Tempus AI, Inc. (TEM) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tempus AI second-quarter 2026 financial results conference call. I'd like to remind everyone that this call is being recorded (Operator Instructions)

各位女士、先生，感謝您稍候。我是 Angela，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Tempus AI 2026 年第二季財務業績電話會議。提醒各位，本次通話將被錄音(接線員指示)

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

現在我想把電話交給投資人關係副總裁 Liz Krutoholow。請開始。

Thank you. Good afternoon, and welcome to Tempus' second-quarter 2026 conference call. This afternoon, Tempus released results for the quarter ended June 30, 2026. The press release and overview of the quarter and our latest presentation are available on our IR website at investors.tempus.com. Joining me today from Tempus are Eric Lefkofsky, Founder and CEO of Tempus; and Jim Rogers, CFO.

謝謝。各位下午好，歡迎參加 Tempus 2026 年第二季電話會議。今天下午，Tempus 公布了截至 2026 年 6 月 30 日之季度的業績。新聞稿、季度回顧以及我們最新的簡報可於投資人關係網站 investors.tempus.com 取得。今天與我一同出席的 Tempus 代表包括：Tempus 創辦人暨執行長 Eric Lefkofsky，以及財務長 Jim Rogers。

Before we begin, I would like to remind you that during this call, management will be making 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.

在開始之前，我想提醒各位，在本次通話中，管理層將作出前瞻性陳述，該等陳述受風險與不確定性影響，可能導致實際結果與所述內容存在重大差異。關於這些風險的討論，請參閱我們的 10-K 以及其後向 SEC 提交的其他文件。

During the call, we will discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. Definitions of these non-GAAP financial measures, along with reconciliations to the most directly comparable GAAP financial measures are included in our earnings release, which is available on our IR page.

在本次通話中，我們將討論非 GAAP 財務衡量指標，其並非依一般公認會計原則編製。這些非 GAAP 財務衡量指標的定義，以及與最直接可比的 GAAP 財務衡量指標之調節表，均載於我們的財報新聞稿中，可於投資人關係頁面取得。

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

現在我想把電話交給 Eric。

Thank you, and good afternoon, everyone. Q2 was an exceptional quarter for Tempus. Overall, our revenues increased 22% to $382.5 million with this being the first quarter where we are lapping Ambry being fully integrated into our results.

謝謝，各位下午好。第二季對 Tempus 而言是非常出色的一季。整體而言，我們營收成長 22% 至 3.825 億美元；這也是我們首次在財報中完整納入 Ambry 並與其整合後、開始進入「去年同期基期比較」的一季。

Our Diagnostics business delivered $289.3 million of revenue, an increase of 20% year over year, as slower growth in hereditary cancer testing was offset by higher growth in CGP testing due to acceleration in the business. Momentum continues as June saw some of the strongest growth we have seen to date across the portfolio.

我們的診斷業務營收為 2.893 億美元，年增 20%；儘管遺傳性癌症檢測成長較慢，但因業務加速帶動的 CGP 檢測較高成長抵銷了影響。動能持續，6 月在整體產品組合中出現了迄今為止最強勁的成長之一。

Hereditary revenue for the quarter was up 5% to $107.4 million as Q2 of 2025 was a period of abnormally high growth, which we are now lapping. Data and Apps revenues were $93.2 million, increasing 28% year over year with our data licensing and modeling business insights, growing at 36% in the quarter.

本季遺傳性（Hereditary）營收年增 5% 至 1.074 億美元，因 2025 年第二季曾是異常高成長的期間，而我們目前正進入與該高基期相比的階段。資料與應用（Data and Apps）營收為 9,320 萬美元，年增 28%；其中我們的資料授權與建模業務洞察在本季成長 36%。

There were also several notable highlights in the quarter. We received FDA approval for tumor-only xT CDx. This approval allows the migration of our entire solid tumor DNA portfolio to be under unified ADLT pricing. We expect an estimated $200 uplift in ASP, which equates to approximately $85 million on an annual basis beginning in 2027.

本季亦有數項值得注意的亮點。我們取得 FDA 對僅腫瘤（tumor-only）xT CDx 的核准。此核准使我們整個實體腫瘤 DNA 產品組合得以在統一的 ADLT 定價下進行轉換。我們預期 ASP 估計可提升 200 美元，折合自 2027 年起每年約增加 8,500 萬美元。

It's also important to note that we have our liquid biopsy, xF, in front of the FDA now. And when that is approved and in market which should be in the latter half of 2027, we expect the incremental ASP lift to be an additional $550. Between xT CDx and xF approvals we anticipate approximately $400 million of revenue uplift in 2028.

同樣重要的是，我們的液體活檢 xF 目前也已送交 FDA 審查。當其獲核准並上市（預計在 2027 年下半年），我們預期 ASP 的增量提升將再增加 550 美元。在 xT CDx 與 xF 兩項核准之間，我們預估 2028 年營收可提升約 4 億美元。

We introduced initial results from and successfully delivered the first version of our foundation model to AstraZeneca. The model was used to predict which patients responded in several public and blinded clinical trials. We're thrilled to have achieved this milestone and are now working on the next version of the model.

