ALPHAFORGE RESEARCH · COMPANY FILE · SEMIS & COMPUTE

$TEM

Tempus AI, Inc. · Nasdaq · SIC 7370 · CIK 1717115 · revision 5 as of 2026-09-19

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Business

Tempus operates diagnostics and a Data and Applications business serving clinicians and life-science customers. Diagnostics includes oncology and hereditary testing; data licensing and software turn clinical and molecular datasets into research tools. Test volume, reimbursement, contract delivery and collections drive economics. The pending Personalis acquisition would expand the company, but these scenarios retain the existing perimeter, including current commercial collaborations.

Three drivers

Diagnostics volumes and conditional reimbursement/pricing changes
Data-license delivery and actual cash collection
Equity compensation, investments and pending merger financing

Thesis

Our view

The operating opportunity spans test growth and data demand, but Q2 positive net income was driven by $98.5M of unrealized securities gains alongside a $75.913M operating loss. September commentary adds meaningful potential tissue and liquid-biopsy pricing changes, with conditional timing and payer realization. The model separates those from core growth and excludes incremental Personalis operations until a proper closing forecast can be built.

What changes it

Track actual pricing/coverage milestones, payer collections and data delivery rather than equating bookings or FDA milestones with immediate cash. Rebuild the model after Personalis closing terms and purchase accounting are available.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	180.9¹	200.7†²	255.7³	314.6⁴	334.2¹	367.2†²	348.1³	382.5⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	-53.6⁵	-50.7†⁶	-68.7⁷	-61.8⁸	-61.0⁵	-61.4†⁶	-84.7⁷	-75.9⁸
Net income ($M)	-75.8⁹	-13.0†¹⁰	-68.0¹¹	-42.8¹²	-80.0⁹	-54.2†¹⁰	-125.9¹¹	5.6¹²
EPS, diluted ($)	-0.46¹³	—	-0.40¹⁴	-0.25¹⁵	-0.46¹³	—	-0.71¹⁴	0.03¹⁵
Diluted shares (M)	0.2¹⁶	—	0.2¹⁷	0.2¹⁸	0.2¹⁶	—	0.2¹⁷	0.2¹⁸
Cash ($M)	388.0¹⁹	341.0²⁰	151.6²¹	186.3²²	655.9¹⁹	604.8²²	521.2²¹	599.6²²
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	48.7†²³	-39.3†²⁴	-105.6²⁵	44.2†²⁶	-119.8†²³	-36.8†²⁴	-73.3²⁵	-7.5†²⁶
Capex ($M)	0.0†²⁷	8.0†²⁸	2.1²⁹	7.5†³⁰	6.7†²⁷	4.8†²⁸	8.2²⁹	6.1†³⁰
Free cash flow ($M)	48.6†³¹	-47.2†³²	-107.7†³³	36.6†³⁴	-126.5†³¹	-41.5†³²	-81.5†³³	-13.7†³⁴

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	420.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue excluding incremental Personalis ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	449.4	—	2026-09-19	Desk base scenario. Revenue basis: Revenue excluding incremental Personalis ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	491.7	—	2026-09-19	Desk base scenario. Revenue basis: Revenue excluding incremental Personalis ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	512.1	—	2026-09-19	Desk base scenario. Revenue basis: Revenue excluding incremental Personalis ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Diagnostics volumes, conditional pricing and data-license cash

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Model the existing Tempus perimeter, excluding the pending Personalis acquisition in every forecast period. Separate Diagnostics and Data/Applications revenue, preserving actual H1. FY2026 total sales and adjusted EBITDA use July guidance as references. FY2027 grows each business before adding distinct tissue and liquid-biopsy pricing sensitivities informed by September management commentary. Convert adjusted EBITDA to a GAAP operating proxy and operating cash; no unrealized security gain or acquisition financing is recurring income.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2026 existing-perimeter revenue outlook midpoint	FY2026	1,600.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 adjusted EBITDA outlook	FY2026	65.00	management guidance. Approximately $65M, excluding the Personalis transaction. Source · 2026-07-30
Management illustrative tumor-only pricing benefit midpoint	2027 discussion	90.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Management illustrative liquid pricing opportunity midpoint	2027 discussion	275.00	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 cash after PP&E and software	H1 2026	-101.96	derived. Software development is an additional investing outflow.
H1 equity for receivables	H1 2026	8.75	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-30
q2 unrealized gain	2026Q2	98.50	reported. Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Source · 2026-07-30
cash	2026Q2	599.61	reported. Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Source · 2026-07-30
marketable equities	2026Q2	216.38	reported. Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Source · 2026-07-30
restricted cash	2026Q2	4.72	reported. Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Source · 2026-07-30
Cash plus marketable equities excluding restricted cash	2026Q2	815.99	derived. Do not describe equity securities as cash or a guaranteed merger funding amount.
convertible senior carrying	2026Q2	1,172.78	reported. Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Source · 2026-07-30
convertible promissory carrying	2026Q2	187.93	reported. Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Source · 2026-07-30
Maximum optional cash fraction of merger consideration	Pending merger	50.0%	reported. Tempus may elect up to half cash; selection and funding source were not determined in the August 31 S-4. Source · 2026-08-31

Downside scenario

Period	Operating cash flow ($M)	CFO less PP&E ($M)	Data and Applications revenue ($M)	PP&E cash purchases ($M)	Revenue excluding incremental Personalis ($M)	Capitalized software cash ($M)	Diagnostics revenue, current perimeter ($M)	GAAP gross profit proxy ($M)	Adjusted EBITDA ($M)	GAAP operating income proxy ($M)	CFO less PP&E and software ($M)
2026Q3	-40.19	-48.19	96.00	8.00	391.00	5.00	295.00	239.24	5.00	-85.00	-53.19
2026Q4	-29.63	-37.63	93.83	8.00	382.40	5.00	288.57	233.48	14.79	-79.21	-42.63
2027Q1	-49.73	-59.73	102.12	10.00	414.44	7.00	312.32	256.77	-2.43	-100.43	-66.73
2027Q2	-51.42	-61.42	106.56	10.00	431.92	7.00	325.36	267.25	-2.55	-103.55	-68.42
FY2026	-150.62	-180.95	370.00	30.33	1,504.00	16.83	1,134.00	941.26	25.00	-324.83	-197.78
FY2027	-168.41	-208.41	444.00	40.00	1,797.60	28.00	1,353.60	1,111.77	33.37	-376.63	-236.41

Base scenario

Period	Operating cash flow ($M)	CFO less PP&E ($M)	Data and Applications revenue ($M)	PP&E cash purchases ($M)	Revenue excluding incremental Personalis ($M)	Capitalized software cash ($M)	Diagnostics revenue, current perimeter ($M)	GAAP gross profit proxy ($M)	Adjusted EBITDA ($M)	GAAP operating income proxy ($M)	CFO less PP&E and software ($M)
2026Q3	-13.30	-21.30	105.00	8.00	420.00	5.00	315.00	279.50	24.00	-66.00	-26.30
2026Q4	-3.42	-11.42	114.83	8.00	449.40	5.00	334.57	299.19	35.79	-58.21	-16.42
2027Q1	22.09	12.09	124.20	10.00	491.70	7.00	367.50	332.85	64.05	-36.95	5.09
2027Q2	23.16	13.16	129.60	10.00	512.10	7.00	382.50	346.25	66.45	-39.55	6.16
FY2026	-97.52	-127.85	400.00	30.33	1,600.00	16.83	1,200.00	1,047.23	65.00	-284.83	-144.68
FY2027	199.96	159.96	540.00	40.00	2,198.75	28.00	1,658.75	1,501.28	382.88	-51.12	131.96

Upside scenario

Period	Operating cash flow ($M)	CFO less PP&E ($M)	Data and Applications revenue ($M)	PP&E cash purchases ($M)	Revenue excluding incremental Personalis ($M)	Capitalized software cash ($M)	Diagnostics revenue, current perimeter ($M)	GAAP gross profit proxy ($M)	Adjusted EBITDA ($M)	GAAP operating income proxy ($M)	CFO less PP&E and software ($M)
2026Q3	4.52	-3.48	112.00	8.00	437.00	5.00	325.00	301.11	32.00	-61.00	-8.48
2026Q4	18.89	10.89	127.83	8.00	472.40	5.00	344.57	326.17	47.79	-51.21	5.89
2027Q1	61.46	51.46	144.90	10.00	540.04	7.00	395.14	378.66	93.06	-15.94	44.46
2027Q2	64.17	54.17	151.20	10.00	562.45	7.00	411.25	393.96	96.66	-20.34	47.17
FY2026	-57.39	-87.72	420.00	30.33	1,640.00	16.83	1,220.00	1,095.82	85.00	-272.83	-104.55
FY2027	434.14	394.14	630.00	40.00	2,476.90	28.00	1,846.90	1,761.62	573.22	89.22	366.14

