Tempus AI Inc (TEM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing Ladies and gentlemen by. At this time, I would like to welcome everyone to the Tempus AI third quarter 2025 financial results conference call. All lines have been placed on mute to prevent any background noise.

女士們、先生們，感謝各位的耐心等待。現在，我謹代表Tempus AI歡迎各位參加2025年第三季財務業績電話會議。所有線路均已靜音，以避免任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

演講結束後，將進行問答環節。 （操作說明）

I would now like to turn the conference over to Liz Crittle-Hollow, Vice President, Investor Relations. You may begin.

現在我將會議交給投資人關係副總裁莉茲‧克里特爾-霍洛女士。您可以開始了。

Thank you. Good afternoon and welcome to Tempest's third quarter 2025 conference call. This afternoon, Tempest released results for the quarter ended September 30, 2025. The press release, an overview of the quarter, and our latest presentation are available on our IR website.

謝謝。下午好，歡迎參加Tempest 2025年第三季業績電話會議。今天下午，Tempest發布了截至2025年9月30日的季度業績。新聞稿、季度概覽以及我們最新的簡報均可在我們的投資者關係網站上查閱。

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

今天與我一同出席的嘉賓有來自 Tempus 的創辦人兼執行長 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.

在會議開始之前，我想提醒各位，管理階層在本次電話會議中可能會發表一些前瞻性聲明，這些聲明存在風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險的詳細討論，請參閱我們向美國證券交易委員會提交的10-K表格及其他後續文件。

During the call, we will discuss non-GAAP financial measures which are not prepared in accordance with generally accepted accounts. Definitions of these non-GAAP financial measures along with reconciliation.

在本次電話會議中，我們將討論非公認會計準則（non-GAAP）財務指標，這些指標並非依照公認會計準則編製。我們將解釋這些非公認會計準則財務指標的定義及其調節方式。

Directly comparable GAAP financial measures are included in our earnings relief and is available on our IR page.

我們的獲利預測中包含了可直接比較的GAAP財務指標，詳情請瀏覽我們的投資人關係頁面。

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

現在我想把電話交給艾瑞克。

You Q3 was a great quarter all around.

你們第三季整體表現非常出色。

Our genomics volume came in super strong with 33% overall growth, with oncology growing at 27% and hereditary growing at 37%. We expect hereditary growth will moderate a bit, although we now expect growth to be in the low to mid-20s as opposed to our previous guide of mid to high 10s.

我們的基因組學業務量表現強勁，整體成長了33%，其中腫瘤學業務成長了27%，遺傳學業務成長了37%。我們預期遺傳學業務的成長速度會略有放緩，但我們現在預計成長率將在20%左右，而不是先前預測的10%左右。

Our genomic growth was across the board, really all of our assays did exceptionally well, and with MRD reimbursement on track and our planned regulatory filing of our liquid biopsy XF later this year, we expect additional tailwind in that business both from a unit perspective and revenue.

我們的基因組業務全面成長，所有檢測都表現出色，隨著 MRD 報銷按計劃進行，以及我們計劃在今年稍後提交液體活檢 XF 的監管申請，我們預計該業務無論從銷量還是收入方面都將獲得額外的增長動力。

Our data licensing or insights business grew 38% in the quarter with an additional $150 million in total contract value, which was a super strong bookings quarter for us across multiple contracts that we highlighted in our letter.

本季我們的數據授權或洞察業務成長了 38%，合約總價值增加了 1.5 億美元，這對我們來說是一個非常強勁的預訂季度，我們在信中重點介紹了多個合約。

This is on top of the multi $100 million dollar foundation model deal we struck earlier this year. So from a bookings perspective, our data licensing business is just really performing exceptionally well.

這還不包括我們今年稍早達成的價值數億美元的基礎模式合作協議。因此，從預訂量來看，我們的資料授權業務表現確實非常出色。

The combination of growth in genomics and growth in our data business allowed us to generate positive adjusted EBITDA for the first time this quarter, which has been a 10 year goal of ours and a key milestone.

基因組學和數據業務的成長相結合，使我們本季首次實現了調整後 EBITDA 為正值，這是我們 10 年來的目標，也是一個重要的里程碑。

This was inclusive of of several million dollars worth of additional expense from Page, which is an acquisition we made a mid-quarter, and even with that, We generated a positive Eton would have been close to $4 million in adjusted EBITDA without Page, so the business is doing exactly what we had hoped.

這其中包括來自 Page 的數百萬美元額外支出（Page 是我們在本季中期收購的一家公司），即便如此，我們仍然實現了正收益。如果沒有 Page，Eton 的調整後 EBITDA 將接近 400 萬美元，因此，公司目前的營運狀況完全符合我們的預期。

We now expect for the year to be slightly positive and adjusted EBITDA, and that's even with the additional several million dollars to drag from Page. So all in, the business is performing well. We're growing at a rapid pace, and we're managing our cost to generate leverage in the business, which is exactly where we want to be.

我們現在預計全年調整後 EBITDA 將略微為正，即使計入 Page 帶來的數百萬美元額外收入。總而言之，公司業績表現良好。我們正以驚人的速度成長，並透過成本控制提升業務槓桿，這正是我們所期望的。

With that, take some questions.

接下來，請回答一些問題。

(Operator Instructions)

（操作說明）

And for this session, we do request that you please limit your questions to one only.

本次會議，請每位提問者只提出一個問題。

Our first question comes from Ryan McDow from Needham. Please go ahead.

我們的第一個問題來自尼德姆的瑞恩·麥克道。請提問。

Hi, thanks for taking my questions and congrats on a great quarter. Maybe Eric to start just on the genomics business, obviously oncology portfolio continuing to perform very well and a great increase in sort of testing volumes there.

您好，感謝您回答我的問題，並祝賀您本季業績斐然。或許我們可以先談談基因體學業務，顯然腫瘤產品組合持續表現出色，檢測量也大幅成長。

Can you just talk or sort of double click a little bit on sort of to what you attribute that the great strength in the volume growth here?

您能否簡單談談，或者說，能否就您認為此次成交量增長強勁的原因稍作闡述？

Are we starting to see sort of a broader market and industry shift to more NGS testing that that's sort of Just helping, see more patients that are just getting sequenced, or would you say that you're really starting to see a benefit from the execution changes and sort of the sales coverage here with the broader portfolio just maybe what sort of campus controlled success if you will, versus sort of broader industry and market sals. Thanks.

我們是否開始看到更廣泛的市場和產業向NGS檢測轉變，從而促進更多患者接受定序？或者您認為，更廣泛的產品組合帶來的執行方式改變和銷售覆蓋範圍的擴大，是否真正開始帶來好處？這或許可以理解為一種校園內可控的成功，而非更廣泛的產業和市場銷售？謝謝。

Yeah, so, at a high level, our success is, may be slightly different than some others. So let me just talk about, I think what's driving ours and then we can talk about some macro. Phenomenon in terms of our success, it's predominantly related to the fact that our salesforce is more efficient today than it was a year ago.