我們向 AstraZeneca 介紹了基礎模型的初步結果，並成功交付了第一版基礎模型。該模型用於預測哪些病患會在多項公開與盲性臨床試驗中產生反應。我們很高興達成此一里程碑，並正著手開發下一版本的模型。

We signed a large multiyear data licensing and modeling agreement with BioNTech, who now joins the ranks of AstraZeneca, GlaxoSmithKline, Bristol Myers Squibb and others. This, along with Merck last quarter, is further evidence that our data and modeling capabilities are becoming instrumental to pharma.

我們與 BioNTech 簽署了一項大型多年期資料授權與建模協議；BioNTech 現在也加入 AstraZeneca、葛蘭素史克（GlaxoSmithKline）、百時美施貴寶（Bristol Myers Squibb）等公司的行列。再加上上一季與默克（Merck）的合作，進一步證明我們的資料與建模能力正逐漸成為製藥產業不可或缺的工具。

We also signed large deals with Daiichi Sankyo, LevelSet Bio, and Insight Pharmaceuticals contributing to the approximately $200 million in total bookings this quarter. We completed a $460 million offering of 0.0% convertible senior notes due 2032. The proceeds of this offering were used in part to repay an outstanding loan from Ares Capital. Importantly, this transaction allows us to save over $30 million annually in interest expense, enabling us to achieve positive free cash flow by year-end.

我們也與第一三共（Daiichi Sankyo）、LevelSet Bio 與 Insight Pharmaceuticals 簽署大型合約，促成本季總訂單（bookings）約 2 億美元。我們完成了 4.6 億美元、票面利率 0.0%、2032 年到期的可轉換優先票據發行。本次發行所得部分用於償還對 Ares Capital 的未償貸款。重要的是，該交易使我們每年可節省超過 3,000 萬美元的利息費用，讓我們得以在年底前達成正向自由現金流。

GAAP net income was $5.6 million and adjusted EBITDA was $8 million, a $13.6 million year-over-year improvement. We finished the quarter with $820.7 million of cash, cash equivalents and marketable securities compared to $643.8 million last quarter. As expected, cash used in operating activities improved significantly to negative $7.5 million in the quarter.

GAAP 淨利為 560 萬美元，調整後 EBITDA 為 800 萬美元，較去年同期改善 1,360 萬美元。本季末我們持有的現金、約當現金與有價證券為 8.207 億美元，相較上一季的 6.438 億美元增加。如預期，營運活動使用的現金在本季顯著改善至負 750 萬美元。

On top of all this, on July 20, we announced an agreement to acquire Personalis, minimal residual disease, MRD testing, represents a $20 billion-plus market and is one of the fastest-growing segments in oncology diagnostics. Bringing Personalis under our roof accelerates commercial adoption of our MRD test, rounds out our overall portfolio and strengthens the multimodal data flywheel that differentiates our business.

此外，7 月 20 日我們宣布達成收購 Personalis 的協議；微量殘存疾病（MRD）檢測代表一個超過 200 億美元的市場，且是腫瘤診斷中成長最快的領域之一。將 Personalis 納入我們旗下可加速我們 MRD 檢測的商業化採用、完善整體產品組合，並強化使我們業務具差異化的多模態資料飛輪。

Given their improving financial profile, we felt now was the right time to pursue a strategic acquisition. Up until now, we have phased our sales efforts. That's only about 10% of our sales force is selling MRD today based on these reimbursed indications. Even with that, we are delivering growth rates that have exceeded our expectations, running approximately 6,500 tests in Q1 and approximately 9,000 tests in Q2, growing 38% quarter over quarter.

鑑於其財務狀況持續改善，我們認為現在是推動策略性收購的適當時機。截至目前，我們的銷售推進採取分階段方式。也就是說，目前僅約 10% 的銷售團隊在基於這些已獲給付（reimbursed）的適應症銷售 MRD。即便如此，我們仍交出超出預期的成長率：第一季約執行 6,500 次檢測、第二季約 9,000 次檢測，季增 38%。

With reimbursement in place for several indications and more coming, we believe volumes will be materially higher as we equip additional sales reps with Next over time. The transaction is structured as a 100% stock transaction with Tempus having the option to elect payment in cash capped at 50% of the consideration paid.

隨著多項適應症已取得給付、且未來還會增加，我們相信當我們逐步讓更多業務代表配備 Next 後，檢測量將顯著提高。本交易結構為 100% 股票交易；Tempus 可選擇以現金支付，但現金支付上限為對價的 50%。

We have already begun working with parties to put a debt facility in place as our intention, obviously depending on our stock price, is to finance a large portion of the proceeds with debt to minimize shareholder dilution. Even with this acquisition, we intend to see continued improvement in adjusted EBITDA and free cash flow in 2027.

我們已開始與相關方合作建立債務融資安排；我們的意圖（當然也取決於股價）是以債務為本次對價中的大部分提供資金，以將股東稀釋降至最低。即使進行此收購，我們仍預期 2027 年調整後 EBITDA 與自由現金流將持續改善。

Turning to guidance. We are increasing guidance to $1.595 billion to $1.605 billion in 2026, representing approximately 25% growth. We expect 2026 adjusted EBITDA to be approximately $65 million, an improvement of about $72 million over 2025. We're exceptionally proud of our results this quarter and look forward to carrying this momentum into the second half of the year.

接著談指引。我們將 2026 年營收指引上調至 15.95 億至 16.05 億美元，約代表 25% 的成長。我們預期 2026 年調整後 EBITDA 約為 6,500 萬美元，較 2025 年改善約 7,200 萬美元。我們對本季成果感到非常自豪，並期待將這股動能延續至下半年。

Operator, we are ready to open the line for questions.

