NEOGENOMICS INC — Call Transcript 2025

Good morning everyone and welcome to the NeoGenomics third quarter 2025 financial results call. At this time, all participants are in a listen only mode and the floor will be open for questions following the presentation. If anyone should require operator assistance during this conference, please press zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Priya Vedaraman, Senior Vice President of Finance at NeoGenomics. The floor is yours. Thank you Jenny and good morning everyone. Welcome to the NeoGenomics third quarter 2025 financial results call. With me today to discuss the results are Tony Zook, Chief Executive Officer, and Jeff Sherman, Chief Financial Officer. Additional members of the management team will be available for the Q and A portion of our call. This call is being simultaneously webcast for reference. Concurrent with today's call, we posted a short slide presentation in the Investor tab on our website at ir.neogenomics.com. During this call we will make forward looking statements regarding our future financial and business performance, business strategy, the timing and outcome of reimbursement decisions, and financial guidance. We caution you that the actual events or results could differ materially from those expressed or implied by the forward looking statements. These forward looking statements made during the call speak only as of the original date of this call and we undertake no obligation to update or revise any of these statements. Please refer to the information disclosed on the Safe Harbor Statement slide in the deck posted on our website as well as the information under the heading Risk Factors in our most recent Forms 10-K, 10-Q, and 8-K that we filed with the SEC to identify important risks and other factors that may cause our actual results to differ materially from the forward looking statements. These documents can be found in the Investor section of our website or on the SEC's website. During this call we will also refer to certain non-GAAP financial measures that involve adjustments to GAAP results. The non-GAAP financial measures presented should not be considered an alternative to the financial measures required by GAAP, should not be considered measures of liquidity, and are unlikely to be comparable to non-GAAP financial measures provided by other companies. Any non-GAAP financial measures referenced on this call are reconciled to the most directly comparable GAAP financial measures in a table available in the press release we issued this morning and in the slide deck available in the Investors section of our website. I will now turn the call over to Tony. Thanks Priya. Good morning everyone. Thank you for joining us today. I'll begin with a discussion of Q3 highlights and key business growth drivers before turning the call over to Jeff for a deep dive into the financials. We'll then open the call for your questions. During the third quarter of 2025, we again delivered record clinical volumes and revenues while making meaningful progress advancing our NGS and MRD long term growth initiatives, including securing a favorable court ruling in our ongoing litigation with Natera that paves the way for a full clinical launch of our RaDaR ST MRD assay. I'll cover these initiatives in more detail shortly. Taking a step back for those who may be new to the story, having spent much of my first two quarters as CEO engaged in conversations with key stakeholders, I am as optimistic as ever about the significant opportunities that are in front of us as a leader in cancer testing. Importantly, we continue to differentiate ourselves in the community setting with both hospitals and oncologists where approximately 80% of all cancer care is delivered. We've built a geographically balanced lab network that allows us to be responsive to customer needs, including offering some of the fastest test turnaround times in the industry when faster, more accurate treatment decisions can have a material impact on patient outcomes. Our recent acquisition of Pathline, a New York State approved lab based in New Jersey, gives us a meaningful presence in the Northeast, which is the number three cancer care market in the U.S. We believe the addition of Pathline allows us to offer significantly faster turnaround times, a larger and relevant New York State approved test menu, and an enhanced physician experience in the Northeast region where we have historically been underpenetrated. The integration continues to proceed according to the plan that we communicated when we announced the transaction in March, including the validation of critical turnaround time sensitive assays which was completed during the third quarter. We remain positive about the impact that the acquisition will have in accelerating our growth in the Northeast, and we're on track to capture operational efficiencies and synergies that we anticipate will be accretive to profitability beginning in 2026. Together with our world class commercial team, we have deep relationships with hospitals, cancer centers and oncologists across the country. We're winning the customer experience by enabling precision oncology in the community setting where adoption of next-generation testing has historically lagged behind NCI-designated cancer centers. Our customers increasingly view us as the partner of choice for all of their testing needs as their patients advance along their cancer care journey. We offer one of the broadest menus in the industry with more than 500 tests focused solely on oncology. Our menu spans everything from diagnostics to next-generation sequencing for therapy selection to MRD for cancer recurrence and monitoring. This makes NeoGenomics an ideal partner for institutions and practices who are looking to consolidate send-out testing to simplify operational workflows and improve patient experience. The therapy selection and MRD markets represent more than $40 billion of addressable market opportunity, both of which are growing rapidly and are relatively underpenetrated. Needless to say, the ongoing investments that we make in R&D as well as the potential BD partnerships are focused on these areas. This is particularly true of MRD where we think we can create significant value while introducing innovation to the cancer testing market where it's needed in the community setting. We also remain committed to our next-gen MRD research program focused on generating IP that is entirely separate and distinct from our RaDaR portfolio. Given our broad menu and strong brand recognition in the community setting, coupled with a competitive MRD test, we believe we will capture market share over time as we add additional indications to this modality. While Jeff will provide a detailed review of our financials in a moment, I'd like to hit a few highlights from our third quarter. Our clinical business continued to perform well, driven by volume and share gains in key segments. As expected, nonclinical revenue declined in the quarter due to lower revenue from pharma and biotech customers. Total revenue for Q3 was $188 million, representing double-digit growth of 12% year-over-year. Our clinical business continued its robust growth, generating revenue growth of 15% excluding the Pathline acquisition. The clinical performance was driven by effective execution of our commercial strategy: protect, expand, and acquire. In the third quarter, we again saw a sequential improvement in AUP, a record quarter for test volumes, and NGS revenue growth of 24%, well ahead of the low to mid-teens NGS market growth rate. The five NGS products launched in 2023 contributed 24% of clinical revenue in the quarter. We continue to see demand for our non-NGS modalities as well, with all modalities growing above market, which resulted in record volumes up 10.4% versus prior year on a same-store basis. The non-clinical portion of our business accounted for less than 9% of our total revenue in the third quarter and was down from the prior year, consistent with our expectations. Turning now to our RaDaR ST MRD assay, in August, the District Court for the Middle District of North Carolina granted our motion for summary judgment that all of Natera's asserted patent claims are invalid for claiming ineligible subject matter. The court dismissed Natera's claims against NeoGenomics with prejudice and entered a declaratory judgment of invalidity of both of Natera's asserted patents. The ruling paves the way for us to broadly commercialize RaDaR ST, formerly RaDaR 1.1. We launched RaDaR ST for biopharma customers in Q3, and while some of these efforts could result in bookings in Q4 of 2025, the lead times necessary to obtain samples make it more likely that we'll begin recognizing revenue from biopharma customers in 2026. We have received MolDX approval for RaDaR ST in subsets of head and neck and breast cancer. We're preparing for a robust launch of this important assay in the clinical oncology setting in Q1 of 2026. We estimate that MRD cancer surveillance and monitoring represents a $30 billion addressable market, growing at a 30% CAGR, and with the market penetration of less than 10%, we believe we are well positioned as the cancer testing partner of choice in the community setting to capitalize on this lucrative market and deliver a differentiated and integrated MRD solution to our oncology customers. In parallel with our RaDaR ST launch preparedness activities, we continue to focus our R&D investments in next-generation MRD, demonstrating our long-term commitment to the MRD space as well as complementary targeted partnerships that allow us to fill in MRD product gaps that we don't currently address in an effort to deliver a unique industry-leading MRD portfolio to the market. Now turning to PanTracer LBx, our liquid biopsy genomic profiling test that delivers comprehensive, clinically actionable insights from a simple blood draw. PanTracer LBx is a non-invasive blood-based test that analyzes circulating tumor DNA to identify key genomic alterations that inform treatment decisions in patients with advanced stage solid tumors. PanTracer LBx, together with our PanTracer Tissue Test, form a comprehensive portfolio capable of delivering a holistic genomic picture of the patient in support of therapy selection. With an average turnaround time of just seven days, PanTracer LBx empowers real-time decision making. Recall that last quarter we elected to delay the commercial launch of PanTracer LBx so that we could incorporate learnings from our Evaluation Assessment Program to improve the product profile in preparation for a full clinical launch. We allowed select physicians to use the assay on a limited basis ahead of commercial availability. The EAP, which was very well subscribed, helped us further enhance the assay clinically and optimize the launch by testing and identifying the opportunities to streamline logistics, reporting, and customer support. With the benefit of valuable lessons we garnered from our EAP, we launched the product in late July, three months later than expected. Based on the interest we're seeing, I believe the delay allowed us to introduce a better product which will further support the strong NGS volumes we are capturing this year and position us well for continued growth in 2026. We continue to work with MolDX on our PanTracer LBx submission and will provide additional updates as they become available. As it pertains to our full year 2025 guidance, based on the strength in our clinical business and expected performance in our non-clinical business that I just reviewed, we have revised guidance for consolidated revenue, adjusted EBITDA, and net loss that we provided last quarter. I'm incredibly optimistic about our future, particularly as we continue to innovate in the large and rapidly growing NGS and MRD markets and further leverage our leading presence in the community setting where as much as 80% of cancer care is delivered to patients. With that, I'll hand it over to Jeff to further discuss our results from the quarter. Thanks Tony and good morning. Third quarter total revenue grew sequentially by 4% from Q2 and increased by 12% over prior year to $188 million. Total clinical revenue continued with strong double digit growth and increased by 18% from prior year. This strong clinical growth was partially offset by non-clinical revenue declining by 27% versus the prior year, driven by weakness in the pharma revenue Tony spoke about. Adjusted gross profit improved by $5.2 million or 7% over prior year. Adjusted EBITDA was $12.2 million, the ninth consecutive quarter of positive earnings. Clinical volumes and revenues continued with robust growth in the quarter. Total test volumes increased by 15% in the third quarter with AUP growth of 3%. Same store revenue without contribution from Pathline was $167 million, representing growth of 15% driven by a 10% increase in test volumes and a 4% increase in AUP. We are continuing to see strength across our portfolio with above market growth rates across the modalities we offer. NGS revenues grew by 24% over prior year in the quarter and accounted for 33% of total clinical revenue year to date. NGS revenues grew by 22% over prior year. Average revenue per clinical test increased sequentially from Q2 by $15 or 3% and was up by 3% from prior year excluding Pathline. AUP increased by $17 or 4% from Q2 and was also up 4% over prior year. A larger percentage of higher value tests including NGS as well as recent managed care pricing increases are helping to drive higher AUP. Total operating expenses in the quarter were $107 million, an increase of $11 million or 12%. We recorded an additional $7 million in impairment charges related to the planned sale of Trapelo, with the balance of the cost increase due to higher compensation costs driven by the expansion of the commercial sales team. Cash flow from operations was a positive $9 million in the quarter and we ended the quarter with total cash of $164 million, up slightly from Q2. Our balance sheet and expected cash flow will enable us to continue to invest in our business to drive organic growth, increase operating efficiencies, and fund future business development opportunities including licensing and partnerships. We continue to see traction from the investments we have made to expand and enhance our commercial organization. With our strong test volume growth, the LIMS project remains on track, and we expect to deliver operating efficiencies in 2026 and 2027 through the consolidation of multiple LIMS systems and reduction in redundant operating costs, as well as streamlining our lab operations. We remain committed to driving long-term shareholder value through targeted investments in the business and improved operational execution. As Tony noted, we are reiterating our full-year guidance that we updated in the second quarter. We expect full-year consolidated revenue will be in the range of $720 million-$726 million, representing growth of 9%-10% over full-year 2024. We anticipate adjusted EBITDA to be in a range of $41 million-$44 million, representing growth of 3%-10%, and we expect full-year net loss to be in a range of $116 million-$108 million, representing an increase of 37%-47% as compared to our full-year 2024 net loss of $79 million. We will release our 2026 guidance when we report our full 2025 full-year earnings in February. With that, I'll turn the call back to Tony. Thanks, Jeff. To recap, during the third quarter we again delivered strong clinical volumes and revenue while advancing NGS and MRD initiatives that we believe will contribute to accelerating growth in 2026 and beyond. We believe our unwavering focus on delivering a superior customer experience in the community setting is resonating in the marketplace, and as we continue to expand our menu of tests, community oncologists and pathologists will continue to view us as a partner of choice for their cancer testing and send out consolidation needs. We remain committed to innovation and operational excellence, which we believe will drive sustainable and profitable growth for our company and improve outcomes for patients. Thank you for your continued interest in NeoGenomics. Operator, this concludes our prepared remarks, so please open the line for questions. Thank you very much. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your phone keypad now. A confirmation tone will indicate that your line is in the queue. You may press star two if you would like to remove your question from the queue. For any participants using speaker equipment, it might be necessary to pick up your handset before you press the keys. Please wait a moment while we poll for questions. Thank you very much. Your first question is coming from David Westerberg of Piper Sandler. David, your line is live. Thank you very much. Congrats on a strong quarter, particularly with that clinical revenue growth. How do you feel? I'm going to start with Jeff, how comfortable you feel with the guidance. Can you remind us what's the latest on PanTracer LBx? Is there any chance you could see some revenue from that this year? I just want to confirm that that was removed from the guidance. If we did revenue from it this year, it would be upside to your estimates. Yeah. Thanks, Dave. We gave thoughtful guidance for the year in Q2. We believe we had a good third quarter and believe we're in a good position to meet Q4 expectations. In terms of liquid, Tony was pretty clear last quarter that we did not need approval for liquid biopsy from MolDX to hit our guide. That is still the case as we look at our performance now in the fourth quarter. Gotcha. I know you're not giving 2026, but you gave a lot of good commentary on MRD and you hinted that you will be a contributor to revenue in 2026. Can you give us a sense for when you expect certain reimbursements? I know there's some competitive stuff you want to be a little bit careful with, but just in the sense of the magnitude and timing of some of those, what you're going to get in MRD. Can you give us a sense on how much commercial muscle you'll. be put behind these launches? Just as a reminder, I think with breast you have a lot of expansion indications. Do you think you could get expansion in that indication this year, next year? Thank you very much. Again, congrats. I'll hop off after this. Thank you. Thanks, David. It's Tony. I'll take a crack at a couple of these, and then certainly I can look to Warren to add a little bit more color as well. First on 2026, as you appropriately say, we'll talk 2026 in 2026, but I will give you a sense of what we see as some of the growth drivers that we anticipate for 2026, and then I will pull that back to your conversation around liquid biopsy and RaDaR ST. At the highest level, you should expect the growth drivers for 2026 to be in large part quite similar to what we had in 2025. We expect our ongoing strong clinical performance relative to volumes to continue, and that will certainly be a growth driver for us. We expect ongoing NGS growth rate. As Jeff commented in his remarks, we had 24% growth in revenue at NGS, and that was with the hold ability of PanTracer LBx included within that mix. We have every expectation that NGS will continue to be a growth driver for us. As you rightfully mentioned, PanTracer LBx combined with the PanTracer family, we believe, will be drivers moving forward. We can't really speculate as to the timing of LBx reimbursement, but nonetheless, we see early, early signs of a positive uptake for the product, and we believe once reimbursement is secured, that will be a growth driver for us. We'll see revenue build through the course of the year, with obviously more of that becoming evident in the second half. The sales force that you mentioned, we are beginning to see the full benefit of now, the sales force expansion efforts that we have put in, and we expect that to be a continued driver for us. On the RaDaR ST front, we've already launched RaDaR ST in the pharma sector. We're having good early conversations with that. As you might expect, the lead times on that book of business take considerably longer, so we would expect kind of a slow revenue build in 2026 and most of that revenue becoming evident in the back half of 2026. With MolDX approval, with the current indications, we expect a full launch of RaDaR ST in the clinical setting in Q1. That will also be a build for us through the course of the year. Of course, there's still Pathline and our RCM initiatives, so we still see a healthy list of growth drivers for us in 2026. Relative to sales force, I think Warren and Beth Eastland, their teams have done a phenomenal job at onboarding the existing representatives that we have. You know, I will tell you that we still believe that that is the right size for the indication mix that we have. As we continue to invest and we will invest in new indication Flow, you should probably believe that we will be looking at options to upsize that sales force as it is under index, especially in the oncology side of our sales force. We don't anticipate that coming on too early. That'll be again, a build, probably more in the latter half, indicative of the new indications that we will be submitt and when they might come online, which would be more than likely second half. That's kind of a high level of the drivers. Again, we'll get more detail on these things in 2026 when we talk around February's time. Okay, Dave? Yeah, thank you. That was a ton of detail. So thanks. Thank you very much. Our next question is coming from Andrew Brackmann of William Blair. Andrew, your line is live. Great. Hi guys. Good morning. Thanks for taking the question. Maybe on the NGS side of things, the growth rates here imply that you're obviously taking share, growing market, or some combination of both. Can you maybe just sort of talk to us about where you're seeing the most wins on the customer side of things, what types of accounts where you're winning, and then also on the product side, what products are you leading with, where you're able to sort of capture share and begin to capture some share there? Thanks. Yeah, thanks. Thanks, Andrew. Certainly, as you said, the growth rate of 24% implies a pretty meaningful share capture. Most of that business in quarter three was coming out of the community setting and largely from the oncology practice. Certainly, we still see opportunity within the community hospital setting, but as we onboard new practices, bring on new oncology ordering positions, and we see repeat order rates, we're seeing a compounding effect, so largely coming from that community oncology setting. In terms of focus areas, certainly the PanTracer family has been a core focus for us. We launched liquid, as we mentioned, but at the same time we've introduced the PanTracer family, which includes PanTracer tissue, PanTracer tissue plus HRD, and obviously PanTracer liquid, which is our solution for therapy selection on the solid tumor side. We're seeing really strong growth within that category as we make that a priority. We're certainly not losing sight of what got us here, which is our heme NGS portfolio, and that continues to grow very effectively as well. There's a subset of five to seven products which are ultimately our key focus area from a therapy selection perspective, and all of them are seeing attractive. From a protect, expand, acquire perspective, from an acquire or new oncologist coming on board, we're seeing a good lift from recently brought on oncologists in 2025. We track that closely, and we're seeing reorder rates and higher penetration amongst that. We are seeing success in the acquire aspect of our strategy as well, I guess. Andrew, the last cat off point, I think Warren was just hitting on it towards the end. You know, NGS just strategic for us is, is extremely important that we continue that penetration into the therapy selection markets. You know, as Warren highlighted, the top five products now represent almost a quarter of our clinical revenue. NGS in totality is almost a third of our total clinical revenue. It aids us in AUP and a whole lot of other areas. It is going to be a continued point of emphasis for us moving forward. Thanks for the call. Great, thanks. If I could follow up just as one other question here on the LIMS rollout. I also think that integrating with EPIC in some accounts, obviously those are multi-year processes to roll out here, but anything you can maybe share with respect to benefits that we should start to see from these initiatives into 2026? Just in practical terms, what does this do for your business? Thanks. Yeah. While Warren and I will tag team on that one, Andrew, I would say first from an organizational perspective, you're going to hear me speak quite a bit about ongoing need for simplification across the organization. I think that the model that we have today with multiple locations and unfortunately multiple LIMS systems works against us in that regard. Moving towards a common LIMS program aids certainly within the organization, not just the lab team, where they'll be able to see where a particular test is at any given time along the continuum. Organizationally, as you say, we can retire 8 LIMS systems that were in place prior to that, so there's certainly a cost benefit. Then across other parts of the organization as well, because in order to