SOPHiA GENETICS SA (SOPH) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen and welcome to the Sophia Genetics Q1 2025 earnings call. At this time, online journal listen-only mode. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Sophia Genetics 2025 年第一季財報電話會議。此時，線上期刊處於只聽模式。（操作員指示）

This call is being recorded on Tuesday, May 6, 2025. I would now like to turn the conference over to Kelly Sanger to be a genetics Head of the Strategy and Investor Relations. Please go ahead.

該通話於 2025 年 5 月 6 日星期二錄製。現在，我想將會議交給遺傳學策略和投資者關係主管凱利桑格 (Kelly Sanger)。請繼續。

Thank you and good morning, everyone. Welcome to the Sophia Genetics first quarter of 2025 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 Cardoso, our Chief Financial Officer. I'd 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.

謝謝大家，早安。歡迎參加 Sophia Genetics 2025 年第一季財報電話會議。今天與我一起討論結果的有我們的共同創辦人兼執行長 Jurgi Camblong 博士；我們公司總裁 Ross Muken；以及我們的財務長 George Cardoso。我想提醒您，管理階層將在本次電話會議中發表符合聯邦證券法意義的前瞻性聲明。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，而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 appears in the press release issued by Sophia Genetics today and in the documents and reports filed by Sophia Genetics from time to time, the Securities and Exchange Commission. During this call, we will present both IFRS and non-IFRS financial measures, a reconciliation of IFRS and non-IFRS measures is included in today's press release, which is available on our website. With that, I'll now turn the call over to Jurgi.

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，請參閱 Sophia Genetics 今天發布的新聞稿以及 Sophia 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，我們將介紹國際財務報告準則和非國際財務報告準則的財務指標，今天的新聞稿中包含了國際財務報告準則和非國際財務報告準則指標的對賬，您可以在我們的網站上查閱。說完這些，我現在將電話轉給 Jurgi。

Thanks and good morning everyone. I will start today's call with a brief recap of Q1 performance, which came in slightly ahead of our expectation as growth we accelerated, and cost management continues to improve. I will then turn the call over to Ross, who will give a more detailed update on the business. George will close with a review of our Q1 financial performance before we take your questions.

謝謝大家，早安。我將在今天的電話會議上簡要回顧第一季的業績，由於成長加速和成本管理持續改善，第一季的業績略高於我們的預期。然後我會把電話轉給羅斯，他會更詳細地介紹業務的最新情況。在回答您的問題之前，喬治將首先回顧我們的第一季財務表現。

Last quarter we highlighted that 2024 was a foundational year for Sophia. We laid the groundwork for accelerated growth in 2025 by signing an impressive course of new customers, continuing to penetrate the US market, and launching new and exciting applications such as MSK-ACCESS and MSK-IMPACT.

上個季度我們強調 2024 年是索菲亞的基礎之年。我們簽署了一批令人印象深刻的新客戶，繼續滲透美國市場，並推出 MSK-ACCESS 和 MSK-IMPACT 等令人興奮的新應用程序，為 2025 年的加速成長奠定了基礎。

In Q1, these efforts began to materialize. Revenue grew 15% on a constant currency basis and 13% on a reported basis, representing a solid movement towards near historical growth levels. Going forward, we expect to deliver accelerating revenue growth along the three drivers we outlined at the beginning of the year.

在第一季度，這些努力開始實現。以固定匯率計算，營收成長了 15%，按報告匯率計算，營收成長了 13%，顯示其正穩步向接近歷史成長水準邁進。展望未來，我們預計將沿著年初概述的三個驅動因素實現收入加速成長。

First, we will capitalize on new customer signings by expediting implementation times and expanding across those new accounts over time. In 2024 we signed an impressive 92 new core genomic customers and in Q1 2025 we added 28 new customers to that total.

首先，我們將利用新客戶簽約的機會，加快實施時間，並逐步擴大新帳戶。2024 年，我們簽約了 92 家新的核心基因組客戶，2025 年第一季度，我們又增加了 28 家新客戶。

Our focus continues to be on implementing these new customers as quickly as possible so that they begin generating revenue faster. We implemented 33 new customers in the first quarter, up from an average of 23 per quarter last year. I look forward to these customers ramping up usage over the next few months and adopting additional applications over time.

我們的重點仍然是盡快實現這些新客戶，以便他們更快開始創造收入。我們在第一季新增了 33 位客戶，高於去年每季平均 23 位客戶。我期待這些客戶在未來幾個月內增加使用量，並隨著時間的推移採用更多應用程式。

The second growth driver we will continue to focus on is the US market. In Q1, revenue and analysis volume from US core economic customers grew over 30% year over year. The impressive growth was delivered off an ever-expanding revenue base as the country is becoming one of our largest markets globally.

我們將繼續關注的第二個成長動力是美國市場。一季度，來自美國核心經濟客戶的營收和分析量年增超過30%。隨著中國成為我們全球最大的市場之一，令人印象深刻的成長得益於不斷擴大的收入基礎。

On the new business side, we also announced major expenses at two of the leading hospitals in the US, with Henry Ford Hospital adopting additional Solid Tumor and HemOnc applications and the Mayo Clinic adopting additional applications in HemOnc. Congrats to the team for this impressive Q1 achievement.

在新業務方面，我們還宣布了在美國兩家領先醫院的重大支出，亨利福特醫院採用了額外的實體瘤和 HemOnc 應用，梅奧診所採用了額外的 HemOnc 應用。恭喜團隊在第一季取得如此令人矚目的成就。

Our third focus area for 2025 is MSK-ACCESS and MSK-IMPACT. Our new liquid biopsy and solid tumor applications while clinical adoption continues at impressive rates, I'm happy to highlight that these applications are also attracting material interest from biopharma partners.

我們 2025 年的第三個重點領域是 MSK-ACCESS 和 MSK-IMPACT。我們的新液體活檢和實體腫瘤應用在臨床上的應用繼續以驚人的速度進行，我很高興地強調，這些應用也吸引了生物製藥合作夥伴的重大興趣。

Last week we expanded our 2024 partnership with AstraZeneca to accelerate the deployment of MSK-ACCESS globally. The expansion extends the scope of the partnership to 30 total sponsored institutions worldwide. The agreement also highlights the growing demand for somatic testing as applications like MSK-ACCESS are becoming invaluable to biopharma for purposes of drug deployment and market access.

上週，我們擴大了與阿斯特捷利康的 2024 年合作夥伴關係，以加速 MSK-ACCESS 在全球的部署。此次合作將合作範圍擴大至全球 30 所贊助機構。該協議還強調了對體細胞測試日益增長的需求，因為 MSK-ACCESS 等應用程式對於生物製藥的藥物部署和市場准入變得非常有價值。

In addition, the data generated from this test and the diverse patient populations they reach offer immense value to biopharma for drug development and commercialization.

此外，該測試產生的數據及其涉及的不同患者群體為生物製藥的藥物開發和商業化提供了巨大的價值。

In Q1, it was great to see the clinical and biopharma flywheels spinning again as our growing network began attracting new interest from biopharma. I'm excited to keep you updated over the course of the year as our flywheel gains speed and revenue growth continues to accelerate.

在第一季度，我們很高興看到臨床和生物製藥飛輪再次旋轉，因為我們不斷增長的網路開始吸引生物製藥的新興趣。隨著我們的飛輪加速運轉、營收成長持續加速，我很高興能夠在一年內向您通報最新情況。

Beyond starting the year strong on the revenue side, I'm also proud of the team for continuing to excel at cost management. In Q1, we delivered an impressive 24% year over year improvement to adjusted EBITDA loss, bringing the figure down to $9.8 million in the quarter.

除了年初在收入方面表現強勁之外，我還為團隊在成本管理方面繼續表現出色而感到自豪。在第一季度，我們實現了調整後 EBITDA 虧損年大幅改善 24%，降至 980 萬美元。

As we continue on our path to profitability, we believe this achievement serves as a proof point for a scalable nature of our business and our ability to drop incremental revenue growth down to the bottom line. In many ways, scalability was a theme this quarter.

隨著我們繼續走在盈利的道路上，我們相信這項成就證明了我們業務的可擴展性以及我們將增量收入成長降至底線的能力。從許多方面來看，可擴展性是本季的主題。

In Q1, we delivered a record 75.7% adjusted growth margin, up 520 basis points year over year. The achievement was made possible by innovations from our tech and data science teams who continue to discover new ways to optimize the data compute and processing power of our platform.

第一季度，我們實現了創紀錄的 75.7% 的調整後成長利潤率，年增 520 個基點。這項成就得益於我們的技術和數據科學團隊的創新，他們不斷探索新方法來優化我們平台的數據計算和處理能力。

These improvements are especially impressive because they were delivered despite massive increases in the amount of data processed by Sophia over the years. Total process by the platform has increased at a figure of over 50% from '21 to '24.

這些改進尤其令人印象深刻，因為儘管多年來索菲亞處理的數據量大幅增加，但它們仍然得以實現。從 21 年到 24 年，該平台的整體處理量增加了 50% 以上。

While analysis volumes continue to grow, so there's the complexity of data. Gene panels are becoming larger, additional modalities are becoming more useful, and more sophisticated tests are being deployed each day. Our scalable cloud-based platform is designed to support the medical innovations of today and tomorrow, deploying new innovations with accuracy and efficiency.

隨著分析量不斷增長，數據的複雜性也隨之增加。基因組變得越來越大，附加模式變得越來越有用，並且每天都在部署更複雜的測試。我們可擴展的基於雲端的平台旨在支援當前和未來的醫療創新，準確、有效率地部署新的創新。

Whether it is liquidity testing, HRD, or genome sequencing or MRD, the scalable nature of our platform and its AI factories enable us to bring bioformatic breakthroughs from the research lab to the clinical market with relative ease. In this way, we are perfectly positioned to push waves of innovation in healthcare for years to come.

