Member of the Healthcare Investment Banking Team. And our next presenting company is Veracyte. Speaking on behalf of the company, I'm pleased to have CEO Marc Stapley. Please give it up for Marc.
Thank you, Cliff. Good morning. We're very pleased to be here at the JP Morgan Healthcare Conference. Thank you for joining us. Give me a second here. This isn't advancing. Okay. So before I get into the presentation, I'd like you to note our Safe Harbor Statement. This can also be found on our website. At Veracyte, we are focused on fundamentally enhancing our collective understanding of cancer and changing the way it is treated through the power of advanced molecular diagnostics. By enabling deep research and delivering actionable clinical insights at critical moments, we empower physicians to make more confident decisions, improving outcomes for patients. And somewhat uniquely, our mission extends beyond just the U.S., as we strive to reach patients all around the world with our suite of tests. To deliver on this mission, we have undertaken a platform approach across Veracyte.
Our fundamental belief is that more data drives deeper insights, which strengthens evidence, which expands clinical utility, which in turn drives greater adoption and an ability to serve even more patients, and so we intentionally generate more data for each test than is required to answer the clinical question at hand, with our whole transcriptome and whole genome-based assays. This novel approach results in a data-driven flywheel effect, which allows us to extend our impact across indications and geographies to deliver durable long-term growth. Today, we have an expanding portfolio with tests spanning breast, prostate, bladder, and thyroid cancers, focused on serving patients who have been diagnosed with cancer and those who are suspected of having cancer. In addition to serving multiple indications, we also aim to serve patients across the care continuum, from risk assessment to diagnosis, prognosis, treatment guidance, and recurrence monitoring.
Our urology tests are the best examples of our breadth of coverage across the care continuum today. As we deliver upon our strategic growth drivers in coming years, we will add more indications across the continuum of care, thereby extending our reach and deepening our impact. Historically, we have delivered exceptionally strong growth with a significant and sustainable inflection in the business in 2021 as we added our urology portfolio, expanding our impact on patients while building a highly durable financial profile. Our platform is driving meaningful clinical adoption with more than 800,000 patients served to date. This has been achieved on the back of more than 600 publications supporting the clinical utility of our tests, and as we close out 2025, I couldn't be more proud of our finish to a strong year.
We expect to deliver revenue in the range of $515 million-$517 million, driven by approximately 17% testing revenue growth, led by the continued strength of our Afirma and Decipher franchises. In addition to our expected strong 2025 revenue growth, I'm pleased to share that we executed against all of the key milestones that we laid out for our business coming into the year. On the product front, we drove continued penetration and share gains. We launched Decipher for metastatic patients, and we generated meaningful new clinical evidence across both endocrinology and urology. We also advanced our pipeline as we shared positive ProSigna outcomes data from the OPTIMA Prelim study, submitted the technical assessment for True MRD, and finalized enrollment for our pivotal Nightingale lung cancer study.
Importantly, we achieved all of this while delivering industry-leading profitability, and we continue to expect to meet our target of greater than 25% Adjusted EBITDA in 2025. We also made progress on key operational priorities, including the completion of the complex restructuring of Veracyte SAS, as well as the transition of all Afirma volume to the V2 transcriptome, our new highly scalable and lower COGS platform for whole transcriptome-based tests. I'm incredibly proud of our team for their relentless focus on execution and innovation, which enabled us to deliver an exceptional year for Veracyte and reach more patients than ever before. Now, taking a closer look at our Decipher test. A prostate cancer diagnosis can be overwhelming for patients, raising difficult questions about what treatment they need and what comes next. Decipher helps bring clarity during this uncertain time by providing genomic insights into the biology of a patient's cancer.
By better understanding an individual's risk, clinicians can help patients avoid unnecessary treatment and ensure more intensive therapy is used when it can make a meaningful difference. Decipher is the leading diagnostic test for prostate cancer prognosis and prediction and is the only such test that can provide insights for all patients with prostate cancer, from low risk to high risk and metastatic. With broad reimbursement across approximately 215 million covered lives, it is increasingly being adopted by physicians, as demonstrated by a consistently higher order rate per physician. In addition to increased utilization, we are also expanding our reach as the number of ordering physicians grew over 15% in 2025. This scale has resulted in more than 300,000 prostate cancer patients being tested with Decipher to date, over 100,000 of whom were tested in 2025 alone.
