Financial Data and Key Metrics Changes - The reported revenue for Q4 2025 was $29.5 million, a 19% increase from $24.7 million in Q4 2024 [17] - Gross profit for Q4 2025 was $18.7 million, up 20% from $15.5 million in Q4 2024, with gross margins increasing to 63.2% from 62.7% [18] - The operating loss for Q4 2025 increased by 14% to $5.3 million compared to $4.6 million in Q4 2024 [18] - The net loss for Q4 2025 rose by 31% to $8.9 million from $6.8 million in the prior year [19] - Adjusted EBITDA for Q4 was -$2.1 million, compared to -$1.4 million in Q4 2024 [19] - Cash and cash equivalents as of December 31, 2025, were $29 million [19] Business Line Data and Key Metrics Changes - Total billable volume in Q4 was approximately 38,000 tests, with tissue-based tests at 11,000 and liquid-based tests at 27,000, representing a total unit growth of 62% year-over-year [16] - Tissue-based test volumes decreased by 5% year-over-year, while liquid-based test volumes increased by 128% [17] Market Data and Key Metrics Changes - The acquisition of ExoDx is expected to significantly contribute to revenue growth, with an anticipated contribution of $20 million or more in 2026 [45] - The company aims to balance revenue growth between tissue and liquid tests, which previously saw tissue tests account for 85% of revenue [45] Company Strategy and Development Direction - MDxHealth is focused on three core operating principles: focus, execution, and growth, which have positioned the company as a leader in precision diagnostics in urology [4][9] - The company is committed to improving the customer experience, achieving a turnaround time of five days or less for critical tissue-based patient samples [8] - The integration of the ExoDx business is expected to enhance operational efficiencies and drive growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained top-line growth while advancing operating profitability, with a target of reaching a 10% EBITDA margin by the end of 2026 [14][20] - The company anticipates some operational challenges in Q4 and Q1 due to the integration of the ExoDx acquisition but expects significant growth opportunities thereafter [32] Other Important Information - The company amended the Exact Sciences earn-out from the GPS acquisition, reducing the upcoming payment by nearly $20 million and deferring the full earn-out amount by an additional year [13] - The collaboration with the University of Oxford is expected to enhance the utility of the GPS test in clinical guidelines, positioning MDxHealth as a leader in risk stratification for prostate cancer [24][25] Q&A Session Summary Question: Tissue ASP decline - The decline in tissue ASP was attributed to a mix shift towards Confirm tests, with no significant issues related to denial rates [30] Question: EBITDA and cash flow concerns - Management acknowledged the lower-than-expected EBITDA and higher cash burn, attributing it to the integration of ExoDx and expressed confidence in future cash flow improvements [31][32] Question: 2026 revenue guidance assumptions - The guidance for 2026 implies 28% growth, driven by core volume growth and contributions from ExoDx, with a focus on balancing growth across tissue and liquid tests [43][45] Question: Operating leverage and gross margin - Management indicated confidence in maintaining flat OpEx while achieving growth, with gross margins expected to remain in the low 60s, aiming for improvements over time [56][60]