接線員，我們已準備好開放提問。

(Operator Instructions) Kallum Titchmarsh, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Kallum Titchmarsh。

Great. Maybe one for Jim, just on Personalis. We've had quite a lot of questions coming through. Just on your underlying assumptions on the ASP front and just how those economics could become more favorable to you with time. So just any incremental color on that would be fantastic.

很好。我想問 Jim 一題，關於 Personalis。我們收到相當多的提問。主要是關於你們對 ASP 方面的基本假設，以及隨著時間推移，這些經濟性如何可能變得對你們更有利。因此若能提供任何額外的說明就太好了。

And then, Eric, I think you touched on this a little on the call last week. But maybe just talk us through how the incremental MRD data you'll now have access to could feed back into your data business? And I guess why that would perhaps be more of a compelling data set now for customers?

然後，Eric，我想你在上週的電話會議上也稍微提到了一點。不過也許請你帶我們梳理一下，你們現在將能取得的增量 MRD 數據，會如何回饋到你們的數據業務？以及我想問的是，為什麼這對客戶而言，現在可能會成為一個更具吸引力的數據集？

Yeah. So I'll start on the ASP, and then Eric can take the second piece. On ASP, obviously, they've gotten coverage in several indications over the last several quarters. And so there's been improvement on the Personalis front. They have more indications that are coming down the pipeline as well. And so over time, obviously, we would anticipate ASPs to continue to improve as they secure coverage and additional indications.

是的。我先談 ASP，然後 Eric 可以回答第二部分。就 ASP 而言，很明顯他們在過去幾個季度已在多個適應症上取得給付覆蓋。因此 Personalis 這邊已有所改善。他們也還有更多適應症正在推進中。所以隨著時間推移，當他們取得更多給付覆蓋與新增適應症時，我們預期 ASP 會持續改善。

And then also from a volume perspective, our ability to kind of expand the sales force that is able to sell that test, which today is around 10% will help us drive volume. So they're early on in the ASP kind of curve, but they've obviously had a tremendous amount of success in getting the first couple of indications approved, and we anticipate that continuing.

另外從量的角度來看，我們能夠擴大可銷售該檢測的銷售團隊（目前大約只有 10%）也將有助於我們帶動量的成長。所以他們仍處於 ASP 曲線的早期階段，但他們在讓前幾個適應症獲批方面顯然非常成功，我們也預期這種趨勢會延續。

Yeah. And just maybe a bit more color there, and then I'll jump into the data. So I think the part of their story that is so compelling is that they have a really a nice pipeline of studies that are being run. And we, like others, are watching and reacting to those studies that read out to turn into papers that eventually turn into approvals. They've done a great job of getting three approvals so far. They have a whole pipeline of others coming.

是的。我再補充一點背景，然後我會切入數據部分。我認為他們的故事之所以如此有吸引力，是因為他們有一個相當不錯的研究管線正在進行。我們和其他人一樣，都在關注並根據這些研究的讀出結果做出反應；這些結果會變成論文，最終再轉化為核准。他們目前已經很出色地拿到三項核准。而且後面還有一整個管線在推進。

And so the real clarity that's come into focus over the last 30, 60, 90 days is that you can start to see how this ASP story is going to turn for them in 2027 and all of a sudden, the economics that were more favorable for us or that are more favorable for us today because we get paid and don't lose money will actually flip and all of a sudden, they'll be getting paid. They'll have more margin, and we'll kind of wish we had that deal instead of our deal. And that certainly is a great piece of the story is -- as Jim mentioned.

因此，在過去 30、60、90 天逐漸清晰的一點是，你開始能看到他們的 ASP 故事在 2027 年會如何轉向；而且突然之間，原本對我們更有利、或說今天對我們更有利的經濟性（因為我們能收款且不會虧錢）將會翻轉，然後變成他們開始收款。他們的毛利會更高，而我們可能會開始希望當初拿到的是他們那個交易，而不是我們的交易。而這確實是這個故事中很棒的一部分——正如 Jim 提到的。

There's also, I think, compelling aspects in terms of their data. Almost every major biopharma client we have that's running large studies is trying to understand the endpoint of those studies. And historically, we think a lot about scans as a major endpoint to understand if disease is recurring or there's progression or what's happening. And more and more, you're getting earlier signals from these kind of MRD tests that are showing signs of cancer recurring 6 months or 12 months before a scan.

另外，我認為在他們的數據方面也有很吸引人的地方。我們幾乎每一家正在做大型研究的主要生物製藥客戶，都在試圖理解那些研究的終點（endpoint）。過去我們常把影像掃描視為主要終點，用來判斷疾病是否復發、是否進展或發生了什麼。而現在越來越多的是，這類 MRD 檢測能提供更早的訊號，在掃描之前 6 個月或 12 個月就顯示癌症復發的跡象。

And so as you can imagine, if you're a drug company, being able to see when patients recur and be able to get them out of drug earlier is a really big deal. And so we have a consistent stream of people wanting us to include MRD data with the GERD data that they're using for licensing and modeling purposes. And I would suspect over time, it becomes a really compelling component of our overall data offering.

因此你可以想像，如果你是一家藥廠，能夠看到病人何時復發，並能更早讓他們停止用藥，這是非常重要的。所以我們持續收到需求，希望我們把 MRD 數據與他們用於授權與建模目的的 GERD 數據一起納入。我猜隨著時間推移，這會成為我們整體數據產品中非常有吸引力的一個組成部分。

Brad Bowers, Mizuho.

