SOPHiA GENETICS SA (SOPH) 2025 Q2 法說會逐字稿

Good morning. My name is [Danny]. I'll be your conference operator today.

早安.我的名字是[丹尼]我今天將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the SOPHiA GENETICS second-quarter 2025 earnings conference call.

在此，我謹代表 SOPHiA GENETICS 公司歡迎各位參加 2025 年第二季財報電話會議。

(Operator Instructions) This call is being recorded on Tuesday, August 5, 2025.

（操作員指示）本次通話於2025年8月5日星期二進行錄音。

I would now like to turn the conference over to Kellen Sanger, SOPHiA GENETICS's Head of Strategy and Investor Relations. You may begin.

現在我謹將會議交給 SOPHiA GENETICS 的策略與投資人關係主管 Kellen Sanger。你可以開始了。

Thank you. Good morning, everyone. Welcome to the SOPHiA GENETICS second-quarter 2025 earnings conference call.

謝謝。各位早安。歡迎參加 SOPHiA GENETICS 2025 年第二季財報電話會議。

Joining me today to discuss our results are Dr. Jurgi Camblong, our Co-Founder and Chief Executive Officer; Ross Muken, our Company President; and George Cardoza, our Chief Financial Officer.

今天與我一起討論我們研究成果的有：我們的共同創辦人兼執行長 Jurgi Camblong 博士；我們的公司總裁 Ross Muken；以及我們的財務長 George Cardoza。

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. You should not place undue reliance on forward-looking statements. 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 with the Securities and Exchange Commission.

我想提醒各位，管理階層將在本次電話會議中發表一些符合聯邦證券法定義的前瞻性聲明。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結果或事件有重大差異。您不應過度依賴前瞻性陳述。有關這些風險、不確定性和可能導致結果出現差異的因素的更多信息，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。

During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of IFRS to non-IFRS measures is included in today's earnings press release, which is available on our website.

在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。今天發布的獲利新聞稿中包含了 IFRS 與非 IFRS 指標的調節表，該新聞稿可在我們的網站上查閱。

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

接下來，我將把電話交給尤爾吉。

Thanks, Ken. Good morning, everyone.

謝謝你，肯。各位早安。

I will start today's call with a brief recap of Q2 performance in which revenue growth continued to reaccelerate and cash burn decreased notably. 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 Q2 financial performance before we take your questions.

今天我將首先簡要回顧第二季的業績，其中營收成長持續加速，現金消耗顯著​​下降。然後我會把電話轉給羅斯，他會更詳細地介紹公司的最新情況。在回答各位問題之前，喬治將先回顧我們第二季度的財務表現。

For the last several quarters, we've highlighted that new business momentum has been strong. New customer signings have been at record levels and clinical bookings have consistently exceeded expectations.

在過去的幾個季度裡，我們已經強調了新業務成長勢頭強勁。新客戶簽約量創歷史新高，臨床預約量也持續超出預期。

In Q2, like in Q1, these efforts continue to pay off. Total revenue grew 16% year over year despite headwinds from BioPharma. Excluding BioPharma, revenue grew over 20%, representing a solid return to near-historical growth levels.

第二季度，這些努力與第一季一樣，持續取得成效。儘管受到生物製藥行業的不利影響，總收入仍年增 16%。剔除生物製藥業務後，營收成長超過 20%，標誌著營收穩定回升至接近歷史成長水準。

Strength in the clinical market was driven by the three growth drivers we outlined at the beginning of the year: an impressive cohort of recently signed new customers, continued success in the US market, and new applications such as MSK-ACCESS.

臨床市場的強勁成長得益於我們在年初提出的三個成長驅動因素：近期簽約的一群令人印象深刻的新客戶、在美國市場的持續成功以及 MSK-ACCESS 等新應用。

In Q2, we signed an all-time high of 35 new customers to SOPHiA DDM. These 35 new signings, combined with the 28 new signings in Q1, bring our total to 63 new customers signed this year alone. Our focus continues to be on implementing these new customers as quickly as possible so that they begin generating revenue faster. In Q2, we implemented 18 new customers, up slightly since the prior year period. I look forward to these customers ramping up usage over the next few months and adopting additional applications over time.

第二季度，我們與 SOPHiA DDM 簽約了創歷史新高的 35 位新客戶。今年新增的 35 位客戶，加上第一季新增的 28 位客戶，讓我們今年總共簽了 63 位新客戶。我們將繼續專注於盡快落實這些新客戶，以便他們更快開始產生收入。第二季度，我們新增了 18 位客戶，比去年同期略有成長。我期待這些客戶在接下來的幾個月逐步增加使用量，並隨著時間的推移採用更多應用程式。

The second growth driver I will address is continued expansion in the US market. In Q2, US revenue, excluding BioPharma, grew more than 19% year over year. In addition, new business momentum continues to build. We recently signed major new US customers, including UC Irvine, which is adopting solid tumor and HemOnc applications; as well as the University of Alabama, Birmingham, which is adopting SOPHiA DDM for HemOnc.

我要談的第二個成長驅動因素是美國市場的持續擴張。第二季度，美國業務收入（不包括生物製藥業務）年增超過 19%。此外，新業務發展動能持續增強。我們最近與美國一些重要的新客戶簽約，包括加州大學歐文分校（UC Irvine），該校正在採用 SOPHiA DDM 進行實體瘤和血液腫瘤治療；以及阿拉巴馬大學伯明翰分校（University of Alabama, Birmingham），該校正在採用 SOPHiA DDM 進行血液腫瘤治療。

We also announced, today, recent success in the Central Lab Customer category. Similar to academic medical centers, central labs use SOPHiA DDM to power their bioinformatics needs. In Q2, we welcomed two new central labs to the SOPHiA network. Simply PCR, based in Toronto, Canada, is adopting the MSK-ACCESS application for liquid biopsy testing; and Igenomix, a pioneer in reproductive genetics with global operations, is adopting SOPHiA DDM for rare and inherited disorders. Igenomix and Simply PCR joined other recent central labs who have adopted SOPHiA DDM, including Light Labs, Premier Integrated Labs, Dasa, Unilabs, Berries Health & Genetics, Eurofins, and more.

今天，我們也宣布了在中央實驗室客戶類別中取得的最新成功。與學術醫療中心類似，中心實驗室使用 SOPHiA DDM 來滿足其生物資訊需求。第二季度，我們迎來了兩個新的中央實驗室加入 SOPHiA 網路。總部位於加拿大多倫多的 Simply PCR 公司正在採用 MSK-ACCESS 應用程式進行液體活檢檢測；而擁有全球業務的生殖遺傳學先驅 Igenomix 公司正在採用 SOPHiA DDM 來檢測罕見疾病和遺傳疾病。Igenomix 和 Simply PCR 加入了其他近期採用 SOPHiA DDM 的中心實驗室的行列，包括 Light Labs、Premier Integrated Labs、Dasa、Unilabs、Berries Health & Genetics、Eurofins 等。

The third growth driver we will continue to focus on is expanding the adoption of our liquid biopsy application, MSK-ACCESS. Last year, we launched this application by industrializing MSK's world-renowned test and made liquid biopsy testing accessible to the entire world.

我們將繼續關注的第三個成長驅動因素是擴大我們的液體活檢應用程式 MSK-ACCESS 的採用率。去年，我們透過對 MSK 世界知名的檢測方法進行產業化改造，推出了這項應用，使全世界都能進行液體活檢檢測。

In Q2, we signed an impressive 11 new customers to the application, bringing our total number of liquid biopsy customers to 50 across the globe. Just this quarter, we signed MSK-ACCESS customers in Canada, Colombia, Brazil, Australia, India, Malaysia, Turkey, France, Spain, Italy, and Saudi Arabia. It's been incredible to see this diverse global community come together on SOPHiA DDM to share their knowledge and insights and contribute to a collective intelligence.

第二季度，我們新增了 11 位客戶使用該應用程序，使我們在全球的液體活檢客戶總數達到 50 位。僅本季度，我們就與加拿大、哥倫比亞、巴西、澳洲、印度、馬來西亞、土耳其、法國、西班牙、義大利和沙烏地阿拉伯的客戶簽訂了 MSK-ACCESS 合約。看到來自世界各地的不同人士齊聚 SOPHiA DDM，分享他們的知識和見解，並為集體智慧做出貢獻，真是令人難以置信。

Last quarter, we discussed how our growing global network and the collective intelligence house within SOPHiA DDM benefits not only clinical customers but also biopharma companies. This quarter, I'm thrilled to bring to you a major new update. Today, we announced the signing of the largest contract in the history of SOPHiA GENETICS, with a new multiyear extension of our collaboration with AstraZeneca.

上個季度，我們討論了我們不斷壯大的全球網絡和 SOPHiA DDM 內的集體智慧機構如何不僅使臨床客戶受益，而且使生物製藥公司受益。本季度，我很高興地為大家帶來一項重大更新。今天，我們宣布與阿斯特捷利康公司簽署了 SOPHiA GENETICS 歷史上最大的合同，將我們的合作延長多年。

The new partnership focuses on two primary areas. First, AZ will leverage SOPHiA's proprietary AI factories to analyze multimodal healthcare data to develop a bespoke AI-powered predictive model to optimize outcomes for patients undergoing treatment for breast cancer. Second, we will leverage our extensive global network to generate real-world evidence to advance the understanding of breast cancer treatment in North America and Europe. These two efforts highlight the value of data and AI to BioPharma companies and the value that SOPHiA and these partners can bring to patients across the globe.