offset the complication of multiple LIMS systems, we do a lot of things in other organizations that require a bit of a heavy lift that I think the LIMS system provides some efficiencies for as well. I think the early view is we should start to see some of these efficiencies coming through in the latter part of 2026 and the later, the better benefit being more evident in 2027 and 2028 and beyond. It is just one step of many relative to simplification that we think could help us from a contribution perspective. Now Warren can give a little added color. Yes. Let me start with the EPIC, Andrew. First of all, I will start by saying we have over 340 interfaces in place already today, some of them with EPIC already. We're establishing the EPIC Aura solution and that will go live towards the end of this year. We'll see fairly rapid customer onboarding in early parts of 2026 and beyond. Excited about the acceleration nature that the EPIC Aura solution will bring to us. We've seen very strong sort of revenue growth and ongoing adoption when we put interfaces in place in general. We believe it'll be the same with EPIC Aura. Certainly that's a key strategy for us moving forward and enables growth and stickiness. Coming back to the LIMS side of things, as Tony said, I think a strategy to simplify. We have sort of five key priorities, operations for simplification and margin expansion, one of which is being LIMS. I'll touch on two of the benefits that I anticipate or see valuing in 2026. The first one is our ability to be able to proactively equip physicians, ordering positions and practices to understand sort of test status and more particularly the ability to do add-ons, et cetera, that they can do themselves versus having to come through customer service. Ultimately creating a more seamless experience for the ordering position or the practice, so to speak. That's one area. The second one is the LIMS system you're putting in place has sort of AI integrated into it and it allowed us to identify areas of, I'm going to call it leakage, you know, productivity leakage within our workflows. We can identify this and obviously look to streamline the workflow to iron out those areas that sort of lack or have opportunity for productivity. It really is going to deliver insights to our workflow that we don't have today that allow for further productivity. Great. That's all good color. Thank you. Thank you very much. Our next question is coming from Mason Carrico of Stephens. Mason, your line is live. Hey guys, thanks for taking the questions here on your NGS business. You called out share gains. You guys often quote NGS revenue growth, but I was curious if you'd be willing to give us a bit of insight into how NGS volume growth has trended just to give us a better view on gains. When we look at NGS revenue growth, 24% this quarter, I think 23% last quarter, how much has been driven by volume versus ASP, because I assume you guys are benefiting from ASP to some degree as coverage expands for those assays? Yeah, we haven't disclosed the volume per se, but I would say it is more volume driven. There is some AUP growth, but it's more volume driven than AUP growth. I think as we're continuing to see penetration there and getting the ability to access our strong commercial channel, that's where we're seeing that volume uptick. I think bringing on the liquid, we're actually seeing good uptick between the two of them as well, liquid and solid. I think we're well positioned to continue to get those gains. Got it. Thanks. That's helpful. When you think about revitalizing growth within your pharma business, could you just talk about how much of that is in your control versus how much relies on a snapback in spend across the broader sector? What do you view as kind of the key internal initiatives that you'll need to execute on to re-accelerate growth in that segment? Yeah, Mason, I'll take a crack, and then Warren could add additional details. I would say that for us, a big part of the opportunity lies in the portfolio. Bringing that portfolio forward, we have now the opportunity to represent products like PanTracer LBx. We have RaDaR ST now available to us within the pharma segment, and of course the liquid biopsy and PanTracer family. It affords us opportunities to have conversations and get a little bit more relevant in those conversations as well. As I said to you before, I think a lot of those conversations are generating interest, but because of the lag times, I would still expect that some of the challenges that we see in our business in 2025 will continue into 2026, and we see a return to growth opportunity in 2027. Anything that would lead that to happen a bit faster would represent upside. As far as things in our control, there are things still in our control. That's a heavy focus on execution excellence. We have onboarded a leadership team that is taking the bull by the horns. I think that part is very much in our control to drive the right conversations with the right customers. That is something that we acknowledged we had to improve upon, and I'm pleased to see that action is taking root across the organization. With that, I'll turn to Warren to add any other color, I think. Tony's hit most of the high points. I'd say that certainly we're preparing our execution so that we can offer an attractive value proposition to our target customers in the biopharma space. Certainly the inclusion of RaDaR has made us a significantly more attractive partner, which is enabling access for us to focus on both RaDaR but other sort of high value products, NGS, PanTracer LBx, etc. We're certainly gearing our commercial organization around that focus, coupled with underpinning that with a sound customer experience, which is again a key buying driver for pharma sponsors. From a market perspective, certainly we're going to continue to work to execute effectively as the market rebounds. We feel that there'll be a compounding effect to the recovery of the business. This is a long sales cycle product area, and just to reiterate what Tony said last quarter, we expect, you know, pharma to be soft in Q4 as well as throughout 2026 as well. Got it. That makes sense. Thank you. Thanks, Macy. Thank you very much. Our next question is coming from Dan Brennan of TD Cowen. Dan, your line is live. Hey, this is Tom for Dan. Thanks for taking the question here and congrats on the quarter. Just a question now on what is driving the acceleration in your base clinical business? It looks like it's ticked up on a volumes basis this year versus prior years. The base clinical, the non-NGS business. What is driving that? Is that better bundling? Is that better turnaround times to a point? This is a business that everyone thought would be kind of cannibalized quite aggressively by NGS. I just want to understand how you're driving that growth and how sustainable that acceleration kind of could be going forward. Thank you, Tom. Thanks. Thanks for the question. I think a couple of facets I'll highlight. First of all, I would again come back to effective execution of our Protect, Expand, Acquire strategy. We continue to do a great job of protecting existing customers, and that's sort of driven through just continuous focus on customer experience, whether that be from an operational perspective or just end to end as we look at it from requisition to results. Protect has really been a key factor, but we're seeing accelerated wins on the expand side and the acquire side of things. I attribute that to two aspects. First and foremost, it's new products that we bring into the portfolio, and we speak significantly, obviously, about the NGS side of things. Don't forget about products like Claudin-18 and c-MET, which have been critical sort of pillars to actually round out our offering. New products is certainly a key driver. Lastly, and very importantly, we communicated in Q4 of last year around the salesforce expansion and sort of said that this was going to be a six to nine month ramp to productivity. What you're seeing right now is just follow through on exactly what we had said. We started to see increased productivity from those added sales resources, which are focused on the Protect, Expand, Acquire strategy and the new products we're bringing to market. These things are operating in concert with one another, delivering the type of numbers that you reflected on. The only thing I would add to that is, even with record volumes, our operational execution and turnaround times continue to improve. That remains a vital component of our go to market strategy for retaining, growing, and expanding business. Great. Just one follow up on the launch of PanTracer LBx into next year and trying to scope out the potential for acceleration there. Should we be treating this as. Kind of 2023 all over again. Is the sales force now appreciably larger? Should we expect a larger acceleration? Given this is quite a hot area in general in oncology diagnostics, is there anything to help frame your expectations versus your kind of solid tissue launch in 2023 would be really helpful, thank you. Yeah, certainly as an organization we've matured since 2023. We've also expanded commercially as well. I think using 2023 as sort of a proxy would probably be a good starting point at this junction and probably layering on some additional factors like the Salesforce expansion would be a way to look at it. The majority of the Salesforce expansion was in the community segment, so that really positions us well to have the coverage we need for these new products. Okay, great. Thank you very much. Thank you very much. Our next question is coming from Subbu Nambi of Guggenheim Securities. Subbu, your line is live. Hi guys, this is Thomas on for Subbu. Thanks for taking our questions. Maybe I can ask both up front. First, are you still expecting stronger performance in the data business on the non-clinical side in the fourth quarter, and maybe just some color on why that should show strength based on what you've seen so far this year, what you're seeing in the funnel to be comfortable with that. Second, can you just talk. Specifically for clinicians in the community setting. how RaDaR ST MRD assay has been received following the favorable summary judgment, what's the chatter like there? Thank you. Yeah, on the data business, Q4 is historically the strongest quarter in that business. Business actually did grow in the third quarter, double-digit growth in the third quarter. We are expecting that business to see sequential growth over Q3 in the fourth quarter. Yep. Again, I just want to reiterate that we have not clinically launched RaDaR ST MRD assay as yet in the clinical setting. However, obviously the news with regards to the outcome of the summary judgment has certainly circulated through the community oncology setting, and I'd say the vibe is increasingly positive about the fact that we can re-enter the market. It comes back to the fact that we believe we have one of the most sensitive assays in the market, but also the portfolio effect, the ability to consolidate all of your needs within the community oncology setting within a single vendor. This helps round out that sort of value proposition for us. Yeah, I think that's an important point. Just to reinforce, you know, we've always said this preferred partner of choice in the community setting, and that speaks to a balance of breadth of portfolio and innovation as well. We look at that breadth of portfolio beyond just heme, solid tumor, and MRD. We look at breadth of portfolio at MRD as well. For us to be in a position to be able to offer flow MRD, to have an outstanding NGS partner, MRD with Adaptive and now RaDaR ST. Don't forget we're going to continue to invest in our next-gen MRD program. As a suite of products, it also fits well into our overall strategy. I believe as that becomes more evident to our customers, the chatter will increase. Thanks for the question. Great, thank you guys very much. Thank you. Our next question is coming from Yuko Oku of Morgan Stanley. Yuko, your line is live. Hello, thank you for taking my question. Given that IMvigor011 trial demonstrated how incorporating MRD testing can enhance probability of trial success, are you seeing an uptick in interest from pharma partners in integrating MRD into their clinical trial designs, and then separate follow up, could you provide an update on adaptive partnership and what are some of the key learnings and feedback from the pilot so far? Yeah, so coming back to sort of pharma interest, I would say that pharma interest has been robust ever since we launched the product back in August of this year. Certainly our first targets were prior users of the assay because of their familiarity, et cetera, but we've rapidly expanded that. We were recently at the ESMO conference, which was in Germany late last month or early this month, and again, very, very strong interest with regards to the assay port for multiple purposes but also from an endpoint perspective as you articulated. We're encouraged by the early signs in terms of the pharma sponsor interest with regards to MRD. Sorry, what was your second? Adaptive, yeah. We continue to progress very favorably with Adaptive. We started a pilot initiative in the third quarter and this was just to sort of understand the operational workflows, et cetera, because both organizations are very focused on delivering a sound customer experience. We continue to expand that pilot into three distinct phases where we're rolling out phase I of the three-phase initiative now holistically in the fourth quarter, and phase II and phase III will happen quickly in 2026. Great, thank you. Thank you very much. Our next question is coming from Tycho Peterson of Jefferies. Tycho, your line is live. Hey team, this is Lauren on for Tycho. Thanks for taking our question. Just going back a little bit to the rebounding growth in the pharma and non clinical setting. Likely more of a 2027 event for 2026. How are you seeing RaDaR adoption evolving in pharma partnerships versus the clinical setting? In terms of kind of the phrasing of partner of choice you've been using for community oncologists, what are some of the specific investments or initiatives that are kind of reinforcing that position? Thanks. I think we certainly are expecting to see revenue on the MRD side of things in the pharma space for 2026, and certainly that would go a long way to address some of the other headwinds we've been experiencing. We'll obviously look to quantify that as part of the guide when we speak about that next year. Certainly expecting pharma revenue for MRD. In terms of your second question, it's multiple factors. I think first and foremost it is around the portfolio and making sure that as we look to be the proximity of choice to the community setting, it's having the most relevant portfolio, which a big focus of ours has been on ensuring we've got the right therapy selection portfolio. We believe that the PanTracer family brings that to the table now, along with key add-on testing like c-MET and claudin18 that rounds out our larger portfolio across diagnosis and therapy selection. Now we have MRD as well. As Tony mentioned, it's not just RaDaR ST, it's the partnership with Adaptive, it's the fact we have flow MRD on the heme side as well. In addition to that, it's the work that we're doing from a bi-directional interface perspective. It's the work we're doing around client customer experience because those are the two areas which are critical buying drivers. We hear over and over again that these community oncology practices are looking to remove friction from their practices so they can focus on top of license type activities. They look for vendors that offer this frictionless experience. We believe the combination of consolidating your oncology send out requirements to a single lab along with best-in-class customer experience makes for a very, very attractive value proposition. Yeah, I just think overall, if you go back historically, when. We were on the market for a. few years with Radar Pharma, you know, we hit $6 million, $7 million a year after a couple years. There will be a ramp in for pharma in Radar as we're kind of reengaging in the market. Perfect. Thank you very much. Our next question is coming from Puneet Souda from Leerink. Puneet, your line is live. Yeah. Hi guys. How are you thinking about the AUP as you bring this MRD on board? Maybe just elaborate to us as you think about looking at the competitive landscape, CGP has continued. To grow for a number of companies. Are you seeing anything different competitively in the NGS side of the business? I'll start with AUP and then let Warren talk about the competitive dynamics, Puneet. I think obviously getting MolDX approval was a good first step for RaDaR. We're also working to get commercial approval as well. As is the challenge with some larger panel tests, that will take time to get commercial coverage for RaDaR as well. Others being in the space and having more overall acceptance I think is a positive. I think it will be a driver for AUP over time, but probably more starting in the back half of next year and into 2027. I think in terms of are we seeing anything different in sort of therapy selection in GSPNI? We certainly, the competitors that we've continuously come up against in the community oncology setting remain very present. It's certainly a hotly contested environment. We feel that certainly the round out of our portfolio, which was sort of requested by many of these oncologists in the community, has been very well received. It's not just volume increases that we've seen across the liquid biopsy test that we launched. We're seeing across the category and actually for interesting information, some of our, what we call NeoTypes, which are cancer specific panels for breast or for lung or brain, we're seeing actually renewed growth in those panels as well. It comes back to this comprehensive offering that we have both across solid tumor and heme that creates the differentiation for us in the marketplace. Got it. On the COGS side, can you talk a bit about the levers you have to reduce the COGS as you bring on these new assays? You know, there's obviously a push and pull there. Just wondering, how are you thinking about the overall cost per test? Yeah, thanks, Puneet. I think, even in Q3, we've got some LBX volume and limited reimbursement. We're actually covering the COGS in Q3 for LBX. As our volume increases from some of these larger panel tests, we will see operating cost efficiency just by the number of tests. We can do it at one time. I think a few of the other. Things we've talked about today will also be drivers of COGS, the LIMS consolidation, you know, consolidating multiple LIMS systems, you know, streamlining the lab. We have a dedicated, you know, process on lab automation. The ability to automate processes and use technology and newer lab equipment to drive efficiencies is well underway. We see good uptick there, being able to digitize more lab processes to improve the customer experience as well. Digital pathology, we see efficiencies and revenue opportunities with digital pathology. Finally, look, we still have a fair amount of capacity in our lab footprint. We've got the lab in Fort Myers, we've got new lab, we expanded in North Carolina, RTP, we have new lab in the Northeast. Just incremental volume coming in, we can get operating efficiencies on a relatively large fixed cost footprint. We have a multi-year opportunity to drive margins there. I'd add maybe two points to substantiate what Jeff was saying about larger volume and the leverage there. We always focus on turnaround time because that's a differentiator for us. As a result, we hadn't moved to largest flow panels and we hadn't moved to the NovaSeqX. Those are both initiatives that we have in focus for us in 2026. They are two real tangible examples in terms of how incremental volume can help to drive down costs. Yeah, the last piece I would say is, you know, from a cost per test perspective, Pathline has a higher overall cost per test than legacy NeoGenomics because of that lack of incremental volume. The ability to streamline Pathline and actually pump incremental volume in there will bring down that cost per test as well. Early interest. Got it. Okay, thank you. Thank you very much. Our next question is coming from Mark Massaro of BTIG. Mark, your line is live. This is Vivian on for Mark. Thanks for the time. I'll just keep it to one on RaDaR. Could you just remind us what indications you're pursuing here in addition to head and neck and breast cancer, and any cadence of reimbursement that you're expecting there, any further milestones we should be looking for out to 2026? Thanks. As you mentioned, the two indications that we have secured have been subsets of head and neck, which is HPV negative adjuvant surveillance. In breast, it's HR positive and HER2 negative surveillance five years out. Those are the two that we go to market with relative to new indication areas. I will tell you we have every intention, we have been doing ongoing work in R&D, and we will be making additional submissions for indications expansion for RaDaR ST. I won't go into the specifics about those for Radar, for relatively obvious reasons, but we plan to be moving forward with those. We are continuing our next-gen MRD program as well, and we see the necessity of having both RaDaR ST and next-gen because having an ultra-sensitive option for low-shedding cancers is going to be an important aspect as well. We see the indication flow a little bit different for our next-gen program than we would with RaDaR ST. We're trying to avoid redundancy and overlap in spend relative to those indications. You should expect us to add indication submissions in the short term, which we believe could be manifest in the second half of 2026. Perfect. Thanks for the color. Thank you very much. Our next question is coming from Mike Matson of Needham. Mike, your line is live. Hi everyone, this is Joseph on for Mike. I guess just two from me, just looking at pricing AUP. Obviously you guys have seen many consecutive quarters of improvement there. While small Pathline is a headwind there, I did hear what you guys said concerning just volume coming through at a higher rate will improve COGS. I know NGS, bringing NGS into there is the plan. What's the plan? I was just kind of curious if you could remind us on the timeline for that. Is that a 2026 plan or is that already in the works to bring NGS or more NGS into the Pathline lab? Yeah. Just to be clear on the Pathline lab, the NGS is going to be done at our other sites. The fast turnaround tests enable us to capture more NG work. The timelines for doing that NGS work enable us to send those out to our other labs in Florida and California and still meet our timeframe. We're actually going to gain operating leverage by pumping more volume into our existing sites as a pull through through the Pathline site. Yeah, and just as a follow up on that Pathline. As we said, the strategy there was always to give us opportunity to deal with the under penetration in the Northeast. We have made really good progress there. All the legal integration and the assay validations have been completed. Now we can offer, you know, a more complete complement of the NeoGenomics portfolio and take advantage of the Pathline site for the more rapid turnaround testing needs that are up there. As Jeff said, taking advantage of our footprint and the efficiencies we gain in our other lab sites, we're confident and I know our selling team is excited by the prospects that they are generating. We see a healthy new customer list beginning to emerge and that's why we are of the belief that it will be a growth driver for us in 2026 and beyond. Okay. Okay, great. That's very clear. I guess maybe just one quick one. NGS growth specifically. I know the target there is 25% or more, you know, very near that target, obviously, you know, above market growth right now. We have seen acceleration there in NGS growth the last two quarters. I'm just curious how you're thinking of the next quarter for Q2 2025 and 2026. Is it, you know, back on that target of over 25%, is the target more just above 20% at this point? I'm just kind of curious your guys' thoughts there. Yeah, so we gave a guide for the back half of the year. We didn't have a Q4 specific guide. You know, we expect to see continued good growth in NGS, but we haven't broken out the specifics on that. Okay, fair enough. Yeah. Congrats on the great quarter. Thank you. Thank you very much. Thank you very much. That does conclude our question-and-answer session. I would now like to turn the floor back to Tony Zook for closing comments. I’d just like to thank everybody for joining us on the call. As we said, it was a good quarter. We have focused on operational excellence, and I'm pleased to say that the teams in both our commercial organization and our lab have performed extremely well. We're very proud of all the work that people in NeoGenomics are doing to advance cancer care for all the patients in the community. Once again, thank you for your time everyone, and we'll look forward to some one on one follow ups. Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time and have a wonderful day. We thank you for your participation.