Prostate cancer remains a large and growing clinical challenge, with approximately 334,000 patients diagnosed annually, and sadly, that number is growing each year. While adoption has accelerated, there are still so many patients in the U.S. and even more outside the U.S. who are not getting access to Decipher and therefore not benefiting from the insights that our test provides. That needs to change. We estimate that as of the end of 2025, Decipher was only about 33% penetrated, so there is plenty of opportunity ahead to continue to reach even more prostate cancer patients. As we have expanded our market penetration and benefited from favorable share gains, Decipher has delivered explosive growth over the last few years. The fourth quarter marked our 15th consecutive quarter of greater than 20% volume growth, and we have delivered a three-year revenue growth CAGR of over 37%.
We are proud that Decipher is recognized as the only gene expression test with high-quality evidence in NCCN guidelines, which has helped catalyze this growth. To achieve this, we have consistently enabled an ever-growing body of clinical evidence demonstrating Decipher's role in guiding cancer. There are now more than 100 publications on the utility and validity of Decipher across the prostate cancer risk spectrum, with an additional 100 publications leveraging our research-use-only GRID data. Due to the flywheel effect we discussed earlier, this body of evidence will continue to grow. Looking ahead, we're confident in Decipher's ability to sustain strong double-digit growth in 2026 and beyond, supported by a number of drivers. First, as research empowered by GRID establishes clinical utility for new signatures, our goal is to expand our clinical tests to add these new insights.
Our first example of this in prostate cancer is two new predictive signatures, PORTOS and PTEN, that are now widely recognized by key opinion leaders as having utility based on studies that were published recently. Patients with higher PORTOS scores benefit from higher doses of radiation in both the post-biopsy and post-RP salvage settings. PTEN, used alongside the Decipher score, showed promise in determining which metastatic patients would benefit from the addition of chemotherapy in the STAMPEDE study. We are working to add these molecular features to the Decipher report as optional insights later this year. Second, we are driving continued penetration into advanced disease following the launch of Decipher Metastatic, along with growth in the high-risk post-surgery biochemically recurrent population. This year, we place particular focus on expanding the clinical evidence supporting Decipher in advanced disease, where its predictive power has been shown to improve patient outcomes.
We believe there remains significant opportunity to expand Decipher use in this patient's population. Third, we view digital pathology as complementary to molecular analysis, providing additional data points for a more comprehensive assessment of tumor histology. To support further research, we made our digital pathology services and associated AI models available to research collaborators last year and have implemented slide scanning as a standard production workflow. We've made tremendous progress to date and have now scanned over 175,000 slides from over 130,000 de-identified patients with outcomes data. We expect this database to grow meaningfully as we continue building our digital image repository. It is clear that Decipher is increasingly becoming the standard of care in prostate cancer, with a long runway of durable growth ahead. Now, turning to our Afirma test. An indeterminate thyroid nodule diagnosis often leaves patients uncertain about whether surgery is needed.
Afirma delivers molecular insights that help clarify risk and guide more confident decisions, allowing many safely to avoid surgery. In fact, among the more than 400,000 patients tested to date, we believe that over 60% of those patients were spared an unnecessary surgery through the utility of our test. Afirma now has over 280 million covered lives and over 150 publications to date. Afirma is currently 38% penetrated into the Bethesda 3- 6 category, which are patients whose thyroid nodule has been deemed indeterminate, suspicious, or malignant. There remains meaningful opportunity for further share gains and incremental penetration to drive continued growth. We are pleased to see 11% volume growth for Afirma in 2025, which is truly remarkable given it has been on the market for 15 years. Throughout this year, we experienced a steady pipeline of new account wins and increased utilization per account.
Growth was further driven by the expanded LCD that now includes reimbursement for Medicare for the Bethesda 5 population, with such volume growing 16% in 2025. Lastly, as I previously mentioned, we finalized the move over to our new transcriptome during the fourth quarter. While this benefits our scalability and cost profile, I am even more excited about the patient impact. Historically, there have been cases where we were not able to provide an Afirma result due to low RNA quality or quantity. With the V2 transcriptome, we are able to confidently call even more results. Our research-use-only grid tool, launched in 2024, continues to strengthen Afirma's leadership and drive ongoing adoption. By aggregating large-scale, high-quality molecular and clinical data from patients tested with Afirma, grid enables ongoing research and supports the generation of new clinical evidence.