無論是流動性測試、HRD、基因組定序或MRD，我們平台及其AI工廠的可擴展性使我們能夠相對輕鬆地將生物資訊突破從研究實驗室帶到臨床市場。透過這種方式，我們將完全有能力在未來幾年推動醫療保健領域的創新浪潮。

However, this ability and the AI that enables it has not been achieved by chance. In Q1, we reached an impressive milestone for our platform. As of March, Sophia DDM has now analyzed over 2 million genomic patient profiles since inception.

然而，這種能力以及實現這種能力的人工智慧並非偶然實現的。在第一季度，我們的平台達到了令人印象深刻的里程碑。截至 3 月，Sophia DDM 自成立以來已分析了超過 200 萬份患者基因組資料。

This means that the AI powering Sophia DDM is uniquely trained on one of the most diverse and globally representative data sets available, learning from a constant flow of real-world data from over 800 institutions and 70 countries worldwide.

這意味著，支援 Sophia DDM 的人工智慧採用了最多樣化和全球代表性的資料集之一進行獨特訓練，並從來自全球 800 多個機構和 70 個國家的持續真實資料流中學習。

Technology companies across the space are increasingly recognizing the breadth and diversity of our data sets and how our network and AI capabilities are nearly impossible to (inaudible).

各行各業的科技公司越來越認識到我們資料集的廣度和多樣性，以及我們的網路和人工智慧能力幾乎不可能（聽不清楚）。

In March, I spoke at NVIDIA GTC conference in San Jose, California, about how Sophia is pioneering the practical use of AI in healthcare. The conference reinforces what we are already seeing in the market. AI is no longer a future promise, but the present force reshaping how we diagnose, treat and understand disease.

今年 3 月，我在加州聖荷西舉行的 NVIDIA GTC 會議上發表了演講，講述了索菲亞如何開創人工智慧在醫療保健領域的實際應用。這次會議強化了我們在市場上已經看到的情況。人工智慧不再是未來的承諾，而是重塑我們診斷、治療和理解疾病方式的現實力量。

It also reinforces that Sophia is a leader in this space. Our platform, factories and global network places are soundly at the center of the future of healthcare. With that, I will now turn the call over to Ross, who will provide a more detailed update on what we're seeing in the market and our business performance to start the year.

這也進一步證明索菲亞是該領域的領導者。我們的平台、工廠和全球網路是未來醫療保健的核心。現在，我將把電話轉給羅斯，他將更詳細地介紹我們在市場上看到的情況以及我們今年年初的業務表現。

Thanks Jurgi. The go to market team, share your excitement and confirm there is broad and growing demand for the Sophia offering. Along those lines. I'll start today by giving a brief update on our first quarter performance, including a strong start to the year across both new and existing business. I'll then cover some of the broader market dynamics before closing with a look at what we're seeing in the pipeline.

謝謝 Jurgi。行銷團隊，請分享您的興奮之情，並確認對 Sophia 產品的需求廣泛且不斷增長。沿著這些思路。今天，我將首先簡要介紹我們第一季的業績，包括今年新業務和現有業務的強勁開局。最後，我將介紹一些更廣泛的市場動態，並介紹我們正在關注的市場動態。

First, the core business returned to healthy levels as revenue grew 15% on a constant currency basis in the first quarter, despite biopharma continuing to present some modest headwinds. We are proud to have re accelerated the growth engine of the core business, and the biopharma pipeline is again developing well.

首先，儘管生物製藥產業繼續面臨一些阻力，但核心業務仍恢復到健康水平，第一季營收以固定匯率計算成長了 15%。我們很自豪能夠重新加速核心業務的成長引擎，生物製藥產品線再次發展良好。

On the clinical side, from a regional perspective, North America and Asia Pacific continue to outperform in Q1. With 32% and 40% year over year volume growth respectively. Latin America declined slightly due to the acquisition of one of our top customers in the region by another lab, which we covered in detail in 2024.

臨床方面，從區域角度來看，北美和亞太地區在第一季持續表現出色。銷量較去年同期分別成長32%和40%。拉丁美洲的業務略有下降，原因是該地區的一家頂級客戶被另一家實驗室收購，我們在 2024 年對此進行了詳細介紹。

A media volume growth remains solid, with the United Kingdom as a notable driver. Last year we announced a series of new customer signings across the UK, including five of the seven NHS genomic laboratory hubs adopting Sophia DDS. Due to these signings and others, UK analysis volume grew over 60% year over year, and UK revenue was up approximately 80%.

媒體銷售成長依然穩健，其中英國是一個顯著的推動力。去年，我們宣佈在英國各地簽約一系列新客戶，其中包括採用 Sophia DDS 的七個 NHS 基因組實驗室中心中的五個。由於這些簽約和其他簽約，英國的分析量同比增長超過 60%，英國的收入增長了約 80%。

From an application standpoint, we continue to establish ourselves as a global leader in HemOnc testing. HemOnc volumes grew 34% year over year in the first quarter, off an increasingly large base. With over 180 HemOnc customers globally. We believe we are one of the largest providers of blood-based cancer testing in the world, an area of critical importance to both our clinical and biopharma constituents. We're confident HemOnc will continue to be a growth driver of our future growth.

從應用的角度來看，我們繼續確立自己在 HemOnc 測試領域的全球領先地位。第一季度，HemOnc 的銷量年增 34%，且基數不斷擴大。HemOnc 全球客戶超過 180 家。我們相信，我們是世界上最大的血液癌症檢測提供者之一，這一領域對我們的臨床和生物製藥成分都至關重要。我們相信 HemOnc 將繼續成為我們未來成長的成長動力。

Beyond HemOnc, we also started the year strong in solid tumors as volumes grew well above the company average. New applications such as MSK-IMPACT and an upgraded CGP offering are solidifying our offering as the gold standard for comprehensive tissue testing. Last, the first wave of liquid biopsy testing began to come online in Q1, albeit in very modest initial volumes. We will look to the back half of the year for liquid biopsy applications such as MSK-ACCESS to meaningfully drive overall growth as customers complete implementation and ramp up usage over 2025.

除了 HemOnc 之外，我們在實體瘤領域也取得了強勁開局，銷售成長遠高於公司平均。MSK-IMPACT 和升級版 CGP 產品等新應用正在鞏固我們的產品作為全面組織檢測黃金標準的地位。最後，第一波液體活檢測試於第一季開始上線，儘管初始數量非常少。隨著客戶在 2025 年完成實施並增加使用量，我們期待 MSK-ACCESS 等液體活檢應用在今年下半年顯著推動整體成長。

Moving to the new business side, I'm happy to share that in Q1, we continue to book new business at record speeds. We landed 28 new core genomic customers in the quarter, up from 20 new customers signed in the first quarter of 2024. In addition, we also had many notable expands as the influx of new customers over the past year looked to adopt initial applications.

談到新業務方面，我很高興地告訴大家，在第一季度，我們繼續以創紀錄的速度預訂新業務。本季我們新增了 28 位核心基因組客戶，高於 2024 年第一季簽約的 20 位新客戶。此外，由於過去一年湧入的新客戶希望採用初始應用程序，我們也取得了許多顯著的擴展。

In North America, Jurgi announced our recently expanded partnerships at Henry Ford and the Mayo Clinic. In addition, we also expanded our scope with Sunnybrook Health Science Center in Toronto, Canada. Sunnybrook was already using the Sophia DDM for solid tumor HRD testing, and now they are adopting additional applications for EMO.

在北美，Jurgi 宣布我們最近擴大了與亨利福特和梅奧診所的合作關係。此外，我們也擴大了與加拿大多倫多 Sunnybrook 健康科學中心的合作範圍。Sunnybrook 已在使用 Sophia DDM 進行實體腫瘤 HRD 測試，現在他們正在採用其他應用程式進行 EMO。

On the land side, we saw LifeLabs in Q1, a major central reference lab in Canada. Life labs, Canada's largest community lab, which performs over 100 million lab tests annually, is adding via DDM for solid tumor testing. Lastly, we also announced the signing of Mount Sinai during the quarter, adding to the growing list of leading institutions in the US using Sophia.

在陸地方面，我們在第一季度看到了 LifeLabs，這是加拿大一個主要的中央參考實驗室。加拿大最大的社區實驗室 Life labs 每年進行超過 1 億次實驗室測試，目前正在透過 DDM 進行實體腫瘤檢測。最後，我們也在本季宣布與西奈山大學簽約，進一步擴大使用 Sophia 的美國領先機構名單。

In [EMEA] I'm excited to highlight the signing of Jessa in Belgium. Jessa is one of the largest hospitals in Belgium located in Hassel, and they will adopt Sophia DDM for solid tumor, liquid biopsy, and HemOnc testing. This signing represents one of the largest wins of the last year. Congrats to the EMEA team on this significant new addition. Beyond Western Europe, we continue to see growing adoption across the Middle East.

在 [EMEA] 我很高興地強調傑薩在比利時的簽約。Jessa 是位於哈塞爾的比利時最大的醫院之一，他們將採用 Sophia DDM 進行實體瘤、液體活檢和 HemOnc 檢測。此次簽約是去年最大的勝利之一。恭喜 EMEA 團隊取得這項重要新成員。除了西歐以外，我們也看到中東地區的採用率不斷成長。

During the quarter, we announced our partnership with N42, an Abu Dhabi-based World Health Leader that is implementing MSK-ACCESS at select hospitals throughout the UAE. Through this collaboration, we look forward to bringing best in class liquid biopsy testing to patients across the Middle East.

本季度，我們宣布與總部位於阿布達比的世界衛生領袖 N42 建立合作夥伴關係，該公司正在阿聯酋各地的指定醫院實施 MSK-ACCESS。透過此次合作，我們期待為中東地區的患者帶來一流的液體活檢檢測。

Moving to Asia Pacific, we continue to see strong and growing interests. In the first quarter, we announced a new partnership with Genesis Healthcare to bring Sophia's solutions to the Japanese market. We look forward to keeping you updated on our progress, as this would be a critical new market for us in the coming years.