Speaker 6: Good morning everyone and welcome to the NeoGenomics third quarter 2025 financial results call. At this time, all participants are in a listen only mode and the floor will be open for questions following the presentation. If anyone should require operator assistance during this conference, please press zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Priya Vedaraman, Senior Vice President of Finance at NeoGenomics. The floor is yours. Thank you Jenny and good morning everyone. Welcome to the NeoGenomics third quarter 2025 financial results call. With me today to discuss the results are Tony Zook, Chief Executive Officer, and Jeff Sherman, Chief Financial Officer. Additional members of the management team will be available for the Q and A portion of our call. This call is being simultaneously webcast for reference. Good morning everyone and welcome to the NeoGenomics third quarter 2025 financial results call. good morning everyone and welcome to the neogenomics third quarter 2025 financial results call At this time, all participants are in a listen only mode and the floor will be open for questions following the presentation. at this time all participants are in a listen only mode and the floor will be open for questions following the presentation If anyone should require operator assistance during this conference, please press zero on your telephone keypad. if anyone should require operator assistance during this conference please press zero on your telephone keypad Please note this conference is being recorded. please note this conference is being recorded I will now turn the conference over to your host, Priya Vedaraman, Senior Vice President of Finance at NeoGenomics. i will now turn the conference over to your host priya vedaraman senior vice president of finance at neogenomics The floor is yours. the floor is yours Thank you Jenny and good morning everyone. thank you jenny and good morning everyone Welcome to the NeoGenomics third quarter 2025 financial results call. welcome to the neogenomics third quarter 2025 financial results call With me today to discuss the results are Tony Zook, Chief Executive Officer, and Jeff Sherman, Chief Financial Officer. with me today to discuss the results are tony zook chief executive officer and jeff sherman chief financial officer Additional members of the management team will be available for the Q and A portion of our call. additional members of the management team will be available for the q and a portion of our call This call is being simultaneously webcast for reference. this call is being simultaneously webcast for reference Concurrent with today's call, we posted a short slide presentation in the Investor tab on our website at ir.neogenomics.com. During this call we will make forward looking statements regarding our future financial and business performance, business strategy, the timing and outcome of reimbursement decisions, and financial guidance. We caution you that the actual events or results could differ materially from those expressed or implied by the forward looking statements. These forward looking statements made during the call speak only as of the original date of this call and we undertake no obligation to update or revise any of these statements. Concurrent with today's call, we posted a short slide presentation in the Investor tab on our website at ir.neogenomics.com. concurrent with today's call we posted a short slide presentation in the investor tab on our website at ir.neogenomics.com During this call we will make forward looking statements regarding our future financial and business performance, business strategy, the timing and outcome of reimbursement decisions, and financial guidance. during this call we will make forward looking statements regarding our future financial and business performance business strategy the timing and outcome of reimbursement decisions and financial guidance We caution you that the actual events or results could differ materially from those expressed or implied by the forward looking statements. we caution you that the actual events or results could differ materially from those expressed or implied by the forward looking statements These forward looking statements made during the call speak only as of the original date of this call and we undertake no obligation to update or revise any of these statements. these forward looking statements made during the call speak only as of the original date of this call and we undertake no obligation to update or revise any of these statements Please refer to the information disclosed on the Safe Harbor Statement slide in the deck posted on our website as well as the information under the heading Risk Factors in our most recent Forms 10-K, 10-Q, and 8-K that we filed with the SEC to identify important risks and other factors that may cause our actual results to differ materially from the forward looking statements. These documents can be found in the Investor section of our website or on the SEC's website. During this call we will also refer to certain non-GAAP financial measures that involve adjustments to GAAP results. The non-GAAP financial measures presented should not be considered an alternative to the financial measures required by GAAP, should not be considered measures of liquidity, and are unlikely to be comparable to non-GAAP financial measures provided by other companies. Please refer to the information disclosed on the Safe Harbor Statement slide in the deck posted on our website as well as the information under the heading Risk Factors in our most recent Forms 10-K, 10-Q, and 8-K that we filed with the SEC to identify important risks and other factors that may cause our actual results to differ materially from the forward looking statements. please refer to the information disclosed on the safe harbor statement slide in the deck posted on our website as well as the information under the heading risk factors in our most recent forms 10-k 10-q and 8-k that we filed with the sec to identify important risks and other factors that may cause our actual results to differ materially from the forward looking statements These documents can be found in the Investor section of our website or on the SEC's website. these documents can be found in the investor section of our website or on the sec's website During this call we will also refer to certain non-GAAP financial measures that involve adjustments to GAAP results. during this call we will also refer to certain non-gaap financial measures that involve adjustments to gaap results The non-GAAP financial measures presented should not be considered an alternative to the financial measures required by GAAP, should not be considered measures of liquidity, and are unlikely to be comparable to non-GAAP financial measures provided by other companies. the non-gaap financial measures presented should not be considered an alternative to the financial measures required by gaap should not be considered measures of liquidity and are unlikely to be comparable to non-gaap financial measures provided by other companies Any non-GAAP financial measures referenced on this call are reconciled to the most directly comparable GAAP financial measures in a table available in the press release we issued this morning and in the slide deck available in the Investors section of our website. I will now turn the call over to Tony. Any non-GAAP financial measures referenced on this call are reconciled to the most directly comparable GAAP financial measures in a table available in the press release we issued this morning and in the slide deck available in the Investors section of our website. any non-gaap financial measures referenced on this call are reconciled to the most directly comparable gaap financial measures in a table available in the press release we issued this morning and in the slide deck available in the investors section of our website I will now turn the call over to Tony. i will now turn the call over to tony

Speaker 12: Thanks Priya. Good morning everyone. Thank you for joining us today. I'll begin with a discussion of Q3 highlights and key business growth drivers before turning the call over to Jeff for a deep dive into the financials. We'll then open the call for your questions. During the third quarter of 2025, we again delivered record clinical volumes and revenues while making meaningful progress advancing our NGS and MRD long term growth initiatives, including securing a favorable court ruling in our ongoing litigation with Natera that paves the way for a full clinical launch of our RaDaR ST MRD assay. I'll cover these initiatives in more detail shortly. Thanks Priya. thanks priya Good morning everyone. good morning everyone Thank you for joining us today. thank you for joining us today I'll begin with a discussion of Q3 highlights and key business growth drivers before turning the call over to Jeff for a deep dive into the financials. i'll begin with a discussion of q3 highlights and key business growth drivers before turning the call over to jeff for a deep dive into the financials We'll then open the call for your questions. we'll then open the call for your questions During the third quarter of 2025, we again delivered record clinical volumes and revenues while making meaningful progress advancing our NGS and MRD long term growth initiatives, including securing a favorable court ruling in our ongoing litigation with Natera that paves the way for a full clinical launch of our RaDaR ST MRD assay. during the third quarter of 2025 we again delivered record clinical volumes and revenues while making meaningful progress advancing our ngs and mrd long term growth initiatives including securing a favorable court ruling in our ongoing litigation with natera that paves the way for a full clinical launch of our radar st mrd assay I'll cover these initiatives in more detail shortly. i'll cover these initiatives in more detail shortly Taking a step back for those who may be new to the story, having spent much of my first two quarters as CEO engaged in conversations with key stakeholders, I am as optimistic as ever about the significant opportunities that are in front of us as a leader in cancer testing. Importantly, we continue to differentiate ourselves in the community setting with both hospitals and oncologists where approximately 80% of all cancer care is delivered. We've built a geographically balanced lab network that allows us to be responsive to customer needs, including offering some of the fastest test turnaround times in the industry when faster, more accurate treatment decisions can have a material impact on patient outcomes. Taking a step back for those who may be new to the story, having spent much of my first two quarters as CEO engaged in conversations with key stakeholders, I am as optimistic as ever about the significant opportunities that are in front of us as a leader in cancer testing. taking a step back for those who may be new to the story having spent much of my first two quarters as ceo engaged in conversations with key stakeholders i am as optimistic as ever about the significant opportunities that are in front of us as a leader in cancer testing Importantly, we continue to differentiate ourselves in the community setting with both hospitals and oncologists where approximately 80% of all cancer care is delivered. importantly we continue to differentiate ourselves in the community setting with both hospitals and oncologists where approximately 80% of all cancer care is delivered We've built a geographically balanced lab network that allows us to be responsive to customer needs, including offering some of the fastest test turnaround times in the industry when faster, more accurate treatment decisions can have a material impact on patient outcomes. we've built a geographically balanced lab network that allows us to be responsive to customer needs including offering some of the fastest test turnaround times in the industry when faster more accurate treatment decisions can have a material impact on patient outcomes Our recent acquisition of Pathline, a New York State approved lab based in New Jersey, gives us a meaningful presence in the Northeast, which is the number three cancer care market in the U.S. We believe the addition of Pathline allows us to offer significantly faster turnaround times, a larger and relevant New York State approved test menu, and an enhanced physician experience in the Northeast region where we have historically been underpenetrated. The integration continues to proceed according to the plan that we communicated when we announced the transaction in March, including the validation of critical turnaround time sensitive assays which was completed during the third quarter. We remain positive about the impact that the acquisition will have in accelerating our growth in the Northeast, and we're on track to capture operational efficiencies and synergies that we anticipate will be accretive to profitability beginning in 2026. Our recent acquisition of Pathline, a New York State approved lab based in New Jersey, gives us a meaningful presence in the Northeast, which is the number three cancer care market in the U.S. our recent acquisition of pathline a new york state approved lab based in new jersey gives us a meaningful presence in the northeast which is the number three cancer care market in the u.s We believe the addition of Pathline allows us to offer significantly faster turnaround times, a larger and relevant New York State approved test menu, and an enhanced physician experience in the Northeast region where we have historically been underpenetrated. we believe the addition of pathline allows us to offer significantly faster turnaround times a larger and relevant new york state approved test menu and an enhanced physician experience in the northeast region where we have historically been underpenetrated The integration continues to proceed according to the plan that we communicated when we announced the transaction in March, including the validation of critical turnaround time sensitive assays which was completed during the third quarter. the integration continues to proceed according to the plan that we communicated when we announced the transaction in march including the validation of critical turnaround time sensitive assays which was completed during the third quarter We remain positive about the impact that the acquisition will have in accelerating our growth in the Northeast, and we're on track to capture operational efficiencies and synergies that we anticipate will be accretive to profitability beginning in 2026. we remain positive about the impact that the acquisition will have in accelerating our growth in the northeast and we're on track to capture operational efficiencies and synergies that we anticipate will be accretive to profitability beginning in 2026 Together with our world class commercial team, we have deep relationships with hospitals, cancer centers and oncologists across the country. We're winning the customer experience by enabling precision oncology in the community setting where adoption of next-generation testing has historically lagged behind NCI-designated cancer centers. Our customers increasingly view us as the partner of choice for all of their testing needs as their patients advance along their cancer care journey. We offer one of the broadest menus in the industry with more than 500 tests focused solely on oncology. Our menu spans everything from diagnostics to next-generation sequencing for therapy selection to MRD for cancer recurrence and monitoring. This makes NeoGenomics an ideal partner for institutions and practices who are looking to consolidate send-out testing to simplify operational workflows and improve patient experience. Together with our world class commercial team, we have deep relationships with hospitals, cancer centers and oncologists across the country. together with our world class commercial team we have deep relationships with hospitals cancer centers and oncologists across the country We're winning the customer experience by enabling precision oncology in the community setting where adoption of next-generation testing has historically lagged behind NCI-designated cancer centers. we're winning the customer experience by enabling precision oncology in the community setting where adoption of next-generation testing has historically lagged behind nci-designated cancer centers Our customers increasingly view us as the partner of choice for all of their testing needs as their patients advance along their cancer care journey. our customers increasingly view us as the partner of choice for all of their testing needs as their patients advance along their cancer care journey We offer one of the broadest menus in the industry with more than 500 tests focused solely on oncology. we offer one of the broadest menus in the industry with more than 500 tests focused solely on oncology Our menu spans everything from diagnostics to next-generation sequencing for therapy selection to MRD for cancer recurrence and monitoring. our menu spans everything from diagnostics to next-generation sequencing for therapy selection to mrd for cancer recurrence and monitoring This makes NeoGenomics an ideal partner for institutions and practices who are looking to consolidate send-out testing to simplify operational workflows and improve patient experience. this makes neogenomics an ideal partner for institutions and practices who are looking to consolidate send-out testing to simplify operational workflows and improve patient experience The therapy selection and MRD markets represent more than $40 billion of addressable market opportunity, both of which are growing rapidly and are relatively underpenetrated. Needless to say, the ongoing investments that we make in R&D as well as the potential BD partnerships are focused on these areas. This is particularly true of MRD where we think we can create significant value while introducing innovation to the cancer testing market where it's needed in the community setting. We also remain committed to our next-gen MRD research program focused on generating IP that is entirely separate and distinct from our RaDaR portfolio. Given our broad menu and strong brand recognition in the community setting, coupled with a competitive MRD test, we believe we will capture market share over time as we add additional indications to this modality. The therapy selection and MRD markets represent more than $40 billion of addressable market opportunity, both of which are growing rapidly and are relatively underpenetrated. the therapy selection and mrd markets represent more than $40 billion of addressable market opportunity both of which are growing rapidly and are relatively underpenetrated Needless to say, the ongoing investments that we make in R&D as well as the potential BD partnerships are focused on these areas. needless to say the ongoing investments that we make in r&d as well as the potential bd partnerships are focused on these areas This is particularly true of MRD where we think we can create significant value while introducing innovation to the cancer testing market where it's needed in the community setting. this is particularly true of mrd where we think we can create significant value while introducing innovation to the cancer testing market where it's needed in the community setting We also remain committed to our next-gen MRD research program focused on generating IP that is entirely separate and distinct from our RaDaR portfolio. we also remain committed to our next-gen mrd research program focused on generating ip that is entirely separate and distinct from our radar portfolio Given our broad menu and strong brand recognition in the community setting, coupled with a competitive MRD test, we believe we will capture market share over time as we add additional indications to this modality. given our broad menu and strong brand recognition in the community setting coupled with a competitive mrd test we believe we will capture market share over time as we add additional indications to this modality While Jeff will provide a detailed review of our financials in a moment, I'd like to hit a few highlights from our third quarter. Our clinical business continued to perform well, driven by volume and share gains in key segments. As expected, nonclinical revenue declined in the quarter due to lower revenue from pharma and biotech customers. Total revenue for Q3 was $188 million, representing double-digit growth of 12% year-over-year. Our clinical business continued its robust growth, generating revenue growth of 15% excluding the Pathline acquisition. The clinical performance was driven by effective execution of our commercial strategy: protect, expand, and acquire. In the third quarter, we again saw a sequential improvement in AUP, a record quarter for test volumes, and NGS revenue growth of 24%, well ahead of the low to mid-teens NGS market growth rate. While Jeff will provide a detailed review of our financials in a moment, I'd like to hit a few highlights from our third quarter. while jeff will provide a detailed review of our financials in a moment i'd like to hit a few highlights from our third quarter Our clinical business continued to perform well, driven by volume and share gains in key segments. our clinical business continued to perform well driven by volume and share gains in key segments As expected, nonclinical revenue declined in the quarter due to lower revenue from pharma and biotech customers. as expected nonclinical revenue declined in the quarter due to lower revenue from pharma and biotech customers Total revenue for Q3 was $188 million, representing double-digit growth of 12% year-over- year. total revenue for q3 was $188 million representing double-digit growth of 12% year-over- year Our clinical business continued its robust growth, generating revenue growth of 15% excluding the Pathline acquisition. our clinical business continued its robust growth generating revenue growth of 15% excluding the pathline acquisition The clinical performance was driven by effective execution of our commercial strategy: protect, expand, and acquire. the clinical performance was driven by effective execution of our commercial strategy protect expand and acquire In the third quarter, we again saw a sequential improvement in AUP, a record quarter for test volumes, and NGS revenue growth of 24%, well ahead of the low to mid-teens NGS market growth rate. in the third quarter we again saw a sequential improvement in aup a record quarter for test volumes and ngs revenue growth of 24% well ahead of the low to mid-teens ngs market growth rate The five NGS products launched in 2023 contributed 24% of clinical revenue in the quarter. We continue to see demand for our non-NGS modalities as well, with all modalities growing above market, which resulted in record volumes up 10.4% versus prior year on a same-store basis. The non-clinical portion of our business accounted for less than 9% of our total revenue in the third quarter and was down from the prior year, consistent with our expectations. Turning now to our RaDaR ST MRD assay, in August, the District Court for the Middle District of North Carolina granted our motion for summary judgment that all of Natera's asserted patent claims are invalid for claiming ineligible subject matter. The court dismissed Natera's claims against NeoGenomics with prejudice and entered a declaratory judgment of invalidity of both of Natera's asserted patents. The five NGS products launched in 2023 contributed 24% of clinical revenue in the quarter. the five ngs products launched in 2023 contributed 24% of clinical revenue in the quarter We continue to see demand for our non-NGS modalities as well, with all modalities growing above market, which resulted in record volumes up 10.4% versus prior year on a same-store basis. we continue to see demand for our non-ngs modalities as well with all modalities growing above market which resulted in record volumes up 10.4% versus prior year on a same-store basis The non-clinical portion of our business accounted for less than 9% of our total revenue in the third quarter and was down from the prior year, consistent with our expectations. the non-clinical portion of our business accounted for less than 9% of our total revenue in the third quarter and was down from the prior year consistent with our expectations Turning now to our RaDaR ST MRD assay, in August, the District Court for the Middle District of North Carolina granted our motion for summary judgment that all of Natera's asserted patent claims are invalid for claiming ineligible subject matter. turning now to our radar st mrd assay in august the district court for the middle district of north carolina granted our motion for summary judgment that all of natera's asserted patent claims are invalid for claiming ineligible subject matter The court dismissed Natera's claims against NeoGenomics with prejudice and entered a declaratory judgment of invalidity of both of Natera's asserted patents. the court dismissed natera's claims against neogenomics with prejudice and entered a declaratory judgment of invalidity of both of natera's asserted patents The ruling paves the way for us to broadly commercialize RaDaR ST, formerly RaDaR 1.1. We launched RaDaR ST for biopharma customers in Q3, and while some of these efforts could result in bookings in Q4 of 2025, the lead times necessary to obtain samples make it more likely that we'll begin recognizing revenue from biopharma customers in 2026. We have received MolDX approval for RaDaR ST in subsets of head and neck and breast cancer. We're preparing for a robust launch of this important assay in the clinical oncology setting in Q1 of 2026. The ruling paves the way for us to broadly commercialize RaDaR ST, formerly RaDaR 1.1. the ruling paves the way for us to broadly commercialize radar st formerly radar 1.1 We launched RaDaR ST for biopharma customers in Q3, and while some of these efforts could result in bookings in Q4 of 2025, the lead times necessary to obtain samples make it more likely that we'll begin recognizing revenue from biopharma customers in 2026. we launched radar st for biopharma customers in q3 and while some of these efforts could result in bookings in q4 of 2025 the lead times necessary to obtain samples make it more likely that we'll begin recognizing revenue from biopharma customers in 2026 We have received MolDX approval for RaDaR ST in subsets of head and neck and breast cancer. we have received moldx approval for radar st in subsets of head and neck and breast cancer We're preparing for a robust launch of this important assay in the clinical oncology setting in Q1 of 2026. we're preparing for a robust launch of this important assay in the clinical oncology setting in q1 of 2026 We estimate that MRD cancer surveillance and monitoring represents a $30 billion addressable market, growing at a 30% CAGR, and with the market penetration of less than 10%, we believe we are well positioned as the cancer testing partner of choice in the community setting to capitalize on this lucrative market and deliver a differentiated and integrated MRD solution to our oncology customers. In parallel with our RaDaR ST launch preparedness activities, we continue to focus our R&D investments in next-generation MRD, demonstrating our long-term commitment to the MRD space as well as complementary targeted partnerships that allow us to fill in MRD product gaps that we don't currently address in an effort to deliver a unique industry-leading MRD portfolio to the market. Now turning to PanTracer LBx, our liquid biopsy genomic profiling test that delivers comprehensive, clinically actionable insights from a simple blood draw. We estimate that MRD cancer surveillance and monitoring represents a $30 billion addressable market, growing at a 30% CAGR, and with the market penetration of less than 10%, we believe we are well positioned as the cancer testing partner of choice in the community setting to capitalize on this lucrative market and deliver a differentiated and integrated MRD solution to our oncology customers. we estimate that mrd cancer surveillance and monitoring represents a $30 billion addressable market growing at a 30% cagr and with the market penetration of less than 10% we believe we are well positioned as the cancer testing partner of choice in the community setting to capitalize on this lucrative market and deliver a differentiated and integrated mrd solution to our oncology customers In parallel with our RaDaR ST launch preparedness activities, we continue to focus our R&D investments in next-generation MRD, demonstrating our long-term commitment to the MRD space as well as complementary targeted partnerships that allow us to fill in MRD product gaps that we don't currently address in an effort to deliver a unique industry-leading MRD portfolio to the market. in parallel with our radar st launch preparedness activities we continue to focus our r&d investments in next-generation mrd demonstrating our long-term commitment to the mrd space as well as complementary targeted partnerships that allow us to fill in mrd product gaps that we don't currently address in an effort to deliver a unique industry-leading mrd portfolio to the market Now turning to PanTracer LBx, our liquid biopsy genomic profiling test that delivers comprehensive, clinically actionable insights from a simple blood draw. now turning to pantracer lbx our liquid biopsy genomic profiling test that delivers comprehensive clinically actionable insights from a simple blood draw PanTracer LBx is a non-invasive blood-based test that analyzes circulating tumor DNA to identify key genomic alterations that inform treatment decisions in patients with advanced stage solid tumors. PanTracer LBx, together with our PanTracer Tissue Test, form a comprehensive portfolio capable of delivering a holistic genomic picture of the patient in support of therapy selection. With an average turnaround time of just seven days, PanTracer LBx empowers real-time decision making. Recall that last quarter we elected to delay the commercial launch of PanTracer LBx so that we could incorporate learnings from our Evaluation Assessment Program to improve the product profile in preparation for a full clinical launch. We allowed select physicians to use the assay on a limited basis ahead of commercial availability. PanTracer LBx is a non-invasive blood-based test that analyzes circulating tumor DNA to identify key genomic alterations that inform treatment decisions in patients with advanced stage solid tumors. pantracer lbx is a non-invasive blood-based test that analyzes circulating tumor dna to identify key genomic alterations that inform treatment decisions in patients with advanced stage solid tumors PanTracer LBx, together with our PanTracer Tissue Test, form a comprehensive portfolio capable of delivering a holistic genomic picture of the patient in support of therapy selection. pantracer lbx together with our pantracer tissue test form a comprehensive portfolio capable of delivering a holistic genomic picture of the patient in support of therapy selection With an average turnaround time of just seven days, PanTracer LBx empowers real-time decision making. with an average turnaround time of just seven days pantracer lbx empowers real-time decision making Recall that last quarter we elected to delay the commercial launch of PanTracer LBx so that we could incorporate learnings from our Evaluation Assessment Program to improve the product profile in preparation for a full clinical launch. recall that last quarter we elected to delay the commercial launch of pantracer lbx so that we could incorporate learnings from our evaluation assessment program to improve the product profile in preparation for a full clinical launch We allowed select physicians to use the assay on a limited basis ahead of commercial availability. we allowed select physicians to use the assay on a limited basis ahead of commercial availability The EAP, which was very well subscribed, helped us further enhance the assay clinically and optimize the launch by testing and identifying the opportunities to streamline logistics, reporting, and customer support. With the benefit of valuable lessons we garnered from our EAP, we launched the product in late July, three months later than expected. Based on the interest we're seeing, I believe the delay allowed us to introduce a better product which will further support the strong NGS volumes we are capturing this year and position us well for continued growth in 2026. We continue to work with MolDX on our PanTracer LBx submission and will provide additional updates as they become available. The EAP, which was very well subscribed, helped us further enhance the assay clinically and optimize the launch by testing and identifying the opportunities to streamline logistics, reporting, and customer support. the eap which was very well subscribed helped us further enhance the assay clinically and optimize the launch by testing and identifying the opportunities to streamline logistics reporting and customer support With the benefit of valuable lessons we garnered from our EAP, we launched the product in late July, three months later than expected. with the benefit of valuable lessons we garnered from our eap we launched the product in late july three months later than expected Based on the interest we're seeing, I believe the delay allowed us to introduce a better product which will further support the strong NGS volumes we are capturing this year and position us well for continued growth in 2026. based on the interest we're seeing i believe the delay allowed us to introduce a better product which will further support the strong ngs volumes we are capturing this year and position us well for continued growth in 2026 We continue to work with MolDX on our PanTracer LBx submission and will provide additional updates as they become available. we continue to work with moldx on our pantracer lbx submission and will provide additional updates as they become available As it pertains to our full year 2025 guidance, based on the strength in our clinical business and expected performance in our non-clinical business that I just reviewed, we have revised guidance for consolidated revenue, adjusted EBITDA, and net loss that we provided last quarter. I'm incredibly optimistic about our future, particularly as we continue to innovate in the large and rapidly growing NGS and MRD markets and further leverage our leading presence in the community setting where as much as 80% of cancer care is delivered to patients. With that, I'll hand it over to Jeff to further discuss our results from the quarter. As it pertains to our full year 2025 guidance, based on the strength in our clinical business and expected performance in our non-clinical business that I just reviewed, we have revised guidance for consolidated revenue, adjusted EBITDA, and net loss that we provided last quarter. as it pertains to our full year 2025 guidance based on the strength in our clinical business and expected performance in our non-clinical business that i just reviewed we have revised guidance for consolidated revenue adjusted ebitda and net loss that we provided last quarter I'm incredibly optimistic about our future, particularly as we continue to innovate in the large and rapidly growing NGS and MRD markets and further leverage our leading presence in the community setting where as much as 80% of cancer care is delivered to patients. i'm incredibly optimistic about our future particularly as we continue to innovate in the large and rapidly growing ngs and mrd markets and further leverage our leading presence in the community setting where as much as 80% of cancer care is delivered to patients With that, I'll hand it over to Jeff to further discuss our results from the quarter. with that i'll hand it over to jeff to further discuss our results from the quarter