新的合作關係主要集中在兩個領域。首先，AZ 將利用 SOPHiA 的專有 AI 工廠分析多模態醫療保健數據，開發客製化的 AI 驅動的預測模型，以優化接受乳癌治療的患者的治療結果。其次，我們將利用我們廣泛的全球網絡，產生真實世界的證據，以增進對北美和歐洲乳癌治療的了解。這兩項措施凸顯了數據和人工智慧對生物製藥公司的價值，以及 SOPHiA 和這些合作夥伴能夠為全球患者帶來的價值。

Before I hand it over to Ross and George, I would like to recognize the SOPHiA team for their continued focus on driving productivity and efficiency across the business. In Q2, we reduced cash burn to $8.7 million in the quarter, a 35% year-over-year improvement on a reported basis or 10% after adjusting for FX. This, in part, was driven by innovations from our tech and data sales teams, who continue to engineer new ways to optimize the data compute and processing power of our platform.

在將發言權交給羅斯和喬治之前，我想對 SOPHiA 團隊表示感謝，感謝他們持續致力於提高整個業務的生產力和效率。第二季度，我們的現金消耗減少至 870 萬美元，並以報告基準計算年增 35%，經匯率調整後年增 10%。這在一定程度上得益於我們的技術和數據銷售團隊的創新，他們不斷探索新的方法來優化我們平台的數據計算和處理能力。

In Q2, we delivered a 74.4% adjusted gross margin, up 120 basis points year over year. These improvements are especially impressive, given data processed by SOPHiA DDM is growing at more than 50% CAGR in recent years.

第二季度，我們實現了 74.4% 的調整後毛利率，年增 120 個基點。考慮到 SOPHiA DDM 處理的數據近年來以超過 50% 的複合年增長率增長，這些改進尤其令人印象深刻。

While analysis volumes continue to grow, so does the complexity of data: gene panels are becoming larger; additional modalities are becoming more useful; and more sophisticated tests are being deployed each day.

隨著分析量的持續增長，數據的複雜性也在增加：基因檢測組合越來越大；其他檢測方式變得越來越有用；每天都在部署更複雜的測試。

Our scalable cloud-based platform, SOPHiA DDM, is designed to support the medical innovations of today and tomorrow, deploying innovations with accuracy and efficiency.

我們可擴展的雲端平台 SOPHiA DDM 旨在支援當今和未來的醫療創新，以準確且有效率的方式部署創新。

This spirit places our platform at the center of a vibrant community of the leading minds in healthcare. These leaders, whom we call the SOPHiA community, depend on SOPHiA DDM each day to generate insights for their patients. In doing so, our community contributes a constant stream of data and insights to the platform, which fuels one of the most sophisticated AI engines in healthcare.

這種精神使我們的平台成為醫療保健領域頂尖人才充滿活力的社區的中心。這些領導者，我們稱之為 SOPHiA 社區，每天都依靠 SOPHiA DDM 為他們的患者提供見解。透過這種方式，我們的社群不斷向平台貢獻數據和見解，從而為醫療保健領域最先進的人工智慧引擎之一提供動力。

Unlike other technologies, SOPHiA is grounded in everyday, real-world clinical use cases. In Q2 alone, SOPHiA DDM generated insights for over 95,000 patients across 800 institutions and 70 countries worldwide.

與其他技術不同，SOPHiA 以日常、真實的臨床應用案例為基礎。僅在第二季度，SOPHiA DDM 就為全球 70 個國家的 800 家機構的超過 95,000 名患者提供了見解。

These everyday use cases and the power of SOPHiA community were on full display during a series of innovation days hosted at the SOPHiA headquarters during Q2. In May and June, we invited customers, partners, and industry collaborators to full-day summits in Geneva and Boston. In total, more than 200 unique customers attended the event, bringing together top pathologists, oncologists, biopharma leaders, and tech innovators to discuss the best ways to use AI and SOPHiA DDM to help patients.

在第二季度於 SOPHiA 總部舉辦的一系列創新日活動中，這些日常使用案例和 SOPHiA 社區的力量得到了充分展現。5 月和 6 月，我們邀請客戶、合作夥伴和產業合作者參加在日內瓦和波士頓舉行的全天高峰會。本次活動共有 200 多位獨特的客戶參加，匯集了頂尖的病理學家、腫瘤學家、生物製藥領導者和技術創新者，共同探討如何更好地利用 AI 和 SOPHiA DDM 來幫助患者。

Events like this bring out the best of SOPHiA by connecting a passionate group of individuals with a shared goal to solve the most pressing problems facing our world. They also demonstrate the momentum we are feeling in the business right now, as SOPHiA sits at the center of exciting market trends.

這類活動充分展現了 SOPHiA 的優勢，將一群充滿熱情、目標一致的個人聯繫起來，共同致力於解決我們世界面臨的最緊迫的問題。它們也展現了我們目前在業務中感受到的強勁勢頭，因為 SOPHiA 正處於令人興奮的市場趨勢的中心。

With that, I will now turn the call over to Ross, who will discuss how this growing momentum has been materializing into results.

接下來，我將把電話交給羅斯，他將討論這種不斷增長的勢頭是如何轉化為實際成果的。

Thanks, Jurgi.

謝謝你，尤爾吉。

The go-to-market team shares your excitement and confirms there is broad and growing demand for the SOPHiA offering. Along those lines, I'll start today by giving a brief update on our Q2 performance, as we continue to have a strong start to 2025 across both new and existing business. I'll then cover some of the broader market dynamics before closing with a look at what we are seeing in the pipeline.

市場推廣團隊和您一樣感到興奮，並確認市場對 SOPHiA 產品有廣泛且不斷增長的需求。基於以上情況，我今天首先簡要匯報一下我們第二季度的業績，我們在2025年伊始，無論新業務還是現有業務，都保持了強勁的開局。接下來，我將介紹一些更廣泛的市場動態，最後展望一下我們正在籌備的專案。

First, the core business returned to healthy growth levels as revenue, excluding BioPharma, grew an impressive 20% year over year in the second quarter. BioPharma continued to present some modest headwinds, bringing overall revenue growth to 16%. Despite BioPharma weakness, the core business remains strong. New BioPharma wins, such as the latest partnership with AstraZeneca, represent encouraging signs that the business is moving towards a point of stabilization. Given these positive developments, we expect the second quarter to be the final quarter of the year in which biopharma negatively impacts overall growth.

首先，核心業務恢復了健康的成長水平，第二季營收（不包括生物製藥）年增了令人矚目的 20%。生物製藥行業繼續面臨一些輕微的阻力，導致整體收入成長僅為 16%。儘管生物製藥業務疲軟，但核心業務依然強勁。生物製藥領域的新進展，例如最近與阿斯特捷利康的合作，都表明該行業正朝著穩定方向發展，這是一個令人鼓舞的跡象。鑑於這些積極的進展，我們預計第二季將是生物製藥對整體成長產生負面影響的最後一季。

On the clinical side, from a regional perspective, North America and Asia Pacific continue to outperform in the second quarter, with 24% and 33% year-over-year revenue growth, respectively. EMEA growth remains solid, with the United Kingdom as a notable driver. Consistent wins and expansion across the NHS has resulted in over 50% year-over-year volume growth. In Latin America, we continued to experience softness this quarter but recent bookings, such as our expanded partnership with Dasa, give us conviction that meaningful growth will return to the business in the medium term.

從臨床角度來看，從區域角度來看，北美和亞太地區在第二季持續表現優異，年成長率分別為 24% 和 33%。歐洲、中東和非洲地區的成長依然穩健，其中英國是顯著的成長動力。持續的成功和在英國國家醫療服務體系 (NHS) 內的擴張，使得年銷售量成長超過 50%。在拉丁美洲，我們本季繼續面臨疲軟局面，但最近的訂單，例如我們與 Dasa 擴大的合作關係，讓我們相信，中期內業務將恢復實質成長。

From an application standpoint, we continue to establish ourselves as the global leader in hematology testing. HemOnc analysis grew 19% year over year in the second quarter, off an increasingly large base.

從應用角度來看，我們不斷鞏固自己作為血液學檢測領域全球領導者的地位。第二季血液腫瘤分析年增 19%，基數越來越大。

Beyond HemOnc, we also saw the initial wave of liquid biopsy testing begin coming online. In the second quarter, we reached almost 2,000 liquid biopsy analysis in the quarter. As a reminder: more sophisticated applications like MSK-ACCESS carry a higher ASP than other product lines. We will look to the back half of the year for MSK-ACCESS to meaningfully drive overall growth, as customers complete implementations and ramp up usage.

除了血液腫瘤學之外，我們還看到了液體活檢檢測的第一波浪潮開始上線。第二季度，我們完成了近 2000 例液體活檢分析。提醒：像 MSK-ACCESS 這樣更複雜的應用程式的平均售價高於其他產品線。我們將期待 MSK-ACCESS 在今年下半年能夠實際推動整體成長，因為客戶將完成部署並提高使用率。

Moving to the new business side, I'm happy to share that in the second quarter, we continued to book new business at record speeds. We landed a historic 35 new core genomic customers in the quarter, up from 19 new customers signed in the second quarter of 2024.

談到新業務方面，我很高興地告訴大家，第二季我們繼續以創紀錄的速度拓展新業務。本季我們獲得了創紀錄的 35 位新核心基因組學客戶，而 2024 年第二季僅簽了 19 位新客戶。

In North America, new business momentum continued with several major additions to the SOPHiA network. As Jurgi announced, we signed UC Irvine and the University of Alabama at Birmingham, two notable US academic medical centers. We also expanded our footprint in the Central Lab Customer segment, signing Simply PCR and Igenomix, in addition to Light Labs last quarter.

