Tempus AI Inc (TEM) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to Tempus AI second-quarter 2025 financial results conference call.

感謝您的支持，歡迎參加 Tempus AI 2025 年第二季財務業績電話會議。

(Operator Instructions)

（操作員指示）

I'll now turn the conference over to Elizabeth Krutoholow, VP of Investor Relations. You may begin.

現在，我將會議交給投資者關係副總裁伊麗莎白·克魯托霍洛 (Elizabeth Krutoholow)。您可以開始啦。

Thank you. Good morning and welcome to Tempus' second quarter 2025 conference call.

謝謝。早安，歡迎參加Tempus 2025年第二季電話會議。

This morning, Tempus released results for the quarter ended June 30, 2025. The press release, an overview of the quarter, and our latest presentation are available on our IR website.

今天上午，Tempus 發布了截至 2025 年 6 月 30 日的季度業績。新聞稿、季度概述以及我們的最新簡報均可在我們的 IR 網站上找到。

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

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 refer to our 10-K and other subsequent filings with the SEC. 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 earnings release, which has been furnished to the SEC and is available on our website at investors.tempus.com.

在開始之前，我想提醒大家，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，可能導致實際結果與預期有重大差異。有關這些風險的討論，請參閱我們向美國證券交易委員會 (SEC) 提交的 10-K 報告及其他後續文件。在電話會議中，我們將討論未依照公認會計準則 (GAAP) 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 財務指標的對帳表已包含在我們的收益報告中。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。

Good morning, everyone.

大家早安。

So I'll provide a quick summary. Q2 was a fantastic quarter. As I mentioned in my letter, the company's hitting it stride as we approach our 10th anniversary, which is great. Revenue increased 89.6% to $314.6 million. Genomics revenue increased 115% to $241.8 million on accelerating volume growth in oncology, which increased from about 20% last quarter to 26% this quarter, which was great to see, and Hereditary testing, which was 32% in the quarter.

我來簡單總結一下。第二季度表現非常出色。正如我在信中提到的，公司在即將迎來十週年之際，發展勢頭強勁，這很棒。營收成長了89.6%，達到3.146億美元。基因組學收入增長了115%，達到2.418億美元，這得益於腫瘤學業務的銷量加速增長，腫瘤學業務的銷量從上一季的約20%增長到本季度的26%，這令人欣喜；遺傳檢測業務的銷量在本季度增長了32%。

Data and services revenue increased 35.7% to roughly $73 million, led by Insights, which is our data licensing, which grew almost 41%. Quarterly gross profit was $195 million, roughly 160% increase. And as the business is growing, we continue to be disappointed about the investments we're making. As such, we saw another sequential improvement in adjusted EBITDA, which went from roughly negative $16 million last quarter to negative $5.6 million this quarter.

數據和服務收入成長35.7%，達到約7,300萬美元，其中Insights（即我們的數據授權）收入成長了近41%。季度毛利為1.95億美元，成長約160%。儘管業務正在成長，但我們對正在進行的投資仍然感到失望。因此，調整後的EBITDA再次較上季改善，從上季的約負1,600萬美元降至本季的負560萬美元。

So we're approaching adjusted EBITDA break even. We increased our full year 2025 revenue guidance to $1.26 billion and maintained our adjusted EBITDA forecast of about $5 million for the year, which is a roughly -- would be a roughly $110 million improvement over the last year.

因此，我們即將實現調整後EBITDA的損益平衡。我們將2025年全年營收預期上調至12.6億美元，並維持全年調整後EBITDA約500萬美元的預測，比去年同期成長了約1.1億美元。

We also improved the balance sheet. We issued $750 million, 0.75% convertible notes, which will drive down interest expense and produce lots of cash savings. This along with the fact that our cash and marketable securities finished the quarter of about $290 million and net of that paying down some of the debt.

我們也改善了資產負債表。我們發行了7.5億美元、利率為0.75%的可轉換債券，這將降低利息支出並帶來大量現金節省。此外，本季我們的現金和有價證券餘額約為2.9億美元，扣除這部分債務後，我們償還了部分債務。

As I mentioned, we added about $375 million additional. Leaves our balance sheet a really good spot as we approach Q3.

正如我之前提到的，我們額外增加了約3.75億美元。隨著第三季的臨近，我們的資產負債表狀況非常好。

So all in, the business is right where we want it to be and we're making a great progress.

總而言之，業務正處於我們想要的水平，我們正在取得巨大進步。

And with that, happy to take questions.

我很高興回答您的問題。

(Operator Instructions)

（操作員指示）

Daniel Brennan, TD Cowen.

丹尼爾布倫南 (Daniel Brennan)，TD Cowen。

Congrats on the quarter. I'll just ask some multi potter up front. Maybe first, Eric, can you just elaborate on the strong core Genomics volumes in the quarter? I know in your script, you kind of talked about sales force efficiencies. Is any color where the strength came from tissue versus blood, broader market share versus share gains?

恭喜本季取得佳績。我先問一些多面手的問題。 Eric，首先，您能否詳細說明本季核心基因組學業務的強勁表現？我知道您在演講稿中提到了銷售團隊的效率。請問，有哪些業務的強勁表現體現在組織業務與血液業務、更廣泛的市場份額與市場份額增長方面？

Next, Ambry, really strong quarter there. I know in the script, you talked about volume outlook in the deal model could be too low. Just kind of what are you seeing there and I know you also talked about the rare kind of genetic disease for kids kind of -- is that contributing today?

接下來，Ambry，這個季度業績確實非常強勁。我知道在腳本中，您提到交易模型中的交易量前景可能過低。請問您看到了什麼？我知道您也提到了兒童罕見遺傳疾病—這對今天有什麼影響嗎？

And then finally Insights, nice quarter there, 40% growth. Any color how pathos is doing? I know you called it out in the written script that it is contributing? Just wondering how that's going and if there's any color on bookings, that would be terrific too.

最後是 Insights，季度表現不錯，成長了 40%。 Pathos 表現怎麼樣？我知道你在劇本裡提到它有貢獻？我只是想知道進展如何，如果預訂量能有數據的話，那就太好了。

There's a lot there. So I'll start at the beginning, maybe Jim could jump at the end, but we saw significant sequential volume growth across our entire oncology testing compendium. It was widespread. It wasn't just like solid or liquid, it was really across the board.

內容很豐富。所以我從頭說起，也許Jim可以直接跳到最後，但我們在整個腫瘤檢測體系中都看到了顯著的環比增長。這種增長非常普遍。這不僅僅是固體或液體，而是全方位的。

It was notable. For us, it's a function of a lot of the things we had put in place in terms of sales force efficiency, realigning some of the territories, improvements we had made across our technology stack. And we just saw a bunch of those efforts kind of pay off in Q2.

這是值得注意的。對我們來說，這得益於我們實施的諸多措施，包括提高銷售團隊效率、重新調整部分區域以及改進整個技術堆疊。我們剛剛在第二季度看到了這些努力的回報。

The volume growth has been really strong, and it's great to see and it's exactly what you want. If you put forth a bunch of initiatives and they start to pay dividends, you have a reason to believe that they're going to be sustained. So we feel like we're in a great spot in our oncology business.

銷售成長非常強勁，這令人欣喜，也正是我們想要的。如果你推出了一系列舉措，而它們開始帶來回報，你就有理由相信這些舉措能夠持續下去。因此，我們覺得我們的腫瘤業務目前處於一個非常有利的位置。

The Hereditary volumes are also significantly stronger than we expected. And they too show no near term signs of slowing down. The growth is really coming from a few areas. It's in part coming from the fact that some of the historic players in that space have just kind of shrunk in terms of their market share, and so we're capturing a lot of that volume.

