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DATE

Monday, Feb. 23, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

  • President and Chief Executive Officer — Samraat S. Raha
  • Chief Financial Officer — Ben Wheeler
  • Chief Operating Officer — Mark S. Verratti
  • Chief Commercial Officer — Brian Donnelly

TAKEAWAYS

  • Total Revenue -- $209.8 million, consistent with the prior year and above the preannounced range.
  • Test Volume -- 382,000 test results delivered, representing 2% growth year over year.
  • MyRisk Oncology Test Volume -- 14% growth for affected and 11% growth for unaffected markets compared to the prior year.
  • Prolaris Test Volume -- 12% year-over-year growth; Prolaris revenue grew 16% over the prior year.
  • Women's Health Revenue -- $88.5 million, up 2% over the prior period.
  • Prenatal Volume -- Declined year over year, impacted by Q2 order management disruption, with recovery initiatives underway.
  • GeneSight Volume -- 9% growth compared to the prior year, with 38,000+ ordering clinicians reached.
  • Adjusted Gross Margin -- 70%, approximately 190 basis points lower than the previous year due to adverse GeneSight payer policy effects.
  • Adjusted Operating Expenses -- Decreased by $7 million year over year through cost control and resource allocation to commercial and R&D programs.
  • Adjusted EBITDA -- $14.3 million for the quarter.
  • Adjusted EPS -- $0.04, 1¢ higher than prior year's comparable quarter.
  • Full-year Revenue -- $824.5 million with over 1.5 million test reports for 55,000+ health care providers.
  • Capital Position -- $225 million held on the balance sheet.
  • PRECISE MRD Alpha Launch -- Commercial testing for breast cancer at select centers beginning the week after the call, focusing on clinical validation and user feedback.
  • Product Launches -- Expanded MyRisk panel, FirstGene multiple prenatal screen, and AI-enabled Prolaris prostate cancer test on track for 2026 launch, with further MRD tests in development.
  • 2026 Guidance (Reaffirmed) -- Revenue range of $860 million–$880 million; adjusted gross margin of 68%–69%; adjusted EBITDA guidance of $37 million–$49 million.
  • Q1 2026 Revenue Outlook -- Anticipated $200 million–$203 million, reflecting 2%–4% year-over-year growth.
  • Revenue Per Test -- Average revenue per test declined 2% year over year, primarily due to UnitedHealthcare GeneSight policy change.
  • Full-year Hereditary Cancer Testing Volume -- 7% growth for the year, with 9% growth reported in the fourth quarter.
  • Biopharma and Payer Mix Dynamics -- ASP headwinds attributed to payer mix shifts and lower unaffected channel pricing, with no reduction in contracted MyRisk rates.
  • Commercial Investments -- Over $35 million earmarked for organizational efficiency and sales force expansion supporting 2026 launches.
  • Prenatal Portfolio -- Volume and revenue expected to show year-over-year decline in Q1, with anticipated sequential recovery from Q2 onward.
  • MRD Revenue Assumption -- Management confirmed, "there is little to no contribution from these MRD tests in our 2026 revenue guidance."
  • Business Reporting Change -- Future reporting will be organized into cancer care continuum, prenatal health, and mental health to match strategic focus areas.

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RISKS

  • Ben Wheeler stated, "average revenue per test declined 2% year-over-year" due to GeneSight policy headwinds and payer mix, contributing to a 190 basis point gross margin decline.
  • Prenatal volume "declined year over year primarily stemming from Q2 order management disruption," with management noting a challenging comparison for this portfolio in early 2026.
  • Samraat S. Raha explained that approval timing for MRD products is subject to MolDX review cycles, which are outside management's full control and may delay commercial ramp-up.

SUMMARY

Myriad Genetics (MYGN 4.15%) completed the quarter with flat year-over-year revenue and delivered higher test volumes despite declines in revenue per test. Commercial growth drivers included double-digit increases in MyRisk hereditary cancer and Prolaris prostate cancer volumes, along with progress in GeneSight mental health testing. Several significant launches are scheduled for 2026, including the alpha launch of PRECISE MRD for breast cancer and the introduction of pipeline products targeting high-growth market segments. Strategic focus has shifted to distinct business lines, and capital deployment is supporting expanded commercial capabilities.

  • Full commercial impact from new MRD assays and FirstGene prenatal screen is not included in 2026 revenue forecasts, with management reiterating that reimbursement and regulatory steps remain pending.
  • Revenue headwinds are expected to persist from lower prenatal testing volumes in Q1 and modest enterprise ASP pressure attributed to adverse payer mix rather than contracted price reductions.
  • Management is implementing reporting structure changes to align disclosure directly with three strategic pillars: cancer care continuum, prenatal health, and mental health.
  • Operating expenses are forecast to increase sequentially through 2026 due to commercial expansion and organizational investments, with H2 revenue expected to be stronger than H1.

INDUSTRY GLOSSARY

  • MRD (Minimal Residual Disease): Molecular testing for detecting small quantities of cancer cells following treatment to identify persistence or recurrence.
  • MolDX: A third-party program that evaluates coverage and reimbursement for molecular diagnostic tests under Medicare and select other payers.
  • Alpha launch: Initial, limited commercial rollout to selected customers for real-world validation and operational feedback ahead of broader release.
  • AI-enabled: Incorporating artificial intelligence tools or analytics into diagnostic assays to enhance test interpretation or predictive accuracy.
  • EMR (Electronic Medical Record): Digital systems for storing and managing patient clinical information, relevant here to test ordering and integration.

Full Conference Call Transcript

Samraat S. Raha, our President and Chief Executive Officer, Ben Wheeler, our Chief Financial Officer, and Mark S. Verratti, our Chief Operating Officer. Also joining us for Q&A will be Brian Donnelly, our Chief Commercial Officer. This call can be heard live via webcast at investors.myriad.com and a recording will be archived in the Investors section of our website along with this slide presentation. Please note that some of the information presented today contains projections or other forward-looking statements regarding future events and the future financial performance of the company. These statements are based on management's current expectations and the actual events or results may differ materially and adversely from these expectations for a variety of reasons.

We refer you to the documents the company files from time to time with the SEC, specifically the company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. These documents identify important risk factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. I will now turn the call over to Samraat S. Raha.

