Tempus AI Inc (TEM) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

I am Augusto, and I will be your conference operator today.

我是奧古斯托，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Second Quarter 2024 Financial Results Conference Call.

在此，我歡迎大家參加 2024 年第二季財務業績電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Ms. Liz Krutoholow, Vice Investor Relations.

我現在想將電話轉給投資者關係副總裁 Liz Krutoholow 女士。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, and welcome to Tempus' Second Quarter 2024 Conference Call.

下午好，歡迎參加 Tempus 2024 年第二季電話會議。

This afternoon, Tempus released results for the quarter ended June 30, 2024.

今天下午，Tempus 發布了截至 2024 年 6 月 30 日的季度業績。

Joining me today from Tempus are Eric Lefkofsky, Founder and CEO of Tempus; and Jim Rogers, CFO.

今天與我一起從 Tempus 前來的是 Tempus 創辦人兼執行長 Eric Lefkofsky；和首席財務官吉姆·羅傑斯。

Before we begin, I would like to remind you that during this call, management may make forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

在我們開始之前，我想提醒您，在這次電話會議中，管理階層可能會做出前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果出現重大差異。

For a discussion of these risks, please visit our 10-Q for the quarter ended June 30, 2024, filed on August 6, 2024, as well as any future reports that we file with the SEC.

有關這些風險的討論，請參閱我們於 2024 年 8 月 6 日提交的截至 2024 年 6 月 30 日的季度的 10-Q 報告，以及我們未來向 SEC 提交的任何報告。

During the call, we will discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles.

在電話會議期間，我們將討論非公認會計原則財務指標，這些指標不符合公認會計原則。

Definitions of these non-GAAP financial measures, along with reconciliations to the most directly comparable GAAP financial measures, are included in our second quarter earnings release, which has been furnished to the SEC and is available on our website at investors.tempus.com.

這些非GAAP 財務指標的定義，以及與最直接可比較的GAAP 財務指標的調節，均包含在我們的第二季度收益報告中，該報告已提交給SEC，並可在我們的網站Investors.tempus.com上獲取。

I would now like to turn the call over to Eric.

我現在想把電話轉給艾瑞克。

First, welcome, everybody, to our first earnings call as a public company.

首先，歡迎大家參加我們作為上市公司的第一次財報電話會議。

We're excited to be here and happy to answer questions.

我們很高興來到這裡並樂意回答問題。

I'll just maybe, for 30 seconds, give some color.

我也許會用 30 秒的時間，給一些顏色。

Q2 was a strong quarter as we provided some additional insight in our overview letter.

第二季度是一個強勁的季度，因為我們在概述信中提供了一些額外的見解。

Our core businesses remain on track.

我們的核心業務仍處於正軌。

Everything is how you want to see it up into the right, and we're executing as we had intended both when we began the process a few months ago going public and then certainly carry into the quarter.

一切都是你想要的，我們正在按照我們幾個月前開始上市過程時的預期執行，然後肯定會延續到本季度。

So I would say that we feel like we're in good shape and happy to answer any questions people have.

所以我想說，我們感覺自己狀態良好，並且很樂意回答人們的任何問題。

Operator, we can open the line for questions, please.

接線員，我們可以開通提問線路。

(Operator Instructions) Tejas Savant, Morgan Stanley.

（操作員指令）Tejas Savant，摩根士丹利。

Congrats on a good start out of the gate post-IPO.

祝賀首次公開募股後的良好開端。

Eric, maybe you or Jim can chime in on this.

艾瑞克，也許你或吉姆可以插話一下。

Nice progress on ASPs here on the genomics side in the quarter.

本季基因組學的 ASP 取得了不錯的進展。

Can you just walk us through how you're thinking about potentially [SDF] upside in the back half of the year.

您能否向我們介紹一下您如何看待下半年 [SDF] 的潛在上漲空間。

You've got the ADLT rate on xT coming through as well, but any color on how much of that is baked in versus progress on the commercial payer front would be great.

xT 的 ADLT 率也已通過，但任何有關其中多少與商業付款人方面的進展的顏色都會很棒。

Well, I'll start by covering just the core genomics business and volumes, and Jim could talk a little bit about on the reimbursement side.

好吧，我將首先介紹核心基因組學業務和數量，吉姆可以談談報銷方面。

I think in terms of the overall strength of our units and the unit growth, as we covered in our overview letter, we feel like we're completely on track.

我認為，就我們部門的整體實力和部門成長而言，正如我們在概述信中所述，我們感覺我們完全步入正軌。

We delivered roughly 4,000 more tests in the quarter in Q2 over Q1.

我們在第二季度比第一季多進行了大約 4,000 次測試。

We expect that trend to continue.

我們預計這種趨勢將持續下去。

And there's obviously some kind of percentage seasonality of growth rate in that you could have fewer days in the quarter or ASCO depending on when it falls, could have some impact.

顯然，成長率存在某種百分比季節性，因為季度中的天數可能會減少，或者 ASCO 取決於它何時下降，可能會產生一些影響。

But we feel like our -- the core genomics business is performing as we expected, we feel like we can be in that 25% to 30% growth range in terms of units.

但我們覺得我們的核心基因組學業務的表現符合我們的預期，我們覺得我們的單位數量可以達到 25% 到 30% 的成長。

And given our size and scale, at this point is certainly one of the largest therapy selection sequencers that are out there, we feel like that's a really healthy place to be.

考慮到我們的規模和規模，目前無疑是最大的治療選擇定序儀之一，我們覺得這是一個非常健康的地方。

And in terms of ASP and the reimbursement, I'll I hand over to Jim.

至於 ASP 和報銷，我將交給 Jim。

Yes.