是的，所以，從宏觀層面來看，我們的成功可能與其他一些公司略有不同。那麼，讓我先談談我認為推動我們成功的因素，然後再討論一些宏觀現象。就我們的成功而言，主要原因在於我們銷售團隊的效率比一年前更高。

We made significant changes to our Salesforce when we when we brought in our MRD portfolio. Anytime you make. The sales forces in this space, you kind of cause havoc. I think people don't really realize how much havoc you cause, and then we all talk about the havoc after it's been caused.

當我們引入 MRD 產品組合時，我們對 Salesforce 系統進行了重大調整。在這個領域，任何銷售團隊的變動都會造成一定的混亂。我認為人們並沒有真正意識到這種混亂有多大，而我們總是在混亂發生之後才去討論它。

We certainly did cause some havoc, which was unintentional, and it's taken us several quarters to work through that. Our sales force is now, kind of Efficiently trained and doing its job and so we're benefiting from some of that.

我們的確造成了一些混亂，但這並非我們的本意，我們花了幾個季度的時間才解決這個問題。現在，我們的銷售團隊已經接受了較為高效的培訓，能夠勝任工作，因此我們也從中受益匪淺。

And the second is that our technology, which is really tightly integrated and allows us to deliver highly contextualized comprehensive results to physicians, is picking up steam as more and more doctors want us to deliver results that help them treat patients in a more comprehensive and more efficient manner. So we're kind of benefiting from those two trends.

其次，我們的技術高度集成，能夠為醫生提供高度情境化的綜合結果，隨著越來越多的醫生希望我們提供的結果能夠幫助他們以更全面、更有效率的方式治療患者，這項技術正變得越來越受歡迎。因此，我們正受益於這兩個趨勢。

What I think broadly people are benefiting from Certainly I think testing volumes have been healthy as more and more biomarkers are identified, people are, looking to make sure their patients are tested and so I think that's a general tailwind to the space.

我認為總體而言，人們正在從中受益。當然，隨著越來越多的生物標記被發現，檢測量也一直保持健康成長，人們希望確保他們的病人接受檢測，所以我認為這對整個領域來說是一個好因素。

And then I think certainly there are some companies who might be benefiting from the fact that they only offered solid or only offered liquid and so maybe they're now doing more concurrent testing or maybe there's some A sequential testing, we're not benefiting from nearly as much of that because we've had a comprehensive portfolio in place for years now.

而且我認為，肯定有一些公司可能受益於他們只提供固體或只提供液體產品的事實，所以他們現在可能正在進行更多並行測試，或者進行一些順序測試，但我們並沒有從中受益太多，因為我們已經擁有一個全面的產品組合多年了。

So we don't see any of those kind of one-time benefits. So our unit growth, at least to us, looks really healthy and durable by virtue of the fact that we're not being artificially propped up by some kind of one-time benefit in either solid or liquid assays that is that's driving the majority of that gain.

因此，我們沒有看到任何此類一次性收益。所以，至少在我們看來，我們的單位成長看起來非常健康且可持續，因為我們的成長並非由固體或液體檢測方面的某種一次性收益人為支撐，而這些收益正是推動成長的主要因素。

Our next question comes from Mark Massaro from BTIG. Please go ahead.

下一個問題來自BTIG的Mark Massaro。請開始。

Hey guys, congrats on a good quarter. I wanted to ask, Eric, maybe can you just, there's a lot of interest, not only in AI and big data, of course, but there's a lot of interest in MRD testing and so I was just wondering if you could give us an update on how you're thinking about going to market in the clinic with MRD, recognizing that you have a partner in Personalis. I'm just curious how, whether or not your team is trained.

大家好，恭喜你們季度業績出色。我想問一下，Eric，大家對MRD檢測很感興趣，當然，不只是人工智慧和大數據，還有MRD檢測。所以我想了解一下，你們打算如何將MRD檢測推向臨床市場，考慮到你們與Personalis有合作關係，我很好奇你們的團隊是否接受過相關培訓。

I believe they are and just can you give us a sense for how fast you might go assuming reimbursement comes in. Over the coming weeks or months, how do you plan to sort of leverage your large sales team and, go to market against, a couple other pretty significant labs in the space?

我相信他們會的，您能否大致估算一下，如果報銷款項到賬，你們的進度大概會有多快？在接下來的幾週或幾個月裡，你們計劃如何利用龐大的銷售團隊，與業界其他幾家實力雄厚的實驗室展開市場競爭？

Yeah, I mean, so at a high level, first of all, a high level, when you have kind of 27% unit growth, leaving aside the hereditary business, we're operating at a at a unit growth which to us is quite healthy.

是的，我的意思是，首先，從宏觀層面來看，撇開家族企業不談，我們的單位成長率達到了 27%，這對我們來說是相當健康的。

As we've said historically, and we actually in our letter have called out that we expect to grow at about 25% for the next 3 years. So that's a fairly exceptional amount of growth.

正如我們之前所說，而且我們在信中也明確指出，我們預計未來三年將保持約25%的成長率。這是一個相當驚人的成長幅度。

So, given our size and scale, and so, we don't want to grow 40% this quarter and then grow 20%, in 1 next year. Like we want sustained long-term unit growth and revenue growth, and we feel like we're in a really good spot to deliver that.

所以，鑑於我們的規模，我們不希望本季成長40%，然後明年只成長20%。我們想要的是持續的長期銷售和營收成長，我們認為我們目前的情況非常適合實現這一目標。

So I wouldn't expect us to like get MRD reimbursement and all of a sudden TRY to like Jam as many tests as we can into the market, whatever that means, and kind of artificially buoy our growth rates.

所以我不認為我們會獲得 MRD 報銷，然後突然間就試圖盡可能地將各種檢測產品推向市場（不管這意味著什麼），人為地提高我們的成長率。

I would expect us to kind of dial that up every quarter in a more aggressive manner as reimbursement makes that more more affordable, and we will do that. We have a really good portfolio of both naive products and informed products that span CRC, breast, lung, IO.

我預期隨著報銷政策的改善，我們會以更積極的方式逐步加大投入，降低成本，我們也確實會這樣做。我們擁有非常優秀的產品組合，涵蓋了大腸癌、乳癌、肺癌和免疫腫瘤等領域，既有未經改良的創新產品，也有經過充分驗證的成熟產品。

And we've got a whole bunch of which we also talk about in our letter, a whole bunch of new studies being run with a more even a more sensitive version of our tumor naive assay.