Samraat S. Raha: Thanks, Matt. Afternoon, everyone, and thank you for joining us. As we head into the new year, I am pleased with the progress we are making as the new Myriad to live up to our significant potential by focusing on high growth market segments, advancing our plans for multiple timely product launches, including leveraging strategic partnerships, and by executing with stepped up urgency and strengthened execution rigor. I am happy with how we ended 2025 with fourth quarter revenue of $210,000,000 coming in above the high end of the preannounced range we provided in January. You exclude the headwind from UnitedHealthcare's decision on GeneSight, our business grew approximately 4% over 2024.

In terms of testing volume, we delivered 382,000 test results in the fourth quarter. Our financial results were supported by continued strong volume growth from MyRisk in oncology, at 14% over the year-ago quarter and MyRisk for unaffected at 11% over the year-ago quarter. These results reflect our ongoing effort to enhance the customer workflow, including EMR functionality. Mark will provide additional color in his section, but certainly, we continue to see positive demand for our MyRisk Hereditary Cancer Test and this supports our accelerated profitable growth journey ahead.

I am also pleased to call out the acceleration in Prolaris test volume growth in the fourth quarter, where the combination of actions over the last two quarters, including incremental investments in the commercial team focused on urologists, have helped drive 12% test volume growth year over year. Fourth quarter prenatal volume declined year over year primarily stemming from Q2 order management disruption. With this issue resolved, we are now in an active rebuild phase. Reactivating accounts, expanding access, and driving new customer wins. We expect these actions to support a return to positive growth in 2026.

Moving to our mental health business, GeneSight volume grew 9% year over year and continued to accelerate from the 2025 as our commercial organization maintains strong execution with new and existing customers. For the full year 2025, revenue was $824,500,000 and we delivered over 1,500,000 test reports by serving over 55,000 health care providers. Turning now to profitability. In the fourth quarter, we reported strong adjusted gross margin of 70% and closely managed our discretionary spend as reflected in our adjusted OpEx line. Ultimately, we reported healthy adjusted EBITDA of $14,300,000 and adjusted EPS of $0.04.

We are also making great progress on our cancer care continuum strategy to maintain leadership in hereditary cancer testing while expanding into other attractive cancer testing applications. This includes launching the expanded MyRisk panel in Q4, which has been well received in the market. We are also sharing results from an increasing number of studies in PRECISE MRD, with positive clinical data presented at major clinical conferences. And we are in final preparation mode to start commercial testing of PRECISE MRD for breast cancer for a select set of customers, in what we call an alpha launch, starting next week.

Overall, we are making good progress towards our goal of expanding our portfolio of differentiated testing solutions that provide actionable insights across the cancer care continuum. From a new product pipeline perspective, 2026 is shaping up to be a banner year. Throughout the year, there are a number of important catalysts that we will be tracking that supports this year's growth. But even more, these are leading indicators, key growth drivers for 2027 and beyond. We are making significant progress on a number of catalysts outlined in this slide. Our strong fourth quarter test volume growth for MyRisk reflects ongoing traction of our breast cancer risk assessment programs and the launch of our expanded MyRisk test.

We plan to launch disease-specific panels for MyRisk in Q2 and expect our market activation programs and product extensions to support increased MyRisk growth. Building on Prolaris' strong fourth quarter performance, we are on track to launch our first AI-enhanced Prolaris prostate cancer test in Q2 that combines the power of molecular and AI analysis, and this is based on our partnership with PathomIQ. On PRECISE MRD, as I noted earlier, we are on track to commence commercial testing for a select set of customers next week, and I will provide additional color on the next slide. At the J.P.

Morgan Healthcare Conference in January, we reconfirmed that our first PRECISE MRD test will be for breast cancer and announced additional indications that will follow. We plan to submit for MolDX and expand commercial testing for early access customers for both renal and colorectal cancer in the second half of the year, with commercial launch of breast, renal, and colorectal planned for 2027. All of these PRECISE MRD tests have a growing body of clinical validation, some of which has been shared recently in venues, including presentations at the San Antonio Breast Cancer Symposium in December and ASCO GI Symposium in January.

A first look at PRECISE MRD data related to colorectal cancer was presented by collaborators from National Cancer Center Hospital East in Japan showing how the ultra-sensitive detection of PRECISE MRD can have additional benefits compared to first-gen MRD tests. And to round out a robust 2026 pipeline, we are on track to launch FirstGene multiple prenatal screen tests in the second half of this year. The timing of this launch dovetails nicely with the deployment of a focused prenatal health sales team next quarter and the expected early results of the CONNECTOR study in the next few months.

As we prepare to achieve the important milestone of commencing commercial testing for select customers with PRECISE MRD for breast cancer patients next week, I want to help frame expectations at this stage. This slide highlights our three objectives. First, we are looking to further showcase PRECISE MRD's clinical performance while continuing to build the body of real-world evidence. To date, data shows PRECISE MRD's high sensitivity and ability to detect disease down to one part per million.

We believe our MRD platform can help guide clinical decision-making for patients and their journey in cancer care and has the ability to detect presence and recurrence meaningfully earlier than the standard of care with imaging and therefore can positively impact patient outcomes. Second, nearly 85% of cancer care in the U.S. happens in the community. That is where Myriad Genetics, Inc. has a strong established presence where we serve nearly 3,500 oncologists in 2025. We have seen strong interest from our community oncologist base to participate in the alpha and early access stages of our commercial rollout. Clearly, it is an encouraging sign.

But we also remain disciplined regarding the overall number of participating centers in these early stages of launch to ensure good customer experience and manage our profitability. We will look to expand the number of centers as we move through 2026. And the third objective is to track and learn from specific metrics appropriate for this early stage. After all, you get what you measure, and we will look to provide an appropriate level of visibility into these metrics moving forward starting with the Q1 earnings call. While we are excited and busy preparing for multiple launches this year, I want to reiterate that there is little to no contribution from these MRD tests in our 2026 revenue guidance.

Going into 2026, we are taking a number of actions to accelerate growth. This includes our plan to invest over $35,000,000 over the next few years to support a number of initiatives to accelerate organizational efficiency, agility, and growth. These initiatives include strengthening our commercial capabilities, particularly in the cancer care continuum. Specifically, we are adding a meaningful number of sales and medical headcount ahead of multiple new product launches this year. Many of these new additions come from the advanced diagnostics sector and bring strong domain knowledge and experience in molecular profiling and cancer diagnostics along with relationships across the oncology health care community.

In addition, we are strengthening the tools critical to our sales team while implementing a comprehensive plan to drive awareness, excitement, and demand for our products. I attended our commercial kickoff meeting last month hosted by Brian Donnelly, our Chief Commercial Officer, and I can say our teams are energized and highly motivated to win in the market. I will now turn the call over to our COO, Mark S. Verratti. Mark.