《遺傳厄運》的銷售量也遠超乎我們的預期。而且短期內也沒有放緩的跡象。成長主要來自幾個方面。部分原因是該領域一些老牌廠商的市場份額有所縮水，而我們佔據了很大一部分市場份額。

And it's also that the overall space appears to be experiencing some really good tailwinds. And it's -- as I called out in my letter, it makes sense. When we acquired Ambry, we had hoped that this space would be quite large over time.

而且整個產業似乎正經歷著一些非常好的順風。正如我在信中所說，這是有道理的。當我們收購Ambry時，我們希望這個產業隨著時間的推移能夠發展壯大。

People thought it was kind of getting to saturation of maturity and we historically have said we think that's exactly wrong. And we kind of believe that's the case. I mean there are just far more people that are at risk of getting cancer or at risk of getting disease than those that have the disease.

人們認為癌症已經到了飽和期，而我們過去一直認為這種想法完全錯誤。我們確實相信情況確實如此。我的意思是，面臨癌症風險或患病風險的人遠遠多於已經患病的人。

And so I would not be surprised if the volumes from Hereditary sequencing are dramatically larger than the volumes from a cancer sequencing or any one disease. They're also making great progress in rare -- in pediatrics.

因此，如果遺傳定序的數據量遠遠超過癌症定序或任何一種疾病的定序資料量，我一點也不會感到驚訝。他們在罕見疾病——兒科疾病——的治療方面也取得了巨大進展。

They're basically the number two player in that space. And even though it's small, it's growing pretty rapidly, and I would suspect over time, that business will grow as well. So all in, the testing business just was really strong across the board.

他們基本上是這個領域的老二。雖然規模不大，但成長相當迅速，我相信隨著時間的推移，他們的業務也會成長。所以總的來說，測試業務整體表現非常強勁。

In terms of our data business, it too is having a moment. Obviously, we signed a very large deal to build a foundation model, so that's super exciting, that's under construction, and we've got great visibility to the balance of the year, which is where you want to be.

就我們的數據業務而言，它也正處於一個關鍵時刻。顯然，我們簽署了一項非常大的協議來建立一個基礎模型，這非常令人興奮，目前它正在建設中，我們對今年剩餘時間的預期非常清晰，這正是我們想要達到的目標。

It's the law of large numbers, right? Our growth rate's going to -- we're not going to grow that business at 80%. It's not going to happen. We told everybody. We want to maintain growth rates around 25% or 30%, and so we grew above that this quarter, which is great.

這就是大數定律，對吧？我們的成長率不會達到－我們不會把業務成長到80%。這不會發生。我們告訴過所有人。我們希望維持25%或30%左右的成長率，所以本季我們的成長率超過了這個數字，這很好。

So all in, I would say if you look across the two main drivers of the business, sequencing diagnostics and data, we're just in a really strong spot.

總而言之，我想說，如果你看一下業務的兩個主要驅動力，即定序診斷和數據，我們正處於一個非常強大的位置。

Yoko Oku, Morgan Stanley.

摩根士丹利的 Yoko Oku。

Given the significant progress you already made in first off migrating xT volumes to CDX, in addition to ASP drag from XM ramp, how should we think about cadence of ASP as we think about path towards the goal of migrating 40% of xT volume to CDX exiting the year?

鑑於您在首次將 xT 量遷移到 CDX 方面已經取得重大進展，加上 XM 坡道帶來的 ASP 阻力，當我們考慮在年底將 40% 的 xT 量遷移到 CDX 的目標路徑時，我們應該如何考慮 ASP 的節奏？

And then also although you have a whole transcriptome RNA panel, some of your peers are adding additional features on their tissue therapy selection test, such as RNA and epigenomic markers. Is this something that you might look to in the future?

另外，儘管你們擁有完整的轉錄組RNA面板，但有些同行正在為其組織療法選擇測試添加其他功能，例如RNA和表觀基因組標記。你們未來會考慮這方面的發展嗎？

Yeah. So I'll take the first question on kind of ASP and then Eric can speak to kind of future products.

是的。所以我先回答關於 ASP 的第一個問題，然後 Eric 可以談談未來的產品。

So on ASPs, as we mentioned in the letter, we did see an increase in the volume of xT CDX. It was about 20% of our xT volume in Q1. Grew to about 28% in Q2, and then as you mentioned, we're kind of targeting to get to 40% by the end of the year.

因此，就平均售價而言，正如我們在信中提到的，我們確實看到了 xT CDX 交易量的增長。它在第一季約占我們 xT 交易量的 20%。在第二季度增長至約 28%，然後正如您所提到的，我們的目標是到年底達到 40%。

In Q2, we did see a mixed shift to some of our lower dollar or lower reimbursements assays, both XM, which we don't have reimbursement for today, and then also XG. We would think over the balance of the year, we kind of approach 40%, you would see kind of incremental gains to overall ASPs.

在第二季度，我們確實看到一些較低金額或較低報銷額度的藥物出現了混合變化，包括XM（目前我們還沒有報銷）和XG。我們預計，今年餘下時間裡，整體平均售價將出現接近40%的增量成長。

And on the XM side, that will continue to grow as well, but we are still gaining that volume, so we're not anticipating XM kind of creating -- offsetting all of the gains that we have, but we won't see kind of a significant step up as though we saw in Q1, but we would anticipate kind of small incremental gains over the balance of the year.

而在 XM 方面，它也將繼續增長，但我們的交易量仍在增長，因此我們預計 XM 不會創造 - 抵消我們所有的收益，但我們不會看到像第一季那樣的顯著增長，但我們預計在今年剩餘時間裡會有小幅增量增長。

And in terms of RNA sequencing, we've been doing a whole transcriptome sequencing since the beginning. It's just the kind of the way we started when we opened up our lab. We were always doing targeted panel sequencing on the genomic side, but doing whole transcriptome on the RNA side.

就RNA定序而言，我們從一開始就在進行全轉錄組定序。這和我們實驗室成立之初的做法一樣。我們一直在基因組方面進行標靶面板定序，但在RNA方面則進行全轉錄組定序。

And really our pioneers in the space of running whole transcriptome sequencing from FFP slides. Our panel is just a super comprehensive, not only do we basically report on expression levels on the entire transcriptome, we also do TCR profiling through that assay, BCR profiling, HLA typing.

我們確實是FFP切片全轉錄組定序領域的先驅。我們的檢測組非常全面，不僅能報告整個轉錄組的表達水平，還能透過此檢測進行TCR分析、BCR分析和HLA分型。

We have a whole body of algos that are also produced from that. So at the end of the day, it's just a really comprehensive panel. So I think likely the advancements will make it be more on the DNA side going forward as we migrate from targeted panel sequencing to whole genome sequencing over time.

我們擁有一整套基於此演算法的演算法。所以說到底，它只是一個非常全面的面板。因此，我認為，隨著我們逐漸從標靶面板定序轉向全基因組定序，這些進展很可能會使其在未來更加專注於DNA方面。

And we expect if you kind of fast forward 5 or 10 years, my guess is targeted panels go away largely and people are just doing whole genome and whole transcript film and layering in other markers, like, for example, epigenic or methylation markers throughout those essays.

我們預計，如果快進 5 年或 10 年，我猜目標面板將基本消失，人們只是進行全基因組和整個轉錄本膠片研究，並在這些論文中分層添加其他標記，例如表觀遺傳或甲基化標記。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

So I just wanted to dig into the trials in Insights businesses a little bit. First off, can you just talk about how bookings trended in the quarter for Insights and trials and are you seeing any weakness from pharma due to some of the headlines related to MFN and tariffs or even biotech customers due to the funding constraints?

所以我想稍微深入探討一下 Insights 業務的試驗情況。首先，您能否談談本季 Insights 和試驗的預訂趨勢？您是否認為製藥業因最惠國待遇和關稅等相關新聞而出現疲軟，甚至生物科技客戶也因資金限製而出現疲軟？

And then on pathos, just if you could give us some color there, it looks like that was around $16 million of revenue in the quarter. How should we think about that trending for the back half of the year?