Brad Bowers，瑞穗（Mizuho）。

First off, congrats on the large deals that you got this quarter. I wanted to focus specifically on the AstraZeneca piece. Another congratulations on kind of delivering the first version of the model. So maybe just to double-click on what that looks like. And then I think there's a little bit of the elephant in the room on kind of what the agreement looks like for 2027 and beyond.

首先，恭喜你們本季拿下大型交易。我想特別聚焦在阿斯特捷利康（AstraZeneca）這一塊。也再次恭喜你們交付了模型的第一個版本。所以也許請再更深入說明一下那看起來是什麼樣子。另外我想大家也有點在意房間裡的大象：也就是 2027 年及之後協議會是什麼樣子。

To me, I think it seems that the foundation model is obviously, a big piece of that. Maybe just some help on where that contracting kind of fits. And just a reminder on the kind of escalators that can exist, whether the foundation model catalysts come at some point after this year such that the contract needs to be in place?

就我看來，基礎模型（foundation model）顯然是其中很大的一部分。也許請協助說明一下，那個合約簽訂在整體上是如何對應的。並請再提醒一下可能存在的升級條款（escalators），例如基礎模型的催化劑是否會在今年之後的某個時間點出現，以致需要先把合約就位？

Yeah. So the foundation model was accepted by AZ, that was a big deal because we had to hit certain criteria. And the cool part of that is you train this very large multimodal model trained on billions of parameters, very complicated and it had to perform as well as certain models that both we had developed and they had developed that were like highly tuned for specific use cases, including predicting response to both public and private trials.

是的。所以 AZ 接受了這個基礎模型，這是一件大事，因為我們必須達到特定標準。而很酷的一點是，你訓練的是一個非常大型的多模態模型，包含數十億個參數，非常複雜，而且它必須表現得至少和某些模型一樣好——那些模型是我們與他們各自開發、針對特定用例高度調校的模型，包括預測公開與私有試驗的反應。

And so we would send them these models, and they would basically see how our big model performed against their own internal models and in a blinded manner. We didn't have access to a bunch of that data. So the fact that we've met the acceptance criteria means that they're comfortable this model is predictive and can now serve as the foundation -- even though it's a foundation model for all kinds of R&D and development work they're doing. So that's a huge hurdle and we're ecstatic. And we're consistent to invest in that.

因此我們會把這些模型送給他們，他們基本上會以盲測方式比較我們的大模型與他們內部模型的表現。我們無法取得其中很多數據。所以我們達到驗收標準這件事，代表他們相信這個模型具有預測性，現在可以作為基礎——雖然它是基礎模型，但可用於他們正在進行的各種研發與開發工作。所以這是一個巨大的門檻，我們非常興奮。而且我們會持續投入。

Separate from our foundation model efforts, they're obviously a licensee of our data and a whole bunch of our products. The current agreement we have with AZ, I think, goes for other couple of years. So it doesn't end at the end of this year. I think the current agreement goes, I don't even know, through '28 or something, I have no idea, but it had several years left on it even at the end of this year.

撇開我們的基礎模型工作不談，他們顯然也是我們數據以及一大堆產品的被授權方。我們目前與 AZ 的協議，我認為還會再持續幾年。所以它不會在今年年底到期。我想目前的協議會到——我甚至不知道——可能到 2028 年之類的，我也不確定，但即使到今年年底，它也還剩好幾年。

So there are certain criteria that they can opt into preferential pricing. And if not, they would just pay more for the data they are licensing. We have -- first of all, there's a bunch of projects they've already committed to that will extend into 2027. So they will be a very large client in 2027, no matter what happens.

所以有一些條件他們可以選擇加入以取得優惠定價。如果不加入，他們就會為所授權的數據支付更高的價格。我們——首先，他們已經承諾了一批專案，會延伸到 2027 年。因此無論發生什麼，他們在 2027 年都會是非常大的客戶。

And we would -- I can't imagine a scenario like literally where they don't want to lock in for a longer period of time to avail themselves of discounts. I mean, it just wouldn't make any sense. They haven't given us any indication that they're not going to want to lock in for a long period of time and avail themselves to discount.

而且我們——我幾乎想像不到有任何情境，真的，會讓他們不想鎖定更長的期間來享有折扣。我的意思是，那根本說不通。他們也沒有給我們任何訊號表示不想長期鎖定並享有折扣。

So I would suspect that we will be delivering a similar amount of data and revenue to them next year. I would suspect that at some point, we'll have a long-term extension in place or they'll just use the contract they currently have and commit to similar kind of dollar amounts of data. And every indication we have, including their CEO, talking about, I think, on CNBC or whatever is that they're super happy and tend to be a long-term partner of us.

所以我預期明年我們會向他們交付相近量的數據並取得相近的收入。我也預期在某個時間點，我們會把長期延展協議就位；或者他們就沿用目前的合約，並承諾購買相近金額的數據。而我們掌握的所有跡象——包括他們 CEO 在 CNBC 之類的地方談到的——都顯示他們非常滿意，並傾向成為我們的長期合作夥伴。

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Congrats on a very good quarter. The first one on the excess FDA clearance tailwind, that looks like it's now $550 using 2Q data compared to $230 that you had at the Investor Day that was using 4Q data. So just -- I don't think you called out the reason for the change there, if you just comment on that.

