, representing the exception delivering greater than 50% growth. Core genomic customers were 450 as of December 31, 2023, up from 434 in the prior year period and up sequentially by 19 customers relative to Q3 2023. Annualized revenue churn rate was 4% in 2023 in line with our expectation.

區域成長總體上與亞太地區持平，但例外情況是成長超過 50%。截至 2023 年 12 月 31 日，核心基因組客戶數為 450 家，高於去年同期的 434 家，較 2023 年第三季連續增加 19 家客戶。2023 年年化收入流失率為 4%，符合我們的預期。

Net dollar retention for the year improved to 130%, up 2,800 basis points from 102% in 2022. Constant currency net dollar retention, excluding COVID related revenue was 130% as compared to 123% in 2022. Strong NDR and a healthy level of backlog continued to provide us with a high level of revenue visibility going forward.

今年的淨美元保留率提高至 130%，比 2022 年的 102% 提高了 2,800 個基點。固定貨幣淨美元保留率（不含新冠肺炎相關收入）為 130%，而 2022 年為 123%。強勁的 NDR 和良好的積壓水平繼續為我們提供了高水準的未來收入可見性。

Gross profit for the full year 2023 was $42.9 million compared to gross profit of $31.3 million in 2022, representing year-over-year growth of 37%. Gross margin was 69% for the full year 2023 compared with 66% for 2022. Adjusted gross profit was $45 million, an increase of 39% compared to adjusted gross profit of $32.4 million in the full year 2022.

2023 年全年毛利為 4,290 萬美元，而 2022 年毛利為 3,130 萬美元，較去年同期成長 37%。2023 年全年毛利率為 69%，而 2022 年毛利率為 66%。調整後毛利為 4,500 萬美元，較 2022 年全年調整後毛利 3,240 萬美元成長 39%。

Adjusted gross margin was 72% for the full year 2023 compared to 68% for 2022. I am incredibly proud of this outcome, as we have now outperformed our medium term guidance for an entire year. I remain encouraged with respect to continued expansion opportunities moving forward.

2023 年全年調整後毛利率為 72%，而 2022 年為 68%。我對這一結果感到非常自豪，因為我們現在一整年的表現都超越了中期指導。我對未來的持續擴張機會仍然感到鼓舞。

Total operating expenses for the full year 2023 were $117.7 million compared to $119.1 million in 2022. R&D expenses for the full year were $37 million compared to $35.4 million in 2022. Sales and marketing expenses for the full year 2023 were $28.4 million compared to $28.3 million in 2022.

2023 年全年的總營運支出為 1.177 億美元，而 2022 年為 1.191 億美元。全年研發費用為 3,700 萬美元，而 2022 年為 3,540 萬美元。2023 年全年銷售和行銷費用為 2,840 萬美元，而 2022 年為 2,830 萬美元。

General and administrative expenses for the full year 2023 were $53.3 million compared to $55.8 million in 2022. Operating loss for the full year 2023 with $74.8 million compared to $87.8 million in 2022. Adjusted operating loss for the full year 2023 was $55.9 million compared to $72 million in '22.

2023 年全年的一般及行政費用為 5,330 萬美元，而 2022 年為 5,580 萬美元。2023 年全年營運虧損為 7,480 萬美元，而 2022 年為 8,780 萬美元。2023 年全年調整後營運虧損為 5,590 萬美元，而 2022 年為 7,200 萬美元。

Lastly, total cash burn for the full year 2023 was $55.4 million compared to $86.7 million in the prior year down 36%. We are quite proud of this achievement and remain committed to sustainable growth moving forward. Cash and cash equivalents were approximately $123.3 million as of December 31, 2023.

最後，2023 年全年現金消耗總額為 5,540 萬美元，比前一年的 8,670 萬美元下降了 36%。我們對這項成就感到非常自豪，並將繼續致力於未來的永續成長。截至 2023 年 12 月 31 日，現金及現金等價物約為 1.233 億美元。

Now turning to our 2024 outlook. Sophia Genetics expects full year reported revenue to be between $78 million and $81 million dollars, representing 25% to 30% growth on a reported basis.

現在轉向我們的 2024 年展望。Sophia Genetics 預計全年報告收入將在 7,800 萬美元至 8,100 萬美元之間，較報告基礎上增長 25% 至 30%。

Let me provide a few key underlying assumptions related to our reported revenue forecast for 2024. One, we currently contemplate that exchange rates will remain highly volatile. And as such, we are anticipating a moderate negative impact to reported results in 2024.

讓我提供一些與我們報告的 2024 年收入預測相關的關鍵基本假設。第一，我們目前認為匯率將維持高度波動。因此，我們預計 2024 年報告的結果將受到適度的負面影響。

Two, we also expect a very modest headwind to 2024 reported revenues related to a ceasing of COVID related contribution. The combined impact of these assumptions would place our implied organic growth rate toward the low end of our medium term guidance of 30% to 35%. This is despite excellent new customer momentum exhibited in 2023.

第二，我們也預期 2024 年報告的收入將因新冠肺炎相關貢獻的停止而出現非常溫和的阻力。這些假設的綜合影響將使我們的隱含含有機成長率接近中期指引的下限，即 30% 至 35%。儘管 2023 年新客戶表現強勁，但情況仍然如此。

We will attribute two key factors to a more conservative stance as we approach 2024 revenue guidance. First, we have assumed elongated implementation times for liquid biopsy applications, given the complexity of the work flow as compared to tissue. Further, adding complication is a need to help our customers gain access to tumor normal reference samples for proficiency testing. We currently believe this may add up to three months to implementation time lines, meaning we will likely see a larger impact from recent key wins in 2025.

當我們接近 2024 年收入指引時，我們將把兩個關鍵因素歸因於更保守的立場。首先，考慮到與組織相比工作流程的複雜性，我們假設液體活檢應用的實施時間較長。此外，增加複雜性的是需要幫助我們的客戶獲得腫瘤正常參考樣本進行能力驗證。目前，我們認為這可能會使實施時間延長三個月，這意味著我們可能會在 2025 年看到最近的關鍵勝利產生更大的影響。

Second, we are seeing increased adoption of new sequencers in the market. This includes companies like Complete Genomics, Pac Bio Ultima, Oxford Nanopore Element. As Sophia Genetics, we welcome this diversity. One of the founding principles of our platform is to be technology-agnostic. While the prevalence of these new sequencers is driving opportunity across our offering, the changing adoption pattern also warrant some conservatism about customer readiness to implement our solutions as they first need to manage their sequencer transition.

