GeneDx Holdings Corp. (WGS) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the GeneDx first-quarter 2026 earnings conference call. (Operator Instructions) Please be reminded that this conference call is being recorded.

各位女士、先生，大家好，感謝您稍候。歡迎參加 GeneDx 2026 年第一季財報電話會議。（接線員指示）提醒您，本次電話會議將被錄音。

At this time, I'd like to introduce your host for today's presentation, Ms. Sabrina Dunbar of Investor Relations. Ma'am, please begin.

此刻，我想介紹今天簡報的主持人——投資人關係部的 Sabrina Dunbar 女士。女士，請開始。

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, GeneDx released financial results for the first quarter ended March 31, 2026.

謝謝接線員，也感謝各位今天加入我們。本次電話會議出席者包括：總裁暨執行長 Katherine Stueland，以及財務長 Kevin Feeley。今天稍早，GeneDx 已公布截至 2026 年 3 月 31 日止第一季的財務結果。

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, guidance, and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, May 4, and we're under no obligation to update.

在開始之前，請留意我們的警示聲明。我們可能在今天的電話會議中作出前瞻性陳述，包括關於我們的業務計畫、指引與展望。前瞻性陳述本質上涉及風險與不確定性，且僅反映我們截至今日（5 月 4 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. Please refer to our first-quarter 2026 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.

在討論我們的業績時，我們會提及非 GAAP 指標，其會自已報告結果中排除特定項目。請參閱 ir.genedx.com 上的 2026 年第一季財報新聞稿與簡報，以取得非 GAAP 指標的定義與調節表，以及關於我們業績的其他資訊，包括可能導致實際結果與前瞻性陳述存在重大差異之因素的討論。

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

接下來，我把電話交給 Katherine。

Thanks, Sabrina, and good afternoon, everyone. In the first quarter, GeneDx continued our mission of enabling everyone to live their healthiest life through genomics, leading the shift from diagnosing genetic conditions using multi-gene panels to the most comprehensive genetic test available, exome and genome. In Q1, exome and genome volume grew 34% year over year, demonstrating robust demand in our foundational markets and indicating positive early momentum in our expansion markets.

謝謝 Sabrina，各位下午好。第一季，GeneDx 持續推動我們的使命：透過基因體學讓每個人都能活出最健康的生活，並引領市場從以多基因面板診斷遺傳疾病，轉向最全面的基因檢測——外顯子與全基因體。在第一季，外顯子與全基因體檢測量年增 34%，顯示我們核心市場需求強勁，也反映我們拓展市場的早期動能正向。

Our competitive advantage continues to set us apart from others in the market. The combined strength of our large, diverse data set, GeneDx Infinity, our team of genetics experts and our advanced technology underpins product fundamentals that cement our leadership position as evidenced by a loyal and growing customer base that drove the 34% volume growth in Q1.

我們的競爭優勢持續使我們在市場中脫穎而出。我們龐大且多元的資料集 GeneDx Infinity、遺傳學專家團隊與先進技術的綜合實力，奠定了產品基本面並鞏固我們的領導地位；忠誠且持續成長的客戶基礎也推動了第一季 34% 的量成長。

While volume growth outpaced our expectations, total revenue was $12 million lower than expected. We conducted a thorough channel-by-channel business review to diagnose what happened and what we learned that it was driven by two factors: first, approximately $5.5 million was due to a lower-than-expected blended average reimbursement rate for exome and genome; and second, approximately $6.5 million was due to softer-than-expected performance from our noncore business lines. As a result, we're updating our outlook for the year and now expect total revenue to be in the range of $475 million to $490 million with strong continued exome and genome volume growth of at least 30% and gross margins of approximately 70%.

雖然檢測量成長超出我們預期，但總營收比預期少了 1,200 萬美元。我們按通路逐一進行全面的業務檢視，以釐清發生了什麼以及我們學到什麼；結果顯示主要由兩項因素驅動：第一，約 550 萬美元來自外顯子與全基因體的加權平均報銷率低於預期；第二，約 650 萬美元來自我們非核心業務線表現低於預期。因此，我們更新全年展望，現預期總營收介於 4.75 億至 4.90 億美元之間，同時外顯子與全基因體檢測量將持續強勁成長至少 30%，毛利率約 70%。

We're also committed to returning to profitability on an adjusted basis for the full year and expect profitability to grow significantly into 2027 and beyond as we continue to lead and shape this large and ever-expanding market. Now I want to walk you through the Q1 revenue dynamics in more detail.

我們也致力於在全年以調整後口徑重返獲利，並預期隨著我們持續引領並塑造這個龐大且不斷擴張的市場，獲利能力將在 2027 年及之後顯著提升。接下來我想更詳細說明第一季營收的動態。

Starting with the blended average reimbursement rate. ARR was primarily impacted by product mix with no structural changes in pricing. Through our business review, we identified clear opportunities to improve reimbursement dynamics, spanning commercial execution and revenue cycle management, and our team has already taken action.

先從加權平均報銷率（ARR）談起。ARR 主要受到產品組合影響，定價並無結構性變動。透過本次業務檢視，我們已辨識出明確機會可改善報銷動態，涵蓋商業執行與營收循環管理，而團隊也已採取行動。

Moving to our noncore business lines, which includes Fabric and our Biopharma business. It's been one year since we've closed the Fabric Genomics acquisition, and it has become increasingly clear that the interpretation as a service product is best suited for international markets. We're fully integrating the Fabric team technology and services into the GeneDx brand, and we're focusing our resources to support international growth and key domestic drivers. We're lowering our expectations for revenue contribution in 2026 accordingly.

再來談我們的非核心業務線，包括 Fabric 與生物製藥業務。自我們完成 Fabric Genomics 併購已滿一年，愈來愈清楚的是，「解讀即服務」產品最適合國際市場。我們正將 Fabric 團隊的技術與服務全面整合至 GeneDx 品牌之下，並將資源聚焦於支持國際成長與國內關鍵驅動因素。因此，我們相應下調其在 2026 年的營收貢獻預期。

On the Biopharma and Data business, we saw positive underlying momentum but fell short of delivering Q1 revenue due to a longer-than-anticipated sales cycle. As we continue to build demand for our data asset and engage with biopharma companies, large and small, our conviction around this business continues to strengthen. These partnerships can offer meaningful long-term value creation for patients and for GeneDx, and the value proposition will grow alongside our clinical testing business.

在生物製藥與資料業務方面，我們看到正向的基本面動能，但由於銷售週期比預期更長，未能達成第一季營收交付。隨著我們持續為資料資產建立需求，並與大小型生物製藥公司互動，我們對這項業務的信心持續增強。這些合作夥伴關係可為病患與 GeneDx 帶來具意義的長期價值創造，而其價值主張也將隨著我們臨床檢測業務一同成長。

With more than 2.5 million patients, more than 1 million exomes and genomes and more than 8 million matched phenotypic profiles, our contactable database stands apart. We have rightsized revenue contribution to the 2026 guide based on high probability deals in our pipeline, positioning this business as upside as it continues to ramp.

我們擁有超過 250 萬名病患、超過 100 萬筆外顯子與全基因體資料，以及超過 800 萬筆可匹配的表型資料，使我們可聯繫的資料庫獨樹一幟。我們已根據管線中高機率成交案，將 2026 年指引中的營收貢獻調整至適當水準，並將此業務定位為隨著持續爬坡而帶來的上行空間。

With our guidance now reflecting these shifts and with the strong performance thus far in Q2, we're confident in the path forward with a massive focus on our core diagnostics business as the primary driver. Let's walk through each of the customer segments to give you more color.

在指引已反映上述變化、且第二季迄今表現強勁的情況下，我們對前進方向充滿信心，並將重心大幅聚焦於核心診斷業務作為主要驅動力。接下來我們將逐一說明各客戶區隔，提供更多細節。

Starting with Geneticists. As we continue to lead the market transition from multi-gene panels to exome and genome, Geneticists are leaning into genome. This is an exciting development. We chose the ticker symbol WGS because we've always believed that the market would move to genome over time, but the speed of this transition in Q1 outpaced our expectations.

先從遺傳科醫師（Geneticists）開始。隨著我們持續引領市場從多基因面板轉向外顯子與全基因體，遺傳科醫師正更傾向採用全基因體。這是一項令人振奮的發展。我們選擇 WGS 作為股票代號，因為我們一直相信市場終將隨時間推移轉向全基因體，但第一季這一轉換速度超出我們預期。

We made the strategic decision to begin capturing the share. Importantly, the experts are the clinicians who are interested in genome. Most patients in the outpatient setting remain best served by exome testing given that it covers approximately 85% of known disease-causing mutations.

我們做出策略性決策，開始積極掌握市占。重要的是，對全基因體有興趣的臨床專家就是這些臨床醫師。對於門診情境下的大多數病患而言，外顯子檢測仍是最合適的選擇，因其可涵蓋約 85% 已知致病突變。

GeneDx is best positioned to lead the genome future by leveraging our scale, brand, clinician relationship, first-mover advantage, and vast data sets, GeneDx Infinity. Infinity enables us to interpret both coding and non-coding regions of the genome with speed and precision. And as genome coverage matures, access improves and volume scale, the flywheel effect of this additional data will compound our competitive advantage across our portfolio.

