Tempus AI Inc (TEM) 2025 Q1 法說會逐字稿

Good day, everyone, and thank you for standing by. My name is RG, and I will be your conference operator today. At this time, I would like to welcome everyone to the first-quarter 2025 financial results conference call. (Operator Instructions) Thank you.

大家好，感謝大家的支持。我叫 RG，今天我將擔任您的會議接線生。現在，我歡迎大家參加2025年第一季財務業績電話會議。（操作員指示）謝謝。

I would now like to turn the call over to Liz Krutoholow, VP for Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係副總裁 Liz Krutoholow。請繼續。

Thank you. Good afternoon and welcome to Tempus' first-quarter 2025 conference call. This afternoon, Tempus released results for the quarter ended March 31, 2025. The press release and overview of the quarter and our latest presentation are available on our IR website. Joining me today from Tempus are Eric Lefkofsky, Founder and CEO of Tempus; and Jim Rogers, CFO.

謝謝。下午好，歡迎參加 Tempus 2025 年第一季電話會議。今天下午，Tempus 發布了截至 2025 年 3 月 31 日的季度業績。本季度的新聞稿和概述以及我們的最新簡報可在我們的 IR 網站上找到。今天與我一起出席的還有 Tempus 的創辦人兼執行長 Eric Lefkofsky；以及財務長吉姆羅傑斯 (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 refer to our 10-K and other filings 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。有關這些風險的討論，請參閱我們向美國證券交易委員會提交的 10-K 和其他文件。

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 first-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，我們將討論非公認會計準則財務指標，這些指標並非依照公認會計原則編製。這些非 GAAP 財務指標的定義以及與最直接可比較的 GAAP 財務指標的調整都包含在我們的第一季財報中，該報告已提供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 for joining us today. Q1 was a record quarter for Tempus, and we're off to a great start. I'll provide just a super-quick overview, and then we can take questions. Quarterly revenue increased 75.4% year over year to $255.7 million. Genomics revenue was $193.8 million, which is about 89% year-over-year growth.

謝謝，感謝您今天加入我們。第一季是 Tempus 創紀錄的一個季度，我們取得了良好的開端。我將僅提供一個非常簡短的概述，然後我們可以回答問題。季度營收年增 75.4% 至 2.557 億美元。基因組學收入為 1.938 億美元，較去年同期成長約 89%。

Oncology testing, which is how we're going to refer to our legacy Tempus clinical testing, grew 31% year over year with approximately 20% volume growth. Hereditary testing, which is how we're going to refer to the legacy Ambry Genetics business, contributed $63.5 million in revenue and grew its units by 23%. Revenue from Data and Services totaled $61.9 million, which was about 43% year-over-year growth, led by our Insights or data licensing business, which grew 58% year-over-year.

腫瘤學檢測（也就是我們所謂的傳統 Tempus 臨床檢測）年增 31%，數量增加約 20%。遺傳檢測（也就是我們所謂的 Ambry Genetics 傳統業務）貢獻了 6,350 萬美元的收入，且其業務單位成長了 23%。數據和服務收入總計 6,190 萬美元，年成長約 43%，其中 Insights 或數據授權業務尤為突出，年成長 58%。

We generated $155.2 million in quarterly gross profit, which was 99.8% growth year over year. Adjusted EBITDA was negative $16.2 million in the first quarter of 2025 compared to negative $43.9 million in the first quarter of 2024, which was an improvement of $27.8 million year over year.

我們本季的毛利為 1.552 億美元，年增 99.8%。2025 年第一季調整後 EBITDA 為負 1,620 萬美元，而 2024 年第一季為負 4,390 萬美元，年增 2,780 萬美元。

As a result, we're increasing our full-year 2025 revenue guidance to $1.25 billion, representing about 80% year-over-year growth. So I would say, all in, the company is performing super well, which was in my quote. Revenues are up. Gross profit is up. Both are growing nicely. We're managing our costs, which is producing nice year-over-year operating leverage.

因此，我們將 2025 年全年營收預期上調至 12.5 億美元，年增約 80%。所以我想說，總的來說，公司表現非常好，這是我的原話。收入增加了。毛利上升。兩者都生長良好。我們正在管理成本，這產生了良好的年比經營槓桿。

In addition, I'll highlight just one other big piece of news, which we put out about a week ago, which is we announced a three-year $200 million data and modeling license agreement with AstraZeneca and Pathos in April to build the world's largest foundation model in oncology.

此外，我還要強調另一條重大新聞，我們大約在一周前發布了這條新聞，那就是我們在 4 月宣布與阿斯特捷利康和 Pathos 達成一項為期三年、價值 2 億美元的數據和建模許可協議，以建立世界上最大的腫瘤學基礎模型。

This is big for a few reasons. One is it brings our total remaining contract value to greater than $1 billion as of April 30. It also allows us to take over 300 petabytes of data, which includes this really rich multimodal data set connected to outcomes, and use that to build a foundation model, which is -- in addition to the data licensing, which is quite positive for us. Also, the cost of compute is not small, and AZ and Pathos are covering a significant portion of that.

出於幾個原因，這很重要。一是截至 4 月 30 日，我們的剩餘合約總價值將超過 10 億美元。它還允許我們獲取超過 300PB 的數據，其中包括與結果相關的非常豐富的多模式數據集，並使用它來建立基礎模型，除了數據許可之外，這對我們來說非常有利。此外，計算成本並不小，AZ 和 Pathos 承擔了其中的很大一部分。

When the model is complete, which we expect the first version of the model will be completed in about 9 to 12 months, each party will get a copy, AZ and Pathos to advance their drug discovery efforts and Tempus to advance its diagnostic and data products. Given that AstraZeneca is our longest-standing client, actually was our first strategic collaboration, we couldn't be more excited to be expanding our relationship in such a significant manner, I think, kind of further validating the value we're providing to lots of biopharma clients.

當模型完成時，我們預計模型的第一個版本將在大約 9 到 12 個月內完成，每一方都將獲得一份副本，AZ 和 Pathos 將推進他們的藥物研發工作，而 Tempus 將推進其診斷和數據產品。鑑於阿斯特捷利康是我們合作時間最長的客戶，實際上是我們的第一次策略合作，我們非常高興能夠以如此重要的方式擴大我們的關係，我認為這進一步驗證了我們為眾多生物製藥客戶提供的價值。

It's also worth noting this is a nonexclusive agreement. We can essentially license data and build models with others, and we hope to do so in the future. And as such, this represents an entirely new category for us.