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	730.60 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 diagnostics h1_diagnostics	H1 2026 / shared	550.43 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 data h1_data	H1 2026 / shared	180.17 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 gross profit h1_gross_profit	H1 2026 / shared	468.54 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 adjusted ebitda h1_adjusted_ebitda	H1 2026 / shared	5.21 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 operating income h1_operating_income	H1 2026 / shared	-160.62 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 cfo h1_cfo	H1 2026 / shared	-80.80 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 capex h1_capex	H1 2026 / shared	14.33 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 software h1_software	H1 2026 / shared	6.83 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 sbc h1_sbc	H1 2026 / shared	106.83 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 security gains h1_security_gains	H1 2026 / shared	66.17 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 receivables use h1_receivables_use	H1 2026 / shared	50.56 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 equity for receivables h1_equity_for_receivables	H1 2026 / shared	8.75 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30
H1 cash after PP&E h1_fcf	H1 2026 / shared	-95.13 USD_millions	derived: Historical generic FCF scope. Formula: subtract(h1_cfo, h1_capex).
H1 cash after PP&E and software h1_cash_after_software	H1 2026 / shared	-101.96 USD_millions	derived: Software development is an additional investing outflow. Formula: subtract(h1_fcf, h1_software).
cash cash	2026Q2 / shared	599.61 USD_millions	reported: Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Primary source · 2026-07-30
marketable equities marketable_equities	2026Q2 / shared	216.38 USD_millions	reported: Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Primary source · 2026-07-30
restricted cash restricted_cash	2026Q2 / shared	4.72 USD_millions	reported: Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Primary source · 2026-07-30
q2 unrealized gain q2_unrealized_gain	2026Q2 / shared	98.50 USD_millions	reported: Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Primary source · 2026-07-30
convertible senior carrying convertible_senior_carrying	2026Q2 / shared	1,172.78 USD_millions	reported: Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Primary source · 2026-07-30
convertible promissory carrying convertible_promissory_carrying	2026Q2 / shared	187.93 USD_millions	reported: Reported millions; marketable equity value is volatile, restricted cash is unavailable, debt carrying values are not principal maturity amounts. Primary source · 2026-07-30
Cash plus marketable equities excluding restricted cash unrestricted_cash_and_equities	2026Q2 / shared	815.99 USD_millions	derived: Do not describe equity securities as cash or a guaranteed merger funding amount. Formula: sum(cash, marketable_equities).
FY2026 existing-perimeter revenue outlook low fy26_revenue_guide_low	FY2026 / shared	1,595.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-30
FY2026 existing-perimeter revenue outlook high fy26_revenue_guide_high	FY2026 / shared	1,605.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-30
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2026 existing-perimeter revenue outlook endpoint sum fy26_revenue_guide_sum	FY2026 / shared	3,200.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_revenue_guide_low, fy26_revenue_guide_high).
FY2026 existing-perimeter revenue outlook midpoint fy26_revenue_guide	FY2026 / shared	1,600.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_revenue_guide_sum, two).
FY2026 adjusted EBITDA outlook fy26_ebitda_guide	FY2026 / shared	65.00 USD_millions	management guidance: Approximately $65M, excluding the Personalis transaction. Primary source · 2026-07-30
Management illustrative tumor-only pricing benefit low tissue_potential_low	2027 discussion / shared	80.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
Management illustrative tumor-only pricing benefit high tissue_potential_high	2027 discussion / shared	100.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
Management illustrative tumor-only pricing benefit endpoint sum tissue_potential_sum	2027 discussion / shared	180.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(tissue_potential_low, tissue_potential_high).
Management illustrative tumor-only pricing benefit midpoint tissue_potential	2027 discussion / shared	90.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(tissue_potential_sum, two).
Management illustrative liquid pricing opportunity low liquid_potential_low	2027 discussion / shared	250.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
Management illustrative liquid pricing opportunity high liquid_potential_high	2027 discussion / shared	300.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
Management illustrative liquid pricing opportunity endpoint sum liquid_potential_sum	2027 discussion / shared	550.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(liquid_potential_low, liquid_potential_high).
Management illustrative liquid pricing opportunity midpoint liquid_potential	2027 discussion / shared	275.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(liquid_potential_sum, two).
Maximum optional cash fraction of merger consideration merger_cash_max_fraction	Pending merger / shared	50.0% ratio	reported: Tempus may elect up to half cash; selection and funding source were not determined in the August 31 S-4. Primary source · 2026-08-31
FY2026 revenue vs guide midpoint downside_delivery	FY2026 / downside	94.0% ratio	assumption: Desk operating sensitivity, same standalone perimeter.
FY2026 revenue downside_fy26_revenue_target	FY2026 / downside	1,504.00 USD_millions	derived: Company range midpoint times delivery factor. Formula: multiply(fy26_revenue_guide, downside_delivery).
FY2026 Data/Applications revenue downside_fy26_data_target	FY2026 / downside	370.00 USD_millions	assumption: Desk license delivery and service timing; not bookings recognized in full.
FY2026 Diagnostics revenue downside_fy26_diagnostics_target	FY2026 / downside	1,134.00 USD_millions	derived: Total existing-perimeter revenue less Data/Applications. Formula: subtract(downside_fy26_revenue_target, downside_fy26_data_target).
H2 diagnostics revenue downside_h2_diagnostics	H2 2026 / downside	583.57 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(downside_fy26_diagnostics_target, h1_diagnostics).
FY2027 diagnostics core growth multiplier downside_diagnostics_growth	FY2027 / downside	115.0% ratio	assumption: Excludes separately modeled repricing and incremental Personalis operations.
FY2027 diagnostics core revenue downside_fy27_diagnostics_core	FY2027 / downside	1,304.10 USD_millions	derived: Organic/mix growth before separately shown pricing opportunity. Formula: multiply(downside_fy26_diagnostics_target, downside_diagnostics_growth).
H2 data revenue downside_h2_data	H2 2026 / downside	189.83 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(downside_fy26_data_target, h1_data).
FY2027 data core growth multiplier downside_data_growth	FY2027 / downside	120.0% ratio	assumption: Excludes separately modeled repricing and incremental Personalis operations.
FY2027 data core revenue downside_fy27_data_core	FY2027 / downside	444.00 USD_millions	derived: Organic/mix growth before separately shown pricing opportunity. Formula: multiply(downside_fy26_data_target, downside_data_growth).
FY2026 adjusted EBITDA scenario downside_fy26_ebitda_target	FY2026 / downside	25.00 USD_millions	assumption: Base equals approximate company outlook; other cases are desk sensitivities.
H2 adjusted EBITDA downside_h2_ebitda	H2 2026 / downside	19.79 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(downside_fy26_ebitda_target, h1_adjusted_ebitda).
Realized tissue benefit versus illustrative midpoint downside_tissue_realization	FY2027 / downside	55.0% ratio	assumption: Desk timing/payer mix sensitivity; no payer-level units or price guarantee assumed.
FY2027 tissue pricing contribution downside_tissue_full_year	FY2027 / downside	49.50 USD_millions	derived: Incremental to core Diagnostics growth; no duplicated full-price revenue. Formula: multiply(tissue_potential, downside_tissue_realization).
FY2027 adjusted operating cost before D&A downside_cash_opex_year	FY2027 / downside	1,100.00 USD_millions	assumption: Desk operating expense excluding SBC, D&A, payroll on awards and acquisition adjustments.
Diagnostics revenue downside_2026q3_diagnostics	2026Q3 / downside	295.00 USD_millions	assumption: Desk assumption, not company guidance.
Data/Applications revenue downside_2026q3_data	2026Q3 / downside	96.00 USD_millions	assumption: Desk assumption, not company guidance.
Incremental 2027 pricing contribution downside_2026q3_pricing	2026Q3 / downside	0.00 USD_millions	assumption: No 2027 repricing benefit pulled into 2026.
Revenue excluding incremental Personalis downside_2026q3_revenue	2026Q3 / downside	391.00 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(downside_2026q3_diagnostics, downside_2026q3_data).
Diagnostics core adjusted gross margin downside_2026q3_diag_margin	2026Q3 / downside	60.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution downside_2026q3_diagnostics_core_gross	2026Q3 / downside	177.00 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(downside_2026q3_diagnostics, downside_2026q3_diag_margin).
Incremental pricing contribution margin downside_2026q3_pricing_margin	2026Q3 / downside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution downside_2026q3_pricing_gross	2026Q3 / downside	0.00 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(downside_2026q3_pricing, downside_2026q3_pricing_margin).
Data/Applications adjusted gross margin downside_2026q3_data_margin	2026Q3 / downside	69.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution downside_2026q3_data_gross	2026Q3 / downside	66.24 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(downside_2026q3_data, downside_2026q3_data_margin).
Adjusted gross contribution downside_2026q3_adjusted_gross	2026Q3 / downside	243.24 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(downside_2026q3_diagnostics_core_gross, downside_2026q3_pricing_gross, downside_2026q3_data_gross).
Cost-of-revenue SBC and payroll adjustments downside_2026q3_cogs_adjustments	2026Q3 / downside	4.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy downside_2026q3_gross_profit	2026Q3 / downside	239.24 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(downside_2026q3_adjusted_gross, downside_2026q3_cogs_adjustments).
Adjusted EBITDA downside_2026q3_adjusted_ebitda	2026Q3 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Total stock compensation expense downside_2026q3_sbc	2026Q3 / downside	58.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization downside_2026q3_da	2026Q3 / downside	28.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation downside_2026q3_payroll	2026Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses downside_2026q3_acquisition_costs	2026Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions downside_2026q3_gaap_charges	2026Q3 / downside	90.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_payroll, downside_2026q3_acquisition_costs).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-85.00 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(downside_2026q3_adjusted_ebitda, downside_2026q3_gaap_charges).
Net cash interest and tax contribution downside_2026q3_net_interest_tax	2026Q3 / downside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital downside_2026q3_cash_before_wc	2026Q3 / downside	-5.00 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_net_interest_tax).
Working-capital cash use / revenue downside_2026q3_wc_rate	2026Q3 / downside	9.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use downside_2026q3_wc	2026Q3 / downside	35.19 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(downside_2026q3_revenue, downside_2026q3_wc_rate).
Operating cash flow downside_2026q3_cfo	2026Q3 / downside	-40.19 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(downside_2026q3_cash_before_wc, downside_2026q3_wc).
PP&E cash purchases downside_2026q3_capex	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash downside_2026q3_software	2026Q3 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E downside_2026q3_fcf	2026Q3 / downside	-48.19 USD_millions	derived: Generic historical cash scope. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Cash after PP&E and software downside_2026q3_cash_after_software	2026Q3 / downside	-53.19 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(downside_2026q3_fcf, downside_2026q3_software).
Diagnostics revenue downside_2026q4_diagnostics	2026Q4 / downside	288.57 USD_millions	derived: Annual segment scenario less H1 and Q3. Formula: subtract(downside_h2_diagnostics, downside_2026q3_diagnostics).
Data/Applications revenue downside_2026q4_data	2026Q4 / downside	93.83 USD_millions	derived: Bookings convert according to assumed delivery timing. Formula: subtract(downside_h2_data, downside_2026q3_data).
Incremental 2027 pricing contribution downside_2026q4_pricing	2026Q4 / downside	0.00 USD_millions	assumption: No 2027 repricing benefit pulled into 2026.
Revenue excluding incremental Personalis downside_2026q4_revenue	2026Q4 / downside	382.40 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(downside_2026q4_diagnostics, downside_2026q4_data).
Diagnostics core adjusted gross margin downside_2026q4_diag_margin	2026Q4 / downside	60.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution downside_2026q4_diagnostics_core_gross	2026Q4 / downside	173.14 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(downside_2026q4_diagnostics, downside_2026q4_diag_margin).
Incremental pricing contribution margin downside_2026q4_pricing_margin	2026Q4 / downside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution downside_2026q4_pricing_gross	2026Q4 / downside	0.00 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(downside_2026q4_pricing, downside_2026q4_pricing_margin).
Data/Applications adjusted gross margin downside_2026q4_data_margin	2026Q4 / downside	69.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution downside_2026q4_data_gross	2026Q4 / downside	64.74 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(downside_2026q4_data, downside_2026q4_data_margin).
Adjusted gross contribution downside_2026q4_adjusted_gross	2026Q4 / downside	237.88 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(downside_2026q4_diagnostics_core_gross, downside_2026q4_pricing_gross, downside_2026q4_data_gross).
Cost-of-revenue SBC and payroll adjustments downside_2026q4_cogs_adjustments	2026Q4 / downside	4.40 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy downside_2026q4_gross_profit	2026Q4 / downside	233.48 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(downside_2026q4_adjusted_gross, downside_2026q4_cogs_adjustments).
Adjusted EBITDA downside_2026q4_adjusted_ebitda	2026Q4 / downside	14.79 USD_millions	derived: Remaining company-outlook reference after actual H1 and Q3. Formula: subtract(downside_h2_ebitda, downside_2026q3_adjusted_ebitda).
Total stock compensation expense downside_2026q4_sbc	2026Q4 / downside	62.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization downside_2026q4_da	2026Q4 / downside	28.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation downside_2026q4_payroll	2026Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses downside_2026q4_acquisition_costs	2026Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions downside_2026q4_gaap_charges	2026Q4 / downside	94.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_payroll, downside_2026q4_acquisition_costs).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-79.21 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(downside_2026q4_adjusted_ebitda, downside_2026q4_gaap_charges).
Net cash interest and tax contribution downside_2026q4_net_interest_tax	2026Q4 / downside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital downside_2026q4_cash_before_wc	2026Q4 / downside	4.79 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_net_interest_tax).
Working-capital cash use / revenue downside_2026q4_wc_rate	2026Q4 / downside	9.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use downside_2026q4_wc	2026Q4 / downside	34.42 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(downside_2026q4_revenue, downside_2026q4_wc_rate).
Operating cash flow downside_2026q4_cfo	2026Q4 / downside	-29.63 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(downside_2026q4_cash_before_wc, downside_2026q4_wc).
PP&E cash purchases downside_2026q4_capex	2026Q4 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash downside_2026q4_software	2026Q4 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E downside_2026q4_fcf	2026Q4 / downside	-37.63 USD_millions	derived: Generic historical cash scope. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Cash after PP&E and software downside_2026q4_cash_after_software	2026Q4 / downside	-42.63 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(downside_2026q4_fcf, downside_2026q4_software).
Annual core revenue quarter share downside_2027q1_weight	2027Q1 / downside	23.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing downside_2027q1_diagnostics_core	2027Q1 / downside	299.94 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(downside_fy27_diagnostics_core, downside_2027q1_weight).
Annual tissue benefit quarterly share downside_2027q1_tissue_weight	2027Q1 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution downside_2027q1_tissue	2027Q1 / downside	12.38 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(downside_tissue_full_year, downside_2027q1_tissue_weight).
Fraction of potential full-effect liquid opportunity downside_2027q1_liquid_realization	2027Q1 / downside	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution downside_2027q1_liquid	2027Q1 / downside	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, downside_2027q1_liquid_realization).
Total incremental diagnostics pricing downside_2027q1_pricing	2027Q1 / downside	12.38 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(downside_2027q1_tissue, downside_2027q1_liquid).
Diagnostics revenue downside_2027q1_diagnostics	2027Q1 / downside	312.32 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(downside_2027q1_diagnostics_core, downside_2027q1_pricing).
Data/Applications revenue downside_2027q1_data	2027Q1 / downside	102.12 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(downside_fy27_data_core, downside_2027q1_weight).
Revenue excluding incremental Personalis downside_2027q1_revenue	2027Q1 / downside	414.44 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(downside_2027q1_diagnostics, downside_2027q1_data).
Diagnostics core adjusted gross margin downside_2027q1_diag_margin	2027Q1 / downside	60.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution downside_2027q1_diagnostics_core_gross	2027Q1 / downside	179.97 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(downside_2027q1_diagnostics_core, downside_2027q1_diag_margin).
Incremental pricing contribution margin downside_2027q1_pricing_margin	2027Q1 / downside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution downside_2027q1_pricing_gross	2027Q1 / downside	11.14 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(downside_2027q1_pricing, downside_2027q1_pricing_margin).
