Tempus AI Inc (TEM) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Jason and I will be a conference operator for today. At this time, I would like to welcome everyone to the Tempus fourth-quarter 2024 financial results conference call.

感謝您的支持。我叫傑森，今天我將擔任會議主持人。現在，我歡迎大家參加 Tempus 2024 年第四季財務業績電話會議。

(Operator Instructions)

（操作員指示）

I would now turn the call over to Lizzy Krutoholow. Please go ahead.

現在我將把電話轉給 Lizzy Krutoholow。請繼續。

Thank you, Jason. Good afternoon and welcome to Tempus fourth-quarter 2024 conference call. This afternoon, Tempus released results for the quarter and the year ended December 31, 2024. Joining me today from Tempus are Eric Lefkofsky, Founder and CEO of Tempus; and Jim Rogers, CFO.

謝謝你，傑森。下午好，歡迎參加 Tempus 2024 年第四季電話會議。今天下午，Tempus 公佈了截至 2024 年 12 月 31 日的季度和年度業績。今天與我一起出席的還有 Tempus 創辦人兼執行長 Eric Lefkofsky 和財務長 Jim Rogers。

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. For a discussion of these risks, please visit our Form 10-K filed today, February 24, 2025, as well as any future reports that we file with the SEC.

在我們開始之前，我想提醒您，在本次電話會議中，管理階層可能會做出前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果大不相同。如需了解這些風險，請造訪我們於今天（2025 年 2 月 24 日）提交的 10-K 表格以及我們向 SEC 提交的任何未來報告。

During the call, we will discuss non-GAAP financial measures which are not prepared in accordance with generally accepted accounting principles. Definitions of these non-GAAP financial measures, along with reconciliations to the most directly comparable GAAP financial measures, are included in our fourth-quarter earnings release, which has been furnished to the SEC and is available on our website at investors.tempus.com.

在電話會議中，我們將討論未依照公認會計原則編製的非 GAAP 財務指標。這些非 GAAP 財務指標的定義以及與最直接可比較的 GAAP 財務指標的調整表均包含在我們的第四季度收益報告中，該報告已提交給美國證券交易委員會 (SEC)，並可在我們的網站 investors.tempus.com 上查閱。

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

現在我想把電話轉給 Eric。

Thank you, and thanks, everyone, for joining the call. I'm just going to highlight a few quick bullets, and then we'll be happy to take questions.

謝謝大家，也謝謝大家參加電話會議。我只想簡單強調幾點，然後我們很樂意回答問題。

Q4 was a fantastic quarter for Tempus across the board. Our revenue growth accelerated to 35.8% year-over-year in the fourth quarter. Gross profit growth accelerated to 49.7%. So even though our revenues were growing rapidly, our gross profit was actually growing even more rapidly.

對於 Tempus 來說，第四季是一個全面輝煌的季度。第四季我們的營收成長率年增35.8%。毛利成長加速至49.7%。因此，儘管我們的收入成長迅速，但我們的毛利實際上成長更快。

We ended the year with $940 million in total remaining contract value and 140% net revenue retention. These were both up pretty materially. And one of the reasons that our gross profit growth was growing so quickly is our Data and services business just had a really strong Q4, finishing a really strong year. And so that propelled some of that growth and also is the reason we ended the year with an uptick in total remaining contract value and really record net revenue retention.

截至今年年底，我們的剩餘合約總價值為 9.4 億美元，淨收入保留率為 140%。這兩個數字都大幅上漲。我們的毛利成長如此之快的原因之一是我們的數據和服務業務剛剛在第四季度表現強勁，為今年畫上了非常強勁的句號。這推動了部分成長，也是我們在年底時剩餘合約總價值上升並真正創下淨收入保留記錄的原因。

We also closed the acquisition of Ambry Genetics on February 3, which is exciting as we've talked about that historically. But that's now behind us. So we'll have 2 months this quarter of Ambry's results in our numbers. And we also increased our revenue guidance. We had historically given $1.23 billion, but we've upped that to $1.24 billion for 2025 and expect to be adjusted EBITDA positive and generate about $5 million of adjusted EBITDA.

我們還在 2 月 3 日完成了對 Ambry Genetics 的收購，這令人興奮，因為我們以前就討論過這個問題。但那已經是過去式了。因此我們的數據中會有 Ambry 本季 2 個月的業績。我們也提高了收入預期。我們過去曾給出 12.3 億美元，但到 2025 年，我們已將其提高到 12.4 億美元，並預計調整後的 EBITDA 將為正值，並產生約 500 萬美元的調整後 EBITDA。

Obviously, we're not providing a range. We give fairly specific numbers, but there's always an implied range. But we feel confident enough that we're increasing our guidance for 2025.

顯然，我們沒有提供範圍。我們給出了相當具體的數字，但總是有一個隱含的範圍。但我們有足夠的信心，因此我們將提高 2025 年的預期。

Finally, I want to just note, if you read the letter Jim and I put out, you'll catch this in his section, but we did extend our Google agreement for another 5 years. It's kind of an awesome win for us in that it allows us to avail ourselves of really best-in-class rates. And it pushes out the note we have with Google another 5 years. And that note, as you'll recall, comes down as we spend on their platform, so it gives us more chance to work that down.

最後，我想指出的是，如果你讀過我和吉姆發出的信，你會在他的部分看到這一點，但我們確實將與谷歌的協議延長了 5 年。這對我們來說是一個了不起的勝利，因為它使我們能夠享受到真正一流的價格。這將使我們與 Google 的合作關係再延後 5 年。您會記得，當我們在他們的平台上消費時，該金額就會減少，因此它為我們提供了更多機會來實現這一目標。

So all in, great quarter. It's where we want to be. You want revenues accelerating in terms of growth. Our gross profit is growing quicker. Our costs are in line.

總而言之，這是一個非常棒的季度。這正是我們想要去的地方。您希望收入能夠加速成長。我們的毛利成長較快。我們的成本是符合標準的。

So we're generating the kind of leverage we want to see, and it's really just nice to be in a position where certainly our two main businesses, Genomics and Data, are really firing on all cylinders in a period of strength.

因此，我們正在創造我們想要看到的那種槓桿作用，而且我們非常高興能夠處於這樣的位置：我們的兩大主要業務——基因組學和數據，在強勁時期真正全速運轉。

On that note, happy to take questions.

關於這一點，我很高興回答問題。

(Operator Instructions)

（操作員指示）

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

Hey guys, good evening. Congrats on closing the Ambry transaction. Eric, just one question there for me. One of the benefits you had highlighted in terms of bringing Ambry in-house is that it gives you a West Coast lab. So over what time frame could we see you bring some of your somatic workflows to that location?

大家好，晚上好。恭喜您完成 Ambry 交易。艾瑞克，我只想問一個問題。您強調的將 Ambry 引入公司的好處之一是它為您提供了一個西海岸實驗室。那麼在什麼時間範圍內我們可以看到您將一些體細胞工作流程帶到那個地方？

And then, Jim, on the seasonality in the Ambry business, how should we think about what's contemplated in the guide? Obviously, just 2 months of contribution here in 1Q, so there will be a mathematical ramp. But beyond that, anything to think about in terms of seasonality through the year?

然後，吉姆，關於 Ambry 業務的季節性，我們應該如何考慮指南中考慮的內容？顯然，第一季這裡僅有 2 個月的貢獻，因此將出現數學上的上升。但除此之外，一年中還有什麼需要考慮的季節性嗎？

Yes. So I can start. So Ambry does give us a West Coast lab. For those that may not recall, we have labs in Chicago, Raleigh, North Carolina and Atlanta. So now with the acquisition of Ambry, we pick up a lab out West.