Speaker 9: Thanks Tony and good morning. Third quarter total revenue grew sequentially by 4% from Q2 and increased by 12% over prior year to $188 million. Total clinical revenue continued with strong double digit growth and increased by 18% from prior year. This strong clinical growth was partially offset by non-clinical revenue declining by 27% versus the prior year, driven by weakness in the pharma revenue Tony spoke about. Adjusted gross profit improved by $5.2 million or 7% over prior year. Adjusted EBITDA was $12.2 million, the ninth consecutive quarter of positive earnings. Clinical volumes and revenues continued with robust growth in the quarter. Total test volumes increased by 15% in the third quarter with AUP growth of 3%. Same store revenue without contribution from Pathline was $167 million, representing growth of 15% driven by a 10% increase in test volumes and a 4% increase in AUP. Thanks Tony and good morning. thanks tony and good morning Third quarter total revenue grew sequentially by 4% from Q2 and increased by 12% over prior year to $188 million. third quarter total revenue grew sequentially by 4% from q2 and increased by 12% over prior year to $188 million Total clinical revenue continued with strong double digit growth and increased by 18% from prior year. total clinical revenue continued with strong double digit growth and increased by 18% from prior year This strong clinical growth was partially offset by non-clinical revenue declining by 27% versus the prior year, driven by weakness in the pharma revenue Tony spoke about. this strong clinical growth was partially offset by non-clinical revenue declining by 27% versus the prior year driven by weakness in the pharma revenue tony spoke about Adjusted gross profit improved by $5.2 million or 7% over prior year. adjusted gross profit improved by $5.2 million or 7% over prior year Adjusted EBITDA was $12.2 million, the ninth consecutive quarter of positive earnings. adjusted ebitda was $12.2 million the ninth consecutive quarter of positive earnings Clinical volumes and revenues continued with robust growth in the quarter. clinical volumes and revenues continued with robust growth in the quarter Total test volumes increased by 15% in the third quarter with AUP growth of 3%. total test volumes increased by 15% in the third quarter with aup growth of 3% Same store revenue without contribution from Pathline was $167 million, representing growth of 15% driven by a 10% increase in test volumes and a 4% increase in AUP. same store revenue without contribution from pathline was $167 million representing growth of 15% driven by a 10% increase in test volumes and a 4% increase in aup We are continuing to see strength across our portfolio with above market growth rates across the modalities we offer. NGS revenues grew by 24% over prior year in the quarter and accounted for 33% of total clinical revenue year to date. NGS revenues grew by 22% over prior year. Average revenue per clinical test increased sequentially from Q2 by $15 or 3% and was up by 3% from prior year excluding Pathline. AUP increased by $17 or 4% from Q2 and was also up 4% over prior year. A larger percentage of higher value tests including NGS as well as recent managed care pricing increases are helping to drive higher AUP. Total operating expenses in the quarter were $107 million, an increase of $11 million or 12%. We are continuing to see strength across our portfolio with above market growth rates across the modalities we offer. we are continuing to see strength across our portfolio with above market growth rates across the modalities we offer NGS revenues grew by 24% over prior year in the quarter and accounted for 33% of total clinical revenue year to date. ngs revenues grew by 24% over prior year in the quarter and accounted for 33% of total clinical revenue year to date NGS revenues grew by 22% over prior year. ngs revenues grew by 22% over prior year Average revenue per clinical test increased sequentially from Q2 by $15 or 3% and was up by 3% from prior year excluding Pathline. average revenue per clinical test increased sequentially from q2 by $15 or 3% and was up by 3% from prior year excluding pathline AUP increased by $17 or 4% from Q2 and was also up 4% over prior year. aup increased by $17 or 4% from q2 and was also up 4% over prior year A larger percentage of higher value tests including NGS as well as recent managed care pricing increases are helping to drive higher AUP. a larger percentage of higher value tests including ngs as well as recent managed care pricing increases are helping to drive higher aup Total operating expenses in the quarter were $107 million, an increase of $11 million or 12%. total operating expenses in the quarter were $107 million an increase of $11 million or 12% We recorded an additional $7 million in impairment charges related to the planned sale of Trapelo, with the balance of the cost increase due to higher compensation costs driven by the expansion of the commercial sales team. Cash flow from operations was a positive $9 million in the quarter and we ended the quarter with total cash of $164 million, up slightly from Q2. Our balance sheet and expected cash flow will enable us to continue to invest in our business to drive organic growth, increase operating efficiencies, and fund future business development opportunities including licensing and partnerships. We continue to see traction from the investments we have made to expand and enhance our commercial organization. We recorded an additional $7 million in impairment charges related to the planned sale of Trapelo, with the balance of the cost increase due to higher compensation costs driven by the expansion of the commercial sales team. we recorded an additional $7 million in impairment charges related to the planned sale of trapelo with the balance of the cost increase due to higher compensation costs driven by the expansion of the commercial sales team Cash flow from operations was a positive $9 million in the quarter and we ended the quarter with total cash of $164 million, up slightly from Q2. cash flow from operations was a positive $9 million in the quarter and we ended the quarter with total cash of $164 million up slightly from q2 Our balance sheet and expected cash flow will enable us to continue to invest in our business to drive organic growth, increase operating efficiencies, and fund future business development opportunities including licensing and partnerships. our balance sheet and expected cash flow will enable us to continue to invest in our business to drive organic growth increase operating efficiencies and fund future business development opportunities including licensing and partnerships We continue to see traction from the investments we have made to expand and enhance our commercial organization. we continue to see traction from the investments we have made to expand and enhance our commercial organization With our strong test volume growth, the LIMS project remains on track, and we expect to deliver operating efficiencies in 2026 and 2027 through the consolidation of multiple LIMS systems and reduction in redundant operating costs, as well as streamlining our lab operations. We remain committed to driving long-term shareholder value through targeted investments in the business and improved operational execution. As Tony noted, we are reiterating our full-year guidance that we updated in the second quarter. We expect full-year consolidated revenue will be in the range of $720 million-$726 million, representing growth of 9%-10% over full-year 2024. With our strong test volume growth, the LIMS project remains on track, and we expect to deliver operating efficiencies in 2026 and 2027 through the consolidation of multiple LIMS systems and reduction in redundant operating costs, as well as streamlining our lab operations. with our strong test volume growth the lims project remains on track and we expect to deliver operating efficiencies in 2026 and 2027 through the consolidation of multiple lims systems and reduction in redundant operating costs as well as streamlining our lab operations We remain committed to driving long-term shareholder value through targeted investments in the business and improved operational execution. we remain committed to driving long-term shareholder value through targeted investments in the business and improved operational execution As Tony noted, we are reiterating our full-year guidance that we updated in the second quarter. as tony noted we are reiterating our full-year guidance that we updated in the second quarter We expect full-year consolidated revenue will be in the range of $720 million- $726 million, representing growth of 9%-1 0% over full-year 2024. we expect full-year consolidated revenue will be in the range of $720 million- $726 million representing growth of 9%-1 0% over full-year 2024 We anticipate adjusted EBITDA to be in a range of $41 million-$44 million, representing growth of 3%-10%, and we expect full-year net loss to be in a range of $116 million-$108 million, representing an increase of 37%-47% as compared to our full-year 2024 net loss of $79 million. We will release our 2026 guidance when we report our full 2025 full-year earnings in February. With that, I'll turn the call back to Tony. We anticipate adjusted EBITDA to be in a range of $41 million- $44 million, representing growth of 3% - 10%, and we expect full-year net loss to be in a range of $116 million- $108 million, representing an increase of 37%- 47% as compared to our full-year 2024 net loss of $79 million. we anticipate adjusted ebitda to be in a range of $41 million- $44 million representing growth of 3% - 10% and we expect full-year net loss to be in a range of $116 million- $108 million representing an increase of 37%- 47% as compared to our full-year 2024 net loss of $79 million We will release our 2026 guidance when we report our full 2025 full-year earnings in February. we will release our 2026 guidance when we report our full 2025 full-year earnings in february With that, I'll turn the call back to Tony. with that i'll turn the call back to tony

Speaker 12: Thanks, Jeff. To recap, during the third quarter we again delivered strong clinical volumes and revenue while advancing NGS and MRD initiatives that we believe will contribute to accelerating growth in 2026 and beyond. We believe our unwavering focus on delivering a superior customer experience in the community setting is resonating in the marketplace, and as we continue to expand our menu of tests, community oncologists and pathologists will continue to view us as a partner of choice for their cancer testing and send out consolidation needs. We remain committed to innovation and operational excellence, which we believe will drive sustainable and profitable growth for our company and improve outcomes for patients. Thank you for your continued interest in NeoGenomics. Operator, this concludes our prepared remarks, so please open the line for questions. Thanks, Jeff. thanks jeff To recap, during the third quarter we again delivered strong clinical volumes and revenue while advancing NGS and MRD initiatives that we believe will contribute to accelerating growth in 2026 and beyond. to recap during the third quarter we again delivered strong clinical volumes and revenue while advancing ngs and mrd initiatives that we believe will contribute to accelerating growth in 2026 and beyond We believe our unwavering focus on delivering a superior customer experience in the community setting is resonating in the marketplace, and as we continue to expand our menu of tests, community oncologists and pathologists will continue to view us as a partner of choice for their cancer testing and send out consolidation needs. we believe our unwavering focus on delivering a superior customer experience in the community setting is resonating in the marketplace and as we continue to expand our menu of tests community oncologists and pathologists will continue to view us as a partner of choice for their cancer testing and send out consolidation needs We remain committed to innovation and operational excellence, which we believe will drive sustainable and profitable growth for our company and improve outcomes for patients. we remain committed to innovation and operational excellence which we believe will drive sustainable and profitable growth for our company and improve outcomes for patients Thank you for your continued interest in NeoGenomics. thank you for your continued interest in neogenomics Operator, this concludes our prepared remarks, so please open the line for questions. operator this concludes our prepared remarks so please open the line for questions

Speaker 10: Thank you very much. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your phone keypad now. A confirmation tone will indicate that your line is in the queue. You may press star two if you would like to remove your question from the queue. For any participants using speaker equipment, it might be necessary to pick up your handset before you press the keys. Please wait a moment while we poll for questions. Thank you very much. Your first question is coming from David Westerberg of Piper Sandler. David, your line is live. Thank you very much. thank you very much At this time, we will be conducting a question-and- answer session. at this time we will be conducting a question-and- answer session If you would like to ask a question, please press star one on your phone keypad now. if you would like to ask a question please press star one on your phone keypad now A confirmation tone will indicate that your line is in the queue. a confirmation tone will indicate that your line is in the queue You may press star two if you would like to remove your question from the queue. you may press star two if you would like to remove your question from the queue For any participants using speaker equipment, it might be necessary to pick up your handset before you press the keys. for any participants using speaker equipment it might be necessary to pick up your handset before you press the keys Please wait a moment while we poll for questions. please wait a moment while we poll for questions Thank you very much. thank you very much Your first question is coming from David Westerberg of Piper Sandler. your first question is coming from david westerberg of piper sandler David, your line is live. david your line is live