其次，我們看到市場上越來越多地採用新型定序儀。其中包括 Complete Genomics、Pac Bio Ultima、Oxford Nanopore Element 等公司。作為 Sophia Genetics，我們歡迎這種多樣性。我們平台的基本原則之一是與科技無關。雖然這些新型定序儀的流行為我們的產品帶來了機遇，但不斷變化的採用模式也保證了客戶對實施我們的解決方案的準備程度持保守態度，因為他們首先需要管理定序儀的過渡。

Thus, a majority of the growth forecasted in 2024 is from the expansion of existing customers. This is consistent with our historical NDR of 125% to 130%. We will update you over the course of the year as to how new implementations are trending. With respect to seasonality, we would expect 2024 to follow our typical cadence, whereby 1Q and 3Q tend to be seasonally softer from a revenue standpoint, while 2Q and 4Q tend to be seasonally stronger.

因此，預計 2024 年的成長大部分來自現有客戶的擴張。這與我們 125% 至 130% 的歷史 NDR 一致。我們將在這一年向您更新新實施的趨勢。就季節性而言，我們預計 2024 年將遵循我們的典型節奏，即從收入角度來看，第一季和第三季往往季節性疲軟，而第二季和第四季往往季節性較強。

With 4Q being the largest in terms of percent of revenue contribution to the full year, as many of our recently signed logos will likely begin ramping up at that point. We continue to expect a larger portion of our 2024 revenue to be recognized overall in the second half of the year.

就全年收入貢獻百分比而言，第四季度是最大的，因為我們最近簽署的許多徽標可能會在那時開始增加。我們仍然預計 2024 年收入的較大一部分將在今年下半年整體確認。

Following on our strong cost performance in 2023, Sophia Genetics expects further gross margin expansion from 2023 levels in 2024. We currently forecast adjusted gross margins for 2024 in the range of 72.5% to 72.7%, representing an improvement of up to 50 basis points. This is despite a challenging comp in the first quarter due to the remaining prior year Microsoft credit.

繼 2023 年強勁的成本績效之後，Sophia Genetics 預計 2024 年毛利率將從 2023 年的水準進一步擴大。我們目前預測 2024 年調整後毛利率將在 72.5% 至 72.7% 之間，最多可提高 50 個基點。儘管由於上一年剩餘的微軟信用，第一季的業績具有挑戰性。

Turning to operating loss. We currently expect adjusted operating loss to fall between $45 million and$50 million. This is yet again, another notable improvement from 2023 levels, despite a less material benefit year over year with respect to headcount, which drove a majority of our loss improvement in 2023.

轉向經營虧損。我們目前預計調整後的營運虧損將降至 4,500 萬美元至 5,000 萬美元之間。儘管員工人數方面的實質效益逐年減少，但與 2023 年水準相比，這又是一個顯著改善，這推動了 2023 年虧損改善的大部分。

We are confident in our medium-term path to profitability. We have taken the required actions to expedite that goal, and remain obsessed with capital efficiency. In the second half of 2023, we took some tactical headcount actions to further optimize our operations while also continuing to focus our R&D efforts on increasingly high ROI projects.

我們對中期獲利之路充滿信心。我們已採取必要的行動來加快實現這一目標，並持續致力於提高資本效率。2023 年下半年，我們採取了一些戰術性的人員配置行動，以進一步優化我們的運營，同時繼續將研發工作重點放在投資回報率越來越高的項目上。

These were difficult decisions, but we prioritized sustaining medium-term revenue momentum at our previously communicated targeted levels, while ensuring a reasonable time frame to cash flow generation. In 2024, we will continue to revisit our discretionary expenditures and execute and identified savings in systems, professional services and certain public company costs. The combined nature of these items and the natural operating leverage in the business from strong revenue growth will further our path to profitability in the next two plus years.

這些都是艱難的決定，但我們優先考慮將中期收入動能維持在先前溝通的目標水平，同時確保合理的現金流產生時間框架。2024 年，我們將繼續重新審視可自由支配支出，並在系統、專業服務和某些上市公司成本方面執行並確定節省費用。這些項目的綜合性質以及強勁收入成長所帶來的業務自然營運槓桿將進一步推動我們在未來兩年多的獲利之路。

With that, I would like to turn the call back over to Jurgi for the closing remarks before we take your questions.

因此，在我們回答你們的問題之前，我想將電話轉回給尤爾吉，讓其結束語。

Thank you, Ross. We are proud of our performance, which we believe reflects our continued ability to execute on our vision and the opportunity ahead. Sophia success stands on our ability to delight customers and continue driving more and more usage of our platform. After a successful 2023, our focus shifts to Sophia feature. I will share just a few final thoughts as we look towards the near future with three key priorities for 2024.

謝謝你，羅斯。我們對我們的業績感到自豪，我們相信這反映了我們持續執行我們的願景和未來機會的能力。Sophia 的成功取決於我們讓客戶滿意並繼續推動我們平台的越來越多使用的能力。在 2023 年取得成功之後，我們的重點轉向了 Sophia 功能。在我們展望不久的將來以及 2024 年的三個關鍵優先事項時，我將分享一些最後的想法。

First, we look forward to seeing significant growth from new liquid biopsy applications, including MSK access powered with Sophia DDM, as we deploy the applications to customer worldwide with the help of our biopharma partners.

首先，我們期待看到新的液體活檢應用程式（包括由 Sophia DDM 提供支援的 MSK access）顯著增長，因為我們在生物製藥合作夥伴的幫助下向全球客戶部署了這些應用程式。

Second, although we set the bar high in 202, we are excited to continue growing Sophia DDM solid tumor applications and capitalize on the demand of increasingly complexing natures. And third, we plan to continue our strong trajectory of growth in the U.S, as we leverage momentum from 2022.

其次，儘管我們在 202 年設定了很高的標準，但我們很高興能夠繼續發展 Sophia DDM 實體瘤應用並利用日​​益複雜的性質的需求。第三，我們計劃利用 2022 年的勢頭，繼續在美國保持強勁的成長軌跡。

In closing, thank you to our Sophia colleagues, partners, customers and investors for joining us in our journey. Without you, none of this would be possible. Please note that we are attending Cowen Healthcare Conference tomorrow in Boston and Barclays next week in Miami. I look forward to continuing to update you on Sophia's future success of democratizing data you already seen. Operator, you may now open the line for questions.