GeneDx 最有能力引領全基因體的未來，憑藉我們的規模、品牌、與臨床醫師的關係、先行者優勢，以及龐大資料集 GeneDx Infinity。Infinity 使我們能以速度與精準度解讀基因體的編碼與非編碼區域。隨著全基因體覆蓋度成熟、可近性提升與量體擴大，這些新增資料所帶來的飛輪效應將進一步累積我們在整體產品組合上的競爭優勢。

Informed by early data, we launched a reflex offering in February to balance clinical demand with a relatively higher gross margin product. Customer feedback has been positive and early adoption reinforced that we can actively manage this market transition.

基於早期數據，我們於 2 月推出 reflex（反射式）方案，以在臨床需求與相對較高毛利的產品之間取得平衡。客戶回饋正向，且早期採用情況也強化了我們能主動管理這項市場轉換。

Looking at Pediatric Specialists, we continue to deliver steady growth supported by exome utilization, high clinician retention and robust same-store sales in the quarter. However, the blended exome ARR came in lower than expected based on the mix of tests submitted with parental comparator samples, a shift that we've already mobilized to correct with customer experience features, sales messaging, and incentives. We expect a return to long-standing exome reimbursement norms in the near future.

再看小兒專科醫師（Pediatric Specialists），我們持續交出穩健成長，受外顯子使用率提升、高臨床醫師留存率，以及本季強勁的同店銷售所支撐。然而，外顯子的加權平均 ARR 因送檢組合中包含父母對照樣本（parental comparator samples）的比例而低於預期；我們已動員透過客戶體驗功能、銷售訊息與激勵措施加以修正。我們預期外顯子報銷率將在不久後回到長期以來的常態水準。

In the NICU, we're seeing good progress driven by rapid and ultra-rapid genome. It has been just over a year since the first study data was published, demonstrating how a programmatic approach to testing can ensure that every NICU baby who needs a genome receives one.

在新生兒加護病房（NICU），我們看到由快速與超快速全基因體所帶動的良好進展。自第一份研究數據發表以來已略超過一年，該研究顯示，以計畫化方式推動檢測可確保每位需要全基因體的 NICU 新生兒都能獲得檢測。

Genome ARR and gross margins are desirable in the inpatient setting. And with a robust set of institutions already ordering from us, our focus remains on increasing utilization as accounts mature. We've expanded the sales team to accelerate this ramp and plan to leverage our dominant market position to fuel continued growth.

在住院情境下，全基因體的 ARR 與毛利率具吸引力。且已有一批機構穩定向我們下單，我們的重點仍是隨著帳戶成熟而提升使用率。我們已擴編銷售團隊以加速爬坡，並計畫運用我們的主導市場地位來推動持續成長。

General Pediatrics is our largest long-term opportunity and our earliest stage market. We're beginning to see encouraging signals with early exome orders coming in as our sales reps get accounts up and running. It typically takes several touch points and meetings before the first order is placed, and we're seeing that progression play out. While volumes are still modest, our experience is reinforcing that education, awareness and service are all critical in this market.

一般小兒科（General Pediatrics）是我們最大的長期機會，也是我們最早期階段的市場。隨著業務代表協助帳戶啟動運作，我們開始看到令人鼓舞的訊號，早期外顯子訂單陸續進來。通常在下第一筆訂單前，需要多次接觸與會議，而我們正看到這樣的進程逐步展開。雖然量仍不大，但我們的經驗再次印證：教育、認知提升與服務在此市場都至關重要。

Our tailored customer experience for non-expert clinicians remains on track and upcoming workflow enhancements, including streamlined registration, bundled ordering, and improved post-test guidance are all designed to reduce friction and accelerate uptake in the second half of the year.

我們為非專家臨床醫師量身打造的客戶體驗仍按計畫推進；即將推出的工作流程強化，包括簡化註冊、組合式下單，以及改善檢測後指引，皆旨在降低摩擦並加速下半年採用。

And finally, Prenatal. Demand has been building steadily in this new market, and we're seeing good traction with maternal fetal medicine physicians. Importantly, genome adoption appears additive to our small but existing exome volume in this channel.

最後是產前（Prenatal）。這個新市場的需求一直穩步累積，我們也看到與母胎醫學（maternal fetal medicine）醫師之間有良好的進展。重要的是，基因組（genome）的採用看起來是對我們在此通路中規模不大但既有的外顯子組（exome）量能的增量貢獻。

Stepping back, our core testing business is well positioned to translate demand momentum into profitable growth. We have line of sight to at least 30% volume growth and approximately 70% gross margins on the exome and genome portfolio, and we're committed to a return to profitability on the balance of the year.

回到整體來看，我們的核心檢測業務已具備良好條件，可將需求動能轉化為獲利性成長。我們對外顯子組與基因組產品組合至少 30% 的檢測量成長，以及約 70% 的毛利率有明確能見度，並承諾在今年剩餘期間回到獲利。

We've taken the decisive step of cutting $25 million of OpEx for the year, and we're putting our capital and team to work on the three biggest levers for the business: number one, growing utilization of exome and genome; number two, optimizing unit economics through both ARR and COGS; and number three, delivering the leading products at unmatched scale. Aligned around these three goals, we're moving forward with more clarity and operating rigor than ever before.

我們已果斷採取行動，將今年的營業費用（OpEx）削減 2,500 萬美元，並把資本與團隊投入到業務最重要的三大槓桿：第一，提高外顯子組與基因組的使用率；第二，同時透過平均報銷率（ARR）與銷貨成本（COGS）來優化單位經濟；第三，以無可匹敵的規模交付領先產品。圍繞這三個目標一致對齊後，我們正以前所未有的清晰度與營運紀律向前推進。

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

接下來我把時間交給 Kevin。

Thanks, Katherine. In the first quarter, we delivered $102.3 million of total revenue, including $90.6 million of exome and genome revenue, up 27% and test result volume of 27,488 tests, up 34%. The blended average reimbursement rate was approximately $3,300.

謝謝你，Katherine。第一季我們實現總營收 1.023 億美元，其中外顯子組與基因組營收 9,060 萬美元，年增 27%；檢測出具結果量為 27,488 例，年增 34%。綜合平均報銷率約為 3,300 美元。

Adjusted gross margin was 69%, and we reported an adjusted net loss of $8.2 million. As Katherine outlined, two factors drove the quarter, mix dynamics resulting in a lower-than-expected blended average reimbursement rate and softer noncore business line performance.

調整後毛利率為 69%，我們報告調整後淨損 820 萬美元。如 Katherine 所述，本季主要由兩個因素驅動：組合（mix）動態導致綜合平均報銷率低於預期，以及非核心業務線表現較疲弱。

First, the blended ARR came in approximately $200 below expectations. I want to be very clear, on a like-for-like basis, ARR by product is relatively unchanged. There have been no meaningful contracted price changes nor any material variations in coverage or collection rates across each respective channel. Instead, the lower ARR is primarily a result of product mix shifts within the exome and genome portfolio. The impact of mix is important, so let me walk you through it.

首先，綜合 ARR 約比預期低 200 美元。我想非常清楚地說，在可比基礎下，各產品的 ARR 相對沒有改變。沒有任何重大的合約價格變動，也沒有在各自通路的承保或收款率上出現實質差異。相反地，較低的 ARR 主要是外顯子組與基因組產品組合內部的產品組合轉移所致。組合的影響很重要，讓我帶各位逐步說明。

Starting with payers, roughly 85% of the volume is insurance-based outpatient services and 15% is institutional pay. Specific to outpatient, genome was approximately 40% of volume in the first quarter, which is roughly double from a year ago. We expect that mix shift to continue, but at a far more moderate pace as we manage the transition. Both exome and genome are good for patients and our business.

先從支付方（payers）來看，約 85% 的量來自保險給付的門診服務，15% 來自機構支付。就門診而言，第一季基因組約占量的 40%，約為一年前的兩倍。我們預期這種組合轉移會持續，但在我們管理轉換的過程中，速度會溫和得多。外顯子組與基因組對病患與我們的業務都有益。

But in terms of ARR, an outpatient exome is closer to a blended average of $4,000 per test after all denials, and we're reimbursed more for cases with parental comparators than cases without them. In contrast, an outpatient genome blended ARR today is about half that of exome due to the relative maturity of payer coverage. Each have a very wide array of medical necessity criteria across payers. Policies are not all created equal and policy coverage does not always equal broad access nor guaranteed payment.

但就 ARR 而言，門診外顯子組在扣除所有拒付（denials）後，每次檢測更接近約 4,000 美元的綜合平均；而且有父母對照樣本（parental comparators）的案件，我們的報銷高於沒有對照樣本的案件。相較之下，由於支付方承保成熟度相對較低，目前門診基因組的綜合 ARR 約為外顯子組的一半。兩者在不同支付方之間都有非常廣泛的醫療必要性（medical necessity）判定標準。各家政策並不相同，且政策上的承保不一定等同於廣泛可近性或保證給付。

Over time, a strengthening coverage landscape will help close the gap between products, while continued investment in automation and AI creates meaningful opportunity to improve collection rates across both as we scale. Our team continues to make the case for expanded coverage of payers, leveraging clinical and health economic evidence like the recent SAVES Kids study to open access for both exome and genome testing, which found that the GeneDx exome and genome leads to cost savings of up to $80,000 in the first year after testing for children with neurodevelopmental disorders. That tells us testing should be covered much more broadly than it is today to deliver cost efficiencies to the US health care system. We're in the early days of making the case.

