SOPHiA GENETICS SA (SOPH) 2025 Q3 法說會逐字稿

Good morning. My name is Kelsey, and I'll be your conference operator today. At this time, I would like to welcome everyone to the SOPHiA GENETICS third quarter 2025 earnings conference call.

早安.我是凱爾西，今天將擔任本次電話會議的接線生。現在，我謹代表SOPHiA GENETICS公司，歡迎各位參加2025年第三季財報電話會議。

Kellen Sanger, SOPHiA GENETICS Head of Strategy, Investor Relations, you may begin.

Kellen Sanger，SOPHiA GENETICS 策略與投資者關係主管，您可以開始了。

Thank you, and good morning, everyone. Welcome to the SOPHiA GENETICS third quarter 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 Cardoza, our Chief Financial Officer.

謝謝大家，早安。歡迎參加SOPHiA GENETICS 2025年第三季財報電話會議。今天與我一起討論業績的有：共同創辦人兼執行長Jurgi Camblong博士；公司總裁Ross Muken；以及財務長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 law. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements.

我想提醒各位，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有重大差異，因此，各位不應過度依賴這些前瞻性聲明。

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 with the Securities and Exchange Commission.

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，我們將同時介紹採用國際財務報告準則（IFRS）和非國際財務報告準則（non-IFRS）編製的財務指標。 IFRS指標與非IFRS指標的調節表已包含在今天的獲利新聞稿中，該新聞稿可在我們的網站上查閱。

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

接下來，我將把電話交給尤爾吉。

Thanks, Kellen, and good morning, everyone. I will start with a brief recap of Q3 performance and an update on major growth drivers. I will then turn the call over to Ross, who will provide a more detailed update on the business. George will close with a review of our Q3 financial performance before we take your questions.

謝謝凱倫，大家早安。首先，我將簡要回顧第三季業績，並介紹主要成長動力。之後，我會把電話交給羅斯，他將提供更詳細的業務更新。最後，喬治將回顧我們第三季的財務業績，之後我們將回答大家的問題。

For the last several quarters, we've highlighted that the business momentum has been strong. New customer signings have been at record levels, and bookings have exceeded expectations. In Q3, these efforts continue to pay off as revenue growth accelerated for a third consecutive quarter.

過去幾個季度，我們一直強調業務發展勢頭強勁。新客戶簽約量屢創新高，預訂量也超乎預期。第三季度，這些努力持續取得成效，營收連續第三個季度加速成長。

Revenue grew 23% year over year in Q3. Given the strong performance and the accelerating momentum we're seeing across the business, we are raising our 2025 revenue guidance to $75 million to $77 million.

第三季營收年增 23%。鑑於公司業績強勁，且業務發展勢頭日益強勁，我們將 2025 年營收預期上調至 7,500 萬美元至 7,700 萬美元。

Our performance continues to be driven by the three growth drivers we outlined at the start of the year, implementing and expanding across new accounts, growing in the US market, and capitalizing on new applications such as MSK-ACCESS. Starting with the first growth driver. In Q3, we signed 31 new customers. This brings our total new customers signed in 2025 to 94, surpassing the 92 customers we signed in all of last year.

我們的績效持續受惠於年初提出的三大成長驅動因素：拓展新客戶、深耕美國市場、充分利用MSK-ACCESS等新應用。首先來看第一個成長驅動因素。第三季度，我們新增了31家客戶。這使得我們2025年新增客戶總數達到94家，超過了去年全年新增的92家。

Our focus remains on implementing and expanding across these new accounts. From an expand perspective, we had an excellent quarter as we successfully encouraged many of our existing customers to adopt additional applications.

我們仍將專注於在這些新客戶中實施和拓展業務。從拓展業務的角度來看，本季我們取得了優異的成績，成功鼓勵許多現有客戶採用了更多應用程式。

In Q3, we expanded our footprint at several top-ranked institutions. Gustave Roussy in Paris is adding new solid tumor applications to the broad suite of SOPHiA apps they use today. Institut Paoli-Calmettes in Marseille signed a major expand deal to (inaudible) hereditary cancer and solid tumor applications. In addition, New South Wales Pathology in Australia is adding a HemOnc application, and Tulane University in the US is adding new applications in solid tumors.

第三季度，我們在多家頂尖機構擴大了業務範圍。巴黎古斯塔夫·魯西研究所正在其現有廣泛的SOPHiA應用套件中新增實體瘤應用。馬賽保利-卡爾梅特研究所簽署了一項重要的擴展協議，將應用範圍擴展至（聽不清楚）遺傳性癌症和實體腫瘤領域。此外，澳洲新南威爾斯病理學中心正在新增血液腫瘤學應用，美國杜蘭大學也正在新增實體腫瘤應用。

Congratulations to the team on this major expand as well as the 31 new customers landed in the quarter. I look forward to this customer implementing SOPHiA DDM and beginning to generate revenue over the next few months.

恭喜團隊取得如此重大的擴張，以及本季新增的31位客戶。我期待這位客戶能夠順利部署SOPHiA DDM，並在未來幾個月內開始產生收益。

On implementations, we were happy to see 15 sizable new customers move to routine in Q3. We also implemented an abnormally large number of expand opportunities during the quarter. Between both land and expand, total new business implemented in Q3 was strong. The second growth driver I will highlight is our continued growth in the US market.

在實施方面，我們很高興看到第三季有 15 家規模較大的新客戶進入常規服務階段。此外，本季我們也成功實施了數量異常龐大的拓展機會。無論是新客戶開發或拓展新客戶，第三季新增業務總量都表現強勁。我要重點介紹的第二個成長動力是我們在美國市場的持續成長。

In Q3, US revenue grew an impressive 30% year over year on top of an increasingly larger base. We also signed a strong cohort of new customers to fuel growth.

第三季度，美國市場營收年增30%，增幅顯著，這得益於不斷擴大的客戶基數。此外，我們還簽約了一批實力雄厚的新客戶，進一步推動了業務成長。

In Q3, we landed Geisinger Health System in Pennsylvania, who is adopting SOPHiA DDM for pharmacogenomics, Baylor Scott & White Health in Texas, who is adopting SOPHiA DDM for HemOnc, and Thermo Fisher Lights Labs, who is adopting solid tumor liquid biopsy and rare disorders applications. Welcome all to the SOPHiA community.

第三季度，我們成功吸引了賓夕法尼亞州的蓋辛格醫療系統（Geisinger Health System）、德克薩斯州的貝勒斯科特和懷特醫療系統（Baylor Scott & White Health）以及賽默飛世爾科技旗下的 ...

The third growth driver I will cover is the continued success of our liquid biopsy application, MSK-ACCESS. As part of the update today, I will take a moment to reflect on liquid biopsy business overall, the progress we have made, and what the future holds.

我要介紹的第三個成長驅動因素是我們液體活檢應用 MSK-ACCESS 的持續成功。在今天的更新中，我將花些時間回顧液體活檢業務的整體情況、我們取得的進展以及未來的發展方向。

Two years ago, we partnered with Memorial Sloan Kettering to industrialize their world-renowned test and make liquid biopsy testing accessible to every lab in the world. This presented a series of challenges, not only due to the very small amount of circulating tumor DNA in the blood sample, but also because of workflow heterogeneity from lab to lab.

兩年前，我們與紀念斯隆-凱特琳癌症中心合作，將他們享譽全球的檢測方法產業化，使全球所有實驗室都能進行液體活檢檢測。這帶來了一系列挑戰，不僅因為血液樣本中循環腫瘤DNA含量極低，也因為不同實驗室的工作流程有差異。

In other words, reliably decentralizing liquid biopsy is complex and many variables are at play. To solve for this complexity, we leveraged decades of experience in our diverse data network to build proprietary AI agents that standardize, harmonize and analyze liquid biopsy data. These agents, which power MSK-ACCESS and other SOPHiA applications, apply AI to find signal in the noise and deliver actionable insights to our customers.

換句話說，可靠地實現液體活檢的去中心化是一項複雜的工作，涉及許多變數。為了解決這個難題，我們利用數十年來在多元化數據網路中累積的經驗，建立了專有的人工智慧代理，用於標準化、協調和分析液體活檢數據。這些代理為 MSK-ACCESS 和其他 SOPHiA 應用提供支持，運用人工智慧技術從噪音中提取有效信息，並為我們的客戶提供可操作的洞察。

Thanks to these AI capabilities, MSK-ACCESS is now available to labs across the globe. Since its launch last year, we have now signed more than 60 liquid biopsy customers worldwide. As our liquid biopsy network has grown, biopharma companies have recognized the value of such a network. Several months ago, we announced that AstraZeneca would sponsor the global deployment of MSK-ACCESS.

得益於這些人工智慧功能，MSK-ACCESS現已開放給全球實驗室。自去年推出以來，我們已在全球簽約了60多家液體活檢客戶。隨著液體活檢網絡的不斷壯大，生物製藥公司也逐漸認識到該網絡的價值。幾個月前，我們宣布阿斯特捷利康將贊助MSK-ACCESS的全球部署。

For AZ, high-quality and affordable liquid biopsy testing is critical for expanding market access. In addition, the data generated from the network offers immense value for drug development and commercialization. During the quarter, we announced the next phase of our liquid biopsy strategy.