還值得注意的是，這是一項非排他性協議。我們基本上可以授權資料並與其他人一起建立模型，我們希望將來能夠這樣做。因此，這對我們來說代表了一個全新的類別。

It's also important in that it's a giant step in making precision medicine a reality. We're closer than ever to understanding at a molecular level why patients do and don't respond to cancer treatments. And we believe models like this will bring all kinds of insights into clear focus, and we can see a day when our diagnostics are so smart that they're actually playing a critical role in ensuring every patient is on the optimal therapeutic path and that drug companies are far more efficient, ideally, in a perfect world, having clinical trials that fail far less often.

這也很重要，因為這是實現精準醫療的一大步。我們比以往任何時候都更接近從分子層面上了解為什麼患者對癌症治療有反應或無反應。我們相信，這樣的模型將使各種見解更加清晰，並且我們可以看到，有一天，我們的診斷技術將變得非常智能，在確保每個病人都走上最佳治療途徑方面發揮關鍵作用，而且在理想情況下，製藥公司的效率將大大提高，臨床試驗的失敗率也將大大降低。

On that note, we're happy to take questions.

關於這一點，我們很樂意回答問題。

(Operator Instructions) Tejas Savant, Morgan Stanley.

（操作員指示） Tejas Savant，摩根士丹利。

Eric, congrats on a clean start to the year. I want to ask a two-parter on the AZ, Pathos deal that you just highlighted as well. So first off, can you just share some color on follow-up conversations with other pharma companies about the possibility of similar deals for foundational model development in oncology? And what is it about the Pathos approach that really is the hook here for drug developers?

艾瑞克，恭喜你今年有一個好的開始。我還想就您剛才強調的 AZ 和 Pathos 交易問兩個問題。那麼首先，您能否分享一下與其他製藥公司就腫瘤學基礎模型開發方面達成類似交易的可能性進行的後續對話？那麼 Pathos 方法的哪些方面真正吸引了藥物開發商呢？

And on the deal again, one for Jim. I want to dig a little bit into the deal structure here. It's a little bit sort of complicated. So as we think about the rev rec on this $200 million amount, there's that $50 million upfront fee from Pathos to you guys. But then you guys are also paying them, I think, $35 million.

再次談到這筆交易，這是給吉姆的。我想深入探討一下這裡的交易結構。這有點複雜。因此，當我們考慮這 2 億美元的收入時，Pathos 會向你們支付 5,000 萬美元的預付費用。但我想你們也向他們支付了 3500 萬美元。

And then in terms of upfronts, you also get an AZ, I think, paying $35 million. So just parse that out for us in terms of how you expect it to play out on the P&L. And then the $150 million residual from Pathos, I think there's a stock component in it as well. So just unpack that a little bit in terms of the next three years and how it flows through the P&L. Thank you.

然後就預付款而言，我認為你還會獲得 AZ，支付 3500 萬美元。因此，請根據您期望它在損益表中如何發揮作用為我們分析。然後，我認為 Pathos 剩餘的 1.5 億美元中也包含股票成分。因此，我們只需從未來三年的角度稍微解釋一下它以及它如何影響損益表。謝謝。

Yes. So I can start and then Jim can jump in. So after we announced this deal, obviously, there was quite a bit of excitement among other companies. We work with, I think, 19 of the 20 largest pharmaceutical companies in oncology and have good relationships with a bunch. And so people were quite interested.

是的。所以我可以開始，然後吉姆可以加入。因此，在我們宣布這筆交易後，其他公司顯然相當興奮。我認為，我們與腫瘤學領域 20 家最大製藥公司中的 19 家有合作，並且與許多公司保持著良好的關係。因此人們非常感興趣。

AstraZeneca is one of the leaders in oncology and has had a really strong track record over the past four or five years. And so I think people were particularly focused on what was this going to mean for them going forward and how should they try to bring it into their own practice.

阿斯特捷利康是腫瘤學領域的領導者之一，在過去四、五年中有著非常出色的業績記錄。因此我認為人們特別關注這對他們未來意味著什麼以及他們應該如何將其運用到自己的實踐中。

Some of those conversations have already kicked off. I would say the excitement has been greater than I thought it was going to be. So -- and I had pretty lofty expectations, so that's awesome. But these are big deals. As Jim will cover in a second, this is $200 million of data licensing and real data revenue.

其中一些對話已經開始。我想說，這種興奮感比我想像的還要強烈。所以——我有很高的期望，所以這太棒了。但這些都是大事。正如 Jim 稍後將要介紹的，這是 2 億美元的數據許可和實際數據收入。

And so somebody's got to be willing to sign up for something that significant. And it's expensive. And so even though there's a ton of excitement, we have to turn that into tangible agreements and tangible projects and kick those off.

因此，必須有人願意簽署如此重要的事情。而且價格昂貴。因此，儘管我們感到非常興奮，但我們必須將其轉化為切實的協議和切實的項目，並啟動它們。

In the case of AZ and Pathos, AstraZeneca was a client of ours. They also had spent some time with Pathos and got to know that team. I think there was -- independent of the Tempus relationship, they were exploring some different ideas together.

在 AZ 和 Pathos 的案例中，阿斯特捷利康是我們的客戶。他們也曾在 Pathos 待過一段時間，並了解該團隊。我認為——除了與 Tempus 的關係之外，他們還在共同探索一些不同的想法。

And so I think when we began discussing this idea of building a foundation model, it made sense for them to want to have this be a three-way agreement, whereby they can make a sizable investment and commit some of the attributes they have, but they also could leverage a bunch of the work that Pathos had done and then obviously leverage our data and the work we had done. And so it came together as a three-way partnership but just as easily could have come together as a two-way partnership between us and the pharmaceutical company and not involve Pathos.

因此，我認為，當我們開始討論建立基礎模型的想法時，他們希望達成三方協議是有道理的，這樣他們可以進行大量投資並承諾他們擁有的一些屬性，但他們也可以利用 Pathos 所做的大量工作，然後顯然利用我們的數據和我們所做的工作。因此，它形成了三方合作，但也可以很容易地形成我們與製藥公司之間的雙向合作，而不涉及 Pathos。

And I'll let Jim cover the rev rec.

