管理層發言
Good morning. My name is Joelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the SOPHiA GENETICS Second Quarter 2026 Earnings Conference Call. This call is being recorded on Tuesday, August 4, 2026. I would now like to turn the conference over to Kellen Sanger, SOPHiA GENETICS Head of Strategy. You may begin.
Thank you, and good morning, everyone. Welcome to the SOPHiA GENETICS Second Quarter 2026 Earnings Conference Call. Joining me today to discuss the results are Ross Muken, our Chief Executive Officer; and George Cardoza, our Chief Financial Officer. I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements. Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release issued by SOPHiA GENETICS today and in the documents and reports filed by SOPHiA GENETICS from time to time with the Securities and Exchange Commission. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of IFRS to non-IFRS measures is included in today's earnings press release, which is available on our website. With that, I'll now turn the call over to Ross.
Thanks, Kellen, and good morning, everyone. Today is my first earnings call as CEO. So before we jump into the quarter, let me tell you about where we are as a company and where we're going. Since SOPHiA was founded in 2011, the mission has not changed. Jurgi started SOPHiA with a dream to use genomic and clinical data to improve patient outcomes across the world. Today, the destination is just as clear. We intend to become the AI platform for precision medicine, the connected intelligence layer that makes every clinical decision smarter than the one before it. What has changed over the past decade is how close we are to the destination and how clear the path forward has become. Our business today is healthier than ever. Revenue is accelerating, the network is built, the platform thesis is proven, and customer trust, which we have earned across more than 1,000 institutions in 75 countries, is a moat that cannot be bought or replicated. This is a company built on a proven foundation with a large market ahead of it and everything it needs to operate at scale that it has not yet reached. My job is to deliver that scale for patients who deserve better outcomes, for shareholders who trusted in this platform's long-term potential, and for a team that has spent years earning the right to win. The plan for getting there was laid out in the founding strategy. Phase 1 was to build. We spent a decade building a network and AI platform driving widespread adoption and delivering value to clinicians and patients along every step of the way. Phase 2 is to leverage. To leverage our network and its data to power biopharma partnerships, build real-world evidence, and bring clinical intelligence closer to the point of care. This is how SOPHiA DDM becomes the AI platform for precision medicine. As we look ahead, four interconnected pillars will fuel our future growth. First, we will continue to scale genomic diagnostics globally, landing new customers and expanding within existing accounts to build the network that powers everything we do. Second, we will evolve our genomic applications into regulated companion diagnostics and software as a medical device to get us closer to the patient, collect even more data, and further extend our network. Third, we will use companion diagnostics and multimodal software as a medical device to evolve our genomic data stream into a true real-world evidence data layer that connects clinical, genomic, and other multimodal data and creates a strategic asset for biopharma and clinicians broadly. And last, we will leverage our data and AI to pioneer clinical intelligence and create tools like digital twins that power decisions across the full clinical picture. In other words, we are past the existential questions. Is the thesis right? Can the network be built? We have answered both. Now we execute. With that, let me update on what we delivered in the second quarter and how we are setting the tone for expected future performance. Revenue grew 27% year-over-year in Q2, and analysis volume was up 22%. We demonstrated strong operating leverage in the quarter as adjusted EBITDA loss improved 27% year-over-year, dropping 60% of our revenue growth down to the bottom line. We continue to push to scale genomic diagnostics globally by performing a record 115,000 patient analyses in Q2, while also fueling future growth with new wins. We landed 24 new customers in the second quarter alone and expanded nicely across existing accounts with net dollar retention of 117%, 1,000 basis points versus last year. The primary drivers behind our performance in the second quarter were growth in the U.S. and in liquid biopsy. In Q2, we delivered 64% year-over-year revenue growth in the U.S. market. This performance was driven by 60% volume growth as many U.S. customers began to come online. The growth has been especially impressive given the increasingly large base in the U.S. To