Financial Data and Key Metrics Changes - The reported revenue for Q4 2025 was $29.5 million, a 19% increase from $24.7 million in Q4 2024 [11] - Gross profit for Q4 2025 was $18.7 million, up 20% from $15.5 million in Q4 2024, with gross margins increasing to 63.2% from 62.7% [12] - The operating loss for Q4 2025 increased by 14% to $5.3 million compared to $4.6 million in Q4 2024 [12] - The net loss for Q4 2025 rose 31% to $8.9 million from $6.8 million in the prior year [13] - Adjusted EBITDA for Q4 was -$2.1 million, compared to -$1.4 million in Q4 2024 [13] - Cash and cash equivalents as of December 31, 2025, were $29 million [13] Business Line Data and Key Metrics Changes - Total billable volume in Q4 was approximately 38,000 tests, with tissue-based tests decreasing by 5% and liquid-based tests increasing by 128% year-over-year [11] - The acquisition of ExoDx contributed to the growth in liquid-based tests, which include Select mdx, Resolve mdx, and ExoDx [11][36] Market Data and Key Metrics Changes - The company is focused on the urology market, aiming to balance growth between tissue and liquid biopsy products [4][34] - The integration of ExoDx is expected to enhance the company's market position and customer base [36] Company Strategy and Development Direction - MDxHealth's strategy emphasizes focus, execution, and growth, with a commitment to operational discipline and customer experience [3][14] - The company aims to achieve sustained top-line growth while advancing operating profitability, targeting a 10% EBITDA margin by the end of 2026 [9][14] - The integration of ExoDx is a key part of the growth strategy, aimed at enhancing the product offering and customer base [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver growth, citing a disciplined approach to capital allocation and a commitment to patient and customer experience [14][18] - The company anticipates continued growth driven by the integration of ExoDx and the expansion of its diagnostic menu [36][40] Other Important Information - The company amended the Exact Sciences earn-out, reducing the upcoming payment by nearly $20 million and deferring the full amount by an additional year [9] - The collaboration with the University of Oxford is expected to enhance the company's reputation and position in the market [17] Q&A Session Summary Question: Tissue ASP decline and mix shift - Management confirmed that the decline in tissue ASP was due to a mix shift towards Confirm, with ASPs reflecting Medicare rates [20] Question: EBITDA and cash flow concerns - Management acknowledged the lower EBITDA and higher cash flow use, attributing it to the integration of ExoDx and expressed confidence in achieving a 10% EBITDA margin [21][24] Question: 2026 revenue guidance assumptions - Management indicated that the 2026 revenue guidance reflects balanced growth across tissue and liquid products, with expectations of $20 million contribution from ExoDx [35][36] Question: Operating leverage and gross margin expectations - Management stated that they expect to maintain flat OpEx while achieving growth, with gross margins anticipated to remain in the low 60s [44][48]

Core Insights - MDxHealth reported a fourth quarter revenue growth of 19% to $29.5 million and a full-year revenue growth of 20% to $107.9 million, indicating strong commercial execution and operational discipline [1][2][6] - The company anticipates further acceleration in growth for 2026, projecting revenue between $137 million and $140 million, representing a growth rate of 27% to 30% [3][12] Financial Performance - Fourth quarter revenue increased by 19% to $29.5 million compared to $24.7 million in the prior year, with tissue-based tests contributing 59% of total revenue [5][6] - Gross profit for the fourth quarter rose 20% to $18.7 million, with gross margins improving to 63.2% from 62.7% year-over-year [5][9] - Operating expenses increased by 19% to $23.9 million, primarily due to headcount increases and costs related to the ExoDx acquisition [7][10] - The net loss for the fourth quarter was $8.9 million, a 31% increase from $6.8 million in the previous year [7][10] - Adjusted EBITDA for the fourth quarter was ($2.1) million, reflecting a 53% increase compared to ($1.4) million in the same period last year [8][11] Year-End Summary - For the full year 2025, revenue reached $107.9 million, a 20% increase from $90.0 million in 2024, with tissue-based tests accounting for 76% of total revenue [8][10] - Gross profit for the year increased by 26% to $69.6 million, with gross margins improving to 64.5% from 61.2% [9][10] - The net loss for the year decreased by 12% to $33.5 million compared to $38.1 million in 2024, driven by a significant increase in gross profit [10][11] Outlook - The company maintains its 2026 revenue guidance of $137-140 million and aims for an adjusted EBITDA margin of 10% by the end of 2026 [3][12]

Safe Harbor Statement These slides and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation, including statements regarding the future financial position of CareDx®, Inc. (together with its subsidiaries, "CareDx" or the "Company"), including financial targets and ...

Core Insights - Bio-Techne Corporation's Ella benchtop immunoassay platform has received CE-IVD marking, allowing it to be sold in the European Union, which enhances its usability in clinical settings [1][1][1] Product Features - The Ella platform is a compact, cartridge-based immunoassay system that provides accurate biomarker results in under 90 minutes with minimal hands-on time, reducing operator variability and ensuring high-quality, reproducible data [1][1][1] - It is compatible with Simple Plex™ assays, which are for research use only, and includes over 390 analytes across various fields such as neuroscience, immunology, oncology, and cell and gene therapy [1][1][1] Strategic Importance - The CE-IVD certification signifies compliance with the European Union's In Vitro Diagnostic Regulation, confirming the platform's safety, performance, and reliability for clinical use [1][1][1] - This certification allows hospitals and clinical laboratories in Europe to utilize Ella for in-house test development and clinical trials, supporting Bio-Techne's goal of advancing precision medicine [1][1][1] Company Overview - Bio-Techne Corporation generated over $1.2 billion in net sales in fiscal 2025 and employs approximately 3,100 people globally, providing innovative tools and bioactive reagents for research and clinical diagnostics [1][1][1]