對於阿斯特捷利康而言，高品質且價格合理的液體活檢檢測對於擴大市場准入至關重要。此外，該網路產生的數據對藥物研發和商業化也具有巨大的價值。本季度，我們宣布了液體活檢策略的下一階段。

In September, we announced a partnership with Myriad Genetics to develop MSK-ACCESS into a regulated companion diagnostic in the U.. And then in October, we announced a collaboration with A.D.A.M. Innovations to do the same in Japan.

9 月，我們宣布與 Myriad Genetics 合作，將 MSK-ACCESS 開發為美國受監管的伴隨診斷產品。 10 月，我們又宣布與 A.D.A.M. Innovations 合作，在日本開展同樣的業務。

Together, along with SOPHiA's robust regulated footprint in Europe, SOPHiA and its partners will offer biopharma a first-of-its-kind hybrid global CDx assay fit for purpose, depending on the needs of the local market.

結合 SOPHiA 在歐洲強大的監管影響力，SOPHiA 及其合作夥伴將為生物製藥產業提供首創的全球混合型 CDx 檢測，以滿足當地市場的需求。

This innovative CDx will provide biopharma companies with a unique and cost-effective offering to potentially expedite drug development and approval. Post approval, it will also enable more patients to gain access to tumor profiling benefits from liquid biopsy.

這項創新的伴隨診斷技術將為生物製藥公司提供獨特且經濟高效的解決方案，有望加速藥物研發和審批流程。獲批後，它還將使更多患者能夠從液體活檢中獲益，獲得腫瘤基因譜分析。

As we continue our mission to expand access to best-in-class cancer care, I would like to take a moment to look towards the future. Last month, at ESMO, we announced a breakthrough technology called SOPHiA DDM Digital Twins.

在我們繼續致力於擴大一流癌症治療服務覆蓋範圍的同時，我想藉此機會展望未來。上個月，在ESMO大會上，我們發布了一項名為SOPHiA DDM數位孿生的突破性技術。

Digital Twins goes beyond genomics by leveraging multimodal data to help oncologists make better treatment decisions. The AI-powered research tool creates dynamic virtual representations of individual patients to simulate potential outcomes and help oncologists select the best treatment.

數位孿生技術超越了基因組學的範疇，它利用多模態數據幫助腫瘤科醫師做出更佳的治療決策。這款由人工智慧驅動的研究工具能夠創建患者的動態虛擬模型，模擬潛在的治療結果，並幫助腫瘤科醫師選擇最佳治療方案。

Starting with noncancer, oncologists can now generate Digital Twins for genomic patients analyzed with SOPHiA DDM, including MSK-ACCESS. This revolutionary tool takes SOPHiA's mission of data-driven medicine to the new age by leveraging AI and the collective intelligence for our community to provide oncologists with real-time real-world decision support based on multimodal data. Please stay tuned for more updates on the development of Digital Twins and the expansion of this exciting technology.

從非癌症患者開始，腫瘤科醫師現在可以為使用 SOPHiA DDM 分析的基因組患者（包括 MSK-ACCESS 患者）產生數位孿生模型。這項革命性的工具利用人工智慧和我們社群的集體智慧，將 SOPHiA 的數據驅動醫療理念帶入新時代，為腫瘤科醫生提供基於多模態數據的即時、真實世界的決策支援。敬請關注數位孿生模型開發和這項令人興奮技術的擴展的更多更新資訊。

Before I hand it over to Ross, I would like to recognize the SOPHiA team for their continued ability to deliver amazing new products like Digital Twins and drive revenue growth without increasing costs.

在將發言權交給羅斯之前，我想稱讚 SOPHiA 團隊，感謝他們不斷推出像數位孿生這樣令人驚嘆的新產品，並在不增加成本的情況下推動收入成長。

In Q3, we held gross margin strong at 73.1% on an adjusted basis despite the data processed by our platform growing over 40% year over year. This performance was driven by innovation from our tech and data sales teams who continue to engineer new ways to optimize the data compute and processing power of SOPHiA DDM.

第三季度，儘管我們平台處理的資料量年增超過40%，但經調整後，我們的毛利率仍維持在73.1%的強勁水準。這項業績得益於我們技術和數據銷售團隊的創新，他們不斷探索優化SOPHiA DDM數據計算和處理能力的新方法。

I was also proud that we carried growth down to the bottom line. In Q3, we improved adjusted EBITDA 13% year over year after excluding the impact of elevated Swiss social charges on stock-based compensation. Excluding these charges, operating expenses remained mostly flat on a constant currency basis, a testament to the natural operating leverage in our business and strong expense control across our teams.

我同樣感到自豪的是，我們將成長轉化為了最終的獲利。第三季度，剔除瑞士社會保險費用上漲對股權激勵的影響後，我們的調整後 EBITDA 年成長 13%。剔除這些費用後，以固定匯率計算，營運支出基本上持平，這充分體現了我們業務的天然營運槓桿效應以及各團隊強大的成本控制能力。

In conclusion, Q3 was an excellent quarter for SOPHiA. Revenue accelerated once again and cost performance improved.

總之，第三季對SOPHiA來說是個出色的季度。營收再次加速成長，成本效益也得到改善。

We have built an expansive global network of customers who use SOPHiA DDM each day to generate insights for their patients. In Q3 alone, SOPHiA DDM analyzed over 99,000 patients across 70 countries worldwide. Thank you again to the team for an excellent quarter and for the impact you're making.

我們已建立起龐大的全球客戶網絡，他們每天都使用 SOPHiA DDM 為他們的患者產生洞察。僅在第三季度，SOPHiA DDM 就分析了來自全球 70 個國家的超過 99,000 名患者的數據。再次感謝團隊在本季的卓越成就以及你們所做的貢獻。

With that, I will now turn the call over to Ross, who will provide a more detailed update on Q3 business performance.

接下來，我將把電話交給羅斯，他將提供第三季業務表現的更詳細最新情況。

Thanks, Jurgi. The go-to-market teams 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 third-quarter performance as 2025 continues to be a strong year across both new and existing business. I'll then cover broader market dynamics before closing with a look at what we are seeing in the pipeline.

謝謝 Jurgi。市場推廣團隊和您一樣感到興奮，並確認市場對 SOPHiA 產品有著廣泛且不斷增長的需求。基於此，我今天首先簡要介紹我們第三季的業績，2025 年對於新舊業務而言都將繼續保持強勁勢頭。之後，我將探討更廣泛的市場動態，最後展望一下我們正在籌備的專案。

First, we delivered 23% revenue growth in the third quarter as biopharma headwinds subsided and the continued strength of the core business was able to shine. From a regional perspective, EMEA returned to historic growth levels with 24% revenue growth in the period.

首先，隨著生物製藥產業不利因素的消退以及核心業務持續強勁的表現，我們第三季實現了23%的營收成長。從區域來看，歐洲、中東和非洲地區（EMEA）的營收成長達到24%，恢復至歷史成長水準。

Major markets such as the United Kingdom and Belgium contributed significantly to regional growth as the countries grew 120% and 70% in the period, respectively. As Jurgi mentioned, North America continued to outperform in the third quarter with 29% revenue growth year over year.

英國和比利時等主要市場對區域成長貢獻顯著，兩國同期分別成長了120%和70%。正如尤爾吉所提到的，北美地區在第三季繼續保持領先地位，年增29%。

Asia Pacific also continued to outperform in Q3 as analysis volume grew 35%, driven by Australia and Taiwan. Of note, we also saw the first revenue from Japan come online as our partnership with A.D.A.M. Innovation begins to ramp.

第三季亞太地區持續維持優異表現，分析量成長35%，主要得益於澳洲和台灣地區的強勁成長。值得一提的是，隨著我們與A.D.A.M. Innovation的合作逐步推進，來自日本的首筆收入也已上線。

In Latin America, we continue to experience softness, but recent booking momentum gives us confidence that the region will return to meaningful growth in the medium term. From an application standpoint, we continue to establish ourselves as a global leader in hemato-oncology testing. HemOnc analysis volumes grew 18% year over year in the third quarter off an increasingly large base.

在拉丁美洲，我們持續感受到疲軟，但近期的訂單成長動能讓我們有信心，該地區將在中期內恢復顯著成長。從應用角度來看，我們持續鞏固自身作為血液腫瘤檢測領域全球領導者的地位。第三季度，血液腫瘤檢測量年增18%，基數不斷擴大。

Beyond HemOnc, we saw an initial wave of liquid biopsy testing coming online as we passed 2,000 liquid biopsy analysis in the quarter. As a reminder, more sophisticated applications like MSK-ACCESS carry a substantially higher ASP than other product lines.