關於Pathos，您能否跟我們講一下具體情況？看起來本季的營收約為1600萬美元。我們該如何看待下半年的趨勢？

Yeah. So I'll start -- I can start at the beginning. You we can talk about the pathos and AC revenue. So our bookings obviously were super strong in the quarter because the AstraZeneca Pathos deal was actually in April event.

是的。我可以從頭開始。我們可以談談Pathos和AC的收入。我們本季的訂單量顯然非常強勁，因為阿斯利康Pathos交易實際上是在4月份舉行的。

So in terms of bookings, it was a large number in Q2. And our total contract value which we only report out annually is materially, as you can imagine, by virtue of that deal. So we're in a great spot as we look at total contract value going into the back half of the year.

就訂單量而言，第二季的訂單量很大。我們每年隻公佈一次的合約總價值，正如你所想像的，很大程度上得益於這筆交易。因此，展望下半年的合約總價值，我們目前處於一個非常有利的位置。

We're ahead of where we want it to be, so which is -- which means we're in a great spot given that we had lofty ambitions. The clinical -- the trials of booking businesses, it's never been a large driver of bookings, our clinical trial matching business, in large part because, if we help people enroll 10% or 15% of their US trial, it might be 10 patients or 20 patients or 30 patients or 5 patients or whatever.

我們已經領先於預期，也就是說，考慮到我們曾經的遠大抱負，我們現在處於一個非常有利的位置。臨床試驗的預約業務，從來都不是推動我們臨床試驗配對業務預約量的主要因素，很大程度上是因為，如果我們幫助人們招募10%或15%的美國試驗參與者，那麼可能只有10位、20位、30位、5位或其他任何數量的患者。

And so it's just not a huge a dollar driver at the present moment. As that business scales, it might become a bigger number, but right now, it's still fairly small. But it's super important in terms of our relationship with biotech and pharma, and it's super important in terms of our relationship with providers.

所以目前它還不是一個巨大的收入驅動因素。隨著業務規模的擴大，它可能會變得更大，但目前它仍然相當小。但就我們與生技和製藥公司的關係而言，它至關重要，就我們與供應商的關係而言，它也至關重要。

We now disclosed that we're connected to more than 4,500 providers and institutions across the country, which is obviously a huge number and these connections are deep. These are basically bi-directional connections where people are allowing us to pull data down.

我們目前披露，我們與全國超過4500家供應商和機構建立了聯繫，這顯然是一個龐大的數字，而且聯繫非常深入。這些連接基本上是雙向的，人們允許我們提取數據。

We're generating insights or diagnostics and putting those -- that information back in. And one of the parts of that is, can we look at healthcare data in real time, basically, data from the electronic healthcare records, and can we do really important things with that data like identify patients that might be a perfect fit for a clinical trial or identify a care gap that for whatever reason, somebody missed and the patient's on the wrong path.

我們正在產生見解或診斷，並將這些資訊放回去。其中一部分是，我們能否即時查看醫療保健數據，基本上是來自電子醫療記錄的數據，我們能否利用這些數據做一些真正重要的事情，比如識別可能非常適合臨床試驗的患者，或者識別由於某種原因被人忽視而導致患者走上錯誤道路的護理差距。

And increasingly, we're doing that, which means our -- the kind of important role we play continues to go up. And so I think the clinical trials time business in a really good spot, as is our next Algo's business. They're just relatively small today as we've called out historically from a revenue and bookings perspective.

而且我們正在越來越多地這樣做，這意味著我們扮演的重要角色正在不斷提升。所以我認為臨床試驗計時業務處於一個非常好的位置，我們的下一個Algo業務也是如此。只是目前規模相對較小，正如我們過去從收入和預訂的角度所指出的那樣。

And then on the pathos deal, in terms of kind of contribution in the back half of the year, it obviously didn't get a full quarter's worth of revenue in Q2 given the timing that we signed that deal, so there will be a sequential kind of slight step up, but you would anticipate kind of similar levels in the back half on a quarterly basis.

然後關於 pathos 交易，就下半年的貢獻而言，考慮到我們簽署該交易的時間，它顯然在第二季度沒有獲得一個完整季度的收入，因此會有一個連續的小幅增長，但你可以預期下半年的季度水平會與上半年相似。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Follow up on that last one. Just wondering, you've made a series of major investments and partnerships with pharma over the last couple of years. Wondering what the pipeline for that looks like in terms of future. I'm talking about obviously the data and Insights business.

繼續問最後一個問題。我想知道，在過去幾年裡，你們在製藥業進行了一系列重大投資和合作。請問未來這些投資的管道是什麼樣的？我指的是數據和洞察業務。

Wondering if there's what the pipeline for that looks going forward in terms of the major pharma and their appetite to continue to invest in data, particularly as you're starting to see more and more other Genomics vendors enter the field.

想知道大型製藥公司未來的發展方向以及他們繼續投資數據的興趣，特別是當你開始看到越來越多的其他基因組學供應商進入該領域時。

And then if I could tack on a second one on that is a lot of focus obviously on profitability and EBITDA and get progress in the quarter. Just I want to hear you talk through your priority for investments going forward, how are you going to balance among the various parts of the business where you're putting the incremental dollar?

然後，如果我可以補充第二個問題，那就是顯然要專注於盈利能力和EBITDA，並在本季度取得進展。我只是想聽您談談未來投資的重點，您將如何在各個業務部門之間平衡增量資金的投入？

Yeah. So I'll start. Maybe, Jim can also jump in, but I think in terms of our pipeline, it continues to be super strong. I mean, we have that as we call out in the past, I mean, the only real kind of market the impact we felt was several years ago when biotech funding essentially dried up and we just lost like a huge body of customers that in 2022 were flushed with cash because they all went public.

是的。我先說說。也許吉姆也可以插嘴，但我認為就我們的產品線而言，它仍然非常強大。我的意思是，正如我們過去所提到的，我們唯一真正感受到影響的市場是幾年前，當時生物技術資金基本上枯竭，我們失去了一大批客戶，而這些客戶在2022年都上市了，資金充裕。

But we're like long past that, so that's long in the rearview mirror and if anything, I would hope as the markets improve, some of these biotechs may actually be able to raise capital again, which would create a whole new source of potential data clients.

但我們已經過了那個階段，所以那已經是過去的事了，如果有的話，我希望隨著市場的改善，其中一些生物技術公司實際上可能能夠再次籌集資金，這將創造一個全新的潛在數據客戶來源。

But in terms of the big pharma, we continue to have a really healthy robust pipeline of very big deals that we expect to close in over some horizon of time. And it's essentially because even though big pharma R&D budgets may be getting cut or there might be pressure, data and AI and technology is still such a small component of those multi-billion dollar budgets that we're not the thing that's going to get cut.

但就大型製藥公司而言，我們仍然擁有非常健康、強勁的大型交易管道，預計這些交易將在一段時間內完成。這主要是因為，儘管大型製藥公司的研發預算可能會被削減，或者面臨壓力，但數據、人工智慧和技術在這些數十億美元的預算中仍然只佔很小的份額，因此不會被削減。

They may not make an investment, but they could not make that investment even in robust periods. But if they want to make an investment in AI or data, and they've got a $9 billion R&D spend, they're not going to worry about a $100 million investment over several years.

他們可能不會投資，但即使在經濟繁榮時期，他們也可能無法進行投資。但如果他們想在人工智慧或數據領域投資，而且他們已經有90億美元的研發支出，他們就不會擔心幾年內要投資1億美元。

So we have not felt any pressure. We also have not felt any pressure from competitors in that space. I mean it's like literally, every time we lose a deal, basically, we lose it to a company not wanting to go forward and make an investment, not to somebody else that has a product like ours.