continue fueling this growth, we landed several new customers in the quarter. We signed the Children's Hospital of Philadelphia, the first pediatric hospital in America and a global leader in pediatric oncology. Together, we are developing a new liquid biopsy test optimized for pediatric cancers. I couldn't be more excited for this partnership, and I'm looking forward to working together to help young cancer patients. This signing, as well as other recent momentum in the U.S., is part of a broader trend. In the past 12 months, we have seen an inflection in demand in the U.S. market. As reimbursement rates become more established and denial rates improve, hospitals and labs are waking up to the benefits of launching their own testing capabilities. Central U.S. labs have proven that testing is immensely profitable and that genomic data has significant value. Now U.S. hospitals and labs are making in-house testing part of their core strategy, and those who adopt SOPHiA are seeing significant benefits. The second key growth driver in Q2 was liquid biopsy, where we delivered 80% year-over-year revenue growth. We also signed major new customers in the quarter, including AZ Delta Roeselare, one of the largest hospitals in Belgium, Poly Clinical Reunite Hospital at the University of Foggia in Italy, and Sultan Qaboos Cancer Center in Oman. In total, we've now signed 80 liquid biopsy customers globally, more than half of which are still yet to begin generating revenue, giving us substantial runway to support future growth. As our genomics footprint continues to expand and our network becomes larger, many players in the space have come to recognize the value of our unique global reach and the data being streamed through our platform. AstraZeneca, in particular, has been a key partner of SOPHiA for the past several years. They have contracted us to build AI models for patient selection and trial design, partnered with us to access real-world evidence from our network, and sponsored the deployments of our tests globally. Today, I'm thrilled to announce the latest collaboration between SOPHiA and AstraZeneca. This morning, we announced the launch of not one but two companion diagnostic programs with AstraZeneca, the first CDx wins in SOPHiA's history. I'm excited now to share a bit of information about each program. For the first CDx program, we will develop our solid tumor application into a decentralized companion diagnostic. The second CDx program will leverage our hematological oncology application to support a therapy for patients with blood cancer. These two CDx programs represent the value of our global network and decentralized model as well as our ability to get even closer to the patient and increasingly regulated products. These programs will not only provide a meaningful revenue accelerator for years to come, but they will also provide a foundation to collect even more data about the patient, build real-world evidence assets and develop new and unique clinical intelligence tools. And with these two wins, we are just getting started. Beyond biopharma, we also announced a significant evolution of one of our closest clinical partnerships in Q2. In the spirit of pioneering clinical intelligence, Memorial Sloan Kettering and SOPHiA announced the signing of an MOU to form a joint venture. The JV will combine MSK clinical expertise, testing footprint and unmatched multimodal data assets with SOPHiA's AI platform to accelerate the new generation of precision oncology. Specifically, we will aim to build an AI lab of the future in New York City with infrastructure to develop and launch new applications, support biopharma and build new multimodal clinical intelligence tools. We couldn't be more excited about this partnership, and I look forward to keeping you updated as we move to a definitive agreement in the coming months. To conclude, Q2 was an outstanding quarter. Revenue growth continues to accelerate, and we continue making great progress towards profitability. The market is reshaping itself around intelligence, and we are perfectly positioned to accelerate this movement. As a result, we are raising our full year revenue guidance to $94 million to $96 million or 22% to 24% growth. This reflects our confidence in both our execution and the opportunity ahead. In addition, we also reaffirm our commitment to profitable growth. As stated previously, we expect to be approaching adjusted EBITDA breakeven by the end of this year and crossing over to positive adjusted EBITDA in the second half of 2027. In June, we closed an oversubscribed public offering that raised approximately $57.5 million in gross proceeds. This fundraising brings our cash and cash equivalents to $107.7 million at the end of Q2. We believe our current capital is now sufficient to fund our growth plans and will enable us to control our own destiny going forward. With that, I'll turn the call over to George, who will discuss the results in more detail.
