Q2 2026 Tempus AI Inc Earnings Call

July 30, 2026

Operator: Ladies and gentlemen, thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tempus AI Q2 2026 financial results conference call. I would like to remind everyone that this call is being recorded and that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad to raise your hand and enter the queue. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Liz Krutoholow, Vice President, Investor Relations. Please go ahead.

Speaker #1: Ladies and gentlemen, thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tempus AI second quarter 2026 financial results conference call.

Speaker #1: I'd like to remind everyone that this call is being recorded and that all lines have been placed on mute to prevent any background noise.

Speaker #1: After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press * followed by the number 1 in your telephone keypad to raise your hand and enter the queue.

Speaker #1: If you would like to withdraw your question, press *1 again. Thank you. I would now like to turn the call over to Liz Krutoholow, Vice President, Investor Relations.

Speaker #1: Please go ahead.

Speaker #2: Thank you. Good afternoon, and welcome to Tempus's second quarter 2026 conference call. This afternoon, Tempus released results for the quarter ended June 30, 2026.

Elizabeth Krutoholow: Thank you. Good afternoon, and welcome to Tempus' Q2 2026 conference call. This afternoon, Tempus released results for the quarter ended 30 June 2026. The press release, overview of the quarter, and our latest presentation are available on our IR website at investors.tempus.com. Joining me today from Tempus are Eric Lefkofsky, Founder and CEO of Tempus, and Jim Rogers, CFO. Before we begin, I would like to remind you that during this call, management will be making forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks, please refer to our 10-K and other subsequent filings with the SEC. During the call, we will discuss non-GAAP financial measures which are not prepared in accordance with generally accepted accounting principles.

Liz Krutoholow: Thank you. Good afternoon, and welcome to Tempus' Q2 2026 conference call. This afternoon, Tempus released results for the quarter ended 30 June 2026. The press release, overview of the quarter, and our latest presentation are available on our IR website at investors.tempus.com. Joining me today from Tempus are Eric Lefkofsky, Founder and CEO of Tempus, and Jim Rogers, CFO. Before we begin, I would like to remind you that during this call, management will be making forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks, please refer to our 10-K and other subsequent filings with the SEC. During the call, we will discuss non-GAAP financial measures which are not prepared in accordance with generally accepted accounting principles.

Speaker #2: The press release and overview of the quarter and our latest presentation are available on our IR website and investors.tempus.com. Joining me today from Tempus are Eric Lefkofsky, founder and CEO of Tempus, and Jim Rogers, CFO.

Speaker #2: Before we begin, I would like to remind you that during this call, management will be making forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

Speaker #2: For discussion of these risks, please refer to our 10-K and other subsequent filings with the SEC. During the call, we will discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles.

Speaker #2: Definitions of these non-GAAP financial measures along with reconciliations to the most directly comparable GAAP financial measures are included in our earnings release, which is available on our IR page.

Elizabeth Krutoholow: Definitions of these non-GAAP financial measures, along with reconciliations to the most directly comparable GAAP financial measures are included in our earnings release, which is available on our IR page. I would now like to turn the call over to Eric.

Liz Krutoholow: Definitions of these non-GAAP financial measures, along with reconciliations to the most directly comparable GAAP financial measures are included in our earnings release, which is available on our IR page. I would now like to turn the call over to Eric.

Speaker #2: I would now like to turn the call over to Eric.

Speaker #3: Thank you, and good afternoon, everyone. Q2 was an exceptional quarter for Tempus. Overall, our revenues increased 22% to $382.5 million with this being the first quarter where we are lapping Ambri being fully integrated into our results.

Eric Lefkofsky: Thank you, and good afternoon, everyone. Q2 was an exceptional quarter for Tempus. Overall, our revenues increased 22% to $382.5 million, with this being the first quarter where we are lapping Ambry being fully integrated into our results. Our diagnostics business delivered $289.3 million of revenue, an increase of 20% year over year, as slower growth in hereditary cancer testing was offset by higher growth in CGP testing due to acceleration in the business. Momentum continues as June saw some of the strongest growth we have seen to date across the portfolio. Hereditary revenue for the quarter was up 5% to $107.4 million as Q2 of 2025 was a period of abnormally high growth, which we are now lapping. Data and apps revenues were $93.2 million, increasing 28% year over year with our data licensing and modeling business, Insights, growing at 36% in the quarter.

Eric Lefkofsky: Thank you, and good afternoon, everyone. Q2 was an exceptional quarter for Tempus. Overall, our revenues increased 22% to $382.5 million, with this being the first quarter where we are lapping Ambry being fully integrated into our results. Our diagnostics business delivered $289.3 million of revenue, an increase of 20% year over year, as slower growth in hereditary cancer testing was offset by higher growth in CGP testing due to acceleration in the business. Momentum continues as June saw some of the strongest growth we have seen to date across the portfolio. Hereditary revenue for the quarter was up 5% to $107.4 million as Q2 of 2025 was a period of abnormally high growth, which we are now lapping. Data and Apps revenues were $93.2 million, increasing 28% year over year with our data licensing and modeling business, Insights, growing at 36% in the quarter.

Speaker #3: Our diagnostics business delivered $289.3 million of revenue, an increase of 20% year over year, as slower growth in hereditary cancer testing was offset by higher growth in CGP testing due to acceleration in the business.

Speaker #3: Momentum continues, as June saw some of the strongest growth we have seen to date across the portfolio. Hereditary revenue for the quarter was up 5% to $107.4 million, as Q2 of 2025 was a period of abnormally high growth, which we are now lapping.

Speaker #3: Data and apps revenues were $93.2 million, increasing 28% year over year, with our data licensing and modeling business, Insights, growing at 36% in the quarter.

Speaker #3: There were also several notable highlights in the quarter. We received FDA approval for tumor-only XTC-DX. This approval allows the migration of our entire solid tumor DNA portfolio to be under unified ADLT pricing.

Eric Lefkofsky: There were also several notable highlights in the quarter. We received FDA approval for tumor-only xT CDx. This approval allows the migration of our entire solid tumor and DNA portfolio to be under unified ADLT pricing. We expect an estimated $200 uplift in ASP, which equates to approximately $85 million on an annual basis beginning in 2027. It's also important to note that we have our liquid biopsy, xF, in front of the FDA now, and when that is approved and in market, which should be in H2 2027, we expect the incremental ASP lift to be an additional $550. Between xT CDx and xF approvals, we anticipate approximately $400 million of revenue uplift in 2028. We introduced initial results from and successfully delivered the first version of our foundation model to AstraZeneca.

