Great. It's about time. Thank you for joining us today. My name is Lily, and I'm part of the life science team at UBS. We are very pleased to welcome the team for Veracyte today. On the stage is Marc Stapley, CEO, and then we have Tristan Webber from the finance team as well. Marc, Tristan, welcome.
Thank you.
Thanks for having us.
Great. So I guess, like, before we get to more the business, aspect, maybe just, like, give us a little bit of the key highlight from the Q3 earnings last week.
Yeah, thank you, and before I get into that, maybe I should just remind everybody about our safe harbor statement, you know, to the extent we're making forward-looking statements. They're intended to be covered by that statement, which is available on our website, www.veracyte.com, so yeah, thanks for having us, and thanks for bringing up Q3. Q3 was another fantastic quarter for Veracyte. We talked a lot about our the growth of our core business, which is driven by really two tests, our Decipher prostate test and our Afirma thyroid test, both of which grew fantastically in the quarter, and you know, we delivered strong testing revenue growth. In addition, you know, one of the things I'd also like to highlight is that you know, we delivered an Adjusted EBITDA margin of 24% in the quarter, which really did exceed our expectations.
You know, I think many investors will know, a while ago, not that long ago, I talked about a company of our type in our industry should be able to get to a 25% adjusted EBITDA sustainably. We're clearly heading towards that, not that 24% sets the new jumping-off point. So, you know, I'm very, very proud of what our team has done to deliver that performance in the quarter, and couldn't be happier with the outcome. Happy to dive into those core products and also, you know, talk a little bit today about some of our long-term growth drivers.
Definitely.
You know, the way we articulate that is those core products of Afirma and Decipher are really driving the growth for the foreseeable future up to and beyond the S curves of those long-term growth drivers coming in and also participating.
Yeah, yeah, definitely. Before we talk to, like, Decipher and Afirma, so you recently decided to write down Envisia. So wondering, is the whole portfolio realignment largely completed right now, and then you can, like, basically allocating the resources to the high-growth areas that you mentioned?
Yeah, it's a great question. And, you know, one of the philosophies that we've always had, in the time that we've been here at Veracyte is to really focus the company on the things that are really gonna drive the business and move the needle. And so we talk about, you know, five strategic initiatives that we're focused on, which I know we'll discuss today. As part of getting to those five core focus areas, and by the way, it's not just a financial driver to get there, of course, that matters, but just, you know, employee resources, management time, focus really matters. And, you know, I'd like to execute those five things really well than try and do a dozen different things and not do so well. So focus matters.
So, you know, we've looked at the portfolio. We've gradually over time addressed areas where we didn't see the ROI coming or the, you know, there was too much investment required in order to get to larger penetration and/or reimbursement, and so Envisia was another step in that activity. Envisia is a great product. It's a terrible disease, interstitial lung disease. It does help, but it's very low volume, and requires quite a lot of investment to get to, you know, the future growth, and so what we've decided to do is pause that. I would never say we're done. There's always things that we're looking at that, you know, we need to continue to revisit.
Some parts of our business, while I said the core business, which is 90%-95% of our revenue, is going really well, there's some parts of our business are not going as well. And so, you know, we always have to, you know, look at those and make the appropriate investment decisions. But we've certainly done a lot so far, and I'm very proud of what our team's been able to accomplish on the portfolio.
Got it. So, switching to Afirma, so the product is relatively more mature, at this point, 60% market penetration. And, but you expect that product to grow at high single digit in 2025. So maybe can you just unpack a little bit the assumption behind it, like how much coming from volume, how much coming from pricing? And is that, like, a right rate that we should think about it for, like, a long-term perspective?
Yeah, Afirma, as you mentioned, it has been on the market for quite a while, you know, over a dozen years, and it clearly addresses a very important unmet need. In fact, about 60% of patients who've had the Afirma test avoided an unnecessary surgery based on our analysis of that over that time, and it's really exceeded our expectations over the last two to three years.
Mm-hmm.
Delivering double-digit growth. And you know, we wanted to make sure that as you think about, you know, going forward into 2025, people don't start to think that Afirma's actually hit that, you know, that top of its growth curve 'cause there is still growth to come, and that's why we said high single digit. The drivers of that growth are multifactorial. One is, you know, we have done a lot to invest in Afirma. We launched the TERT promoter gene. We invested in the customer experience with the portal and the test requisition and test report. We've invested in the GRID research use-only platform, which is enabled by the fact that we, you know, sequence a whole transcriptome for every Afirma test. And then just a lot of good performance and effectiveness from our sales team.