轉向亞太地區，我們繼續看到強烈且不斷增長的興趣。第一季度，我們宣布與 Genesis Healthcare 建立新的合作夥伴關係，將 Sophia 的解決方案推向日本市場。我們期待向您通報我們的進展，因為這將是我們未來幾年的一個重要的新市場。

Beyond Japan, I'd like to highlight the signing of Premier Integrated Lab, a leading diagnostic lab in Malaysia that is adopting numerous applications in hereditary cancer, HemOnc, and inherited disorders in addition to MSK-ACCESS. Lastly, in Latin America, we continue to make strides across the region.

除了日本之外，我想強調的是與 Premier Integrated Lab 的簽約，這是馬來西亞領先的診斷實驗室，除了 MSK-ACCESS 之外，還在遺傳性癌症、HemOnc 和遺傳性疾病方面採用了多種應用。最後，在拉丁美洲，我們繼續在整個地區取得進展。

In Q1, we signed Bioima Genetics, a Brazilian-based precision medicine provider, that is adopting Sophia DDM for HRD solid tumors, and Hospital de Amor in Barretos, Brazil is adopting MSK-ACCESS. Welcome Bioima and Hospital De Amor to the Sophia community.

在第一季度，我們簽約了巴西精準醫療供應商 Bioima Genetics，該公司正在採用 Sophia DDM 治療 HRD 實體瘤，而巴西巴雷圖斯的 Hospital de Amor 正在採用 MSK-ACCESS。歡迎 Bioima 和 Hospital De Amor 加入索菲亞社區。

In conclusion, new business remains strong across all geographies. We continue to sign new customers an impressive rates, and in addition, the average contract value of signings continues to increase, with ACDs on new business up materially year on year.

總而言之，所有地區的新業務都保持強勁。我們繼續以令人印象深刻的速度簽約新客戶，此外，簽約的平均合約價值持續增加，新業務的 ACD 年比大幅增長。

This is due in part to increasing success at enterprise level sales pitching and in part due to industry-wide shift toward more sophisticated bioinformatic applications.

部分原因是企業級銷售宣傳的成功率不斷提高，部分原因是整個產業正在轉向更複雜的生物資訊應用。

We continue to see demand in the market for large gene panels, bigger sequencers, and more depth. Our liquid biopsy application, MSK-ACCESS is a perfect proof point. MSK-ACCESS covers over 146 genes and relies on an advanced proprietary molecular barcoding algorithm called cumin to detect variants and generate insights.

我們持續看到市場對大型基因組、更大定序儀和更大深度的需求。我們的液體活檢應用程式 MSK-ACCESS 是一個完美的證明點。MSK-ACCESS 涵蓋超過 146 個基因，並依靠名為 cumin 的先進專有分子條碼演算法來檢測變異並產生見解。

On the solid tumor side, we're also seeing demand for larger CGPs, as well as the ability to track disease over time. Last year we announced the launch of MRD capabilities on Sophia DDM for acute myeloid leukemia, and we plan to expand the MRD features to additional applications such as solid tumors over time to serve our customers across the globe, including in Europe.

在實體腫瘤方面，我們也看到了對更大 CGP 的需求，以及隨時間追蹤疾病的能力。去年，我們宣佈在 Sophia DDM 上推出用於治療急性髓系白血病的 MRD 功能，並且我們計劃隨著時間的推移將 MRD 功能擴展到實體腫瘤等其他應用，以服務包括歐洲在內的全球客戶。

So in short, clinical new business pipeline continues to reach record levels as bioinformatic insights become more and more valuable. But growing demand doesn't stop with our clinical users. On the biopharma side, our pipeline is also reaching record highs. The revamped diagnostic offering is attracting more interest than ever.

簡而言之，隨著生物資訊學見解變得越來越有價值，臨床新業務管道繼續達到創紀錄的水平。但不斷增長的需求並不僅限於我們的臨床用戶。在生物製藥方面，我們的產品線也達到了歷史最高水準。改進後的診斷服務比以往更受關注。

Opportunities range from sponsored testing partnerships like the expanded collaboration we recently signed with AstraZeneca to other projects focused on helping biofarmers strengthen their clinical development programs.

機會包括贊助測試合作夥伴關係（例如我們最近與阿斯特捷利康簽署的擴大合作協議）以及其他致力於幫助生物農民加強其臨床開發計劃的項目。

And improved market access. I joined the team at World CB and CDx conference in London last month and was thrilled to see activity level and number of meetings we have with TOP205 Pharma, including names such as J&J and Cartos.

並改善了市場准入。上個月，我加入了在倫敦舉行的世界 CB 和 CDx 會議團隊，並很高興看到我們與 TOP205 Pharma 的活動水平和會議次數，其中包括 J&J 和 Cartos 等公司。

On the biopharma data side, we are beginning to see promising momentum as well. Our multimodal data offering, including the use of our AI factories to produce data structuring and predictive analytics, is gaining interest from top biopharma, particularly in the areas of lung and kidney cancer. We look forward to keeping you up this year on the overall progress of the biopharma business.

在生物製藥數據方面，我們也開始看到良好的勢頭。我們提供的多模式數據，包括使用我們的人工智慧工廠進行數據結構化和預測分析，正在引起頂級生物製藥公司的興趣，特別是在肺癌和腎臟癌領域。我們期待今年向您通報生物製藥業務的整體進展。

To conclude, I'm proud of the team for delivering an excellent quarter, and I'm also encouraged by the growth of our pipeline and of our end market. With that, I will now turn the call over to George, who will provide a more detailed look in our Q1 financial results.

總而言之，我為團隊在本季取得的優異成績感到自豪，同時我們的產品線和終端市場的成長也令我感到鼓舞。說完這些，我現在將電話轉給喬治，他將更詳細地介紹我們的第一季財務表現。

Thank you, Ross, and good morning, everyone. As Jurgi and Ross highlighted, Q1 results came in slightly ahead of expectations as new business from 2024 begins to come online. Total revenue for the first quarter of 2025 was $17.8 million compared to $15.8 million for the first quarter of 2024, representing year over year growth of 13%.

謝謝你，羅斯，大家早安。正如 Jurgi 和 Ross 所強調的，由於 2024 年新業務開始上線，第一季的業績略高於預期。2025 年第一季總營收為 1,780 萬美元，而 2024 年第一季總營收為 1,580 萬美元，較去年同期成長 13%。

On a constant currency basis, year over year revenue growth was 15% as foreign exchange headwinds negatively impacted reported revenue by approximately $400,000. Platform analysis volume was approximately 93,000 for the first quarter of 2025 compared to approximately 84,000 for the first quarter of 2024, representing year over year growth of 11%.

以固定匯率計算，由於外匯不利因素對報告收入產生了約 40 萬美元的負面影響，年收入成長 15%。2025 年第一季平台分析量約為 93,000 次，而 2024 年第一季約為 84,000 次，較去年同期成長 11%。

For Genomic customers were 490 as of March 31, up from 463 in the prior year period, and up sequentially by 18 customers relative to Q4 2024. While we added 33 new customers in the quarter, we churned out a few smaller accounts who had not generated revenue over the past 12 months.

截至 3 月 31 日，Genomic 的客戶數量為 490 家，高於去年同期的 463 家，與 2024 年第四季相比，季增了 18 家。雖然我們在本季增加了 33 名新客戶，但我們也流失了一些在過去 12 個月內沒有產生收入的小客戶。

Nonetheless, Q1 revenue churn remained low at approximately 4%, which is in line with our historical averages. Net dollar retention for the quarter was 103%, driven primarily by the decline in growth in Latin America.

儘管如此，第一季的營收流失率仍保持在 4% 左右的低位，與我們的歷史平均值一致。本季淨美元保留率為 103%，主要受拉丁美洲經濟成長放緩的影響。

Gross profit for the quarter was $12.2 million compared to gross profit of $10.4 million in the prior year period, representing year over year growth of 17%. Gross margin was 68.7% for the first quarter of 2025 compared with 65.9% for the first quarter of 2024, up 273 basis points year over year.

本季毛利為 1,220 萬美元，而去年同期的毛利為 1,040 萬美元，較去年同期成長 17%。2025 年第一季的毛利率為 68.7%，而 2024 年第一季的毛利率為 65.9%，較去年同期成長 273 個基點。

Adjusted gross profit was $13.4 million, an increase of 21% compared to adjusted gross profit of $11.1 million in the prior year period.

調整後毛利為 1,340 萬美元，較去年同期的 1,110 萬美元成長 21%。

Adjusted gross margin reached a record high of 75.7% for the first quarter of 2025, up 520 basis points from 70.6% in the first quarter of 2024.

2025 年第一季調整後毛利率達到創紀錄的 75.7%，較 2024 年第一季的 70.6% 上升 520 個基點。

As Jurgi mentioned, targeted platform improvements throughout the year continue to drive cloud compute costs and storage costs lower, an achievement we remain proud of and plan to continue throughout the year.

正如 Jurgi 所提到的，全年有針對性的平台改進繼續降低雲端運算成本和儲存成本，我們對此感到自豪，並計劃全年繼續保持這一成就。

Total operating expenses for Q1 were $28.2 million compared to $29.2 million in the first quarter of 2024, representing an improvement of 3% year over year. R&D expenses decreased during the quarter as we increasingly focus on high ROI projects.

第一季的總營運費用為 2,820 萬美元，而 2024 年第一季為 2,920 萬美元，年增 3%。由於我們越來越關注高投資報酬率的項目，本季研發費用減少。

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

此外，我對我們在 G&A 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、系統投資以及上市公司成本的最佳化。不過，行銷費用還是略有增加，主要是因為選擇性投資旨在加速滲透幾個關鍵市場，以及行銷舉措以支持我們強勁的新產品動能。

Operating loss for the quarter was $16 million compared to $18.8 million in the prior year period. Adjusted operating loss was $10.8 million compared to $14.1 million for the first quarter of 2024, representing an improvement of 23% year over year. EBITDA loss for the first quarter was $13.7 million compared to $16.7 million in the prior year period.