所以我們沒有感受到任何壓力。我們也沒有感受到來自該領域競爭對手的任何壓力。我的意思是，實際上，每次我們失去一筆交易，基本上都是因為一家公司不願意繼續投資，而不是其他擁有類似我們產品的公司。

And so whereas we have very good competitors in the diagnostic space, people that are at scale and do a perfectly good job of sequencing patients, we just don't feel like we have the same competitors on the data and AI space.

因此，儘管我們在診斷領域擁有非常強大的競爭對手，他們規模龐大，並且在患者測序方面做得非常出色，但我們感覺在數據和人工智慧領域我們沒有相同的競爭對手。

We just don't bump into people, so we have not seen them, and that hasn't changed recently, so it may change in the future, but it's certainly is not the case today. In terms of investments, I'll start and Jim can always jump in, but this is going to be one of the questions that we have to think through.

我們只是不碰人，所以沒見過他們。這種情況最近沒有改變，將來也可能會改變，但現在肯定不是這樣。至於投資，我會先說，吉姆隨時可以插話，但這將是我們必須仔細思考的問題之一。

It was important for us to kind of as we approach our 10th anniversary be able to build a business that was growing quickly and still generating operating leverage and getting to adjusted EBITDA breakeven. And so as I mentioned in my letter, one of things I'm most proud of is the fact that you've got a business growing north of 30% at real scale that is still generating improvement quarter over quarter, whereas many others are growing maybe not even as fast, but not generating that leverage.

在我們即將迎來十週年之際，能夠打造一家快速成長、仍在創造營運槓桿、並實現調整後EBITDA盈虧平衡的企業對我們來說至關重要。正如我在信中提到的，我最引以為傲的事情之一，就是你們的業務實際規模增長超過30%，並且仍在逐季改善，而其他許多公司的增長速度甚至可能不如你們，但卻沒有創造那樣的槓桿。

We're still losing lots of money with no sign of that turning around in sight. So we're doing a really nice job of growing and being disciplined. And I expect us to be disciplined until we round adjust EBITDA positive and round cash flow positive.

我們仍在大量虧損，而且看不到任何好轉的跡象。所以我們在發展和嚴謹方面做得非常好。我希望我們能一直保持嚴謹，直到調整後的EBITDA和現金流都達到正值。

But we're not at a point in time where we're just like harvesting profits. We're still at a point in time where we're making lots of investments in growth, and I suspect we'll make lots of investments in growth over the next several years given the size of the space and the fact that as leaders of bringing AI to diagnostics and healthcare more broadly, and given the size of the market, the last thing we want to do is kind of optimize for the short term and miss the opportunity in the long term.

但我們並非處於僅僅收穫利潤的階段。我們仍處於在成長方面進行大量投資的階段。考慮到這個領域的規模，以及我們作為將人工智慧更廣泛地應用於診斷和醫療保健領域的領導者，我預計未來幾年我們仍將進行大量投資。考慮到這個市場的規模，我們最不想做的就是只顧短期優化，而錯失長期機會。

And I would just add that we're not doing anything unnatural to get this leverage in the business. We are making significant investments both on the Genomics business data and on the AI side. And so we think the level of investment that we're making today is appropriate.

我想補充一點，我們並沒有為了在業務中獲得這種優勢而採取任何不合常理的措施。我們正在基因組學業務數據和人工智慧方面進行大量投資。因此，我們認為目前的投資水準是合理的。

We wouldn't accelerate it, obviously seeing the leverage that we're getting out of the business, but we're certainly not starving the business to kind of show this.

我們不會加速這一進程，顯然我們看到了我們從業務中得到的槓桿作用，但我們肯定不會為了顯示這一點而讓業務陷入困境。

Ryan MacDonald, Needham & Company.

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

Congrats on the great quarter. Maybe one on the data business, one on the Genomics business for me. On the data side, great to hear things kicking off with the building the foundational model and doing some of the training here.

恭喜這個季度取得了巨大的成功。對我來說，數據業務和基因組學業務各有一點進展。在數據方面，很高興聽到基礎模型的建構和一些培訓工作正在啟動。

Just curious though, in terms of the incremental demand you're seeing from others partners right now to build something similar here obviously, you're going to have the sort of first version expected in early '26, but given the pace of rapid AI investment, can other partners afford to wait for let's call it maybe proof of concept to come out in early '26.

只是好奇，就您現在從其他合作夥伴那裡看到的增量需求而言，顯然您將在 26 年初獲得預期的第一個版本，但考慮到人工智能投資的快速步伐，其他合作夥伴是否可以等到我們稱之為概念驗證的版本在 26 年初問世。

And then on the Genomic side, it clearly seems like there's the MRD portfolio is resonating well within the industry. Just curious when we could see maybe the bigger unlock here with reimbursement from MolDx and when we should expect that to happen if that's a second half of '25 or a '26 event.

基因組學方面，MRD產品組合顯然在業界引起了良好反響。我只是好奇，我們什麼時候才能看到MolDx報銷帶來更大的機會，以及如果是在2025年下半年或2026年，我們應該預期什麼時候會發生這種情況。

Yeah. So again, I can start. So I think that's one of the great questions that I think we're also thinking a lot about. We're in very deep conversations with a bunch of folks who are thinking about building similar models to the one that AstraZeneca and Pathos are building.

是的。我再說一遍，現在可以開始了。我認為這是我們正在認真思考的重大問題。我們正在與一些人士進行深入交流，他們正在考慮建立類似阿斯特捷利康和Pathos的模式。

But so far, obviously, we haven't announced anything. And I think one of the questions we have for that group is the same one you just asked, which is, can you afford to sit on the sideline in a world where these types of models are likely to be transformative, not just to your R&D portfolio but to the drugs you have in the market.

但到目前為止，顯然我們還沒有宣布任何消息。我想，我們要問這個團隊的一個問題和你剛才問的一樣，那就是，在這個這些模式可能帶來改變的世界裡，你們能否袖手旁觀？這種改變不僅會改變你們的研發組合，還會改變你們在市場上銷售的藥物。

And that's something I don't think people are really focused on. It is we kind of called it out a bit in the letter one of the things we would expect from this model, you're taking an enormous amount of data, right? We announced we have over 350 petabytes of connected clinical molecular data.

我認為人們並沒有真正關注這一點。我們在信中提到了這一點，這也是我們預料到的，這個模型會收集大量數據，對吧？我們宣布我們擁有超過350PB的關聯臨床分子數據。

It's just this massive data repository, and you're essentially running compute for months on a cluster of over 1,000 H200s, which are, that's not a small amount of capacity. You're talking hundreds of billions of tokens where you're running computes, and you're likely going to see associations that you just couldn't see until you ran that amount of computes.

這就像一個龐大的資料儲存庫，你實際上要在一個由超過 1000 台 H200 組成的叢集上運行數月的計算，這可不是個小容量。你指的是數千億個令牌，你正在運行這些令牌的計算，你很可能會發現一些只有在運行如此大規模的計算後才能發現的關聯。

Those associations are likely going to be things like when a patient has this particular mutation, even though it might be standard of care to go on X, Y, or Z drug, we know that typically, half the population doesn't respond to that drug.

這些關聯很可能是這樣的，當一個病人有這種特定的突變時，儘管使用 X、Y 或 Z 藥物可能是標準治療方法，但我們知道通常有一半的人口對該藥物沒有反應。

And even within that, you have gradients of response. You have 20% of people that might be super responders and 20% of people that never respond, and some group in the middle. And right now, these drugs are very brute.

即使在這種範圍內，反應也存在梯度。 20%的人可能是超級反應者，20%的人完全沒有反應，有些人則處於中間狀態。目前，這些藥物的療效非常糟糕。

They're like, I have a mutation or there's a biomarker or maybe not even a biomarker, and I get a drug approved and I give it to everybody. And what AI is likely going to do what these foundation models should do is provide insight to physicians and patients as to who's likely to respond and not to respond.