And then in addition, we recently got a LCD for Bethesda V, so now even more patients with suspicious thyroid nodules can benefit from the utility of the Afirma test. So when you put all those things together, they continue to provide a good tailwind for Afirma going into next year and beyond.
Mm-hmm. Okay. And talking about Bethesda V, how should I think about the contribution in 2025? Is it, I believe it's mostly coming from ASP list, but can you just talk a little bit about when are we going to see that because it takes some time to get there? Yeah.
Yeah, absolutely. Bethesda V, it's an important indication. But it's about 30,000 patients, you know, that would benefit from that. And it's, you know, think about it, a third of that is about Medicare, so call it about 10,000. And so while on the commercial side, we've been able to here and there utilize that test for now we have the ability to use it for Medicare populations, so that remaining 10,000. So think of it as a small uplift on the ASP side, but not a significant driver.
Okay. And I guess I'm switching back a little bit to more the long-term growth algorithm, right? So we have high single digit in 2025, but beyond that, how do you think about the contribution coming out from, like, market share, and then also your wallet share gain? And then.
Yeah.
Also, like, from competitor, like, how should we think about the more sustainable rate?
Yeah, great question. Coming into this year, we do the math about once a year where we look at the market penetration 'cause the numbers aren't, you know, easily available. Coming into this year, we had, as you mentioned earlier, Afirma around 60%.
Mm-hmm.
Or not, sorry, not Afirma. That market for molecular diagnostics and endocrinology is around 60% penetrated, and we believe Afirma has the majority of that share. As we look to where this could eventually go, we have set a goal out there for both our tests, actually, of about 80% penetration for the total market. You know, we could go higher than that, but we think 80% is a reasonable goal, and that's based on relatively few analogs in the marketplace. So when you look at Afirma, there's clearly some new market opportunity to get from just over 60% to 80% market penetration in diagnostics in endocrinology. Then, so if you think about firstly that market penetration, Afirma being able to take more than its current share of that, given all the investments we've made in the product and the evidence behind the test.
Then as we think about, you know, market gains and market share gains, that's entirely possible too for the same reason. We, like I said earlier, we have an incredible sales team. They have connections to, you know, everywhere from the large academic centers to the community setting, and they're doing an amazing job of going out there, spending time with physicians and talking about not just, why, you know, why molecular diagnostics in general, because there are still, believe it or not, even after all these years, physicians who don't use them in the setting, but in particular, why Afirma.
Got it. I guess I'm switching to Decipher. You mentioned pretty impressive growth year to date of 30%. But how should we think about the number for the next 12-18 months, right? So you didn't mention in the call, so I have to, like.
Yeah.
Ask about that.
Yeah, and I appreciate you asking. And we were very deliberate in giving that guide for Afirma because, as I said earlier, I didn't want people to think that, you know, Afirma had hit that growth plateau and wasn't gonna continue to grow. Especially remember for Afirma, Q4's a particularly difficult comp this year, given that Q4 was so strong last year. And so I also don't want people to overreact to that. Remember, quarterly fluctuations in our business really doesn't tell you very much at all. You really need to think about the annual growth trajectory. But yeah, on the Decipher side, we haven't given that yet. We're actually in the middle of our budgeting process right now.
And so we're wrapping that up towards the end of this year, as we always do, which is typical. At that point, we'll be in a better position to give both, you know, our company and our perspectives, maybe some more commentary on where Decipher is going. But I would say the following. The Decipher tailwinds are significant. Number one, NCCN level one guidelines for Decipher, the only expression test that has that level of NCCN guideline and support, you know, 85 clinical publications and 100 and over 120 additional studies involving Decipher driven by, again, you know, the utilization of the test and the whole transcriptome approach and including our GRID research product in that 120. The addition now of the metastatic population that will come in 2025 towards the back end of the year, that adds 30,000.
So we can now address with Decipher the whole 300,000 annual incidents in the U.S., which is also, unfortunately, a slightly growing population, with incidence rates growing in single digits. And so when you think about all of those factors, those are the tailwinds that are really gonna drive Decipher's continued growth for many, many years, not just in 2025.
Wanted to focus on the NCCN guideline. I mean, you have that level one B evidence level for, like, probably two years now. Like, how much more incremental impact that we can get from it, like, especially in 2025?