Thank you, Ross. As mentioned, Q2 results were strong and our outlook remains positive. Revenue and volume growth accelerated once again as our momentum continues to build. Total revenue for Q2 was $23.3 million compared to $18.3 million in the second quarter of 2025, representing year-over-year growth of 27%. Platform analysis volume was a record 115,000 analyses in Q2, representing year-over-year growth of 22%. From a regional perspective, we delivered strong growth across geographies. North America and specifically the U.S. market continued to be a primary growth driver. As Ross highlighted, U.S. volume grew 60% in Q2 and U.S. revenue grew 64%. Asia Pacific outperformed as well with 27% volume growth and 31% revenue growth. EMEA was also strong and volume growth was roughly in line with the company average. And Latin America picked up a few recent wins, which we will begin to come online. From an application standpoint, HemOnc, rare diseases and liquid biopsy all outperformed. HemOnc volumes were up 34% year-over-year in Q2 and rare disorders were up 35%. Solid tumor testing grew slightly above the company average as well, largely driven by new applications like our CGP test and MSK Impact Flex. Outside of the core genomics business, biopharma contributed nicely to overall growth as recently signed projects continue to deliver, including the major deals announced with AstraZeneca at the beginning of the year. As we've previously stated, biopharma is now an accelerator to our growth rate, and we believe it will continue to be that in future years. Core genomic customers were 542 as of June 30, up from 490 in the prior year period. In the first half of 2026, we implemented 40 new customers who have now entered routine usage. Credit to the team for continuing to manage the recent influx of new customer signings. Despite the strong bookings, pipeline remains strong and healthy. Both clinical and biopharma businesses carry net new business pipelines of over $100 million as the number of large opportunities continues to expand. We believe the market is moving in our direction, and we are excited to continue capitalizing on our opportunity. On the expand side, we continue to grow nicely within existing customers as they add more and more applications. Our net dollar retention for the quarter was 117%, up 1,000 basis points from 107% in the prior year period. In addition, annualized revenue churn remained world-class at less than 1% in Q2 2026, demonstrating the stickiness of our platform once customers join. Gross profit was $15.1 million compared to $12.3 million in the prior year period, representing growth of 23%. Gross margin was 64.6% compared with 67% for the second quarter of 2025. The increase in our pharma business and in other services income led to a slight margin decrease in Q2, which I'll talk more about in just a few minutes. Adjusted gross profit was $16.8 million, an increase of 23% compared to the prior year period. Adjusted gross margin was 72.1% compared to 74.4% in the second quarter of 2025. The decline in gross margin was primarily due to an increase in our biopharma business and our services business. Our biopharma business typically has lower margins at the start of projects, and this quarter, it depressed our gross margins by 0.8%. On the clinical side, we also saw an uptick in our services revenue in Q2 as we help clients set up robotics and efficient NGS workflows in their labs. In this case, we had more R&D resources than usual working on customer implementations. This moves dollars from the R&D line up to the COGS line as they are linked to revenue and we charge for the implementations. These services typically come at smaller margins than our standard analysis margins. Total operating expenses for Q2 were $35.1 million compared to $30.8 million in the prior year period. Some specific items temporarily impacted reported operating expenses and are worth calling out directly as they do not reflect the company's underlying operating performance and have been removed in order to get to the adjusted EBITDA numbers. First, we mentioned during our last earnings call that we executed a series of targeted cost actions in April. These actions will drive material savings in the second half of 2026 and future years. But in Q2, we will be absorbing a restructuring cost of approximately $1.25 million related to terminations and severance. Second, as previously disclosed, Guardant Health filed patent infringement claims against us in the United Kingdom and at the Unified Patent Court in Paris last year. We incurred approximately $1.1 million in related net legal expenses during Q2, which is reflected as a litigation adjustment in our adjusted EBITDA reconciliation. In January, the UPC rejected Guardant's request for provisional measures and ordered them to pay us $700,000 in interim costs: $500,000 of which we received in Q1 and $200,000 of which we received in Q2. On July 2, the UPC Court of Appeals in Paris issued its final decision, rejecting Guardant's appeal in full. The court confirmed that there will be no injunction and that we can continue to commercialize the MSK ACCESS test without restriction. Guardant has been ordered to pay us a further $100,000 in interim costs. We remain confident in our position, both on non-infringement and on the validity of Guardant's patents, and the U.K. proceedings remain ongoing. Beyond these one-off items, we did invest in sales and marketing during the quarter, specifically adding a few headcount in North America to support the strong U.S. growth. You should expect us to make small additions in this team slightly throughout the year to invest in the substantial opportunities we have in the U.S. market. Adjusted operating expenses, our OpEx excluding items in the adjusted EBITDA table, was $25.6 million in Q2, exactly flat compared to last year. Operating loss