他們可能會想，我有一個基因突變，或者有一個生物標記，或者甚至可能沒有生物標記，我的藥物獲得了批准，然後我就可以把它給每個人使用。而人工智慧可能會做的，就像這些基礎模型應該做的一樣，是為醫生和患者提供洞察，讓他們知道哪些人可能對藥物有反應，哪些人可能沒有反應。

And so I would suspect that will change -- fundamentally change care and probably much faster than guidelines can adapt because these guidelines are human-oriented, not AI-oriented. So I would suspect that AI is going to have a very big -- create some very big disruption within the space, and with any type of disruption, you have to kind of ask yourself, do I want to be a disrupter or do I want to be the disrupted?

所以我認為這將徹底改變醫療服務，而且改變速度可能比指南所能適應的速度要快得多，因為這些指南是以人為本的，而不是以人工智慧為本的。所以我認為人工智慧將會在這個領域帶來非常大的顛覆。面對任何類型的顛覆，你都必須捫心自問，我想成為顛覆者，還是被顛覆者？

And it was very cool to see -- take a lead in that, and I suspect others will. And over time, I suspect I just can't see a world where people are like, nah, I just won't -- I don't need that kind of data. I'll just do it the old way. So I think it's -- in the long term, I would suspect many people will build similar models or avail themselves of similar models and move significant dollars from historic chemistry and biology to data and AI.

看到我們在這方面領先，這真是太酷了，我相信其他人也會這麼做。隨著時間的推移，我懷疑自己無法想像這樣一個世界，人們會說，『不，我不需要那種數據。我還是會用老辦法。 』所以我認為——從長遠來看，我懷疑很多人會建立類似的模型，或者利用類似的模型，把大量資金從傳統的化學和生物學領域轉移到數據和人工智慧領域。

And we'll certainly be a or I would expect us to be a big beneficiary of that. What we don't know is that going to happen in a quarter or two or three or four, like we just can't. We don't have that kind of visibility. We do have visibility to the business performing really well in the near term because of things we've signed in the past.

我們肯定會成為，或者說我預期我們會成為其中最大的受益者。我們不知道這會在一、兩個季度、三、四個季度內發生，我們根本無法預測。我們沒有那種預見性。但我們確實可以預見，由於我們過去簽署的一些協議，短期內業務表現會非常好。

And so we're fortunate that we don't need to sign new things in the future to generate really good growth. In terms of MRD and then I'll give it to Jim, I'll speak to the volumes, he can cover the -- when's it going to be a bigger me. We have a really nice MRD portfolio.

所以，我們很幸運，未來不需要簽署新協議就能實現真正良好的成長。至於MRD，我會把它交給Jim，我會詳細討論，他可以負責——什麼時候會更大規模地交給我。我們擁有非常好的MRD投資組合。

I mean it's broad in terms of the fact that we have both tumor naive and tumor-informed offerings. It's broad from the perspective that we're in multiple different disease areas and breast cancer and lung cancer and IO response and CRC and so we cover a significant variety of assays in that market and it's a really exciting growing market.

我的意思是，從我們既有針對腫瘤的檢測產品，也有針對腫瘤的檢測產品來看，它的覆蓋範圍很廣。從我們涉足多個不同疾病領域的角度來看，它的覆蓋範圍很廣，包括乳腺癌、肺癌、免疫治療反應和結直腸癌，因此我們在該市場涵蓋了各種各樣的檢測方法，這是一個非常令人興奮的增長市場。

That said, we are gaining volumes into a reimbursement and maybe you can provide some context on that.

也就是說，我們正在增加報銷金額，也許您可以提供一些相關背景資訊。

Yeah. So we previously disclosed that we anticipate getting reimbursement by the end of 2025, so no changes on our assay, and then obviously, personnel is publicly disclosed kind of their timing as well. So built into the guide is not a meaningful uptake of MRD revenue for '25. We would anticipate that occurring more in '26.

是的。我們之前披露過，預計在2025年底前獲得報銷，因此我們的估算沒有變化。當然，工作人員的報銷時間也會公開。因此，指南中並沒有包含2025年MRD收入的顯著成長。我們預計2026年MRD收入的成長會更多。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Jim, on data, can you just maybe orient us on expectations for the back half here? Solid growth obviously in the quarter, but it is sequentially ticking down slightly out of the end of last year, and the comp steps up quite a bit in 3Q and 4Q. 3Q is actually a pretty stiff compare. So where do you think growth plans in the back half of the year? Is 30 plus still kind of okay to model?

Jim，關於數據，能否簡單介紹一下下半年的期待？本季成長穩健，但自去年年底以來環比略有下降，而第三季和第四季的年增速則大幅提升。第三季的年增速其實相當低。那麼您認為下半年的成長計畫如何？ 30+的增速還能用來做模型嗎？

Yeah. I mean, I think for the year, we've talked about around 30% growth in the data business or slightly above. I think the sequential -- Q4 is always the largest revenue quarter for us. So Q4 of last year, there's always a setback that occurs in Q1 and it kind of builds throughout the year.

是的。我的意思是，我認為今年我們談到的數據業務成長大約在30%或略高一些。我認為第四季一直是我們收入最高的季度。所以去年第四季度，第一季總是會出現一些挫折，而且這種情況會持續一整年。

As Eric notes, we don't anticipate that business growing at 40% forever and so we would anticipate it tick down and landing around or just 30% for the year.

正如 Eric 所說，我們不認為業務會永遠以 40% 的速度成長，因此我們預計今年的業務成長率會逐漸下降並穩定在 30% 左右。

So just to be clear, that's like a 20% growth for the next two quarters or so you're basically kind of happening where you are today.

所以要明確的是，這就像是未來兩季的 20% 左右的成長率，基本上與現在的水平差不多。

It will grow slightly. It will grow faster than that. I'm saying it's not going to be 40%.

它會略微增長，但增長速度會更快。我說的不會是40%。

We don't want to back into providing guidance by business unit on a quarterly basis going forward, but the data business is in a great spot.

我們不想在未來重新回到按季度為業務部門提供指導的做法，但數據業務目前處於良好狀態。

Mark Massaro, BTIG.

BTIG 的馬克馬薩羅。

Congrats on the good quarter. I wanted to ask a question about your liquid biopsy business. I recognize that xT and tissue is the majority of the volume, but there was a large company in the space earlier this year that put out some compelling data around the possibility of increasing time points in liquid.

恭喜您本季取得佳績。我想問一個關於貴公司液體活檢業務的問題。我知道xT和組織佔據了大部分份額，但今年早些時候，該領域的一家大公司發布了一些令人信服的數據，顯示增加液體活檢時間點的可能性。

So my question is on your XF franchise. What are you seeing in terms of demand as far as time points goes and how do you believe your position competitively recognizing that there is another player that's pretty large in the space, but how do you think that you're positioned to compete directly against them?

我的問題是關於你們的XF特許經營權。就時間點而言，你們看到了哪些需求？你們認為你們的競爭力如何？考慮到這個領域還有另一個規模相當大的競爭對手，你們認為自己如何與他們直接競爭？

Yeah. I mean, so at a super high level, obviously, our growth rate in liquid has been dramatically faster than the rest of the market because we're at real scale. I think we've disclosed historically, it represents about a third of our volume we take or something like that, yeah, 25% to 30%. So it's a significant component of our volume, and we've grown much faster than the market.

是的。我的意思是，從極高的層面來看，我們的流動資金成長率顯然遠高於市場其他部分，因為我們的規模是真實的。我記得我們過去曾披露過，這部分資金約占我們交易量的三分之一，或差不多，25%到30%。所以，它是我們交易量的重要組成部分，而且我們的成長速度遠遠快於市場。

So net net, that franchise from a therapy selection perspective is in a really strong spot based on historic performance, and we have an assay that we believe is completely competitive with others in the market in terms of size and breadth and so on and so forth.