Yeah, and to clarify, we had NCCN level one guidelines last year. Those were enhanced this year to include a very specific table that listed in the event of a patient being NCCN low, intermediate, and high, given the Decipher score, what treatment or what pathway for the patient to follow. And so those guidelines are very clear and very specific, which is extremely helpful. In fact, we did a survey just after those guidelines came out, and we surveyed physicians. And I'll get the numbers roughly right, but something like over 80% of physicians said they were aware of those guidelines, and over 70% said they would utilize those guidelines. And so, you know, that to me is a very positive signal. It's higher than I would've expected in terms of the utilization, because they are guidelines.
And so I think that's super helpful in driving continued growth. So I do think these NCCN guidelines put us into a new growth ramp, and I think we're seeing that now. That's why, you know, Q3 was particularly strong for Decipher, on top of, you know, existing strong start to the year. Yeah, I don't see much of anything kind of, you know, a headwind to that growth driven by NCCN. Remember, again, similar story on the market penetration. The market's about 35% penetrated coming into this year. Again, the same 80% target. You can see how much market penetration and growth opportunity there is before you even start talking about share.
Okay. Got it. While sticking with the one B evidence level, I mean, there was another competitor, which is more the imaging-based, have the same level. So we got lots of questions about that. Like, do you worry about that? Then how do you really think about the market evolving? Like, is one replacing the other, or maybe both technologies can find their own space in the market?
Yeah, we certainly don't see the substitution angle there at all. In fact, on the contrary, what we hear from our KOLs and our customers is there's really no substitution for the resolution that you get, with a molecular diagnostic like Decipher. You really can't, you know, get to a lower resolution. And the molecular resolution, the imaging can certainly potentially be complementary and could help, certainly help the pathologist in many respects. But you know, when you look at the level of evidence, and I mentioned it, 85 clinical studies and, you know, 120 other studies as well based on research, yeah, there is no substitution for that. And remember, those clinical studies and research activities, many of them were started many, many years ago.
We talked at ESMO in Barcelona about, you know, STAMPEDE that came out of the UK, which is a really important study for the metastatic and high-risk setting. Those patients were followed for 14 years. So that was initiated, you know, more than a dozen years ago and is just reading out now. And so you know, that, that's the kind of evidence that you have behind, Decipher in particular.
Got it. That's actually a good time to switch to metastatic indication. So I think previously you mentioned it's gonna be in more the second half of 2025, more gradual ramp. But historically, I think physicians tend to don't really order genetic testing at a very high-risk level. So how do you really, like, change the physician behaviors and what kind of, like, efforts that you're doing right now to kind of, like, help to ramp the indication?
Yes, starting from the perspective of the recent LCD, which now specifically says that this test should be reimbursed in the metastatic setting. Also bear in mind that whereas Decipher is normally around, call it 60% to two-thirds Medicare, in the metastatic setting, it's even higher, closer to 70%, maybe even a little bit more in metastatic, and so, you know, now you have a really important payer who is saying that this test has clinical utility in that setting, and they base that on evidence, right? They cite the evidence. Then you have important studies like STAMPEDE and others that talk about the utility of the test in a metastatic setting. There's utility in prognostics. There's also a STAMPEDE demonstrated some utility in prediction as well.
And so, you know, before you even get into guidelines, remember, Decipher was growing very nicely even before we had NCCN level one guidelines. So we expect to see a similar thing happen in the metastatic setting long before guidelines. And I'm sure there'll be guidelines at some point there. The test is able to penetrate and grow. And it's a case of going out and talking to physicians, demonstrating the evidence, the same evidence that's used to justify reimbursement, and showing those physicians that even for those patients that are in the high-risk and metastatic setting, there is a utility in Decipher. And so, you know, it, the great news is it's a channel we already address, and it's a formula that we've been doing very well for many years. I talked about the Afirma sales team.
The Decipher sales team is also incredibly effective. We only have around 50 sales reps supporting Decipher, and it's not a huge number. It's an incredibly efficient team. I know they're excited to start talking about metastatic once we've gotten through, you know, the tech assessment and our own internal processes to launch it. As you say, you know, we're expecting to see a ramp start in the second half of 2025.
So more of the impact will come in, like, 2026 timeframe probably.