Data/Applications adjusted gross margin downside_2027q1_data_margin	2027Q1 / downside	69.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution downside_2027q1_data_gross	2027Q1 / downside	70.46 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(downside_2027q1_data, downside_2027q1_data_margin).
Adjusted gross contribution downside_2027q1_adjusted_gross	2027Q1 / downside	261.57 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(downside_2027q1_diagnostics_core_gross, downside_2027q1_pricing_gross, downside_2027q1_data_gross).
Cost-of-revenue SBC and payroll adjustments downside_2027q1_cogs_adjustments	2027Q1 / downside	4.80 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy downside_2027q1_gross_profit	2027Q1 / downside	256.77 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(downside_2027q1_adjusted_gross, downside_2027q1_cogs_adjustments).
Annual expense quarter share downside_2027q1_opex_weight	2027Q1 / downside	24.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A downside_2027q1_cash_opex	2027Q1 / downside	264.00 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(downside_cash_opex_year, downside_2027q1_opex_weight).
Adjusted EBITDA downside_2027q1_adjusted_ebitda	2027Q1 / downside	-2.43 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(downside_2027q1_adjusted_gross, downside_2027q1_cash_opex).
Total stock compensation expense downside_2027q1_sbc	2027Q1 / downside	64.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization downside_2027q1_da	2027Q1 / downside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation downside_2027q1_payroll	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses downside_2027q1_acquisition_costs	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions downside_2027q1_gaap_charges	2027Q1 / downside	98.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_payroll, downside_2027q1_acquisition_costs).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-100.43 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(downside_2027q1_adjusted_ebitda, downside_2027q1_gaap_charges).
Net cash interest and tax contribution downside_2027q1_net_interest_tax	2027Q1 / downside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital downside_2027q1_cash_before_wc	2027Q1 / downside	-12.43 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_net_interest_tax).
Working-capital cash use / revenue downside_2027q1_wc_rate	2027Q1 / downside	9.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use downside_2027q1_wc	2027Q1 / downside	37.30 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(downside_2027q1_revenue, downside_2027q1_wc_rate).
Operating cash flow downside_2027q1_cfo	2027Q1 / downside	-49.73 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(downside_2027q1_cash_before_wc, downside_2027q1_wc).
PP&E cash purchases downside_2027q1_capex	2027Q1 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash downside_2027q1_software	2027Q1 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E downside_2027q1_fcf	2027Q1 / downside	-59.73 USD_millions	derived: Generic historical cash scope. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Cash after PP&E and software downside_2027q1_cash_after_software	2027Q1 / downside	-66.73 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(downside_2027q1_fcf, downside_2027q1_software).
Annual core revenue quarter share downside_2027q2_weight	2027Q2 / downside	24.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing downside_2027q2_diagnostics_core	2027Q2 / downside	312.98 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(downside_fy27_diagnostics_core, downside_2027q2_weight).
Annual tissue benefit quarterly share downside_2027q2_tissue_weight	2027Q2 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution downside_2027q2_tissue	2027Q2 / downside	12.38 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(downside_tissue_full_year, downside_2027q2_tissue_weight).
Fraction of potential full-effect liquid opportunity downside_2027q2_liquid_realization	2027Q2 / downside	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution downside_2027q2_liquid	2027Q2 / downside	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, downside_2027q2_liquid_realization).
Total incremental diagnostics pricing downside_2027q2_pricing	2027Q2 / downside	12.38 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(downside_2027q2_tissue, downside_2027q2_liquid).
Diagnostics revenue downside_2027q2_diagnostics	2027Q2 / downside	325.36 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(downside_2027q2_diagnostics_core, downside_2027q2_pricing).
Data/Applications revenue downside_2027q2_data	2027Q2 / downside	106.56 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(downside_fy27_data_core, downside_2027q2_weight).
Revenue excluding incremental Personalis downside_2027q2_revenue	2027Q2 / downside	431.92 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(downside_2027q2_diagnostics, downside_2027q2_data).
Diagnostics core adjusted gross margin downside_2027q2_diag_margin	2027Q2 / downside	60.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution downside_2027q2_diagnostics_core_gross	2027Q2 / downside	187.79 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(downside_2027q2_diagnostics_core, downside_2027q2_diag_margin).
Incremental pricing contribution margin downside_2027q2_pricing_margin	2027Q2 / downside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution downside_2027q2_pricing_gross	2027Q2 / downside	11.14 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(downside_2027q2_pricing, downside_2027q2_pricing_margin).
Data/Applications adjusted gross margin downside_2027q2_data_margin	2027Q2 / downside	69.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution downside_2027q2_data_gross	2027Q2 / downside	73.53 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(downside_2027q2_data, downside_2027q2_data_margin).
Adjusted gross contribution downside_2027q2_adjusted_gross	2027Q2 / downside	272.45 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(downside_2027q2_diagnostics_core_gross, downside_2027q2_pricing_gross, downside_2027q2_data_gross).
Cost-of-revenue SBC and payroll adjustments downside_2027q2_cogs_adjustments	2027Q2 / downside	5.20 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy downside_2027q2_gross_profit	2027Q2 / downside	267.25 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(downside_2027q2_adjusted_gross, downside_2027q2_cogs_adjustments).
Annual expense quarter share downside_2027q2_opex_weight	2027Q2 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A downside_2027q2_cash_opex	2027Q2 / downside	275.00 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(downside_cash_opex_year, downside_2027q2_opex_weight).
Adjusted EBITDA downside_2027q2_adjusted_ebitda	2027Q2 / downside	-2.55 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(downside_2027q2_adjusted_gross, downside_2027q2_cash_opex).
Total stock compensation expense downside_2027q2_sbc	2027Q2 / downside	67.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization downside_2027q2_da	2027Q2 / downside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation downside_2027q2_payroll	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses downside_2027q2_acquisition_costs	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions downside_2027q2_gaap_charges	2027Q2 / downside	101.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_payroll, downside_2027q2_acquisition_costs).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-103.55 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(downside_2027q2_adjusted_ebitda, downside_2027q2_gaap_charges).
Net cash interest and tax contribution downside_2027q2_net_interest_tax	2027Q2 / downside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital downside_2027q2_cash_before_wc	2027Q2 / downside	-12.55 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_net_interest_tax).
Working-capital cash use / revenue downside_2027q2_wc_rate	2027Q2 / downside	9.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use downside_2027q2_wc	2027Q2 / downside	38.87 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(downside_2027q2_revenue, downside_2027q2_wc_rate).
Operating cash flow downside_2027q2_cfo	2027Q2 / downside	-51.42 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(downside_2027q2_cash_before_wc, downside_2027q2_wc).
PP&E cash purchases downside_2027q2_capex	2027Q2 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash downside_2027q2_software	2027Q2 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E downside_2027q2_fcf	2027Q2 / downside	-61.42 USD_millions	derived: Generic historical cash scope. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Cash after PP&E and software downside_2027q2_cash_after_software	2027Q2 / downside	-68.42 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(downside_2027q2_fcf, downside_2027q2_software).
Annual core revenue quarter share downside_2027q3_weight	2027Q3 / downside	26.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing downside_2027q3_diagnostics_core	2027Q3 / downside	339.07 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(downside_fy27_diagnostics_core, downside_2027q3_weight).
Annual tissue benefit quarterly share downside_2027q3_tissue_weight	2027Q3 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution downside_2027q3_tissue	2027Q3 / downside	12.38 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(downside_tissue_full_year, downside_2027q3_tissue_weight).
Fraction of potential full-effect liquid opportunity downside_2027q3_liquid_realization	2027Q3 / downside	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution downside_2027q3_liquid	2027Q3 / downside	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, downside_2027q3_liquid_realization).
Total incremental diagnostics pricing downside_2027q3_pricing	2027Q3 / downside	12.38 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(downside_2027q3_tissue, downside_2027q3_liquid).
Diagnostics revenue downside_2027q3_diagnostics	2027Q3 / downside	351.44 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(downside_2027q3_diagnostics_core, downside_2027q3_pricing).
Data/Applications revenue downside_2027q3_data	2027Q3 / downside	115.44 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(downside_fy27_data_core, downside_2027q3_weight).
Revenue excluding incremental Personalis downside_2027q3_revenue	2027Q3 / downside	466.88 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(downside_2027q3_diagnostics, downside_2027q3_data).
Diagnostics core adjusted gross margin downside_2027q3_diag_margin	2027Q3 / downside	60.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution downside_2027q3_diagnostics_core_gross	2027Q3 / downside	203.44 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(downside_2027q3_diagnostics_core, downside_2027q3_diag_margin).
Incremental pricing contribution margin downside_2027q3_pricing_margin	2027Q3 / downside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution downside_2027q3_pricing_gross	2027Q3 / downside	11.14 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(downside_2027q3_pricing, downside_2027q3_pricing_margin).
Data/Applications adjusted gross margin downside_2027q3_data_margin	2027Q3 / downside	69.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution downside_2027q3_data_gross	2027Q3 / downside	79.65 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(downside_2027q3_data, downside_2027q3_data_margin).
Adjusted gross contribution downside_2027q3_adjusted_gross	2027Q3 / downside	294.23 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(downside_2027q3_diagnostics_core_gross, downside_2027q3_pricing_gross, downside_2027q3_data_gross).
Cost-of-revenue SBC and payroll adjustments downside_2027q3_cogs_adjustments	2027Q3 / downside	5.60 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	288.63 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(downside_2027q3_adjusted_gross, downside_2027q3_cogs_adjustments).
Annual expense quarter share downside_2027q3_opex_weight	2027Q3 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A downside_2027q3_cash_opex	2027Q3 / downside	275.00 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(downside_cash_opex_year, downside_2027q3_opex_weight).
Adjusted EBITDA downside_2027q3_adjusted_ebitda	2027Q3 / downside	19.23 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(downside_2027q3_adjusted_gross, downside_2027q3_cash_opex).
Total stock compensation expense downside_2027q3_sbc	2027Q3 / downside	70.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization downside_2027q3_da	2027Q3 / downside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation downside_2027q3_payroll	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses downside_2027q3_acquisition_costs	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions downside_2027q3_gaap_charges	2027Q3 / downside	104.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_payroll, downside_2027q3_acquisition_costs).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-84.77 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(downside_2027q3_adjusted_ebitda, downside_2027q3_gaap_charges).
Net cash interest and tax contribution downside_2027q3_net_interest_tax	2027Q3 / downside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital downside_2027q3_cash_before_wc	2027Q3 / downside	9.23 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_net_interest_tax).
Working-capital cash use / revenue downside_2027q3_wc_rate	2027Q3 / downside	9.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use downside_2027q3_wc	2027Q3 / downside	42.02 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(downside_2027q3_revenue, downside_2027q3_wc_rate).
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	-32.79 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(downside_2027q3_cash_before_wc, downside_2027q3_wc).
PP&E cash purchases downside_2027q3_capex	2027Q3 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash downside_2027q3_software	2027Q3 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E downside_2027q3_fcf	2027Q3 / downside	-42.79 USD_millions	derived: Generic historical cash scope. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Cash after PP&E and software downside_2027q3_cash_after_software	2027Q3 / downside	-49.79 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(downside_2027q3_fcf, downside_2027q3_software).
Annual core revenue quarter share downside_2027q4_weight	2027Q4 / downside	27.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing downside_2027q4_diagnostics_core	2027Q4 / downside	352.11 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(downside_fy27_diagnostics_core, downside_2027q4_weight).
Annual tissue benefit quarterly share downside_2027q4_tissue_weight	2027Q4 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution downside_2027q4_tissue	2027Q4 / downside	12.38 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(downside_tissue_full_year, downside_2027q4_tissue_weight).
Fraction of potential full-effect liquid opportunity downside_2027q4_liquid_realization	2027Q4 / downside	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution downside_2027q4_liquid	2027Q4 / downside	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, downside_2027q4_liquid_realization).
Total incremental diagnostics pricing downside_2027q4_pricing	2027Q4 / downside	12.38 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(downside_2027q4_tissue, downside_2027q4_liquid).
Diagnostics revenue downside_2027q4_diagnostics	2027Q4 / downside	364.48 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(downside_2027q4_diagnostics_core, downside_2027q4_pricing).
Data/Applications revenue downside_2027q4_data	2027Q4 / downside	119.88 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(downside_fy27_data_core, downside_2027q4_weight).
Revenue excluding incremental Personalis downside_2027q4_revenue	2027Q4 / downside	484.36 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(downside_2027q4_diagnostics, downside_2027q4_data).
Diagnostics core adjusted gross margin downside_2027q4_diag_margin	2027Q4 / downside	60.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution downside_2027q4_diagnostics_core_gross	2027Q4 / downside	211.26 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(downside_2027q4_diagnostics_core, downside_2027q4_diag_margin).
Incremental pricing contribution margin downside_2027q4_pricing_margin	2027Q4 / downside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution downside_2027q4_pricing_gross	2027Q4 / downside	11.14 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(downside_2027q4_pricing, downside_2027q4_pricing_margin).
Data/Applications adjusted gross margin downside_2027q4_data_margin	2027Q4 / downside	69.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution downside_2027q4_data_gross	2027Q4 / downside	82.72 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(downside_2027q4_data, downside_2027q4_data_margin).
Adjusted gross contribution downside_2027q4_adjusted_gross	2027Q4 / downside	305.12 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(downside_2027q4_diagnostics_core_gross, downside_2027q4_pricing_gross, downside_2027q4_data_gross).
Cost-of-revenue SBC and payroll adjustments downside_2027q4_cogs_adjustments	2027Q4 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	299.12 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(downside_2027q4_adjusted_gross, downside_2027q4_cogs_adjustments).
Annual expense quarter share downside_2027q4_opex_weight	2027Q4 / downside	26.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A downside_2027q4_cash_opex	2027Q4 / downside	286.00 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(downside_cash_opex_year, downside_2027q4_opex_weight).
Adjusted EBITDA downside_2027q4_adjusted_ebitda	2027Q4 / downside	19.12 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(downside_2027q4_adjusted_gross, downside_2027q4_cash_opex).
Total stock compensation expense downside_2027q4_sbc	2027Q4 / downside	73.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization downside_2027q4_da	2027Q4 / downside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation downside_2027q4_payroll	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses downside_2027q4_acquisition_costs	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions downside_2027q4_gaap_charges	2027Q4 / downside	107.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_payroll, downside_2027q4_acquisition_costs).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-87.88 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(downside_2027q4_adjusted_ebitda, downside_2027q4_gaap_charges).
Net cash interest and tax contribution downside_2027q4_net_interest_tax	2027Q4 / downside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital downside_2027q4_cash_before_wc	2027Q4 / downside	9.12 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_net_interest_tax).
Working-capital cash use / revenue downside_2027q4_wc_rate	2027Q4 / downside	9.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use downside_2027q4_wc	2027Q4 / downside	43.59 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(downside_2027q4_revenue, downside_2027q4_wc_rate).