因此，從治療選擇的角度來看，該特許經營權根據歷史表現處於非常有利的地位，並且我們認為在規模和廣度等方面完全可以與市場上的其他公司競爭。

The kind of multiple time point treatment response monitoring space that is certainly emerging is one that we too are looking at -- we have a portfolio across not just measuring minimal residual disease, but also looking at treatment response monitoring.

我們正在關注的正是正在出現的多時間點治療反應監測領域——我們不僅擁有測量微小殘留疾病的產品組合，還關注治療反應監測。

And over time, we would suspect that this is a bigger part of the market, but it also requires reimbursements and so you're kind of in the same boat, with PRM that we're in with MRD, which is until you have payers paying for it, you have to gate volume, otherwise you're just going to run a bunch of tests and not generate any revenue.

隨著時間的推移，我們會懷疑這是一個更大的市場，但它也需要報銷，所以你和 PRM 處於同一條船上，就像我們和 MRD 處於同一條船上一樣，也就是說，直到你有付款人支付它，你必須限制數量，否則你只會運行一堆測試而不會產生任何收入。

And we have been more disciplined than that. So I think over time, this will be -- these will produce lots of additional tailwind to our unit volume, but they require reimbursement and so right now, they're a small but we have a super competitive products there.

我們一直都比這更自律。所以我認為隨著時間的推移，這些產品會為我們的銷售帶來很大的額外推動力，但它們需要報銷，所以現在，這些產品雖然規模不大，但我們的產品極具競爭力。

And then my second one is just on Ambry, certainly, a lot stronger than we were modeling. I think you alluded to other players in the space either exiting or perhaps just not having the same level of focus in the past.

我的第二個問題是關於Ambry的，它肯定比我們之前建模的要強大得多。我想你提到過，這個領域的其他參與者要么退出了，要么可能只是過去沒有像現在這樣專注。

I'm curious were there any investments. Like did you guys make any investments into your commercial team in Q2 or prior to that because I'm just trying to get a sense for some of the puts and takes to explain the strong growth in the quarter.

我很好奇你們有沒有投資。例如，你們在第二季或之前有沒有對商業團隊進行投資？我只是想了解本季強勁成長背後的一些因素。

The growth is basically, I think, at a high level, you could think of it as split 50-50 between market share we're capturing from others who are kind of falling apart and gains we're making just on our own or the average making on its own just by virtue of like having a great product.

我認為，從高水準來看，成長基本上是 50-50，一方面是我們從其他正在崩潰的公司手中奪取的市場份額，另一方面是我們自己獲得的收益，或者說，僅僅憑藉擁有一款優秀的產品，平均而言，我們自己獲得的收益。

We're benefiting from investments they've made for years as they have kind of built an absolute best in class Hereditary platform that is just recognized as absolute best in class by a significant percentage of the market.

我們從他們多年的投資中受益，因為他們已經建立了一個絕對最佳的《遺傳厄運》平台，而該平台被相當一部分市場認可為絕對最佳。

And so more and more big systems are just migrating to Ambry because it's kind of the gold standard in that space and people want all that comes with it, the turnaround times, the best in class error rates, the technology they've wrapped around it, the analysis that they provide, the experience they provide, so it's just a really good product.

因此，越來越多的大型系統正在遷移到 Ambry，因為它是該領域的黃金標準，人們想要它帶來的一切，週轉時間、一流的錯誤率、他們所採用的技術、他們提供的分析、他們提供的經驗，所以它真的是一款很好的產品。

They've also made a ton of investments in rare and pes, and so we're super excited about the growth of that product set, which is still quite small in relative terms, but I would suspect it'll be a big driver over the next several years.

他們還在稀有和 PES 方面投入了大量資金，因此我們對該產品系列的成長感到非常興奮，雖然相對而言該產品系列仍然很小，但我認為它將成為未來幾年的一大推動力。

So it feels to us the core of the business, the core of the growth feels durable and sustainable. But again, we're not here to say you can kind of bank on 30% growth for the next five years. We're going to -- as we have tried to be historically, we're going to be conservative and until we see these things play out.

所以，我們認為業務的核心，成長的核心，是持久且可持續的。但再次強調，我們並不是說你可以指望未來五年會達到30%的成長。我們將——正如我們一直以來所嘗試的那樣——保持保守，直到我們看到這些事情最終顯現出來。

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Tempus has been active on the business development front this year. It seems like more and more transactions or partnerships are happening in the space. Products are finding better homes. So for you guys, how should we think about your appetite to continue to do acquisitions or partnerships over the near to intermediate term?

Tempus今年在業務拓展方面非常活躍。似乎該領域的交易或合作越來越多，產品也找到了更好的歸宿。那麼，對你們來說，我們如何看待你們在近期和中期內繼續進行收購或合作的意願呢？

Yeah. I mean, I think we have his historically been opportunistic but not overly acquisitive and I think we try to bring the same discipline to the companies we look at whether it's from a BD or corporate dev perspective as we've been in terms of running the business.

是的。我的意思是，我認為我們一直以來都是機會主義的，但不會過度收購。而且，無論從業務拓展或企業開發的角度，我們都試圖將同樣的原則應用於我們所考察的公司，就像我們在經營業務方面一樣。

We don't want to derail all the good organic momentum we have. We're not interested in like taking a turn and going left after we've been going straight for a long time. So I would suspect we'll continue to do that. There are certainly some number of companies out there that have interesting products or interesting teams or interesting data sets that we look at whether it's in our applications business, whether it's in our data business or in our diagnostic business.

我們不想破壞我們現有的良好有機成長勢頭。我們不想在長期保持直行之後突然轉向左轉。所以我認為我們會繼續這樣做。當然，有一些公司擁有有趣的產品、有趣的團隊或有趣的數據集，我們會關注它們，無論是在我們的應用業務、數據業務還是診斷業務中。

But we continue to be measured and disciplined and I would suspect us to, if you look at our last kind of six or seven years and the companies we've acquired, my guess is we'll take a similar approach in general going forward, but again, the market's changing pretty dynamically and so we're also mindful of as these chess pieces move around.

但我們將繼續保持審慎和自律，如果你看看我們過去六七年以及我們收購的公司，我猜我們在未來會採取類似的總體方法，但市場變化非常快，所以我們也會留意這些棋子的移動。

We don't want to find ourselves in a worse position than we otherwise be in.

我們不想發現自己的處境比原本更糟。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Just a couple cleanups. Maybe a follow up to Andrew's question, is there a good rule of thumb on just how you're going to think about partnering versus organic? How much of it's technology, how much of it is ROI? Just would be good to know kind of maybe a little bit more on the specifics of just kind of like how you almost think about the math there.

只是一些整理。或許可以跟進安德魯的問題，關於合作行銷和有機行銷，您有什麼好的經驗法則嗎？其中有多少是技術，有多少是投資報酬率？如果能更詳細地了解一下您是如何思考數學的，那就更好了。

And then my second question is really another follow up on MRD. Recognizing this is going to be more a bigger part of the story as we get into next year, I am curious about the next few years. How big as a percentage of oncology volumes would you expect MRD to be and how does that affect the gross margin trajectory over time?

我的第二個問題其實是關於MRD的後續問題。考慮到MRD在明年將會成為治療故事中更重要的一部分，我對未來幾年的情況很感興趣。您預計MRD在腫瘤治療量中所佔的比例會有多大？這會如何影響毛利率的長期走勢？

Yes. I started to jump in. So I mean, let's start at the beginning. So we're not looking to acquire a company. If we have a long operating plan to get to adjusted EBITDA positive, we're not looking to acquire a company that takes a -- would take a giant step backwards where we're like, no, we're just kidding.

是的。我一開始就說了。所以，我的意思是，讓我們從頭開始。我們並不打算收購一家公司。如果我們有一個長期營運計劃，目標是實現調整後EBITDA為正，我們就不會考慮收購一家…會大倒退的公司，那樣的話，我們就會覺得，不，我們只是在開玩笑。

So I mean we kind of start from if we're going to buy something, we don't want it to derail our organic plans, so we kind of start from that lens, not that it would be impossible, but in general, we start from that lens. And in addition to that, as we've also said historically, we feel really good about our diagnostic portfolio at present.