Mark S. Verratti: Thanks, Sam. Turning to fourth quarter oncology. Total oncology revenue was $84,700,000, growth of 2% over 2024. I would like to highlight our MyRisk test continues to gain share with fourth quarter 2025 year-over-year volume growth of 14% in the affected market and 11% in the unaffected market. Shifting to prostate cancer. Prolaris revenue growth in the fourth quarter accelerated to 16% year over year, up from 3% year-over-year revenue growth in our third quarter. Fourth quarter Prolaris revenue growth was driven by 12% volume growth reflecting a continued improvement year to date. As mentioned on previous calls, we are investing in the commercial channel and other programs to grow and regain share in this market.

Adding to what Sam mentioned in previous calls, Myriad Genetics, Inc. is on track to be the only company that will offer AI, biomarker, germline, and tumor profile testing when we launch our first AI-enabled 2026. In January, we issued a press release outlining our MRD commercialization timelines and clinical evidence presented at recent clinical conferences. Our ultra-sensitive PRECISE MRD test continues to demonstrate strong clinical value in these studies, which now includes data on colorectal cancer patients. We saw 100% baseline ctDNA detection across all patients. Approximately 20% of samples were detected at levels in the ultra-sensitive range that may have gone undetected on first generation assays. This supports strong performance of PRECISE MRD.

As Sam mentioned, we are excited to begin offering our ultra-sensitive PRECISE MRD test next week. Initially, this launch will be limited to a number of oncology centers, ones we believe best reflect a variety of needs across the community oncology setting and breast cancer patients. This early launch provides the opportunity to engage these providers, incorporate their feedback about a host of topics, including the ease of use and overall utility and actionability of the test. As we move ahead, we will plan to expand the number of centers in a controlled manner until full commercial launch. Moving to our women's health business.

In the fourth quarter, women's health delivered revenue of $88,500,000, an increase of 2% over the prior-year period. We are pleased to see another consecutive quarter of incremental growth in hereditary cancer testing in the unaffected market, with revenue growth of 3%, and volume growth of 11% year over year. This improving volume growth trend is particularly important as it reflects EMR-related workflow improvements put in place, such as the September integration of our MyGene history assessment into Epic as a way to better identify patients that qualify for hereditary testing and improve the provider experience. So we continue to be optimistic about the potential for continued momentum.

We also remain confident about our ongoing progress from breast cancer risk assessment programs, which enable providers to rapidly identify patients who qualify for additional screening. We continue to see positive momentum at these sites and expect to make further investments in our commercial capabilities to accelerate this program through 2026 to fuel growth in MyRisk volume. As for prenatal testing, in the fourth quarter, we saw a modest pullback in volume growth from previous quarters, as we continue to work with accounts affected by friction created by the second quarter implementation of a new test ordering system. While we are optimistic on our ongoing engagement, we will win back share and drive overall growth in 2026.

Prenatal volume growth in 2026 will face a difficult year-over-year comparison, likely leading to a decline in year-over-year volume growth. As for our new multiple prenatal screen, FirstGene, last week we published the analytical validation of FirstGene in Clinical Chemistry. FirstGene is an integrated solution for multiple pillars of prenatal testing, and our paper shows excellent accuracy and reliability for each pillar. We continue early access clinical testing with our CONNECTOR study, seeing positive enrollment momentum, and we are pleased with our turnaround times, assay performance, and early customer feedback.

We are reaffirming our full commercial launch in 2026, and are investing appropriately ahead of this launch as FirstGene provides added insight and has the potential to expand the overall addressable prenatal testing market. Turning now to mental health. In the fourth quarter, the team generated GeneSight revenues of $36,600,000 on volume growth of 9% year over year. We continue to drive expansion of the ordering provider base, achieving a record number of ordering clinicians to over 38,000 in the fourth quarter. This strong fourth quarter volume performance is worth highlighting as Myriad Genetics, Inc. remains disciplined and focused on capital efficiency in this group.

While quarterly revenue continues to be impacted by UnitedHealthcare's coverage policy change in January 2025, we are proud of our clinical development and payer market teams for securing positive coverage policies across 12 payers for GeneSight in 2025 related to biomarker laws, including the California Medicaid program, Medi-Cal. In addition, we are seeing benefit from optimizing revenue cycle workflows to maximize reimbursement. I will now turn the call over to our CFO, Ben Wheeler.

Ben Wheeler: Thanks, Mark. As Sam and Mark highlighted, we are seeing clear momentum from the operational and commercial progress made throughout 2025. Let me start with a recap of our fourth quarter growth drivers. We generated another quarter of strong test volume growth in hereditary cancer testing, achieving 9% year-over-year growth in the fourth quarter, and 7% year-over-year growth for the full year 2025. This acceleration in the fourth quarter reflects continued double-digit growth in our unaffected market. Likewise, GeneSight finished the year with strong momentum, generating test volume growth of 9% year over year in the fourth quarter, and 6% for the full year 2025.

This progress reflects commercial and the effectiveness of the actions taken in early 2025 in response to UnitedHealthcare's coverage decision. The reacceleration in both unaffected hereditary cancer volumes and GeneSight volumes is a clear proof point that our commercial performance is strengthening and that the actions that we have taken to enhance focus, accountability, and effectiveness are translating into tangible momentum. Moving to the consolidated financial results. For the fourth quarter, we reported revenue of $209,800,000, above the high end of the range preannounced on January 12 and consistent with the year-ago period. Overall test volumes grew 2% year over year while average revenue per test declined 2% year over year.

The headwind in fourth quarter average revenue per test reflects the impact from UnitedHealthcare's policy change with respect to GeneSight coverage. Despite the average revenue per test headwind, underlying demand continues to be strong. Excluding UnitedHealthcare's net impact on GeneSight of $8,100,000, our underlying fourth quarter 2025 revenue growth rate was 4% year over year. We generated 70% gross margins in the fourth quarter, in line with our third quarter, but down approximately 190 basis points year over year. This decline was driven by the revenue headwind I just mentioned that affected GeneSight average revenue per test.

Fourth quarter adjusted operating expenses decreased by $7,000,000 year over year, reflecting disciplined cost management, and the timing of investment as resources were deliberately redirected towards commercial and R&D initiatives that will ramp and be reflected in first quarter spending. We remain committed to balancing strategic investment to support our long-term growth with continued progress toward improving profitability, while ensuring capital is allocated to our highest impact priorities. Taking all of that into account, we generated adjusted EPS of $0.04, or 1¢ above the year-ago period. Next, I will speak to Myriad's profitability and liquidity. We generated $14,300,000 of adjusted EBITDA, and $17,900,000 in adjusted operating cash flow in the fourth quarter.