是的。

Thanks, Tejas, for the question.

謝謝特哈斯提出的問題。

So our average reimbursement in Q2 was about $1,500, an increase about $50 over where it was that in Q1 of 2024.

因此，我們第二季的平均報銷約為 1,500 美元，比 2024 年第一季增加了約 50 美元。

The biggest drivers in kind of that uplift were a slight mix shift to more Medicare, Medicare Advantage patients, which typically get reimbursed at a higher rate than we did from commercial payers.

這種成長的最大推動因素是向更多醫療保險、醫療保險優勢患者的輕微混合轉變，這些患者通常會以比我們從商業付款人那裡獲得的報銷率更高的價格獲得報銷。

As a reminder, we're primarily an out-of-network provider with commercial payers.

提醒一下，我們主要是一家擁有商業付款人的網路外提供者。

So average reimbursement is significantly lower than what we've received from Medicare.

因此，平均報銷金額明顯低於我們從醫療保險中獲得的報銷金額。

This presents an opportunity for us going forward as we negotiate with those payers to cover kind of the various tests that we have in market.

這為我們提供了一個前進的機會，因為我們與這些付款人進行談判，以涵蓋我們在市場上進行的各種測試。

And Tejas, you also mentioned kind of the ADLT status for our xT CDx assay, which is our FDA-approved version of xT.

Tejas，您還提到了我們的 xT CDx 檢測的 ADLT 狀態，這是我們 FDA 批准的 xT 版本。

The initial price there was set at $4,500, but that pricing process will play out over the back half of this year.

最初的價格定為 4,500 美元，但定價過程將在今年下半年完成。

So there won't be a meaningful impact to ASPs in 2024 as it relates to the FDA-approved version.

因此，2024 年不會對 ASP 產生有意義的影響，因為它與 FDA 批准的版本有關。

But as we start to migrate volume to that version of the assay in early 2025, we should see some additional tailwinds.

但當我們在 2025 年初開始將批次遷移到該版本的偵測時，我們應該會看到一些額外的有利因素。

Got it.

知道了。

That's helpful.

這很有幫助。

And then, guys, I just want to dig in a little bit on the MRD launch.

然後，夥計們，我只想深入了解 MRD 的發布。

Any anecdotal early customer feedback you can share?

您可以分享任何早期客戶的軼事回饋嗎？

Any sort of like differences you'd like to call out and the reception for the tumor-naive version versus NeXT Personal at this stage?

您想指腫瘤初治版本與 NeXT Personal 之間出現任何類似的差異以及接受情況嗎？

And how are you thinking about volume contribution from MRD in the back half of the year?

您如何看待下半年 MRD 的銷售貢獻？

And then is reimbursement essentially a back half 2025 dynamic?

那麼報銷本質上是 2025 年下半年的動態嗎？

Or could it happen sooner than that?

或者它會比這更早發生嗎？

Yes.

是的。

Again, I'll cover the overall launch, and maybe Jim can cover some thoughts on reimbursement.

再次，我將介紹整個發布過程，也許吉姆可以介紹一些關於報銷的想法。

So we launched -- for those who don't know, we launched basically our entire MRD platform at ASCO with a tumor-naive assay in colorectal cancer.

所以我們推出了——對於那些不知道的人來說，我們基本上在 ASCO 推出了整個 MRD 平台，對結直腸癌進行了腫瘤初始檢測。

And then in partnership with Personalis, we brought a breast, lung and IO to market as well with a tumor-informed assay.

然後，我們與 Personalis 合作，將乳房、肺部和 IO 以及腫瘤相關檢測推向市場。

The -- I think the response has been quite positive even though we're both metering out volume at this point because if we kind of opened up the floodgates, you would likely have an enormous amount of volume that's at the present moment not reimbursed.

我認為，儘管我們現在都在計量數量，但反應還是相當積極的，因為如果我們打開閘門，你可能會擁有大量目前尚未償還的數量。

So given that it takes some time to get reimbursement, we're metering out accounts that we offer the assay to and ramping up slowly so that we can kind of manage the expense side of getting the tested market.

因此，考慮到獲得報銷需要一些時間，我們正在計量提供檢測的帳戶並緩慢增加，以便我們可以管理獲得測試市場的費用方面。

That said, everything we hear anecdotally is super positive.

也就是說，我們聽到的所有軼事都是非常正面的。

I think two, as I mentioned, to a bunch of folks historically, tumor naive has a place in the market, given that logistically and administratively, it's just easier than tumor informed for many accounts that can't do an additional biopsy or don't have enough tissue to basically run a second set of sequencing, consumes a lot of tissue every time you sequence a patient.

我認為，正如我所提到的，對於歷史上的一群人來說，腫瘤天真在市場上佔有一席之地，考慮到後勤和管理上，對於許多無法進行額外活檢或不進行額外活檢的帳戶來說，它比腫瘤知情更容易。

So if you've done therapy selection once, now you have to do MRD for an informed assay, it can be logistically problematic.

因此，如果您已經進行過一次治療選擇，現在您必須進行 MRD 進行知情檢測，這在邏輯上可能會出現問題。

So I think naive has a place.

所以我認為天真有一席之地。

And then the next assay that Personalis has brought to market, which we're obviously, they're part in, is really ultrasensitive.

然後，Personalis 向市場推出的下一個檢測方法（我們顯然也參與其中）確實是超靈敏的。

And so there's a place for that as well, where people are really looking for that ultra sensitivity and specificity and low limits of detection.

因此，人們確實在尋找超高的靈敏度、特異性以及低檢測極限。

And so I think you -- we have a -- we feel like we've got a really nice MRD bag in market where we have a really good logistical product and a really ultrasensitive product, and we think we can meet the needs of the market across that spectrum, but we don't dial up those units for that volume until reimbursement is in sight.

