UBS Global Healthcare Conference - VERACYTE INC

All right. Good afternoon. My name is Doug Schenkel. It's my pleasure to welcome, on behalf of UBS, Mark Stapley, Chief Executive Officer, and Rebecca Chambers, Chief Financial Officer from VeriSight. Thanks to both of you for being here. Pleasure. Thanks for having us. So, just to provide a roadmap, I thought we would start by talking about some of the Q3 updates and really trying to get a better handle on, you know, how we think about what's transitory and what's structural. So given, it feels like it was a while ago, but it was just a few days. So, you know, but given it's relatively fresh, I thought it'd be a good idea to start there. After that, you Know, then let's go product by product and just think about or talk through how you're thinking about the positioning of these products and in 27 and beyond. But let's start on Q3. um so the stock sold off materially over the last few days uh the biggest reason was really the updated if i were going to distill it to one thing um and i and i think it's largely this it's really how you talked about the updated outlook for decipher volume growth and by extension what that means for revenue growth. And of course, you also took margins to a level that I think was not drastically different from where the street is, but with a lower growth rate. Yeah, you combine that with a much lower EBITDA margin than where you are this year. I think those in combination were key reasons for the stock sell-off. So I want to unpack the 2027 outlook in a second. But just starting on the quarter, I mean, you did come up a bit light. I think it was about 1,000 tests in Decipher. That matters, but in the aggregate, it was a good quarter. I mean you still had really good volume growth across the board. The revenues were good. So you just unpack how you think about the quarter itself. Yeah, happy to, Doug. And before I dive into answering your question, let me just remind people about our safe harbor statement. To the extent we're making forward-looking statements, which, you know, clearly we will, please make sure you reference the safe harbor on our website at www.verisite.com. So yeah, I appreciate you pointing that out. I mean, actually, you know, if you think about the things that happened in the quarter, there were very many positive momentum activities that happened, things that we feel very good about. And you're right, we did miss this decipher by about a thousand tests, which at this point is a couple of days of volume. Now, that was the second quarter where we've seen that 1,000 test miss, and we broke it down into really three factors, which I'm happy to hit high level and then go into more details as you wish. But, you know, the first one is, as we kind of look back now, the NCCN guideline updates that we had in 23 and 24 clearly had a positive accelerative effect for what lasted for two years and, you know, fueled growth of close to 20,000, 21,000 tests a year incrementally through 24 and 25. And now when we look at that, we feel like we're at a more normalized post-effect of that level, more similar to where we were before those guideline updates, running at about what we've sized around 12,000 to 15,000 tests. And so that's the first factor. And again, happy to talk more about that in a moment. The second factor is one that we identified in Q2, continued in Q3, and I think it's pretty well validated at this point. There's been a change in low risk precipitated by a low risk guidance update that took advanced testing out of the guidelines back at the end of last year. And also the number of patients that are being identified as low risk and treated has declined. That's the second. And then the third one is we cited some, there's more competitive noise around the mind share of our physician customers as they're getting addressed with new technologies like digital pathology AI. And that's taking time from our sales team who are spending more of their time discussing that than they are discussing the latest great evidence that's come out for Decipher, for example. Just some feedback we got from our cells team this quarter. And so when you put all those together, we thought it was prudent and appropriate to reset that $12,000 to $15,000 level and then invest to tackle that third item to invest in our sales teams and commercial reach a little bit more, which, again, I'm also happy to talk about. In addition to that, I wholeheartedly agree with Mark about the deciphered drivers, but I do think also it is worth highlighting the good news in the quarter. We delivered 27% adjusted EBITDA. We generated over $40 million of cash. We initiated a $100 million buyback. We did an important acquisition, albeit one that's going to take a little bit of time to be accretive, and we had multiple managed care wins. All of those are important because effectively, we'll talk about the 27 and beyond dynamics, but really when it comes down to it, there was a lot of good in the quarter that was overshadowed, understandably so, by Decipher. So I'm just trying to remind folks that, yes, we need to talk about Decipher, we needs to understand it, unpack it, absolutely, but let's not forget about the other growth drivers and make sure that they also are, that the significant progress we made in the quarters isn't forgotten about. Yeah, that's helpful, and that's why I wanted to start there, because it was, Again, I think the dynamic that we've seen over the last few days is less about the quarter. It's clearly more about 27. That being said, Mark, I want to focus in on the three components of what happened in the quarter with the cipher. The guideline changes, the first category that you're talking about. But I could see where the issues there, if we double-click on that, are maybe the market's more penetrated than you thought, and or maybe