除了血液腫瘤科之外，我們還看到液體切片檢測迎來了第一波上線浪潮，本季我們完成了超過2000例液體活檢分析。需要提醒的是，像MSK-ACCESS這樣更複雜的應用，其平均售價遠高於其他產品線。

We will look to the fourth quarter and into 2026 for MSK-ACCESS to meaningfully drive overall growth as customers complete implementations and ramp up usage.

我們將展望第四季以及 2026 年，期待 MSK-ACCESS 能隨著客戶完成實施和增加使用而實際推動整體成長。

With biopharma headwinds now behind us, revenue from biopharma returned to positive growth in the third quarter and is no longer a drag on our overall performance. We view biopharma as an additive contributor going forward as we deliver on recently signed biopharma wins, including the multiple projects signed with AstraZeneca this quarter.

隨著生物製藥行業逆風的過去，該業務的收入在第三季度恢復正成長，不再拖累我們的整體表現。我們認為，隨著我們兌現近期簽署的生物製藥項目（包括本季與阿斯特捷利康簽署的多個項目），生物製藥業務將在未來成為我們業績的積極貢獻者。

Moving to the new business side of clinical. I'm happy to share that we continue to book new business at record levels. We landed 31 new customers in the quarter, up from 22 signed in Q3 last year. As Jurgi mentioned, the expand engine was also exceptionally strong. We will continue updating you on the expansions going forward, as this will be a major strategic focus for us as we move into 2026.

接下來談談臨床領域的新業務。我很高興地告訴大家，我們的新業務持續創下新高。本季我們新增了31家客戶，高於去年第三季的22家。正如Jurgi所提到的，業務拓展引擎也表現得異常強勁。我們將繼續向大家報告業務拓展的最新進展，因為這將是我們邁向2026年的重要策略重點。

In North America, Jurgi highlighted our incredible momentum in the US. Beyond the US, we also expanded our partnership with Sunnybrook Health Sciences Center in Toronto. Sunnybrook is adding a sixth DDM application, now adopting MSK-ACCESS. Our expansion to one to six applications with Sunnybrook over a short period of time is a great example of our land and expand strategy in action. In EMEA, MSK-ACCESS continued to attract major interest.

在北美，Jurgi重點介紹了我們在美國取得的強勁發展勢頭。除美國外，我們還擴大了與多倫多Sunnybrook健康科學中心的合作。 Sunnybrook正在新增第六個DDM應用，該應用現已採用MSK-ACCESS系統。在短時間內，我們與Sunnybrook的合作應用數量從1個增加到6個，這正是我們「先站穩腳跟，再逐步拓展」策略的成功典範。在歐洲、中東和非洲地區，MSK-ACCESS也持續受到廣泛關注。

In the third quarter, we signed the University Hospital of Nice in France and HSL in the United Kingdom to the application, amongst others. We also signed the American University of Beirut to our newly launched solid tumor application, MSK-IMPACT Flex.

第三季度，我們與法國尼斯大學醫院和英國HSL醫院等機構簽署了申請協議。此外，我們也與貝魯特美國大學簽署了我們新推出的實體瘤申請MSK-IMPACT Flex的合作協議。

In Latin America, we continued our expansion in the South and signed Clinica MEDS in Chile to our whole exome solution. We also continue to see new business momentum in Brazil and signed the Carlo Chagas Institute who will be adopting SOPHiA DDM to support HemOnc testing.

在拉丁美洲，我們繼續向南部地區擴張，並與智利的Clinica MEDS簽署了全外顯子組解決方案的合作協議。同時，我們在巴西的業務也持續成長，並與Carlo Chagas研究所簽署了合作協議，該研究所將採用SOPHiA DDM來支持血液腫瘤檢測。

We look forward to LatAm picking up growth in quarters to come as we implement the recently signed new business. In Asia Pacific, we were proud to announce the developments of our entry into Japan. A.D.A.M.

我們期待隨著近期簽署的新業務的實施，拉丁美洲市場在未來幾個季度能夠實現成長。在亞太地區，我們很榮幸地宣布進軍日本市場的進展。 A.D.A.M.

Innovations is currently working on implementing a full suite of SOPHiA applications, including solid tumor, hereditary cancer, rare disorders, and liquid biopsy.

Innovations 目前正致力於實施全套 SOPHiA 應用，包括實體瘤、遺傳性癌症、罕見疾病和液體活檢。

As mentioned earlier by Jurgi, A.D.A.M. will also play an important role in the global CDx offering we are developing. I'm happy to say we are already seeing strong demand across Japan on both clinical and biopharma sides. On that note, I'll take a second to highlight our refreshed momentum with biopharma.

正如Jurgi之前提到的，A.D.A.M.將在我們正在開發的全球伴隨診斷（CDx）產品組合中發揮重要作用。我很高興地告訴大家，我們已經看到日本市場在臨床和生物製藥領域都出現了強烈的需求。在此，我想重點介紹一下我們在生物製藥領域重振旗鼓的勢頭。

As discussed in detail last quarter, we signed the largest contract in SOPHiA's history with AstraZeneca in August, kicking off a multiyear project to improve outcomes for breast cancer patients. In addition, in September, we signed a separate deal with AZ to enhance detection of breast and prostate cancer.

正如上季度詳細討論的那樣，我們在8月與阿斯特捷利康簽署了SOPHiA歷史上金額最大的合同，啟動了一項旨在改善乳癌患者治療效果的多年計畫。此外，9月，我們也與阿斯特捷利康簽署了另一項協議，以加強乳癌和攝護腺癌的檢測。

As part of the partnership, AZ tapped SOPHiA to leverage our AI algorithms to develop an application which detects mutations in the P10 pathway, a key molecular signaling network linked to the development of breast and prostate cancer.

作為合作的一部分，AZ 與 SOPHiA 合作，利用我們的 AI 演算法開發了一款應用程序，用於檢測 P10 通路中的突變。 P10 路徑是一個關鍵的分子訊號網絡，與乳癌和攝護腺癌的發展有關。

The pathway is also notoriously complex from a variant calling perspective, and we were proud that AZ chose SOPHiA as its partner on this project. This project should also serve as yet another proof point of the value of SOPHiA's AI and our reputation as a leading data science and tech player in the space.

從變異檢測的角度來看，此路徑也極為複雜，我們很榮幸AZ選擇SOPHiA作為此計畫的合作夥伴。該專案也再次證明了SOPHiA人工智慧的價值，以及我們作為該領域領先的資料科學和技術領域企業的聲譽。

Broadly across markets in the business, customers are increasingly turning to SOPHiA to help them make sense of complex data. Over the past three years, we've seen an explosion of data production in healthcare. Sequencers and other multimodal equipment are becoming cheaper, and capabilities are becoming more advanced.

在整個業務領域，客戶越來越傾向於使用 SOPHiA 來幫助他們理解複雜的數據。過去三年，醫療保健領域的數據產量呈現爆炸性成長。定序儀和其他多模態設備的價格越來越低，功能也越來越先進。

Illumina, Ultima, MGI, Element, and now Roche have all deployed products that are producing increasingly larger, deeper, and more complex data. In addition, as data capabilities increase, more sophisticated therapies and tests are emerging.

Illumina、Ultima、MGI、Element 以及現在的羅氏都已推出能夠產生規模越來越大、深度越來越深、複雜度越來越高的產品。此外，隨著數據處理能力的提升，更先進的療法和檢測方法也應運而生。

Among other indicators, ctDNA is increasingly recognized as a valuable way to follow patients longitudinally and determine proper treatment. Further, sophisticated tests like liquid biopsy, MRD, ENHANZE exomes, and HRD are all in high demand.

除其他指標外，ctDNA正日益被認為是一種有價值的長期追蹤患者並確定合適治療方案的方法。此外，液體切片、微小殘留疾病（MRD）、ENHANZE外顯子定序和同源重組（HRD）等先進檢測方法的需求也十分旺盛。

Broadly, these trends mean one thing, hospitals, labs, and health systems are increasingly looking for partners like SOPHiA to help them analyze processes that make sense of complex data. As a company that has invested more than $450 million in bringing an AI platform to help clinicians analyze complex health data, SOPHiA is perfectly positioned to take advantage of these trends.

整體而言，這些趨勢意味著一件事：醫院、實驗室和醫療系統越來越需要像SOPHiA這樣的合作夥伴，以幫助他們分析流程，從而理解複雜的數據。 SOPHiA已投資超過4.5億美元打造人工智慧平台，幫助臨床醫生分析複雜的健康數據，因此完全有能力掌握這些趨勢。

At ESMO last month, we constantly heard these dynamics echoed by our customers. Data is exploding. Data complexity is rising, and these new sophisticated tests continue to excite. In addition, it has become clear that the decentralized approach like SOPHiA are reaching an inflection point. Biopharma companies clearly prefer a decentralized testing landscape over one that is controlled by a few larger players.

