SOPHiA GENETICS SA (SOPH) 2024 Q3 法說會逐字稿

Good morning. My name is Nicole and I will be your conference operator today. At this time. I would like to welcome everyone to the Sophia Genetics third-quarter, 2024. (Operator Instructions)

早安.我叫妮可，今天我將擔任你們的會議操作員。此時。歡迎大家來到 Sophia Genetics 2024 年第三季。（操作員說明）

This call is being recorded on Tuesday, November (technical difficulty)

此電話錄音於 11 月星期二（技術難度）

Welcome to the Sophia Genetics third quarter, 2024 earnings conference call. Joining me today to discuss the results are Dr. Jurgi Camblong, our Co Founder and Chief Executive Officer; Ross Muken, our company President; and George Cardoza, our Chief Financial Officer.

歡迎參加 Sophia Genetics 2024 年第三季財報電話會議。今天與我一起討論結果的是我們的共同創辦人兼執行長 Jurgi Camblong 博士； Ross Muken，我們公司總裁；以及我們的財務長喬治·卡多薩 (George Cardoza)。

I'd like to remind you that management will make statements during this call that are forward looking 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，管理階層將在本次電話會議期間發表前瞻性聲明，這些聲明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，您不應過度依賴前瞻性聲明。

Additional information regarding these risks, uncertainties and factors that could cause results to differ in the documents and reports filed by Sophy 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 specialties, 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 Sophy Genetics 提交的文件和報告。不時與證券交易委員會聯繫。在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。IFRS 與非 IFRS 指標的調節包含在今天的收益專題中，可在我們的網站上找到。

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

現在，我將把電話轉給尤爾吉。

Thanks, Ken and good morning everyone. I will start today by giving a brief update on our Q3 performance which played out largely as expected as clinical volume reaccelerated and strong cost management results per year. Improvement to cash burn.

謝謝，肯，大家早安。今天，我將首先簡要介紹我們第三季的業績，隨著臨床數量的重新加速和每年強勁的成本管理結果，該業績基本上符合預期。改善現金消耗。

I will then highlight a key growth driver over the next several quarters in MSK-ACCESS powered with SOPHiA DDM, which continues to attract strong interest from customers across the globe. And last, I will conclude with an exciting update on our leadership team as we further position our result for future growth. Ross will close by providing a more detailed update on Q3 performance and outlook for the remainder of the year.

然後，我將重點介紹由 SOPHiA DDM 提供支援的 MSK-ACCESS 在未來幾季的一個關鍵成長驅動力，該驅動力將繼續吸引全球客戶的濃厚興趣。最後，我將在我們進一步為未來的成長定位我們的成果時，對我們的領導團隊進行令人興奮的更新。羅斯最後將提供有關第三季業績和今年剩餘時間前景的更詳細更新。

As mentioned, Q3 played out largely as expected as chemical volume reaccelerated across three geographies. We perform approximately 91,000 analyses in the quarter representing the event when excluding COVID related volumes.

如前所述，第三季的表現基本上符合預期，三個地區的化學品銷售再次加速。在排除新冠肺炎相關數量的情況下，我們在本季度進行了約 91,000 項代表該事件的分析。

As expected, the temporary headwinds affecting France, Italy and Spain in the first half of the year began to subside and analysis volume trended towards normalized levels of growth across the key regions. Expanding growth in the core business was offset by softness in the biopharma, which we flagged as a headwind last quarter.

正如預期的那樣，上半年影響法國、義大利和西班牙的暫時阻力開始消退，主要地區的分析量趨於正常成長水準。核心業務的擴張被生物製藥業務的疲軟所抵消，我們將其視為上季度的逆風。

As anticipated biopharma revenue was down materially in the period. Nonetheless, I remain confident in the changes made to the biopharma business in Q2 and leading indicators such as a healthy and growing momentum as we move to the end of 2024 and into next year. Based on these factors, we reaffirm our revenue guidance for 2024 and look forward to a continued reacceleration of overall growth into 2025.

正如預期的那樣，生物製藥收入在此期間大幅下降。儘管如此，我對第二季度生物製藥業務的變化以及領先指標（例如隨著我們進入 2024 年底和明年的健康成長勢頭）充滿信心。基於這些因素，我們重申 2024 年的營收指引，並期待 2025 年整體成長繼續加速。

The major driver of the clinical re acceleration in Q3 has been consistent strong new business momentum throughout the year. During the quarter, 22 of the new customers signed earlier this year entered within usage up from 14 customers in the prior year period.

第三季臨床加速的主要驅動力是全年持續強勁的新業務動能。本季度，今年稍早簽約的新客戶中有 22 名進入使用狀態，而去年同期有 14 名客戶。

This meaningful step up was a result of item focus on getting customers into working faster and consistently signing new customers each quarter. On the new customer front, we continued the trend of signing new business at elevated levels in Q3, as 20 new customers adopted SOPHiA DDM. Recent customers went into the Martin's Hospital in the UK with adopting SOPHiA DDM for hereditary cancer spreading, gene view in the US.

這一有意義的進步是專案專注於讓客戶更快地工作並每季持續簽約新客戶的結果。在新客戶方面，我們延續了第三季新業務簽約量較高的趨勢，有 20 個新客戶採用了 SOPHiA DDM。最近的客戶進入英國馬丁醫院採用 SOPHiA DDM 治療遺傳性癌症擴散，在美國進行基因視圖。

Who is adopting the platform for rare and neural disorders and hospital (inaudible) one of the most prestigious hospital in the world based in Brazil with adopting MSK-ACCESS powered with SOPHiA DDM. We will continue to be laser focused on getting these new customers into routine usage throughout the end of the year and into 2025.

誰正在採用罕見神經疾病平台，而醫院（聽不清楚）是世界上最負盛名的醫院之一，總部位於巴西，採用了由 SOPHiA DDM 提供支援的 MSK-ACCESS。我們將繼續專注於讓這些新客戶在今年底和 2025 年進入日常使用狀態。

As we continue to onboard more and more new customers to SOPHiA DDM. I have been pleased to see the scale of our technology platform come to life. Over 2024 we have consistently improved all expand categories while also strength Russians.

隨著我們不斷吸引越來越多的新客戶加入 SOPHiA DDM。我很高興看到我們技術平台的規模得以實現。2024 年，我們不斷改進所有擴展類別，同時也增強了俄羅斯人的實力。

In Q3, we expanded gross margins yet again and achieved an adjusted gross margin of 73.1%. We also continue to reduce operating by over 10% year over year. In addition, I'm incredibly proud that we delivered an almost 40% year over year improvement cash burn.

第三季度，我們再次擴大毛利率，調整後毛利率達到 73.1%。我們也繼續將營業額年減 10% 以上。此外，我感到非常自豪的是，我們的現金消耗比去年同期提高了近 40%。

Looking ahead, we reiterate the previous guidance with respect to adjusted gross margins and adjusted operating loss and remain confident in our path to profitability. In summary, we saw a steady re acceleration of clinical volume in Q3. While also delivering substantial cost improvements. The outstanding 39% reduction in year over year cash burn and our continued ability to deliver a strong new business momentum positions us well for future growth.

展望未來，我們重申先前有關調整後毛利率和調整後營業虧損的指引，並對我們的獲利之路保持信心。總之，我們看到第三季臨床量的穩定重新加速。同時也實現了顯著的成本改進。現金消耗年顯著減少 39%，我們持續提供強勁新業務動力的能力為我們未來的成長奠定了良好的基礎。

As we look ahead to 2025 I would like to take a moment to highlight one of our major growth drivers for next year. MSK Access powered with SOPHiA DDM.

在我們展望 2025 年時，我想花點時間強調我們明年的主要成長動力之一。MSK Access 由 SOPHiA DDM 提供支援。

The launch of MSK-ACCESS on SOPHiA DDM last quarter has enabled hospitals and labs across the globe to launch world renowned liquid biopsy testing. Instead of having to rely on a central reference lab. In many cases, this decentralized testing results in lower costs and faster turnaround time while also enabling institutions to retain control of their patient's data for research or other proposals.