本季營業虧損為 1,600 萬美元，去年同期為 1,880 萬美元。調整後的營業虧損為 1,080 萬美元，而 2024 年第一季為 1,410 萬美元，年增 23%。第一季的 EBITDA 虧損為 1,370 萬美元，而去年同期為 1,670 萬美元。

Adjusted EBITDA loss for Q1 was $9.8 million compared to $12.9 million in Q1 of 2024, an improvement of 24% year over year. We remain proud of our ability to drop revenue growth down to the bottom line while also reducing costs across the P&L.

第一季調整後 EBITDA 虧損為 980 萬美元，而 2024 年第一季為 1,290 萬美元，年增 24%。我們仍然為能夠將收入成長降至底線並同時降低損益表成本而感到自豪。

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

我們在員工人數方面繼續嚴格自律，我們專注於優化成長和可擴展性。我們還將繼續審查所有直接和間接支出，確保平衡地專注於實現成長目標和實現所需的營運效率。

We hope this performance serves as a proof point for our ability to reach our commitment to be approaching adjusted EBITDA break even by the end of 206 and crossing over to positive adjusted EBITDA in the second half of 2027.

我們希望這項績效能證明我們有能力實現承諾，即在 206 年底實現調整後 EBITDA 收支平衡，到 2027 年下半年實現調整後 EBITDA 轉為正值。

Lastly, total cash burn, which we defined as the change in cash and cash equivalents for the first quarter of 2025, was $11.7 million compared to $19.5 million in the prior year quarter. Excluding the impact of exchange rate differences, cash burn improved approximately $3 million in Q1 as compared to the prior year period.

最後，總現金消耗（我們將其定義為 2025 年第一季的現金和現金等價物的變化）為 1,170 萬美元，而去年同期為 1,950 萬美元。排除匯率差異的影響，第一季的現金消耗與去年同期相比改善了約 300 萬美元。

We finished a quarter with cash and cash equivalents of approximately $68.5 million as of March 31, 2025. As a reminder, we currently have access to an additional $35 million of capital through the financing line with perceptive advisors. We remain confident in our current capital position with respect to the achievement of our goals.

截至 2025 年 3 月 31 日，我們本季的現金及現金等價物約為 6,850 萬美元。提醒一下，我們目前可以透過與敏銳顧問的融資管道獲得額外的 3500 萬美元資金。我們對於目前的資本狀況以及實現我們的目標仍然充滿信心。

I'll now turn to the 2025 outlook. Given the promising re-acceleration of clinical growth in Q1, Sophia Genetics is reaffirming our full year revenue guidance for 2025 of $72 million to $76 million, representing 10 to 17% growth on a reported basis.

現在我來談談2025年的展望。鑑於第一季臨床成長再次加速的良好勢頭，Sophia Genetics 重申我們對 2025 年全年營收的預期，即 7,200 萬美元至 7,600 萬美元，報告顯示成長率為 10% 至 17%。

Despite a slightly stronger than expected quarter, we still maintain that 2025 will be mostly back half weighted as a new business signed in 2024 comes online in the second half of the year, and his MSK-ACCESS business begins to ramp up to routine usage.

儘管本季業績略強於預期，但我們仍認為，2025 年的業績將主要回落一半，因為 2024 年簽署的新業務將在下半年上線，而且其 MSK-ACCESS 業務也開始提升至常規使用水準。

As a reminder, we expect Q4 to continue being the strongest quarter seasonably during the year. We also expect that exchange rates will be volatile due to macro uncertainties, which may have an impact to reported results.

提醒一下，我們預計第四季將繼續成為今年季節性表現最強勁的季度。我們也預計，由於宏觀不確定性，匯率將出現波動，這可能會對報告結果產生影響。

Beyond revenue, we are also reaffirming our full year adjusted EBITDA loss guidance of $35 million to $39 million. As demonstrated this quarter, we continue to make targeted investments in our platform to optimize cloud compute and storage costs and expect to expand gross margin beyond 2024 levels.

除了營收之外，我們也重申全年調整後的 EBITDA 虧損預期為 3,500 萬美元至 3,900 萬美元。正如本季所展示的，我們繼續對我們的平台進行有針對性的投資，以優化雲端運算和儲存成本，並預計毛利率將擴大到 2024 年以上的水平。

As a global company, we are watching the developments on the tower front, as most are. First, I'll remind you that Sophia DDM is an AI software as a service platform. We offer our customers three methods of accessing the platform with Dry lab, bundle, and integrated access modes.

作為一家全球性公司，我們和大多數公司一樣，正在關注塔樓領域的發展。首先，我要提醒你，Sophia DDM 是一個 AI 軟體即服務平台。我們為客戶提供三種存取平台的方法：幹實驗室、捆綁和整合存取模式。

The bundle access mode includes Sophia DDM plus consumables. We have one assembly line located in rural Switzerland, and we ship consumables globally from there. This includes some shipments to the United States. Of our $9 million in US revenue in 2024, the total value of consumable shipments to the US was only approximately $800,000. Even with growth in 2025, a 10% tariff would be manageable.

捆綁式存取模式包括 Sophia DDM 加上消耗品。我們在瑞士農村有一條裝配線，我們從那裡向世界各地運送消耗品。其中包括一些運往美國的貨物。在我們 2024 年 900 萬美元的美國收入中，運往美國的消耗品總價值僅約 80 萬美元。即使到2025年經濟成長，10%的關稅也是可以負擔的。

The tariff also apparently is to be reduced by raw materials sourced in the US and in fact many of our raw materials are sourced there. While the situation is fluid at this present time, we don't believe the impact to Sophia Genetics to be very material.

顯然，關稅也會因美國原料的進口而降低，事實上，我們的許多原料都來自美國。儘管目前情況不穩定，但我們認為對 Sophia Genetics 的影響不會太大。

We also expect to continue to largely hold the line on operating expenses as we currently have the correct team size to support our medium-term growth objectives. This excludes some high ROI investments we will continue to make related to marketing activities as well as certain investments in the commercial team.

我們也預計將繼續在很大程度上控制營運費用，因為我們目前擁有合適的團隊規模來支援我們的中期成長目標。這還不包括我們將繼續進行的一些與行銷活動相關的高投資報酬率投資以及對商業團隊的某些投資。

Lastly, we will continue to revisit our discretionary expenditures and execute on identified savings in systems, professional services, and certain public company costs throughout 2025. 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 years.

最後，我們將繼續重新審視我們的可自由支配的支出，並在 2025 年全年實現系統、專業服務和某些上市公司成本方面的已確定的節省。這些項目的綜合特性以及強勁收入成長帶來的自然經營槓桿將進一步推動我們在未來兩年實現盈利。

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

因此，在我們回答你們的問題之前，我想把電話轉回 Jurgi 做結束語。尤爾吉。

Thank you, George. I'm proud of what the team achieved this quarter. We took a major first step during Q1, accelerating revenue growth to 15% constant currency expanding adjusted growth margins again, now up to 75.7%, and improving adjusted EBITDA by 24% year over year.

謝謝你，喬治。我為團隊本季所取得的成就感到自豪。我們在第一季邁出了重要的第一步，營收成長加速至 15%（以固定匯率計算），調整後的成長利潤率再次擴大，目前已達到 75.7%，調整後的 EBITDA 年成長 24%。

The quarter sets the tone for a strong 2025. Looking ahead, booking's momentum remains strong and markets continue to grow or offering seats at the center of concentric trends in healthcare. We have built an expansive global network of customers and dynamic AI capabilities which generates critical insights for a growing number of cancer and rare disease patients globally.

本季為 2025 年的強勁表現奠定了基調。展望未來，預訂動能依然強勁，市場將繼續成長或提供處於醫療保健同心趨勢中心的席位。我們已經建立了廣泛的全球客戶網路和動態人工智慧能力，為全球越來越多的癌症和罕見疾病患者提供關鍵見解。

Better therapies are being developed each day, and data driven medicine has become new basis for diagnosis, therapy selection and follow on testing, in addition to drug development and deployment. Given our business sits at the center of these innovations, we remain confident on our long-term growth.

每天都有更好的治療方法被開發出來，數據驅動醫學除了藥物開發和部署之外，還成為診斷、治療選擇和後續測試的新基礎。鑑於我們的業務處於這些創新的核心，我們對我們的長期成長仍然充滿信心。

In closing, I want to say thank you to our Sophia colleagues, partners, customers, and investors for joining us in our journey to transform patient care with data driven medicine. Please note, we are presenting at the RBC conference on May 20 and 21 in New York City. We all look forward to continuing to update you on Sophia's future success of democratizing data driven medicine around the world. Operator, you may now open the line for questions.

最後，我要感謝我們的 Sophia 同事、合作夥伴、客戶和投資者，感謝他們與我們一起透過數據驅動醫療改變病患照護。請注意，我們將於 5 月 20 日和 21 日在紐約市舉行的 RBC 會議上發表演講。我們都期待著繼續向您通報索菲亞未來在世界範圍內實現數據驅動醫療民主化方面取得的成功。接線員，您現在可以打開熱線來回答問題了。

Thank you and ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Bill Bonello with Craig-Hallum. Please go ahead.

謝謝各位，女士們、先生們，我們現在開始問答環節。（操作員指示）比爾·博尼洛 (Bill Bonello) 與克雷格·哈勒姆 (Craig-Hallum)。請繼續。

Hey, good morning, guys, nice quarter. Just a couple of follow-up questions. First, you talked about, accelerating the time frame for implementation and we're seeing that in in the good implementation numbers. Can you talk just a little bit about the kinds of actions that you've been able to take that actually allow you to implement more quickly than maybe you have been able to do so in the past?