恭喜你們交出非常好的季度表現。第一個問題是關於超額 FDA 核准（clearance）帶來的順風：看起來用 2Q 數據計算現在是 550 美元，相較於你們在投資人日用 4Q 數據時的 230 美元。所以——我想你們沒有特別說明變動原因，能否請你們評論一下？

And secondly, with your shares trading below $46, is it possible that Personalis to terminate? Can you just talk about what you can do to avoid that as well as what makes you confident that they don't do that, they don't terminate?

第二，當你們股價交易在 46 美元以下時，Personalis 是否有可能終止（terminate）？也請談談你們能做些什麼來避免這種情況，以及是什麼讓你們有信心他們不會那麼做、不會終止？

Yeah. So on the xF pricing as kind of others have gone down the approval for liquid biopsies and kind of indicated the price that they're going after that our price -- our thinking around the ADLT pricing for xF has evolved, and we think that there's additional upside from what we had pegged for the kind of earlier on. So that assay is in front of the FDA now. As Eric mentioned, as we get later into '27, we would anticipate getting approval and then following kind of the ADLT pathway, but that's the rationale behind the change.

是的。所以在 xF 的定價方面，隨著其他公司在液體活檢的核准進展中，並且也透露他們要追求的價格，我們對 xF 依 ADLT 路徑的定價思考已經有所演進；我們認為相較於先前較早期所預估的水準，還有額外的上行空間。所以這個檢測目前已經送交 FDA。如 Eric 提到的，到了 27 年下半年，我們預期會取得核准，之後就會依循 ADLT 的路徑推進，而這就是調整的理由。

And look, it's an evolving market. Our assay is most comparable in terms of size, like literally size like megabases and size totality to Guardant's recent assay that they got approved. And I believe their ADLT pricing is something like $8,300 or $8,400. And so we -- it would be very hard for us to go to the market with a almost identical, at least in terms of like size and complexity assay that's radically less expensive.

而且你看，這是一個持續演變的市場。我們的檢測在規模上最具可比性——字面上的規模，例如 megabase 的大小以及整體涵蓋範圍——是 Guardant 最近獲批的那個檢測。我相信他們的 ADLT 定價大概是 8,300 或 8,400 美元。因此，我們——要我們拿一個幾乎相同、至少在規模與複雜度上相近的檢測去市場上，卻定得大幅更便宜，會非常困難。

And so we have to follow people who've come before us that have set ADLT pricing when we have kind of comparable products in terms of complexity and size. And so the pricing here is just higher than we expected. And so it's a significant benefit to us -- will be a significant benefit to us once it's approved in the market. So that's the big uplift.

所以當我們在複雜度與規模上有可比產品時，就必須跟隨先行者所設定的 ADLT 定價。也因此，這裡的定價比我們原先預期更高。所以一旦獲批並進入市場，這對我們會是——也將會是——一個顯著的利多。這就是最大的上修幅度。

In terms of Personalis, I can't see a scenario where they would want to terminate even if we were slightly below the floor. We established the floor because we weren't willing to have more dilution than X amount. And so we obviously have cash as a lever. We've got stock as a lever. We don't want to have more than X amount of dilution.

就 Personalis 而言，我看不出他們會想終止的情境，即使我們略低於底線。我們設定底線，是因為我們不願意承受超過 X 的稀釋。所以我們顯然可以用現金作為槓桿。我們也可以用股票作為槓桿。我們不希望稀釋超過 X。

Given where we're trading now, obviously, my preference would be to fund maybe close to half the transaction in cash and the balance of stock to keep the dilution quite low. I believe we'll have that opportunity and I can't see any scenario upon which this doesn't close.

以我們目前的交易價格來看，顯然我偏好用現金支付大概接近一半的交易金額，其餘用股票，以把稀釋控制得相當低。我相信我們會有這個空間，而且我看不出有任何情境會讓這筆交易無法完成。

As you can imagine, they very much want to do this deal. We're a current partner of theirs now, it would be highly disruptive if this deal didn't get done on their side. And I just can't envision any scenario even if they end up getting a few less shares where it doesn't go forward.

如你所想像的，他們非常想做成這筆交易。我們現在就是他們的合作夥伴，如果這筆交易在他們那邊沒做成，會造成高度干擾。而且我實在無法想像，即便他們最後拿到的股票稍微少一點，這件事還會不往前走。

Ryan MacDonald, Needham.

Ryan MacDonald，Needham。

This is Matt Shea on for Ryan. Eric, you've seen some really nice momentum in the Data and Insights business throughout first half of 2026, including the BMS expansion in May and a number of deals you announced today. Maybe can you talk about the level of momentum you have going into the back half of the year?

我是代 Ryan 發言的 Matt Shea。Eric，你們在 2026 年上半年 Data and Insights 業務看到非常不錯的動能，包括 5 月的 BMS 擴約，以及你們今天宣布的多筆交易。能否談談你們在下半年開始時所具備的動能水準？

And then maybe for Jim, as we layer in that BMS expansion and $200 million of bookings in the quarter on top of the $350 million of TCV that was already earmarked for revenue in 2026, how much visibility and confidence you have in hitting the implied $410 million of data revenue guidance, if that's even still the right number might be a bit higher with the guidance raise? And how are you thinking about levers for upside?