所以我認為你——我們有——我們覺得我們在市場上有一個非常好的 MRD 包，我們有一個非常好的物流產品和一個非常超敏感的產品，我們認為我們可以滿足市場範圍內的範圍，但我們不會撥打這些單位的數量，直到報銷在望。

And maybe Jim can give us some comments on that.

也許吉姆可以就此給我們一些評論。

Yes.

是的。

In terms of reimbursement for our internal tumor-naive panel, we're packaging that up to submit the MoldX right now.

就我們內部腫瘤初治小組的報銷而言，我們正在將其打包以立即提交 MoldX。

And then that process will play out.

然後這個過程就會結束。

So you mentioned kind of back half of '25, Tejas.

所以你提到了 25 年後半段，Tejas。

I think that's the typical time frame, but we'll certainly provide more color as that process unfolds.

我認為這是典型的時間框架，但隨著過程的展開，我們肯定會提供更多的色彩。

Rachel Vatnsdal, J.P. Morgan.

雷切爾·瓦特斯達爾 (Rachel Vatnsdal)，J.P. 摩根。

Perfect.

完美的。

So first up, on the genomics' performance in the quarter, that grew 22% year-on-year, you mentioned all tests performed well in the quarter, but I was wondering if you could unpack that for us a bit more?

首先，關於本季基因組學的表現，年成長 22%，您提到本季所有測試都表現良好，但我想知道您是否可以為我們詳細介紹一下？

Walk us through even if it's from a high-level color standpoint how each test performed in 2Q.

請帶我們了解一下，即使是從高級顏色的角度來看，每個測試在第二季的表現如何。

And then were there any notable shifts in terms of volume contribution by each test as well?

那麼每次測試的體積貢獻是否也有任何顯著的變化？

Yes, there was -- I mean there was nothing material in terms of like a systemic shift of how the orders came in.

是的，我的意思是，訂單輸入方式沒有系統性轉變。

We have a platform that's -- we're in inherited cancer risk we're in solid tumor profiling and liquid biopsies.

我們有一個平台，我們面臨遺傳性癌症風險，我們正在進行實體腫瘤分析和液體活檢。

So we kind of cover all three pretty broadly.

所以我們相當廣泛地涵蓋了這三個面向。

And I would say all are kind of performing in terms of both units and revenue growth as they historically have.

我想說，所有這些在銷售和收入成長方面都表現得像歷史上那樣。

There has been no -- there was no very large cyclical shift as if like all of a sudden, our solid tumor went one way or liquid one another.

沒有－沒有非常大的週期性變化，就好像突然之間，我們的實體瘤朝著一個方向發展，或變成另一種液體。

They're all kind of moving in the same direction.

他們都在朝著同一個方向前進。

They were moving in -- obviously -- or not obviously, but liquid for us was a newer product than solid.

他們正在搬進來——顯然——或者不明顯，但液體對我們來說是比固體更新的產品。

Solid was the first assay we launched and liquid came later.

固體是我們推出的第一個檢測方法，液體是後來才推出的。

And so the growth rates of that product historically have been higher.

因此，該產品的成長率歷來較高。

But at the end of the day, as these products now get to scale, and we are at scale in terms of ctDNA assays, we're at scale in terms of solid tumor for profiling, and approaching scale at inherited cancer risk, I would suspect that the growth rates will start to normalize where you won't see very large differentials between the three as we keep getting bigger.

但歸根結底，隨著這些產品現在規模化，我們在 ctDNA 檢測方面達到規模，在實體瘤分析方面達到規模，並且在遺傳性癌症風險方面接近規模，我想我懷疑增長率將開始正常化，隨著我們規模的不斷擴大，三者之間不會有太大的差異。

And I think we've also historically said that liquid was about a quarter of our volume and it remains as such.

我認為我們歷史上也說過液體約占我們體積的四分之一，而且仍然如此。

There's been no systemic shift there.

那裡沒有發生系統性轉變。

Perfect.

完美的。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just for my follow-up, can you break down for us the data revenues into Insight trials and AI Applications in 2Q?

然後，也許只是為了我的後續行動，您能否為我們將第二季的數據收入細分為洞察試驗和人工智慧應用程式？

And then if I look at guidance, you pointed us towards that $700 million mark on revenues for the year, how should we think about that mix between data versus the genomics business?

然後，如果我看一下指導意見，您指出我們今年的收入將達到 7 億美元，我們應該如何考慮數據與基因組業務之間的組合？

And then is there any seasonality that we should be aware of across 3Q and 4Q for each of those segments as well?

那麼，對於這些細分市場，我們在第三季和第四季是否也應該注意任何季節性？

I'll cover the first part, and Jim can take the second part, which seems to be a theme today.

我將介紹第一部分，吉姆可以講第二部分，這似乎是今天的主題。

So in terms of the data business, which, obviously, has some accelerating growth, we provided some color that Insights led the way.

因此，就數據業務而言，顯然，數據業務正在加速成長，我們提供了一些由 Insights 引領的色彩。

We had a really strong Insights quarter, which is our data licensing business.

我們的洞察季度非常強勁，這是我們的數據授權業務。

The Trials business grew but didn't grow as fast as our data licensing product, Insights.

試驗業務有所成長，但成長速度不如我們的數據授權產品 Insights。

Insights also has a much higher margin.

Insights 的利潤率也高得多。

So to the extent, we want some part of our data and services business growing.

因此，在某種程度上，我們希望我們的數據和服務業務的某些部分能夠成長。

We want the Insights portion growing.