我會讓 Jim 負責錄製。

Yes. In terms of the revenue recognition, I think the easiest way to think about it is we have a $200 million kind of data license to Pathos that is specifically related to building the foundational models. So the data can only be used for that purpose as AZ, Pathos and Tempus work together to build that foundational model. There are some cash flows between AZ to Tempus over to Pathos, but there's no revenue recognition impact of that. And so the $200 million will be recognized -- it ramps a little bit over the three-year period but roughly ratably over the three-year term, during which the model will be built.

是的。就收入確認而言，我認為最簡單的思考方式是，我們向 Pathos 授予了價值 2 億美元的資料許可，該許可專門用於建立基礎模型。因此，當 AZ、Pathos 和 Tempus 共同建構該基礎模型時，資料只能用於此目的。AZ 到 Tempus 再到 Pathos 之間存在一些現金流，但這對收入確認沒有影響。因此，這 2 億美元將被確認——它將在三年期間略有增加，但在模型建造的三年期限內大致是按比例增加的。

So this license is no different than the other -- the large subscriptions that we have. The upfront payment from Pathos to Tempus doesn't trigger any revenue recognition upon that payment. It's the three-year subscription similar to the other large multiyear deals that we currently have.

因此，該許可證與我們擁有的其他大型訂閱沒有什麼不同。Pathos 向 Tempus 支付的預付款不會觸發任何收入確認。這是為期三年的訂閱，與我們目前的其他大型多年期交易類似。

Yeah. And one last piece, the first payment was made in cash. We -- at this point, even though Pathos could make some payments in the future in part cash, part stock, we have every reason to think they'll make it in cash. And so it's very possible that we just collect cash the entire time.

是的。最後一點，第一筆付款是以現金支付的。我們—目前，儘管 Pathos 未來可能會以部分現金、部分股票的方式支付部分款項，但我們完全有理由相信他們會以現金支付。因此，我們很可能一直只收取現金。

Ryan MacDonald, Needham & Company.

麥克唐納（Ryan MacDonald），Needham & Company。

Congrats on a great quarter. Maybe you could talk about the hereditary business. I think the original expectation as that was integrated -- or as Ambry was integrated was sort of maybe a mid- to high-teens growth rate for this year, but obviously, kicking off the year at a much faster rate in around 23%.

恭喜本季取得優異成績。也許你可以談談遺傳的事情。我認為，最初的預期是，當整合了 Ambry 之後，今年的成長率可能會達到中高水平，但顯然，今年年初的成長速度要快得多，約為 23%。

Can you just maybe talk about what surprised you to the upside in terms of the performance of that business and maybe how durable the sort of mid-20s growth rate was? Thank you.

您能否談談該業務的表現有哪些讓您感到驚訝的地方，以及 25% 左右的成長率能持續多久？謝謝。

Yeah. I mean -- so obviously, it's early, so we don't -- there's no point getting too ahead of our skis. But we talked about this, I think, when we announced the Ambry acquisition, which was there was this kind of narrative that hereditary screening was either kind of in the twilight or sunset of its horizon or be commoditized.

是的。我的意思是——顯然現在還早，所以我們不要——沒有必要走得太遠。但我認為，當我們宣布收購 Ambry 時，我們就討論過這個問題，當時有這樣一種說法，即遺傳篩檢要么已經走到了盡頭，要么已經商品化了。

And we just -- obviously, I couldn't feel more strongly that that's not accurate. I mean, I could foresee a day when tens of millions of people get this kind of sequencing on a regular basis not just to understand their inherited cancer risk but their inherited cardio risk, their inherited Alzheimer's risk, their inherited risk of developing an immunological disorder later in life.

我們只是——顯然，我強烈感覺到這並不準確。我的意思是，我可以預見有一天，數千萬人將定期接受這種測序，不僅是為了了解他們遺傳的癌症風險，還為了了解他們遺傳的心臟病風險、遺傳的阿茲海默症風險以及他們在晚年患上免疫疾病的遺傳風險。

And so the target audience of people that might be at risk of disease is obviously much greater than the audience of people that have disease, generally speaking. So I think long term, we suspect Ambry will grow at high rates. In the near term, we told people we thought the growth rate would be mid- to high teens in large part because they experienced a lot of rapid growth previously, so you're lapping that period.

因此，一般來說，可能患病的人群目標受眾顯然比患病的人群目標受眾要多得多。因此我認為從長遠來看，我們預計 Ambry 將保持高速成長。在短期內，我們告訴人們，我們認為成長率將達到十五六到十五六個百分點，這在很大程度上是因為他們之前經歷了很多快速成長，所以你正在經歷那個時期。

So yes, the business is performing really strong. That may continue, but we're not here to kind of highlight that for folks. We're watching it month to month, but so far, they're firing on all cylinders, and we see no sign of that slowing down.

是的，業務表現確實非常強勁。這種情況可能會持續下去，但我們在這裡並不是要向大家強調這一點。我們每個月都在關注他們，但到目前為止，他們正全力以赴，而且我們沒有看到任何放緩的跡象。

Mark Schappel, Loop Capital.

馬克·沙佩爾（Mark Schappel），Loop Capital。

Nice job on the quarter. Eric, I have a question around the Deep 6 acquisition that was made during the quarter. I was wondering if you could just provide some additional details around what capabilities Deep 6 brings that you already did not have?

本季表現不錯。艾瑞克，我有一個關於本季收購 Deep 6 的問題。我想知道您是否可以提供一些有關 Deep 6 所具有的您尚未具備的功能的額外詳細資訊？

Yes. So we had -- we also talked about this, I think, last quarter, which is that we felt like we had a really comprehensive molecular offering that with the acquisition of Ambry, we felt really good that between our MRD offerings and our therapy selection offerings and now our hereditary offerings, we felt really good and that if we were to make any acquisitions, they would likely be smaller and likely be on the Data and Services side. And so that -- by the way, it's exactly what Deep 6 is.

是的。所以，我想我們在上個季度也討論過這個問題，那就是我們覺得我們擁有非常全面的分子產品，透過收購 Ambry，我們感覺非常好，在我們的 MRD 產品、治療選擇產品和現在的遺傳產品之間，我們感覺非常好，如果我們要進行任何收購，它們可能會規模較小，並且可能在數據和服務方面。順便說一下，這就是 Deep 6。

Core to our business model is obviously combining large amounts of clinical and molecular data and being able to build these really rich data sets where you can understand at a molecular level what's happening to a patient and then connect all those rich molecular insights to outcome and response data over time and say like, okay, if this is the molecular composition of this patient, this is the DNA profile, the RNA profile, the germline profile, the methylomic profile, this is the molecular profile of the patient, what drugs do they take? How do they respond?