嘿，大家早上好，這是一個美好的季度。僅有幾個後續問題。首先，您談到了加快實施時間，我們在良好的實施數據中看到了這一點。您能否稍微談談您採取的哪些行動，這些行動實際上使您能夠比過去更快地實施目標？

Yes, good morning and thank you, Bill. So indeed, right, to start with the numbers first as we highlighted this quarter, we implemented 33 new customers versus an average of 23 customers per quarter for 2024 and obviously this is as well the result of bookings that are being improving over time. So specifically on the implementations, Ross has been scaling up team capabilities and will give you a bit more color.

是的，早上好，謝謝你，比爾。確實，首先從數字開始，正如我們本季所強調的那樣，我們實現了 33 個新客戶，而 2024 年平均每季 23 個客戶，顯然這也是預訂量隨著時間的推移而不斷提高的結果。因此，具體到實施方面，羅斯一直在擴大團隊能力，並將為您提供更多細節。

Thanks Bill. So obviously this has been a big focus, all of last year we spoke to you about accelerating booking's momentum and so obviously we knew that would yield, some pressure on the implementation teams as both number of implementations were going up and also the complexity. So you can see our deal size is going up and so with that also these are more complicated, particularly in liquid biopsy implementations.

謝謝比爾。因此，顯然這是一個重點，去年我們一直在與您談論加速預訂勢頭，因此，我們顯然知道這會給實施團隊帶來一些壓力，因為實施的數量和複雜性都在增加。因此，您可以看到我們的交易規模正在上升，因此也變得更加複雜，特別是在液體活檢實施方面。

And so we've created some tooling, and automations and different aspects of the process to enable us to better execute and speed up elements and also we've, I would say from a process perspective added in some industrialization to make sure that at different stages we understand sort of how much time and stage should be what do we do to troubleshoot if there's challenges in the lab we've increased a little bit our headcount in terms of some of the wet lab and field application scientists that go into the field in the labs and work hand in hand with the clinicians, right, because obviously I started with the pathologists because obviously there's a complexity to some of these capabilities and so I think between tooling and systems process and then some select headcount, we've been able to speed up this process materially.

因此，我們創建了一些工具、自動化和流程的不同方面，以使我們能夠更好地執行和加速各個元素，而且，我想從流程的角度來看，我們還增加了一些工業化，以確保在不同階段我們了解應該花多少時間和階段，如果實驗室出現挑戰，我們該怎麼做才能排除故障，我們增加了一些濕實驗室和現場應用科學家的人數，他們進入實驗室現場並與臨床醫生攜手合作，對，因為很明顯我從病理學家開始，因為顯然這些能力中的一些很複雜，所以我認為在工具和系統流程以及一些精選員工之間，我們已經能夠大大加快這一進程。

Okay, that's really helpful and then just my second one is, you talked about the average contract value increasing and certainly we would expect that with the more complicated analyses that are coming on Board, but you also talked about enterprise sales and I first of all, I want to make sure I understand that right. I'm assuming you're talking about customers that are that are coming on and instead of just coming on initially with one or two applications, they're essentially using DDM for all of the NGS testing that they're doing, but can you first of all, clarify if that is what you mean by enterprise sales and then if so, why you think you might be seeing an uptick in that is that is there, is there something changing in the overall environment that's making. It's just that much more difficult for clients to do the bioinformatics on their own or is there a specific push that you've been making as a company to try and sell sort of at the enterprise level, maybe just elaborate a bit on that.

好的，這真的很有幫助，然後我的第二個問題是，您談到了平均合約價值的增加，當然我們預計隨著董事會進行更複雜的分析，但您也談到了企業銷售，首先，我想確保我理解得對。我假設您談論的是新來的客戶，他們最初不是只使用一兩個應用程序，而是基本上使用 DDM 進行他們正在進行的所有 NGS 測試，但您能否首先澄清一下這是否就是您所說的企業銷售，如果是，為什麼您認為您可能會看到企業銷售量上升，這是因為整體環境是否發生了一些變化。對於客戶來說，自己進行生物資訊分析要困難得多，或者作為一家公司，您是否一直在努力嘗試在企業層面進行銷售，也許可以對此進行詳細說明。

Yes, sure. So we will start and then let grow further develop. So indeed, as our platform has multiple capabilities right for multiple disease areas among solid tumoritary cancer, liquid biopsy, and rag disorders. And for each of these areas our platform can be used for multiple types of applications, multiple types of test kits. So today it's 58% of our customers who are using two or more applications.

是的，當然。因此我們將開始，然後讓其進一步發展。確實，我們的平台具有多種功能，適用於實體瘤癌症、液體活檢和 RAG 疾病等多種疾病領域。對於每個領域，我們的平台都可以用於多種類型的應用程式和多種類型的測試套件。因此，今天我們有 58% 的客戶使用兩個或更多個應用程式。

So definitively there is room to expand the utilization of applications per customer, and you're absolutely right in your understanding of the enterprise concept. These are deals where when we get in we're basically signing for a majority of all the applications they are covering, right, unlike when we are landing a customer only for liquid biopsy.

因此，肯定還有擴大每個客戶應用程式利用率的空間，而且您對企業概念的理解是完全正確的。當我們參與這些交易時，我們基本上簽署了他們涵蓋的大部分應用程序，對吧，不像我們只是了液體活檢而吸引客戶。

So Ross, maybe you want to give a bit more color on what you're seeing, especially when it comes to the bioinformatics in the field and the guide deal whether the ACV being doubled year on year on a contract basis will primarily come from that or from more complex solutions or a mix.

所以羅斯，也許你想對你所看到的情況做更多的說明，特別是當涉及到該領域的生物信息學和指導交易時，ACV 在合同基礎上逐年翻番是否主要來自於此，還是來自更複雜的解決方案或混合。

Thanks, Jurgi, and it's a really good question, Bill. This is probably one of the most important dynamics of what's happening in the market, and it really speaks to a point, Jurgi touched on and you made around the complexity of what is being analyzed now in many laboratories. And so, if you think about the evolution of the market as we've gone from single gene to multigen and tumor and then more complex capabilities like CGPXome, whole genome, MRD, etcetera.

謝謝，Jurgi，這是一個非常好的問題，Bill。這可能是市場正在發生的最重要的動態之一，它確實說明了 Jurgi 提到的一點，以及您圍繞目前許多實驗室正在分析的事物的複雜性所提出的觀點。因此，如果您考慮市場的演變，我們已經從單基因發展到多基因和腫瘤，然後是更複雜的功能，例如 CGPXome、全基因組、MRD 等等。

Now many laboratories have multiple types of sequencers, multiple types of assays or chemistry they're running, maybe different automates and a mix of homegrown and then maybe Sophia or other solutions, right? And as the complexity continues to go up, it becomes completely unmanageable from an efficiency and cost perspective, particularly as data is growing, let's say north of 50% in terms of output in many of these laboratories, and so the desire to then simplify across the workflows and harmonize on a common platform will gain you massive leverage in your laboratory where many still are, I would say human capital constrained.

現在許多實驗室都有多種類型的定序儀、多種類型的分析或化學反應，可能有不同的自動化裝置和自製的混合裝置，然後可能是 Sophia 或其他解決方案，對嗎？隨著複雜性不斷增加，從效率和成本角度來看，它變得完全無法管理，特別是隨著數據的增長，比如說，許多實驗室的產出量增長了 50% 以上，因此，簡化工作流程和在通用平台上進行協調的願望將為您在實驗室中獲得巨大的優勢，我認為，許多實驗室的人力資本仍然受到限制。

And so that's really playing to our strength, particularly with our universal library prep and then with you know the uniformity of our workflows around different applications and so this is attracting more and more laboratories to basically sunset either existing homebrew solutions and or consolidating competitor solutions to us and we think this will only accelerate as we have more examples of this, obviously in Q1, we call that Jessa, a very large lab in Belgium.

因此，這確實發揮了我們的優勢，特別是我們的通用文庫製備技術，以及我們圍繞不同應用程序的工作流程的統一性，因此這吸引了越來越多的實驗室基本上放棄現有的自製解決方案或整合競爭對手的解決方案，我們認為這只會加速，因為我們有更多這樣的例子，顯然在第一季度，我們稱之為 Jessa，這是比利時的一個非常大的實驗室。

This is a great example, but we'll have many more over the coming quarters. If I look at my pipeline, the number of multi-application deals is up materially year on year, and this is quite important. I would say on top of that, if you think as well about what's happening in the sequencer market and just the higher output per sequencer, which again is moving people to more and more sophisticated applications internally, that as well begs a lot of the question of driving that shift and so I think the more you see multi manufacturer sequencers present in accounts and then higher throughput sequencers present in accounts, this will continue to push things in our favor.

這是一個很好的例子，但在接下來的幾季我們還會有更多例子。如果我看一下我的管道，就會發現多應用程式交易的數量逐年大幅增加，這是非常重要的。我想說的是，除此之外，如果你也考慮一下測序儀市場正在發生的事情以及每個測序儀的更高產量，這又將人們轉向內部越來越複雜的應用程序，這也引出了很多推動這種轉變的問題，所以我認為你看到帳戶中出現的多製造商測序儀越多，然後帳戶中出現的更高吞吐量

And lastly, I would just say this has also been a concerted effort, right. So we really spent a lot of time this year from a targeting and focus perspective from a go to market team at salesforce and saying, all right, we want some. Really mega names right around the world, if you look at our presence in the top 20, top 50, top 100 cancer institutions in central laboratories, we really have now the right to compete in these much bigger accounts. So we put a real onus on driving higher ACVs, and I think that will continue to tick up throughout the year and particularly with success we're having in the US market and in markets like the. UK and Germany, etcetera.

最後，我只想說這也是一個齊心協力的努力，對吧。因此，我們今年確實花了很多時間從銷售團隊的目標和重點角度進行研究，並說，好吧，我們想要一些。我們確實是世界知名企業，如果你看看我們在中央實驗室排名前 20、前 50、前 100 位的癌症機構中的存在，你會發現我們現在確實有權在這些更大的客戶中競爭。因此，我們真正致力於提高 ACV，我認為全年 ACV 將繼續上升，特別是考慮到我們在美國市場以及類似的市場所取得的成功。英國和德國等等。

And eventually Japan, I think that will also positively benefit that metric and allow for us to not only grow at the rates we expect which are improved, but also become more efficient as obviously, you can service for us a million dollars account similarly as you can serve us a million dollar account and so you get operating leverage in that as well.