上季在 SOPHiA DDM 上推出 MSK-ACCESS 讓全球各地的醫院和實驗室能夠推出世界知名的液體活檢測試。而不必依賴中央參考實驗室。在許多情況下，這種分散的測試可以降低成本並縮短週轉時間，同時也使機構能夠保留對患者資料的控制，以用於研究或其他建議。

Since launch 18 customers across the world have adopted the application, the growing global community of MSK-ACCESS users on SOPHiA DDM now spans five continents and 10 countries and includes world class institutions such as the University of Heidelberg in Germany NHS, Institutions in the UK and BioReference and Tennessee Oncology. In the US.

自推出以來，全球已有18 家客戶採用了該應用程序，SOPHiA DDM 上的MSK-ACCESS 全球用戶社區不斷壯大，現已遍布五大洲和10 個國家，其中包括世界一流的機構，例如德國NHS 的海德堡大學、英國的機構以及生物參考和田納西州腫瘤學。在美國。

It's incredible to see this community of industry leaders come together to provide best in class cancer testing to patients across the globe. Moreover, we are immensely proud that SOPHiA DDM is the technology platform which has made this opportunity a reality customers to adopt MSP ACCESS during 2024 to implement the application and begin routine testing over the coming month.

看到這個由行業領導者組成的社區齊聚一堂，為全球患者提供一流的癌症檢測，真是令人難以置信。此外，我們非常自豪 SOPHiA DDM 這個技術平台使客戶有機會在 2024 年採用 MSP ACCESS 來實施應用程式並在下個月開始例行測試。

Of the 18 institutions sign to date five very recently completed implementation and will ramp up their usage in Q4 and into 2025. As these customers come online, they will provide a meaningful catalyst to growth next year. Only the impressive progress we have made with MSK-ACCESS. I am also thrilled by the recent launch of the applications. Solidor testing, counterpower MSK-IMPACT powered with SOPHiA DDM.

迄今為止，在 18 家機構中，有 5 家最近完成了實施，並將在第四季度和 2025 年擴大其使用量。隨著這些客戶上線，他們將為明年的成長提供有意義的催化劑。只有我們在 MSK-ACCESS 方面取得的令人印象深刻的進展。我也對最近推出的應用程式感到興奮。Solidor 測試，對抗 MSK-IMPACT 由 SOPHiA DDM 提供支援。

This application which was launched in October offers yet another exciting area for growth as it is typically used in combination with MSK-ACCESS to provide patients with best in class treatment. As we enable more and more institutions across the globe to launch liquid biopsy and solid tumor testing. Our network is also starting to initiate biopharma customers such as AstraZeneca are excited to leverage the Sophia network to improve the deployment of their drugs and expand market access.

該應用程式於 10 月推出，提供了另一個令人興奮的成長領域，因為它通常與 MSK-ACCESS 結合使用，為患者提供一流的治療。隨著我們幫助全球越來越多的機構進行液體活檢和實體腫瘤檢測。我們的網路也開始啟動阿斯特捷利康等生物製藥客戶，他們很高興利用 Sophia 網路來改善其藥物的部署並擴大市場准入。

Moreover, the data from these diverse patient populations as well as the predictive multimodal algorithms we are developing on the data offer immense value to biopharma companies in the areas of drug development and discovery.

此外，這些不同患者群體的數據以及我們正在根據這些數據開發的預測多模式演算法為生物製藥公司在藥物開發和發現領域提供了巨大的價值。

Over the coming months, I look forward to updating you on our progress with bioforma partners and the expanding decentralized deployment of MSK-ACCESS and impact as Sophia continues to grow and exciting opportunities for future growth continue to emerge. I'm happy to end today by announcing a few changes to our leadership team which will position us well for the future.

在接下來的幾個月裡，我期待著向您通報我們與Bioforma 合作夥伴的最新進展，以及隨著Sophia 的不斷發展和令人興奮的未來增長機會的不斷出現，MSK-ACCESS 的去中心化部署的擴大和影響。我很高興在今天結束時宣布我們領導團隊的一些變動，這將使我們為未來做好準備。

First, I would like to congratulate Ross on his well deserved promotion to company President. As President Ross will oversee the company's global business operation, growing and scaling the business. He will continue to manage all commercial and go to market functions building on the strong progress he has already made in this critical area. He will also work closely with me on strategic matters as we continue to evolve as the leader in data driven medicine.

首先，我要祝賀羅斯當之無愧地晉升為公司總裁。身為總裁，羅斯將監督公司的全球業務營運、發展和擴大業務。他將繼續管理所有商業和行銷職能，以他在這一關鍵領域已經取得的強勁進展為基礎。隨著我們不斷發展成為數據驅動醫學的領導者，他也將在策略問題上與我密切合作。

Second, I'm happy to welcome George Cardoza to the team as Sophia's new Chief Financial Officer, George brings a wealth of experience which includes deep financial expertise and a strong background of scaling and growing profitable businesses. Prior to joining Sophia George was the CFO and Head of Service Delivery for Biocartis.

其次，我很高興歡迎 George Cardoza 加入團隊，擔任 Sophia 的新財務官，George 帶來了豐富的經驗，包括深厚的財務專業知識以及擴展和發展盈利業務的強大背景。在加入 Sophia George 之前，George 曾擔任 Biocartis 的財務長兼服務交付主管。

We also spent over 12 years with NeoGenomics invol which include Chief Financial Officer, President of BioPharma services and Chief Operating Officer. Prior to NeoGenomics, George spent more than 14 years with Quest Diagnostics in various roles at Sophia Genetics. George reading, accounting FP&A tax and Treasury. We're happy to have you as well.

我們還在 NeoGenomics 工作了超過 12 年，其中包括財務長、生物製藥服務總裁和營運長。在加入 NeoGenomics 之前，George 在 Quest Diagnostics 工作了超過 14 年，在 Sophia Genetics 擔任過各種職位。喬治雷丁 (George Reading)，會計 FP&A 稅務和財政部。我們也很高興有你。

With these changes, Sophia is now positioned better than ever to win in our space and capitalize on the momentous opportunity ahead of us. With that. I will now turn the call over to Ross who will provide more detail on our Q3 performance and outlook for the remainder of 2024.

透過這些變化，索菲亞現在比以往任何時候都更有能力在我們的領域中獲勝並利用我們面前的重大機會。就這樣。我現在將把電話轉給羅斯，他將提供有關我們第三季業績和 2024 年剩餘時間展望的更多詳細資訊。

Thank you, Jurgi, and good morning everyone. As Jurgi highlighted third quarter results came in largely as expected. Clinical volume growth continued to re accelerate as the temporary headwinds impacting France and Italy in the second quarter began to subside.

謝謝你，尤爾吉，大家早安。正如尤爾吉所強調的那樣，第三季的業績基本上符合預期。隨著第二季影響法國和義大利的暫時阻力開始消退，臨床銷售成長持續加速。

Spain remains somewhat challenged in the period and we expect this softness to pursue into 2025 given ongoing reimbursement dynamics and the solid tumor mark approximately 91,000 for the third quarter of 2024 compared to approximately 78,000 for the third quarter of 2023. Year over year growth in analysis volume was 16% or 17% when excluding COVID related volumes.

西班牙在此期間仍面臨一定的挑戰，鑑於持續的報銷動態，我們預計這種疲軟狀態將持續到2025 年，並​​且2024 年第三季度的實體瘤病例數約為91,000 例，而2023 年第三季度的實體瘤病例數約為78,000 例。排除新冠病毒相關數量時，分析量年增 16% 或 17%。

From an application standpoint strength and hemon testing and across our rare and inherited disease portfolio led the way with 26% and 29% year over year growth respectively. North America and Asia Pacific experienced the strongest growth in the third quarter with both regions growing at approximately 30% year over year.

從應用的角度來看，強度和血紅蛋白測試以及我們的罕見疾病和遺傳性疾病產品組合處於領先地位，分別年增 26% 和 29%。北美和亞太地區第三季成長最為強勁，較去年同期成長約 30%。

Growth in the EMEA returned to the company average. However, weakness in Latin America partially offset the growth in other regions due to the churn of a large account that was acquired by another private lab earlier in 2024.