是的。這樣我就可以開始了。所以 Ambry 確實為我們提供了一個西海岸實驗室。對於那些可能不記得的人，我們在芝加哥、北卡羅來納州羅利和亞特蘭大設有實驗室。現在，隨著 Ambry 的收購，我們在西部設立了一個實驗室。

Over time, we will look to have our somatic -- or CGP assays or comprehensive genomic profiling assays run out of their lab. We'll look to bring some of their inherited risk assays into our labs. But there's no immediate plans to do that in the next few quarters. It's more of a longer-term initiative to make sure we have appropriate redundancy operating out of all of our big labs across the country.

隨著時間的推移，我們將尋求讓體細胞——或 CGP 分析或綜合基因組分析在他們的實驗室中運行。我們將考慮將他們的一些遺傳風險檢測帶入我們的實驗室。但未來幾季內還沒有立即實施這項計畫。這是一項長期計劃，旨在確保我們在全國所有大型實驗室都擁有適當的冗餘度。

We're fortunate that Tempus already has that in place today between Chicago and Raleigh. So we built a lot of that redundancy both in terms of operating workflows -- in case one lab has a problem or something goes down. Also, we benefit from some of the reimbursement diversity of having those two labs. And the California lab of Ambry will give us additional redundancy and additional benefits. So I would say over the next year or two, we'll look to start moving some of those assays and cross-pollinating.

我們很幸運，Tempus 現已在芝加哥和羅利之間實施了這項舉措。因此，我們在操作工作流程方面建立了許多冗餘——以防一個實驗室出現問題或故障。此外，我們也受惠於這兩個實驗室的報銷多樣性。而位於加州的安布里實驗室將為我們提供額外的冗餘和額外的福利。所以我想說，在接下來的一兩年裡，我們將開始進行一些分析並進行交叉授粉。

Yes. And then I'll take the second question with regards to seasonality of the Ambry business. I think they experienced the same seasonality that we do with our business and other labs. Typically around the holidays, things slow down. I would say that given where they're at in terms of kind of capturing market share as well as kind of growing their rare and undiagnosed business, we would anticipate kind of revenues growing throughout the year, similar to what they do in kind of the Tempus business.

是的。然後我將回答有關 Ambry 業務季節性的第二個問題。我認為他們經歷的季節性與我們的業務和其他實驗室經歷的相同。通常在假期期間，事情就會放緩。我想說的是，考慮到他們在佔領市場份額以及發展稀有和未確診業務方面的位置，我們預計全年收入都會增長，類似於他們在 Tempus 業務中所做的那樣。

So there is some seasonality, but we would just anticipate revenues continuing to grow kind of quarter after quarter, no different than the Tempus business.

因此存在一些季節性，但我們預計收入將繼續逐季成長，與 Tempus 業務沒有什麼不同。

Got it. And then a quick follow-up on the Data side of things. In your prepared remarks, you guys flagged one data delivery project, I think, that slipped out of the quarter. Can you just quantify the impact? And was that a customer delay?

知道了。然後快速跟進數據方面的事情。我認為，在你們準備好的發言中，你們提到了一個在本季中被忽略的資料傳輸項目。您能量化一下其影響嗎？這是客戶延誤嗎？

And Jim, on that note, what exactly is the data contribution that you're baking into '25, into your guide? Should we think of that as a safe number that's essentially derisked? Or is there any sensitivity depending on pharma budgets, particularly for the smaller customers who haven't signed those strategic longer-term contracts with you?

吉姆，就此而言，您在 25 年指南中融入的數據貢獻究竟是什麼？我們是否應該將其視為本質上無風險的安全數字？或者是否存在取決於製藥預算的敏感性，特別是對於那些尚未與您簽署戰略性長期合約的小客戶？

Yes. So I'll start with the first. So we had a fairly large data delivery, north of $10 million that we could have pushed to get out potentially in Q4, but the natural kind of timing of that is the early part of this year. And I was just referencing it because it's not that the client had an issue or we had an issue or there was any issue. It's just that in every quarter, when you get to our size and you have a Data business that's large, there are timing of these delivery of these data sets that can slip a month here or a month there.

是的。所以我先從第一個開始。因此，我們有一個相當大的數據傳輸，價值超過 1000 萬美元，我們本來可以在第四季度完成，但自然的時間是在今年年初。我只是引用它，因為這並不是客戶遇到的問題或我們遇到的問題或有任何問題。只是在每個季度，當你達到我們的規模並且擁有龐大的數據業務時，這些數據集的交付時間可能會在這裡或那裡延遲一個月。

They can get pushed up into a quarter. They can get pushed back into a quarter. And so we always have puts and takes, and I was just highlighting that.

他們可能會被推入四分之一。他們可能會被推回四分之一決賽。因此，我們總是有得有失，我只是強調了這一點。

And if that data delivery would have gone out in Q4, we would have -- they can add a significant amount of revenue to Q4. So it would have been -- that's why I also said when we talk about $700 million of revenue, it could be $693 million. It could be $706 million. And most of that has nothing to do with the performance of the business or what's going well. It can just be the timing of when tests are ordered or when data is delivered.

如果該資料傳輸能在第四季完成，那麼他們就能為第四季增加大量收入。所以它本來應該是——這就是為什麼我說當我們談論 7 億美元的收入時，它可能是 6.93 億美元。可能是 7.06 億美元。其中大部分與業務表現或進展順利無關。它可能只是下令進行測試或交付資料的時間。

And then the second part of your question, Tejas, around kind of the '25 guide and kind of where the contribution from Data is, I'd say the $940 million of total remaining contract value obviously gives us good visibility into 2025. The larger agreements have kind of committed spend, and those larger subscriptions get delivered kind of quarterly. The smaller agreements, there's always some subset of those that get signed and delivered in the year, but the majority is under contract as you go into '25.

然後，關於你問題的第二部分，Tejas，圍繞著 25 年的指南以及數據的貢獻，我想說，9.4 億美元的剩餘合約總價值顯然讓我們對 2025 年有了很好的了解。較大的協議有某種承諾的支出，而那些較大的訂閱則按季度交付。對於較小的協議，總會有一些子集在當年簽署並交付，但大多數協議都是在進入 25 年時簽訂的。

Got it. That's helpful. I appreciate the time.

知道了。這很有幫助。我很感激你抽出時間。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Great, thank you. This is Casey on for Rachel. Just had one on the new guide for 2025. When backing into the math, it looks like Ambry is now an implied 17% top line growth rate, if keeping core Tempus at 30%. So maybe just help us walk through kind of how we should think about Ambry in the model in 2025. And then I have one follow-up. Thanks.

太好了，謝謝。這是 Casey 代替 Rachel 上場的。剛剛看到一篇關於 2025 年的新指南。從數學角度來看，如果核心 Tempus 的成長率維持在 30%，那麼 Ambry 的隱含營收成長率似乎為 17%。所以也許可以幫助我們了解我們應該如何在 2025 年的模型中考慮 Ambry。然後我還有一個後續問題。謝謝。

Yes. I mean -- so we've historically said, and you can see this in the commentary that Jim and I provided, that Ambry benefited in 2024 from some ASP headwinds and some fluctuations in the market related to competitors where a lot of volume was moving to their direction. Now they also have a best-in-class product that has been outgrowing the market anyway. So they were going to grow nicely, but they had a couple of things in 2024 that were accelerants to their growth rate.

是的。我的意思是 - 所以我們過去曾說過，你可以在 Jim 和我提供的評論中看到這一點，Ambry 在 2024 年受益於一些 ASP 逆風和與競爭對手相關的一些市場波動，其中大量交易量正朝著他們的方向發展。現在他們也擁有了同類最佳的產品，而且其成長速度已經超越了市場。所以他們將會很好地成長，但他們在 2024 年遇到了一些事情，這些事情會加速他們的成長率。

And so in 2025, as they lap those accelerants, you could see a growth rate that might be normally in the kind of low 20s be in the high teens. And so we've talked about that last quarter and suspect that could be the case now. Some of this is -- we'll see how the year plays out. But we are, as we've said historically, forecasting core Tempus to be closer to 30%, Ambry in the high teens, and you've -- whether it's 17% or 19% or whatever, like somewhere in that direction. And I suspect that's how things will play out unless there's more accelerants that come their way.