隨著時間推進，承保環境的強化將有助於縮小產品之間的差距；同時，隨著我們擴大規模，持續投資自動化與 AI 也將在兩者上創造顯著機會，以提升收款率。我們團隊持續運用臨床與健康經濟證據（例如近期的 SAVES Kids 研究）來主張支付方擴大承保，為外顯子組與基因組檢測打開可近性。該研究發現，對於神經發展障礙兒童，GeneDx 的外顯子組與基因組檢測在檢測後第一年可帶來最高達 8 萬美元的成本節省。這告訴我們，為了向美國醫療體系提供成本效率，檢測的承保範圍應比目前更廣。我們仍處於建立論證的早期階段。

And across state Medicaid programs, there are now 38 states covering either test. Go back just a few years, there were none. Additions have been coming almost quarterly, and it would be reasonable to expect momentum to continue, but it will take time.

而在各州的 Medicaid 計畫中，目前已有 38 個州承保其中一項檢測。回到幾年前，當時一個都沒有。新增承保幾乎是按季度發生，合理預期動能會延續，但仍需要時間。

In the meantime, we'll continue to accept samples in states without coverage, which is an intentional margin investment in market share and the evidence necessary to influence policymakers. As more states adopt coverage order zero today in our blended ARR will become something more.

同時，我們將持續在尚未承保的州接受樣本，這是我們有意識地以毛利作為投資，換取市占與影響政策制定者所需的證據。隨著更多州採納承保，今天在我們綜合 ARR 中的「零」將會變成其他數字。

Our strategy remains intentionally driving each market first from lower-margin panels to exome and eventually towards genome for all. While genome reimbursement is currently constrained by coverage, we expect rates to strengthen over time as clinician demand grows, clinical and economic evidence build, advocacy efforts advance, and the need for biopharma to identify patient drives payer modernization. Genome COGS are also higher than exome, specifically due to higher reagent input costs. Unprecedented, we can assume the cost curve here will continue to come down as utilization and scale grow.

我們的策略仍是有意識地推動各市場先從較低毛利的 panel 檢測轉向外顯子組，最終讓所有人都走向基因組。雖然基因組報銷目前受承保限制，我們預期隨著臨床醫師需求成長、臨床與經濟證據累積、倡議工作推進，以及生物製藥（biopharma）為辨識病患而驅動支付方現代化，報銷率將隨時間走強。基因組的 COGS 也高於外顯子組，主要是因為試劑投入成本較高。前所未有的是，我們可以假設隨著使用率與規模提升，這裡的成本曲線將持續下降。

Not to be overlooked, approximately half of all tests we resulted in the first quarter were single-gene multi-gene panels. Conversion has always been a cornerstone of our strategy and remains both a big growth opportunity ahead and evidence that our market-leading exome will be durable for years to come. We've also taken steps to more actively manage the longer-term transition of genome, in particular with our reflex product, enabling more patient access to this innovative testing while maintaining higher unit economics.

同樣不容忽視的是，我們第一季出具結果的檢測中，約有一半是單基因／多基因 panel。轉換（conversion）一直是我們策略的基石，未來仍是重要的成長機會，也證明我們市場領先的外顯子組將在未來多年保持韌性。我們也採取措施，更積極管理基因組的長期轉換，特別是透過我們的 reflex 產品，在維持較高單位經濟的同時，讓更多病患能取得這項創新檢測。

Parental sample mix also impacted the blended ARR this quarter, moving 200 basis points across the combined portfolio. We view this as a function of an opportunity for stronger field force training and execution as well as new clinician education rather than any structural shift, and we're addressing it directly.

父母樣本組合也影響了本季的綜合 ARR，使整體產品組合變動了 200 個基點。我們認為這反映的是前線團隊訓練與執行可加強的機會，以及對新臨床醫師教育的需求，而非任何結構性轉變，我們正在直接處理。

Moving forward, we expect the blended ARR to stabilize and improve modestly over the balance of the year. To reiterate, there have been no changes to pricing and on balance, payer coverage policy has and is expected to continue to expand over the coming years. The lower realized rate in the first quarter was driven by product mix shifts within the portfolio, many of which are transitory and should have been better anticipated.

展望未來，我們預期綜合 ARR 在今年剩餘期間將趨於穩定並小幅改善。再次強調，定價沒有任何變動；整體而言，支付方承保政策已在擴張，且預期未來幾年將持續擴張。第一季較低的實現報銷率是由產品組合內部的組合轉移所驅動，其中許多是暫時性的，而且本應更好地預先掌握。

We've invested significantly over the past several weeks to enhance forecasting precision, including bringing in expert external perspective to rigorously stress test our updated market assumptions and bottoms-up plan. This work reinforced our conviction in the long-term opportunity while sharpening our near-term expectations. With that added rigor and better visibility into each channel, the business is more predictable today than it was at the start of the year.

過去幾週我們已大幅投資以提升預測精準度，包括引入外部專家觀點，對我們更新後的市場假設與自下而上（bottoms-up）的計畫進行嚴格壓力測試。這項工作強化了我們對長期機會的信心，同時也讓我們的短期預期更為精準。在增加這些嚴謹度並對各通路有更佳能見度後，現在的業務可預測性比年初更高。

Moving to noncore business lines, where revenue fell $6.5 million short. In Fabric, the $2.5 million miss reflected legacy positioning in its go-to-market approach. The GAAP financials include a noncash impairment charge of approximately $31.3 million to write down goodwill and certain intangible assets.

接著談非核心業務線，該部分營收短少 650 萬美元。在 Fabric，短少的 250 萬美元反映其上市推廣（go-to-market）方式仍帶有既有定位的包袱。GAAP 財報包含約 3,130 萬美元的非現金減損費用，用以沖減商譽及部分無形資產。

In Biopharma and Data, a $2 million miss was timing related, reflecting longer sales cycles. We're treating this business as line of sight for the purposes of guidance rather than relying on it. In multi-gene panels, a $2 million miss was caused by overestimating the timing of organic CMA uptake in the pediatric market prior to our sales force efforts ramping. This reflects a forecasting correction and should not be read as a demand signal.

在 Biopharma 與 Data，短少 200 萬美元與時點有關，反映銷售週期較長。我們在提供財測指引時，將此業務視為「有能見度」的部分，而不是依賴它。在多基因 panel 方面，短少 200 萬美元是因為在我們銷售團隊加速投入之前，高估了兒科市場中有機性 CMA 採用的時點。這反映的是預測修正，不應被解讀為需求訊號。

So we're taking four actions to get the year back on track: first, improving blended ARR through tighter channel management; second, accelerating market access and revenue cycle investments; third, optimizing cost per test per genome as we scale; and fourth, enhancing forecasting precision.

因此，我們採取四項行動讓今年回到正軌：第一，透過更嚴密的通路管理改善綜合 ARR；第二，加速市場准入與營收循環（revenue cycle）投資；第三，隨著規模擴大，優化每次基因組檢測的單位成本；第四，提升預測精準度。

Finally, we've already reduced and reallocated approximately $25 million in planned spend to align investments with current performance and remain committed to full-year 2026 adjusted profitability. This is not a cut out of our current run rate spend, but rather a reduction in future planned increases to match our updated revenue timing. The reductions are primarily a recalibration of our hiring and marketing timing, essentially slowing out-year nondirect expenses while protecting investments in our proven channels and more line of sight expansion markets.

最後，我們已經削減並重新配置約 2,500 萬美元的原規劃支出，使投資與目前表現一致，並仍致力於 2026 全年調整後獲利。這不是從我們目前的支出運行率（run rate）中砍掉，而是降低未來原本規劃的增量支出，以符合我們更新後的營收時點。削減主要是重新校準招募與行銷的時程，本質上是放慢未來年度的非直接費用，同時保護我們已驗證通路的投資，以及更具能見度的擴張市場投資。

Now on to guidance. We're reducing full year revenue guidance by 12% or $65 million at the midpoint. The bridge on that is $36 million from the effects of blended ARR, $11 million from lower volume contribution across new expansion markets, and $18 million from noncore business lines split evenly between Fabric, Biopharma and other testing.

接下來談財測指引。我們將全年營收指引在中位數下調 12%，或 6,500 萬美元。其差異拆解為：3,600 萬美元來自綜合 ARR 的影響；1,100 萬美元來自新擴張市場的量能貢獻較低；以及 1,800 萬美元來自非核心業務線，並在 Fabric、Biopharma 與其他檢測之間平均分攤。

With that, we expect full year 2026 total revenues of $475 million to $490 million; exome and genome volume growth of at least 30%, translating to approximately 126,400 tests; exome and genome revenue growth of at least 20%; adjusted gross margin of approximately 70% and profitability on an adjusted basis.

基於此，我們預期 2026 全年總營收為 4.75 億至 4.90 億美元；外顯子與全基因組檢測量成長至少 30%，相當於約 126,400 次檢測；外顯子與全基因組營收成長至少 20%；調整後毛利率約 70%，並在調整後基礎上達成獲利。

In the second quarter of 2026, we expect total revenues of $110 million to $112 million; exome and genome volume of approximately 30,000 tests; exome and genome revenue of approximately $100 million; adjusted gross margin of approximately 70% and an adjusted net loss of approximately $5 million in the second quarter as we move back to profitable in the third quarter. This is a framework we can execute with confidence.

