GeneDx Holdings Corp (WGS) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the GeneDX second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 GeneDX 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Sabrina Dunbar, Investor Relations, please go ahead.

現在我想將會議交給投資者關係部的 Sabrina Dunbar，請繼續。

Thank you, operator, and thank you to everyone for joining us today. On the call we have Katherine Stueland, President and Chief Executive Officer; and Kevin Feeley, Chief Financial Officer. Earlier today, GDX released financial results for the second quarter ended June 30, 2025.

謝謝接線員，也謝謝今天加入我們的所有人。參加電話會議的有總裁兼執行長 Katherine Stueland 和財務長 Kevin Feeley。今天早些時候，GDX 發布了截至 2025 年 6 月 30 日的第二季財務業績。

Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans, updated 2025 guidance and outlook. Forward-looking statements inherently involve risks and uncertainties and are -- and only reflect our view as of today July 29, and we are under no obligation to update.

在我們開始之前，請注意我們的警告聲明。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、更新的 2025 年指引和展望。前瞻性陳述本身涉及風險和不確定性，並且僅反映我們截至 7 月 29 日的觀點，我們沒有義務更新。

When testing our results, we refer to non-GAAP measures which excludes certain items from recorded results. Please refer to our second quarter of 2025 earnings release and slides available at ir.gdx.com for definitions and reconciliations of non-GAAP measures, additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

在測試我們的結果時，我們參考非公認會計準則指標，該指標從記錄結果中排除了某些項目。請參閱我們 2025 年第二季度的收益報告和幻燈片（可在 ir.gdx.com 上獲取），了解非 GAAP 指標的定義和對帳、有關我們業績的其他信息，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, and good morning everyone. Today I'm incredibly proud to share that our team's work not only met, but exceeded expectations, achieving a major milestone of delivering over $100 million in revenue in a single quarter for the first time.

謝謝，薩布麗娜，大家早安。今天，我非常自豪地告訴大家，我們團隊的工作不僅滿足了預期，而且超出了預期，首次在一個季度內實現了超過 1 億美元的收入，這是一個重要的里程碑。

Our strong second quarter performance was driven by our core business, underscoring its strength and resilience. These results, coupled with the ever-expanding opportunities ahead, demonstrates that we're just beginning to deliver on the promise of how our genomic technology can fundamentally transform healthcare.

我們第二季的強勁業績得益於我們的核心業務，凸顯了其實力和韌性。這些結果，加上未來不斷擴大的機會，顯示我們才剛開始兌現基因組技術如何從根本上改變醫療保健的承諾。

Our vision is for a world where genetic information is delivered as early as possible to prevent unnecessary suffering and lead a healthier lives for all. Today we're waiting for symptoms to develop, and disease has progressed, not only over the course of months, but over the course of years. We've never been more resolute about our commitment to radically change this. Shifting from [sick] care to health care, driving better health outcomes, better economic value, and a better healthcare system for us all.

我們的願景是儘早傳遞基因訊息，以避免不必要的痛苦，讓所有人都過著更健康的生活。今天，我們正在等待症狀的出現，而疾病已經發展，不僅需要幾個月的時間，而且需要幾年的時間。我們從未像現在這樣堅定地致力於徹底改變這一現狀。從[病人]照護轉向醫療保健，為我們所有人帶來更好的健康結果、更好的經濟價值和更好的醫療保健系統。

At our recent all-company meeting, a patient advocate reminded us why we do this. His diagnostic odyssey lasted nearly two decades before he received an answer. His story highlights a systemic issue. Care often starts too late with children waiting an average of five years for a genetic diagnosis. It's totally unacceptable given the solutions we have in hand today at GDX.

在我們最近的全公司會議上，一位病患權益倡議者提醒我們為什麼要這樣做。他的診斷歷程持續了近二十年才得到答案。他的故事凸顯了一個系統性問題。治療通常開始得太晚，兒童平均要等待五年才能得到基因診斷。考慮到我們目前在 GDX 擁有的解決方案，這是完全不可接受的。

Thanks to our investment and innovation and scale, genomic testing once considered slow and costly, now delivers answers not in weeks or even days, but sometimes hours. And it costs lower than ever before. Our technology is shifting healthcare from reactive to proactive, benefiting both patients and the healthcare system.

由於我們的投資、創新和規模，曾經被認為緩慢而昂貴的基因組檢測現在可以在數週甚至數天內，有時甚至是數小時內給出答案。而且成本比以前更低。我們的技術正在將醫療保健從被動轉變為主動，使患者和醫療保健系統都受益。

GeneDX is uniquely positioned to bring genomic information into mainstream medicine. We diagnosed more rare diseases than anyone in the world and are the number one genetic testing brand amongst pediatric healthcare providers with 80% market share amongst geneticists.

GeneDX 在將基因組資訊引入主流醫學方面具有獨特的優勢。我們診斷出的罕見疾病比世界上任何人都多，並且是兒科醫療保健提供者中排名第一的基因檢測品牌，在遺傳學家中佔有 80% 的市場份額。

Our unmatched expertise and proprietary data set and rich for rare disease. Inclusive of asymptomatic individuals supported by clinical data and representative of the US population, has enabled us to identify over 500 gene disease relationships to date, ensuring more patients receive answers with greater accuracy.

我們擁有無與倫比的專業知識和專有資料集，並且對罕見疾病有著豐富的了解。包括有臨床數據支持且代表美國人口的無症狀個體，使我們迄今為止能夠識別出超過 500 種基因疾病關係，確保更多患者能夠以更高的準確性獲得答案。

This is what sets GeneDX apart and why we're the clear leader in ushering in the next era of genomics informed healthcare. Our competitive advantage grows with every patient we test. With over 850,000 exomes and genomes and over 7 million phenotypic data points, we've built one of the world's most comprehensive genomic data sets and we are putting it to work for patients.

這就是 GeneDX 與眾不同之處，也是我們在引領基因組學醫療保健新時代的過程中佔據明顯領先地位的原因。我們檢測的每位患者都使我們的競爭優勢不斷增強。我們擁有超過 85 萬個外顯子組和基因組以及超過 700 萬個表型數據點，構建了世界上最全面的基因組數據集之一，並正在將其用於患者。

Our proprietary interpretation platform grows stronger with each new patient we test, building upon our data advantage and leveraging AI to drive greater accuracy, speed, and scalability. Our lead will only continue to expand as we integrate fabric genomics and its proprietary algorithms into the core platform, further strengthening our competitive edge and positioning us for unprecedented scale.

我們的專有解釋平台隨著我們測試的每位新患者而變得更加強大，建立在我們的數據優勢之上，並利用人工智慧來提高準確性、速度和可擴展性。隨著我們將織物基因組學及其專有演算法整合到核心平台，我們的領先地位將繼續擴大，進一步增強我們的競爭優勢並使我們達到前所未有的規模。

As we grow the business and reach new clinicians, we will continue to stand out on quality, accuracy, scale, and experience. Put another way, there's no one who can check all the boxes of being better, faster and cheaper than GeneDX. We have everything we need to remain the leader even as competition emerges.

隨著我們業務的成長和新臨床醫生的加入，我們將繼續在品質、準確性、規模和經驗方面脫穎而出。換句話說，沒有人能夠比 GeneDX 更好、更快、更便宜。即使競爭出現，我們也擁有保持領先所需的一切。

We've established a strong foothold with geneticists who choose us 8 times out of 10, demonstrating the trust we've built and our core market. These geneticists are key influencers, and they're continued support is helping us win over other specialists as we grow. And that's what's happening today as our reach has broadened and deepened.

我們與遺傳學家建立了穩固的立足點，他們 10 次中有 8 次選擇我們，證明了我們建立的信任和我們的核心市場。這些遺傳學家是關鍵的影響者，他們持續的支持幫助我們在成長過程中贏得其他專家的支持。這就是今天發生的事情，因為我們的影響力已經不斷擴大和加深。

In the second quarter, pediatric neurologist made up a majority of new exome and genome ordering providers. And we've now captured nearly a third of our target clinicians in this segment. Most of our Q2 volume growth came from patients within our core indication, but we're also seeing early signs of increased adoption as we introduce new indications like cerebral palsy.

在第二季度，兒科神經科醫生佔新外顯子組和基因組訂購提供者的大多數。現在我們已經捕獲了該領域近三分之一的目標臨床醫生。我們第二季銷售的成長主要來自於我們核心適應症的患者，但隨著我們推出腦性麻痺等新適應症，我們也看到了採用率增加的早期跡象。

This expansion has helped us reach 14% of our target patients, which is growth from last quarter as it represents the same share of a larger patient pool. In Q2, we also began engaging pediatric immunologists, an entirely new audience, focusing on children with inborn errors of immunity. Based on our experience with pediatric neurologists, we expect to see momentum build in these new indications and call points as our relationship.

此次擴張幫助我們覆蓋了 14% 的目標患者，這比上一季有所增長，因為它代表了更大患者群體中的相同份額。在第二季度，我們也開始吸引兒科免疫學家，這是一個全新的受眾群體，重點是患有先天性免疫缺陷的兒童。根據我們與兒科神經科醫生合作的經驗，我們預計這些新適應症和呼叫點的勢頭將隨著我們的關係而增強。

Another growth driver for the second half is the NICU, which represents a billion-dollar opportunity. Fewer than 5% of babies in the NICU currently receive a genetic test. So this is an important market for us to develop. Each year, 235,000 infants are treated at approximately 800 Level III or Level IV NICU that could benefit from rapid genomic testing. 20% of which are already GeneDX clients.

