Myriad Genetics Inc Q2 2026 Earnings Call

Good day, and thank you for standing by. Welcome to Myriad Genetics' second quarter 2026 financial earnings conference call. At this time, all participants are in listen only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Matt Scalo. Please go ahead. Good afternoon, welcome to Myriad Genetics' second quarter 2026 earnings call.

During the call, we will review financial results we released today, and afterwards, we will host a Q&A session. Our earnings release was issued this afternoon on Form 8-K and can be found on our website at investor.myriad.com. I'm Matt Scalo, Senior Vice President of Investor Relations. On the call with me today are Sam Raha, our President and Chief Executive Officer, Ben Wheeler, our Chief Financial Officer, and Brian Donnelly, our Chief Commercial Officer. Joining for Q&A will be Mark Verratti, our Chief Operating Officer. This call can be heard live via webcast at investor.myriad.com, a recording will be archived in the investor section of our website along with this slide presentation.

Please note that some of the information presented today contains projections or other forward-looking statements regarding future events or the future financial performance of the company. These statements are based on management's current expectations. The actual events or results may differ materially and adversely from these expectations for a variety of reasons. We refer you to the documents the company files from time to time with the SEC, specifically the company's annual report on Form 10-K, its quarterly report on Form 10-Q, and its current report on Form 8-K. These documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. I'll now turn the call over to Sam.

Thanks, Matt. Good afternoon, everyone, thank you for joining us. Let me dive right into our second quarter performance and key actions we're taking to create a more focused business and can drive accelerated growth and profitability as we go forward. Second quarter total revenue of $190.7 million was down 11% year-over-year, as volume decreased 1% and revenue per test decreased 9%. Demand for our Cancer Care Continuum and mental health test portfolios remained solid, with test volume growing 6% and 4% year-over-year respectively. This growth was offset by continued softness in our prenatal testing volume, which declined 9% over last year's period.

Regarding the 9% year-over-year decline in average revenue per test, it is important to call out that this figure included a headwind of approximately $11 million from lower than expected prior period collections, which includes a $4 million write-off of aged receivables. Excluding this headwind, average revenue per test was down 3% year-over-year and reflects elevated payer friction for our prenatal and hereditary cancer tests in 2026. Mitigating the HCT average revenue per test pressure is one of our top priorities. We are executing a focused and comprehensive action plan to address it, which both Ben and I will speak more about. We're also doing a rigorous evaluation of our product portfolio to determine the optimal allocation of capital and enhancement of shareholder value, and we'll keep you updated on our progress and decisions.

With regards to our Cancer Care Continuum business, we continue to make meaningful progress on a number of fronts. Q2 MyRisk volume remained strong, with 10% growth year-on-year, and we achieved a number of pipeline milestones, including the launch of our first AI-enhanced prostate cancer test, Prolaris+ AI. We also took important steps forward with our Precise MRD test by expanding clinical testing availability to colorectal and renal cancers and submitting Precise MRD for breast cancer to MolDX for coverage determination. These achievements are on track with our stated plans and bolster our confidence in our longer-term growth aspirations. As hereditary cancer and other molecular diagnostic testing continues to grow, pressures on reimbursement rates is expected to persist. As a result, we have activated an initiative called Ascend to increase organizational efficiency, productivity, and scalability and are being supported by a leading professional services firm.

We anticipate this initiative will produce meaningful, measurable benefits to profitability, including adjusted EBITDA in 2027 and beyond. Lastly, we are lowering our 2026 revenue and gross margin guidance. Total revenue guidance moves to $770 million-$790 million. Gross margin moves to 66%-67%. This updated guidance reflects the Q2 performance and lower volume assumptions for prenatal health and lower HCT average revenue per test. However, due to uncertainty regarding the timing and impact from the Ascend initiative, we're suspending our adjusted EBITDA guidance. As I mentioned, we're experiencing elevated reimbursement pressure, which is impacting the average revenue per test for our MyRisk Hereditary Cancer test. This pressure is coming from changing prior authorization requirements, more medical record requests, and higher overall payer denial rates.