在 2026 年第二季，我們預期總營收為 1.10 億至 1.12 億美元；外顯子與全基因組檢測量約 30,000 次；外顯子與全基因組營收約 1.00 億美元；調整後毛利率約 70%，且第二季調整後淨損約 500 萬美元，因為我們將在第三季回到獲利。這是一個我們有信心執行的框架。

Katherine, back to you.

Katherine，交回給你。

Thank you, Kevin. Just 20 years ago, it cost millions of dollars and multiple weeks to sequence and interpreted genome. Today, GeneDx has scaled the promise of this technology like no one else in our space with turnarounds in as little as 48 hours, and we continue to innovate. Over 300 million people are living with a rare disease globally, and we've never been more confident about our ability to drive profitable growth in service of these patients and shareholders.

謝謝你，Kevin。就在 20 年前，進行基因組定序並加以解讀需要數百萬美元與數週時間。如今，GeneDx 以最短 48 小時的周轉時間，將這項技術的承諾以前所未有的方式在我們的領域中規模化，我們也持續創新。全球有超過 3 億人罹患罕見疾病，而我們對於能夠為這些病患與股東推動可獲利的成長，從未如此有信心。

I recognize that resetting expectations is difficult, but it also gives us all great clarity and conviction in our ability to deliver on our commitments. We're grateful to our shareholders for the support and patience as we continue to deliver on a bold mission.

我理解重設市場預期並不容易，但這也讓我們對於履行承諾的能力有了更清晰的方向與更堅定的信念。我們感謝股東在我們持續推進這項宏大使命的過程中給予支持與耐心。

Meeting a generational shift in medicine is no small undertaking. It requires taking some big swings, learning quickly, and moving forward with urgency to satisfy the growing number of patients who need our services. You have my assurance that we've recalibrated our assumptions, taken decisive actions, and position the company for long-term sustainable and profitable growth. Thank you.

迎接醫療領域的世代性轉變並非易事。這需要大膽嘗試、快速學習，並以緊迫感向前推進，以滿足日益增加、需要我們服務的病患。請相信我：我們已重新校準假設、採取果斷行動，並使公司具備長期、可持續且可獲利成長的定位。謝謝。

And we'll now open the call up for Q&A.

接下來我們將開放電話會議進行問答。

(Operator Instructions)

（接線員指示）

Mark Massaro, BTIG.

Mark Massaro，BTIG。

There's a lot to digest here. I guess the first question I want to ask is on the Q2 guidance. And because clearly, when I look at it, it doesn't look like that's fully derisked either. Can you give me a sense for why you're guiding to 30,000 in Q2?

這裡有很多資訊需要消化。我想先問的是關於第二季的指引。因為很明顯，當我看這個指引時，它看起來也還沒有完全去風險化。你們能否說明一下，為什麼第二季指引是 30,000 次？

And can you just give us a sense for what type of traction you're picking up in the NICU? Because I know that, that is an area where I think you have noted that you missed in 2025, and I just wanted to get a sense for how you're doing here in 2026.

另外，你們能否談談在 NICU（新生兒加護病房）方面的進展動能？因為我知道那是你們提到在 2025 年未達成的一個領域，我只是想了解你們在 2026 年的表現如何。

Yeah, I'll start. So first of all, what we're seeing in the business today is strong momentum. So I think as we arrived at the Q2 guide, it's coming from a knowing place reflective of the momentum that we're seeing in terms of volumes coming in for the quarter and overall, just the business behaving in line with the way that we want it to. So I would say we're operating from a place of strength and clarity for that Q2 guide.

好的，我先回答。首先，我們目前在業務上看到強勁的動能。因此我認為，我們之所以提出第二季指引，是基於對當前動能的掌握，反映了我們看到本季與整體的檢測量流入情況，以及業務運作符合我們希望的方式。換句話說，對於第二季指引，我們是站在強勢且清晰的基礎上。

On NICU, I think we have continued to see with our expanded sales force, really good continued traction there. So we had a lot of ambition last year. And I would say we rightsized that in the guide. So we're feeling really good about line of sight in terms of momentum in the NICU.

至於 NICU，我認為隨著我們擴充的銷售團隊，我們持續看到非常好的進展。去年我們的企圖心很大，而我會說我們已在指引中做了更合適的調整。因此，就 NICU 的動能可見度而言，我們感覺非常好。

Okay. Can you give us a sense for if any part of your guidance has been a function of the end markets being -- in any of the submarkets being a little different than you had expected. But I also wanted to ask about competitive dynamics.

好的。你們能否說明一下，你們的任何一部分指引是否是因為終端市場——或任何子市場——與你們原先預期有些不同所致？另外我也想問一下競爭態勢。

Are you seeing any changes in the field? Because you did a good job, I think, of volumes in Q1, but sort of lowering your volume uptake, I'm wondering to what extent of that might have an impact from competition?

你們在市場第一線是否看到任何變化？因為我認為你們第一季在檢測量方面做得不錯，但你們下調了檢測量的吸收/提升幅度，我想知道其中有多少可能是競爭帶來的影響？

Sure. Well, first, as we look at the channels that we're in, this is the first time that we have four sales teams going after different clinicians, and there's a different product for each of those clinicians. So we are learning a lot. I think reassuringly, we learned we're in the right channels. So we have a good business model.

當然。首先，從我們所處的通路來看，這是我們第一次有四個銷售團隊分別面向不同的臨床醫師，而且每一類臨床醫師都有對應的不同產品。因此我們學到很多。我認為令人安心的是，我們確認自己在正確的通路上，所以我們有一個良好的商業模式。

We're in the right channels as we really dug into our business review. We're not pivoting out of any of those channels because we've got the right overall strategy. The tweaks that we need to make, we talked a bit about the genome dynamic for the expert geneticists.

在我們深入進行業務檢視後，我們確認自己在正確的通路上。我們不會退出任何通路，因為我們整體策略是正確的。我們需要做的微調，我們也談到了一些，例如針對資深遺傳學專家的全基因組（genome）動態。

We talked about the pediatric neurologists and how do we get them ordering more parental comparators. So that's an area that we've already actioned through sales messaging, through incentives. And so we have great confidence that, that's something that's within our control.

我們也談到小兒神經科醫師，以及如何讓他們下更多父母對照樣本（parental comparators）的訂單。這是我們已透過銷售訊息與激勵措施採取行動的領域。因此我們非常有信心，這是我們可控的。

And similar goes for the General Pediatric segment. We're pleased to be in that channel. We're learning that it takes multiple touch points and meetings to get an account activated and to start seeing orders come through. But we are seeing early signs of exome.

一般小兒科（General Pediatric）區隔也是類似。我們很高興能在這個通路中。我們正在學習，要讓一個客戶帳戶啟動並開始看到訂單進來，需要多次接觸與會議。但我們已看到外顯子（exome）的早期跡象。

So I would say there's more reassuring here in terms of we're in the right markets with the right products. We're tweaking our sales strategy and our commercial strategy to make sure we're really optimizing the way that we're showing up in those markets. And so I believe that we have in hand the right course correction to make sure that we can realize the guide and continue to, from my perspective, just execute on a really clear and not just achievable plan, but we want to make sure that we go out there and crush it as the leader.

因此我會說，整體而言更令人安心的是：我們在正確的市場、以正確的產品布局。我們正在微調銷售策略與商業策略，以確保我們在這些市場中的呈現方式真正達到最佳化。因此我相信，我們已掌握正確的修正方向，能確保達成指引，並且從我的角度來看，持續執行一個非常清晰、不僅可達成而且我們希望以領導者之姿在市場上大獲全勝的計畫。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

So I just wanted to talk about some of the commercial footprint here and maybe kind of some of the potential productivity per rep that we would expect to see in the back half of the year. So can you just talk about adding on those additional reps? Seeing those, how we should think about productivity?

我想談談你們的商業覆蓋範圍（commercial footprint），以及我們在下半年可能預期看到的每位業務代表的生產力。你們能否談談新增這些業務代表後，我們應該如何看待生產力？

And then I just kind of want to think about -- you did add you're doubling, tripling the sales force. Was there any issues with looking at some of the other parts of the business like small panels or Fabric or anything like that, that could have been impacted?

另外我也想問——你們確實把銷售團隊加倍、甚至三倍。那麼在檢視業務的其他部分時，例如小型 panel、Fabric 或其他任何項目，是否有受到影響的問題？

So as we look at the sales force, a couple of things. There's four sales teams. So we have 75 people selling to specialists about 25 of them new and added. And so we're just starting to see them move out of their early stage and starting to get into greater productivity. Gen Peds, 50 reps, they're still in their early days.

就銷售團隊而言，有幾點。共有四個銷售團隊。我們有 75 人向專科醫師銷售，其中約 25 人是新加入與新增的。因此我們才剛開始看到他們走出早期階段，開始進入更高的生產力。一般小兒科方面有 50 位業務代表，他們仍處於早期階段。

And frankly, that's a new channel where we don't have a sense yet exactly what full productivity is going to look like. Is it going to mirror what we see in the specialist sector? Or is it going to be a little bit different. We're seeing that it takes several meetings to get accounts activated.

坦白說，那是一個我們尚未完全掌握其完整生產力會呈現何種樣貌的新通路。它會像我們在專科領域看到的那樣嗎？還是會有些不同？我們看到要讓帳戶啟動需要好幾次會議。

So I would say more to come as we spend more time in the field with new reps there, 10 reps in the NICU and 10 reps in the prenatal space, and they're all still in the early days. So I would say as we look at the -- one of the important factors that we're going to keep an eye on is sales force productivity and how that's changing week to week, month to month, quarter to quarter.