我們希望洞察部分不斷增長。

It has the highest margin, and it's the one that we spend a lot of time focused on.

它的利潤率最高，也是我們花費大量時間關注的領域。

Our Trials business is really made up of a few components.

我們的試驗業務實際上由幾個部分組成。

It's made up of our just-in-time network, which we call TIME.

它由我們稱為 TIME 的即時網路組成。

It's made up of the small studies component, and it's also made up of our CRO business that we called Compass, and we are not investing as heavily in growing our CRO.

它由小型研究組成，也由我們稱為 Compass 的 CRO 業務組成，我們沒有在發展 CRO 方面投入大量資金。

It's not a core part of our growth strategy.

這不是我們成長策略的核心部分。

It's an important component of what we do, but it isn't something that we focus on growing as much as we do, for example, our Insights business.

這是我們工作的重要組成部分，但我們並不像我們的洞察業務那樣專注於發展。

So I would suspect that over time, if we continue to deliver, Insights will continue to outpace our Trials business, and so I would suspect that will be a trend we see going forward as well.

因此，我懷疑隨著時間的推移，如果我們繼續交付，洞察將繼續超過我們的試驗業務，因此我懷疑這也將成為我們未來看到的趨勢。

Yes.

是的。

And just adding a little bit of color with that breakdown.

只需在細分中添加一點顏色即可。

So the Insights business represents about 75% of the data and services revenues.

因此，洞察業務約佔數據和服務收入的 75%。

And to Eric's point, also growing the most quickly amongst those components.

對於埃里克來說，它也是這些組件中成長最快的。

In terms of the -- about approximately $700 million of total revenue for a full year 2024, historically, it's been kind of a two-thirds, one-third split: two-thirds genomics, one-third data and services.

就2024 年全年約7 億美元的總收入而言，從歷史上看，這是一種三分之二、三分之一的劃分：三分之二是基因組學，三分之一是數據和服務。

Obviously, the data and services side of things growing more quickly than the genomics business.

顯然，數據和服務方面的成長速度比基因組學業務更快。

And so we would kind of slightly towards the data other business over genomics for the remainder of the year.

因此，在今年剩下的時間裡，我們會稍微關注其他數據業務而不是基因組學。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

This is John Kim, on for Mike.

我是約翰金（John Kim），替麥克發言。

Any update on the Guardant lawsuit?

有關 Guardant 訴訟的最新情況嗎？

I know it's going to take a few years to play out, but yes, I wanted to see if you guys have any updates.

我知道這需要幾年的時間才能完成，但是是的，我想看看你們是否有任何更新。

No, there's no update.

不，沒有更新。

And there likely won't be a material update unless something happens like -- for years, these things take a long time to get resolved.

而且很可能不會有實質的更新，除非發生類似的事情——多年來，這些事情需要很長時間才能解決。

As we've said historically, we don't feel like it's material.

正如我們歷史上所說，我們不覺得它是物質的。

We feel like we've got appropriate defenses, and it's not something that we're overly concerned with.

我們覺得我們已經有了適當的防禦措施，這並不是我們過度關心的事情。

And I suspect it will take years to play out.

我懷疑這需要數年時間才能實現。

Unfortunately, in our space, mitigation has been a pervasive component of a lot of activity, and I would expect that will continue just by nature.

不幸的是，在我們的領域，緩解措施已經成為許多活動的普遍組成部分，我預計這種情況將自然而然地繼續下去。

But we're focused on doing what's right for patients.

但我們專注於為患者做正確的事。

We're focused on making sure that our tests are the best in the market and people have access.

我們致力於確保我們的測試是市場上最好的並且人們可以使用。

And that's where we continue to keep our head on the ball.

這就是我們繼續保持頭腦清醒的地方。

Got you.

明白你了。

And then in terms of the cost, they came in as expected.

然後就成本而言，他們的表現符合預期。

But looking ahead, you guys also gave us the EBITDA guide there.

但展望未來，你們也為我們提供了 EBITDA 指南。

Any thoughts on when -- any change in your thoughts on when you're going to hit the adjusted EBITDA profitability?

對於何時達到調整後的 EBITDA 獲利能力，您的想法有什麼改變嗎？

At a high level, we made, I think, really strong progress in the quarter.

我認為，在高水準上，我們在本季取得了非常強勁的進展。

I mean we were 12.5 --

我的意思是我們當時 12.5——

$12.7

12.7 美元

million.

百萬。

$12.7

12.7 美元

million in improvement quarter-over-quarter.

環比改善 100 萬美元。

So I think, as we told people, we felt like the leverage was showing up in the business, and that was demonstrated, I think, in Q2, and we would suspect additional leverage will continue as we keep growing.

因此，我認為，正如我們告訴人們的那樣，我們覺得槓桿正在業務中顯現出來，我認為這在第二季度得到了證明，我們懷疑隨著我們不斷增長，額外的槓桿將繼續存在。

And so we feel like we're right on track.

所以我們覺得我們正走在正軌上。

Daniel Brennan, TD Cowen.

丹尼爾·布倫南，TD·考恩。

Congrats on the quarter here on the IPO.

恭喜本季首次公開募股。

A lot of detail in your prepared remarks or in the script that's on the website regarding the Insights business and some of the new contract signings.

在您準備好的評論或網站上的腳本中，有許多關於 Insights 業務和一些新合約簽署的細節。

Maybe can you just expand a little bit there.

也許你可以在那裡擴展一點。

Maybe starting with Novartis, you discussed there, you're going to deliver this throughout 2024.

也許從諾華開始，您在那裡討論過，您將在 2024 年實現這一目標。

Can you help kind of us think through kind of the size of that contract or any details around it?