我們還有很多研究正在進行，其中也包括我們在信中提到的，許多新的研究都採用了我們腫瘤初始檢測方法的更靈敏版本。

So we're investing heavily in the space, as is Peris, and we have a really nice portfolio of tumor naive and tumor informed MRD assays. And we will certainly leverage our large sales force. We also have a subset of that sales force that's well trained in MRD, and we'll continue to dial that up.

因此，我們和Peris一樣，都在大力投資這一領域，並且我們擁有非常完善的腫瘤特異性和腫瘤特異性微小殘留病灶（MRD）檢測產品組合。我們一定會充分利用我們龐大的銷售團隊。我們銷售團隊中也有一部分成員接受過MRD的專業培訓，我們將持續加強這方面的培訓。

I wouldn't expect us to do anything unnatural in terms of investments in the sales force or anything unnatural in terms of growth, but it will certainly help. It's one of the elements of tailwind we have that we believe can propel us to 25% growth in that space for the next three years. And if you kind of look at the size of our business and go out three years, you're looking at a Pretty large genomics business and oncology at that point.

我不認為我們會在銷售團隊投資或成長方面採取任何不尋常的舉措，但這肯定會有所幫助。這是我們擁有的有利因素之一，我們相信這可以推動我們在未來三年內實現該領域25%的成長。如果你看看我們業務的規模，展望三年後，你會發現屆時我們的基因組學和腫瘤學業務規模將相當龐大。

Our next question comes from Dan Brennan from from TD Cowen. Please go ahead.

下一個問題來自TD Cowen公司的Dan Brennan。請開始。

Great, thank you. Thanks for the questions. Congrats on the quarter. Maybe just on the new contracts, Eric, the company hasn't really been disclosing, I don't think new bookings. You have the Pathoste earlier in the year, but obviously I think it's been an annual basis.

太好了，謝謝。感謝你的提問。恭喜你本季業績出色。艾瑞克，或許只是關於新合約方面，公司並沒有真正披露，我想新訂單方面也沒有。年初的時候你們有Pathoste項目，但顯然，我認為數據是全年統計的。

So just kind of walk through the $150 million, you have a lot of details in the press release, all the different customers, but. Just can you fill us in a little bit about, why disclose this, like, kind of why did these come together here?

所以，請您簡單介紹一下這1.5億美元的交易，新聞稿裡有很多細節，包括所有不同的客戶，但是，您能否稍微解釋一下，為什麼要披露這些信息，以及這些交易是如何促成的？

Maybe if you want to update us on what the backlog looks like today since you're giving us the booking number, just any more color on this trajectory and you know whether there was, were you expecting these this year or next year, there's any more color you can provide since it is a pretty, differentiated call out in the quarter this time.

既然您已經提供了預訂數量，或許您可以更新一下目前的積壓訂單情況，再詳細說說這個趨勢，例如您預計這些訂單是今年還是明年到貨的，您還能提供什麼其他資訊嗎？因為這是本季一個相當有特色的亮點。

Thank you.

謝謝。

Yeah, I mean, so I think first of all we have, we TRY to provide some color in previous quarters as to the size of some of these data deals.

是的，我的意思是，首先，我認為我們在前幾季試圖提供有關這些數據交易規模的一些資訊。

So we, this isn't the first time we call out at a customer level or even at a kind of a dollar level the size of these deals, including the fact that we called out that with the AZP Pathos deal with several $100 million of additional data licensing.

所以，這並非我們第一次在客戶層面，甚至在美元層面指出這些交易的規模，包括我們之前指出的 AZP Pathos 交易中包含數億美元的額外資料許可。

So we TRY to call these things out when when they rise to a level that we feel like we should call it out. So in other words, if we Have a, if we're just closing contracts in a normal cadence, we might just refer to one contract or two contracts. If we think something bundles together in a way that's worth calling out and worth highlighting, then we highlight.

所以，當這些情況發展到我們認為應該特別指出的程度時，我們會盡量指出。換句話說，如果我們只是按正常節奏完成合同，我們可能只會提到一兩份合約。但如果我們認為某些事情綁在一起，值得特別指出並強調，我們就會加以強調。

There's no rhyme or reason to buy this quarter versus other quarters. We don't want to be in the habit of every quarter being like, oh, our bookings was $56 million or $152 million or whatever, 212, because it's just, it creates noise as if that number some Translates into revenue in the next quarter and it doesn't because these bookings, like all of our bookings are over multi-year.

本季與其他季度相比，沒有任何規律可循。我們不想養成每個季度都公佈「哦，我們的預訂額是5600萬美元、1.52億美元、2.12億美元」之類的習慣，因為這會造成乾擾，讓人誤以為這個數字會轉化為下一季度的收入，但事實並非如此，因為這些預訂，就像我們所有的預訂一樣，都是多年期的。

So if we sign $150 million in data licensing today, it doesn't mean my revenue next, quarter or next year is going to go up $150 million. These are typically multi-year deals and so we TRY not to cause havoc.

所以，如果我們今天簽署了一份價值 1.5 億美元的數據授權協議，並不代表我下一季或明年的營收就會增加 1.5 億美元。這些通常是多年期的協議，所以我們盡量避免造成混亂。

Our total contract value is in a great spot. We'll disclose it at the end of the year. We told people we'll give that. Number annually, but it's obviously we've already told the world about more than $350 million of bookings in just in just in just two data points.

我們的合約總價值目前處於非常有利的位置。我們將在年底公佈具體數字。我們已經告訴大家我們會每年公佈這個數字，但顯然，僅憑兩個數據點，我們就已經向外界透露了超過3.5億美元的預訂額。

So you can imagine it's well north of that. And so it's it's in a really strong spot. And when we do disclose the number annually, it'll be, it's a great number. So it's doing all the things you'd want it to do, which is go up to the right and at the present moment we're having really strong success even at our scale. A signing, good size or large data licensing deals we called out four in this particular release.

所以你可以想像，它遠高於這個數字。因此，它目前處於非常強勁的勢頭。當我們每年公佈具體數字時，那將是一個非常棒的數字。它正在朝著我們期望的方向發展，那就是持續成長。目前，即使在我們這樣的規模下，我們也取得了非常顯著的成功。在本次新聞稿中，我們特別提到了四項大型資料授權協議。

Some of them are people licensing our analytic software lens. Some of them are people licensing libraries of data or having us, get additional data, but these are kind of garden variety.

其中一些人購買了我們分析軟體Lens的授權許可。其他人則購買了資料庫的授權許可，或是讓我們取得額外的數據，但這些都是比較常見的情況。

Where people increasingly come to us because our data product is just really differentiated, and you can see that in terms of the scale of our business, the growth of the business relative to our peer set, who are all really established companies.

