Veracyte FY Conference Summary Company Overview - **Company**: Veracyte (NasdaqGM:VCYT) - **Industry**: Medtech and Diagnostics Key Financial Highlights - **Q3 Revenue**: Over $131 million, a growth of 14% year-over-year [4] - **Testing Business Growth**: Grew by 17%, with Decipher achieving over 25% growth for 14 consecutive quarters [4] - **Afirma Growth**: Volume increased by 13%, driven by new accounts and deeper penetration into existing accounts [4] - **Adjusted EBITDA**: Reached 30% for the quarter, exceeding expectations, with a forecast to finish the year over 25% [5] Decipher Product Insights - **Market Penetration**: Estimated at 40%, indicating room for growth [7] - **Durability of Growth**: Anticipated demand increase due to the recent launch of the metastatic indication and ongoing clinical trials [8][10] - **Physician Ordering Dynamics**: Changes in how tests are ordered, with a focus on building trust and integrating test ordering into clinical workflows [11][12] NCCN Guidelines Impact - **Guideline Inclusion**: The inclusion of Decipher in NCCN guidelines has provided a tailwind for growth, although isolating the impact from other factors is challenging [14] Digital Pathology and Competitive Landscape - **Digital Pathology Positioning**: Emphasized as complementary to existing tests, with a focus on avoiding confusion among clinicians [16] - **Discordance with Competitors**: Noted a 30% discordance rate between Decipher and a competing test, highlighting Decipher's validation and reliability [18][19] Future Product Developments - **V2 Transcriptome Transition**: Aiming for full transition by the end of the year, expected to enhance efficiency and reduce test failures [29][30] - **Prosigna LDT Launch**: Planned for mid-2026, with a focus on building a commercial team and engaging key opinion leaders [42][43] Market Strategy and Growth Drivers - **Growth Drivers**: Focus on Afirma, Decipher, Prosigna, MRD, and IBD, with a balanced approach to investment and growth [62] - **Market Penetration Goals**: Targeting 80% penetration in the market, currently at 65% [28] Capital Allocation and M&A Strategy - **Cash Position**: Expected to be close to $400 million with no debt, allowing for strategic investments and potential M&A opportunities [70] - **M&A Focus**: Prioritizing investments in core business areas before considering acquisitions [71] Conclusion - Veracyte is positioned for continued growth with strong financial performance, innovative product offerings, and a strategic focus on market penetration and operational efficiency. The company is actively engaging in expanding its product portfolio while maintaining a disciplined approach to capital allocation and investment in growth drivers.

CareDx (NasdaqGM:CDNA) FY Conference November 20, 2025 09:00 AM ET Company ParticipantsKeith Kennedy - COOJohn Hanna - CEOConference Call ParticipantsMason Carrico - Research AnalystMason CarricoWelcome, everyone, to day three of the Stephens Conference. I'm Mason Carrico. I'm the med tech and diagnostics analyst here. Excited to have CareDx with us today. We've got John Hanna, CEO, and Keith Kennedy, COO. Thank you, guys, for making it.John HannaThanks for having us, Mason. We really appreciate it.Keith Ke ...

Summary of Veracyte Conference Call Company Overview - **Company**: Veracyte - **Industry**: Life Sciences, specifically focused on molecular diagnostics for cancer Key Points Financial Performance - **Revenue Growth**: Total company revenue grew by 14% year-over-year in Q3 [2][3] - **Testing Business Growth**: Adjusted for a portfolio decision, the testing business grew by 18%, driven by Decipher and Afirma tests [3] - **Decipher Test Performance**: Decipher test volume grew by 26%, marking the 14th consecutive quarter of over 25% growth [3] - **Afirma Test Performance**: Afirma test volume grew by 13%, marking the 13th consecutive quarter of growth [3] - **Adjusted EBITDA Margin**: Achieved an adjusted EBITDA margin of 30%, exceeding the previously anticipated 25% [4] Product Pipeline and Future Growth - **Upcoming Products**: - Launch of an MRD test for muscle-invasive bladder cancer in the first half of 2026 [6][7] - Prosigna test to be launched as a lab-developed test (LDT) in the US, targeting 225,000 patients annually [7] - **International Strategy**: Advancing international strategy with several tests being developed for launch outside the US [7] - **Updated Transcriptome**: Transition to a new generation sequencing instrument for Afirma, expected to reduce costs and improve efficiency [9] Market Position and Competitive Landscape - **Market Penetration**: Veracyte has penetrated approximately 25% of the addressable prostate cancer market, with 75% still available for growth [11][12] - **Clinical Guidelines**: The company has achieved level one NCCN guidelines for intermediate and high-risk patients, which is expected to drive further adoption [12][25] - **Evidence-Driven Approach**: Over 240 publications support the Decipher test, enhancing its credibility and adoption among clinicians [12][27] Sales and Marketing Strategy - **Sales Team Productivity**: The sales team has shown strong productivity, with 55 sales reps and a focus on optimizing territory assignments [35][38] - **Coverage Expansion**: Currently covering 200 million lives, with expectations to increase to 250-275 million in five years, potentially improving ASP by 300-500 basis points [21] Regulatory and Reimbursement Considerations - **PAMA Analysis**: Current reimbursement rates are stable, with no immediate changes expected from PAMA until 2028 [23] - **IVD Development**: Developing a PCR-based test for Decipher to launch in Europe, leveraging existing commercial teams [42] Competitive Dynamics - **No Pricing Pressure**: The company does not currently face bundling or pricing pressure from competitors [39] Conclusion - Veracyte is positioned for continued growth with strong financial performance, a robust product pipeline, and a strategic focus on evidence-based medicine and market penetration. The company is optimistic about future launches and expanding its market share in the molecular diagnostics space.

