据主任医师祝李霖介绍，淋巴管静脉吻合术需在显微镜下对细如发丝的淋巴管与静脉进行毫米级吻合， 建立生理旁路以高效引流淋巴液，对手术精度要求极高。 刘女士的治疗过程便是这一技术体系的生动体现。"来省二医之前，我跑过十多家医院毫无改善。"她 说，初诊时曾坦率告诉祝李霖主任，若无法治疗，就请为她截肢，"真受不了了，当时已经感染，每次 换药都要用300多个创可贴。"淋巴外科团队为其制定系统性治疗计划，通过阶段性综合干预创造手术条 件，术后一个月，刘女士左小腿肿胀显著消退，肢体周径明显缩小，重拾正常生活的信心。 编辑：郑健龙 转自：新快报 新快报讯 记者潘芝珍 李斯璐 通讯员朱健报道"腿肿得像大象腿，十几年不敢穿裤子，走几步路就 喘……现在终于能轻松逛街了！"被淋巴水肿困扰13年的刘女士，在广东省第二人民医院（以下简称"省 二医"）接受治疗后，终于摆脱多年的痛苦。日前，华南地区首个淋巴外科在省二医正式揭牌成立，等 待第二期治疗的刘女士特意赶来送出锦旗。 淋巴循环疾病是全球公认的临床难题，省二医淋巴外科的成立，正是为了破解这一现状，以"精准诊 断、阶梯治疗、全程康复"为核心，构建起覆盖全疾病谱的多维诊疗体系。 ...

不同类型的淋巴瘤发病年龄不同，如霍奇金淋巴瘤等在年轻和老年群体中均有可能发生，而慢性淋巴细 胞白血病(CLL，以下简称"慢淋")等是老年人比较多见，中位发病年龄在60岁及以上。 冯茹介绍："如果从严格的病理分类来说，淋巴瘤有百余个类型，还可以发生在身体的不同部位，比如 全身淋巴结、胃肠道、中枢神经系统、肺部、乳腺、睾丸等。除了指甲和头发以外，身体的其他部位均 有可能发生淋巴瘤。" 中新网广州1月1日电 (记者 蔡敏婕)"在老百姓的认知中，淋巴瘤听上去只是一种'瘤'，不像胃癌、肺癌 那样被明确称作'癌'，但事实上，淋巴瘤的本质是一种恶性肿瘤。"南方医科大学南方医院血液内科主 任医师冯茹在采访中表示，随着人口老龄化及体检意识提升，慢性淋巴细胞白血病检出率逐渐增高。 但是随着治疗时间的延长，许多中老年人随年龄增大，本身有合并心脏病、高血压等老年相关基础疾病 的风险增加，要着重考虑药物不良反应、耐受性及药物相互作用等问题。冯茹表示："希望未来能有更 多靶点清晰、副作用小的药物，让老年患者获益。" 慢淋这类疾病在这种慢病管理模式下，长期随访已成为全程管理中不可或缺的一部分。冯茹提醒，由于 淋巴瘤患者免疫功能较差，医生会 ...

来源：新浪港股-好仓工作室 主营业务与商业模式：AI多组学平台支撑 精准诊断贡献超78%收入 吉因加科技定位为中国领先的精准医疗公司，核心业务围绕AI多组学平台展开，提供精准诊断、药物 研发赋能及临床科研与转化三大解决方案。公司自主研发高通量测序技术、生物信息学架构及大模型套 件，部署AiBox、MarkerMind等AI智能体，应用于肿瘤检测、传染病筛查等领域。截至2025年6月，已 服务超1000家医院及200余家药企，形成"检测服务+IVD产品+科研合作"的商业模式。 2024年，精准诊断业务收入4.36亿元，占总营收78.3%，其中临床实验室检测服务（如肿瘤MRD监测） 收入3.78亿元，IVD产品销售0.58亿元；药物研发赋能与临床科研与转化业务占比分别为5.0%、16.7%， 业务结构高度依赖精准诊断板块。 营业收入及变化：2023年"断崖式"下滑73.9% 核心业务尚未恢复至疫情前水平 公司收入在2022年因COVID-19核酸检测业务达到18.15亿元峰值后，2023年因该业务终止骤降至4.73亿 元，同比降幅73.9%；2024年小幅回升17.6%至5.57亿元，2025年上半年收入2.85 ...