下半年的另一個成長動力是新生兒加護病房 (NICU)，它代表著價值數十億美元的商機。目前新生兒加護病房 (NICU) 中接受基因檢測的嬰兒不到 5%。所以這對我們來說是一個重要的開發市場。每年，約有 800 個 III 級或 IV 級 NICU 有 235,000 名嬰兒接受治療，這些嬰兒可以從快速基因組檢測中受益。其中 20% 已經是 GeneDX 的客戶。

Importantly, 42 out of 50 top NICUs have already ordered testing from us this year and we're continuing to take a top down and bottom-up approach to scale volume. We recognize the need for three things to succeed in the NICU: Data, product, and scale, and we now have all three.

重要的是，今年 50 個頂級 NICU 中已有 42 個向我們訂購了檢測，我們將繼續採取自上而下和自下而上的方式來擴大檢測量。我們意識到 NICU 想要取得成功需要三個要素：數據、產品和規模，現在我們已經具備這三個要素。

Our enterprise sales team is equipped with SeqFirst data, demonstrating up to 60% of infants in high (inaudible) NICUs would benefit from rapid genome sequencing. And a CFO calculator that demonstrates the financial benefits of testing to each hospital. Our ultra rapid test delivered results in as early as 48 hours. And Epic Aura integrations are supporting a seamless delivery of our testing to patients.

我們的企業銷售團隊配備了 SeqFirst 數據，顯示高達 60% 的高（聽不清楚）NICU 嬰兒將受益於快速基因組定序。還有一個 CFO 計算器，可以顯示測試為每家醫院帶來的財務效益。我們的超快速測試最快可在 48 小時內得出結果。Epic Aura 整合支援我們為患者無縫提供測試。

We have three health systems live on Epic Aura, and we expect to have a dozen hospitals on board and a few 1,000 tests performed by year end. The protocols evolve and whole system engagement increases, we're well positioned to scale NICU testing significantly.

Epic Aura 上有三個醫療系統投入使用，我們預計到年底將有十幾家醫院加入，並進行數千次測試。隨著協議的發展和整個系統參與度的提高，我們已做好準備大幅擴大 NICU 測試的規模。

While the NICU represents a significant and growing frontier for us, an even larger transformative opportunity is the general pediatrics market. The shift is largely driven by recent guidance from the American Academy of Pediatrics recommending pediatricians use exome and genome sequencing as a first-tier test for children with global developmental delay or intellectual disability.

雖然新生兒加護病房 (NICU) 對我們來說是一個重要且不斷增長的前沿領域，但更大的轉型機會是普通兒科市場。這一轉變很大程度上受到美國兒科學會最近發布的指導意見的推動，該指導意見建議兒科醫生使用外顯子組和基因組測序作為對全面發育遲緩或智力障礙兒童的一級測試。

This is a sea change in pediatric healthcare. Previously, pediatricians preferred these children to specialists, beginning a long, painful, unsafe for family. Now, with new guidance that can all change. The general pediatrician market remains untapped. Of the 60,000 general pediatricians in the US, about 25,000 diagnosed children with developmental or intellectual delays, representing 600,000 children who could benefit from our testing.

這是兒科醫療保健的巨大變化。以前，兒科醫生更願意讓這些孩子去看專科醫生，從而開始一段漫長、痛苦且對家庭不安全的過程。現在，有了新的指導，一切都可能改變。普通兒科醫生市場仍未開發。在美國 60,000 名全科兒科醫生中，約有 25,000 名兒童被診斷出發育或智力遲緩，這意味著 600,000 名兒童可以從我們的測試中受益。

To accelerate adoption of the new guidelines, we will have a presence at the Annual AAP Meeting in September where we'll engage directly with clinicians. We're also investing and continuing medical education to ensure pediatricians understand the new guidance and how to integrate exome and genome testing into their process.

為了加速新指南的採用，我們將參加 9 月的 AAP 年度會議，並在會議上直接與臨床醫生交流。我們也投資並繼續醫學教育，以確保兒科醫生了解新指南以及如何將外顯子組和基因組測試整合到他們的流程中。

By collaborating with local AAP chapters and leveraging our marketing engine, we're building awareness and trust in GeneDX, making it easier for pediatricians to navigate the shift and confidently order our tests. Concurrently, we're improving our customer experience to make it more accessible to a non-specialist.

透過與當地 AAP 分會合作並利用我們的行銷引擎，我們正在建立對 GeneDX 的認知和信任，使兒科醫生更容易應對轉變並自信地訂購我們的測試。同時，我們正在改善客戶體驗，讓非專業人士也能更輕鬆地享受服務。

We're taking a targeted commercial approach in Q3 starting with the fewer than 5% of pediatricians, already ordering [genetic] tests for a high number of DD/ID patients, allowing us to learn and refine our strategy before scaling up. With a $2.5 billion market opportunity ahead, we expect broader adoption to take 18 to 24 months.

我們將在第三季採取有針對性的商業方法，首先從不到 5% 的兒科醫生開始，他們已經為大量 DD/ID 患者安排了 [基因] 測試，這使我們能夠在擴大規模之前學習和完善我們的策略。由於未來有 25 億美元的市場機會，我們預計更廣泛的採用將需要 18 到 24 個月。

While pediatricians represent a significant long-term opportunity, for the remainder of the year, we expect growth to be driven by our poor customer base of specialist diagnosing patients with epilepsy, autism, and DD/ID supplemented by new indications and the NICU.

雖然兒科醫生代表著一個重要的長期機遇，但在今年剩餘時間內，我們預計增長將由我們診斷患有癲癇、自閉症和 DD/ID 的專科醫生的貧乏客戶群以及新適應症和新生兒重症監護室 (NICU) 所補充。

Our work to date has shown the value of testing symptomatic patients. But we know the next step forward is to provide a diagnosis before symptoms begin with genomic newborn screening. The GUARDIAN study has shown that whole genome sequencing can identify serious, treatable genetic conditions in over 3% of newborns, 92% of which would have been missed by standard screening.

我們迄今為止的工作已經證明了對有症狀患者進行檢測的價值。但我們知道下一步是透過新生兒基因組篩檢在症狀出現之前提供診斷。《衛報》的研究表明，全基因組定序可以識別出超過 3% 的新生兒的嚴重但可治療的遺傳疾病，而標準篩檢會漏掉其中的 92%。

Legislative progress, such as Florida Sunshine Genetics Act is paving the way for broader adoption. With experience screening over 17,000 newborns are robust, underlying data and our ability to deliver at scale, we are uniquely positioned to play a key role as this initiative evolve. All the while, our team is forging partnerships with pharmaceutical companies of every size. [NICU] is now only 5% of rare diseases have an approved therapy, we know that our unparalleled genomic data can help accelerate the development of new treatment.

佛羅裡達州陽光遺傳學法案等立法進展正在為更廣泛的採用鋪平道路。憑藉對超過 17,000 名新生兒進行篩檢的經驗、可靠的基礎數據以及我們大規模提供服務的能力，我們在這項計劃的發展過程中具有獨特的優勢，可以發揮關鍵作用。同時，我們的團隊正在與各種規模的製藥公司建立合作關係。 [新生兒加護病房 (NICU)] 目前只有 5% 的罕見疾病有核准的治療方法，我們深知，我們無與倫比的基因組數據可以幫助加速新療法的開發。

We are positioned as the partner of choice, ready to support biopharma and harnessing genetic insight to inform and transform therapeutic pipeline. Our commitment is simple. Get families the answer they need sooner. Helping patients get on the right path to better health while reducing unnecessary costs or costs to healthcare system.

我們定位為首選合作夥伴，隨時準備支持生物製藥並利用遺傳洞察力來告知和改變治療管道。我們的承諾很簡單。讓家庭更快得到他們需要的答案。幫助患者走上更健康的正確道路，同時減少不必要的成本或醫療保健系統的成本。

Not only are we leaders in genomic testing, but we're extending that lead and continually raising the bar by investing in our strategy, our technology and our people. While, our mission is bigger than profitability, we're proud that we've built a business that is both purposeful and profitable. That success is thanks to our dedicated team, our partners, and our shared belief in what's possible when innovation meets conviction.

我們不僅是基因組測試領域的領導者，而且我們正在透過投資我們的策略、技術和人才來擴大領先地位並不斷提高標準。雖然我們的使命比盈利更大，但我們很自豪能夠建立一家既有目的又有盈利的企業。這項成功歸功於我們敬業的團隊、我們的合作夥伴以及我們對創新與信念結合所能實現一切的共同信念。

With that I'll hand things over to Kevin.

說完這些，我便把事情交給凱文。

Thanks, Katherine, and thank you all for joining us today. We reported second quarter 2025 revenues of $102.7 million, a 49% increase year-over-year. That total includes a record high of $85.9 million in revenue from exome and genome, up to 69% from the same quarter last year. The average reimbursement rate for exome and genome was over $3,700 a test in the quarter. That's up to approximately $3.400 last quarter and there's nothing I would call out in the second quarter results as unique or one time.

謝謝，凱瑟琳，也謝謝大家今天加入我們。我們報告 2025 年第二季的營收為 1.027 億美元，年增 49%。該總額包括來自外顯子組和基因組的創紀錄的 8,590 萬美元收入，比去年同期增長了 69%。本季外顯子組和基因組檢測的平均報銷率超過每次 3,700 美元。上個季度這一數字大約為 3,400 美元，我認為第二季的業績並不獨特或一次性。

We're driving sustainable reimbursement rate improvements across both commercial and Medicaid payers by demonstrating the value necessary to expand policy. Our use of technology and process design are helping to avoid unnecessary non-medical documentation and procedural denials.