Castle Biosciences FY Conference Summary Company Overview - **Company**: Castle Biosciences (NasdaqGM:CSTL) - **Date**: November 19, 2025 - **Key Speaker**: Derek Maetzold, CEO Key Points Financial Performance - **Q3 Revenue Growth**: Normalized pro forma revenue grew by 36% year-over-year, matching the test volume growth of 36% for core TissueCypher and melanoma tests [4][5] - **Cash Position**: Ended the quarter with approximately $289 million in cash or cash equivalents, indicating a strong balance sheet [5] - **Year-End Guidance**: Raised guidance by $16 million, now projected between $327 million and $335 million [5] Product Performance - **DecisionDx-Melanoma**: Growth reaccelerated by 12% in Q3, attributed to a sales team refocus towards melanoma tests [6] - **Clinician Engagement**: 1,816 clinicians ordered DecisionDx-Melanoma tests in Q3, indicating strong market penetration [6] - **Market Penetration**: Estimated at around 30%, with ongoing efforts to drive adoption among clinicians [8] Clinical Studies and Data - **Influential Studies**: Key studies published have shown that patients who avoided sentinel lymph node biopsy based on low-risk results from DecisionDx-Melanoma had zero recurrences, supporting the test's clinical utility [11][12] - **Histological Subtyping**: Data presented at the Fall Clinical Dermatology meeting indicated that patients with low-risk results from the test had a 98.5% chance of being alive at five years [14] Regulatory and Reimbursement Insights - **FDA Breakthrough Designation**: Received earlier in the year, with plans for submission in early 2026 [16] - **Reimbursement Potential**: Anticipated improvements in coverage eligibility under state biomarker laws post-FDA approval [17][18] Market Dynamics - **Atopic Dermatitis Test Launch**: Targeting approximately 13 million patients with moderate to severe atopic dermatitis, aiming to identify JAK inhibitor responders [46][47] - **Market Research Feedback**: Positive responses from dermatologists regarding the test's ability to reduce trial and error in treatment [52] Growth Opportunities - **TissueCypher Expansion**: Plans to enhance the test with multi-omics capabilities and a non-endoscopic self-collection device [31][33] - **Sales Team Expansion**: Increased reach in the GI market, with a focus on improving touchpoints and frequency within existing areas [30] Financial Outlook - **Gross Margin Projections**: Expected to be in the mid-70% range on an adjusted basis, with potential pressure from the atopic dermatitis launch [56] - **Operating Leverage**: Anticipated growth in revenue and profitability as the company continues to expand its product offerings [58] Strategic Initiatives - **Capital Allocation**: Plans to invest in commercial activities, clinical studies, and pipeline opportunities, including collaborations with other companies [62] Misunderstood Elements - **Market Perception**: The focus on squamous cell carcinoma coverage overshadowed the healthy growth of the overall business, particularly in the TissueCypher segment [67] Conclusion Castle Biosciences is positioned for continued growth with strong financial performance, innovative product offerings, and strategic regulatory initiatives. The company is actively working to expand its market presence and improve patient outcomes through its diagnostic tests.