您能幫助我們思考一下該合約的規模或與之相關的任何細節嗎？

And then the new five-year agreement with Takeda, you discussed that as a significant expansion in size and scope.

然後與武田簽訂新的五年協議，您將其視為規模和範圍的重大擴展。

Maybe can you provide some color on that contract and how we might think about sizing it.

也許您可以提供該合約的一些細節以及我們如何考慮調整其規模。

Yes.

是的。

I mean we obviously didn't include numbers for a variety of reasons, not the least of which we're sensitive to -- that we've got partners and those things.

我的意思是，出於多種原因，我們顯然沒有包括數字，其中最重要的是我們敏感的原因——我們有合作夥伴和這些事情。

There are times that they're appropriate.

有時它們是合適的。

Times, they're not.

時代，他們不是。

These are all good-sized deals for us.

這些對我們來說都是規模不錯的交易。

They're -- I think what we represented in the quarter is that we had multiple large pharma companies, and we didn't list all the smaller biotechs that we also signed various agreements with -- but we had kind of four larger pharma companies that all did significant deals in the quarter.

他們 - 我認為我們在本季度代表的是我們擁有多家大型製藥公司，我們沒有列出我們還與之簽署了各種協議的所有小型生物技術公司 - 但我們有四家較大的製藥公司這些公司都在本季完成了重大交易。

And for us, it was just a sign of both in terms of the revenue we delivered in our Insights business and the bookings we delivered Q2 was a really strong data licensing quarter, and that was good to see.

對我們來說，這只是我們在洞察業務中交付的收入和第二季度交付的預訂量方面的一個跡象，這是一個非常強勁的數據許可季度，這是很高興看到的。

We expected to see if it was good to see, and we expect that momentum to continue at least in the foreseeable future.

我們希望看看這是否值得一看，並且我們預計這種勢頭至少在可預見的未來將持續下去。

But we don't really comment on the size of these deals unless they get so big that we kind of have effectively no choice.

但我們並不會真正評論這些交易的規模，除非它們規模大到我們實際上別無選擇。

And these deals were really good size deals, but they weren't $300 million deals where we would be talking about it

這些交易規模確實很大，但不是我們談論的 3 億美元交易

[three or four].

[三、四]。

And I would also add that the total remaining contract value is still north of $900 million.

我還要補充一點，剩餘合約總價值仍然超過 9 億美元。

So again, as Eric pointed out, we delivered a lot of revenue, but obviously, ad bookings that kind of refilled that total remaining contract value.

因此，正如埃里克指出的那樣，我們提供了大量收入，但顯然，廣告預訂補充了剩餘合約總價值。

In the other metric, which we present annually, is net revenue retention, but these are again the highlighting ones that we had agreements in place, and we're able to expand those in subsequent years.

我們每年提出的另一個指標是淨收入保留，但這些再次強調我們已達成協議，並且我們能夠在隨後的幾年中擴大這些協議。

So we're excited about all the agreements that were mentioned in the release.

因此，我們對新聞稿中提到的所有協議感到興奮。

Yes.

是的。

It's really -- another -- just to jump on Jim's comment, as one of the most exciting things about the Astellas indicated arrangements in addition to Novartis', these are people that had multiyear agreements and re-up for larger agreements or we up for larger periods of time.

這確實是另一回事，只是跳到吉姆的評論上，因為安斯泰來最令人興奮的事情之一表明除了諾華之外還有其他安排，這些人簽訂了多年協議並重新達成更大的協議，或者我們準備好了較長的時間段。

And so that's what you want to see -- Tempus is only eight years old, right?

這就是你想看到的——坦帕斯只有八歲，對吧？

We've been licensing data for five or six years.

我們授權資料已經有五、六年了。

So what you want -- and which means that most of these -- most of our clients have only been clients for two or three years on the data side.

所以你想要什麼——這意味著我們的大多數客戶在數據方面只做了兩三年的客戶。

So seeing big renewals occur over and over again is a really good sign that we're adding a ton of value, and that value is resonating with our clients.

因此，看到一次又一次的重大更新是一個非常好的跡象，表明我們正在增加大量價值，而這種價值正在與我們的客戶產生共鳴。

Dan Arias, Stifel.

丹·阿里亞斯，斯蒂菲爾。

Eric, maybe to your point there on data contracts, one of the questions that we got during the process was on the $900 million plus in revenues that are already contracted but -- which contains the $300 million from customers that haven't formally renewed.

艾瑞克，也許就您在數據合約方面的觀點而言，我們在過程中遇到的問題之一是關於已經簽訂合約的9 億美元以上的收入，但其中包含來自尚未正式續約的客戶的3 億美元。

Can you just talk to confidence in re-upping those two accounts?

您能談談恢復這兩個帳戶的信心嗎？

And then maybe remind us when it is if those contracts actually come up again for renewal?

然後也許提醒我們，這些合約何時真的會再續約？

Yes.

是的。

I mean, they've actually -- both contracts have work actually already been extended in terms of timing.

我的意思是，他們實際上——兩份合約的工作時間實際上已經延長了。

So I think in one of the amendments, we add another year, I think, to AstraZeneca, something like that.

因此，我認為在一項修正案中，我們為阿斯特捷利康（AstraZeneca）又增加了一年，類似的事情。

And we have a longer duration now going out with GSK as well.

我們現在與葛蘭素史克的合作時間也更長了。

So we have -- we've got, I don't know the exact dates, but I'll say roughly 2027, '28, summer of '27, '28.