最後，我認為日本也將對該指標產生積極的影響，使我們不僅能夠按照預期的速度增長，而且顯然也會變得更加高效，您可以為我們服務一百萬美元的帳戶，就像您可以為我們服務一百萬美元的帳戶一樣，因此您也可以從中獲得經營槓桿。

Excellent thank you so much.

非常好，非常感謝。

Connor McNamara, RBC Capital Mortgage.

康納·麥克納馬拉，加拿大皇家銀行資本抵押貸款公司。

Hey guys, thanks for taking the questions and congrats on a solid quarter. I'm just on the gross margins; they came in a lot stronger than anticipated. Was there anything one time in there are these GM gross margins sustainable above 75% going forward?

嘿，大家好，感謝你們回答問題，並祝賀本季業績穩健。我只關心毛利率；他們的表現比預期的要強大得多。通用汽車的毛利率未來是否能持續維持在 75% 以上？

Thank you and good morning, Conor. So first, maybe you remember that we've been continuously speaking on improving as well our algorithms, right, so that while the data compute becomes more intense, the efficiency of the algorithms will become as well better and better, and so to some extent this is being materialized as well in the gross margin, but I will let George further develop.

謝謝你，早安，康納。首先，也許你還記得，我們​​一直在談論改進我們的演算法，對吧，這樣，當數據計算變得更加密集時，演算法的效率也會變得越來越好，所以在某種程度上，這也在毛利率中得到了體現，但我會讓喬治進一步發展。

Yeah, we did have a relatively favorable mix in the first quarter, so I do think gross margins did come in on the high side in the first quarter. We said year over year they would be up sequentially, and we still believe that, but I do think the first quarter margin was probably a little bit better than expected. Again, we had a couple of one-time items in there, but I do think ultimately you'll see it still improve on a year over year basis, although not quite as high in the out quarters.

是的，我們在第一季確實有一個相對有利的組合，所以我認為第一季的毛利率確實偏高。我們說過，與去年同期相比，利潤率會連續上升，我們仍然相信這一點，但我確實認為第一季的利潤率可能比預期好一點。再說一次，我們有幾個一次性項目，但我確實認為最終你會看到它仍然比去年同期有所改善，儘管在外部季度中沒有那麼高。

Great, thanks, George. And then on the biopharma side of the business, is there any large contract wins or large contribution considered in your guidance and, where is the biggest medium term opportunity that you're seeing with biopharma? Is it an early drug discovery and development, or are you starting to see a lot more interest on the targeted medicine companion diagnostic side from your biopharma customers?

太好了，謝謝，喬治。那麼在生物製藥業務方面，您的指導中是否考慮過任何大型合約勝利或重大貢獻，以及您認為生物製藥最大的中期機會是什麼？這是早期的藥物發現和開發，還是您是否開始看到生物製藥客戶對標靶藥物伴隨診斷產生更多興趣？

So, yeah, thanks for the question, Ross--Connor. So Ross was just at the AACR conference, right, which is one of the biggest conferences around the cancer research, so he's going to let you know where we stand today.

是的，謝謝你的提問，羅斯康納。羅斯剛剛參加了 AACR 會議，這是癌症研究領域最大的會議之一，所以他會讓你了解我們今天的立場。

I thank Jurgi So Connor, As you recall, we, did a bit of changes in our biopharmic business last summer, and with that, we've seen a material improvement in pipeline and now in this quarter you're starting to see bookings come through. And so, I think in general we're quite pleased with the progress we've made, particularly in CTAs, CDx, and sponsored testing sort of more on the traditional diagnostic side things I think, the reality is, we've shown good momentum. We're quite pleased with the progress we're where we expected to be on that side of the business, but I would say in general, obviously this is still in its nascent stages as a business and so from that perspective, we are aggressively pursuing business, but I'll let George maybe comment on how we're reflecting that in the guidance.

我感謝 Jurgi So Connor，正如您記得的，我們去年夏天對生物製藥業務做了一些改變，隨之而來的是，我們看到了渠道方面的實質性改善，現在在本季度，您開始看到預訂量增加。因此，我認為總體而言，我們對所取得的進展感到非常滿意，特別是在 CTA、CDx 和贊助測試等更偏向傳統診斷方面的事情上，我認為事實上我們已經展現出了良好的勢頭。我們對業務方面所取得的進展感到非常滿意，達到了我們預期的目標，但我想說，總的來說，這顯然仍處於業務起步階段，因此從這個角度來看，我們正在積極開展業務，但我會讓喬治評論一下我們如何在指導中反映這一點。

We guided before that we expected pharma to be flat in 2025. So, even though we're very excited about some of the opportunities in the pipeline, at least at this point, we are expecting pharma to be flat year over year and then ideally a significant benefit in 2026.

我們先前曾預測，到 2025 年製藥業將保持穩定。因此，儘管我們對一些正在進行的機會感到非常興奮，但至少在目前，我們預計製藥業的成長將與去年持平，理想情況下將在 2026 年實現顯著增長。

Got it. Thanks. And just last one for me, on the, I appreciate the color you guys gave on on the tariff impacts and kind of what's going on from a macro environment, but is there a medium term opportunity for you guys just because you're not selling capital to customers or either your customers may be looking to maximize the capital investments they've made or, if they were considering building out an offering a software. Offering on their own that required a larger investment, you may be able to pick up some of that business just because they're trying, they're may be budget constrained or trying to save money on any capital expenses and that's all I've got. Thanks for the questions.

知道了。謝謝。最後一個問題，我很欣賞你們對關稅影響和宏觀環境的闡述，但是，你們是否存在一個中期機會，因為你們不向客戶出售資本，或者你們的客戶可能希望最大化他們所做的資本投資，或者他們是否正在考慮構建並提供軟體。他們自己提供的服務需要更大的投資，你也許能夠接手部分業務，只是因為他們正在努力，他們可能受到預算限製或試圖節省任何資本支出，而這就是我所擁有的全部。感謝您的提問。

Yes, thank you, Conor. So indeed, right, it looks like there is a trend on being, I would say to some extent constrained on CapEx investments, obviously in the world of research activities, maybe to some extent in the world of hospitals, but as well, we are diagnostics, right. We are not tools, so we don't sell at a CapEx. We go into the ops of the hospitals who are being paid on news.

是的，謝謝你，康納。所以確實，看起來存在一種趨勢，我想說，在某種程度上，資本支出投資受到限制，顯然是在研究活動領域，也許在某種程度上是在醫院領域，但同樣，我們是診斷者，對吧。我們不是工具，所以我們不以資本支出的方式銷售。我們深入那些靠新聞獲得報酬的醫院的營運部門。

So I would say today we don't see a pressure and to your point this might be an opportunity as well, right, because It could be that some hospitals or different labs, given this new dilemma, don't want to invest themselves on making their own developments, and they want to use the software like Sophia we've been, interacting with a number of customers around those constraints recently, maybe you want to highlight where we stand and I guess the little friction we see on our side.

所以我想說，今天我們沒有看到壓力，正如你所說，這也可能是一個機會，對吧，因為考慮到這個新的困境，一些醫院或不同的實驗室可能不想投資自己進行開發，他們想使用像索菲亞這樣的軟體，我們最近一直在與一些客戶就這些限制進行互動，也許你想強調我們的立場，我想我們在我們這邊看到的小摩擦。

Yeah, so, and maybe just to be super clear, we today see very healthy budgets across our customers. So in general it's quite a solid environment for us essentially in most geographies around the world. So in general it's quite strong, I would say probably the biggest. The immediate or near term impact we're seeing is if you have bought a sequencer right and upgraded, you have great desire to fill those flow cells and so that means more applications, more content, which means players like Sophia need to step up and provide you with a menu to be able to make the economics of that purchase viable.

是的，所以，也許只是為了非常清楚，我們今天看到我們的客戶的預算非常健康。因此，總體而言，這對我們來說是一個相當穩固的環境，基本上在世界大多數地區都是如此。所以總的來說它非常強大，我想說它可能是最大的。我們看到的直接或短期影響是，如果您購買了定序儀並進行了升級，您就會非常希望填充那些流動池，這意味著更多的應用程式、更多的內容，這意味著像 Sophia 這樣的參與者需要加強並為您提供菜單，以使購買的經濟可行性。

And so increasingly you know you see those interactions benefiting us and it's also brought us closer to some of the cap equipment players as I think a number of them see us right as a key partner to bring that menu and to bring the validation and to show the ROI so that when you're bringing, in-house certain capabilities you can show that that level of investment was prudent and that you can ultimately not just bring obviously care closer to the patient and improve turnaround times, but you can drive a financial benefit and an ROI, which is obviously critical for CapEx's investment in the current environment. So again, I think it's a net positive for us.

因此，您越來越知道這些互動使我們受益，也使我們與一些資本設備供應商的關係更加密切，因為我認為他們中的許多人都將我們視為關鍵合作夥伴，提供該菜單、進行驗證並展示投資回報率，這樣當您將某些功能引入內部時，您可以證明這種程度的投資是審慎的，而且您最終不僅可以將護理回報更接近資本因此，我認為這對我們來說是有利的。

Great, thanks for all that color.

太好了，謝謝你的色彩。

Tejas Savant, Morgan Stanley. Please go ahead.

摩根士丹利的 Tejas Savant。請繼續。

Hi, this is Jason on Tejas. Thank you for taking our questions. So maybe just start off a question on the collaboration with AstraZeneca. So you originally began this collaboration with AstraZeneca in 2023. Could you just talk about the traction you've had from this collaboration and that time frame? What has it meant for the company's volume and ASP profile? Also, does this new collaboration include MSK-IMPACT? And if not, could including MSK-IMPACT be in the cards? And how are you thinking about other collaboration opportunities in the future, in particular with large pharma? Thank you.

