GeneDx Holdings Corp (WGS) 2024 Q4 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the GeneDx fourth-quarter 2024 earnings conference call.

歡迎參加 GeneDx 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

I would not like to hand the comments over to your speaker today, Sabrina Dunbar, Investor Relations, please go ahead.

我不想把評論交給今天的發言人，投資者關係部的薩布麗娜鄧巴 (Sabrina Dunbar)，請繼續。

Thank you, Operator, and thank you to everyone for joining us today.

謝謝接線員，也謝謝大家今天的參與。

On the call, we have Katherine Stueland, President and Chief Executive Officer; and Kevin Feeley, Chief Financial Officer.

參加電話會議的有總裁兼執行長 Katherine Stueland；以及財務長 Kevin Feeley。

Earlier today, GeneDx released financial results for the fourth quarter ended December 31, 2024 and full year 2024.

今天早些時候，GeneDx 發布了截至 2024 年 12 月 31 日第四季和 2024 年全年的財務表現。

Before we begin, please take note of our cautionary statement.

在我們開始之前，請注意我們的警告聲明。

We may make forward-looking statements on today's call, including about our business plans, guidance and outlook.

我們可能會在今天的電話會議上做出前瞻性陳述，包括有關我們的業務計劃、指導和展望。

Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, February 18, and we are under no obligation to update.

前瞻性陳述本身涉及風險和不確定性，僅反映我們截至今天（2 月 18 日）的觀點，我們沒有義務更新。

When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results.

在討論我們的結果時，我們參考非公認會計準則指標，即從報告的結果中排除某些項目。

Please refer to our fourth quarter 2024 and full year 2024 earnings release and slides available at ir.genedx.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

請參閱我們在 ir.genedx.com 上提供的 2024 年第四季度和 2024 年全年收益報告和幻燈片，了解非 GAAP 指標的定義和對帳以及有關我們結果的其他信息，包括可能導致實際結果與前瞻性陳述存在重大差異的因素的討論。

And with that, I'll turn the call over to Katherine.

說完這些，我會把電話轉給凱瑟琳。

Thanks, Sabrina.

謝謝，薩布麗娜。

Good morning, everyone, and thank you for joining us today. 2024 was a remarkable year for GeneDx across all metrics.

大家早安，感謝大家今天的參與。從各方面來看，2024 年對 GeneDx 來說都是非凡的一年。

We cemented and extended our position as the market leader in Exome and Genome testing, expanded patient access, solidified our operating processes across all aspects of the business, and started to generate cash to fuel the next leg of growth.

我們鞏固並擴大了我們在外顯子組和基因組測試領域的市場領先地位，擴大了患者的治療管道，鞏固了業務各個方面的營運流程，並開始產生現金以推動下一階段的成長。

Our fourth-quarter results surpassed expectations, with revenues exceeding $95 million and gross margins expanding to 70%.

我們第四季的業績超出預期，營收超過 9,500 萬美元，毛利率擴大至 70%。

While providing early and precise genetic diagnoses remains our purpose, creating a financially strong business drives our progress.

雖然提供早期和精準的基因診斷仍然是我們的宗旨，但創建財務實力雄厚的企業推動著我們的進步。

We are dedicated to helping as many patients as possible, and it's not just about what we do but how we do it in service of our customers, with clinical excellence, urgency, and integrity.

我們致力於幫助盡可能多的患者，這不僅關乎我們做什麼，還關乎我們如何以卓越的臨床服務、緊迫感和誠信為客戶服務。

Our flagship Exome and Genome business delivered enormous growth in 2024, and we're bringing our focus, operational discipline, and commitment to profitable growth with us into 2025.

我們的旗艦外顯子組和基因組業務在 2024 年實現了巨大成長，我們將把我們的重點、營運紀律和對獲利成長的承諾帶入 2025 年。

In the coming year, we'll be layering on additional investments into growth, scale, innovation, and talent to add velocities for market development.

在未來的一年裡，我們將在成長、規模、創新和人才方面加大投資，以加快市場發展的速度。

Fueled by our 2024 and early 2025 momentum, we're setting guidance for 2025 to a range of $350 million to $360 million in revenue, with at least 30% growth in exome and genome volume and revenue.

在 2024 年和 2025 年初發展勢頭的推動下，我們設定了 2025 年的收入預期，即 3.5 億美元至 3.6 億美元，外顯子組和基因組的數量和收入至少增長 30%。

What's unique about our technology is that it enables a more efficient model, both for families and for the US healthcare system.

我們的技術的獨特之處在於，它為家庭和美國醫療保健系統提供了更有效率的模式。

Broad genetic testing, like our differentiated exome and genome services, are massively underutilized, causing the over-utilization of other diagnostic tests that don't accurately diagnose disease.

廣泛的基因檢測，例如我們的差異化外顯子組和基因組服務，都未被充分利用，導致其他診斷測試被過度使用，而這些診斷測試卻無法準確診斷疾病。

The economic burden of rare diseases is estimated to be around $1 trillion annually, with delayed diagnoses contributing heavily to this cost.

據估計，罕見疾病每年造成的經濟負擔約為 1 兆美元，而延遲診斷是造成此成本的主要原因。

On average, a child with a rare disease will undergo around 16 ineffective tests and three misdiagnoses.

平均而言，患有罕見疾病的兒童將接受約16次無效檢查和3次誤診。

The most recent literature tells us that, on average, a child with a rare disease will go on a five-year diagnostic odyssey.

最新文獻告訴我們，患有罕見疾病的兒童平均要經歷五年的診斷歷程。

That's down from six years previously, which implies that we're succeeding in our mission.

這比六年前有所下降，這意味著我們的使命正在取得成功。

By enabling earlier diagnosis with our product, GeneDx alleviates unnecessary suffering for patients and families and offers a readily available solution to reduce inefficient healthcare spending.

透過使用我們的產品實現早期診斷，GeneDx 減輕了患者和家屬不必要的痛苦，並提供了現成的解決方案來減少低效率的醫療保健支出。

There's a reason healthcare spend is top of mind for this administration, policymakers, insurers, and hospital systems, and GeneDx is in a unique position to help them solve this costly problem.

醫療保健支出成為本屆政府、政策制定者、保險公司和醫院系統最關注的問題，這是有原因的，而 GeneDx 則具有獨特的優勢，可以幫助他們解決這個昂貴的問題。

GeneDx is proud to be helping American families have healthier kids and healthier lives, and by doing so, reducing healthcare costs.

GeneDx 很自豪能夠幫助美國家庭擁有更健康的孩子、更健康的生活，並透過這樣做來降低醫療成本。

With a large market opportunity in hand, it's important to understand that not all exome and genome tests are created equal.

儘管面臨著巨大的市場機會，但我們必須明白，並非所有外顯子組和基因組測試都是平等的。

There's a reason 8 out of 10 clinicians who order exome testing choose GeneDx.

有 80% 的臨床醫生在訂購外顯子組檢測時選擇 GeneDx，這是有原因的。

Fueled by more than 750,000 exomes and genomes, our rapidly growing data asset and clinical expertise differentiate our products from competitors by enabling us to identify novel gene disease connections that are not widely available and ensuring we can offer the clinical utility, accuracy, and easy-to-understand reports that clinicians need.

在超過 750,000 個外顯子組和基因組的支持下，我們快速增長的數據資產和臨床專業知識使我們能夠識別尚未廣泛獲得的新型基因疾病聯繫，並確保我們能夠提供臨床醫生所需的臨床實用性、準確性和易於理解的報告，從而使我們的產品有別於競爭對手。

As we set our sights on offering these services to pediatricians, neurologists, cardiologists, and more specialists in the future, we've recruited some of the best product talent to deliver the smoothest end-to-end customer experience.