我們正在透過展示擴大政策所需的價值來推動商業和醫療補助支付者的報銷率可持續改善。我們所使用的技術和流程設計有助於避免不必要的非醫療文件和程序拒絕。

And as often said revenue cycle, improvements aren't always linear. Some periods outperform others. Q2 was one of those [paid out] quarters though, reinforcing our durable long-term improvement trend. As we sit here today, business fundamentals have never been stronger and our serviceable market continues to expand.

正如人們常說的收入周期一樣，改進並不總是線性的。有些時期的表現優於其他時期。不過，第二季是那些[支付]季度之一，強化了我們持久的長期改善趨勢。今天，當我們坐在這裡時，商業基礎從未如此強勁，我們的服務市場也不斷擴大。

We remain on track to deliver our full year guide of at least 30% year-over-year volume growth. We reported 23,102 exome genome tests in the second quarter of 2025, up 28% compared to the second quarter of last year. The first half of the year has continued to play out as anticipated, providing conviction in the back half and with several catalysts to come.

我們仍有望實現全年銷量年增至少 30% 的目標。我們報告稱，2025 年第二季進行了 23,102 次外顯子組基因組測試，與去年第二季相比成長了 28%。今年上半年的走勢繼續符合預期，為下半年的發展提供了信心，也出現了一些催化劑。

This quarter, the majority of growth came from existing stocks, and we are seeing strong early signals that new indications like cerebral palsy are driving increased same store sale. And importantly, our expansion into new indications makes GeneDX even more attractive to new account targets.

本季度，大部分成長來自現有庫存，我們看到強烈的早期訊號，顯示腦性麻痺等新適應症正在推動同店銷售額的成長。重要的是，我們對新適應症的擴展使得 GeneDX 對新帳戶目標更具吸引力。

In the back half of this year and beyond, we'll begin to layer on new growth curves from the NICU and from pediatric immunologists and other specialists. And from the pediatricians backed by AAP. And for newborn screening. And from international contribution. And of course, all of that is supplemented by the long-term potential to establish a meaningful diversified revenue stream by putting the unparalleled nature of the GeneDX data to work for healthcare partners to accelerate drug discovery and development.

今年下半年及以後，我們將開始從新生兒加護病房 (NICU)、兒科免疫學家和其他專家那裡分層新的成長曲線。並得到 AAP 支持的兒科醫生的支持。並用於新生兒篩檢。以及來自國際的貢獻。當然，所有這些都具有長期潛力，即透過利用 GeneDX 數據無與倫比的特性為醫療保健合作夥伴服務，加速藥物發現和開發，建立有意義的多元化收入來源。

Over the last 10 years, we've moved from pioneering exome and genome to getting the hard-earned trust of the expert community to developing the best-in-class product, to becoming the largest provider of rare disease diagnosis. All of this has established unique credibility for GeneDX to lead in all of these new markets.

在過去的十年裡，我們從開創外顯子組和基因組，到贏得專家群來之不易的信任，再到開發出一流的產品，最終成為最大的罕見疾病診斷提供者。所有這些都為 GeneDX 在所有這些新市場中佔據領先地位建立了獨特的信譽。

Now turning to gross margin. We again expanded total company adjusted gross margin to a re high of 71%, driven by all three of favorable makeshift, improving reimbursement and lower tabs.There is room to run in terms of reducing COGS in the future by combining the best of capability between GeneDX and Fabric as we lean into that's possible algorithms to optimize dry lab processes.

現在談談毛利率。我們再次將公司調整後總毛利率擴大至 71% 的新高，這得益於三個有利的臨時措施、報銷改善和降低費用。未來，透過結合 GeneDX 和 Fabric 之間的最佳能力，在降低 COGS 方面還有很大的發展空間，因為我們傾向於使用可能的演算法來優化乾實驗室流程。

Adjusted operating expenses were $58 million. That is up in terms of aggregate dollars representing investments in future growth and the addition of Fabric. However, we are driving increased leverage. Total OpEx was 56% of revenue in the second quarter of 2025 compared to 65% in the second quarter of 2024.

調整後的營運費用為 5,800 萬美元。就代表未來成長和 Fabric 附加的投資總額而言，這一數字有所上升。然而，我們正在提高槓桿率。2025 年第二季總營運支出佔營收的 56%，而 2024 年第二季為 65%。

Our team has the experience necessary to properly balance innovation and growth with the skill to relentlessly look for efficiency. And we'll do just that moving forward. Where we see clear opportunities to invest to accelerate growth to open new markets and to take share, we will do so, all within an envelope of saying profitable.

我們的團隊擁有必要的經驗，能夠適當平衡創新和成長，並具備不斷追求效率的技能。我們將繼續這樣做。當我們發現明顯的投資機會，可以加速成長、開拓新市場並佔據市場份額時，我們就會這麼做，並且保證獲利。

On the bottom line, we generated $15 million in adjust net income in the second quarter of 2025. That's our fourth consecutive quarter of profitability on that basis, having now cemented the business sustainably in the black. Our business has the bones for durable, high growth, all with the ability to drive EPS accretion over time.

最終，我們在 2025 年第二季實現了 1,500 萬美元的調整後淨收入。這是我們連續第四個季度實現盈利，目前業務已穩定盈利。我們的業務擁有持久、高成長的基石，並且能夠隨著時間的推移推動每股收益的成長。

On the balance sheet, cash equivalent and marketable securities totaled $135.5 million as of June 30, 2025. As a reminder, the second quarter of 2025 included a payment of $33.2 million at closing to acquire Fabric. And now onto guidance. We're raising our top line total revenue guidance to between $400 million and $415 million for a full year 2025. We're raising exome and genome revenue guidance to deliver between 48% and 52% growth for the full year 2025. The math on that is exome genome revenue with $345 million to $355 million.

資產負債表上，截至 2025 年 6 月 30 日，現金等價物及有價證券總額為 1.355 億美元。提醒一下，2025 年第二季包括在收購 Fabric 時支付的 3,320 萬美元。現在開始指導。我們將 2025 年全年的總營收預期上調至 4 億至 4.15 億美元之間。我們正在提高外顯子組和基因組的收入預期，以實現 2025 年全年 48% 至 52% 的成長。由此計算得出，外顯子組基因組的收入為 3.45 億美元至 3.55 億美元。

We reaffirm our expectations to deliver at least 30% exome and genome volume growth for full year 2025. We're raising our expectations for full year adjusted gross margin to between 68% and 71%. And we once again reaffirm our expectation to remain profitable each quarter for the full year of 2025 on an adjust the net income.

我們重申我們的期望，即到 2025 年全年外顯子組和基因組數量將增加至少 30%。我們將全年調整後毛利率預期上調至 68% 至 71% 之間。我們再次重申我們的期望，在調整淨收入的情況下，2025 年全年每季都保持獲利。

With that, I'll turn it back to Catherine.

說完這些，我就把它交還給凱瑟琳。

Thank you, Kevin, and thank you to our entire team for their continued dedication to the patients and families we serve. We believe the future of healthcare is about proactive personalized care. That means understanding as early as possible, whether a person has a genetic condition so that care can be tailored, risks can be managed and outcomes improved. This is the future of medicine. This is the genome era, and we're proud to be leading the way.

謝謝你，凱文，也感謝我們整個團隊對我們服務的病人和家庭的持續奉獻。我們相信醫療保健的未來在於主動的個人化照護。這意味著要儘早了解一個人是否患有遺傳疾病，以便制定個人化護理方案、管理風險並改善治療結果。這就是醫學的未來。這是基因組時代，我們很自豪能夠引領這股潮流。

With that, we welcome your questions.

我們歡迎您提出問題。

(Operator Instructions)

（操作員指示）

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

Thank you for taking the question. Congrats on such a great quarter. My first one here is for Kevin. ASP's trounced estimates by a lot. You kind of mentioned there's no one time, thing in the quarter but it was a pretty big move. So can you maybe go back a couple quarters, assuming this is ebbs and flows, are there a couple discrete drivers to think about over the last four quarters, maybe like a few states that won that all covered all at the same time or anything that think about you your benefits that, maybe manifested this quarter that we could think about maybe comping or any other thing in the kind of the go forward basis?

感謝您回答這個問題。恭喜本季取得如此出色的成績。我在這裡的第一個是給凱文的。ASP 的價格遠遠超出預期。您提到本季沒有一次性的事情，但這是一個相當大的舉措。那麼，您能否回顧一下幾個季度，假設這是起伏，在過去的四個季度中，是否有一些離散的驅動因素需要考慮，也許像幾個獲勝的州，所有州都同時獲勝，或者任何與您有關的好處，可能在本季度體現出來，我們可以考慮一下，也許是競爭，或者其他任何向前發展的東西？

Yeah. Thanks, David. I'd say if you were to roll back the clock, and go back towards the end of 2023, we made major overhauls to the team and processes across the revenue cycle to identify ways to more closely adhere to documentation requirements on a pair-by-pair basis and that's paid off handsomely. And so as it relates to reducing denials across commercial payers, it's more so our continued ability to improve payment rates, by reducing what I'll call unnecessary documentation or procedural denials.

