Group 1 - The Goldman Sachs ActiveBeta International Equity ETF (GSIE) utilizes a factor-based methodology but shows performance comparable to more established international ETFs like EFA and VEA [1] - GSIE has a significantly lower Assets Under Management (AUM) of approximately $4 billion, indicating less popularity compared to its alternatives [1] Group 2 - The article emphasizes the importance of rigorous risk management and a long-term perspective on value creation in investment strategies [1]

Core Insights - Tempus AI is experiencing strong operational momentum with significant revenue and gross profit growth, transitioning from a high-growth startup to a scalable enterprise AI and diagnostics company [1][2] Revenue and Profit Growth - In Q4 2024, Tempus AI reported a 35.8% year-over-year revenue growth and a 49.7% increase in gross profit, primarily driven by its high-margin Data and Services segment [2] - For Q1 2025, revenues grew by 34% and gross profit increased by 45%, with gross margin rising from 42.5% to 44.5% [2][7] - The improvements were attributed to lab efficiencies, increased adoption of AI tools like Tempus One and xM, and a higher mix of data services [2][7] Future Earnings Expectations - The upcoming Q2 2025 earnings release is anticipated to show further margin expansion and sequential gains in adjusted EBITDA, supported by new offerings such as Tempus One in EHR systems and the xM liquid biopsy assay [3] - Any upward revision to guidance or increase in contract value, especially from large enterprise deals, could enhance the momentum observed in early 2025 [3] Competitive Landscape - Tempus AI's peers, such as Guardant Health and Natera, are also making significant advancements in AI-driven diagnostics, with Guardant Health introducing new assays and Natera expanding its market reach [6][8] - Natera reported a 36.5% revenue growth in Q1 2025, with gross margin expansion to 63.1%, indicating a competitive environment in personalized oncology [8] Earnings Estimates - The Zacks Consensus Estimate for Tempus AI's 2025 earnings suggests a 56.3% year-over-year improvement [9] - Current estimates indicate a potential for significant growth in earnings per share, with a year-over-year growth estimate of 63.49% for the current quarter [10] Valuation Metrics - Tempus AI currently trades at a forward Price-to-Sales (P/S) ratio of 7.52X, which is higher than the industry average of 5.8X, indicating a potentially expensive valuation [11]

Core Insights - Tempus AI and Guardant Health are leading companies in AI-powered precision oncology, with Tempus reporting a 75% year-over-year revenue growth in Q1 2025, driven by genomics testing demand and a $200 million data licensing deal with AstraZeneca and Pathos [1][6] - Guardant Health is enhancing its position in liquid biopsy and early cancer detection, achieving positive gross margins for the first time in Q1 2025 [1][10] Company Performance - Tempus AI's revenue growth is attributed to a 89% increase in genomics revenues, with gross profit nearly doubling (up 99.8% year-over-year) and adjusted EBITDA improving by $27.8 million [6][9] - Guardant Health raised its 2025 revenue guidance to $880-$890 million, driven by increased test volume and average selling prices, with oncology revenues projected to grow 18% [10][12] Strategic Developments - Tempus AI is transitioning from a clinical testing provider to a data-driven platform, with a total remaining contract value exceeding $1 billion due to its strategic partnerships [7] - Guardant Health's Reveal product has turned gross margin positive, benefiting from reduced costs and improved reimbursement, positioning it for high growth in minimal residual disease detection [11][12] Financial Outlook - Tempus AI has raised its full-year guidance to $1.25 billion, indicating around 80% annual growth, despite posting a Q1 adjusted EBITDA loss of $16.2 million [8][9] - Guardant Health expects to reach breakeven for non-screening operations by Q4 2025, with projected cash burn significantly reduced to $25-$35 million for the year [12][13] Valuation Comparison - Tempus AI is trading at a forward price-to-sales ratio of 8.48, while Guardant Health's ratio is 6.22, indicating that Tempus AI is relatively more expensive compared to Guardant Health [14] - Analysts suggest a potential decline of 5.2% for Tempus AI's stock price, while Guardant Health's average price target indicates a 16.1% upside [15][17] Investment Considerations - Both companies are seen as strong long-term plays in AI-powered precision oncology, but Guardant Health is currently better positioned due to its improving gross margins and disciplined cash management [20]

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 写在前面 自UniAD（CVPR 2023 Best Paper）问世以来，端到端已经成为当下量产的主流范式。而从去年下半年开始，尤 其是DeepSeek思维链流行以来，视觉-语言-动作（VLA）相关方法伴随着具身智能的爆火，相关论文已经横扫自 动驾驶前沿领域。同时各家主机厂也争先恐后尝试落地研发，理想、文远知行、小米、小鹏等等都在大力尝试量 产。 随着2025年即将过半，学术界和工业界也出现了很多优秀的工作。 所以哪些高质量工作现在应该格外关注？趋势在往什么方向发展？量产应用究竟如何？全都是值得每一位前沿从 业者思考~ 为此，自动驾驶之心采访了学术界和工业界第一线的大佬并做了VLA相关工作的汇总，文章按照发表时间排 序，其中不乏全球顶尖高校团队和工业界研究团队的工作。 并在文末做了一些对当下工作的观点整理，感兴趣 的小伙伴不要错过呦~ 标题：AutoVLA: A Vision-Language-Action Model for End-to-End Autonomous Driving with Adapt ...

