풀젠트 제네틱스(FLGT) 2026년 3분기 실적 발표 콘퍼런스콜: 매출 8% 증가, 손실 축소

핵심 요약

• 2026년 3분기 매출은 해부병리학 부문의 성장과 바코 다이애그노스틱스(Bako Diagnostics) 및 스트라타Dx(StrataDx)의 통합에 힘입어 전년 동기 대비 8%, 전분기 대비 6% 증가한 9,040만 달러를 기록했다.
• GAAP 기준 순손실은 2분기 2,950만 달러에서 1,320만 달러로 축소됐다. 조정 EBITDA는 1,710만 달러 손실에서 750만 달러 손실로 개선됐다.
• 수익 사이클 관리(RCM) 개선으로 회수율이 높아지고 전분기 대비 매출총이익률이 확대됐으나, 경영진은 추가적인 시스템 맞춤화가 여전히 필요하다고 밝혔다.
• 풀젠트(Fulgent)는 2026년 연간 매출 가이던스를 3억 3,000만~3억 4,000만 달러로 재확인했으며, Non-GAAP 기준 주당순손실 전망치를 1.65~1.75달러로 개선했다.
• 회사가 연방 세금 환급금 및 관련 이자로 1억 1,230만 달러를 수령함에 따라 현금, 현금성자산, 사용제한성 현금 및 시장성 유가증권은 6억 5,240만 달러에 달했다.
• FID-07은 임상 3상 등록 연구를 준비 중이며, FID-022는 임상 1상 용량 증량 시험 단계에 머물러 있다.

주요 재무 데이터

사업 및 운영 실적

정밀 진단 매출은 4,180만 달러로 전년 동기 대비 18% 감소했으나 전분기 대비 1% 증가했다. 해부병리학 매출은 전년 동기 대비 57%, 전분기 대비 9% 증가한 4,090만 달러를 기록했다. 바이오파마 서비스 부문 매출은 770만 달러로 전년 동기 대비 5%, 전분기 대비 19% 증가했다.

바코 다이애그노스틱스와 스트라타Dx는 2분기 1,690만 달러에 이어 3분기 매출에 2,180만 달러를 기여했다. 경영진은 이번 분기 매출 증가의 주된 요인을 이들 기업의 통합 덕분으로 돌렸다.

풀젠트의 AI 플랫폼은 2분기 대비 23% 증가한 약 25만 5,000개의 병리 슬라이드 이미지를 분석했다. 분석 실패율은 0.01%로 감소했다. 4개의 AI 모듈이 실제 운영에 투입되었으며, 2026년 4분기에는 5개의 추가 애플리케이션이 배포될 계획이다.

내부 테스트에서 전립선암 모듈은 262건의 사례에 걸쳐 암이 포함된 770개 부위 중 768개를 식별했다. 경영진은 AI 배포를 통해 진단 일관성과 병리학자 생산성이 향상되고, 검사 건수 증가에 따른 영업 레버리지 효과가 나타날 것으로 기대하고 있다.

치료제 개발 부문에서 풀젠트는 지난 8월 FID-07에 대한 미국 식품의약국(FDA)과의 임상 2상 종료 회의를 마쳤으며, 임상 3상 등록 연구를 준비하고 있다. 회사는 자원과 전략적 정합성을 제공할 잠재적 파트너십을 지속적으로 논의하고 있다.

FID-022는 5단계 용량 수준에서 임상 1상 용량 증량 시험을 지속했다. 경영진은 2027년 상반기 중에 최대 내약 용량을 결정할 수 있을 것으로 예상하고 있다. FID-07과 FID-022는 모두 풀젠트 고유의 클린케모(CleanChemo) 나노 약물 전달 플랫폼을 활용한다.

경영진 가이던스

풀젠트는 2026년 연간 매출 가이던스를 전년 대비 2.3%~5.4%의 예상 성장률에 해당하는 3억 3,000만~3억 4,000만 달러로 재확인했다.

Non-GAAP 기준 영업이익률 전망치는 기존의 -20%대 중반 예상에서 개선됐다. 수정된 주당순손실 가이던스 역시 영업비용 감소와 임상 프로그램 지출 조정을 반영해 기존의 2.22~2.35달러에서 개선됐다.