Speaker #3: We expect an estimated $200 uplift in ASP which equates to approximately $85 million on an annual basis beginning in 2027. It's also important to note that we have our liquid biopsy, XF, in front of the FDA now, and when that is approved, and in market, which should be in the latter half of 2027, we expect the incremental ASP lift to be an additional $550.

Speaker #3: Between XTC-DX and XF approvals, we anticipate approximately $400 million of revenue uplift in 2028. We introduced initial results from, and successfully delivered the first version of, our foundation model to AstraZeneca.

Speaker #3: The model was used to predict which patients responded in several public and blinded clinical trials. We're thrilled to have achieved this milestone, and are now working on the next version of the model.

Eric Lefkofsky: The model was used to predict which patients responded in several public and blinded clinical trials. We're thrilled to have achieved this milestone and are now working on the next version of the model. We signed a large multi-year data licensing and modeling agreement with BioNTech, who now joins the ranks of AstraZeneca, GlaxoSmithKline, Bristol Myers Squibb, and others. This, along with Merck last quarter, is further evidence that our data and modeling capabilities are becoming instrumental to pharma. We also signed large deals with Daiichi Sankyo, LevelSet Bio, and Insight Pharmaceuticals, contributing to the approximately $200 million in total bookings this quarter. We completed a $460 million offering of 0.0% convertible senior notes due 2032. The proceeds of this offering were used in part to repay an outstanding loan from Ares Capital.

Speaker #3: We signed a large, multi-year data licensing and modeling agreement with BioNTech, who now joins the ranks of AstraZeneca, GlaxoSmithKline, Bristol Myers Squibb, and others. This, along with Merck last quarter, is further evidence that our data and modeling capabilities are becoming instrumental to pharma.

Speaker #3: We also signed large deals with Daiichi Senkyo, Levelset Bio, and Insight Pharmaceuticals contributing to the approximately $200 million in total bookings this quarter. We completed a $460 million offering of $0.0% convertible senior notes due 2032.

Speaker #3: The proceeds of this offering were used in part to repay an outstanding loan from Aries Capital. Importantly, this transaction allows us to save over $30 million annually in interest expense, enabling us to achieve positive free cash flow by year-end.

Eric Lefkofsky: Importantly, this transaction allows us to save over $30 million annually in interest expense, enabling us to achieve positive free cash flow by year-end. GAAP net income was $5.6 million, and adjusted EBITDA was $8 million, a $13.6 million year-over-year improvement. We finished the quarter with $820.7 million of cash equivalents, and marketable securities, compared to $643.8 million last quarter. As expected, cash used in operating activities improved significantly to -$7.5 million in the quarter. On top of all this, on 20 July, we announced an agreement to acquire Personalis. Minimal residual disease, MRD testing, represents a $20 billion plus market and is one of the fastest-growing segments in oncology diagnostics. Bringing Personalis under our roof accelerates commercial adoption of our MRD test, rounds out our overall portfolio, and strengthens the multimodal data flywheel that differentiates our business.

Speaker #3: GAAP net income was $5.6 million and adjusted EBITDA was $8 million, a $13.6 million year-over-year improvement. We finished the quarter with $820.7 million of cash, cash equivalents, and marketable securities, compared to $643.8 million last quarter.

Speaker #3: As expected, cash used in operating activities improved significantly to -$7.5 million in the quarter. On top of all this, on July 20, we announced an agreement to acquire Personnalis.

Speaker #3: Minimal residual disease, MRD testing, represents a $20 billion-plus market and is one of the fastest-growing segments in oncology diagnostics. Bringing personnalis under our roof accelerates commercial adoption of our MRD test, rounds out our overall portfolio, and strengthens the multimodal data flywheel that differentiates our business.

Speaker #3: Given their improving financial profile, we felt now was the right time to pursue a strategic acquisition. Up until now, we have phased our sales efforts, as only about 10% of our sales force is selling MRD today, based on these reimbursed indications.

Eric Lefkofsky: Given their improving financial profile, we felt now was the right time to pursue a strategic acquisition. Up until now, we have phased our sales efforts, as only about 10% of our sales force is selling MRD today based on these reimbursed indications. Even with that, we are delivering growth rates that have exceeded our expectations, running approximately 6,500 tests in Q1 and approximately 9,000 tests in Q2, growing 38% quarter over quarter. With reimbursement in place for several indications and more coming, we believe volumes will be materially higher as we equip additional sales reps with NeXT over time. The transaction is structured as a 100% stock transaction, with Tempus having the option to elect payment in cash, capped at 50% of the consideration paid.

Speaker #3: Even with that, we are delivering growth rates that have exceeded our expectations, running approximately 6,500 tests in Q1 and approximately 9,000 tests in Q2, growing 38% quarter over quarter.

Speaker #3: With reimbursement in place for several indications, and more coming, we believe volumes will be materially higher as we equip additional sales reps with Next over time.

Speaker #3: The transaction is structured as a 100% stock transaction, with Tempus having the option to elect payment in cash, capped at 50% of the consideration paid.

Speaker #3: We have already begun working with parties to put a debt facility in place, as our intention—obviously depending on our stock price—is to finance a large portion of the proceeds with debt to minimize shareholder dilution.

Eric Lefkofsky: We have already begun working with parties to put a debt facility in place as our intention, obviously depending on our stock price, is to finance a large portion of the proceeds with debt to minimize shareholder dilution. Even with this acquisition, we intend to see continued improvement in adjusted EBITDA and free cash flow in 2027. Turning to guidance. We are increasing guidance to $1.595 to 1.605 billion in 2026, representing approximately 25% growth. We expect 2026 adjusted EBITDA to be approximately $65 million, an improvement of about $72 million over 2025. We're exceptionally proud of our results this quarter and look forward to carrying this momentum into H2 of the year. Operator, we are ready to open the line for questions.