These results reflect the strength of our gross profit base, the operating leverage inherent in our business model and the meaningful earnings and cash flow potential of the business as we continue to execute. We also maintain a solid balance sheet with $225,000,000 in capital. As a note, we intend to file a universal shelf registration to replace our existing shelf. We view maintaining an effective shelf registration as a prudent corporate housekeeping measure. Next, I will address financial guidance.

We are reaffirming our full year 2026 financial guidance which we issued on January 12, including a revenue range of $860,000,000 to $880,000,000, an adjusted gross margin range of between 68%–69%, as well as an adjusted EBITDA guidance range of between $37,000,000 and $49,000,000. In order to support investor modeling for 2026 by quarter, we provided additional commentary in the earnings release. And I would like to highlight a few key points. First quarter revenue is expected to be between $200,000,000 and $203,000,000, representing 2% to 4% growth over the year-ago period. As happens in most years, first quarter average revenue per test tends to be lower than fourth quarter due to items such as the resetting of insurance deductibles.

In addition, as Mark mentioned, prenatal volume and revenue are expected to face unfavorable year-over-year comparisons in the first quarter, leading to a year-over-year decline in this portfolio. We anticipate prenatal to demonstrate year-over-year progress likely beginning in Q2. Also consistent with recent years, revenue in the second half of the year is typically stronger than the first half. We expect this pattern to repeat to a similar degree in 2026. This outlook is supported by current business trends and anticipated improvement in prenatal portfolio and early contributions from recent commercial investments. As a result, we expect quarterly revenue to grow sequentially from first quarter through the remaining quarters of the year.

I also want to make investors aware that beginning in first quarter, we plan to simplify how we present and discuss our business to better align with our refreshed strategy and how we are operating the company. Going forward, we will organize our reporting around our strategic areas of focus, with the first group being the cancer care continuum. This group will incorporate all hereditary cancer testing, including both affected and unaffected populations, and all tumor profile testing. This will be followed by prenatal health, which will include our NIPS and carrier screen lines as well as SneakPeek. And lastly, we will continue to report mental health as a distinct category.

We are making these changes because it provides clear visibility into the core drivers of the business and better aligns our external reporting with how we operate and allocate resources to our strategic priorities. We are confident in our full year outlook and the team's execution as we enter 2026. Now let me turn the call back to Sam.

Samraat S. Raha: Thanks, Ben. Let me conclude by saying this is an energizing time for the new Myriad. We are at an inflection point where we have the absolute clarity and conviction for a go-forward strategy with a particular focus on the cancer care continuum. We have a robust pipeline of new products and enhancements for attractive market opportunities, mostly developed internally, but complemented with ones enabled through strategic partnerships. Yes, we are the hereditary cancer company. But we are more than that. And many of these new products will strengthen our position across cancer care testing. Along with that, we are going to leverage our operational strengths for sample processing and reporting while expanding our commercial capabilities and customer reach.

Have a stronger leadership team now, both for MyDirect staff and the next level, the needed blend of diagnostics, cancer, and genomics domain knowledge combined with proven experience for delivering results. Along with all this, we are taking steps programmatically and culturally to strengthen execution excellence. Put it all together, we have the substance and confidence to positively impact the increasing number of patient lives and to accelerate profitable growth. I now pass the call over to Matt for Q&A. Matt?

Matthew Scalo: Thanks, Sam. As a reminder, during today's call, we used certain non-GAAP financial measures. A reconciliation of the GAAP to non-GAAP financial results and a reconciliation of GAAP to non-GAAP financial guidance can be found in our earnings release and under the Investor Relations section of our website. Now we are ready to begin the Q&A session. To ensure broad participation, we are asking participants to please ask only one question and one follow-up. Operator, we are now ready for the Q&A portion of the call.

Operator: Thank you. To ask a question, please press 11 on your telephone. And our first question comes from Puneet Souda of Leerink Partners. Your line is open.

Puneet Souda: Yes. Hi, guys. Thanks for my questions here. First one, maybe, Sam, just given the momentum or the recovery that you are focused on for the full year, do you, you know, I was trying to understand what gives you confidence that we can continue with this sort of the high single-digit long-term growth rate you know, that you had before and what you are projecting for the year. Is that how should we, you know, should we think about, you know, sort of 2027? Can we or can we return back to that high single-digit growth rate? Let me just pause there, and I will come back with another question follow-up.

Samraat S. Raha: Yeah, Puneet. Thanks for the question. First, let me start with 2026. And the drivers of our growth this year again, it's a number of products that we have already launched coming into the year. Be it the expanded MyRisk panel in Q4 of last year, it's improvement that we are seeing across the board, both in commercial and other parts of our organization and execution. So we are getting better at that. We are also, you know, as we get along the year, we are adding headcount to go along with new products that we are launching and so forth.

So, you know, based on what we have, the recovery of the prenatal business that we anticipate that we have spoken to happening over the next several months and quarters, we feel confident being right there in our guidance range. Right? That is what we feel for this year. Listen. When you look at 2027 and beyond, as I have said recently at, you know, the J.P. Morgan conference in January, we believe that we have, you know, a number of levers in place. I will again point you to the catalyst slide, talks about a number of new products. Right?

We have three major launches this year starting with PRECISE MRD for breast and, you know, other indications as well. AI-enabled Prolaris prostate cancer, as well as FirstGene. Right? All of these things I think will be important, that we are timely in our launch, but truly, these become even more growth drivers for 2027 and beyond. So I would summarize your second part of your question in that we have confidence that, you know, as we exit this going to '27, '28, that we will be on path for high single-digit to low double-digit sustained profitable growth.

Douglas Anthony Schenkel: Got it. That is helpful. And then on the MRD launch, I appreciate the details you provided, but just wanted to get sort of how do you plan on holding back? I mean, is it certain indications just given the, you know, sort of the competitiveness of the market and competition in the market and also the fact that, you know, currently, the products are not reimbursed, but you are on a path towards that. So maybe just talk to us as to sort of how you how you plan to throttle it back and then accelerate in sort of into the second half of the year and beyond.

And then on prenatal, if I could just squeeze in, how should we think about the growth rate in the first quarter? I know it is down, but just wanted to make sure there is a finer point on that. And then the recovery through the rest of the year.