연말 현금 전망치는 추가적인 자사주 매입, M&A 또는 통상적인 영업 외의 기타 지출이 없다는 가정을 전제로 한다. 주당 가이던스는 연초 이후 매입한 410만 주의 자사주를 반영하며, 추가 매입은 없다고 가정한 수치다.

위험 요인 및 주요 관전 포인트

청구 및 수익 사이클 관리(RCM) 체계 전환은 3분기 실적에 지속적으로 부담으로 작용했다. 보험 급여 청구 추세는 전분기 대비 개선됐으나, 경영진은 추가적인 맞춤화 및 미세 조정이 필요하다고 밝혔으며 과거 수준의 회수율로 완전히 복귀하는 구체적인 시점은 제시하지 않았다.

풀젠트의 주요 CPT 코드가 제한적으로만 노출되어 있어, 경영진은 현재 검토 중인 임상검사수가개선법(PAMA) 환급 변동의 영향이 미미할 것으로 예상하고 있다. 다만 회사는 환급 환경을 지속적으로 모니터링하고 있다.

연간 매출총이익률 전망에는 고객 믹스 변화와 청구 시스템 전환에 따른 회수율 저하가 반영되어 있다. 또한 임상 개발 일정과 지출 규모는 계속해서 FID-07 및 FID-022 프로그램의 진행 상황에 연계되어 있다.

애널리스트 Q&A 하이라이트

경영진은 수익 사이클 관리(RCM) 체계 전환이 상당 부분 진척되었으며, 적용된 맞춤 설정이 이미 회수율을 개선하고 있다고 설명했다. 또한 정책 및 시스템 최적화 작업을 추가로 진행해 향후 매출총이익률 개선을 뒷받침할 것으로 기대하고 있다.

4분기와 관련해 경영진은 연간 매출 가이던스의 중간값이 3분기와 거의 유사한 수준의 매출을 의미한다고 언급했다. 상단 수치는 전분기 대비 성장을 나타내지만, 청구 시스템 관련 작업이 계속되는 동안 회사는 신중한 범위를 유지하고 있다.

경영진은 병리학, 희귀 질환, 여성 건강 및 바이오파마 서비스 전반의 다각화가 계절성 리스크를 일정 부분 완화해 준다고 밝혔다. 또한 AI의 초기 이점으로 품질 보증, 신속한 데이터 전달, 오류 감소 등을 강조했으며, 시간이 지남에 따라 생산성과 매출총이익률 개선 효과가 나타날 것으로 기대한다고 덧붙였다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good afternoon, ladies and gentlemen, and welcome to the Fulgent Genetics Q3 2026 conference call and webcast.

[Operator Instructions]

This call is being recorded on Thursday, November 5, 2026. Now I turn the call over to Lauren Sloane. Please go ahead.

Lauren Sloane

Good afternoon and welcome to Fulgent's third quarter 2026 financial results conference call. On the call are Ming Hsieh, Chief Executive Officer; Paul Kim, Chief Financial Officer; and Brandon Perthuis, Chief Commercial Officer. The company's press release discussing the financial results is available on the Investor Relations section of the company's website, ir.fulgentgenetics.com. A replay of this call will be available shortly after the call concludes on the Investor Relations section of the company's website. Management's prepared remarks and answers to your questions on today's call will contain forward-looking statements. These forward-looking statements represent management's estimates based on current views, expectations, and assumptions, which may prove to be incorrect. As a result, matters discussed in any forward-looking statements are subject to risks, uncertainties, and changes in circumstances that may cause actual results to differ from those described in the forward-looking statements.

The company assumes no obligation to update any of the forward-looking statements it may make today to reflect actual results or changes in expectations. Listeners should not rely on any forward-looking statements as predictions of future events and should listen to management remarks today with the understanding that actual events, including the company's actual future results, may be materially different from what is described in or implied by these forward-looking statements. Please review the more detailed discussions related to these forward-looking statements, including the discussions of some of the risk factors that may cause results to differ from those described in the forward-looking statements contained in the company's filings with the Securities and Exchange Commission, including the previously filed 10-K for the year ended December 31, 2021, and subsequently filed reports, which are available on the company's Investor Relations website.

