Thank you for standing by. Welcome to GeneDx's fourth quarter 2022 earnings conference call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. I would now like to hand the call over to Head of Investor Relations, Tricia Trueheart. Please go ahead. Thank you, Latif, and thank you to everyone who is joining us today on this call. I'm Tricia Trueheart, Head of Investor Relations at GeneDx. On the call today, we have Katherine Stueland, Chief Executive Officer, and Kevin Feeley, Chief Financial Officer. Earlier today, GeneDx released financial results for the fourth quarter and full year ended December 31st, 2022. A copy of the press release and our fourth quarter earnings slide deck are available on the company's website. Before we begin, I'd like to remind you that management will make forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. Additionally, these forward-looking statements, particularly our 2023 financial guidance, our expectations for revenue growth, gross margin, and profitability over the next several years, and our expected cost savings and reduction in cash burn, involve a number of risks, uncertainties, and assumptions. For a list and description of the risks and uncertainties associated with GeneDx's business, please refer to the Risk Factors section of our latest Form 10-K filed with the Securities and Exchange Commission and the other documents filed by us from time to time with the SEC. We urge you to consider these factors, and you should be aware that these statements should be considered estimates only and are not a guarantee of future performance. During the call, we may discuss certain non-GAAP financial measures. For reconciliations of the non-GAAP measures to GAAP financial measures, as well as other information regarding these measures, please refer to our earnings release and other materials in the Investor Relations section of our website. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, March 14th, 2023. GeneDx disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I will turn the call over to Katherine. Thank you, Tricia. Before I dive into Q4 and full year performance, given the many recent changes at GeneDx, I'd like to provide a brief overview of our company today and our strategy going forward. First, we have a new name and a new ticker symbol. We're proud to now be GeneDx and to be trading under WGX, a nod to our vision of bringing the benefits of whole-genome sequencing to everyone. Since emerging from the NIH two decades ago, we have built a reputation for being the team you can count on to diagnose the most difficult to diagnose patients. Since then, we have built the industry's leading rare disease panels, Exome and Genome, fueled by our proprietary genomic interpretation platform. This platform delivers actionable insights to clinicians with a higher and more definitive level of confidence while reducing the number of unknowns in analyzing genetic code, resulting in more diagnoses for more patients. Combining this with the Centrellis platform from Sema4, we can leverage clinical data in a way that adds critical layers to our understanding of disease, including phenotypic information, symptoms, family history, and longitudinal data. Our team has worked diligently, systematically, and intelligently to execute on our mission going forward. In late 2022, we turned to a new strategic direction, exiting the reproductive health and somatic oncology testing business, which we believe will enable GeneDx to scale to profitability in 2025. Today, we announced 2022 pro forma revenue of $171 million from this go-forward business of GeneDx. We have already guided that we expect to generate revenues between $205 million-$220 million in 2023. Last year, on a pro forma basis of the continuing GeneDx business, we delivered almost 40% growth with 40% gross margin, with expectations to continue to grow in 2023 and beyond. GeneDx's ability to interpret data has been the key to unlocking the next phase of clinical genomics, born from over a decade of constructing our proprietary datasets. To date, we have analyzed more than 400,000 exomes, almost a quarter of which were analyzed in the past year, and we're doing more each and every day. The snowball effect of accumulated GeneDx data identifies more pathogenic findings that others miss, as our genomic sequencing analysis generates less uncertainty and a higher diagnostic yield compared to multi-gene panel-based tests. We're in a perfect storm of commercial opportunity. While we've been building our own capabilities, there's been an expansion of clinical and practice guidelines and coverage policies across the healthcare space, which are enabling the adoption of exome sequencing for a wide range of patients. In the past two years, several new medical guidelines have been issued, recommending exome and genome sequencing as a first step for patients with congenital epilepsies, neurodevelopmental disorders, and intellectual disabilities. These physician recommendations have included the evidence that compared with standard genetic testing, exome and genome sequencing has a higher diagnostic yield and may be more cost-effective when ordered early in the diagnostic evaluation. Our team is working to convert physician ordering patterns from multi-gene panel tests to exome sequencing. A lot of these recommendations and continued education will continue to help modify their practice. In addition, you may have seen recently that both UnitedHealthcare and Cigna, two of the nation's largest commercial insurers, have adopted