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	-34.47 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(downside_2027q4_cash_before_wc, downside_2027q4_wc).
PP&E cash purchases downside_2027q4_capex	2027Q4 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash downside_2027q4_software	2027Q4 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E downside_2027q4_fcf	2027Q4 / downside	-44.47 USD_millions	derived: Generic historical cash scope. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Cash after PP&E and software downside_2027q4_cash_after_software	2027Q4 / downside	-51.47 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(downside_2027q4_fcf, downside_2027q4_software).
Revenue excluding incremental Personalis ($M) downside_fy2026_revenue	FY2026 / downside	1,504.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Diagnostics revenue, current perimeter ($M) downside_fy2026_diagnostics	FY2026 / downside	1,134.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_diagnostics, downside_2026q3_diagnostics, downside_2026q4_diagnostics).
Data and Applications revenue ($M) downside_fy2026_data	FY2026 / downside	370.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_data, downside_2026q3_data, downside_2026q4_data).
GAAP gross profit proxy ($M) downside_fy2026_gross_profit	FY2026 / downside	941.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
Adjusted EBITDA ($M) downside_fy2026_adjusted_ebitda	FY2026 / downside	25.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, downside_2026q3_adjusted_ebitda, downside_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-324.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Operating cash flow ($M) downside_fy2026_cfo	FY2026 / downside	-150.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
PP&E cash purchases ($M) downside_fy2026_capex	FY2026 / downside	30.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
Capitalized software cash ($M) downside_fy2026_software	FY2026 / downside	16.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, downside_2026q3_software, downside_2026q4_software).
CFO less PP&E ($M) downside_fy2026_fcf	FY2026 / downside	-180.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
CFO less PP&E and software ($M) downside_fy2026_cash_after_software	FY2026 / downside	-197.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_software, downside_2026q3_cash_after_software, downside_2026q4_cash_after_software).
Revenue excluding incremental Personalis ($M) downside_fy2027_revenue	FY2027 / downside	1,797.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Diagnostics revenue, current perimeter ($M) downside_fy2027_diagnostics	FY2027 / downside	1,353.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_diagnostics, downside_2027q2_diagnostics, downside_2027q3_diagnostics, downside_2027q4_diagnostics).
Data and Applications revenue ($M) downside_fy2027_data	FY2027 / downside	444.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_data, downside_2027q2_data, downside_2027q3_data, downside_2027q4_data).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	1,111.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
Adjusted EBITDA ($M) downside_fy2027_adjusted_ebitda	FY2027 / downside	33.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adjusted_ebitda, downside_2027q2_adjusted_ebitda, downside_2027q3_adjusted_ebitda, downside_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-376.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow ($M) downside_fy2027_cfo	FY2027 / downside	-168.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
PP&E cash purchases ($M) downside_fy2027_capex	FY2027 / downside	40.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Capitalized software cash ($M) downside_fy2027_software	FY2027 / downside	28.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_software, downside_2027q2_software, downside_2027q3_software, downside_2027q4_software).
CFO less PP&E ($M) downside_fy2027_fcf	FY2027 / downside	-208.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
CFO less PP&E and software ($M) downside_fy2027_cash_after_software	FY2027 / downside	-236.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_software, downside_2027q2_cash_after_software, downside_2027q3_cash_after_software, downside_2027q4_cash_after_software).
FY2026 revenue vs guide midpoint base_delivery	FY2026 / base	100.0% ratio	assumption: Desk operating sensitivity, same standalone perimeter.
FY2026 revenue base_fy26_revenue_target	FY2026 / base	1,600.00 USD_millions	derived: Company range midpoint times delivery factor. Formula: multiply(fy26_revenue_guide, base_delivery).
FY2026 Data/Applications revenue base_fy26_data_target	FY2026 / base	400.00 USD_millions	assumption: Desk license delivery and service timing; not bookings recognized in full.
FY2026 Diagnostics revenue base_fy26_diagnostics_target	FY2026 / base	1,200.00 USD_millions	derived: Total existing-perimeter revenue less Data/Applications. Formula: subtract(base_fy26_revenue_target, base_fy26_data_target).
H2 diagnostics revenue base_h2_diagnostics	H2 2026 / base	649.57 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(base_fy26_diagnostics_target, h1_diagnostics).
FY2027 diagnostics core growth multiplier base_diagnostics_growth	FY2027 / base	125.0% ratio	assumption: Excludes separately modeled repricing and incremental Personalis operations.
FY2027 diagnostics core revenue base_fy27_diagnostics_core	FY2027 / base	1,500.00 USD_millions	derived: Organic/mix growth before separately shown pricing opportunity. Formula: multiply(base_fy26_diagnostics_target, base_diagnostics_growth).
H2 data revenue base_h2_data	H2 2026 / base	219.83 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(base_fy26_data_target, h1_data).
FY2027 data core growth multiplier base_data_growth	FY2027 / base	135.0% ratio	assumption: Excludes separately modeled repricing and incremental Personalis operations.
FY2027 data core revenue base_fy27_data_core	FY2027 / base	540.00 USD_millions	derived: Organic/mix growth before separately shown pricing opportunity. Formula: multiply(base_fy26_data_target, base_data_growth).
FY2026 adjusted EBITDA scenario base_fy26_ebitda_target	FY2026 / base	65.00 USD_millions	assumption: Base equals approximate company outlook; other cases are desk sensitivities.
H2 adjusted EBITDA base_h2_ebitda	H2 2026 / base	59.79 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(base_fy26_ebitda_target, h1_adjusted_ebitda).
Realized tissue benefit versus illustrative midpoint base_tissue_realization	FY2027 / base	100.0% ratio	assumption: Desk timing/payer mix sensitivity; no payer-level units or price guarantee assumed.
FY2027 tissue pricing contribution base_tissue_full_year	FY2027 / base	90.00 USD_millions	derived: Incremental to core Diagnostics growth; no duplicated full-price revenue. Formula: multiply(tissue_potential, base_tissue_realization).
FY2027 adjusted operating cost before D&A base_cash_opex_year	FY2027 / base	1,140.00 USD_millions	assumption: Desk operating expense excluding SBC, D&A, payroll on awards and acquisition adjustments.
Diagnostics revenue base_2026q3_diagnostics	2026Q3 / base	315.00 USD_millions	assumption: Desk assumption, not company guidance.
Data/Applications revenue base_2026q3_data	2026Q3 / base	105.00 USD_millions	assumption: Desk assumption, not company guidance.
Incremental 2027 pricing contribution base_2026q3_pricing	2026Q3 / base	0.00 USD_millions	assumption: No 2027 repricing benefit pulled into 2026.
Revenue excluding incremental Personalis base_2026q3_revenue	2026Q3 / base	420.00 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(base_2026q3_diagnostics, base_2026q3_data).
Diagnostics core adjusted gross margin base_2026q3_diag_margin	2026Q3 / base	65.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution base_2026q3_diagnostics_core_gross	2026Q3 / base	204.75 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(base_2026q3_diagnostics, base_2026q3_diag_margin).
Incremental pricing contribution margin base_2026q3_pricing_margin	2026Q3 / base	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution base_2026q3_pricing_gross	2026Q3 / base	0.00 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(base_2026q3_pricing, base_2026q3_pricing_margin).
Data/Applications adjusted gross margin base_2026q3_data_margin	2026Q3 / base	75.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution base_2026q3_data_gross	2026Q3 / base	78.75 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(base_2026q3_data, base_2026q3_data_margin).
Adjusted gross contribution base_2026q3_adjusted_gross	2026Q3 / base	283.50 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(base_2026q3_diagnostics_core_gross, base_2026q3_pricing_gross, base_2026q3_data_gross).
Cost-of-revenue SBC and payroll adjustments base_2026q3_cogs_adjustments	2026Q3 / base	4.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy base_2026q3_gross_profit	2026Q3 / base	279.50 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(base_2026q3_adjusted_gross, base_2026q3_cogs_adjustments).
Adjusted EBITDA base_2026q3_adjusted_ebitda	2026Q3 / base	24.00 USD_millions	assumption: Desk assumption, not company guidance.
Total stock compensation expense base_2026q3_sbc	2026Q3 / base	58.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization base_2026q3_da	2026Q3 / base	28.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation base_2026q3_payroll	2026Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses base_2026q3_acquisition_costs	2026Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions base_2026q3_gaap_charges	2026Q3 / base	90.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(base_2026q3_sbc, base_2026q3_da, base_2026q3_payroll, base_2026q3_acquisition_costs).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	-66.00 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(base_2026q3_adjusted_ebitda, base_2026q3_gaap_charges).
Net cash interest and tax contribution base_2026q3_net_interest_tax	2026Q3 / base	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital base_2026q3_cash_before_wc	2026Q3 / base	14.00 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_da, base_2026q3_net_interest_tax).
Working-capital cash use / revenue base_2026q3_wc_rate	2026Q3 / base	6.5% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use base_2026q3_wc	2026Q3 / base	27.30 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(base_2026q3_revenue, base_2026q3_wc_rate).
Operating cash flow base_2026q3_cfo	2026Q3 / base	-13.30 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(base_2026q3_cash_before_wc, base_2026q3_wc).
PP&E cash purchases base_2026q3_capex	2026Q3 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash base_2026q3_software	2026Q3 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E base_2026q3_fcf	2026Q3 / base	-21.30 USD_millions	derived: Generic historical cash scope. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Cash after PP&E and software base_2026q3_cash_after_software	2026Q3 / base	-26.30 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(base_2026q3_fcf, base_2026q3_software).
Diagnostics revenue base_2026q4_diagnostics	2026Q4 / base	334.57 USD_millions	derived: Annual segment scenario less H1 and Q3. Formula: subtract(base_h2_diagnostics, base_2026q3_diagnostics).
Data/Applications revenue base_2026q4_data	2026Q4 / base	114.83 USD_millions	derived: Bookings convert according to assumed delivery timing. Formula: subtract(base_h2_data, base_2026q3_data).
Incremental 2027 pricing contribution base_2026q4_pricing	2026Q4 / base	0.00 USD_millions	assumption: No 2027 repricing benefit pulled into 2026.
Revenue excluding incremental Personalis base_2026q4_revenue	2026Q4 / base	449.40 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(base_2026q4_diagnostics, base_2026q4_data).
Diagnostics core adjusted gross margin base_2026q4_diag_margin	2026Q4 / base	65.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution base_2026q4_diagnostics_core_gross	2026Q4 / base	217.47 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(base_2026q4_diagnostics, base_2026q4_diag_margin).
Incremental pricing contribution margin base_2026q4_pricing_margin	2026Q4 / base	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution base_2026q4_pricing_gross	2026Q4 / base	0.00 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(base_2026q4_pricing, base_2026q4_pricing_margin).
Data/Applications adjusted gross margin base_2026q4_data_margin	2026Q4 / base	75.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution base_2026q4_data_gross	2026Q4 / base	86.12 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(base_2026q4_data, base_2026q4_data_margin).
Adjusted gross contribution base_2026q4_adjusted_gross	2026Q4 / base	303.59 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(base_2026q4_diagnostics_core_gross, base_2026q4_pricing_gross, base_2026q4_data_gross).
Cost-of-revenue SBC and payroll adjustments base_2026q4_cogs_adjustments	2026Q4 / base	4.40 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy base_2026q4_gross_profit	2026Q4 / base	299.19 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(base_2026q4_adjusted_gross, base_2026q4_cogs_adjustments).
Adjusted EBITDA base_2026q4_adjusted_ebitda	2026Q4 / base	35.79 USD_millions	derived: Remaining company-outlook reference after actual H1 and Q3. Formula: subtract(base_h2_ebitda, base_2026q3_adjusted_ebitda).
Total stock compensation expense base_2026q4_sbc	2026Q4 / base	62.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization base_2026q4_da	2026Q4 / base	28.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation base_2026q4_payroll	2026Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses base_2026q4_acquisition_costs	2026Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions base_2026q4_gaap_charges	2026Q4 / base	94.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(base_2026q4_sbc, base_2026q4_da, base_2026q4_payroll, base_2026q4_acquisition_costs).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	-58.21 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(base_2026q4_adjusted_ebitda, base_2026q4_gaap_charges).
Net cash interest and tax contribution base_2026q4_net_interest_tax	2026Q4 / base	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital base_2026q4_cash_before_wc	2026Q4 / base	25.79 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_net_interest_tax).
Working-capital cash use / revenue base_2026q4_wc_rate	2026Q4 / base	6.5% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use base_2026q4_wc	2026Q4 / base	29.21 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(base_2026q4_revenue, base_2026q4_wc_rate).
Operating cash flow base_2026q4_cfo	2026Q4 / base	-3.42 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(base_2026q4_cash_before_wc, base_2026q4_wc).
PP&E cash purchases base_2026q4_capex	2026Q4 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash base_2026q4_software	2026Q4 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E base_2026q4_fcf	2026Q4 / base	-11.42 USD_millions	derived: Generic historical cash scope. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Cash after PP&E and software base_2026q4_cash_after_software	2026Q4 / base	-16.42 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(base_2026q4_fcf, base_2026q4_software).
Annual core revenue quarter share base_2027q1_weight	2027Q1 / base	23.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing base_2027q1_diagnostics_core	2027Q1 / base	345.00 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(base_fy27_diagnostics_core, base_2027q1_weight).
Annual tissue benefit quarterly share base_2027q1_tissue_weight	2027Q1 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution base_2027q1_tissue	2027Q1 / base	22.50 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(base_tissue_full_year, base_2027q1_tissue_weight).
Fraction of potential full-effect liquid opportunity base_2027q1_liquid_realization	2027Q1 / base	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution base_2027q1_liquid	2027Q1 / base	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, base_2027q1_liquid_realization).
Total incremental diagnostics pricing base_2027q1_pricing	2027Q1 / base	22.50 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(base_2027q1_tissue, base_2027q1_liquid).
Diagnostics revenue base_2027q1_diagnostics	2027Q1 / base	367.50 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(base_2027q1_diagnostics_core, base_2027q1_pricing).
Data/Applications revenue base_2027q1_data	2027Q1 / base	124.20 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(base_fy27_data_core, base_2027q1_weight).
Revenue excluding incremental Personalis base_2027q1_revenue	2027Q1 / base	491.70 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(base_2027q1_diagnostics, base_2027q1_data).
Diagnostics core adjusted gross margin base_2027q1_diag_margin	2027Q1 / base	65.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution base_2027q1_diagnostics_core_gross	2027Q1 / base	224.25 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(base_2027q1_diagnostics_core, base_2027q1_diag_margin).
Incremental pricing contribution margin base_2027q1_pricing_margin	2027Q1 / base	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution base_2027q1_pricing_gross	2027Q1 / base	20.25 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(base_2027q1_pricing, base_2027q1_pricing_margin).
Data/Applications adjusted gross margin base_2027q1_data_margin	2027Q1 / base	75.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution base_2027q1_data_gross	2027Q1 / base	93.15 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(base_2027q1_data, base_2027q1_data_margin).
Adjusted gross contribution base_2027q1_adjusted_gross	2027Q1 / base	337.65 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(base_2027q1_diagnostics_core_gross, base_2027q1_pricing_gross, base_2027q1_data_gross).
Cost-of-revenue SBC and payroll adjustments base_2027q1_cogs_adjustments	2027Q1 / base	4.80 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy base_2027q1_gross_profit	2027Q1 / base	332.85 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(base_2027q1_adjusted_gross, base_2027q1_cogs_adjustments).
Annual expense quarter share base_2027q1_opex_weight	2027Q1 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A base_2027q1_cash_opex	2027Q1 / base	273.60 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(base_cash_opex_year, base_2027q1_opex_weight).
Adjusted EBITDA base_2027q1_adjusted_ebitda	2027Q1 / base	64.05 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(base_2027q1_adjusted_gross, base_2027q1_cash_opex).
Total stock compensation expense base_2027q1_sbc	2027Q1 / base	67.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization base_2027q1_da	2027Q1 / base	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation base_2027q1_payroll	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses base_2027q1_acquisition_costs	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions base_2027q1_gaap_charges	2027Q1 / base	101.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(base_2027q1_sbc, base_2027q1_da, base_2027q1_payroll, base_2027q1_acquisition_costs).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	-36.95 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(base_2027q1_adjusted_ebitda, base_2027q1_gaap_charges).