因此我會說，隨著我們在第一線與新業務代表相處的時間增加，後續會有更多資訊。目前 NICU 有 10 位業務代表、產前（prenatal）領域也有 10 位，他們都仍在早期階段。因此我會說，當我們觀察——我們會密切關注的一個重要因素是銷售團隊生產力，以及它如何按週、按月、按季變化。

But we're in the early stages with a lot of these reps. And again, I think that should give us a lot of confidence in terms of our ability to continue to generate more volume and more good healthy volume across these different sales channels.

但我們在許多這些業務代表方面仍處於早期階段。而且再次強調，我認為這應該讓我們對於持續在不同銷售通路中帶來更多檢測量、以及更多良好且健康的檢測量的能力，充滿信心。

And Dave, that was the grounding philosophy of the guide, which is to build it from the core business with tighter assumptions and less reliance on areas where visibility is limited, including what those new reps in new channels might translate to in the back half of the year. So it's a more disciplined framework than where we started the year. And at this point, it comes down to execution, and we'll learn and iterate as we move forward.

而且 Dave，這正是該指引的基本理念：以核心業務為基礎來建構，採用更嚴謹的假設，並降低對可見度有限領域的依賴，包括那些新通路中新業務代表在下半年可能帶來的貢獻。因此，這是一個比我們年初所採用更具紀律的框架。到目前為止，關鍵在於執行；我們也會在前進過程中學習並迭代。

Got it. And I'll just ask one follow-up on the genome mix. I really appreciate the color around 40% and the ASP being around $200 -- I mean, $2,000. Can you talk about, is there any possibility of seeing a big coverage decision in that area? Is there blocking and tackling that you can do in the near term to get that ASP up?

了解。我再追問一個關於基因組組合的問題。非常感謝你們提到約 40% 的占比，以及 ASP 約為 200 美元——我是說 2,000 美元。你們能談談在那個領域是否有可能看到一個重大的給付覆蓋決策嗎？短期內你們是否能做一些基礎執行面的工作（blocking and tackling）來把 ASP 拉高？

I mean as we're looking out a couple of years from now, can that ASP become around the same ASP as the exome? That will be my last question.

我的意思是，往後看兩年左右，這個 ASP 能不能提升到與外顯子（exome）差不多的水準？這會是我最後一個問題。

Yeah. We think it can get towards parity with exome. There's a number of factors there, including improving commercial coverage, which today is far more expansive for exome than genome. And there's also, as you alluded to, a lot of blocking and tackling with respect to ensuring that as we submit claims, it's adhering to what is a wide array of medical necessity and documentation requirements. And so how do we use better process technology automation in order to tighten up the revenue cycle in order to reduce denials, improve collection rates, all while expanding policy coverage for genome.

可以。我們認為它可以朝向與外顯子接近的水準。有幾個因素，包括提升商業保險的覆蓋範圍——目前外顯子的覆蓋遠比基因組（genome）廣。還有，如你所提到的，在我們提交理賠時，必須確保符合各式各樣的醫療必要性與文件要求，這裡也有很多基礎執行面的工作要做。因此，我們要如何運用更好的流程技術自動化，來收緊營收循環、降低拒賠、提升回收率，同時擴大基因組的政策覆蓋。

We've run this playbook before. We just happen to be years behind exome in driving commercial payers and Medicaid towards improving coverage similar to exome. We've seen it be done. We're confident we can get it done, but there's a lot of work to do in that regard to march genome ARR up towards parity with exome it's going to take a number of quarters here. And we expect that we built that level of expectation into the blended ARR in that guide.

我們以前跑過這套劇本。只是我們在推動商業保險與 Medicaid 對基因組的覆蓋改善、達到類似外顯子的程度上，剛好落後了好幾年。我們看過這件事可以做到。我們有信心能做到，但在把基因組 ARR 推升到接近外顯子的水準這件事上，還有很多工作要做；這會需要好幾個季度。我們也預期，並已把這樣的期待納入指引中的混合 ARR。

And I would just add, control, what you can control and the COGS side of the house is an area where we think with AI and automation that gives us a really important ability to continue to reduce our cost of goods on our genome products. So that's without a doubt going to be a huge factor for us internally because we've done that masterfully on the exome side of things and won't repeat that on the genome side.

我再補充一點：控制你能控制的部分，而在 COGS（銷貨成本）這一端，我們認為 AI 與自動化讓我們具備非常重要的能力，可以持續降低基因組產品的單位成本。這毫無疑問會是我們內部的一個巨大因素，因為我們在外顯子端已經把這件事做得非常出色，也會在基因組端同樣做到。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

Maybe just the first one on the $11 million cut on the group expansion markets and the cut the volumes on exome, genome to 30%. Just walk through the thinking there. Is that just derisking? Are you guys seeing something versus your original expectations?

先問第一個：在團體擴張市場（group expansion markets）上削減了 1,100 萬美元，並把外顯子、基因組的量下修到 30%。請你們說明一下背後的思考。這只是去風險（derisking）嗎？還是你們看到了一些與原先預期不同的情況？

Yeah, Dan. Look, we've gone through an extensive exercise through the core business, really channel by channel, bottoms-up by assumptions and tightened a number of product mix assumptions, not just exome versus genome, but how much to expect with respect to parent comparators. We've recently introduced a reflex product, which will play an important part in just one channel geneticist.

是的，Dan。你看，我們對核心業務做了一次非常深入的檢視，基本上是按通路逐一拆解，以自下而上（bottoms-up）的假設來推演，並收緊了多項產品組合假設，不只是外顯子對基因組，也包括對父母比對樣本（parent comparators）的預期比例。我們最近推出了一個 reflex 產品，它會在其中一個通路——遺傳科醫師（geneticist）——扮演重要角色。

And so the outlook representative of a lot of work to tear down and rebuild assumptions really at a more granular level by channel. And in doing so, the overarching philosophy was to rely on things that are far more line of sight rather than have to pull out any heroics and improving any of those metrics or overreliance in the expansion markets and so for those new markets, namely prenatal and general pediatricians have taken those down some and the balance coming from the core foundational markets, but really to ensure that we get back to an old habit of setting expectations here that we can deliver upon.

因此，這份展望反映了我們大量的工作：把假設拆掉並重建，而且是在更細的通路層級上重建。在這個過程中，我們的總體理念是依賴更具可見度（line of sight）的事項，而不是指望任何「超常發揮」來改善指標，或過度依賴擴張市場。所以對於那些新市場——主要是產前（prenatal）與一般兒科醫師（general pediatricians）——我們把預期下修了一些，其餘則由核心基礎市場來平衡；重點是確保我們回到過去的習慣：設定我們能夠交付的預期。

Got it. Okay. And then maybe just one more back to price. I know it's come up a few times. Just Katherine, you led off talking about the benefit of whole genome that was a ticker symbol.

了解。好。那再回到價格再問一個。我知道這已經被提到好幾次了。Katherine，你一開始提到全基因組的好處，那幾乎像是一個股票代號（ticker symbol）。

So as this transition occurs, is the goal just to get the genome price back to parity with the exome to taking like a fully reimbursed exome and now you're swapping in this lower-priced genome trying to get back up there. Is that the idea? Or is there a future benefit long term for the genome? Just trying to understand that.

所以在這個轉換發生時，目標是否只是把基因組的價格拉回到與外顯子同等？也就是原本是一個可全額給付的外顯子，現在換成這個較低價格的基因組，然後想把價格再拉回去——是這個意思嗎？還是基因組長期來看有其他好處？我只是想理解清楚。

And then Kevin, if there's any way you can give us any color as we think about the back half of the year pricing, like kind of what's baked in? I think we can solve for Q2, but in the back half. And any high-level math on this genome exome split that we can think about?

另外 Kevin，如果你能就下半年定價提供一些線索，例如大概已經反映了哪些假設？我想我們可以推算出 Q2，但下半年呢？以及在基因組/外顯子拆分上，有沒有任何高層次的簡單算術可以讓我們參考？

So I'll kick it off, Dan. As we have good gross margins on the genome product and the transition and the demand for genome is a really, really good thing. So we're excited about this, and we're excited about the opportunity to continue to improve the unit economics on the genome product. And we've introduced this reflex test that enables us to satisfy the need of a geneticist for more content while also having the benefit of better unit economics for us.

Dan，我先開頭。我們的基因組產品毛利率不錯，而向基因組的轉換以及對基因組的需求是一件非常、非常好的事。所以我們對此感到興奮，也對持續改善基因組產品單位經濟性（unit economics）的機會感到興奮。我們推出了這個 reflex 檢測，讓我們能滿足遺傳科醫師對更多內容的需求，同時也讓我們享有更好的單位經濟性。

And on top of that, the whole genome opportunity continues to help us generate more and more data, which, of course, continues to build our competitive moat, which, by the way, is proving to indeed be effective out there, which is fantastic to see. And I think the demand is part of the way that we're measuring our effectiveness in terms of the competitive lead. So we do want to see a future where we're running genomes for everyone. But the reality is for a lot of clinicians like general pediatricians and many trios, and exome is going to do the job because it's going to satisfy information for 85% of the diseases that we can diagnose off the genome.