visibility's a little bit lower in terms of what's going on and what had been driving growth. It's helpful to hear you highlight the three things. I can tell by your face you don't agree with me, but that's fine. because that's the point of the question. Like if we double click on each of these, the first one's the one where I have the hardest time trying to figure out what the significance of that is in terms of not just what happened, but how we think about that moving forward. Yeah, I mean, let's talk about moving forward because I don't see a penetration or visibility issue here. Coming into this year, Decipher was about 35% penetrated. So the opportunity for growth is significant. multifaceted. And, you know, we actually believe that we, the long-term view for Decipher, in our opinion, is Decipher gets the 80% penetration, 80% share. So, you have to think about those numbers. There's a doubling of Decipher to happen here in the future. And in terms of evidence, which ultimately fuels guidelines, we have so much evidence for Decipher. The studies continue to read out. They continue to be positive. They continue to fuel further interest and engagement with physicians. You know, we have a franchise here that we've set at growing 12,000 to 15,000 tests a year, which in, you know, by any measure except the one we were coming from is substantial and meaningful. And, you know, that gives us a great opportunity to grow from there. Catalysts is what drives and fuels that growth. And those catalysts tend to be evidence-based. And the evidence engine at VeriSight, particularly around prostate, has not and will not cease because, you And we continue to get that flywheel turning with the whole transcriptome approach and the research and driving better scientific understanding. So I don't see a penetration issue here. I don' t see a visibility issue at all. And maybe you can also highlight the fact that in the low-risk category, we do have not only the guideline change, but also less low- risk patients. There was a recent publication that showed that actually the indication overall of prostate cancer is not shrinking. It's actually growing 3% to 6%, but what is shrinking is the proportional low component of that, which plays very nicely into our meaningful differentiation and intermediate, high, and metastatic. And so, net-net, it doesn't feel like a great thing today for the reasons that we cited, but if you fast-forward a year or two, it's actually an incremental competitive differentiator for us. So, that's helpful. Now, again, just to understand how we got here. So, we talked about the low-risk guideline changes. I think less biopsies are being done in that category as well, at least some of your competitors are talking about that. Really, the question is, keeping in mind guideline changes were a few quarters ago, why did that become more material now? Well, the guideline changes, typically, whether they be upside or downside changes in guidelines, they take a while to flow through, but the low risk is a smaller proportion of our overall business. I can't comment on the biopsy trends, as I haven't seen that, but, you know, Rebecca's absolutely right. Fewer patients are getting diagnosed as low-risk. This study that came out supported that than if you look, say, 10 years ago. And if you Look at the treatment modalities for those patients, fewer and fewer of those patients are actually getting treated when they are diagnosed as low- risk. Now, you Know, we've always said Decipher reclassifies about 30% of low-risk patients as intermediate and high. So, you know, I think that's actually indicative of what we're seeing in a real-world setting. And so what it's going to mean for any molecular diagnostic to penetrate that low-risk market beyond what we'RE doing, which is that low single-digit growth. Remember, we're still growing in low risk, which I think is an important point. But for anyone to penetrate the low-risk market beyond that, we'll need evidence that shows how Decipher, for example, could be used in making those treatment or no-treatment decisions. And so, you know, there's a couple of studies and multiple studies that we continue to track that could read out positively in the future. Maybe they don't, but we would certainly hope they do. And then ultimately, at some point, we get into guidelines for low risk in a very positive way, and that can fuel another wave of growth in that category. But that could happen in a few years. And the good news for us is those studies need to have been started many years ago, and they need to involve thousands of patients because a lot of patients drop out in this setting. And so the good new is we've been doing that for quite a while, and we'll continue to do so. Have you seen any change in the number of new ordering physician ads, or is this largely a change in how much growth you're getting out of existing practices? Well, if you think about that 24 and 25 bolus that was coming from those NCCN guidelines, clearly that, you know, to result in 20,000 incremental tests, that clearly would have been a significant increase in the number of physicians coming in and the number of tests ordered per physician. And it was. The good news about that is those physicians remain engaged. It's not like they come in and then, you know, because of those guidelines and then they stop ordering. They actually don't. They continue to order and then they continue to increase their ordering slightly, not as much as you would get if you suddenly had like a new low risk guideline, for example, or metastatic guideline that would kick it into a different level. And the other good news is, you know, we're continuing to add new physicians at a decent clip. It's just not the 20, 21,000 incremental tests that we saw during that period, because, you Know, I think the fuel of that has is