favorable coverage for exome and whole-genome sequencing. As a result, tens of millions of patients now have covered access to our services. As physician adoption increases, cost of sequencing declines, and the payer community further adopts clinical guidelines, we anticipate that this may contribute to significant profitable growth of our truly differentiated offerings. The opportunity for GeneDx to drive biopharma partnership revenue from our data is significant, yet still at an early stage. In 2020, 55% of novel new drug and biological approvals from the FDA were orphan drugs for rare diseases. The understanding of the data we have accumulated to date allows for the potential to ultimately accelerate treatment timelines and provide the best care possible. This data could also be integral in clinical trial design, drug discovery, and development for biopharma companies. We're taking a pragmatic approach to working with partners to best identify how we can work together to deliver insightful and actionable information from a variety of sources. While we believe our information and data business may be proportionately small today, it's an important long-term strategic growth opportunity. We're also investing in clinical research and studies that will further demonstrate the value of exome and genome sequencing for newborns, including the SeqFirst and GUARDIAN studies. These studies and others will add to the growing body of evidence that the GeneDx platform can generate significant new information and ultimately lower the cost of treatment for difficult-to-diagnose rare disease in pediatric patients. With SeqFirst, we're generating clinical and health economics data in partnership with University of Washington and Illumina. As presented at the American Society of Human Genetics annual meeting last October, the first phase of the study demonstrated that rapid genome sequencing in the NICU has the power to transform clinical approaches for critically ill newborns and therefore improve overall health outcomes. Our partnership in the GUARDIAN Genomic Newborn Screening Study, along leading researchers at NewYork-Presbyterian and Columbia, is designed to demonstrate how whole-genome sequencing of newborns can deliver important diagnostic findings associated with 250 genetic conditions. Importantly, we plan to provide an update from this study at this week's American College of Medical Genetics and Genomics annual meeting. We're confident that through additional research collaborations across a number of areas, GeneDx will continue to provide benefit to patients, physicians, and caretakers. We have recently been included in several publications that highlight the critical role that our genomic insights play in the delivery of informed patient-centered care. It also supports the identification, discovery, and development of screening therapeutics to manage and treat rare genetic diseases. We submitted nearly one-quarter of all candidate gene submissions to a public database, GeneMatcher, in 2022, and collaborated on 63 publications involving new disease gene associations or expansion of phenotype discovery. While our commitment to rare disease continues, we have also found that our genetic data has contributed to an improved understanding of the biology of more common disorders, such as sleep apnea, and can be applicable to much broader segments of the general population. The genomic data from these studies will become even more powerful when combined with our Centrellis platform, fueled by comprehensive and definitive data sets built over the last 10 years. We believe we have a strong, thriving business with differentiated best-in-class exome and genome analysis and capabilities to evaluate the insights that this data can provide. We believe that GeneDx will be the partner of choice for patients, clinicians, healthcare systems, and biopharma companies. I'd like to close my remarks by extending my sincere thanks to the entire GeneDx team, without whom these achievements would not have been possible. Importantly, with the $150 million that we raised in January, we are now fully funded with the capital required to realize our mission. On behalf of our team, we're grateful to our shareholders for the opportunity to do so. With that, I'd like to pass the call over to Kevin. Thank you, Katherine. This afternoon, I'll start by discussing financial results for 2022 and then turn to financial guidance for 2023. Our strategy to target high growth, attractive gross margin areas of genomics is working. Our pro forma financial results from continuing operations, which I will now review, combines the entirety of the GeneDx diagnostic business with the data information and revenues from the Legacy Sema4 business. During the fourth quarter of 2022, pro forma revenues from continuing operations was $45.8 million, compared to $34.7 million in the fourth quarter of 2021, an increase of 32%. The increase was driven primarily by growth in whole exome sequencing. Pro forma adjusted gross margin from continuing operations in the quarter was 41%, up from 35% in the fourth quarter of 2021. The expansion in margin was driven by our exome and genome testing, which have a more favorable margin profile than non-exome multi-gene panels. Whole exome sequencing accounted for 16% of total volume in this fourth quarter versus 17% in the fourth quarter of 2021. For the full year 2021, pro forma revenue from continuing operations was $171 million, up 38% from $123.7 million in 2021. Pro forma adjusted gross margin from continuing operations was 