歐洲、中東和非洲地區的成長恢復到公司平均值。然而，由於另一家私人實驗室於 2024 年初收購的一個大客戶流失，拉丁美洲的疲軟部分抵消了其他地區的成長。

While clinical volume experienced an initial stage of re acceleration, a challenging macro environment has continued to limit biopharma growth as budget constraints have made the signing of large contracts difficult and cause sales cycles to elongate. Additionally, we had one major high value contract again, partially slip from the third quarter to the fourth quarter.

雖然臨床銷售經歷了重新加速的初始階段，但充滿挑戰的宏觀環境繼續限制生物製藥的成長，因為預算限制導致大型合約的簽署變得困難並導致銷售週期延長。此外，我們再次獲得了一份主要的高價值合同，部分從第三季度滑至第四季度。

Weakness in biopharma offset clinical performance and total revenue for the third quarter of 2024 was $15.9 million compared to $16.3 million for the third quarter of 2023. Representing a year over year decline of approximately 2.5% file farmer revenue declined over $2 million from the third quarter of 2023 to the third quarter of 2024 and was the primary driver behind the overall softness in the period. Is also worth noting that in Q3 of 2023 it was a tough comp for us overall as revenue grew 40% during that period.

生物製藥領域的疲軟抵消了臨床表現，2024 年第三季的總收入為 1,590 萬美元，而 2023 年第三季的總收入為 1,630 萬美元。從 2023 年第三季到 2024 年第三季度，農民營收年減約 2.5%，下降超過 200 萬美元，是該時期整體疲軟的主要驅動因素。另外值得注意的是，2023 年第三季對我們整體來說是一個艱難的競爭，因為在此期間營收成長了 40%。

Moving on to an update, customers were 462 as of September 30, 2024 up from 431 in the prior year period and up sequentially by five customers relative to Q2 of 2024. We continue to see strong new business momentum in the quarter as we sign 20 new logos in the third quarter, we are laser focused on getting these 20 customers as well as the influx of new customers signed during the first half into routine usage as quickly as possible.

接下來更新，截至 2024 年 9 月 30 日，客戶數為 462 家，高於去年同期的 431 家，較 2024 年第二季連續增加 5 家客戶。我們繼續看到本季強勁的新業務勢頭，因為我們在第三季度簽署了 20 個新徽標，我們的重點是讓這 20 個客戶以及上半年簽署的新客戶湧入盡快進入日常使用可能的。

Beyond new customer wins, bookings and pipeline remain strong, continuing the trend we've seen throughout 2024 annualized revenue churn rate was less than 4% for the third quarter of 2024 which is in line with our historical averages. Net dollar retention for the third quarter, which is net of revenue churn for the year was 109% compared to 127% in the third quarter of 2023.

除了贏得新客戶之外，預訂和通路仍然強勁，延續了我們在2024 年全年看到的趨勢，2024 年第三季的年化收入流失率低於4%，這與我們的歷史平均值一致。扣除當年收入流失後，第三季的淨美元留任率為 109%，而 2023 年第三季為 127%。

This the performance in Latin America and the relative moderation of growth in Europe. Despite the select re acceleration in the period, gross profit for the third quarter of 2024 with $10.7 million compared to gross profit of $11.3 million in the third quarter of 2023 representing a year over year decline of 5%. Gross margin was 67.2% for the third quarter of 2024 compared with 69.1% for the third quarter of 2023.

這是拉丁美洲的表現和歐洲成長的相對放緩。儘管在此期間有選擇性的重新加速，2024 年第三季的毛利為 1,070 萬美元，而 2023 年第三季的毛利為 1,130 萬美元，年減 5%。2024年第三季的毛利率為67.2%，而2023年第三季的毛利率為69.1%。

Adjusted gross profit was $11.6 million. a decline of approximately 2% compared to adjusted gross profit of $11.8 million. In the third quarter of 2023, adjusted gross margin was 73.1% for the third quarter of 2024 compared to 72.5% for the third quarter of 2023. We remain proud of our ability to manage cost scale compute and continue to expand gross margins and performance. This is exacerbated by the aforementioned biopharma of revenue weakness which tends to carry a higher than average gross margin.

調整後毛利為 1,160 萬美元。與 1,180 萬美元的調整後毛利相比，下降了約 2%。2023年第三季度，2024年第三季調整後毛利率為73.1%，而2023年第三季調整後毛利率為72.5%。我們仍然為我們管理成本規模計算並繼續擴大毛利率和性能的能力感到自豪。上述生物製藥公司的收入疲軟往往導致毛利率高於平均水平，加劇了這種情況。

Total operating expenses for the third quarter of 2024 were $26 million compared to $27.8 million for the third quarter of 2023 across the functions, we continued to benefit from lower head count on year over year basis. R&D expenses decreased during the quarter as we increasingly focus on high ROI projects.

2024 年第三季各職能部門的總營運費用為 2,600 萬美元，而 2023 年第三季各職能部門的總營運費用為 2,780 萬美元，我們持續受惠於員工人數較去年同期減少。隨著我們越來越關注高投資報酬率項目，研發費用在本季有所下降。

Additionally, I remain be pleased with our progress on the G&A side where we also continue to benefit from targeted process improvements, distant investments and the optimization of our public company costs. Sales and marketing expense was up a touch primarily due to select investments oriented and accelerating penetration of several key end markets as well as marketing initiatives to support our robust new product momentum.

此外，我仍然對我們在一般管理費用方面取得的進展感到滿意，我們也繼續受益於有針對性的流程改善、遠端投資和上市公司成本的最佳化。銷售和行銷費用有所增加，主要是由於精選投資導向和加速滲透幾個關鍵終端市場以及支持我們強勁的新產品勢頭的營銷舉措。

Operating loss for the third quarter of 2024 was $15.4 million compared to $16.5 million in the third quarter of 2023. An improvement of 7% adjusted operating loss for the third quarter of 2024 was $10.6 million compared to $11.8 million for the third quarter of 2023, an improvement of 10%. We remain pleased with our trajectory toward adjusted operating profitability.

2024 年第三季的營運虧損為 1,540 萬美元，而 2023 年第三季的營運虧損為 1,650 萬美元。2024 年第三季調整後營運虧損為 1,060 萬美元，較 2023 年第三季的 1,180 萬美元減少 7%，減少 10%。我們對調整後的營運獲利能力的軌跡仍然感到滿意。

We continue to be highly disciplined with respect to head count where we have focused on optimized growth and scalability. We also continue to scrutinize all indirect expenditures, ensuring a balanced focus on hitting our growth targets and achieving the operational efficiencies desired.

我們在人員數量方面繼續嚴格遵守紀律，並專注於優化成長和可擴展性。我們也繼續審查所有間接支出，確保平衡地專注於實現我們的成長目標和實現所需的營運效率。

In the third quarter. I was particularly proud to see us maintain strong bottom line performance despite the expected soft revenue pull through a proof point of strong operating leverage in our business and the discipline of our team. Lastly, total cash burn for the third quarter of 2024 was $9.6 million.

在第三季。我特別自豪地看到，儘管預期的軟收入拉動了我們業務的強大營運槓桿和我們團隊的紀律，但我們仍然保持了強勁的獲利表現。最後，2024 年第三季的現金消耗總額為 960 萬美元。

The $9.6 million in cash burn represents an impressive improvement of 39% compared to the $15.8 million in cash burn in the prior year quarter. As you mentioned, we remain happy with our cash utilization trend and are on track with respect to our medium term liquidity trajectory.

與去年同期 1,580 萬美元的現金消耗相比，960 萬美元的現金消耗顯著​​改善了 39%。正如您所提到的，我們對現金利用趨勢仍然感到滿意，並且我們的中期流動性軌跡步入正軌。

Cash and cash equivalents were approximately $95.8 million as of September 30, 2024. I'll now turn to our 2024 outlook. Given the promising re acceleration of clickable volume in the third quarter. Sophia Genetics is reaffirming our full year revenue guidance for 2024 of $ 65 million to $67 million of revenue or 4% to 7% year over year growth.