Summary of GRAIL Analyst Day - November 13, 2025 Company Overview - **Company**: GRAIL (NasdaqGS:GRAL) - **Industry**: Multi-Cancer Early Detection (MCED) Testing Key Highlights 1. **Introduction and Purpose**: The Analyst Day aimed to share key business highlights and progress since GRAIL became a public company in June 2024, focusing on population-scale multi-cancer early detection [8][9][10] 2. **Financial Performance**: - Revenue for 2024 was $125 million, with a growth rate of 25% year-over-year for the first nine months of 2025 [12] - A $325 million PIPE financing was announced, providing capital for future growth [13] - Cash burn for the year was reduced to $290 million, with improved margins increasing to 55% from 41% the previous year [14] 3. **Operational Capacity**: GRAIL's lab can run up to 1 million tests, showcasing significant automation and efficiency improvements [12][15] Clinical and Research Insights 1. **Cancer Detection Landscape**: - Cancer is projected to become the leading cause of death globally, surpassing cardiovascular disease [16] - The current screening tests only detect about 14% of incident cancers, generating over 8 million false positives annually in the U.S. [23][24] 2. **Galleri Test Performance**: - The Galleri test has shown a positive predictive value (PPV) of 62% in the PATHFINDER II study, significantly higher than traditional single cancer screening methods [21][32] - The specificity of the Galleri test was reported at 99.6%, minimizing false positives [33] - Episode sensitivity for all cancers was 40.4%, with higher sensitivity for cancers responsible for two-thirds of U.S. cancer deaths at 74% [34] 3. **PATHFINDER II Study**: - Enrolled nearly 35,000 participants, making it the largest interventional MCED study in the U.S. [30] - The study demonstrated that the Galleri test could detect cancers earlier, with 69% of identified cancers being in early stages [36] - The study also showed a low rate of invasive procedures (0.6%) due to positive test results, indicating a favorable safety profile [37] Future Directions 1. **FDA Submission**: GRAIL plans to submit data from the PATHFINDER II study to the FDA by Q1 2026, aiming for Galleri to be the first FDA-approved MCED test [26][27] 2. **NHS-Galleri Study**: A large-scale study in the UK involving 140,000 participants is underway to assess the utility of the Galleri test in a screening population [42][43] 3. **Reimbursement Pathways**: Discussions on alternative reimbursement strategies, including potential use as a surveillance tool for high-risk populations, are ongoing [66] Additional Insights - The importance of building a robust evidence base for the Galleri test was emphasized, with a focus on clinical validation and performance rather than mortality outcomes [57][58] - The potential for Galleri to complement existing single cancer screening tests was highlighted, aiming to improve overall cancer detection rates and reduce healthcare costs associated with false positives [24][25] This summary encapsulates the critical points discussed during the GRAIL Analyst Day, focusing on the company's advancements in cancer detection technology and its strategic direction moving forward.

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]

Financial Data and Key Metrics Changes - The company generated $592 million in revenue for Q3 2025, representing a 35% increase compared to Q3 2024 [6][14] - Gross margins improved to 64.9%, nearly 1.5 percentage points higher than the previous quarter and almost 3 percentage points higher than Q3 of last year [7][15] - The revenue guidance for 2025 has been raised by $160 million, now expected to be in the range of $2.18 billion to $2.26 billion [8][41] - Free cash flow generation guidance has been significantly increased, with expectations to generate roughly $100 million for the full year [10][41] Business Line Data and Key Metrics Changes - The company processed 202,000 clinical MRD tests in Q3, marking an increase of over 21,500 units compared to Q2 [7][12] - Signatera ASPs reached approximately $1,200, with strong performance across all major products [14][15] - Women's health and organ health segments showed solid sequential growth, driven by the launch of the Fetal Focus test and ongoing clinical trials [11][12] Market Data and Key Metrics Changes - The clinical MRD unit growth represented a 56% year-on-year increase compared to Q3 of last year, with significant contributions from Signatera [12][14] - The company is seeing broad adoption of Signatera across various tumor types, which is expected to create substantial revenue opportunities [13][32] Company Strategy and Development Direction - The company plans to submit seven new MolDX submissions by the end of the year, potentially worth $250 million to $300 million in gross profit [9][18] - Investments are being made to expand the market and support FDA-enabling studies for early cancer detection [10][20] - The company aims to maintain limited OPEX growth of approximately 10% while revenues are expected to grow significantly [19][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in clinical data and customer experience driving adoption of their tests [12][13] - The company anticipates that the IMvigor011 trial results will positively influence the adoption of Signatera among GU oncologists [26][27] - Management expects to see continued growth in cash flow generation and operational scale in the coming years [41][45] Other Important Information - The Fetal Focus test has been expanded to cover over 20 genes, with positive initial feedback from the medical community [10][11] - The company