Yeah. Then you'll start to see the kind of growth that we've saw in the localized setting, or something like that from 2026 onwards. You know, bear in mind again, slow ramp. One of the things I think that's really important is we don't wanna, obviously, we never wanna disrupt the fantastic momentum that we have in the localized setting. The last thing I want is to have all 50 sales reps flip their entire focus to the metastatic. It's an and, not an or. It's important that we keep that momentum that we've gained so well.
Okay. Perfect. So I guess that we talked about the two important products, but now we kind of, like, need to think about some of the new growth drivers, right? So first on the MRD part, maybe can you just give us a quick update in terms of the timeline? The product gonna be launched, well, expected to be launched in the first half 2026. Should we expect, like, MolDX submission in 2025, like, maybe potentially some kind of, like, news announcement on that? So maybe just quick update.
Yeah, happy to. And just a reminder for everybody that the, our MRD asset, which is a whole genome approach to MRD, and that means whole genome in the initial, tissue and blood setting and also whole genome in the surveillance setting. Very deliberate attempt by us to follow the same formula that's worked so well for us in whole transcriptome to take a whole genome approach, for so many reasons. And, and, you know, the, the, the value of that data just cannot be underestimated. We've seen that with Decipher. And so we acquired that company, C2i, in January. We've been working on the first test in a, what is actually a platform of future indications, which is our first test is muscle-invasive bladder cancer. A relatively small market, about 18,000.
The reason we're launching in muscle-invasive bladder cancer first is because we already have that channel, largely. It's largely the same channel that we have in urology. And, there's a very clear path to reimbursement. So to your question on the timing, our next steps are to submit the tech assessment, do all the stuff we need to do internally in order to stand the test up in our lab, all the, you know, stuff you would expect us to do for a new test with a new report, get through the tech assessment, get the reimbursement, and launch that test in the first half of 2026. And so, yeah, that those are the activities that you'd see us complete. No detail around the timeline of each of those activities at this point.
But as we knock down certain of the milestones, yeah, we will probably share that. Just a reminder that, you know, as I said, it is a platform. And one of the things I said on the last earnings call recently was, you would expect us to launch next in other indications in which we already have a presence. And so if you think about, you know, where we currently play, breast and lung are very, you know, very important markets too. And so that's one possible indication or two possible indications for MRD for us in the future. And we could go beyond our current indications, but, you know, I think channel really matters. And so we'll stay very focused where we have existing activities, at least initially.
Got it. You mentioned channel is very important, and you can kind of, like, leverage your urology channel to launch the MRD product. But do you need to make extra investment or changes to the sales channel? You have bladder product as well. Like, is that fit into some of the strategy as well?
Not for the bladder, the muscle-invasive bladder. That was why we picked that so we don't really see a significant need to invest more in the channel. In fact, if you look at that 50 sales reps I mentioned in urology, we added a handful in the last year so you can see the effectiveness of that team and the leverage that we get in the specialty diagnostics so we expect to be able to launch our MRD test into that same channel without significant sales and marketing investment. I think once you start to get into, for example, the med onc channel, then yeah, the incremental investment would be needed. But at that point, it's a menu question. You need to have more than one test, which is why other indications and a platform matters.
And I think the other important point is you don't need to invest ahead too much. Sales reps become effective in about six months. You can invest in the sales reps when you start to see the opportunity, ahead of you, once you clearly have reimbursement or line of sight to reimbursement. And then you can build that as you see the growth coming. And that's what you saw us do on the Decipher side. It's not like you have to go out and hire a hundred sales reps before you have any volume. It tends not to work that way.
Got it. The next one that you talk about will be the IVD approach, growing international business. There are some supply chain issues at this point. So maybe just, like, give us a little bit update in terms of, like, how that goes. And then, I believe Rebecca will talk about, like, it's gonna be muted in 2025 as well. So maybe, any update will be great.
Yeah, thanks for asking. Yeah. So now we're talking about the fourth of our five strategic initiatives, which is IVD. And yeah, it's driven by a need, frankly, to get our tests into the international market. A perfect example, Decipher. 300,000 instances in the U.S. could be as high as 500,000 in Europe alone. And those patients need a test like Decipher to determine the appropriate next step and management of their disease. And it can, you know, it really pains us that patients outside the U.S. don't have access to tests like that, you know, and they should. And we believe that we have the formula to be able to do that effectively outside the U.S. with an IVD-based approach. And so we're currently working on pre-test, Decipher for prostate, Prosigna on NGS is already on nCounter. That's for breast cancer.