截至 2024 年 9 月 30 日，現金及現金等價物約為 9,580 萬美元。我現在談談我們的 2024 年展望。鑑於第三季可點擊量可望重新加速。Sophia Genetics 重申 2024 年全年營收指引為 6,500 萬至 6,700 萬美元，或年增 4% 至 7%。

We are also reaffirming our adjusted gross margin guidance in the range of 72% to 72.5% as well. As our adjusted operating loss guidance between $45 million, $50 million dollars following our continued strong cost management in the third quarter.

我們也重申調整後的毛利率指引在 72% 至 72.5% 之間。繼第三季持續強而有力的成本管理之後，我們將營業虧損指引調整為 4,500 萬至 5,000 萬美元。

Of note, the implied revenue range for the given the strong predictive nature of our clinical growth, it is meant to capture a wider range of potential outcomes in our biopharma contract delivery where several large deals are expected to contribute in the period, we remain diligently focused on improving our biopharma execution.

值得注意的是，鑑於我們的臨床成長具有很強的預測性，隱含的收入範圍意味著在我們的生物製藥合約交付中捕獲更廣泛的潛在結果，預計在此期間幾筆大型交易將做出貢獻，我們仍然努力專注於提高我們的生物製藥執行力。

Furthermore, we will continue to guide the business conservatively on a revenue recognition basis going forward. Given the challenges experienced earlier in 2024. With that, I would like to turn the call back over to Jurgi for the closing remarks before we take your questions.

此外，我們將繼續在收入確認的基礎上保守地指導業務。鑑於 2024 年早些時候經歷的挑戰。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. I'm proud of what the team achieved this quarter, particularly our continued ability to expand growth margins, reduce operating loss and improve our bottom line.

謝謝你，羅斯。我對團隊本季的成就感到自豪，特別是我們持續擴大利潤率、減少營運損失和提高利潤的能力。

I also remain excited about our future bookings. Momentum is strong and then markets continue to grow. Cancer rates are increasing worldwide. Better therapies are being developed each day and data is critical for patient care as the development and drug deployment.

我也對我們未來的預訂感到興奮。勢頭強勁，市場持續成長。全球癌症發生率正在上升。更好的療法每天都在開發出來，數據對於患者護理、開發和藥物部署至關重要。

Given our business sits at the center of this innovation accelerating and enabling the adoption of each. We remain confident in our long term growth. In closing, I want to say thank you to our Sofia colleagues, partners, customers and investors for joining us in our journey to transform patient care with data driven medicine.

鑑於我們的業務處於這項創新的中心，加速並促進了每項創新的採用。我們對長期成長仍然充滿信心。最後，我想感謝我們索菲亞的同事、合作夥伴、客戶和投資者加入我們，透過數據驅動的醫學來改變病患照護。

Please note, we are presenting at the Guggenheim and Healthcare conference next week in Boston. We all look forward to continuing to update you on Sophia's future success of democratizing data driven medicine with that operator. You may now open the line for questions.

請注意，我們將於下週在波士頓舉行的古根漢和醫療保健會議上發表演講。我們都期待繼續向您通報 Sophia 未來與該運營商在數據驅動醫學民主化方面的成功。現在您可以開啟提問熱線。

(Operator Instructions)

（操作員說明）

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Congrats on the quarter maybe just zooming out a bit on MSK the relationship. You guys cited it 10 times in the press release. It's just more prominent right now than it's been in the past. I think. So could you just kind of zoom out and give us a sense of what are you guys enabling on MSK impact and access? Maybe? How is this test positioned broadly? And what kind of financial impact could this have as we look out to '25 to '26? I think you used the word meaningful impact in your prepared remarks on '25.

恭喜這個季度，也許只是稍微縮小了 MSK 斯隆的關係。你們在新聞稿中引用了 10 次。它現在比過去更加突出。我認為。那麼，您能否稍微縮小一下範圍，讓我們了解一下你們在 MSK 斯隆的影響和訪問方面做了哪些努力？或許？這項測試的整體定位如何？當我們展望 25 至 26 年間，這會產生什麼樣的財務影響？我認為您在 25 年準備好的演講中使用了“有意義的影響”這個詞。

Good morning, Dan. And thank you. So I'm going to start addressing, with what we are doing in terms of the offering. And then I will let Ross give you a sense of what the opportunities. So as that liquid biopsy testing is primarily centralized today, right?

早上好，丹。謝謝你。因此，我將開始討論我們在產品方面所做的事情。然後我會讓羅斯讓你了解一下機會。那麼，液體活檢測試目前主要是集中化的，對嗎？

And as demonstrated to be extremely important clinically either for diagnosing patients when it's very hard to do that from a biopsy such as for stages in lung cancer, prostate cancer, but as well to follow them [longitudinally] patients as they are being treated with a cancer drug. And so MSK-ACCESS to start with as being one of the applications that are being the most used for liquid biopsy testing around the world and as being as well very much used in scientific publications.

正如所證明的那樣，這在臨床上非常重要，無論是在很難透過活檢進行診斷的情況下診斷患者，例如肺癌、前列腺癌的分期，還是在患者接受治療時[縱向]跟踪他們。 。因此，MSK-ACCESS 首先是世界各地液體活檢測試中使用最多的應用程式之一，並且在科學出版物中也被廣泛使用。

And so as a reminder, a couple of years ago, we had signed an agreement with MSK to basically decentralize MSK-ACCESS an application. And so add this application in our platform in a bundle access mode. So this means the platform comes with a test kit that then facilitates the adoption, taking a step back. It took us a year to industrialize the solution and we launch MSK-ACCESS early this year.

提醒一下，幾年前，我們與 MSK 簽署了一項協議，基本上將 MSK-ACCESS 的應用程式去中心化。因此，以捆綁存取模式將該應用程式新增至我們的平台。因此，這意味著該平台附帶了一個測試套件，可以促進採用，退一步。我們花了一年時間將解決方案產業化，並在今年年初推出了 MSK-ACCESS。

And since then, we've been having great traction right now. Actually, we have already 18 customers around the world that have time for that including five of those that already moved to routine and this in five continents, in 10 countries right. So I think MSK-ACCESS itself in a decentralized version with SOPHiA DDM has a huge potential to transform care in cancer around the world.

從那時起，我們現在就一直擁有巨大的吸引力。事實上，我們在全球已有 18 個客戶有時間這樣做，其中包括 5 個已經進入常規的客戶，而且分佈在五大洲、10 個國家。因此，我認為 MSK-ACCESS 本身與 SOPHiA DDM 的去中心化版本具有改變世界各地癌症護理的巨大潛力。

And now to your point on the why we've been talking so much about MSK in general beyond the MSK-ACCESS, MSK had developed another application which I would say as well as best in class, the CGP application called the MSK Impact, which is being used for a solid to more testing. And as we industrialize MSK-ACCESS,for it's decentralized version with now being launching the counterpart of MSK-ACCESS for solid tumors, so MSK-IMPACT within our platform.

現在，關於為什麼我們在MSK-ACCESS 之外對MSK 進行瞭如此多的討論，MSK 開發了另一個應用程序，我想說它也是同類中最好的應用程序，稱為MSK Impact 的CGP 應用程序，該應用程式正在用於更可靠的測試。隨著我們將 MSK-ACCESS 產業化，因為它是去中心化版本，現在正在推出針對實體瘤的 MSK-ACCESS 的對應版本，因此 MSK-IMPACT 在我們的平台內。

And there we see already a lot of demand in the market and we anticipate that eventually a lot of customers are going to actually use MSK-ACCESS and MSK-IMPACT in a combined way. So with that, I'm going to now let Ross give you a bit of color on how this should influence our growth performance in the future.

我們已經看到市場上有許多需求，我們預計最終許多客戶將實際結合 MSK-ACCESS 和 MSK-IMPACT。因此，現在我將讓羅斯向您介紹這將如何影響我們未來的成長表現。

Thanks Dan. So relative to Jurgi's comments, obviously, we already see quite good interest in the product with the 18 customers. Jorge mentioned some of which are already starting in the third quarter and into the fourth quarter, distributing from revenue to contribute materially more. So over the coming years, we also have 13 customers right currently in the implementation phase.