另外也想請教 Jim，隨著 BMS 擴約，以及本季 2 億美元的 bookings，再加上原本已經被指定在 2026 年認列營收的 3.5 億美元 TCV，你們對達成隱含的 4.1 億美元資料營收指引有多大的能見度與信心——如果在上修指引後那個數字甚至可能更高？你們如何看待上行的槓桿？

Yeah. So I mean, I can -- you may add on, but my comment, I think, will tackle both, which is in light of the deals we've been signing -- first of all, we've kind of have more momentum. I mentioned this, I think, on the last call before that the data business is just on fire. We've had more momentum in terms of signing deals than we've had in like a long time in years.

是的。所以我的意思是——你也可以補充——但我想我的回覆可以同時回答兩個問題：就我們正在簽下的交易來看，首先，我們的動能確實更強。我想我在上次電話會議也提過，資料業務就是火力全開。我們在簽約交易的動能上，比多年來任何時候都更強。

Other than the foundation model, it's probably the single best run of three or four quarters we've had ever in terms of momentum. So we're having just an awesome moment. More and more people want our data. And more importantly, what's really exciting is they don't just want our data, they want access to Lens. They want us connecting and provisioning GPUs for them in Lens. They're uploading data. They're building models that remain in Lens.

除了 foundation model 之外，這可能是我們史上在動能方面最好的連續三到四個季度表現。所以我們正處在一個非常棒的時刻。越來越多人想要我們的資料。更重要、也更令人興奮的是，他們不只是想要我們的資料，他們還想要存取 Lens。他們希望我們在 Lens 裡為他們連接並配置 GPU。他們在上傳資料。他們在建立並讓模型留在 Lens 裡。

So the business just feels super healthy, super sticky and it's just -- and we just have a stronger pipeline and more demand than we've had, which means we have great visibility into our growth rates, not just in 2026, but 2027. And we -- that's how we think about the data business.

所以這個業務感覺非常健康、黏著度非常高；而且——我們的 pipeline 更強、需求也比以往更高，這代表我們對成長率有很好的能見度，不只是在 2026 年，也包括 2027 年。而這就是我們看待資料業務的方式。

We really are interested in maintaining long-term growth in that close to 30% range plus or -- and we kind of want to plot these things out in a way that we feel like we can grow at that level for years, three years, five years, seven years. And so we feel great. We're in a great spot for '26. We're in a great spot for '27, and we now spend a lot of time thinking about '28.

我們確實很有興趣維持長期成長，接近 30% 的區間或更高——我們希望以一種我們有把握能在多年內維持該成長水準的方式來規劃，三年、五年、七年。所以我們感覺非常好。我們在 26 年處於很好的位置。我們在 27 年也處於很好的位置，而我們現在也花很多時間在思考 28 年。

Mark Massaro, BTIG.

Mark Massaro，BTIG。

Congrats. I wanted to start maybe just to clarify the higher pricing assumptions on xT CDx -- or pardon me, the xF. Maybe can you just walk us through what rates or what prices are you estimating on the Medicare side? Because I know you cited Guardant, but if you could be more explicit, that would be helpful.

恭喜。我想先從釐清 xT CDx——抱歉，是 xF——較高的定價假設開始。能否請你帶我們走一遍，你們在 Medicare 端預估的費率或價格是多少？因為我知道你們提到 Guardant，但如果能更明確一些會很有幫助。

And then, Eric, when do you think you can sort of take that 10% promoting the Personalis test now? When -- why not take that up faster? And so do you think you could take that up sooner rather than later? Or are you waiting for the deal to perhaps close?

另外，Eric，你認為你們何時可以把目前推廣 Personalis 檢測的 10% 拉高？為什麼不更快提高？所以你覺得你們能否更早而不是更晚把它拉上去？還是你們在等交易可能完成之後？

Yeah. For xF, Mark, we're assuming a $7,500 ADLT price.

是的。Mark，就 xF 而言，我們假設 ADLT 價格為 7,500 美元。

And in terms of taking MRD up faster, the same constraints we had when we didn't own Personalis will be the same constraints we'll have even after this transaction closes, which is we just want to time the full unshackling of these efforts to having the tests on an ASP level be basically breakeven.

至於更快拉升 MRD 的推進力度，我們在尚未擁有 Personalis 時的限制，與這筆交易完成後的限制會是一樣的：我們只是想把全面解除束縛、加大推進的時點，對齊到檢測在 ASP 層級基本上能打平損益的時候。

If you're losing money, if your margin is negative and you kind of rush to run an extra 100,000 tests, you're just burning money. And if we felt like this market was such that this was beachfront real estate that you had to procure, we would do that. We would tell the world, hey, we want to earn a bunch of money and here's why we think it makes sense. We don't believe that.

如果你在虧錢、毛利為負，卻急著多跑 10 萬個檢測，你只是在燒錢。如果我們覺得這個市場是那種你必須搶占的「海濱黃金地段」，我們就會那樣做。我們會告訴全世界：嘿，我們想賺很多錢，而這就是我們認為合理的原因。但我們不這麼認為。

We didn't believe it with therapy selection. And if that was the case, Foundation Medicine would dominate the space instead of Tempus and Caris. So we don't believe this is -- there's like beachfront real estate to be procured. We do believe it's important that we're in market with an offering that is comprehensive that people want. We think we can meter this out and not lose the market opportunity.