所以我的意思是，我們從一開始就考慮，如果我們要收購什麼東西，我們不希望它影響我們的有機計劃，所以我們會從這個角度出發，這並非不可能，但總的來說，我們都會從這個角度出發。除此之外，正如我們過去所說的，我們對目前的診斷產品組合感到非常滿意。

We think we have an unbelievably comprehensive program from hereditary to solid and liquid treatment selection to MRD and monitoring and response, and so we really feel like we've got a very broad portfolio. Not that we wouldn't at some point kind of make additional investments in diagnostics, but certainly, right now, we feel like we're in a great spot.

我們認為我們擁有一個令人難以置信的全面項目，從遺傳到固體和液體治療的選擇，再到MRD、監測和療效，所以我們真的覺得我們擁有非常廣泛的產品組合。當然，我們不會在未來某個時候在診斷領域進行額外投資，但目前，我們確實感覺自己處於一個非常有利的位置。

So some of the things we look at might be on the data business or the apps business, but again, we're not looking to move in a direction that would change our operating plan materially. So you should expect us to be disciplined in terms of what we acquire.

因此，我們可能會專注於數據業務或應用業務，但我們不會朝著可能大幅改變營運計劃的方向發展。所以，你應該期待我們在收購方面保持謹慎。

You should expect it to be synergistic, plug some kind of hole within the company that we believe is strategic and important and not be some kind of crazy left turn that has us going backwards in massive ways.

你應該期望它具有協同作用，填補公司內部我們認為具有戰略意義和重要性的某些漏洞，而不是某種讓我們大規模倒退的瘋狂左轉。

And I would just add on that front, a lot of the companies that we historically looked at were investments that we would have made internally and so they have an asset that is obviously additive to what we're building here at Tempus.

我想補充一點，我們過去關注的許多公司都是我們內部進行的投資，因此它們擁有的資產顯然對我們在 Tempus 正在建立的項目具有補充作用。

A lot of those are kind of plug and play technology companies that we've looked at.

我們考察過的許多公司都是即插即用的科技公司。

Now in terms of just overall, really quickly, I do think it's worth noting that AI is going to, again, create some significant disruption in the space, and we need to think a lot about what the landscape looks like in a world where these large language models and generative AI are kind of producing unbelievable change.

現在就整體而言，我確實認為值得注意的是，人工智慧將再次在該領域造成重大破壞，我們需要認真思考在這些大型語言模型和生成式人工智慧產生令人難以置信的變化的世界中，前景會是什麼樣子。

And so we could tell you, hey, this is our plan today, but bear in mind that as the market changes, we need to adapt to it. So I want to be -- I just want to -- I don't want someone to say to me, well, you said this, and like at the end of the day, we have a plan, but we've also been very good at looking at the overall market and pivoting based upon what we see.

所以我們可以告訴你，嘿，這是我們今天的計劃，但請記住，隨著市場的變化，我們需要適應它。所以，我希望——我只是希望——我不希望有人對我說，好吧，你這麼說，說到底，我們有一個計劃，但我們也非常善於觀察整體市場，並根據我們所看到的情況進行調整。

And that kind of one of the things you want from the management team, is that they're not going to get blindsided over time. In terms of MRD for three seconds and Jim can jump in, we have what we believe is a really good a portfolio across naive and informed at MRD.

而你希望管理團隊做到的一件事，就是他們不會隨著時間的推移而措手不及。關於MRD，請容許我三秒鐘說幾句，Jim可以插話。我們認為，在MRD方面，我們擁有一個真正優秀的投資組合，既有天真的經驗，也有見多識廣的知識。

It's a massive space and it's a growing space. Right now, it's a relatively insignificant part of our overall business because we don't get reimbursed and so we're not pushing it to scale. Assuming we get reimbursement, which we expect we'll get, assuming personnel gets reimbursement, which they expect they'll get, we will certainly -- we will certainly invest more in driving that volume in '26 and '27.

這是一個巨大的市場，而且還在持續成長中。目前，它在我們整體業務中所佔比例相對較小，因為我們沒有報銷，所以我們不會擴大規模。假設我們能獲得報銷（我們預計會獲得），假設員工也能獲得報銷（他們預計會獲得），我們肯定會——我們肯定會在2026年和2027年加大投資，以推動這項業務的成長。

And yeah, I would suspect it will be a catalyst to our unit growth. Right now, we're fortunate that our units are growing significantly without it. So we don't -- we take the same approach to our data growth as we do to our Genomics growth as we do to ASP, which is when you have a business that's like growing this quickly, generating this operating leverage at this high a gross margin, we just don't feel compelled to like, we got to get ASP up another $300 as fast as we can, or we've got to drive more unit growth as fast as we can right now.

是的，我猜想這會成為我們單位成長的催化劑。目前，我們很幸運，即使沒有它，我們的單位成長也顯著。所以我們不會——我們對待數據成長、對待基因組學成長和對待平均售價（ASP）的方法是一樣的。也就是說，當你的業務成長如此之快，在如此高的毛利率下產生如此大的營運槓桿時，我們不會覺得有必要“盡快把平均售價再提高300美元”，或者“我們現在必須盡快推動更多的單位增長”。

We're growing really fast and we're generating tons of leverage. So the business is performing super well. And as I kind of mentioned in my letter, we actually take a different approach, which is how do we sustain this not in Q3 or Q4, but over the next 3 to 5 years, 7 to 10 years. How do we do that?

我們成長非常快，而且正在創造巨大的槓桿。所以業務表現非常好。正如我在信中提到的，我們實際上採取了一種不同的方法，那就是如何不把這種增長維持在第三季度或第四季度，而是在未來3到5年，甚至7到10年。我們該怎麼做呢？

And so most of the things we work on as a management team are how do you build products and take products to market that are going to grow consistently over long horizons of time. So if we get and when we get moments of additional tailwind, I would suspect that we'll try to be measured in terms of how fast we put our foot on the pedal and bring these things to market in a disciplined way as we always have.

因此，作為管理團隊，我們的主要工作是如何打造產品並將產品推向市場，使其能夠在長期內持續成長。所以，如果我們遇到額外的順風時刻，我想我們會努力衡量我們踩下油門的速度，並以我們一貫的嚴謹方式將這些產品推向市場。

Yeah, but I would just add that from a margin perspective with kind of the launch of MRD, obviously, we're gaining volumes today. We don't have reimbursements. As we do get reimbursements, to the extent that there's any margin impacts, we would be mindful of that to continue on the same path that we are in terms of profit building. So the same kind of discipline as Eric described that we have today will continue with that even once we have reimbursement to maintain margins.

是的，但我只想補充一點，從利潤率的角度來看，隨著MRD的推出，我們目前的業務量顯然正在成長。我們沒有報銷。由於我們確實獲得了報銷，因此如果對利潤率有任何影響，我們會留意這一點，以便繼續沿著我們在利潤成長方面的既定路徑前進。因此，正如Eric所描述的，即使我們有了報銷，我們今天也將繼續保持這種紀律，以維持利潤率。

Yeah, and just to add some color, we're in a great spot, right? This is -- we have a business that has lots of growth drivers, and we have a business that has lots of little additional pockets of potential future tailwind or accelerants in the future, which is amazing, right?

是的，再補充一下，我們現在處境很好，對吧？我們的業務有很多成長動力，而且我們的業務還有很多潛在的未來順風或加速器，這很神奇，對吧？

We have a data business that has lots going on that could be catalytic. We have an apps business that has lots going on that could be catalytic. We've got MRD that could be catalytic. We've got other products coming to market that could be catalytic, entering new areas in terms of rare and PEDs that could be catalytic.