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 今天自动驾驶之心为大家分享理想汽车最新的工作—DriveAction！ 探索VLA模型 中类人驾驶决策的基准。 如果您有相关工作需要分享，请在文末联系我们！ >>点击进入→ 自动驾驶之心 『多模态大模型』技术交流群 论文作者 | Yuhan Hao等 编辑 | 自动驾驶之心 研究背景与问题提出 在自动驾驶技术不断发展的进程中，Vision-Language-Action（VLA）模型凭借其强大的多模态处理能力， 为自动驾驶系统的发展带来了新的机遇。然而，现有的基准数据集在场景多样性、动作级标注的可靠性以 及与人类偏好一致的评估协议等方面存在明显不足，这严重制约了VLA模型的进一步发展和实际应用。 具体来看，现有基准数据集主要存在以下问题： DriveAction基准的核心创新 为解决上述问题，本文提出了DriveAction基准，这是首个专为VLA模型设计的动作驱动基准，具有以下三 大核心创新： 场景多样性不足 ：大多数基准数据集基于开源数据构建，来源单一，难以覆盖现实驾驶中的各种复杂 场景，如道路合并与出口 ...

「奔向AGI」 栏目聚焦AI大模型、AI agent、AI应用、芯片、机器人等前沿、热门的AI技术和商业创 新。 作者丨薛皓皓 编辑丨关雎 图源 丨Midjourney 近期， OpenAI 创始人山姆·阿尔特曼表示， 2025 年将是 AI Agent 大规模应用之年。" Agent 作 为'数字员工'，将为各行业显著节省时间，提升效率，创造可观的商业价值。"他说。 简单而言， AI Agent 可替人执行查资料、订机票、 做 PPT 、写代码等任务，是能自主思考，替人 干活的"数字管家"。 今年， OpenAI 一口气推出两款 AI Agent 产品： Operator 可自主操作浏览器完成复杂任务，例如 在线订餐、购物和订票； Deep Research 能在半小时之内输出金融、科学、政策等领域的深度调研 报告。它还花 30 亿美元收购 了 编程 AI Agent 公司 Windsurf 。 在这疯狂增长的蓝海市场，有投资人认为创业机会在于垂直细分领域的 AI Agent ，而非定位于宽泛 to C 场景的通用 AI Agent ，矛头直指定位于通用 AI Agent 的 Manus 。 金沙江创投创始 ...

Summary of Guardant Health (GH) FY Conference Call - June 09, 2025 Company Overview - **Company**: Guardant Health (GH) - **Industry**: Life Sciences Tools and Diagnostics Key Highlights and Core Points 1. **Strong Business Performance**: The company reported significant growth in the first half of the year, particularly with the G360 therapy selection platform, driven by new features and the smart liquid biopsy platform [3][4] 2. **REVEAL Test Success**: The REVEAL test for colorectal cancer (CRC) surveillance is gaining traction, with increasing volumes and reimbursement developments [4][12] 3. **Breast Cancer Indication**: A second publication in breast cancer was recently released, with plans to submit for Medicare reimbursement [4][10] 4. **Shield Test Updates**: The Shield test has seen a price increase from $9.20 to $14.95, and it has received ADLT status, indicating strong market positioning [4][35] 5. **NCCN Guidelines Impact**: The updated NCCN guidelines recommending testing every three years for Shield are expected to positively impact adoption and coverage [7][8] 6. **Breakthrough Device Designation**: Shield received breakthrough device designation for multi-cancer detection, which may expedite market entry and reimbursement discussions [10][11] 7. **ASCO Conference Insights**: The company presented significant data at ASCO, including the largest MRD study to date, validating the REVEAL test as a decision support tool [12][13] 8. **Competitive Landscape**: Guardant Health maintains a competitive edge with its smart liquid biopsy platform, which offers faster results and higher sensitivity compared to competitors [19][20] 9. **Tissue Test Launch**: The launch of Guardant360 Tissue aims to penetrate the crowded tissue testing market, leveraging the company's established liquid biopsy reputation [24][26] 10. **MRD Test Expansion**: The REVEAL test is gaining traction among patients who are further out from surgery or have inaccessible tissue samples, indicating a strong market opportunity [29][30] 11. **First Mover Advantage**: The company emphasizes the importance of its first mover advantage in the screening market, particularly with the Shield test [33][34] 12. **ASP Growth**: The average selling prices (ASPs) for Guardant360 and REVEAL tests have increased significantly, contributing to revenue growth [39][40] 13. **Path to Profitability**: The company targets breakeven by 2028, with a focus on reducing cash burn and improving gross margins across its product portfolio [47][48] 14. **Long-term Gross Margin Goals**: Guardant Health aims for gross margins of at least 60% across all products, with specific targets for Guardant360 and REVEAL [50][51] Additional Important Insights - **Biopharma Business Success**: The biopharma segment has shown strong growth, with over 80 pharmaceutical companies utilizing Guardant's services [58][59] - **Sales Team Effectiveness**: The company has achieved high effectiveness and perceived utility in its oncology sales team, which is crucial for market penetration [28][62] - **Future Growth Potential**: The company believes that the combination of new product launches, data releases, and market dynamics will drive significant growth in the coming years [64][65]

