and most of the competition is a very early underdeveloped market. So we really don't view it as us versus them to be able to succeed here. And we benefit in the short term as awareness of MRD and the potential utility of MRD and DLVCL is increasing and we can leverage all the modes I talked about effectively in the short term in the midst of that increased awareness. And I also think we'll, benefit in the longer term as we further demonstrate the clinical performance of the enhanced version of our ccDNA assay that we launched last year. And that's one of the big areas of focus for us later this year and going forward.

That's great. Thank you, guys.

As a reminder, to ask a question, please press star 1-1 on your touchtone telephone and wait for your name to be announced. Our next question will be coming from the line of Dan Brennan. of TD Cohen. Your line is open.

Great. Thank you. Thanks for the questions. Congrats on the quarter. Maybe just to start with the guide, the MRD guide. So can you just walk through a little bit the pacing in the back half of the year? So the new volume guide to, you know, 38 to 40 does imply still a slowdown from the, you know, the low 40s growth rate this year. Is that just conservatism or comps? Obviously a great start to the year and still a great guy. Just wondering if there's Some cushion baked in there and then kind of implies I think pharma steps down from Q2. So any color just on MRD pharma, which is really strong in Q2 as well.

Sure, of course. Thanks, Dan. You know, I think we're really pleased with the growth we've delivered in the first half of this year and we feel very comfortable with delivering on the growth that we've guided for the remainder of the year and for the full year about 38 to 40%. keep in mind that the midpoint of that range is the same growth we delivered last year on a percentage basis and this of course would be off a much bigger base so we think it's a prudent place to be for now given there's still half of the year to go but we do not have any specific expectations that we will see deceleration in fact quite the opposite we are monitoring all the main growth drivers which have trended strongly year to date and I think they are very reasonably a source of further upsides We just want to remain focused in the second half of the year on all the strategic drivers that we believe can unlock that upside. And so in the clinical business, I remain quite confident in our ability to continue to deliver similar results. On the pharma side of the business, we've had really strong first half as well. And I think the thing to keep in mind with that business is it's lumpy. So it's dependent on the timing of trial enrollment and sample arrival. and so we again will continue to be prudent in the way that we anticipate the future, but we have seen great trends coming out of that space, continued opportunity in multiple myeloma in particular, but also in leukemias to expand the degree to which we're doing interventional studies, regulated studies that deliver significantly higher economics and the use of MRD as an endpoint is stronger than ever in multiple myeloma. So we have many reasons to be optimistic about that business as well.

Terrific. Thanks. Thanks for all the color. And then maybe just a second just on the separation. Obviously, you're, you know, kind of talked about it a little bit on this call. I'm just wondering maybe any updates just kind of what's transpired since you announced it. You know, you're obviously looking to separate the businesses you've discussed in the past, maybe the strategic value of the standalone MRD business, posted successful separation, just looking for any other color incremental information you could provide. Thank you.

Yeah, I mean, Dan, I think that's it, right? In the sense that, like, if you look at kind of the goalposts of an outcome, you know, I would say, I'm going to put this in kind of bunnier quotes, kind of the worst outcome, you know, in terms of that we have the MRD business is kind of Free and Clear and Separated to be able to kind of pursue its growth strategy. And like we've been talking about for the last couple of years is IM is really a call option. And I would like to kind of point you to continue to think of it as such. We're looking for an outcome there. We're evaluating the different paths with our advisors, Morgan Stanley, to see kind of what the potential value maximizing path is for for shareholders. We'll update you. That could take kind of several different forms. We're looking at them, and we'll provide further information at the appropriate time.

Thanks, Chad.

And our next question will be coming from the line of Casey Woodering of J.P. Morgan. Your line is open, Casey.

Great. Thanks for taking my questions and taking me on the call today. I wanted to follow up on the serial testing piece you flagged during the prepared remarks. I think it's 75% of repeat orders have been fulfilled this quarter. That number last quarter, I think, was 72. Just kind of curious on if the updated volume guide assumes some sort of benefit from serial testing that wasn't in there before, or if you're still sort of leaving that as upside for the year, and then maybe just how do we think about those numbers trending in the back half of the year?

Sure. I think the short answer is that the guide doesn't necessarily contemplate specific increases in serial testing, although that is a key area of focus for us, both in the approach we've taken to driving blood-based testing adoption and also utilization of EMR tools to increase testing consistency. The Flatiron experience, I mean, I do feel really pleased with the results we've been able to accomplish. When we first measured Serial Testing back in Q4, the first full quarter we had to compare, we had 60% pull through. And now, as you noted, we've increased it to 75. And I think we would like to be able to apply the lessons we've learned in that setting with OncoEMR customers to other settings like our Epic customers. In fact, in Q2, we did our first ever Epic Integration with a custom serial testing interface built into that. And we've been really pleased with the early results and we'll have a lot more data on how that's going over the next two quarters or so. But our general approach is to continue to look for avenues to standardize the way that serial testing is delivered. We have a number of projects ongoing in that space and it is a source of potential upside in the guide.

Again, to ask a question, please press star one one from your telephone and wait for your name to Operator, are you still there? Thank you. Thank you.

And as a reminder, to ask a question, please press star 11 again. One moment for our next question, please. And our next question will come from Callum Titchmarch from Morgan Stanley. Your line is open.

Hey, guys. Thanks for taking the question. Maybe following up on Dan's question on the separation, I guess Folks are trying to work out what the next step looks like and how the MRD business could look on its own. There's obviously still good room to run in Heme, but do you think a Heme-only MRD platform can be sufficient longer term, or would you perhaps look to bolster capabilities on the solid tumor side too? I know there's been some debate there in the past, but curious whether the separation changes that outlook.

Hi, speakers.

Hi, speakers.

Hello? Hello, can you hear me? Yes, we can hear you now. Thank you.

Oh my gosh, I apologize. I'm not sure why this is cutting out, but I'll say I appreciate the question. And I think that two things, one, the separation, and two, we brought additional capital onto the balance sheet through the convertible debt offering that we did, allows us to look at how we can leverage the platform that we built, both in terms of our capabilities, if you look at them in terms of generating the clinical evidence, our market access and the ability to get reimbursed, our revenue cycle management functions. We figure out really how to efficiently operate a lab with scalable gross margin opportunities. So we look at if we can deploy those core competencies and capabilities that we've built to other opportunities, it's something that we are looking at. And that means potentially in solid tumors, but also in other disease areas as well. But I do want to just kind of mention that we have a very kind of disciplined approach to not only capital allocation organically, but for interorganic growth as well. We put a set of criteria and filters on to look at things that we want to play in areas that we can win, that have tests that have high gross margin opportunities that really have high sensitivity and specificity and areas that we think we can have a differentiated competitive advantage. And those are areas which we look to kind of leverage the platform we've built to continue growing the business. But I also want to mention, though, that I want to go back again to say there is a long growth ahead of us in the MRD team. So we're going to make sure that whatever, if we do something, that it is a high growth profile and fits well into the platform.

Great. I'll just take to one. Thanks.

Thank you. And I am showing no further questions from our phone lines. I would now like to pass it back to management.

Thank you very much.

Thank you and this does conclude the program. Thank you for your participation and you may now disconnect.