謝謝丹。因此，相對於 Jurgi 的評論，顯然，我們已經看到 18 名客戶對該產品非常感興趣。Jorge 提到，其中一些已經在第三和第四季度開始，從收入中分配以做出更多實質貢獻。因此，在未來幾年中，我們目前還有 13 位客戶處於實施階段。

To give you a sense, the typical application when we sign, it could ramp on average to about USD100,000 per application per logo. I think the ASP per patient is materially above our company average and volume tends to be greater given it is more sophisticated, larger laboratories that are adopting, you can assume that number is, is much higher than the [USD100,000].

給您一個感覺，當我們簽署典型的申請時，每個徽標每個申請的平均費用可能會增加到約 100,000 美元。我認為每位患者的 ASP 大大高於我們公司的平均水平，考慮到正在採用的實驗室更加複雜、規模更大，您可以假設這個數字遠高於我們公司的平均水平。[100,000 美元]。

And so that should give you a sense with where we already are in terms of potential run rate revenue contribution over the coming months. And just to give you a bit more color, we have today in the pipeline, nearly 50 incremental customers. And at the recent event, which I believe you may even have been attending Dan or someone from your team in New York, we had 70 companies are quite high given obviously the adopting this type of testing and genomic data production and laboratories all around the world.

因此，這應該能讓您了解我們在未來幾個月的潛在運行率收入貢獻方面已經處於什麼位置。為了給您更多的信息，我們今天已經有近 50 個增量客戶。在最近的活動中，我相信您甚至可能參加了 Dan 或您紐約團隊中的某個人，我們有 70 家公司，顯然考慮到世界各地採用這種類型的測試和基因組數據生產和實驗室。

And so I think you can see from where we are quite confident that this will be a nice contributor to our growth over the coming quarters and coming years.

因此，我認為您可以從我們非常有信心的地方看到，這將為我們未來幾季和未來幾年的成長做出很好的貢獻。

Maybe done to, end with your question. Beyond the clinical market, there is a lot of interest as well of the biopharma market, because the biopharma companies really want decentralized testing for multiple reasons including market access needs, but as well to be able to be exposed to data so that they can make discoveries.

也許已經完成了，以你的問題結束。除了臨床市場之外，生物製藥市場也引起了極大的興趣，因為生物製藥公司出於多種原因確實希望進行分散測試，包括市場准入需求，但也希望能夠接觸到數據，以便他們能夠發現。

Great if I can assess one more, maybe nice quarter. I know. I don't think you guys touched upon some of the benefits for '25 but consensus has you guys accelerating your top line growth a little bit, a little bit above 20% next year. I'm just wondering, do you think that's realistic with like, around five or 6% growth in '24 and just maybe to this big acceleration in '25?

如果我能再評估一個，也許是不錯的季度，那就太好了。我知道。我認為你們沒有談到 25 世紀的一些好處，但大家一致認為你們明年的收入成長會稍微加快一點，略高於 20%。我只是想知道，您認為 24 年大約 5% 或 6% 的增長以及 25 年這種大幅加速增長是否現實？

Thanks Dan. So look, indeed, I think the thing with our ability to improve cash by 39.1% on an adjusted basis, right? So this, I think demonstrates the scalability of our operations and of our platform and when it comes to the growth, the clinical growth as being good, as we said, the clinical volumes grew 17% year on year, ex COVID. So I would say we're in a good path to re accelerate the business. I will leave you now. Ross so that he can give you a bit more flavor of how this should be materialized in 2025.

謝謝丹。所以，事實上，我認為我們有能力在調整後的基礎上將現金提高 39.1%，對吧？因此，我認為這證明了我們營運和平台的可擴展性，就成長而言，臨床成長良好，正如我們所說，除新冠疫情外，臨床數量同比增長了 17%。所以我想說，我們正處於重新加速業務發展的良好道路。我現在就離開你了。羅斯，以便他可以讓您更多地了解如何在 2025 年實現這一目標。

So obviously, Dan, it's too early for us to give you quantitative color on next year. But I would say, in general and frankly, when that happens, it will be George our new CFO who will do it. And so I count on him to, be able to. But I would say in general, for us, as we think about this year, obviously, as we were disappointed with the performance particularly of our BioPharma Business when we came to you in the second quarter and we had to reduce our guidance for the year, right?

丹，顯然，我們現在為您提供明年的定量資訊還為時過早。但我想說，總的來說，坦白說，當這種情況發生時，將由我們的新財務長喬治來做。所以我相信他能夠做到。但我想說，總的來說，對於我們來說，正如我們今年所考慮的那樣，顯然，當我們在第二季度與您聯繫時，我們對尤其是生物製藥業務的表現感到失望，我們不得不降低今年的指導， 正確的？

So I think for us, the message this quarter is one of stabilization and improvement. And so as you think about the other commentary we've given you over the year with respect to pipeline new business, bookings that have already happened. The exciting traction we're getting on MSK based products that are moving into routine, I think, so what we're trying to get across is we're obviously quite comfortable in a re acceleration of growth.

所以我認為對我們來說，本季的訊息是穩定和改善。因此，當您思考我們一年來給您提供的有關新業務和已經發生的預訂的其他評論時。我認為，基於 MSK 斯隆的產品令人興奮，這些產品正在進入日常使用，因此我們試圖傳達的是，我們顯然對重新加速成長感到非常滿意。

I think the magnitude and the specifics we will obviously cover when we see you in in 2025. But I think the main take away for you should be that we're quite confident that we're back on a path to being able to display to more normalized performance, typical of what we had expected for this business.

我認為當我們在 2025 年與您見面時，我們顯然會涵蓋其規模和細節。但我認為您的主要收穫應該是，我們非常有信心，我們又回到了能夠展示更加標準化的績效的道路上，這正是我們對這項業務的典型預期。

Great. Thanks Ross.

偉大的。謝謝羅斯。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

Hi, this is Jason Taes Svan Congrats on the quarter and thank you for taking our questions. So maybe just a question on pricing. You previously talked about some pricing headwinds your business is facing. How did those pricing headwinds play out during this quarter? Was it mostly EMEA or across regions? And are you seeing trends stabilize, improve or worsen? And if the trends haven't improved yet, are there any indicators into when this dynamic could normalize?

大家好，我是 Jason Taes Svan，恭喜本季度，感謝您回答我們的問題。所以也許只是一個關於定價的問題。您之前談到了您的企業面臨的一些定價阻力。這些定價逆風在本季的表現如何？主要是歐洲、中東和非洲地區還是跨地區？您認為趨勢穩定、改善還是惡化？如果趨勢尚未改善，是否有任何跡象表明這種動態何時可以正常化？

Good morning, Jason and thanks for the question. So indeed, right, in our volume, which is a consumption based volume, volume of analysis and ASP are very important elements. Ross, you want to give some color on the pricing.

早安，傑森，謝謝你的提問。所以，確實，在我們的捲中，這是一個基於消費的捲，分析量和ASP是非常重要的元素。羅斯，你想對定價給一些說明。

Sure. So one of the other trends we shared last quarter was obviously that we had some parts of Europe in particular where there was a modest pricing pressure, we saw a bit of that continue in Spain in France, we're starting to see a stabilization. So we think some of that was quite temporal and and frankly related as well to some of the changing dynamics in the the sequencing market overall.

當然。因此，我們上季度分享的其他趨勢之一顯然是，我們在歐洲的某些地區，特別是存在適度的價格壓力，我們在西班牙和法國看到了這種情況的繼續，我們開始看到穩定。因此，我們認為其中一些是相當暫時的，並且坦率地說也與整個定序市場的一些動態變化有關。

Both with new players entering as well as with new platforms coming online. I would say, as we look out for us, we'll continue to take price on the base portfolio globally. So we're quite confident that I would also say if you think about some of the newer products right? Coming in from a mixed perspective these tend to have higher ASPs than average, right?