We have seen a meaningful increase in Afirma-related publications in 2025, with the majority driven by Grid. The growing body of evidence helps maintain Afirma's role as the standard of care in thyroid diagnostics. Moving to our growth drivers, I think of our opportunities in three phases. The first phase is the ongoing durable growth in our core business, Decipher and Afirma, which we've just gone through and which we think alone enables us to continue to deliver a double-digit revenue growth profile for the foreseeable future. The second phase of growth is commencing this year with two exciting new product launches by the summer. First, the launch of our inaugural MRD product, True MRD, which will be in the muscle-invasive bladder cancer indication. Second, the launch of ProSigna as an LDT for the US market.
With our entrance into MRD, we will expand our reach further across the care continuum, and with ProSigna, we will be able to serve patients in the U.S. who face a breast cancer diagnosis. The third phase of growth is represented by our commitment to expand geographically with our IVD strategy and to solving new cancer challenges with tests like our nasal swab for lung cancer. I'm excited to share more detail on each of these initiatives today. Starting with ProSigna, which answers critical questions that breast cancer patients have following diagnosis, such as what kind of breast cancer they have, what treatment is needed, and the risk of cancer recurring. ProSigna is based on the well-established and scientifically validated PAM50 signature, providing physicians and patients with deeper insights into the biological classification of their cancer and the risk of recurrence to help inform treatment decisions.
The opportunity in the U.S. is significant, with over 300,000 patients diagnosed with breast cancer each year. Approximately 225,000 of these patients have early-stage hormone receptor-positive disease and would be eligible for ProSigna testing. Given this tremendous opportunity, we plan to launch ProSigna as an LDT in mid-2026 on our new V2 transcriptome. We believe upcoming clinical data will be an important driver of adoption. One key milestone in May 2025 was the presentation of the clinical outcomes data from the 10-year Optima Prelim study. This is the first prospective study to specifically address ProSigna's ability to identify clinical high-risk patients who do not benefit from chemotherapy and can safely avoid the toxicities associated with treatment. This study suggested that ProSigna had higher prognostic accuracy in high-risk patients compared to the test initially used to assign patients to treatment groups.
We were encouraged by the preliminary results and look forward to seeing the full readout of the full OPTIMA trial and driving further clinical evidence, but rather than hear about the importance of ProSigna from me, I'd like to share with you a real patient perspective. Dalia is a 37-year-old breast cancer patient. ProSigna changed the course of Dalia's treatment by providing new insights for both her and her medical team, allowing her care to be personalized and tailored to her as an individual. At a time of significant uncertainty, particularly as a younger breast cancer patient, ProSigna gave her greater confidence and peace of mind about her treatment path. With that clarity, Dalia has been able to move forward with her life with confidence in the decisions she has made about her care. I would like to thank Dalia for allowing us to share her story.
Moving on to MRD and surveillance testing. After completing initial treatment, a new set of difficult questions often emerges for patients, such as whether they can be monitored through surveillance or require additional therapy, if the cancer is returning or spreading, and whether treatments such as chemotherapy will provide meaningful benefit. Our MRD approach is differentiated in that it is whole genome every step of the way, from the initial baseline sequencing to the sequencing of serial testing samples. We believe this data-rich approach is not only sufficient but necessary to provide the right level of information to patients who are at risk of recurrence and further our collective understanding of cancer. This follows our fundamental belief that more data drives more insights, more clinical evidence, more payer coverage, and therefore more durable adoption, as discussed earlier. We have made good progress in advancing our True MRD platform.
We plan to launch our first indication muscle-invasive bladder cancer in the first half of this year with reimbursement. We will leverage our strong Decipher brand and channel, which we believe reaches approximately 70% of muscle-invasive bladder cancer patients who are seen in the urology and radiation oncology setting. Beyond MIBC, our platform is extensible into many other cancer types, and we plan to launch additional indications annually going forward. We're building a strong and growing body of clinical evidence around True MRD. Multiple studies have already been completed across bladder, colorectal, and lung cancer, as well as other indications, and we have a deep pipeline of additional studies underway. Today, that includes 10 studies in testing or analysis, 13 in contracting, 11 in active planning spanning MIBC, as well as breast, lung, colorectal, kidney, and immunotherapy treatment response.
With strong engagement from leading institutions and encouraging early results, we believe True MRD's differentiated approach positions us well to capture meaningful share in the MRD market. Turning now to geographic expansion, we are passionate about ensuring our tests are available to patients outside the U.S. In Europe, there are approximately 270,000 patients diagnosed with HR-positive breast cancer each year. ProSigna is already available to these patients on the nCounter platform, but to further expand the reach of the test, we are developing ProSigna as an IVD on NGS. Similarly, more than 450,000 patients are diagnosed with prostate cancer in Europe each year and do not have access to a test like Decipher. To address this need, we are developing Decipher as an IVD on qPCR technology to serve this patient population.