最後，感謝 Sophia 的同事、合作夥伴、客戶和投資者加入我們的旅程。沒有你，這一切都不可能實現。請注意，我們將參加明天在波士頓舉行的考恩醫療保健會議，以及下週在邁阿密舉行的巴克萊會議。我期待著繼續向您通報 Sophia 未來在使您已經看到的數據民主化方面取得的成功。接線員，現在可以撥打電話提問。

Before we begin, I would like to turn it back over to Ross for a brief statement.

在我們開始之前，我想把它轉回給羅斯做一個簡短的發言。

Thanks. Please note (inaudible)will be joining us today for the Q&A portion of the call at the end of minor medical procedure over the weekend. He sends his regards and apologizes for not being able to make it today. We look forward to having him back soon. Now back to you, Drew

謝謝。請注意（聽不清楚），我們今天將在周末小型醫療程序結束時參加電話問答部分。他向我致以問候，並為今天未能出席而表示歉意。我們期待他盡快回來。現在回到你身上，德魯

We will now begin the question and answer session. (Inaudible)

我們現在開始問答環節。（聽不清楚）

Dan Brennan, TD. Cowan.

丹·布倫南，TD。考恩.

Great. Thanks. Thanks for the questions, Ross. I hope you are okay. Maybe just on the first question is on the guide. You talked about the elongated implementation for liquid biopsy and the newer platforms. Could you just contextualize that a little bit like size, the liquid biopsy business today, you know, kind of frame exactly what's going on there?

偉大的。謝謝。謝謝你的提問，羅斯。希望你沒事。也許指南上只回答了第一個問題。您談到了液體活檢和更新平台的延長實施。您能否將當今的液體活檢業務的規模與規模結合起來，了解那裡正在發生的事情？

And then on the sequencing side, just give a little more color that like how perverse, how widespread is this new platform adoption? And like in the second quarter. Will we be talking about this? Or could this be something that lingers throughout the year for you guys? And then I have a few follow-up. Thanks.

然後在定序方面，稍微多一點色彩，例如這個新平台的採用有多反常、有多廣？就像第二季一樣。我們會討論這個嗎？或者這對你們來說可能是全年都揮之不去的事情嗎？然後我有一些後續行動。謝謝。

Thanks, Dan. So, in terms of some of the factors we put into the guidance. One, I would point you to the fact that we had a tremendous quarter in terms of adding new core logos, right? So, we added 35 in the period. We also had, and again, this is not a number we typically share. We also had incredibly strong bookings towards the end of the year.

謝謝，丹。因此，就我們納入指導的一些因素而言。第一，我想向您指出這樣一個事實，即我們在添加新的核心徽標方面度過了一個巨大的季度，對嗎？因此，我們在此期間添加了 35 個。我們也有，同樣，這不是我們通常分享的數字。到年底我們的預訂量也非常強勁。

So, the new demand environment in general is quite healthy. A good portion of that is coming in liquid biopsy. And so I think that solution again, relative to tissue is a bit more complex, right? And I think on our end, both giving to more normal solution. And so that means sample acquisitions a bit more challenging, but also just the workflow for the customer.

因此，新的需求環境大致上是相當健康的。其中很大一部分來自液體活檢。所以我認為這個解決方案相對於組織來說有點複雜，對嗎？我認為就我們而言，雙方都給出了更正常的解決方案。因此，這意味著樣品採集更具挑戰性，但也只是客戶的工作流程。

We wanted to be a bit more, I would say, conservative and essentially added in our assumption of customers ramping about three months to the adoption process relative to our typical six months. Again, that mathematically would just mean we are only getting roughly one quarter of contribution from some of those new customers in the year, whereas typically we would get to. So, that's liquid biopsy.

我想說的是，我們希望更加保守，並且基本上增加了我們對客戶採用過程的假設，相對於我們通常的六個月，大約需要三個月的時間。同樣，從數學上講，這僅意味著我們今年只能從其中一些新客戶那裡獲得大約四分之一的貢獻，而通常我們會獲得這一貢獻。這就是液體切片。

On the sequencer side, obviously, this has been a market, where you have had essentially two players for the majority of the last number of years with one player being quite dominant. We still see obviously no change in sort of the leadership position in the market. But we are seeing quite a number of new vendors having success at different applications within the market.

顯然，在排序器方面，這是一個市場，過去幾年的大部分時間基本上都有兩名玩家，其中一名玩家佔據主導地位。我們仍然看到市場領導地位顯然沒有任何變化。但我們看到相當多的新供應商在市場上的不同應用程式上取得了成功。

And so for us, this is obviously a really nice development. We welcome the diversity of new applications and new sequencer types and vendors. But there is, I would say, to that degree, a bit less certainty for us, because, we have not seen this before, right?

所以對我們來說，這顯然是一個非常好的發展。我們歡迎新應用程式以及新定序儀類型和供應商的多樣性。但我想說，在某種程度上，我們的確定性稍差一些，因為我們以前沒有見過這種情況，對嗎？

And so again, I wouldn't say there is anything we are necessarily seeing in our setup times that's elongated, but we wanted to add a bit of cushion just in case, right? And so again, I think it's ultimately both of these ends, very positive long-term developments for us, but we wanted to be a bit extra conservative, as we entered the year just because, it does introduce in terms of new business, a slightly different wrinkle than we typically have faced in the past.

再說一次，我不會說我們在設定時間中一定會看到任何東西被拉長，但我們想添加一點緩衝以防萬一，對吧？再說一次，我認為這最終是這兩個目標，對我們來說是非常積極的長期發展，但我們希望更加保守，因為我們進入這一年只是因為，它確實引入了新業務，與我們過去通常遇到的皺紋略有不同。

Okay, got it. Thanks. And then and then maybe just as a follow-up,(inaudible)And then I'll just go back in the queue. Just biopharma, I think in the 20 F you noted was up $3 million year-on-year. Could you give us some color what the base was? And just any color on the biopharma contribution, how we are thinking about the impact in '23?

好，知道了。謝謝。然後然後也許只是作為後續行動，（聽不清楚）然後我就會回到隊列中。僅生物製藥，我認為您提到的 20 F 年比增長了 300 萬美元。你能給我們一些顏色嗎？基地是什麼？對於生物製藥的貢獻，我們如何看待 23 年的影響？

And then you discussed in the prepared remarks, the medium-term path to profitability and the actions that you guys are taking in order to ensure that, I know you haven't given us a distinct date or timetable, but any more color around what that medium-term path looks like, whether how long what the revenue base is, what needs to happen? Thank you.