Management's remarks, including discussions of non-GAAP profit, loss, operating expense, margin, earnings, earnings per share, and adjusted EBITDA, contain financial measures not prepared in accordance with accounting principles generally accepted in the United States, or GAAP. Management has presented these non-GAAP financial measures because it believes they may be useful for investors for various reasons, but these measures should not be viewed as a substitute for or superior to the company's financial results in accordance with GAAP. Please see the company's press release discussing its financial results for the third quarter of 2026 for more information, including the description of how the company calculates non-GAAP net income and loss, non-GAAP earnings and loss per share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating profit and loss and margin, and adjusted EBITDA, and a reconciliation of these financial measures to income and loss, earnings and loss per share, and operating margin to the most directly comparable GAAP financial measures.

The company does not provide reconciliation of forward-looking non-GAAP measures to the most directly comparable GAAP measures because the information necessary to calculate such reconciliations, including equity-based compensation, tax effects, acquisition-related items, and potential impairments, any of which may be material, is unavailable on a forward-looking basis without unreasonable effort, and the probable significance of those items cannot be predicted.

With that, I'd now like to turn the call over to Ming. Please go ahead.

Ming Hsieh

Thank you, Lauren. I will start with some comments on our two business lines. Then Brandon will review our product and go-to-market updates for our lab service business. Paul will conclude with the financials and outlook before we take your questions. I am pleased with the momentum in our therapeutic development business as we progress on our clinical pipeline. We are seeing encouraging clinical data from our proprietary nano drug delivery platform, which powers both FID-07 and FID-022. I will share the recent updates from FID-07 and then share the progress we have made with FID-022. As a reminder, Fulgent has taken a different approach with FID-07. FID-07 is a nanoencapsulated paclitaxel developed under Fulgent's CleanChemo platform. The platform is designed to reduce toxicity typically associated with conventional chemotherapy while maintaining or improving efficacy, a profile Fulgent believes is preferable in combination oncology regimens.

Starting with FID-07, with the majority of Phase 2 complete, we had the End of Phase 2 meeting with the FDA in August. We look forward to sharing more with you later this year. Our Phase 3 study is in preparation. We are encouraged by our clinical trial progress achieved so far, and I believe entering the Phase 3 registration trial is an important step towards the potential commercialization of FID-07 for the treatment of recurrent or metastatic head and neck squamous cell carcinoma patients who currently have very few effective treatment options. We continue to approach conversations with partners who bring both resources and strategic alignment.

In the third quarter, we were pleased with the momentum of our second clinical candidate, FID-022. With the Phase 1 dose escalation at the fifth dose level ongoing, we expect to determine the maximum tolerated dose level in the first half of next year. FID-022 is a nanoencapsulated SN-38 for treatment of solid tumors, including potentially colon, pancreatic, ovarian, and bile duct cancers. Please note that both FID-07 and FID-022 are derived from the same proprietary CleanChemo delivery platform patented and fully owned by Fulgent. Similar to FID-07, FID-022 can also be used in various oncology drug combinations. In conclusion, we believe our core platform strategy is making meaningful progress. We are seeing greater potential in commercializing FID-07 and FID-022 to drive a large and growing market.

In our laboratory services business, we continue to see our AI and digital pathology solutions work at an accelerated pace and continue to expand our AI portfolio. We are pleased with the progress we have made to address billing and revenue cycle management, which continues to affect our third quarter results, and our team's ability to work effectively to deliver the improvement to our collection rates. I would like to thank our employees, partners, and stakeholders for your hard work and loyalty. I will now turn over the call to Brandon Perthuis, our Chief Commercial Officer, to talk more about our laboratory service business. Brandon.

Brandon Perthuis

Thank you, Ming. We ended the quarter at $90.4 million, an increase of 8% year-over-year and 6% sequentially. We continued integration efforts for Bako and StrataDx during the third quarter, which contributed to the overall performance. Breaking it down further, precision diagnostics ended at $41.8 million, a decrease of 18% year-over-year, but an increase of 1% sequentially. Anatomic pathology came in at $40.9 million, an increase of 57% year-over-year and 9% sequentially, and biopharma services ended the quarter at $7.7 million, an increase of 5% year-over-year and 19% sequentially.

Last quarter, we discussed managing the final phase of the transition of our billing and revenue cycle management system. We originally undertook this transition to achieve greater consistency across our operations and to drive long-term efficiency. While this transition continued to have a negative impact on the third quarter, we are pleased to announce we have made significant progress and have seen a positive sequential trend in reimbursement, which has contributed to improvements in our total revenue and gross margins as compared to the second quarter. While there is still additional effort needed to finalize the remaining customizations, and we cannot predict more precise timing for future improvements, we believe we have a clear line of sight into what is needed to return to historical collection rates.