我們著眼於未來向兒科醫生、神經科醫生、心臟科醫生和更多專家提供這些服務，因此我們招募了一些最優秀的產品人才，以提供最順暢的端到端客戶體驗。

Throughout 2025, we'll be releasing a steady stream of new features designed to further simplify our customer experience to make it the easiest to use for all.

在 2025 年期間，我們將發布一系列新功能，旨在進一步簡化我們的客戶體驗，使所有人都能最輕鬆地使用。

We already made great progress in the first few months of the year, and our Epic Aura integration is just one example of this.

我們在今年頭幾個月已經取得了巨大進展，而我們的 Epic Aura 整合只是其中一個例子。

We've launched GeneDx ordering and resulting workflows at patient's bedsides and in clinician exam rooms.

我們已經在患者床邊和臨床檢查室推出了 GeneDx 訂購和由此產生的工作流程。

While we have the first mover advantage, there's a large unmet need ahead, and we're running as fast as we can to help as many families as quickly as possible.

雖然我們擁有先發優勢，但未來仍有大量未滿足的需求，我們正在盡可能快地行動，盡快幫助盡可能多的家庭。

Our position becomes more formidable, and our competitive advantage strengthens with the compounding force of each additional patient that we sequence, creating a flywheel effect that makes our underlying interpretation platform smarter, faster, and more scalable.

隨著我們對每個新增患者進行定序，我們的地位變得更加強大，我們的競爭優勢也隨之增強，從而產生了飛輪效應，使我們的底層解釋平台更加智能、更快、更具可擴展性。

We're seizing our advantage to accelerate market development by scaling utilization of rapid genome testing in the NICU and expanding our dominance in the outpatient setting.

我們正在抓住優勢，擴大新生兒加護病房 (NICU) 快速基因組檢測的使用範圍，並擴大我們在門診領域的主導地位，以加速市場發展。

Last week, we announced our ultra-rapid whole genome sequencing product, which delivers results in as soon as 48 hours.

上週，我們發布了超快速全基因組定序產品，最快可在 48 小時內提供結果。

Our ability to offer an ultra-rapid genome demonstrates how our lab operations continue to innovate.

我們提供超快速基因組的能力表明了我們的實驗室運作如何不斷創新。

Throughout 2025 and beyond, we're prepared to capitalize on coupling our clinically enriched data set with AI, machine learning, and automation to drive costs and turnaround times down in service of patients, providers, and partners.

在 2025 年及以後，我們準備好利用豐富的臨床資料集與人工智慧、機器學習和自動化相結合，以降低為患者、供應商和合作夥伴提供服務的成本和周轉時間。

In preparation for our full launch into the NICU in 2025, we recently expanded our enterprise sales team, launched multiple genome product enhancements and Epic Aura, and are bringing our ultra-rapid product to market.

為了準備在 2025 年全面進入 NICU，我們最近擴大了企業銷售團隊，推出了多種基因組產品增強功能和 Epic Aura，並將我們的超快速產品推向市場。

In the outpatient setting, pediatric neurology proved successful, driving most of the growth in 2024.

在門診環境中，兒科神經病學被證明是成功的，推動了 2024 年的大部分成長。

We've only scratched the surface of the outpatient segment's potential with a focus on patients with epilepsy, autism, and intellectual and developmental delay.

我們僅觸及了門診領域潛力的表面，重點關注患有癲癇、自閉症以及智力和發育遲緩的患者。

There are countless applications still to come in 2025.

2025 年仍會有無數的應用問世。

We'll be leaning into new patient populations.

我們將傾向於新的患者群體。

Cerebral palsy and hearing loss are just two such examples we'll target as we expand our footprint.

腦性麻痺和聽力損失只是我們擴大影響力時關注的兩個例子。

Additionally, we're developing new patient access channels like our new telehealth pathway, which accelerates access to testing for parents and caregivers via a streamlined referral process.

此外，我們正在開發新的患者訪問管道，例如我們的新遠距醫療途徑，該途徑透過簡化的轉診流程加速父母和照顧者接受檢測的速度。

Ultimately, the first line of defense for families lies within their general pediatrician.

歸根結底，家庭的第一道防線在於他們的普通兒科醫生。

When the American Academy of Pediatrics guidelines are updated and reimbursement pathways are clear, we are ready to deploy a commercial strategy and meaningfully expanded sales force against this new call point.

當美國兒科學會指南更新且報銷途徑明確時，我們就準備好針對這個新的呼叫點部署商業策略並大幅擴大銷售隊伍。

Longer term, we will extend our market leadership to the genomic newborn screening market.

從長遠來看，我們將把我們的市場領導地位拓展到新生兒基因組篩檢市場。

In total, pediatric testing is a $25 billion market, and while we've made progress, this opportunity remains largely untapped with multiple levers for growth ahead.

總體而言，兒科檢測是一個價值 250 億美元的市場，雖然我們已經取得了進展，但這一機會仍未充分開發，未來還有多個成長槓桿。

While rare diseases affect 1 in 10 Americans, they also affect over 300 million people worldwide.

雖然罕見疾病影響著十分之一的美國人，但它們也影響著全世界超過 3 億人。

We will strategically target opportunities outside the US to meet the incredible need for testing on a broader scale.

我們將策略性地瞄準美國以外的機會，以滿足更大規模的測試需求。

All of this is underpinned by our ability to provide valuable products and services to biopharma, leveraging our unique data asset to enable faster, cheaper, and more effective therapeutic development, all in service of expediting therapies to market for patients.

所有這些都基於我們為生物製藥提供有價值的產品和服務的能力，利用我們獨特的數據資產實現更快、更便宜、更有效的治療開發，所有這些都是為了加快治療方法的上市，服務於患者。

We're in a privileged position to be the market leader with the product, quality, scale, talent, and commercial strategy to transform the standard of care and win in an ever-expanding market.

我們擁有優越的市場領先地位，憑藉產品、品質、規模、人才和商業策略，我們可以改變護理標準，並在不斷擴大的市場中獲勝。

The opportunity ahead is ours for the taking, and we're moving quickly and decisively to claim it.

眼前的機會是屬於我們的，我們會迅速果斷地採取行動去把握它。

With that, I'll turn it over to Kevin.

說完這些，我會把話題交給凱文 (Kevin)。

Thanks, Katherine, and thanks, everyone, for joining us.

謝謝凱瑟琳，也謝謝大家加入我們。

Fourth-quarter 2024 revenues from continuing operations reached $95.3 million.

2024 年第四季持續經營收入達 9,530 萬美元。

Exome and genome revenues grew 101% year-over-year and 31% sequentially, contributing $78.8 million this quarter.

外顯子組和基因組營收年增 101%，季增 31%，本季貢獻 7,880 萬美元。

Both volume and reimbursement contributed to the growth.

數量和報銷都促進了增長。

Exome and genome tests accounted for 38% of all tests in the fourth quarter, up from 27% a year ago and 33% in the previous quarter.

外顯子組和基因組測試佔第四季度所有測試的 38%，高於去年同期的 27% 和上一季的 33%。

Our team delivered over 20,000 of these flagship tests, which is up 32% year-over-year and 7% sequentially.

我們的團隊完成了超過 20,000 次此類旗艦測試，較去年同期成長 32%，較上季成長 7%。

We are driving a long-term replacement cycle of the industry's individual gene tests and panels into exome and genome, and 2025 trends to date are encouraging.

我們正在推動行業單一基因測試和麵板向外顯子組和基因組的長期替代週期，迄今為止的 2025 年趨勢令人鼓舞。

In addition to growing off this base, we'll be layering on a new growth curve in the NICU and new indications in the outpatient setting in 2025.