Samraat S. Raha: Yeah. Let me take the MRD question, and then Ben can answer the prenatal question here. Yeah. From an MRD standpoint, we are excited again. As I said, it is next week. We are we are going live. We are going to start commercial testing, and it is for what we are calling our alpha phase of the launch. Select number. So we are being selective, Puneet. It is it is it is a little bit challenging in a good way that we have seen a lot of interest. To have access to PRECISE MRD, but I believe we can do it in a, in a balanced way.

I mean, again, in this phase, what we are looking for is input on the user experience all the way from ordering to the reporting, the number of repeat orders, the operational efficiency that we have, and ultimately, the order volume that we have. And as we have noted, our MolDX submission is planned for, you know, early H2, so you can call it Q3 for breast. And then later in 2026 for renal and colorectal cancer. So until we have submitted for MolDX, we are going to be, you know, a little bit more careful on the volume we take on, but we have a path. And listen.

It will be it will be something we will carefully consider as the year goes by. Of are there merits to increase the volume? You know, what do we think on the timing of MolDX? So as we sit right now, we are we are pleased, particularly with the start of alpha for PRECISE MRD in breast, next week. Ben will be on prenatal.

Ben Wheeler: Thanks, Sam. So as it relates to prenatal, Puneet, you know, with the policy, we do not generally offer product-level revenue guidance, but we did call out prenatal Q1 growth and the unfavorable year-over-year comparison. Because we had noticed that the Street revenue models had a pretty wide range as it related to our prenatal product. And so we thought it was important to be able to make sure that folks understood that appropriately reflecting our expectation as it relates to the recovery in 2026 is really the only major change needed to get Q1 revenue in line with our updated revenue range of $200 to $203,000,000.

Puneet Souda: Got it. Awesome. Alright. Thanks, guys.

Operator: Thank you. Our next question comes from Sung Ji Nam of Guggenheim. Your line is open. Hey, guys. Thank you for taking my question.

Sung Ji Nam: At J.P. Morgan, you laid out an ambitious MRD launch roadmap that you reiterated today. As you think about the puts and takes in that roadmap, where is there the most risk or the most factors out of your control that could delay your roadmap? And conversely, are there things that would go faster than what you planned?

Samraat S. Raha: Yeah. Thank you, Sung Ji, for the question. In fact, when we think about this year, one of the biggest challenges, if you will, I think it could be a positive thing, is exactly how many samples in advance of MolDX approval that PRECISE MRD that we run. You know, the some of the things that are, as you are asking, out of our complete control are just how long and how many cycles it might take MolDX to do the review, provide us input, and ultimately for us to get approval. What we can control, and I think we have been doing a really nice job of, is preparing the data and for the submission for the publication.

I think I have before, we have more than 15 active studies in MRD underway. The MONITOR study is the one which will inform and provide the publication for breast cancer MRD. And that is on track for us to be able to do that in Q3. Now for the colorectal cancer submission to MolDX, that is tied, that is part of the pan-cancer study, it is part of the MODSTAR study that we are doing with our collaborators in Japan. We believe that is on track for the second half, which will be the submission to colorectal.

Now in renal, you know, the good news is we, in September, we already had a publication in Lancet for renal cell carcinoma. So those things on submissions, that is just to speak to kind of our level of confidence. We have, I think, a decent level of control. It is really about the MolDX timing and, as you know, Sung Ji, we will we will we will kind of walk that road together, and we will see how that goes.

Sung Ji Nam: Thank you so much for that. One follow-up. Last week, you published a paper of performance data for FirstGene in a prospectively collected set of patient samples. You reiterated the timing for CONNECTOR study in second half of this year, which will be based on real-world samples. Is there any reason to expect the real-world dataset to have meaningful difference in performance of the test and the prospectively collected samples?

Samraat S. Raha: Oh, thank you. Thank you for the great question. So, yeah, we were very pleased with the results both on selectivity and sensitivity from, you know, about five hundred samples that we noted in the press release last week. And we, you know, until the data is fully there from a broader set of CONNECTOR individuals who are enrolled in CONNECTOR, we cannot conclusively say, but there is we see no reason to believe that the data should not be as robust and compelling in terms of, you know, the performance for FirstGene.

Sung Ji Nam: Perfect. Thank you so much, guys. Thank you.

Operator: And our next question comes from Tycho W. Peterson of Jefferies. Your line is open. Hey, thanks. Couple on margin. So if we look at you know, HCT volumes in oncology, you grew 9%. Revenue obviously only increased 3%. Maybe just talk about specific ASP or payer mix dynamics are driving this gap? And how do we think about this kind of dynamic in 2026 as you launch disease-specific panels?

Ben Wheeler: Tycho, this is Ben. Thanks for the question. Yes, as we talked about ASP in Q3, we talked about that kind of being the launching point for Q4 and then moving forward into 2026. I think it is important for folks to take into account that we anticipate a modest headwind relative to ASP when we look at the portfolio in 2026 when you are thinking about what the year will look like. As you mentioned from a payer mix standpoint, as we focus on selling the expanded panel and then also the MyRisk more broadly across our sales channels.

We have talked about this before where we have about a 10% lighter ASP in the unaffected channel relative to the affected channel. I think that we saw that headwind across the portfolio from an ASP standpoint when you look at 2025. Really driven by the different mix of payers. Part of it was biopharma revenue that we talked about in Q3, with the new baseline moving forward. And then another part of it is you just see a shift in the different payer mix from one payer group from a BlueCross BlueShield group to another group or something along those lines.

Tycho W. Peterson: Okay. And then on PRECISE, appreciate, you know, the color on kind of the alpha rollout. Maybe just talk a little bit about how you think about scaling up on the sales and commercial channel there? Obviously, of a 2027 driver overall, but just talk a little bit about how you are thinking about hiring for the various indications.

Samraat S. Raha: Yeah. Sure. Maybe I will start, and then I will allow Brian Donnelly, who is here with us, to join in. I will just say that the scale up and the preparation for the launch has been underway for some time, and it includes, you know, training the existing team, making sure we are hiring people with the right profile, meaning understanding of molecular, and, you know, beyond just the sales team, it is also our medical folks, MSLs, and a lot of that is already happening. But, Brian, please.

Brian Donnelly: Yeah. Thanks, Sam. Hey. This is Brian. So just building on what Sam has said, we are we are really focused on making sure we have the right level of reach and frequency to primary to priority targets, which you will not be surprised to hear us say. So we are just taking a consistent view at the market, making sure that we are hiring the right level of folks in the right territories, and we are training them, which is a really important piece of the puzzle. Want to get them ready to go as quickly as possible to make an impact.