Speaker 8: Thank you very much. Congrats on a strong quarter, particularly with that clinical revenue growth. How do you feel? I'm going to start with Jeff, how comfortable you feel with the guidance. Can you remind us what's the latest on PanTracer LBx? Is there any chance you could see some revenue from that this year? I just want to confirm that that was removed from the guidance. If we did revenue from it this year, it would be upside to your estimates. Yeah. Thank you very much. thank you very much Congrats on a strong quarter, particularly with that clinical revenue growth. congrats on a strong quarter particularly with that clinical revenue growth How do you feel? how do you feel I'm going to start with Jeff, how comfortable you feel with the guidance. i'm going to start with jeff how comfortable you feel with the guidance Can you remind us what's the latest on PanTracer LBx? can you remind us what's the latest on pantracer lbx Is there any chance you could see some revenue from that this year? is there any chance you could see some revenue from that this year I just want to confirm that that was removed from the guidance. i just want to confirm that that was removed from the guidance If we did revenue from it this year, it would be upside to your estimates. if we did revenue from it this year it would be upside to your estimates Yeah. yeah

Speaker 9: Thanks, Dave. We gave thoughtful guidance for the year in Q2. We believe we had a good third quarter and believe we're in a good position to meet Q4 expectations. In terms of liquid, Tony was pretty clear last quarter that we did not need approval for liquid biopsy from MolDX to hit our guide. That is still the case as we look at our performance now in the fourth quarter. Thanks, Dave. thanks dave We gave thoughtful guidance for the year in Q2. we gave thoughtful guidance for the year in q2 We believe we had a good third quarter and believe we're in a good position to meet Q4 expectations. we believe we had a good third quarter and believe we're in a good position to meet q4 expectations In terms of liquid, Tony was pretty clear last quarter that we did not need approval for liquid biopsy from MolDX to hit our guide. in terms of liquid tony was pretty clear last quarter that we did not need approval for liquid biopsy from moldx to hit our guide That is still the case as we look at our performance now in the fourth quarter. that is still the case as we look at our performance now in the fourth quarter

Speaker 8: Gotcha. I know you're not giving 2026, but you gave a lot of good commentary on MRD and you hinted that you will be a contributor to revenue in 2026. Can you give us a sense for when you expect certain reimbursements? I know there's some competitive stuff you want to be a little bit careful with, but just in the sense of the magnitude and timing of some of those, what you're going to get in MRD. Can you give us a sense on how much commercial muscle you'll. Gotcha. gotcha I know you're not giving 2026, but you gave a lot of good commentary on MRD and you hinted that you will be a contributor to revenue in 2026. i know you're not giving 2026 but you gave a lot of good commentary on mrd and you hinted that you will be a contributor to revenue in 2026 Can you give us a sense for when you expect certain reimbursements? can you give us a sense for when you expect certain reimbursements I know there's some competitive stuff you want to be a little bit careful with, but just in the sense of the magnitude and timing of some of those, what you're going to get in MRD. i know there's some competitive stuff you want to be a little bit careful with but just in the sense of the magnitude and timing of some of those what you're going to get in mrd Can you give us a sense on how much commercial muscle you'll. can you give us a sense on how much commercial muscle you'll be put behind these launches? be put behind these launches? be put behind these launches Just as a reminder, I think with breast you have a lot of expansion indications. Do you think you could get expansion in that indication this year, next year? Thank you very much. Again, congrats. I'll hop off after this. Just as a reminder, I think with breast you have a lot of expansion indications. just as a reminder i think with breast you have a lot of expansion indications Do you think you could get expansion in that indication this year, next year? do you think you could get expansion in that indication this year next year Thank you very much. thank you very much Again, congrats. again congrats I'll hop off after this. i'll hop off after this Thank you. Thank you. thank you

Speaker 12: Thanks, David. It's Tony. I'll take a crack at a couple of these, and then certainly I can look to Warren to add a little bit more color as well. First on 2026, as you appropriately say, we'll talk 2026 in 2026, but I will give you a sense of what we see as some of the growth drivers that we anticipate for 2026, and then I will pull that back to your conversation around liquid biopsy and RaDaR ST. At the highest level, you should expect the growth drivers for 2026 to be in large part quite similar to what we had in 2025. We expect our ongoing strong clinical performance relative to volumes to continue, and that will certainly be a growth driver for us. We expect ongoing NGS growth rate. Thanks, David. thanks david It's Tony. it's tony I'll take a crack at a couple of these, and then certainly I can look to Warren to add a little bit more color as well. i'll take a crack at a couple of these and then certainly i can look to warren to add a little bit more color as well First on 2026, as you appropriately say, we'll talk 2026 in 2026, but I will give you a sense of what we see as some of the growth drivers that we anticipate for 2026, and then I will pull that back to your conversation around liquid biopsy and RaDaR ST. first on 2026 as you appropriately say we'll talk 2026 in 2026 but i will give you a sense of what we see as some of the growth drivers that we anticipate for 2026 and then i will pull that back to your conversation around liquid biopsy and radar st At the highest level, you should expect the growth drivers for 2026 to be in large part quite similar to what we had in 2025. at the highest level you should expect the growth drivers for 2026 to be in large part quite similar to what we had in 2025 We expect our ongoing strong clinical performance relative to volumes to continue, and that will certainly be a growth driver for us. we expect our ongoing strong clinical performance relative to volumes to continue and that will certainly be a growth driver for us We expect ongoing NGS growth rate. we expect ongoing ngs growth rate As Jeff commented in his remarks, we had 24% growth in revenue at NGS, and that was with the hold ability of PanTracer LBx included within that mix. We have every expectation that NGS will continue to be a growth driver for us. As you rightfully mentioned, PanTracer LBx combined with the PanTracer family, we believe, will be drivers moving forward. We can't really speculate as to the timing of LBx reimbursement, but nonetheless, we see early, early signs of a positive uptake for the product, and we believe once reimbursement is secured, that will be a growth driver for us. We'll see revenue build through the course of the year, with obviously more of that becoming evident in the second half. As Jeff commented in his remarks, we had 24% growth in revenue at NGS, and that was with the hold ability of PanTracer LBx included within that mix. as jeff commented in his remarks we had 24% growth in revenue at ngs and that was with the hold ability of pantracer lbx included within that mix We have every expectation that NGS will continue to be a growth driver for us. we have every expectation that ngs will continue to be a growth driver for us As you rightfully mentioned, PanTracer LBx combined with the PanTracer family, we believe, will be drivers moving forward. as you rightfully mentioned pantracer lbx combined with the pantracer family we believe will be drivers moving forward We can't really speculate as to the timing of LBx reimbursement, but nonetheless, we see early, early signs of a positive uptake for the product, and we believe once reimbursement is secured, that will be a growth driver for us. we can't really speculate as to the timing of lbx reimbursement but nonetheless we see early early signs of a positive uptake for the product and we believe once reimbursement is secured that will be a growth driver for us We'll see revenue build through the course of the year, with obviously more of that becoming evident in the second half. we'll see revenue build through the course of the year with obviously more of that becoming evident in the second half The sales force that you mentioned, we are beginning to see the full benefit of now, the sales force expansion efforts that we have put in, and we expect that to be a continued driver for us. On the RaDaR ST front, we've already launched RaDaR ST in the pharma sector. We're having good early conversations with that. As you might expect, the lead times on that book of business take considerably longer, so we would expect kind of a slow revenue build in 2026 and most of that revenue becoming evident in the back half of 2026. With MolDX approval, with the current indications, we expect a full launch of RaDaR ST in the clinical setting in Q1. That will also be a build for us through the course of the year. The sales force that you mentioned, we are beginning to see the full benefit of now, the sales force expansion efforts that we have put in, and we expect that to be a continued driver for us. the sales force that you mentioned we are beginning to see the full benefit of now the sales force expansion efforts that we have put in and we expect that to be a continued driver for us On the RaDaR ST front, we've already launched RaDaR ST in the pharma sector. on the radar st front we've already launched radar st in the pharma sector We're having good early conversations with that. we're having good early conversations with that As you might expect, the lead times on that book of business take considerably longer, so we would expect kind of a slow revenue build in 2026 and most of that revenue becoming evident in the back half of 2026. as you might expect the lead times on that book of business take considerably longer so we would expect kind of a slow revenue build in 2026 and most of that revenue becoming evident in the back half of 2026 With MolDX approval, with the current indications, we expect a full launch of RaDaR ST in the clinical setting in Q1. with moldx approval with the current indications we expect a full launch of radar st in the clinical setting in q1 That will also be a build for us through the course of the year. that will also be a build for us through the course of the year Of course, there's still Pathline and our RCM initiatives, so we still see a healthy list of growth drivers for us in 2026. Relative to sales force, I think Warren and Beth Eastland, their teams have done a phenomenal job at onboarding the existing representatives that we have. You know, I will tell you that we still believe that that is the right size for the indication mix that we have. As we continue to invest and we will invest in new indication Flow, you should probably believe that we will be looking at options to upsize that sales force as it is under index, especially in the oncology side of our sales force. We don't anticipate that coming on too early. Of course, there's still Pathline and our RCM initiatives, so we still see a healthy list of growth drivers for us in 2026. of course there's still pathline and our rcm initiatives so we still see a healthy list of growth drivers for us in 2026 Relative to sales force, I think Warren and Beth Eastland, their teams have done a phenomenal job at onboarding the existing representatives that we have. relative to sales force i think warren and beth eastland their teams have done a phenomenal job at onboarding the existing representatives that we have You know, I will tell you that we still believe that that is the right size for the indication mix that we have. you know i will tell you that we still believe that that is the right size for the indication mix that we have As we continue to invest and we will invest in new indication Flow, you should probably believe that we will be looking at options to upsize that sales force as it is under index, especially in the oncology side of our sales force. as we continue to invest and we will invest in new indication flow you should probably believe that we will be looking at options to upsize that sales force as it is under index especially in the oncology side of our sales force We don't anticipate that coming on too early. we don't anticipate that coming on too early That'll be again, a build, probably more in the latter half, indicative of the new indications that we will be submitt and when they might come online, which would be more than likely second half. That's kind of a high level of the drivers. Again, we'll get more detail on these things in 2026 when we talk around February's time. Okay, Dave? That'll be again, a build, probably more in the latter half, indicative of the new indications that we will be submitt and when they might come online, which would be more than likely second half. that'll be again a build probably more in the latter half indicative of the new indications that we will be submitt and when they might come online which would be more than likely second half That's kind of a high level of the drivers. that's kind of a high level of the drivers Again, we'll get more detail on these things in 2026 when we talk around February's time. again we'll get more detail on these things in 2026 when we talk around february's time Okay, Dave? okay dave

Speaker 8: Yeah, thank you. That was a ton of detail. So thanks. Yeah, thank you. yeah thank you That was a ton of detail. that was a ton of detail So thanks. so thanks

Speaker 10: Thank you very much. Our next question is coming from Andrew Brackmann of William Blair. Andrew, your line is live. Thank you very much. thank you very much Our next question is coming from Andrew Brackmann of William Blair. our next question is coming from andrew brackmann of william blair Andrew, your line is live. andrew your line is live

Speaker 5: Great. Hi guys. Good morning. Thanks for taking the question. Maybe on the NGS side of things, the growth rates here imply that you're obviously taking share, growing market, or some combination of both. Can you maybe just sort of talk to us about where you're seeing the most wins on the customer side of things, what types of accounts where you're winning, and then also on the product side, what products are you leading with, where you're able to sort of capture share and begin to capture some share there? Great. great Hi guys. hi guys Good morning. good morning Thanks for taking the question. thanks for taking the question Maybe on the NGS side of things, the growth rates here imply that you're obviously taking share, growing market, or some combination of both. maybe on the ngs side of things the growth rates here imply that you're obviously taking share growing market or some combination of both Can you maybe just sort of talk to us about where you're seeing the most wins on the customer side of things, what types of accounts where you're winning, and then also on the product side, what products are you leading with, where you're able to sort of capture share and begin to capture some share there? can you maybe just sort of talk to us about where you're seeing the most wins on the customer side of things what types of accounts where you're winning and then also on the product side what products are you leading with where you're able to sort of capture share and begin to capture some share there Thanks. Thanks. thanks

Speaker 13: Yeah, thanks. Thanks, Andrew. Certainly, as you said, the growth rate of 24% implies a pretty meaningful share capture. Most of that business in quarter three was coming out of the community setting and largely from the oncology practice. Certainly, we still see opportunity within the community hospital setting, but as we onboard new practices, bring on new oncology ordering positions, and we see repeat order rates, we're seeing a compounding effect, so largely coming from that community oncology setting. In terms of focus areas, certainly the PanTracer family has been a core focus for us. We launched liquid, as we mentioned, but at the same time we've introduced the PanTracer family, which includes PanTracer tissue, PanTracer tissue plus HRD, and obviously PanTracer liquid, which is our solution for therapy selection on the solid tumor side. We're seeing really strong growth within that category as we make that a priority. Yeah, thanks. yeah thanks Thanks, Andrew. thanks andrew Certainly, as you said, the growth rate of 24% implies a pretty meaningful share capture. certainly as you said the growth rate of 24% implies a pretty meaningful share capture Most of that business in quarter three was coming out of the community setting and largely from the oncology practice. most of that business in quarter three was coming out of the community setting and largely from the oncology practice Certainly, we still see opportunity within the community hospital setting, but as we onboard new practices, bring on new oncology ordering positions, and we see repeat order rates, we're seeing a compounding effect, so largely coming from that community oncology setting. certainly we still see opportunity within the community hospital setting but as we onboard new practices bring on new oncology ordering positions and we see repeat order rates we're seeing a compounding effect so largely coming from that community oncology setting In terms of focus areas, certainly the PanTracer family has been a core focus for us. in terms of focus areas certainly the pantracer family has been a core focus for us We launched liquid, as we mentioned, but at the same time we've introduced the PanTracer family, which includes PanTracer tissue, PanTracer tissue plus HRD, and obviously PanTracer liquid, which is our solution for therapy selection on the solid tumor side. we launched liquid as we mentioned but at the same time we've introduced the pantracer family which includes pantracer tissue pantracer tissue plus hrd and obviously pantracer liquid which is our solution for therapy selection on the solid tumor side We're seeing really strong growth within that category as we make that a priority. we're seeing really strong growth within that category as we make that a priority We're certainly not losing sight of what got us here, which is our heme NGS portfolio, and that continues to grow very effectively as well. There's a subset of five to seven products which are ultimately our key focus area from a therapy selection perspective, and all of them are seeing attractive. We're certainly not losing sight of what got us here, which is our heme NGS portfolio, and that continues to grow very effectively as well. we're certainly not losing sight of what got us here which is our heme ngs portfolio and that continues to grow very effectively as well There's a subset of five to seven products which are ultimately our key focus area from a therapy selection perspective, and all of them are seeing attractive. there's a subset of five to seven products which are ultimately our key focus area from a therapy selection perspective and all of them are seeing attractive From a protect, expand, acquire perspective, from an acquire or new oncologist coming on board, we're seeing a good lift from recently brought on oncologists in 2025. We track that closely, and we're seeing reorder rates and higher penetration amongst that. We are seeing success in the acquire aspect of our strategy as well, I guess. From a protect, expand, acquire perspective, from an acquire or new oncologist coming on board, we're seeing a good lift from recently brought on oncologists in 2025. from a protect expand acquire perspective from an acquire or new oncologist coming on board we're seeing a good lift from recently brought on oncologists in 2025 We track that closely, and we're seeing reorder rates and higher penetration amongst that. we track that closely and we're seeing reorder rates and higher penetration amongst that We are seeing success in the acquire aspect of our strategy as well, I guess. we are seeing success in the acquire aspect of our strategy as well i guess

Speaker 12: Andrew, the last cat off point, I think Warren was just hitting on it towards the end. You know, NGS just strategic for us is, is extremely important that we continue that penetration into the therapy selection markets. You know, as Warren highlighted, the top five products now represent almost a quarter of our clinical revenue. NGS in totality is almost a third of our total clinical revenue. It aids us in AUP and a whole lot of other areas. It is going to be a continued point of emphasis for us moving forward. Thanks for the call. Andrew, the last cat off point, I think Warren was just hitting on it towards the end. andrew the last cat off point i think warren was just hitting on it towards the end You know, NGS just strategic for us is, is extremely important that we continue that penetration into the therapy selection markets. you know ngs just strategic for us is is extremely important that we continue that penetration into the therapy selection markets You know, as Warren highlighted, the top five products now represent almost a quarter of our clinical revenue. you know as warren highlighted the top five products now represent almost a quarter of our clinical revenue NGS in totality is almost a third of our total clinical revenue. ngs in totality is almost a third of our total clinical revenue It aids us in AUP and a whole lot of other areas. it aids us in aup and a whole lot of other areas It is going to be a continued point of emphasis for us moving forward. it is going to be a continued point of emphasis for us moving forward Thanks for the call. thanks for the call

Speaker 5: Great, thanks. Great, thanks. great thanks If I could follow up just as one other question here on the LIMS rollout. I also think that integrating with EPIC in some accounts, obviously those are multi-year processes to roll out here, but anything you can maybe share with respect to benefits that we should start to see from these initiatives into 2026? Just in practical terms, what does this do for your business? If I could follow up just as one other question here on the LIMS rollout. if i could follow up just as one other question here on the lims rollout I also think that integrating with EPIC in some accounts, obviously those are multi-year processes to roll out here, but anything you can maybe share with respect to benefits that we should start to see from these initiatives into 2026? i also think that integrating with epic in some accounts obviously those are multi-year processes to roll out here but anything you can maybe share with respect to benefits that we should start to see from these initiatives into 2026 Just in practical terms, what does this do for your business? just in practical terms what does this do for your business

Speaker 12: Thanks. Yeah. While Warren and I will tag team on that one, Andrew, I would say first from an organizational perspective, you're going to hear me speak quite a bit about ongoing need for simplification across the organization. I think that the model that we have today with multiple locations and unfortunately multiple LIMS systems works against us in that regard. Thanks. thanks Yeah. yeah While Warren and I will tag team on that one, Andrew, I would say first from an organizational perspective, you're going to hear me speak quite a bit about ongoing need for simplification across the organization. while warren and i will tag team on that one andrew i would say first from an organizational perspective you're going to hear me speak quite a bit about ongoing need for simplification across the organization I think that the model that we have today with multiple locations and unfortunately multiple LIMS systems works against us in that regard. i think that the model that we have today with multiple locations and unfortunately multiple lims systems works against us in that regard Moving towards a common LIMS program aids certainly within the organization, not just the lab team, where they'll be able to see where a particular test is at any given time along the continuum. Organizationally, as you say, we can retire 8 LIMS systems that were in place prior to that, so there's certainly a cost benefit. Then across other parts of the organization as well, because in order to offset the complication of multiple LIMS systems, we do a lot of things in other organizations that require a bit of a heavy lift that I think the LIMS system provides some efficiencies for as well. I think the early view is we should start to see some of these efficiencies coming through in the latter part of 2026 and the later, the better benefit being more evident in 2027 and 2028 and beyond. Moving towards a common LIMS program aids certainly within the organization, not just the lab team, where they'll be able to see where a particular test is at any given time along the continuum. moving towards a common lims program aids certainly within the organization not just the lab team where they'll be able to see where a particular test is at any given time along the continuum Organizationally, as you say, we can retire 8 LIMS systems that were in place prior to that, so there's certainly a cost benefit. organizationally as you say we can retire 8 lims systems that were in place prior to that so there's certainly a cost benefit Then across other parts of the organization as well, because in order to offset the complication of multiple LIMS systems, we do a lot of things in other organizations that require a bit of a heavy lift that I think the LIMS system provides some efficiencies for as well. then across other parts of the organization as well because in order to offset the complication of multiple lims systems we do a lot of things in other organizations that require a bit of a heavy lift that i think the lims system provides some efficiencies for as well I think the early view is we should start to see some of these efficiencies coming through in the latter part of 2026 and the later, the better benefit being more evident in 2027 and 2028 and beyond. i think the early view is we should start to see some of these efficiencies coming through in the latter part of 2026 and the later the better benefit being more evident in 2027 and 2028 and beyond It is just one step of many relative to simplification that we think could help us from a contribution perspective. Now Warren can give a little added color. It is just one step of many relative to simplification that we think could help us from a contribution perspective. it is just one step of many relative to simplification that we think could help us from a contribution perspective Now Warren can give a little added color. now warren can give a little added color