在北美，新的業務發展勢頭持續強勁，SOPHiA 網路新增了多家重要公司。正如尤爾吉所宣布的那樣，我們與加州大學爾灣分校和阿拉巴馬大學伯明翰分校簽約，這兩所都是美國著名的學術醫療中心。上個季度，除了與 Light Labs 簽約外，我們還擴大了在中央實驗室客戶領域的業務範圍，並與 Simply PCR 和 Igenomix 簽署了合作協議。

These partnerships demonstrate our ability to serve a diverse range of healthcare institutions, from academic centers to centralized reference labs; and reinforce our ability to drive cost savings and turnaround time in a variety of settings.

這些合作關係表明我們有能力服務各種醫療機構，從學術中心到集中式參考實驗室；並鞏固了我們在各種環境下降低成本和縮短週轉時間的能力。

We also expanded our partnership with Sunnybrook Health Sciences Center, the largest single-site hospital in Canada. Last quarter, we announced that Sunnybrook added HemOnc applications on top of their solid tumor testing. Now, in the second quarter, they are also adopting a rare and inherited disorders application for clinical exomes. We look forward to continuing our collaboration with Sunnybrook, as they broaden their precision medicine capabilities.

我們也擴大了與加拿大最大的單體醫院—桑尼布魯克健康科學中心的合作關係。上個季度，我們宣布 Sunnybrook 在實體腫瘤檢測的基礎上增加了血液腫瘤學應用。現在，在第二季度，他們也開始採用罕見疾病和遺傳性疾病的臨床外顯子組分析應用。我們期待繼續與 Sunnybrook 合作，協助他們拓展精準醫療能力。

In EMEA, last quarter, we announced a partnership with M42, the Abu Dhabi-based world health leader that is adopting MSK-ACCESS at select hospitals throughout the UAE. In the second quarter, we capitalized on this momentum and signed another premier institution in the Middle East, with the addition of King Faisal Specialist Hospital & Research Center in Riyadh, Saudi Arabia. Similar to M42, King Faisal Hospital is adopting MSK-ACCESS for liquid biopsy testing.

上個季度，我們在歐洲、中東和非洲地區宣布與總部位於阿布達比的世界衛生領導者 M42 建立合作夥伴關係，M42 正在阿聯酋的部分醫院採用 MSK-ACCESS。第二季度，我們乘勢而上，與中東另一家一流機構簽約，即位於沙烏地阿拉伯利雅德的費薩爾國王專科醫院及研究中心。與 M42 類似，費薩爾國王醫院也採用了 MSK-ACCESS 進行液體切片檢測。

Beyond the Middle East, our decentralized liquid biopsy application continues to attract interest. In the second quarter, we signed Hospital del Mar Research Institute in Barcelona, Spain; Istituto Oncologico Veneto in Padua, Italy; and Assistance publique - Hôpitaux de Marseille to MSK-ACCESS, amongst others. Congrats to the EMEA team on an excellent quarter.

除了中東地區，我們的去中心化液體活檢應用也持續吸引人們的注意。第二季度，我們與西班牙巴塞隆納的 Hospital del Mar 研究所、義大利帕多瓦的 Istituto Oncologico Veneto 以及馬賽的 Assistance publique - Hôpitaux de Marseille 等機構簽署了 MSK-ACCESS 協議。恭喜 EMEA 團隊本季取得優異成績。

In APAC, MSK-ACCESS was a major theme as well. The Royal North Shore, a major public teaching hospital located outside of Sydney, Australia, recently joined the list of customers adopting MSK-ACCESS. Australia continues to be a highlight, as volume increased nicely again this quarter, with over 50% year-over-year growth.

在亞太地區，MSK-ACCESS也是一個重要主題。位於澳洲雪梨郊外的皇家北岸醫院是一家大型公立教學醫院，最近也加入了採用 MSK-ACCESS 的客戶行列。澳洲市場依然是亮點，本季銷量再次大幅成長，年增超過 50%。

Beyond Australia, India has outperformed as well. The quarter revenue growth grew almost 100% year on year. Like Australia, new business momentum remains strong. In the second quarter, we expanded our partnership with Tata Memorial Hospital, one of the oldest and largest cancer centers in India. Tata is expanding their suite of Sofia applications to include MSK-ACCESS, in addition to solid tumor, HemOnc, and hereditary cancer.

除了澳大利亞，印度的表現也優於其他國家。本季營收年增近100%。與澳洲一樣，新業務發展勢頭依然強勁。第二季度，我們擴大了與塔塔紀念醫院的合作關係，該醫院是印度歷史最悠久、規模最大的癌症中心之一。塔塔集團正在擴展其 Sofia 應用套件，除了實體腫瘤、血液腫瘤和遺傳性癌症之外，還將 MSK-ACCESS 納入其中。

We expect these new business wins will keep the APAC business growing into 2026 and beyond.

我們預計這些新的業務拓展將使亞太地區的業務在 2026 年及以後持續成長。

Lastly, in Latin America, we signed EPS SURA, one of the most renowned healthcare providers in Colombia, who is using SOPHiA DDM and the MSK-ACCESS application to launch liquid biopsy testing.

最後，在拉丁美洲，我們與哥倫比亞最著名的醫療保健提供者之一 EPS SURA 簽署了協議，該公司正在使用 SOPHiA DDM 和 MSK-ACCESS 應用程式啟動液體活檢測試。

I'm also proud to announce today a significant new expansion of our longstanding partnership with Dasa. Dasa, the largest medical diagnostics company in Latin America, is now adopting new applications for HemOnc and rare disease testing. This expansion will add an estimated 12,000 new analyses per year, on top of the volume Dasa is currently running today, across hereditary cancer, solid tumor, and liquid biopsy applications. Thank you, Dasa, for your continued partnership.

今天，我也很榮幸地宣布，我們與 Dasa 的長期合作關係將迎來重大擴展。Dasa是拉丁美洲最大的醫療診斷公司，目前正採用新的應用程式進行血液腫瘤和罕見疾病檢測。此次擴容預計將在 Dasa 目前已進行的遺傳性癌症、實體瘤和液體活檢應用領域的基礎上，每年新增約 12,000 項分析。Dasa，感謝你一直以來的合作。

In conclusion, new clinical business remains strong across all geographies. We continue to sign new customers at impressive rates. The average contract value of signings continues to increase.

總之，新臨床業務在所有地區都保持強勁勢頭。我們持續以令人矚目的速度簽約新客戶。簽約合約的平均價值持續成長。

In the second quarter, similar to the first quarter, ACVs on new business were up more than 100% year on year. This is primarily due to three factors: one, our success at selling the value of our precision medicine platform to enterprise-level accounts, resulting in more multi-application lands; two, heightened competitive win rates amongst large US accounts; and three, an industry-wide migration towards more sophisticated applications that require significant data compute and highly advanced algorithms.

第二季與第一季類似，新業務的年度合約價值年增超過 100%。這主要歸功於三個因素：一是我們成功地向企業級客戶推銷了精準醫療平台的價值，從而獲得了更多多應用場景；二是我們在美國大型客戶中提高了競爭中標率；三是整個行業都在向更複雜的應用遷移，這些應用需要大量的數據計算和高度先進的演算法。

As the quantity and size of new customer signings grow, bookings continue to be strong, and revenue growth improves, one might expect that the total value of our pipeline may go down. I'm proud to say that this has not been the case. Despite the high conversion rates, we have been able to consistently replenish our pipeline with new opportunities. Pipeline has more than doubled since the same time last year. Consistent growth of our pipeline reflects an increased level of discipline from our sales team and the strength of our end markets.

隨著新客戶簽約數量和規模的成長，預訂量持續強勁，收入成長也得到改善，人們可能會認為我們銷售管道的總價值可能會下降。我很自豪地說，事實並非如此。儘管轉換率很高，但我們仍然能夠不斷地透過新的機會補充我們的銷售管道。與去年同期相比，管道運輸量增加了一倍以上。銷售通路的持續成長反映了我們銷售團隊日益增強的自律性和我們終端市場的強勁勢頭。

Clinical users are increasingly demanding cutting-edge solutions, which utilize the latest advancements in AI to better serve their patients. In this way, the healthcare data space has become more sophisticated than ever. Solutions like SOPHiA stand out for its technical excellence.

臨床用戶越來越需要利用人工智慧最新進展的尖端解決方案，以便更好地服務患者。如此一來，醫療保健數據領域變得比以往任何時候都更加複雜。SOPHiA 等解決方案以其卓越的技術性能脫穎而出。

But technical sophistication alone does not create meaningful change in healthcare. While many companies, including the major tech players, launch academically interesting AI models, they often lack practical application in a clinical setting. SOPHiA is set apart in this area. Our platform and the AI which powers it impacts thousands of patients each day and hundreds of thousands of patients per year.

但僅靠技術上的進步並不能為醫療保健帶來有意義的改變。雖然包括主要科技公司在內的許多公司都推出了具有學術價值的人工智慧模型，但它們往往缺乏在臨床環境中的實際應用。SOPHiA 在這方面獨樹一格。我們的平台及其背後的AI技術每天影響著成千上萬的患者，每年影響著數十萬的患者。

Embedded in the daily workflows of providers across 800 institutions and 70 countries, SOPHiA has an unparalleled ability to deploy AI models in the clinical setting and learn from the real-time, real-world use of such models.

SOPHiA 已嵌入 70 個國家/地區 800 家機構的醫療服務提供者的日常工作流程中，擁有在臨床環境中部署 AI 模型並從這些模型的即時、真實世界中學習的無與倫比的能力。

The latest proof point of our differentiated AI capabilities is the recently signed collaboration with AstraZeneca. As part of the partnership, SOPHiA will develop a bespoke AI-powered predictive model for AstraZeneca's breast cancer portfolio to optimize patient outcomes in North America and Europe. This engagement was made possible by SOPHiA DDM's world-class AI, in combination with the vast global network we have created.