for the second quarter was $20.1 million compared to $18.5 million in the prior year period. The figure, of course, includes the litigation and the restructuring cost impacts. Adjusted EBITDA was a loss of $8.8 million compared to the prior year loss of $12 million, improving 27% year-over-year. As Ross mentioned, we are proud of the team for this achievement. During the quarter, we had year-over-year revenue growth of $5 million and improved adjusted EBITDA by $3.2 million. In other words, we dropped more than 60% of each incremental revenue dollar down to the bottom line. Dropping down this much revenue growth to the bottom line by holding expenses relatively flat is especially impressive in the face of our accelerating revenue growth. Lastly, total cash burn, which we define as the change in cash and cash equivalents, excluding cash received from borrowings and stock sales as well as FX impacts, was $12.9 million compared to $11.9 million in the prior year period. This year-over-year increase includes two expected dynamics. First, cash costs related to the restructuring reserve we took based on cost reduction actions in the second quarter of 2026, including severance and separation costs. And the second reason was the net legal costs related to the Guardant Health lawsuits. In the quarter, we executed an oversubscribed public follow-on offering that raised approximately $57.5 million in gross proceeds, bringing our cash and cash equivalents to $107.7 million at the end of Q2 2026. This raise will enable us to continue investing in our future growth and allow us to control our own destiny going forward. We remain confident in our path to profitability and expect to be approaching adjusted EBITDA breakeven by the end of this year and fully crossing over to positive adjusted EBITDA in the second half of 2027. I'll now turn to our 2026 outlook. Given the strength of our performance in the first half of 2026, SOPHiA GENETICS is raising our full year revenue guidance for 2026 from $92 million to $94 million to $94 million to $96 million, representing 22% to 24% year-over-year growth. A few notes on second half revenue. As a reminder, our business is typically seasonally stronger in Q4. The CDx deals announced today will impact growth primarily in 2027 as the programs reflect multiyear agreements with tiered milestones. Beyond revenue, we are reaffirming our full year adjusted EBITDA loss guidance of $29 million to $32 million compared to $41.5 million in fiscal year 2025. As previously mentioned, we took a series of cost actions and have realized the benefits of adopting AI across our teams. These actions reinforce our conviction to grow revenue without increasing headcount. They also give us confidence that we will be able to continue holding the line on operating expenses and reach our profitability guidance. With that, I would like to turn the call back over to Ross for the closing remarks before we take your questions. Ross?
Thank you, George. To summarize, Q2 was an excellent quarter. We continue to accelerate revenue growth, improve our bottom line and fuel future growth with strong new business momentum across clinical and biopharma. The SOPHiA mission remains strong, and I couldn't be more excited to lead the company in its next phase of growth. Thank you to our employees, our partners and our shareholders for the trust you've placed in this next chapter. With that, operator, please open the line for questions.
分析師問答
This is Ricky on for Subbu. Congrats on the quarter, guys. So 64% revenue growth and 60% volume growth in the U.S. is really impressive. Could you provide some additional color on where you're seeing the most growth here, maybe which types of customers? And how much of this is from existing SOPHiA DDM applications and how much of it is from MSK applications?
Thank you, Ricky. In the U.S. market, we're incredibly excited about the trends we are seeing. The strength is broad-based across customers of many sizes as sequencing costs fall and reimbursement rates firm. We're seeing entities of all sizes shift their thinking and view in-house testing as a viable strategic capability. In the near term, the most demand is in two product lines. One is exomes: our enhanced exome product is driving strong demand as a combined offering for rare disease while also enabling hereditary cancer testing, pharmacogenomic testing and carrier screening. The other product line is hematological oncology, where we are seeing growth in traditional areas like myeloid disorders and increasingly in CLL, AML and MRD testing. We're also seeing early signs of increased interest in liquid biopsy being brought in-house and continued movement on solid tumor testing, particularly toward CGP. Overall, demand is broad-based, and we expect the U.S. market to remain a major growth driver for the foreseeable future.
That's really helpful. And then in the U.S. and also maybe more broadly, how has the cross-selling of applications been trending so far year-to-date? Is there anything you could share maybe on the average applications used per customer?
Good question. This year, relative to last year, we've been more focused on expanding within existing customers than on pure land activity; that has been intentional. On the land side we have targeted larger accounts, which sometimes come with multi-application land. Today we are a little over 2.5 applications per customer, and there is significant room to grow given the double-digit number of applications customers can adopt. We're seeing examples where customers combine liquid and solid testing — for example, MSK ACCESS with MSK IMPACT — and others moving from hematological malignancy testing into solid tumor or from hereditary cancer into rare disease. This multi-application adoption supports high net dollar retention and helps us grow revenue while keeping incremental spend moderate.