Speaker 13: Yes. Let me start with the EPIC, Andrew. First of all, I will start by saying we have over 340 interfaces in place already today, some of them with EPIC already. We're establishing the EPIC Aura solution and that will go live towards the end of this year. We'll see fairly rapid customer onboarding in early parts of 2026 and beyond. Excited about the acceleration nature that the EPIC Aura solution will bring to us. We've seen very strong sort of revenue growth and ongoing adoption when we put interfaces in place in general. We believe it'll be the same with EPIC Aura. Certainly that's a key strategy for us moving forward and enables growth and stickiness. Coming back to the LIMS side of things, as Tony said, I think a strategy to simplify. Yes. yes Let me start with the EPIC, Andrew. let me start with the epic andrew First of all, I will start by saying we have over 340 interfaces in place already today, some of them with EPIC already. first of all i will start by saying we have over 340 interfaces in place already today some of them with epic already We're establishing the EPIC Aura solution and that will go live towards the end of this year. we're establishing the epic aura solution and that will go live towards the end of this year We'll see fairly rapid customer onboarding in early parts of 2026 and beyond. we'll see fairly rapid customer onboarding in early parts of 2026 and beyond Excited about the acceleration nature that the EPIC Aura solution will bring to us. excited about the acceleration nature that the epic aura solution will bring to us We've seen very strong sort of revenue growth and ongoing adoption when we put interfaces in place in general. we've seen very strong sort of revenue growth and ongoing adoption when we put interfaces in place in general We believe it'll be the same with EPIC Aura. we believe it'll be the same with epic aura Certainly that's a key strategy for us moving forward and enables growth and stickiness. certainly that's a key strategy for us moving forward and enables growth and stickiness Coming back to the LIMS side of things, as Tony said, I think a strategy to simplify. coming back to the lims side of things as tony said i think a strategy to simplify We have sort of five key priorities, operations for simplification and margin expansion, one of which is being LIMS. I'll touch on two of the benefits that I anticipate or see valuing in 2026. The first one is our ability to be able to proactively equip physicians, ordering positions and practices to understand sort of test status and more particularly the ability to do add-ons, et cetera, that they can do themselves versus having to come through customer service. Ultimately creating a more seamless experience for the ordering position or the practice, so to speak. That's one area. The second one is the LIMS system you're putting in place has sort of AI integrated into it and it allowed us to identify areas of, I'm going to call it leakage, you know, productivity leakage within our workflows. We have sort of five key priorities, operations for simplification and margin expansion, one of which is being LIMS. we have sort of five key priorities operations for simplification and margin expansion one of which is being lims I'll touch on two of the benefits that I anticipate or see valuing in 2026. i'll touch on two of the benefits that i anticipate or see valuing in 2026 The first one is our ability to be able to proactively equip physicians, ordering positions and practices to understand sort of test status and more particularly the ability to do add-ons, et cetera, that they can do themselves versus having to come through customer service. the first one is our ability to be able to proactively equip physicians ordering positions and practices to understand sort of test status and more particularly the ability to do add-ons et cetera that they can do themselves versus having to come through customer service Ultimately creating a more seamless experience for the ordering position or the practice, so to speak. ultimately creating a more seamless experience for the ordering position or the practice so to speak That's one area. that's one area The second one is the LIMS system you're putting in place has sort of AI integrated into it and it allowed us to identify areas of, I'm going to call it leakage, you know, productivity leakage within our workflows. the second one is the lims system you're putting in place has sort of ai integrated into it and it allowed us to identify areas of i'm going to call it leakage you know productivity leakage within our workflows We can identify this and obviously look to streamline the workflow to iron out those areas that sort of lack or have opportunity for productivity. It really is going to deliver insights to our workflow that we don't have today that allow for further productivity. We can identify this and obviously look to streamline the workflow to iron out those areas that sort of lack or have opportunity for productivity. we can identify this and obviously look to streamline the workflow to iron out those areas that sort of lack or have opportunity for productivity It really is going to deliver insights to our workflow that we don't have today that allow for further productivity. it really is going to deliver insights to our workflow that we don't have today that allow for further productivity

Speaker 5: Great. That's all good color. Thank you. Great. great That's all good color. that's all good color Thank you. thank you

Speaker 10: Thank you very much. Our next question is coming from Mason Carrico of Stephens. Mason, your line is live. Thank you very much. thank you very much Our next question is coming from Mason Carrico of Stephens. our next question is coming from mason carrico of stephens Mason, your line is live. mason your line is live

Speaker 4: Hey guys, thanks for taking the questions here on your NGS business. You called out share gains. You guys often quote NGS revenue growth, but I was curious if you'd be willing to give us a bit of insight into how NGS volume growth has trended just to give us a better view on gains. When we look at NGS revenue growth, 24% this quarter, I think 23% last quarter, how much has been driven by volume versus ASP, because I assume you guys are benefiting from ASP to some degree as coverage expands for those assays? Hey guys, thanks for taking the questions here on your NGS business. hey guys thanks for taking the questions here on your ngs business You called out share gains. you called out share gains You guys often quote NGS revenue growth, but I was curious if you'd be willing to give us a bit of insight into how NGS volume growth has trended just to give us a better view on gains. you guys often quote ngs revenue growth but i was curious if you'd be willing to give us a bit of insight into how ngs volume growth has trended just to give us a better view on gains When we look at NGS revenue growth, 24% this quarter, I think 23% last quarter, how much has been driven by volume versus ASP, because I assume you guys are benefiting from ASP to some degree as coverage expands for those assays? when we look at ngs revenue growth 24% this quarter i think 23% last quarter how much has been driven by volume versus asp because i assume you guys are benefiting from asp to some degree as coverage expands for those assays

Speaker 9: Yeah, we haven't disclosed the volume per se, but I would say it is more volume driven. There is some AUP growth, but it's more volume driven than AUP growth. I think as we're continuing to see penetration there and getting the ability to access our strong commercial channel, that's where we're seeing that volume uptick. I think bringing on the liquid, we're actually seeing good uptick between the two of them as well, liquid and solid. I think we're well positioned to continue to get those gains. Yeah, we haven't disclosed the volume per se, but I would say it is more volume driven. yeah we haven't disclosed the volume per se but i would say it is more volume driven There is some AUP growth, but it's more volume driven than AUP growth. there is some aup growth but it's more volume driven than aup growth I think as we're continuing to see penetration there and getting the ability to access our strong commercial channel, that's where we're seeing that volume uptick. i think as we're continuing to see penetration there and getting the ability to access our strong commercial channel that's where we're seeing that volume uptick I think bringing on the liquid, we're actually seeing good uptick between the two of them as well, liquid and solid. i think bringing on the liquid we're actually seeing good uptick between the two of them as well liquid and solid I think we're well positioned to continue to get those gains. i think we're well positioned to continue to get those gains

Speaker 4: Got it. Got it. got it Thanks. Thanks. thanks That's helpful. When you think about revitalizing growth within your pharma business, could you just talk about how much of that is in your control versus how much relies on a snapback in spend across the broader sector? What do you view as kind of the key internal initiatives that you'll need to execute on to re-accelerate growth in that segment? That's helpful. that's helpful When you think about revitalizing growth within your pharma business, could you just talk about how much of that is in your control versus how much relies on a snapback in spend across the broader sector? when you think about revitalizing growth within your pharma business could you just talk about how much of that is in your control versus how much relies on a snapback in spend across the broader sector What do you view as kind of the key internal initiatives that you'll need to execute on to re-accelerate growth in that segment? what do you view as kind of the key internal initiatives that you'll need to execute on to re-accelerate growth in that segment

Speaker 12: Yeah, Mason, I'll take a crack, and then Warren could add additional details. I would say that for us, a big part of the opportunity lies in the portfolio. Bringing that portfolio forward, we have now the opportunity to represent products like PanTracer LBx. We have RaDaR ST now available to us within the pharma segment, and of course the liquid biopsy and PanTracer family. It affords us opportunities to have conversations and get a little bit more relevant in those conversations as well. Yeah, Mason, I'll take a crack, and then Warren could add additional details. yeah mason i'll take a crack and then warren could add additional details I would say that for us, a big part of the opportunity lies in the portfolio. i would say that for us a big part of the opportunity lies in the portfolio Bringing that portfolio forward, we have now the opportunity to represent products like PanTracer LBx. bringing that portfolio forward we have now the opportunity to represent products like pantracer lbx We have RaDaR ST now available to us within the pharma segment, and of course the liquid biopsy and PanTracer family. we have radar st now available to us within the pharma segment and of course the liquid biopsy and pantracer family It affords us opportunities to have conversations and get a little bit more relevant in those conversations as well. it affords us opportunities to have conversations and get a little bit more relevant in those conversations as well As I said to you before, I think a lot of those conversations are generating interest, but because of the lag times, I would still expect that some of the challenges that we see in our business in 2025 will continue into 2026, and we see a return to growth opportunity in 2027. Anything that would lead that to happen a bit faster would represent upside. As far as things in our control, there are things still in our control. That's a heavy focus on execution excellence. We have onboarded a leadership team that is taking the bull by the horns. I think that part is very much in our control to drive the right conversations with the right customers. That is something that we acknowledged we had to improve upon, and I'm pleased to see that action is taking root across the organization. As I said to you before, I think a lot of those conversations are generating interest, but because of the lag times, I would still expect that some of the challenges that we see in our business in 2025 will continue into 2026, and we see a return to growth opportunity in 2027. as i said to you before i think a lot of those conversations are generating interest but because of the lag times i would still expect that some of the challenges that we see in our business in 2025 will continue into 2026 and we see a return to growth opportunity in 2027 Anything that would lead that to happen a bit faster would represent upside. anything that would lead that to happen a bit faster would represent upside As far as things in our control, there are things still in our control. as far as things in our control there are things still in our control That's a heavy focus on execution excellence. that's a heavy focus on execution excellence We have onboarded a leadership team that is taking the bull by the horns. we have onboarded a leadership team that is taking the bull by the horns I think that part is very much in our control to drive the right conversations with the right customers. i think that part is very much in our control to drive the right conversations with the right customers That is something that we acknowledged we had to improve upon, and I'm pleased to see that action is taking root across the organization. that is something that we acknowledged we had to improve upon and i'm pleased to see that action is taking root across the organization With that, I'll turn to Warren to add any other color, I think. With that, I'll turn to Warren to add any other color, I think. with that i'll turn to warren to add any other color i think

Speaker 13: Tony's hit most of the high points. I'd say that certainly we're preparing our execution so that we can offer an attractive value proposition to our target customers in the biopharma space. Certainly the inclusion of RaDaR has made us a significantly more attractive partner, which is enabling access for us to focus on both RaDaR but other sort of high value products, NGS, PanTracer LBx, etc. We're certainly gearing our commercial organization around that focus, coupled with underpinning that with a sound customer experience, which is again a key buying driver for pharma sponsors. From a market perspective, certainly we're going to continue to work to execute effectively as the market rebounds. We feel that there'll be a compounding effect to the recovery of the business. Tony's hit most of the high points. tony's hit most of the high points I'd say that certainly we're preparing our execution so that we can offer an attractive value proposition to our target customers in the biopharma space. i'd say that certainly we're preparing our execution so that we can offer an attractive value proposition to our target customers in the biopharma space Certainly the inclusion of RaDaR has made us a significantly more attractive partner, which is enabling access for us to focus on both RaDaR but other sort of high value products, NGS, PanTracer LBx, etc. We're certainly gearing our commercial organization around that focus, coupled with underpinning that with a sound customer experience, which is again a key buying driver for pharma sponsors. certainly the inclusion of radar has made us a significantly more attractive partner which is enabling access for us to focus on both radar but other sort of high value products ngs pantracer lbx etc we're certainly gearing our commercial organization around that focus coupled with underpinning that with a sound customer experience which is again a key buying driver for pharma sponsors From a market perspective, certainly we're going to continue to work to execute effectively as the market rebounds. from a market perspective certainly we're going to continue to work to execute effectively as the market rebounds We feel that there'll be a compounding effect to the recovery of the business. we feel that there'll be a compounding effect to the recovery of the business

Speaker 9: This is a long sales cycle product area, and just to reiterate what Tony said last quarter, we expect, you know, pharma to be soft in Q4 as well as throughout 2026 as well. Got it. This is a long sales cycle product area, and just to reiterate what Tony said last quarter, we expect, you know, pharma to be soft in Q4 as well as throughout 2026 as well. this is a long sales cycle product area and just to reiterate what tony said last quarter we expect you know pharma to be soft in q4 as well as throughout 2026 as well Got it. got it

Speaker 4: That makes sense. Thank you. Thanks, Macy. That makes sense. that makes sense Thank you. thank you Thanks, Macy. thanks macy

Speaker 10: Thank you very much. Our next question is coming from Dan Brennan of TD Cowen. Dan, your line is live. Thank you very much. thank you very much Our next question is coming from Dan Brennan of TD Cowen. our next question is coming from dan brennan of td cowen Dan, your line is live. dan your line is live Hey, this is Tom for Dan. Thanks for taking the question here and congrats on the quarter. Just a question now on what is driving the acceleration in your base clinical business? It looks like it's ticked up on a volumes basis this year versus prior years. Hey, this is Tom for Dan. hey this is tom for dan Thanks for taking the question here and congrats on the quarter. thanks for taking the question here and congrats on the quarter Just a question now on what is driving the acceleration in your base clinical business? just a question now on what is driving the acceleration in your base clinical business It looks like it's ticked up on a volumes basis this year versus prior years. it looks like it's ticked up on a volumes basis this year versus prior years The base clinical, the non-NGS business. The base clinical, the non-NGS business. the base clinical the non-ngs business What is driving that? Is that better bundling? Is that better turnaround times to a point? This is a business that everyone thought would be kind of cannibalized quite aggressively by NGS. I just want to understand how you're driving that growth and how sustainable that acceleration kind of could be going forward. What is driving that? what is driving that Is that better bundling? is that better bundling Is that better turnaround times to a point? is that better turnaround times to a point This is a business that everyone thought would be kind of cannibalized quite aggressively by NGS. this is a business that everyone thought would be kind of cannibalized quite aggressively by ngs I just want to understand how you're driving that growth and how sustainable that acceleration kind of could be going forward. i just want to understand how you're driving that growth and how sustainable that acceleration kind of could be going forward

Speaker 13: Thank you, Tom. Thank you, Tom. thank you tom Thanks. Thanks for the question. I think a couple of facets I'll highlight. First of all, I would again come back to effective execution of our Protect, Expand, Acquire strategy. We continue to do a great job of protecting existing customers, and that's sort of driven through just continuous focus on customer experience, whether that be from an operational perspective or just end to end as we look at it from requisition to results. Protect has really been a key factor, but we're seeing accelerated wins on the expand side and the acquire side of things. I attribute that to two aspects. First and foremost, it's new products that we bring into the portfolio, and we speak significantly, obviously, about the NGS side of things. Don't forget about products like Claudin-18 and c-MET, which have been critical sort of pillars to actually round out our offering. Thanks. thanks Thanks for the question. thanks for the question I think a couple of facets I'll highlight. i think a couple of facets i'll highlight First of all, I would again come back to effective execution of our Protect, Expand, Acquire strategy. first of all i would again come back to effective execution of our protect expand acquire strategy We continue to do a great job of protecting existing customers, and that's sort of driven through just continuous focus on customer experience, whether that be from an operational perspective or just end to end as we look at it from requisition to results. we continue to do a great job of protecting existing customers and that's sort of driven through just continuous focus on customer experience whether that be from an operational perspective or just end to end as we look at it from requisition to results Protect has really been a key factor, but we're seeing accelerated wins on the expand side and the acquire side of things. protect has really been a key factor but we're seeing accelerated wins on the expand side and the acquire side of things I attribute that to two aspects. i attribute that to two aspects First and foremost, it's new products that we bring into the portfolio, and we speak significantly, obviously, about the NGS side of things. first and foremost it's new products that we bring into the portfolio and we speak significantly obviously about the ngs side of things Don't forget about products like Claudin- 18 and c-MET, which have been critical sort of pillars to actually round out our offering. don't forget about products like claudin- 18 and c-met which have been critical sort of pillars to actually round out our offering New products is certainly a key driver. Lastly, and very importantly, we communicated in Q4 of last year around the salesforce expansion and sort of said that this was going to be a six to nine month ramp to productivity. What you're seeing right now is just follow through on exactly what we had said. We started to see increased productivity from those added sales resources, which are focused on the Protect, Expand, Acquire strategy and the new products we're bringing to market. These things are operating in concert with one another, delivering the type of numbers that you reflected on. New products is certainly a key driver. new products is certainly a key driver Lastly, and very importantly, we communicated in Q4 of last year around the salesforce expansion and sort of said that this was going to be a six to nine month ramp to productivity. lastly and very importantly we communicated in q4 of last year around the salesforce expansion and sort of said that this was going to be a six to nine month ramp to productivity What you're seeing right now is just follow through on exactly what we had said. what you're seeing right now is just follow through on exactly what we had said We started to see increased productivity from those added sales resources, which are focused on the Protect, Expand, Acquire strategy and the new products we're bringing to market. we started to see increased productivity from those added sales resources which are focused on the protect expand acquire strategy and the new products we're bringing to market These things are operating in concert with one another, delivering the type of numbers that you reflected on. these things are operating in concert with one another delivering the type of numbers that you reflected on