最近與阿斯特捷利康簽署的合作協議，再次證明了我們卓越的人工智慧能力。作為合作的一部分，SOPHiA 將為阿斯特捷利康的乳癌產品組合開發客製化的 AI 驅動的預測模型，以優化北美和歐洲患者的治療效果。此次合作得益於 SOPHiA DDM 世界一流的人工智慧，以及我們所創建的龐大全球網路。

From a business perspective, the collaboration offers an incredible opportunity to demonstrate to biopharma partners the impact we can jointly have on patients. We look forward to keeping you updated on the progress of this project and on future developments across the BioPharma business.

從商業角度來看，此次合作提供了一個絕佳的機會，可以向生物製藥合作夥伴展示我們共同對患者的影響。我們期待隨時向您報告該專案的進展以及生物製藥業務的未來發展動態。

To conclude, I'm proud of the team for delivering an excellent quarter. I'm also encouraged by the growth of our pipeline and our end markets.

總之，我對團隊在本季取得的優異成績感到自豪。我對我們的產品線和終端市場的成長也感到鼓舞。

With that, I will now turn it over to George, who will provide a more detailed look at our second-quarter financial results.

接下來，我將把發言權交給喬治，他將為我們詳細介紹我們第二季的財務表現。

Thank you, Ross. Good morning, everyone.

謝謝你，羅斯。各位早安。

As Jurgi and Ross highlighted, Q2 results came in slightly ahead of expectations, as new business from 2024 begins to come online. Total revenue for the second quarter of 2025 was $18.3 million compared to $15.8 million for the second quarter of 2024, representing year-over-year growth of 16%. While we're pleased with the second-quarter revenue, new business bookings were also strong and the future is expected to remain bright.

正如 Jurgi 和 Ross 所強調的那樣，第二季業績略高於預期，因為 2024 年起的新業務開始上線。2025 年第二季總營收為 1,830 萬美元，而 2024 年第二季為 1,580 萬美元，年增 16%。雖然我們對第二季的營收感到滿意，但新業務預訂量也十分強勁，預計未來前景依然光明。

Platform analysis volume was approximately 95,000 for the second quarter of 2025 compared to approximately 87,000 for the second quarter of 2024, representing year-over-year growth of 9%. Core genomic customers were 490, as of June 30, 2025, up 33 from 457 in the prior year period; and flat, relative to Q1 of 2025.

2025 年第二季平台分析量約為 95,000，而 2024 年第二季約為 87,000，較去年同期成長 9%。截至 2025 年 6 月 30 日，核心基因組客戶為 490 家，比去年同期的 457 家增加了 33 家；與 2025 年第一季相比持平。

As Ross mentioned, we have intentionally focused our sales team on winning larger and larger accounts. While we moved 18 new customers into routine this quarter, we also churned out a few small accounts. The average revenue across all churned accounts in Q2 was less than $16,000 per year. Revenue churn was approximately 5%.

正如羅斯所提到的，我們有意將銷售團隊的重點放在贏得越來越大的客戶上。本季我們新增了 18 位客戶，並建立了常規服務關係，同時也新增了一些小客戶。第二季所有流失帳戶的平均年收入不足 16,000 美元。收入流失率約為 5%。

Net dollar retention for the quarter was 107%, with strong performance in Europe and North America partially offset by a decline in growth in Latin America. We look forward to seeing our substantial and healthy new customer base grow over time.

本季淨美元留存率為 107%，歐洲和北美地區的強勁表現部分被拉丁美洲成長放緩所抵銷。我們期待看到我們龐大且健康的新客戶群隨著時間的推移而不斷增長。

Gross profit for the quarter was $12.3 million, representing year-over-year growth of 14%. Gross margin was 67% for the second quarter of 2025 compared with 68.2% for the second quarter of 2024, down slightly from last year.

本季毛利為 1,230 萬美元，較去年同期成長 14%。2025 年第二季的毛利率為 67%，而 2024 年第二季的毛利率為 68.2%，略低於去年同期。

Adjusted gross profit was $13.6 million, an increase of 18%. Adjusted gross margin was 74.4% for the second quarter, up 120 basis points from 73.2% in Q2 2024.

調整後的毛利為 1,360 萬美元，成長了 18%。第二季調整後毛利率為 74.4%，比 2024 年第二季的 73.2% 提高了 120 個基點。

As Jurgi mentioned, targeted platform improvements throughout the year continue to drive cloud compute 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持續降低雲端運算和儲存成本，我們對此成就感到自豪，並計劃在今年繼續推進。

Total operating expenses for Q2 were $30.8 million compared to $28.2 million in the first quarter of 2025 for a sequential increase of 9% versus the first quarter. This was driven primarily by sales and marketing expenses, which were up due to higher commissions expense during the quarter, as sales performance continued to be strong.

第二季總營運支出為 3,080 萬美元，而 2025 年第一季為 2,820 萬美元，季增 9%。這主要是由於銷售和行銷費用增加所致，而本季佣金支出增加，因為銷售業績持續強勁。

The remainder of the sequential increase was primarily driven by foreign exchange impacts. We had $1.6 million foreign exchange expense headwind during the quarter due to the appreciation of the Swiss franc and the euro, relative to the US dollar. The majority of our employees are paid in Swiss francs or euros. These two currencies appreciated significantly compared to the US dollar in the second quarter.

其餘的環比增長主要受外匯影響。由於瑞士法郎和歐元對美元升值，本季我們面臨 160 萬美元的外匯支出逆風。我們大部分員工的薪水以瑞士法郎或歐元支付。第二季度，這兩種貨幣對美元大幅升值。

The $30.8 million was higher than the prior year figure of $25.8 million for the second quarter of 2024, representing an increase of 19% year over year. This increase was again driven by the change in exchange rates; as well as sales and marketing expenses, which were up due to higher commissions paid during the quarter, as growth is accelerating and sales performance continued to be very strong.

2024 年第二季的 3,080 萬美元高於上年同期的 2,580 萬美元，年增 19%。這一成長再次受到匯率變動的影響；此外，由於本季支付的佣金增加，銷售和行銷費用也有所上升，因為成長正在加速，銷售業績持續非常強勁。

On a year-over-year basis, we have invested heavily in our sales team and are seeing the payback from that, as clinical growth accelerates.

與往年相比，我們對銷售團隊進行了大量投資，隨著臨床業務成長加速，我們正在看到投資回報。

Operating loss for the quarter was $18.5 million compared to $15.0 million in the prior year period. Adjusted operating loss was $12.6 million compared to $9.9 million in Q2 2024, representing an increase of 27% year over year. Once again, the key deltas were the higher sales commission expenses and foreign exchange impacts.

本季營業虧損為 1,850 萬美元，而上年同期為 1,500 萬美元。經調整後的營業虧損為 1,260 萬美元，而 2024 年第二季為 990 萬美元，年增 27%。再次，主要差異在於更高的銷售佣金支出和外匯影響。

Adjusted EBITDA loss for Q2 was $11.7 million compared to $8.8 million in Q2 2024. Sequentially, adjusted EBITDA loss was up $1.9 million this quarter, the entirety of which can be explained by foreign exchange headwinds and higher commissions as a result of the improved sales performance. As with previous quarters, we remain laser-focused on driving efficiency gains across the business and reducing costs down the P&L. We also remain confident in our commitment to be approaching adjusted EBITDA breakeven by the end of 2026 and crossing over to positive adjusted EBITDA in the second half of 2027.

經調整後，2024 年第二季 EBITDA 虧損為 1,170 萬美元，而 2024 年第二季為 880 萬美元。本季調整後 EBITDA 虧損環比增加 190 萬美元，全部原因在於外匯逆風以及銷售業績改善導致的佣金增加。與前幾季一樣，我們將繼續全力以赴提高整個業務的效率，並降低損益表中的成本。我們也仍有信心在 2026 年底前實現調整後 EBITDA 收支平衡，並在 2027 年下半年實現調整後 EBITDA 轉正。

Lastly, total cash burn, which we define as the change in cash and cash equivalents, for the second quarter of 2025 was $8.7 million compared to $13.3 million in the prior year quarter, representing a year-over-year improvement of 35%. Excluding the impacts of exchange rate differences, cash burn improved 10% in Q2. We had significant foreign exchange benefit during the second quarter, as the cash that we held in Swiss francs and euros appreciated substantially against our reporting currency, which is the US dollar. Thus, our foreign exchange cash was worth more US dollars at the end of the second quarter due to the change in FX rates.

最後，我們定義的現金及現金等價物的變化，2025 年第二季的總現金消耗為 870 萬美元，而去年同期為 1,330 萬美元，年成長 35%。剔除匯率差異的影響，第二季現金消耗減少了10%。第二季我們獲得了顯著的外匯收益，因為我們持有的瑞士法郎和歐元現金對我們的報告貨幣（美元）大幅升值。因此，由於外匯匯率的變化，到第二季末，我們的外匯現金價值更高了（以美元計）。

Given growth is returning to the business and forward-looking indicators, such as new business bookings and pipeline, remain strong, we drew on the second tranche of debt financing available through our May 2024 Agreement with Perceptive Advisors. We continue to have a good relationship with Perceptive. We're appreciative of their support.

鑑於業務成長正在恢復，且新業務預訂和專案儲備等前瞻性指標依然強勁，我們利用了根據我們與 Perceptive Advisors 於 2024 年 5 月達成的協議可獲得的第二筆債務融資。我們與Perceptive公司一直保持著良好的合作關係。我們感謝他們的支持。

We believe that we are in a position of strength to continue accelerating growth and, therefore, reinforce our already strong balance sheet with an additional $35 million in June. With the addition of these funds, we finished the quarter with cash and cash equivalents of $94.8 million, as of June 30, 2025. We remain confident in our current capital position, with respect to the achievement of our long-term goals.