Speaker #3: Even with this acquisition, we intend to see continued improvement in adjusted EBITDA and free cash flow in 2027. Turning to guidance, we are increasing guidance to 1.595 to 1.605 billion dollars in 2026, representing approximately 25% growth.

Speaker #3: We expect 2026 adjusted EBITDA to be approximately $65 million, an improvement of about $72 million over 2025. We are exceptionally proud of our results this quarter and look forward to carrying this momentum into the second half of the year.

Speaker #3: Operator, we are ready to open the line for questions.

Speaker #1: Thank you. We will now begin the question-and-answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and enter the queue.

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and enter the queue. If you would like to withdraw your question, simply press star one again. For today's event, we kindly request everyone to please limit yourself to one question only. Thank you. Your first question comes from the line of Calum Peach-Marsh with Morgan Stanley. Your line is now open.

Speaker #1: If you would like to withdraw your question, simply press star 1 again. For today's event, we kindly request everyone to please limit yourself to one question only.

Speaker #1: Thank you. And your first question comes from the line of Kaloom Thich Marsh with Morgan Stanley. Your line is now open.

Speaker #2: Great, thanks a lot for the question, guys. Maybe one for Jim, just on Personalis. We've had quite a lot of questions coming through, just on your underlying assumptions on the ASP front and how those economics could become more favorable to you with time.

[Analyst]: Great. Thanks a lot for the question, guys. Maybe one for Jim, just on Personalis. We've had quite a lot of questions coming through just on your underlying assumptions on the ASP front and just how those economics could become more favorable to you with time. Just any incremental color on that would be fantastic. Eric, I think you touched on this a little on the call last week, but maybe just talk us through how the incremental MRD data you'll now have access to could feed back into your data business, and I guess why that would perhaps be more of a compelling data set now for customers. Thanks a lot.

Kallum Titchmarsh: Great. Thanks a lot for the question, guys. Maybe one for Jim, just on Personalis. We've had quite a lot of questions coming through just on your underlying assumptions on the ASP front and just how those economics could become more favorable to you with time. Just any incremental color on that would be fantastic. Eric, I think you touched on this a little on the call last week, but maybe just talk us through how the incremental MRD data you'll now have access to could feed back into your data business, and I guess why that would perhaps be more of a compelling data set now for customers. Thanks a lot.

Speaker #2: So just any incremental color on that would be fantastic. And then, Eric, I think you touched on this a little on the call last week, but maybe just talk us through how the incremental MRD data you'll now have access to could feed back into your data business.

Speaker #2: And I guess that would perhaps be a more compelling data set now for customers. Thanks a lot.

Speaker #3: Yeah, so I'll start on the ASP and then Eric can take the second piece. You know, on the ASP, obviously they've gotten coverage in several indications.

Jim Rogers: Yeah. I'll start on the ASP, and then Eric can take the second piece. On the ASP, obviously they've gotten coverage in several indications, over the last several quarters, there's been improvement on the Personalis front. They have more indications that are coming down the pipeline as well. Over time, obviously we would anticipate ASPs to continue to improve as they secure coverage and additional indications. Also from a volume perspective, our ability to expand the sales force that is able to sell that test, which today is around 10%, will help us drive volume. They're early on in the ASP curve, but they've obviously had a tremendous amount of success in getting the first couple indications approved, and we anticipate that continuing. Yeah. Just maybe a bit more color there, and then I'll jump into the data.

Speaker #3: Over the last several quarters, and so there's been improvement on the personnalis front. They have more indications that are coming down the pipeline as well.

Speaker #3: And so, over time, obviously, we would anticipate ASPs to continue to improve as they secure coverage in additional indications. And then also, from a volume perspective, our ability to kind of expand the sales force that is able to sell that test, which today is around 10%, will help us drive volume.

Speaker #3: So they're early on in the ASP curve, but they've obviously had a tremendous amount of success in getting the first couple of indications approved, and we anticipate that continuing.

Speaker #2: Yeah, and just to maybe add a bit more color there, and then I'll jump into the data. So I think the part of their story that is so compelling is that they have a really nice pipeline of studies that are being run, and we, like others, are watching and reacting to those studies that read out, turn into papers, and eventually turn into approvals.

Eric Lefkofsky: Yeah. Just maybe a bit more color there, and then I'll jump into the data.

Eric Lefkofsky: I think the part of their story that is so compelling is that they have a really nice pipeline of studies that are being run, and we, like others, are watching and reacting to those studies that read out to turn into papers that eventually turn into approvals. They've done a great job of getting three approvals so far. They have a whole pipeline of others coming. The real clarity that's come into focus over the last 30, 60, 90 days is that you can start to see how this ASP story's going to turn for them in 2027. All of a sudden, the economics that were more favorable for us or that are more favorable for us today, because we get paid and don't lose money, will actually flip.

Speaker #2: They've done a great job of getting three approvals so far. They have a whole pipeline of others coming, and so the real clarity that's come into focus over the last 30, 60, 90 days is that you can start to see how this ASP story is going to turn.

Speaker #2: For them, in 2027, and all of a sudden the economics that were. More favorable for us or that are more favorable for us today because we get paid and don't lose money, we'll actually flip and all of a sudden they'll be getting paid, they'll have more margin, and we'll kind of wish we had that deal instead of our deal.

Eric Lefkofsky: All of a sudden, they'll be getting paid, they'll have more margin, and we'll kind of wish we had that deal instead of our deal. That certainly is a great piece of the story, as Jim mentioned. There's also, I think, compelling aspects in terms of their data hub. Almost every major biopharma client we have that's running large studies is trying to understand the endpoint of those studies. Historically, we think a lot about scans as a major endpoint to understand if disease is recurring or there's progression or what's happening. More and more, you're getting earlier signals from these kind of MRD tests that are showing signs of cancer recurring six months or 12 months before a scan.

Speaker #2: And that certainly is a great piece of the story, as Jim mentioned. There's also, I think, compelling aspects in terms of their data.

Speaker #2: Almost every major biopharma client we have that's running large studies is trying to understand the endpoint of those studies. And historically, we think a lot about scans as a major endpoint to understand if disease is recurring or there's progression or what's happening.

Speaker #2: And more and more you're getting earlier signals from these kind of MRD tests that recurring six months or 12 months before a scan. And so as you can imagine, if you're a drug company, being able to see when patients recur and being able to get them on a drug earlier is a really big deal.