上個月的ESMO大會上，我們不斷聽到客戶表達類似的擔憂。數據爆炸性成長，數據複雜性日益增加，而這些新型的複雜檢測方法也持續令人振奮。此外，像SOPHiA這樣的去中心化檢測模式顯然正處於轉折點。生物製藥公司顯然更傾向於去中心化的檢測環境，而不是由少數幾家大型企業控制的模式。

In addition, large hospitals and health systems, especially in the US and UK, are waking up to the benefits of in-house testing. It enables them to get closer to the patient, build local expertise, and make better use of valuable patient data. In-house testing also drives operational efficiencies by reducing test turnaround times, making better use of labor resources, and keeping testing profits in-house instead of giving them up to a centralized player.

此外，大型醫院和醫療系統，尤其是在美國和英國，正逐漸意識到院內檢測的優勢。院內檢測使他們能夠更貼近患者，建立在地化的專業技術，並更好地利用寶貴的患者數據。院內檢測還能提高營運效率，縮短檢測週轉時間，更有效地利用人力資源，並將檢測利潤留在院內，而不是交給集中式機構。

Combining all of these trends, what does it mean for SOPHiA? In short, it means that demand is higher than ever. Pipeline in the third quarter is up substantially since last year. Bookings in the first three quarters of 2025 are more than double those of 2024. Not only are we landing more customers than ever, but our customers are getting larger.

綜合以上趨勢，這對SOPHiA意味著什麼？簡而言之，這意味著市場需求空前高漲。第三季的訂單儲備較去年同期大幅成長。 2025年前三個季度的訂單量是2024年的兩倍以上。我們不僅獲得了比以往任何時候都多的客戶，而且客戶的規模也在擴大。

Average contract value of the 31 customers in Q3 was up over 180% year on year. Additionally, the number of $1 million opportunities in our pipeline has expanded materially. I continue to be pleased with our positioning as well as the growth of our pipeline and of our end markets. And I look forward to updating you on these items in the coming months.

第三季31位客戶的平均合約價值年增超過180%。此外，我們潛在專案中價值百萬美元的商機數量也大幅成長。我對我們目前的市場地位、潛在項目數量以及終端市場的成長依然感到滿意。我期待在未來幾個月內向您報告這些方面的最新進展。

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

接下來，我將把電話交給喬治，他將更詳細地介紹我們第三季的財務表現。

Thanks, Ross, and good morning, everyone. As Jurgi and Ross highlighted, Q3 results came in ahead of expectations as the influx of new business begins to come online.

謝謝羅斯，大家早安。正如尤爾吉和羅斯所強調的，隨著新業務陸續上線，第三季業績超乎預期。

Total revenue for the third quarter was $19.5 million compared to $15.9 million for the third quarter of 2024, representing year-over-year growth of 23%. As a reminder, revenue grew by 13% in the first quarter and 16% in the second quarter, so the growth momentum continues to build.

第三季總營收為1,950萬美元，而2024年第三季為1,590萬美元，年增23%。值得一提的是，第一季營收成長了13%，第二季成長了16%，因此成長動能仍在持續增強。

Platform analysis volume was approximately 99,000 during the quarter, compared to 91,000 in the third quarter of 2024, representing year-over-year growth of 9%. Core genomic customers were 488 as of September 30, up from 462 in the prior year period, but down two customers relative to Q2 2025.

本季平台分析量約為 99,000 次，而 2024 年第三季為 91,000 次，較去年同期成長 9%。截至 9 月 30 日，核心基因組客戶數為 488 家，高於去年同期的 462 家，但比 2025 年第二季減少了 2 家。

As Ross mentioned, we have intentionally focused our sales team on winning larger accounts. While we moved 15 new customers into routine this quarter, we also churned out small accounts. The average revenue across all churn customers in Q3 was less than $8,000.

正如羅斯所提到的，我們有意將銷售團隊的重點放在爭取大客戶上。雖然本季我們成功將15位新客戶轉為長期客戶，但也流失了一些小客戶。第三季所有流失客戶的平均收入低於8,000美元。

Going forward, we will continue to focus our sales team on larger accounts, and the favorable results are showing.

展望未來，我們將繼續把銷售團隊的重心放在大客戶身上，目前已經取得了令人滿意的成果。

Net dollar retention for the quarter was 108% with strong performance in Europe, Asia Pac, and North America, partially offset by a decline in growth in Latin America. Annualized revenue churn remains at approximately 4%.

本季淨美元留存率為108%，歐洲、亞太和北美市場表現強勁，但拉丁美洲市場成長放緩部分抵銷了這一成長。年度收入流失率仍維持在4%左右。

Gross profit for the quarter was $12.9 million compared to $10.7 million in the prior year period, representing year-over-year growth of 21%. Gross margin was 66.3% for the third quarter compared with 67.2% for the third quarter of 2024.

本季毛利為1,290萬美元，去年同期為1,070萬美元，較去年同期成長21%。第三季毛利率為66.3%，而2024年第三季毛利率為67.2%。

Adjusted gross profit was $14.2 million in Q3, an increase of 23% compared to adjusted gross profit of $11.6 million in the prior year period. Adjusted gross margin was 73.1% for the third quarter, remaining flat year over year despite the substantial increase in volume of data computed by the platform.

第三季調整後毛利為1,420萬美元，較上年同期的1,160萬美元成長23%。儘管平台計算的數據量大幅成長，但第三季調整後毛利率仍與前一年持平，為73.1%。

As Jurgi mentioned, targeted platform improvements have driven cloud compute and storage costs lower throughout 2025, an achievement we remain proud of and expect to continue going forward. Total operating expenses for Q3 were $30.8 million compared to $26 million in the third quarter of 2025.

正如Jurgi所提到的，有針對性的平台改進已使雲端運算和儲存成本在2025年全年保持較低水平，我們對此成就感到自豪，並期待未來能夠繼續保持這一趨勢。第三季總營運支出為3,080萬美元，而2025年第三季為2,600萬美元。

However, Q3 results were adversely affected by a series of items during the quarter, which temporarily impacted results but do not reflect the company's underlying operating performance. I will take a moment to walk through each item.

然而，第三季業績受到一系列事件的不利影響，這些事件暫時影響了業績，但並不反映公司的實際經營狀況。接下來，我將逐一分析這些事件。

First, share price depreciation of 54% at the end of the third quarter resulted in higher Swiss social charges on share-based compensation, as these are remeasured with the company's share price under local regulations. These elevated social charges accounted for a $1.3 million increase to OpEx this quarter as compared to a $700,000 benefit last year in Q3.

首先，第三季末股價下跌54%，導致瑞士對股權激勵的社會責任費用增加，因為根據當地法規，這些費用會根據公司股價重新計算。這些增加的社會責任費用使本季營運支出增加了130萬美元，而去年同期僅為70萬美元。

These costs are not reflected as an adjustment in our adjusted EBITDA table per SEC guidelines. Second, adverse foreign exchange movements at the end of the quarter negatively impacted reported OpEx by approximately $700,000, primarily due to the strengthening of the Swiss franc. The Swiss franc has appreciated by 14% since the start of the year, which means that our payroll and rent expenses in Switzerland are translating 14% higher when viewed in US dollars.

根據美國證券交易委員會（SEC）的規定，這些成本並未計入我們調整後的EBITDA表格。其次，季度末不利的匯率波動對報告的營運支出產生了約70萬美元的負面影響，主要原因是瑞士法郎走強。自年初以來，瑞士法郎已升值14%，這意味著以美元計算，我們在瑞士的薪資和租金支出增加了14%。

Third, Guardant Health filed suit against us in Europe and the United Kingdom, alleging patent infringement in the MSK-ACCESS application, which we believe to be without merit. This resulted in higher legal expenses in the quarter of approximately $600,000, which is reflected as an adjustment for litigation in our adjusted EBITDA table.

第三，Guardant Health在歐洲和英國對我們提起訴訟，指控我們在MSK-ACCESS專利申請中侵犯了其專利權，我們認為該指控毫無根據。這導致本季法律費用增加約60萬美元，已作為訴訟調整項反映在我們的調整後EBITDA表中。

Fourth, during the quarter, we completed an at-the-market facility with TD Cowen, along with completing a shelf offering that the SEC declared effective on August 8. There were $445,000 of costs associated with the A.D.A.M. facility and the shelf that we have adjusted for in our adjusted EBITDA table, as they are not expected to recur in 2026.

第四，本季度我們與 TD Cowen 完成了一項按市價發行融資，同時完成了一項貨架發行，美國證券交易委員會已宣布該發行於 8 月 8 日生效。與 A.D.A.M. 融資融資和擱架發行相關的成本為 445,000 美元，我們已在調整後的 EBITDA 表中對此進行了調整，因為預計這些成本在 2026 年不會再次發生。

After adjusting for these items and other standard IFRS adjustments, operating expenses grew only 1%, driven by sales and marketing investments, which continue to deliver high returns. Despite these temporary charges, we remain proud of our ability to grow revenue 23% without substantially increasing headcount or OpEx.

