A：The company reported revenue of $348.1 million for the first quarter of 2026, which was an increase of over 36% from the previous year. The data applications business saw a year-over-year growth of 40.5%, with data licensing and modeling business insights growing over 44%. The company also increased its guidance for the year to $65 million.

A：The data business performed exceptionally well, with 87% million of revenue and a 40.5% year-over-year growth. The company signed a very large strategic collaboration with a new entity, adding to its prestigious group of big pharma and biotech partnerships. The collaboration with large names like Gilead and Merck is part of a migration where companies are not only licensing data but also building models with the company for their internal drug programs, indicating a trend towards increased strategic involvement.

A：The company has potential growth in its strategic collaborations, as indicated by the recent wins with Gilead and Merck. These partnerships are significant as they represent large-scale, strategic collaborations that are expected to contribute to revenue visibility and growth. The Gilead collaboration is particularly noteworthy as it is a significant step up from their historic levels, demonstrating an evolution in their approach to utilizing the company's data across the spectrum of drug development, from compound interrogation to patient enrollment. The company is monitoring these collaborations to achieve a mix of large agreements and the growth of these accounts, which are expected to contribute to the revenue visibility and guide the company's future performance.

A：The company has a high level of visibility and confidence in meeting the implied $410 million of data revenue guidance for 2026. This confidence is based on the large collaborations signed with AstraZeneca, GSK, EMS, and the recent addition of Gilead and Merck to the list of strategic partnerships. The company had previously announced $350 million of TCD related to 2026, which provides a strong foundation of visibility. The strong pipeline, including the recently closed deals with Merck and Gilead, further supports the revenue outlook. The performance is particularly strong, with the recent addition of 80 plus million dollars of revenue from these partnerships contributing to the revenue backlog that will continue to benefit the company throughout the year and into the future.

A：There are no updates on the FDA submission that was made earlier this year, and the company is awaiting feedback. It is not expected that the submission will impact pricing or AFP in 2026.

A：The vast majority of the company's data licensing is from oncology and comes almost entirely from its fee selection business. This business, which utilizes a database of over 500 PB, drives the majority of the company's data business. Long-term, the company sees the data and modeling business in the U.S. potentially reaching multi-billion dollars, with significant opportunities in other disease areas domestically and internationally.

A：Free cash flow is expected to be elevated in Q1 due to timing of payables and bonuses. There's a significant improvement anticipated in Q2 driven by normalization of payables and the transition of large insight contracts from prepayments to quarterly payments. Subsequent improvements are expected as Adjusted EBITDA improves. The company expects to generate about $65 million of positive EBITDA in Q1 and feels confident in its cash position.

A：The company is in a good spot as it is not in need of additional cash and does not require alternative financing at this time. It expects to generate cash and be EBITDA positive without needing to focus on quarterly fluctuations of cash flow.

A：The company has one FDA-approved test today which is being expanded into solid tumor profiling. Another is in front of the FDA in liquid biopsy, and these are expected to have little impact on how tests are ultimately ordered or billed, as they are individual and based on medical necessity. However, there is a belief that ASPs are likely to rise over the coming years due to FDA approvals, with about $500 million in additional revenue over the next one to two years.

A：The adoption of CDX in therapy selection is seen as being in the early to middle stages. In the U.S., companion diagnostics have not significantly impacted physician ordering due to how drugs and diagnostic tests are paid and ordered. While it's uncertain whether the company will win more CDX, it's believed that regardless of who wins, it won't impact the majority of external sequencing which is already a part of therapy selection. However, there is an acknowledgment that solid tumor profiling, liquid biopsy, and especially MRD, represent significant opportunities for growth over the next three to five years.

A：The MRD assay grew 500%, but with only 6500 tests, the growth is considered small and may be misleading. The vast majority of the company's revenue is from Hereditary tests where unit volume is high, making it difficult to move units. The expectation to return to mid-teens growth is due to the lapping of slower periods of growth.

A：The growth rate for the hereditary business is expected to return to the mid-teens in the back half of the year as they lap slower periods of growth.

A：The slower start to the first half of the year is attributed to a migration of volume to whole genome which has some impact on average selling price (ASP). The company was later to market with this product, leading to more of a volume issue as they have not been selling a bunch of tests.

A：The higher attach rates in oncology are driven by algorithms such as the homologous recombination efficiency algorithm and the tumor origin algorithm. These algorithms are helpful in predicting patient responses to immunotherapies.

A：The factors contributing to the growth and progression of EBITDA include the phasing of revenue growth throughout the year, with Q1 showing a 13+ million dollars improvement year over year. The company expects similar trends in Q2 and looks to maintain improvement in operating leverage for the year.

A：The expectation is that volumes in the MRD space will ramp up significantly as the company has not yet unleashed its full sales machine, which could become very formidable as reimbursement improves. The company is being cautious with the expansion due to the potential increase in cash burn.

A：The anticipated growth over the next few years is 25% top line growth. The EBITDA trend is not explicitly stated in the question but implied as positive. The guidance for precise growth is attributed to the durable business model with many levers that can be controlled.