Eric Lefkofsky: As you can imagine, if you're a drug company, being able to see when patients recur and being able to get them on a drug earlier is a really big deal. We have a consistent stream of people wanting us to include MRD data with the current data that they're using for licensing and modeling purposes. I would suspect over time, it becomes a really compelling component of our overall data offering.

Speaker #2: And so we have a consistent stream of people wanting us to include MRD data with the current data that they're using for licensing and modeling purposes.

Speaker #2: And I would suspect, over time, it becomes a really compelling component of our overall data offering.

Speaker #1: Your next question comes from the line of Brad Bowers with Mizuho. Your line is now open.

Operator: Your next question comes from the line of Brad Bowers with Mizuho. Your line is now open.

Speaker #4: Hey, thank you for the question. And first off, congrats on the large deals you got this quarter. I wanted to focus specifically on the AstraZeneca piece—another congratulations on delivering the first version of the model.

Brad Bowers: Hey there. Thanks for the question. First off, congrats on the large deals that you got this quarter. Wanted to focus specifically on the AstraZeneca piece. Another congratulations on kind of delivering the first version of the model. Maybe just to double-click on what that looks like, and then I think there's a little bit of the elephant in the room on kind of what the agreement looks like for 2027 and beyond. To me, I think it seems that the foundation model is obviously a big piece of that. Maybe just some help on where that contracting kind of fits and just a reminder on the kind of escalators that can exist, whether the foundation model catalysts come at some point after this year such that the other contract needs to be in place. Thank you.

Speaker #4: So maybe just to double-click on what that looks like, and then I think there's a little bit of the elephant in the room on kind of what the agreement looks like for 2027 and beyond.

Speaker #4: To me, I think it seems that the foundation model is obviously a big piece of that. Maybe just some help on where that contracting kind of sits, and just a reminder on the kind of escalators that can exist, whether the foundation model catalysts come at some point after this year, such that the contract needs to be in place.

Speaker #4: Thank you.

Speaker #2: Yeah, so the foundation model was accepted by AZ. That was the big deal because we had to hit certain criteria. And the cool part of that is you train this very large multimodal model, trained on billions of parameters—very complicated.

Eric Lefkofsky: Yeah. The foundation model was accepted by AZ. That was a big deal because we had to hit certain criteria, and the cool part of that is you train this very large multimodal model, trained on billions of parameters, very complicated, and it had to perform as well as certain models that both we had developed and they had developed that were highly tuned for specific use cases, including predicting response to both public and private trials. We would send them these models, and they would basically see how our big model performed against their own internal models and in a blinded manner. We didn't have access to a bunch of that data.

Speaker #2: And it had to perform as well as certain models that both we had developed and they had developed that were highly tuned for specific use cases, including predicting response to both public and private trials.

Speaker #2: And so we would send them these models, and they would basically see how our big model performed against their own internal models, and in a blinded manner.

Speaker #2: We didn't have access to a lot of that data. So the fact that we've met the acceptance criteria means they're comfortable this model is predictive.

Eric Lefkofsky: The fact that we've met the acceptance criteria means that they're comfortable this model's predictive and can now serve as the foundation, even though it's a foundation model, for all kinds of R&D and development work they're doing. That's a huge hurdle, and we're ecstatic, and we're consistent to invest in that. Separate from our foundation model efforts, they're obviously a licensee of our data and a whole bunch of our products. Their current agreement we have with AZ, I think, goes for another couple of years. It doesn't end at the end of this year. I think the current agreement goes, I don't even know, through 2028 or something. I have no idea. But it has several years left on it, even at the end of this year.

Speaker #2: And can now serve as the foundation even though it's a foundation model, for all kinds of R&D and development work they're doing. So that's a huge hurdle and we're ecstatic.

Speaker #2: And we're consistent in investing in that. Separate from our foundation model efforts, they're obviously a licensee of our data and a whole bunch of our products.

Speaker #2: The current agreement we have with AZ, I think, goes for another couple of years, so it doesn't end at the end of this year.

Speaker #2: I think the current agreement goes—I don't even know—through '28 or something. I have no idea. But it has several years left on it, even at the end of this year.

Speaker #2: So, there are certain criteria that they can opt in to for preferential pricing, and if not, they would just pay more for the data they're licensing.

Eric Lefkofsky: There are certain criteria that they can opt into preferential pricing, and if not, they would just pay more for the data they're licensing. First of all, there's a bunch of projects they've already committed to that will extend into 2027, they will be a very large client in 2027, no matter what happens. I can't imagine a scenario literally, where they don't want to lock in for a longer period of time to avail themselves of discounts. It just wouldn't make any sense. They haven't given us any indication that they're not going to want to lock in for a long period of time and avail themselves of discounts. I would suspect that we will be delivering a similar amount of data and revenue to them next year.

Speaker #2: We have first of all, there's a bunch of projects they've already committed to that will extend into 2027. So they will be a very large client in 2027 no matter what happens.

Speaker #2: And we would I can't imagine a scenario like literally where they don't want to lock in for a longer period of time to avail themselves of discounts.

Speaker #2: I mean, it just wouldn't make any sense. They haven't given us any indication that they're not going to want to lock in for a long period of time.

Speaker #2: And avail themselves of discounts. So, I would suspect that we will be delivering a similar amount of data and revenue to them next year.

Speaker #2: I would suspect that at some point we'll have a long-term extension in place or they'll just use the contract they currently have and commit to similar kind of dollar amounts of data.

Eric Lefkofsky: I would suspect that at some point we'll have a long-term extension in place, or they'll just use the contract they currently have and commit to similar kind of dollar amounts of data. Every indication we have, including their CEO talking about it on, I think, on CNBC or whatever, is that they're super happy and intend to be a long-term partner of ours.

Speaker #2: And every indication we have, including their CEO talking about it—I think on CNBC or whatever—is that they're super happy and intend to be a long-term partner of ours.

Speaker #1: Your next question comes from the line of Kyle Mixon with Canaccord. Your line is now open.

Operator: Your next question comes from the line of Kyle Mikson with Canaccord. Your line is now open.

Speaker #4: Hey guys, thanks for the questions. Congrats on a good quarter. So, first one on the excess FDA clearance tailwind. That looks like it's now $550.