somewhat behind us. And we're now on the other end of that. The fuel of the underlying Decipher business is what's continuing to ignite the growth that we're seeing, you know, the 12,000 to 15,000 tests that we've seen now and into the future. And then the new catalysts and new evidence will help drive that to 15 and above. All right. So I think I have a good handle on what happened. Why is 12,00 to 15.000 the right number? Great question. I mean, you can imagine we've triangulated that a lot of different ways. And we also thought it was very prudent to give that expectation for 2027 at this stage, given, you know, where we are in Q3. And, you know, we've obviously analyzed it bottoms up, top down, multiple different models. We've looked at our current run rate, our expectations for Q3 and Q4. While it's not a large data point, we have the benefit of at least one month in Q4 so far. And we all felt as a team that that was the appropriate level. I've really tried hard with Rebecca to get investors focused on the 12. That should be the anchor point, the starting point. And that 12 is based on what we have available to us today in terms of evidence, what we know today, the resources we have today, plus the normal four or five handful of sales reps that we would typically grow. It doesn't require the new catalysts we've talked about or the incremental investment in sales reps we've talking about. To me, those are part of getting from 12 to 15 or beyond. Is 12 the observed run rate? It's a little bit better than that, right? It actually, when you look at what's in the Q3 actuals and Q4, that is that run rate. Of course, we expect to continue to grow. The most important point here, the cipher hasn't stopped growing. 35% penetration, it isn't going to stop growing. It's going to grow, it's a question of the velocity of that growth. How do you change the impact of digital pathology? So the impact, as I mentioned, is mostly in terms of where our sales team is able to spend their time with physicians. and for us this is out of those three things the one that is most near-term controllable in that we will we will add a significant number of new sales reps plus additional resources in medical liaisons as well as sales leadership we'll do that thoughtfully and appropriately good quality team good quality culture and you know obviously with the appropriate territory management and respecting our existing sales team who frankly are the best in the business and have excellent effectiveness in a way that enables us to have an effect. Because it takes a while to hire the right people and then to bring them up to speed, I wouldn't expect this to have a very near term, but it's more back end of 27 into 28 effect. And this is, remember, a one-time bolstering of the sales team. The other reasons is not just the DPI conversations and the mindshare related to that, but it is also we have, for the first time ever, three predictive claims that have come out over the last quarter and a half that are critical to go educate on. And so, not only is it making sure that they have the time to have the DPAI conversation, it's also making sure they are able to be more offensive in the predictive claims across metastatic high and intermediate risk categories. Additionally, as we go into 27 and beyond, the bladder portion, the ladder story is going to be so much more of a critical component of our growth algorithm that we also need to get them ready for that. And that will really start in earnest, kind of mid of 27, with new bolstering of clinical utility for deciphered bladder. That will be the first proof point. But over the course of 27 and 28, you're going to have new clinical utility evidence for decipher bladder. You're going to be able to have UROAMP with up to three indications over a couple of years. And then we'll really start turning the crank on the true MRD MIBC story because we'll effectively get the middle indication for treatment response monitoring. And so, when it comes down to it, that is effectively, you know, that isn't much of the priority here as the DPAI conversation and making sure that the team is really on a front foot enabling kind of all the wonderful things that the company is going on right now in urology, being able to bring those to the physician and patient community proactively. And Doug, knowing you, I'm sure you're going to get to this, but one thing around the dpai strategy if i may for a moment of course is you know that that's how we're we're dealing with that in the near term but the dpi strategy is and always has been and continues to be let's let the science play out we're making the information available to researchers to to study the effects of dpai in in concert with decipher initial studies have demonstrated we've talked about this before that they are complementary we expect a publication on that sometime in the near future. We expect to drive and fuel more research around that. And ultimately, at some point, you know, launch our algorithm as a clinical product when it's been appropriately validated, as it always is at VeriSight, to make sure that, you Know, physicians know what to do when they get a DPA result and a Decipher result. And that will be very easy and straightforward for us to include going forward in the Decipher report at some appropriate point in time. Okay. I want to double-click on all of that before I get to that. Rebecca, can you give us the bridge in terms of what's the volume growth in 27 numbers, right? Double digits. Double digits, mid-single-digit revenue growth. If we adjusted for collections, what would it be? That would be about half the delta. That would about half of the delta? half is what I would call mix. And effectively, what the volume guide implies is about 5,000 plus or minus pro-Cigna and bladder tests. Those will come in at ASP much below, specifically