This type of payer-generated revenue cycle friction, while not new, became more aggressive in the quarter and resulted in a step-down in realized average revenue per test. Importantly, this reimbursement pressure is not the result of changes in medical policy. It is payer-initiated revenue cycle friction, and we're seeing similar dynamics across the broader healthcare system as payers cite automated denials as a mechanism to manage plan utilization and lower their reimbursement costs. The impact is from a limited number of payers. As we deeply analyze the situation, we have determined that we should have engaged earlier and more directly with payers as conditions evolved. Earlier intervention could have reduced the downstream impact. Mitigating HCP reimbursement pressure from these limited payers and anticipating other potential pressures is one of our top priorities. To that end, we're taking a number of immediate actions.

We're optimizing the end-to-end revenue cycle process. This includes enhancing front-end coverage verification and prior authorization workflows, increasing alignment of services with payer expectations, and integrating third-party medical record repositories into our workflows to automate responses to documentation requests and the associated claim appeals. We're increasing utilization of AI by deploying AI-enabled workflows for reducing manual touches and accelerating claim resolution. We are engaging in a policy-based approach to better align medical policy with clinical practices and utilization of our services. The facts are we have received orders for clinicians for medically necessary tests. We have processed patient samples and returned test results, which have been used to inform the care of those patients. The content of these tests are supported by NCCN and ASCO guidelines, yet we are not receiving payment in a timely manner.

We believe that many of these payer practices create unnecessary administrative burden, are inconsistent with the timely reimbursement of medically necessary testing, and ultimately could negatively impact member or patient care. Individually, as Myriad, we're going to do a better job of initiating engagement with our key payer constituencies on a regular basis. We will continue to pursue other pathways to resolve these issues, including working with industry organizations, policymakers, and payers to reduce unnecessary barriers and improve transparency in laboratory benefit management processes. In addition to all of these noted activities, we will continue to advance our work to reduce COGS for MyRisk. The ASCEND initiative will reduce the OPEX related to revenue cycle management over time.

Importantly for our stakeholders, even under scenarios where average revenue per test experiences additional pressure, HCP remains a highly profitable business with attractive margins, strong cash generation, and significant long-term growth opportunities. I would call out that our updated 2026 financial guidance assumes no improvement in average revenue per test from the second quarter level. Let me transition now to providing an update on key 2026 milestones. We presented this slide last quarter, and you'll notice a number of new check marks representing further progress and achievements made since our Q1 call, including key clinical publications, the MolDX submission, and Precise MRD for breast cancer, and recent launches. These actions strengthen Myriad's ability to serve cancer care testing and support our long-term growth profile.

We continue to drive solid volume growth in hereditary cancer testing, which is enabled by a combination of our strong market position, commercial execution, and ongoing commitment to clinically relevant innovation. We're encouraged with the feedback on Precise MRD as we transition to early access from alpha launch. We continue to expand the number of sites and invest in the commercial team and its capabilities ahead of full launch in 2027. Brian will share more on this. In June, we launched our AI-enhanced Prolaris prostate cancer test that combines the power of molecular and AI analysis and early urologist interest and input has been positive. Last week, we successfully executed the commercial launch of FirstGene. These milestones and new products, along with the expanding customer reach, will enable us to accelerate growth in the quarters ahead.

The initiatives and actions we are working on will ensure that we are able to increase focus on our most important near and long-term strategic opportunity: serving the Cancer Care Continuum. The expected impact from the combination of implementing the Ascend organizational initiative to increase efficiency and scalability, mitigating the impact on MyRisk average revenue per test, and any actions that may stem from the rigorous evaluation of our product portfolio is a stronger company with changes to our structure performance going forward. A company with strengthened growth rate, profitability, and predictability. Let me turn it over to Brian Donnelly, our Chief Commercial Officer. Brian. Thanks, Sam. Good afternoon.

Before diving into the quarter, I wanted to begin with a progress update on the sales onboarding activities we discussed last quarter. I'm happy to share that we have now hired, trained, and placed in the field over 100 new account executives, primarily supporting our Cancer Care Continuum product offerings. These new sales team members are expected to begin driving increased volume across the Cancer Care Continuum meaningfully in 2027 and beyond. Turning to second quarter performance. In Q2, the Cancer Care Continuum product category generated revenue of $114.1 million, down 11% year-over-year, reflecting test volume growth of 6% being offset by a 15% decline in average revenue per test. Importantly, hereditary cancer testing volume grew 8% year-over-year, with MyRisk test volume growth of 10% year-over-year.