This is Megan on for Mark. Thank you for taking our question. Our first one has to do with headcount. You touched on it a bit on the call, but I was just hoping we could double-click a bit there. So with almost $110 million in pro forma cash, does that change how you're thinking about adding commercial and implementation resources around the U.S. and maybe also ex U.S.?
Sure. Broadly, we've been able to keep FTE count relatively flat, which is a testament to the team's productivity improvements and our adoption of AI tools. We've been able to increase productivity across the organization, and that has allowed us to absorb growth with minimal headcount additions. On the commercial side, particularly in the U.S., we are selectively investing in the sales force to support elevated growth and to cover customer segments we historically have not fully penetrated, such as community oncology. We've also made select investments globally — entering Japan, investing in the U.K., Austria, Belgium and Germany — each targeted for high returns. On the pharma side, given today's CDx wins, expect modest investment to support that trajectory. Overall, we are very targeted with hires and expect high ROI on those investments.
I'll echo Ross on AI and productivity. AI is helping improve productivity across areas and is part of how we're targeting customer implementations and operations. We remain disciplined on OpEx and will continue to be so. Our cash balance is strong with over nine figures, and that positions us well to control our own destiny. We see great growth opportunities and aim higher for 2027 and 2028, and as high-ROI opportunities present themselves, we will act, especially with a strong balance sheet.
Another good quarter. I'm wondering if you could give a little more detail on this Lab of the Future with MSK. It sounds like it's essentially an R&D center to fuel AI-related precision medicine initiatives. But any additional detail you can give there, including if there's any financial impact over the next year or so?
Thanks, John. This is a very exciting development. We've been pleased with our partnership with MSK and with bringing both IMPACT and ACCESS solutions to more than 100 accounts globally. The JV idea is a potential game changer: it would be a center for new product development, new tools and new ways of practicing oncology that bring collective intelligence to clinicians and patients. We're still working through definitive agreement terms, so I can't provide precise financial expectations today. But expect the center to enable innovation that supports biopharma partnerships, application launches and development of multimodal clinical intelligence tools. Stay tuned as we finalize the agreement; we believe this is a groundbreaking concept that others may follow.
And then on the pharma side, one, just wondering if there's any more detail you can give around the two new deals that were signed, including if you're able to quantify just the order of magnitude deal size. And then within Q2, if you're able to parse out at all with U.S. growth accelerating to 64%, obviously, very impressive. If you're able to parse out how much of that is coming from pharma versus some of these large new customer wins that you guys have talked about coming online.
First, the CDx deals are important strategic milestones. Moving into regulated assets and demonstrating the ability to complete regulatory processes across geographies is a key step. We believe our approach — building global CDx capabilities compatible across the U.S., Japan, Europe and other markets — is differentiated and should allow us to compete effectively for more pharma relationships. In terms of sizing, typical CDx relationships on a multiyear basis are material, with milestone and other components; these wins are sizable and will be impactful in 2027 and beyond, but only a modest amount will contribute in the second half of this year. Regarding U.S. growth, the 60% volume growth and 64% revenue growth were driven primarily by clinical activity as many U.S. customers came online. Some new accounts and new business starts contributed, and you will see a portion of the new account onboarding reflected in margin pressure as businesses scale. The majority of material pharma-related contracted revenue will contribute more significantly in 2027 as projects ramp.
We are very pleased with the pharma contracts; they derisk our projections for 2027 and 2028 and strengthen the pipeline. These contracts will primarily be felt in 2027 and 2028 and position pharma as an accelerator for our growth. We see rocket-like potential in the pharma business and are excited about building it out.
This is RK from H.C. Wainwright. A couple of questions. The first one on the AstraZeneca deals that you announced this morning — the regulated CDx infrastructure that you have been building both with Myriad here in the U.S. and A.D.A.M in Japan, are those the intended submission and deployment to regulatory authorities for this? Or is this going to be a separate build? And part two of that question is the assays and know-how that you develop for AstraZeneca, could you utilize that beyond AstraZeneca?