我們的商業模式的核心顯然是結合大量的臨床和分子數據，並能夠構建這些真正豐富的數據集，您可以在分子水平上了解患者的情況，然後將所有這些豐富的分子見解與一段時間內的結果和反應數據聯繫起來，並說，好吧，如果這是該患者的分子組成，這是 DNA 圖譜、RNA 圖譜、種系圖譜、甲基圖譜，這意味著他們服用什麼？他們如何回應？

What adverse events do they have? How long are they on that drug? What was their progression-free survival? Did they -- what was the overall survival, and all that clinical data. And so you have to have rich connections to pull that clinical data.

他們出現了哪些不良事件？他們服用該藥物多久了？他們的無惡化存活期是多少？他們是否——整體存活率是多少，以及所有臨床數據是多少。因此，您必須擁有豐富的聯繫來獲取臨床數據。

We also mentioned this quarter, we're now over 4,000 connections, which is just up significantly from the past. And Deep 6 is a part of adding more connectivity, especially to some really high-quality institutions. They built a product that allows providers to interrogate their own data sets to advance analytics, to get people on their own studies and clinical trials. And that product has good product market fit. People like it. And it allows us to kind of have another connection point to providers, another reason for them to share their data with us, another reason to be on our platform and that bidirectional feed of data.

我們也提到，本季我們的連線數已超過 4,000 個，與過去相比有大幅成長。Deep 6 是增加更多連接的一部分，特別是對於一些真正高品質的機構。他們開發了一款產品，讓提供者查詢自己的資料集以推進分析，讓人們進行自己的研究和臨床試驗。並且該產品具有良好的產品市場契合度。人們喜歡它。它使我們與提供者有了另一個連接點，讓他們有另一個理由與我們共享數據，有另一個理由使用我們的平台並實現雙向數據饋送。

People are sending us their clinical data. We're generating some molecular insight. We're putting the insight back into the hands of providers. That is at the core of how we build these very large data sets, which are now, in totality, like 40 million patients or something. So it's become a huge data set.

人們正在向我們發送他們的臨床數據。我們正在產生一些分子洞察力。我們將洞察力重新交到供應商手中。這就是我們建立這些非常大的資料集的核心，現在這些資料集總計有 4,000 萬名患者左右。所以它已經成為一個巨大的數據集。

Subbu Nambi, Guggenheim.

蘇布南比 (Subbu Nambi)，古根漢美術館。

I had one model-related question and one long term. For the model-related, could you remind us the assumption baked in on gross margin and ASP improvement if you do receive MolDx xM reimbursement before the end of the year? And if it's not baked in, could you quantify the upside?

我有一個與模型相關的問題和一個長期問題。對於模型相關問題，如果您在年底前確實收到 MolDx xM 報銷，您能否提醒我們關於毛利率和 ASP 改善的假設？如果它沒有被融入，你能量化其好處嗎？

And the long-term question was when you do flip EBITDA positive, you said you are looking to invest back into the business. Curious, what are you looking at right now with the most ROI in 2025 and if that wish list changes at all as a result of flipping to profitability? Thank you.

而長期問題是，當你的 EBITDA 確實轉為正值時，你會說你希望重新投資於該業務。好奇的是，您現在關注的 2025 年投資報酬率最高的是什麼？隨著獲利能力的提高，這個願望清單是否會改變？謝謝。

Yes. So I'll take the first question and Eric can take the second one. In terms of the ASP progression, obviously, we saw about a $60 increase in our oncology ASPs in Q1, largely the results of us migrating our xT volume over the ADLT version of the FDA-approved version of that assay, which has a higher ASP with Medicare. There was also a small impact from some ASP improvements for our liquid biopsy code as well.

是的。我來回答第一個問題，艾瑞克來回答第二個問題。就 ASP 進展而言，顯然，我們在第一季度看到腫瘤學 ASP 增加了約 60 美元，這主要是因為我們將 xT 量遷移到 FDA 批准的該檢測版本的 ADLT 版本，該版本的 Medicare 具有更高的 ASP。一些 ASP 改進也對我們的液體活檢代碼產生了小的影響。

In terms of the progression over the balance of the year, we said that by the end of Q1, about 20% of our xT volume would be migrated to the FDA-approved version. That's where the number kind of came in at. We will continue to migrate more over the balance of the year, targeting about 40% by the end of the year. And so the ASP improvements for the balance of the year largely come from just migrating xT volume from the LDT to the FDA-approved version.

就今年剩餘時間的進展而言，我們表示，到第一季末，大約 20% 的 xT 數量將遷移到 FDA 批准的版本。這就是數字出現的地方。我們將在今年剩餘的時間裡繼續遷移更多人口，目標是到年底遷移約 40%。因此，今年餘下的 ASP 改進主要來自於將 xT 量從 LDT 遷移到 FDA 批准的版本。

We haven't baked in any xM reimbursement. We submitted our first CRC xM to MolDx in January. That process is playing out, and we wouldn't anticipate anything until later on in the year. And so we haven't baked any of that into the ASPs.

我們還沒有考慮任何 xM 補償。我們於一月份向 MolDx 提交了第一份 CRC xM。這個過程正在進行中，我們直到今年晚些時候才會預料到任何事情。因此我們還沒有將上述任何內容融入 ASP 中。

And in terms of kind of how we think about EBITDA and investments and ROI, it was very important to us, as we have said historically, that we are EBITDA positive by the time we turn 10, which is this year. We'll turn 10 this year. And so I think we're on track as providing our guidance to the adjusted EBITDA positive this year, which is a big milestone for us, especially given that there's other companies that are older than us, similarly situated that are still losing $100 million a year, $200 million a year.

就我們如何看待 EBITDA、投資和投資回報率而言，正如我們過去所說的那樣，到今年，也就是我們成立 10 週年時，EBITDA 為正值，這對我們來說非常重要。今年我們就十歲了。因此，我認為我們今年的調整後 EBITDA 有望實現正成長，這對我們來說是一個重要的里程碑，特別是考慮到其他公司比我們成立時間更長、情況類似，但每年仍虧損 1 億美元、2 億美元。

So we feel really good that we have these rapid growth rates and kind of often best-in-class growth and the business producing lots of gross profit and lots of leverage. And so we're able to run it in an EBITDA-positive manner -- adjusted EBITDA-positive manner.