人們越來越多地選擇我們，因為我們的數據產品確實與眾不同，從我們業務的規模，以及相對於我們同行（他們都是非常成熟的公司）的業務增長來看，這一點顯而易見。

I mean you look at who we compete with in diagnostics, these are not. Underfunded companies. They're big companies. They're well funded. They've been in business typically way longer than us. To the extent they should have data, they should have lots of data.

我的意思是，看看我們在診斷領域的競爭對手，他們可不是資金不足的公司。他們都是規模龐大、資金雄厚的公司，而且通常經營時間比我們長得多。如果他們應該擁有數據，那麼他們應該擁有大量數據。

And so when you look at our data business growing in theirs, the differentiation is the fact that we just have a unique data asset. We've invested in a A ton of products around that, including proprietary software and tools and technology. It resonates with people who license our data.

因此，當我們審視我們的數據業務在他們業務中的成長時，差異化優勢在於我們擁有獨一無二的數據資產。我們圍繞著這項資產投入了大量產品，包括專有軟體、工具和技術。這引起了我們資料授權用戶的共鳴。

They license more of our data on a regular basis and so we're just pulling further and further apart from anybody else we know of in the data space in oncology, and I don't see any sign of that slowing down.

他們定期獲得我們更多數據的授權，因此我們在腫瘤數據領域與我們所知的任何其他公司之間的差距越來越大，而且我看不出這種趨勢有任何放緩的跡象。

Our next question comes from Casey Woodring from J.P. Morgan. Please go ahead.

下一個問題來自摩根大通的凱西‧伍德林。請提問。

Great, thanks for taking our questions. So starting off, just congrats on another strong quarter and core oncology volumes. You had another competitor come out recently and also report strong liquid therapy selection volumes.

太好了，謝謝您回答我們的問題。首先，祝賀貴公司又一個季度業績強勁，核心腫瘤產品銷售也十分可觀。最近貴公司又有一家競爭對手公佈了強勁的液體療法產品銷售。

So just wondering if you're seeing a similar pick up in XF, and more of a marketed shift towards liquid. And then, as a follow-up here, you talked about plans to submit XF for FDA approval in 4Q, followed by a full PNA submission for XR.

所以我想問一下，您是否也觀察到XF出現了類似的成長，以及市場是否更傾向液態產品？另外，您之前提到計劃在第四季向FDA提交XF的上市申請，之後還會提交XR的完整PNA申請。

Once you get FDA approval for those tests, assume they would be eligible for ADLT status. So can you just walk through how you're thinking about the potential upside to the Medicare list price for those tests over the next year and what we could think about as a benchmark really for the price that you'll TRY to get for them.

一旦這些檢測獲得FDA批准，就假設它們符合ADLT（成人死亡後遺症治療）的資格。所以，您能否詳細說明一下，您是如何考慮這些檢測在未來一年內對Medicare（聯邦醫療保險）標價的潛在提升，以及我們可以把什麼價格作為您嘗試爭取的價格基準？

Thank you.

謝謝。

Yeah, so in terms of, so Tempest is unique in that we are now considered strong really across the entire continuum. So we're strong in hereditary profiling when people are at risk. We're strong in therapy selection, either solid tumor or liquid biopsy, and we're, and we now have a strong offering in MRD and monitoring. So people kind of look at us end to end.

是的，就目前而言，Tempest 的獨特之處在於，我們現在在整個治療過程中都表現出色。我們在高風險族群的遺傳譜分析方面實力雄厚；在實體瘤或液體活檢的治療方案選擇方面也實力強勁；而且，我們現在在微小殘留病灶（MRD）檢測和監測方面也擁有強大的實力。因此，人們會從各個方面來看我們。

So the interesting thing is, we are probably in a pretty good position to see some of these big shifts, and we didn't see that. So we had really good growth in our solid tumor assay. We had really good growth in liquid. Nothing stood out at us as like a fundamental shift from solid to liquid.

有趣的是，我們本應處於觀察這些重大轉變的絕佳位置，但我們並沒有看到這種情況。我們的實體瘤檢測和液體製劑檢測都取得了非常好的成長。沒有任何跡象顯示從實體瘤到液體製劑發生了根本性的轉變。

We had really good growth certainly, in a prior period over this across both. So that said, I So I would agree that if with certain studies like for example Serena 6, some of these studies where you might have more repetitive liquid testing.

在之前的時期，我們確實取得了非常好的成長，而且兩方面都是如此。所以，我同意，在某些研究中，例如 Serena 6，可能會進行更多重複的液體測試。

I could see over time there being some additional volumes to our liquid portfolio that we and others might benefit from, but at the present moment I haven't seen any seismic shift, although again I think the growth prospects for solid are great as more and more doctors order it and liquid probably even better because you're going to benefit from some that serial testing.

隨著時間的推移，我可以看到我們的液體投資組合會增加一些額外的交易量，我們和其他人可能會從中受益，但目前我還沒有看到任何重大變化，儘管我認為固體的增長前景很好，因為越來越多的醫生會開具固體處方，而液體的增長前景可能更好，因為你會從一些連續的檢測中受益。

And then Casey, from a reimbursement perspective, as we've said, we have some, the long-term tailwinds remain there. XTCDX, we ended the quarter with about 30% of the volume that had been migrated. We now have plans to move the majority of that over to the FDA approved or ADLT version throughout 2026.

凱西，從報銷的角度來看，正如我們之前所說，我們有一些長期利好因素仍然存在。 XTCDX，本季末我們完成了約30%的遷移量。我們現在計劃在2026年全年將其中大部分遷移到FDA批准的或ADLT版本。

In the letter you also mentioned that we're submitting XF to the FDA by the end of this year. Obviously that's a long process, so we can't speak to specific, reimbursement levels, but certainly ADLT typically provides upside from where we're at today, and that will follow.

您在信中也提到，我們將在今年年底前向FDA提交XF的申請。顯然，這是一個漫長的過程，所以我們無法談論具體的報銷水平，但ADLT通常會比我們目前的水平有所提高，這一點毋庸置疑。

So you know our viewpoint total reimbursement on average is $1600 for the third quarter, so about $20 sequentially, but still, well below parity with our peers. So given kind of these efforts, these regulatory filings, that certainly will help us close that GAAP.

所以，您知道，我們第三季的平均總報銷額為 1600 美元，環比增長約 20 美元，但仍然遠低於同業的水平。鑑於我們所做的努力以及提交的監管文件，這無疑將有助於我們達到 GAAP 標準。

Our next question comes from Doug.

下一個問題來自道格。

Doug Schenkel from Wolfe Research, please go ahead.

來自 Wolfe Research 的 Doug Schenkel，請開始吧。

Hi, thank you for the question. This is Colleen on for Doug. We have a question about Ambry. Ambri continues to perform well and ahead of expectations. We believe that last quarter growth was driven about 50% by share gains and 50 by organic expansion. Can you clarify what the mix was this quarter?