此外，全基因組的機會也持續幫助我們產生越來越多的資料，而這當然會持續加深我們的競爭護城河；順帶一提，這個護城河在市場上確實證明是有效的，看到這點非常令人振奮。我認為需求本身就是我們衡量競爭領先有效性的一部分。所以我們確實希望未來能為每個人都跑基因組。但現實是，對許多臨床醫師（例如一般兒科醫師）以及許多三人組（trios）而言，外顯子就足夠，因為它能滿足我們可從基因組診斷出的疾病中約 85% 的資訊需求。

So I would say it's a yes, and we want to continue to usher in this era that we've been thinking about for a long time. We have to continue to improve the unit economics. And we have a portfolio of products that help ensure that we can provide the right clinical information and insight for the right patient and the right customer channel at the right time.

所以我會說答案是肯定的，而且我們希望持續推進我們長期以來一直在思考的這個時代。同時我們必須持續改善單位經濟性。我們也有一個產品組合，確保能在正確的時間，為正確的病人與正確的客戶通路，提供正確的臨床資訊與洞見。

Bill Bonello, Craig-Hallum.

Bill Bonello，Craig-Hallum。

So I just want to push a little bit more on some of these pricing or ASP dynamics. So on the geneticist side, I'm assuming, but I want to confirm that the geneticists were just obviously ordering a straight-up genome, not the reflex product. I think maybe you just introduced that. And then maybe understand what happens. So going forward, are you going to offer just stand-alone genome? Or do you have to order the reflex?

我想再多追問一點關於定價或 ASP 的一些動態。在遺傳科醫師那邊，我的假設是——但我想確認——遺傳科醫師顯然是直接下單做基因組，而不是 reflex 產品。我想你們可能才剛推出那個。那接下來會怎麼做？往後你們會只提供單獨的基因組（stand-alone genome）嗎？還是必須下單 reflex？

And then if the reflex is ordered, can you bill for an exome with payers where you're not reimbursed for a genome. That would be helpful to know. And then maybe just explain a little bit more about the shift in the parental mix and why you would be seeing suddenly fewer trios and how that's happening?

另外，如果下單了 reflex，在那些不給付基因組的保險支付方那裡，你們是否可以改以外顯子來請款？這會很有幫助。再者，也請多解釋一下父母樣本組合（parental mix）的變化，以及為什麼你們會突然看到更少的三人組（trios），這是怎麼發生的？

Let me start with that one, Bill, and thank you. On the parental comparator side of things, which is mainly in the pediatric neurology space, the good news is it's not a structural problem. It's an execution problem. And we've already implemented the changes in the sales force and our messaging and incentives to address it and so we've got that on track. So I would say that was purely an execution.

Bill，我先從這個開始，謝謝你。關於父母比對樣本（parental comparator）這一端，主要是在小兒神經科領域。好消息是這不是結構性問題，而是執行問題。我們已經在銷售團隊、訊息傳遞與激勵機制上實施了調整來解決它，所以目前已經回到正軌。我會說那純粹是執行面的問題。

But when you're going from one sales force to four sales forces, you're going to get some things right and you're going to get some things wrong. And this is one that we got wrong, and we were thrilled to diagnose that and figure out that there was course correction immediately to be implemented.

但當你從一支銷售團隊擴展到四支銷售團隊時，有些事情會做對，也會有些事情做錯。這件事我們做錯了，而我們很高興能診斷出問題並找出需要立即實施的修正方向。

On what we're selling to geneticist, if a geneticist wants a genome, we're selling them a genome, like full stop. So that's the way that we are operating, and we're also offering them the additional reflex product. Because our turnaround times are so fast on an exome and a genome, we can actually turn around both tests quickly. But it's essentially to the super savvy geneticist who knows for most patients, an exome is going to do it. And if they want to reflex to a genome, then they can.

至於我們賣給遺傳科醫師的是什麼，如果遺傳科醫師想要基因組，我們就賣他們基因組——就這麼簡單。這就是我們目前的運作方式；同時我們也提供額外的 reflex 產品。因為我們在外顯子與基因組的周轉時間（turnaround times）都非常快，所以其實可以很快完成兩個檢測。但這主要是提供給非常懂行的遺傳科醫師：他們知道對多數病人外顯子就夠了；如果想要再 reflex 到基因組，他們也可以。

Yeah. Think of the reflex as a tool to manage the transition in the geneticist office only. And look, from a margin perspective, don't get confused. Genome is still a good margin test for our business, and it's a great test for patients. Exome has a higher gross margin than genome and the reflex product slots in between in terms of its gross margin profile.

對。把 reflex 想成是一個只在遺傳科醫師診所端用來管理轉換的工具。另外，從毛利角度來看，別搞混：基因組對我們的業務仍然是毛利不錯的檢測，對病人也很有價值。外顯子的毛利率高於基因組，而 reflex 產品在毛利結構上則介於兩者之間。

Sure. Okay. But if I understand your answer right, basically, we're going to -- while there's less coverage for genome than there is for exome, you're going to just have to live through a phase as the market continues to shift to genome where you're just getting more zero pays. Is that basically what I'm hearing?

了解。好。但如果我正確理解你的回答，基本上，我們將會——雖然全基因組（genome）的給付覆蓋率不如外顯子（exome），你們就得在市場持續轉向全基因組的過程中，經歷一段「零給付」變多的階段。這基本上就是我聽到的意思嗎？

Maybe you misspoke. So there is more coverage for exome today than genome.

也許你講錯了。所以目前外顯子的覆蓋率確實比全基因組更高。

Correct. That's what I was saying.

沒錯。我就是這個意思。

Yeah. It has a higher average reimbursement rate today. And now what we've got to do is work on ensuring that access for genome expands in commercial policy that we're taking the revenue cycle in order to get the reimbursement rate between the two closer to parity. The reflex test will have a reimbursement rate closer to exome.

對。它目前的平均報銷率更高。接下來我們要做的是，透過商業保險政策擴大全基因組的可近性，同時我們也會在收入週期管理上努力，讓兩者的報銷率更接近一致。反射性檢測（reflex test）的報銷率會更接近外顯子。

Yeah. Okay. I'll take it as a yes, and I'll jump back in the queue. Thanks.

好。那我就當作是「是」，我回到隊列後面。謝謝。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Kevin, I want to just understand the linearity here. There's a little bit of deja vu from a year ago. I mean, different issues, but you guys guided late February. You're out second week of March on the conference circuit.

Kevin，我想理解一下這裡的線性（趨勢）表現。這讓人有點像一年前的既視感。我的意思是，問題不同，但你們在二月底給了指引，三月第二週你們就在各個會議上露面。

When did you see the impact from the genome mix shift in the quarter? Maybe start with that and then maybe get us a little bit more comfortable that you actually have better visibility here going forward.

你們是在本季的什麼時候看到全基因組組合（mix）轉移帶來的影響？也許先從這點開始，然後再讓我們更放心一些，確認你們往後確實有更好的能見度。

Yeah. I was glad to see volume come in above expectations. It came in slightly ahead of expectations this first quarter, a quarter ago. It was 100 tests less in terms of the consensus number. So the demand and volume number, I think we ended up exactly where we expected to.

對。我很高興看到量（volume）高於預期。第一季的量略高於預期；如果回到上一季，按市場共識數字來看大概少了 100 個檢測。所以就需求與量而言，我認為我們最後的結果基本上正好符合我們原先的預期。

And that demand strength is what informed most of the quarter as those -- as the quarter wrapped up, trends and mix, in particular, began to crystallize at the tail end of March. That's what triggered extensive work to go back into each and every channel and reset assumptions and those reset assumptions are what's baked into the Q2 guide and full year guide that we just put out.

而需求的強勁基本上主導了本季的大部分時間；隨著季度收尾，趨勢與組合（特別是組合）在三月底的尾端才開始明朗化。這觸發了我們大量的工作：回到每一個通路逐一重設假設，而這些重設後的假設已經反映在我們剛發布的第二季指引與全年指引中。

The volume flows in terms of incoming orders were strong and continued strong through the end of April here. But the mix dynamic, we were slow to pick up on in our models and forecasting did not anticipate those as well as they should have.

就進單（incoming orders）的量來看，流入量很強，並且一直強到四月底。但在組合動態上，我們在模型裡反應得比較慢，預測也沒有做到應有的程度。

And in the 30% volume guide, can you maybe just clarify what the specific assumptions are now for foundational growth versus new market growth? And what's the key driver behind the lower foundational guide?

另外在 30% 的量指引上，你能否澄清一下目前對於既有基礎成長（foundational growth）與新市場成長（new market growth）的具體假設？以及為什麼既有基礎的指引會比較低，背後的關鍵驅動因素是什麼？

Yeah. It's effectively the core foundational markets plus the NICU make up the overwhelming portion of the guide leaving very little with respect to the expansion markets beyond that. We want to see those markets begin to develop before we bake them into forward-looking projections.

可以。基本上，核心的既有基礎市場加上 NICU（新生兒加護病房）構成了指引中的絕大部分，因此在此之外留給擴張市場的比重非常小。我們希望先看到那些市場開始發展，再把它們納入前瞻性的預測之中。

And then the $25 million on OpEx, I guess, just get us comfortable that, that doesn't have a revenue impact? And why are you no longer breaking out SG&A versus R&D? I mean we're getting a little bit less visibility here as you're leaning into OpEx.