Samraat S. Raha: Yep. And, Tycho, I will just add to that. We have mentioned I mentioned again earlier in my prepared remarks that we are spending over $35,000,000 over the next couple of years. And, you know, a very big part of that is to augment our sales team. And those additions are underway as we speak. In fact, we had our commercial meeting kickoff just a couple of months ago, and there is a lot of new faces in the room. They are coming from places where they have done this already, so they are not just going to be learning on the job.

Tycho W. Peterson: Okay. That is helpful. And then maybe just along those lines, and lastly, just on the on the alpha launch, can you just provide any more color? You talked a little about how you are thinking about number of tests you need to run, but maybe the customer you are going to be targeting?

Brian Donnelly: Sorry. I did not know if you got cut off. So, yeah, did you just say, can I provide any more color? Is that what you just touched launch, I mean, you talked about a number of tests you may target, but in terms of I am going to go with that. Hey. Listen.

Operator: Ladies and gentlemen, please remain on the line. Your conference will resume shortly.

Brian Donnelly: Hello? Are we back?

Operator: I am hearing you again.

Tycho W. Peterson: Okay, Didi. Sorry. We got cut off in the room.

Brian Donnelly: Yeah. Apologies, Tycho. We I got cut off. So I think what I was answering your question about alpha is, you know, we are excited about the launch. We are we are starting off with a handful of community oncology centers. And by the end of the year, as we move into early access, we are going to broaden that into dozens of actual accounts. We have already done the training to prep these sites. We have sample collection kits in their hands, so we are looking forward starting next week to, you know, activate, fully start receiving samples and cannot share enough excitement that we have to start.

Tycho W. Peterson: Thank you. Thank you.

Operator: And our next question comes from Douglas Anthony Schenkel of Wolfe. Your line is open.

Douglas Anthony Schenkel: Thank you for taking my questions. My first one is on Prolaris where ostensibly you picked up some momentum into year end. As you noted in your prepared remark, the reason volume was up was up low double digits was because of the favorable comparison. Can you delineate between how much of it was the comp versus improved rep productivity or any other dynamic that you think are worth calling out? That is my first question. On an unrelated topic, my other question is prenatal momentum into year end. Units were actually down, I think, 5,000 or so sequentially in the fourth quarter. I just want to see if there were any remaining order management dynamics.

And if so, how is that contemplated into 2026 guidance? And beyond that, are there other things that are worth talking through, like competitive dynamics, for example, that may have affected trends into year end? Thank you very much.

Samraat S. Raha: Yeah. Thank you, Doug, for the questions. Let me start with a question on Prolaris, and then I will hand it off to the combination of Ben, Brian, to talk about prenatal. Listen. There have been a number of activities that we have been working on over the last few quarters actually related to Prolaris. It includes the engagement we have had with KOLs. It includes the various programs we have been driving. It includes the expansion of our sales team into more serving more urologists. So all of those things are things that we think will endure. Now, yeah, did we, you know, potentially get a little bit of a compare benefit in Q4. That is possible.

But as we look into 2027, we expect, you know, you know, maybe not the 12% growth that we had within the quarter, but much stronger actual growth throughout the year in 2026 than what we saw in 2025. So moving on to the prenatal question then, let me let me hand it to you and to Brian to answer that.

Ben Wheeler: Sure. Thanks, Sam. And I was just going to make one comment relative to Prolaris or urology, Doug. So as Sam mentioned, you know, we have we focused on that channel executing with the sales force. And that gives us confidence as we look at 2026. So like Sam said, we do not expect or we did not model out a 12% year-over-year growth going into 2026. The guide did reflect some traction relative to the total annual growth rate that we saw in 2025 moving into 2026, and we are bullish about the opportunity ahead as we see the performance that we saw in Q4.

Now transitioning over to prenatal, you are accurate in the view that volume declined in Q4. Typically, Q4 is often a challenging volume quarter period, all else equal, not simply saying that is the year that we had for prenatal in 2025. But when you look at the seasonal or the quarterly volumes from a prenatal standpoint, oftentimes, you will see a softening in Q4. We did see softening in Q4. And as we mentioned in the prepared remarks, and then also, as I briefly shared with Puneet, our expectation is that we will see a decline in prenatal year over year in Q1 with recovery in Q2 and beyond.

And there is there is several things that give us that confidence. Part of it is having a focused sales force as they focus on our prenatal bag, and Brian can speak more to that. The early traction that we are seeing in conversations with FirstGene, excuse me, as providers will be interested and open to conversations as we work to win back share as well. So I do want to emphasize the fact that the guide does not include sizable benefit from FirstGene, but we do believe that as we launch that product commercially, we will have and have conversations with docs that will give us some traction or leverage across the portfolio.

Brian Donnelly: Hey. It is Brian. Just a couple of adds for that. So on the order management issue that we had been working to resolve throughout the year, what we have seen underneath that is accounts who are not impacted by our order management issue are growing at or above market, which is a which is a good signal for the underlying health of the base. In the same period of time, we have been focused on adding new customers. Our sales team has been really focused on restoring the accounts where we where we lost volume.

And if you go forward into this year, Sam mentioned earlier, we have our prenatal sales team that we are going to be expanding going into the second quarter, and we have the FirstGene launch. So, you know, I would just align fully with what Ben said. You know, we do Q1 is going to be the beginning of this year for us. We are we are we are excited to get out into Q2 and into the back half of the year when we have got our new, our expanded team and our new product.

Tycho W. Peterson: Thank you.

Operator: And our next question comes from Andrew Cooper of Raymond James. Your line is open.

Andrew Cooper: Hey, everybody. Thanks for the questions. Maybe just to follow-up on that, I do want to drill in a little bit more on just how many customers are left that kind of are affected by this, by the change at this point? Is it a few important ones? Is it kind of more widespread? Just would love a little bit of kind of color there. And then what other parts of the portfolio maybe need some updates to some of your systems? And at this point, how are you balancing those risks and thinking about it differently than you were, you know, before sort of this hiccup in prenatal?

Samraat S. Raha: Hey. Maybe I take the second question first. Thank you for the questions, Andrew. And then Ben, if you and Brian, if there is anything you want to say with the first question. Take it incredibly seriously, Andrew, and we took the opportunity when it happened in Q2 of last year to look through every ordering system that we have and to really ensure that everything was intact, that we had no issues, no friction, either in the test ordering system or in the reporting system. And what we really learned is as part of improving execution excellence, it is about, you know, a different level of rigor testing that we will do before we go live with something. Right?