是的。謝謝，大衛。我想說，如果時光倒流，回到 2023 年底，我們對整個收入周期的團隊和流程進行了重大改革，以找到更嚴格地逐對遵守文件要求的方法，並且獲得了豐厚的回報。因此，就減少商業付款人的拒絕而言，更重要的是我們透過減少所謂的不必要的文件或程序拒絕來持續提高支付率。

That work has been ongoing for a year, and we continue to invest in finding ways to adhere to necessary requirements to get paid fairly for the work that we performed. And of course, on the Medicaid population. A large portion of our business does run through Medicaid -- state Medicaid programs, and there's been a steady flow of new states picking up Medicaid coverage over the last year to two years.

這項工作已經持續了一年，我們將繼續投入精力尋找方法來遵守必要的要求，以便為我們所做的工作獲得公平的報酬。當然，還有醫療補助人口。我們的業務很大一部分確實透過醫療補助——州醫療補助計劃進行，並且在過去一到兩年內，有源源不斷的新州選擇了醫療補助計劃。

We're now up to 35 states that cover exome and genome on an outpatient basis which includes just two new ones this quarter. That picked up coverage in 17 that cover rapid genome on the inpatient side. So there's no doubt that we're benefiting from more and more state Medicaid coverage that's of course volume that we've been serving well ahead of coverage. So it was always there in terms of volume but not necessarily paid volume and happy to see that pulling through.

目前，我們已經有 35 個州在門診範圍內涵蓋外顯子組和基因組，其中本季新增了兩個州。這在 17 個涵蓋住院快速基因組的項目中獲得了報告。因此，毫無疑問，我們正受益於越來越多的州醫療補助覆蓋，當然，我們所服務的人數遠遠超過了覆蓋範圍。因此，就交易量而言它一直存在，但不一定是付費交易量，很高興看到它能夠實現。

My comment on the second quarter is more so to say there's nothing I would call out that's leading to that higher rate of the second quarter as anything outside of us just continuing to collect better by reducing denial. So no major appeal wins to call out to the good hard work to ensure that we're boosting collection rate by avoiding unnecessary denial.

我對第二季的評論更多的是說，沒有什麼可以導致第二季利率上升的原因，除了我們透過減少拒絕來繼續更好地收集資訊之外。因此，沒有重大的上訴勝利來呼籲努力工作以確保我們透過避免不必要的拒絕來提高收集率。

Got it. Thank you very much. And this is probably more for Katherine. If you're thinking about going after the pediatric market in 2026, can you talk about, balancing an economically sound approach with going after this really big opportunity, and how we should think about kind of the rampant investment there? Maybe that's a little bit of Kevin too, but anyway, thank you.

知道了。非常感謝。這對凱瑟琳來說可能更為重要。如果您正在考慮在 2026 年進軍兒科市場，您能否談談如何在經濟合理的方法與抓住這一真正巨大的機會之間取得平衡，以及我們應該如何看待那裡猖獗的投資？也許這也有點像凱文，但無論如何，謝謝你。

Yeah. That's great. So the general pediatric opportunity, of course, a massive one and it's one that we have to build. And so I think your question about how do we balance the core of our business and growth and ped neuro where we've been continuing to see great success versus building a market is really important.

是的。那太棒了。因此，兒科綜合治療機會當然是巨大的，我們必須加以利用。因此，我認為您的問題關於我們如何平衡業務核心和成長以及我們在兒科神經病學方面持續取得巨大成功與建立市場，這一點非常重要。

The runway on the ped neuro side of things continues to be a really critical opportunity for us. So we're going to continue to put the vast majority of our focus, of course there for the remainder of this year and in 2026, and '27 as well as we start to build this broader general pediatrician market.

兒科神經科方面的發展對我們來說仍然是一個非常關鍵的機會。因此，我們將繼續把大部分精力放在今年剩餘時間以及 2026 年和 2027 年，同時我們開始建立更廣泛的普通兒科醫生市場。

The first step for us beyond the guidelines being published really comes down to a number of things. So one, our sales team will continue to focus on ped neuros, but we’ve got a very targeted approach to the pediatricians who are ordering testing from us today.

對我們來說，除了發布指南之外，第一步實際上涉及很多事情。首先，我們的銷售團隊將繼續專注於兒科神經科，但我們對今天向我們訂購檢測的兒科醫生採取了非常有針對性的方法。

So we feel like we’ve got the right balance, keeping our eye on the ball for the near-term opportunity. I would say second, we’ll be at AAP, which is in September. We’ll start to educate the general pediatricians at that meeting, and through local chapters, and through medical education. Our market access team is bringing the guidelines to all of the payers to ensure that the medical policy really gets updated to be in line with AAP guidelines. And then we’ll continue to extend our marketing investment that we kicked off in June to raise awareness.

因此，我們感覺我們已經找到了正確的平衡點，密切關注近期的機會。我想說的第二點是，我們將參加 AAP，時間是九月。我們將在該會議上、透過地方分會以及透過醫學教育開始對普通兒科醫生進行培訓。我們的市場准入團隊正在向所有付款人提供指南，以確保醫療政策真正更新，符合 AAP 指南。然後，我們將繼續擴大我們在六月啟動的行銷投資，以提高知名度。

So we think that we’re taking a really prudent approach to the investment in the current market expansion in ped neuros and other specialists, while we take on the future market on general pediatricians. I’d say the other piece that we have an eye on is how do we continue to make it easier for a non-expert to order our testing?

因此，我們認為，我們對目前兒科神經科和其他專科市場的擴張投資採取了非常謹慎的態度，同時我們未來也將重點放在一般兒科醫師市場。我想說，我們關注的另一點是，我們如何繼續讓非專家更容易訂購我們的測試？

So we’ve begun to invest earlier this year, in fact, already embedded in our plans for 2025 in simplifying the ordering experience, making it easier for a non-expert to understand the results and the clinical action plan for the next step. So our product and technology team has, I would say, a really important roadmap that we need to realize to fully be able to take over that general pediatrician opportunity.

因此，我們在今年早些時候就開始進行投資，事實上，這已經融入到我們 2025 年的計劃中，旨在簡化訂購體驗，讓非專家更容易理解結果和下一步的臨床行動計劃。因此，我想說，我們的產品和技術團隊有一個非常重要的路線圖，我們需要實現它才能完全掌握普通兒科醫生的機會。

Thank you so much, and congrats again.

非常感謝，再次恭喜。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Great, thank you and congrats obviously on a really strong quarter. Maybe could you speak a little to and Catherine and Kevin, you both touched on it during the prepared remarks, but just as we think about volumes, which were good in the quarter, you talked about the bridge to the second half.

太好了，謝謝你，恭喜你本季表現非常強勁。也許您可以和凱瑟琳、凱文聊一聊，你們在準備好的發言中都談到了這一點，但正如我們思考本季度業績表現良好時，您談到了通往下半年的橋樑。

Just give us a little color on how the NICU is going, Kind of what’s -- how do we think about the impact in the back half of the year from the EMR integrations and as well from some of these newer indications? Just wondering how the early progress has been and kind of what we assume to kind of bridge to the 30% volume growth?

請向我們簡單介紹一下 NICU 的進展情況，我們如何看待 EMR 整合以及一些較新的適應症對下半年的影響？只是想知道早期的進展如何，以及我們認為如何實現 30% 的銷售成長？

Awesome. So starting with the outpatient opportunity. As we said, most of the volume that we saw in the second quarter came from our core, meaning pediatric neurologist who had been ordering from us. About 25% of the volume growth came from new clinicians. And so I think what we saw in Q2 continued great growth in terms of the existing indications starting to be amplified by new indications as well. We kicked off cerebral palsy in March. We started calling on pediatric immunologists in April.

驚人的。因此，從門診機會開始。正如我們所說，第二季度看到的大部分交易來自我們的核心客戶，也就是一直向我們訂購的兒科神經科醫生。約 25% 的成長來自於新臨床醫生。因此，我認為我們在第二季度看到的情況是，現有跡象繼續大幅增長，並且新跡像也開始擴大。我們從三月開始研究腦性麻痺。我們從四月開始拜訪兒科免疫學家。

So we expect that those are going to continue to really pick up. We saw some early indications that it amplified Q2, but we think Q3 and Q4 are going be when we start to see the additional benefit from new indications. So as we think about the con scores of Q3 and Q4, we think volume growth will be bolstered by new indications in the second half of the year. On the NICU side of things, you know, that’s such an important new market for us.

因此我們預計這些數字將會繼續真正回升。我們看到一些早期跡象表明它放大了第二季度，但我們認為第三季和第四季將是當我們開始看到新跡象帶來的額外好處時。因此，當我們考慮第三季和第四季的得分時，我們認為下半年的新跡象將推動銷售成長。就新生兒加護病房 (NICU) 方面而言，這對我們來說是一個非常重要的新市場。

And we’re really pleased with all of the progress that we’ve made. We have three health systems that are live with Epic, and we’re seeing volumes come through those three health systems. And we’ll have 12 -- at least 12 in the second half of the year. So the sales team will really be focused, and this is the enterprise sales team, so different from the outpatient team. They’re focused now on pulling those volumes through once Epic sites are coming online.

我們對所取得的所有進展感到非常高興。我們有三個與 Epic 合作的健康系統，我們看到數據量透過這三個健康系統傳輸。今年下半年我們將有 12 個——至少 12 個。因此銷售團隊將真正集中精力，這是企業銷售團隊，與門診團隊有很大不同。他們現在的重點是，一旦 Epic 網站上線，就解決這些問題。

So we’ll see some contribution in Q3, but I think the real boost will be in Q4 in terms of the few thousand tests for the full year.