Volume growth in the unaffected population was stronger than the affected segment, which we see as an important indicator for future demand. In fact, we delivered our strongest quarterly performance in unaffected hereditary cancer testing in Q2, marking the highest volume recorded in the last three years. Moving to prostate cancer. We successfully launched our first AI-enabled Prolaris test at the end of Q2, bringing together AI, biomarker, germline, and genomic insights in a single offering. This combination's differentiated and positions us to compete more effectively in prostate cancer patient care. Early customer feedback has been positive. Particularly as a useful tool to support critical decisions in patients in the important active surveillance segment. We have been investing in the commercial channel and other programs in preparation for this launch to improve our overall performance and gain market share.

Turning to Precise MRD, I wanted to highlight the great progress that our team is making. In June, we announced moving out of early access and into expanded availability of Precise MRD, broadening access to patients undergoing treatment and surveillance with breast cancer, colorectal cancer, and renal cancer. Early access sites and new customers are engaged and continue to provide us actionable feedback. We are closely monitoring testing utilization, customer experience, and our internal operational efficiency. While it's early in the program, let me share some key takeaways. First, we continue to serve more clinicians, and a growing number have ordered tests for multiple patients. Next, in terms of customer experience, clinicians have been satisfied with the quality of our test. We continue to work on making test ordering easier and to improve the overall customer experience as we move forward with our expanded launch phases.

Finally, in terms of operational efficiency, our MRD assay itself has proven to be robust and has performed extremely well. Our commercial and medical affairs teams are actively ramping, and we remain on track for commercial launch in 2027. In addition, we have submitted to MolDX for our breast indication, hitting a major milestone on time with the intent of establishing coverage in 2027. Now moving to our prenatal health business. In Q2, the prenatal health business generated revenue of $40 million, down 16% year-over-year, reflecting a decline of 8% in average revenue per test, while volume declined 9%. Unfortunately, we have not made as much progress as expected in this business, reflecting a combination of factors, including the timing of sales force expansion and competitive dynamics.

The good news is that our new dedicated prenatal health sales team is now fully staffed. We anticipate improved prenatal performance will in part be driven by FirstGene, which launched just last week. As a reminder, the FirstGene screen offers the first and only simultaneous screen of patient carrier status, fetal single gene, fetal chromosome, and fetal RHD status, all delivered collectively in a single integrated report with the test able to be taken at an industry-leading eight-week gestational age, and with an industry-leading turnaround time with all results delivered within 14 days. Since our last earnings call, we have made significant strides in FirstGene, including wrapping up our early access period, training our entire sales organization. Just last week, we officially moved into our commercial launch phase.

Although we are very early into launch, we have and continue to receive positive feedback on the product differentiators, including the value of the combination, particularly the single gene and RHD components, and our turnaround time advantages compared to on-market products, which is a direct result of our assay design and workflow. We are already seeing orders and customers returning to Myriad to trial this new offering. Now turning to mental health. In the second quarter, GeneSight generated $36.8 million in revenue, down 3% year-over-year on 4% volume growth. As Sam mentioned earlier, revenue was impacted by an AR write-off. This write-off obscures the overall improving reimbursement trends in mental health that are due to increased payer coverage and aided by biomarker legislation. We continue to expand the ordering provider base, reaching now over 40,000 ordering clinicians in the second quarter, which is another record high.

The strong second quarter volume growth reflects solid underlying demand in sales performance. We remain disciplined with a strong focus on capital efficiency while delivering growth with GeneSight. With that, I will turn it over to our CFO, Ben Wheeler.

Thanks, Brian. Let me start by reviewing our second quarter financial results. We reported revenue of $190.7 million, down 11% year-over-year. Overall test volumes declined slightly with the prior year period as continued strength in hereditary cancer and mental health was offset by prenatal health. It's worth repeating that we generated another quarter of solid test volume growth in MyRisk testing, with 10% year-over-year growth in the second quarter. That growth was driven by continued strength in our unaffected market, where demand and execution remained strong. The sustained growth we're seeing in both hereditary cancer volumes and GeneSight volumes provide evidence that our commercial initiatives are gaining traction and strengthening the underlying business.