在治療選擇（therapy selection）上我們就不這麼認為。如果真是那樣，這個領域應該會由 Foundation Medicine 主導，而不是 Tempus 和 Caris。所以我們不認為這是——有什麼「海濱黃金地段」需要去搶。我們確實認為重要的是：我們要在市場上提供一個全面、大家想要的產品。我們認為可以把節奏控制好，而不會錯失市場機會。

Obviously, we're growing super fast. We're 38% quarter over quarter, and we're getting to some real scale, and we will get to even more significant scale in '27. And at some point, you'll see this pivot where the ASPs will start to climb up and you kind of -- you can see breakeven in sight, and that's the point where I think you should expect us to kind of ramp up the sales force pretty dramatically.

顯然，我們成長非常快。我們的季對季成長為 38%，而且我們正在達到相當的規模，並且在 2027 年將達到更顯著的規模。在某個時間點，你會看到一個轉折，ASP 將開始上升，你也會覺得損益兩平近在眼前；我認為到那時，你應該預期我們會相當大幅度地擴增銷售團隊。

That said, you won't even notice it because the core economics of our business from a gross margin growth perspective, and the variable investments we make are so significant that if we wanted to invest an extra $50 million in the sales force, we just would spend $50 million less on cloud or things that you don't even see and we still would be EBITDA positive. We still would be cash flow positive.

話雖如此，你甚至不會注意到，因為從毛利成長的角度來看，我們業務的核心經濟性，以及我們所做的變動性投資都非常可觀；如果我們想在銷售團隊上額外投資 5,000 萬美元，我們只要在雲端或其他你看不到的項目上少花 5,000 萬美元，我們仍然會是 EBITDA 為正。我們仍然會是現金流為正。

So we just are in a great spot where the core business is now starting to generate so much gross margin and gross profit dollar growth. And we're making so many incremental investments that are like long term in duration that we can make some of these investments like sales force growth without negative EBITDA or negative cash flow or going backwards. So I think we're in a good spot.

所以我們正處於一個很好的位置：核心業務現在開始產生大量的毛利與毛利額（gross profit dollars）成長。而且我們正在進行許多增量投資，且這些投資的期間都偏長期，因此我們可以做一些像擴增銷售團隊這類投資，而不會造成 EBITDA 轉負、現金流轉負或倒退。所以我認為我們處於不錯的位置。

Subbu Nambi, Guggenheim.

Subbu Nambi，Guggenheim。

This is [Ricki] on for Subbu. So following the launch of GenomeNext, do you have any updates on your outlook for the rare disease ramp within Ambry? And in the letter, you mentioned you're expecting this to pick up in the second half. Would you be able to quantify this for us? What would a successful second half for rare disease with an Ambry look like?

我是代替 Subbu 的 [Ricki]。在 GenomeNext 上線之後，關於 Ambry 罕見疾病業務的放量（ramp），你們的展望有沒有更新？你們在信中提到預期下半年會加速。你們能否為我們量化一下？對 Ambry 而言，罕見疾病在下半年怎樣才算成功？

Yeah. I'll take the first. The launch was great. Great, meaning we had an expectation for the first month. And I think I'm going to say something like two or three weeks in, we were already 50% higher than our expectation.

好的。我先回答第一部分。這次上線非常順利。所謂順利，是指我們對第一個月有一個預期。我想大概在兩到三週時，我們就已經比預期高出 50%。

So that said, it's -- these are small numbers. Like at the end of the day, this is a new product for us. So when you get to market and sell 500 or 1,000 tests, like it's a good start. So I do think there is some upside that is going to come in the back half of the year related to whole genomes. We don't yet have enough insight to know.

不過話說回來，這些仍是小數字。畢竟這對我們來說是新產品。所以當你進入市場、賣出 500 或 1,000 份檢測時，這是一個好的開始。因此我確實認為，今年下半年與全基因組相關的業務會帶來一些上行空間。但我們目前還沒有足夠的洞見可以確定。

Right now, it's not cannibalistic to our whole exome business. Does it become cannibalistic at some point? So far, it's not, but we only have one month of data. And obviously, we're trying to ramp up hereditary growth rates and so we kind of view that business as getting to like mid-teens growth by the end of the year.

目前它並沒有侵蝕（cannibalize）我們的全外顯子（whole exome）業務。未來某個時間點會不會侵蝕？到目前為止沒有，但我們只有一個月的數據。而且顯然，我們正努力拉升遺傳（hereditary）業務的成長率，所以我們把那塊業務視為在年底前達到約中十位數（mid-teens）的成長。

We're being conservative about our whole genome estimates, although it will pick up. And so I think we're in a bit of a wait and see on how that's going to shake out. And again, fortunate that we don't need it because our two main businesses, Oncology Testing and Data are overperforming, and so we'll be fine.

我們對全基因組的估算採取保守態度，雖然它會加速。所以我們目前有點採取觀望，看看最後會如何發展。另外也很幸運的是，我們並不依賴它，因為我們兩大主業——腫瘤檢測與數據——表現超出預期，所以我們會沒問題。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Maybe just another follow-up on the Data and Insights business. I guess, kind of following up on your commentary about momentum in that part of the business. I mean you mentioned some of the newer deals being -- it sounds like potentially more expensive with some of these pharma guys in to leverage like Lens and you mentioned the other data and apps offerings. I guess just in terms of economics to Tempus, should we assume that some of the kind of construct of those deals drive potentially better revenue to you all over the course of the partnership? Is it maybe faster recognition of booking res versus backlog?