然後，你們在準備好的發言中討論了中期盈利之路，以及你們為確保這一點而採取的行動，我知道你們沒有給我們一個明確的日期或時間表，但有更多關於什麼的顏色中期路徑是什麼樣的，收入基礎有多長，需要發生什麼？謝謝。

Excellent. Dan, thanks for the question. So, in terms of biopharma, so you will note we still have not broken that out. And we did obviously also call out in the period that there was a slight amount of revenue that shifted to the first half of next year. I would say that business remains in its nascent stages. We are still incredibly excited about the opportunity there.

出色的。丹，謝謝你的提問。因此，就生物製藥而言，您會注意到我們仍然沒有解決這個問題。我們顯然也指出，這段期間有少量收入轉移到了明年上半年。我想說的是，業務仍處於萌芽階段。我們仍然對那裡的機會感到非常興奮。

We are seeing quite a lot of synergy between our clinical and pharma business, particularly in liquid biopsy. And well, I think, again this year, you will see continued updates from us on some of the new partnerships and success we are having there. But I think overall, obviously longer term for us on top of what we have already done in terms of sponsor testing.

我們看到臨床和製藥業務之間有很多協同作用，特別是在液體活檢方面。嗯，我想，今年，您將再次看到我們關於我們在那裡的一些新合作夥伴關係和成功的持續更新。但我認為總的來說，除了我們在贊助商測試方面已經完成的工作之外，對我們來說顯然是更長期的。

We are very excited about multimodal. And multimodal for us is very present within sort of the pharma landscape. And that's where I would say, stay tuned for some of the other types of projects we are working on, right?

我們對多式聯運感到非常興奮。對我們來說，多模式在製藥領域非常普遍。這就是我想說的，請繼續關注我們正在進行的一些其他類型的項目，對吧？

And so overall, I am pleased with how pharma performed this year, it actually outperformed our internal expectations, but I would say still small enough as business relative to the whole, where we are not quite at the point of breaking it out. And so the disclosures as such show you the nice momentum we are having. But we are still at a point where we want you to think about the platform as a whole.

總的來說，我對製藥業今年的表現感到滿意，它實際上超出了我們的內部預期，但我想說，相對於整體來說，業務規模仍然足夠小，我們還沒有完全達到突破的地步。因此，此類披露向您展示了我們所擁有的良好勢頭。但我們仍希望您從整體上考慮平台。

In terms of your second question, relative to our path to profitability. I am really proud this year of the work of the team. We did a great job on gross margins. You know, in this quarter, excluding the Microsoft credit, gross margins were up over 600 basis points. We also made great progress throughout the year on headcount, which is our main expense.

關於你的第二個問題，與我們的獲利之路有關。我對今年團隊的工作感到非常自豪。我們在毛利率方面做得很好。要知道，本季，不包括微軟的信貸，毛利率成長了 600 個基點以上。我們全年在員工人數方面也取得了很大進展，這是我們的主要支出。

And so we will continue to see that improvement play out, as you know, we are a European entity majority in terms of our headcount mix. And so it does take some time for headcount actions to work their way through the P&L. So, you will continue to see that benefit on OpEx in the first part of next year. And then we continue to be very disciplined on the rest of our discretionary spend, whether that's professional services or systems or our real estate, et cetera.

因此，我們將繼續看到這種改進的發揮，如您所知，就我們的員工結構而言，我們是歐洲實體的多數。因此，人員統計行動確實需要一些時間才能在損益表中發揮作用。因此，您將在明年上半年繼續看到營運支出的優勢。然後，我們繼續對其餘的可自由支配支出非常嚴格，無論是專業服務、系統還是我們的房地產等等。

And so we are constantly looking for areas to target. That being said, I would say from here, the biggest contributor to the path to profitability is going to be the drop down of incremental revenue, right? So, the good news for us is we have incredibly visible, strong organic growth rates, right? So, we talked about, net dollar retention being 130% for the year. So, that gives us a very nice base with which sort of model our forward growth.

因此，我們不斷尋找目標領域。話雖這麼說，我想說，從這裡開始，獲利之路上最大的貢獻者將是增量收入的下降，對吧？所以，對我們來說好消息是我們擁有令人難以置信的明顯、強勁的有機成長率，對吧？因此，我們談到，今年的淨美元保留率為 130%。因此，這為我們的未來發展奠定了良好的基礎。

And so with the sort of continued gross margin expansion, we talk about this year and again, we haven't updated our long-term target or medium-term target, but we are obviously increasingly confident in our ability to drive margin expansion. With those strong incrementals off of the net revenue growth, we expect to drop down a very high portion of that incremental gross profit to the EBIT line. And so with that, that will materially help our path to profitability.

因此，隨著毛利率的持續擴張，我們今年一次又一次地談論，我們沒有更新我們的長期目標或中期目標，但我們顯然對推動利潤率擴張的能力越來越有信心。隨著淨收入成長的強勁增量，我們預期增量毛利的很大一部分將下降到息稅前利潤線。因此，這將極大地幫助我們實現盈利。

So, again, at JPMorgan, we already spoke about two plus years, and our sort of sufficient capital base. So, you can sort of back into, you now know at least a range for this year in terms of loss. And now you can see that with continued improvement in '25 and '26, that should be a pretty visible, I would say, trajectory with some of those assumptions to cross over to cash flow breakeven.

因此，在摩根大通，我們已經談到了兩年多的時間，以及我們足夠的資本基礎。因此，您現在可以回顧一下，您現在至少知道今年的損失範圍。現在你可以看到，隨著 25 年和 26 年的持續改善，我想說，這應該是一個非常明顯的軌跡，其中一些假設將跨越現金流盈虧平衡。

Great. Thanks, Ross.

偉大的。謝謝，羅斯。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

Hey, Ross. Good morning and best wishes to you here. Just a couple of quick cleanups on some of the comments you just made on the guide and the path to breakeven. So, I guess my question is really you have been well known of 70% for a while now, as you mentioned, really good progress in GMs in the fourth quarter as well, even adjusted for the Microsoft dynamic.

嘿，羅斯。早安，在這裡向您致以最美好的祝愿。只需快速清理一下您剛剛在指南中發表的一些評論以及盈虧平衡之路。所以，我想我的問題是，正如您所提到的，您現在已經有 70% 的知名度，第四季度的總經理也取得了很好的進展，甚至根據微軟的動態進行了調整。

So, what's holding you back from perhaps bumping that target to, let's say, 75% plus on the margin line? And then as a related follow-up, you talked about the, I want to go and focus on the Plus in the two plus years to operating profit breakeven. So, is that just to preserve a degree of optionality? Should there be opportunities to really lean in and invest more than you currently anticipate over the next couple of years? Or is there something else that we should be reading into in terms of that sort of phrasing?