除了在此基礎上發展之外，我們還將在 2025 年在 NICU 中建立新的成長曲線，並在門診環境中尋找新的適應症。

Both of these initiatives are starting at near zero today, and we anticipate these growth curves to ramp in the second half of 2025.

目前這兩項措施的起步都接近零，我們預期成長曲線將在 2025 年下半年上升。

Demand is strong, and we've balanced that demand with discipline, targeting only volume with a high propensity to get paid fairly.

需求強勁，我們用紀律來平衡這種需求，只關注數量，以獲得公平的報酬。

So speaking of getting paid, average reimbursement rates have come entirely from reduced denials.

所以說到獲得報酬，平均報銷率完全來自於拒絕的減少。

In the fourth quarter, the underlying average reimbursement rate for exome and genome after all denials was approximately $3,500, excluding the discrete benefit from our large appeal win in the quarter.

在第四季度，所有拒絕後的外顯子組和基因組的基本平均報銷率約為 3,500 美元，不包括我們本季大額上訴勝利所帶來的單獨收益。

That's up from $3,100 last quarter and up from approximately $2,500 in the same quarter of last year.

這一數字高於上一季的 3,100 美元，也高於去年同期的約 2,500 美元。

Our work to refine insurance-specific workflow to minimize administrative and procedural denials and the activation of additional state Medicaid policies to cover exome and genome testing more broadly are both contributing. 32 states now cover exome and or genome outpatient, and 14 cover rapid genome inpatient.

我們致力於改善特定保險的工作流程，以盡量減少行政和程序拒絕，並啟動額外的州醫療補助政策，以更廣泛地涵蓋外顯子組和基因組測試，這些都是有貢獻的。目前，32 個州涵蓋外顯子組和/或基因組門診，14 個州涵蓋快速基因組住院。

We'll continuously focus on improving processes, producing clinical and health economic data, supporting patient advocates, and leaning into policy work both at the state and federal level.

我們將繼續專注於改善流程、產生臨床和健康經濟數據、支持患者倡導者以及參與州和聯邦層面的政策工作。

We've built the operational strength and tools to now open the aperture of volume that we'll target to drive growth to higher levels.

我們已經建立了營運實力和工具，現在可以打開我們的目標是推動更高水準成長的數量之門。

Adjusted gross profit from continuing operations in the fourth quarter was $66.9 million, which is up 106% compared to the prior year and up 36% sequentially from the previous quarter.

第四季調整後持續經營毛利潤為 6,690 萬美元，較上年同期成長 106%，較上一季成長 36%。

That translates to an adjusted growth margin of 70% in the fourth quarter, up from 56% a year ago and 64% last quarter.

這意味著第四季調整後的成長率為 70%，高於去年同期的 56% 和上季的 64%。

Our team has exceeded expectations on COGS throughout 2024, and Q4 was no exception.

我們的團隊在 2024 年全年的銷售成本均超出預期，第四季也不例外。

And while we're pleased with how far we've come to reduce cost per test, there's still work to do.

雖然我們對在降低每次測試成本方面取得的進展感到滿意，但仍有工作要做。

I'm excited to partner with our recently onboarded Chief Operating Officer, Brian Dechairo.

我很高興與我們新任營運長 Brian Dechairo 合作。

He's begun to retool resources and our approach to extract the next leg of scalability and product enhancement.

他已開始重新調整資源和方法，以實現下一步的可擴展性和產品增強。

Beyond that, Brian is leading a new charge with respect to innovation and enabling a next generation customer experience to make ours the most attractive in the state.

除此之外，Brian 還在創新方面發揮了新的引領作用，並推出了下一代客戶體驗，使我們成為全州最具吸引力的客戶體驗。

Down to the bottom line, total company adjusted net income for the fourth quarter of 2024 was $16.8 million, our second consecutive quarter of profitability.

具體來說，2024 年第四季公司調整後淨收入總額為 1,680 萬美元，這是我們連續第二季實現盈利。

Full year and fourth-quarter 2024 revenues, adjusted gross margin and adjusted net income includes $6.8 million of discrete benefit in connection with a multi-year appeal win from a single payer. $5.8 million of that benefit went to Exome and Genome.

2024 年全年和第四季度的收入、調整後的毛利率和調整後的淨收入包括與單一付款人的多年上訴勝利相關的 680 萬美元的單獨收益。其中 580 萬美元捐給了 Exome 和 Genome。

This recovery to overturn past denials is a prime example of the quality and professionalism of the revenue cycle team we've assembled here at GDS.

這次撤銷過去的拒絕決定是 GDS 組成的收入週期團隊的素質和專業精神的典範。

And on the balance sheet, cash equivalents, marketable securities and restricted cash total $142.2 million as of December 31, 2024.

而在資產負債表上，截至 2024 年 12 月 31 日，現金等價物、有價證券和受限現金總額為 1.422 億美元。

Cash flow for the fourth quarter 2024 included $12.4 million in cash generated from ordinary operations, including receipts of $6.8 million in connection with the appeal recovery.

2024 年第四季的現金流量包括來自正常營運的現金 1,240 萬美元，其中包括與上訴追償相關的 680 萬美元收入。

And $31.9 million of proceeds, net of fees from the issuance of 406,726 shares of common stock in connection with sales pursuant to our ATM program.

以及根據我們的 ATM 計劃發行 406,726 股普通股所產生的銷售費用扣除後所得收益 3,190 萬美元。

Those inflows were partially offset by $19.6 million in scheduled payments to service previously recorded liabilities of legacy SEM reports.

這些資金流入被 1,960 萬美元的定期付款部分抵消，用於償還先前記錄的遺留 SEM 報告負債。

Now turning to guidance.

現在轉向指導。

We expect to deliver at least 30% growth in Exome and Genome volume and revenues and expect total revenues between $350 million to $360 million for full year 2025.

我們預計外顯子組和基因組的數量和收入將增加至少 30%，預計 2025 年全年總收入將在 3.5 億美元至 3.6 億美元之間。

We expect full year 2025 adjusted gross margin between 65% and 67%.

我們預計 2025 年全年調整後毛利率在 65% 至 67% 之間。

And for comparison, full year 2024 was 65%.

相較之下，2024 年全年的比例為 65%。

We expect to maintain profitability each quarter and for the full year 2025 on an adjusted net income basis.

我們預計在調整後的淨收入基礎上每季和 2025 年全年都將保持盈利。

You can generally define adjusted as EBITDA less share based compensation.

通常，您可以將調整後金額定義為 EBITDA 減去股權激勵費用。

And in our business, adjusted net income should conform fairly closely to operating cash flow over time.

在我們的業務中，調整後的淨收入應該與一段時間內的經營現金流相當接近。

As we previously shared, we will continue to optimize the test menu towards the genome only paradigm.

正如我們之前所分享的，我們將繼續優化測試選單，以適應僅基因組範式。

To that end, and in order to focus all investment and investment into accelerating Exome and Genome growth, hereditary cancer is a non-core fit within our business we are exiting in 2025.

為此，為了將所有投資和投資集中在加速外顯子組和基因組成長上，遺傳性癌症與我們的業務無關，我們將在 2025 年退出。

So I'll wrap with this.

所以我就用這個來結束它了。

GeneDx has spent two decades investing in the accumulation and expert curation of data, know-how, and tools necessary to interpret a genome's worth of information most definitively and at previously unimaginable scale.

GeneDx 花了二十年的時間投資於數據、專業知識和工具的累積和專家管理，以便以最明確的方式和以前難以想像的規模解釋基因組資訊。

And under Katherine's leadership over the past three plus years, it's now coupled that long history of clinical expertise with a strategy, commercial effectiveness, and operating discipline to finally scale the promise of genomics.