Core Viewpoint - Mass spectrometry technology is a core tool for precise diagnosis, but its clinical adoption is hindered by the mismatch between research equipment and clinical settings [3][4]. Group 1: Product Development - YS Micro 480MD, a liquid chromatography-tandem mass spectrometry system developed by Yingsheng Bio, has been approved for market release, noted for its "small size, ease of operation, and low maintenance" features [3][4]. - The clinical mass spectrometry industry is experiencing a registration certificate explosion, with an increase in domestic companies investing in research and development [4]. Group 2: Market Trends - Mass spectrometry detection, with its high sensitivity advantages, has penetrated various clinical scenarios, including newborn genetic metabolic disease screening, and has the potential to become a standardized diagnostic platform in hospitals [4]. - Recent national policies have created a supportive framework for the development of clinical mass spectrometry, including incorporating it into development plans and mandating government procurement of domestic products, which has stimulated significant demand [4].

Core Insights - The company is actively embracing policy changes and has implemented measures such as refined management, large-scale production, and supply chain optimization to maintain and enhance its market share in the biochemical immunology products sector [1][3] - The company has launched innovative products, including an "11-minute myocardial marker test" and VAP precision lipid testing technology, addressing critical clinical needs and filling gaps in the domestic market [2] - The company is accelerating its international market expansion by enhancing its international sales team and pursuing product registrations and certifications in strategic markets such as the Middle East, Southeast Asia, and South America [3] Summary by Sections Company Strategy - The company is focusing on refined management, large-scale production, and supply chain optimization to counteract the revenue and profit pressures from domestic policy changes in the in vitro diagnostic industry [1] - The company aims to maintain and enhance its market share and brand influence in the biochemical immunology products sector through these strategic measures [1] Product Innovation - The company introduced a groundbreaking "11-minute myocardial marker test" at its channel conference in October 2025, representing a significant technological advancement [2] - The VAP precision lipid testing technology targets high morbidity and mortality rates associated with atherosclerosis in China, providing critical diagnostic indicators [2] - The company has made significant progress in building its mass spectrometry testing platform, obtaining multiple registrations for various testing reagents by 2025 [2] International Expansion - The company is deepening its international strategy by enhancing the quality and capabilities of its international sales team and accelerating product registrations and certifications [3] - The strategic focus on international markets aims to mitigate risks associated with domestic policies and broaden the reach of its innovative products [3] - The company has identified several strategic markets for expansion and is committed to a "technology output + localized operation" model to facilitate overseas business growth [3]