那麼，是什麼阻礙您將目標提高到利潤線的 75% 以上呢？然後，作為相關的後續行動，您談到，我想在兩年多的時間裡專注於Plus，以實現營業利潤盈虧平衡。那麼，這只是為了保留一定程度的選擇性嗎？未來幾年是否有機會真正投入並進行比您目前預期更多的投資？或者我們還應該根據這種措詞來解讀其他內容嗎？

Good morning, Tejas. Thanks for the question. So, I would say I will take your second first. So, on the the plus the, I think the way you characterized it, ultimately, it does give us a bit of degree of freedom. But frankly, I think, you know, as a public company, we are obviously incredibly focused, right? on this initiative, given sort of the end market environment. But the practical reality is as a business that's primarily headcount, right?

早上好，特哈斯。謝謝你的提問。所以，我想說我會先拿你的第二個。所以，從另一方面來說，我認為你描述它的方式最終確實給了我們一點自由。但坦白說，我認為，作為一家上市公司，我們顯然非常專注，對吧？考慮到終端市場環境，採取了這項措施。但實際情況是，作為一個企業，主要是人員數量，對吧？

We have a high degree of control of where we land, but we also want to balance to make sure that we hit our growth objectives, right? As I mentioned before, so much of the drop down that comes is relative to that top line momentum. And so I think from that standpoint, even though it's really crucial that we don't lose sight that we still need to invest for the future, right? And we need to be able to drive really good operating leverage, but we also need to contain or sustain our revenue momentum within our targeted range.

我們對落地地點擁有高度控制權，但我們也希望保持平衡，以確保實現成長目標，對嗎？正如我之前提到的，大部分的下跌都與營收動能有關。因此，我認為從這個角度來看，儘管我們不要忽視我們仍然需要為未來投資這一點非常重要，對嗎？我們需要能夠推動真正良好的營運槓桿，但我們也需要將我們的收入動能控製或維持在我們的目標範圍內。

So, again, I think it's always a balance. We are trying to delicately balance that and maximize shareholder value creation. And so I think, again, we have done a relatively good job of that so far, and we are maniacally focused on continuing to execute and deliver on that in the future.

所以，我再次認為這始終是一種平衡。我們正在努力微妙地平衡這一點，並最大限度地創造股東價值。因此，我再次認為，到目前為止，我們在這方面做得相對較好，並且我們將瘋狂地專注於在未來繼續執行和實現這一目標。

Got it.

知道了。

Go ahead, sorry.

繼續吧，抱歉。

No, go ahead.

沒有，繼續。

And I was just going to say, you know, overall, right, as we just take a step back, I think the business has very good momentum on the gross margin side. We have done a fantastic job in terms of compute and store, which is a majority of our COGS. We have had very good labor absorption. I think there the only sort of question for us is as well mix over time, there are elements of our business, right?

我只是想說，你知道，總的來說，是的，因為我們只是退一步，我認為該業務在毛利率方面有非常好的勢頭。我們在運算和儲存方面做得非常出色，這佔據了我們 COGS 的大部分。我們對勞動力的吸收非常好。我認為對我們來說唯一的問題是隨著時間的推移混合，我們的業務有一些元素，對嗎？

We are somewhat focused, we haven't talked at the time, but we have, I would say, started to really push on our professional services effort with our size and scale. And with the number of laboratories we touch there are, I would say, really nice opportunities to further ingrain ourselves within our customers and help them on a number of items.

我們有些專注，當時我們還沒有談過，但我想說，我們已經開始以我們的規模和規模真正推動我們的專業服務工作。我想說，隨著我們接觸的實驗室數量的增加，我們有非常好的機會進一步深入我們的客戶，並在許多專案上為他們提供幫助。

So, if you think about today, like the LDT legislation, for example, this will be an area, where I think we potentially can help. Additionally, I would say on the pharma side, there could be some elements of that business over time that have service components. And so I would say, given those moving parts, we have waited to sort of better understand or those pieces will fit in in terms of overall mix.

所以，如果你想想今天的情況，例如 LDT 立法，我認為這將是我們可能可以提供幫助的領域。此外，我想說，在製藥方面，隨著時間的推移，該業務的某些要素可能會包含服務組件。所以我想說，考慮到這些移動部件，我們一直在等待更好地理解，或者這些部件將適應整體組合。

But frankly, overall, we feel quite confident on our continued ability to drive GM expansion. We considered in the guide this year, and certainly over time maximize gross profit dollars, which again, at the end of the day, it's going to be, I would say, crucial to that path to profitability being closer to that two figure versus the sort of two plus.

但坦白說，總體而言，我們對我們繼續推動通用汽車擴張的能力充滿信心。我們在今年的指南中考慮到，隨著時間的推移，肯定會實現毛利最大化，我想說，最終，這對於盈利能力接近兩位數與有點二加。

So, again, we are super focused on it. We just we have a high degree of, I would say, visibility and accuracy in our ability to predict our business. And so we don't want to commit to something until we are 100% sure we can deliver it, and that it's today the right sort of mix for the business, given some of the other pushes and pulls we are seeing from a demand perspective within the business that, again, I would argue are all positive developments.

所以，我們再次非常關注它。我想說的是，我們預測業務的能力具有高度的可見度和準確性。因此，我們不想承諾某件事，直到我們 100% 確定我們可以交付它，並且考慮到我們從需求角度看到的其他一些推動和拉動，這對於業務來說是正確的組合。我再次認為，在行業內，這些都是正面的發展。

Got it. Super helpful, Ross. My next question here is really related to the expand part of your land and expand sort of algo, right. And would you be willing to share a little bit more color in terms of what you are doing to incentivize cross-selling into your existing customer base once you land them? You called it out as one of the more conservative assumptions in the guide. So, I am assuming it's a important focus area for you.

知道了。超級有幫助，羅斯。我的下一個問題確實與擴大你的土地和擴大某種演算法有關，對吧。您是否願意分享更多關於您在吸引現有客戶群後如何激勵交叉銷售的資訊？您將其稱為指南中較為保守的假設之一。所以，我假設這對您來說是一個重要的關注領域。

And off the growth that you saw in '23, giving you could parse it out for us in terms of how much came from just new accounts versus existing accounts, ramping volumes on your legacy solutions. So, to speak, and third leg being existing accounts adding new Sophia solutions that they haven't used before?