在過去三年多的時間裡，在凱瑟琳的領導下，公司將豐富的臨床專業知識與策略、商業效益和營運紀律結合起來，最終實現了基因組學的前景。

Stepping forward, we intend to address a large unmet medical need and do so while saving an overly complex, bloated, and expensive healthcare system massive dollars.

展望未來，我們打算解決大量未滿足的醫療需求，同時為過於複雜、臃腫和昂貴的醫療保健系統節省大量資金。

In an era where cost efficiency for healthcare in the United States is top of mind for hospital executives, insurance partners, policymakers, politicians, and taxpayers alike, the GeneDx Exome and Genome are a large part of the solution.

在美國醫療保健成本效益成為醫院管理人員、保險合作夥伴、政策制定者、政客和納稅人最關心的問題的時代，GeneDx Exome 和 Genome 是解決方案的重要組成部分。

And with that, we welcome any questions.

我們歡迎您提出任何問題。

Operator?

操作員？

(Operator Instructions) Dan Brennan, TD Cowen.

(操作員指示) Dan Brennan，TD Cowen。

Maybe to start off, Kevin, could you just give some color on the implied price assumption for '25?

首先，凱文，你能否對 25 年的隱含價格假設做一些說明？

Obviously, you're saying 30% plus rev and volume.

顯然，您說的是 30% 以上的轉速和音量。

So I guess the implication is maybe pricing can be flat or so.

所以我猜這意味著定價可能會保持平穩左右。

Obviously, great progress in the quarter on price, but we understand it's still decently below the institutional Medicaid rates and the commercialist price.

顯然，本季的價格取得了巨大進步，但我們了解到它仍然遠低於機構醫療補助費率和商業價格。

So just wondering how we're thinking about pricing in '25?

所以你想知道我們如何考慮 25 年的定價嗎？

Yeah.

是的。

The way I look at it, Dan, is the $3,500 in the fourth quarter was very much improved in outpaced expectations.

丹，在我看來，第四季的 3,500 美元遠遠超出了預期。

And I would say at this point, we consider rates to be stable and have room to go much higher.

我想說，目前我們認為利率是穩定的，並且還有進一步上漲的空間。

We're still at a point where nearly half of all tests are being denied and the team continually is refining processes to avoid those denials.

我們仍然處於近一半測試被拒絕的階段，團隊正在不斷改進流程以避免這些拒絕。

We're certainly optimistic that we can get that rate higher than what we just posted in the fourth quarter.

我們非常樂觀地認為，這一成長率將高於第四季度公佈的水平。

And our guidance philosophy tends to be very much data dependent.

我們的指導理念往往非常依賴數據。

And we look forward to updating you as we move throughout the year.

我們期待在全年的行動中向您通報最新進展。

Got it.

知道了。

Okay.

好的。

And then can you speak a little bit to, like, what's implied?

然後能否稍微講一下，這暗示了什麼？

You talked about being adjusted net income positive and adjusted EBITDA positive in '25, which is, I think, consensus has you guys to that level at a low level.

您談到了 25 年調整後的淨收入和調整後的 EBITDA 為正值，我認為，共識已經將您的水平保持在較低水平。

But can you just speak to how we should think about OpEx leverage and kind of what the magnitude of kind of EBITDA and cash flow could be in '25?

但是您能否談談我們應該如何看待營運支出槓桿以及 25 年 EBITDA 和現金流的規模是多少？

Yeah.

是的。

So, there'll be a step up in OpEx as we look for ways to accelerate growth and reduce costs.

因此，當我們尋找加速成長和降低成本的方法時，營運支出將會增加。

I think Epic is a prime example of that.

我認為 Epic 就是一個很好的例子。

That'll be about $5 million annual to add to the current OpEx base.

這將為當前的營運支出基礎增加每年約 500 萬美元。

And so, we certainly see areas to invest.

因此，我們確實看到了值得投資的領域。

Katherine spoke about some across the commercial teams and ways to drive further automation.

凱瑟琳談到了一些商業團隊以及推動進一步自動化的方法。

I think we built the discipline within the company at large to look at the multitude of bets that we can place and ensure a high level of probability of success.

我認為，我們在整個公司內部建立了紀律，以審視我們可以下的眾多賭注並確保較高成功的機率。

The way I would think about it is you've got the revenue and gross margin guide.

我的想法是，你已經獲得了收入和毛利率指南。

OpEx will step up, but only in a way in which we're committed to keep profitability positive each quarter and for the full year.

營運支出將會增加，但前提是我們致力於維持每季和全年的獲利能力。

Okay.

好的。

And maybe just a final one.

或許這只是最後一個。

You talked about new opportunities.

您談到了新的機會。

You're kind of baking into the guide in the second half.

您在某種程度上正在融入指南的後半部分。

Vicky mentioned the NICU, but you've already launched there.

Vicky 提到了 NICU，但您已經開始在那裡工作了。

So I'm just wondering, can you speak to kind of what these new opportunities are and can you frame, relatively, how meaningful they are in the '25 guide?

所以我只是想知道，您能否談談這些新機會是什麼，以及您能否相對地描述它們在 25 指南中的意義？

Thank you.

謝謝。

Yeah.

是的。

So, the NICU is one.

NICU 就是其中之一。

We did deliver the Epic Aura integration ahead of schedule.

我們確實提前交付了 Epic Aura 整合。

Still expect a second half-of-year ramp in the NICU, maybe pulling that forward a couple months into the second quarter.

預計新生兒加護病房 (NICU) 數量在下半年仍將上升，或許提前到第二季的幾個月。

What's also built in that we're excited about is turning on new indications and use cases for exome and genome.

同樣令我們興奮的是，它為外顯子組和基因組帶來了新的適應症和用例。

The growth to date, or at least over the last year plus, has been on that focus of epilepsy, autism, intellectual delay, developmental delay across the pedia-neuro call point.

到目前為止，或至少在過去一年多的時間裡，我們的發展重點是癲癇、自閉症、智力遲鈍、兒科神經科的發展遲緩等。

Maybe just a couple examples, and they're just a couple.

也許只是幾個例子，而且它們只是幾個例子。

So stepping into use cases like cerebral palsy is an example.

進入腦性麻痺等用例就是一個例子。

Hearing loss, maybe another one.

聽力損失，也許是另一個。

So use cases to drive further same-source sales within call points we've already launched into will be a focus of the second half-of-the-year.

因此，利用案例來進一步推動我們已經啟動的呼叫點內的同源銷售將成為今年下半年的重點。

William Bonello, Craig-Hallum Capital Group.

威廉‧博內洛 (William Bonello)，Craig-Hallum 資本集團。

Hey.

嘿。

Thanks a lot, guys.

非常感謝大家。

Just wanted to follow up a little bit more on the comments on the earnings guidance and profitability and the incremental investment, maybe two things in particular.

只是想進一步跟進有關盈利指引和盈利能力以及增量投資的評論，特別是兩件事。

One, you mentioned expanding the sales team.

第一，您提到擴大銷售團隊。

I'm wondering if you can give us any sense of magnitude of that expansion and maybe the corresponding cost, and then I'll ask the next one.

我想知道您是否可以告訴我們這次擴張的規模以及相應的成本，然後我會問下一個問題。

Certainly.

當然。

So -- and thanks, Bill.

所以--謝謝，比爾。

A couple things on Salesforce.

關於 Salesforce 的一些事情。

So we have expanded our enterprise team from about 5 to 10, and that's something that we have our eye on as we get Epic off the ground, as we start really getting more experience.

因此，我們將企業團隊從大約 5 人擴大到了 10 人，這是我們在 Epic 起步過程中關注的事情，因為我們開始真正獲得更多經驗。

We're going to keep an eye on that, and we're prepared to continue to add reps as we make progress on the plan, on the NICU side of things.