因此，到 2025 年，隨著這些加速器的推廣，你會看到成長率通常會在 20 多歲到 10 多歲之間。我們在上個季度討論過這個問題，並懷疑現在的情況可能就是這樣。其中有些是——我們將看看今年的情況如何。但正如我們過去所說的那樣，我們預測核心 Tempus 的成長率將接近 30%，Ambry 的成長率將在 10% 左右，無論是 17% 還是 19%，都在這個範圍內。我懷疑，除非有更多的推動因素，否則事情就會這樣發展。

Got it. That's helpful. And then just as a quick follow-up, you mentioned 20% of revenues will fall in 1Q. I understand you have the ADLT percentage of volume kind of growing over the course of the year and other reimbursement tailwinds. Can you just maybe walk us through the quarterly phasing of the guide and maybe what the exit rate looks like?

知道了。這很有幫助。然後，作為一個快速的後續問題，您提到第一季的收入將下降 20%。我知道 ADLT 的佔比在一年內有所增長，還有其他報銷方面的利好。您能否向我們介紹一下指南的季度分階段狀況以及退出率是怎樣的？

Yes. So Q4 is always a very big data delivery quarter for us, as we kind of talked about. And so as you get into Q1, Q1 is always kind of, in terms of percentage of overall revenue in the year, the lowest. And so this -- what we've guided is consistent with what we've seen in previous years.

是的。正如我們所談到的，第四季對我們來說始終是一個非常重要的資料傳輸季度。因此，當你進入第一季時，就全年總收入的百分比而言，第一季總是最低的。因此，我們所指導的內容與前幾年所見的內容一致。

Specific to ADLT status, again, in the commentary that we provided, we'll end the quarter at about 20% of our -- we expect to end our quarter with about 20% of our xT volume moving over to ADLT. So as we've highlighted in the past, kind of the national launch started in January, but it will take kind of the balance of the year and into next year until we have the vast majority of that test on ADLT -- on the ADLT version. So we guided to the 20% of the revenues in Q1, and we would anticipate a similar kind of phasing of what we saw last year.

具體到 ADLT 狀態，同樣，在我們提供的評論中，我們預計本季末將有約 20% 的 xT 交易量轉移到 ADLT。因此，正如我們過去所強調的那樣，全國範圍的發佈於 1 月開始，但要等到今年年底並到明年，我們才能對 ADLT 版本進行絕大多數測試。因此，我們預計第一季的營收將達到 20%，我們預計會出現與去年類似的分階段情況。

Got it. Thank you.

知道了。謝謝。

Mike Ryskin, Bank of America.

美國銀行的邁克·里斯金（Mike Ryskin）。

Great, thanks for taking my question, guys. I want to follow up really quick to Casey's point right there on Ambry contribution. I just want to get a little deeper into sort of how you think about the model longer term. I mean you talked about what it was contributing to growth -- or what it grew in 2024 and some of the accelerants. Like we just discussed sort of like now it looks like it's high teens in 2025.

太好了，謝謝大家回答我的問題。我想快速跟進一下 Casey 關於 Ambry 貢獻的觀點。我只是想更深入地了解您對該模型的長期看法。我的意思是，你談到了它對成長的貢獻——或者它在 2024 年的成長以及一些促進因素。就像我們剛才討論的那樣，現在看來，到 2025 年這一數字將達到十幾歲。

I think you just made some comment of you see it longer term as a 20% grower. I just want to make sure I caught that correctly. Just how we flesh it out in our model in '26 and beyond. Just can you talk about what you see the Ambry business doing longer term. And I've got a follow-up. Thanks.

我認為您剛才發表了一些評論，您認為從長遠來看，其成長率將達到 20%。我只是想確保我理解正確。我們如何在 26 年及以後的模型中充實它。您能否談談您對 Ambry 業務長期前景的看法？我還有後續行動。謝謝。

Yes. I think I would suspect -- we've told people that kind of long-term growth rate for Tempus you should think of us. If we're growing the business long term at 25%, that's a perfectly solid growth rate. We don't -- we're more focused on long-term sustainable growth than we are focused on maximizing short-term growth. So you'll see us make that trade all the time.

是的。我想我會懷疑——我們已經告訴人們 Tempus 的長期成長率，你應該考慮我們。如果我們的業務長期成長率達到 25%，那麼這是一個非常穩健的成長率。我們不會－我們更關注長期可持續成長，而不是最大化短期成長。所以你會看到我們經常進行這樣的交易。

If we can do things that we feel are sustainable and durable, we choose that path instead of kind of picking up a bunch of growth in the current quarter that isn't durable.

如果我們可以做一些我們認為可持續、持久的事情，我們會選擇這條路，而不是在本季度獲得大量不持久的成長。

I think interestingly enough, and we've seen some of that this year where I think -- and again, in some of Jim's commentary, you talked about lapping a period where maybe we had some ASP, some cash collections in 2023 that we had to lap in 2024. So you get some of these anomalies where your growth rates can bounce around a bit.

我認為有趣的是，我們今年已經看到了一些這樣的情況，我認為——再說一次，在吉姆的一些評論中，你談到了重疊時期，也許我們在 2023 年有一些 ASP，一些現金收款，而我們必須在 2024 年重疊。因此，你會遇到一些異常情況，成長率可能會出現一些波動。

And we're still -- even at our size, these are -- this isn't a $100 billion business where these fluctuations don't make a difference. So at our size, if you pick up an extra $20 million or $30 million of revenue and then you lap that, it can cause some issues.

即使以我們的規模來看，我們仍不是一個價值 1000 億美元的企業，這些波動不會造成影響。因此，以我們的規模，如果你額外獲得 2000 萬美元或 3000 萬美元的收入，然後你將其覆蓋，則可能會引起一些問題。

But I would suspect long term, you'll see Ambry's growth rate and our growth rate probably in terms of the Genomics business be pretty similar. I think these things can grow at 25% for a sustainable amount of time. I think the Data business and the apps business can grow a bit faster. So core Tempus may be benefited by our Data and our AI applications that obviously can grow much quicker -- or can grow quicker.

但我認為從長遠來看，你會看到 Ambry 的成長率和我們的基因組學業務的成長率可能非常相似。我認為這些東西可以在可持續的時間內以 25% 的速度成長。我認為數據業務和應用程式業務可以成長得更快一些。因此，核心 Tempus 可能會受益於我們的數據和 AI 應用程序，它們顯然可以增長得更快——或者可以增長得更快。

But in terms of core genomics, I think the comprehensive genomic profiling and therapy selection, the minimal residual disease and the inherited risk profiling, these are still businesses with huge amounts of growth. I mean there's no -- I believe that many, many people, if not most people, will be profiled for risk in the future.

但就核心基因組學而言，我認為綜合基因組分析和治療選擇、微小殘留疾病和遺傳風險分析仍然是具有巨大成長潛力的業務。我的意思是──我相信，即使不是大多數人，很多人將來也會面臨風險。

And the fact that Ambry is a leader in that space, you can do the math in a world where many, many people are profiled or most people are profiled, you're quoting numbers in the hundreds of billions -- I'm sorry, no, in the hundreds of millions. And today, they're running a fraction of those tests. So I think they have a lot of headroom, and I would suspect their growth rates will start to, over time, be similar to ours.

而事實上，Ambry 是該領域的領導者，你可以算一下，在這個世界上，有很多人都被分析過，或者說大多數人都被分析過，你引用的數字是數千億——對不起，不是數億。今天，他們只進行了其中一小部分測試。所以我認為他們有很大的發展空間，而且我預計隨著時間的推移，他們的成長率將開始與我們相似。

Okay. All right. And then for the follow-up a little bit. I want to touch on the Data side of things. One is you kind of talked about the total contract value in some of your prepared remarks.