Net cash interest and tax contribution base_2027q1_net_interest_tax	2027Q1 / base	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital base_2027q1_cash_before_wc	2027Q1 / base	54.05 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_net_interest_tax).
Working-capital cash use / revenue base_2027q1_wc_rate	2027Q1 / base	6.5% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use base_2027q1_wc	2027Q1 / base	31.96 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(base_2027q1_revenue, base_2027q1_wc_rate).
Operating cash flow base_2027q1_cfo	2027Q1 / base	22.09 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(base_2027q1_cash_before_wc, base_2027q1_wc).
PP&E cash purchases base_2027q1_capex	2027Q1 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash base_2027q1_software	2027Q1 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E base_2027q1_fcf	2027Q1 / base	12.09 USD_millions	derived: Generic historical cash scope. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Cash after PP&E and software base_2027q1_cash_after_software	2027Q1 / base	5.09 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(base_2027q1_fcf, base_2027q1_software).
Annual core revenue quarter share base_2027q2_weight	2027Q2 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing base_2027q2_diagnostics_core	2027Q2 / base	360.00 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(base_fy27_diagnostics_core, base_2027q2_weight).
Annual tissue benefit quarterly share base_2027q2_tissue_weight	2027Q2 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution base_2027q2_tissue	2027Q2 / base	22.50 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(base_tissue_full_year, base_2027q2_tissue_weight).
Fraction of potential full-effect liquid opportunity base_2027q2_liquid_realization	2027Q2 / base	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution base_2027q2_liquid	2027Q2 / base	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, base_2027q2_liquid_realization).
Total incremental diagnostics pricing base_2027q2_pricing	2027Q2 / base	22.50 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(base_2027q2_tissue, base_2027q2_liquid).
Diagnostics revenue base_2027q2_diagnostics	2027Q2 / base	382.50 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(base_2027q2_diagnostics_core, base_2027q2_pricing).
Data/Applications revenue base_2027q2_data	2027Q2 / base	129.60 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(base_fy27_data_core, base_2027q2_weight).
Revenue excluding incremental Personalis base_2027q2_revenue	2027Q2 / base	512.10 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(base_2027q2_diagnostics, base_2027q2_data).
Diagnostics core adjusted gross margin base_2027q2_diag_margin	2027Q2 / base	65.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution base_2027q2_diagnostics_core_gross	2027Q2 / base	234.00 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(base_2027q2_diagnostics_core, base_2027q2_diag_margin).
Incremental pricing contribution margin base_2027q2_pricing_margin	2027Q2 / base	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution base_2027q2_pricing_gross	2027Q2 / base	20.25 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(base_2027q2_pricing, base_2027q2_pricing_margin).
Data/Applications adjusted gross margin base_2027q2_data_margin	2027Q2 / base	75.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution base_2027q2_data_gross	2027Q2 / base	97.20 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(base_2027q2_data, base_2027q2_data_margin).
Adjusted gross contribution base_2027q2_adjusted_gross	2027Q2 / base	351.45 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(base_2027q2_diagnostics_core_gross, base_2027q2_pricing_gross, base_2027q2_data_gross).
Cost-of-revenue SBC and payroll adjustments base_2027q2_cogs_adjustments	2027Q2 / base	5.20 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy base_2027q2_gross_profit	2027Q2 / base	346.25 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(base_2027q2_adjusted_gross, base_2027q2_cogs_adjustments).
Annual expense quarter share base_2027q2_opex_weight	2027Q2 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A base_2027q2_cash_opex	2027Q2 / base	285.00 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(base_cash_opex_year, base_2027q2_opex_weight).
Adjusted EBITDA base_2027q2_adjusted_ebitda	2027Q2 / base	66.45 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(base_2027q2_adjusted_gross, base_2027q2_cash_opex).
Total stock compensation expense base_2027q2_sbc	2027Q2 / base	72.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization base_2027q2_da	2027Q2 / base	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation base_2027q2_payroll	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses base_2027q2_acquisition_costs	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions base_2027q2_gaap_charges	2027Q2 / base	106.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(base_2027q2_sbc, base_2027q2_da, base_2027q2_payroll, base_2027q2_acquisition_costs).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	-39.55 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(base_2027q2_adjusted_ebitda, base_2027q2_gaap_charges).
Net cash interest and tax contribution base_2027q2_net_interest_tax	2027Q2 / base	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital base_2027q2_cash_before_wc	2027Q2 / base	56.45 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_net_interest_tax).
Working-capital cash use / revenue base_2027q2_wc_rate	2027Q2 / base	6.5% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use base_2027q2_wc	2027Q2 / base	33.29 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(base_2027q2_revenue, base_2027q2_wc_rate).
Operating cash flow base_2027q2_cfo	2027Q2 / base	23.16 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(base_2027q2_cash_before_wc, base_2027q2_wc).
PP&E cash purchases base_2027q2_capex	2027Q2 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash base_2027q2_software	2027Q2 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E base_2027q2_fcf	2027Q2 / base	13.16 USD_millions	derived: Generic historical cash scope. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Cash after PP&E and software base_2027q2_cash_after_software	2027Q2 / base	6.16 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(base_2027q2_fcf, base_2027q2_software).
Annual core revenue quarter share base_2027q3_weight	2027Q3 / base	26.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing base_2027q3_diagnostics_core	2027Q3 / base	390.00 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(base_fy27_diagnostics_core, base_2027q3_weight).
Annual tissue benefit quarterly share base_2027q3_tissue_weight	2027Q3 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution base_2027q3_tissue	2027Q3 / base	22.50 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(base_tissue_full_year, base_2027q3_tissue_weight).
Fraction of potential full-effect liquid opportunity base_2027q3_liquid_realization	2027Q3 / base	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution base_2027q3_liquid	2027Q3 / base	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, base_2027q3_liquid_realization).
Total incremental diagnostics pricing base_2027q3_pricing	2027Q3 / base	22.50 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(base_2027q3_tissue, base_2027q3_liquid).
Diagnostics revenue base_2027q3_diagnostics	2027Q3 / base	412.50 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(base_2027q3_diagnostics_core, base_2027q3_pricing).
Data/Applications revenue base_2027q3_data	2027Q3 / base	140.40 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(base_fy27_data_core, base_2027q3_weight).
Revenue excluding incremental Personalis base_2027q3_revenue	2027Q3 / base	552.90 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(base_2027q3_diagnostics, base_2027q3_data).
Diagnostics core adjusted gross margin base_2027q3_diag_margin	2027Q3 / base	65.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution base_2027q3_diagnostics_core_gross	2027Q3 / base	253.50 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(base_2027q3_diagnostics_core, base_2027q3_diag_margin).
Incremental pricing contribution margin base_2027q3_pricing_margin	2027Q3 / base	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution base_2027q3_pricing_gross	2027Q3 / base	20.25 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(base_2027q3_pricing, base_2027q3_pricing_margin).
Data/Applications adjusted gross margin base_2027q3_data_margin	2027Q3 / base	75.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution base_2027q3_data_gross	2027Q3 / base	105.30 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(base_2027q3_data, base_2027q3_data_margin).
Adjusted gross contribution base_2027q3_adjusted_gross	2027Q3 / base	379.05 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(base_2027q3_diagnostics_core_gross, base_2027q3_pricing_gross, base_2027q3_data_gross).
Cost-of-revenue SBC and payroll adjustments base_2027q3_cogs_adjustments	2027Q3 / base	5.60 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	373.45 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(base_2027q3_adjusted_gross, base_2027q3_cogs_adjustments).
Annual expense quarter share base_2027q3_opex_weight	2027Q3 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A base_2027q3_cash_opex	2027Q3 / base	285.00 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(base_cash_opex_year, base_2027q3_opex_weight).
Adjusted EBITDA base_2027q3_adjusted_ebitda	2027Q3 / base	94.05 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(base_2027q3_adjusted_gross, base_2027q3_cash_opex).
Total stock compensation expense base_2027q3_sbc	2027Q3 / base	77.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization base_2027q3_da	2027Q3 / base	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation base_2027q3_payroll	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses base_2027q3_acquisition_costs	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions base_2027q3_gaap_charges	2027Q3 / base	111.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(base_2027q3_sbc, base_2027q3_da, base_2027q3_payroll, base_2027q3_acquisition_costs).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	-16.95 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(base_2027q3_adjusted_ebitda, base_2027q3_gaap_charges).
Net cash interest and tax contribution base_2027q3_net_interest_tax	2027Q3 / base	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital base_2027q3_cash_before_wc	2027Q3 / base	84.05 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_net_interest_tax).
Working-capital cash use / revenue base_2027q3_wc_rate	2027Q3 / base	6.5% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use base_2027q3_wc	2027Q3 / base	35.94 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(base_2027q3_revenue, base_2027q3_wc_rate).
Operating cash flow base_2027q3_cfo	2027Q3 / base	48.11 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(base_2027q3_cash_before_wc, base_2027q3_wc).
PP&E cash purchases base_2027q3_capex	2027Q3 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash base_2027q3_software	2027Q3 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E base_2027q3_fcf	2027Q3 / base	38.11 USD_millions	derived: Generic historical cash scope. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Cash after PP&E and software base_2027q3_cash_after_software	2027Q3 / base	31.11 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(base_2027q3_fcf, base_2027q3_software).
Annual core revenue quarter share base_2027q4_weight	2027Q4 / base	27.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing base_2027q4_diagnostics_core	2027Q4 / base	405.00 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(base_fy27_diagnostics_core, base_2027q4_weight).
Annual tissue benefit quarterly share base_2027q4_tissue_weight	2027Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution base_2027q4_tissue	2027Q4 / base	22.50 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(base_tissue_full_year, base_2027q4_tissue_weight).
Fraction of potential full-effect liquid opportunity base_2027q4_liquid_realization	2027Q4 / base	25.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution base_2027q4_liquid	2027Q4 / base	68.75 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, base_2027q4_liquid_realization).
Total incremental diagnostics pricing base_2027q4_pricing	2027Q4 / base	91.25 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(base_2027q4_tissue, base_2027q4_liquid).
Diagnostics revenue base_2027q4_diagnostics	2027Q4 / base	496.25 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(base_2027q4_diagnostics_core, base_2027q4_pricing).
Data/Applications revenue base_2027q4_data	2027Q4 / base	145.80 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(base_fy27_data_core, base_2027q4_weight).
Revenue excluding incremental Personalis base_2027q4_revenue	2027Q4 / base	642.05 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(base_2027q4_diagnostics, base_2027q4_data).
Diagnostics core adjusted gross margin base_2027q4_diag_margin	2027Q4 / base	65.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution base_2027q4_diagnostics_core_gross	2027Q4 / base	263.25 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(base_2027q4_diagnostics_core, base_2027q4_diag_margin).
Incremental pricing contribution margin base_2027q4_pricing_margin	2027Q4 / base	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution base_2027q4_pricing_gross	2027Q4 / base	82.12 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(base_2027q4_pricing, base_2027q4_pricing_margin).
Data/Applications adjusted gross margin base_2027q4_data_margin	2027Q4 / base	75.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution base_2027q4_data_gross	2027Q4 / base	109.35 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(base_2027q4_data, base_2027q4_data_margin).
Adjusted gross contribution base_2027q4_adjusted_gross	2027Q4 / base	454.73 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(base_2027q4_diagnostics_core_gross, base_2027q4_pricing_gross, base_2027q4_data_gross).
Cost-of-revenue SBC and payroll adjustments base_2027q4_cogs_adjustments	2027Q4 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	448.73 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(base_2027q4_adjusted_gross, base_2027q4_cogs_adjustments).
Annual expense quarter share base_2027q4_opex_weight	2027Q4 / base	26.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A base_2027q4_cash_opex	2027Q4 / base	296.40 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(base_cash_opex_year, base_2027q4_opex_weight).
Adjusted EBITDA base_2027q4_adjusted_ebitda	2027Q4 / base	158.32 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(base_2027q4_adjusted_gross, base_2027q4_cash_opex).
Total stock compensation expense base_2027q4_sbc	2027Q4 / base	82.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization base_2027q4_da	2027Q4 / base	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation base_2027q4_payroll	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses base_2027q4_acquisition_costs	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions base_2027q4_gaap_charges	2027Q4 / base	116.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(base_2027q4_sbc, base_2027q4_da, base_2027q4_payroll, base_2027q4_acquisition_costs).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	42.32 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(base_2027q4_adjusted_ebitda, base_2027q4_gaap_charges).
Net cash interest and tax contribution base_2027q4_net_interest_tax	2027Q4 / base	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital base_2027q4_cash_before_wc	2027Q4 / base	148.32 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_net_interest_tax).
Working-capital cash use / revenue base_2027q4_wc_rate	2027Q4 / base	6.5% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use base_2027q4_wc	2027Q4 / base	41.73 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(base_2027q4_revenue, base_2027q4_wc_rate).
Operating cash flow base_2027q4_cfo	2027Q4 / base	106.59 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(base_2027q4_cash_before_wc, base_2027q4_wc).
PP&E cash purchases base_2027q4_capex	2027Q4 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash base_2027q4_software	2027Q4 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E base_2027q4_fcf	2027Q4 / base	96.59 USD_millions	derived: Generic historical cash scope. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Cash after PP&E and software base_2027q4_cash_after_software	2027Q4 / base	89.59 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(base_2027q4_fcf, base_2027q4_software).
Revenue excluding incremental Personalis ($M) base_fy2026_revenue	FY2026 / base	1,600.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Diagnostics revenue, current perimeter ($M) base_fy2026_diagnostics	FY2026 / base	1,200.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_diagnostics, base_2026q3_diagnostics, base_2026q4_diagnostics).
Data and Applications revenue ($M) base_fy2026_data	FY2026 / base	400.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_data, base_2026q3_data, base_2026q4_data).
GAAP gross profit proxy ($M) base_fy2026_gross_profit	FY2026 / base	1,047.23 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
Adjusted EBITDA ($M) base_fy2026_adjusted_ebitda	FY2026 / base	65.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, base_2026q3_adjusted_ebitda, base_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	-284.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Operating cash flow ($M) base_fy2026_cfo	FY2026 / base	-97.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
PP&E cash purchases ($M) base_fy2026_capex	FY2026 / base	30.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
Capitalized software cash ($M) base_fy2026_software	FY2026 / base	16.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, base_2026q3_software, base_2026q4_software).
CFO less PP&E ($M) base_fy2026_fcf	FY2026 / base	-127.85 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
CFO less PP&E and software ($M) base_fy2026_cash_after_software	FY2026 / base	-144.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_software, base_2026q3_cash_after_software, base_2026q4_cash_after_software).
Revenue excluding incremental Personalis ($M) base_fy2027_revenue	FY2027 / base	2,198.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Diagnostics revenue, current perimeter ($M) base_fy2027_diagnostics	FY2027 / base	1,658.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_diagnostics, base_2027q2_diagnostics, base_2027q3_diagnostics, base_2027q4_diagnostics).
Data and Applications revenue ($M) base_fy2027_data	FY2027 / base	540.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_data, base_2027q2_data, base_2027q3_data, base_2027q4_data).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	1,501.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
Adjusted EBITDA ($M) base_fy2027_adjusted_ebitda	FY2027 / base	382.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adjusted_ebitda, base_2027q2_adjusted_ebitda, base_2027q3_adjusted_ebitda, base_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	-51.12 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow ($M) base_fy2027_cfo	FY2027 / base	199.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