This is a self-induced error that we had, which we have, and we did. We have taken care of it. But we have gone through all our other testing, all of our, excuse me, ordering systems, and we feel good about all of those, you know, continuing to work as they are without any issues.

Ben Wheeler: So building on that, as Sam mentioned, you know, we had this talent. It is just to win back the customers that encountered that challenge. We see some progress there. And I will have Brian speak to that in just a moment. But I think it is important to recognize that as we have the opportunity to go back in there and reengage in conversations, being able to speak about a new product is an opportunity to open that conversation or opens the door that we have not necessarily had the opportunity to leverage or open over the last couple of quarters.

And so again, not to be too repetitious here, but that is one of the things that really gives us excitement about the ability to move forward and see year-over-year growth as we move Q2 and beyond?

Brian Donnelly: Yeah. Hey. This is Brian. I do not have a lot to add to that other than as it relates to where we are at now. We have a really good handle on our current accounts. We understand their needs. They are adopting our portfolio. We feel really good about our current customers and our relationships with them, so we feel like we are stabilizing there.

Andrew Cooper: Okay. Great. And then maybe if I can just sneak one more in. Just on GeneSight, you talked about the 12 payers and the biomarker bills that you added in 2025. How should we think about the trend in ASP there for 2026, knowing that you are past sort of the big headwind here that you have been facing for the last year or so?

Ben Wheeler: Yeah. So, you know, we have been really pleased to see the wins that have come as we have engaged in states with biomarker bills. And the wins that we had in 2025, you know, those wins came across the year. And so, you know, there is going to be an annualized benefit to some of those that we did not see in 2025, but none of them in isolation are a sizable win. And so, you know, when we think about 2026 from an ASP standpoint, again, across the portfolio, we are expecting a modest headwind. As it relates to GeneSight, we just think about it as being stable.

Samraat S. Raha: Hey, Ben. Let me just add to what you said. Sorry, Andrew. Is that, you know, the good thing, well, if you will, we have a much more balanced portfolio, if you will, of payers now. Unlike what had happened with United, you know, even if we were to lose another payer, unless it were to be Medicare, and there is no sign of that. We feel that is completely stable. You know, we are we are in a much better place than we were.

Tycho W. Peterson: Thank you.

Operator: Our next question comes from Dan Brennan of TD Cowen.

William Bishop Bonello: Great. Thank you. Thanks for the questions. Maybe just on hereditary cancer, you just walk through a little bit kind of what is assumed this year for volume growth? You had some nice growth this quarter. I think comps are a little easy. Just wondering how we might think about the volume growth in order to recapture going forward.

Ben Wheeler: Yes. So Dan, when we think about 2026, we think about a high single-digit growth from a hereditary cancer portfolio perspective, and that is across both unaffected and affected. You know, obviously, exiting the year with the momentum that we had continues to add how bullish we are about that, but that is that is how we are thinking about it in 2026.

William Bishop Bonello: Okay. Maybe just on pricing. I think you said you have a headwind on the whole portfolio. Can you just give a little bit more color on that? Like, is there a specific dynamic in 2026, or just, you know, how do we think about that?

Ben Wheeler: Yeah, Dan. It is I would not think about it as a as a specific dynamic per se for the portfolio. I would just think about it just generally as we experience price pressure in hereditary cancer. You think about the dynamics for GeneSight. Net-net, we expect the portfolio to have a very modest decline, you know, 1% to 2%. And so, you know, obviously, there is individual dynamics for different payer groups, other, and 2025. You know, we will continue to engage with payers and work that we are excited about the ASP that FirstGene can bring to the portfolio as a modest improvement for our existing prenatal portfolio.

Just generally, when you think about the enterprise ASP, that is how we think about the modest headwind of 1% to 2%.

William Bishop Bonello: And maybe just one more sneak one in. Just on MolDX and MRD, like, so do you assume you get the coverage in the back half of the year and then you have some revenue contribution from that coverage in the model? Sorry if I missed that.

Ben Wheeler: No, Dan. We did not. We are not assuming that we would get coverage until sometime in 2027. So we are assuming really no revenue from MRD in our 2026 numbers.

William Bishop Bonello: Great. Perfect. Thanks, Sam.

Operator: Thank you. And our next question comes from Mason Owen Carrico of Stephens. Your line is open.

Ben Mee: Hey, thanks for the questions here, guys. A lot's been asked. But on FirstGene, I guess, what do you view as the largest practical barrier to scaling adoption and revenue for that assay in 2027? I mean, is it clinical confidence? Is it workflow integrations? Payer coverage, sales execution? I guess, which barrier do you feel the most confident that you can clear early? Which do you think takes more time?

Samraat S. Raha: Yeah. Thank you for the question. I am going to let Brian, if you do not mind.

Brian Donnelly: Yeah. Sure. Yeah. Yeah. Hey. Thanks for the question. So with regard to FirstGene, you know, for us, as you know, this is a new product. So it is really about getting the product in front of our providers, both our existing base as well as new customers. We are interested in doing business with. And so it is going to be the traditional issue of getting folks aware with the product, making them ensuring they understand the product to a degree where they are willing to clinically adopt it, and then pulling it through.

There is not, like, a particular issue here other than just really good execution, getting the product in front of customers, and being there for them when they are ready to start using it with their patients.

Samraat S. Raha: Hey, Brian. If I can just add to that. I think that, you know, we have been pleased with the early access period that we have had so far, both in terms of input we have received from the firms that have been using it, from our own operational efficiency that we have seen in very high yield, and, also, though it is still relatively early, from the reimbursement that we have gotten. So all those things you mentioned, we are not going in blind. We have a pretty good sense of it. The other thing is, you know, we want to have higher market share, and we intend to in the coming quarters and years.

But from where we are, you know, we see FirstGene, particularly this combined screen, as an opportunity to expand the market, at least for us, and to go gain new share. And that is something that is really, I think, important to our future.

Ben Mee: Got it. And then could you talk about the progress you have made in terms of cross selling multiple assays across customers or really just growing wallet share. Are there any metrics you can provide that highlight how maybe an increasing percentage of your customers are ordering more than one test from the Myriad portfolio or any update there?