pro-Signa. The ASP is expected to be roughly around cost, which is around $600 at scale. The other thing is that we have biopharma revenue typically in an even year. However, we don't include it in the guide until it's signed. And so that's what those two categories is what I would put into the mix bucket. So call it half prior period collection headwinds. And that's a guidance philosophy. We don't include those in the guide because the timing and magnitude are uncertain, and the other half is effectively mixed. So really, when you take a step back, 27 is a bit of an anomaly. It's more of a guide anomaly than it is probably a business anomaly by the time we get through the end of the year. But it's an important guide anomaly because, again, we don't have those things under our control. But as you think of in 28 and beyond, those two figures tend to approximate each other much more closely. And I would expect that to be the case as we gain prosigna reimbursement coverage with commercial folks, specifically for the population that we're seeing the most volume in, and also just by nature of the prior period comp effectively, you know, going away. Again, it's only been a few days. I think the One thing I hear a lot is an assertion that with this update, right now, it looks like not just for 2027, but for the next several years, that VeriSight is not a double-digit revenue growth business anymore. and you know one of the challenges in health care in diagnostics I should say specifically is you know with few exceptions there's kind of haves and have-nots there's robust growth businesses opening up new markets that get really big multiples and then there's folks that aren't that and you went from being viewed as a company that was on the trajectory to be one of the haves. Right now, you're not being treated that way, clearly, in the valuation. And unfortunately, for good or for bad, there's not much of a middle class in diagnostics. So as we think about that, simply put, we know how you're thinking about 27. You've talked about a lot of the things that potentially drive upside to your 27 framework. But as we look beyond that, you still think of yourself as a double-digit revenue growth business. If you think about what we've been doing with the business, we've been growing this into a portfolio company. For whatever reason, rightly or wrongly, we're still very much valued on the performance of one product. The UTP Affirma is now Decipher. Meanwhile, Affirmo had, as Rebecca said at the beginning, an incredible quarter, and we shouldn't overshadow or overlook that. And we've made incredible progress on our new product launches. ProSigna is a really important near-term product for us, and we see that as being a major growth driver in the future our bladder strategy has come together beautifully with these recent acquisitions and publications and evidences coming out and reimbursement decisions all these things that are all part of getting to a robust um reimbursable product uh like you know a formula that we're very good at of our site and so if you put those pipelines together with the decipher prostate which you know as i said 12 is based on where we are today and what we have today It is not based on getting into low-risk guidelines or having metastatic guidelines or having more predictive claims come out like we saw at ASTRO with the RTOG 015 that really helps reinforce that Decipher should be used in all of these cases in order to not just provide a prognosis for the patient, but help the physician make a decision as to what treatment to give that specific patient. That evidence just keeps on coming. And so, you know, if you think about that 35% penetration getting to 80, I think, you know, folks need to make their own estimate on that velocity. But what we're currently saying is, you Know, we've reset the bar for 12 to 15 for 2027. But clearly, we're not done, you Now, with evidence generation being the thing that fuels diagnostics, there is no let up and no slowdown in the community and us driving major studies around prostate cancer. And there's still a lot of work to be done in prostate cancer studies. And I think you have to go back to the volume piece. I mean, we're growing volume double digits next year. And I understand the difference between, obviously, revenue and volume. But that is the best predicate for what revenue growth will be in the future ex-comp challenges. So I think that's an important point to come back to. All right. So we know what you got into. What's not in there is, I mean we have Enzomat on the metastatic side. That could fairly soon drive more medicine. Yeah, you need a publication and then potentially guidelines, but the publication has to come first. How far away do you think we are from that? Outside of our control, so quarters, not years. Quarters, not yours, so that's metastatic. Correct. From the publication and the guidelines follow, and we have no control over that part. How big is metastastic? 10%. 30,000. 30, 000 patients. 