我們將密切關注這一點，並準備在計劃取得進展的同時，在 NICU 方面繼續增加代表。

We also have hired inside sales reps for the team that's been focusing on outpatient opportunity.

我們也為專注於門診機會的團隊聘請了內部銷售代表。

I think we've talked about the fact that that salesforce has been -- they've been out there focused on new accounts, on same-store sales, but they're also doing a lot of administrative work.

我想我們已經討論過這樣一個事實，即銷售人員一直專注於新帳戶、同店銷售，但他們也做了很多行政工作。

So we've hired a team of about 25 people to focus on inside sales that are really helping to offload the administrative burden and ensure that our sales reps can be focused on bringing in new accounts and looking for additional opportunities within existing accounts.

因此，我們聘請了一支約 25 人的團隊專注於內部銷售，這確實有助於減輕行政負擔，並確保我們的銷售代表能夠專注於引入新客戶並在現有客戶中尋找更多機會。

I would say our salesforce is by far an order of magnitude three times larger than the next salesforce in our space.

我想說我們的銷售隊伍比我們這個領域的下一個銷售隊伍大三倍。

So our focus is on continuing to get greater productivity out of that team.

因此我們的重點是繼續提高該團隊的生產力。

The customer experience that we're investing in is also intended to create a really intuitive experience that will also offload some of the more manual work.

我們所投資的客戶體驗也旨在創造一種真正直觀的體驗，同時也能減輕一些手動工作。

And so, we think that the investments that we're making on customer experience are going to pay off in terms of stickiness and same-store sales as well in the future.

因此，我們認為，我們在客戶體驗方面所做的投資將來也會在客戶黏性和同店銷售額方面獲得回報。

Sure.

當然。

And in terms of cost, I mean, that sounds like maybe $1 million to $2 million or something like that.

就成本而言，這聽起來可能是 100 萬到 200 萬美元或類似的數字。

Yeah.

是的。

It's certainly -- I don't know if I'd give you the exact number, but say it's order of magnitude is not that large with, I'd say, the Epic investment that I cited being the single largest investment year over year.

當然——我不知道是否能給你確切的數字，但它的數量級沒有那麼大，我想說，我提到的 Epic 投資是同比最大的單筆投資。

And the way I think about cadence on the bottom line is Q1 being near break-even, slightly positive, and then ramping in the latter three quarters.

我對底線節奏的看法是，第一季接近收支平衡，略微呈正成長，然後在後三個季度逐漸上升。

Okay.

好的。

And then that was the follow-up on profitability.

然後這是對盈利能力的後續關注。

So, is your goal to just ensure that you stay profitable or -- I mean, you were meaningfully profitable in the fourth quarter.

那麼，你的目標只是確保保持盈利，還是——我的意思是，你在第四季度實現了可觀的盈利。

How are you thinking about growing profits in addition to revenue, this year and maybe next year?

今年或明年，除了收入之外，您如何考慮增加利潤？

Yeah.

是的。

I think -- so we've stated it is a commitment of ours to keep the company profitable from this point forward.

我認為——所以我們已經聲明，我們承諾從現在起保持公司盈利。

That said, we're excited about ways to accelerate growth.

儘管如此，我們對加速成長的方法感到非常興奮。

As we enter into new call points and new indications, we want to see what it takes to really dominate and win those markets and have some latitude to toggle accordingly.

當我們進入新的呼叫點和新的指示時，我們希望看到真正主導和贏得這些市場需要什麼，並有一定的自由度進行相應的切換。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Maybe first one, going back to some of the new product innovation.

也許首先要回顧一些新的產品創新。

On the ultra-rapid whole-genome sequencing product you recently launched, can you just remind us the immediate opportunity that opens up for you?

關於您最近推出的超快速全基因組定序產品，您能否提醒我們該產品為您帶來的直接機會？

Like, what size of the market or kind of TAM does this let you address now?

例如，這現在能讓您解決多大的市場規模或 TAM 類型？

And then, what are your kind of expectations for penetration of that opportunity?

那麼，您對這個機會的滲透有什麼期望呢？

It sounds like it's more maybe back half of the year and beyond.

聽起來好像是今年上半年甚至更晚的時候。

We're just trying to get a better understanding of the potential impact from this launch on volumes as we move through '25 and beyond.

我們只是想更了解這次發布對 25 年及以後銷量可能產生的影響。

Thank you.

謝謝。

Yeah.

是的。

So one, I would say ultimately down the road, we want to be delivering the best, fastest, and most cost-effective genome across the board.

所以，我想說，最終，我們希望全面提供最好、最快、最具成本效益的基因組。

So we ultimately want to move to just being able to run a highly accurate, fast, clinically actionable genome for everyone.

因此，我們最終希望能夠為每個人運行高度準確、快速、可臨床操作的基因組。

But in the meantime, that product is indeed focused in the NICU setting.

但同時，該產品確實專注於新生兒加護病房 (NICU) 設置。

So we think being able to have the five-day turnaround time and now the ultra-rapid for patients who may be in most need really unlocks what is, you know, roughly considered to be about $1 billion market opportunity in that NICU in-patient setting.

因此，我們認為，能夠有五天的周轉時間，現在為最需要的患者提供超快速的服務，真正釋放了 NICU 住院環境中約 10 億美元的市場機會。

Fewer than 5% of babies in the NICU get a genetic test today.

目前，新生兒加護病房 (NICU) 中只有不到 5% 的嬰兒接受了基因檢測。

And so we think there's just a -- it's massively underutilized in that setting.

所以我們認為，在這種環境下，它的利用率嚴重不足。

So this gives us the ability to provide either that five-day turnaround time or for super dire cases, the ultra-rapid as well.

因此，這使我們能夠提供五天的周轉時間，或者在極其緊急的情況下，也能提供超快速的處理時間。

Thanks.

謝謝。

And maybe one on capitalization.

也許還有一個關於大寫的問題。

I think you talked about in the prepared remarks kind of fueling the next leg of growth.

我想您在準備好的發言中談到了推動下一輪成長。

Just talk about what your priorities are today, how that might differ between organic and inorganic, and if there are items on the inorganic side, just remind us kind of types of assets you might consider looking at either on size or kind of where it fits relative to your existing portfolio today.

只需談論您今天的優先事項是什麼，有機和無機之間的區別，如果有無機方面的項目，只需提醒我們您可能考慮考慮的資產類型，無論是規模還是相對於您現有的投資組合而言的位置。

Thank you.

謝謝。

So in terms of priorities of investment, you know, continuing to invest in growth is obviously critically important.

因此，就投資重點而言，繼續投資於成長顯然至關重要。

So product, having best-in-class products, having the best-in-class customer experience, we think this is a prime opportunity to really be able to deploy AI, machine learning, and other automation technologies to help smooth out that overall customer experience.

因此，擁有一流的產品、擁有一流的客戶體驗，我們認為這是一個真正能夠部署人工智慧、機器學習和其他自動化技術來幫助改善整體客戶體驗的絕佳機會。

As I mentioned, we've hired, in particular, one of the leading industry customer experience product designers who has tremendous experience in terms of making it a really sticky experience for everyone.

正如我所提到的，我們特別聘請了一位業界領先的客戶體驗產品設計師，他在為每個人提供真正貼心的體驗方面擁有豐富的經驗。

Continuing to automate as much of the lab as possible, the interpretation platform, those are the major areas as we think about prioritization of investment.

繼續盡可能實現實驗室和解釋平台的自動化，這些是我們考慮投資優先順序的主要領域。

All of that, of course, to fuel a fast-growing market.

當然，所有這些都是為了推動市場快速成長。

We want to make sure, as I said, that we've got the best, fastest, and most competitive in terms of pricing.