因此，我們很高興看到我們擁有如此快速的成長率，並且經常是同類中最好的成長速度，而且業務產生了大量的毛利和槓桿作用。因此，我們能夠以 EBITDA 為正的方式（調整後的 EBITDA 為正的方式）運行它。

The issue for us, I think, is when you look at the opportunity set to bring AI to healthcare at scale, it's not small. So you -- and you don't want to under-invest and just try to maximize every dollar of profit at the expense of long-term sustained growth and then miss out on what could be one of the biggest technology opportunities of all time. And so we're mindful of that. And in particular, there's lots of places to invest in both of our main businesses.

我認為，我們面臨的問題是，當你看到將人工智慧大規模應用於醫療保健領域的機會時，你會發現這個機會並不小。所以你——你不想投資不足，只想以犧牲長期持續成長為代價來最大化每一美元的利潤，然後錯過可能是有史以來最大的技術機會之一。所以我們注意到了這一點。特別是，我們的兩個主要業務都有很多值得投資的地方。

For example, in Genomics, the MRD space is super exciting. We've got a tumor-naive platform that we believe in. We're running all kinds of studies in different disease areas, and we continue to make those -- we're making those investments now. We made them last year. We'll make more in the future. And we feel good about those investments, but it's certainly an area to put money to.

例如，在基因組學中，MRD 空間非常令人興奮。我們擁有一個值得信賴的腫瘤初治平台。我們正在不同疾病領域進行各種研究，我們正在繼續進行這些研究——我們現在正在進行這些投資。我們去年製作了它們。我們將來會做出更多。我們對這些投資感到滿意，但這絕對是一個值得投資的領域。

And then the other is in terms of building out our core AI applications and product set, including the foundation model that powers a lot of this. You're constantly investing in data and compute, and those are not inexpensive. And we make lots of investments. Again, we made them last year. We make them this year. We'll make them next year, make lots of investments in data and compute to be able to bring AI to diagnostics at scale.

另一個是建立我們的核心 AI 應用程式和產品集，包括為其中許多產品提供支援的基礎模型。您不斷地在數據和計算方面進行投資，而這些投資並不便宜。我們進行了大量投資。再說一次，我們去年就製作了它們。我們今年製作它們。我們將在明年進行這些生產，並在數據和計算方面進行大量投資，以便能夠將人工智慧大規模應用於診斷。

And so we have -- we're fortunate that the landscape in front of us is open. We can make -- we have lots of things we would love to invest in. We're also disciplined in that we're not going to -- trying to get ahead of our skis and make sure that we're investing appropriately. And I think lucky that these things are all coming together in a really nice way, where the growth is producing lots of additional dollars that we can invest to drive future growth.

所以我們很幸運，眼前的前景是開闊的。我們可以——我們有很多願意投資的東西。我們也很自律，我們不會試圖超越自己，並確保我們進行適當的投資。我認為幸運的是，這些事情都以一種非常好的方式結合在一起，成長產生了大量額外的資金，我們可以投資這些資金來推動未來的成長。

Daniel Brennan, TD Cowen.

丹尼爾布倫南 (Daniel Brennan)，TD Cowen。

Great. I was hoping maybe you could just speak to -- the first question would just be on the Genomics volumes. Can you give us a sense? I know some competitors have talked about some weather-induced issues in the first quarter. 20% was kind of towards the lower end of the range. So just wondering kind of how the quarter played out versus expectations. How do you think volumes will kind of play out the rest of -- throughout the rest of the year?

偉大的。我希望您能談談—第一個問題是關於基因組學的。你能給我們一個感覺嗎？我知道一些競爭對手談到了第一季的一些天氣問題。 20% 有點接近該範圍的低端。所以只是想知道本季的表現與預期相比如何。您認為今年剩餘時間的銷售量將如何變化？

And then, B, just on the Insights business, super helpful upfront with the Astra deal. But I'm wondering, what else could you say just in terms of how that business is going, what the funnel looks like? Any qualitative color you can provide about the demand trends on your Insights business?

然後，B，僅就 Insights 業務而言，對 Astra 交易非常有幫助。但我想知道，關於業務進展如何、漏斗是什麼樣子，您還能說些什麼？您能提供任何有關 Insights 業務需求趨勢的定性資訊嗎？

Yeah. I'll take the first. I don't know about weather. I mean, weather could have played some impact. We certainly had many days when FedEx was delayed or parts of the country were shut down. We don't spend a ton of time focused on that because we're not -- we don't think of ourselves as just a lab, and that's not our -- that's not like our only business where we're kind of micro fixated on it.

是的。我要第一個。我不知道天氣怎麼樣。我的意思是，天氣可能會產生一些影響。我們確實經歷過許多天聯邦快遞延誤或部分地區封鎖的情況。我們不會花大量的時間專注於此，因為我們不認為自己只是一個實驗室，這不是我們的業務——這不是我們唯一專注於此的業務。

We consider 20% growth, given our scale, given our volume, given the volume of tests that we're running, to be pretty extraordinary. When you look at the unit growth of Tempus in the aggregate, I think we delivered something like 158,000 tests this quarter. So any time you've got something delivering 158,000 billable orders that is growing units not only double digits but in the 20%-plus range, it's pretty good.

考慮到我們的規模、數量以及我們正在進行的測試量，我們認為 20% 的成長率是相當了不起的。當您從總體上看 Tempus 的單位增長時，我認為我們本季度進行了大約 158,000 次測試。因此，只要你能交付 158,000 份可計費訂單，並且銷量增長不僅達到兩位數，而且達到 20% 以上，那就相當不錯了。

So we're way more focused on long-term sustained growth than we are on short-term growth. And if we ever have a choice to grow at 20% for 6 or 8 quarters or 10 quarters versus 22% or 20% for one quarter, we'll always choose the former.

因此，我們更關注長期持續成長，而不是短期成長。如果我們可以選擇在未來 6 個季度、8 個季度或 10 個季度保持 20% 的成長率，還是在一個季度保持 22% 或 20% 的成長率，我們總是會選擇前者。

Yeah. And then on your second question, Dan, regarding the Insights business and the Data and Services business, it's also off to a good start. As we mentioned, the whole Data and Services business growing more than 40%, the Insight business growing 58%. So we were very fortunate coming into the year. We had $940 million of real contract value that was yet to be delivered.