好的。好的。然後稍微進行後續跟進。我想談談數據方面的問題。一是您在一些準備好的發言中談到了合約的總價值。

I think $940 million is where you ended the year. It sort of has been at that ballpark all year, in the low $900 million, $920 million, $930 million, $940 million. So we've always kind of thought of that as a leading indicator of growth.

我認為 9.4 億美元就是您今年的最終收入。全年的銷售額大概都在這個水平，大約在 9 億美元、9.2 億美元、9.3 億美元和 9.4 億美元。因此，我們一直認為這是成長的領先指標。

How should we think about that going forward? I mean there were some remarks in the prepared remarks text that you actually kind of expect it to decline in the future given it's a large number. But yes, I mean, just why shouldn't that be an indicator of future revenue growth? So wouldn't you like to see that number grow higher?

我們今後該如何看待這個問題？我的意思是，在準備好的評論文本中有一些評論，考慮到這個數字很大，你實際上有點預計它會在未來下降。但是是的，我的意思是，為什麼這不應該成為未來收入成長的指標呢？那麼你不希望看到這個數字變得更高嗎？

Yes. So I'll start. And then, Eric, you can chime in. I'd say the number did grow higher throughout the course of the year. And we also kind of grew -- the amount of revenue that came out of that was at a record level as well.

是的。那我就開始了。然後，艾瑞克，你可以插話了。我想說，這一數字在這一年確實有所增長。而且我們也實現了成長——由此產生的收入也達到了創紀錄的水平。

And so any growth in that number when you're kind of achieving kind of the revenue growth that we saw, you'd be very happy with.

因此，當您實現我們所看到的收入成長時，這個數字的任何成長都會讓您非常高興。

The way that we kind of view the total remaining contract value is, is it at a healthy enough level to kind of give you some visibility into the next several years of revenue. And at the level that it's at, given the amount of revenue that we recognize in a given year, it provides that level of visibility. As we've previously kind of talked about, when we get kind of larger deals, then that can result in some fluctuation of those. And you don't sign kind of very large deals every single quarter. We highlighted some of the larger deals that we signed in the quarter with [BI] and Illumina.

我們對剩餘合約總價值的看法是，它是否處於足夠健康的水平，以便讓您了解未來幾年的收入。在目前的水平上，考慮到我們在某一年確認的收入金額，它提供了這種程度的可見性。正如我們之前談到的，當我們獲得更大的交易時，這可能會導致一些波動。而且你不會每季都簽署非常大的交易。我們重點介紹了本季與 [BI] 和 Illumina 簽署的一些較大的交易。

And again, we think that it's at a very healthy level for us to achieve the targets that we're looking to achieve.

而且，我們認為，目前的狀況對於我們實現所期望的目標來說，已經處於非常健康的水平。

Yes. And the punch line is it's lumpy, right? So the fact that it's growing and the fact that it -- and the fact that our net revenue retention is so high means the core business is really, really strong, right? I mean in simple terms, if you've got about $1 billion of total contract value and you've delivered $250 million in a year, to have the number grow, you had to basically sign more than that. So that's awesome.

是的。而妙處在於它很粗糙，對吧？因此，它不斷增長的事實以及我們的淨收入保留率如此之高的事實意味著核心業務非常非常強勁，對嗎？我的意思是，簡單來說，如果你的合約總價值約為 10 億美元，而你一年的交付量為 2.5 億美元，那麼要想讓這個數字成長，你就必須簽署更多的合約。這真是太棒了。

But yes, I mean, in a perfect world, you'd like it to grow by your growth rate.

但是的，我的意思是，在一個完美的世界裡，你希望它能按照你的成長率成長。

So if you think of it like, yes, we had -- if it doesn't -- if our growth rate is such that you have to basically sign all the data you delivered plus another, let's say, whatever, 30%, then maybe you'd want it to grow by $75 million. And it only grew by $30 million, right? But it's still -- so you might say, well, I wish it grew by $30 million or $40 million more, but you have almost $1 billion buffer in your Data business. So it's going to be lumpy.

所以，如果你想一想，是的，我們有——如果沒有——如果我們的增長率是這樣的，你基本上必須簽署你提供的所有數據加上另外，比如說，30%，那麼也許你會希望它增長 7500 萬美元。而且只成長了 3000 萬美元，對嗎？但它仍然——所以你可能會說，好吧，我希望它再增長 3000 萬美元或 4000 萬美元，但你的數據業務有近 10 億美元的緩衝。所以它會變得凹凸不平。

You're going to have some years where we might sign a $200 million deal for another year, and it's going to jump right up again. It's not going to grow perfectly every quarter. It's not going to go perfectly every year. So we look at it and say the fact that we're ending the year and we've got more in the tank than we started and we just took almost $0.25 billion out of the tank means it's super healthy. But long term, you're going to want to manage your growth rate.

在某些年份，我們可能會簽署另一年價值 2 億美元的合同，然後價格就會再次上漲。它不可能每個季度都實現完美的成長。每年都不會一切都完美。因此，我們看著它說，事實上我們在年底時，我們的儲備金比年初要多，我們剛從儲備金中拿出了近 2.5 億美元，這意味著它非常健康。但從長遠來看，你需要管理你的成長率。

All right, thanks. I'll get back in the queue.

好的，謝謝。我會回到隊列中。

Ryan MacDonald.

瑞安麥克唐納。

(inaudible) on for Ryan, thanks for taking the questions. Nice to see the formal announcement around being an in-network provider for various Blue Cross Blue Shield plans. Would love to unpack that a bit. What kind of impact do you anticipate going in-network to have on volume and maybe more importantly, would love to get a refresher on what that does from a reimbursement perspective.

（聽不清楚）接下來是 Ryan，感謝您回答問題。很高興看到正式宣布成為各種 Blue Cross Blue Shield 計劃的網路內提供者。很想稍微解開一下這個謎。您預期網路內部網路會對數量產生什麼樣的影響，也許更重要的是，您希望從報銷的角度重新了解它的作用。

Yes. So I'd say the announcement that we made about going in-network with folks, as a reminder, we're primarily an out-of-network lab with commercial payers. Medicare and Medicare Advantage represents about 50% of our volume. So about a little bit less than half is commercial payers. So any win that we can get with commercial payers is obviously an uplift to reimbursements.

是的。因此，我想說，我們宣布將與大家進行網路內合作，提醒一下，我們主要是與商業付款人合作的網路外實驗室。醫療保險和醫療保險優勢計劃約占我們業務量的 50%。因此，大約不到一半是商業付款人。因此，我們與商業付款人達成的任何勝利顯然都會提高報銷額。

We don't have a significant concentration among commercial payers. So no one payer if we go in-network kind of materially changes the reimbursement profile. However, chipping away at that 45% or so of commercial volume is important long term as we look to drive ASPs up.

我們的商業付款人集中度並不高。因此，如果我們進入網絡，沒有任何一個付款人會實質地改變報銷情況。然而，當我們尋求提高平均售價時，從長遠來看，削減約 45% 的商業交易量是很重要的。

So the biggest ASP tailwinds as we get into 2025 are migrating volume over the ADLT version of the assay, which will primarily kind of impact Medicare or Medicare Advantage volume, although that's some commercial volume as well. And then for xF or liquid biopsy, that was going through the gap fill process with Medicare last year. That resulted in about a $300 uplift in reimbursement for Medicare. And so again, another kind of tailwind that we'll have in 2025 that impacts about 50% of our volume. These smaller wins on the commercial side impact a smaller percentage.