所以我們有——我們有，我不知道確切的日期，但我會說大約是 2027 年、28 年、27 年夏天、28 年。

So these contracts go kind of years in the future, so there's no immediate clips coming up, and we feel good about all of our larger deals in terms of the value that we're delivering, and we would suspect that the vast majority of all our big deals renew and hopefully expand.

因此，這些合約將在未來幾年內生效，因此不會立即出現剪輯，就我們所提供的價值而言，我們對所有較大的交易感覺良好，我們懷疑絕大多數交易我們的大交易得以更新並有望擴大。

Yes.

是的。

Okay.

好的。

And then just as a follow-up on the excess asset.

然後就作為多餘資產的後續行動。

Do you think you end up submitting that this quarter?

您認為您最終會在本季提交該文件嗎？

Or is it best to think about it as by the end of the year?

或者最好在今年年底前考慮？

Sorry, Dave, I didn't catch that one.

抱歉，戴夫，我沒聽清楚。

What was that?

那是什麼？

Excess of what?

超出什麼？

The submittal of the assay to the FDA, I was under the impression that, that was -- that's a process that's ongoing now.

在向 FDA 提交化驗結果時，我的印像是，這是現在正在進行的過程。

I'm just curious whether you think you get over the hump on that in the next couple of months?

我只是好奇你認為在接下來的幾個月內你是否能克服困難？

Or is it more like in December?

還是更像12月？

I don't have the exact timing, but it's -- those teams are working on a submittal that's fairly imminent.

我沒有確切的時間安排，但這些團隊正在準備一份即將提交的文件。

And so I think the bigger issue for us is both in terms of RNA and our liquid biopsy, we've got efforts in place for both to submit.

所以我認為對我們來說更大的問題是在 RNA 和我們的液體活檢方面，我們已經為兩者提交了努力。

And whether it's one quarter away or two quarters away, it's -- these things are all kind of imminently coming.

無論是四分之一還是兩個季度，這些事情都即將到來。

Andrew Brackmann, William Blair.

安德魯·布拉克曼，威廉·布萊爾。

Maybe on the rep side of things, I know you added a few -- or I think it was somewhere around 30% in the first part of the year, so can you just give us an update on the productivity of that new cohort as well as just sort of working through any sales force changes or disruptions that may occur as a result of that?

也許在代表方面，我知道您添加了一些，或者我認為今年上半年大約為 30%，所以您能否向我們提供有關新群體生產力的最新信息就像解決因此可能發生的任何銷售人員變化或中斷一樣？

Yes.

是的。

I mean productivity is not where we want it to be.

我的意思是生產力沒有達到我們想要的水平。

That's the nicest way for me to say that.

這對我來說是最好的表達方式。

I mean we added -- I think it was probably closer to 60, not 30, in terms of total heads that got added in a fairly short duration across the entire sales infrastructure.

我的意思是，我們添加了 — 我認為就整個銷售基礎設施在相當短的時間內添加的總頭數而言，它可能接近 60，而不是 30。

So we added a lot of folks in the first half of this year.

所以今年上半年我們增加了很多人。

We made a lot of territory changes.

我們做了很多領土變更。

We introduced a new assay.

我們引入了一種新的檢測方法。

And the combination of adding a lot of people, changing a lot of territories and adding a new assay means that our -- the efficiency of our sales force in Q2 was not where we want it to be.

增加很多人員、改變很多地區以及添加新的檢測方法意味著我們第二季度銷售人員的效率沒有達到我們想要的水平。

We continue to see improvement, and I'm confident we'll get back to where it was in Q3 or shortly thereafter.

我們繼續看到進步，我相信我們將回到第三季或不久後的水平。

But at the end of the day, when you're growing as quick as we are and you're adding a lot -- bunch of new assays, from time to time, you have these step functions and territorial change, and you've got to manage it really well.

但歸根結底，當你像我們一樣快速成長並且不斷添加很多新的檢測方法時，你會時不時地獲得這些階躍函數和區域變化，並且你已經必須很好地管理它。

And we're a young company, and we're always going to have some amount of bumps to get over.

我們是一家年輕的公司，總是會遇到一些坎坷需要克服。

We see in the numbers.

我們從數字中看到。

We kind of -- as you can see the numbers, we managed through all that and still grew the genomics business at 22%.

正如你所看到的數字，我們成功度過了這一切，基因組業務仍然以 22% 的速度成長。

So we feel good about it.

所以我們對此感覺良好。

Perfect.

完美的。

And then maybe just on the PurIST algo, first, can you just remind us the importance of that test for your portfolio and how it can be a differentiator?

然後也許就 PurIST 演算法而言，首先，您能否提醒我們該測試對您的投資組合的重要性以及它如何成為差異化因素？

But then also, you received the PLA code last month, so how are you thinking about obtaining potential reimbursement there or to be sort of a first in the process to obtain reimbursement for these AI test?

但同時，您上個月收到了 PLA 代碼，那麼您如何考慮在那裡獲得潛在的報銷，或者成為獲得這些人工智慧測試報銷過程中的第一個？

Yes.

是的。

It was very exciting to be the first company ever had to have on these algorithms get a code and get to this point.

成為第一家必須在這些演算法上獲得程式碼並達到這一點的公司是非常令人興奮的。

It's very cool.

非常酷。

But I think the way I think about this business and our apps business in general is we're fortunate that we have a genomics business that's healthy and growing with high margin.

但我認為我對這項業務和我們的應用程式業務的總體看法是，我們很幸運，我們擁有健康且以高利潤成長的基因組業務。

We have a data business that's healthy and growing with high margin.

我們的數據業務健康發展，利潤率很高。

And so in the near term, we don't have to rely on our apps business to generate lots of revenue, which is a very good thing because we, as a country and as a health care system haven't figured out how to pay for AI.