因此，我們將在第三季看到一些貢獻，但我認為，就全年數千次測試而言，真正的推動力將在第四季度。

Great. Sorry, I think I don’t know if it’s my phone went in now but thank you for that. And maybe if you can hear me, hopefully you can hear me okay. Just on price. So Kevin, obviously really strong price quarter. Would you be -- could you give us a sense of what the prior period collection was in the quarter, so we can kind of do our math?

偉大的。抱歉，我想我不知道是不是我的手機現在進水了，但還是謝謝你。如果您能聽到我的聲音，希望您能聽清楚。只是價格。所以凱文，顯然價格季度確實非常強勁。您能否向我們介紹一下本季前期的收款情況，以便我們進行計算？

Looks like you’re kind of guiding for the back half of the year somewhere between, call it [$3,450, like low $3,600s] in order to get to your exome/genome revenue growth. Obviously, it’s a bit of a step down, but still super solid. Just wondering if you could help us think through what’s baked in and kind of the prior period impact this quarter?

看起來你正在為今年下半年的某個時間制定一個指導方針，稱之為 [3,450 美元，比如 3,600 美元出頭]，以實現外顯子組/基因組收入的增長。顯然，這有點退步，但仍然非常堅固。只是想知道您是否可以幫助我們思考本季有哪些影響以及對前期的影響？

Yeah. So what’s -- if you look at pricing for the remainder of the year, you take the $37.18 we just posted in the second quarter, I think that’s a good number. Dan. And the reason I didn’t call out anything kind of unique or one off is that number, I think, is reflective of our cash collection experience in the second quarter and today and should be relied upon.

是的。那麼——如果你看看今年剩餘時間的價格，你會發現我們在第二季度剛剛公佈的 37.18 美元，我認為這是一個不錯的數字。擔。我之所以沒有指出任何獨特或一次性的數據，是因為我認為這個數字反映了我們在第二季和今天的現金收集經驗，應該是可靠的。

Now from guide perspective, the guide does absorb the ability as we enter into new indications or new call points to see a higher denial rate on the new stuff, if you will, and therefore, if you do the math on the guide anchored in achieving the 30% for the full year, which we remain convicted in, it does the guide allows for that rate to step down some in the back half of the year. We have no particular reason to believe that that rate would step down other than the inherent nature of submitting things for the first time to payers on the new indications and new call points.

現在從指南的角度來看，當我們進入新的跡像或新的呼叫點時，指南確實吸收了這種能力，以看到新產品的更高拒絕率，如果你願意的話，因此，如果你對實現全年 30% 的指南進行計算，我們仍然堅信，指南確實允許該比率在下半年有所下降。除了首次向付款人提交新適應症和新呼叫點的固有性質外，我們沒有特別的理由相信該費率會下降。

The level of out of period adjustments have been fairly consistent over the past two years. The numbers disposed in the quarter, it ranges anywhere from like $3 million to $6 million but I think important to properly characterize the Q2 performance as really representative of the collection rate, and frankly, a function of the fact that we continue to reduce denials and improve collection.

過去兩年來，期外調整水準一直相當穩定。本季度處理的數字從 300 萬美元到 600 萬美元不等，但我認為正確地描述第二季度的表現以真正代表收集率是很重要的，坦率地說，這是我們繼續減少拒絕和改善收集的事實的函數。

I’m going to sneak one more in. Katherine, you said in the prepared remarks, I think you said less than 5% of pediatricians already order for [GP] and IDD. So kind of you do the quick math, that’s like over 2,000 pediatricians, that’s where maybe your target fully. Do you think you can begin to see some volume impact this year from those pediatricians? Just trying to solve for like what that early opportunity might look like. Thank you.

我要再偷偷地進去一個。凱瑟琳，您在準備好的發言中說過，我認為您說過不到 5% 的兒科醫生已經為 [GP] 和 IDD 開立了處方。所以，如果你簡單算一下，你會發現超過 2,000 名兒科醫生，這也許就是你的目標。您認為今年這些兒科醫師的數量會增加嗎？只是想解決早期機會可能會是什麼樣子的問題。謝謝。

Yeah. So we are going to be talking to pediatricians who are ordering from us today. But we don’t want to distract our team from ensuring that they are really focused on ped neuro and other specialists that are embedded into our plan. I would say contribution to this year from general pediatricians is going to be very minimal. And I think we’ll start to see some more volumes in 2026 without a doubt. But I would say minimal for this year, because we do want to make sure that the team continues to focus on the important growth opportunity that we have from the core.

是的。因此，我們今天將與向我們訂購藥物的兒科醫生進行交談。但我們不想分散團隊的注意力，確保他們真正專注於兒科神經科和我們計劃中的其他專家。我想說今年普通兒科醫生的貢獻將非常小。我認為，毫無疑問，我們將在 2026 年看到更多的銷售量。但我想說今年的改變很少，因為我們確實想確保團隊繼續專注於我們核心所擁有的重要成長機會。

Great. Okay, thank you.

偉大的。好的，謝謝。

Subbu Nambi, Guggenheim.

蘇布南比 (Subbu Nambi)，古根漢美術館。

Hey, guys. Thank you for taking my question. Amazing quarter. A follow-up to Dave’s question. You are targeting 60,000 or so pediatricians. First, how do you go about identifying pediatricians who have ordered genetic tests at some point? I know you’re going to use a targeted commercial approach where you’re going to learn before scaling up. What are the signs you’re looking for? What would make you expand quicker or slower?

嘿，大家好。感謝您回答我的問題。令人驚嘆的季度。對 Dave 問題的後續回答。您的目標是 60,000 名左右的兒科醫生。首先，您如何辨識曾經安排過基因檢測的兒科醫師？我知道您將採用有針對性的商業方法，在擴大規模之前您將進行學習。您正在尋找什麼跡象？什麼因素會使你的擴張速度更快或更慢？

Wonderful. So just to zoom out to the general pediatrician opportunity, really, if you think about it, there are 60,000 pediatricians in the US. About 25,000 of them see about 600,000 patients who have DD/ID. So we think about that target group of pediatricians that we’ll first focus on as we start to enter the [GeneDX's] market, it would be the 25,000 who today are diagnosing patients with DD/ID.

精彩的。因此，僅從普通兒科醫生的機會來看，如果你仔細想想，美國實際上有 60,000 名兒科醫生。其中約有 25,000 名醫生診治了約 60 萬名患有 DD/ID 的患者。因此，當我們開始進入 [GeneDX] 市場時，我們首先關注的目標群體是兒科醫生，即目前診斷 DD/ID 患者的 25,000 名醫生。

Of course, we want to see a day where all pediatricians are ordering the testing, but we think that from a segmentation standpoint, that 25,000 is the right area for us to focus on. And so as we think about the sales force, and planning to expand it as we enter into 2026, the 25,000 will be the area that we really stay focused on in the beginning.

當然，我們希望有一天所有兒科醫生都會下令進行檢測，但我們認為從細分的角度來看，25,000 是我們關注的正確區域。因此，當我們考慮銷售團隊並計劃在 2026 年擴大銷售團隊時，25,000 名銷售人員將是我們一開始真正關注的領域。

Got it. Thank you for that, Katherine. This one’s for Kevin. The other panels were pretty strong compared to our estimate. What drove that strength? I thought you were deprioritizing targeted panel. And then along those lines, how should we think about it in Q3 and Q4?

知道了。謝謝你，凱瑟琳。這個是給凱文的。與我們的估計相比，其他面板相當強勁。是什麼推動了這種力量？我以為您正在降低目標面板的優先順序。那麼，沿著這個思路，我們應該如何在第三季和第四季考慮這個問題？

Yeah. So you’re thinking about it correctly, that the sales team is not out there targeting and non-incentivized, frankly, the past two years to bring in anything other than exome and genome. That said, as we activate new accounts, there are some non-exome, non-genome orders that come along for the ride with new doctors, which then tells us there’s an opportunity to educate physicians around the clinical benefits for exome and genome to continue our efforts to really move the industry away from individual gene tests and multi-gene panels onto exome and genome.

是的。所以你想得對，坦白說，過去兩年裡，銷售團隊並沒有瞄準、也沒有動力引進外顯子組和基因組以外的任何東西。也就是說，當我們啟動新帳戶時，新醫生會收到一些非外顯子組、非基因組的訂單，這告訴我們有機會讓醫生了解外顯子組和基因組的臨床益處，以便我們繼續努力，真正推動行業從單一基因測試和多基因面板轉向外顯子組和基因組。

So the growth there, I would say, is nothing more than success on activating new accounts and gives us an opportunity to further educate those physicians now that they’re active owners of GeneDX. For the back half of the year, we tend to expect, since we’re not incentivizing the commercial team to grow that other panel line, so tend to expect flat or some slight attrition in that other panel line, with pickup in exome and genome, while at the same time, I’d say as we move further down the road to pediatricians, we’ll have to learn some of the initial experience to see if we see an increase in CMA, chromosome microarray orders, as we first start to approach pediatricians, but none of that expected to impact volumes in the second half of the year in a meaningful way.