Average revenue per test decreased 9% year-over-year, reflecting a challenging comparison with prior period positive change in estimate contributions to revenue and increasing payer friction this quarter, most noticeable in our Cancer Care Continuum. As Sam mentioned, generally improving reimbursement trends for mental health were offset by a $4 million write-off of aged receivables during the quarter. While average revenue per test can fluctuate in any particular quarter due to a number of variables, we continue to expect modest headwinds to hereditary cancer average revenue per test over the longer term, consistent with our prior commentary. We generated gross margins of 66.6% in the second quarter, down approximately 460 basis points year-over-year. The decline reflects average revenue per test softness and the unfavorable change in estimate impact to revenue comparison.

Gross margins excluding the $11 million impact to revenue from changes in estimate during the quarter were 68.4%. Our laboratory operations continue to perform at a high level, reflecting strong operational discipline and efficiency. We remain focused on driving additional scale, automation, and productivity across our laboratories to support both our existing portfolio and planned product launches in 2026 and beyond. Over time, we expect continued cost per test improvements to help offset modest reimbursement pressures and support gross margins that remain among the strongest in the industry. Adjusted operating expenses increased by $6.7 million year-over-year, reflecting targeted investment to strengthen commercial capabilities, execution, and advance key R&D growth initiatives that support our long-term strategy. Our capital allocation philosophy remains unchanged. We will continue to prioritize investments with the highest expected returns while maintaining a strong focus on operational efficiency and shareholder value creation.

Taking all of that into account, we generated an adjusted EPS loss of $0.25 for the quarter. We remain comfortable with our liquidity position, ending Q2 with approximately $190 million of available liquidity, providing the financial flexibility to execute our strategic priorities while navigating the current operating environment. As Sam highlighted, we're advancing multiple important initiatives that have the potential to significantly strengthen Myriad's operating model and meaningfully accelerate Myriad's ability to achieve its strategic and financial objectives. First, we're conducting a rigorous portfolio review to ensure capital is deployed to the highest value opportunities and to maximize long-term shareholder value. We'll provide updates as appropriate. Second, and complementary to the first, we've engaged a leading professional services firm to conduct a comprehensive review of Myriad's organizational structure, operating model, and core business processes.

This initiative is intended to simplify the business, improve execution, enhance scalability, and better align our resources with our most strategic priorities. Third, we've launched initiatives to strengthen reimbursement performance, which I'll speak about in a moment. Together, these initiatives represent important steps in unlocking the value of Myriad's portfolio, improving operational performance, and positioning the company to deliver stronger long-term growth and profitability. At this stage, we're not providing a timeline for these initiatives as they each involve a number of variables. What we can say is that we are confident that the outcome from each initiative can have a material positive impact to Myriad in 2027 and beyond. That said, given the uncertainty surrounding timing and potential financial impact of these initiatives, we believe it prudent to suspend our 2026 adjusted EBITDA guidance at this time.

Second quarter average revenue per test declined year-over-year across the portfolio. As we've noted in the past, we caution investors against simply extrapolating a single quarter's results. Accordingly, this slide provides a four-year history of quarterly average revenue per test trends for hereditary cancer testing. During 2026, payers continued to introduce new reimbursement requirements and modify existing prior authorization and clinical documentation expectations. In the second quarter, we experienced lower reimbursement from a limited number of payers for our MyRisk panel, contributing to the outsized change in estimate revenue adjustment recognized in the quarter. Importantly, this impact primarily relates to tests performed in Q1 and reflects revenue cycle management friction and administrative complexity, not any change in the underlying clinical value or demand for our testing. In response, we've launched several initiatives to strengthen reimbursement performance and improve long-term predictability. First, our revenue cycle optimization initiative.

In partnership with a leading third-party expert, we're implementing targeted process improvements, AI-enabled workflow acceleration, and enhanced denial management capabilities to reduce reimbursement friction, accelerate claim resolution, and improve collection predictability. This includes automation and workflow enhancements across medical record retrieval, document classification, denial triage, appeal prioritization, and payer response management. Importantly, the initiative is focused not only on near-term performance improvement, but also on building scalable processes, analytics, and organizational capabilities that enable Myriad to rapidly adapt to evolving reimbursement requirements and navigate an increasingly dynamic revenue cycle environment. Second, our MyRisk reimbursement initiative. We've launched a payer-by-payer market access strategy focused on policy engagement, LBM collaboration, and reimbursement optimization to strengthen long-term access and to support sustainable reimbursement for hereditary cancer testing.