正如我所說，我們希望確保我們擁有最好、最快和最具競爭力的價格。

We've invested a lot in scale, so I think we're really pleased about our ability to have the highest level of clinical excellence but also be able to do it more cost-effectively than anyone else in the space.

我們在規模上投入了大量資金，因此我認為，我們對能夠擁有最高水平的臨床卓越性並且能夠比該領域的任何其他人更具成本效益地做到這一點感到非常高興。

Thanks.

謝謝。

And maybe just one more I could sneak in for Kevin.

也許我還可以再偷偷放一個給凱文。

On the hereditary cancer exit in '25, could you just spike out what's in or out of the guide for that and then any more color on timing when we could expect or the type of exit we could expect in '25 for that hereditary business?

關於 25 年遺傳性癌症退出，您能否簡單介紹一下指南中的內容以及 25 年我們可以預期的退出時間或退出類型？

Thank you.

謝謝。

It assumes in 2025 losing the vast majority, nearly all of the hereditary cancer contribution that we saw in 2024.

它假設在 2025 年，絕大多數，幾乎全部的遺傳性癌症病例都會消失，就像我們在 2024 年看到的一樣。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Hi.

你好。

Thanks for taking my question this morning.

感謝您今天上午回答我的問題。

Kevin, maybe just two quick ones for you, and then I have a follow-up, Katherine, for you, a more bigger picture.

凱文，也許我只想快速問你兩個問題，然後我還有一個後續問題，凱瑟琳，告訴你一個更宏觀的圖景。

But just, Kevin, can you talk a little bit about what your expectations are for true-ups within that guide for 2025?

但是，凱文，您能否談談您對 2025 年指南中真實情況的期望？

I know that Q4 was more of a one-off appeal, but how should we think about true-ups as we move through this year as a portion of that revenue?

我知道第四季更像是一次性的吸引力，但隨著今年的到來，我們該如何看待實際收入呢？

And then secondly, just given the exit rate of gross margins in Q4 and then your guide for [65 to 67], how should we think about phasing for gross margin improvement over the course of this year on a quarterly basis?

其次，考慮到第四季度的毛利率退出率以及您對 [65 至 67] 的指導，我們應該如何考慮在今年分季分階段提高毛利率？

Yeah.

是的。

Thanks.

謝謝。

So on the true-ups, I think fair to say that the order of magnitude of subsequent quarter true-ups may come down some naturally as we're getting to a more mature spot, although I will say we're still a far way off from what we think is a theoretical max on payment rate, which is probably likely around 80%.

因此，就實際支付率而言，我認為可以公平地說，隨著我們逐漸成熟，後續季度實際支付率的數量級可能會自然下降，儘管我會說，我們距離我們認為的理論最高支付率還有很長的路要走，理論最高支付率可能在 80% 左右。

And so still a lot of room to go.

因此還有很大的發展空間。

But would expect that every quarter we're on the positive side of those true-ups.

但預計每季我們都會取得正面的成果。

Frankly, it's an estimate that is meant to align to expected cash collection, and there's always some split that jump or down on that.

坦白說，這是一個與預期現金收款一致的估計值，總是會有一些跳躍或下降的情況。

And it's our hope that we're being appropriately conservative and coming back with positive true-ups in that regard.

我們希望我們能適當保守，並在這方面取得積極的成果。

And then on gross margin, we're certainly excited about the ability to unlock further efficiency and cost savings in the dry side of the lab.

在毛利率方面，我們對於能夠在實驗室乾燥方面進一步提高效率和節省成本感到非常興奮。

I would think most of the impact to come in the second half of the year, but not really in a large step-down function, more so pretty smooth.

我認為大部分影響將在今年下半年出現，但不會造成大幅的降幅，反而相當穩定。

Frankly, there's a lot of manual steps, we think, for automation.

坦白說，我們認為，實現自動化需要很多手動步驟。

And so, we'll have a bit of a rolling launch of automation throughout those steps rather than one big bang, really.

因此，我們將在這些步驟中逐步推出自動化功能，而不是一次性推出。

Got it.

知道了。

And then, Katherine, just when you think about sort of the moat you're trying to build around this business, you've mentioned a few things in this call, product development and design, investment in commercial sales force, turnaround time, et cetera.

凱瑟琳，當您想到試圖圍繞這項業務構建的護城河時，您在這次電話會議中提到了一些事情，產品開發和設計、對商業銷售團隊的投資、週轉時間等等。

How do you think about protecting the market share you've got while also expanding the business, keeping in mind some of the competitors might not have the resources you have, but others might get into this business over the course of the next few years?

您如何考慮在擴大業務的同時保護現有的市場份額，同時考慮到一些競爭對手可能沒有您擁有的資源，但其他競爭對手可能會在未來幾年進入這個行業？

How do you think about building that moat and protecting that?

您如何看待建造並保護護城河？

And what types of investments will you make to do that?

為了實現這目標您將進行哪些類型的投資？

Certainly.

當然。

I mean, a couple of things come to mind.

我的意思是，我想到了一些事情。

As the first mover, we have an advantage, so long as we run fast.

身為先行者，只要我們跑得快，我們就有優勢。

And I think we have proven over the past several years we're running fast.

我認為我們在過去幾年中已經證明我們跑得很快。

And if there's a message we want to make sure everyone understands coming out of this call, we're going to continue to run fast and hard this year, too.

如果我們想確保每個人都明白這次電話會議要傳達的訊息，那就是今年我們也會繼續快速而努力地奔跑。

I think continuing to diversify our customer base and really cementing the GDX brand in settings like the NICU and continuing to cement our brand with health systems, we think is critically important.

我認為繼續多樣化我們的客戶群、真正鞏固 GDX 品牌在 NICU 等環境中的地位以及繼續鞏固我們的品牌在醫療系統中的地位，我們認為至關重要。

As I said on the call, there's a reason 8 out of 10 genetics experts use us.

正如我在電話中所說的那樣，10 個遺傳學專家中有 8 個選擇我們是出於原因的。

And we intend to ensure that we can continue to leverage that as we introduce our services to new call points as well.

我們打算確保在向新的呼叫點推出我們的服務時能夠繼續利用這一點。

We think that's going to pay dividends once we move into the general pediatric segment.

我們認為，一旦我們進入普通兒科領域，這將會帶來回報。

The endorsement by the genetic experts is going to go a long way for us.

遺傳專家的認可對我們來說意義重大。

But at the end of the day, the reason why we have prevailed not just over one year or two years, but over a decade where competitors have entered our space and have failed to catch up to us is because our data asset is indeed truly valuable.

但歸根結底，我們之所以能生存下來不只是一年兩年，而是十多年來競爭對手紛紛進入我們的領域卻沒能趕上我們，是因為我們的數據資產確實非常有價值。

It sets apart our interpretation platform.

它使我們的解釋平台與眾不同。

It ensures that clinicians can trust the answers that we're providing them.

它確保臨床醫生能夠信任我們提供的答案。

We deliver fewer variants of unknown significance.

我們提供的具有未知意義的變體較少。

Our diagnostic yield is higher.

我們的診斷率更高。

It's a better product.

這是一個更好的產品。

And that's the reason that we have the stickiness with the most discerning genetics experts out there.

這就是我們與最挑剔的遺傳學專家保持緊密聯繫的原因。

So we're going to continue to build that data moat rapidly.

因此，我們將繼續迅速建構數據護城河。

We're going to build, as I said, a customer experience that we think will be an amazing complement to that data moat, just making it super intuitive and easy to order, easy to understand.

正如我所說的，我們將建立一種客戶體驗，我們認為這將是對數據護城河的驚人補充，使其變得超級直觀、易於訂購、易於理解。

And I think the rate at which we're onboarding new customers and continuing to see same-store sales is exactly the reason that we'll continue to win in this space.

