GeneDx Holdings Corp.

Thank you for standing by. Welcome to the GeneDx second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Sabrina Dunbar of Investor Relations. Please go ahead.

Thank you, Operator, and thank you to everyone for joining us today. On the call, we have Katherine Stueland, Chief Executive Officer, Kevin Feeley, Chief Financial Officer, and Mark Gardner, President. Earlier today, GDX released financial results for the second quarter ended June 30, 2026. Before we begin, please take note of our cautionary statements. We may make forward-looking statements on today's call, including about our business plans, updated 2026 guidance, and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, August 3rd, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our second quarter 2026 earnings release and slides available at ir.gndx.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results. Additionally, please refer to our most recent annual and quarterly filings with the SEC for a discussion of factors that could cause actual results to materially differ from forward-looking statements. With that, I will turn the call over to Katherine.

Thank you, Sabrina, and good afternoon, everyone. Our team demonstrated incredible focus and ability to deliver a solid second quarter. We hit a new record, resulting more than 30,000 exome and genome tests in a quarter, which represents 32% year-over-year growth. We reported $114.4 million of total revenue, exceeding our guide, and returned to profitability one quarter earlier than we had previously expected. Based on our second quarter performance and our continued momentum into Q3, we are reaffirming our full year 2026 status. Demand for our services has never been higher, and as we continue to drive adoption of our XM and genome, we must be relentless in our efforts to improve the rate at which we get paid for our services. It's the single biggest opportunity for us, and as we shared on the last call, we've organized the business around three key imperatives. First, optimizing unit economics, Second, growing utilization of exome and genome. And third, delivering leading products at unmatched scale, all while managing our capital responsibly. Optimizing unit economics is our first priority because we're under-earning on our potential, and we see significant room for improvement off this Q2 baseline. Our long-term vision remains unchanged. We believe the genome will increasingly become the standard for diagnosing all heritable disease, and we're continuing to optimize our commercial and operational strategies to bridge this transition. Our strategies took hold in the second quarter as MIX moderated with steady month-over-month MIX gains back into our excellent products, including Reflex. In tandem, we saw coverage begin to catch up with the clinical demand, with Caroline announcing a new coverage policy that expanded commercial genome coverage from 47% to 87% in just one quarter. Our team plays a pivotal role in these coverage expansions through advocacy and evidence generation and will continue to pursue coverage expansion opportunities for both Excel and Gmail. This is our market development strategy in action. By serving the market ahead of coverage, we demonstrate demand and medical necessity. That unpaid volume is fine for us to create revenue in new markets as coverage expands. Now, our greatest focus is translating coverage into payments. We'll spend the majority of our time today discussing how we'll get paid far more for our tests, and in doing so, see, in the fullness of time, revenue growth rates converge with or exceed volume growth in the future. We're committed to serving families during their moments of greatest need. They are at the center of everything we do. To reach them, we're making strong progress against both our foundational and expansion markets, and demand continues to be a source of strength and optionality. We've proven we can maintain our leadership positions through this genome transition, and our competitive positioning is directly translatable. Clinicians choose GeneDx and return to GeneDx because of the quality and reliability of our results, our leading turnaround times, our deep data and expertise, and the customer support infrastructure we have built specifically for the complexity of rare disease. As genomic testing moved into the mainstream, our ability to transform a genome's worth of information into a single, actionable answer will only increase in importance. In summary, demand is strong, and we're now leaning into a large multi-year opportunity to improve ARR, which will serve as a significant revenue tailwind. We are confident we can drive collections to the industry standard of 70%. and we're building on the strengths of our team to realize this massive revenue opportunity ahead. With that, I'm happy to pass the call over to the newest addition to our executive team, Mark Wagner. I was elated to welcome Mark to the team back in June and he's brought his experience from across the industry and passion for what we do to ensure our capabilities keep pace with the growing demand for our services. I'm excited for you to hear directly from him. Mark, please take it away.