The initiative is designed to improve predictability and promote greater alignment between rapidly advancing diagnostic technologies, evolving clinical guidelines, and payer medical policies, which often develop on a different timeline than scientific innovation. The key takeaway is that we expect reimbursement friction to remain a headwind through the balance of 2026 and have incorporated that expectation into our revised revenue guidance. While we anticipate continued pressure in the second half, we do not expect the magnitude of the impact experienced in the second quarter to repeat. Next, I'll speak to Myriad's profitability and liquidity. Second quarter adjusted EBITDA was a loss of $16.9 million, reflecting softer revenue performance and relatively stable adjusted operating expenses as we continue to invest in commercial growth initiatives, including new product launches. We remain in a strong financial position.

We ended the quarter with approximately $190 million in available capital, providing us the flexibility to invest in our strategic priorities and fund key growth opportunities while maintaining appropriate financial discipline. I'll address financial guidance. Factoring in Q2 results and revised assumptions for the second half of 2026, we're lowering our full year 2026 revenue guidance to a range of $770 million-$790 million. At the midpoint, this represents a reduction of $90 million from our prior outlook. The revised guidance primarily reflects three factors: weaker prenatal volume trends relative to our prior expectation, lower than expected hereditary cancer reimbursement levels, and final resolution of the GeneSight accounts receivables. Historically, the second half of the year has been stronger than the first half. Our revised outlook takes a more conservative approach and assumes second half revenue is approximately in line with first half performance.

The guidance also assumes no contribution from commercial team expansion initiatives or recent product launches, despite the investments we've made in both areas. As a result, we expect third quarter revenue to be flat to slightly higher than the second quarter, with improvement as we move into the fourth quarter. We believe this outlook appropriately reflects the current operating environment, incorporates prudent assumptions around areas of uncertainty, and positions us to reestablish a consistent track record of execution and delivery going forward. Let me turn the call back to Sam.

Thanks, Ben. Let me conclude our prepared comments by reiterating our confidence in being able to support Myriad's strategic intent to accelerate profitable growth by focusing on the Cancer Care Continuum, and in being able to strengthen the company's financial profile by executing the key initiatives that we outlined. In Q2, we continued to make meaningful progress on the Cancer Care Continuum on a number of fronts, including strong volume growth for our MyRisk Hereditary Cancer test, the launch of Prolaris + AI, the expansion of Precise MRD, along with the submission of Precise MRD Breast to MolDX.

As I stated earlier, the expected impact from the combination of implementing the organizational initiative to increase efficiency and scalability, mitigating the impact on MyRisk average revenue per test, and any actions that may stem from the rigorous evaluation of our product portfolio, is our ability to focus more deeply on serving the Cancer Care Continuum and a resulting streamlined company in 2027 and beyond with strengthened growth rate, profitability, and predictability. I will pass the call over to Matt for Q&A. Matt. Thanks, Sam. As a reminder, during today's call, we use certain non-GAAP financial measures.

A reconciliation of the GAAP to non-GAAP financial results and a reconciliation of GAAP to non-GAAP financial guidance can be found in our earnings release and under our investor relations section of our website. We're ready to begin our Q&A session. To ensure broad participation, we're asking participants, please ask only one question and one follow-up. Operator, we're now ready for the Q&A portion of the call.

Thank you. As a reminder, if you would like to ask a question, please press * one on your telephone. You'll hear an automated message advising your hand is raised. To remove yourself from the queue, please press * one again. We also ask that you wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q&A roster. Our first question today will be coming from the line of Kyle Boucher of TD Cowen. Please go ahead. Hey, good afternoon.

Thanks for taking my questions. Just wanted to start here on some of the updated assumptions in the guidance. I know you walked through it quite a bit, but I guess specifically for the Cancer Care Continuum, hereditary cancer testing business. You grew volume overall in the Cancer Care Continuum 6% in the second quarter against the 7% comp. The volume comparisons get a lot tougher in the back half. I guess, just what's sort of implied for growth in the second half as it relates to just volume versus price?

Yeah, thanks for the question, Kyle. Ben, I'll turn to you.

Thanks, Kyle. Maybe I'll just start at the enterprise level and then I'll give you a little bit of insight relative to the different components. I'll start at revenue for the enterprise, Kyle. The updated guide assumes a 5% decline in revenue year-over-year. The way that we're thinking about that as it relates to the different product categories is that mental health will be modestly up, that the Cancer Care Continuum will be modestly down, and then we'll continue to see prenatal health year-over-year comparisons lag as we work through building volume through the back half of the year.