Serving patients around the world is central to our mission, and we look forward to bringing these and other IVD tests to market in the coming years. Moving on to our final growth driver of solving new cancer challenges with innovative products like our Percepta nasal swab . Lung cancer is the leading cause of cancer-related death worldwide. Each year, there are 1.6 million incidental lung nodules detected and approximately 15 million people who should be getting screened in the U.S. This represents a massive and underserved market where effective early risk stratification is critical. For patients with an identified lung nodule, determining whether invasive or surgical management is appropriate is a difficult question. We believe a non-invasive test like Bethesda can play an important role by helping classify risk earlier and guiding more appropriate patient management.
We made important progress on this initiative last year, completing enrollment in our pivotal Nightingale study. Looking ahead, we will conduct follow-up and data analysis, which we hope will lead to publication and ultimately reimbursement. Now, taking a closer look at our recent performance, where we believe we have a best-in-class financial profile, we have delivered strong revenue growth with approximately 17% testing revenue in 2025, exceeding our expectations coming into the year. We also expect to achieve our target of greater than 25% Adjusted EBITDA for the full year, more than a year ahead of schedule. I couldn't be more proud of our team and our accomplishments, and I'd like to thank all of my colleagues at Veracyte for their hard work and focus on our patients. Turning to our outlook for 2026, we expect to deliver total revenue in the range of $570 million-$582 million.
This is driven by testing revenue from our core business of $559 million-$569 million, or 14%-16% growth, and excludes new test introductions. We expect to organically maintain our industry-leading 25% adjusted EBITDA margin in 2026 and beyond. But even more importantly, it is likely that in 2026, we will hit a very key milestone, serving our one millionth patient. This demonstrates clearly the impact that Veracyte is having on so many people dealing with cancer and their families, and I couldn't be more proud of that. So, in closing, I am thrilled with our progress over the course of 2025. We delivered on our product goals, improved our financial profile, and ended the year with strong momentum across our development programs and commercial tests.
We look forward to steadily executing against our rich pipeline of catalysts, including multiple product launches this year alone, which will further fuel our growth for years to come. Above all, we remain deeply committed to our mission of transforming cancer care and improving patient lives all over the world. Thank you.
Now we're going to transition to the Q&A session. We'll be joined by Rebecca Chambers, CFO. Good to have you here. So we've had a number of questions come in from the online audience, and so if time permits, then at the end, we'll turn to the audience. So the first question from the online audience is, you've highlighted Afirma and Decipher growth as key to your growth going forward. What gives you confidence in the durability of growth for these two tests?
Yeah, it's a great question, and thanks for addressing that.
I mean, as I mentioned, both Afirma and Decipher are our core business today, and they drive the first phase of growth, and we see multiple years of growth ahead, and what gives us that confidence is a couple of things, actually a number of things. First and foremost, when you look at that penetration, I shared a couple of graphs on this. Decipher is 33% penetrated into the market and a growing marketplace. We actually think that incidence is now growing around 6%, which is new data that's just recently come out, and so there's so many opportunities ahead. Two-thirds of prostate cancer patients in the U.S. are not getting Decipher, and of course, as I mentioned, outside the U.S., it's significantly less than that. In fact, Decipher is almost nonexistent outside the U.S., and we need to fix that. Afirma, similarly, 38%.
I mean, that test has been on the market for a long time, and we're only 38% penetrated with our test into the market. As I talked in both cases about research and driving evidence, I mean, the evidence for both of our tests is vast. If you look at both tests, they're very strongly represented in guidance, with Decipher being the only one with the high-quality evidence behind it as recognized by the NCCN. So that is pushing. Those are catalysts that are pushing adoption forward. Decipher addresses the entire care continuum. We recently launched Decipher Metastatic, which enables another 30,000 patients per year in that 334,000 to be addressed with our test. Then finally, I'd say we have an incredibly strong commercial team who are the best in the world at driving these tests in both cases, urology and endocrinology.
Yeah, and maybe to comment on our expectations for both of the tests this year that is implied in the guidance on the Afirma side. After a number of stellar years of double-digit growth, we're projecting another great year of strong growth of mid to high single digits here in 2026. And also on the Decipher front, the guidance currently implies approximately 20% revenue growth. So both of these tests are expected to have another great year, serving a number of new patients and changing the penetration of those charts Marc showed in a very positive way.