扣除這些項目和其他國際財務報告準則（IFRS）標準調整後，營業費用僅成長1%，主要得益於銷售和行銷方面的投資，這些投資持續帶來高回報。儘管有這些暫時性費用，我們仍然為能夠在不大幅增加員工人數或營運支出的情況下實現23%的收入成長而感到自豪。

Moving down the P&L., Operating loss for the quarter was $17.9 million compared to $15.4 million in the prior year period. EBITDA loss for the third quarter was $15.4 million compared to $13.2 million in the prior year period. Adjusted EBITDA loss was $10.2 million, up 8% from the prior year loss of $9.4 million.

從損益表來看，本季營業虧損為1,790萬美元，去年同期為1,540萬美元。第三季EBITDA虧損為1,540萬美元，去年同期為1,320萬美元。調整後EBITDA虧損為1,020萬美元，較去年同期的940萬美元虧損成長8%。

Excluding Swiss social charges and share-based compensation for both years, adjusted operating loss and adjusted EBITDA would have improved 13%, demonstrating our ability to deliver operating leverage. As with previous quarters, we remain laser-focused on driving efficiency gains across the business and reducing costs down the P&L.

若剔除瑞士社保繳款和兩年的股權激勵費用，調整後的營業虧損和調整後的EBITDA將改善13%，這反映了我們提升營運槓桿的能力。與前幾季一樣，我們將繼續全力以赴提高業務效率，並降低損益表中的成本。

Lastly, total cash burn, which we define as the change in cash and cash equivalents for the third quarter of 2025, was $13.1 million compared to $9.6 million in the prior year quarter, representing a year-over-year increase of 36.5%.

最後，總現金消耗（我們將其定義為 2025 年第三季現金及現金等價物的變化）為 1,310 萬美元，而去年同期為 960 萬美元，年成長 36.5%。

The cash outflows in the third quarter of 2025 include $500,000 invested in ATM Innovations in Japan, a $1.7 million reduction in our accounts payable balance as some large vendor payments were processed, and interest expense, which increased by $1.1 million from the prior year due to increased borrowings under the Perceptive credit agreement.

2025 年第三季的現金流出包括：向日本 ATM Innovations 公司投資 50 萬美元；由於一些大額供應商付款得到處理，應付賬款餘額減少了 170 萬美元；以及利息支出，由於根據 Perceptive 信貸協議增加借款，利息支出比上一年增加了 110 萬美元。

We finished the quarter with cash and cash equivalents of $81.6 million as of September 30. We remain confident in our current capital position with respect to the achievement of our long-term goals.

截至9月30日，我們本季末持有現金及現金等價物8,160萬美元。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 we've had in the last three quarters, SOPHiA GENETICS is updating our full-year revenue guidance for 2025.

接下來，我將談談我們對2025年的展望。鑑於過去三個季度我們營收成長的良好復甦勢頭，SOPHiA GENETICS正在更新我們2025年的全年營收預期。

We are raising our full-year revenue guidance range as revenue is now expected to be in the range of $75 million to $77 million, representing growth of 15% to 18%. This compares to the previous range of $72 million to $76 million. Adjusted EBITDA loss guidance has been revised to a loss of $39 million to $41 million compared to $40.2 million in fiscal year 2024.

我們上調了全年營收預期範圍，目前預計營收將在7,500萬美元至7,700萬美元之間，年增15%至18%。先前的預期範圍為7,200萬美元至7,600萬美元。調整後EBITDA虧損預期也已修正為虧損3,900萬美元至4,100萬美元，而2024財年的預期為虧損4,020萬美元。

The primary drivers of the change are the Swiss social taxes on our stock-based compensation, along with the appreciation of the Swiss franc and the euro, and the impact that they have on our European-based expenses, such as payroll and rent when translated over into US dollars.

這項變動的主要驅動因素是瑞士對我們股票選擇權誘因徵收的社會稅，以及瑞士法郎和歐元的升值，以及這些因素對我們在歐洲的支出（如薪資和租金，換算成美元）的影響。

On a constant currency basis, our expenses remain as expected, excluding the social taxes. Despite these impacts, we expect we'll be able to continue to show operating leverage for future revenue growth. We continue to make targeted investments in our platform and optimize cloud compute and storage costs, and expect to have modest gross margin expansion beyond current levels.

以固定匯率計算，除社保稅外，我們的支出與預期相符。儘管受到這些影響，我們預計仍能繼續發揮營運槓桿作用，推動未來營收成長。我們將繼續對平台進行針對性投資，優化雲端運算和儲存成本，並預計毛利率將在當前水準的基礎上小幅提升。

We expect to continue to hold the line on operating expenses in local currencies and excluding social charges 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.

我們預計將繼續控制以當地貨幣計價的營運支出（不包括社會安全費用），因為我們目前的團隊規模足以支持其中期成長目標。但這不包括我們將繼續進行的與行銷活動相關的高投資報酬率投資，以及對銷售團隊的某些投資，包括超額績效佣金。

We also expect a modest increase in our implementation teams to handle the increased volumes of new accounts. Our growth has been accelerating, and we believe these investments will pay off in 2026 and beyond.

我們預期實施團隊的人員規模也會略有增加，以因應新增帳戶數量的成長。我們的成長速度一直在加快，我們相信這些投資將在2026年及以後獲得回報。

Finally, we will continue to revisit our discretionary expenses and execute on identified savings in systems, professional services, and certain public company costs throughout 2025. We continue to believe that we are on track to be approaching adjusted EBITDA breakeven by the end of 2026 and crossing over to positive adjusted EBITDA in the second half of 2027.

最後，我們將持續檢視可自由支配的支出，並在2025年全年落實已確定的系統、專業服務和某些上市公司成本的節約措施。我們仍然相信，我們預計在2026年底前實現調整後EBITDA盈虧平衡，並在2027年下半年實現調整後EBITDA轉正。

With that, I would like to turn the call back over to Jurgi for 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. To close, this quarter marked another period of accelerated revenue growth with 23% year-over-year revenue growth, reflecting strong execution of our teams and the growing impact of our platform.

謝謝你，喬治。最後，本季標誌著營收再次加速成長，年成長23%，這反映了我們團隊的出色執行力以及我們平台日益增長的影響力。

Forward-looking indicators remain strong across the business as we continue to see a steady stream of new customer signings, substantial new biopharma partnerships, rising average contract size, and a healthy expansion in pipeline across regions and applications.

各項業務的前瞻性指標依然強勁，我們持續看到新客戶簽約不斷增加、生物製藥領域建立了大量新的合作夥伴關係、平均合約規模不斷擴大，以及各個地區和應用領域的產品線健康擴張。

On top of this, we continue to be laser-focused on optimizing costs and delivering sustainable growth. I am confident as ever in our long-term trajectory, and momentum in our business is building. I look forward to continuing to update you all on our progress in the future.

除此之外，我們將繼續專注於優化成本並實現永續成長。我對我們的長期發展前景充滿信心，業務發展動能也日益強勁。我期待在未來繼續向大家報告我們的進展。

With that, 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. Operator, you may now open the line for questions.

在此，感謝SOPHiA團隊、客戶、合作夥伴和投資者與我們攜手，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變革患者護理。接線員，現在可以開始接受提問了。

(Operator Instructions) Bill Bonello, Craig-Hallum.

（操作說明）Bill Bonello，Craig-Hallum。

So just a couple of things I'd love to follow up on. So first of all, in terms of the guide, and I think I get what you're doing here and appreciate it, but I just want to make sure. The midpoint of the guide implies a mid-teens growth for Q4 versus the 23% growth that you had this quarter. Is there any particular reason that we would expect growth to decelerate next quarter? Or is this just prudence?

我還有幾點想跟進一下。首先，關於這份指南，我理解你們的用意，也很感謝你們的付出，但我還是想確認一下。指南的中點預測第四季成長率在15%左右，而本季實際成長率為23%。我們預期下個季度成長會放緩，有什麼特別的原因嗎？還是只是出於謹慎考慮？

Thanks, Phil, and good question. I would say, obviously, all year, we've been generally conservative with our approach to guidance, right? Coming off of 2024, we wanted to make sure we were set up well to be able to continue to overachieve. And obviously, you see us do that this quarter and raise our guidance. I think in general, the business has fantastic momentum.

謝謝菲爾，問得好。我想說，顯然，我們今年在業績指引方面一直都比較保守，對吧？鑑於2024年的業績預期，我們希望確保做好充分準備，能夠繼續超額完成目標。顯然，您也看到了，我們本季做到了這一點，並上調了業績指引。我認為整體而言，公司業務發展勢頭強勁。

We had another tremendous quarter of bookings. We're bringing quite a lot of business online. I think we wanted to just be prudent, right, heading into the year-end. But frankly, though, we don't see any change in the key drivers of the business and feel very confident that our growth overall will continue to perform in line with our expectations and/or continue to accelerate.

我們又迎來了一個預訂量驚人的季度。我們正在將相當一部分業務轉移到線上。我想，在進入年底之際，我們只是想謹慎行事。但坦白說，我們認為業務的關鍵驅動因素沒有任何變化，並且非常有信心，我們的整體成長將繼續符合預期，甚至可能繼續加速。

And then MSK, you talked about 60 customers now signed up. Can you give us a sense of how many of those customers are already performing analysis or generating revenue, and how many are yet to go live? And then maybe -- I know you talked about it a little bit, but maybe a little more color or commentary on the pipeline of potential customers that you might be able to add going forward?