Kyle Mikson: Hey, guys. Thanks for the questions. Congrats for a good quarter. First one on the xF FDA clearance tailwind, that looks like it is now $550 using Q2 data compared to $230 that you had the investor day that was using Q4 data. I do not see calling that the reason for the change there. Can you just comment on that? Secondly, with your shares trading below $46, it is possible that Personalis has to terminate. Can you just talk about what you can do to avoid that as well as what makes you confident they do not terminate? Thanks.

Speaker #4: Using Q2 data compared to 230 dollars that you had the investor data I was using for Q2 data. So just I don't think you called out the reason for the change there.

Speaker #4: Can you just comment on that? And secondly, with your shares trading below 46 dollars, there's possible that personnel is to terminate. Can you just talk about what you can do to avoid that as well as what makes you confident they don't do that, they don't terminate?

Speaker #4: Thanks.

Speaker #2: Yeah, so on the XF pricing, as kind of others have gone down the approval for liquid biopsies and kind of indicated the prices that they're going after, that our price our thinking around the ADLT pricing for XF has evolved and we think that there's additional upside from what we had paid to form kind of early around.

Jim Rogers: Yeah. On the xF pricing, as others have gone down the approval for liquid biopsies and indicated the prices that they are going after, our thinking around the ADLT pricing for xF has evolved, and we think that there is additional upside from what we had pegged it for earlier on. That assay is in front of the FDA now. As Eric mentioned, as we get later into 2027, we would anticipate getting approval and then following the ADLT pathway. That is the rationale behind the change.

Speaker #2: So that assay is in front of the FDA now. As Eric mentioned, as we get later into 27, we would anticipate getting approval and then following kind of the ADLT pathway.

Speaker #2: But that's the rationale behind the change.

Speaker #3: Yeah, and look, it's an evolving market. Our assay is most comparable in terms of size—like, literally, size, both in megabases and in totality—to Guardant's recent assay that they got approved.

Eric Lefkofsky: Yeah. Look, it is an evolving market. Our assay is most comparable in terms of size, like literally size, like megabases and size totality, to Guardant's recent assay that they got approved, and I believe their ADLT pricing is something like $8,300 or $8,400. It would be very hard for us to go to the market with an almost identical, at least in terms of size and complexity assay, that is radically less expensive. We have to follow people who have come before us that have set ADLT pricing when we have comparable products in terms of complexity and size. The pricing here is just higher than we expected, so it is of significant benefit to us, will be a significant benefit to us once it is approved in market. That is the big uplift.

Speaker #3: And I believe their ADLT pricing is something like $830 or $8,400. And so it would be very hard for us to go to the market with an almost identical, at least in terms of size and complexity, assay that's radically less expensive.

Speaker #3: And so, we have to follow people who've come before us that have set ADLT pricing when we have comparable products in terms of complexity and size.

Speaker #3: And so the pricing here is just higher than we expected. And so it's a significant benefit to us. We'll be a significant benefit to us once it's approved and in market.

Speaker #3: So that's the big uplift. In terms of personnelis, I can't see a scenario where they would want to terminate even if we were slightly below the floor.

Eric Lefkofsky: In terms of Personalis, I cannot see a scenario where they would want to terminate, even if we were slightly below the floor. We established the floor because we were not willing to have more dilution than X amount. We obviously have cash as a lever. We have got stock as a lever. We do not want to have more than X amount of dilution. Given where we are trading now, obviously my preference would be to fund maybe close to half the transaction in cash and the balance in stock to keep the dilution quite low. I believe we will have that opportunity, and I cannot see any scenario upon which this does not close. As you can imagine, they very much want to do this deal. We are a current partner of theirs now.

Speaker #3: We established the floor because we weren't willing to have more dilution than X amount. And so, we obviously have cash as a lever.

Speaker #3: We've got stock as a lever. We don't want to have more than X amount of dilution. Given where we're trading now, obviously my preference would be to fund maybe close to half the transaction in cash, and the balance in stock, to keep the dilution quite low.

Speaker #3: I believe we'll have that opportunity. And I can't see any scenario in which this doesn't close. As you can imagine, they very much want to do this deal with a current partner of theirs. It would be highly disruptive if this deal didn't get done on their side.

Eric Lefkofsky: It would be highly disruptive if this deal didn't get done on their side, and I just can't envision any scenario where even if they end up getting a few less shares, where it doesn't go forward.

Speaker #3: And I just can't envision any scenario, even if they end up getting a few less shares, where it doesn't go forward.

Speaker #1: Your next question comes from the line of Ryan McDonald with Leedham. Your line is now open.

Operator: Your next question comes from the line of Ryan MacDonald with Needham. Your line is now open.

Speaker #5: Hey, this is Matt Shea on for Ryan. Thanks for taking the question. Eric, you've seen some really nice momentum in the Data and Insights business throughout the first half of 2026, including the BMS expansion in May and a number of deals you announced today.

Matt Shea: Hey, this is Matt Shea on for Ryan. Thanks for taking the question. Eric, you've seen some really nice momentum in the data and Insights business throughout H1 2026, including the BMS expansion in May and a number of deals you announced today. Maybe can you talk about the level of momentum you have going into the H2 of the year? Then maybe for Jim, as we layer in that BMS expansion and $200 million of bookings in the quarter on top of the $350 million of TCV that was already earmarked for revenue in 2026, how much visibility and confidence do you have in hitting the implied $410 million of data revenue guidance, if that's even still the right number? It might be a bit higher with the guidance raise. How are you thinking about levers for upside?

Speaker #5: Maybe can you talk about the level of momentum you have going into the back half of the year? And then maybe for Jim, as we layer in that BMS expansion and 200 millions of bookings in the quarter on top of the 350 million of TCV that was already earmarked for revenue in 2026, how much visibility and confidence do you have in hitting the implied 410 million of data revenue guidance if that's even still the right number?

Speaker #5: It might be a bit higher with the guidance raise and how are you thinking about levers for upside?

Speaker #2: Yeah, so I mean, I can Jim may add on, but my comment, I think we'll tackle both, which is in light of the deals we've been signing, first of all, we've kind of had more momentum.