Thank you. Maybe if you could quickly elaborate on that in the same vein, given that the Afirma market is significantly more penetrated than Decipher, how does Veracyte intend to access the remainder of the opportunity to drive continued volume growth?
Yeah, I mean, both cases, Afirma and Decipher, there is an opportunity to expand across the market where no testing is being done today. I mean, that space. And that's where physicians are either not using the test across their entire patient population or they're not using a test at all. And our sales team spends a lot of time with those physicians, obviously with guidelines and evidence. It's very hard to ignore the benefit of these tests. And it gets to a point almost where it's not good practice to treat a patient without running a molecular diagnostic. The second component of it is obviously share. And in the case of Afirma, you're quite right. Even though we're only 38% penetrated in Afirma and 33% in Decipher, the market share gain opportunity in Afirma is greater given the competing tests.
Again, back to the evidence and the clinical utility and the guidelines and the execution by the sales team. We'll continue to gain share. We believe we've been gaining share in both tests throughout 2025 and prior to that, and we expect that to continue. There are so many tailwinds for us at this point. Our biggest headwinds are only that eventually the denominator grows. Of course, the math of growth is different. Volume growth, which is what you asked about, there's nothing that I can see in the future that slows that down at this point. Awesome. Thank you for elaborating. Maybe pivoting now to True MRD. What is your go-to-market strategy for launching True MRD in muscle-invasive bladder cancer? Yeah, so remember, True MRD is a platform. Multiple indications can be addressed with that test, and it's the same test.
We are launching first in muscle-invasive bladder cancer. And what's great about that is, as I said in the presentation, about 70% of patients with muscle-invasive bladder cancer, we believe, are dealt with and taken care of through our channel, our urology channel. And so our go-to-market strategy is for those patients who have had radical cystectomy, whether with neoadjuvant chemo or not. Those patients have gone through curative intent, and our tests can then be used to detect whether recurrence occurs. And our publication in European Urology last year showed that that can happen around 131 days median relative to the standard of care, which is imaging. So the test works. It works in that setting, and we already have the channel.
Yeah, and just maybe to comment on the reimbursement process, we submitted our application for the tech assessment in March of 2025 and have had numerous back and forth with the pricing bodies here at this point in time. We're planning on launching with reimbursement in the first half of this year. We're super excited about it. Because we are serving the post-radical cystectomy patient, this is a patient that currently is not deemed to have cancer, and therefore we will be effectively aiming to get two codes, one code for the upfront landmark test and one code for the subsequent surveillance test. There are also some of very kind of the minority of patients that will be served in the adjuvant setting. That is something we'll definitely be interested in in time.
But given the concentration of post-radical cystectomy patients in the urology channel, that's really where our focus is going to be from the get-go, and we won't be going after the bundle until we do move into more of the medical oncologist space, patients that are currently getting adjuvant therapy.
Thank you. Maybe a quick follow-up on True MRD before we pivot to something else. When you're thinking about expanding into additional indications, what are some of the key considerations that you guys think about?
Yeah, it's a great question. I mean, firstly and foremost, we have to do studies in that indication. And as I mentioned in the presentation, we've done many so far and demonstrate the utility of the test.
And remember, the utility of the test is, in our minds, the lead time to detection ahead of a standard of care, which is imaging, or it might even also be, as Rebecca just alluded to, the ability to monitor treatment response. And so that's what's needed. For that, you need cohorts to do the testing. And so availability of cohorts is one factor, or whether we've already been doing studies in that area. Channel is a factor. As we build a ProSigna test as a prognostic, we'll build a MedOnc channel. As we launch MRD more broadly, we'll be able to leverage that MedOnc channel. So channel is the key factor as well. And I think just our own internal prioritization of what needs to get done and when. We've committed to launching a new test every year, and we'll continue to focus on doing that.
Thank you.
Maybe pivoting to the financials part first, maybe a question for you, Rebecca. You're one of the few profitable companies in your space, and we're able to achieve over 25% Adjusted EBITDA this year. Why do you think 25% is the right target for the organization going forward?
Yeah, happy to answer that. And I am incredibly proud of our privileged position of delivering such a profitable P&L as well as an incredibly strong balance sheet. So as we look forward, the wealth of opportunities that we have to invest in high-return, additive-to-revenue growth projects is vast. We currently have more projects to fund than we have organizational support for. And effectively, the balance between that revenue growth outlook and the 25% profitability, the balance between the two is really what we're focused on. This business does drop down incremental margins that are decently higher than that 25%.