MSK，您剛才提到目前已有60家客戶註冊。您能否簡要介紹其中有多少客戶已經在進行分析或產生收入，又有多少客戶尚未上線？另外，我知道您之前也略有提及，但能否再詳細說說未來潛在客戶的狀況？

Yes, sure. I will start, Bill, and then Ross Christos. But I will start by telling that indeed to your point on the pipeline, the demand in liquid biopsy is growing, right? ctDNA is becoming more and more adopted clinically, more and more important for diagnosis, for monitoring, but eventually, as well for mRNA testing. So definitely, this is a platform where we see a lot of demand.

好的，當然。我先說，比爾，然後是羅斯·克里斯托斯。不過首先我想說的是，正如你所提到的，液體切片的需求確實在成長，對吧？ ctDNA在臨床上的應用越來越廣泛，對診斷、監測以及最終的mRNA檢測都越來越重要。所以，這絕對是一個需求量很大的平台。

When it comes to the numbers, we highlighted that this quarter, we did over 2,000 analyses on MSK-ACCESS. So basically, this gives you a sense as well of our numbers are ramping up. We grew more than triple digit on more than 100% basically on liquid biopsy, actually over 300% year on year. So again, there is a lot of demand there. And when it comes to the number of sites that were implemented, it's still a minority.

就數據而言，我們重點指出，本季我們在MSK-ACCESS平台上進行了超過2000次分析。這也能讓您感受到我們業務的成長動能。液體活檢業務的成長超過三位數，年成長超過100%，實際上年增超過300%。因此，市場對液體活檢的需求非常旺盛。但就已實施該技術的醫療機構數量而言，目前仍處於少數。

So Ross, maybe you want to give us some more color to give.

羅斯，或許你想補充一些細節給我們？

Yes. Thanks, Bill. So obviously, as Jurgi said, liquid biopsy remains, I would say, a super hot area for diagnostics in general and one where we're seeing a lot of demand.

是的，謝謝你，比爾。顯然，正如尤爾吉所說，液體活檢仍然是診斷領域的熱門方向，我們看到市場需求非常強勁。

Certainly, we're very happy with the rate of adoption over the last 12 months in terms of the 60 signed logos. So assume about 20% of those have started to enter routine, although still based on the numbers we shared in terms of the monthly cadence, it's still quite modest.

當然，我們對過去12個月中60個已簽署標識的採用率非常滿意。假設其中約有20%已經開始被常規使用，但根據我們先前公佈的月度使用頻率來看，這個比例仍然相當有限。

We expect that to ramp pretty materially over the next one to two quarters. We have some very large accounts coming online in the fourth quarter and into the first quarter of next year. And so we're quite confident that that trajectory will continue to inflect.

我們預計未來一到兩個季度內，這一數字將大幅成長。第四季以及明年第一季度，我們將迎來一些非常大的客戶。因此，我們非常有信心，這一成長趨勢將繼續保持。

And then for 2026, we will see very strong growth from this product and one as well, as we think about CDx and our announcements there, and we can touch on that we continue to see a multiyear trajectory that's going to be driving this business for the foreseeable future.

展望 2026 年，我們將看到該產品以及另一款產品（例如 CDx）實現非常強勁的成長，考慮到我們即將發布的公告，我們可以繼續探討這一點，我們預計未來幾年內，這一成長軌跡將繼續推動這項業務的發展。

And if you'll allow me, just one last question. You mentioned Thermo Fisher as a customer. Can you just talk a little bit more about what they'll be doing, how they're using the product?

如果可以的話，我還有一個問題。您提到賽默飛世爾科技是我們的客戶。能否再詳細介紹一下他們將如何應用這款產品？

So Thermo is using it in one of their laboratories. I would say we're probably not at liberty to share a ton more. But certainly, as you think about many of the typical vendors and they are one who does CDx, you tend to do orthogonal studies and work, and also tend to use other technologies of other competitors, of which you do not have applications and/or bioinformatic capabilities.

所以Thermo公司正在他們的一個實驗室裡使用這項技術。我想我們可能不方便透露更多資訊。但可以肯定的是，當你想到許多典型的供應商，尤其是那些從事伴隨診斷（CDx）的供應商時，他們往往會進行正交研究和工作，並且傾向於使用其他競爭對手的技術，而這些技術他們本身並不具備應用能力和/或生物信息學能力。

And so I would say, think about it in that vein, we're very excited to have them as a customer. Obviously, we already serve quite a lot of thermal instruments as well in the field.

所以我想說，從這個角度來看，我們非常高興能與他們成為客戶。顯然，我們已經在現場為許多熱成像儀器提供服務。

And so I would say in this vein, this is a new avenue for us and an important one. But unfortunately, I can't give you a ton more detail on the project just because of its confidential nature.

所以，從這個角度來說，這對我們來說是一條新的、重要的道路。但很遺憾，由於項目的保密性質，我無法透露更多細節。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢美術館。

What is your outlook for biopharma R&D spending and overall funding for 2026?

您如何看待2026年生物製藥研發支出和整體資金狀況？

Subbu, we have been speaking a bit about the biopharma penalizing in the past, right, and us changing the strategy, being focusing on things that were very well, I would say, defined around data, around diagnostics.

Subbu，我們之前談到過生物製藥公司受到的懲罰，對吧？而我們改變了策略，專注於那些圍繞數據和診斷明確定義的事項。

And as we've been highlighting in the previous quarter, this strategy has been taking off. We announced last quarter as well a deal we made with AstraZeneca on the data side, which we qualified as being the bigger deal in the biopharma historically. But beyond that on '26, Ross, what can we share?

正如我們在上個季度重點強調的那樣，這項策略已經初見成效。上個季度我們也宣布了與阿斯特捷利康在數據方面達成的協議，我們認為這是生物製藥產業史上規模最大的一筆交易。羅斯，除了這些，關於2026年，我們還能分享些什麼呢？

Yes. So I would say, Subu, coming out of ESMO, I was super encouraged. So if you think about a lot of where we're positioned relative to pharma pipelines as well as where pharma is allocating dollars, we're in a very favorable position, right?

是的。所以，Subu，我想說，從ESMO大會回來後，我深受鼓舞。如果你仔細想想我們相對於製藥公司研發管線的位置，以及製藥公司在資金分配方面所處的位置，我們處於非常有利的地位，對吧？

Pharma is increasingly, I would say, looking to support a hybrid centralized, centralized approach for CDx, and us with our partner, Myriad, have fantastic, I would say, capabilities in that front and also to do CDx and other sponsored testing.

我認為，製藥業越來越傾向於支持混合集中式 CDx 方法，而我們和我們的合作夥伴 Myriad 在這方面擁有非常出色的能力，並且能夠進行 CDx 和其他贊助測試。

Additionally, I would say, if you look at what they're doing with AI, we have really unique capabilities in terms of algorithm development and unique data sets that we have access to that, as you saw in the breast example, garner a lot of interest, and we would expect to see more of that. Additionally, again, being well positioned in liquid biopsy, which is an area that's inflecting at the moment.

此外，我想說，如果你看看他們在人工智慧領域的工作，你會發現我們在演算法開發方面擁有真正獨特的能力，並且我們能夠獲取獨特的數據集，正如你在乳腺癌案例中看到的那樣，這些都引起了廣泛關注，我們預計未來還會看到更多類似的案例。另外，我們在液體活檢領域也佔據有利地位，而液體活檢目前正處於變革之中。

I would say also, we're having quite a lot of conversations and discussions around a myriad of different opportunities there. And so across the board for us at least, biopharma year on year and certainly on a two-year running basis is materially healthier. Our pipeline is in fantastic shape.

我想說的是，我們正在就各種不同的機會進行大量的對話和討論。因此，至少對我們而言，生物製藥業務整體上，尤其是過去兩年，都呈現出顯著的健康發展態勢。我們的研發管線狀態極佳。

Again, we still need to execute and drive some of these large deals home. But I would say for us right now, the positioning is quite good and the budgets are there. And we're seeing not only heightened activity level, but for us, and again, this -- I'm not sure as a read on the market, but more specific to us, we're engaged with most of the top 20, right?

再次強調，我們仍然需要執行並促成一些大型交易。但就目前而言，我們的市場定位相當不錯，預算也已到位。我們不僅看到業務活動水平顯著提高，而且就我們本身而言——我不確定這是否代表整個市場，但更具體地說，我們已經與排名前20的公司中的大多數建立了聯繫，對吧？

And so if you think about many of the large names that have had a lot of pipeline success, obviously, AstraZeneca being at the foremost, but many of the other large names are ones that we have active dialogue and very, I would say, concrete potential deals in the pipeline with. And so we're quite encouraged about what that could contribute in '26 and beyond.