And ultimately nasal swab, on NGS as well, and launch those into the OUS market. Right now, as I mentioned, Prosigna is on the market. That's where we talk about the muted expectations for 2025. We are dealing with some supply chain challenges. This is an nCounter-based product. So we're working through those challenges. We wanna be conservative about next year. We talk about next year as a transition year for our product business. It is the year we're managing through the supply chain challenge for Prosigna and developing and launching, developing pre-test and launching two potentially and getting our certification for our under IVDR for Prosigna on nCounter. That's what we're gonna be focused on in 2025. Once we get through that, then we can really put, put the foot down on the, on the growth in particular for Prosigna and Decipher.
And I'm excited about Decipher as well because a lot of KOLs in those studies I've mentioned, the 85 and the 120, are outside the US, are very familiar with Decipher, have worked with it in these studies, and can't wait to get their hands on it as well.
Perfect. The next part will be more the reimbursement dynamic. There were lots of news in the past two weeks. I know it's a different product, but I wanted to get a view from you, in terms of, like, how do you really see the current environment at this point? Like, both CMS and then commercial, is it stable, getting better, or getting worse?
Yeah, I think this goes back to the Veracyte Diagnostics platform that I talked about, at the beginning of this year. And that is, you know, more data leads to more insights, which means leads to more evidence and more adoption, and sustainable and durable adoption, which is the important point. I think where the industry can sometimes misstep is by launching a test too early before that reimbursement pathway is clear or before the evidence has been generated to support reimbursement, not just initially, but on an ongoing basis and make it durable. And so at Veracyte, you know, we think about that a lot, and we de-risk for investors that reimbursement step. Whereas if, if companies don't launch their test in that way or launch too soon to drive volume, then, then investors are also taking on that reimbursement risk, initial and sustainable and durable.
And so, you know, when you look at where we are with both of our tests, the level of evidence and KOL support and real-world data, you know, I mentioned earlier, 60% of Afirma patients who've avoided surgery, that type of real-world data really supports ongoing reimbursement, not just Medicare, but also commercial. And so we're seeing the opposite of what some, and I think it's a, you know, very few here and there where our industry is seeing some challenges. We're seeing the opposite, where we have more commercial payers contracting with us. We're growing the commercial coverage in both the Afirma and Decipher, particularly Decipher. We added a significant payer at the beginning of this year with 30 million covered lives.
You know that these are all, I think, supporting evidence of the ongoing strength of, again, evidence and proof that we have with our tests.
Is that gonna be like more, kind of like a headwind going to '25? ASP has been increased roughly like 6% in Q3. Do you still expect similar level of ASP in '25, or is that gonna be a little bit more to happen?
I don't see ASP necessarily as a headwind. You know, I do think some of the issues we've resolved with Afirma over the last couple of years and then some of the coverage decisions that help drive a little bit of a tailwind, you know, from a growth ASP growth rate perspective, I think we've seen something like 5% CAGR over the last few years, and that's continued, and so, you know, we'll continue to create increased coverage. You've got Bethesda V coming, which helps Afirma a little bit. You've got the metastatic, so you know, in the normal scheme of things, I don't necessarily see ASP itself as an absolute reference, as a headwind at all.
And, you know, for us, it's continued growth, continued volume growth at a sustainable or even potentially, you know, growing ASP where we can make that happen and justify that.
Okay. Got it. Switching to more of the forward-looking, I know there was no 2025 guidance, but any potential tests that we should be thinking about when doing the modeling?
I'm sorry, any what?
Any potent taste?
Oh, Prosigna test? No, I think, I mean, Tristan, feel free to jump in as well here if I miss any, but we've talked about the, you know, the tailwinds that I see for Decipher and Afirma or our core business, that, and I don't—the biggest headwinds I see are the law of large numbers. The denominator, of course, is higher, going into next year than it was this year. I think we've talked about our product business and 2025 being a transition year and muted growth. And then I think on our biopharma and other line, which is the, the other portion of our small portion of our revenue continues to be a headwind. We're not seeing any growth there and, unfortunately.
And so we continue to, you know, focus on that side of the business and so those are the key points to take. But again, that I'd say from a top-line perspective. And then anything you wanna mention on gross margin and spending?