Core Insights - Plus Therapeutics is focused on scaling up the commercialization of CNSide and preparing for pivotal trials of REYOBIQ in 2026 [2][6] Company Overview - Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company based in Houston, Texas, developing targeted radiotherapeutics for challenging CNS cancers [10] - The company aims to enhance clinical outcomes through a combination of image-guided local beta radiation and targeted drug delivery [10] Clinical Programs - REYOBIQ (rhenium Re186 obisbemeda) is a novel injectable radiotherapy designed for CNS tumors, with potential advantages over existing therapies [6] - The REYOBIQ clinical program includes trials for recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer [6][8] - The ReSPECT-LM trial is expected to report data in Q3 2026, while the ReSPECT-GBM trial aims to complete enrollment and align with the FDA on pivotal trial design by Q4 2026 [7] Financial Updates - The company recently completed a $15 million offering to support its core business areas and extend its cash runway through 2027 [2] - Plus Therapeutics aims to cover 150 million US lives under various commercial payor agreements and achieve over 1,250 tests per year in commercial orders [7] CNSide Diagnostics - CNSide Diagnostics, a subsidiary of Plus Therapeutics, develops proprietary tests to identify tumor cells in the CNS, improving management for patients with leptomeningeal metastases [9]

Core Insights - Schusterman Interests has initiated a new position in HeartFlow, Inc. by acquiring over 1.9 million shares valued at $65.3 million, making it the fund's fourth-largest holding [2][3][10] Company Overview - HeartFlow, Inc. specializes in advanced, non-invasive diagnostic tools for coronary artery disease, leveraging artificial intelligence and computational modeling to improve clinical decision-making and patient outcomes [6] - The company generates revenue primarily from its proprietary AI-powered HeartFlow Platform and related healthcare information services [6] Financial Metrics - As of the latest market close, HeartFlow shares are priced at $32.25, reflecting a 70% increase from the IPO price of $19 [4][11] - HeartFlow's market capitalization stands at $2.7 billion, with a total revenue of $161.9 million and a net income of -$125.4 million for the trailing twelve months [5] Investment Context - The acquisition by Schusterman Interests represents 14.9% of the fund's 13F reportable assets under management, indicating a significant allocation to HeartFlow [7][10] - The investment reflects confidence in HeartFlow's technology and its potential for durable revenue growth in a large, under-digitized market [9][11]

Table of Contents As filed with the Securities and Exchange Commission on October 17, 2025. Registration Statement No. 333-290761 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO.1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BILLIONTOONE, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 8071 81-1082020 (Primary Standard Industrial Classification Code Number) 1035 O'B ...

Table of Contents As filed with the Securities and Exchange Commission on October 7, 2025. Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BILLIONTOONE, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 8071 81-1082020 (Primary Standard Industrial Classification Code Number) 1035 O'Brien Drive Menlo Park, CA ...

Core Insights - MDxHealth SA (NASDAQ:MDXH) is recognized as a fundamentally strong penny stock, particularly following its acquisition of Bio-Techne Corporation's ExoDx business for $15 million, aimed at enhancing its precision diagnostics portfolio [1][2]. Group 1: Acquisition Details - The acquisition agreement was signed on August 5, 2025, with a payment structure that includes $5 million in stock at closing and $2.5 million paid annually over four years, split between cash and stock at the company's discretion [2]. - The ExoDx business includes the ExoDx Prostate test, which is expected to bolster MDxHealth's offerings in precision diagnostics [1]. Group 2: Market Position and Offerings - MDxHealth provides a diverse range of precision diagnostics targeting all stages of prostate cancer and advanced UTI detection, within a market valued at $4.9 billion [3]. - The company offers products such as Select mdx, Confirm mdx, and Resolve mdx, and is committed to improving patient care and healthcare economics [4]. Group 3: Company Background - MDxHealth is headquartered in Herstal, Belgium, and was incorporated in 2003, focusing on commercial-stage precision diagnostics [4]. - The company's strategy includes addressing potential competition while leveraging "sticky adoption" of its products, which is viewed as a positive indicator for future growth [3].