因此，我想說，那裡的成長只不過是成功啟動了新帳戶，並為我們提供了進一步教育這些醫生的機會，因為他們現在是 GeneDX 的活躍所有者。對於下半年，我們傾向於預期，因為我們不會激勵商業團隊發展其他面板系列，因此傾向於預期其他面板系列將持平或略有減少，而外顯子組和基因組將回升，同時我想說，隨著我們進一步走向兒科醫生，我們必須學習一些初步經驗，看看我們是否會看到 CMA、染色體微陣列訂單的增加，因為我們首先開始接觸兒科醫生，但這些數量會對下半年的重大影響。

And, Kevin, just to be clear, you’re doing all of this passively, not incentivizing, but you’re taking in orders when it comes.

凱文，需要明確的是，你所做的一切都是被動的，不是為了激勵，而是為了在需要的時候接受命令。

Correct.

正確的。

Got it. And last one from you guys. During the last quarter, you mentioned that there’s a waiting room of clients for Epic Aura. And did you make meaningful steps to onboard all those clients? And is there still backlog, so to speak, of systems waiting to integrate?

知道了。這是你們的最後一個。在上個季度，您提到 Epic Aura 有一個客戶等候室。您是否採取了有意義的措施來吸引所有這些客戶？那麼，是否還有等待整合的系統積壓呢？

Yeah. We absolutely have made progress. So as I said, we have three that are live, and we’re continuing to bring more Epic Aura sites on, and we continue to build the pipeline there. So we’re really pleased with how that business is continuing to shape up. And as I said, we’re contemplating that the fourth quarter will see the impact of those Epic Aura implementations in a more meaningful way than in Q3. But we’re pleased to see volumes coming through when we’re bringing on Epic Aura sites.

是的。我們確實取得了進步。正如我所說的，我們有三個已上線，我們將繼續推出更多的 Epic Aura 網站，並繼續在那裡建立管道。因此，我們對業務的持續發展感到非常高興。正如我所說，我們預計第四季度 Epic Aura 實施的影響將比第三季更加顯著。但當我們引入 Epic Aura 網站時，我們很高興看到訪問量的成長。

Perfect. Thank you so much, guys.

完美的。非常感謝你們，夥伴們。

William Bonello, Craig Hallum.

威廉·博內羅，克雷格·哈勒姆。

Hey, guys. Thanks for taking the questions. Couple of things. Kevin, I know you don’t give quarterly guidance, but given the commentary about a lot of the impact, at least on the NICU side really being more Q4 than Q3 and in the hopes to avoid a repeat of Q1. Can you give us any kind of sense of how you think volume growth might shake out between the third and the fourth quarter?

嘿，大家好。感謝您回答這些問題。有幾件事。凱文，我知道您沒有提供季度指導，但考慮到有關很多影響的評論，至少在 NICU 方面，第四季度的影響實際上比第三季度更大，並希望避免重蹈第一季的覆轍。您能否告訴我們，您認為第三季和第四季之間的銷售成長將如何變化？

Yeah. Hey, Bill. Look, the guide is anchored on our conviction today to deliver that 30% or more volume growth for the full year. So if you take last year’s test count at 30% or more, that gets you to about 96,900 tests. If you ever back out what we just resulted in the first half of the year, that leaves roughly 53,200 in the back half of the year.

是的。嘿，比爾。你看，這個指南是基於我們今天的信念，即實現全年 30% 或更多的銷量成長。因此，如果將去年的測試數量以 30% 或以上計算，則測試數量約為 96,900 次。如果回顧我們剛剛計算出的上半年的數據，那麼下半年的數據大約是 53,200。

There is a seasonal dynamic that I’ll remind everybody about, with Q4 invariably being the strongest of any quarter throughout the year, Q1 the lightest of any quarter during the year, and Q3 does have some summer calendar effects to it. But we sit here today reaffirming that 30% full year year-over-year guide because of our conviction in it. So you might expect the second half of tests to kind of fall out with about 54% of that back half number in the fourth quarter.

我要提醒大家注意季節性動態，第四季總是全年所有季度中最強勁的，第一季是全年所有季度中最弱的，而第三季確實會受到夏季日曆的一些影響。但今天我們坐在這裡重申全年同比增長 30% 的指導方針，因為我們對此充滿信心。因此，您可能會預期後半部的測試數量會在第四季度下降至後半部的 54% 左右。

Okay. That’s really helpful. And then just on that number, and I know you addressed this a little response to Dan’s question, but I mean, it still is a really big ramp that’s implied in the back half of the year. And I guess, if it’s based on Katherine’s comments about maybe a few thousand NICU tests, that really quite get you there.

好的。這真的很有幫助。然後就這個數字而言，我知道你對丹的問題做了一些回應，但我的意思是，這仍然是一個非常大的增長，這意味著下半年的增長。我想，如果這是基於凱瑟琳關於數千個 NICU 測試的評論，那麼這確實可以讓你明白這一點。

So maybe just give us a little reason -- a little bit more color on your level of confidence and either why you feel so confident that either the new indications are really going to be kicking in or you’re seeing an acceleration in the growth from the pediatric neurologists or -- allow us to believe that, that ramp’s going to happen.

所以也許只需給我們一點理由——更多地說明一下您的信心水平，以及為什麼您如此有信心，要么新的適應症真的會發揮作用，要么您看到兒科神經科醫生的增長加速，或者——讓我們相信，這種增長將會發生。

Yeah. The majority of the second half ramp coming from outpatients, although that’s not to understate the long-term importance of the NICU or our confidence to win that market. But if you look at the second half of the year, some of that confidence comes in the acceleration of growth we’ve now had in the second quarter, right? First quarter was 24 year-over-year, second quarter 28%.

是的。下半年成長的大部分來自門診病人，但這並不意味著低估新生兒加護病房 (NICU) 的長期重要性或我們贏得該市場的信心。但如果你看一下下半年，你會發現部分信心來自於我們第二季的成長加速，對嗎？第一季年增24%，第二季年增28%。

In order to get to the full year guide of 30% or more, the 30% mark would infer about 33% in the second half of the year, and has available to it a lot of levers that the first half didn’t, which includes some more time for new indications like cerebral palsy and others that we’ll be launching into to mature in terms of ramp from existing docs and new account activation. The first half didn’t have available to it any impact from pediatric immunologists that will begin to see an inflection in the second half of the year.

為了達到全年指引中 30% 或更高的目標，30% 的目標意味著下半年將達到 33% 左右，並且可以利用上半年所沒有的許多槓桿，包括為腦性麻痺等新適應症提供更多時間，我們將在現有文件和新帳戶激活方面逐步成熟這些適應症。上半年兒科免疫學家並未為該行業帶來任何影響，而下半年將開始出現轉折。

And we continue to see a growing increase in same store sales, as I called out. So a nice signal we saw in the second quarter was some of the talking points around new indications and a broader focus on education for physicians, we think, is making us more attractive to new accounts, but also just giving us a great reason to get back into the doctor’s office to reeducate them on the benefits of exome and genome first, and with a broader set of indications to talk about, we’re seeing signs that that’s going to help increase same store sales.

正如我所說，我們繼續看到同店銷售額不斷成長。因此，我們在第二季度看到的一個好信號是，一些圍繞新適應症的討論要點以及對醫生教育的更廣泛關注，我們認為，這使我們對新客戶更具吸引力，同時也給了我們一個很好的理由回到醫生辦公室，首先重新教育他們外顯子組和基因組的好處，並且隨著更廣泛的適應症的討論，我們看到跡象表明這將有助於增加同店銷售額。

That’s really helpful. Thanks a lot. That’s all I had.

這真的很有幫助。多謝。這就是我所擁有的一切。

Mark Massaro, BITG.

馬克·馬薩羅，BITG。

Hey, guys. Congratulations for a very nice quarter. I know in Q4 of '24, I believe your payment or denial rates were somewhere in the 50% range. And then I think in Q1, I believe you made some improvements. Your denial rate, I think, was somewhere around the high 40s or so. Kevin, you talked about improvements revenue-cycle management. So I would just be curious where you’re at today with the denial rate or the pay rate percentage.

嘿，大家好。恭喜本季取得如此出色的成績。我知道在 2024 年第四季度，我相信您的付款或拒絕率在 50% 左右。然後我認為在第一季度，我相信你已經取得了一些進步。我認為您的拒絕率大約在 40% 左右。凱文，您談到了改進收入周期管理。所以我只是好奇你今天的拒絕率或支付率百分比是多少。

Yeah, the paid rate’s now -- and you’re tracking correctly, Mark, so thanks. The paid rate is now mid-50s, so a nice step up of a couple 100 basis points this quarter over last, and I think we remain convicted that there’s still a lot of room to run to reduce denials over time. Like I said, the guide assumes that on the portion of volume coming from new indications or new call points, there’s just an inherent nature, and therefore we’ve left some conservative room in the guide. But as we sit here today, the team is more well-armed to have that back-and-forth boxing match with payers than we’ve ever been. So yeah, but I think you’re tracking correctly and appreciate it.

是的，現在是支付率——而且你跟踪得正確，馬克，所以謝謝。目前支付率是 55% 左右，因此本季比上一季上升了幾百個基點，我認為我們仍然堅信，隨著時間的推移，還有很大的空間可以減少拒絕率。正如我所說的，該指南假設來自新跡像或新呼叫點的交易量部分具有固有性質，因此我們在指南中留了一些保守的空間。但今天當我們坐在這裡時，我們的團隊比以往任何時候都更有能力與付費者展開拉鋸戰。是的，但我認為你的跟踪是正確的，我很感激。

Awesome. I know, I think you guys have touched on this, but there were some inbounds this morning about the rationale to increase the exome/genome revenue guide, to hold the exome/genome volume guide. I’m pretty sure it has a lot to do with the success with the higher ASPs on exome/genome, but can you maybe just fill that rationale out a little bit further just for folks?