Financial Data and Key Metrics Changes - Q3 revenue reached $27.4 million, representing an 18% increase compared to $23.3 million in Q3 2024 [6][11] - Adjusted EBITDA for Q3 was $1 million, a significant improvement from a negative $3.8 million in Q3 2024 [12] - Gross profit increased by 25% to $17.9 million, with gross margins improving to 65.2% from 61.2% in the prior year [12] - Net loss decreased by 28% to $8 million compared to $11.2 million in the previous year [12] Business Line Data and Key Metrics Changes - Total billable volume for Q3 was approximately 33,000 tests, with tissue-based tests increasing by 18% and liquid-based tests growing by 65% year-over-year [11][12] - Tissue-based tests accounted for 76% of revenues in Q3 [11] Market Data and Key Metrics Changes - The company reported a compound annual growth rate of 45% in its sales organization over the last four years, while reducing sales and marketing expenses as a percentage of revenue [4] - The integration of the Exosome Diagnostics business is expected to enhance the company's market position in precision diagnostics for urology [3][10] Company Strategy and Development Direction - The company is focused on integrating the ExoDx acquisition to optimize sales and operational efficiencies, with a strategic expansion of the sales organization from 50 to 60 direct sales representatives [7][10] - MDxHealth aims to maintain its revenue guidance of $108-$110 million for 2025, despite the decision to forgo the germline offering [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained top-line growth and advancing operating profitability, following two consecutive quarters of positive adjusted EBITDA [5][14] - The company is committed to enhancing the customer experience and operational excellence, which are seen as critical to driving future growth [14][15] Other Important Information - Cash and cash equivalents as of September 30, 2025, were reported at $32 million [13] - The company is prioritizing the integration of ExoDx and expects to provide updates on progress in early 2026 [10][14] Q&A Session Summary Question: Contribution of ExoDx in the quarter - Management indicated that there was no material contribution from ExoDx in Q3 due to the timing of the acquisition, but they remain confident in meeting revenue guidance [18][19] Question: Performance of GPS - GPS and ConfirmMDx tests reported an 18% growth, with management confident in maintaining this performance despite a slight slowdown in patient flow [23][24] Question: Germline test strategy - The company decided to forgo the germline test for now, focusing resources on the ExoDx integration, but plans to reevaluate the opportunity in 2026 [10][56] Question: Gross margins and ExoDx impact - Management expects ExoDx to be neutral to accretive to gross margins, with a clearer view anticipated after a couple of quarters of integration [59][60] Question: Sales team expansion - The sales team was expanded by adding 10 reps from ExoDx, with territory adjustments made to optimize coverage [67][68]

Summary of Fulgent Genetics Conference Call Company Overview - **Company**: Fulgent Genetics (NasdaqGM:FLGT) - **Date**: November 10, 2025 - **Key Speakers**: Paul Kim, Brandon Perthuis Financial Performance - **Quarterly Revenue**: $84.1 million, exceeding internal and market expectations [2] - **Gross Margins**: Improved to approximately 44% from mid-20s two years ago [4] - **Non-GAAP Income**: Positive for the quarter, with guidance raised from $320 million to $325 million for the year [2] - **Sales Team Growth**: Anticipated growth of 25% in the sales team for 2026 [6] Business Segments Performance 1. Precision Diagnostics - **Growth Rate**: 16% growth driven by reproductive health and carrier screening products [13] - **Product Expansion**: Launch of a 1,000-gene carrier screening test, the largest in the market [13] - **New Offerings**: Introduction of whole genome sequencing with RNA, increasing diagnostic yield by 15%-30% [14][20] - **Market Position**: Strong presence in infertility clinics, with plans to penetrate OB-GYN market with NIPT tests [17][18] 2. Anatomic Pathology (AP) - **Performance**: Year-over-year growth despite a temporary decline due to billing software changes [3] - **Digital Pathology Investment**: Significant investments leading to operational efficiencies and the ability to recruit pathologists remotely [7][8] - **Sales Strategy**: Revamped compensation plans to incentivize new business growth [5] 3. Biopharma Services - **Market Expansion**: Transitioned from NGS to multi-omics, increasing addressable market [25] - **Pipeline Development**: Building a robust pipeline with long sales cycles, expected to stabilize in the future [26] Strategic Initiatives - **AI Integration**: Focus on operational efficiencies through automation and AI, expected to further improve gross margins [41] - **M&A Potential**: Future acquisitions are a priority, with a focus on high-probability success targets [45] - **Cash Position**: Projected cash balance of approximately $800 million by the end of 2025, allowing for continued investment in operations and potential buybacks [31][44] Future Outlook - **2026 Expectations**: Anticipated continued growth across all business segments, with specific focus on expanding the sales team and enhancing operational efficiencies [12][30] - **Therapeutics Development**: Ongoing projects in phase two and phase one, with significant catalysts expected in 2026 [34][35] Key Takeaways - Fulgent Genetics is positioned for strong growth with a diversified portfolio across precision diagnostics, anatomic pathology, and biopharma services - The company is leveraging technology and operational efficiencies to enhance profitability and market share - Strategic investments in sales and potential M&A opportunities are expected to drive future growth and innovation [46]