Got it. Maybe just one more on the GeneSight business. Can you sort of discuss the ordering trends between maybe newer clinician adds that you talked about on the call and then just reorders from existing clinicians? How should we think about the long-term growth of the GeneSight business, just given you've put up mid-single digit sort of volume growth over the last few quarters, down from, I think we saw sort of high single digits last year?

Yeah. Thank you for the question, Kyle. Listen, we remain optimistic and excited about the GeneSight opportunity. As you know, as a backdrop, mental health continues to be a very serious matter in this country and beyond. We have the absolute leading tests in the market With great NPS, very high NPS, both with patients and providers. As Brian shared, we again served a very significant number of providers this quarter. We also think that what we have as a positive is that the activities that we put into action going back a year in terms of how we're targeting, how we're driving marketing and the resulting sales, these things are all working. We have the biomarker bills that are being enacted in more states. All of these things are positive. The volume is actually where we'd expect.

We've always said it would be, well, not always, but coming into the year that we'd expect mid-single digits. That's where it is. We are also trying some new approaches as it relates to billing individuals at time of billing. We do anticipate that the slight, perhaps less volume or growth in volume is going to be offset in revenue as a consequence of some of the new procedures we're putting in place regarding collection of credit card information, for example, at a different time period.

Got it. Thanks, guys. Thank you.

One moment for the next question. Our next question will be coming from the line of Davin Wiesenberg of Piper Sandler. Please go ahead. Hi, guys.

This is Sky on for Dave. Thanks for taking the question. Maybe just first on the Cancer Care Continuum strategy reimbursement headwinds aside, how are the new products changing customer behavior across each of the segments? Are you seeing any meaningful cross-selling into accounts that maybe only used one Myriad product previously? Thanks. Brian. Yeah, please take it.

Thanks for the question. I can give you an update on that. First, just as a quick reminder, in terms of the new products we've brought to the market, we've got the Prolaris+ AI launch, we've had expansions to MyRisk, and in addition, we've now expanded the availability of Precise MRD. What I would say, one of the components of your question is around portfolio selling. A key piece of the way our organization is structured is when our oncology sales team goes and sees a community-based oncologist, we are making them aware of, as an example, MyRisk and our new Precise MRD offering, and in addition, we have a specialist team around that. We consistently look for opportunities to make sure that our products are known, that for providers who see patients that are relevant, they use the appropriate patients.

In the urology setting for Prolaris+ AI, the other offering we have for that customer base is, of course, MyRisk. We see healthy cross-sell, healthy portfolio adoption from our users, and it's something that we try to continue to lean into to make sure that our products are being used for the appropriate patients.

Very helpful. Thank you. Then specifically on Precise MRD, I think last quarter you mentioned you had received feedback on ordering and sample shipment instructions as areas for improvement. Have those changes reduced failed orders or helped turnaround times or sample quality issues? Are there any other operational metrics that you're tracking?

This is Brian again. Thank you for the question. Spot on. As a reminder, we're really focused right now with this expanded availability on breast, renal, and colorectal cancer. The things we discussed last quarter were tracking metrics around test utilization, provider and patient workflows, and customer experience. What we're seeing on test utilization is that we have a growing number of clinics and providers that are using Precise MRD, many with repeat orders. On the utilization front, we're early, but we are turning in the right direction. From a provider and patient workflow perspective, the big change in Q3 has to do with some of our digital ordering capabilities, which have come online. We're actively improving the workflow, expanding these capabilities, and we're taking that feedback to get ready for our fuller commercial launch in 2027. We did get really useful feedback.

We have been incorporating that. Last but not least is the customer experience. This will be an area that we'll likely talk about for a while. This is a really important part of the product offering, and we'll continue to lean in here to expand as we get more and more customer feedback.

Great. Thank you. Thank you.

Thank you. As a reminder, if you would like to ask a question, please press *11 on your telephone. I'm not seeing any more questions in the queue. I would like to turn the call back over to Matt Scalo. Please go ahead. Okay, thanks, Lisa.

This concludes our earnings call. A replay will be available via webcast on our website for one week. Thank you again for joining us this afternoon. Have a great day. This concludes today's program, and thank you so much for joining.