30, 00 patients. Of the 334,000 patients diagnosed a year, it's about 30,000. Okay. So you're going to have commercial changes. Those aren't really reflected in at least the low end of guidance in terms of the impact next year. And that would seem to be a baseline growth rate. We layer on metastatic. That could be a source of upside at some point. Yep, absolutely. Borders, not years. there's the potential for low risk to open up but you don't need it because of how you talked about what's happening in terms of the size of that opportunity yeah not in 27 but if you know if remember that 80 penetration that is our goal and that hasn't changed one bit in order to get to that 80 percent penetration uh we will we will and need to have um metastatic uh you know more evidence and in guidelines, low risk, more evidence and in guidelines and continued catalysts around the intermediate as well and high risk. Okay. And then on Affirma, still 34% of actually about a third of sales. You had a really good quarter. How do you think about the growth durability there? Yeah, effectively, we have had two really amazing factors this year on the growth algorithm that need to be taken into account. One is the no result rate. And that really not only helped report back 300 basis points of incremental growth, but importantly gave those patients that hadn't been able to get a result test results, which is obviously incredibly critical to them. It has also impacted us competitively in a positive way because effectively our no result right now is so low that other kind of growth, I'm sorry, other commercial justifications for other tests have kind of gone out the window, if you will. And so, in the future, what our growth algorithm is, again, X the comp, a couple hundred basis points of incidence growth, and then a couple hundred basis point at least of share, and that effectively gets you to that 5% mid-single-digit type number that we guided to for 27. In any given year, we say it's mid to high. This year, it's at the low end because of the comp. As we look forward, the Bethesda 3 and 4 category is actually decently penetrated, so we don't think there's a ton of room there. But over the next three to five years, we do think there could be new signatures that could give augmented growth for the five and six category, five already being covered by the LCD. So the way, again, similar to Decipher, the way that we do that is through clinical validation on the grid signatures, and then that moves into the clinical report. Molecular features for Decipher is going to be the first of those over the course of 27, and the Affirma will be the next iteration of that same type of strategy. But that's what's needed to get the five and six penetration. I want to talk about Persigna, but one thing I skipped over that you guys mentioned, bladder. When does bladder start contributing in a more meaningful way? I'd say, you know, as we start to get into 28 and beyond, it becomes a lot more meaningful. I mean, the bladder story is is quite an incredible one we have uh you know three different analytes with now urine blood and tissue uh we have three tests with uh euroam uh decipher bladder and true mrd and that means that over time when these tests are all uh validated launched reimbursed ultimately some point in guidelines uh you you will see a verisite test being used at multiple stages of patient's journey from when they're first diagnosed with non-muscle invasive all the way through to patients who are dealing with muscle invasive bladder cancer have had curative treatment and are being surveyed for recurrence. I mean, that is the opportunity ahead of us in bladder. And we've got all the pieces of the jigsaw puzzle at this point. Isn't there a scenario where Decipher Bladder gets going a little bit more quickly? Potentially. Yeah. I think you'll start to see the proof points of the bladder strategy begin next year. I absolutely agree with Mark. Next year, you're going to have publications for UroAmp from the InSight study. You'll hopefully have publications for TruMRD and MIBC in the therapy response setting. And the Decipher Bladder updated clinical utility at some point in time. There's around 5,000 tests between Prosigna and Bladder implied in the guide from a volume perspective. And right now, we're running at about 100 a quarter. So by definition, you'RE going to have to see some augmentation in 27. But I think Mark's absolutely right. The real juice comes in in 28 and beyond as you launch Euroamp and really lean in on the true MRD MIBC story, which we have not done to date. How should we think about Persigna in 27? You started to talk about this. It's in the 5,000 figure. It's the biggest piece of that by far. The way you should think about that? Just to remind everybody, the power of the Optima study that declared that two-thirds of women dealing with breast cancer could avoid chemotherapy in the high-risk setting and nodal involvement, and included premenopausal, that is very differentiated. Now, that publication is in the process of being run through the approval and publication. Once that's out there, then that will help fuel everything from adoption to guidelines to reimbursement. We've had some great, you know, Telwyn's giving us a reimbursement decision from Moldy X for Medicare. And then obviously, you Know, we're working through commercial. So couldn't be more excited about the pro-signor opportunity. We have a real chance here with this test to address the 225,000 patients dealing with ER-positive HER2-negative breast cancer with a raft of clinical evidence supporting the test. And not a huge return needed. I'm obviously, we're quite excited about it and think there will be a large return, but given we already own the test and the investment was in, you know, 15 reps and moving the test from an IVD to an LDT, the payback period is obviously quite quick here. Love the pay back period. Would love to, love even more to get some more revenue growth out of this sooner than later. So ASP from CMS, about 3,000? 3,800, yep. 3, 800. So at 3,850. And that's better than the 25 expected. Much better. And so we have, what, 205,000 early stage. Say it again. 