PP&E cash purchases ($M) base_fy2027_capex	FY2027 / base	40.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Capitalized software cash ($M) base_fy2027_software	FY2027 / base	28.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_software, base_2027q2_software, base_2027q3_software, base_2027q4_software).
CFO less PP&E ($M) base_fy2027_fcf	FY2027 / base	159.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
CFO less PP&E and software ($M) base_fy2027_cash_after_software	FY2027 / base	131.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_software, base_2027q2_cash_after_software, base_2027q3_cash_after_software, base_2027q4_cash_after_software).
FY2026 revenue vs guide midpoint upside_delivery	FY2026 / upside	102.5% ratio	assumption: Desk operating sensitivity, same standalone perimeter.
FY2026 revenue upside_fy26_revenue_target	FY2026 / upside	1,640.00 USD_millions	derived: Company range midpoint times delivery factor. Formula: multiply(fy26_revenue_guide, upside_delivery).
FY2026 Data/Applications revenue upside_fy26_data_target	FY2026 / upside	420.00 USD_millions	assumption: Desk license delivery and service timing; not bookings recognized in full.
FY2026 Diagnostics revenue upside_fy26_diagnostics_target	FY2026 / upside	1,220.00 USD_millions	derived: Total existing-perimeter revenue less Data/Applications. Formula: subtract(upside_fy26_revenue_target, upside_fy26_data_target).
H2 diagnostics revenue upside_h2_diagnostics	H2 2026 / upside	669.57 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(upside_fy26_diagnostics_target, h1_diagnostics).
FY2027 diagnostics core growth multiplier upside_diagnostics_growth	FY2027 / upside	132.0% ratio	assumption: Excludes separately modeled repricing and incremental Personalis operations.
FY2027 diagnostics core revenue upside_fy27_diagnostics_core	FY2027 / upside	1,610.40 USD_millions	derived: Organic/mix growth before separately shown pricing opportunity. Formula: multiply(upside_fy26_diagnostics_target, upside_diagnostics_growth).
H2 data revenue upside_h2_data	H2 2026 / upside	239.83 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(upside_fy26_data_target, h1_data).
FY2027 data core growth multiplier upside_data_growth	FY2027 / upside	150.0% ratio	assumption: Excludes separately modeled repricing and incremental Personalis operations.
FY2027 data core revenue upside_fy27_data_core	FY2027 / upside	630.00 USD_millions	derived: Organic/mix growth before separately shown pricing opportunity. Formula: multiply(upside_fy26_data_target, upside_data_growth).
FY2026 adjusted EBITDA scenario upside_fy26_ebitda_target	FY2026 / upside	85.00 USD_millions	assumption: Base equals approximate company outlook; other cases are desk sensitivities.
H2 adjusted EBITDA upside_h2_ebitda	H2 2026 / upside	79.79 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(upside_fy26_ebitda_target, h1_adjusted_ebitda).
Realized tissue benefit versus illustrative midpoint upside_tissue_realization	FY2027 / upside	110.0% ratio	assumption: Desk timing/payer mix sensitivity; no payer-level units or price guarantee assumed.
FY2027 tissue pricing contribution upside_tissue_full_year	FY2027 / upside	99.00 USD_millions	derived: Incremental to core Diagnostics growth; no duplicated full-price revenue. Formula: multiply(tissue_potential, upside_tissue_realization).
FY2027 adjusted operating cost before D&A upside_cash_opex_year	FY2027 / upside	1,210.00 USD_millions	assumption: Desk operating expense excluding SBC, D&A, payroll on awards and acquisition adjustments.
Diagnostics revenue upside_2026q3_diagnostics	2026Q3 / upside	325.00 USD_millions	assumption: Desk assumption, not company guidance.
Data/Applications revenue upside_2026q3_data	2026Q3 / upside	112.00 USD_millions	assumption: Desk assumption, not company guidance.
Incremental 2027 pricing contribution upside_2026q3_pricing	2026Q3 / upside	0.00 USD_millions	assumption: No 2027 repricing benefit pulled into 2026.
Revenue excluding incremental Personalis upside_2026q3_revenue	2026Q3 / upside	437.00 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(upside_2026q3_diagnostics, upside_2026q3_data).
Diagnostics core adjusted gross margin upside_2026q3_diag_margin	2026Q3 / upside	67.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution upside_2026q3_diagnostics_core_gross	2026Q3 / upside	217.75 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(upside_2026q3_diagnostics, upside_2026q3_diag_margin).
Incremental pricing contribution margin upside_2026q3_pricing_margin	2026Q3 / upside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution upside_2026q3_pricing_gross	2026Q3 / upside	0.00 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(upside_2026q3_pricing, upside_2026q3_pricing_margin).
Data/Applications adjusted gross margin upside_2026q3_data_margin	2026Q3 / upside	78.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution upside_2026q3_data_gross	2026Q3 / upside	87.36 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(upside_2026q3_data, upside_2026q3_data_margin).
Adjusted gross contribution upside_2026q3_adjusted_gross	2026Q3 / upside	305.11 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(upside_2026q3_diagnostics_core_gross, upside_2026q3_pricing_gross, upside_2026q3_data_gross).
Cost-of-revenue SBC and payroll adjustments upside_2026q3_cogs_adjustments	2026Q3 / upside	4.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy upside_2026q3_gross_profit	2026Q3 / upside	301.11 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(upside_2026q3_adjusted_gross, upside_2026q3_cogs_adjustments).
Adjusted EBITDA upside_2026q3_adjusted_ebitda	2026Q3 / upside	32.00 USD_millions	assumption: Desk assumption, not company guidance.
Total stock compensation expense upside_2026q3_sbc	2026Q3 / upside	61.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization upside_2026q3_da	2026Q3 / upside	28.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation upside_2026q3_payroll	2026Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses upside_2026q3_acquisition_costs	2026Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions upside_2026q3_gaap_charges	2026Q3 / upside	93.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_payroll, upside_2026q3_acquisition_costs).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	-61.00 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(upside_2026q3_adjusted_ebitda, upside_2026q3_gaap_charges).
Net cash interest and tax contribution upside_2026q3_net_interest_tax	2026Q3 / upside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital upside_2026q3_cash_before_wc	2026Q3 / upside	22.00 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_net_interest_tax).
Working-capital cash use / revenue upside_2026q3_wc_rate	2026Q3 / upside	4.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use upside_2026q3_wc	2026Q3 / upside	17.48 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(upside_2026q3_revenue, upside_2026q3_wc_rate).
Operating cash flow upside_2026q3_cfo	2026Q3 / upside	4.52 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(upside_2026q3_cash_before_wc, upside_2026q3_wc).
PP&E cash purchases upside_2026q3_capex	2026Q3 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash upside_2026q3_software	2026Q3 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E upside_2026q3_fcf	2026Q3 / upside	-3.48 USD_millions	derived: Generic historical cash scope. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Cash after PP&E and software upside_2026q3_cash_after_software	2026Q3 / upside	-8.48 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(upside_2026q3_fcf, upside_2026q3_software).
Diagnostics revenue upside_2026q4_diagnostics	2026Q4 / upside	344.57 USD_millions	derived: Annual segment scenario less H1 and Q3. Formula: subtract(upside_h2_diagnostics, upside_2026q3_diagnostics).
Data/Applications revenue upside_2026q4_data	2026Q4 / upside	127.83 USD_millions	derived: Bookings convert according to assumed delivery timing. Formula: subtract(upside_h2_data, upside_2026q3_data).
Incremental 2027 pricing contribution upside_2026q4_pricing	2026Q4 / upside	0.00 USD_millions	assumption: No 2027 repricing benefit pulled into 2026.
Revenue excluding incremental Personalis upside_2026q4_revenue	2026Q4 / upside	472.40 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(upside_2026q4_diagnostics, upside_2026q4_data).
Diagnostics core adjusted gross margin upside_2026q4_diag_margin	2026Q4 / upside	67.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution upside_2026q4_diagnostics_core_gross	2026Q4 / upside	230.86 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(upside_2026q4_diagnostics, upside_2026q4_diag_margin).
Incremental pricing contribution margin upside_2026q4_pricing_margin	2026Q4 / upside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution upside_2026q4_pricing_gross	2026Q4 / upside	0.00 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(upside_2026q4_pricing, upside_2026q4_pricing_margin).
Data/Applications adjusted gross margin upside_2026q4_data_margin	2026Q4 / upside	78.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution upside_2026q4_data_gross	2026Q4 / upside	99.71 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(upside_2026q4_data, upside_2026q4_data_margin).
Adjusted gross contribution upside_2026q4_adjusted_gross	2026Q4 / upside	330.57 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(upside_2026q4_diagnostics_core_gross, upside_2026q4_pricing_gross, upside_2026q4_data_gross).
Cost-of-revenue SBC and payroll adjustments upside_2026q4_cogs_adjustments	2026Q4 / upside	4.40 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy upside_2026q4_gross_profit	2026Q4 / upside	326.17 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(upside_2026q4_adjusted_gross, upside_2026q4_cogs_adjustments).
Adjusted EBITDA upside_2026q4_adjusted_ebitda	2026Q4 / upside	47.79 USD_millions	derived: Remaining company-outlook reference after actual H1 and Q3. Formula: subtract(upside_h2_ebitda, upside_2026q3_adjusted_ebitda).
Total stock compensation expense upside_2026q4_sbc	2026Q4 / upside	67.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization upside_2026q4_da	2026Q4 / upside	28.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation upside_2026q4_payroll	2026Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses upside_2026q4_acquisition_costs	2026Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions upside_2026q4_gaap_charges	2026Q4 / upside	99.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_payroll, upside_2026q4_acquisition_costs).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	-51.21 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(upside_2026q4_adjusted_ebitda, upside_2026q4_gaap_charges).
Net cash interest and tax contribution upside_2026q4_net_interest_tax	2026Q4 / upside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital upside_2026q4_cash_before_wc	2026Q4 / upside	37.79 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_net_interest_tax).
Working-capital cash use / revenue upside_2026q4_wc_rate	2026Q4 / upside	4.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use upside_2026q4_wc	2026Q4 / upside	18.90 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(upside_2026q4_revenue, upside_2026q4_wc_rate).
Operating cash flow upside_2026q4_cfo	2026Q4 / upside	18.89 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(upside_2026q4_cash_before_wc, upside_2026q4_wc).
PP&E cash purchases upside_2026q4_capex	2026Q4 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash upside_2026q4_software	2026Q4 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E upside_2026q4_fcf	2026Q4 / upside	10.89 USD_millions	derived: Generic historical cash scope. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Cash after PP&E and software upside_2026q4_cash_after_software	2026Q4 / upside	5.89 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(upside_2026q4_fcf, upside_2026q4_software).
Annual core revenue quarter share upside_2027q1_weight	2027Q1 / upside	23.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing upside_2027q1_diagnostics_core	2027Q1 / upside	370.39 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(upside_fy27_diagnostics_core, upside_2027q1_weight).
Annual tissue benefit quarterly share upside_2027q1_tissue_weight	2027Q1 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution upside_2027q1_tissue	2027Q1 / upside	24.75 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(upside_tissue_full_year, upside_2027q1_tissue_weight).
Fraction of potential full-effect liquid opportunity upside_2027q1_liquid_realization	2027Q1 / upside	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution upside_2027q1_liquid	2027Q1 / upside	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, upside_2027q1_liquid_realization).
Total incremental diagnostics pricing upside_2027q1_pricing	2027Q1 / upside	24.75 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(upside_2027q1_tissue, upside_2027q1_liquid).
Diagnostics revenue upside_2027q1_diagnostics	2027Q1 / upside	395.14 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(upside_2027q1_diagnostics_core, upside_2027q1_pricing).
Data/Applications revenue upside_2027q1_data	2027Q1 / upside	144.90 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(upside_fy27_data_core, upside_2027q1_weight).
Revenue excluding incremental Personalis upside_2027q1_revenue	2027Q1 / upside	540.04 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(upside_2027q1_diagnostics, upside_2027q1_data).
Diagnostics core adjusted gross margin upside_2027q1_diag_margin	2027Q1 / upside	67.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution upside_2027q1_diagnostics_core_gross	2027Q1 / upside	248.16 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(upside_2027q1_diagnostics_core, upside_2027q1_diag_margin).
Incremental pricing contribution margin upside_2027q1_pricing_margin	2027Q1 / upside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution upside_2027q1_pricing_gross	2027Q1 / upside	22.28 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(upside_2027q1_pricing, upside_2027q1_pricing_margin).
Data/Applications adjusted gross margin upside_2027q1_data_margin	2027Q1 / upside	78.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution upside_2027q1_data_gross	2027Q1 / upside	113.02 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(upside_2027q1_data, upside_2027q1_data_margin).
Adjusted gross contribution upside_2027q1_adjusted_gross	2027Q1 / upside	383.46 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(upside_2027q1_diagnostics_core_gross, upside_2027q1_pricing_gross, upside_2027q1_data_gross).
Cost-of-revenue SBC and payroll adjustments upside_2027q1_cogs_adjustments	2027Q1 / upside	4.80 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy upside_2027q1_gross_profit	2027Q1 / upside	378.66 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(upside_2027q1_adjusted_gross, upside_2027q1_cogs_adjustments).
Annual expense quarter share upside_2027q1_opex_weight	2027Q1 / upside	24.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A upside_2027q1_cash_opex	2027Q1 / upside	290.40 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(upside_cash_opex_year, upside_2027q1_opex_weight).
Adjusted EBITDA upside_2027q1_adjusted_ebitda	2027Q1 / upside	93.06 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(upside_2027q1_adjusted_gross, upside_2027q1_cash_opex).
Total stock compensation expense upside_2027q1_sbc	2027Q1 / upside	75.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization upside_2027q1_da	2027Q1 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation upside_2027q1_payroll	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses upside_2027q1_acquisition_costs	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions upside_2027q1_gaap_charges	2027Q1 / upside	109.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_payroll, upside_2027q1_acquisition_costs).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	-15.94 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(upside_2027q1_adjusted_ebitda, upside_2027q1_gaap_charges).
Net cash interest and tax contribution upside_2027q1_net_interest_tax	2027Q1 / upside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital upside_2027q1_cash_before_wc	2027Q1 / upside	83.06 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_net_interest_tax).
Working-capital cash use / revenue upside_2027q1_wc_rate	2027Q1 / upside	4.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use upside_2027q1_wc	2027Q1 / upside	21.60 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(upside_2027q1_revenue, upside_2027q1_wc_rate).
Operating cash flow upside_2027q1_cfo	2027Q1 / upside	61.46 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(upside_2027q1_cash_before_wc, upside_2027q1_wc).
PP&E cash purchases upside_2027q1_capex	2027Q1 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash upside_2027q1_software	2027Q1 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E upside_2027q1_fcf	2027Q1 / upside	51.46 USD_millions	derived: Generic historical cash scope. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Cash after PP&E and software upside_2027q1_cash_after_software	2027Q1 / upside	44.46 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(upside_2027q1_fcf, upside_2027q1_software).
Annual core revenue quarter share upside_2027q2_weight	2027Q2 / upside	24.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing upside_2027q2_diagnostics_core	2027Q2 / upside	386.50 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(upside_fy27_diagnostics_core, upside_2027q2_weight).
Annual tissue benefit quarterly share upside_2027q2_tissue_weight	2027Q2 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution upside_2027q2_tissue	2027Q2 / upside	24.75 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(upside_tissue_full_year, upside_2027q2_tissue_weight).
Fraction of potential full-effect liquid opportunity upside_2027q2_liquid_realization	2027Q2 / upside	0.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution upside_2027q2_liquid	2027Q2 / upside	0.00 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, upside_2027q2_liquid_realization).
Total incremental diagnostics pricing upside_2027q2_pricing	2027Q2 / upside	24.75 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(upside_2027q2_tissue, upside_2027q2_liquid).
Diagnostics revenue upside_2027q2_diagnostics	2027Q2 / upside	411.25 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(upside_2027q2_diagnostics_core, upside_2027q2_pricing).
Data/Applications revenue upside_2027q2_data	2027Q2 / upside	151.20 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(upside_fy27_data_core, upside_2027q2_weight).
Revenue excluding incremental Personalis upside_2027q2_revenue	2027Q2 / upside	562.45 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(upside_2027q2_diagnostics, upside_2027q2_data).
Diagnostics core adjusted gross margin upside_2027q2_diag_margin	2027Q2 / upside	67.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution upside_2027q2_diagnostics_core_gross	2027Q2 / upside	258.95 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(upside_2027q2_diagnostics_core, upside_2027q2_diag_margin).