我們的數據業務正在大力發展，可能具有催化作用。我們的應用業務也在大力發展，可能具有催化作用。我們的MRD（微小研發）業務也可能具有催化作用。我們還有其他即將上市的產品，這些產品在稀有藥物和PED（可降解藥物）領域進入新領域也具有催化作用。

So there's just a lot of -- there's like a many, many things here that certainly over time should drive and propel our growth rate. But again, like I would much rather have a company that grows at 25% for a decade than one that grows at 50% this year and 10% next year.

所以有很多因素——有很多很多因素，隨著時間的推移，肯定會推動我們的成長率。但同樣，我更希望一家公司十年內都能以25%的速度成長，而不是一家今年成長50%，明年成長10%的公司。

Like we really want long term sustained growth and so as we think about all the amazing things happening here, we think about layering them in a way that produces that sustainable growth.

就像我們真正想要長期持續的成長一樣，因此，當我們思考這裡發生的所有令人驚奇的事情時，我們會考慮以一種產生可持續成長的方式對它們進行分層。

(Operator Instructions)

（操作員指示）

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

One is on a recently published paper that showed an AI algorithm that was developed to better stratify diabetes risk for patients with HbA1C levels. Could you talk about the development of this algo and any expectation as to when and where could you commercially offer it?

一篇是關於最近發表的一篇論文，該論文展示了一種AI演算法，該演算法旨在根據HbA1C水平更好地對患者的糖尿病風險進行分層。您能否談談演算法的開發過程，以及您預計何時何地可以將其商業化？

And then along those lines, as you think about the possibility of moving your insights business into other areas and cancer, how should we think about it longer term?

然後沿著這個思路，當您考慮將您的洞察業務轉移到其他領域和癌症領域的可能性時，我們應該如何從長遠角度考慮這個問題？

So really quickly with all our algos, we have a very broad portfolio of algorithms. I think as we've mentioned, we don't talk about it a lot for a whole bunch of reasons, but as you can see from this quarter's letter, we're a part of something like 2,000 publications and posters and papers and on and on.

所以，憑藉我們所有的演算法，我們很快就擁有了非常廣泛的演算法組合。正如我們之前提到的，出於各種原因，我們很少談論它，但正如您從本季度的信函中看到的那樣，我們參與了大約 2,000 份出版物、海報、論文等等。

So we have very, very deep scientific and mathematical efforts. We have very large product engineering teams, very large, a large number of PhDs and MDs. It's like over 1,000 technical people here working every day.

所以，我們在科學和數學方面投入了非常多的精力。我們擁有非常龐大的產品工程團隊，其中不乏博士和醫學博士。這裡每天工作的技術人員超過1000人。

These are large teams and we work on lots of algos and these things get published, and they enter market. The challenge with all of our algos is we suffer most of them, is that we suffer at the present moment from a fundamental flaw in the US healthcare system, not blaming anyone, but it is a fundamental flaw, which is we don't have a mechanism today as a system to reimburse for AI or algorithms.

我們擁有龐大的團隊，致力於開發各種演算法，這些演算法最終得以發布並進入市場。所有演算法面臨的挑戰在於，我們大多數演算法都存在問題，目前我們正遭受美國醫療保健體系的一個根本缺陷的困擾。我並非責怪任何人，但這是一個根本性缺陷，即我們目前缺乏一個能夠為人工智慧或演算法提供補償的機制。

We have mechanisms to reimburse for kind of wet lab work. So if you've got chemistry, you've got biology, I can pay for it. But if you have an AI insight, much, much harder. The system is wrestling with that right now. I mean, at a Federal level, they're wrestling with it.

我們有機制來報銷這類濕實驗室工作。所以，如果你有化學或生物學方面的研究，我可以支付。但如果你有人工智慧的見解，那就難得多了。整個系統現在正在為此苦苦掙扎。我的意思是，在聯邦政府層面，他們正在為此苦苦掙扎。

And I suspect over time, they will find a way to pay for these kind of AI and data products in particular algos because they can just do amazing things. And every once in a while you see pockets where it does get paid for.

我猜想，隨著時間的推移，他們會找到一種方法來支付這類人工智慧和數據產品，尤其是演算法，因為它們確實能做出令人驚嘆的事情。而且，偶爾你會看到一些確實能帶來收益的案例。

For example, we've discussed historically that it was really nice to see Medicare in particular, CMS paying for our FDA approved algorithms that sit on top of electrocardiograms of which we now have two. We have atrial fibrillation approved and low ejection fraction, and those get reimbursed at a stated rate of about $120 per algo.

例如，我們過去曾討論過，看到醫療保險（Medicare）特別是醫療保險和醫療補助服務中心（CMS）為我們經FDA批准的演算法付費，這真的非常令人欣慰，這些演算法基於心電圖，我們現在有兩種心電圖演算法。我們已批准用於心房顫動和低射血分數，這些演算法的報銷標準約為每套演算法120美元。

So that's great. We suspect over time, hundreds of these things will be paid for as they should be because of not only do they produce unbelievable patient benefit, but they also produce unbelievable economic benefit.

這太棒了。我們猜想，隨著時間的推移，數百種這樣的產品將得到應有的付費，因為它們不僅為患者帶來了令人難以置信的益處，也帶來了令人難以置信的經濟效益。

You can do the math, right? You can pay for lots of tests at $500 or $100 and if they save $100,000 heart attack or a $200,000 stroke, it doesn't take a lot to be really accretive to the overall healthcare system. But until they get paid for, these things are all going to be relatively nascent in terms of our overall financials, and we've called that out.

你能算一下，對吧？你可以花500美元或100美元做很多檢查，如果這些檢查能為心臟病發作節省10萬美元，或者為中風節省20萬美元，那麼對整個醫療保健系統來說，真正增值並不需要花費太多。但在這些檢查得到支付之前，就我們的整體財務狀況而言，這些檢查都還處於相對初級的階段，我們已經明確指出了這一點。

So even though AI is influencing every part of our business from diagnostics to data, the pure AI-based algorithm part of our business is going to be small until they're paid for, and once they're paid for, if they scale, they'll be really nice economic surprises.

因此，儘管人工智慧正在影響我們業務的方方面面，從診斷到數據，但我們業務中純粹基於人工智慧的演算法部分在獲得報酬之前規模仍然很小，而一旦獲得報酬，如果它們擴大規模，將會帶來真正令人驚訝的經濟效益。

But again, we don't forecast that till we see it. In terms of new disease areas, we have very large data sets in cardiology and radiology, in pathology, in neuropsych is also a growing data set, but nothing compares to the size of the data set we have in oncology, and so most of our data products in AI are in that space.

但同樣，我們不會預測，直到我們看到它為止。就新的疾病領域而言，我們在心臟病學和放射學方面擁有非常龐大的數據集，在病理學方面，神經心理學方面的數據集也在不斷增長，但沒有什麼能與我們在腫瘤學領域的數據集規模相比，因此我們人工智能領域的大多數數據產品都屬於這個領域。

Over time, we would suspect that generating molecular data and producing biomarkers diagnostically will be equally important across most major disease areas. I can't imagine why it wouldn't. And so those will also be drivers of our diagnostic business long term and our data business.

隨著時間的推移，我們推測，在大多數主要疾病領域，產生分子數據和診斷性地生產生物標記將同等重要。我無法想像為什麼情況並非如此。因此，從長遠來看，這些也將成為我們診斷業務和數據業務的驅動力。

But again, today, most of diagnostics is in oncology, and most of the data comes from oncology.

但如今，大多數診斷都屬於腫瘤學，大多數數據也來自腫瘤學。

Seeing no further questions, that includes our Q&A session.

沒有其他問題，包括我們的問答環節。

I'd like to return the call back over to Liz Krutoholow for closing remarks.

我想將電話回撥給 Liz Krutoholow，請她做最後發言。

Thank you, all for joining us today. 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。如有任何疑問，歡迎隨時與我們聯繫。期待下個季度再次為您帶來最新消息。

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

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