從您在 23 年看到的成長來看，您可以為我們解析出有多少來自新帳戶與現有帳戶，從而增加了舊解決方案的數量。那麼，第三條腿是現有帳戶添加他們以前從未使用過的新 Sophia 解決方案？

It's a great question because, I really think it speaks to sort of the differentiation of our business. And again, as a software company, net dollar retention remains a crucial metric for us, right? Because that truly kind of, I would say, shows that health of the expand, right? And so you know, Yurig in the prepared remarks, the share that our average number of applications per customer expanded this year from 2.3 to 2.5, right, with many more I would say, having multiple applications that we have seen in the past.

這是一個很好的問題，因為我真的認為這說明了我們業務的差異化。再說一次，作為一家軟體公司，淨美元保留率仍然是我們的關鍵指標，對嗎？因為我想說，這確實顯示了擴張的健康狀況，對嗎？所以你知道，尤里格在準備好的發言中，今年我們每個客戶的平均申請數量從 2.3 增加到 2.5，對，我想說的還有更多，有我們過去見過的多個申請。

This is incredibly crucial to us, and it gives us, again, very high degree of visibility, but it's also a very high return on capital, right? In terms of the customer acquisition cost because, you are obviously selling with an already landed customer and so in that, I would say and even more so over the last six months, we have put a real focus on the expand, and I think we are seeing really nice dividends. And you can see the growth we have this year in HRD or solid tumor overall.

這對我們來說非常重要，它再次為我們提供了非常高的知名度，而且資本回報率也非常高，對嗎？就客戶獲取成本而言，因為，您顯然正在與已經登陸的客戶進行銷售，因此，我想說，在過去六個月中更是如此，我們真正關注的是擴張，我認為我們看到了非常良好的股息。你可以看到今年我們在 HRD 或實體瘤領域的整體成長。

I think '24, '25 liquid biopsy will remain a really good story for us. But frankly, you know, there are quite a number of applications for folks to adopt. You know, there was a client, Yurgi called out on the call that actually is going to start with us with 11 applications, right? I would say this is not the norm, but it just gives you the sense of how much expand potential there is at many accounts.

我認為「24」、「25」液體活檢對我們來說仍然是一個非常好的故事。但坦白說，您知道，有相當多的應用程式可供人們採用。你知道，尤爾吉在電話中喊道，有一位客戶實際上將從我們這裡開始提交 11 份申請，對吧？我想說這不是常態，但它只是讓您感覺到許多帳戶的擴展潛力有多大。

And so, I would say, we are doing a much better job now of incentivizing that behavior, albeit I would caveat and say it's still challenging at times because, if you are using an existing solution and you are, even if you are not happy with it, the friction to change is high, right? So, this is why our churn is so low in general. So, it also benefits us, but it does make I would say the pace of expansion, a bit more elongated than you would see in most markets. But still, again, longer term, this is quite a positive.

因此，我想說，我們現在在激勵這種行為方面做得更好，儘管我會警告並說它有時仍然具有挑戰性，因為如果您正在使用現有的解決方案，即使您不高興，您也確實會這樣做有了它，改變的阻力就很大，對嗎？所以，這就是我們的客戶流失率整體如此低的原因。因此，這也使我們受益，但我想說，它確實使擴張的步伐比大多數市場中看到的要更長一些。但從長遠來看，這仍然是相當積極的。

One other thing, I would say to your question is obviously a good proportion of very high proportion of our growth came from the expand from existing customers this year. The land typically for us is anywhere between 0% to 5%, right of our growth. This year was sort of in the middle. I would say, the ideal situation for us is that sort of sustains solely because, it essentially positions us for a much more, I would say, visible elongated period of elevated growth because, all of those customers, the 80 plus that came on this year they will contribute materially in 2024 and '25, right?

另一件事，我要對你的問題說的是，我們的成長中很大一部分顯然來自今年現有客戶的擴展。對我們來說，土地通常在 0% 到 5% 之間，就在我們的生長右側。今年是在中間。我想說，對我們來說，理想的情況就是這種持續下去，因為它本質上使我們處於一個更明顯的、更長的高速增長時期，因為所有這些客戶，80 歲以上的客戶他們將在2024 年和25 年做出實質貢獻，對嗎？

And the ones we land this year thereafter. You know, in the guide, we obviously are assuming a much more conservative amount this year. It's towards the lower end of that. So, we have very little contribution. And so again, maybe that will prove conservative, but we just wanted to call it out this year relative to some of those dynamics that we're seeing, right? And so ultimately, we feel good about that.

以及我們今年之後登陸的那些。您知道，在指南中，我們顯然今年假設的金額要保守得多。它正朝著較低的一端。所以，我們的貢獻很少。再說一遍，也許這會被證明是保守的，但我們只是想在今年相對於我們所看到的一些動態來指出這一點，對嗎？所以最終，我們對此感覺良好。

Kellen, do you want to maybe add a key point there?

凱倫，你想在那裡添加一個要點嗎？

Yes, sure. Thanks , Ross. I think, as I mentioned, we have added, we have demonstrated a proven ability to expand within our existing customers, which makes the announcement that we had today that we are adding 35 new core genomics customers that we landed 35 new car, new general, discuss customers in Q4 even more exciting.

是的，當然。謝謝，羅斯。我認為，正如我所提到的，我們已經補充說，我們已經證明了在現有客戶範圍內擴展的能力，這使得我們今天宣布我們將增加35 個新的核心基因組學客戶，我們獲得了35輛新車、新通用汽車，Q4的客戶討論更加精彩。

These are customers who are going to be ramping up and implementing Sophia DDM over the next six, nine months within 2024. And so after landing those, we see even more potential to expand within those accounts in the areas that we mentioned around liquid biopsy or solid tumors of the other growth drivers.

這些客戶將在 2024 年的未來六到九個月內逐步加強和實施 Sophia DDM。因此，在獲得這些之後，我們看到在我們提到的其他成長驅動因素的液體活檢或實體瘤領域，這些帳戶有更大的擴展潛力。

Got it. Very helpful, guys. Last one for me Ross, any thoughts on this on the LDT regulation from the FDA now appears increasingly imminent. What are you hearing from your customers? And should that final rule not include grandfathering or any further push-outs implementation? What can Sophia do to help your customers adapt?