驚人的。我知道，我想你們已經談過這個問題，但是今天早上有一些關於增加外顯子組/基因組收入指南、保留外顯子組/基因組數量指南的理由。我非常確定這與外顯子組/基因組上更高的 ASP 的成功有很大關係，但您能否為大家進一步解釋一下這個基本原理？

Yeah. I think it reflects our best estimate of how the year is going to play out. Obviously, we’re very pleased with the performance in reimbursement rates. We think those rates are durable, and we’ll expect to see them rise. And so felt it’s important to reflect our confidence in the overall reimbursement dynamic to raise the revenue number, while at the same time, our outlook for the year has been and remains today even more confident in that 30% or higher volume mark, which is why we reaffirmed that.

是的。我認為它反映了我們對今年局勢發展的最佳估計。顯然，我們對報銷率的表現非常滿意。我們認為這些利率是持久的，我們預計它們會上升。因此，我們認為重要的是要反映我們對整體報銷動態的信心，以提高收入數字，同時，我們對今年的展望一直並且今天仍然對 30% 或更高的交易量目標更有信心，這就是我們重申這一點的原因。

Awesome. And if I can sneak one more in, I’d be curious if you guys could expand a little bit more about how the Fabric Genomics is tracking relative to your expectations. I know that there were some customers that Fabric had that you guys may not have had. So I’d just be curious how that’s going and to what extent can that expand some of your opportunities.

驚人的。如果我可以再偷偷加一句的話，我很好奇你們是否能更詳細地介紹一下 Fabric Genomics 相對於你們的預期是如何追踪的。我知道 Fabric 有一些你們可能沒有的客戶。所以我只是好奇事情進展如何，以及這能在多大程度上擴大你的一些機會。

Yeah. Fabric, we’re really happy that we acquired it. So just out of the gate, it’s a fantastic team. Our team has begun really mapping out what integration looks like from porting our data into Fabric in order to ensure that we can really drive better diagnoses in a decentralized way, putting our data to work for more patients, as well as how do we think about the best of Fabric, the best of GeneDx, and our ability to really put the strongest AI features into our interpretation capability.

是的。Fabric，我們很高興獲得了它。所以從一開始，這就是一支出色的球隊。我們的團隊已經開始真正規劃將資料移植到 Fabric 中的整合是什麼樣子，以確保我們能夠以分散的方式真正推動更好的診斷，讓我們的數據服務於更多的患者，以及我們如何考慮 Fabric 的最佳之處、GeneDx 的最佳之處，以及我們將最強大的 AI 功能真正融入我們的解釋能力的能力。

So we’re excited about it. They’re on track with our plan this year in terms of their revenues, their gross margins. The teams have had a fantastic time collaborating and really starting to work together. So we’re excited about it. And again, as we think about the potential for where fabric can really help us drive the business. We’ve begun hiring sales reps for the international opportunity. So we’re excited about the potential to start driving utilization of fabric via GeneDx in international markets.

所以我們對此感到很興奮。就收入和毛利率而言，他們今年的計劃都進展順利。各個團隊合作非常愉快，並真正開始共同努力。所以我們對此感到很興奮。再次，我們思考布料真正能夠幫助我們推動業務發展的潛力。我們已經開始為國際市場招募銷售代表。因此，我們對透過 GeneDx 在國際市場上推動織物利用的潛力感到非常興奮。

It’s also a really important asset as we think about how to solve newborn screening, and ensure that patients have standardized results, whether a baby is born in London, or in Los Angeles. So we’re really excited about the future potential within the capabilities of GeneDx. So it’s off to a great start.

當我們思考如何解決新生兒篩檢問題並確保患者獲得標準化的結果時，它也是一項非常重要的資產，無論嬰兒是在倫敦還是在洛杉磯出生。因此，我們對 GeneDx 的未來潛力感到非常興奮。所以這是一個好的開始。

That's great to hear. Thanks, guys.

聽到這個消息真是太好了。謝謝大家。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

Hey guys. Thanks, good morning. Kevin, do you think the second quarter volume growth benefited from any catch-up benefit from the -- after the weather-related disruptions you encountered in the first quarter at all?

嘿，大家好。謝謝，早安。凱文，您認為第二季的銷售成長是否受益於第一季遭遇的天氣相關幹擾之後的任何追趕效益？

Yeah. I think in the first quarter we said weather might have impacted Q1 one to two days, let’s call that 400 or 500 tests, and we also said at that time, missed appointments due to weather events in our space are not typically lost, but just deferred, and sometimes deferred for weeks or even months, And we saw that play out as expected. So yeah, equal to the one or two days we called out as weather in Q1 and carried over to Q2, and then we saw a nice, good growth on top of that.

是的。我認為在第一季度，我們說過天氣可能會對第一季度產生一到兩天的影響，我們稱之為 400 或 500 次測試，我們當時還說過，由於我們地區天氣事件而錯過的預約通常不會丟失，而只是推遲，有時會推遲數週甚至數月，我們看到這種情況正如預期的那樣。是的，相當於我們在第一季稱之為天氣的一兩天，並延續到了第二季度，然後我們在此基礎上看到了良好的增長。

Okay. And then how much of the sequential OpEx growth came from the fabric deal as opposed to kind of organic investments? And how are we thinking about OpEx in the second half?

好的。那麼，連續的營運支出成長有多少是來自於布料交易而不是有機投資？我們如何看待下半年的營運支出？

Fabric was about $1 million of OpEx in the quarter. That’s a partial quarter. We’ve owned the asset for two months in the second quarter. Look, as I said in my prepared remarks, certainly where we see opportunities to invest, to seize a leadership position in all these new markets, we will make those investments.

Fabric 本季的營運支出約為 100 萬美元。這只是部分季度。我們在第二季已經擁有該資產兩個月了。正如我在準備好的演講中所說的那樣，只要我們看到投資機會，只要我們看到在所有這些新市場中佔據領導地位的機會，我們就會進行這些投資。

I think at the same time, we want to signal that we think we have ample room for the business to drive leverage such that we can make substantial investments to dominate these markets while still driving a profitable business. We think that’s important to do in the long run for shareholders, and we thought it important to call that out.

我認為同時，我們想要表明，我們認為我們的業務有足夠的空間來推動槓桿作用，以便我們可以進行大量投資來主導這些市場，同時仍然推動盈利業務。我們認為從長遠來看這對股東來說很重要，我們認為大聲說出這一點很重要。

Great. Last one, Katherine. The data business picked up a little bit in terms of revenue. Anything to watch out for on the pharma partnership front? Any milestones to look forward to later this year? Thank you.

偉大的。最後一個，凱瑟琳。數據業務的收入略有回升。在製藥合作方面有什麼需要注意的嗎？今年稍後有什麼值得期待的里程碑嗎？謝謝。

Certainly. So I think that business is healthy. We’re really happy to see same store sales there, both in terms of patient matching and in terms of people interested in GeneDx Discover, which is our data visualization product. So we’re bringing on new customers. We’re continuing to sign more contracts within existing customers, and I expect we’ll continue to print and repeat that throughout the course of this year.

當然。所以我認為業務是健康的。我們非常高興看到那裡的同店銷售額，無論是在患者匹配方面，還是在對我們的數據可視化產品 GeneDx Discover 感興趣的人方面。因此我們正在吸引新客戶。我們正在繼續與現有客戶簽署更多合同，我預計今年我們將繼續印刷和重複這些合約。

We remain we remain really optimistic about the future ability for us to put data to work in a much more meaningful way. And we’re starting to turn our attention to what that can look like in the future in terms of much broader collaborations with pharma companies. But today, we’re happy with the way that that business continues to perform, and we remain really optimistic about the potential for it in the future.

我們仍然對未來以更有意義的方式利用數據的能力保持樂觀。我們開始將注意力轉向未來與製藥公司進行更廣泛的合作。但今天，我們對該業務的持續表現感到滿意，我們對其未來的潛力仍然非常樂觀。

Great. Thanks.

偉大的。謝謝。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey. Thanks. I appreciate all the color you guys have given on the AAP guidelines. Just one question we’ve got is just on the reliance on geneticists, you know, readiness to interpret reports, pediatricians are spread thin, workload, et cetera. Maybe just talk a little bit about the role you think they might play and to what degree that could be a rate limiting factor for adoption.

嘿。謝謝。我感謝你們對 AAP 指南給出的所有解釋。我們只有一個問題，那就是對遺傳學家的依賴，你知道，解讀報告的準備狀況，兒科醫師人手不足，工作量大，等等。也許只是稍微談談您認為它們可能發揮的作用，以及在多大程度上可能成為採用的限制因素。

Yeah. That is a fantastic question, Tycho. So a couple of things. Pediatricians, their time is indeed tight. I think they have on average about 12 minutes per patient. We need to really make it easier for one of those clinicians to have access to testing.

是的。這是一個非常棒的問題，Tycho。有幾件事。兒科醫生啊，他們的時間確實很緊迫。我認為他們平均每個病人有大約 12 分鐘的時間。我們確實需要讓這些臨床醫生更容易進行檢測。

So when we talk about our customer experience, making it a best-in-class customer experience, it includes simplifying the entire ordering process on the front end, as well as on the back end, how do we simplify the report to make it easier for them to understand so they’re not reliant on a genetic counselor or a genetic expert?