您好，感謝您的提問。我是Colleen，代Doug為您解答。我們有一個關於Ambry的問題。 Ambry的業績持續良好，超乎預期。我們認為上個季度的成長約50%來自市佔率的提升，50%來自內生成長。請問本季的成長構成比例是多少？

Also, a competitor reported last night that its hereditary cancer volumes grew low double-digits in Q3. Should we therefore be thinking about industry growth in the low double-digit range as a reasonable baseline?

此外，一家競爭對手昨晚報告稱，其第三季遺傳性癌症業務量實現了兩位數低段的成長。因此，我們是否應該將兩位數低段的產業成長率視為合理的基準線？

And within that context, can you Elaborate on how Amri's growth compares to the broader market. And then finally on Ambry, can you clarify the mix of panels like larger panels like Cancer Next versus more targeted panels and how that impacts how we should be thinking about the ASPs going forward.

在此背景下，您能否詳細說明Amri的成長與整體市場相比如何？最後，關於Ambry，您能否闡明一下，像Cancer Next這樣的大型檢測項目與更具針對性的檢測項目之間的組合，以及這會如何影響我們未來對平均售價（ASP）的預期？

Yeah, it's all started and then Eric can chime in. So similar to last quarter, about 50% of the gain is coming from share gains as we highlight in the letter, we expect that to moderate in Q4 and so we think, kind of low to mid-20s is a more likely scenario than kind of where we're tracking today.

是的，一切都開始了，然後艾瑞克可以補充。與上個季度類似，大約50%的收益來自股價上漲，正如我們在信中所強調的。我們預期第四季股價上漲的幅度會有所放緩，因此我們認為，股價在20%左右的低點比我們目前預測的水平更有可能實現。

Obviously in terms of competitors we can't speak to the share gains that or growth rates that others are, experiencing, but you know Amber continues to do well both with bringing on new customers that are are previously utilizing our competitors and then also continuing to expand kind of share a wallet with existing, accounts.

顯然，就競爭對手而言，我們無法評論其他公司獲得的市場份額或增長率，但你知道，Amber 在吸引之前使用我們競爭對手產品的新客戶方面繼續表現出色，並且還在不斷擴大與現有客戶的共享錢包。

Eric.

埃里克。

I mean, in terms of the overall market, I would think that I think the space is much stronger than people thought.

我的意思是，就整體市場而言，我認為這個領域的發展勢頭比人們想像的要強得多。

We've said that now in the last several calls, so I think whereas people thought this space might be kind of flat to anemic growth, you're now seeing people be like, oh yeah, we're growing in low double-digits, which I think is probably right.

我們在最近幾次電話會議中都說過這一點，所以我認為，雖然人們之前認為這個領域的增長可能會比較平緩甚至乏力，但現在人們會說，哦，是的，我們的增長率達到了兩位數，我認為這很可能是正確的。

We suspect that our hereditary business will grow in the low to mid-20s, so kind of significantly above that by virtue of the fact that we have kind of the gold standard assays in the market today in that space.

我們預期我們的家族企業將成長到 20% 到 30% 左右，由於我們擁有目前市場上該領域黃金標準的檢測方法，因此成長幅度會顯著高於這個數字。

Look, it is possible that you're going to see growth rate in the high 20s or low 30s. I mean that could easily happen whether it's in Q4 or Q1 or Q2. And like we have historically we're going to call out that I wouldn't expect that to continue as a long-term trend.

你看，成長率有可能在20%到30%之間。我的意思是，這種情況很容易發生，無論是在第四季、第一季還是第二季。但就像我們以往的經驗一樣，我要指出，我不認為這會成為長期趨勢。

We think a long-term trend low to mid 20s is, it feels pretty healthy to us and achievable and that's where that business is. Do you want to cover the ASP? Yeah.

我們認為長期趨勢是20%到25%之間，感覺相當健康且可實現，而這正是我們業務的發展方向。您想談談平均售價嗎？好的。

And then in terms of kind of breakdown of assays, we don't disclose the assay level detail, the ASPs have been pretty consistent.

至於檢測方法的細分，我們不公開檢測層級的詳細信息，ASP 一直相當一致。

Over the last couple of quarters down a little bit year over year as one of our larger payers kind of renegotiated agreements, but overall pretty stable in terms of the hereditary space.

過去幾個季度，由於我們的一位大付款方重新談判了協議，同比略有下降，但就繼承領域而言，總體上相當穩定。

The only thing that will impact ASPs is, the rare business is still relatively small component of overall testing for Amory, but that comes with a higher ASP. So that continues to scale, then that will have some impact on ASP as well.

唯一會影響平均售價 (ASP) 的因素是，雖然罕見業務在 Amory 的整體測試中佔比仍然相對較小，但其平均售價卻更高。因此，隨著罕見業務規模的擴大，也會對平均售價產生一定影響。

And I would just add to that really quickly, there aren't a lot of rare companies out there. I mean, we are now at some size. There's a few others. Obviously GenDX is well known, but there's not many, and I do think that we will make real ground over the next, 12 months to 18 months in becoming a very big player in that space.

我還要補充一點，市場上真正獨特的公司不多。我的意思是，我們現在已經達到了一定的規模。當然還有其他一些公司。 GenDX 的名氣很大，但這樣的公司不多。我認為，在未來 12 到 18 個月內，我們將取得實質進展，成為該領域的佼佼者。

Our next question comes from Mike Ryskin from Bank of America.

下一個問題來自美國銀行的麥克·里斯金。

Great.

偉大的。

Thanks for taking the question, guys. I want to follow-up on the last one on Amory, but maybe tie it into a bigger picture one. Just if I'm looking at the guide, the race for the guide for the year, looks like you, bumped it up.

謝謝各位回答這個問題。我想就上次關於阿莫里的問題再補充一點，但或許可以把它和更宏觀的問題連結起來。我看了一下指南，年度指南的競爭似乎比你們的要激烈一些。

Effectively for the 3Q beat, but just your comments on Amory just now, if you're going from mid to high 10s to to low to mid-20s, by our math, it has about $20 million of revenue to the full year.

實際上，第三季業績超出預期，但就你剛才對Amory的評論而言，如果你把預期從10多萬到20多萬，按我們的計算，它全年的收入約為2000萬美元。

So there's something else that's offsetting it where you're taking something out of the legacy genomics business or maybe data and services, just if you could talk about the bridge a little bit, and sort of how that rolls up to the full year, that'd be helpful. Thanks.

所以還有其他因素在抵消這種影響，例如從傳統的基因組學業務或數據和服務領域中抽調一些資源。如果您能稍微談談這個過渡方案，以及它如何影響全年的業績，那就太好了。謝謝。

Yeah, it all started and then Eric can chime in. So the Q3 growth rate was about 32% for Amory. So we're saying it's going to go from 32% down sequentially into Q4, so not an increase in Q4.