我們相信，我們有能力繼續加速成長，因此，我們將在 6 月追加 3,500 萬美元，以鞏固我們原本就強勁的資產負債表。加上這些資金，截至 2025 年 6 月 30 日，我們本季末的現金及現金等價物為 9,480 萬美元。我們對目前的資本狀況以及實現長期目標仍然充滿信心。

I'll now turn to our 2025 outlook. Given the promising reacceleration of revenue growth in Q2, 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.

接下來，我將展望一下我們對2025年的展望。鑑於第二季營收成長勢頭強勁，SOPHiA GENETICS 重申其 2025 年全年營收預期為 7,200 萬美元至 7,600 萬美元，按報告數據計算成長 10% 至 17%。

As a reminder: We expect Q4 to continue being the strongest quarter, seasonably, during the year. We also expect that exchange rates will likely remain volatile due to macro uncertainties, which may have an impact to reported results, which are reported in US dollars.

再次提醒：我們預計第四季將繼續保持全年最佳季度的業績。我們也預計，由於宏觀經濟的不確定性，匯率可能會繼續波動，這可能會對以美元計價的業績報告產生影響。

Last, recognition of revenue related to the newly announced partnership with AstraZeneca will primarily begin in Q4, with milestones continuing into 2026 and beyond. Expenses related to the partnership may be incurred prior to the ability to recognize the related milestone-based revenue.

最後，與新宣布的與阿斯特捷利康的合作關係相關的收入確認將主要從第四季度開始，里程碑事件將持續到 2026 年及以後。與合作相關的費用可能在確認相關里程碑收入之前就已經發生。

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

除了營收之外，我們也重申全年調整後 EBITDA 虧損預期為 3,500 萬美元至 3,900 萬美元。我們將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；並預計毛利率將在 2024 年後繼續成長。

We also expect to continue to largely hold the line on operating expenses in local currencies, 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, including commission payments for overperformance.

我們也預計將繼續基本控制以當地貨幣計價的營運支出，因為我們目前擁有合適的團隊規模來支持我們的中期成長目標。這還不包括我們將繼續在行銷活動方面進行的一些高投資報酬率投資，以及對商業團隊的某些投資，包括超額績效的佣金支付。

Our growth has been accelerating. We believe these investments will pay off later in the year and in 2026 and beyond.

我們的成長速度一直在加快。我們相信這些投資將在今年稍後以及 2026 年及以後獲得回報。

To note: The continued volatility of exchange rates due to macro uncertainties may continue to have an impact on reported expenses. The US dollar weakened significantly during the second quarter of the year, as compared to the Swiss franc and the euro. This increases our reported expenses in US dollars. If the dollar were to recover and appreciate during the second half of the year, this impact would be reduced.

需要注意的是：由於宏觀經濟的不確定性，匯率持續波動可能會繼續對報告的費用產生影響。今年第二季度，美元兌瑞士法郎和歐元大幅走弱。這將增加我們以美元計價的支出。如果美元在下半年回升，這種影響將會減輕。

Finally, 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，我們將繼續審查我們的可自由支配支出，並在 2025 年全年落實系統、專業服務和某些上市公司成本方面的已確定的節約措施。這些因素的綜合作用，以及強勁的收入成長所帶來的業務自然營運槓桿效應，將進一步推動我們在未來兩年內獲利。

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

接下來，我想把電話交還給尤爾吉，請他作總結發言，之後我們再回答大家的問題。

Thank you, George.

謝謝你，喬治。

I'm proud of what the team achieved this quarter. We continued our strong start to 2025 by delivering total revenue growth of 16% and 20% revenue growth, excluding BioPharma.

我為團隊本季取得的成績感到自豪。2025 年伊始，我們延續了強勁的勢頭，總營收成長 16%，若不計生物製藥業務，營收成長 20%。

Forward-looking indicators remain strong across the business, as we signed 35 new customers in the quarter. Average contract size is higher than ever.

業務各方面的前瞻指標依然強勁，本季我們新增了 35 位客戶。平均合約規模比以往任何時候都高。

We announced a second straight quarter of major new BioPharma contracts. The recent signing of the major multiyear AI partnership with AstraZeneca lays a solid foundation for future growth.

我們連續第二季宣布了多項重大生物製藥新合約。最近與阿斯特捷利康簽署的多年期重大人工智慧合作協議，為未來的發展奠定了堅實的基礎。

On top of this, we continue to be laser-focused on cost, improving adjusted gross margins and reducing our cash burn.

除此之外，我們將繼續高度關注成本，提高調整後的毛利率，並減少現金消耗。

Thank you to the SOPHiA team, customers, partners, and investors for joining us on our mission to transform patient care by expanding access to data-driven medicine, globally.

感謝 SOPHiA 團隊、客戶、合作夥伴和投資者加入我們，共同致力於透過在全球範圍內擴大數據驅動型醫療的覆蓋範圍來改變患者護理。

Operator, you may now open the line for questions.

接線員，現在可以開始接聽提問電話了。

(Operator Instructions)

（操作說明）

Subhalaxmi, Guggenheim.

蘇巴拉克希米，古根漢。

Thank you for clarifying that the AstraZeneca partnership will be more of a full-year '26 driver. Any additional color you could provide on what these milestones look like? What needs to be done to achieve these milestones?

感謝您澄清與阿斯特捷利康的合作關係將更多地推動2026年全年的發展。能否再詳細描述一下這些里程碑的具體情況？為實現這些里程碑需要做些什麼？

Indeed, over the last quarters, we've been highlighting that the clinical performance was good and growing. We had highlighted that we're expecting, as well, BioPharma to improve with the signing of some important deals.

事實上，在過去的幾個季度裡，我們一直在強調臨床表現良好且不斷成長。我們也曾強調，隨著一些重要交易的簽署，我們預期生物製藥產業也將有所改善。

Today, we announced a deal with AstraZeneca on our multimodal AI factory capabilities. I will leave now to Ross to give you a bit more color on how this should play out in terms of traction, as well as deliveries and so on.

今天，我們宣布與阿斯特捷利康就我們的多模態人工智慧工廠能力達成協議。現在我把麥克風交給羅斯，讓他更詳細地介紹這在市場接受度、交貨量等方面會如何發展。

Thanks, Subbu.

謝謝，Subbu。

As Jurgi mentioned, this is obviously a very material deal for us. One that really, I would say, validates the strategy that we put forth roughly 12 months ago, as we started to, I would say, narrow our focus within the biopharma market.

正如尤爾吉所說，這顯然對我們來說是一筆非常重要的交易。我認為這確實驗證了我們大約 12 個月前提出的策略，當時我們開始將焦點縮小到生物製藥市場。

It's the largest deal in our history, right? It's multiyear. And so it's going to be nicely, I would say, additive for us in terms of the business.

這是我們史上最大的一筆交易，對吧？這是多年期的。因此，我認為這對我們來說，在業務方面將是一件好事，並會帶來正面的影響。

In terms of milestones, there's a series of deliverables over the next, I would say, several quarters and into a multiyear period. Again, these contracts typically work where you have a portion that ultimately is recognized based on delivery of certain items and then, achievement of certain outcomes, right? And so we feel quite confident that we'll be able to achieve the full value of this contract and be able to deliver for AZ in a timely manner and really deliver something of value to them.

就里程碑而言，接下來幾季乃至數年內，我們將陸續交付一系列成果。這些合約通常都是這樣運作的：一部分款項最終根據某些物品的交付和某些結果的實現來確認，對吧？因此，我們非常有信心能夠實現這份合約的全部價值，及時為AZ交付成果，並真正為他們提供有價值的東西。

So ultimately, for us, this is a really exciting validation. We hope it's the first of more of this type. But obviously, we're very focused at the moment of being able to deliver what we've now set forth and really prove out the value of the AI factories and our technology, as well as the uniqueness of our global network.

所以最終，對我們來說，這確實是一個非常令人興奮的驗證。我們希望這只是個開始，以後會有更多類似的案例。但顯然，我們目前非常專注於實現我們已經提出的目標，真正證明人工智慧工廠和我們技術的價值，以及我們全球網路的獨特性。

Pretty big win, guys. Congratulations on that.

夥計們，這可是場大勝！恭喜你。

In non-sequitur, understandably, a lot of focus of this call has been on oncology but I wanted to focus on rare disease for a moment. A competitor acquired a decentralized rare disease data and secondary analysis provider recently and intends to use that acquisition to grow their presence in OUS market.

雖然有點離題，但可以理解的是，這次電話會議的重點很大程度上集中在腫瘤學上，但我還是想暫時關註一下罕見疾病。一家競爭對手最近收購了一家去中心化的罕見疾病數據和二級分析提供商，並打算利用此次收購擴大在美國境外市場的份額。

Could you tell us a bit more about your adoption of rare disease applications outside the US; and what these markets look like; and what the competitive landscape is today?

您能否詳細介紹一下貴公司在美國以外地區進行罕見疾病應用的情況；這些市場的現況；以及目前的競爭格局？

Yes. Thank you, Subbu.

是的。謝謝你，Subbu。

First, indeed, right, about 80% of our business is in oncology, including hereditary cancer; and 20% is in [rare and inherited] disorders, which I think is this area you referred to. On that one, we're seeing great progress. So we're growing this quarter 20% year on year on rare and inherited disorders.

首先，確實如此，我們大約 80% 的業務是腫瘤學，包括遺傳性癌症；20% 的業務是（罕見疾病和遺傳性疾病），我想這就是你提到的領域。在這方面，我們取得了巨大進展。因此，本季我們在罕見疾病和遺傳疾病領域的業務年增了 20%。

There is more and more demand on exomes and possibly on genomes around the world due to the fact that, on one side, hospitals and labs have themselves equipped their own labs with superior technologies with more depth capabilities -- so more sequencing volume capabilities; and in the meantime, science is progressing, right?