因此，當我們談論客戶體驗時，使其成為一流的客戶體驗，它包括簡化前端和後端的整個訂購流程，我們如何簡化報告以使他們更容易理解，以便他們不依賴遺傳諮詢師或遺傳專家？

So how do we simplify the report? How do we make the care plans really easy to understand as well. So part of our customer experience that our product team is building out really, I would say, streamlines and simplifies that entire experience. So they’re not needing to be beholden to a genetic counselor or another genetics expert.

那我們要如何簡化報告呢？我們如何讓護理計劃變得真正容易理解呢？因此，我想說，我們的產品團隊正在建立的客戶體驗的一部分確實簡化了整個體驗。因此他們不需要依賴遺傳諮詢師或其他遺傳學專家。

And part of that includes taking the knowledge base of genetic counselors and ensuring that whether it is through cat capabilities or otherwise throughout that entire customer experience that we can really scale the knowledge base that is currently existing within only about 2,000 genetic counselors that are out there.

其中一部分包括利用遺傳諮詢師的知識庫，並確保無論是透過貓功能還是在整個客戶體驗中，我們都可以真正擴展目前僅存在於約 2,000 名遺傳諮詢師中的知識庫。

So we think that customer experience challenge and opportunity is real, and we’re really excited about building that out. Importantly, is also how do we take some of the workload off of the pediatrician and empower parents? So how much of the parent portal can we build to make it easier and even more informed by a parent who’s super motivated to make sure that their child gets an answer.

因此，我們認為客戶體驗挑戰和機會是真實存在的，並且我們對此感到非常興奮。重要的是，我們如何減輕兒科醫生的工作量並增強父母的自主權？那麼，我們可以建立多少家長入口網站，以便讓那些非常積極確保孩子得到答案的家長更輕鬆、更了解情況。

So there’s really kind of this nice push and pull between how we simplify the ordering and report and customer service experience for the pediatrician, but also how do we engage with parents in a really smart way to offload some of the work from the pediatrician as well. So that is really an important part of what our team has started building. And we expect that we’ll start to see some of those features in 2026 that we think will help unlock the market.

因此，我們在簡化兒科醫生的訂購和報告以及客戶服務體驗，以及我們如何以非常聰明的方式與父母互動以減輕兒科醫生的一些工作量之間，確實存在著一種很好的推動和拉動。所以這確實是我們團隊開始建立的一個重要部分。我們預計，我們將在 2026 年開始看到一些我們認為有助於打開市場的功能。

Okay, that’s helpful. And then maybe just following up on the pediatric market, just commercial payers, how do you think about the timeline to really get them on board? What’s needed to operationalize? Obviously, guidelines put a lot of pressure on them to come on board, but what -- how do you think about the timelines?

好的，這很有幫助。然後也許只是跟進兒科市場，只是商業付款人，您認為如何真正讓他們加入的時間表？需要什麼才能投入營運？顯然，指導方針給他們施加了很大的壓力，但是——您如何看待時間表？

Yeah. You’re right. Guidelines do put a lot of pressure. They don’t guarantee, but it certainly is an important tool that we will use to make the case to payers. Look, as we outlined, that 18 to 24 months from the time point between guidelines and inflection in terms of pull through is to build the product features. Katherine just talked about it’s to educate physicians, get them aware of the benefits and the guidelines, frankly.

是的。你說得對。指導方針確實帶來了很大壓力。他們不保證，但這無疑是我們用來向付款人說明情況的重要工具。正如我們所概述的，從指導方針和拐點之間的時間點開始，需要 18 到 24 個月的時間來建立產品功能。凱瑟琳剛才說，坦白說，這是為了教育醫生，讓他們了解其好處和指導方針。

There’s a lot of buy side analysts who probably follow AAP guidelines more closely than pediatricians. So there is education for us to do, while at the same time, that gives us the lead time to build the dossier to approach payers to ensure they’re up to date with the latest literature, with the latest clinical and economic data, to show that the use of these tests frontline not only alleviates suffering and gives better insights to physicians, but can help avoid unnecessary costs for the health system and for insurers. And so rest assured, we’ll be making that case in earnest and are already getting started on that.

有許多買方分析師可能比兒科醫生更嚴格地遵循 AAP 指南。因此，我們需要進行教育，同時，這也為我們準備時間來建立檔案，以便與付款人接洽，確保他們了解最新的文獻、最新的臨床和經濟數據，以表明這些測試的前線使用不僅可以減輕痛苦，讓醫生更好地了解情況，還可以幫助避免醫療系統和保險公司不必要的成本。所以請放心，我們會認真地處理這個問題，並且已經開始著手處理了。

Okay. Last one. You know, as you kind of lap, you know, some of the biomarker bills that got added over the last 12 months, what should we be watching on kind of the state front for the back half of the year? And then on Medicaid, have you sized the potential headwinds from the Big Beautiful Bill cuts that were laid out?

好的。最後一個。您知道，隨著您逐漸了解過去 12 個月內新增的一些生物標記法案，我們應該關註今年下半年國家的哪些情況？那麼在醫療補助方面，您是否評估過《美麗大法案》削減帶來的潛在阻力？

So we were pleased to see additional states come on this past quarter, and so we’re now up to 35 in the outpatient, 17 in the inpatient, and we’ve expanded our government affairs team on the state side of things. So we’re full court press in terms of continuing to drive the statewide.

因此，我們很高興看到上個季度有更多的州加入進來，現在我們的門診病人數量已達 35 人，住院病人數量達 17 人，而且我們已經擴大了州方面的政府事務團隊。因此，我們將全力以赴，並繼續推動全州範圍內的行動。

On HR1, I think the reality is not a material impact directly on our business. But, of course, any changes in Medicaid impacts every hospital system. I think what is beneficial for us is the health economic data that we have generated and that our field continues to generate that ensures that we’re actually making the healthcare system and every dollar that is allocated towards it go further. We’re making the healthcare system more efficient.

關於 HR1，我認為現實情況是它不會對我們的業務產生直接的重大影響。但是，當然，醫療補助的任何變化都會影響每個醫院系統。我認為對我們有益的是我們已經產生的以及我們的領域繼續產生的健康經濟數據，這些數據確保我們實際上正在使醫療保健系統和分配給它的每一美元發揮更大的作用。我們正在使醫療保健系統更加有效率。

Going back to that pediatrician opportunity and the NICU opportunity, the five years on average that a child is undiagnosed is costing the healthcare system a lot of money today. And getting an answer as early as possible is going to save the healthcare system dollars.

回顧兒科醫生和新生兒加護病房 (NICU) 的機會，平均而言，一個孩子五年內得不到診斷，這對醫療保健系統造成了巨大的損失。儘早得到答案將節省醫療保健系統的費用。

So the health economic data that we are putting in front of Medicaid, in front of payers, in front of health systems, in front of policymakers is part of what is making the GeneDx opportunity, one that is beneficial both from a clinical care perspective, but also in terms of the overall healthcare spend in this country. So we think that there’s only strength ahead in terms of our ability to both impact in effect, change for the better for these kids, get an earlier diagnosis, and save everyone money along the way.

因此，我們向醫療補助計劃、付款人、衛生系統和政策制定者提供的健康經濟數據是 GeneDx 機會的一部分，它不僅從臨床護理的角度有益，而且從這個國家的整體醫療保健支出的角度也有益。因此，我們認為，我們有能力產生有效影響，讓這些孩子的情況變得更好，更早地得到診斷，並在過程中為每個人節省開支。

And in terms of the state, Tycho, as Katherine said, look, we picked up two new states with outpatient coverage despite some of the headline noise out there. I think a strong signal. Go back a year, there were 28 states, and we’re now up to 35 covering the test outpatient, so significant progress.

就州而言，正如凱瑟琳所說，儘管外界有一些報道，但我們還是選擇了兩個新的州提供門診覆蓋。我認為這是一個強烈的信號。回想一年前，有 28 個州，而現在我們已經有 35 個州涵蓋了測試門診，因此取得了重大進展。

In terms of what that number will be a year from now, it’s hard to tell. A lot of factors outside of our control. From a guide perspective, we don’t count on any new states picking up coverage, and we take those as they come, but certainly the momentum is there.

至於一年後這個數字會是多少，還很難說。很多因素是我們無法控制的。從指導角度來看，我們並不指望任何新的州會開始覆蓋該區域，我們會順勢而為，但勢頭肯定是存在的。

Okay. Thank you.

好的。謝謝。

Thank you, and that does conclude today’s Q&A session. I would like to go ahead and turn the call back over to Katherine Stueland for closing remarks. Please go ahead.

謝謝大家，今天的問答環節到此結束。我想繼續，並將電話轉回給 Katherine Stueland 做最後發言。請繼續。

Thank you all for your questions and for joining our call today. As we look ahead, we remain focused on execution, innovation, and expanding access to genomic insights that can truly transform care. Thank you for your continued support and belief in our vision. We look forward to updating you on our continued momentum next quarter.

感謝大家的提問以及今天參加我們的電話會議。展望未來，我們將繼續專注於執行、創新和擴大能夠真正改變醫療照護的基因組洞察的獲取途徑。感謝您對我們願景的持續支持與信任。我們期待著向您通報下個季度我們持續的發展勢頭。

This does conclude today’s conference call. You may all disconnect.

今天的電話會議到此結束。你們都可以斷開連線。