Eric Lefkofsky: Yeah. Jim may add on, but my comment I think will tackle both, which is, in light of the deals we've been signing, first of all, we've had more momentum. I mentioned this, I think, on the last call or before that, the data business is just on fire. We've had more momentum in terms of signing deals than we've had in a long time, in years. Other than the foundation model, it's probably the single best run of three or four quarters we've had ever in terms of momentum. We're having just an awesome moment. More and more people want our data. More importantly, what's really exciting is they don't just want our data, they want access to Lens. They want us connecting and provisioning GPUs for them in Lens. They're uploading data. They're building models that remain in Lens.

Speaker #2: I mentioned this, I think, on the last call or before that. The data business is just on fire. We've had more momentum in terms of signing deals than we've had in a long time, in years.

Speaker #2: Other than the foundation model, it's probably the single best run of three or four quarters we've had ever in terms of momentum. So we're having just an awesome moment.

Speaker #2: More and more people want our data, and more importantly, what's really exciting is they don't just want our data—they want access to Lens. They want us connecting and provisioning GPUs for them in Lens.

Speaker #2: They're uploading data. They're building models that remain in Lens. So the business just feels super healthy, super sticky. And we just have a stronger pipeline and more demand than we've had, which means we have great visibility into our growth rates not just in 2026, but 2027.

Eric Lefkofsky: The business just feels super healthy, super sticky, and we just have a stronger pipeline and more demand than we have had, which means we have great visibility into our growth rates, not just in 2026, but 2027. That is how we think about the data business. We really are interested in maintaining long-term growth in that close to 30% range, plus, and we want to plot these things out in a way that we feel like we can grow at that level for years, three years, five years, and seven years. We feel great. We are in a great spot for 2026. We are in a great spot for 2027, and we are now spend a lot of time thinking about 2028.

Speaker #2: And we that's how we think about the data business. We really are interested in maintaining long-term growth in that close to 30% range plus or and we kind of want to plot these things out in a way that we feel like we can grow at that level for years, three years, five years, seven years.

Speaker #2: And so we feel great. We're in a great spot for '26. We're in a great spot for '27. And we've now spent a lot of time thinking about '28.

Speaker #1: Your next question comes from the line of Mark Massato with BTIG. Your line is now open.

Operator: Your next question comes from the line of Mark Massaro with BTIG. Your line is now open.

Speaker #4: Hey guys, thank you for taking the questions, and congrats. I wanted to start, maybe just to clarify the higher pricing assumptions on XT CDx—or pardon me, the XF. Maybe can you just walk us through what rates or what prices you are estimating on the Medicare side?

Mark Massaro: Hey, guys. Thank you for taking the questions and congrats. I wanted to start maybe just to clarify the higher pricing assumptions on xT CDx, or pardon me, the xF. Maybe can you just walk us through what rates or what prices are you estimating on the Medicare side? Because I know you cited Guardant, but if you could be more explicit, that would be helpful. Then Eric, when do you think you can take that 10% promoting the Personalis test now? Why not take that up faster? Do you think you could take that up sooner rather than later, or are you waiting for the deal to perhaps close?

Speaker #4: Because I know you cited Garden, but if you could be more explicit, that would be helpful. And then Eric, when do you think you can sort of take that 10% promoting the personnelis test now?

Speaker #4: When—why not take that up faster? And so, do you think you could take that up sooner rather than later, or are you waiting for the deal to perhaps close?

Speaker #2: Yeah, for XF, Mark, we're assuming a 7,500 dollar ADLT price.

Jim Rogers: Yeah. For xF, Mark, we are assuming it is $7,500 ADLT price.

Speaker #3: And in terms of taking MRD up faster, the same constraints we had when we didn't own Personalis will be the same constraints we'll have even after this transaction closes.

Eric Lefkofsky: In terms of taking MRD up faster, the same constraints we had when we didn't own Personalis will be the same constraints we'll have even after this transaction closes, which is we just want to time the full unshackling of these efforts to having the tests on an ASP level be basically break even. If you're losing money, if your margin's negative, and you rush to run an extra 100,000 tests, you're just burning money. If we felt like this market was such that this was beachfront real estate that you had to procure, we would do that. We would tell the world, Hey, we want to burn a bunch of money, and here's why we think it makes sense. We don't believe that. We didn't believe it with therapy selection, and if that was the case, Foundation Medicine would dominate the space instead of Tempus and Caris.

Speaker #3: What we want to do is time the full unshackling of those efforts with having the tests at an ASP level that's basically break-even.

Speaker #3: If you're losing money, if you're margins negative, and you kind of rush to run an extra 100,000 test, you're just burning money. And if we felt like this market was such that this was beachfront real estate that you had to procure, we would do that.

Speaker #3: We would tell the world, "Hey, we want to burn a bunch of money and here's why we think it makes sense." We don't believe that.

Speaker #3: We didn't believe it with therapy selection. And if that was the case, Foundation Medicine would dominate the space instead of Tempus and Caris. So we don't believe there's beachfront real estate to be procured.

Eric Lefkofsky: We don't believe there's beachfront real estate to be procured. We do believe it's important that we're in market with an offering that is comprehensive and people want. We think we can meter this out and not lose the market opportunity. Obviously, we're growing super fast. We're growing 38% quarter over quarter, and we're getting to some real scale, and we will get to even more significant scale in 2027. At some point, you'll see this pivot where the ASPs will start to climb up and you can see break even in sight, and that's the point where I think you should expect us to ramp up the sales force pretty dramatically.

Speaker #3: We do believe it's important that we're in the market with an offering that is comprehensive and that people want. We think we can meter this out and not lose the market opportunity.

Speaker #3: Obviously, we're growing super fast. We're growing 38% quarter over quarter. And we're getting to some real scale. And we will get to even more significant scale in 27.

Speaker #3: And at some point, you'll see this pivot where the ASPs will start to climb up and you kind of can see break even in sight.

Speaker #3: And that's the point where I think you should expect us to kind of ramp up the Salesforce pretty dramatically. That said, you won't even notice it because the core economics of our business from a gross margin growth perspective and the variable investments we make are so significant that if we wanted to invest an extra 50 million dollars in the Salesforce, we just would spend 50 million dollars less on cloud or things that you don't even see and we still would be EBITDA positive.