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Summary of Guardant Health (GH) 2025 Conference Call Company Overview - **Company**: Guardant Health (GH) - **Industry**: In Vitro Diagnostics (IVD) Key Points and Arguments FDA Breakthrough Designation - Guardant Health received FDA breakthrough designation for its multi-cancer detection test, Shield, which is expected to expedite the path to market and enhance communication with the FDA [3][4] NCCN Recommendation - The National Comprehensive Cancer Network (NCCN) has recommended Shield as a Category 2A screening test for colorectal cancer, which is anticipated to boost adoption among physicians and improve discussions with commercial payers [4][6] Unmet Need in Cancer Screening - There are approximately 50 million unscreened patients, highlighting a significant unmet need in cancer screening. The introduction of Shield is seen as a new choice for patients [6][7] SERENO-six Study - The SERENO-six study, in collaboration with AstraZeneca, is expected to change the paradigm of care in oncology by allowing for adaptive management of patients based on molecular progression [9][10] Volume Growth and Market Expansion - Following the ESR1 approval, Guardant Health experienced a doubling of breast cancer volume, with expectations for similar growth from the new study [11] - The company has launched 11 new applications for its smart liquid biopsy program, indicating a strong pipeline for future growth [12][13] Pricing and ASP Improvement - The average selling price (ASP) for Guardant360 has increased from approximately $2,700 to $3,000-$3,100, with expectations for further increases to $3,200-$3,300 [19][21] - Medicare reimbursement rates have also improved, contributing to the positive pricing environment [20] New Applications and Features - New applications for liquid biopsy include negative prediction for mutations and features for immune checkpoint inhibitors, enhancing the diagnostic capabilities of the tests [22][23] Tissue Test Enhancements - The company has made significant enhancements to its tissue tests, reducing the amount of tissue needed and improving the breadth of genomic testing [26][28] Reveal Product Line - The Reveal product line has shown positive gross margins and is expected to ramp up significantly in the second half of the year, driven by new reimbursement for colorectal cancer surveillance [29][30][31] Future Indications and Market Needs - Guardant Health is making progress on submissions for new indications in breast cancer and immuno-oncology, with expectations for publications and submissions by early next year [32][34] Multi-Cancer Detection and Reimbursement - The company is focused on developing a multi-cancer detection solution, starting with colorectal cancer, and plans to expand reimbursement pathways as the test evolves [60][61] Abu Dhabi Project - Guardant Health is involved in a government-funded population-scale screening program in Abu Dhabi, aiming to improve colorectal cancer screening compliance in the region [63] Additional Important Insights - The company is actively hiring and training sales representatives, aiming to increase its field presence from 100 to over 200 by the end of the year [45][47] - Cost of goods sold (COGS) has decreased significantly, with plans to further reduce costs through automation and workflow efficiencies [49][51] - The company is optimistic about the upcoming Shield 2.0, with expectations for improved analytical performance and potential FDA approval by the end of the year [52][54] This summary encapsulates the key discussions and insights from the Guardant Health conference call, highlighting the company's strategic initiatives, market opportunities, and growth prospects in the IVD industry.

Amicus Therapeutics (FOLD) 2025 Conference June 04, 2025 11:40 AM ET Speaker0 Morning. Welcome to day one of the Jefferies Healthcare Conference. My name is Dennis Ding, biotech analyst here. I have the great pleasure of having Amicus Therapeutics here with us. Welcome. Welcome. Thank you. So maybe to kick start things, talk about Amicus and kind of the journey you guys have been on over the last one or two years to get to where you are today. And maybe also give us an update as to where you are today in te ...