225. Okay. So that market is close to a billion dollar revenue market opportunity. Even if we sized it down to premenopausal or postmenopasal patients with over three positive nodes, which obviously the expectation is you're going to do better than that. at the ASP you're talking about, and the ASPs will be lower, most likely on a blended basis, but I think you've anchored higher. That's a $250 to $500 million market opportunity. You've got the data. You're differentiated. You are going to start getting paid on CMS reimbursement. I know there's sand in the gears when you get things going in terms of things you need to fight through in terms OF getting folks to convert to actually get paid but this has become arguably more important for the story i know you guys are excited about this is there a scenario where this is a lot more meaningful than what you've embedded into guidance in 27 uh that there's always an upside opportunity and we've tried to give ourselves a starting point in 2027 that is certainly achievable um you know things could move faster the the uh the feedback from the customers has been extremely positive on the Optima data. But, you know, I think at the same time, we need to, you know, this, I know 2027 is important, but we're building a business for a long-term growth opportunity here with multiple products. I mean, if you think about it, Doug, I know we're running out of time a little bit, but, you know, we've got the market-leading test in prostate cancer, a franchise that is only about a third penetrated. That means two-thirds of men with prostate cancer aren't getting a molecular, aren't getting a decipher test with hundreds of publications supporting it. We've got the leading tests in Affirma with plenty of opportunity for that to continue to grow. We've just launched a breast cancer test, which has differentiated evidence that could be quite easily number two in the market with potential to be number one in the market and at a velocity and an accelerated rate yet to be determined. And we've got the pieces of a really interesting bladder story coming together. So when you look at Verisight through that lens, I think the question isn't, is the company a double-digit grower? The question is, how much can these markets be penetrated with a formula and a playbook that we've demonstrated over and over again? Yeah, every now and then you're going to hit a roadblock, but those roadblocks always become, you get past them and then you continue on the journey. And that's how we're looking at where we are today. beyond what we've talked about, you're still enthused about Decipher. The firm is mature, but still growing. We talked about ProSigna. There's clearly the opportunity in Decipher Bladder and the full menu in Bladder. That's a lot. What haven't we talked about that you're excited about as you think about the next three years? Well, I mean, we've talked about the revenue opportunity in the growth drivers and how meaningful they are. We've talked about how differentiated we are in each of those, and I think that really matters. If you think about MRD, another good example of our differentiation, while we're launching that as part of our bladder story, it's a whole genome approach, which gives us, again, the opportunity to get that flywheel turning around research. You know, it's early days yet, but I'm starting to get excited by the level of interest which we predicted would come. And Rebecca mentioned it briefly with, you know, the biopharma interest in both bladder and breast, both areas which are very rich in scientific studies and obviously with the whole transcriptome and whole genome information we have, that becomes much more interesting. I also couldn't be happier with our financial profile. You know you started this conversation with a conversation about margin. And, you know, we've gotten this business to a 25% EBITDA, which was our goal and beyond. We are still committed to the 25% EBITDA. And we don't get there by holding back on revenue growth opportunities. We're willing to invest in anything we need to invest in in order to drive the top line of the business. But we're in this fortunate situation, to your point about haves and have-nots, of being one of the rare companies in diagnostics that able to have its cake and eat it. We're able to drive growth, and we're able to demonstrate a strong positive EBITDA and cash generation, which then we can use to fuel ongoing M&A. And so far, our M&As have been largely quite successful, as you can tell. Lastly, I think there's a lot of people interested in investing either more or investing for the first time in Verisight, especially with the stock at these levels. I think the concern is recognizing there's a good chance we'll look back and say Q3 was a bump in the road. But I thinkthe concern is how long is it going to take to actually see evidence that VeriSight can get back to the profile that we're talking about here? Are we going to have to wait a year, or do you think we're going to see building blocks and evidence that suggests old VeriShight is new VeriSHight? Well, remember what Rebecca pointed out. I mean, you know, you get these puts and takes between revenue, but Verisight is a double-digit grower in terms of volume and tests and impact on patients, most importantly, based on the numbers we've already guided for 2027. And so, you Know, that gives us a great opportunity for our team to succeed, our company to succeed. We're used to, you Now, that level of growth, and I don't see any reason why we're not going to continue to grow meaningfully in the future. I've talked to all the catalysts. I've told all the drivers. Yeah, it's a question of continued execution. And as we started this call, Rebecca quite eloquently for the second time in a week pointed out, you know, we've had so many successes in the quarter that has been overshadowed by this thousand deciphered myths. And it's important to remember that. We served our millions of patients. And I think that's a huge milestone for the company. And I really want to thank the entire Verisight team who work tirelessly every day to make that happen. And we'll continue to do so. not just for patients but for investors as well i gotta believe everybody's motivated to keep doing it as we sit here today thanks tug all right thank you guys really appreciate it appreciate it thank you