Eric Lefkofsky: That said, you won't even notice it because the core economics of our business from a gross margin growth perspective, and the variable investments we make are so significant that if we wanted to invest an extra $50 million in the sales force, we just would spend $50 million less on cloud or things that you don't even see, and we still would be EBITDA positive, we still would be cash flow positive. We just are in a great spot where the core business is now starting to generate so much gross margin and gross profit dollar growth, and we're making so many incremental investments that are long-term in duration that we can make some of these investments, like sales force growth, without negative EBITDA or negative cash flow or going backwards. I think we're in a good spot.

Speaker #3: We still would be cash flow positive. So we just are in a great spot where the core business is now starting to generate so much gross margin and gross profit dollar growth.

Speaker #3: And we're making so many incremental investments that are like long-term in duration that we can make some of these investments like Salesforce growth without negative EBITDA or negative cash flow or going backwards.

Speaker #3: So, I think we're in a good spot.

Speaker #1: Your next question comes from the line of Subu Nambi with Guggenheim. Your line is now open.

Operator: Your next question comes from the line of Subbu Nambi with Guggenheim. Your line is now open.

Speaker #5: Hi, this is Ricky Yon for Subu. Thanks for taking our questions. So following the launch of Genome Next, do you have any updates on your outlook for the rare disease ramp within Ambri and in the letter you'd mentioned you're expecting this to pick up in the second half.

[Analyst] (Guggenheim): Hi, this is Ricki on for Subbu. Thanks for taking our questions. Following the launch of Genome Next, do you have any updates on your outlook for the rare disease ramp within Ambry? In the letter you'd mentioned you're expecting this to pick up in H2. Would you be able to quantify this for us? What would a successful H2 for rare disease within Ambry look like?

Ricki Levitus: Hi, this is Ricki on for Subbu. Thanks for taking our questions. Following the launch of Genome Next, do you have any updates on your outlook for the rare disease ramp within Ambry? In the letter you'd mentioned you're expecting this to pick up in H2. Would you be able to quantify this for us? What would a successful H2 for rare disease within Ambry look like?

Speaker #5: Would you be able to quantify this for us? What would a successful second half for rare disease within Ambri look like?

Speaker #2: Yeah, I'll take the first one. The launch was great. Great meaning we had an expectation for the first month, and I think I'm going to say something like two or three weeks in, we were already 50% higher than our expectation.

Eric Lefkofsky: Yeah. I'll take the 1st one. The launch was great. Great meaning we had an expectation for the 1st month, I think I'm going to say something like 2 or 3 weeks in, we were already 50% higher than our expectation. That said, these are small numbers. At the end of the day, this is a new product for us, when you get to market and sell 500 or 1,000 tests, that's a good start. I do think there is some upside that is going to come in H2 related to whole genomes. We don't yet have enough insight to know. Right now, it's not cannibalistic to our whole exome business. It doesn't become cannibalistic at some point. So far it's not, but we only have 1 month of data.

Speaker #2: So, that said, these are small numbers. At the end of the day, this is a new product for us. So when you get to market and sell 500 or 1,000 tests, that's a good start.

Speaker #2: So I do think there is some upside that is going to come in the back half of the year related to whole genome. We don't yet have enough insight to know right now if it's not cannibalistic to our whole exome business.

Speaker #2: Does it become cannabalistic at some point? So far it's not. But we only have one month of data. And obviously, we're trying to ramp up hereditary growth rates.

Eric Lefkofsky: Obviously we're trying to ramp up our hereditary growth rates, we view that business as getting to mid-teens growth by the end of the year. We're being conservative about our whole genome estimates, although it will pick up. I think we're in a bit of a wait and see on how that's going to shake out. Again, fortunate that we don't need it because our 2 main businesses, oncology testing and data, are over-performing, we'll be fine.

Speaker #2: And so we kind of view that business as getting to, like, mid-teens growth by the end of the year. We're being conservative about our whole genome estimates, although we'll pick up.

Speaker #2: And so I think we're in a bit—we're in a bit of a wait and see on how that's going to shake out. And again, fortunate that we don't need it, because our two main businesses—oncology testing and data—are overperforming.

Speaker #2: And so we'll be fine.

Speaker #1: Your next question comes from the line of Brandon Smith with TD Cowen. Your line is now open.

Operator: Your next question comes from the line of Brendan Smith with TD Cowen. Your line is now open.

Speaker #4: Great, guys. Thanks for taking the questions. Maybe just another follow-up on the data and insights business. I guess, kind of following up on your commentary about momentum in that part of the business.

Mark Massaro: Great, guys. Thanks for taking the questions. Maybe just another follow-up on the data and Insights business. I guess following up on your commentary about momentum in that part of the business. You mentioned some of the newer deals being, it sounds like potentially more expansive with some of these pharma guys looking to leverage Lens, and you mentioned some of the other data and apps offerings. I guess just in terms of economics to Tempus, should we assume that some of the concept of those deals drive potentially better revenue to you all over the course of the partnership? Is it maybe faster recognition of booking revs versus backlog?

Brendan Smith: Great, guys. Thanks for taking the questions. Maybe just another follow-up on the data and Insights business. I guess following up on your commentary about momentum in that part of the business. You mentioned some of the newer deals being, it sounds like potentially more expansive with some of these pharma guys looking to leverage Lens, and you mentioned some of the other data and apps offerings. I guess just in terms of economics to Tempus, should we assume that some of the concept of those deals drive potentially better revenue to you all over the course of the partnership? Is it maybe faster recognition of booking revs versus backlog?

Speaker #4: I mean, you mentioned some of the newer deals being, it sounds like, potentially more expansive, with some of these pharma guys looking to leverage Lens, and you mentioned some of the other data and apps offerings.

Speaker #4: I guess, just in terms of economics to Tempus, should we assume that some of the kind of construct of those deals potentially drives better revenue to you all over the course of the partnership?

Speaker #4: Is it maybe faster recognition of booking revs versus backlog? I guess really just trying to understand how some of the levers there manifest and how we should think about the ramp and reported versus TCV as more of those guys get online and get their use to platform up and running.

Mark Massaro: I guess really just trying to understand how some of the levers there manifest and how we should think about the ramp in recorded versus TCV as more of those guys get online and get their use of the platform up and running.