是的。然後關於你的第二個問題，丹，關於洞察業務和數據與服務業務，它也有一個好的開始。正如我們所提到的，整個數據和服務業務成長超過 40%，洞察業務成長 58%。所以我們非常幸運地迎來了這一年。我們還有 9.4 億美元的實際合約價值尚未交付。

And so delivering on those subscriptions and then adding additional deals in Q1, obviously, the highlight coming in, in April with AZ, which pushes the total remaining contract value over $1 billion for the first time ever. And so that forward-looking visibility that those contracts provide allow us to feel really confident about the data number for the balance of the year and into the next several years.

因此，在完成這些訂閱後，在第一季又增加了額外的交易，顯然，四月份與 AZ 的合作是亮點，這使得剩餘合約總價值首次超過 10 億美元。因此，這些合約提供的前瞻性視野使我們對今年及未來幾年的數據數量充滿信心。

Mark Massaro, BTIG.

BTIG 的馬克馬薩羅。

The first one is for you, Eric. I was just curious if you could speak to how you think you can leverage your advantage with data and collaborations with pharma to some of your early traction in the MRD space. So if you could speak to how you're -- how you see the tumor-naive opportunity but also how you see the tumor-informed opportunity coming together with your partner.

第一個是給你的，艾瑞克。我只是好奇，您是否可以談談您認為如何利用您在數據和與製藥公司的合作方面的優勢，在 MRD 領域取得一些早期進展。因此，如果您可以談談您如何看待腫瘤初治機會，以及如何看待與您的伴侶一起實現的腫瘤知情機會。

And then I'll ask the second question, which is, can you speak to any puts and takes on any tests in your broader portfolio that might be picking up share in the marketplace? Thank you.

然後我會問第二個問題，那就是，您能否談談您的更廣泛的投資組合中可能在市場上佔據份額的任何測試的看跌期權和看漲期權？謝謝。

Yes. So let's start with the first. So I think, look, long term -- we have said this for years. We believe that AI and technology are the primary differentiator of diagnostics, which is kind of complicated because we spent so much time on the diagnostic side, talking about like sensitivity and specificity and limited detection and this study and that test and this 500 genes and 1,000 genes. We fundamentally believe that is not the differentiator.

是的。那我們就從第一個開始吧。所以我認為，從長遠來看——我們已經說了好幾年了。我們認為人工智慧和技術是診斷的主要區別因素，這有點複雜，因為我們在診斷方面花費了大量時間，討論敏感性、特異性和有限的檢測以及這項研究和那項測試以及這 500 個基因和 1,000 個基因。我們從根本上相信這不是差別所在。

We're in a migration that we've been in for some long period of time where sequencing is getting less expensive. And I suspect, over time, we're all doing whole genome, whole transcriptome and the like quite regularly, and that's the bioinformatics landscape of the future.

我們正處於一個已經持續了很長一段時間的遷移過程中，其中測序變得越來越便宜。我認為，隨著時間的推移，我們都會定期進行全基因組、全轉錄組等研究，這就是未來的生物資訊前景。

So what differentiates these tests is what insights can you drive for a clinician or a patient off of this massive amount of data. And that is where I think Tempus is so differentiated. And yet, we don't -- kind of don't spend a lot of time ever talking about it, which is fine because it's -- you want to see when it shows up.

那麼這些測試的差異在於，您可以從這些大量數據中為臨床醫生或患者提供什麼見解。我認為這就是 Tempus 與眾不同的地方。然而，我們並沒有花太多時間談論它，這很好，因為你想看看它什麼時候會出現。

But if you look at the foundation model we're building, what it's essentially doing is pouring in an enormous amount of data, right, like hundreds of petabytes of data, looking for associations between vast amounts of molecular data that we have been unable to ever interrogate connected to vast amounts of outcomes.

但是如果你看一下我們正在建立的基礎模型，它本質上是在輸入大量數據，對吧，例如數百 PB 的數據，尋找我們無法查詢的大量分子數據與大量結果之間的關聯。

And likely, what should show up is all kinds of associations that none of us ever knew existed. So for example, if I'm a non-small cell lung cancer patient, one of the first things the NCC guideline would tell me is I should be profiled and to see if I'm EGFR positive. If I'm EGFR mutated, I should get an EGFR inhibitor.

而很可能出現的是各種我們從未知道存在的關聯。例如，如果我是非小細胞肺癌患者，NCC 指南會告訴我的第一件事就是我應該進行分析並檢查我是否為 EGFR 陽性。如果我出現 EGFR 突變，我應該服用 EGFR 抑制劑。

The challenge is about half the patients that get that drug respond and the other half don't. And even the half that do respond have different variations of response. Some might be on that drug for a year. Some might be on that drug for a decade. We have no way of stratifying those patients. And in cancer, the name of the game is to generate more insights earlier in the process.

問題在於，大約有一半服用該藥物的患者有反應，而另一半則沒有。即使有一半做出反應，其反應也各有不同。有些人可能服用該藥物長達一年。有些人可能服用這種藥物已有十年之久。我們沒有辦法對這些患者進行分層。在癌症治療中，關鍵在於在治療過程的早期階段獲得更多的見解。

And I suspect AI and technology will produce that. We -- I hope it's Tempus, but some company like Tempus will one day understand whether or not a patient is going to respond to an EGFR inhibitor before they ever go on the drug. And once you have that kind of information, you can design truly intelligent personalized diagnostics.

我認為人工智慧和技術將實現這一點。我們——我希望是 Tempus，但像 Tempus 這樣的公司有一天會在患者服用 EGFR 抑制劑之前了解他們是否會對其產生反應。一旦掌握了這些訊息，你就可以設計出真正聰明的個人化診斷。

That's going to hold true for therapy selection, that's going to hold true for hereditary, and that's going to hold true for MRD. We are going to know with far greater granularity not just whether or not a patient is likely to recur, which these tests are amazing in their ability to see recurrence long before a scan, but also how to intervene what it means when we're -- when we see these signatures, these -- whether they're methylomic signatures or whether they're just fragments of mutations in the blood.

這對於治療選擇、對於遺傳以及對於 MRD 都是正確的。我們將更加詳細地了解，不僅了解患者是否有可能復發，這些測試的驚人之處在於它們能夠在掃描之前很久就發現復發，而且還能知道當我們看到這些特徵時，這意味著什麼——這些是甲基組學特徵還是僅僅是血液中突變的片段。

What does it mean? How do we analyze them? Is this patient going to -- is this patient likely going to have a very bad recurrence? Is it going to be mild? Is it going -- do we have a short amount of time, long amount of time? How aggressive should we be? All these insights will be data driven, I think.

