0002070849-26-000050
SEC filingQ2营收翻倍至$109.4M并扭亏为盈，Oncology高增与ASP提升驱动，盈利拐点确立。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $109.4M | $66.6M | +64.4% |
| Gross Profit | $77.1M | $43.5M | +77.4% |
| Gross Margin | 70% | 65% | +500bps |
| Operating Income | $5.5M | -$1.6M | +438.2% |
| Operating Margin | 5.0% | -2.4% | +740bps |
| Net Income | $8.1M | -$0.2M | +$8.3M |
| Diluted EPS | $0.15 | -$0.02 | +$0.17 |
| Adjusted EBITDA | $16.1M | $2.9M | +466% |
| Operating Cash Flow | $24.6M (H1) | $3.8M (H1) | +546% |
| Free Cash Flow | $16.0M (H1) | -$1.4M (H1) | +$17.4M |
增长桥：Q2营收$109.4M，同比+64.4%，主要由量价齐升驱动。交付可计费检测量约196,000例，同比+35%；Overall ASP同比+21%，得益于与更多支付方签约及自有PLA code。Oncology业务表现亮眼，收入$13.7M，同比+176%，占比提升至12.5%，成为增长新引擎。
Margin归因：Gross Margin从65%提升至70%（+500bps），主要受益于ASP提升，部分被Oncology占比提升带来的成本结构变化抵消。Overall Cost Per Test同比+3%，但Prenatal和Oncology各自成本均下降，反映运营效率改善。Operating Margin转正至5.0%，主要受Gross Margin提升驱动，但SG&A费用同比+63%部分侵蚀。
盈利质量：GAAP净利润$8.1M，实现扭亏为盈。剔除$3.0M term loan公允价值损失和$8.2M股权激励后，Non-GAAP净利润$19.5M，Non-GAAP经营利润$13.7M，显示核心盈利能力强劲。H1经营现金流$24.6M，FCF $16.0M，现金创造能力显著改善，但应收账款激增$33.3M需关注回款节奏。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Prenatal | $94.2M | +54.9% | — | — | 销售团队扩张，ASP提升 |
| Oncology | $13.7M | +176.2% | — | — | Northstar Select/Response放量 |
| Clinical trial support and other services | $1.5M | +98.6% | — | — | J&J合作项目 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $548.6M | +$52.7M |
| Total Debt | $91.0M | +$33.8M |
| Accounts Receivable | $74.9M | +$33.3M |
| Inventory | $21.1M | +$3.6M |
| Operating Cash Flow | $24.6M (H1) | +$20.8M |
| Capex | $8.5M (H1) | +$3.3M |
| Free Cash Flow | $16.0M (H1) | +$17.4M |
Net Debt = $91.0M - $548.6M = -$457.6M（净现金）。H1经营现金流转正，主要得益于净利润改善，但应收账款大幅增加消耗现金。
资本配置：
前瞻指引：未提供正式指引。
关注点：