因此，在短期內，我們不必依賴我們的應用程式業務來產生大量收入，這是一件非常好的事情，因為我們作為一個國家和一個醫療保健系統還沒有弄清楚如何支付對於人工智慧。

We haven't figured out when it should be ordered.

我們還沒有弄清楚什麼時候應該訂購。

We haven't figured out how it should be delivered.

我們還沒想好如何交付。

We haven't figured out how it should be paid for.

我們還沒想好如何付款。

It's just too new of the space.

這個空間太新了。

And so even though we're excited that, a lot of these codes are getting issued and physicians want these kind of algorithmic diagnostics, we still have a ways to go before we can figure out how to get it in the guidelines, how to get into routine practice and how to ultimately get reimbursed for these kind of tests.

因此，儘管我們很興奮，許多這樣的代碼正在發布，醫生想要這種演算法診斷，但在我們弄清楚如何將其納入指南、如何獲得這些代碼之前，我們還有很長的路要走。納入日常實踐以及如何最終獲得此類測試的報銷。

And I would suspect that's a kind of a multiyear journey.

我懷疑這是一段多年的旅程。

We also had our cardiac algorithm to predict atrial fibrillation, was also approved by the FDA, which is amazing.

我們還有預測心房顫動的心臟演算法，也獲得了 FDA 的批准，這真是太棒了。

But again, there's not currently a reimbursement pathway for that test.

但同樣，目前該測試還沒有報銷途徑。

So we need to work on demonstrating -- we've obviously already demonstrated analytical validity.

因此，我們需要努力證明——我們顯然已經證明了分析的有效性。

Now we got to demonstrate clinical validity and ultimately convince payers that it's in their best interest to pay for these kind of tests.

現在我們必須證明臨床有效性，並最終說服付款人，為此類測試付費符合他們的最佳利益。

So that's a multiyear journey.

所以這是一個多年的旅程。

I would suspect that we'll continue to bring many algorithms to market.

我懷疑我們會繼續將許多演算法推向市場。

And our hope is to build a very broad portfolio of lots of algorithmic diagnostics that are part of our Applications business and to begin this journey of getting reimbursed.

我們的希望是建立一個非常廣泛的包含大量演算法診斷的產品組合，這些是我們應用程式業務的一部分，並開始這一獲得報銷的旅程。

And to the extent we're successful, this could be a very big business one day.

就我們的成功而言，有一天這可能會成為一項非常大的業務。

I mean as we've said historically, it could dwarf the other business.

我的意思是，正如我們歷史上所說，它可能會讓其他業務相形見絀。

But it is a long journey, and I can't tell you that we're six months or a year away from seeing light at the end of the tunnel, it's just too new.

但這是一個漫長的旅程，我不能告訴你，我們距離看到隧道盡頭的曙光還有六個月或一年的時間，這太新了。

So as we know, we'll let you know.

據我們所知，我們會通知您。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Congrats on the quarter and the IPO.

恭喜本季和首次公開募股。

Eric, kind of building on the earlier question.

埃里克，有點建立在之前的問題之上。

I was just wondering if you could just talk about the uptake of your emerging AI Applications business.

我只是想知道您是否可以談談新興人工智慧應用業務的發展。

I know it's still early days, but maybe just talk about what you saw in the quarter on that front.

我知道現在還為時過早，但也許只是談談您在本季度看到的情況。

And then, maybe just talk a little bit more about your efforts and initiatives to kind of get those solutions into the health care ecosystem, if you would.

然後，如果您願意的話，也許可以多談談您為將這些解決方案納入醫療保健生態系統所做的努力和舉措。

Yes.

是的。

We have -- it's a really promising story, but it's super tiny in terms of revenue.

我們有——這是一個非常有前途的故事，但就收入而言卻非常小。

So the growth rate of our Applications business is really high, but it's also relatively small because, again, this stuff, we, as a health care system, haven't figured out how to pay for a lot of these applications.

因此，我們的應用程式業務的成長率確實很高，但也相對較小，因為我們作為醫療保健系統，還沒有弄清楚如何為大量此類應用程式付費。

So the core components of our Apps business today, our Applications business today, we are the biggest next, where we're basically closing care gaps in real time and then we have a series of algorithms, whether that's across digital pathology or cardiology that are also algorithm-based.

因此，我們今天的應用程式業務的核心組成部分，我們今天的應用程式業務，我們是下一個最大的，我們基本上實時縮小護理差距，然後我們有一系列演算法，無論是跨數位病理學還是心臟病學也是基於演算法的。

But if you look, for example, at Next, just take that one product, it's an amazing product in that we're able to scan real-time clinical data, a relatively real-time clinical data and see essentially errors or mistakes occurring in real time, where there are guidelines established and there's routine practice.

但是，如果你看看 Next，就拿那個產品來說，這是一個令人驚奇的產品，因為我們能夠掃描實時臨床數據，相對實時的臨床數據，並看到本質上發生的錯誤或錯誤。 ，建立指導方針並進行例行實踐。

And yet for some reason, some patient has fallen through a care gap.

然而由於某種原因，一些患者陷入了護理缺口。

And it happens in health care.

這種情況發生在醫療保健領域。

It's just part of the system.

它只是系統的一部分。

No one's perfect.

沒有人是完美的。

Using AI and technology to spot those and try to correct them is really powerful in terms of the benefit it provides, patients and physicians.

使用人工智慧和技術來發現這些問題並嘗試糾正它們對於患者和醫生來說確實是非常強大的。

How you get paid for that, though, is a bit harder.

不過，要如何獲得報酬有點困難。

And so again, we're experiencing, I would say, really positive, strong signs of adoption.