由於一方面醫院和實驗室已經為自己的實驗室配備了更先進的技術，具備更深入的測序能力（因此測序量更大），另一方面，科學也在不斷進步，因此全世界對外顯子組乃至基因組的需求越來越大，對基因組的需求也可能越來越大。

Recently, there were as well some, I think, discussions in the US, whether pharmacogenetics possibly might be reimbursed and scaled, as an example. So definitively, a lot of demand in rare and inherited disorders. In that vein, if you like, we are very well positioned as well because these type of questions and problems tend to be complex.

最近，我認為美國也進行了一些討論，例如，藥物基因學是否有可能獲得報銷並擴大規模。因此，可以肯定的是，罕見疾病和遺傳疾病領域的需求量很大。從這個角度來看，我們也處於非常有利的地位，因為這類問題往往很複雜。

And so by enabling labs and hospitals to produce exomes, genomes, locally; leverage on our AI capabilities, we basically enable them to solve very complex indications and diagnostics for this class of diseases.

因此，透過讓實驗室和醫院在本地生成外顯子組和基因組；利用我們的人工智慧能力，我們基本上能夠幫助他們解決此類疾病的非常複雜的適應症和診斷問題。

So I would say, for us, all good news. Ross, I don't know if you would like to add anything else regarding the market dynamics.

所以我覺得，對我們來說，全是好消息。羅斯，關於市場動態，我不知道你是否還有什麼要補充的。

Sure. First, maybe, Subbu, obviously, we've operated in a highly competitive market for a very long time. Our win rates continue to move up. We're pushing 35% right now on our win rate in many categories. I would actually argue rare and inherited is probably higher.

當然。首先，Subbu，很顯然，我們長期以來一直在競爭激烈的市場中經營。我們的勝率持續上升。目前我們在許多類別的勝率都接近 35%。我反而認為罕見且遺傳的比例可能更高。

So generally, we feel quite good about how we are positioned and confident with any entrants, new or old, that our product portfolio, particularly with our enhanced exome product, is poised for really substantial growth.

因此，總的來說，我們對自身的市場定位感到非常滿意，並且對任何新舊競爭對手都充滿信心，相信我們的產品組合，特別是我們增強型外顯子組產品，將迎來真正的實質性增長。

Maybe just to drive a fine point on that, you can see this quarter, there's a spike in sales and marketing expenditures. A lot of that is due to significant bookings outperformance. If you peel back that onion a little bit more, a lot of that is coming with our enhanced exome product, on top of liquid biopsy and solid tumors.

為了更清楚地說明這一點，你可以看到本季銷售和行銷支出出現了激增。這很大程度歸功於預訂量大幅超出預期。如果你再深入探究一下，你會發現很多成果都來自於我們增強型外顯子組產品，以及液體切片和實體腫瘤檢測。

So we are seeing, particularly with enhanced exomes, significant adoption, particularly in the US but also in Mid-East and Europe. And so we're extremely excited about that product. We think it's just getting started.

因此，我們看到，特別是隨著增強型外顯子組的出現，其應用範圍顯著擴大，尤其是在美國，但在中東和歐洲也是如此。因此，我們對這款產品感到非常興奮。我們認為這只是個開始。

Conor McNamara, RBC Capital Markets.

康納·麥克納馬拉，加拿大皇家銀行資本市場。

Congrats on a very solid quarter. Just one financial question and then, more on MSK-ACCESS.

恭喜你們本季業績非常出色。只提出一個財務問題，然後，我們將繼續討論 MSK-ACCESS。

Just the decision to draw the revolver, the $35 million, should we be looking into that as you're expecting a step-up in expenses, either what you expect -- the work you expect -- to do with AstraZeneca? Or is that just the normal course of business?

只是決定動用這筆 3500 萬美元的循環信貸，我們是否應該對此進行調查，因為你預計開支會增加，無論是你預期的——你預期與阿斯特捷利康合作開展的工作？或者這只是正常的商業運作？

We'll start there.

我們就從這裡開始。

(technical difficulty) No. I think the decision was made to draw it at the very end of the second quarter. It's moved our cash balance up to over $90 million, almost $95 million. So I think we're pleased with that. I think that gives us the liquidity we need, certainly, for the near term. I think the decision was made to put that on the balance sheet and just to strengthen our cash position.

（技術難題）否。我認為最終決定以平局告終是在第二節比賽的最後階段。這使我們的現金餘額增加到超過 9,000 萬美元，接近 9,500 萬美元。所以我覺得我們對此很滿意。我認為這至少能為我們提供短期內所需的流動性。我認為做出這個決定是為了將這筆款項納入資產負債表，從而增強我們的現金流狀況。

We are seeing our growth accelerate. We're seeing it across the clinical side. We're seeing it now on the pharma side, as well, in the out years. So it's an exciting time. We wanted to make sure that our cash balance was solid to accommodate that growth.

我們看到公司成長速度正在加快。我們在臨床方面也看到了這種情況。未來幾年，我們在製藥業也看到了這種趨勢。所以這是一個令人興奮的時刻。我們希望確保現金餘額充足，以適應這種增長。

And then, on MSK-ACCESS, what are the adoption trends in the United States from time to sign to how quickly they get up and running? Is that tracking in line with what you thought? Or is there any update you could give us on what the trend line is like, from signing to revenue recognition?

那麼，關於 MSK-ACCESS，從簽約到啟動運行，美國的採用趨勢如何？這個追蹤結果和你預想的一致嗎？或者，您能否提供一些關於從簽約到收入確認的趨勢線的最新資訊？

Yes. Thank you for that question.

是的。謝謝你的提問。

Indeed, Conor. Liquid biopsy, I think, now is clinically becoming extremely relevant, right? And so for many, many years, the utility would be more sophisticated.

沒錯，康納。我認為，液體活檢現在在臨床上變得越來越重要，對吧？因此，在很多很多年裡，這種實用工具會變得更加複雜。

Now, the publications highlighted the importance of liquid biopsy and clinicians understand utility even more. And so, definitively, it's overall something that is triggering a lot of interest in the US but outside the US, as well.

現在，這些出版物強調了液體活檢的重要性，臨床醫生也更了解了它的實用性。因此，可以肯定的是，這件事不僅在美國引起了廣泛關注，在美國以外也引起了廣泛關注。

Just to highlight some numbers, since the beginning of the -- well, up to -- year to date, we've signed a number of new customers. This quarter, we signed 11 new customers on MSK-ACCESS. Today, we have 50 customers on MSK-ACCESS. So this is basically one of the marquee applications in the space of liquid biopsy.

簡單列舉一些數字，從年初至今，我們已經簽了不少新客戶。本季度，我們為 MSK-ACCESS 簽約了 11 位新客戶。目前，我們在 MSK-ACCESS 上有 50 位客戶。所以這基本上是液體活檢領域的標誌性應用。

We grew year on year our liquid biopsy revenue of about 900%. So definitively, those numbers are highlighting a lot of demand in the market.

我們的液體活檢收入每年增長約 900%。因此，這些數據無疑凸顯了市場上的巨大需求。

Specifically in the US, in terms of implementations, Ross, do you want to give Conor some more information or where we stand and what we see?

具體到美國，就實施情況而言，羅斯，你想給康納提供更多信息，或者說說我們目前的處境和我們看到的情況嗎？

Sure. The first cohort of customers we signed in the US, which was roughly 12-plus months ago, are starting to come online. We're excited about that ramp; and think, again, this product will continue to be a major growth driver and do so at scale over the upcoming quarters. So we're quite optimistic.

當然。我們在美國簽約的第一批客戶（大約 12 個月前）開始上線了。我們對這一成長勢頭感到興奮；並且再次認為，該產品將繼續成為主要的成長驅動力，並在接下來的幾個季度中實現規模化成長。所以我們相當樂觀。

I would also say, when you look at the 50-plus logos we have in the pipeline currently, there's some really exciting ones in the US. They range from a spectrum of small and midsized academics to the very largest labs.

我還要說，看看我們目前正在籌備的 50 多個標誌，其中有一些在美國非常令人興奮的設計。它們涵蓋了從小型和中型學術機構到最大的實驗室的各種規模。

And so I would say our positioning in the North America market is one we remain quite constructive on; and think it will be obviously a multiyear journey, as it's quite a competitive market.

因此，我認為我們對自身在北美市場的定位仍然相當樂觀；而且我認為這顯然將是一個多年的過程，因為這是一個競爭非常激烈的市場。

But I think in the end, we feel like we will win our fair share here. It's a superior product to many aspects of what exists today, given the tumor normal concept. We think it as well fits in with where biopharma is trying to push liquid biopsy within the global scheme.

但我認為最終我們會贏得我們應得的那一份。考慮到腫瘤正常組織的概念，它在許多方面都優於目前市面上的產品。我們認為這與生物製藥公司試圖在全球推廣液體活檢的概念也十分契合。

And so overall, I feel very good about our positioning.

總的來說，我對我們的市場定位感到非常滿意。

Maybe, Conor, beyond MSK-ACCESS in the US, your question is very important because the market is more centralized. This quarter, we grew 19% year on year, right, which I think highlights that our technology is very well adapted to help customers in the US, whether those are academic centers or central labs.

康納，或許，除了美國的 MSK-ACCESS 之外，你的問題非常重要，因為那裡的市場更集中。本季度，我們年增了 19%，我認為這凸顯了我們的技術非常適合幫助美國的客戶，無論是學術中心還是中央實驗室。

Today, we announced, as well, a number of central labs that have started using our technology in the US.

今天，我們也宣布，美國的一些中央實驗室已經開始使用我們的技術。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Congrats on the quarter.