Samraat S. Raha: You know, we will like share something along the lines as we get deeper into this year. But what I can say, we again, we have intentionally gone to focused sales organizations. Again, as we have mentioned for prenatal health, we are kicking that off in Q2. That is going to be even more of a focus now with Prequel, Foresight, and FirstGene that will be coming in oncology. I can give you an example on the urology channel.

We are we are pleased that along with Prolaris, there are, you know, a number of customers, an increasing number of customers, who are also using MyRisk, the hereditary cancer test, because that is written into the ASCO guidelines for those in the course of being treated for prostate cancer. So fundamental, though great question, to differentiated, and we really believe we is our, you know, strong established relationships in community medicine as it relates to, you know, what we call the cancer care continuum. Because there, what we are finding, we and if you just today, same what the relevant tests in the course of treatment.

So we fully expect and the numbers, you know, are things we are going to track here. Between hereditary cancer, between our comprehensive genomic profiling tests, between MRD, there should be a growing connectivity and a benefit of being in an account serving it. So great question, and we will we will look to share more of that in the coming quarters.

Operator: Thank you. And our next question comes from William Bishop Bonello of Craig-Hallum. Your line is open.

William Bishop Bonello: Hi, guys. I just want to circle back to your response to Tycho's question on the hereditary cancer ASP, and then I do have a follow-up to that. But so I totally understand the price differential between affected and unaffected. But, obviously, the ASP was down in both of those groups this quarter. And so are and then later, you made, you know, some comments about the pricing headwinds and pressure. I guess I am trying to understand is that really simply payer mix difference, or are you seeing your contracted rates for, you know, MyRisk going down from where they had been.

Ben Wheeler: Yeah, Bill. Appreciate the question. So the short answer is no. We are not seeing contracted rates going down. We are not experiencing the pressure in that regard as we have conversations with payers. Really, as we think about ASP, as I mentioned, Q3 is a reflection of the mix that we expected going forward. We saw that be consistent in Q4, and that is the way that I would think about it into 2026. Use Q3, Q4 as the ASP baseline recognizing that in Q1, with deductible resets, there is going to be ASP pressure across the portfolio that will then generally recover through the remaining three quarters of the year.

William Bishop Bonello: Okay. And when you say mix, not necessarily mix between affected and unaffected, but mix, like payer mix?

Ben Wheeler: That is correct. When you think about it, volumes coming from a particular payer versus a different payer versus patient portion,

William Bishop Bonello: Yep. Uh-oh. Are you guys still there?

Ben Wheeler: We are here. Yep.

William Bishop Bonello: Yeah. Can you hear us well? Yeah. You have been kind of breaking up. It might it is probably just my phone. The so the follow-up is just you talked about a change in the way that you are going to show the numbers, which sounds like it will you know, maybe make it easier for all of us. I am just curious if that change is reflecting any underlying change in your in your go-to-market strategy for the various businesses. I mean, you have talked about the focused prenatal team. Will there be changes in who is actually selling, for instance, MyRisk into the unaffected market.

Or will, you know, current salespeople have, you know, essentially the same bag they have had all along.

Brian Donnelly: It is a great question, Bill. Yes. We are making changes. So, again, a quick summary. You know, in October, we shared that we made a number of changes organizationally. We went away from what we used to call the business units structure with women's health, oncology, and so forth. And to cut to the chase, yes. Now we have determined through our strategy focused channels. Meaning now those folks that are in prenatal, that we are going live with this coming quarter, they are selling prenatal products. Again, that is Prequel, Foresight, and FirstGene. And they will not be carrying the unaffected, the, excuse me. They will not be carrying MyRisk, if you will, to serve the unaffected population.

Likewise, we have, you know, said that there can be more, we believe, more traction by having a team that is really focused on hereditary cancer. That is supported by a number of marketing initiatives to drive awareness, drive market activation, both directly what we are doing and through partners and through other channels we are driving. So it is a very intentional way, more efficiency and growth. Abundability through the reach and frequency that we intend to intend to, you know, execute on.

William Bishop Bonello: Thanks. That is really helpful.

Operator: Thank you. And our next question comes from Lu Li of UBS. Your line is open. Great. Thank you for squeezing me in. I guess my first question on the MRD. I think you mentioned that you are planning to kind of, like, disclose some of, like, early-stage metrics. I wonder if you guys have, like, internal targets for, like, for example, like, per-center utilization, like, how do you measure success for those metrics?

Samraat S. Raha: Yeah. No. Great question. We appreciate it. Yeah. So among other things, the four things that we will be looking at is user experience for those that are part of the alpha. And when we say user experience, it is all the way from how they are, you know, their perception on ordering, on the turnaround time, on the quality of the results, the reporting, how easy it is to interpret, and take action from it. So that is one category. Repeat orders, I think that one is pretty obvious. It is important that, you know, that we see oncologists, health care systems, the same ones continuing to order for multiple patients.

And order volume, you know, though we are not disclosing that, we are looking to see that we are able to achieve a certain number of volume of orders here within our alpha time period, if you will. And then operational efficiency, those are the other things that will ensure that we are able to scale and prepare to scale. And that includes, you know, our internal yield, turnaround time, our targeted COGS, and other elements. So those are the metrics that we will be tracking.

Lu Li: Got it. One question for Ben. I think the guide talking about the EBITDA margin going to be like near breakeven in Q1. I wonder, can you comment on the pacing of that? And anything else that you wanted to flag just in terms of like the Q1? Is it just like the prenatal volume headwinds or anything else that you wanted to flag. Thank you.

Ben Wheeler: Sure. So, yeah, we have touched base on the prenatal that is going to be down year over year. Also, we look at historical operating expenses from Q4 to Q1. In Q1, we have some outflows just because of the regular cadence of meetings and compensation adjustments and the like. And so the combination of deductible resets at the start of the year, the impact of prenatal year-over-year decline, and then a modest step up in OpEx starting in Q1 and persisting through the year is what impacts the profitability in Q1.

Now, I will say when we think about the full year, it is it is important to remember that we look back across the last couple of years, H2 is stronger than H1 revenue. I just talked about the impact of a step up in operating expenses that we will titrate as we see some traction with some of our commercial initiatives. But, you know, we issued guidance on January 12 as it relates to adjusted EBITDA, and we are still very confident in that level.

Operator: This concludes our question and answer session. I would now like to turn it back to Scalo for closing remarks.

Matthew Scalo: Thanks, Didi. This concludes our earnings call. A replay will be available via webcast for one week. Thanks again, everyone, for joining us this afternoon, and have a good day.

Operator: This concludes today's conference call. Thank you for participating, and you may now disconnect.