我認為，我們吸引新客戶的速度和持續成長的同店銷售正是我們能夠繼續在這一領域獲勝的原因。

Mark Massaro, BTIG.

BTIG 的馬克馬薩羅。

Hey, guys.

嘿，大家好。

Thanks for taking the questions and congrats for a strong 2024.

感謝您回答這些問題，並祝賀您在 2024 年取得圓滿成功。

Katherine, the first one I wanted to ask of you is the ultra-rapid whole genome, which I think you're targeting turnaround time in about 48 hours.

凱瑟琳，我想問您的第一個問題是超快速全基因組，我認為您的目標週轉時間是 48 小時左右。

Can you just remind us how that compares to the turnaround time of your legacy exome or genome that you have on the market today?

您能否提醒我們一下，這與目前您市場上的傳統外顯子組或基因組的周轉時間相比如何？

And is there a potential for going back to payers and looking for more payment as a result of potentially higher clinical utility?

並且，是否有可能回到付款人那裡並尋求由於潛在的更高的臨床效用而更多的付款？

Or is this more of a feature that you want to ensure that it's best in class?

或者這更多的是您想要確保它是同類產品中最好的功能？

Yeah.

是的。

Those are all spot-on questions.

這些都是正確的問題。

So a couple of things.

有幾件事。

Just zooming out, it wasn't that long ago that the turnaround times for an exome or genome were six months.

放眼望去，不久之前，外顯子組或基因組的周轉時間還只有六個月。

So I think that part of the reason why exome and genome are now and part of the reason why multi-gene panels will become obsolete in time is for exactly the point that you're making, Mark.

所以我認為外顯子組和基因組現在存在的原因以及多基因組將隨著時間的推移而過時的原因部分就在於你所指出的觀點，馬克。

We can now do this not just in weeks, not just in days, but in hours.

現在，我們不僅在幾週或幾天內就能完成這項任務，而是在幾小時內就能完成。

And we want to continue to be the driver and the innovator that ensures that we can get turnaround times as quickly as possible.

我們希望繼續成為推動者和創新者，確保我們能夠盡快獲得周轉時間。

So whereas a few years ago, genomes were six months, last year, our genome was 14 days.

幾年前，基因組是六個月，而去年，我們的基因組是 14 天。

We were able to get that down to five days.

我們能夠將其縮短至五天。

And then the 48-hour ultra-rapid just gives us an additional boost in terms of making sure that we can provide the most rapid results as necessary.

48 小時超快速檢測為我們提供了額外的助力，確保我們能夠在必要時提供最快的結果。

We will have a higher price point for that ultra-rapid test that is in the NICU.

我們將對新生兒加護病房 (NICU) 中的超快速檢測設定更高的價格。

So again, that is institutional pay.

再說一遍，這是機構薪酬。

And so it's not contemplated in our contracts with payers.

所以我們與付款人的合約中沒有考慮到這一點。

But we think that it ensures that for the most dire cases where it may be warranted that we can provide that.

但我們認為，這可以確保在最危急的情況下我們能夠提供必要的幫助。

But there is a higher price point on that.

但其價格較高。

Although I will have more confident, Mark, that higher price point, though we will be in a position to be the most competitive price in the marketplace.

儘管我對更高的價格點更有信心，馬克，但我們仍將處於市場上最具競爭力的價格地位。

And then in terms of that institutional price for hospital systems in the NICU or down the road as we just effectively eradicate the terms rapid and not rapid and make all as possible, it's always our intention to ensure we're bringing to payers the data that shows the value add, not just clinically, but from a health economic standpoint of getting these answers into the hands of providers as soon as possible.

然後就新生兒加護病房 (NICU) 或未來的醫院系統的機構價格而言，當我們有效地消除「快速」和「不快速」這兩個術語並儘可能做到一切時，我們始終旨在確保向付款人提供顯示增值的數據，不僅僅是在臨床上，而且從健康經濟的角度來看，盡快將這些答案交到提供者手中。

Okay, great.

好的，太好了。

This is actually an investor question.

這其實是投資者的一個問題。

Can you walk us through the phasing of the first and second half of revenue?

可以向我們介紹一下上半年和下半年收入的分階段狀況嗎？

And do you think in Q1 we should expect volumes to grow sequentially off of Q4?

您是否認為第一季的銷售量應該比第四季有所成長？

Or do you expect any impacts related to lingering holidays or any new product rollouts that might impact Q1 volume?

或者您預計持續的假期或任何新產品的推出可能會影響第一季的銷售？

Yeah, I'd expect Q1 to be slightly above Q4, which does show tremendous underlying growth.

是的，我預計第一季的數據將略高於第四季度，這確實顯示出巨大的潛在成長。

There is a seasonal effect in our business and across the industry.

我們的業務和整個行業都受到季節性的影響。

Typically, Q1, the seasonally weakest, Q4, the seasonally highest as patients are trying to get into physician's offices before co-pays and deductibles reset.

通常，第一季是季節性最弱的季度，而第四季度是季節性最高季度，因為患者試圖在共同支付和免賠額重置之前到達醫生辦公室。

So there is a fairly habitual Q1 lag, not just for us, but across the industry.

因此，第一季的滯後現像是相當常見的，這不僅對我們而言，對整個產業而言都是如此。

We expect to grow beyond that to keep volumes at or above Q4 levels and then ramp up significantly around the same pacing as you saw in 2024 in terms of cadence for each of the quarters.

我們預計，銷量將超越這一水平，保持在第四季度或以上的水平，然後以與 2024 年相同的速度在每個季度大幅提升。

But Q1, the lowest and Q4, the strongest data to date through Q1 is very encouraging, despite the fact that much of the country had a rough January and February in terms of weather and in terms of the wildfires, but very encouraged and happy with the data that we're seeing to date.

但是，第一季是迄今為止最低的，而第四季度是迄今為止最強勁的數據，儘管全國大部分地區在 1 月和 2 月經歷了惡劣的天氣和野火，但第一季的數據非常令人鼓舞，但我們對迄今為止看到的數據感到非常鼓舞和滿意。

Okay, last one.

好的，最後一個。

Mark, I would, though, expect a larger proportional second half of the year solely as a function of us activating the NICU opportunity and those new indications we talked about, both of those hitting at best late in the first half, but really ramping up in the second half of the year.

馬克，我預計下半年的比例會更大，這完全取決於我們激活 NICU 機會和我們談到的那些新跡象，這兩個跡象最好在上半年末達到，但真正在下半年加速。

Okay, I got it.

好的，我明白了。

Maybe last one for me.

對我來說這也許是最後一個了。

It was great to meet Brian last month.

上個月見到 Brian 真是太好了。

I think in the press release hire, I think he might be overseeing the program management office.

我認為在新聞稿聘用中，他可能負責監督專案管理辦公室。

So I'd be curious to better understand some of the programs or initiatives you guys have rolling out in '25 and '26.

因此，我很想更了解你們在'25 年和'26 年推出的一些計劃或舉措。

And then specifically, I wanted to ask about the opportunity in adults.

然後具體來說，我想問一下成年人的機會。

You've done a really nice job with pediatrics, but I'm curious what inning you think we're in in adults.

您在兒科方面做得非常出色，但我很好奇您認為我們在成人方面處於什麼階段。

And maybe can you touch on some of the clinical areas that you can help address unmet needs for in adults?

您能否談談可以幫助解決成年人未滿足需求的一些臨床領域？

Absolutely.

絕對地。

Yeah.

是的。

So it's been fantastic having Brian on board.

所以 Brian 的加入真是太棒了。

He's on week six.

他已經六週了。

It feels like six months in the best way possible, though.

不過，感覺這六個月是最好的狀態。

He really has immersed and he's responsible for operations, medical affairs, product technology, and the program management office.