Brendan Smith: I guess really just trying to understand how some of the levers there manifest and how we should think about the ramp in recorded versus TCV as more of those guys get online and get their use of the platform up and running.

Speaker #3: Yeah, I can start and then Jim can jump in. So maybe worth some history. So we used to have a business where we would go to people and say, we have this de-identified data.

Eric Lefkofsky: Yeah, I can start and then Jim can jump in. It's probably maybe worth some history. We used to have a business where we would go to people and say, "We have this de-identified data. If you want to license it, we'll send you 5,000 files and you can pay us." Our revenue was very lumpy, but we'd recognize revenue instantaneously. Then we made a shift several years back where we stopped all that upfront revenue and moved people to one-year or two-year or three-year or five-year licenses and really deferred a bunch of that revenue, which was-

Speaker #3: If you want to license it, we'll send you 5,000 files and you can pay us. And our revenue was very lumpy, but we'd recognize revenue instantaneously.

Speaker #3: And then we made a shift several years back where we kind of stopped all that upfront revenue and moved to people to one year or two year or three year or five year licenses and really deferred a bunch of that revenue which was tough to swallow back then, but great for the long-term health of the business because we now have awesome visibility multiple years out.

Jim Rogers: Tough to swallow back then, but great for the long-term health of the business because we now have awesome visibility multiple years out. I don't expect these new deals where people are getting more ingrained with Lens and getting more ingrained with building small or large models in our environment, accessing GPUs at some scale. I don't think they'll change revenue recognition at all. They just are another element of stickiness that locks people into our ecosystem. They are first locked in because they signed long-term contracts that are fixed in term, and you can't cancel whatever the fixed term is. Number two, they're now locked in because they're building models in our environment. They can't take the models. That said, the main reason they're locked in, we think, is because our data is awesome and the tools are really helpful.

Eric Lefkofsky: Tough to swallow back then, but great for the long-term health of the business because we now have awesome visibility multiple years out. I don't expect these new deals where people are getting more ingrained with Lens and getting more ingrained with building small or large models in our environment, accessing GPUs at some scale. I don't think they'll change revenue recognition at all. They just are another element of stickiness that locks people into our ecosystem. They are first locked in because they signed long-term contracts that are fixed in term, and you can't cancel whatever the fixed term is. Number two, they're now locked in because they're building models in our environment. They can't take the models. That said, the main reason they're locked in, we think, is because our data is awesome and the tools are really helpful.

Speaker #3: So I don't expect these new deals where people are getting more ingrained with lens and getting more ingrained with building small or large models in our environment, accessing GPUs at some scale.

Speaker #3: I don't think they'll change revenue recognition at all. They just are another kind of element of stickiness that locks people into our ecosystem. They are kind of first locked in because they signed long-term contracts that are fixed in term and you can't cancel.

Speaker #3: Whatever the fixed term is. And number two, they're now locked in because their building models in our environment, they can't take the models. That said, the main reason they're locked in, we think, is because our data is awesome and the tools are really helpful.

Speaker #3: And if that weren't the case, we wouldn't have this healthy of a data business, and one that's continuing to grow really fast.

Jim Rogers: If that weren't the case, we wouldn't have this healthy of a data business, and one that continues to grow really fast.

Eric Lefkofsky: If that weren't the case, we wouldn't have this healthy of a data business, and one that continues to grow really fast.

Speaker #1: And in the interest of time, our last question comes from the line of Robert Pemberger with Baird. Your line is now open.

Operator: In the interest of time, our last question comes from the line of Robert Berger with Baird. Your line is now open.

Speaker #4: Yeah, thanks for taking my question. You guys have cited about a 40% algorithm attach rate on solid tumor. Is that still the case in Q2?

Robert W. Bamberger: Yeah, thanks for taking my question. You guys have cited about a 40% algorithm attach rate on solid tumor. Is that still the case in Q2? I guess, what's the algorithm that drives it, and what attach rate is then embedded in your guidance here?

Robert Bamberger: Yeah, thanks for taking my question. You guys have cited about a 40% algorithm attach rate on solid tumor. Is that still the case in Q2? I guess, what's the algorithm that drives it, and what attach rate is then embedded in your guidance here?

Speaker #4: And I guess, what’s the algorithm that drives it, and what attach rate is then embedded in your guidance here?

Speaker #2: Yeah, so the algorithm attach rate in Q2 was 45%, so a slight uptick from the 40% that we had quoted in Q1. And it's really broad-based.

Jim Rogers: Yeah. The algorithm attach rate in Q2 is 45%, so a slight uptick from the 40% that we had quoted in Q1. It's really broad-based. Obviously, we've got a suite of algorithms that address a number of different kind of questions or insights that physicians may be asking for. It's pretty broad-based in terms of which algorithms are being ordered. Then in terms of the guide, many of those algorithms remain not being paid, so there's no impact on revenue from the number of algorithms. Although it does highlight, again, our advantage in diagnostics are the insights that we provide physicians beyond just the test results. It helps drive that core volume growth, which accelerated to 31% in Q2, is just another factor of the data advantage that we have.

Speaker #2: Obviously, we've got a suite of algorithms that address a number of different kinds of questions or insights that physicians may be asking for. And so, it's pretty broad-based in terms of which algorithms are being ordered.

Speaker #2: And then in terms of the guide, many of those algorithms remain not being paid. And so there's no impact on revenue from the number of algorithms.

Speaker #2: Although it does highlight, again, our advantage in diagnostics are the insights that we provide physicians beyond just a test results. And so it helps drive kind of that core volume growth, which accelerated to 31% in Q2.

Speaker #2: It's just another factor of the data advantage that we have.

Speaker #1: That concludes our question and answer session. I will now turn the conference back over to Liz Krutoholow for closing remarks.

Operator: That concludes our question and answer session. I will now turn the conference back over to Elizabeth Krutoholow for closing remarks.

Speaker #5: Thanks, everyone, for joining us. If you have any questions, please reach out to the IR team. Have a great day.

Elizabeth Krutoholow: Thanks everyone for joining us. If you have any questions, please reach out to the IR team. Have a great day.

Liz Krutoholow: Thanks everyone for joining us. If you have any questions, please reach out to the IR team. Have a great day.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Q2 2026 Tempus AI Inc Earnings Call

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