知道了。非常有幫助，夥計們。我的最後一個問題是，Ross，對於 FDA 對 LDT 監管的任何想法現在似乎都越來越迫在眉睫。您從客戶那裡聽到了什麼？最終規則是否應該不包括祖父條款或任何進一步的推出實施？Sophia 可以做些什麼來幫助您的客戶適應？

That's a great question, right? And so I would say overall, we view the regulation as positive. This has been quite a good result for us in Europe as well, if you think about IVDR. And so we are essentially using the same playbook we saw with IVDR for the U.S. with LDT, albeit to my other point on gross margins, there might be a higher professional service component as the potential pace of transition is probably a bit more, I would say expedited than what we have seen with IVDR, although that's been pushed out several times.

這是一個很好的問題，對吧？所以我想說，總的來說，我們認為監管是正面的。如果你考慮一下 IVDR，這對我們在歐洲來說也是一個相當好的結果。因此，我們本質上使用的是與美國IVDR 和LDT 相同的劇本，儘管就我關於毛利率的其他觀點而言，可能會有更高的專業服務組成部分，因為潛在的轉型速度可能會更快一些，我認為可以說比我們在 IVDR 中看到的更快，儘管這已經被推遲了好幾次。

And so I think the need for a validated platform and the ability to track (inaudible)right? This is all stuff we already do to some degree. And so now it's more formalized. And so I think the pressure on our customers essentially to move to a validated platform will just be higher because, the ability to maintain your own pipelines or multiple disparate pipelines and approaches, I think will be quite a challenge.

所以我認為需要一個經過驗證的平台和追蹤（聽不清楚）的能力嗎？這些都是我們在某種程度上已經做過的事情。所以現在它更加正式了。因此，我認為我們的客戶本質上轉向經過驗證的平台的壓力只會更大，因為維護自己的管道或多個不同的管道和方法的能力，我認為將是一個相當大的挑戰。

And so it's our view that the ultimate net of this will be, I would say a positive, but obviously, we will monitor the situation. We have to see the final rule. We are eagerly awaiting, as I am sure you are. But in the end, regulation tends to be favorable to larger scaled players, which I would say fits our profile.

因此，我們認為，最終的結果將是，我想說的是積極的，但顯然，我們將監控情況。我們必須看到最終的規則。我們熱切地等待著，我相信您也是如此。但最終，監管往往有利於規模較大的參與者，我認為這符合我們的情況。

Super helpful. Thanks so much. Appreciate it.

超有幫助。非常感謝。欣賞它。

Mark Massaro, BTIG.

馬克·馬薩羅，BTIG。

Thanks for taking the question, (inaudible). So, in terms of the churn HRD growth that you have been seeing for some time now, I think, just how sustainable do you think that growth is and just where you think you are in the adoption curve? Thanks.

感謝您提出問題，（聽不清楚）。那麼，就您一段時間以來所看到的人力資源開發流失成長而言，我認為您認為這種成長的可持續性有多強，以及您認為自己處於採用曲線中的哪個位置？謝謝。

Sure. So I think relative to the initial opportunity in ovarian, we are making very good progress. I think our share in many key markets has been quite high. And so as we have spoken about before, the next phases of growth for Asia deal will come as the class of parks kind of moves out of ovarian into other indications.

當然。所以我認為相對於卵巢的最初機會，我們正在取得非常好的進展。我認為我們在許多關鍵市場的份額相當高。正如我們之前談到的，亞洲交易的下一階段增長將隨著公園類型從卵巢轉移到其他適應症而到來。

And so we are obviously monitoring that incredibly closely. We think as a signature overall, this will continue to be quite important. I am not quite sure, right? We can sustain the growth we saw this year as we are sort of in the early phases of kind of the product cycle.

所以我們顯然正在非常密切地監控這一點。我們認為作為一個整體簽名，這將仍然非常重要。我不太確定，對吧？我們可以維持今年的成長，因為我們正處於產品週期的早期階段。

But ultimately for us, HRD and solid tumor overall remain a really key element of the platform. It remains quite, I would say, a popular application for us as we look at our pipeline and we are eager to continue to work in this category, particularly with our pharma partners over time.

但最終對我們來說，HRD 和實體瘤總體上仍然是該平台的真正關鍵要素。我想說，當我們審視我們的管道時，它仍然是一個很受歡迎的應用程序，我們渴望繼續在這一類別中工作，特別是隨著時間的推移與我們的製藥合作夥伴一起。

Okay, perfect. And (inaudible) Bio-Reference customer, last quarter, what is the feedback on MSK access been there and just how winning that account has helped move along conversations with other large U.S. customers?

好的，完美。還有（聽不清楚）Bio-Reference 客戶，上個季度，對 MSK 斯隆訪問的反饋是什麼？贏得該帳戶如何幫助推動與其他美國大型客戶的對話？

Yes. So, I don't want to specifically comment on a customer, but I would say overall, we are quite happy with both the pipeline we have built for MSK access, as well as I would say, the early experience of what we are seeing, both in our own R&D lab, as we decentralize the solution, as well as as we are starting to bring it to some of our early access customers. So, stay tuned. We hope to have more updates here.

是的。因此，我不想具體評論某個客戶，但我想說，總的來說，我們對我們為 MSK 訪問構建的管道以及我們所看到的早期體驗感到非常滿意，無論是在我們自己的研發實驗室，隨著我們分散解決方案，以及我們開始將其帶給我們的一些早期訪問客戶。所以，請繼續關注。我們希望在這裡有更多更新。

But overall, I would say things are progressing quite well. And I am incredibly proud of the hard work of the team is, I do think again for us, this remains a really unique partnership with MSK and an asset that over time for us that could really, I would say, transform elements, not just of our business, but of care in the decentralized world.

但總的來說，我想說事情進展順利。我為團隊的辛勤工作感到無比自豪，我確實再次想到，這仍然是與MSK 斯隆的真正獨特的合作夥伴關係，也是一項資產，隨著時間的推移，我想說，它真的可以改變元素，而不僅僅是我們的業務，而是在分散的世界中受到關注。

We are the types of conversations we are having with institutions. And I would say the places in the world, we think we can take this really quite expanded from what I would have thought even six months ago. And so I am incredibly encouraged around the early interest. And now it's on us to turn that activity and interest into revenue, right?