Incremental pricing contribution margin upside_2027q2_pricing_margin	2027Q2 / upside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution upside_2027q2_pricing_gross	2027Q2 / upside	22.28 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(upside_2027q2_pricing, upside_2027q2_pricing_margin).
Data/Applications adjusted gross margin upside_2027q2_data_margin	2027Q2 / upside	78.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution upside_2027q2_data_gross	2027Q2 / upside	117.94 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(upside_2027q2_data, upside_2027q2_data_margin).
Adjusted gross contribution upside_2027q2_adjusted_gross	2027Q2 / upside	399.16 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(upside_2027q2_diagnostics_core_gross, upside_2027q2_pricing_gross, upside_2027q2_data_gross).
Cost-of-revenue SBC and payroll adjustments upside_2027q2_cogs_adjustments	2027Q2 / upside	5.20 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy upside_2027q2_gross_profit	2027Q2 / upside	393.96 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(upside_2027q2_adjusted_gross, upside_2027q2_cogs_adjustments).
Annual expense quarter share upside_2027q2_opex_weight	2027Q2 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A upside_2027q2_cash_opex	2027Q2 / upside	302.50 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(upside_cash_opex_year, upside_2027q2_opex_weight).
Adjusted EBITDA upside_2027q2_adjusted_ebitda	2027Q2 / upside	96.66 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(upside_2027q2_adjusted_gross, upside_2027q2_cash_opex).
Total stock compensation expense upside_2027q2_sbc	2027Q2 / upside	83.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization upside_2027q2_da	2027Q2 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation upside_2027q2_payroll	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses upside_2027q2_acquisition_costs	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions upside_2027q2_gaap_charges	2027Q2 / upside	117.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_payroll, upside_2027q2_acquisition_costs).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	-20.34 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(upside_2027q2_adjusted_ebitda, upside_2027q2_gaap_charges).
Net cash interest and tax contribution upside_2027q2_net_interest_tax	2027Q2 / upside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital upside_2027q2_cash_before_wc	2027Q2 / upside	86.66 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_net_interest_tax).
Working-capital cash use / revenue upside_2027q2_wc_rate	2027Q2 / upside	4.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use upside_2027q2_wc	2027Q2 / upside	22.50 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(upside_2027q2_revenue, upside_2027q2_wc_rate).
Operating cash flow upside_2027q2_cfo	2027Q2 / upside	64.17 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(upside_2027q2_cash_before_wc, upside_2027q2_wc).
PP&E cash purchases upside_2027q2_capex	2027Q2 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash upside_2027q2_software	2027Q2 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E upside_2027q2_fcf	2027Q2 / upside	54.17 USD_millions	derived: Generic historical cash scope. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Cash after PP&E and software upside_2027q2_cash_after_software	2027Q2 / upside	47.17 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(upside_2027q2_fcf, upside_2027q2_software).
Annual core revenue quarter share upside_2027q3_weight	2027Q3 / upside	26.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing upside_2027q3_diagnostics_core	2027Q3 / upside	418.70 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(upside_fy27_diagnostics_core, upside_2027q3_weight).
Annual tissue benefit quarterly share upside_2027q3_tissue_weight	2027Q3 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution upside_2027q3_tissue	2027Q3 / upside	24.75 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(upside_tissue_full_year, upside_2027q3_tissue_weight).
Fraction of potential full-effect liquid opportunity upside_2027q3_liquid_realization	2027Q3 / upside	25.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution upside_2027q3_liquid	2027Q3 / upside	68.75 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, upside_2027q3_liquid_realization).
Total incremental diagnostics pricing upside_2027q3_pricing	2027Q3 / upside	93.50 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(upside_2027q3_tissue, upside_2027q3_liquid).
Diagnostics revenue upside_2027q3_diagnostics	2027Q3 / upside	512.20 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(upside_2027q3_diagnostics_core, upside_2027q3_pricing).
Data/Applications revenue upside_2027q3_data	2027Q3 / upside	163.80 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(upside_fy27_data_core, upside_2027q3_weight).
Revenue excluding incremental Personalis upside_2027q3_revenue	2027Q3 / upside	676.00 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(upside_2027q3_diagnostics, upside_2027q3_data).
Diagnostics core adjusted gross margin upside_2027q3_diag_margin	2027Q3 / upside	67.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution upside_2027q3_diagnostics_core_gross	2027Q3 / upside	280.53 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(upside_2027q3_diagnostics_core, upside_2027q3_diag_margin).
Incremental pricing contribution margin upside_2027q3_pricing_margin	2027Q3 / upside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution upside_2027q3_pricing_gross	2027Q3 / upside	84.15 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(upside_2027q3_pricing, upside_2027q3_pricing_margin).
Data/Applications adjusted gross margin upside_2027q3_data_margin	2027Q3 / upside	78.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution upside_2027q3_data_gross	2027Q3 / upside	127.76 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(upside_2027q3_data, upside_2027q3_data_margin).
Adjusted gross contribution upside_2027q3_adjusted_gross	2027Q3 / upside	492.45 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(upside_2027q3_diagnostics_core_gross, upside_2027q3_pricing_gross, upside_2027q3_data_gross).
Cost-of-revenue SBC and payroll adjustments upside_2027q3_cogs_adjustments	2027Q3 / upside	5.60 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	486.85 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(upside_2027q3_adjusted_gross, upside_2027q3_cogs_adjustments).
Annual expense quarter share upside_2027q3_opex_weight	2027Q3 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A upside_2027q3_cash_opex	2027Q3 / upside	302.50 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(upside_cash_opex_year, upside_2027q3_opex_weight).
Adjusted EBITDA upside_2027q3_adjusted_ebitda	2027Q3 / upside	189.95 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(upside_2027q3_adjusted_gross, upside_2027q3_cash_opex).
Total stock compensation expense upside_2027q3_sbc	2027Q3 / upside	91.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization upside_2027q3_da	2027Q3 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation upside_2027q3_payroll	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses upside_2027q3_acquisition_costs	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions upside_2027q3_gaap_charges	2027Q3 / upside	125.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_payroll, upside_2027q3_acquisition_costs).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	64.95 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(upside_2027q3_adjusted_ebitda, upside_2027q3_gaap_charges).
Net cash interest and tax contribution upside_2027q3_net_interest_tax	2027Q3 / upside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital upside_2027q3_cash_before_wc	2027Q3 / upside	179.95 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_net_interest_tax).
Working-capital cash use / revenue upside_2027q3_wc_rate	2027Q3 / upside	4.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use upside_2027q3_wc	2027Q3 / upside	27.04 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(upside_2027q3_revenue, upside_2027q3_wc_rate).
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	152.91 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(upside_2027q3_cash_before_wc, upside_2027q3_wc).
PP&E cash purchases upside_2027q3_capex	2027Q3 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash upside_2027q3_software	2027Q3 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E upside_2027q3_fcf	2027Q3 / upside	142.91 USD_millions	derived: Generic historical cash scope. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Cash after PP&E and software upside_2027q3_cash_after_software	2027Q3 / upside	135.91 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(upside_2027q3_fcf, upside_2027q3_software).
Annual core revenue quarter share upside_2027q4_weight	2027Q4 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics before new pricing upside_2027q4_diagnostics_core	2027Q4 / upside	434.81 USD_millions	derived: Current-perimeter growth, including existing commercialization arrangements. Formula: multiply(upside_fy27_diagnostics_core, upside_2027q4_weight).
Annual tissue benefit quarterly share upside_2027q4_tissue_weight	2027Q4 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Tissue pricing contribution upside_2027q4_tissue	2027Q4 / upside	24.75 USD_millions	derived: Desk January start assumption from September management commentary. Formula: multiply(upside_tissue_full_year, upside_2027q4_tissue_weight).
Fraction of potential full-effect liquid opportunity upside_2027q4_liquid_realization	2027Q4 / upside	25.0% ratio	assumption: Conditional regulatory/pricing timing: base only Q4 at one quarter of the illustrative opportunity; downside zero.
Liquid-biopsy pricing contribution upside_2027q4_liquid	2027Q4 / upside	68.75 USD_millions	derived: Fractional-year sensitivity, not a promised full-year benefit. Formula: multiply(liquid_potential, upside_2027q4_liquid_realization).
Total incremental diagnostics pricing upside_2027q4_pricing	2027Q4 / upside	93.50 USD_millions	derived: Tissue and liquid opportunities counted once each. Formula: sum(upside_2027q4_tissue, upside_2027q4_liquid).
Diagnostics revenue upside_2027q4_diagnostics	2027Q4 / upside	528.31 USD_millions	derived: Core volume/mix plus conditional repricing; no incremental acquired Personalis sales. Formula: sum(upside_2027q4_diagnostics_core, upside_2027q4_pricing).
Data/Applications revenue upside_2027q4_data	2027Q4 / upside	170.10 USD_millions	derived: Independent data business growth and delivery timing. Formula: multiply(upside_fy27_data_core, upside_2027q4_weight).
Revenue excluding incremental Personalis upside_2027q4_revenue	2027Q4 / upside	698.41 USD_millions	derived: Explicit standalone perimeter across all periods. Formula: sum(upside_2027q4_diagnostics, upside_2027q4_data).
Diagnostics core adjusted gross margin upside_2027q4_diag_margin	2027Q4 / upside	67.0% ratio	assumption: Desk assumption, not company guidance.
Diagnostics core adjusted gross contribution upside_2027q4_diagnostics_core_gross	2027Q4 / upside	291.32 USD_millions	derived: Desk margin before cost-of-revenue SBC and payroll adjustments. Formula: multiply(upside_2027q4_diagnostics_core, upside_2027q4_diag_margin).
Incremental pricing contribution margin upside_2027q4_pricing_margin	2027Q4 / upside	90.0% ratio	assumption: Allows incremental servicing/collection cost; not all announced price uplift becomes margin or cash.
Incremental pricing gross contribution upside_2027q4_pricing_gross	2027Q4 / upside	84.15 USD_millions	derived: Price contribution separate from volume gross margin. Formula: multiply(upside_2027q4_pricing, upside_2027q4_pricing_margin).
Data/Applications adjusted gross margin upside_2027q4_data_margin	2027Q4 / upside	78.0% ratio	assumption: Desk assumption, not company guidance.
Data/Applications adjusted gross contribution upside_2027q4_data_gross	2027Q4 / upside	132.68 USD_millions	derived: Desk delivery margin, not a bookings margin. Formula: multiply(upside_2027q4_data, upside_2027q4_data_margin).
Adjusted gross contribution upside_2027q4_adjusted_gross	2027Q4 / upside	508.15 USD_millions	derived: Before cost-of-revenue compensation adjustments. Formula: sum(upside_2027q4_diagnostics_core_gross, upside_2027q4_pricing_gross, upside_2027q4_data_gross).
Cost-of-revenue SBC and payroll adjustments upside_2027q4_cogs_adjustments	2027Q4 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	502.15 USD_millions	derived: Included within total SBC/payroll in the operating bridge, not deducted twice there. Formula: subtract(upside_2027q4_adjusted_gross, upside_2027q4_cogs_adjustments).
Annual expense quarter share upside_2027q4_opex_weight	2027Q4 / upside	26.0% ratio	assumption: Desk assumption, not company guidance.
Adjusted operating expense before D&A upside_2027q4_cash_opex	2027Q4 / upside	314.60 USD_millions	derived: Annual cost scenario allocated by operating capacity. Formula: multiply(upside_cash_opex_year, upside_2027q4_opex_weight).
Adjusted EBITDA upside_2027q4_adjusted_ebitda	2027Q4 / upside	193.55 USD_millions	derived: Independent operating leverage; no securities gains included. Formula: subtract(upside_2027q4_adjusted_gross, upside_2027q4_cash_opex).
Total stock compensation expense upside_2027q4_sbc	2027Q4 / upside	99.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and amortization upside_2027q4_da	2027Q4 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Employer taxes on stock compensation upside_2027q4_payroll	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Acquisition-related operating expenses upside_2027q4_acquisition_costs	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating deductions upside_2027q4_gaap_charges	2027Q4 / upside	133.00 USD_millions	derived: Includes cost-of-revenue SBC/payroll already excluded from adjusted gross contribution. Formula: sum(upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_payroll, upside_2027q4_acquisition_costs).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	60.55 USD_millions	derived: Adjusted EBITDA less D&A and all equity/cash adjustments; no unrealized investment gains. Formula: subtract(upside_2027q4_adjusted_ebitda, upside_2027q4_gaap_charges).
Net cash interest and tax contribution upside_2027q4_net_interest_tax	2027Q4 / upside	-6.00 USD_millions	assumption: Desk cash interest/tax allowance after June debt refinancing; excludes noncash discount amortization and security gains.
Operating cash before working capital upside_2027q4_cash_before_wc	2027Q4 / upside	183.55 USD_millions	derived: Adds back only noncash charges, leaving payroll and transaction cash costs. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_net_interest_tax).
Working-capital cash use / revenue upside_2027q4_wc_rate	2027Q4 / upside	4.0% ratio	assumption: Desk assumption, not company guidance.
Net operating working-capital use upside_2027q4_wc	2027Q4 / upside	27.94 USD_millions	derived: Receivables, data deliveries and operating liabilities net; securities received for invoices are not cash. Formula: multiply(upside_2027q4_revenue, upside_2027q4_wc_rate).
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	155.61 USD_millions	derived: No securities-sale proceeds, convertible proceeds or merger funding included. Formula: subtract(upside_2027q4_cash_before_wc, upside_2027q4_wc).
PP&E cash purchases upside_2027q4_capex	2027Q4 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Capitalized software cash upside_2027q4_software	2027Q4 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less PP&E upside_2027q4_fcf	2027Q4 / upside	145.61 USD_millions	derived: Generic historical cash scope. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Cash after PP&E and software upside_2027q4_cash_after_software	2027Q4 / upside	138.61 USD_millions	derived: Excludes pending merger consideration, dilution and financing. Formula: subtract(upside_2027q4_fcf, upside_2027q4_software).
Revenue excluding incremental Personalis ($M) upside_fy2026_revenue	FY2026 / upside	1,640.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Diagnostics revenue, current perimeter ($M) upside_fy2026_diagnostics	FY2026 / upside	1,220.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_diagnostics, upside_2026q3_diagnostics, upside_2026q4_diagnostics).
Data and Applications revenue ($M) upside_fy2026_data	FY2026 / upside	420.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_data, upside_2026q3_data, upside_2026q4_data).
GAAP gross profit proxy ($M) upside_fy2026_gross_profit	FY2026 / upside	1,095.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
Adjusted EBITDA ($M) upside_fy2026_adjusted_ebitda	FY2026 / upside	85.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, upside_2026q3_adjusted_ebitda, upside_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	-272.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Operating cash flow ($M) upside_fy2026_cfo	FY2026 / upside	-57.39 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
PP&E cash purchases ($M) upside_fy2026_capex	FY2026 / upside	30.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
Capitalized software cash ($M) upside_fy2026_software	FY2026 / upside	16.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, upside_2026q3_software, upside_2026q4_software).
CFO less PP&E ($M) upside_fy2026_fcf	FY2026 / upside	-87.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
CFO less PP&E and software ($M) upside_fy2026_cash_after_software	FY2026 / upside	-104.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_software, upside_2026q3_cash_after_software, upside_2026q4_cash_after_software).
Revenue excluding incremental Personalis ($M) upside_fy2027_revenue	FY2027 / upside	2,476.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Diagnostics revenue, current perimeter ($M) upside_fy2027_diagnostics	FY2027 / upside	1,846.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_diagnostics, upside_2027q2_diagnostics, upside_2027q3_diagnostics, upside_2027q4_diagnostics).
Data and Applications revenue ($M) upside_fy2027_data	FY2027 / upside	630.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_data, upside_2027q2_data, upside_2027q3_data, upside_2027q4_data).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	1,761.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
Adjusted EBITDA ($M) upside_fy2027_adjusted_ebitda	FY2027 / upside	573.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adjusted_ebitda, upside_2027q2_adjusted_ebitda, upside_2027q3_adjusted_ebitda, upside_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	89.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow ($M) upside_fy2027_cfo	FY2027 / upside	434.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
PP&E cash purchases ($M) upside_fy2027_capex	FY2027 / upside	40.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Capitalized software cash ($M) upside_fy2027_software	FY2027 / upside	28.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_software, upside_2027q2_software, upside_2027q3_software, upside_2027q4_software).
CFO less PP&E ($M) upside_fy2027_fcf	FY2027 / upside	394.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
CFO less PP&E and software ($M) upside_fy2027_cash_after_software	FY2027 / upside	366.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_software, upside_2027q2_cash_after_software, upside_2027q3_cash_after_software, upside_2027q4_cash_after_software).