大家好，我是 Tejas 的 Jason。感謝您回答我們的問題。因此，也許我們先來問一個關於與阿斯特捷利康合作的問題。所以你們最初是在 2023 年開始與阿斯特捷利康合作的。您能否談談這次合作以及這段時間帶給您的推動力？這對公司的銷售和平均售價狀況意味著什麼？此外，這次新的合作是否包括 MSK-IMPACT？如果沒有，那麼是否可以考慮納入 MSK-IMPACT？您如何考慮未來的其他合作機會，尤其是與大型製藥公司的合作機會？謝謝。

Yes, thank you, Jason. I will start and then let it to Ross, as you may remember, our partnership with AstraZeneca, the diagnostic site started with HIV testing, which, was something that the market was missing for prescription of [PARP] inhibitors, right? So this was our initial collaboration. What we had worked together on market access needs so that more patients could be properly tested in Europe on HRD, and then this collaboration was expanded to your point with MSK-ACCESS and MSK-IMPACT. Ross, do you want to give a status on where we stand on MSK-ACCESS and MSK-IMPACT and the new collaboration agreement we just signed?

是的，謝謝你，傑森。我先開始，然後讓羅斯來回答，你可能還記得，我們​​與阿斯特捷利康的合作，診斷站點從 HIV 檢測開始，這是 [PARP] 抑制劑處方市場所缺少的，對嗎？這就是我們的初次合作。我們在市場准入需求方面進行了合作，以便更多的患者能夠在歐洲接受 HRD 的適當檢測，然後這種合作擴展到 MSK-ACCESS 和 MSK-IMPACT。羅斯，您能否介紹一下我們在 MSK-ACCESS 和 MSK-IMPACT 以及我們剛簽署的新合作協議方面的現狀？

Thanks Jorgi and Jason, thanks for the question. So, I would say one, it's great to be aligned with a around these efforts given obviously day to day have an incredibly robust pipeline and one that matches very well with our offering in menu, right?

感謝 Jorgi 和 Jason，感謝你們的提問。因此，我想說，首先，能夠與這些努力保持一致是很好的，因為我們每天都擁有一個非常強大的管道，並且與我們在菜單中提供的服務非常匹配，對吧？

So there's a ton of fantastic overlap between the two organizations and our missions, and they obviously have a real desire as well to bring care closer to the patient, improve market access, and we're happy to help them on that journey. So it's a really good partnership up and down in the organization.

因此，這兩個組織和我們的使命之間存在著大量奇妙的重疊之處，而且他們顯然也真正希望讓醫療服務更貼近患者，改善市場准入，我們很高興能幫助他們實現這一目標。因此，這在組織內部是一種非常好的上下級合作關係。

Now if you look at, the success we've had with Access and now Impact, obviously they, as well as our own efforts have been really critical to getting that into as many labs as we've penetrated quickly, right, so I would say this is probably for the company one of the fastest and best new product launches in history and so in that vein, obviously some of their efforts have helped us there so we're really appreciative of the partnership from that standpoint and you can see the recent expansion is kind of evidence of the success, right?

現在，如果您看一下我們在 Access 和 Impact 上取得的成功，顯然他們以及我們自己的努力對於將其快速滲透到盡可能多的實驗室至關重要，對吧，所以我想說這可能是公司歷史上最快、最好的新產品發布之一，因此從這個角度來看，顯然他們的一些努力對我們有幫助，因此從這個角度看到，我們非常感謝合作關係，您可以看到這種關係的證據。

And so we expect that to bear, very nice fruit over the not just upcoming periods, but over the next several years. This is really a key partnership and product for us. Now I'm also pleased to say, as I, hinted at before, we've also expanded our outreach with other top pharma and we will have hopefully later this year some further disclosures, but I think you can, sort of ascertain that there are others as well that see the world similar to a and see the value that Sophia can bring, particularly around CGP testing and liquid biopsy and so we expect this now to broaden out to others, we've publicly talked a bit about Jane J as, increasing, I would say important other partner for us, but I think there'll be more.

因此，我們預計這不僅會在未來一段時間，而且會在未來幾年內結出非常好的成果。對我們來說，這確實是一個重要的合作夥伴關係和產品。現在我很高興地說，正如我之前暗示的那樣，我們還擴大了與其他頂級製藥公司的聯繫，希望今年晚些時候能有進一步的披露，但我想你可以確定還有其他人也對世界有類似的看法，也看到了索菲亞可以帶來的價值，特別是在 CGP 測試和液體活檢方面，所以我們希望現在能擴展到其他人，我們已經公開地談論過其他人，我們已經公開地說，但我認為我們還有更多重要夥伴，我們已經公開地說，但我認為我們還有更多重要的夥伴還認為我有更多重要夥伴，我們已經公開地說，但我認為我們還有更多的夥伴

And so again, as you mentioned coming off of World CDX and AACR, we really have seen an uptick in interest and now we've got to translate that obviously into bookings and revenue and so again, we've been conservative as George stated in our assumptions for this year, but I'm quite confident that the trajectory is pointing in the right direction for us.

所以，正如您所提到的，從 World CDX 和 AACR 來看，我們確實看到了人們興趣的上升，現在我們必須將其轉化為預訂量和收入，所以，正如喬治在我們對今年的假設中所說的那樣，我們一直很保守，但我非常有信心，軌跡正朝著正確的方向發展。

Great, thanks. That was helpful. Then maybe it's a follow up question. The question on the balance sheet. So, I guess last quarter, Sofia, you reframed your adjusted operating profitability target from year 20 to 22 2026 to adjusted up break even in 2027. So is the current balance sheet sufficient to reach this new target and how are you thinking about opportunities to strengthen the balance sheet? Thank you.

太好了，謝謝。這很有幫助。那麼這也許是一個後續問題。關於資產負債表的問題。因此，我想，索菲亞，上個季度，您將調整後的營業盈利目標從 20 年至 22 年（2026 年）重新調整為 2027 年的上調收支平衡。那麼，目前的資產負債表是否足以實現這個新目標？您如何考慮加強資產負債表的機會？謝謝。

Yeah, George, that's for you.

是的，喬治，這是給你的。

Yeah, no, again, we finished the quarter with, $68 million in cash plus another $35 million in undrawn credit lines, so that's a total of over $100 million of available liquidity. Very pleased that we continue to shrink our EBITDA losses, and I think you've seen all the work and the efforts we've done around expense control and improving our gross margins on the cog side and again, our loss was less than $10 million this quarter, so certainly I think that frames us up fairly well. And again we think our losses will be quite small by the end of 2026 and we'll cross over into adjusted a bit of profitability into 2027.

是的，不，再說一次，我們在本季度結束時擁有 6800 萬美元的現金，加上 3500 萬美元的未提取信用額度，因此總計有超過 1 億美元的可用流動資金。非常高興我們繼續縮小 EBITDA 損失，我想你已經看到了我們在費用控制和提高毛利率方面所做的所有工作和努力，而且本季度我們的損失不到 1000 萬美元，所以我當然認為這對我們來說是相當不錯的。我們再次認為，到 2026 年底我們的損失將會非常小，到 2027 年我們將實現調整後的獲利能力。

Great, congrats on the quarter.

太好了，恭喜本季取得佳績。

Dan Brennan, TDCohen.

丹布倫南（Dan Brennan），TDCohen。

Hey, good morning, guys. This is Kylo for Dan. Thanks for taking the questions. I wanted to go back to the guide and sort of pacing, you you reiterated the guide this year and the implementations were pretty strong in the first quarter. Does this change any of the, I mean, I know you're still guiding for a back half waited year, but does this sort of smooth out some of that back half waiting since implementation has been stronger.

嘿，大家早安。這是丹的 Kylo。感謝您回答這些問題。我想回到指南和節奏，您重申了今年的指南，第一季的實施情況非常強勁。這是否會改變其中的某些方面，我的意思是，我知道您仍在指導後半年的等待，但是由於實施力度加大，這是否會平滑後半年的一些等待。

Yeah, no, we're still expecting, while we're pleased certainly with first quarter results, we think it is prudent to maintain the guidance at this point, and we do still feel again, given our contracts that we've signed that are still haven't really transferred into routine. That will happen more in the back half of this year. So we do think we're going to see more growth in Q3 and certainly in Q4 and clearly in the first quarter our revenue growth was within the 10% to 17% guidance range that we established. So, at this point we are maintaining our guidance.

是的，不，我們仍然期待，雖然我們對第一季度的業績感到滿意，但我們認為目前維持指導是謹慎的，而且我們仍然覺得，考慮到我們簽署的合約還沒有真正轉入常規。今年下半年這種情況將會更多。因此，我們確實認為我們將在第三季度和第四季度看到更多成長，並且顯然在第一季度，我們的收入成長在我們設定的 10% 至 17% 的指導範圍內。因此，目前我們仍維持我們的指導方針。

Got it. And then is there any detail you're really provide on the new customer signings, what percentage of the new signings are, US versus OUS and earlier you talked about, the average size of contracts getting bigger. Can you quantify that at all?

知道了。那麼，您是否真正提供了有關新客戶簽約的詳細信息，新簽約的美國與澳大利亞的百分比是多少，以及您之前談到的合約平均規模越來越大。你能量化這一點嗎？

Yeah, we can give you some more cover on the new logos, in terms of the number of logos where they come from, as we don't disclose dollar values of bookings, right? So Ross and logos on new logos.

是的，我們可以為您提供有關新徽標的更多報道，包括徽標的數量和來源，因為我們不會透露預訂的美元價值，對嗎？所以羅斯和標誌都是新標誌。

Yeah, thanks, Jurgi. So in terms of the new customer signings, obviously we've had frankly success around the globe, but I would say, there is sort of notable strain coming in North America and as you think about this year and into next year, I do think it into our revenue mix, a disproportionate amount will come from the US, and those tend to be much larger lands or expands several times larger than our average.