因此，當我們進入 2025 年時，最大的 ASP 順風是遷移到 ADLT 版本的檢測量，這將主要影響醫療保險或醫療保險優勢計劃的量，儘管這也是一些商業量。然後對於 xF 或液體活檢，去年正在與 Medicare 一起進行填補空白的過程。這導致醫療保險報銷金額增加了約 300 美元。因此，2025 年我們將再次面臨另一種順風，這將影響我們約 50% 的銷售量。商業方面的這些小勝利影響的百分比較小。

Got it. That's helpful, Jim. And then maybe on the regulatory environment, there's been a lot of changes at the FDA or proposed changes, some of which could be favorable for AI companies, but also a lot of layoffs that could potentially delay decision-making or trial approvals. So based on what we've seen today and where you sit, you see what's going on at the FDA or in the broader federal government as more of a headwind or a tailwind to Tempus?

知道了。這很有幫助，吉姆。然後也許在監管環境方面，FDA 已經發生了很多變化或擬議的變化，其中一些可能對人工智慧公司有利，但也有大量裁員可能會延遲決策或試驗批准。那麼，根據我們今天所看到的情況以及您所處的位置，您認為 FDA 或更廣泛的聯邦政府所發生的事情對 Tempus 來說是逆風還是順風？

I think -- it's also generally a headwind. I mean we are an AI-enabled diagnostics company that is focused on technology. And so -- I'm sorry, it's a tailwind, meaning it's a benefit. So for us, we think we benefit as a tech company as somebody focused on AI. These kind of changes are generally trying to figure out how to get more efficiency, more technology, and we think we benefit from that kind of thinking.

我認為──這通常也是一種逆風。我的意思是，我們是一家專注於科技的人工智慧診斷公司。所以——很抱歉，這是一種順風，意味著是一種好處。因此對我們來說，作為一家專注於人工智慧的科技公司，我們認為我們將受益匪淺。這些變化通常是為了弄清楚如何獲得更高的效率、更多的技術，我們認為我們會從這種思維中受益。

There could be some minor slowdowns related to staffing as people are let go in the FDA. But we don't expect them to be material, and we're not reliant on any kind of FDA rulings coming out that would change our business. So net-net, we think it's a tailwind.

由於 FDA 人員被解僱，人員配備方面可能會出現一些輕微的放緩。但我們並不認為它們會產生重大影響，而且我們也不依賴任何可能改變我們業務的 FDA 裁決。因此，總體而言，我們認為這是一個順風。

Got it. Thanks, guys.

知道了。謝謝大家。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Great, thanks for thanks for the questions. I know there's a question or two on the Data side. But I was just hoping implicit in the guide. So if I'm thinking about core Tempus growing 30, presumably, we have that level in our model. But we've got Data growing in kind of the mid-30s plus with the genomics organic growing in the mid-20s. Does that sound like the right ZIP code?

太好了，謝謝你的提問。我知道數據方面有一兩個問題。但我只是希望指南中隱含著這一點。因此，如果我考慮核心 Tempus 成長 30，那麼大概我們的模型中就有這個水準。但我們的數據成長速度在 30 年代中期，而基因體學的有機成長速度則在 1920 年代中期。這聽起來像是正確的郵遞區號嗎？

Or if not, can you help us think through what the right levels of growth for those two businesses are?

或者如果不是，您能否幫助我們思考這兩家企業的適當成長水準是多少？

Yes. I think that's largely aligned. I think on the genomics side, obviously, you have some ASP tailwinds that we would anticipate revenues outpacing kind of volume growth in Data as it has this year as well kind of growing slightly more quickly than the Genomics business. So I think you're on track, Dan.

是的。我認為這基本上一致。我認為在基因組學方面，顯然你有一些 ASP 順風，我們預計收入將超過數據量的增長，因為今年的數據量增長速度也比基因組學業務略快。所以我認為你的思路是對的，丹。

Got it. And then just maybe on the margin guide, the $5 million EBITDA margin, which is good. Can you just help break down a little bit in terms of core Ambry versus the core Tempus business? And are there any synergies assumed in order to get to that number? And kind of what would be some of the drivers if you were to beat that number in '25?

知道了。然後也許就利潤指南而言，EBITDA 利潤率為 500 萬美元，這很好。您能否幫助我們稍微分析一下 Ambry 核心業務與 Tempus 核心業務的差異？為了達到這個數字，是否需要採取任何協同效應？如果您要在 25 年打破這個數字，您會選擇哪些車手呢？

Yes. I mean -- so we've considered it -- as we've talked about historically, we considered it a goal to get to being adjusted EBITDA and cash flow positive. So we've been focused on that. And when we think about the investments we make in the forward year, we've been making investments predicated on this idea that our revenue is growing at X level. Our gross profit is growing at X level.

是的。我的意思是——我們已經考慮過了——正如我們過去所談論的，我們認為實現調整後的 EBITDA 和現金流為正是一個目標。所以我們一直專注於此。當我們考慮未來一年的投資時，我們一直基於收入將以 X 級成長的想法進行投資。我們的毛利正以X倍的速度成長。

We can invest this amount in technology, R&D, people, all that good stuff. And we want to generate improvement in the bottom line such that we can flip to being positive. We're fortunate that we are about to make that flip. So that's awesome. And our guide for 2025 implies that we're clearly there.

我們可以將這筆錢投資於科技、研發、人員以及所有這些好東西。我們希望在底線方面取得進步，以便我們能夠轉向積極的態度。我們很幸運，我們即將實現這一轉變。這真是太棒了。我們的 2025 年指南表明我們已經到達了那個目標。

But we're not focused in the near term on like harvesting profits or maximizing profits. So to the extent that we are beating EBITDA, you'll likely see us, in the near term, invest more in growth. And certainly for 2025, that will be the story. We're not going to look to like crush that number because we can. If we're crushing the number, we're going to make investments, at least for -- to some large extent, back in the business and back into growth.

但我們短期內並不關注獲取利潤或實現利潤最大化。因此，如果我們的 EBITDA 超出預期，那麼您可能會看到我們在短期內加大對成長的投資。毫無疑問，2025 年的故事將會是這樣的。我們不會試圖打破這個數字，因為我們可以。如果我們打破了這個數字，我們將進行投資，至少在很大程度上，重新投入業務並恢復成長。

And then, Dan, on your question around synergies in the guide, no significant synergies kind of built in there. We anticipate kind of running Ambry fully as a stand-alone business at least for 2025. And so we were well into '26 before we'd be realizing anything significant.

然後，丹，關於你提出的指南中的協同效應的問題，其中並沒有建立明顯的協同效應。我們預計至少到 2025 年，Ambry 將完全作為獨立企業運作。因此，我們直到 26 年才意識到任何重大的事情。

Great, thank you.

太好了，謝謝。

[Subbu Nambi], Guggenheim.

[Subbu Nambi]，古根漢。

Hey guys, thank you for taking my questions. Eric and Jim, what is embedded in your 2025 guidance, if anything, for this year? With respect to expectations for improvements in payer coverage for core Tempus tests as a result of Ambry acquisition and Ambry payer relationships and contracts. That's one, and I have a follow-up.

嘿夥計們，謝謝你們回答我的問題。艾瑞克和吉姆，你們對今年的 2025 年規劃有什麼具體要求嗎？關於由於 Ambry 收購以及 Ambry 付款人關係和合約而對核心 Tempus 測試的付款人覆蓋範圍改善的預期。這是其中之一，我還有一個後續問題。

Yes. So the overlap between the two businesses is relatively small. So it's a minimal amount of impact as we kind of migrate the reimbursement over to Ambry. Think less than $10 million. So there's not a ton of overlap in the current business, but there will be some small benefit that we receive as we migrate that reimbursement.

是的。因此兩家公司業務的重疊程度相對較小。因此，當我們將報銷轉移到 Ambry 時，影響很小。估計不到 1000 萬美元。因此，目前業務中並沒有大量的重疊，但在轉移報銷時我們會獲得一些小的好處。

Okay. Got it. And then you most recently announced a commercial agreement with ArteraAI to commercially offer their prostate cancer prognostic test. Could you tell us about the process that leads to an agreement to offer a test like this? And then how do you decide to choose one test versus one provider over competing offerings? And what is -- what are your priorities in that decision?