恭喜你本季取得佳績。

Maybe just going back to the AZ deal, it sounds like you guys are not going to size the aggregate size of the contract. Was that from a disclosure agreement with AZ? Or, just, you prefer not to disclose it? Or just any more color on the size, since it sounds like a very exciting deal and you guys would showcase what you're doing.

或許就回到AZ的交易上來，聽起來你們似乎不打算確定合約的總規模。那是和AZ公司簽署的資訊揭露協議裡的內容嗎？或者，你只是不想透露？或者，如果能提供更多關於尺寸的信息就更好了，因為這聽起來是一個非常令人興奮的交易，你們可以藉此機會展示你們正在做的事情。

Yeah. Maybe, Dan, being Swiss, we tend to be a touch more conservative than some of our peers. But I would say, just to drive home, this is a very, I would say, on several fronts, material contract for us; and one that will contribute, again. I'll let George maybe give color on what for guidance for this year and '26.

是的。丹，或許是因為我們是瑞士人，所以我們往往比其他一些同齡人更保守。但我想強調的是，這對我們來說是一份非常重要的合同，在許多方面都意義重大；而且它將再次為我們帶來貢獻。我會讓喬治來為今年和 2026 年的指導方針提供一些見解。

But we're incredibly excited about this opportunity. We think it will bring, as well, with it other abilities to showcase our AI factories and multimodal and multi-omic capabilities. One that, again, you'll be hearing us talk about for quite a bit as contributing to our overall performance in a significant way.

但我們對這個機會感到無比興奮。我們認為，它還將帶來其他能力，以展示我們的人工智慧工廠以及多模態和多組學能力。而且，我們也會經常談到這一點，因為它對我們的整體表現做出了重大貢獻。

Yeah. No. We do expect to see revenue in the fourth quarter. I think it will still be less than $1 million in the fourth quarter. But as Ross said, we're mostly excited about 2026. I think this really is going to give us significant lift in 2026.

是的。不。我們預計第四季將實現營收。我認為第四季仍將低於100萬美元。但正如羅斯所說，我們最期待的是 2026 年。我認為這真的會在2026年為我們帶來巨大的推動作用。

You've heard our clinical growth this quarter was 20%. Pharma, unfortunately, dragged the total down. Next year, we're actually looking at pharma being an accelerator to that. So I think that's why we're excited about this.

你們都聽說了，我們本季的臨床成長率為 20%。不幸的是，製藥業拉低了整體水準。明年，我們預計製藥業將成為這項進程的加速器。所以我覺得這就是我們對此感到興奮的原因。

Certainly, in the near term, it will be on the lower end. But certainly, we're very optimistic about the long-term prospects for this. Really, we're viewing this as something that I think is going to be terrific for AZ but this could even be used for other pharmas, as well. I think this is really just the beginning.

當然，短期內，它肯定會處於較低水平。但就長遠前景而言，我們當然非常樂觀。說實話，我們認為這對阿斯特捷利康來說是一件非常棒的事情，但對其他製藥公司來說也可以藉鏡。我認為這只是個開始。

Great. And then, maybe just a second one, just on ASPs and the backlog. You talked a lot about the initial contribution. I think you talked about like a doubling of ASPs that AZ is enabling. How do we think about the benefit of ASPs as we look out, say, beyond 2025; and how might we be able to translate that into top-line growth?

偉大的。然後，或許可以再寫一篇，專門討論 ASP 和待辦事項。你談了很多關於最初貢獻的事情。我想你之前提到AZ正在推動平均售價翻倍。展望 2025 年後，我們如何看待 ASP 的好處？我們如何將其轉化為營收成長？

And then, since you talked a lot about bookings, just wondering if you can disclose any color on book-to-bill or what the backlog looks like? I heard funnel and backlog. Just trying to get a sense of what the visibility is.

既然您談了很多關於預訂的情況，我想問一下您能否透露一下從預訂到出票的轉換率，或是積壓訂單的情況？我聽到了銷售漏斗和積壓訂單。我只是想了解一下可見度如何。

Yes. Thank you, Dan.

是的。謝謝你，丹。

First, to start on ASPs, as you know, we're being paid on consumption, right, per patient data. In our space, because of the innovation and the science, one basically produces more data per patient.

首先，關於ASP，如您所知，我們是根據使用量（即每個患者的數據量）獲得報酬的。在我們這個領域，由於創新和科學的發展，每個患者基本上都能產生更多的數據。

So more data, whether it's more genes, whether it's more data modalities, whether it's more depth, means that, probably, they are going to further valorize the data compute over the data production. And so hence, why over time, you should expect indeed that our ASP continues to grow, maybe slightly, given the complexity of the data that our customers are producing; hence, the need of sophisticated AI algorithms.

因此，更多的數據，無論是更多的基因，或是更多的數據模式，還是更深入的數據，都意味著他們可能會進一步重視數據計算而不是數據生產。因此，隨著時間的推移，鑑於客戶產生的數據的複雜性，您應該預期我們的平均售價會繼續增長，也許會略有增長；因此，需要複雜的 AI 演算法。

Yeah. Dan, one of the other key points we were making was also around ACVs, right -- so average contract value. We're seeing much bigger deals in markets. Some of that is coming from North America, as well as the UK, Middle East, et cetera. And so that means both higher-priced products, more complex products, but also much larger institutions. And so that general mix is driving a real acceleration in bookings.

是的。丹，我們提出的另一個關鍵點也是關於 ACV，對吧——也就是平均合約價值。我們看到市場上出現了規模更大的交易。其中一些來自北美，還有一些來自英國、中東等地。這意味著不僅會有價格更高的產品、更複雜的產品，還會有規模更大的機構。因此，這種整體組合正在推動預訂量真正加速成長。

And so as we look at -- again, we don't necessarily track book-to-bill. But I would say, at the moment, we have significant double-digit million backlog that will come online.

因此，當我們再次審視時，我們並不一定會追蹤訂單到帳單的對應關係。但我想說，目前我們有數千萬的積壓訂單即將上線。

Again, we tried to give you color around implementations. That continues to accelerate. We expect that to accelerate in the upcoming periods. We're incredibly focused on pushing what has been great commercial momentum, right, on the pipeline and bookings side into the revenue over the next 6 to 12 months.

我們再次嘗試為您詳細介紹具體實現方式。這一趨勢仍在加速。我們預計這一趨勢將在未來一段時間內加速發展。我們非常注重在未來 6 到 12 個月內，將目前在專案儲備和預訂方面取得的巨大商業勢頭轉化為收入。

Again, some of our products and some of our customers, just given the complexity for them of getting to reimbursement, et cetera, and getting launched, can take up to 12 months, right, to drive revenue. We're obviously working to shorten those timeframes.

再說一遍，考慮到我們某些產品和某些客戶在獲得報銷等方面的複雜性，以及產品上市的啟動，可能需要長達 12 個月的時間才能產生收入，對吧。我們顯然正在努力縮短這些時間。

But the main point we're trying to drive home is all of the activity we're seeing commercially, right now, should lead to our return to more normalized growth rates over the near term.

但我們想要強調的重點是，目前我們在商業領域看到的所有活動，應該會在短期內使我們的成長率恢復到更正常的水平。

Just to make one other fine point, that doubling of ACV and the improvement of ASPs does not include any impact from AZ, right? This is happening independent of itself in the clinical business within our hospital customer base and lab customer base. And then, on top of that, we're also seeing improvement, and stabilization, and reacceleration in the Pharma business.

最後補充一點，ACV翻倍和ASP提高並不包含AZ的任何影響，對嗎？這種情況在我們醫院客戶群和實驗室客戶群的臨床業務中獨立發生。此外，我們也看到製藥業正在改善、穩定和重新加速發展。

William Bonello, Craig-Hallum.

威廉·博內羅，克雷格·哈勒姆。

A couple of different topics here.

這裡涉及幾個不同的話題。

First, I also want to go back to the AZ contract. Is it exclusively or predominantly milestone payments? Or is there also some baseline payment that you're receiving, independent of the milestones?

首先，我還想再談談AZ合約。是完全還是主要以里程碑付款方式支付？或者，除了里程碑之外，您是否還會收到一些基本工資？

Yeah. There's a mix, Bill, right? These are typically -- and you obviously know this well, coming from what you did prior. These tend to have a mix of base and then, some bullets. And so it will cause, at times, a bit of, I would say, lumpiness on top of our normal, I would say, recurring revenue. But ultimately, in terms of the ability for us to recognize and achieve this, we feel incredibly confident that we'll be able to see the full value of the contract pull through.

是的。比爾，情況比較複雜，對吧？這些通常是——而且你顯然很清楚這一點，因為你以前做過類似的事情。這些通常由底座和一些子彈混合而成。因此，有時它會導致我們在正常的經常性收入之外，出現一些波動。但最終，就我們認識和實現這一目標的能力而言，我們非常有信心能夠看到合約的全部價值得以實現。

Are the milestones -- they're -- all within your control? Or is any element dependent on AZ's success developing some kind of a product?

這些里程碑——它們——都在你的掌控之中嗎？或者說，某些因素是否取決於AZ能否成功開發出某種產品？

Yeah. This is not an at-risk deal, just to be clear, right? So this is -- when we're talking about milestones, we're talking about deliverables, right? So think about we're building algorithms, we're deploying algorithms, right? We're bringing back unique multimodal data sets, et cetera.

是的。需要明確的是，這不是一筆有風險的交易，對吧？所以，當我們談論里程碑時，我們談論的是可交付成果，對吧？所以想想看，我們正在建立演算法，我們正在部署演算法，對吧？我們正在恢復獨特的多模態資料集等等。

And so in that, think about there just being the normal staging within a project. But this is not something where we are taking clinical risk or some other aspect. It's much more suited with, generally, their overall development of their pipeline. And so it's not tied to a specific drug, et cetera.