39%, up from 35% in 2021. We expect to see continued margin expansion as volume mix continues to shift towards whole exome and whole genome tests. Next, I will turn to financial results for the total company, which includes costs and revenues from the now discontinued reproductive health and somatic oncology businesses. Total company revenues in the fourth quarter were $61.4 million, compared to $57.8 million in the fourth quarter of 2021. This increase results from the addition of GeneDx revenues, which were not present in 2021 on a reported basis, offset by a decline in revenues from the exit of the L egacy Sema4 diagnostic business and by a one-time charge to Legacy Sema4 revenues of $16 million in the quarter related to a true-up to the final settlement agreement with a payer, as previously disclosed in our public filings. Turning to gross margin, I'll be referring to our non-GAAP results. When combined with the revenues and costs from the now discontinued reproductive health and somatic oncology businesses, total company adjusted gross margin in the fourth quarter and full year 2022 was 7% and 5%, respectively. The total company adjusted gross margin was weighed down, of course, by the discontinued Sema4 diagnostic business, which had materially negative gross margins in the fourth quarter. Total company adjusted net loss in the fourth quarter of 2022, inclusive of all activity, including the now discontinued operations, was a loss of $72.5 million, compared to an adjusted net loss of $73.9 million in the same period of 2021. Within our total company unadjusted GAAP results for the fourth quarter of 2022, we recorded certain material cash and non-cash charges amounting to $210.1 million related to the shutdown of Legacy Sema4 reproductive health and somatic oncology and its related effects. These primarily relate to a charge of $184.1 million to write off the entirety of goodwill and the write-down, write-off of inventory, fixed assets, lease right-of-use assets, along with severance charges, all related to Legacy Sema4. Our total cash and cash equivalents and restricted cash were $138.3 million as of December 31st, 2022. In January 2023, we successfully closed a capital raise with $150 million in expected proceeds, and we believe we are fully funded to profitability in 2025. We have all the capital required to get there, and it is held at JP Morgan. The closing of approximately 7.8 million of the shares in our January equity financing is subject to shareholder approval under Nasdaq listing rules. We plan to seek shareholder approval for that in the coming weeks, as well as approval for a reverse stock split in order to regain compliance with Nasdaq continuing listing requirements and an increase in the authorized shares subject to our equity incentive plan. Turning to guidance, we are maintaining our previously issued 2023 guidance of $205 million-$220 million in revenue. Historically, we see the second and fourth quarter as our seasonally strongest. Given our recent commercial investments, we expect the second half 2023 to outperform the first half proportionally. We expect to expand the gross margins in 2023 and beyond. We expect to use $95 million-$100 million of cash in 2023 for continuing operations. Inclusive of servicing obligations of the exited businesses, the company's total cash burn in 2023 is expected to be in the range of $130 million-$145 million. As our exited businesses wind down, we are already realizing a significant decline in our cash burn rate from previous levels, which we expect to evolve towards $20 million-$25 million per quarter by the end of 2023. We're in a strong position today with the opportunity in front of us to drive better patient care with our technology, continue growth and expansion, and ultimately, be good stewards for our shareholders. With that, I'll turn the call over to Katherine for closing remarks. Thank you, Kevin. 2022 was a transformational year for GeneDx, and we're pleased with the acceleration throughout the year. We want to thank our customers, our team, our board, and our shareholders, all of whom make the work we do possible. We're excited for 2023 and beyond. I will now turn the call over to the operator for Q&A. Latif? As a reminder, to ask a question, you will need to press star one one on your telephone. Again, that's star one one on your telephone to ask a question. Please stand by while we compile the Q&A roster. Our first question comes from the line of Brandon Couillard of Jefferies. Your question please, Brandon. Hey, thanks. Good afternoon. Katherine, maybe just starting with the test volume mix. I mean, if we look at just whole genome, whole exome plus the exome panel, it's about, you know, 24%-25% of volume, quarterly, you know, over the past year. How do you expect that to evolve in 2023 just in terms of the volume mix overall? Yeah. I think that the key strategy that we are deploying with our commercial team, really is for how many patients can we be able to convert from panels to exomes. That is one of the key performance indicators that we're tracking, on a monthly and quarterly basis. That being said, the panels that we have are incredibly important and sometimes make even more sense than an exome. As, as we think about where we're gonna be a year from now, we would see, a proportionately higher amount of growth on the exome side of things, as we continue to really drive the messaging about the reimbursement status. You know, we've recently learned that four out of five patients do not have to pay anything out of pocket