他確實全心投入並負責營運、醫療事務、產品技術和專案管理辦公室。

So the PMO is really intended to ensure that we accelerate any sort of automation efforts coming out of the product and technology groups and into the lab operations, in addition to any sort of customer experience efforts that we've mentioned that we're investing in.

因此，PMO 的實際目的是確保我們加速從產品和技術團隊到實驗室營運的任何自動化工作，以及我們提到的任何正在投資的客戶體驗工作。

Customer experience is one of our biggest areas of focus for the year.

客戶體驗是我們今年最關注的領域之一。

And so the PMO just helps us run more efficiently.

因此，PMO 可以幫助我們更有效率地運作。

We've just recruited a fantastic person to lead that organization.

我們剛剛招募了一位出色的人才來領導組織。

So that is Brian's focus, in addition to a new innovation team, which is looking at, I think, in a more forward-looking way, how we continue to make sure that as new technologies come to bear, whether it's from sequencing companies or otherwise, that we can be as forward-leaning as possible.

因此，這就是 Brian 的關注重點，此外，新創新團隊還在以更具前瞻性的方式研究如何繼續確保隨著新技術的出現，無論是來自測序公司還是其他公司，我們都能盡可能地具有前瞻性。

So those are the sorts of efforts that will come out of the PMO and out of Brian's organization.

這些都是專案管理辦公室 (PMO) 和 Brian 的組織將要做出的努力。

On the adult side of things, the way that we think about it, we're in inning zero right now on that.

從成年人的角度來看，我們對此的看法是，我們現在正處於零階段。

We have a smattering of tests that come in for adults today.

當今，我們對成年人進行了一些測試。

And historically, that's been the case.

從歷史上看，情況確實如此。

And so that is a massive and untapped opportunity ahead.

因此，這是一個尚未開發的巨大機會。

The clinical areas that we think are most representative, so think neurodegenerative disease for adults, Parkinson's, Alzheimer's.

我們認為最具代表性的臨床領域是成人神經退化性疾病、帕金森氏症、阿茲海默症。

Think about some of the cardiac conditions.

考慮一些心臟病狀況。

So amyloidosis, hypertrophic cardiomyopathy.

所以澱粉樣變性，肥厚性心肌病變。

So some of those areas where you're seeing biotech companies focus on genetic-based medicine.

因此，您會看到一些生物技術公司專注於基因醫學。

So those are areas that we think are important.

所以我們認為這些都是重要的領域。

And as we continue to build a biopharma pipeline, having conversations in some of those areas as well.

隨著我們繼續建立生物製藥產品線，我們也在其中一些領域開展對話。

Brandon Couillard, Wells Fargo.

富國銀行的布蘭登‧庫亞爾 (Brandon Couillard)。

Good morning.

早安.

Kevin, not surprising to see you exit hereditary cancer.

凱文，看到你擺脫遺傳性癌症並不奇怪。

Can you just remind us what the gross margin profile of that revenue stream was?

您能否提醒我們一下該收入來源的毛利率狀況如何？

I imagine it's slightly accretive exiting hereditary cancer.

我想像這是一種輕微累積的遺傳性癌症。

It's probably slightly accretive overall this year.

今年整體而言可能會略有增值。

That'd be helpful.

那將會很有幫助。

Yeah, it's about 40%.

是的，大約是 40%。

Okay.

好的。

And then, Katherine, on the Epic Aura rollout, so you've launched in one site right now at UNC Health.

然後，凱瑟琳，關於 Epic Aura 的推出，您現在已經在 UNC Health 的一個站點上啟動了它。

How many sites do you expect to have by the end of the year?

您預計到今年底將擁有多少個站點？

And just simply remind us what the process is like from kind of turning it on, kind of exiting it, what the process is like from kind of turning it on, kind of educating doctors until you start recognizing revenue from that.

只是簡單地提醒我們，從啟動到退出，這個過程是什麼樣的，從啟動到教育醫生，直到我們開始從中獲得收入，這個過程是什麼樣的。

Yeah.

是的。

Yeah, absolutely.

是的，絕對是如此。

I'll kick it off and then let Kevin comment as well.

我會開始討論，然後讓凱文也發表評論。

So before we even made the decision to sign the Epic contract, we booked a large pipeline of business that was primed to flip when we had the Epic Aura functionality.

因此，在我們決定簽署 Epic 合約之前，我們就已經預訂了大量業務，這些業務準備在我們擁有 Epic Aura 功能時得到轉變。

So we did a lot of the pre-work and we kept those customers warm over the course of time as we did all of the tooling required to really build the capability.

因此，我們做了大量的前期工作，並在我們完成真正建立該功能所需的所有工具的過程中，一直讓這些客戶感到熱情高漲。

UNC is one that we've been close with and they wanted to be the first.

北卡羅來納大學 (UNC) 是我們一直密切關注的學校之一，他們希望成為第一個。

We've got a number of others in the waiting room that are our fast followers, and then we'll continue to drive our sales effort.

候診室裡還有許多其他人是我們的快速跟隨者，然後我們將繼續推動我們的銷售工作。

As I said, we've got an expanded enterprise sales team that will be focused in this area.

正如我所說，我們已經擴大了企業銷售團隊，將專注於此領域。

But we're starting with UNC.

但我們從 UNC 開始。

We'll start adding them as we start to build that muscle in terms of how we work quickly with these health systems, not just on their side of the integration, but then starting to pull through the volumes and the revenues.

我們將開始添加它們，因為我們開始建立這種能力，以便能夠與這些醫療系統快速合作，不僅僅是在整合方面，然後開始拉動數量和收入。

And so that's part of the reason why it will be a slower start in terms of the guide and then start to pick up really in the back half of the year.

所以這就是為什麼從指導角度來看起步會比較慢，然後在下半年才開始真正回升的原因之一。

And Brandon, it was about six months of picks and shovels from the time we signed the contract to going live or launching last week.

布蘭登，從我們簽約到上週上線或發布，大約花了六個月的時間。

That was really to build the infrastructure.

那其實是為了建設基礎建設。

So I consider that effort of build one time.

所以我認為那次構建的努力是一次性的。

At this point, though, and moving forward, it radically improves our time to deliver new integrations with willing hospital systems down to a matter of something close to two to three weeks for each additional hospital system.

不過，就目前情況而言，以及今後的發展而言，它從根本上縮短了我們與有意向的醫院系統進行新整合的時間，每個新增醫院系統只需要大約兩到三週的時間。

So a massive improvement over building customized bespoke bi-directional interfaces.

因此，與建立客製化的雙向介面相比，這是一個巨大的改進。

So, we're really excited to deliver that better experience of integrating with hospital systems.

因此，我們非常高興能夠提供與醫院系統整合的更好的體驗。

And then to your point, the end user, the real key is putting bedside ordering and results delivery on the screen in the exam room or at the patient's bedside.

然後回到您所說，對於最終用戶來說，真正的關鍵是將床邊訂單和結果顯示在檢查室或患者床邊的螢幕上。

Great.

偉大的。

Thank you.

謝謝。

And ladies and gentlemen, that's going to conclude the Q&A portion of today's call.

女士們、先生們，今天電話會議的問答部分到此結束。

And I'd like to turn it back to Katherine for any further remarks.

我想將話題轉回凱瑟琳，以便她可以發表進一步的評論。

Amazing.

驚人的。

Well, we look forward to seeing you all very soon at investor conferences.

好吧，我們期待很快在投資者會議上見到大家。

And thanks so much for your ongoing support.

非常感謝您一直以來的支持。

Have a good day.

祝你有美好的一天。

Ladies and gentlemen, this concludes today's presentation.

女士們、先生們，今天的演講到此結束。

You may now disconnect and have a wonderful day.

現在您可以斷開連接並享受美好的一天。