好的。知道了。然後，您最近宣布與 ArteraAI 達成商業協議，以商業化方式提供他們的前列腺癌預後測試。您能否向我們介紹達成此類測試協議的過程？那麼，您如何在眾多競爭產品中選擇一個測試或一個提供者呢？那麼——您在做這個決定時優先考慮的是什麼？

So one of the things that we also highlighted in the quarter is we're now connected to 3,000 hospitals or so in the United States or institutions in the United States. And so you're looking at a significant percentage of the United States that's now connected to Tempus.

因此，我們在本季強調的一件事是，我們現在已經與美國約 3,000 家醫院或機構建立了聯繫。因此，您會看到，美國有相當大一部分地區現已與 Tempus 連結。

And one of the benefits of that connectivity is not just that we can efficiently sequence a lot of patients and help them navigate to the right therapy and produce a lot of data that helps research and development downstream.

這種連結性的好處之一不僅在於我們可以有效地對大量患者進行定序，幫助他們找到正確的治療方法，還能產生大量有助於下游研發的數據。

But it also allows us to connect these AI-enabled insights back into the US health care system at scale, whether those insights are helping match patients to a clinical trial or close a care gap or deploy an algorithm that can be diagnostically relevant for a patient to make sure they're on the right path.

但它也使我們能夠將這些人工智慧洞察大規模地連接到美國醫療保健系統中，無論這些洞察是幫助患者匹配臨床試驗還是縮小護理差距或部署與患者診斷相關的演算法以確保他們走在正確的道路上。

So that connectivity is really at the heart of the proprietary value that Tempus is building. At scale, which we're at now, we can deploy our own algorithms into the market, or we can deploy third-party algorithms. And so I would suspect you'll see us over time more and more bring third-party algorithms onto our platform because of that connectivity.

因此，這種連接性確實是 Tempus 正在建立的專有價值的核心。就我們目前的規模而言，我們可以將自己的演算法部署到市場中，也可以部署第三方演算法。因此，我猜想隨著時間的推移，你會看到我們越來越多地將第三方演算法引入我們的平台，因為這種連接性。

So somebody develops a really good test that's predictive or prognostic or can help somebody in some way, and especially if it's getting reimbursed and has analytical and clinical validation behind it, we may bring it onto our platform. We have a team that reviews these things and makes those decisions.

因此，如果有人開發出一種真正具有預測性或預後性或能以某種方式幫助某人的良好測試，特別是如果它能獲得報銷並且有分析和臨床驗證支持，我們可能會將其引入我們的平台。我們有一個團隊負責審查這些事情並做出這些決定。

It's typically patient-led and physician-led, what's best for patients, what do our doctors want. But I think as I've said historically, I would not be surprised if over time we have dozens or hundreds of algorithms running on our platform or thousands at scale because we have the ability to distribute them in ways others don't.

它通常由患者和醫生主導，什麼對患者最好，我們的醫生想要什麼。但我認為，正如我過去所說的那樣，如果隨著時間的推移，我們的平台上運行著數十或數百種演算法，甚至數千種演算法，我不會感到驚訝，因為我們有能力以其他人無法做到的方式分發它們。

Thank you for that, Eric. I'll get back in the queue.

謝謝你，埃里克。我會回到隊列中。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good afternoon and thank you for taking my questions. Two topics I want to cover. First, on MRD, could you just speak to when you are expecting any data readouts on tumor naive or tumor informed, so both products. And I guess related to that, I just want to confirm that there's nothing in revenue guidance related to both given the current state of reimbursement and the need for more data. That's the first topic.

下午好，感謝您回答我的問題。我想討論兩個主題。首先，關於 MRD，您能否談談何時預期獲得有關腫瘤初治或腫瘤知情的數據讀數，即兩種產品。我想與此相關，我只是想確認一下，考慮到當前的報銷狀況和對更多數據的需求，收入指導中沒有任何內容與此相關。這是第一個話題。

The other is on capital deployment. Obviously, you were active at the end of last year with Ambry. As you think about priorities from here, what's the appetite for more M&A based on your balance sheet situation in the current market environment? Thank you.

另一個是資本配置。顯然，您在去年年底就與 Ambry 合作過。當您從這裡考慮優先事項時，根據當前市場環境下的資產負債表情況，您對更多併購的興趣如何？謝謝。

Yes. So I can start, and Jim can jump in. So in terms of MRD, obviously, we've taken a tumor-naive assay to market. We started in CRC, and we've already put out some studies related to that assay. There will be more over time.

是的。所以我可以開始，然後吉姆可以加入。因此，就 MRD 而言，顯然我們已經將腫瘤初步檢測方法推向市場。我們從 CRC 開始，並且已經發布了一些與該檢測相關的研究。隨著時間的推移，還會有更多。

But there's nothing significant that would like fundamentally change our trajectory. We have an assay in market. We've submitted for reimbursement. Unless MolDx needs something different for reimbursement, we're on a good path to have that assay be reimbursed at some point in late 2025. And the next step for us will be to take that assay into other disease or into other subtypes, which we will do over time.

但沒有什麼重大事件能夠從根本上改變我們的軌跡。我們對市場有判斷。我們已經提交了退款申請。除非 MolDx 需要不同的報銷方式，否則我們預計在 2025 年底的某個時間點報銷該項檢測費用。我們的下一步是將這種檢測方法應用於其他疾病或其他亞型，我們將逐步實現這一目標。

We're collecting samples now, and we'll bring that assay to market. We're consistently refining the assay to make it more sensitive and decrease the -- lower the number of detection. So that work is ongoing, and we'll look to bring that to other disease areas over time. But there's no like kind of pivotal study that we need to do something. We're already past all that, and it's already moving.

我們現在正在收集樣本，並將把該檢測結果推向市場。我們不斷改進檢測方法，使其更加靈敏，並減少檢測次數。這項工作仍在進行中，我們希望隨著時間的推移將其推廣到其他疾病領域。但目前還沒有類似的關鍵性研究來提示我們需要做些什麼。我們已經度過了這一切，並且已經開始前進。

And I think the same is true for Personalis. They have assays in market and non-small cell lung and breast and IO. And they've already submitted quite a bit. I think they're in the process of submitting across the board for reimbursement. And they, too, have, I think, quoted that they expect reimbursement to show up sometime later this year, although you have to read their filings to get the most up to date.

我認為 Personalis 也同樣如此。他們在市場和非小細胞肺癌、乳癌和IO領域都有檢測。他們已經提交了相當多的內容。我認為他們正在全面提交報銷申請。而且我認為，他們也表示，預計報銷將在今年晚些時候到賬，但你必須閱讀他們的文件才能了解最新情況。

In terms of the guidance, we have a long history of only focusing on what we can see. So until we know that assay is being reimbursed, we're not going to include anything substantive from it because, again, like we're in a world where it could be later this year. It could be early next year. It could be Q3. It could be Q4.

在指導方面，我們長期以來只專注於我們所能看到的東西。因此，在我們知道檢測費用可以報銷之前，我們不會從中得出任何實質內容，因為，再說一次，我們處在一個可能在今年稍後實現這一目標的世界。可能是明年年初。可能是第三季。可能是第四季。

Like it's just impossible to tell. Once we get reimbursement, we'll start ramping up these assays at much greater scale because obviously getting paid is a good precursor to ramping them up. And so that's that. In terms of capital, we also said last quarter that we feel pretty good in terms of our genomics footprint. We feel like we've got a really incredible complement, really best in class at a scale that's unique.