是的，謝謝，Jurgi。因此，就新客戶簽約而言，顯然我們在全球範圍內都取得了成功，但我想說，北美地區面臨著明顯的壓力，當你考慮今年和明年時，我確實認為，在我們的收入結構中，很大一部分將來自美國，而美國往往是更大的土地或比我們平均水平擴張數倍的地區。

So that is pulling up that AC number, and I think that number, which again doubled year on year, will continue to trend favorably for the remainder of the year. So, I would say in total, this will obviously show up eventually in our North American revenue growth, which on the clinical side was quite robust in the first quarter and we expect to be strong throughout the year, but I can tell you the dynamics in general are really strong in terms of the US business and we're really pleased where that is and we think again this will be one of the key growth drivers for us in the back half of the year to 2026.

因此，這拉高了 AC 數字，我認為這個數字同比再次翻了一番，並將繼續在今年剩餘時間內呈現良好的趨勢。因此，總的來說，這顯然最終會體現在我們北美的收入成長中，臨床方面在第一季度表現相當強勁，我們預計全年都會保持強勁，但我可以告訴您，就美國業務而言，總體而言，動態非常強勁，我們對目前的狀況感到非常滿意，我們再次認為這將成為我們 2026 年下半年的主要成長動力之一。

Got it thanks guys.

明白了，謝謝大家。

Subbu Nambi, Guggenheim.

蘇布南比 (Subbu Nambi)，古根漢美術館。

Hey guys, good morning. Thank you for taking my questions. You churned out a few, smaller customers who weren't contributing revenue, so we were wondering what is the split on customer number who aren't material contributors versus those who are.

大家好，早安。感謝您回答我的問題。您生產了一些沒有貢獻收入的小型客戶，因此我們想知道，沒有做出重大貢獻的客戶數量與做出重大貢獻的客戶數量之間的比例是多少。

So yes, Subbu obviously, if you think about different regions, right, obviously, an IDN or an AMC in the US or UK or even, France is going to be quite different than someone in Costa Rica or in Thailand or Malaysia, etc. Right?

所以是的，Subbu，顯然，如果你考慮不同的地區，對吧，顯然，美國或英國甚至法國的 IDN 或 AMC 會與哥斯達黎加或泰國或馬來西亞等地的人有很大不同。對吧？

So. I would say in total, it's sometimes challenging, particularly more of the emerging markets to know when we sign a customer what the full potential is, but I would say increasingly again, and this is around this ACV we've been more focused on let's say the top 500, sort of cancer centers. In the world and there obviously we know the size and we know the patient, sort of levels and so I think you know again you will probably see some dynamic change in that mix, but again, when you're running a network model and the diversity of what we have, you're trying to play the broadest network and so we'll continue to obviously entertain customers in all of these emerging markets for oncology but obviously it will at times lead to at least the churn customer number being elevated but not the churn percentage, we're still very pleased with where that remains in the low single digits, which is a world class number for software.

所以。總的來說，我想說，這有時很有挑戰性，特別是在新興市場，當我們與客戶簽約時，我們要知道其全部潛力是什麼，但我想說的是，挑戰越來越大，而圍繞這個 ACV，我們更加關注的是排名前 500 的癌症中心。在世界上，我們顯然知道規模，也知道患者的水平，所以我想你可能會再次看到這種組合中的一些動態變化，但是，當你運行網絡模型和我們擁有的多樣性時，你試圖發揮最廣泛的網絡，因此我們顯然會繼續在所有這些新興的腫瘤學市場中招待客戶，但顯然這有時會導致至少一個數字上升，但不會導致我們至少在世界位數上升

That's awesome. Can you provide some color on cross selling the o MSK-ACCESS and MSK-IMPACT offerings? I know MSK-ACCESS had, 34 adopters as of February 2025. I'm just wondering how many adopters of both assess do you have today.

太棒了。您能否提供一些有關交叉銷售 MSK-ACCESS 和 MSK-IMPACT 產品的詳細資訊？我知道截至 2025 年 2 月，MSK-ACCESS 已有 34 位採用者。我只是想知道今天有多少人採用這兩種評估方法。

Yes, thank you Subbu. So, indeed. MSK-ACCESS and MSK-IMPACT are, we believe, applications which have a bright future, but it's still pretty early. So, on MSK-ACCESS, the launch has been successful. We have had adoption of MSK-ACCESS in all continents, as you said, for about 30 customers already.

是的，謝謝 Subbu。確實如此。我們相信 MSK-ACCESS 和 MSK-IMPACT 是前景光明的應用程序，但現在還為時過早。因此，MSK-ACCESS 的啟動已經成功。正如您所說，各大洲大約有 30 個客戶採用了 MSK-ACCESS。

And we expect basically, the numbers to really, pay out, as we progress and we get more and more utilization, but I would say we're still very much at the beginning and with. A decentralized solution that everyone can adopt for MSK-ACCESS is pretty unique in its in its category.

我們預計，隨著我們的進步和利用率的提高，這些數字將真正帶來回報，但我想說，我們仍處於起步階段。每個人都可以採用 MSK-ACCESS 的去中心化解決方案，這在同類解決方案中相當獨特。

So we have high expectations but still work to do so that on the market access side we see more and more volume adoption. When it comes to MSK-IMPACT, say the competitive landscape is different. You already had some people that adopted comprehensive genomic profiling solutions in the market, so the market already exists more competitive, but the capabilities of MSK-IMPACT because of its nature with tumor are pretty unique. And so there we are as well very confident that in conjunction with MSK-ACCESS, we will have a number of customers that are going to grow in the adoption of MSK-IMPACT. The two tend to go very well together. MSK-IMPACT for the first diagnosis and after MSK-ACCESS for the longitudinal follow up of the patient as the patient is being treated.

因此，我們抱有很高的期望，但仍在努力，以便在市場准入方面看到越來越多的批量採用。談到 MSK-IMPACT，競爭格局有所不同。市場上已經有一些人採用了全面的基因組分析解決方案，因此市場競爭已經更加激烈，但 MSK-IMPACT 的能力由於其與腫瘤的性質而非常獨特。因此，我們也非常有信心，透過與 MSK-ACCESS 的合作，我們將擁有大量採用 MSK-IMPACT 的客戶。兩者往往配合得很好。MSK-IMPACT 用於首次診斷，MSK-ACCESS 用於患者接受治療期間的縱向追蹤。

Helpfully and one last one, you guys announced the expanded agreement with AstraZeneca to increase the number of MSK access for doctors from 20 to 30 this year. Was this already contemplated in your guide, given you didn't raise your guidance today? Or if not, would completing this just present an upside to the guide, or is the time frame about committing to adopt the solution and not necessarily ramping up and generating revenue?

最後，還有一點很有幫助，你們宣布了與阿斯特捷利康的擴大協議，今年將醫生的 MSK 訪問權限數量從 20 人增加到 30 人。鑑於您今天沒有提出指導意見，您的指南中是否已經考慮到了這一點？或者如果不是，那麼完成這項工作是否只會為指南帶來好處，或者時間框架是否是承諾採用解決方案，而不一定會增加並產生收入？

Again, when we sign somebody for MSK-ACCESS, I mean it is a rather detailed application and it's a lot goes into the validation and bringing it live. So it does have probably a little bit longer of a runway in terms of somebody signing a contract to actually go live, but we're still quite bullish about the opportunities here going forward.

再說一次，當我們為某人簽署 MSK-ACCESS 協議時，我的意思是這是一個相當詳細的應用程序，需要進行大量的驗證和上線工作。因此，從簽訂合約到實際上線，這條路可能確實需要更長一點，但我們仍然對未來的機會非常樂觀。

That makes sense. Thank you, guys.

這很有道理。謝謝你們。

Mark Mazzaro, BTIG.

BTIG 的 Mark Mazzaro。

Hey guys this is Vivian. I'm from Mark. Thanks for taking the questions. I'll just keep it to one actually. So just on our competitive fabric recently being acquired, I know the revenue base is much less mature, but could you just share any new views on how you're thinking about the competitive landscape? I think in the past you've also called out, increasing mix shift to Exome applications, so just any views there. Thanks.

大家好，我是 Vivian。我來自馬克。感謝您回答這些問題。實際上我只會保留一個。因此，就我們最近收購的競爭結構而言，我知道收入基礎還不夠成熟，但您能否分享一下您對競爭格局的新看法？我認為過去您也曾呼籲增加向外顯子組應用的混合轉變，因此這只是一些觀點。謝謝。

Yes, thank you, Vivian. So I guess this acquisition highlights the value of data analytics and bioinformatics, right? And we have often speaking about the fact that over time, probably data production, although there is subtility on pre-sequencing steps, would become more and more automated and that knowledge and dollars would move more to data analytics. So, I would say this definitively highlights, in my opinion, the value of data analytics recognized in that case by GDX. And indeed 20% of our business is on r narrative disorders where with one of the applications called [Nance] exome, we're seeing a significant demand in the market.

是的，謝謝你，薇薇安。所以我猜這次收購凸顯了數據分析和生物資訊學的價值，對嗎？我們經常談論這樣一個事實：隨著時間的推移，數據生產可能會變得越來越自動化，儘管在預先排序的步驟上存在微妙之處，並且知識和資金將更多地轉向數據分析。因此，我認為，這明確凸顯了 GDX 在那種情況下所認識的數據分析的價值。事實上，我們的業務有 20% 是關於敘事障礙的，其中一款名為 [Nance] exome 的應用程序，我們看到了市場的巨大需求。

Great, thanks for taking the question.

太好了，謝謝你回答這個問題。

No further questions at this time, I would like to turn it back to your Jurgi Camblong for closing remarks.

現在沒有其他問題了，我想把話題交還給 Jurgi Camblong 做最後發言。

So thank you all for the questions and looking forward to update you in the next event. We're soon in an event in New York, ready to meet investors. Have a good day.

感謝大家的提問，期待下次活動向大家更新資訊。我們很快就要去紐約參加活動，準備與投資人見面。祝你有美好的一天。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。