We continue to monitor developments related to PAMA and any potential changes to the clinical lab fee schedule. Based on what we know today, we expect the impact to our business to be minimal. Our primary CPT codes have limited exposure to the reimbursement reductions currently contemplated under PAMA. As a result, we do not currently view PAMA as a material headwind to our revenue or earnings outlook. We will remain engaged with the evolving reimbursement landscape, but at this point, we feel comfortable with our positioning.

We continue to make significant progress integrating artificial intelligence into our pathology workflow. During the third quarter, our AI platform analyzed approximately 255,000 slide images, representing a 23% increase from the second quarter. Importantly, as utilization has scaled, the technical reliability of the platform has improved substantially, with failed analyses declining to just 0.01% during the quarter. We now have 4 AI modules in production, with our prostate cancer detection and grading module undergoing pathologist evaluation.

During the quarter, we also transitioned our production environment to a new AI analysis platform designed to improve speed, reliability, and scalability. The new architecture has meaningfully reduced processing times across several of our highest volume applications and provides the infrastructure to efficiently support additional AI modules as they move into production. We are particularly encouraged by the continued development of our prostate cancer application. In internal testing across 262 cases, the module identified 768 of 770 cancer-containing parts. Looking ahead, we expect to continue expanding the platform with 5 additional AI applications planned for deployment in the fourth quarter.

We believe these investments can improve diagnostic consistency, enhance pathologist productivity, and create meaningful operating leverage as testing volumes grow. Overall, we are pleased with our progress during the third quarter, especially around the improvements in revenue cycle management and the use of AI to scale our business. I'll now turn the call over to our Chief Financial Officer, Paul Kim. Paul.

Paul Kim

Thank you, Brandon. Revenue in the third quarter of 2026 totaled $90.4 million, including $21.8 million from Bako Diagnostics and StrataDx, compared to $85.4 million in the second quarter of 2026, which included $16.9 million from Bako Diagnostics and StrataDx. The increase in our Q3 revenue is primarily due to the integration of Bako Diagnostics and StrataDx. The GAAP gross margin was 35.3% and non-GAAP gross margin for the third quarter was 36.3%. The increase sequentially in gross margin reflects fixed costs spread over a higher revenue base driven by better collection rates. We expect gross margins to normalize as our collection rate returns to historical norms and as revenue increases.

Now turning to operating expenses. Total GAAP operating expenses were $54.5 million for the third quarter, down from $61.8 million in the second quarter. The decrease in operating expenses was driven by a $3.2 million recovery in the third quarter of 2026 and the absence of a one-time $2.2 million impairment charge recorded in the second quarter on a customer relationship intangible asset following the loss of a customer in our therapeutic development segment. Non-GAAP operating expenses were $44.8 million in the third quarter, down from $49.2 million in the second quarter. GAAP operating margin improved to -24.9% in Q3 compared to -42.3% in Q2. Non-GAAP operating margin improved sequentially to -13.2% in Q3 compared to -26.2% in Q2.

Our GAAP loss in the current quarter was $13.2 million, a decrease from the prior quarter's GAAP loss of $29.5 million and a GAAP loss of $0.48 per share based on 27.7 million weighted average diluted shares outstanding. On a non-GAAP basis and excluding equity-based compensation expense and intangible asset amortization, loss for the quarter was approximately $2.4 million, or $0.09 per share based on 27.7 million weighted average diluted shares outstanding. Adjusted EBITDA for the third quarter was a loss of approximately $7.5 million compared to a loss of $17.1 million in the prior quarter. In the third quarter, we repurchased just over 15,000 shares under our stock repurchase program.

Since the inception of the stock repurchase program in March 2022, a total of over 7.5 million shares of common stock has been repurchased under our program with approximately $75.6 million currently remaining available for future purchases of our common stock. Turning to the balance sheet, we ended the third quarter with approximately $652.4 million in cash, cash equivalents, restricted cash, and marketable securities. The $100.9 million increase in cash from the previous quarter was primarily driven by a receipt of $112.3 million in federal tax refunds and related interest, partially offset by $11.4 million of cash used in operations and CapEx.