就像根本無法說清楚一樣。一旦我們獲得報銷，我們將開始更大規模地增加這些檢測，因為顯然獲得報酬是增加檢測的良好先決條件。就是這樣。在資本方面，我們上個季度也表示，我們對我們的基因組學足跡感覺相當良好。我們感覺我們已經擁有了真正令人難以置信的補充，在獨一無二的規模上確實是一流的。

So we're not looking to do big things there. We consistently look at smaller things on the Data side of our world and the AI side of our world. And so to the extent we find something small that's interesting, we might buy it, but nothing big is on the horizon.

所以我們並不打算在那裡做大事。我們始終關注數據世界和人工智慧世界裡較小的事物。因此，如果我們發現一些有趣的小東西，我們可能會買它，但不會有什麼大東西出現。

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Hi guys, good afternoon. Thanks for taking the question.Maybe on the reimbursement front, you obviously had the big win on the ECG algo getting reimbursed earlier this year. I guess bigger picture, does this sort of change how you're sort of viewing payers' willingness to potentially expand reimbursement for these AI-based diagnostics? Or how should we sort of be thinking about that as a potential catalyst over the coming year or so? Thanks.

大家好，下午好。感謝您回答這個問題。也許在報銷方面，您顯然在今年早些時候在 ECG 演算法報銷方面取得了巨大勝利。我想從更大的角度來看，這是否會改變您對付款人擴大這些基於人工智慧的診斷的報銷意願的看法？或者我們應該如何將其視為未來一年左右的潛在催化劑？謝謝。

Yes. I think from our perspective, we're really excited about it just because it does indicate a willingness for people to reimburse for these types of tests that are clinically validated and provide clinical utility. This doesn't mean that we're going to show up at the end of Q1 and have hundreds of our algorithms reimbursed.

是的。我認為從我們的角度來看，我們對此感到非常興奮，因為它確實表明人們願意為這些經過臨床驗證並提供臨床實用性的測試類型報銷費用。這並不意味著我們會在第一季末出現並償還數百種演算法。

There's still a long road to go in terms of securing reimbursement for the various kind of different algorithmic diagnostics that we have. We just highlighted this because it's something that we've talked about in the past is that there's a long road, but there are some kind of near-term milestones, this being one of them, that demonstrates that it is possible for these types of things to be reimbursed, which is why we're so excited about it.

在確保我們擁有的各種不同演算法診斷的報銷方面，還有很長的路要走。我們強調這一點，因為這是我們過去談論過的事情，這是一條漫長的道路，但也有一些近期的里程碑，這是其中之一，這表明這些類型的東西是有可能得到報銷的，這就是我們對此如此興奮的原因。

Great, thanks for that. And then maybe on the commercial front, just post Ambry close now, how should we sort of be thinking about any ads or changes to the way that the reps are going to be deployed and incentivized moving forward. Thanks, guys.

太好了，謝謝。然後也許在商業方面，現在就發布 Ambry 結束後，我們應該如何考慮任何廣告或改變代表的部署和激勵方式。謝謝大家。

Yes. So no significant changes, yes. The Ambry reps typically sell into genetic counselors. Our reps are selling into kind of oncologists. And so there's not a ton of overlap. And so we don't anticipate there being any significant changes.

是的。是的，所以沒有重大變化。Ambry 銷售代表通常向遺傳諮詢師銷售產品。我們的銷售代表正在向腫瘤學家銷售產品。因此重疊部分並不多。因此我們預計不會發生任何重大變化。

Mark Schappel, Loop.

馬克·沙佩爾，Loop。

Great, thank you for taking my question. Eric, the company recently announced the launch of olivia AI, the app for personal health -- the personal health concierge app. I was wondering if you could just discuss the significance of the app and how you plan to monetize it.

太好了，謝謝你回答我的問題。Eric，該公司最近宣布推出個人健康應用Olivia AI——個人健康禮賓應用程式。我想知道您是否可以討論一下該應用程式的意義以及您計劃如何將其貨幣化。

The app will get monetized on a per month subscription like -- similar to like ChatGPT. I think it's currently $12 per month. And it's starting off small. We just released the app to a broader audience. We need to get user feedback.

該應用程式將透過每月訂閱的方式實現盈利——類似於 ChatGPT。我認為目前是每月 12 美元。並且一切從小事做起。我們剛剛向更廣泛的受眾發布了該應用程式。我們需要獲得用戶的回饋。

We need to make changes and improve things. You don't really know how these things scale until you start getting folks engaged.

我們需要做出改變並改善現狀。除非你開始讓人們參與進來，否則你真的不知道這些事情會如何擴大規模。

But we're super excited at the potential to bring our core technology platform that allows us to make sense of all this multimodal data and make diagnostics intelligent. We're excited to bring that to patients at scale. We think them being able to kind of move around all their health care data in their phone and have it stored at a secure locker and be able to talk to that data and get all kinds of insights using our AI engine is pretty awesome. So small, early but could be transformative.

但我們對我們核心技術平台的潛力感到非常興奮，該平台使我們能夠理解所有這些多模式數據並使診斷變得聰明。我們很高興能夠大規模地為患者提供這項服務。我們認為，他們能夠在手機中移動所有醫療保健數據並將其儲存在安全的儲物櫃中，並能夠與這些數據對話並使用我們的人工智慧引擎獲得各種見解，這非常棒。雖然規模很小，尚處於早期階段，但可能會帶來改變。

Great, thanks. And as a follow up, could you just walk us through your top, say two or three investment priorities for the business in the coming year?

太好了，謝謝。接下來，您能否向我們介紹未來一年公司的兩三個投資重點？

Our priority is sort of stay focused on what's been working and make sure that we're kind of heads down in terms of building our genomics Business and our Data business and deploying our connected network to grow our applications business.

我們的首要任務是專注於已經奏效的事情，並確保我們全力以赴地建立基因組學業務和數據業務，並部署我們的互聯網以發展我們的應用業務。

Thank you.

謝謝。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Yes, hi guys, thanks for getting me in here. Jim, on the Data side, the $300 million in renewals that you've talked about for Astra and for GSK. Can you just remind us on what the timing is for that renewal coming up? And is there any change in the confidence around that happening with the terms that exist here for the initial agreements?

是的，大家好，感謝你們讓我來到這裡。吉姆，在數據方面，您談到了為阿斯特拉和葛蘭素史克提供的 3 億美元續約資金。能否提醒我們一下續約的具體時間？那麼，對於初步協議的現有條款，人們對此的信心是否有所改變？

Yes. So just a reminder, though, that kind of $300 million of opt-ins that we've highlighted in the total remaining contract value are kind of the last 18 months or so of the AstraZeneca and GSK agreements. There's no updates. We're still several years away from kind of hitting those renewals and kind of no change in our confidence in terms of them don't renew.

是的。所以需要提醒的是，我們在剩餘合約總價值中強調的 3 億美元選擇加入金額是阿斯特捷利康和葛蘭素史克協議的最後 18 個月左右的金額。沒有更新。我們距離實現這些續約還有幾年的時間，而且我們對它們不會續約的信心沒有改變。

Okay.

好的。

But the range of the range of those renewals is like 27% to 29%, so we're still years away.

但續約率的範圍大約是 27% 到 29%，所以我們還需要幾年的時間。

Okay. And then, Jim, just on Ambry. Pricing in hereditary has obviously not been static. Is there an implicit ASP assumption that you can share, maybe not necessarily the exact dollar amount per se, but just more like change year-over-year that you're baking in?

好的。然後，吉姆，就談談安布里。遺傳的定價顯然不是一成不變的。您是否可以分享一個隱含的 ASP 假設，也許不一定是確切的美元金額，而更像是您正在考慮的逐年變化？

And then if I could sneak a second one on here. Eric, the accelerants that you called out as being meaningful for Ambry, is that cash collection solely? Is that what you're referring to? Or are there other items that you saw as one-off there?