然後關於營運費用（OpEx）削減 2,500 萬美元，我想確認一下：這不會對營收造成影響吧？另外你們為什麼不再拆分 SG&A 與 R&D？當你們更強調 OpEx 時，我們反而得到的能見度變少了。

Yeah. So SG&A is broken out from R&D. What we did was combine the G&A and sales and marketing lines into SG&A. We think that's in line with all of our peers.

會的，SG&A 仍然會與 R&D 分開揭露。我們做的是把 G&A 以及銷售與行銷兩個項目合併到 SG&A。我們認為這與同業的呈現方式一致。

So the $25 million in cuts, as we said on the call, more so a calibration of longer-term investments we were making, slowing some anticipated hiring plans and longer-term R&D initiatives, indirect marketing spend and some G&A build in anticipation of future growth. Certainly confident that the core areas of investment remain untouched and frankly, recalibrating some dollars to ensure that we're opening up more access, improving reimbursement rates, driving volume growth, investing in the commercial expansion, AI and automation to reduce COGS.

至於 2,500 萬美元的削減，如同我們在電話會議上所說，主要是對我們原本規劃的長期投資做校準：放慢部分原先預期的招募計畫與長期 R&D 專案、間接行銷支出，以及為了未來成長而提前擴建的一些 G&A。當然，我們有信心核心投資領域不受影響；坦白說，我們也在重新配置部分資金，以確保我們能擴大可近性、提升報銷率、推動量成長，並投資商業擴張、AI 與自動化以降低 COGS（銷貨成本）。

I'm confident that despite the trim outlook in future expenditures, there's certainly enough investment in terms of OpEx and CapEx to fund the growth plan that we've outlined.

我有信心，即使我們下修未來支出展望，無論在 OpEx 或 CapEx（資本支出）上，仍有足夠的投資來支撐我們所提出的成長計畫。

And I would just add, we talked about this on the call. We've tracked every dollar and every effort to one of three areas of focus for us: one is utilization of exome and genome; two is improving the unit economics; and three is making sure that we have the industry's leading products and services. So everything that we continue to invest in is tied to one of those three levers.

我再補充一下，我們在電話會議上也談過：我們把每一筆支出、每一項努力都對應到三個重點之一：第一是外顯子與全基因組的使用率（utilization）；第二是改善單位經濟效益（unit economics）；第三是確保我們擁有業界領先的產品與服務。因此，我們持續投入的每一項投資都綁定在這三個槓桿之一。

So we have a high degree of confidence. We're not cutting into our growth strategy. We're making sure that we could trim where we could trim in order to get the team fully focused on the biggest levers for the business.

所以我們非常有信心。我們不是在削弱成長策略，而是在確保能修剪的地方就修剪，讓團隊能完全聚焦在對業務影響最大的槓桿上。

Keith Hinton, Freedom Capital Markets.

Keith Hinton，Freedom Capital Markets。

I just wanted to push on the volume side of things a little bit since ASP has been pretty well covered. Just in terms of better understanding, you did come in a little bit above expectations for the first quarter and you took the volume guide down. So I just wanted to a little bit better understand the drivers there.

我想在量的部分再追問一下，因為 ASP 已經談得很充分了。就理解而言，你們第一季確實略高於預期，但你們卻下調了量的指引。我想更清楚了解背後的驅動因素。

And then sort of related to this, it was asked about in the prior question, but I just want to push on it a little bit. There was a large genomics player that recently announced they're launching into non-oncology rare diseases with a long-read option. So just any comment on the competitive diagnostics there or competitive dynamics there, whether that was a driver of the downgraded guidance at all and maybe where you guys are in getting a long read or medium read option into the marketplace?

另外也算相關，前一題有問到，但我想再追問一下：最近有一家大型基因體公司宣布，他們要以長讀長（long-read）選項切入非腫瘤的罕見疾病領域。你們能否評論一下那邊的競爭性檢測或競爭動態？這是否在任何程度上是下修指引的原因？以及你們在把長讀長或中讀長（medium-read）選項推向市場方面，目前進度如何？

So thanks, Keith. I'll start just on the competitive dynamics. We haven't seen any change in competitive dynamics from our point of view. So nothing new happening out there. And so as we think about continuing to lead the way with whole genome sequencing, long read for WGS is without a doubt, an important element of something that we're working on.

謝謝你，Keith。我先談競爭動態。以我們的角度來看，競爭動態沒有任何改變，所以外部沒有發生新的情況。至於我們如何持續以全基因組定序（WGS）領先，WGS 的長讀長毫無疑問是我們正在推進的重要要素。

It will enable us to continue to drive our data set to be even more enriched on the genome side of things. So it's something that we've been able to offer to some clients in a research setting, but we'll have it available at some point in a commercially available product as well.

它將使我們能持續讓我們的資料集在基因組端變得更豐富。因此，我們已經能在研究情境下提供給部分客戶；未來某個時間點，我們也會把它納入可商業化的產品中提供。

Yeah. And Keith, look, we set the initial guide. It proved to be too aggressive, primarily with respect to mix shift, and we want to make sure we don't get that wrong moving forward, in particular with contribution from the new markets. So we believe we corrected that.

對。Keith，你看，我們最初給的指引證明過於積極，主要是因為組合轉移（mix shift）。我們要確保未來不再判斷錯，特別是新市場的貢獻部分。所以我們相信我們已經做了修正。

And look, we understand we need to rebuild credibility and the way we do that or expect to do that is by setting a guide now that we believe we can execute on and deliver against. This guide today, we believe we can underwrite with more line of sight relying only on those more mature foundational markets, leaving volume contribution from the new channels as upside as they come.

另外，我們也理解需要重建可信度；我們做到這點的方式（或我們預期做到的方式）就是現在設定一個我們相信能執行、也能交付的指引。我們認為今天這份指引，我們可以用更高的能見度來承作（underwrite），只依賴那些更成熟的既有基礎市場，把新通路帶來的量貢獻留作上行空間（upside），等它們逐步發生。

Great. And just a quick clarification on the ASP side. So just to be clear, the reason why the average genome is lower is just because of -- it's purely because of higher denial rates, right? There's not a situation where genome has an actually when paid ASP that's meaningfully lower than exome, correct?

很好。再快速澄清一下 ASP：所以確認一下，平均全基因組較低的原因只是因為——純粹是因為拒付率（denial rates）較高，對吧？並不是說全基因組在「實際有給付時」的 ASP 會顯著低於外顯子，對嗎？

I refer back to the clinical lab fee schedule, which is usually the basis for every contract negotiation without sharing sort of proprietary contracted rates. Exome has a higher contracted rate today than genome and exome is in more commercial policy coverage than genome today.

我會回到臨床實驗室費用表（clinical lab fee schedule），它通常是每一份合約談判的基礎；在不揭露專有的合約費率前提下，外顯子目前的合約價格（contracted rate）確實高於全基因組，而且外顯子在商業保險政策中的覆蓋也比全基因組更廣。

So it's both price and coverage. And then the overall denial rate also plays in. And we've got room to improve both the contracted status as well as the overall collection denial rates to get those two ARRs over time, we think, towards parity.

所以同時是價格與覆蓋的問題。此外，整體拒付率也會影響。我們在合約狀態（contracted status）以及整體回收/拒付率（collection denial rates）兩方面都有改善空間，讓這兩者的 ARR（平均報銷率）隨時間推進，我們認為可以更接近一致。

Kyle Mikson, Canaccord Genuity.

Kyle Mikson，Canaccord Genuity。

Just wanted to actually go to the noncore revenue, and I think it was like a $4.5 million headwind on the noncore, excluding other tests, so Fabric and Biopharma. On the Fabric side, I think the deal milestone was $12 million in revenue for this year, clearly going to be well below that. And you have the impairment too, which is, I guess, disappointing. But what does the kind of refocus on international really mean for that business as well as powering some of these domestic competitive tests that we know about as well?

我想轉到非核心營收（noncore revenue）。我記得非核心（不含其他檢測）大概有 450 萬美元的逆風，主要是 Fabric 和 Biopharma。在 Fabric 方面，我想那筆交易的里程碑是今年要達到 1,200 萬美元營收，顯然會遠低於此。你們也做了減損（impairment），我想這確實令人失望。但所謂把重心重新放在國際市場，對那個業務到底意味著什麼？以及這是否也代表你們會去支援一些我們知道的國內競品檢測？

And then on Biopharma, I guess there's momentum, but like longer than anticipated sales cycles, that would probably imply you're going to get that revenue back on day. I'm just curious how we should think about the noncore and the health of that sort of segment.

然後在生物製藥方面，我想確實有動能，但像是比預期更長的銷售週期，這可能意味著你們會在之後某個時間點把那筆營收補回來。我只是好奇，我們應該如何看待非核心業務以及該類型分部的健康狀況。

Yeah. Thank you so much. Starting with Fabric, the technology is valuable. What changed for us was the durability of the domestic commercial opportunity. And so as we've been building out and as we always had intended, Fabric interpretation as a service is a really attractive way for us to cost effectively drive international volumes.

是的。非常感謝。先從 Fabric 談起，這項技術是有價值的。我們這邊改變的是對國內商業機會可持續性的判斷。因此，隨著我們持續建置（也如同我們一直以來的規劃），以服務形式提供 Fabric 口譯（interpretation as a service）對我們而言，是一種非常有吸引力的方式，能以具成本效益的方式帶動國際量能。

So we've been integrating the team and the technology in order to support that. And so as we think about the future for that, we wanted to rightsize our expectations for this year and make sure that we get it right. So on the biopharma side of things, it really remains an important opportunity, not just from a patient perspective, but it fundamentally drives more testing and it gives us the requisite next steps that every diagnosed patient needs in order to figure out exactly the healthiest course of action.