Yeah, I'll add one more on the top line too. We actually kicked off talking about Envisia, and that's about a $6 million headwind on our testing number for going into next year as we discontinue in the lab starting in January. As we look at the rest of the P&L, you know, we see stable margins on our testing business with a slight headwind as Envisia is a gross margin contributor for us. And as that revenue declines next year, it'll be a small headwind, but not something to move the numbers. We haven't provided guidance, obviously, below that at this point in time, but coming out of a year where we have approximately 700 basis points of Adjusted EBITDA margin, that will probably not double down, but we are looking at continuing to expand margins.
As Marc mentioned, we're in the middle of the budgeting process now, and we're balancing out the adjusted EBITDA margin expansion and the investment into our long-term growth drivers, and so we will, you know, obviously provide more insight to that as we get through the process.
I wanted to unpack a little bit about that. Like, what kind of specific drivers that you mentioned, and then at the same time, you know, like 24% is not the jumping-off point for sure.
Yeah.
Maybe just talk a little bit more about, like, the actual step that can get to the margin expansion target.
Yeah. So I, I talked about the quarterly fluctuations and the top line and volumes, and, and that applies even more so to margins. You know, some quarters, the spending profile is very different from other quarters, especially when you're doing clinical trials and things like that, for example. You know, we guided this year to just over 20% EBITDA, and that, that should be the jumping-off point for next year, right? The question is how, and Tristan mentioned, you know, the kind of leverage we've seen this year is very extraordinary, as we've entered into a new phase of, of, financial performance. Ultimately, we do wanna get to that goal. We haven't put a timeframe around it of 25%. There are certain levers we can continue to pull, but the most important one is top-line growth.
and that, you know, given the efficiency of the specialty diagnostics model that we have, that flows very, very nicely. And then we'll continue to think about R&D spend. Yeah, right now with Nightingale going on for Percepta nasal swab and with three IVD development projects going on, and with our MRD development going on, not to mention all the internal projects we have. R&D is actually, you know, we got a lot going on, and the three strategic drivers cover more than half of our R&D spend, a run rate of about $60 million in total. And so, you know, I see some opportunities there in R&D for leverage as the top line grows. I see opportunities for leverage, continued leverage in sales and marketing, as we've talked about at length today. And I see opportunities in G&A.
I always talk about we're in about the third year of a five-year significant investment in building the infrastructure of our company to be able to absorb significant growth, including the 3X growth we've seen in the last three years in volume. We're gonna continue to do that. A lot of that finds its way into the G&A line.
Okay. Got it. So the R&D, well, the MRD launch, kind of like the spending related to that, it's already, embedded into your thinking in terms of the.
Oh, it currently is. But remember, it's a platform. As we launch new indications, new menus, of course, that will require incremental R&D. Now, at the same time, the Nightingale trial finishes at some point as well, and that is a big study. So there's various components in R&D. We try and manage our overall R&D spend. To Tristan's point, if we feel like there's a good opportunity to spend more money in a particular R&D area, because we think that drives future growth, we have the capacity to be able to do that. At the same time, we have the capacity to dial that back. So we, you know, our financial profile is something, in our bottom line Adjusted EBITDA is something we feel very strongly about, and continuing to drive opportunities there is very much our philosophy.
Got it. So with the last minute here, maybe can you share a little bit more, any catalysts that we should be watching out in the next 12-18 months?
I think, you know, the catalysts are Decipher and Afirma. And then, you know, those bridges, as I opened up the call today, those bridges very nicely, not just to, but also beyond the launch of our IVD, MRD, and then longer term, our nasal swab product. And so, you know, if you think about those five key growth drivers, that's where we're focused today. We also have a lot of other things we're looking at and dealing with and going through as well that could be potential growth drivers of the future. We, you know, we're a very progressive company in the way we think about cancer diagnostics. And, you know, we wanna continue to create new growth opportunities. So lots going on.
I'm excited about what we're doing in the company, and I'm very happy that we're as focused as we are.
Great. Well, final thing on nasal swab, any update on that? So, I mean, the trial's a little bit delayed, but what's the latest?
We're a long way through the patient enrollment, and we're heading towards you know hopefully the finish line at some point. I'm not giving a timeframe on that now, because it's a little unpredictable, especially in the lung space. But with close to 100 sites enrolling, it's exciting to see so many patients. And I'm excited to launch this test when we're ready to launch it. And this goes back to the diagnostics platform, clear path to reimbursement, ability to get the test adopted, paid for, supported by evidence. And that's really what Nightingale is about.
Great. Awesome. That concludes our section. Well, thank you so much for joining us today.
Thank you.
Thank you.