然後如果我可以偷偷地在這裡放第二個。埃里克，您所說的對 Ambry 有意義的加速器僅僅是現金收集嗎？這就是你指的嗎？還是您還看到了其他一次性物品？

Yes. So on the accelerant in terms of reimbursement was cash collections, just the increase in their collection rates. And then in terms of ASPs, we haven't disclosed specific ASPs related to Ambry. They are puts and takes like there are everywhere else. So they'll have new in-network contracts, which may change it one way, increased cash collections the other way. So puts and takes, but no significant changes kind of year-over-year on the ASP side for Ambry.

是的。因此，就報銷而言，加速器是現金收款，即收款率的提高。就 ASP 而言，我們尚未揭露與 Ambry 相關的具體 ASP。就像在其他地方一樣，它們也是可以隨意放置和拿取的。因此，他們將簽訂新的網絡內合同，這可能會以一種方式改變現狀，以另一種方式增加現金收款。因此，Ambry 的平均銷售價格 (ASP) 方面與去年同期相比沒有顯著變化。

Okay, thank you.

好的，謝謝。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

Hi, thank you for taking the question. So just I want to talk about maybe about the seasonality of the business generally. I think you said 20% of the revenue is the expectation in Q1. I know that there is -- you are expecting a little bit less, I think, only two contribution -- 2 months of contribution from Ambry. But can you just kind of remind us the normal seasonality in the business as we go through the year?

您好，感謝您回答這個問題。所以我只想談談業務的季節性。我認為您說的是第一季的收入預期為 20%。我知道——我認為你期望的會少一點，只有兩個貢獻——Ambry 兩個月的貢獻。但是您能否提醒我們一下，一年中業務的正常季節性是什麼？

Yes. So I'd say there's kind of different seasonality for the different kind of product lines, right? Genomics, we follow the same seasonality that you see from other kind of labs. Obviously, the end of the year in terms of the number of orders that are being placed around the holidays is low. So January tends to be kind of a slow start.

是的。所以我想說不同類型的產品線有不同的季節性，對嗎？基因組學，我們遵循與其他類型的實驗室相同的季節性。顯然，從年底假期前後的訂單數量來看，年底的訂單數量較少。因此，一月份的開始往往比較緩慢。

Similar when people are typically on vacation, there's some slowness. So we're no different than other labs on the Genomics side. On the Data side, we typically tend to be back half of the year weighted. A lot of our kind of conversations and deliveries kind of align with pharma budgeting cycles, which typically follow kind of the calendar year. So if you went back historically, we're not anticipating a change in kind of the trends that we saw in 2024 and previously.

與人們通常在度假時的情況類似，會出現一些緩慢的情況。所以我們與基因組學方面的其他實驗室沒有什麼不同。在數據方面，我們通常傾向於回顧半年前的加權數據。我們的許多對話和交付都與製藥預算週期一致，而製藥預算週期通常遵循日曆年。因此，如果回顧歷史，我們預計 2024 年及之前看到的趨勢不會改變。

And again, we would anticipate kind of the phasing in '25 being similar to what it was in '24.

我們再次預期 25 年的分階段實施將與 24 年類似。

That's very helpful. I was -- and I appreciate that there is some of that little revenue lag that gets into January. So then just on the contract revenue of that $940 million. I appreciate the color you gave earlier with Mike's question about the lumpiness of that. How should we think about the long-term basis on the correlation between those?

這非常有幫助。我是——而且我很感激一月份出現了一些小的收入滯後。那麼光是合約收入就有 9.4 億美元。我很欣賞你之前對 Mike 提出的關於這個問題的複雜性的解釋。我們應該如何看待它們之間的長期關聯？

Should those grow at kind of the same speed over the longer term? But of course, Data and services is going to be lumpy, and then the pharma revenue maybe you're going to recognize more on like a linear kind of basis. I don't know. I'm just -- I'm actually asking. And then historically, like it's been a smaller portion of a lot of our other companies' business.

從長遠來看，它們是否應該以相同的速度成長？但當然，數據和服務將會是不均勻的，然後製藥收入可能會以線性的方式更多地確認。我不知道。我只是——我其實只是問。從歷史上看，它只占我們許多其他公司業務的較小份額。

But they've kind of said like revenue is expected in -- like this revenue would be -- the value is expected in the next 2 years or some sort of recognition period. Is there a recognition period for that?

但他們好像說過，預期收入會在——就像這筆收入——價值預計在未來兩年或某種確認期內實現。是否有一個識別期？

Yes. So our -- the bulk of our total remaining contract value has been of Data. And as we've just talked about with AstraZeneca and GSK, these people can sign multiyear deals, 5-year deals, 4-year deals, 6-year deals, whatever it is. So these are multiyear deals. And if you sign a big deal, what happened if you were -- like if we have certain investors who've been in Tempus for a long time, so they could see the total remaining contract value, which was maybe a few hundred million dollars at one point and we signed some of these big deals and it jumped up to $700 million or $800 million or $900 million, so you have years where the total remaining contract value grew by 200% or 300%.

是的。因此，我們剩餘的合約總價值的大部分是數據。正如我們剛剛與阿斯特捷利康和葛蘭素史克討論的那樣，這些人可以簽署多年期協議、五年協議、四年協議、六年協議，無論什麼協議。所以這些都是多年協議。如果你簽署了一筆大交易，會發生什麼事？例如，如果我們有一些投資者在 Tempus 工作了很長時間，他們可以看到剩餘合約的總價值，這個價值一度可能是幾億美元，而我們簽署了一些大交易，它就躍升至 7 億美元、8 億美元或 9 億美元，所以幾年內剩餘合約的總價值增長了 200% 或 300%。

So yes, long term, if you look at a 10-year horizon, your total remaining contract value should equal eventually the data you deliver, and it should grow at a similar growth rate. But if the bookings -- if your bookings number grows by 200%, it's not going to grow by 30% for the next 3 years like magically. Like in other words, it can be lumpy. Some years, it can grow by 200%. Some years, it can grow by 0%.

所以是的，從長遠來看，如果放眼 10 年，您剩餘的合約總價值最終應該等於您提供的數據，並且應該以類似的成長率成長。但如果預訂量——如果您的預訂量增加了 200%，那麼未來 3 年內它不會神奇地成長 30%。換句話說，它可能會很粗糙。有些年份，它可以成長200%。有些年份，成長率可達 0%。

But in the aggregate, it should -- it's going to have to basically match your data deliveries. But we had some very large contracts that got signed. Great for us. And so we feel like we're in a good spot. The fact that we're still growing that number even off of periods of really high rapid bookings growth is, again, indicative of the fact that our Data business is firing on all cylinders.

但從總體上看，它應該——它基本上必須與您的數據傳輸相匹配。但我們簽署了一些非常大的合約。對我們來說很棒。因此我們感覺我們處於一個很好的位置。即使在預訂量快速成長的時期，我們的數據業務仍然在成長，這一事實再次表明我們的數據業務正在全速發展。

So -- and in terms of the horizon, again, if you look at the size of our total remaining contract value and the size of our Data business, I don't know, directionally, our Data business was about $250 million and there's $940 million. So it's multiple years.

所以 — — 就前景而言，如果你再看看我們剩餘合約總價值和數據業務的規模，我不知道，從方向上看，我們的數據業務約為 2.5 億美元，而現在有 9.4 億美元。所以這已經是好幾年了。

Very helpful. Thank you.

非常有幫助。謝謝。

That concludes our Q&A session. I will now turn the call over to Lizzy Krutoholow for the closing remarks.

我們的問答環節到此結束。現在，我將把電話交給 Lizzy Krutoholow 做結束語。

Do you have any closing remarks? If not, I'm happy just to jump in and thank everyone for joining the call, and we'll see you next quarter.

您還有什麼結束語嗎？如果沒有，我很高興加入並感謝大家參加電話會議，我們下個季度再見。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may not disconnect. Have a nice day.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您不能斷開連線。祝你今天過得愉快。