We are reaffirming our full-year revenue guidance and continue to expect total revenue to be in the range of $330 million to $340 million for 2026, representing year-over-year growth of 2.3% to 5.4%. We estimate precision diagnostics revenues of approximately $161 million to $165 million, anatomic pathology of approximately $146 million to $150 million, and biopharma services to be approximately $23 million to $25 million. On margins, we expect full-year non-GAAP gross margins to be in the mid-30% range, reflecting product mix shifts tied to our change in customer composition and lower collection rates associated with the transition to our new revenue cycle management and billing system.

We expect non-GAAP operating margins to be in the low negative 20% range for the year, an improvement from our prior expectation of the mid negative 20% range. We continue to prioritize our investments across two key areas: R&D, where we are advancing both our laboratory testing capabilities and clinical study pipeline, and the integration of Bako Diagnostics and StrataDx, where we are aligning our expanded sales organization, cross-selling our broad testing menu, and consolidating operations to drive productivity and operating efficiency.

Our billing system transition is still underway, and we saw encouraging improvements in the third quarter that we expect will support more consistent collections. Along with targeted upgrades to our laboratory infrastructure, these investments are designed to strengthen our competitive position and enhance throughput capacity. We believe our technology platform is highly scalable and positions us to drive operating leverage and margin expansion as volumes grow.

Our clinical programs continue to progress and we updated the timing of related spending accordingly. We now expect approximately $21 million in therapeutic development investment in 2026 as we continue advancing trials for FID-022 and FID-07. We now expect the full-year 2026 non-GAAP loss of $1.65 to $1.75 per share, an improvement from our prior guidance of a loss of $2.22 to $2.35 per share. This reflects discipline across the business, which has lowered our operating expenses. This excludes stock-based compensation, impairment loss, acquisition-related costs, amortization of intangible assets, as well as other charges or gains that we believe are not representative of our operations.

Our per share guidance reflects the 4.1 million shares repurchased year-to-date and assumes no further repurchases. Finally, our cash position remains strong. During the third quarter, we received approximately $112.3 million in federal tax refunds and related interest that were delayed due to constrained resources at the IRS. For fiscal year 2026, assuming capital purchases of $13 million, spend on our therapeutic development of $21 million, and excluding any future stock repurchases or other expenditures outside the ordinary course, which could include additional M&A, we are anticipating ending the year with approximately $630 million of cash, cash equivalents, restricted cash, and investments in marketable securities.

The increase from our prior forecast of $610 million is attributed to the improved operating outlook and lower therapeutic development spend. We are pleased with our results for the quarter and are encouraged by the operational progress we made executing against our strategic initiatives to drive AI and digital solutions across our laboratory services business, and are proud of the momentum on our pharmaceutical pipeline. We believe we are well positioned for longer-term growth and strategic investments, innovations, and expanded offerings that deliver value. Thank you for joining our call today. Operator, you may now open it up for questions.

Operator

[Operator Instructions]

Your first question comes from David Westenberg from Piper Sandler. Please go ahead.

질의응답

Karan Patel

Hey guys, this is Karan Patel on for David Westenberg. Congrats on the sequential improvement here. To start off, I had a couple of questions on the billing transition. It sounds like there's still some work to be done, but we have seen improvement. I guess can you maybe quantify what inning we may be in there and what kind of insight we have into when that may be done and fully transitioned? And also, can you parse out maybe collection rates today versus historical levels and the step-up in revenue? Is any of that from catch-up claims from prior periods, or is it...

Ming Hsieh

Thank you. Yes, for all the different questions. Go ahead, Paul.

Paul Kim

I'll let Brandon tee it up and then I'll put some numbers around it.

Brandon Perthuis

Yes, thanks, Paul, and thanks, Karan, for the question. Interesting analogy to ask and kind of what inning it's in using the baseball analogy, and perhaps a little bit hard to say, but I think we're pretty deep into the game. I think as I addressed in the last quarter, we had challenges related to implementation of customizations that were needed in the new RCM system to maximize [ the collections ]. Since we've noticed that, we've made progress implementing a number of these required customizations, and we're seeing the impact of those customizations on our improved collection rate. That was reflected in the third quarter performance. We still have some fine-tuning to do, but we are pretty encouraged with the progress so far.