But again, given the investment portfolio that we have and the long tail of high-return projects, we do feel like that 25% is the right sustainable Adjusted EBITDA. We plan for this every year at that level. We manage it on an annual basis. Quarterly fluctuations will exist. We can't turn the investment ship in any given month or any given quarter. So as you saw in the third quarter, we delivered something more than 25%, hitting a 30% number. But on an annual basis, we plan for that 25%, and that's what we aim to achieve, such that on a longer-term basis, revenue growth is 0.25. Apparently, it is.
Would you like to ask a question, Siri?
Yeah, Siri's going to answer for me. But such that that 25% is the appropriate figure. I needed a little boost.
A little levity.
And remember to not only just launch new tests and maintain durability and adoption of tests and get into guidelines. It's a continuous cadence of evidence development and evidence generation. And so any opportunity we have to drive more evidence, whether it's evidence that we're funding or supporting third parties to do so, I think is a very worthwhile investment. And some of these products, nasal swabs are a great example, take many years, in that case, a decade to potentially come to market. And that's because of the evidence that you have to go after in order just to get reimbursement. And you're not done there. In our industry, remember, evidence development continues after the test is on the market, and it should. And that's how the Decipher model has worked so well as well as Afirma. Thank you both. Maybe one more on the same topic.
So with almost $400 million in cash on your balance sheet at the end of Q3 and no debt, how are you thinking about capital allocation?
Yeah, so let me talk philosophically about our approach, and then Rebecca can give more details. But we're obviously in a very privileged position to have that cash balance in the diagnostics industry. There are plenty of opportunities for us to expand both organically, as we've talked about, as well as through M&A and acquisition and partnerships. And we explore everything. And frankly, Rebecca's leading that organization today, and the number of opportunities is quite significant.
Yeah, it's actually quite exciting. I mean, we're, again, not only in a privileged position with our balance sheet, but also in the spirit of we have such a wealth of organic projects to invest in, we don't have to do anything today, right?
I think that's a really key message. But there's a lot that we might want to do or might choose to do. And so we are assessing numerous opportunities on an ongoing basis. We have a very high bar for what those opportunities, manifesting them into further action. But there are a number of great technologies, a number of different indications, and a number of different geographical assets that could make a lot of sense in 2026 or beyond. So we're going to keep our high bar in terms of the level of rigor that goes into each of our assessments. So far, we've probably analyzed over 100 companies over the last three or four years and executed on one.
But as we look forward, we're going to try and do more of the same, keeping the assessment going and making sure that the assets that we encourage and engage with are high quality and very additive to the Veracyte portfolio.
Excellent. Thank you. The last question from the online audience. Maybe going back to your strategy. Where do you see the opportunity to capture share in the breast prognostic market, given the incumbent test is so well adopted?
Yeah, I mean, it's actually really interesting. In our core business, we have an example of a test where, frankly, Veracyte started a market by recognizing a clinical unmet need. And then at Afirma, we have an example of a test where we weren't the first mover. We weren't the market leader, and we've become the market leader. And that's Decipher through that flywheel effect that we talked about.
Now, ProSigna, as you mentioned, is an interesting market in that if you talk to any medical oncologist who's dealing with a breast cancer patient, they are very familiar with and very used to, in their practice, using molecular diagnostics, thanks to the incredible job that's been done by those that go before us. But as I said, diagnostics is an ongoing cadence of evidence generation. And we're very excited about the study that's coming out and other evidence that's going to, over time, be launched using the ProSigna test. And so when that information is published, I think that will help to really drive key opinion leaders to think about what's the right test to use, not in this market, whether I should use a test, but what's the right test to use.
And so, again, it's a very similar formula, and we're going to help to drive more research, further the understanding of breast cancer more broadly, and fill out the care continuum in breast as well. And so it's a long game. It's not going to all happen in three years. But with the fact that we've already owned this test for years and getting this ready for us in LDT in the U.S. is not a massive investment for us. We don't need to gain a significant amount of share. But at the same time, for the benefit of patients, we actually think ProSigna will become a market-leading test.
Thank you. Unfortunately, that's all the time we have today. So I'd like to thank you all again for coming to this talk and also to the conference. Please give it up for the Veracyte team one more time.
Thank you.