is leveraging AI to enhance operational efficiency and scale without a proportional increase in headcount [16][19] Q&A Session Summary Question: Why is now the right time for the new Fetal Focus test? - The five-gene panel launched earlier received great feedback, and R&D is now ready for the broader panel launch, which was part of the original plan [48] Question: How is the path to NCC guidelines being shaped by recent data? - The IMvigor011 data is level 1A clinical data and has been submitted for FDA approval, which typically leads to inclusion in NCCN guidelines [50][54] Question: How important was the PROCEED-CRC advanced adenoma sensitivity performance? - The performance achieved has significantly shaped the company's willingness to invest further in the program [57][59] Question: Can you provide details on the contribution from new patient starts for Signatera? - New patient starts in Q3 were at record levels, similar to the previous quarter, indicating strong ongoing interest [85][86]

Financial Data and Key Metrics Changes - Exagen reported Q3 2025 revenue of $17.2 million, the highest in its history, representing a nearly 40% increase over Q3 2024 and over 25% growth despite seasonal headwinds [16][24] - Year-to-date revenue grew 19% to approximately $50 million, with a trailing 12-month average selling price (ASP) up over 9% and volume up over 8% [16][24] - Gross margin for Q3 was just over 58%, up about 260 basis points compared to Q3 2024, but down about 175 basis points from just over 60% in 2024 [19][20] Business Line Data and Key Metrics Changes - Advise CTD testing volume reached the highest recorded for a third-quarter period, with a 15% increase from Q3 2024 and almost 2% sequentially [16][10] - The pharma services business generated nearly $800,000 in revenue for Q3, bringing the year-to-date total to $1.2 million, a significant increase from about $100,000 in 2024 [17][13] Market Data and Key Metrics Changes - The company expanded its sales territories from 42 to 45, with two new territories emerging as top-performing growth areas [11][10] - Total ordering physicians and orders per clinician continued to trend upward, indicating increased engagement from both new and existing physicians [11] Company Strategy and Development Direction - Exagen launched assays for the detection of Anti-PAD4 antibodies, enhancing its rheumatoid arthritis offering and demonstrating its ability to innovate in biomarker testing [5][9] - The company aims to achieve $65 million to $70 million in revenue for 2025, with a focus on becoming cash flow positive, although this may be pushed to 2026 due to ASP challenges [14][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ASP growth has not ramped as quickly as anticipated, primarily due to the loss of a high ASP direct bill account and slower reimbursement for new biomarkers [12][18] - The company remains committed to driving ASP expansion through revenue cycle management and payer education, despite facing initial denials for new markers [49][72] Other Important Information - The company has a strong balance sheet with $35.7 million in cash and cash equivalents, up from $30 million at the end of Q2 [24][25] - Exagen's adjusted EBITDA loss improved to $1.9 million in Q3 2025, compared to $4 million in the same period last year [23] Q&A Session Summary Question: Updated revenue per territory for Q3 and productivity ramp of new territories - The revenue per territory was slightly below the previous record of $430,000 due to the addition of new territories, but growth is expected over time [27] Question: Incremental uplift to ASP from RA markers - The company has not established a payment history for the new RA markers yet, but expects a modest uplift compared to previous launches [28] Question: Updates on pharma partnership with urine platform - The first statement of work related to the urine platform has been completed, with ongoing discussions for subsequent efforts [29] Question: Approach to reaching $500 ASP target - The company believes the $500 ASP target is still realistic, but timing is uncertain due to recent challenges [32][34] Question: Impact of direct bill account loss on ASP - The loss of the direct bill account has primarily impacted ASP, but volume is trending positively as access to testing has been restored [67] Question: Higher denial rates for new markers - The increase in denials is primarily related to new markers, with insurers implementing more scrutiny [70][72] Question: ALJ hearing wins in Q3 - No notable ALJ hearing wins were disclosed, but the company continues to make progress in its appeals efforts [76]

Financial Data and Key Metrics Changes - The company reported revenue of $206 million for Q3 2025, a decrease of 4% year-over-year, but a 5% growth when excluding specific headwinds [4][24][26] - Adjusted gross margin was strong at 70.1%, with adjusted EBITDA reported at $10.3 million [6][28] - Test volumes increased by 3%, but average revenue per test decreased by 7% [23][24] Business Line Data and Key Metrics Changes - Oncology revenue was $81.8 million, a decline of 1% year-over-year, with myRisk test volume growth of 16% in the affected market and 11% in the unaffected market [15][19] - Women's health revenue increased by 3% to $85.2 million, with hereditary cancer testing showing a 4% revenue growth and 11% volume growth year-over-year [19][20] - GeneSight revenue was $38.7 million, with an 8% volume growth year-over-year, despite challenges from UnitedHealthcare's coverage policy change [21][22] Market Data and Key Metrics Changes - The hereditary cancer testing market is estimated to be