我們就是我們與機構對話的類型。我想說的是，在世界各地，我們認為我們可以將這一點從我六個月前的想法中擴展出來。因此，我對早期的興趣感到非常鼓舞。現在我們有責任將這種活動和興趣轉化為收入，對嗎？

And so I would say, again, this will be something that plays out primarily for us in the second half of this year, but we will move into '25 as well.

所以我想說，這將是我們今年下半年主要發生的事情，但我們也將進入 25 年。

Kellen, do you want to maybe comment as well on the biopharm opportunity?

凱倫，您是否也想對生物製藥機會發表評論？

Yes, sure, specifically for liquid biopsies of MSK access. We are getting a lot of interest, as Ross mentioned in the clinical market. It's one of those solutions, where you bring the Memorial Sloan-Kettering name and the customer almost immediately purchased up both our existing customers who might want to add that application as well as new customers that we are speaking to you mentioned, Bio-Reference.

是的，當然，專門用於 MSK 通路的液體活檢。正如羅斯在臨床市場中提到的那樣，我們引起了極大的興趣。這是其中一種解決方案，您使用 Memorial Sloan-Kettering 名稱，客戶幾乎立即購買了我們可能想要添加該應用程式的現有客戶以及我們正在與您提到的 Bio-Reference 的新客戶。

We also announced Tennessee Oncology at JPMorgan. But at certain clinical markets, we are also getting a lot of attraction from biopharma. So, we announced a collaboration earlier last year with AstraZeneca, who is sponsoring the deployment of our HRD application in Spain. We gave an update today on that, and mentioned that it was an incredibly successful partnership.

我們也在摩根大通宣布了田納西州腫瘤學。但在某些臨床市場，我們也從生物製藥中獲得了極大的吸引力。因此，我們去年稍早宣布與阿斯特捷利康合作，阿斯特捷利康贊助我們在西班牙部署 HRD 應用程式。我們今天對此進行了更新，並提到這是一次非常成功的合作關係。

We are now, I think testing approximately 90% of all HDR divisions in Spain, which has been a great success. Later, past year, on that, we are going to be expanding that partnership with AstraZeneca (inaudible) be sponsoring the deployment of both MFA access and let's say, impacts globally.

我認為我們現在正在測試西班牙大約 90% 的 HDR 部門，這是一個巨大的成功。去年晚些時候，我們將擴大與阿斯特捷利康（聽不清楚）的合作夥伴關係，贊助 MFA 訪問的部署，可以說，影響全球。

So, this is really exciting for us in the liquid biopsy space as they help offer their footprint to reach more clinical customers globally. And then that will help also with MSK impact, which is slated to launch later this year.

因此，這對液體活檢領域的我們來說確實令人興奮，因為他們幫助提供足跡，接觸到全球更多的臨床客戶。這也將有助於 MSK 斯隆的影響力，該影響力定於今年稍後推出。

Perfect. Thanks so much, guys.

完美的。非常感謝，夥計們。

(Operator Instructions) Conor McNamara, RBC Capital Markets.

（操作員說明）Conor McNamara，RBC 資本市場。

Rob, thanks for taking the question. Just a quick follow-up on the new sequencing technology and how it impacts your customers that you talked about. Did your guidance, are you anticipating actually potentially losing customers as they switch vendors? Or is it more a function of as they implement and validate or just evaluate a new vendor that it slows down their overall volume?

羅布，感謝您提出問題。只是快速跟進您談到的新測序技術以及它如何影響您的客戶。您是否預計在客戶更換供應商時實際上可能會失去客戶？或者，這更多是因為他們實施和驗證或只是評估新供應商，從而降低了整體銷售？

Yes, it's really the second corner. I think in general and again, I want to be very clear, this is not something we are actually seeing in practice, it's more of an assumption as we are seeing in our pipeline, as well as in our bookings, a different sequencer mix than we did in the past. And so our assumption is that the delivery of those sequencers, the installation of those sequencers and thus the onboarding of our platform may just take longer.

是的，這確實是第二個角落。我認為總的來說，我想非常清楚地表明，這並不是我們在實踐中實際看到的，這更多的是我們在管道和預訂中看到的一種假設，與我們過去也這麼做過。因此，我們的假設是，這些定序儀的交付、這些定序儀的安裝以及我們平台的上線可能需要更長的時間。

And again, it's not clear to us, if that will be the case. We will obviously track it and report over the balance of the year. But given our lack of historical context with many of these businesses, right? again, you will know the market had been dominated by one or two players for the better part of the last decade. And so again, I am not suggesting a significant shift, but I think at the margin, we are seeing in the clinical market more players pop up.

同樣，我們也不清楚是否會出現這種情況。我們顯然會跟踪它並報告今年的剩餘時間。但考慮到我們對其中許多企業缺乏歷史背景，對嗎？同樣，您會知道在過去十年的大部分時間裡，市場一直由一兩個參與者主導。再說一次，我並不是建議進行重大轉變，但我認為在邊緣，我們看到臨床市場上出現了更多的參與者。

And we are seeing more requests for new players in many different geographical markets. And so we just want to be prepared in the case that there is some change in the typical cadence of onboarding for us. And so again, no loss, if anything, longer term, this expands the market overall. And we think for us the diversity plays into our strengths as a business.

我們看到許多不同地域市場對新參與者的需求越來越多。因此，我們只想做好準備，以防我們的典型入職節奏會發生一些變化。再說一遍，從長遠來看，沒有損失（如果有的話），這會擴大市場的整體規模。我們認為，對我們來說，多元化可以發揮我們作為企業的優勢。

Great. Thanks for clearing that up. That's all I have and thanks for the question.

偉大的。感謝您澄清這一點。這就是我所知道的，謝謝你的提問。

Thank you, Concor.

謝謝你，康科。

This concludes our question and answer session. I would like to turn the conference back over to Ross Muken for any closing remarks.

我們的問答環節到此結束。我想將會議轉回羅斯·穆肯（Ross Muken）發表閉幕詞。

Thank you, everyone, for joining us. We are pleased to have an incredibly strong end of the year I am proud of. All that [there is a fee] and that contributed to it. And we look forward to having Jurgi back with us here on the call very shortly. So, thank you everyone, and I send our best wishes to Jurgi, and we will talk to you all soon at conferences next week.

謝謝大家加入我們。我們很高興在今年年底取得了令人難以置信的強勁表現，我對此感到自豪。所有這些[需要付費]都是促成它的。我們期待尤爾吉很快能再次與我們一起參加電話會議。所以，謝謝大家，我向 Jurgi 致以最美好的祝愿，我們將很快在下週的會議上與大家交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。