Speaker 9: The only thing I would add to that is, even with record volumes, our operational execution and turnaround times continue to improve. That remains a vital component of our go to market strategy for retaining, growing, and expanding business. Great. The only thing I would add to that is, even with record volumes, our operational execution and turnaround times continue to improve. the only thing i would add to that is even with record volumes our operational execution and turnaround times continue to improve That remains a vital component of our go to market strategy for retaining, growing, and expanding business. that remains a vital component of our go to market strategy for retaining growing and expanding business Great. great Just one follow up on the launch of PanTracer LBx into next year and trying to scope out the potential for acceleration there. Should we be treating this as. Just one follow up on the launch of PanTracer LBx into next year and trying to scope out the potential for acceleration there. just one follow up on the launch of pantracer lbx into next year and trying to scope out the potential for acceleration there Should we be treating this as. should we be treating this as Kind of 2023 all over again. Kind of 2023 all over again. kind of 2023 all over again Is the sales force now appreciably larger? Should we expect a larger acceleration? Given this is quite a hot area in general in oncology diagnostics, is there anything to help frame your expectations versus your kind of solid tissue launch in 2023 would be really helpful, thank you. Is the sales force now appreciably larger? is the sales force now appreciably larger Should we expect a larger acceleration? should we expect a larger acceleration Given this is quite a hot area in general in oncology diagnostics, is there anything to help frame your expectations versus your kind of solid tissue launch in 2023 would be really helpful, thank you. given this is quite a hot area in general in oncology diagnostics is there anything to help frame your expectations versus your kind of solid tissue launch in 2023 would be really helpful thank you

Speaker 13: Yeah, certainly as an organization we've matured since 2023. We've also expanded commercially as well. I think using 2023 as sort of a proxy would probably be a good starting point at this junction and probably layering on some additional factors like the Salesforce expansion would be a way to look at it. Yeah, certainly as an organization we've matured since 2023. yeah certainly as an organization we've matured since 2023 We've also expanded commercially as well. we've also expanded commercially as well I think using 2023 as sort of a proxy would probably be a good starting point at this junction and probably layering on some additional factors like the Salesforce expansion would be a way to look at it. i think using 2023 as sort of a proxy would probably be a good starting point at this junction and probably layering on some additional factors like the salesforce expansion would be a way to look at it

Speaker 9: The majority of the Salesforce expansion was in the community segment, so that really positions us well to have the coverage we need for these new products. The majority of the Salesforce expansion was in the community segment, so that really positions us well to have the coverage we need for these new products. the majority of the salesforce expansion was in the community segment so that really positions us well to have the coverage we need for these new products Okay, great. Thank you very much. Okay, great. okay great Thank you very much. thank you very much

Speaker 10: Thank you very much. Our next question is coming from Subbu Nambi of Guggenheim Securities. Subbu, your line is live. Thank you very much. thank you very much Our next question is coming from Subbu Nambi of Guggenheim Securities . our next question is coming from subbu nambi of guggenheim securities Subbu, your line is live. subbu your line is live Hi guys, this is Thomas on for Subbu. Thanks for taking our questions. Maybe I can ask both up front. First, are you still expecting stronger performance in the data business on the non-clinical side in the fourth quarter, and maybe just some color on why that should show strength based on what you've seen so far this year, what you're seeing in the funnel to be comfortable with that. Second, can you just talk. Hi guys, this is Thomas on for Subbu. hi guys this is thomas on for subbu Thanks for taking our questions. thanks for taking our questions Maybe I can ask both up front. maybe i can ask both up front First, are you still expecting stronger performance in the data business on the non-clinical side in the fourth quarter, and maybe just some color on why that should show strength based on what you've seen so far this year, what you're seeing in the funnel to be comfortable with that. first are you still expecting stronger performance in the data business on the non-clinical side in the fourth quarter and maybe just some color on why that should show strength based on what you've seen so far this year what you're seeing in the funnel to be comfortable with that Second, can you just talk. second can you just talk Specifically for clinicians in the community setting. Specifically for clinicians in the community setting. specifically for clinicians in the community setting how RaDaR ST MRD assay has been received following the favorable summary judgment, what's the chatter like there? Thank you. how RaDaR ST MRD assay has been received following the favorable summary judgment, what's the chatter like there? how radar st mrd assay has been received following the favorable summary judgment what's the chatter like there Thank you. thank you

Speaker 9: Yeah, on the data business, Q4 is historically the strongest quarter in that business. Business actually did grow in the third quarter, double-digit growth in the third quarter. We are expecting that business to see sequential growth over Q3 in the fourth quarter. Yeah, on the data business, Q4 is historically the strongest quarter in that business. yeah on the data business q4 is historically the strongest quarter in that business Business actually did grow in the third quarter, double-digit growth in the third quarter. business actually did grow in the third quarter double-digit growth in the third quarter We are expecting that business to see sequential growth over Q3 in the fourth quarter. we are expecting that business to see sequential growth over q3 in the fourth quarter

Speaker 13: Yep. Again, I just want to reiterate that we have not clinically launched RaDaR ST MRD assay as yet in the clinical setting. However, obviously the news with regards to the outcome of the summary judgment has certainly circulated through the community oncology setting, and I'd say the vibe is increasingly positive about the fact that we can re-enter the market. It comes back to the fact that we believe we have one of the most sensitive assays in the market, but also the portfolio effect, the ability to consolidate all of your needs within the community oncology setting within a single vendor. This helps round out that sort of value proposition for us. Yep. yep Again, I just want to reiterate that we have not clinically launched RaDaR ST MRD assay as yet in the clinical setting. again i just want to reiterate that we have not clinically launched radar st mrd assay as yet in the clinical setting However, obviously the news with regards to the outcome of the summary judgment has certainly circulated through the community oncology setting, and I'd say the vibe is increasingly positive about the fact that we can re-enter the market. however obviously the news with regards to the outcome of the summary judgment has certainly circulated through the community oncology setting and i'd say the vibe is increasingly positive about the fact that we can re-enter the market It comes back to the fact that we believe we have one of the most sensitive assays in the market, but also the portfolio effect, the ability to consolidate all of your needs within the community oncology setting within a single vendor. it comes back to the fact that we believe we have one of the most sensitive assays in the market but also the portfolio effect the ability to consolidate all of your needs within the community oncology setting within a single vendor This helps round out that sort of value proposition for us. this helps round out that sort of value proposition for us

Speaker 12: Yeah, I think that's an important point. Just to reinforce, you know, we've always said this preferred partner of choice in the community setting, and that speaks to a balance of breadth of portfolio and innovation as well. We look at that breadth of portfolio beyond just heme, solid tumor, and MRD. We look at breadth of portfolio at MRD as well. For us to be in a position to be able to offer flow MRD, to have an outstanding NGS partner, MRD with Adaptive and now RaDaR ST. Don't forget we're going to continue to invest in our next-gen MRD program. As a suite of products, it also fits well into our overall strategy. I believe as that becomes more evident to our customers, the chatter will increase. Thanks for the question. Yeah, I think that's an important point. yeah i think that's an important point Just to reinforce, you know, we've always said this preferred partner of choice in the community setting, and that speaks to a balance of breadth of portfolio and innovation as well. just to reinforce you know we've always said this preferred partner of choice in the community setting and that speaks to a balance of breadth of portfolio and innovation as well We look at that breadth of portfolio beyond just heme, solid tumor, and MRD. we look at that breadth of portfolio beyond just heme solid tumor and mrd We look at breadth of portfolio at MRD as well. we look at breadth of portfolio at mrd as well For us to be in a position to be able to offer flow MRD, to have an outstanding NGS partner, MRD with Adaptive and now RaDaR ST. for us to be in a position to be able to offer flow mrd to have an outstanding ngs partner mrd with adaptive and now radar st Don't forget we're going to continue to invest in our next-gen MRD program. don't forget we're going to continue to invest in our next-gen mrd program As a suite of products, it also fits well into our overall strategy. as a suite of products it also fits well into our overall strategy I believe as that becomes more evident to our customers, the chatter will increase. i believe as that becomes more evident to our customers the chatter will increase Thanks for the question. thanks for the question Great, thank you guys very much. Great, thank you guys very much. great thank you guys very much

Speaker 10: Thank you. Our next question is coming from Yuko Oku of Morgan Stanley. Yuko, your line is live. Thank you. thank you Our next question is coming from Yuko Oku of Morgan Stanley. our next question is coming from yuko oku of morgan stanley Yuko, your line is live. yuko your line is live

Speaker 7: Hello, thank you for taking my question. Given that IMvigor011 trial demonstrated how incorporating MRD testing can enhance probability of trial success, are you seeing an uptick in interest from pharma partners in integrating MRD into their clinical trial designs, and then separate follow up, could you provide an update on adaptive partnership and what are some of the key learnings and feedback from the pilot so far? Hello, thank you for taking my question. hello thank you for taking my question Given that IMvigor 011 trial demonstrated how incorporating MRD testing can enhance probability of trial success, are you seeing an uptick in interest from pharma partners in integrating MRD into their clinical trial designs, and then separate follow up, could you provide an update on adaptive partnership and what are some of the key learnings and feedback from the pilot so far? given that imvigor 011 trial demonstrated how incorporating mrd testing can enhance probability of trial success are you seeing an uptick in interest from pharma partners in integrating mrd into their clinical trial designs and then separate follow up could you provide an update on adaptive partnership and what are some of the key learnings and feedback from the pilot so far

Speaker 13: Yeah, so coming back to sort of pharma interest, I would say that pharma interest has been robust ever since we launched the product back in August of this year. Certainly our first targets were prior users of the assay because of their familiarity, et cetera, but we've rapidly expanded that. We were recently at the ESMO conference, which was in Germany late last month or early this month, and again, very, very strong interest with regards to the assay port for multiple purposes but also from an endpoint perspective as you articulated. We're encouraged by the early signs in terms of the pharma sponsor interest with regards to MRD. Yeah, so coming back to sort of pharma interest, I would say that pharma interest has been robust ever since we launched the product back in August of this year. yeah so coming back to sort of pharma interest i would say that pharma interest has been robust ever since we launched the product back in august of this year Certainly our first targets were prior users of the assay because of their familiarity, et cetera, but we've rapidly expanded that. certainly our first targets were prior users of the assay because of their familiarity et cetera but we've rapidly expanded that We were recently at the ESMO conference, which was in Germany late last month or early this month, and again, very, very strong interest with regards to the assay port for multiple purposes but also from an endpoint perspective as you articulated. we were recently at the esmo conference which was in germany late last month or early this month and again very very strong interest with regards to the assay port for multiple purposes but also from an endpoint perspective as you articulated We're encouraged by the early signs in terms of the pharma sponsor interest with regards to MRD. we're encouraged by the early signs in terms of the pharma sponsor interest with regards to mrd

Speaker 12: Sorry, what was your second? Sorry, what was your second? sorry what was your second

Speaker 13: Adaptive, yeah. We continue to progress very favorably with Adaptive. We started a pilot initiative in the third quarter and this was just to sort of understand the operational workflows, et cetera, because both organizations are very focused on delivering a sound customer experience. We continue to expand that pilot into three distinct phases where we're rolling out phase I of the three-phase initiative now holistically in the fourth quarter, and phase II and phase III will happen quickly in 2026. Adaptive, yeah. adaptive yeah We continue to progress very favorably with Adaptive. we continue to progress very favorably with adaptive We started a pilot initiative in the third quarter and this was just to sort of understand the operational workflows, et cetera, because both organizations are very focused on delivering a sound customer experience. we started a pilot initiative in the third quarter and this was just to sort of understand the operational workflows et cetera because both organizations are very focused on delivering a sound customer experience We continue to expand that pilot into three distinct phases where we're rolling out phase I of the three-phase initiative now holistically in the fourth quarter, and phase II and phase III will happen quickly in 2026. we continue to expand that pilot into three distinct phases where we're rolling out phase i of the three-phase initiative now holistically in the fourth quarter and phase ii and phase iii will happen quickly in 2026

Speaker 7: Great, thank you. Great, thank you. great thank you

Speaker 10: Thank you very much. Our next question is coming from Tycho Peterson of Jefferies. Tycho, your line is live. Thank you very much. thank you very much Our next question is coming from Tycho Peterson of Jefferies. our next question is coming from tycho peterson of jefferies Tycho, your line is live. tycho your line is live Hey team, this is Lauren on for Tycho. Thanks for taking our question. Just going back a little bit to the rebounding growth in the pharma and non clinical setting. Likely more of a 2027 event for 2026. How are you seeing RaDaR adoption evolving in pharma partnerships versus the clinical setting? In terms of kind of the phrasing of partner of choice you've been using for community oncologists, what are some of the specific investments or initiatives that are kind of reinforcing that position? Thanks. Hey team, this is Lauren on for Tycho. hey team this is lauren on for tycho Thanks for taking our question. thanks for taking our question Just going back a little bit to the rebounding growth in the pharma and non clinical setting. just going back a little bit to the rebounding growth in the pharma and non clinical setting Likely more of a 2027 event for 2026. likely more of a 2027 event for 2026 How are you seeing RaDaR adoption evolving in pharma partnerships versus the clinical setting? how are you seeing radar adoption evolving in pharma partnerships versus the clinical setting In terms of kind of the phrasing of partner of choice you've been using for community oncologists, what are some of the specific investments or initiatives that are kind of reinforcing that position? in terms of kind of the phrasing of partner of choice you've been using for community oncologists what are some of the specific investments or initiatives that are kind of reinforcing that position Thanks. thanks

Speaker 13: I think we certainly are expecting to see revenue on the MRD side of things in the pharma space for 2026, and certainly that would go a long way to address some of the other headwinds we've been experiencing. We'll obviously look to quantify that as part of the guide when we speak about that next year. Certainly expecting pharma revenue for MRD. In terms of your second question, it's multiple factors. I think first and foremost it is around the portfolio and making sure that as we look to be the proximity of choice to the community setting, it's having the most relevant portfolio, which a big focus of ours has been on ensuring we've got the right therapy selection portfolio. I think we certainly are expecting to see revenue on the MRD side of things in the pharma space for 2026, and certainly that would go a long way to address some of the other headwinds we've been experiencing. i think we certainly are expecting to see revenue on the mrd side of things in the pharma space for 2026 and certainly that would go a long way to address some of the other headwinds we've been experiencing We'll obviously look to quantify that as part of the guide when we speak about that next year. we'll obviously look to quantify that as part of the guide when we speak about that next year Certainly expecting pharma revenue for MRD. certainly expecting pharma revenue for mrd In terms of your second question, it's multiple factors. in terms of your second question it's multiple factors I think first and foremost it is around the portfolio and making sure that as we look to be the proximity of choice to the community setting, it's having the most relevant portfolio, which a big focus of ours has been on ensuring we've got the right therapy selection portfolio. i think first and foremost it is around the portfolio and making sure that as we look to be the proximity of choice to the community setting it's having the most relevant portfolio which a big focus of ours has been on ensuring we've got the right therapy selection portfolio We believe that the PanTracer family brings that to the table now, along with key add-on testing like c-MET and claudin18 that rounds out our larger portfolio across diagnosis and therapy selection. Now we have MRD as well. As Tony mentioned, it's not just RaDaR ST, it's the partnership with Adaptive, it's the fact we have flow MRD on the heme side as well. In addition to that, it's the work that we're doing from a bi-directional interface perspective. It's the work we're doing around client customer experience because those are the two areas which are critical buying drivers. We hear over and over again that these community oncology practices are looking to remove friction from their practices so they can focus on top of license type activities. They look for vendors that offer this frictionless experience. We believe that the PanTracer family brings that to the table now, along with key add-on testing like c-MET and claudin18 that rounds out our larger portfolio across diagnosis and therapy selection. we believe that the pantracer family brings that to the table now along with key add-on testing like c-met and claudin18 that rounds out our larger portfolio across diagnosis and therapy selection Now we have MRD as well. now we have mrd as well As Tony mentioned, it's not just RaDaR ST, it's the partnership with Adaptive, it's the fact we have flow MRD on the heme side as well. as tony mentioned it's not just radar st it's the partnership with adaptive it's the fact we have flow mrd on the heme side as well In addition to that, it's the work that we're doing from a bi-directional interface perspective. in addition to that it's the work that we're doing from a bi-directional interface perspective It's the work we're doing around client customer experience because those are the two areas which are critical buying drivers. it's the work we're doing around client customer experience because those are the two areas which are critical buying drivers We hear over and over again that these community oncology practices are looking to remove friction from their practices so they can focus on top of license type activities. we hear over and over again that these community oncology practices are looking to remove friction from their practices so they can focus on top of license type activities They look for vendors that offer this frictionless experience. they look for vendors that offer this frictionless experience We believe the combination of consolidating your oncology send out requirements to a single lab along with best-in-class customer experience makes for a very, very attractive value proposition. We believe the combination of consolidating your oncology send out requirements to a single lab along with best-in-class customer experience makes for a very, very attractive value proposition. we believe the combination of consolidating your oncology send out requirements to a single lab along with best-in-class customer experience makes for a very very attractive value proposition

Speaker 9: Yeah, I just think overall, if you go back historically, when. Yeah, I just think overall, if you go back historically, when. yeah i just think overall if you go back historically when We were on the market for a. We were on the market for a. we were on the market for a few years with Radar Pharma, you know, we hit $6 million, $7 million a year after a couple years. There will be a ramp in for pharma in Radar as we're kind of reengaging in the market. few years with Radar Pharma, you know, we hit $6 million, $7 million a year after a couple years. few years with radar pharma you know we hit $6 million $7 million a year after a couple years There will be a ramp in for pharma in Radar as we're kind of reengaging in the market. there will be a ramp in for pharma in radar as we're kind of reengaging in the market

Speaker 10: Perfect. Thank you very much. Our next question is coming from Puneet Souda from Leerink. Puneet, your line is live. Perfect. perfect Thank you very much. thank you very much Our next question is coming from Puneet Souda from Leerink. our next question is coming from puneet souda from leerink Puneet, your line is live. puneet your line is live

Speaker 11: Yeah. Yeah. yeah Hi guys. How are you thinking about the AUP as you bring this MRD on board? Hi guys. hi guys How are you thinking about the AUP as you bring this MRD on board? how are you thinking about the aup as you bring this mrd on board Maybe just elaborate to us as you think about looking at the competitive landscape, CGP has continued. Maybe just elaborate to us as you think about looking at the competitive landscape, CGP has continued. maybe just elaborate to us as you think about looking at the competitive landscape cgp has continued To grow for a number of companies. To grow for a number of companies. to grow for a number of companies Are you seeing anything different competitively in the NGS side of the business? Are you seeing anything different competitively in the NGS side of the business? are you seeing anything different competitively in the ngs side of the business

Speaker 9: I'll start with AUP and then let Warren talk about the competitive dynamics, Puneet. I think obviously getting MolDX approval was a good first step for RaDaR. We're also working to get commercial approval as well. As is the challenge with some larger panel tests, that will take time to get commercial coverage for RaDaR as well. Others being in the space and having more overall acceptance I think is a positive. I think it will be a driver for AUP over time, but probably more starting in the back half of next year and into 2027. I'll start with AUP and then let Warren talk about the competitive dynamics, Puneet. i'll start with aup and then let warren talk about the competitive dynamics puneet I think obviously getting MolDX approval was a good first step for RaDaR. i think obviously getting moldx approval was a good first step for radar We're also working to get commercial approval as well. we're also working to get commercial approval as well As is the challenge with some larger panel tests, that will take time to get commercial coverage for RaDaR as well. as is the challenge with some larger panel tests that will take time to get commercial coverage for radar as well Others being in the space and having more overall acceptance I think is a positive. others being in the space and having more overall acceptance i think is a positive I think it will be a driver for AUP over time, but probably more starting in the back half of next year and into 2027. i think it will be a driver for aup over time but probably more starting in the back half of next year and into 2027