是的，一切都開始了，然後艾瑞克可以補充。 Amory第三季的成長率約為32%。所以我們說，第四季成長率將從32%逐季下降，不會再成長。

But even still, let's assume that, to your point, if Ambries outperform. By X amount of money, call it $15 or $20 million a year, and that might equate to a $5 million benefit in Q4.

但即便如此，我們假設，正如你所說，如果安布里斯的業績超出預期，例如每年超出 X 億美元，假設是 1500 萬或 2000 萬美元，那麼第四季度可能帶來 500 萬美元的收益。

We just take the approach that we've always taken like we TRY to, look at it and say if we have a beat and a raise, that's great, but we don't need to get ahead of our skis. There's no benefit. We want to be in a place where we're consistently overperforming, outperforming expectation.

我們仍然堅持我們一貫的做法，就像我們努力做的那樣，看看情況，如果能拿到更高的薪水和加薪，那當然很好，但我們沒必要操之過急。那樣做沒有好處。我們想要的是持續超越預期，不斷超越自我。

And we don't need to artificially raise expectation for no reason, especially when the core business is growing at 30%. If we were growing at 4%, we might be like, oh God, we need to raise expectations. But our business is growing at a really healthy rate, and we want to constantly orient people around.

我們沒必要無緣無故地人為提高預期，尤其是在核心業務以30%的速度成長的情況下。如果成長率只有4%，我們或許會覺得，天哪，我們需要提高預期。但我們的業務成長非常健康，我們希望不斷讓員工適應這種成長態勢。

Whether we whether we grow at 31% in Q4 or 29% or 30%, that doesn't really matter. What really matters is can we deliver 25% growth not just in the next three years, but for the next 10 years.

我們第四季成長率是31%、29%還是30%，其實並不重要。真正重要的是，我們能否在未來十年，甚至未來三年，達到25%的成長。

If we can, this will be a very big business. So we're architected around long-term growth, not short-term. That's how we guide.

如果可以，這將發展成一項非常龐大的業務。因此，我們的架構是圍繞長期成長而非短期成長而設計的。這就是我們的指導原則。

Our next question comes from Subbu Nambi from Guggenheim Securities. Please go ahead.

下一個問題來自古根漢證券的蘇布·南比。請提問。

Hi, this is Ricky on for Subuo. Thanks for taking our question here. There's a bit on this in the letter, but could you share any updates on your work on the foundation model with AstraZeneca and Pathos and maybe what the next milestones we should be looking for here are?

您好，我是Subuo的Ricky。感謝您接受我們的提問。信中對此有所提及，但您能否分享一下您與阿斯特捷利康和Pathos在基礎模型方面的工作進展，以及我們應該關注的下一個里程碑是什麼？

And is there any benefit you could speak to from the page acquisition in the foundation model work? Thanks.

您能否談談在基礎模型工作中取得頁面資料有哪些好處？謝謝。

Yeah, so the foundation model is just finishing the pre-training phase right now.

是的，基礎模型目前正處於預訓練階段的最後階段。

It's going exceptionally well in terms of like the all the you run all these small models both single models and multimodal models and see how they perform and are they predictive and you're measuring them against kind of these common benchmarks like C index to see how they're doing.

就運行所有這些小型模型（包括單模態模型和多模態模型）並觀察它們的性能以及預測能力而言，進展非常順利。你也會根據 C 指數等常見基準來衡量它們，看看它們的表現如何。

All that's going incredibly well. The teams feel great. We'll, we're kind of entering the phase of large compute over the next several months, and then when that is done, we begin post training, later this year, kind of early 2026, and we expect to have kind of the first versions of the model in Q1.

一切進展都非常順利。團隊狀態也很好。接下來幾個月，我們將進入大規模計算階段，完成後，我們將在今年稍後或2026年初開始訓練後階段的工作，預計在第一季就能推出模型的第一批版本。

In general, the team is super happy with the progress we're making both on every side and so there's no kind of red flags and I would, we're in the midst of procuring additional GPU capacity.

總的來說，團隊對我們在各個方面取得的進展都非常滿意，所以沒有任何危險信號，而且，我們正在採購額外的 GPU 容量。

We feel like this is just an advantage we have and we want to lean into it and double down and we're going to aggress, if you look at and we talk, we call this out in the letter, if you look at tempest relative to other companies, we're going to look and smell and feel like a tech company in many ways, including lines of code we write, amount of money we spend on cloud and compute.

我們覺得這是我們的優勢，我們想充分利用它，加倍投入，我們將採取積極進取的態度。如果你看看我們談論的內容，我們在信中也明確指出了這一點，如果你把 Tempest 與其他公司進行比較，我們會在很多方面看起來、聞起來、感覺起來都像一家科技公司，包括我們編寫的程式碼行數，以及我們在雲端和運算方面的支出。

Number of software engineers we have on staff and we're, in a world where AI is coming and we happen to be perfectly situated, we think we're investing in that heavily and I think instead of us taking our foot off the gas, we will continue to press.

我們擁有大量的軟體工程師，而且我們身處人工智慧即將到來的世界，我們恰好處於非常有利的位置，我們認為我們正在大力投資人工智慧，而且我認為我們不會放鬆，反而會繼續加大投入。

Page is awesome in that they have their own foundation model work going on in digital pathology. They have a tremendous team and have made real, really interesting progress there. Those teams are now connected. They're now part of our foundation model team.

Page公司非常出色，他們在數位病理學領域進行了自主的基礎模型研究。他們擁有一支卓越的團隊，並取得了真正令人矚目的進展。現在，這些團隊已經整合到一起，成為我們基礎模型團隊的一部分。

We're aggregating some of that data and trying to understand the insights. And so there's just quite a bit of good momentum that comes from that. And, we're excited to see where it goes.

我們正在匯總部分數據，並試圖從中了解一些見解。因此，這項工作目前進展順利，我們很期待看到它未來的發展。

Our next question comes from David Westenberg from Piper Sandler. Please go ahead.

下一個問題來自Piper Sandler公司的David Westenberg。請提問。

Hi, thanks for taking the question. I'll focus a little bit more on the long-term. Generally, the reimbursement system, CPT codes, etc. Generally worked on reimbursing for what you're doing in the wet lab. Now you can emulate a lot of data and you have a lot of strong analysis interpretation.

您好，感謝您回答這個問題。我將更多地從長遠角度來談談。一般來說，報銷系統、CPT 代碼等等，都是針對您在濕實驗室所做的工作進行報銷的。現在您可以模擬大量數據，並進行許多強有力的分析解讀。

Do you believe that the healthcare system can effectively start to reimburse for really the challenges around data interpretation and analysis? And do you believe there's still a major or do you believe there's still maybe a differentiation with what you do in what lab would say error correction?