我想再追問一下 Data and Insights 業務。延續你們對該業務動能的評論。你提到一些較新的交易——聽起來可能對某些藥廠客戶而言更昂貴——用來運用像 Lens 這樣的平台，並且你也提到其他數據與應用程式的產品。就 Tempus 的經濟性而言，我們是否可以假設，這些交易的架構可能在合作期間為你們帶來更好的收入？是否可能更快認列預訂收入（bookings）相較於積壓（backlog）？

I guess, I'm really just trying to understand how some of the levers there manifest and how we should think about the ramp in reported versus TCV as more of those guys get online and get the use of the platform up and running?

我主要是想了解，這些槓桿如何反映出來，以及隨著更多客戶上線並開始使用平台，我們應該如何看待已報告收入（reported）相對於 TCV 的爬坡？

Yeah. I can start and then Jim can jump in. So I mean -- so it's probably maybe worth some history. So we used to have a business where we would like go to people and say, we have this de-identified data, if you want to license it, we'll send you 5,000 files and you can pay us and our revenue was very lumpy, but we recognize revenue instantaneously.

好的。我先說，然後 Jim 可以補充。我想先回顧一下背景可能有幫助。我們以前的模式是去找客戶說：我們有去識別化（de-identified）的數據，如果你想授權，我們就寄給你 5,000 份檔案，你付費即可；我們的收入非常不均勻（lumpy），但我們會立即認列收入。

And we made a shift several years back, where we kind of stopped all that, like upfront revenue and moved people to one-year, two-year, three-year, five-year licenses and really deferred a bunch of that revenue which was tough to swallow back then, but great for the long-term health of the business because we now have like awesome visibility multiple years out.

幾年前我們做了轉型：我們基本上停止了那種一次性前收（upfront）的收入模式，改讓客戶簽一年、兩年、三年、五年的授權，並把相當一部分收入遞延；當時確實很難吞下去，但對業務的長期健康非常有利，因為我們現在對未來多年的能見度非常好。

So I don't expect these new deals where people are getting more ingrained with Lens and getting more ingrained with building small or large models in our environment accessing GPUs at some scale, I don't think they'll change revenue recognition at all. They just are another kind of element of stickiness that locks people into our ecosystem. They are kind of first locked in because they signed long-term contracts that are fixed in terminate, you can't cancel whatever the fixed term is.

所以我不預期這些新交易——客戶更深度使用 Lens、在我們的環境中建立小型或大型模型、並以一定規模使用 GPU——會改變收入認列方式。它們只是另一種黏著度（stickiness）的要素，把客戶鎖定在我們的生態系中。他們首先被鎖定，是因為簽了固定期限的長約；在固定期限內你不能取消，不管固定期限是多久。

And number two, they're now locked in because they're building models in our environment, they can't take the models. That said, the main reason they're locked in, we think, is because our data is awesome and the tools are really helpful. And if that weren't the case, we wouldn't have this healthy of a data business and one that continues to grow really fast.

第二，他們現在也被鎖定，因為他們在我們的環境中建立模型，他們無法把模型帶走。話雖如此，我們認為他們被鎖定的主要原因，是因為我們的數據非常出色、工具也非常有幫助。如果不是這樣，我們不可能有這麼健康、且仍持續快速成長的數據業務。

Robert Bamberger, Baird.

Robert Bamberger，Baird。

You guys have cited about a 40% algorithm attach rate on solid tumor. Is that still the case in Q2? And I guess what's the algorithm that drives it? And what attach rate is then embedded in your guidance here?

你們提到實體腫瘤（solid tumor）的演算法附加率（attach rate）約 40%。在第二季仍是如此嗎？另外，是哪一個演算法在帶動？而你們這次指引中隱含的附加率是多少？

Yeah. So the algorithm attach rate in Q2 was 45%, so a slight uptick from the 40% that we had quoted in Q1. And it's really broad-based. Obviously, we've got a suite of algorithms that address a number of different kind of questions or insights that physicians may be asking for. And so it's pretty broad-based in terms of which algorithms are being ordered.

是的。第二季的演算法附加率是 45%，相較我們在第一季提到的 40% 略有上升。而且是廣泛性的提升。顯然，我們有一整套演算法，用來回答醫師可能提出的多種不同問題或洞見需求。因此，就被下單的演算法種類而言，分布相當廣泛。

And then in terms of the guide, many of those algorithms remain not being paid. And so there's no impact on revenue from the number of algorithms, although it does highlight again, our advantage in diagnostics are the insights that we provide physicians beyond just the test results. And so it helps drive kind of that core volume growth, which accelerated to 31% in Q2. It's just another factor of the data advantage that we have.

至於指引方面，其中許多演算法仍未收費。因此演算法數量對營收沒有影響，儘管它再次凸顯我們在診斷上的優勢：我們提供給醫師的不只是檢測結果，還有額外的洞見。因此它有助於帶動核心檢測量的成長，而第二季該成長加速至 31%。這只是我們數據優勢的另一個因素。

That concludes our question-and-answer session. I will now turn the conference back over to Liz Krutoholow for closing remarks.

問答環節到此結束。接下來我將把電話會議交回給 Liz Krutoholow 作結語。

Thanks, everyone, for joining us. If you have any questions, please reach out to the IR team. Have a great day.

感謝各位參與。如有任何問題，請聯繫投資人關係（IR）團隊。祝各位有美好的一天。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。