新玩家的加入以及新平台的上線。我想說，當我們關注我們時，我們將繼續在全球基礎投資組合上定價。因此，我們非常有信心，如果您考慮一些較新的產品，我也會說，對嗎？從混合的角度來看，這些產品的平均售價往往高於平均水平，對嗎？

So ultimately that as well from a mixed basis will drive up our, overall ASP. So I think again, we're managing some of the dynamics we saw in the second levels again in 2025. But for us in general, price continues to be overall a positive lever. I would say longer term for the business.

因此，最終，從混合的角度來看，這也將提高我們的整體平均售價。所以我再次認為，我們將在 2025 年再次管理我們在第二級中看到的一些動態。但對於我們總體而言，價格總體上仍然是一個積極的槓桿。我想說的是，對企業來說是長期的。

Got it. Thank you for that color. And then maybe just like clicking back on some product launches you talked about in the past, I think you previously highlighted a partnership with Microsoft and NVIDIA to launch a scalable whole genome sequencing application on DDM. So how's progress been on this application? And is it still on track for launch by year end?

知道了。謝謝你的那個顏色。然後，也許就像回顧一下您過去談到的一些產品發布一樣，我想您之前強調了與 Microsoft 和 NVIDIA 的合作，以在 DDM 上推出可擴展的全基因組定序應用程式。那麼這個應用的進展如何呢？它是否仍有望在年底前推出？

Yes, so absolutely. So indeed, in rare narrative disorders, we see a trend towards more exam sequencing towards more genome sequencing and actually, we believe that there will be as well Jason versions which will be enhanced exomes and genomes which will improve the accuracy of these applications. And that's something we're very much focused on with both Microsoft and NVIDIA.

是的，絕對是如此。因此，事實上，在罕見的敘事障礙中，我們看到了更多的檢查測序轉向更多的基因組測序的趨勢，實際上，我們相信也會有Jason 版本，它將增強外顯子組和基因組，這將提高這些應用的準確性。這也是我們與 Microsoft 和 NVIDIA 都非常關注的事情。

Mark Massaro, BTIG.

馬克·馬薩羅，BTIG。

Hey guys, this is Vidyun on for Mark on the biopharma piece. Thanks for taking the questions. I understand that you called out headwinds and funding at the time of the guidance reset last quarter. Could you maybe just speak to your confidence that these headwinds can roll. My understanding that that revenue is simply pushed out, not canceled. So it might even be a tail wind for you. Looking at '25.

大家好，我是 Vidyun 為 Mark 所做的生物製藥文章。感謝您提出問題。據我了解，您在上個季度重置指導時指出了逆風和資金問題。您能否談談您對這些逆風可能會發生的信心？我的理解是，這些收入只是被推遲，而不是取消。所以這對你來說甚至可能是順風。看看'25。

Thanks.

謝謝。

Yes, thank you, Vidyun and good morning. So first to start with last quarter, Well, last year Q3 was a strong bio forma quarter for us. So definitively on the revenue base, this quarter, we're being penalized versus the, the Q3 of last year. Despite that, as we said, the clinical business grew pretty nicely with 17% volume growth year-on-year. On the pharma side, as you may remember, we revised our strategy end of Q2, 2024.

是的，謝謝你，Vidyun，早安。首先從上個季度開始，去年第三季對我們來說是一個強勁的生物形式季度。因此，就收入基礎而言，與去年第三季相比，本季我們確實受到了懲罰。儘管如此，正如我們所說，臨床業務成長相當不錯，銷量較去年同期成長 17%。在製藥方面，您可能還記得，我們​​在 2024 年第二季末修訂了我們的策略。

We're on the DX activities such as response for testing as well as on market taxes related needs. So basically, activities were having a large footprint and a network of customers outside US is really important for the pharma industry and the former clients. And I would say this strategy has proven to be pretty good and our sales pipeline has been growing over the last quarters.

我們正在進行 DX 活動，例如測試響應以及市場稅收相關需求。因此，基本上，活動規模很大，美國以外的客戶網路對於製藥業和以前的客戶來說非常重要。我想說，這一策略已被證明非常好，我們的銷售管道在過去幾個季度一直在增長。

Now said that obviously the pharma budgets are still a bit tight. And so I think being very disciplined on understanding what's the value that one can bring to the pharma is extremely important.

現在說顯然製藥預算還是有點緊張。因此，我認為非常有紀律地了解一個人可以為製藥公司帶來什麼價值是非常重要的。

And I would just add, so if you look at the range for the full year, obviously, it's wider than we would expect typically And that's because again, the outcome of pharma in the fourth quarter, there's quite a wide range of potential revenue contribution, but it still implies certainly from where we were in the second and third quarter.

我想補充一點，所以如果你看看全年的範圍，顯然，它比我們通常預期的要寬，這是因為第四季度製藥業的結果，有相當廣泛的潛在收入貢獻，但這仍然肯定意味著我們在第二季和第三季的情況。

Continue proof point to sort of a re acceleration or at least a stabilization in that part of the business. But I think to Jurgi's point for me personally, we obviously have two new leaders that are driving those efforts that are quite strong. We feel much better around our go to market and our positioning in both data and diagnostics.

繼續證明這部分業務的加速或至少穩定。但我認為就尤爾吉個人而言，我們顯然有兩位新領導人正在推動這些非常強大的努力。我們對市場進入以及在數據和診斷方面的定位感覺好多了。

And we're seeing that -- I would say manifest itself in our pipeline. And so we're committed, did obviously pushing those through to bookings and revenue and obviously stay tuned for 2025. But I think fundamentally we're in a much better position today than we were back in in the second quarter. And the momentum is starting to return to that business.

我們看到了這一點——我想說，這已經在我們的管道中體現出來了。因此，我們致力於將這些目標推向預訂量和收入，並且顯然會繼續關注 2025 年。但我認為從根本上講，我們今天的處境比第二季好得多。該業務的勢頭開始恢復。

Although, to the point I made on guidance, we're still going to remain conservative with respect to what we include in the forecast, just given the experience we had this year.

儘管如此，就我在指導方面提出的觀點而言，鑑於我們今年的經驗，我們仍然對預測中的內容保持保守。

Okay. Understood. And you might have touched on my next question a little bit, but just for to get to the midpoint of your guide, I guess what product areas or seasonality tailwinds are giving you confidence there. It sounds like it's mostly just biopharma revenue, but I just wanted to confirm that.

好的。明白了。您可能已經稍微觸及了我的下一個問題，但為了達到指南的中點，我想哪些產品領域或季節性順風因素會給您帶來信心。聽起來這主要只是生物製藥收入，但我只是想確認這一點。

So just a reminder on our business, it typically runs like many, health care companies from that perspective where you tend to have more seasonal demand in the fourth quarter. So and as well for us, given the exposure we have in Europe third quarter, from a volume perspective tends to be lighter just given the summer holidays.

因此，提醒我們的業務，從這個角度來看，它通常像許多醫療保健公司一樣運作，在第四季度往往會有更多的季節性需求。因此，對我們來說，考慮到第三季我們在歐洲的風險敞口，從成交量的角度來看，考慮到暑假，成交量往往會減少。

And so some of it is just the typical sequential improvement you normally see in the fourth quarter from a volume perspective. As we've also reminded you throughout the year, and I mentioned when I spoke to Dan before, we also have had quite good net new bookings momentum and logo momentum. So we have quite a number of accounts coming online, including some of those relative to MSK-ACCESS contribution.

因此，其中一些只是您通常在第四季度從銷售角度看到的典型連續改善。正如我們在這一年中一直提醒您的那樣，我之前與 Dan 交談時提到過，我們也有相當好的淨新預訂勢頭和標誌勢頭。因此，我們有相當多的帳戶上線，其中包括一些與 MSK-ACCESS 貢獻相關的帳戶。

And so between the seasonal improvement and the continued, I would say stabilization and pricing in Europe, as well as the new accounts coming online, we're quite confident that clinical will continue with a strong trajectory into Q4. And then next year and then as you well noted the big delta on Q4 in terms of the true width of the range really comes with pharma, right.