我想說，我們再次經歷了非常正面、強烈的採用跡象。

People want these kind of applications.

人們想要這類應用程式。

They're excited to deploy them.

他們很高興能夠部署它們。

We're making a ton of progress, but there's still a significant amount of work we have to do as a system, not just Tempus, but anyone who's in AI in health care to get these things paid for at scale.

我們正在取得大量進展，但作為一個系統，我們仍然需要做大量的工作，不僅僅是 Tempus，還有任何在醫療保健領域使用人工智慧的人，才能大規模地支付這些費用。

And so that's what it takes us from being a high growth but small business to a high growth in a big business.

這就是我們從高成長的小企業轉變為高成長的大企業的原因。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Congrats on the successful quarter and IPO.

恭喜季度和 IPO 取得成功。

Eric, I'm kind of curious, from our health care IT side of things, we've actually seen the data space as one that's been really challenged in terms of the level of investment or spend that a lot of large pharmas and biotechs are willing to allocate this year from other vendors.

Eric，我有點好奇，從我們的醫療保健IT 方面來看，我們實際上已經將數據空間視為在投資或支出水平方面真正面臨挑戰的領域，而許多大型製藥公司和生物技術公司都面臨著這樣的挑戰。

Can you just talk about why you've been able to see so much success on the data side of the business and how you're differentiating there?

您能否談談為什麼您能夠在業務數據方面取得如此巨大的成功以及您如何在這方面脫穎而出？

And then maybe within the quarter sort of with the mix of expansions versus net new logos you brought on in the data business.

然後也許在這個季度內，您將在數據業務中進行擴展與淨新徽標的混合。

Yes.

是的。

I mean we're experiencing really positive momentum and really strong growth in our data business, I think, in a very tough background.

我的意思是，我認為，在非常艱難的背景下，我們的數據業務正在經歷非常積極的勢頭和非常強勁的成長。

And I think you highlighted that.

我認為你強調了這一點。

I mean the macro conditions are not great.

我的意思是宏觀條​​件不太好。

You have biotechs, especially smaller biotechs that have had a really hard time raising capital for the past several years.

生技公司，尤其是規模較小的生技公司，在過去幾年籌集資金非常困難。

And big pharma has been really conscientious about its R&D budgets.

大型製藥公司對其研發預算非常認真。

And so we're growing really quickly and continuing to sign big deals despite what I think of as a tough environment.

因此，儘管我認為環境很艱難，但我們的成長速度非常快，並繼續簽署大筆交易。

So I think I'm hopeful that the next year or 2, when the environment changes, and I believe it will change.

所以我認為我希望明年或兩年，當環境改變時，我相信它會改變。

I think biotech will eventually be able to go public again and raise capital, I think we're going to have some really nice tailwind to that business.

我認為生物技術最終將能夠再次上市並籌集資金，我認為我們將為該業務帶來一些非常好的順風。

But at the end of the day, the reason that I think we're growing is it's a very simple equation.

但歸根結底，我認為我們正在成長的原因是這是一個非常簡單的方程式。

If you deliver something of value that people want that's helping them improve their efforts in early-stage discovery, improve their ability to design clinical trials, improve their ability to develop assets more efficiently and bring them to market, get clinical trials, close quicker, these things are all a big deal and companies are willing to pay money, but you got to demonstrate that value.

如果您提供人們想要的有價值的東西，這將幫助他們改進早期發現的工作，提高他們設計臨床試驗的能力，提高他們更有效地開發資產並將其推向市場的能力，進行臨床試驗，更快結束，這些事情都很重要，公司願意付錢，但你必須證明這個價值。

So in tougher markets, there's kind of nice-to-have and need-to-have.

因此，在更嚴峻的市場中，存在著「有好有好」和「有必有」之分。

And Tempus at least at the present moment is kind of need-to-have data for a lot of people.

Tempus 至少在目前是許多人需要的數據。

And I think you're right, probably cutting back on budgets for nice-to-have things.

我認為你是對的，可能會削減對美好事物的預算。

Very helpful color.

非常有用的顏色。

Maybe as a follow-up.

也許作為後續行動。

On the genomics side, given all the positive news that you continue to receive in terms of reimbursement for assays from CMS, you talk about how you're sort of going about using this in discussions with the commercial payers to potentially improve reimbursement?

在基因組學方面，考慮到您繼續收到 CMS 檢測報銷的所有積極消息，您談到您將如何在與商業付款人的討論中利用這一點來潛在地改善報銷？

And what sort of stage are we at in sort of the progression of those discussions?

這些討論的進展目前處於什麼階段？

Yes.

是的。

So I think on the commercial payer side, we're certainly on the same journey that kind of all sequencers have kind of followed.

因此，我認為在商業支付方方面，我們肯定正走在所有定序儀所遵循的相同旅程上。

Getting CMS coverage is great.

獲得 CMS 覆蓋非常棒。

That unlocks and FDA approval.

這將解鎖並獲得 FDA 的批准。

Somewhere that unlocks kind of the ability to have these discussions with commercial payers.

在某個地方可以釋放與商業付款人進行這些討論的能力。

We have gone in network with Cigna, Humana and Aetna, and so we have started to make some progress.

我們已經與 Cigna、Humana 和 Aetna 建立了網絡，因此我們已經開始取得一些進展。

Still, plenty of work to be done.

儘管如此，仍有大量工作要做。

And we're having those discussions, but they just take a long time to play out.

我們正在進行這些討論，但它們需要很長時間才能發揮作用。

So over the next few quarters, we'll certainly share the progress

因此，在接下來的幾個季度中，我們肯定會分享進展

(inaudible).

（聽不清楚）。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。