Paul Kim

Hi, Karan. This is Paul Kim. Yes, the uptick in the gross margins, aside from the higher revenues for Q3, we were pleased to see that. Actually, the uptick in the gross margins, that happened quicker than we thought. And as Brandon indicated, we're not done yet. We've gotten started this quarter, but we did make it a priority for the company to optimize the collection rates as much as possible. So we believe with additional work that we have in terms of policies and focus that there's room for gross margins to continue to grind higher. The other thing that I would like to point out is, given the fact that it's the end of Q3, when we take a look at our overall forecast, the cash forecast for the year, it's actually coming in a lot more favorable than we thought.

So we raised our cash forecast from $610 million to $630 million and the narrowing of the EPS as well. If you take a look at the operating expenses, the operating expenses, particularly for like the G&A, you'll see that is lower than our historical run rate. And that's because even on the operating expense side, we have not stored up a lot of bad debt that we had. We continue to go after some of the old balances and we had favorable collections even on the bad debt side. The last thing that I will comment on is the revenue range. The revenue range, we left it the same as we had it last quarter between $330 million and $340 million. But we anticipate that Q4 should be a nice quarter for the company as well.

And just leaving the range from $330 million to $340 million gives us ample room for us to reach a target that we'll be satisfied with.

Karan Patel

Very helpful, thank you. And I guess maybe to ask one more here on the range, I think the guide held implies 4Q between the range of what, $82 million to $92 million? Maybe could you help us parse out what it takes to the upside and downside there? And separately, this does imply sequential deceleration, if I'm not mistaken. Could you speak to that if it's in terms of timing of some orders or seasonality, et cetera?

Paul Kim

Thank you. Yes. So I will tee it up in terms of the numbers. We'll go in reverse order and then I'll turn it over to Brandon. If you take a look at our forecast for Q4, if you look at the midpoint of the $330 million to $340 million, if we came at the midpoint of that, which is $335 million, it says that Q4, if you back into that number, is about flat in terms of our revenues compared to Q3. But we're not shooting for that, right? We're shooting for a number that's higher than that.

So if you take a look at the upper end of the range of $330 million to $340 million, that leaves us room to have a sequential increase from Q3 to Q4. And we always reserve the right to come in even higher than that. But I'll turn it over to Brandon who can talk about the dynamics of what he sees in terms of customer orders and flow in November and December to give you additional comfort that we're doing everything possible to expand our footprint. We're doing everything possible to continue to increase our revenues, and then all in the meanwhile, improving our gross margins and our overall spend.

Go ahead, Brandon.

Brandon Perthuis

Yes, well, Paul, I think you covered it really well. In addition to what Paul said, we still do have some fine-tuning to do on this RCM system, our Revenue Cycle Management system. Again, we're really proud of the progress that we've made so far, but still additional work to do there, so taking the prudent approach to the range as we work to get this system where we want it. In terms of seasonality, I think at this point, with our diversified business across pathology, rare disease, women's health, and our biopharma services, we see some seasonality, but we're coming in a little bit more shielded from it. So as Paul mentioned, we're going to shoot for a good Q4. I think we have the opportunities we need, hopefully, to be at the higher end of that range. But like I said, still some work to do in certain areas, but feeling pretty good about where we are from a business perspective.

Karan Patel

That's very helpful, thank you. And maybe one last one for me. I guess on Bako and AI, that was very good detail, but as we kind of think about the modules that are already implemented, the ones that are planned for 4Q in future months, and AI efforts, can you maybe speak to how this is shown up in the P&L or any sort of KPI in terms of productivity or margin, turnaround time, et cetera, and in respect to Bako integration, how that's going?

Ming Hsieh

Yes, that'd be great. Thank you. Yes, thank you for the questions. I think with the AI, it definitely helps us increase the efficiency, but more importantly would be quality. We have a second level of quality assurance assisting our pathologists getting the data with more speed and fewer errors. So I think we will see the productivity improvement as well as the future gross margin improvements.

Karan Patel

Thanks, guys. That'll be it for me.

Ming Hsieh

Operator, [ 4-9-7. ] If there are no more questions, we can conclude the call.

Paul Kim

We appreciate everyone for joining our conference call. We look forward to updating you on our next quarter results. And when we report next quarter results, we also look forward to giving out our guidance for 2027. Thank you very much.

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