因此，在季節性改善和歐洲持續穩定和定價以及新帳戶上線之間，我們非常有信心臨床將繼續保持強勁的軌跡進入第四季度。然後明年，然後正如您所注意到的，第四季度在範圍的真實寬度方面的巨大增量確實來自製藥業，對吧。

So you can see with the material step down that we implied for this quarter that obviously our run rate for biopharma exiting '23. And in the beginning, as we had expected in '24 was expected to be materially higher. So we are starting to build back to that base, which is again, give you confidence in the revised strategy, but certainly there's still some variability or at least conservatism on our and relative to the recognition of some of that revenue because it's a bit different than our typical usage based.

因此，您可以看到，隨著我們暗示本季的材料下降，顯然我們的生物製藥運行率將退出 23 年。一開始，正如我們在 24 年所預期的那樣，預計會大幅上漲。因此，我們開始重建這個基礎，這再次讓您對修訂後的策略充滿信心，但我們的以及相對於部分收入的認可肯定仍然存在一些可變性或至少是保守主義，因為它有點不同比我們典型的使用情況。

And so that is what is implied in the forecast. But obviously, you can expect there's, at least relative to what we've provided a high degree of confidence. And certainly the low to mid portion of the range relative to what we already have recognized or expect to recognize.

這就是預測中暗示的內容。但顯然，你可以預期，至少相對於我們所提供的高度信心而言是如此。當然，相對於我們已經認識到或期望認識到的範圍的低到中部分。

Great. Thanks for taking the question.

偉大的。感謝您提出問題。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢。

Hey guys, thank you for taking my question. You'll be following up on biopharma comments. How are things trending month by month? Others in the group suggests that there is no positive inflection, but the environment is improving. And finally, I feel like you should be viewed as part of the solution for pharma customers. Not part of the problem is that messaging resonating.

嘿夥計們，謝謝你回答我的問題。您將跟進生物製藥評論。每個月的趨勢如何？小組中的其他人表示，沒有出現積極的變化，但環境正在改善。最後，我覺得您應該被視為製藥客戶解決方案的一部分。問題的一部分並不在於訊息傳遞引起共鳴。

Yes, definitively. And I would say Subbu, that this week as well. I'm in, in us and I have a meeting with one of the top10 pharma companies in oncology. And definitively, we're talking about how we can help them in their precision medicine strategy starting with a decentralized testing.

是的，絕對是。我也會說 Subbu，這週也是如此。我參加了我們的會議，與腫瘤學領域排名前十的製藥公司之一進行了會面。最後，我們正在討論如何從分散測試開始幫助他們實施精準醫療策略。

And second with the access to data from access market access needs. So I think that the position of Sophia is a position that is definitively fit for purpose of the current constraints that the bio form are are going to. But as Ross said that this requires building a pipeline, right.

其次是從市場進入需求中取得數據。所以我認為索菲亞的立場絕對適合生物形態目前的限制。但正如羅斯所說，這需要建造一條管道，對吧。

And so we're being laser focus on working only with the biopharma companies who are strong in oncology and where our portfolio applications and network would be complementary to their current needs.

因此，我們專注於只與在腫瘤學方面實力雄厚的生物製藥公司合作，我們的產品組合應用程式和網路將補充他們當前的需求。

Thank you for that. And last one for you, you guys are making good progress with operational spending discipline and reducing burn any initial parameters on where this can go over the next year.

謝謝你。最後一個問題是，你們在營運支出紀律方面取得了良好進展，並減少了明年的初始參數消耗。

Obviously, we are still very committed on our path to profitability, I think relative to the progress that we've made, it's been steady, right? And I would say probably even a bit more impressive frankly, given we obviously had some revenue challenges this year. So we have obviously held the loss guidance despite the revenue shortfall, been quite nimble, right.

顯然，我們仍然非常致力於盈利之路，我認為相對於我們所取得的進展，它是穩定的，對吧？坦白說，考慮到我們今年顯然遇到了一些收入挑戰，我想說可能更令人印象深刻。因此，儘管收入短缺，我們顯然還是保持了虧損指引，相當靈活，對吧。

And how we've managed the cost base, and I would say even more. So you can see some of that benefit on the cash line, which at the end of the day is probably the most important. And so I look forward with George joining us. Now, he obviously has a great history in this as well to partnering in this path to profitability and we continue to be able to show you sequential improvement and continued and some proof points that we would get to the other side of the cash generation and move towards the self sustainability.

以及我們如何管理成本基礎，我想說更多。因此，您可以在現金額度上看到一些好處，這最終可能是最重要的。所以我期待喬治加入我們。現在，他顯然在這方面也有著悠久的歷史，並且在這條盈利之路上進行了合作，我們將繼續向您展示連續的改進和持續的證據，並證明我們將到達現金生成的另一邊並移動走向自我可持續發展。

And so again, for us, this is obviously a paramount focus and, and one that requires obviously as well a great deal of balance, right? Because obviously when you're trying to grow your OpEx effectively, there's always sort of trade offs. But I think for us, we continue to pull the right levers to make sure that continued progress is evident to you guys.

再說一次，對我們來說，這顯然是一個最重要的焦點，而且顯然也需要大量的平衡，對嗎？因為顯然，當您試圖有效地增加營運支出時，總是需要進行權衡。但我認為對我們來說，我們將繼續採取正確的手段，以確保你們能夠看到持續的進展。

Thank you guys. And can I squeeze in one more? Given the oncology market that is larger, is there differences in how your sales force focuses their effort for oncology versus rare diseases? Basically, is it one sales force or have you separated them into two separate spaces?

謝謝你們。我可以再擠一張嗎？鑑於腫瘤學市場規模更大，您的銷售人員在腫瘤學和罕見疾病方面的工作重點是否有差異？基本上，是一支銷售隊伍還是將他們分成兩個獨立的空間？

So in terms of the sales force construction, we tend to have almost a pod based model in most countries where you have folks that sell the full suite of menu of applications. And then technical engineers that kind of specialize specifics of the product, but I would say in general, everyone sells the full portfolio. We tend to be more of a discovery based model, right?

因此，就銷售隊伍建立而言，在大多數國家/地區，我們傾向於採用基於 Pod 的模式，在這些國家/地區，您可以銷售全套應用程式選單。然後技術工程師專門研究產品的細節，但我想說，總的來說，每個人都銷售完整的產品組合。我們更傾向於基於發現的模型，對嗎？

So we, well understand our customers of, I would say pain points considering just the general, I would say state of things in oncology in terms of the amount of innovation and change and the dynamic products we're bringing to market like MSK-ACCESS and impact and our HRD capability. Obviously, sales people are smart and they also focus where they see the most opportunity.

因此，我們非常了解我們的客戶，我想說的是，僅考慮一般情況，我想說的是腫瘤學的現狀，包括創新和變革的數量以及我們向市場推出的動態產品，例如 MSK-ACCESS和影響以及我們的人力資源發展能力。顯然，銷售人員很聰明，他們也會關注最有機會的地方。

But frankly, if you look today, our pipeline is quite balanced. Obviously, pharma is far more interested on the somatic side of things than on germline or or rare disease. But overall, I'm quite happy with our focus and where our R&D dollars are going and I think our sales force is really well suited to help the client no matter their their need or pain point.

但坦白說，如果你今天看，我們的管道相當平衡。顯然，製藥公司對身體方面的興趣遠大於對種系或罕見疾病的興趣。但總的來說，我對我們的重點以及研發資金的去向感到非常滿意，我認為我們的銷售人員非常適合幫助客戶，無論他們的需求或痛點如何。

Perfect. Thank you guys.

完美的。謝謝你們。

Conor McNamara, RBC Capital Markets.

康納·麥克納馬拉，加拿大皇家銀行資本市場。

Hey guys, thanks for the question source, Ross congrats on the new job and George, welcome to the team. First, just on the clinical revenue side, volume growth remains healthy, double digits for you guys. But a lot of investors in the space are concerned about an overall market slowdown in clinical sequencing volumes over the medium and longer term.

嘿夥計們，感謝問題來源，羅斯祝賀新工作，喬治，歡迎加入團隊。首先，就臨床收入而言，銷售成長仍然健康，對你們來說是兩位數。但該領域的許多投資人擔心中長期內臨床定序量的整體市場放緩。

Have you seen anything in the marketplace from a technology or reimbursement perspective that could potentially change the trajectory of clinical volume growth for you guys, either positive or negative.