Great questions. We have strong partners that have helped establish us in the CDx market. Today we don't operate a core lab service ourselves; we enable partners. For CDx it depends on the geography and the regulatory model. In the U.S., Myriad is our partner taking an asset through FDA, and that partnership will continue to bear fruit. A.D.A.M will be critical for Japan. In Europe, the market remains decentralized or kitted, and we can lead with our own capabilities there. We can also deploy through other labs or CROs that serve pharma at scale in clinical trials and then turn the assay into a regulated CDx deployable commercially through multiple models across our network. Regarding applicability beyond AstraZeneca, we are optimistic the products and regulatory approaches we develop will be replicable across other pharmas. At medical conferences we've seen high interest from other companies. We believe this validates our differentiated model versus traditional large labs and will help bring additional pharma customers to the table.
And the second question is on the financials. The adjusted gross margin that was announced this morning was 72.1%, down both sequentially and year-over-year. Last quarter, guidance suggested the full year gross margin should actually expand beyond 2025. So what needs to happen in the second half for things to reverse from here to get to that point?
Good question. We've delivered over 1,000 basis points of gross margin expansion since going public and shown the ability to drive toward profitability. In Q2, there were a few push factors. We're seeing elevated cloud and AI compute costs as we launch in new regions, and those costs are dilutive initially. We also had more new account starts and pharma project launches, where costs tend to be higher early in the lifecycle and margins mature over time. These effects, combined with implementation services and early-stage pharma project costs, worked against sequential margin expansion in Q2. Over time, as those projects scale and hosting and fixed costs are absorbed, we expect gross margins to gradually improve.
To add specifics: our pharma projects have higher costs at the start, and Q2 included some launches that depressed margins. Hosting and cloud infrastructure have a fixed component when we establish frameworks in regions like the Netherlands or the UAE, and as clients scale into those environments, the fixed cost is spread out and margins improve. Q1 was particularly strong; Q2 moderated a bit. Our long-term expectation remains gradual gross margin improvement and we will work on balancing the current launch-related pressures in Q3 and Q4.
This is Kyle on for Dan. Just wanted to ask a quick one on the updated guidance. You raised your guide by a bit more than the magnitude of the beat, which I think sort of implies second-half growth is pretty similar to the first half if you average it out. So just wondering what some of the puts and takes are of the drivers, maybe of upside in the back half, just given it sounds like you have a lot of momentum across a number of different areas of the business. How should we conceptualize that relative to what the back half implies?
Thanks, Kyle. We're pleased with first half performance and raised the guidance to reflect confidence in the continuation of these trends. The lower end of the new range is above our prior high end. Looking to the second half, we have a significant amount of business coming online and pharma ramping. We aim to continue accelerating growth while balancing our cost commitments. We tend to be conservative in our guidance, so the guidance reflects a responsible posture given timing uncertainty of some contract ramps. If contracts come online sooner, that is where upside to the guide would emerge.
Historically we've tended to beat guidance, and we take that responsibility seriously. We're confident in the targets and the momentum in the business. We positioned the company well for 2027 and 2028 and are managing for the long term. Timing of larger contracts is critical; we will be conservative in the near term and deliver upside if ramps occur earlier than we forecast.
And maybe just one more on customer implementations. Where do you stand right now in terms of implementations? What does the backlog look like? I know you guys have added quite a number of new logos every quarter. How have you been working through that backlog?
Despite strong efforts to bring customers into routine usage and decrease implementation time, bookings have remained elevated and our backlog remains meaningful. The good news is this backlog gives us high visibility for future revenue. We've been improving implementation time and focusing on becoming more AI-native to assist implementation workflows. There's a balance between accelerating conversions and managing capital and headcount, but we've been making progress and will continue to optimize the implementation process over the next 24 months.
We added people to the implementation team last year and they've done a great job. Most of the time, delays are on the client side for validations, IT and firewall resolutions. Our implementation team, which we call the MaxCare team, has improved turnaround and often we are now waiting on customers rather than the other way around. There are opportunities to further improve with AI, but our backlog and pipeline remain strong.
Thank you so much for joining us today. Obviously, my first call as CEO. It's an exciting one for us, and it's great that we were able to have such fantastic results in that context. I want to thank all of the SOPHiA team members who helped contribute to this strong outcome, and also thank our patients and our customers who continue to place trust in us. We look forward to engaging with many of you on the investor side in the upcoming conferences in September. Thank you, everybody. Have a good rest of your day.
Ladies and gentlemen, this concludes the conference call for today. We thank you for participating and ask that you please disconnect your lines.