Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $188 million, representing a year-over-year growth of 12% and a sequential increase of 4% from Q2 2025 [11][18] - Clinical revenue grew by 18% year-over-year, while non-clinical revenue declined by 27% due to weakness in pharma revenue [18] - Adjusted EBITDA was $12.2 million, marking the ninth consecutive quarter of positive earnings [18] - Average revenue per clinical test (AUP) increased by 3% year-over-year and 4% sequentially from Q2 [19] Business Line Data and Key Metrics Changes - Clinical business revenue growth was driven by a 15% increase in test volumes and a 4% increase in AUP, excluding the Pathline acquisition [11][19] - NGS revenue grew by 24% year-over-year, accounting for 33% of total clinical revenue year-to-date [19] - Non-clinical revenue accounted for less than 9% of total revenue in Q3, consistent with expectations [12] Market Data and Key Metrics Changes - The therapy selection and MRD markets represent over $40 billion of addressable market opportunity, with MRD cancer surveillance and monitoring growing at a 30% CAGR [10][14] - The company estimates that MRD market penetration is less than 10%, indicating significant growth potential [14] Company Strategy and Development Direction - The company is focused on advancing NGS and MRD long-term growth initiatives, including the launch of the Radar ST MRD assay [5][13] - The acquisition of Pathline enhances the company's presence in the Northeast, allowing for faster turnaround times and a broader test menu [7][8] - The company aims to consolidate send-out testing to simplify operational workflows and improve patient experience [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the significant opportunities in cancer testing, particularly in community settings where 80% of cancer care is delivered [6] - The company is committed to innovation and operational excellence, which are expected to drive sustainable and profitable growth [23] - Full-year consolidated revenue guidance is revised to a range of $720 to $726 million, representing growth of 9% to 10% over 2024 [21][22] Other Important Information - The company has received Moldex approval for Radar ST in subsets of head and neck and breast cancer, with a robust launch planned for Q1 2026 [13] - Cash flow from operations was positive at $9 million, with total cash at $164 million, enabling continued investment in business growth [20] Q&A Session Summary Question: How comfortable is the company with the guidance and the latest on PanTracer LBx? - Management believes they are in a good position to meet Q4 expectations and confirmed that approval for liquid biopsy is not needed to meet guidance [25][26] Question: What are the growth drivers expected for 2026? - Growth drivers for 2026 are expected to be similar to 2025, with strong clinical performance and ongoing NGS growth [30] Question: Where is the company seeing the most wins on the customer side for NGS? - Most growth is coming from community oncology practices, with strong performance from the PanTracer family of products [38][39] Question: What is driving the acceleration in the base clinical business? - Effective execution of the Protect, Expand, Acquire strategy, new product introductions, and salesforce expansion are key drivers [66][68] Question: How is the Radar ST MRD assay being received following the favorable summary judgment? - There is increasing positive sentiment in the community oncology setting regarding the ability to re-enter the market with Radar ST [81] Question: What is the company's strategy for the LIMS rollout? - The LIMS consolidation is expected to deliver efficiencies and cost benefits, with early benefits anticipated in 2026 [44][47]

Financial Performance - Clinical revenue increased by 18%[17], or 15% excluding Pathline[20] - Clinical volume grew by 15%[19], or 10% excluding Pathline[20] - NGS revenue increased by 24% year-over-year[20] - Adjusted gross profit was $85 million, a 7% increase from the prior year[19, 20] - Adjusted EBITDA was $12 million, representing a 9% decrease[19] Financial Overview (Q3 2025 vs Q3 2024) - Revenue increased by 11.9% to $187.8 million[22] from $167.8 million[22] - Adjusted gross profit increased by 6.6% to $85.4 million[22] from $80.1 million[22] - Adjusted gross margin decreased by 228 bps to 45.5%[22] from 47.8%[22] - Adjusted EBITDA decreased by 8.5% to $12.2 million[22] from $13.4 million[22] - Cash and cash equivalents decreased by 54.7% to $164.1 million[22] from $361.9 million[22] FY 2025 Guidance - Revenue is projected to be between $720 million and $726 million, representing a year-over-year growth of 9% to 10%[21] - Adjusted EBITDA is projected to be between $41 million and $44 million, representing a year-over-year growth of 3% to 10%[21]