從技術或報銷的角度來看，您是否在市場上看到任何可能改變您們臨床數量成長軌蹟的東西，無論是積極的還是消極的。

Yes. Hi, Conor. Good morning. And indeed, congratulations to both Ross and, and George. I'm very excited about having them in the team and having Ross with more responsibilities. So when it comes to the clinical market, we haven't seen what you describe so far, actually, what we're seeing is rather, about which type of instruments they will invest in, whether it's the leading traditional one or an alternative.

是的。嗨，康納。早安.事實上，祝賀羅斯和喬治。我很高興讓他們加入團隊並讓羅斯承擔更多責任。所以說到臨床市場，我們到目前為止還沒有看到你所描述的情況，實際上，我們看到的是他們會投資哪種類型的儀器，無論是領先的傳統儀器還是替代儀器。

And in terms of volume of analysis, as you pointed out, we have seen a re acceleration, maybe Ross, you can give a bit of color of where we see the the the volume coming from and from and where it is growing the fastest.

在分析量方面，正如您所指出的，我們已經看到了重新加速，也許羅斯，您可以給出一些顏色，說明我們看到的量來自哪裡以及增長最快的地方。

So I think if you look at us from a global perspective, obviously North America for us remains a really robust market and one in the US, that's I think quite promising. And if I look at as well, my pipeline there as well as our bookings potential. I'm probably for the four years I've been at this company, the most optimistic of where we are in the US market.

因此，我認為，如果從全球角度來看我們，顯然北美對我們來說仍然是一個非常強勁的市場，而且在美國，我認為這是非常有前途的。如果我也看看我在那裡的管道以及我們的預訂潛力。我可能是我在這家公司工作四年以來，對我們在美國市場最樂觀的公司。

So I think we see quite a lot of runway there for us. Asia Pacific for us as well has been quite robust, growth this quarter was nearly 50%. And so obviously, a lot of new areas for us to penetrate there but but quite good demand, EMEA or Europe in general and growth in places like Germany, the UK, Middle East, etcetera.

所以我認為我們在那裡看到了很多跑道。我們的亞太地區也相當強勁，本季成長近 50%。顯然，我們有很多新領域需要滲透，但需求相當不錯，歐洲、中東和非洲或整個歐洲以及德國、英國、中東等地的成長。

And so there as well, it's quite and then Latin America for us at the moment is kind of an interesting dynamic. Underlying growth is I would say stable, but we had one customer turn earlier in the year due to an acquisition. So that's I would say skewed our results all year.

因此，拉丁美洲現在對我們來說也是一個有趣的動態。我想說，潛在的成長是穩定的，但由於收購，我們在今年稍早有了一個客戶。所以我想說這扭曲了我們全年的結果。

But frankly, if I look across the portfolio and if I look again at my pipeline and my bookings globally, volume growth for us at least is expected to be quite good. I think maybe what you're hinting at is a dynamic in the market around the trade off of pricing and volume around some of the traditional pieces. If you think about an entire workflow, we obviously comprise a smaller percentage of the total pie than say an instrument or flow seller, consumable, etcetera labor cost.

但坦白說，如果我縱觀整個投資組合，並再次審視我的通路和全球預訂量，至少我們的銷售成長預計會相當不錯。我認為您所暗示的可能是市場中一些傳統產品的定價和銷售之間的動態變化。如果你考慮整個工作流程，我們顯然在總成本中所佔的比例比儀器或流程銷售商、消耗品等勞動成本要小。

And I think for us, the most sensitive factor is volume and data production when you look at the most and feel quite confident. And I would say volume as well as part of that data production is both a mix of higher patient volumes but also the complexity of the test, right. So moving to a CGP or liquid biopsy, MRD, et cetera, this is much deeper sequencing.

我認為對我們來說，最敏感的因素是當你觀察最多並感到非常自信時的數量和數據生產。我想說的是，數據量以及數據生成的一部分既是患者數量增加的混合體，也是測試的複雜性的混合體，對吧。因此，轉向 CGP 或液體活檢、MRD 等，這是更深入的測序。

And so for us, it means much more data production, which is quite positive, what happens to sort of instrument ASPs or flow cell, as a percentage of the total mix that I can say. But I'm quite confident for us, we will continue to eat up a bigger piece of the pie over time with what we're able to do.

因此，對我們來說，這意味著更多的數據產生，這是非常積極的，對於儀器 ASP 或流動池的情況（我可以說佔總組合的百分比）。但我對我們很有信心，隨著時間的推移，我們將繼續憑藉我們的能力，吃掉更大的一塊蛋糕。

Great, thanks for that color, really appreciate it. And then on the biopharma side, most life science tools, investors are well aware of this dynamic of cautious spending by biopharma right now. And just if you look at your your push out in in biopharma revenue, how much of that push out as a function of this potential competition from, other AI vendors for pharma in AI investments for drug discovery.

太棒了，謝謝你的顏色，真的很感激。然後在生物製藥方面，大多數生命科學工具，投資人都非常清楚生物製藥目前謹慎支出的動態。只要你看看你在生物製藥收入方面的投入，就會發現其中有多少是由於來自其他人工智慧供應商在藥物發現的人工智慧投資方面的潛在競爭而產生的。

Yeah, thank you Conor. So it's definitively spending dynamics and because just taking a step back, the the why Pharma would work with Sophia is because of our network, right, which is distributed and in particular our network of customers outside the US where definitively we have a competitive advantage as we we serve over 700 plus hospitals around the world, right, which are really tier one university hospitals and comprehensive cancer centers.

是的，謝謝你康納。因此，這絕對是支出動態，因為退一步說，Pharma 之所以與Sophia 合作，是因為我們的網絡，對吧，它是分散式的，特別是我們在美國以外的客戶網絡，我們在這些網絡中絕對擁有競爭優勢：我們為世界各地700多家醫院提供服務，對吧，這些醫院都是真正的一級大學醫院和綜合癌症中心。

And so when pharma is thinking about post approval activities for market technique access needs, which is for example, more patients being tested molecularly or whether when it comes off reimbursement, strategical considerations on the basis of real world data there, we're very, very well positioned with our network versus other peers.

因此，當製藥公司考慮市場技術准入需求的批准後活動時，例如，更多的患者接受分子測試，或者是否結束報銷，基於真實世界數據的戰略考慮，我們非常，與其他同行相比，我們的網路處於非常有利的位置。

So we don't really have competition, I would say outside the US, which is our main advantage for the biopharma. So it's really what you describe as being basically budget constraints from the biopharma that for example, have made activities on the preapproval side a bit more complicated and hence we focus on post approval activities since June of this year.

所以我想說，在美國以外，我們實際上沒有競爭，這是我們生物製藥公司的主要優勢。因此，這確實是您所描述的生物製藥公司的基本預算限制，例如，這使得預先批准方面的活動變得更加複雜，因此我們自今年 6 月以來專注於批准後活動。

Great, thanks for that color. You're really appreciate it.

太好了，謝謝你的顏色。你真的很感激。

There are no further questions at this time. I now would like to turn the call over to Mr.Jurgi Camblong, our CEO, and Co- Ffounder for final closing calling.

目前沒有其他問題。現在我想將電話轉交給我們的執行長兼聯合創始人 Jurgi Camblong 先生進行最後的結束通話。

Thank you very much for joining us today. Thank you as well to the teams of Sophia. We have been working relentlessly to deliver a very good numbers when it comes to our cash burn year on year. And well again, welcome George and congratulations Ross and we are all looking forward to see you next week on Monday and Tuesday at the Gugenheim and Health Care conference in Boston. Thank you, have a good day.

非常感謝您今天加入我們。也感謝索菲亞團隊。我們一直在不懈地努力，以實現年復一年的現金消耗量。再次歡迎喬治並祝賀羅斯，我們都期待著下週一和週二在波士頓舉行的古根漢和醫療保健會議上見到您。謝謝你，祝你有美好的一天。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line. Have a great day, everyone.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝大家有美好的一天。