這是什麼意思？我們怎樣分析它們？該患者是否會出現－該患者是否可能會出現非常嚴重的復發？會很溫和嗎？它會怎樣──我們的時間是短還是長？我們應該有多積極？我認為所有這些見解都將由數據驅動。

And so I would suspect that for both our tumor-naive and tumor-informed products, we enhance them and eventually, I think, make them totally differentiated from anything else out there by virtue of our investments in AI technology and the data that we've been able to amass, which others just don't have.

因此，我認為，對於我們的腫瘤初治產品和腫瘤資訊產品，我們都會對其進行增強，並最終透過我們在人工智慧技術方面的投資和我們能夠累積的數據，使它們與其他產品完全區分開來，而其他人則沒有。

Then in terms of the performance of the different assays that we have in market today, I'd say we saw growth across the entire portfolio. Obviously, with MRD, we're still kind of metering the volume given the lack of reimbursement. And so we wouldn't anticipate volumes growing tremendously there only because since we don't have reimbursement, we're bearing the cost of running those tests. But the core assay is kind of all performing well in the quarter.

那麼，就我們目前在市場上銷售的不同檢測方法的表現而言，我想說我們看到了整個產品組合的成長。顯然，由於缺乏報銷，我們仍然在用 MRD 來計量數量。因此，我們預計那裡的數量不會大幅增長，因為我們沒有報銷，所以我們承擔了運行這些測試的費用。但本季核心分析結果均表現良好。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指示）美國銀行 Michael Ryskin。

I'll ask one. Maybe it has multiple parts, but I promise it's only one question. I just want to make sure sort of tying your earlier comments on Pathos on sort of how Ambry performed in the quarter. Just sort of what's included in the -- or what are your assumptions that add up to the new revenue guide for the year, the $1.25 billion? I mean, you're raising it by $10 million versus prior.

我問一個吧。也許它有多個部分，但我保證它只是一個問題。我只是想確保將您之前對 Pathos 的評論與 Ambry 在本季度的表現聯繫起來。只是其中包括了什麼——或者您對今年新的收入指南（12.5 億美元）做出了哪些假設？我的意思是，與以前相比，你將其提高了 1000 萬美元。

Does that include Pathos' contribution? It sounds like it does. But if you just take that $200 million and prorate it over 12 quarters, just sort of how much of that is in there? And then previously, you talked about Ambry high-teens growth, the legacy Tempus business around 30%. Is that still unchanged? I just want to parse out the moving pieces of the guide change. Thanks.

這包括 Pathos 的貢獻嗎？聽起來確實如此。但如果你把這 2 億美元按比例分配到 12 個季度，那麼其中到底有多少呢？之前您談到了 Ambry 的高成長率，以及傳統的 Tempus 業務的 30% 左右的成長。還是沒改變嗎？我只是想分析出指南變化的動態部分。謝謝。

Yes. I mean, Jim and I can both answer. So certainly, in the guide, there is some amount of the new Pathos, AZ revenue. We start every year. We have a very high degree of visibility to our revenue, especially our Data revenues, but not 100% visibility.

是的。我的意思是，吉姆和我都可以回答。因此，指南中肯定會包含一些新的亞利桑那州帕福斯 (Pathos) 收入。我們每年都開始。我們的收入，尤其是數據收入，具有很高的可見度，但並非 100% 可見度。

So we always expect to sign a certain amount of revenue that we both sign and deliver in the year, and that's been the case for some period of time. So we're fortunate that here we are at, whatever, May, and we've -- we're so far ahead, which is awesome. But this thing is going to ramp over time. We don't have -- obviously, we only have a partial year anyway. We had some -- we always had planned to go get some additional revenue. So we feel like this is appropriate.

因此，我們始終期望簽署一定金額的收入，並在當年簽署和交付，而且這種情況已經持續了一段時間。所以我們很幸運，無論如何，我們已經到了五月，而且我們已經遙遙領先，這太棒了。但隨著時間的推移，這種情況將逐漸加劇。我們沒有——顯然，無論如何我們只有部分年份。我們有一些——我們一直計劃去獲得一些額外的收入。因此我們認為這是合適的。

We also are being, I think, appropriately conservative in terms of Ambry and its growth rates and how they perform the balance of the year. Could there be some upside there? Sure. But at this point, our job is to basically kind of say, hey, this feels like an appropriate place to be, and we're glad that -- by the way, we raised guidance last quarter by $10 million. We just raised it again by $10 million. So we're kind of $20 million above where we were, I don't know, 90 days ago. So we feel like we're in the right place, but we don't want to get ahead of our skis.

我認為，我們在 Ambry 及其成長率以及其全年業績方面也採取了適當的保守態度。那裡會不會有一些好處呢？當然。但此時，我們的工作基本上就是說，嘿，這感覺像是一個合適的地方，我們很高興——順便說一句，我們上個季度的指導金額提高了 1000 萬美元。我們剛剛又將其籌集了 1000 萬美元。因此，與 90 天前相比，我們的收入增加了約 2000 萬美元。因此，我們感覺我們處於正確的位置，但我們不想超越我們的滑雪板。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

So I wanted to dig into the Data side of the portfolio and specifically what you're seeing on the TCV. So just given what we've seen from a macro sense, there's a lot of noise out there in regards to biotech funding but also pharma, these potential tariffs and everything as well.

所以我想深入研究投資組合的數據方面，特別是您在 TCV 上看到的內容。因此，從宏觀角度來看，關於生技融資、製藥、潛在關稅等各方面都存在著許多噪音。

So can you talk about the risks that you see given the choppier macro environment that you could see some of the TCV either canceled or pulled out of that backlog? We've also heard some of the CROs kind of talk about these elevated cancellations in both preclinical and clinical studies. So curious, how are you assessing that risk? And have you seen any impact so far?

那麼，您能否談談在宏觀環境波動的情況下您看到的風險，即部分 TCV 可能會被取消或從積壓訂單中撤出？我們也聽到一些 CRO 談論臨床前和臨床研究中取消項目的情況。很好奇，您如何評估這種風險？到目前為止您看到任何影響了嗎？

Yeah. So just a reminder on the Data business, we kind of have two customer groups. We work with 19 of the top 20 large pharma companies and then a couple of hundred biotechs. Obviously, the majority of the TCV and the revenue comes from the large pharma companies that have larger R&D budgets, but we do work with a number of biotechs.