for our exome, which is a huge message, being able to take costs off the table. With the data that we've generated that show there's a higher diagnostic yield and fewer variants of unknown significance compared to multi-gene panels, we think that this is the right time to really more aggressively drive utilization of our best-in-class exomes. Brandon, I would say what, a year from now, we should be talking about a higher percentage of exomes, really from an overall reimbursement standpoint as well as volume. Got it. It's clearly good to see, you know, UnitedHealthcare and Cigna, you know, expressing support for whole exome sequencing. Do you think those will be needle movers for your business in 2023, or are those more maybe 2024 catalysts? Just remind us what the guiding bets for volume growth for the year. Yeah. I do think that we'll see some uplift in the second half of the year from UnitedHealthcare and Cigna. You're right, it takes a while to operationalize contracts and to educate and really put that in the hands of all of the ordering clinicians. You know, it's a longer pull in terms of being able to make sure that all of that messaging reaches the, the ordering providers who need to hear it and then actually implement it and start ordering. I do think that, you know, we're really pleased to see UnitedHealthcare and Cigna step up and really respond well to data that we've presented to them that shows the importance of exome over multi-gene panels. You're right, it does take a bit longer. I think it's best to think about it as, you know, definitely upside in 2024 with maybe some lift in the second half of the year. Gotcha. Last one, Katherine. on the data business, how much are you willing to spend on that, you know, kind of, opportunity that's really more in the out years, I feel like, in terms of revenue generation? Will we see any validating data points on that strategy, that we should look forward to in 2023? Thank you. Yeah, that's a really important aspect of the business that we intend to start proving this year. Most definitely, I think it's something that we can more fully realize in 2024 and beyond. In the past, I would say the Legacy team was really focused on investing quite a bit of R&D in order to get deals done. Kind of building a product, and investing in that product development, the data sets, you know, really deploying our data scientists in order to even try to secure a deal. What we're doing now is we're selling what we have. The gross margins that we're doing on biopharma deals that are coming in today are, you know, north of 70%, probably more regularly north of 80%. They are smaller deals, but we've seen some nice momentum coming in as we've really refocused on smaller biotech companies, where every week of clinical development matters. They're watching their cash as acutely as we are. We're really happy to see some momentum and a strong pipeline from a new strategy that we put together in Q4 last year. We'd like to see continued momentum, you know, really build particularly in the second part of the year, and then start working more collaboratively, I would say, with some of the bigger pharma companies. I have been spending some time with them to really understand what it is that they're interested in. I would say it's a little bit different than what we thought previously, yet we have exactly what they're looking for by way of data. I'm really encouraged by that side of the business, but it's gonna take some time, and I think in a year where our theme right now is under promise, over deliver. We wanna make sure that we're sharing with investors what we have line of sight into. Thank you. Our next question comes from the line of Matt Sykes of Goldman Sachs. Your line is open, Matt. Thanks. Good afternoon, and thanks for taking my question. Maybe just following up on Brandon's first question, just regarding the volume revenue mix split. I'm just curious, Katherine, you made some comments in the prepared remarks about conversion of the multigene panels to whole exome, whole genome. I know you've made a lot of investments in the past year in the sales force, and you doubled the size, and you kinda gave a number in terms of sales force productivity. I'm just wondering what level of incentives and how are you encouraging the commercial team in order to convert those multigene panels to whole exome, whole genome? Obviously, the evidence and guideline coverage helps, but I'm just wondering in terms of how you're rolling out that strategy across the commercial team in order to get that conversion up. Yeah. This is a really important element of the strategy here. When you think about who is most likely to convert, it's somebody who's ordering testing today, and they're ordering a multigene panel. We've built a relationship with them. We are paying a higher amount for our sales reps once they convert to exome. On the non-experts who we may need to get them ordering a panel first, it's a bit of the first step before we can now get them onto exome. We're paying just a normal amount, but then the rep would get additional incentive once converting that clinician into an exome. There's a lot of work that our commercial team is doing now and throughout Q1 that we're rolling out throughout the course of Q2 and through the remainder of the year. As I mentioned earlier, we've had some really good data mining, both from a clinical data perspective, as I said earlier, data at ASHG that showed higher diagnostic yield, fewer bases compared to multigene panels. You know, we've barely scratched