因此，想想看，在一個專案中，就存在著正常的階段性安排。但這並不是承擔臨床風險或其他方面的風險。總的來說，這更符合他們整體的研發管線開發計畫。所以它與某種特定藥物等無關。

Okay. Anything that would come out of this that could be a product that generates ongoing revenue for SOPHiA?

好的。從中能產生什麼成果，可以成為SOPHiA持續獲利的產品？

Yeah. I would say, Bill, this is probably too early to talk about this in that way. But certainly, as we think about these deals in general, our ultimate goal is to bring unique tools to our clinical customers, right, to enable them to better identify patients or to better treat patients and prescribe therapy.

是的。比爾，我想說，現在這樣談論這件事可能還太早。但當然，當我們總體上考慮這些交易時，我們的最終目標是為我們的臨床客戶帶來獨特的工具，使他們能夠更好地識別患者或更好地治療患者並製定治療方案。

And so closing that flywheel loop of clinical and pharma is obviously the end result we're seeking. But these are early-stage engagements.

因此，實現臨床和製藥之間的閉環顯然是我們追求的最終結果。但這些都只是早期階段的合作。

Obviously, we're all seeking to bring that view of data-driven medicine closer to the patient. But it doesn't happen overnight. That would be a separate engagement, relative to this. But ultimately, that's where, with AZ as well as any pharma, we're trying to drive this to close that flywheel to improve patient outcomes.

顯然，我們都在努力讓患者更方便地體驗數據驅動的醫療理念。但這並非一朝一夕就能實現的。那將是另一項與此無關的任務。但歸根結底，無論是阿斯特捷利康還是其他任何製藥公司，我們都在努力推動這一進程，以閉合這個飛輪，從而改善患者的治療效果。

But overall, Bill, I would highlight that as we had mentioned earlier and even in Q1 earnings, the Clinical business is growing nicely and will continue to accelerate.

但總的來說，比爾，我想強調的是，正如我們之前提到的，甚至在第一季財報中也提到，臨床業務成長良好，並將繼續加速成長。

This quarter, we grew 20%, year on year. The bookings have been excellent; the number of implementation, as well.

本季度，我們年增了20%。預訂情況非常好；實施數量也是如此。

Now, having BioPharma that start to be fixed again gives us a lot of hope to further accelerate our growth at some point.

現在，生物製藥產業開始復甦，這讓我們對未來進一步加速發展充滿希望。

And then, just one last thing on AZ. If I could, one follow-up question. I know I'm asking a lot.

最後，關於亞利桑那州還有最後一點要說。如果可以的話，我想問一個後續問題。我知道我的要求很多。

But I get your reluctance to size it. I just -- if I think about 4% drag on revenue this quarter, that's about $2.6 million. I just want to make sure people aren't running away with this thing.

但我理解你不願意確定它的尺寸。我只是——如果我考慮到本季收入下降約 4%，那大約是 260 萬美元。我只是想確保人們不會利用這件事大做文章。

We're not talking $10 million or something like that. It sounds like maybe we're talking $3 million-ish or something more in that ballpark. Just anything you can give so that folks don't get ahead of themselves.

我們說的不是一千萬美元之類的金額。聽起來好像是300萬美元左右，或更多。只要你能提供任何幫助，就能避免人們過於樂觀。

Yeah, Bill. We said it's material. I'll leave it at that. We're not going to size it. But I would say, in general, there's obviously, as you mentioned, different flavors of types of pharma relationships. This is a large one.

是的，比爾。我們說這是材料。我就說到這兒吧。我們不會給它定尺寸。但總的來說，正如你所提到的，顯然存在著不同類型的醫藥合作關係。這是一個很大的。

Again, without putting a specific number on it, I would think about it more for us is helping to give you now, as George mentioned, visibility to the back half and some of the back half ramp, right, as well as giving you confidence that, obviously, we've returned to more normalized growth rates and we're still looking for, ideally, further acceleration in the Clinical business.

再次強調，雖然不能給出具體數字，但我認為，正如喬治提到的，我們這樣做更多的是為了幫助你們了解下半年的情況以及下半年的增長情況，對吧？同時，也讓你們相信，我們已經恢復到更正常的成長率，而且我們仍在尋求臨床業務的進一步加速成長。

Now, you have something that's additive to that. So no, I don't think anyone needs to go and add a significant number to the outyears. But I think, obviously, for a while, we've been quite confident of getting back to normalized growth rates. This is another proof point.

現在，你又多了些東西。所以，不，我認為沒有人需要大幅增加剩餘年份的數量。但我認為，很顯然，一段時間以來，我們一直很有信心能夠恢復到正常的成長率。這是另一個例證。

Perfect. And then, just the last thing -- has nothing to do with AZ but can you just talk to us about the terms of the Perceptive financing?

完美的。最後，還有一件事——這與 AZ 無關，但您能跟我們談談 Perceptive 融資的條款嗎？

George?

喬治？

Yes. It's the -- well, it's not LIBOR anymore. It's SOFR, I think, the Secured Overnight Financing Rate, plus 6%. That is the standard term about this.

是的。它——嗯，它已經不再是LIBOR了。我認為是SOFR，即擔保隔夜融資利率，再加上6%。這是關於此事的標準說法。

They're also -- and this is disclosed in our SEC documents -- they received 200,000 warrants for the first tranche and an additional 200,000 warrants for the second tranche.

他們還——這一點已在我們的美國證券交易委員會文件中披露——他們獲得了第一批 20 萬份認股權證，以及第二批 20 萬份認股權證。

But Perceptive has been very good to work with. I think we have a very positive relationship with them. We certainly look to continue and, maybe, even expand that relationship.

但與Perceptive的合作一直都很愉快。我認為我們與他們的關係非常融洽。我們當然希望繼續保持，甚至可能擴大這種合作關係。

Mark Massaro, BTIG.

馬克·馬薩羅，BTIG。

This is Vidyun, on for Mark. I'll just keep it to one.

我是Vidyun，替Mark報道。我就只選一個。

Just on the implementation timelines, I think you previously talked about that being in the range of six to nine months. You also talked about having a double-digit revenue backlog. Just any steps you've taken to nudge closer to six months?

關於實施時間表，我想您之前提到過，時間大概在六到九個月之間。您也提到您的營收積壓訂單高達兩位數。您採取了哪些措施來加快進度，爭取早日達到六個月？

I think you've talked about different sequencer types in the past being a headwind here. Just what are some of the puts-and-takes to the go-live times?

我認為你過去曾說過，不同類型的音序器在這裡會成為一種阻礙。上線時間究竟有哪些需要考慮的因素？

No. It's a very good question. It's obviously an area we're incredibly focused on.

不。這是一個很好的問題。這顯然是我們非常關注的領域。

Just to give you a flavor, when I was talking about near-12 months, that's typically where we have been seeing the MSK-ACCESS implementations that's not indicative of the broader portfolio. That's really just because of the, I would say, novel nature of liquid, as well as the need to have the tumor normal match pairs, right, when you're doing your validation work, which are harder samples to acquire than is typical for some organizations.

為了讓大家有個概念，我剛才說的「接近 12 個月」通常是指我們看到的 MSK-ACCESS 實施情況，但這並不代表更廣泛的產品組合。這主要是因為液體樣本的新穎性，以及在進行驗證工作時需要腫瘤正常配對樣本對，而這些樣本比某些機構通常獲得的樣本更難取得。

But I would say, overall, we've spent a lot of time and effort. We'll continue to put in and utilize both improved processes and automation and AI to enable us to engage with our customers better and speed the time to market of some of these solutions.

但總的來說，我認為我們投入了大量的時間和精力。我們將繼續引入和利用改進的流程、自動化和人工智慧，以便更好地與客戶互動，並加快其中一些解決方案的上市速度。

To give you an example, we have a very important exome client that we signed in the first quarter that will come online late summer, right? It was a late Q1 signing. They're already going to be generating revenue in the August time period.

舉個例子，我們第一季簽下了一位非常重要的外顯子組客戶，他將在夏末上線，對吧？這是第一季末的簽約。他們從八月開始就將產生收入。

We do have examples now on the, I would say, faster end, particularly when it's one of our more standard products that we've deployed many times on a sequencer that we're obviously quite accustomed to.

我們現在確實有一些例子，可以說速度更快，特別是當我們的一款更標準的產品已經在我們非常熟悉的音序器上部署過很多次時。

Again, I would say, overall, often, this sometimes does depend on the customer but we are compressing those timelines. It will ease that path to revenue. It's something we remain incredibly focused on because, as you mentioned, it's exciting to have the forward visibility of the backlog but obviously, we'd rather see that pull through, right?

我再次強調，總的來說，這通常取決於客戶，但我們正在縮短這些時間軸。這將使實現獲利之路更加順暢。我們仍然非常關注這一點，因為正如您所提到的，能夠提前了解積壓的工作令人興奮，但顯然，我們更希望看到這些工作能夠完成，對吧？

And so as that happens, obviously, you will see that come through on the revenue line.

因此，當這種情況發生時，很顯然，您會在營收方面看到相應的變化。

Perfect. Thanks for the question.

完美的。謝謝你的提問。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題了。

I will now turn the call over to Jurgi Camblong. Please continue.

現在我將把通話交給 Jurgi Camblong。請繼續。

Thank you, all, for joining us today in our Q2 2025 earnings call.

感謝各位今天參加我們2025年第二季財報電話會議。

Thank you, as well, to the SOPHiA employees for their dedication to our mission, to our partners, customers, and investors; and looking forward to update you in November for our Q3 performance.

同時，感謝 SOPHiA 的員工們對我們使命的奉獻，感謝我們的合作夥伴、客戶和投資者；期待在 11 月份向大家匯報我們第三季度的業績。

Have a good day.

祝你有美好的一天。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。