是的。因此，提醒一下數據業務，我們有兩種客戶群。我們與全球前 20 大製藥公司中的 19 家以及數百家生技公司合作。顯然，大部分 TCV 和收入來自擁有較大研發預算的大型製藥公司，但我們確實與許多生技公司合作。

Certainly, on the biotech side, there has been some impact over the last, call it, 24 months of the lack of funding and kind of that coming through. But again, that represents a smaller percentage of our overall business. The relationships with big pharma tend to be multiyear subscriptions that are committed. And so we're delivering the data that they have agreed to license over these terms. And so we haven't seen a significant impact on the large pharma side.

當然，在生物技術方面，過去 24 個月資金短缺等問題確實產生了一些影響。但同樣，這只占我們整體業務的一小部分。與大型製藥公司的關係往往是多年的承諾訂閱。因此，我們正在提供他們已同意按照這些條款授權的資料。因此，我們尚未看到對大型製藥公司產生重大影響。

I'd also add that when budgets tended to be slashed or cut, we actually see a little bit of a benefit to the Data business because leveraging the types of data that we license folks allows them to more effectively design their trials or identify targets in a more effective way. And so we actually see a little bit of a benefit of our business on the Data side when it comes to budgets being shrunk because they can leverage our data and be more efficient and kind of stretch those dollars, and that's what we've seen in the market.

我還要補充一點，當預算傾向於削減或削減時，我們實際上看到了數據業務的一些好處，因為利用我們授權給人們的數據類型可以讓他們更有效地設計他們的試驗或以更有效的方式確定目標。因此，當預算縮減時，我們實際上看到了數據業務的一些好處，因為他們可以利用我們的數據，提高效率，並節省資金，這就是我們在市場上看到的。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Eric, on MRD, obviously, a lot going on in that space. You guys are coming up on one full year, I believe, of commercial availability for the xM assay. What's gone the way that you expected within your program? What's been a bit of a surprise? And then what would you say are the key things over the course of the next year in order to feel like you're on track and successful?

Eric，在 MRD 上，顯然，該領域發生了很多事情。我相信，你們即將推出整整一年的 xM 檢測商業化版本。您的計劃進度如何，符合您的預期嗎？有什麼令人驚奇的事嗎？那麼，您認為在接下來的一年裡，哪些關鍵的事情可以讓您感覺步入正軌並取得成功？

Yeah. So I mean, we -- our portfolio, just to remind people, includes our tumor-naive assay in colorectal, and it includes Personalis' tumor-informed assay in non-small cell lung, breast and IO response. So we kind of run the market in four areas -- four very big areas. We are managing volumes and metering volumes because none of these assays are currently reimbursed by MolDx. So not our assay, not their assay. And so we run these tests but we don't get paid. So we're metering volume. Otherwise, you could burn a lot of money.

是的。所以我的意思是，我們的產品組合，只是提醒大家，包括我們在結直腸癌中的腫瘤初治檢測，以及 Personalis 在非小細胞肺、乳腺和 IO 反應中的腫瘤信息檢測。因此，我們在四個領域（四個非常大的領域）經營市場。我們正在管理數量並計量數量，因為這些檢測目前均不由 MolDx 報銷。所以這不是我們的分析，也不是他們的分析。因此我們進行這些測試但卻沒有得到報酬。所以我們正在計量體積。否則，你可能會損失很多錢。

I would say the demand has been quite strong. We've been pleasantly surprised that there's a ton of interest in both products. I think there's a space for naive and a space for informed. Informed is clearly winning the day today because it has improved sensitivity and specificity. It's got lower limits of detection. Natera has done a great job setting the market. So informed is kind of the more conventional way people think about MRD today.

我想說需求一直都很強勁。我們驚訝地發現，人們對這兩款產品都表現出了極大的興趣。我認為天真的人和知情的人都有自己的空間。如今，Informed 顯然佔了上風，因為它提高了敏感性和特異性。它的檢測極限較低。Natera 在市場開拓方面做得非常出色。因此，知情是當今人們對 MRD 更為傳統的看法。

We're fortunate that Personalis' platform is really best-in-class in terms of a bunch of those metrics because it's whole genome based instead of whole exome based. So I think people want it, and I would suspect the volumes will be really strong once we ungate it.

我們很幸運，Personalis 平台在一系列指標方面確實是一流的，因為它是基於全基因組而不是全外顯子組。所以我認為人們想要它，而且我認為一旦我們放開它，交易量就會非常強勁。

In terms of tumor-naive, we're all doing a bunch of work, us and other people that have those products, to keep improving those assays, make sure that they perform well. I think they performed quite well today. Ours certainly does, performs quite well, especially in those instances where you don't have extra tissue, where you can't rerun a whole genome tumor-informed assay because you just literally don't have the tissue. And in certain areas like non-small cell lung cancer, where you have scant tissue to begin with, I think we -- those products will perform really well.

就腫瘤初治而言，我們和其他擁有這些產品的人都在做大量的工作，不斷改進這些檢測，確保它們表現良好。我認為他們今天表現得相當不錯。我們的技術確實如此，而且表現得相當好，特別是在沒有額外組織的情況下，由於沒有組織，您無法重新執行全基因組腫瘤資訊檢測。在某些領域，例如非小細胞肺癌，由於患者的組織一開始就很少，我認為我們的產品會表現得非常好。

So I would say it's early days, but everything is moving along quite nicely, and I have not been negatively surprised in any big way. It's always kind of when you start a new product, you learn all kinds of stuff. And so far, I think we feel really good about our long-term position in MRD.

所以我想說現在還為時過早，但一切都進展順利，而且我並沒有感到任何重大的負面意外。當你開始開發新產品時，你總是會學到各種各樣的東西。到目前為止，我認為我們對我們在 MRD 的長期地位感到非常滿意。

That ends our Q&A session, and we appreciate your participation. I will now turn the call back over to Liz Krutoholow, VP for Investor Relations. Please go ahead.

我們的問答環節到此結束，感謝您的參與。現在我將把電話轉回給投資者關係副總裁 Liz Krutoholow。請繼續。

Thank you all for joining us today. As always, we're available for any follow-up questions. We look forward to updating you again next quarter.

感謝大家今天的參與。像往常一樣，我們隨時可以解答任何後續問題。我們期待下個季度再次向您更新資訊。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。