close to $5 billion, with less than 50% penetration, indicating significant growth opportunities [55] - The company is experiencing positive momentum in prenatal testing, with expectations for continued growth following the introduction of the FirstGene test [20][21] Company Strategy and Development Direction - The company is focusing on the cancer care continuum to accelerate growth, leveraging the myRisk test and expanding its portfolio to include other cancer screening and diagnostic tests [7][8] - There is a commitment to grow prenatal health and mental health revenues at or above market growth, with a disciplined investment approach [8][12] - The company is enhancing its commercial capabilities and organizational design to improve customer experience and market share [11][12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver accelerated profitable growth, emphasizing the importance of operational efficiency and strategic partnerships [9][10][11] - The company is optimistic about the upcoming launches of new products, including an updated myRisk test and the Prolaris prostate cancer test [10][11][18] Other Important Information - The company reaffirmed its full-year 2025 financial guidance, projecting revenue between $818 million and $828 million [30] - The organizational redesign aims to reduce management layers and improve efficiency, which is expected to support revenue growth while controlling operating expenses [29][30] Q&A Session Summary Question: What are the offsets in savings as you go into 2026? - Management reaffirmed a commitment to profitable growth, focusing on the cancer care continuum and reallocating investments to support growth while managing operating expenses [36][37] Question: Any share shift in the NIPT market? - Management acknowledged challenges in operational execution but indicated improvements are being made, with expectations for future growth driven by new products [40][41] Question: Can you provide color on the friction with the new ordering management system? - Management noted that regaining customer volume takes time, but improvements are being made, and they expect to show volume growth in the coming quarters [44][45] Question: What is the current average turnaround time for Prequel results? - Management stated that turnaround times for their products are competitive, emphasizing patient convenience and workflow improvements [68][69] Question: How should we think about ASP assumptions for 2026? - Management highlighted that ASP was impacted by several factors, including changes in payer mix and the divestiture of the EndoPredict business, but they expect positive trends to continue [63][64]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 grew 39% year-over-year to $265.2 million, marking the first time annualized revenue surpassed $1 billion [6][25] - Non-GAAP gross margin improved to 66% in Q3 2025, up from 63% in the prior year, driven by reduced costs [29] - Adjusted EBITDA loss was $45.5 million, an improvement from a loss of $56.2 million in Q3 2024 [30] Business Line Data and Key Metrics Changes - Oncology revenue increased 31% to $184.4 million, with approximately 74,000 tests performed, reflecting a 40% growth in volume [8][25] - Screening revenue from Shield totaled $24.1 million, generated from 24,000 tests, with an average selling price (ASP) of approximately $880 [28] - Biopharma and data revenue grew 18% year-over-year to $54.7 million, supported by two companion diagnostic approvals [27] Market Data and Key Metrics Changes - The screening business is tracking at an annual run rate of approximately $100 million, one year into the commercial launch of the FDA-approved product [6] - Shield tests have shown high adherence rates, with over 90% of ordered cases resulting in completed blood samples [18] Company Strategy and Development Direction - The company aims to expand its commercial infrastructure for Shield, leveraging partnerships with Quest Diagnostics and Path Group to enhance access [19][20] - Continued investment in commercial initiatives and the introduction of new smart applications are expected to drive future growth [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential inclusion of Shield in American Cancer Society guidelines, which could enhance commercial coverage [40][41] - The company raised its full-year 2025 revenue guidance to $965-$970 million, reflecting stronger-than-expected performance [31][32] Other Important Information - The company surpassed 1 million cumulative clinical patients tested, highlighting the impact of its tests in clinical practice [7] - The submission of the PMA application to the FDA for Guardant360 Liquid is expected to streamline the product offering and enhance market adoption [11] Q&A Session Summary Question: Can you walk us through the Shield ASP dynamics exiting the year? - Management indicated that the ASP for Shield is currently around $1,495, with expectations for continued strong payment from Medicare Advantage [36][37] Question: Is guideline inclusion by the American Cancer Society a real possibility by year-end? - Management remains optimistic about the potential inclusion and its positive impact on reimbursement rates, although it will take time to translate into payments [40][41] Question: How should we think about 2026 growth for Shield? - Management is confident about long-term growth but refrained from providing specific guidance for 2026 at this time [45][46] Question: Can you provide any KPIs around average testing frequency per physician? - Management reported high adherence rates, with over 90% of ordered Shield tests being completed [80]