Core Viewpoint - Breast cancer is a significant health threat to women in China, but advancements in medical treatment have improved the 5-year survival rate to 83.2% [1] Group 1: Current Situation and Statistics - Approximately 72% of breast cancer patients in China are diagnosed at an early stage, yet 30% of high-risk patients may experience recurrence within the first few years [1] - The 5-year survival rate for late-stage breast cancer is only 20%, with a median survival time of 2-3 years [1] Group 2: Genetic Factors and Risk Assessment - 5%-10% of breast cancer patients have hereditary breast cancer due to genetic mutations, with BRCA1/2 being the most critical susceptibility genes [2] - 5%-20% of breast cancer patients in China carry BRCA mutations, which are more common in HER2-negative breast cancer, particularly in triple-negative breast cancer (TNBC) [2] Group 3: Importance of Genetic Testing - Genetic testing for BRCA1/2 is recommended for patients with a family history of breast cancer and those diagnosed with invasive TNBC, especially with lymph node involvement [3] - Accurate diagnosis through genetic testing is essential for developing personalized treatment plans and improving treatment efficacy [3] Group 4: Treatment and Prevention Strategies - New treatment options based on genetic mutations require clear identification of the mutation-carrying population for effective outcomes [4] - Regular breast cancer screenings are advised for women aged 35 to 70, along with self-examinations to facilitate early detection and treatment [4]

Financial Data and Key Metrics Changes - The company reported adjusted EPS of $0.53 for Q4, up from $0.49 in the prior year, while GAAP EPS was a loss of $0.11 compared to a profit of $0.25 in the previous year [28] - Q4 revenue reached $317 million, reflecting a 3% organic growth year-over-year and a 4% reported growth [28] - Total adjusted gross margin was 70.1% in Q4, down from 71.1% the previous year, primarily due to an unfavorable product mix [29] Business Line Data and Key Metrics Changes - The Protein Sciences segment reported sales of $226.5 million, with organic revenue growth of 4% for the quarter, driven by strong performances in cell therapy and protein analytical tools [32] - The Diagnostics and Spatial Biology segment saw Q4 sales of $89.7 million, with both reported and organic growth decreasing by 1% compared to the same period last year [32] - The divestiture of the Exosome Diagnostics business is expected to improve the operating margin in the Diagnostics and Spatial Biology segment [35] Market Data and Key Metrics Changes - Biopharma end market delivered high single-digit growth for both Q4 and the full fiscal year, driven by large pharmaceutical customers [13] - Academic revenue represented approximately 21% of total business, with U.S. institutions contributing roughly 12%, and the exposure to NIH funding was reassessed to be less than one-third [14][15] - China experienced low double-digit growth in Q4, attributed to demand improvement ahead of anticipated tariff impacts [17] Company Strategy and Development Direction - The company announced the divestiture of its exosome diagnostics business to focus on core growth pillars and improve profitability [10][11] - Strategic investments will be redirected towards advancing automated proteomic analysis and spatial biology platforms, as well as expanding applications in cell therapy [39] - The company aims to achieve adjusted operating margin expansion of approximately 100 basis points in fiscal year 2026 compared to fiscal year 2025 [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic market environment, with expectations of low single-digit organic growth until uncertainties around NIH funding and pharmaceutical tariffs are resolved [38] - The company remains optimistic about long-term growth drivers, including an aging global population and increasing demand for life sciences innovations [39] - Management noted that the current cautious purchasing behavior among U.S. academic customers is expected to persist until funding uncertainties are clarified [92] Other Important Information - The company generated $98.2 million in cash from operations in Q4 and returned $12.4 million in dividends and $100.1 million through stock buybacks [31] - The balance sheet ended Q4 with $162.2 million in cash and total leverage well below one times EBITDA [31] Q&A Session Summary Question: Clarification on growth outlook for fiscal year 2026 - Management clarified that low single-digit growth is expected until there is more certainty around various administration policies affecting academic funding and pharmaceutical tariffs [42] Question: Performance of instrumentation in large pharma - Management noted strong growth in instrumentation for large pharma, particularly the LEO system tailored for high throughput applications [44] Question: Commitment to market plus 500 basis points growth - Management acknowledged that in a turbulent environment, achieving that growth may be challenging, but they remain confident in their differentiation from peers [48] Question: Drivers of margin expansion - Margin expansion is expected to be driven by the divestiture of Exosome Diagnostics, which was a headwind to margins in fiscal year 2025 [49] Question: NIH funding sources for academic customers - Management indicated that approximately 50-55% of academic funding comes from federal sources, with NIH accounting for about half of that [51] Question: Outlook for China market - Management highlighted that growth in China was driven by funding releases and anticipation of tariff impacts, with expectations for modest growth moving forward [66] Question: Visibility on biotech funding - Management is monitoring biotech funding closely, noting recent signs of improvement but acknowledging that it remains significantly down year-over-year [93]