您認為醫療保健系統能否有效地開始為數據解讀和分析方面的挑戰提供報銷？您認為在實驗室進行誤差校正方面，是否仍有重大差異？

Thank you.

謝謝。

Yeah, I mean, so look, when we think about the business and if you look at the kind of guide we laid out, the longer-term guide of growing at 25% for the next three years, we build that guide almost entirely looking at the growth we can see in our diagnostic business and our data business because those are big businesses predictable.

是的，我的意思是，你看，當我們考慮業務時，如果你看看我們制定的指導方針，例如未來三年保持 25% 的長期增長目標，我們制定該指導方針幾乎完全是基於我們在診斷業務和數據業務中可以看到的增長，因為這些都是可以預測的大業務。

Operating at scale, really good growth rates, really good margin. We understand them.

規模化運營，極高的成長率，極高的利潤率。我們了解這些。

We have a very hard time predicting the growth rate of some of these algorithms we have in market effectively, to your point, this dry lab CPT code stuff. We have a hard time predicting the revenue associated with that because at the present moment it isn't well reimbursed, if at all.

我們很難有效預測市場上某些演算法的成長率，就像您提到的，例如這種乾實驗室CPT代碼之類的東西。我們也很難預測相關的收入，因為目前這類演算法的報銷情況並不理想，甚至根本沒有報銷。

We believe at some point that will change. We believe at some point that has to change or the or the healthcare system in this country is in danger of real problems. We just can't afford $5.7 trillion a year, growing at 7.5%.

我們相信這種情況遲早會改變。我們相信這種情況必須改變，否則這個國家的醫療保健系統將面臨真正的危機。我們根本負擔不起每年5.7兆美元，而且還是以7.5%的速度成長。

The only solution to this problem is some amount of intelligence, call it AI that allows us to understand where errors occurring, where waste is occurring, where mistakes are occurring, where we can be predictive and preventative. That's going to have to be paid for or it isn't going to scale.

解決這個問題的唯一方法是引入某種智能，我們姑且稱之為人工智慧，它能幫助我們了解錯誤發生在哪裡、浪費在哪裡、失誤在哪裡，從而進行預測和預防。但這需要付費，否則就無法規模化應用程式。

When that's paid for, Tempest is in a really unique position because we have a lot of this. We invest a lot of money embedded in our results, even with positive beta, generating a ton of algorithms.

當這些成本得到支付後，Tempest 就處於一個非常獨特的地位，因為我們擁有大量的此類資源。我們投入了大量資金，並將這些資金融入我們的業績中，即使是正收益，也能產生大量的演算法。

I mean a lot. We have algorithms in digital pathology, radiology, cardiology, neuropsych, oncology, up and down the spectrum. And so when these things are paid for, we can distribute them across the over 5,000 hospitals connected to our ecosystem very quickly.

我的意思是，應用範圍非常廣泛。我們在數位病理學、放射學、心臟病學、神經心理學、腫瘤學等領域都有相應的演算法。一旦這些演算法獲得付費，我們就能迅速將其推廣到我們生態系統中連接的5000多家醫院。

And many of these things are already FDA approved, and so we suspect our path to reimbursement will be very quick if there is a path to reimbursement. And if Tempest, and I've said this historically, if Tempest ever has its,

而且其中許多產品已經獲得FDA批准，因此我們預計，如果能夠獲得報銷，我們的報銷流程將會非常迅速。如果Tempest公司——我之前也說過，如果Tempest公司最終能夠獲得報銷——

Nvidia moment or whatever that moment is, it's going to be because one of these things starts to get paid for or two of them or three of them, and they just scale rapidly. So in the in the wet lab, you might go from, $100 million of revenue to $150 million of revenue.

所謂的“英偉達時刻”，或者不管它叫什麼，都將是因為其中一項、兩項或三項技術開始盈利，並且規模迅速擴大。所以，在實驗室裡，營收可能會從1億美元成長到1.5億美元。

That would be a very heavy lift, but in the algo world you go from 100 million in revenue to a billion in revenue overnight because you're distributing zeros and ones instead of having to kind of, collect bios specimens and run a test and distribute it.

那將是一項非常艱鉅的任務，但在演算法領域，你可以在一夜之間將收入從 1 億美元提高到 10 億美元，因為你分發的是 0 和 1，而不是收集生物樣本、進行測試和分發。

So it just scales differently. So I'm hopeful they will get paid for it. I can't see any other way out of this mess and we're well situated.

所以情況有所不同。因此，我希望他們能得到相應的報酬。我看不出還有其他辦法可以擺脫這種困境，而我們目前處境有利。

Our next question comes from Mark Schappel from Loop Capital. Please.

下一個問題來自 Loop Capital 的 Mark Schappel。請問。

Hi, thank you for taking my question. Eric, question on page AI.

您好，感謝您回答我的問題。我是 Eric，問題出在 AI 頁面。

In addition to their AI pathology applications, I believe they also bring some synergies and leverage to your genomic diagnostics business.

除了人工智慧病理學應用之外，我相信它們還能為您的基因組診斷業務帶來一些協同效應和優勢。

I was wondering if you could just provide some additional color details on how Page actually complements or works with your diagnostics business.

我想請您提供一些關於 Page 的顏色細節，說明它是如何與您的診斷業務相輔相成或協同工作的。

Yeah, I mean, it's, it will work beautifully obviously we just acquired Page like, very recently, so some of these things are being integrated now, but you know I'll give you just one example of ways in which digital pathology can enhance sequencing.

是的，我的意思是，它肯定會運作得很好。顯然，我們最近才收購了 Page，所以現在正在整合其中的一些功能。但我可以舉一個例子來說明數位病理學如何增強定序功能。

So first of all, some percentage of the time sequencing doesn't work. It just doesn't work. You can't sequence the patient. Now, it's a low percentage, but it's real. It's called kind of Q&S. The results just don't, they aren't delivered.

首先，測序有時會失敗，就是失敗。你無法對患者進行測序。雖然比例很低，但確實存在。這種情況稱為Q&S（品質和結果缺失）。結果無法得出，也無法交付。

Or some percentage of the time, you don't get enough material to even run sequencing. You just don't literally have enough material, enough, to a high enough tumor percentage to even sequence the patient. In these instances today we say to a doctor, I can't help you.

或者在某些情況下，你甚至無法獲得足夠的樣本進行定序。你根本沒有足夠的樣本，腫瘤比例也不夠高，無法對病人進行定序。在這種情況下，我們現在會對醫生說，我幫不了你。

I don't have a result. But in a world where you have these digital pathology algorithms that can be deployed that can predict the most common mutations that might exist from sequencing, and Page already has some of these in flight with more coming.