因此我們一直在整合團隊與技術以支援這件事。展望未來，我們希望調整今年的預期規模，並確保把事情做對。至於生物製藥端，它仍然是一個重要機會，不僅是從病患角度來看，更因為它本質上會帶動更多檢測，並為每位確診病患提供所需的後續步驟，以便釐清最健康、最合適的行動方案。

So the selling cycle is longer. I would say we're also like really taking a look, the data is even more robust than what we originally thought.

所以銷售週期確實更長。我會說我們也正在非常仔細地檢視，而且數據甚至比我們原先想的更扎實。

We talked about the Komodo deal earlier this year. That's giving us really good insight into kind of the longitudinal nature of the view that is interesting to Biopharma. So I would say with new products like that out there, we're learning a lot about the selling cycle. And so yes, it takes longer, but in some respects, these -- some of the deals that we were counting on at the end of Q1.

我們今年稍早談到 Komodo 的合作案。那讓我們對生物製藥感興趣的那種縱向（longitudinal）視角有了非常好的洞見。所以我會說，隨著這類新產品推出，我們對銷售週期學到很多。因此，是的，確實需要更久；但在某些方面，這些——我們原本在第一季末所倚重的一些案子。

We hope we'll realize another point this year. But if not, we're really ramping up the pipeline with a sales team that we continue to expand.

我們希望今年稍晚能在另一個時間點實現；但如果沒有，我們也正在透過持續擴編的銷售團隊，大幅加速擴充銷售管線。

Yeah. Thanks, Katherine. And then on the pricing, to tack on to that. So it does seem like in the guidance, it seems like we can get to like maybe mid-3,000s ASP or ARR by the end of the year, this year. Could you get to maybe like the high 3,000s by the end of 2027? And I also want to confirm that the '26 guidance now includes detail in there.

是的，謝謝你，Katherine。然後再補問一下定價。從指引來看，似乎今年年底我們可以達到大約 3,000 多美元中段的 ASP 或 ARR。到 2027 年底，是否有機會到 3,000 多美元高段？另外我也想確認，現在的 2026 年指引已經把相關細節納入了，對嗎？

Yeah. Look, the guide would -- I think you've got the guide at 20% exome genome revenue growth and the 30% volume growth, you can back into what that ARR is, and it's if you look at what Q1 actualized around $3,300, it's just a very slight step up above that. We want to make sure we don't get too far ahead of our skis there. So certainly not going to go above the guide.

是的。你看，指引——我想你看到的指引是外顯子/全基因組營收成長 20%，以及量能成長 30%，你可以回推對應的 ARR；如果你看第一季實際大約在 3,300 美元左右，那只是比那個水準略微上調。我們希望確保不要操之過急。所以當然不會高於指引。

Here in 2027, of course, that's theoretical. What I'll say is we certainly believe that there's room to improve blocking and tackling on the revenue cycle to get paid more often. We certainly believe that it will become harder and harder for payers to ignore the clinical and economic evidence in support of opening up policy per genome. And those things should lead along with greater clinician demand to an improved ARR structure for whole genome in '27 and beyond for sure.

至於 2027 年，當然那是理論推估。我想說的是，我們確實相信在營收循環（revenue cycle）的基本功上仍有改善空間，讓我們更常收到款項。我們也確實相信，對於付款方而言，要忽視支持「按每個基因組」放寬給付政策的臨床與經濟證據，將會越來越困難。這些因素，加上臨床醫師需求提升，應該會在 2027 年及之後，帶來全基因組更佳的 ARR 結構。

Subbu Nambi, Guggenheim.

Subbu Nambi，Guggenheim。

Just to be clear, given you give granular details, what are you assuming whole genome versus whole exome mix is going to be this year in the current guide? It used to be [70-30], right?

我想確認清楚，既然你們提供了很細的資訊，在目前這份指引中，你們假設今年全基因組與全外顯子（whole genome vs. whole exome）的組合比重會是多少？以前是 [70-30]，對吧？

Yeah. So in the prepared remarks, you said genome is 40% of the outpatient volume. When you load in the NICU genome is about 45% of all exome genome volume in the first quarter. Don't anticipate giving that split in terms of how the guide falls out, but what I would point you to is the volume and inferred ARR in that. And again, what underpins that is different assumptions channel by channel.

是的。所以在事先準備的講稿裡，你提到基因組占門診量能的 40%。如果把 NICU 的基因組納入，第一季所有外顯子/基因組量能中，基因組大約占 45%。我們不打算提供指引拆分到那個比例；但我會請你看量能以及由此推導的 ARR。再次強調，支撐這些的是按不同通路（channel by channel）的不同假設。

Thank you for that, Kevin. And then regarding your current market penetration, you include a slide where you have penetration by market. There is a bit of investor confusion about this analysis. To explain the confusion, let me give you an example.

謝謝你，Kevin。接著關於你們目前的市場滲透率，你們有一張投影片是按市場列出滲透率。投資人對這個分析有一些困惑。為了說明困惑，我舉個例子。

If a patient sees a pediatric specialist and a geneticist after being referred, that is still one patient and only one test. Does your analysis count this as one test in each specialty area, meaning in both pediatrics and geneticist market or only once based on the clinician that actually orders the test? That would be super helpful.

如果一位病患在轉介後先看了小兒專科醫師又看了遺傳科醫師，那仍然是一位病患、也只做一次檢測。你們的分析會把這算成在每個專科領域各一個檢測（也就是在小兒科市場與遺傳科市場各算一次），還是只會依實際下單開立檢測的臨床醫師算一次？這會非常有幫助。

So I think, one, as we zoom out, remember, the diagnostic odyssey typically entails a patient seeing several different clinicians over that five-year period. So they're starting with a general pediatrician, they're moving to a specialist and then they are getting to a geneticist. So as we take a look at the way that we're thinking about penetration, we're zeroing in on where the patients are landing and getting diagnosed. And so we're focusing on the diagnosis day as kind of the anchoring factor.

我想第一點，從更宏觀來看，請記得診斷旅程（diagnostic odyssey）通常包含病患在那五年期間看過好幾位不同的臨床醫師。他們先從一般小兒科醫師開始，接著轉到專科醫師，最後到遺傳科醫師。因此，當我們看待滲透率的方式時，我們聚焦在病患最終落點、也就是完成診斷的地方。所以我們把「確診當天」作為一個錨定因素。

Brandon Couillard, Wells Fargo.

Brandon Couillard，Wells Fargo。

Kevin, just a few clarifications. Just did you say that the spike in the genome exome mix wasn't evident until late in the quarter? And I just want to be really clear, are you assuming that, that mix is stable in the future periods or comes down? Just want to understand maybe just directionally what's embedded in the guide?

Kevin，我有幾點想釐清。你剛才是說基因組/外顯子組合比的跳升直到季度後段才顯現嗎？另外我想非常清楚，你們是否假設未來期間這個組合比會維持穩定，還是會回落？想了解指引裡大方向上隱含的是什麼？

Yeah. So look, the bottom line was the signals that we had internally were not showing in real time the extent of those shifts and the economic impact. And those didn't really become clear until late in the quarter and then more so until we dug in channel by channel through a fairly extensive review.

是的。你看，重點是我們內部掌握的訊號並沒有即時反映那些變化的幅度及其經濟影響。直到季度後段才真正變得清楚，而在我們按通路逐一深入、做了相當廣泛的檢視之後，才更明朗。

What is in the go-forward expectation is now reset clinician by clinician or channel by channel, informed by experience at the end of the quarter as well as through the month of April here. And we think we've got proper expectations now at that granular level by channel and enough of a trend in which to make a call there.

我們對未來的預期，現在已經按每位臨床醫師或每個通路重新校準，並結合季度末的經驗以及這裡四月份的情況。我們認為現在在通路層級已建立適當且細緻的預期，也有足夠的趨勢可以據此做出判斷。

Okay. And I believe you said that $25 million of OpEx savings was not in the current run rate, so I don't necessarily expect it to decline sequentially in 2Q or 3Q. Is that correct?

好的。另外我記得你說 2,500 萬美元的 OpEx 節省並不在目前的 run rate 裡，所以我不一定預期第二季或第三季會出現連續下降。這樣理解正確嗎？

Yeah, that's correct. I think Q1 is fairly representative on an annualized basis where we might end up. There'll be some puts and takes and some refocusing to ensure we're spending every dollar maximized in those that have a shorter payback and the most impactful ROI. But $25 million effectively came out of what was the planned expenditures for the full of the year.

是的，正確。我認為第一季在年化基礎上相當具有代表性，反映我們最終可能落點。當然會有一些增減變動，也會有一些重新聚焦，以確保我們把每一塊錢都花在回收期更短、ROI 影響最大之處。但那 2,500 萬美元基本上是從原本規劃的全年支出中拿掉的。

Thank you. I'm showing no additional questions in the queue at this time. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect.

謝謝。目前隊列中沒有其他問題。各位女士、先生，感謝您參與今天的會議。會議到此結束。您現在可以斷線。

Everyone, have a wonderful day. Speakers standby.

各位，祝您有美好的一天。講者請待命。