因此，想想那些在研發管線方面取得巨大成功的大公司，阿斯特捷利康無疑是其中的佼佼者，但其他許多大公司也都在與我們積極對話，而且可以說，我們已經與他們達成了一些非常具體的潛在交易。所以我們對這些交易在2026年及以後可能帶來的貢獻感到非常鼓舞。

How did customers' onboarding setup times trend in 3Q? Did you notice the macro environment elongating this in any way? Or do you have concerns about this? Any US government shutdown impacts?

第三季客戶入職設定時間趨勢如何？您是否注意到宏觀環境以任何方式延長了這個過程？或者您對此有何擔憂？美國政府停擺是否產生了任何影響？

So first, as you know, Subbu, for us, signing deals is great, and we have been highlighting that actually bookings and ACVs of bookings have been very good, but then we don't generate revenue until our platform is being implemented, given we're being paid on usage, right? So more color on the implementations and the impact of the macro.

首先，如你所知，Subbu，對我們來說，簽合約固然重要，我們也一直在強調預訂量和預訂平均合約價值（ACV）都非常不錯，但鑑於我們是按使用量付費，所以只有在我們的平台上線後才能產生收入，對吧？因此，請更詳細地介紹一下平台的實施情況以及宏觀經濟的影響。

Yes. So in general, we're actually seeing healthy activities across the entire funnel. So pipeline remains robust. Bookings were very good in the quarter, and implementation, certainly on a dollar basis, continue to accelerate. So this quarter, we had a bit more expand applications come live than new logos, but I would expect Q4 to be quite strong.

是的。總的來說，我們看到整個銷售漏斗的各個環節都運作良好。銷售通路依然強勁。本季預訂情況非常好，而且從金額來看，實施速度也持續加快。本季度，我們新增的擴展項目數量略多於新客戶，但我預計第四季度會非常強勁。

We actually just had a record October, and so on that level, activity levels, again, and this is across multiple geographies, continue to be quite good. So for us, on the macro side, the environment is super healthy. And I think you've heard this from some of the sequencing providers as well. We've talked about clinical volumes being strong.

我們剛剛經歷了創紀錄的十月份，因此，從這個層面來看，各個地區的業務活動水平仍然相當不錯。所以，從宏觀層面來看，市場環境非常健康。我想你們也從一些定序服務提供者那裡聽到了類似的說法。我們之前也提到過，臨床業務量非常強勁。

And so obviously, with that and the increased data production on those volumes, for us at the moment, things are continuing to be quite strong. Yes. So no impact from the government shutdown so far, at least on our side.

顯然，隨著數據量的成長和產量的增加，目前對我們來說，情況仍然相當強勁。是的。所以到目前為止，政府停擺還沒有對我們造成任何影響。

Mark Massaro, BTIG.

馬克·馬薩羅，BTIG。

Congrats on the strong quarter. I wanted to ask a little bit about the large pharma customer you have in AstraZeneca. How much -- was there a benefit in Q3? And if not, should we -- I think we're expecting that to pick up here in Q4. I was hoping if you could just walk me through that.

恭喜你們本季業績強勁。我想問一下關於你們的大型製藥客戶阿斯特捷利康的情況。第三季你們的業務成長有多大？如果沒有，我們是否應該繼續保持成長？我們預計第四季度業務成長會有所提升。希望您能詳細解釋一下。

And then related to that, can you just speak to the strength in biopharma if you exclude AstraZeneca?

那麼，如果排除阿斯特捷利康，您能否談談生物製藥產業的實力？

Yes. So Mark, George will start on your question regarding the financial side, and then Ross will give you some more color on the recent activities we have.

是的。馬克，喬治會先回答你關於財務方面的問題，然後羅斯會更詳細地介紹我們最近的活動。

Yes, there was a fairly small amount of pharma in Q3, and we had said that last quarter that pharma was really going to ramp up in the fourth quarter. Again, typically, these type of contracts take a couple of months to get projects going, and the revenue is typically recognized when milestones are hit. So -- but we do expect to hit some of those milestones in the fourth quarter.

是的，第三季醫藥業務量確實比較小，我們上個季度就說過，醫藥業務將在第四季大幅成長。通常情況下，這類合約需要幾個月的時間才能啟動項目，收入一般會在達到里程碑後確認。所以——但我們預計第四季會實現部分里程碑。

And as Jurgi said, really, the thing that we're excited about with the pharma side is really when you start to look out in 2026 and 2027, we're still very bullish on this business and what it can become. And it's exciting to see the projects that we've already won, and the pipeline is not -- you think you signed a lot of contracts, maybe your pipeline to be down.

正如尤爾吉所說，真正讓我們感到興奮的是，展望2026年和2027年，我們仍然非常看好這個產業及其未來發展前景。看到我們已經贏得的項目令人振奮，而且項目儲備也並非如此——你可能會覺得簽了很多合同，項目儲備就會減少。

The exact opposite has happened. The pipeline has actually even gotten stronger at the same time. So we're -- we remain very bullish about the pharma business. We've talked about the Myriad partnership, what we're doing in Japan, and we believe wholeheartedly, there's a great business here.

情況恰恰相反。同時，我們的研發管線其實更強大了。所以我們還是非常看好醫藥產業。我們已經談到了與Myriad的合作，以及我們在日本的業務，我們堅信，這裡蘊藏著巨大的商機。

Yes. So Mark, I would say, obviously, AstraZeneca is a fantastic partner, particularly given the health of their pipelines, right? So being tied to one of the large pharmas that has a ton of new product introductions is obviously as a diagnostic and data player, incredibly beneficial.

是的。所以馬克，我想說，很顯然，阿斯特捷利康是一個非常棒的合作夥伴，尤其考慮到他們強大的研發管線，對吧？對於我們這樣的診斷和數據公司來說，與一家擁有大量新產品推出的大型製藥公司合作，顯然是極其有利的。

But to your point, obviously, we've been super focused on broadening out the pipeline, as I was mentioning before, that has expanded pretty materially, not just in size, but also in the sheer number of pharmas in the pipeline. I can also confirm we won other deals outside of AstraZeneca, some that are quite significant.

但正如您所說，我們顯然一直非常重視拓展產品線，正如我之前提到的，產品線已經得到了顯著擴展，不僅規模擴大，而且在研藥物的數量也大幅增加。我還可以確認，除了阿斯特捷利康之外，我們還達成了其他一些重要的合作協議。

But I would say for various reasons, you can't always press release depending on where the drug is or where the project is in its stage the wins. But I would say, overall, we're quite happy with that momentum, and we would expect, again, to see further adds on that side over the upcoming quarters and into 2026 as the business continues its recovery.

但我想說，出於各種原因，你不能總是根據藥物的研發進度或專案所處的階段來發布新聞稿。但總的來說，我們對目前的勢頭相當滿意，我們預計，隨著業務的持續復甦，在接下來的幾個季度以及2026年，這方面將會有進一步的成長。

And between Myriad Genetics and the customer formerly known as Genesis Healthcare, I think you've got companion diagnostics with both. Can you just give us a sense on timing, how you're thinking about regulatory, and when you think these might start contributing to your business?

Myriad Genetics 和先前名為 Genesis Healthcare 的客戶之間，我認為你們都擁有伴隨診斷產品。能否請您談談時間安排、您們如何看待監管問題，以及您認為這些產品何時才能開始為您們的業務做出貢獻？

Yes. So as you understand, right, depending on the regions, regulatory basically frameworks are different. So the partner we have in Japan is to fulfill basically the regulatory authorities in Japan, and the one we have in the US is to fulfill as well regulatory duties and opportunities in the US market, right?

是的。正如您所理解的，不同地區的監管框架基本上不同。因此，我們在日本的合作夥伴主要負責滿足日本監管機構的要求，而我們在美國的合作夥伴則負責滿足美國市場的監管義務和機遇，對嗎？

And the why we've been expanding our offering. As you know, Mark, we've been very successful with our decentralized model. But in some instances, premarket, pharma wants to do that in a single site P&L. So hence, like the inception of this partnership. Anything else you would like to add?

這就是我們拓展業務範圍的原因。如你所知，馬克，我們的分散式模式非常成功。但在某些情況下，例如上市前，製藥公司希望將業務整合到單一的損益表中。因此，我們才促成了這次合作。你還有什麼要補充的嗎？

Yes. So I'd say, Mark, again, coming out of ESMO and even more so than ASCO, we heard consistently at drumbeat of huge interest in MSK-ACCESS as a global CDx tool.

是的。所以我想說，馬克，從 ESMO 大會上，甚至比 ASCO 大會上更甚，我們不斷聽到人們對 MSK-ACCESS 作為全球 CDx 工具表現出極大的興趣。

And again, if you think about the existing environment, typically today, if you hire one of the current vendors who are centralized, you're normally having to hire probably another five to seven vendors to cover the diagnostics globally through commercialization, whereas now with a strong partner at Myriad is obviously very well known in this space, having delivered really strong results with myChoice and other products in the past. So they have great regulatory experience for the US market.