我還沒有結果。但是，在如今這個時代，我們已經擁有了可以部署的數位病理演算法，這些演算法能夠透過定序預測可能存在的最常見突變，而佩奇已經有一些這樣的演算法正在運行，並且還有更多演算法即將推出。

One FDA approved, others from the FDA, you can basically return results to physicians even when NGS fails. Likewise, you can imagine a world where a certain certain number of results are really critical to get very quickly. For example, if a patient has not small cell lung cancer, you want to know if their EGFR mutated in 1 or 2 days.

其中一種已獲FDA批准，其他一些也來自FDA，即使NGS檢測失敗，基本上也能將結果回饋給醫生。同樣，您可以想像，在某些情況下，某些特定數量的檢測結果至關重要，需要快速獲得。例如，如果患者並非患有小細胞肺癌，您肯定希望在1到2天內知道其EGFR基因是否發生突變。

And so another benefit of integrating these things is we will be able. Make some number of predictions very quickly. So we've always thought that the winning answer here was a was through this, kind of multimodal approach to looking at the totality of data that can be generated for a patient and and producing the highest quality data driven insights as fast as possible, and those are typically never single data modality driven.

因此，整合這些要素的另一個好處是，我們將能夠非常快速地做出一些預測。我們一直認為，最佳方案是透過這種多模態方法來審視可以為患者產生的所有數據，並儘快產生最高品質的數據驅動型見解，而這些見解通常都不是單一數據模態驅動的。

So we want to live in a world where we're every bit as good at generating molecular data as we are at generating digitized pathology data or understanding a CT scan or an MRI or mammography. And if you look at our investments, we make investments along those lines.

所以我們希望生活在一個分子數據生成能力與數位化病理數據生成能力、CT掃描、MRI或乳房X光檢查解讀能力同樣出色的世界。而如果你看看我們的投資，你會發現我們也正是朝著這個方向投資的。

And I think it will over time, similar to the way if you look at Amazon, let's say 20 years ago, you may have said, oh, whatever. They deliver books or maybe they deliver books in consumer electronics and they're not that much better than eBay.

我認為隨著時間的推移，情況會有所改變。就像你20年前看待亞馬遜一樣，你可能會說，哦，無所謂了。他們送貨上門，或送貨上門，銷售消費性電子產品，但他們並沒有比eBay好多少。

But if you start to fast forward 5 years, 10 years, you can see the differentiation by Amazon's ability to kind of give you anything you want instantaneously, and that's because of the investments they made in depth of product and speed of distribution, and we're making similar investments, or at least the corollary of similar investments in our portfolio today.

但如果你快轉到 5 年、10 年後，你就能看到亞馬遜的差異化優勢，它幾乎可以瞬間給你任何你想要的東西，這是因為他們在產品深度和分銷速度方面進行的投資，而我們今天也在進行類似的投資，或者至少在我們的投資組合中進行類似的投資。

In the interest of time, our final question comes from Dan Arias from Stifel. Please go ahead.

為了節省時間，我們最後一個問題來自Stifel公司的Dan Arias。請開始吧。

Yeah, hi guys, thanks for taking the questions here. Maybe one on MRD. You guys have been pretty clear about not having plans to spend a bunch of money on on big studies, but it does sound like you're investing there.

嗨，各位，感謝你們回答問題。也許可以問一個關於MRD的問題。你們之前已經明確表示沒有計劃在大型研究上投入大量資金，但聽起來你們似乎正在這方面進行投資。

And so to the extent that that involves R&D is there data next year that we should look out for? It does seem like we're going to have a whole slew of high sensitivity assays coming to the market over the next 12 plus months.

那麼，如果這涉及研發，明年是否有值得我們關注的數據？看起來未來一年多的時間裡，市場上將會湧現一大批高靈敏度的檢測方法。

I just want to make sure we have our eyes on the right things and and updates from tempests within that discussion.

我只是想確保我們關注的重點是正確的事情，以及討論中出現的各種突發情況的最新進展。

Yeah, I mean, I would say we put out, and I think this is called out on our investor deck like it's, we put out publications, posters, presentations constantly. I mean, it's a crazy number. I just looked at the press release. It's got like 77 papers coming out or something.

是的，我的意思是，我們一直在發表文章、海報和演示文稿，而且我覺得這一點在我們的投資者推廣資料中也有提到。數量真的很多。我剛看了新聞稿，上面說要發表77篇論文之類的。

So we put this stuff out pretty regularly. In terms of big studies, I think we called out in the letter that our tumor on the tumor naive side, we're in CRC today.

所以我們定期發布這些資訊。就大型研究而言，我認為我們在信中提到過，我們目前的研究對像是未罹患腫瘤的大腸癌患者。

We're running a non-small cell lung cancer study right now. We like to go back and look at some of our CRC work, and I suspect you'll get some data coming out about both of those next year.

我們目前正在進行一項非小細胞肺癌研究。我們想回顧一下我們之前在結直腸癌方面的工作，我估計明年你們會看到一些關於這兩項研究的數據。

Beyond that, we might bleed into early 207 in terms of other disease areas or other disease indications that we go into, but we expect to have really interesting data in market next year from our tumor naive assay in both lung and CRC.

除此之外，我們可能會在其他疾病領域或我們涉足的其他疾病適應症方面，將業務拓展到 207 年早期，但我們預計明年將有來自肺癌和 CRC 腫瘤初治試驗的非常有趣的市場數據。

And we believe we're hitting metrics that are just super powerful on the tumor naive side that allow us to kind of go head to head against some of the tumor informed guys by virtue of some of the enhancements we've made internally. With, we have 400 PhDs around here, so it's like a fairly, large and talented technical team.

我們相信，在腫瘤未知的情況下，我們取得的各項指標都非常出色，這使我們能夠憑藉內部的一些改進，與一些已經了解腫瘤情況的同行展開正面較量。我們這裡有400位博士，所以這是一個相當龐大且才華洋溢的技術團隊。

In terms of tumor informed, I'll leave it to personnel to kind of provide you their roadmap of what's coming and what studies they're doing, but they too are investing, I think, quite heavily.

至於腫瘤知情同意方面，我會讓相關人員來為你提供他們未來的發展路線圖和正在進行的研究，但我認為他們也投入了相當大的資源。

That concludes the question-and-answer session. I would now like to turn the call back over to this Crypto Hollow for a closing remark.

問答環節到此結束。現在我想把電話轉回給Crypto Hollow，請他做個總結發言。

Great, thank you. Thanks all for joining us today. We look forward to updating you again next quarter.

太好了，謝謝。感謝各位今天參加。我們期待下個季度再次與大家分享最新情況。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您可以掛斷電話了。