Financial Data and Key Metrics Changes - The company reported Q1 revenue growth of 22%, reaching $24.3 million compared to $19.8 million in Q1 2024, marking the sixteenth consecutive quarter of 20% or greater revenue growth [5][14][15] - Gross profit increased by 29% to $15.5 million, with gross margins rising to 63.8% from 60.8% in Q1 2024 [15][16] - The operating loss decreased by 31% to $4.6 million, while the net loss increased by 8% to $9.2 million, primarily due to non-cash fair value adjustments [16][16] Business Line Data and Key Metrics Changes - Tissue-based test volume grew by 41%, with approximately 12,600 tests conducted in Q1, representing a 41% increase year-over-year [6][10] - Liquid-based tests saw nearly 12,000 tests, an increase of 9% compared to the prior year [6] Market Data and Key Metrics Changes - The tissue-based segment accounted for 85% of Q1 revenue, driven by the growing diagnostic value of the Confirm test among urology customers [7][10] - The market opportunity for the Confirm test is estimated at $500 million, with a rising prostate cancer rate of 5% to 10% annually [10][80] Company Strategy and Development Direction - The company aims for 20% or greater revenue growth in 2025 and beyond, with a focus on operational discipline and commercial execution [5][13] - The strategy includes leveraging existing sales channels without expanding the sales organization, which has allowed for sustained revenue growth [19][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive adjusted EBITDA in Q2 2025, supported by flat operating expenses and continued revenue growth [16][67] - The company is focused on maintaining its leadership position in the high-growth urology diagnostics market, emphasizing the importance of its sales team and operational excellence [20][20] Other Important Information - Cash and cash equivalents as of March 31, 2025, were $65.7 million, with a pro forma cash balance of $37.7 million after an earnout payment [16] - The company has not seen a material impact from recent tariff developments on its financial operations [16] Q&A Session Summary Question: What factors are driving the growth in pathology adoption? - Management noted that the understanding of biopsy limitations has improved, leading to greater acceptance of the Confirm test among pathologists [24][26] Question: What are customers saying about the reasons for market share gains? - Customers appreciate the consultative approach of the sales team and the unique value proposition of the Confirm and GPS tests [28][30] Question: How did weather impact Q1 performance? - Management indicated that weather did not materially affect Q1 performance and expects continued execution in Q2 [36] Question: Can you comment on the growth of the GPS and Confirm tests? - Management reported balanced growth between GPS and Confirm, with both tests seeing increased adoption among urology customers [38][39] Question: What is the company's approach to M&A? - The company is open to growth opportunities but remains disciplined in its approach, focusing on derisking potential acquisitions [44][75] Question: How is the company performing in large urology practices? - Management indicated broad penetration within large urology practices, emphasizing the importance of service levels and differentiation [90][92]