再看看現有的市場環境，通常情況下，如果你現在聘請一家集中式的供應商，你通常還需要再聘請五到七家供應商，才能在全球範圍內完成診斷和商業化。而現在，有了像Myriad這樣實力雄厚的合作夥伴，他們在這個領域顯然非常有名，過去憑藉myChoice和其他產品取得了非常出色的成果。因此，他們在美國市場擁有豐富的監管經驗。

We have Genesis or now A.D.A.M. Innovations, who's generating quite a lot of interest, honestly, in Japan as well, and obviously, our ability to deliver applications for the rest of the world. I think that's garnered quite a lot of curiosity of pharma that's now turning into real opportunities.

我們有Genesis，現在叫A.D.A.M. Innovations，說實話，它在日本也引起了相當大的關注，當然，我們有能力為世界其他地區提供應用。我認為這已經引起了製藥業的極大興趣，現在正在轉化為真正的機會。

We actually already have several opportunities we're involved in, in the market. Again, it doesn't mean we will win. But certainly, we're already engaged. So that should give you a sense of our preparation and timing of when we expect this to be able to be available as certainly we're already in that process. But I would say, certainly, we want to take our time.

實際上，我們已經在市場上參與了幾個項目。當然，這並不代表我們一定會成功。但可以肯定的是，我們已經在積極推進。這應該能讓您了解我們的準備情況以及我們預計何時能夠推出這些項目的時間安排，因為我們確實已經在進行相關流程了。但我必須說，我們希望謹慎行事，慢慢來。

We obviously work with our partners closely on bringing these tools to market. But again, I would say on a multiyear basis, this has the potential to be a really significant driver for SOPHiA going forward.

我們顯然會與合作夥伴緊密合作，共同將這些工具推向市場。但再次強調，從長遠來看，這有可能成為SOPHiA未來發展的重要驅動力。

And just one last one for me. You made some really good progress signing new customers, including the MSK-ACCESS on SOPHiA DDM. You talked about the majority are expected to complete implementation and begin generating revenue in the next three to six months.

最後還有一個問題。你們在簽約新客戶方面取得了非常好的進展，包括基於 SOPHiA DDM 的 MSK-ACCESS 專案。你們提到，預計大部分項目將在未來三到六個月內完成實施並開始產生收益。

I'm just trying to get a sense, as we think out to 2026, is there -- in your view, do you think you'll continue to onboard new MSK-ACCESS customers each quarter? Or do you think there's a big bolus like Q4 into Q1, and then that will start to level off? I'm just trying to get a sense for the business in '26.

我只是想了解一下，展望2026年，您認為MSK-ACCESS的新客戶是否會繼續每季持續成長？還是說會像第四季一樣在第一季出現一個激增，然後逐漸趨於平穩？我只是想了解2026年的業務發展趨勢。

Yes. So I would say, in general, Mark, we're obviously quite enthusiastic about this product ramp. As we've said, these will come online, as you mentioned. I would say it's never perfectly linear, as you would expect. So there will be some step function changes.

是的。所以總的來說，馬克，我們對這款產品的量產計畫顯然非常樂觀。正如我們之前所說，這些產品將會陸續上線，正如你所提到的。但正如你所預料的，這個過程永遠不會是完全線性的。所以會有一些階躍式的變化。

But ultimately, the potential here with the existing signed accounts is quite significant to contribute to our business, and then obviously, CDx as well. And so we remain very confident in that contribution to the '26 growth rate and beyond.

但歸根究底，現有簽約客戶的潛力相當可觀，不僅能為我們的業務做出巨大貢獻，對CDx也是如此。因此，我們對2026年及以後的成長率仍然充滿信心。

And Mark, if I may add, I know you're interested in knowing what our plans for MRD as well. In a decentralized world, what would be the MRD applications, both clinically and technologically? But typically, MSK-ACCESS, which enables as well to measure ctDNA could become an MRD application.

馬克，如果可以的話，我也知道你很想了解我們對微小殘留疾病（MRD）的規劃。在一個去中心化的世界中，MRD在臨床和技術方面會有哪些應用？但通常來說，MSK-ACCESS（它也能測量ctDNA）可以是MRD的一種應用。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

This is Kyle on for Dan. Just wanted to build off the last question a little bit on the customer implementation. You added over 30 customers this quarter. And I believe exiting Q2, you had somewhere around 100 customers in the backlog waiting to be implemented. Can you discuss what this backlog is today?

這裡是Kyle，替Dan提問。我想就上次的問題再補充一點，關於客戶實施方面。你們本季新增了30多位客戶。我記得第二季末，你們還有大約100位客戶在待實施的待實施專案中。能談談目前的待實施項目數量嗎？

Yes. So the backlog remains for better or worse at the highest levels in our history. Certainly, I would say we did a good job in the third quarter of continuing to make progress and accelerate go-lives in terms of accounts coming online in the third and fourth quarter and into Q1 of next year. And we have some, as I mentioned, quite significant ones coming online over the next two months. Certainly, you can always improve and get better.

是的。所以，積壓訂單的數量仍然處於歷史最高水平，無論好壞。當然，我認為我們在第三季度做得不錯，繼續推進並加快了帳戶上線速度，確保更多帳戶在第三季、第四季以及明年第一季上線。正如我所提到的，未來兩個月我們將有一些非常重要的帳戶上線。當然，我們始終可以做得更好。

And so we're spending a lot of time and effort to optimize the end-to-end process. Some of that also at times, is outside of our control, whether it's someone needing a regulatory approval or something on the reimbursement side. But generally, I would say the trend is favorable. The backlog is substantial. It gives us a lot of forward visibility.

因此，我們投入了大量時間和精力來優化端到端流程。有時，其中一些環節也超出我們的控制範圍，例如需要獲得監管部門的批准或報銷方面的問題。但總的來說，我認為趨勢是正面的。積壓訂單量很大，這讓我們對未來的發展方向有了更清楚的了解。

And again, it's why we remain confident in continuing in our path to growth acceleration in the fourth quarter and into 2026.

再次強調，正因如此，我們仍然有信心在第四季以及2026年繼續保持成長加速的勢頭。

And then maybe on that then, maybe it's too early to tell, but looking at where consensus is for '26 right now, I think it implies somewhere around mid-teens growth. And I mean, if you add the clinical momentum, pharma getting better, not being a headwind next year, is there any reason to think that growth couldn't be better than that next year?

所以，也許現在下結論還為時過早，但就目前對2026年的普遍預期來看，我認為這意味著成長率會在15%左右。我的意思是，如果再加上臨床進展的勢頭、製藥業的進步以及明年不會出現不利因素，那麼有什麼理由認為明年的成長率不會更高呢？

George?

喬治？

We've always tried to guide conservatively. And I think, as Ross said, sometimes things aren't always linear. You have a bit of the trends going one way or another. So I think we want to put out guidance that is reasonable. And then certainly, yes, I think you've just seen this past quarter where we put up a very nice number, and we're going to continue to try to overachieve.

我們一直力求維持保守的績效指引。正如羅斯所說，事情並非總是線性發展的，趨勢有時會朝著某個方向發展，有時又會朝著另一個方向發展。因此，我們希望給出合理的業績指引。當然，正如大家所見，我們上個季度的業績非常出色，我們將繼續努力，爭取超越預期。

But I think in terms of the 2026 expectations, where the consensus is, is probably reasonable, and we're going to do everything we can to overperform.

但我認為，就 2026 年的預期而言，目前的共識可能是合理的，我們將盡一切努力超越預期。

Yes. And so Kyle, I would say, certainly, we're several quarters into a reacceleration. There's no reason to think that there's anything changing in that trajectory in our business. Obviously, we've talked about strong new business momentum all year. And this quarter, we're talking a bit as well around the pharma reacceleration and recovery.

是的。所以，凱爾，我想說，我們確實已經進入了幾個季度的復甦階段。沒有理由認為我們業務的發展軌跡會有任何改變。顯然，我們全年都在談論強勁的新業務成長勢頭。而本季度，我們也在討論醫藥產業的復甦和復甦。

But as George said, obviously, we want to be prudent. But at the moment, we're obviously feeling quite confident on our trajectory. And again, our long-term goal is to get back to more historical growth rates that you saw from us in the past. And so that's the ambition. And so we're going to continue to push towards that.

但正如喬治所說，我們當然要謹慎行事。不過目前，我們對自身的發展軌跡相當有信心。再次強調，我們的長期目標是恢復到以往的成長速度。這就是我們的目標，我們將繼續朝著這個方向努力。

There are no further questions at this time. You may proceed.

目前沒有其他問題了，您可以繼續。

Thank you very much for joining us today, and please continue following up. And once again, congrats to the SOPHiA team who delivered a fantastic quarter.

非常感謝您今天蒞臨，請繼續關注我們的後續活動。再次恭喜SOPHiA團隊，他們本季取得了令人矚目的成績。

Ladies and gentlemen, this concludes today's conference call. We thank you very much for your participation, and you may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。非常感謝各位的參與，現在可以掛斷電話了。祝您今天愉快。