the surface with getting that message out there. The four out of five patients not having an out-of-pocket with an exome, that has not been deployed yet. We really have, I think, a lot of good messaging to work with backed by good data. That's part of the reason why we're making this commercial investment now. We are expanding to include some additional territories in Q1 to be able to further support our growth with the conversion strategy, but also ensuring that we bring new customers on board. We're also working on an enhanced service model that we think will only further play into that commercial leverage that we have. Last year, we landed with $3 million of revenue per rep. We'd like to see that continue to increase. We think exome helps with that, and the service model and efficiency really helps us, I think, take each of our commercial dollars even further. Great. Thanks. That's super helpful detail. Kevin, just on the gross margin, so I know the guidance for 23 calls for further expansion. I know you did 39%. I'm just talking about the Legacy GeneDx. 39% just gross margin with exiting at, I think at 41% for the fourth quarter. Like, how should we think about the cadence of gross margins, and should we think of that 39%-41% as sorta being the base to start from, or are we kinda building from there? I'm just trying to get a sense for how gross margins should cadence out throughout 23. Yeah. I think starting there with the base, Q4 being the base, I think as important than what is some really interesting and impactful projects we have to reduce costs, gain efficiencies, line of sight levers that we can pull to further drive down operating costs and COGS. I think as important than anything is just crystallizing that mix shift that we talked about. Our exome product today operates at 60% gross margin and, you know, total company gross margins weighed down by the multigene panel side of the portfolio. A natural evolution would be towards that 60% mark in the intermediate term as we see exome take over the predominant share of test mix. I think the guide represented of an evolution of mix that we've seen step change, leaving things like average reimbursement rate at a company level to accrete as upside to our guide and our model, if that's helpful, Matt. Yeah, that's great. Just one last quick one. Kathy, you mentioned the GUARDIAN study. Can you just remind us of the timeline? I know it's just starting out, but just kind of timeline what we should be looking for in terms of mileposts along the way. Yeah. We have one coming this week. We're really excited about it. ACMG in Utah, Dr. Wendy Chung is gonna be presenting. We've got some early data. That study enrolled relatively quickly. continues to enroll, but the first readout will be coming, I believe, I think on Saturday maybe. So stay tuned for that. We'll of course have a press release on that, but really excited about the prospect for that, the receptivity of it. Importantly, some of the findings that we are able to garner just looking at our own data set at what age we were diagnosing patients, comparing it to the GUARDIAN data. So stay tuned. Great. Thanks very much. Thank you. Our next question comes from the line of Mark Massaro of BTIG. Your question, please, Mark. Hey, guys. This is Vidyun on for Mark. Thanks for taking the question. In Q4, it looks like you drove whole exome and whole genome revenue growth of about 52%, and it looks like you drove whole exome and whole genome volume growth of about 19% year-on-year. Just curious if you're expecting a revenue growth to outpace volume growth in this segment here in 2023. If you could just speak to some of the moving parts as it relates to volume and price within this bucket. Thanks. Hi, Vidyun. I think you're right on about the overall revenue as it relates to price and volume mix. While we're not providing a split of our guide between price and volume, I think important to note that throughout 2022, we saw significant improvements in our reimbursement and revenue cycle collection efforts, as well as continued momentum from a policy perspective, both across commercial payers and state Medicaid programs as it relates to reimbursement for exome. We've got about six states right now from a Medicaid, Medicaid program perspective that cover exome and whole genome fairly widely. We, we need and expect to get closer to 50 over time than six where we stand today, and we'd expect to see that evolution over the next several years. Roughly 70% of commercial payers do have policy coverage for exome and genome, of course, subject to certain medical criteria. While we expect robust revenue growth, I think it'll come from a mix of volume as we activate product switch from multi-gene panels into exome. Our guide itself is not reliant on significant price accretion, but we might expect that given what seems like overwhelmingly positive wave of guidelines and recommendations coming out, which ultimately over time influence commercial policy coverage. Okay. Perfect. Thanks so much for that. You touched on this a little bit, but could you just remind us on what is contemplated in the guide in terms of upside from reimbursement wins? You've also spoken about a strong focus on conversion from a multi-gene panels into exome. Just if you could speak to what degree of that is baked into the guide. Thanks. Yeah. The way I think about the guide is reliance on relatively flat pricing, so not reliant on contracted price increases or new policy, leaving those for upside. Seeing overall average total company reimbursement