Speaker 13: I think in terms of are we seeing anything different in sort of therapy selection in GSPNI? We certainly, the competitors that we've continuously come up against in the community oncology setting remain very present. It's certainly a hotly contested environment. We feel that certainly the round out of our portfolio, which was sort of requested by many of these oncologists in the community, has been very well received. It's not just volume increases that we've seen across the liquid biopsy test that we launched. We're seeing across the category and actually for interesting information, some of our, what we call NeoTypes, which are cancer specific panels for breast or for lung or brain, we're seeing actually renewed growth in those panels as well. It comes back to this comprehensive offering that we have both across solid tumor and heme that creates the differentiation for us in the marketplace. I think in terms of are we seeing anything different in sort of therapy selection in GSPNI? i think in terms of are we seeing anything different in sort of therapy selection in gspni We certainly, the competitors that we've continuously come up against in the community oncology setting remain very present. we certainly the competitors that we've continuously come up against in the community oncology setting remain very present It's certainly a hotly contested environment. it's certainly a hotly contested environment We feel that certainly the round out of our portfolio, which was sort of requested by many of these oncologists in the community, has been very well received. we feel that certainly the round out of our portfolio which was sort of requested by many of these oncologists in the community has been very well received It's not just volume increases that we've seen across the liquid biopsy test that we launched. it's not just volume increases that we've seen across the liquid biopsy test that we launched We're seeing across the category and actually for interesting information, some of our, what we call NeoTypes, which are cancer specific panels for breast or for lung or brain, we're seeing actually renewed growth in those panels as well. we're seeing across the category and actually for interesting information some of our what we call neotypes which are cancer specific panels for breast or for lung or brain we're seeing actually renewed growth in those panels as well It comes back to this comprehensive offering that we have both across solid tumor and heme that creates the differentiation for us in the marketplace. it comes back to this comprehensive offering that we have both across solid tumor and heme that creates the differentiation for us in the marketplace

Speaker 11: Got it. On the COGS side, can you talk a bit about the levers you have to reduce the COGS as you bring on these new assays? Got it. got it On the COGS side, can you talk a bit about the levers you have to reduce the COGS as you bring on these new assays? on the cogs side can you talk a bit about the levers you have to reduce the cogs as you bring on these new assays You know, there's obviously a push and pull there. Just wondering, how are you thinking about the overall cost per test? You know, there's obviously a push and pull there. you know there's obviously a push and pull there Just wondering, how are you thinking about the overall cost per test? just wondering how are you thinking about the overall cost per test

Speaker 9: Yeah, thanks, Puneet. Yeah, thanks, Puneet. yeah thanks puneet I think, even in Q3, we've got some LBX volume and limited reimbursement. We're actually covering the COGS in Q3 for LBX. As our volume increases from some of these larger panel tests, we will see operating cost efficiency just by the number of tests. We can do it at one time. I think, even in Q3, we've got some LBX volume and limited reimbursement. i think even in q3 we've got some lbx volume and limited reimbursement We're actually covering the COGS in Q3 for LBX. we're actually covering the cogs in q3 for lbx As our volume increases from some of these larger panel tests, we will see operating cost efficiency just by the number of tests. as our volume increases from some of these larger panel tests we will see operating cost efficiency just by the number of tests We can do it at one time. we can do it at one time I think a few of the other. I think a few of the other. i think a few of the other Things we've talked about today will also be drivers of COGS, the LIMS consolidation, you know, consolidating multiple LIMS systems, you know, streamlining the lab. We have a dedicated, you know, process on lab automation. The ability to automate processes and use technology and newer lab equipment to drive efficiencies is well underway. We see good uptick there, being able to digitize more lab processes to improve the customer experience as well. Digital pathology, we see efficiencies and revenue opportunities with digital pathology. Finally, look, we still have a fair amount of capacity in our lab footprint. We've got the lab in Fort Myers, we've got new lab, we expanded in North Carolina, RTP, we have new lab in the Northeast. Just incremental volume coming in, we can get operating efficiencies on a relatively large fixed cost footprint. We have a multi-year opportunity to drive margins there. Things we've talked about today will also be drivers of COGS, the LIMS consolidation, you know, consolidating multiple LIMS systems, you know, streamlining the lab. things we've talked about today will also be drivers of cogs the lims consolidation you know consolidating multiple lims systems you know streamlining the lab We have a dedicated, you know, process on lab automation. we have a dedicated you know process on lab automation The ability to automate processes and use technology and newer lab equipment to drive efficiencies is well underway. the ability to automate processes and use technology and newer lab equipment to drive efficiencies is well underway We see good uptick there, being able to digitize more lab processes to improve the customer experience as well. we see good uptick there being able to digitize more lab processes to improve the customer experience as well Digital pathology, we see efficiencies and revenue opportunities with digital pathology. digital pathology we see efficiencies and revenue opportunities with digital pathology Finally, look, we still have a fair amount of capacity in our lab footprint. finally look we still have a fair amount of capacity in our lab footprint We've got the lab in Fort Myers, we've got new lab, we expanded in North Carolina, RTP, we have new lab in the Northeast. we've got the lab in fort myers we've got new lab we expanded in north carolina rtp we have new lab in the northeast Just incremental volume coming in, we can get operating efficiencies on a relatively large fixed cost footprint. just incremental volume coming in we can get operating efficiencies on a relatively large fixed cost footprint We have a multi-year opportunity to drive margins there. we have a multi-year opportunity to drive margins there

Speaker 13: I'd add maybe two points to substantiate what Jeff was saying about larger volume and the leverage there. We always focus on turnaround time because that's a differentiator for us. As a result, we hadn't moved to largest flow panels and we hadn't moved to the NovaSeqX. Those are both initiatives that we have in focus for us in 2026. They are two real tangible examples in terms of how incremental volume can help to drive down costs. I'd add maybe two points to substantiate what Jeff was saying about larger volume and the leverage there. i'd add maybe two points to substantiate what jeff was saying about larger volume and the leverage there We always focus on turnaround time because that's a differentiator for us. we always focus on turnaround time because that's a differentiator for us As a result, we hadn't moved to largest flow panels and we hadn't moved to the NovaSeqX. as a result we hadn't moved to largest flow panels and we hadn't moved to the novaseqx Those are both initiatives that we have in focus for us in 2026. those are both initiatives that we have in focus for us in 2026 They are two real tangible examples in terms of how incremental volume can help to drive down costs. they are two real tangible examples in terms of how incremental volume can help to drive down costs

Speaker 9: Yeah, the last piece I would say is, you know, from a cost per test perspective, Pathline has a higher overall cost per test than legacy NeoGenomics because of that lack of incremental volume. The ability to streamline Pathline and actually pump incremental volume in there will bring down that cost per test as well. Yeah, the last piece I would say is, you know, from a cost per test perspective, Pathline has a higher overall cost per test than legacy NeoGenomics because of that lack of incremental volume. yeah the last piece i would say is you know from a cost per test perspective pathline has a higher overall cost per test than legacy neogenomics because of that lack of incremental volume The ability to streamline Pathline and actually pump incremental volume in there will bring down that cost per test as well. the ability to streamline pathline and actually pump incremental volume in there will bring down that cost per test as well

Speaker 11: Early interest. Got it. Okay, thank you. Early interest. early interest Got it. got it Okay, thank you. okay thank you

Speaker 10: Thank you very much. Our next question is coming from Mark Massaro of BTIG. Mark, your line is live. Thank you very much. thank you very much Our next question is coming from Mark Massaro of BTIG. our next question is coming from mark massaro of btig Mark, your line is live. mark your line is live This is Vivian on for Mark. Thanks for the time. I'll just keep it to one on RaDaR. Could you just remind us what indications you're pursuing here in addition to head and neck and breast cancer, and any cadence of reimbursement that you're expecting there, any further milestones we should be looking for out to 2026? Thanks. This is Vivian on for Mark. this is vivian on for mark Thanks for the time. thanks for the time I'll just keep it to one on RaDaR. i'll just keep it to one on radar Could you just remind us what indications you're pursuing here in addition to head and neck and breast cancer, and any cadence of reimbursement that you're expecting there, any further milestones we should be looking for out to 2026? could you just remind us what indications you're pursuing here in addition to head and neck and breast cancer and any cadence of reimbursement that you're expecting there any further milestones we should be looking for out to 2026 Thanks. thanks

Speaker 12: As you mentioned, the two indications that we have secured have been subsets of head and neck, which is HPV negative adjuvant surveillance. In breast, it's HR positive and HER2 negative surveillance five years out. Those are the two that we go to market with relative to new indication areas. I will tell you we have every intention, we have been doing ongoing work in R&D, and we will be making additional submissions for indications expansion for RaDaR ST. I won't go into the specifics about those for Radar, for relatively obvious reasons, but we plan to be moving forward with those. We are continuing our next-gen MRD program as well, and we see the necessity of having both RaDaR ST and next-gen because having an ultra-sensitive option for low-shedding cancers is going to be an important aspect as well. As you mentioned, the two indications that we have secured have been subsets of head and neck, which is HPV negative adjuvant surveillance. as you mentioned the two indications that we have secured have been subsets of head and neck which is hpv negative adjuvant surveillance In breast, it's HR positive and HER2 negative surveillance five years out. in breast it's hr positive and her2 negative surveillance five years out Those are the two that we go to market with relative to new indication areas. those are the two that we go to market with relative to new indication areas I will tell you we have every intention, we have been doing ongoing work in R&D, and we will be making additional submissions for indications expansion for RaDaR ST. i will tell you we have every intention we have been doing ongoing work in r&d and we will be making additional submissions for indications expansion for radar st I won't go into the specifics about those for Radar, for relatively obvious reasons, but we plan to be moving forward with those. i won't go into the specifics about those for radar for relatively obvious reasons but we plan to be moving forward with those We are continuing our next-gen MRD program as well, and we see the necessity of having both RaDaR ST and next-gen because having an ultra-sensitive option for low-shedding cancers is going to be an important aspect as well. we are continuing our next-gen mrd program as well and we see the necessity of having both radar st and next-gen because having an ultra-sensitive option for low-shedding cancers is going to be an important aspect as well We see the indication flow a little bit different for our next-gen program than we would with RaDaR ST. We're trying to avoid redundancy and overlap in spend relative to those indications. You should expect us to add indication submissions in the short term, which we believe could be manifest in the second half of 2026. We see the indication flow a little bit different for our next-gen program than we would with RaDaR ST. we see the indication flow a little bit different for our next-gen program than we would with radar st We're trying to avoid redundancy and overlap in spend relative to those indications. we're trying to avoid redundancy and overlap in spend relative to those indications You should expect us to add indication submissions in the short term, which we believe could be manifest in the second half of 2026. you should expect us to add indication submissions in the short term which we believe could be manifest in the second half of 2026

Speaker 10: Perfect. Thanks for the color. Thank you very much. Our next question is coming from Mike Matson of Needham. Mike, your line is live. Perfect. perfect Thanks for the color. thanks for the color Thank you very much. thank you very much Our next question is coming from Mike Matson of Needham. our next question is coming from mike matson of needham Mike, your line is live. mike your line is live Hi everyone, this is Joseph on for Mike. I guess just two from me, just looking at pricing AUP. Obviously you guys have seen many consecutive quarters of improvement there. While small Pathline is a headwind there, I did hear what you guys said concerning just volume coming through at a higher rate will improve COGS. I know NGS, bringing NGS into there is the plan. What's the plan? I was just kind of curious if you could remind us on the timeline for that. Is that a 2026 plan or is that already in the works to bring NGS or more NGS into the Pathline lab? Yeah. Hi everyone, this is Joseph on for Mike. hi everyone this is joseph on for mike I guess just two from me, just looking at pricing AUP. i guess just two from me just looking at pricing aup Obviously you guys have seen many consecutive quarters of improvement there. obviously you guys have seen many consecutive quarters of improvement there While small Pathline is a headwind there, I did hear what you guys said concerning just volume coming through at a higher rate will improve COGS. while small pathline is a headwind there i did hear what you guys said concerning just volume coming through at a higher rate will improve cogs I know NGS, bringing NGS into there is the plan. i know ngs bringing ngs into there is the plan What's the plan? what's the plan I was just kind of curious if you could remind us on the timeline for that. i was just kind of curious if you could remind us on the timeline for that Is that a 2026 plan or is that already in the works to bring NGS or more NGS into the Pathline lab? is that a 2026 plan or is that already in the works to bring ngs or more ngs into the pathline lab Yeah. yeah

Speaker 9: Just to be clear on the Pathline lab, the NGS is going to be done at our other sites. The fast turnaround tests enable us to capture more NG work. The timelines for doing that NGS work enable us to send those out to our other labs in Florida and California and still meet our timeframe. We're actually going to gain operating leverage by pumping more volume into our existing sites as a pull through through the Pathline site. Just to be clear on the Pathline lab, the NGS is going to be done at our other sites. just to be clear on the pathline lab the ngs is going to be done at our other sites The fast turnaround tests enable us to capture more NG work. the fast turnaround tests enable us to capture more ng work The timelines for doing that NGS work enable us to send those out to our other labs in Florida and California and still meet our timeframe. the timelines for doing that ngs work enable us to send those out to our other labs in florida and california and still meet our timeframe We're actually going to gain operating leverage by pumping more volume into our existing sites as a pull through through the Pathline site. we're actually going to gain operating leverage by pumping more volume into our existing sites as a pull through through the pathline site

Speaker 12: Yeah, and just as a follow up on that Pathline. As we said, the strategy there was always to give us opportunity to deal with the under penetration in the Northeast. We have made really good progress there. All the legal integration and the assay validations have been completed. Now we can offer, you know, a more complete complement of the NeoGenomics portfolio and take advantage of the Pathline site for the more rapid turnaround testing needs that are up there. As Jeff said, taking advantage of our footprint and the efficiencies we gain in our other lab sites, we're confident and I know our selling team is excited by the prospects that they are generating. We see a healthy new customer list beginning to emerge and that's why we are of the belief that it will be a growth driver for us in 2026 and beyond. Okay. Okay, great. Yeah, and just as a follow up on that Pathline. yeah and just as a follow up on that pathline As we said, the strategy there was always to give us opportunity to deal with the under penetration in the Northeast. as we said the strategy there was always to give us opportunity to deal with the under penetration in the northeast We have made really good progress there. we have made really good progress there All the legal integration and the assay validations have been completed. all the legal integration and the assay validations have been completed Now we can offer, you know, a more complete complement of the NeoGenomics portfolio and take advantage of the Pathline site for the more rapid turnaround testing needs that are up there. now we can offer you know a more complete complement of the neogenomics portfolio and take advantage of the pathline site for the more rapid turnaround testing needs that are up there As Jeff said, taking advantage of our footprint and the efficiencies we gain in our other lab sites, we're confident and I know our selling team is excited by the prospects that they are generating. as jeff said taking advantage of our footprint and the efficiencies we gain in our other lab sites we're confident and i know our selling team is excited by the prospects that they are generating We see a healthy new customer list beginning to emerge and that's why we are of the belief that it will be a growth driver for us in 2026 and beyond. we see a healthy new customer list beginning to emerge and that's why we are of the belief that it will be a growth driver for us in 2026 and beyond Okay. okay Okay, great. okay great That's very clear. I guess maybe just one quick one. NGS growth specifically. I know the target there is 25% or more, you know, very near that target, obviously, you know, above market growth right now. We have seen acceleration there in NGS growth the last two quarters. I'm just curious how you're thinking of the next quarter for Q2 2025 and 2026. Is it, you know, back on that target of over 25%, is the target more just above 20% at this point? I'm just kind of curious your guys' thoughts there. That's very clear. that's very clear I guess maybe just one quick one. i guess maybe just one quick one NGS growth specifically. ngs growth specifically I know the target there is 25% or more, you know, very near that target, obviously, you know, above market growth right now. i know the target there is 25% or more you know very near that target obviously you know above market growth right now We have seen acceleration there in NGS growth the last two quarters. we have seen acceleration there in ngs growth the last two quarters I'm just curious how you're thinking of the next quarter for Q2 2025 and 2026. i'm just curious how you're thinking of the next quarter for q2 2025 and 2026 Is it, you know, back on that target of over 25%, is the target more just above 20% at this point? is it you know back on that target of over 25% is the target more just above 20% at this point I'm just kind of curious your guys' thoughts there. i'm just kind of curious your guys' thoughts there

Speaker 9: Yeah, so we gave a guide for the back half of the year. We didn't have a Q4 specific guide. You know, we expect to see continued good growth in NGS, but we haven't broken out the specifics on that. Yeah, so we gave a guide for the back half of the year. yeah so we gave a guide for the back half of the year We didn't have a Q4 specific guide. we didn't have a q4 specific guide You know, we expect to see continued good growth in NGS, but we haven't broken out the specifics on that. you know we expect to see continued good growth in ngs but we haven't broken out the specifics on that Okay, fair enough. Okay, fair enough. okay fair enough

Speaker 13: Yeah. Yeah. yeah Congrats on the great quarter. Thank you. Thank you very much. Congrats on the great quarter. congrats on the great quarter Thank you. thank you Thank you very much. thank you very much

Speaker 10: Thank you very much. That does conclude our question-and-answer session. I would now like to turn the floor back to Tony Zook for closing comments. Thank you very much. thank you very much That does conclude our question-and- answer session. that does conclude our question-and- answer session I would now like to turn the floor back to Tony Zook for closing comments. i would now like to turn the floor back to tony zook for closing comments

Speaker 12: I’d just like to thank everybody for joining us on the call. As we said, it was a good quarter. We have focused on operational excellence, and I'm pleased to say that the teams in both our commercial organization and our lab have performed extremely well. We're very proud of all the work that people in NeoGenomics are doing to advance cancer care for all the patients in the community. Once again, thank you for your time everyone, and we'll look forward to some one on one follow ups. I’d just like to thank everybody for joining us on the call. i’d just like to thank everybody for joining us on the call As we said, it was a good quarter. as we said it was a good quarter We have focused on operational excellence, and I'm pleased to say that the teams in both our commercial organization and our lab have performed extremely well. we have focused on operational excellence and i'm pleased to say that the teams in both our commercial organization and our lab have performed extremely well We're very proud of all the work that people in NeoGenomics are doing to advance cancer care for all the patients in the community. we're very proud of all the work that people in neogenomics are doing to advance cancer care for all the patients in the community Once again, thank you for your time everyone, and we'll look forward to some one on one follow ups. once again thank you for your time everyone and we'll look forward to some one on one follow ups

Speaker 10: Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time and have a wonderful day. We thank you for your participation. Thank you very much. thank you very much This does conclude today's conference. this does conclude today's conference You may disconnect your phone lines at this time and have a wonderful day. you may disconnect your phone lines at this time and have a wonderful day We thank you for your participation. we thank you for your participation