rates increase, but solely as a result of mix shift into higher value exome and whole-genome testing. I would just add to that. I mean, I think it's evident in last year's numbers too. We do sell a lot of really important panels, and it takes a while to make sure that we're able to convince a clinician to convert. It's our number one strategy, but I do think that it's gonna take some time to do that. I would expect we're gonna continue to see a really healthy number of panels. As I said, panels play a really strategic role in being able to get people who have not been ordering. Think about a pediatric neurologist. They've started ordering from us or from a competitor on the panel side of things, and they weren't ordering any genetic testing before, say, 2016, I think. It's an important part of the mix. It's an important part of the guide. Once we get them started with that, we're confident it's better for patients. We've got the data showing a higher diagnostic yield. We've got the data showing that from a provider standpoint, fewer variants of unknown significance is really an important message. Better patient care, easier for the clinician to understand. With reimbursement off the table, we think we've got what we need. You're introducing a new strategy, and that takes time. Great. Thanks so much for taking the questions. Thank you. Thank you. To ask a question, please press star one one on your telephone. Our next question comes from the line of Joseph Flanagan of Cowen. Your line is open, Joseph. Hey, this is Joseph on for Max. At a recent investor conference, you stated that you believe GeneDx will be able to own about 17% of the $3 billion pediatric and rare disease TAM by the end of the year. Couple of here, but I was just curious what percent do you own today, and what must get accomplished in 2023 to get to that 17% by year-end? How are you expecting that to translate to your top line? Yeah. Hey, Joseph. The 17% I'd say is what we believe is addressable. It may, it may not in this year result in a shift to exome, but more so that's the percentage of patients in the market that we'd expect to have genetic testing. The amount of share we own, in particular in an inpatient setting today, it's extremely low. We think that is the white space in which we can fill, whereby, less effective tests are either being ordered or not ordered at all from a genetic perspective. The total share in that regard, low single digits today. What I would note is, roughly 80% or more of all exomes, produced by commercial laboratories in the U.S. in the last 12 months were run by GeneDx. We would note that, roughly 94% of all pediatricians in the U.S. who ordered an exome, ordered it from GeneDx in the last 12 months. We know that, when exome has been ordered, it's GeneDx who dominates that space. It's incumbent on us to effectively make a conversion for those such tests to be a first in line diagnostic given the clinical and economic benefits, rather than where it's been reserved in the past, which is, frankly, a test of last resort that's leaving patient care behind. Thank you for clarifying that. I would just further remind people that as we think about the pediatric segment, you're right on. There're two segments there. One is Inpatient, so our rapid testing. One is Outpatient, which is fast, but it's not our rapid. That outpatient opportunity is the predominant focus. And it is a massive opportunity for us. So, I think the inpatient is truly in its nascency. There's some really good, I would say, competitive focus in that area. So, we know that it's an important element of the strategy moving forward, and that's gonna be one that we have to continue to build with more and more data, including SeqFirst, and other collaborations like that. Got it. Part of the issued guidance was a turn to profitability in 2025. I was curious if you could just speak to a rough revenue or gross margin level that would allow GeneDx to get past that break-even level. Thanks. Yeah, I mean, we haven't provided specifics on the out years per se. I think in large parts, it comes with confidence that the base level product in which we aim to make our predominant product, that being exome and whole genome, operates at 60% today, and we know we have room to improve that. With mix evolution and further improvements to drive exome, further upside to the base diagnostic business is building that relatively nascent data business that we have today. The data business today represented about 5% of total company revenue from continuing operations in 2022. We expect it to stay at about that level of proportionate total company revenue in 2023. The deals that we've been signing recently, all operating in that 70%-90% margin range. As we see the data business start to make meaningful contributions to our business, it will help us evolve towards a level of profitability in early 2025. Got it. Thanks for taking the questions. Thank you. I would now like to turn the conference back to Katherine Stueland for closing remarks. Madam? Excellent. Well, thank you all. We appreciate all of the good questions. Excited to spend this year, providing important updates on our progress, and continuing to educate investors about the important role that we are playing in diagnosis of disease, opening up access to it, having a healthy business, and really staying focused on driving the kind of volume that is good for patients, but also good for our company. We look forward to talking to you at a future conference. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.