Model boundaries

STANDALONE SCOPE: excludes incremental Personalis operations and merger purchase accounting in all forecast periods. This is not a post-merger consolidated estimate. Existing commercialization arrangements remain within current Tempus operations.
September 15 pricing commentary is management expectation, not a confirmed full-year revenue guide or a guarantee of regulatory approval, payer coverage or collections. Liquid-biopsy timing and realized payer mix are explicit sensitivities.
The $250M-$300M liquid pricing discussion is treated as a potential full-effect opportunity; fractional-year realization is a desk interpretation, not an additional company FY2027 forecast.
Data-license bookings are not immediate revenue or cash. Some receivables have been settled in equity; future cash collection assumptions do not count noncash securities as cash.
Adjusted EBITDA excludes SBC and other expenses; a positive adjusted result can coexist with GAAP losses and cash use. Forecast gains on marketable equity securities are zero.
No combined-company share model, EPS, valuation, full debt schedule or closing financing waterfall. The merger cash election and dilution remain uncertain; standalone FCF excludes merger consideration and financing.

A standalone diagnostics and data model with conditional pricing

Research reviewed 2026-09-19

What operating cash can the current business produce before pending merger funding and conditional pricing gains?

H1 Diagnostics revenue was $550.431M and Data/Applications $180.171M, totaling $730.602M. GAAP operating loss was $160.624M despite $5.211M adjusted EBITDA. CFO was negative $80.802M; PP&E of $14.327M and software of $6.832M left negative $101.961M. H1 securities gains of $66.166M were noncash; $8.750M of preferred stock was received for receivables. June cash was $599.614M, marketable equities $216.377M and restricted cash $4.724M. The release liquidity headline includes the restricted amount. The July outlook excludes Personalis. September 15 management commentary discussed $80M-$100M tumor-only pricing benefit and a larger $250M-$300M liquid-biopsy opportunity, with liquid timing expected in H2 2027; these are conditional opportunities, not a guaranteed full-year guide. The August 31 S-4 left the up-to-50% cash election and funding choice undetermined, and described a planned HSR refiling with an October 2 expected waiting-period end.

The competing explanation

Coverage, approval, implementation or collections can lag management expectations, and license demand can be lumpy. Gains on owned equities do not pay ongoing expenses until monetized. The pending acquisition can introduce substantial dilution, cash needs, integration costs and intercompany eliminations absent from this standalone view.

Risks to track

Test reimbursement and regulatory milestones can shift timing or economics.
Conditional pricing opportunities may realize below illustrative amounts.
Data bookings, recognized revenue and cash collections are different.
Securities received from customers or held as investments create valuation risk.
Stock compensation and software capitalization complicate adjusted results.
Personalis closing, financing, dilution and integration can materially change the perimeter.

Next checkpoints

Personalis conditions and financing · Pending; July target late Q4 2026 or early 2027 (estimated). Monitor regulatory timing and the cash/stock election; do not treat October 2 as a guaranteed closing date.
Tissue and liquid pricing · January 2027 tissue expectation; conditional H2 2027 liquid timing (estimated). Verify actual approval, payer coverage and collected pricing against September commentary.
Operating cash conversion · Each results release (estimated). Reconcile diagnostics collections, data delivery, SBC and noncash investment gains.

Data coverage and open work

STANDALONE SCOPE: excludes incremental Personalis operations and merger purchase accounting in all forecast periods. This is not a post-merger consolidated estimate. Existing commercialization arrangements remain within current Tempus operations.
September 15 pricing commentary is management expectation, not a confirmed full-year revenue guide or a guarantee of regulatory approval, payer coverage or collections. Liquid-biopsy timing and realized payer mix are explicit sensitivities.
The $250M-$300M liquid pricing discussion is treated as a potential full-effect opportunity; fractional-year realization is a desk interpretation, not an additional company FY2027 forecast.
Data-license bookings are not immediate revenue or cash. Some receivables have been settled in equity; future cash collection assumptions do not count noncash securities as cash.
Adjusted EBITDA excludes SBC and other expenses; a positive adjusted result can coexist with GAAP losses and cash use. Forecast gains on marketable equity securities are zero.
No combined-company share model, EPS, valuation, full debt schedule or closing financing waterfall. The merger cash election and dilution remain uncertain; standalone FCF excludes merger consideration and financing.

This review: First current-perimeter scenarios incorporating September 15 pricing commentary and August S-4; no post-merger revenue or unrealized-gain extrapolation.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with a clear path above, ordinary volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-6.9	-0.5	+3.5	42%
5 sessions	-13.6	-1.1	+11.4	45%
10 sessions	-17.7	-0.5	+17.6	47%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

Tempus AI: A Conference Transcript, a 'Frenzy of Demand', and a Deal Whose Economics Just Flipped · 2026-09-16

Scorecard: 1 note scored

Next report date: not dated. Undated in the latest note (https://chartlibrary.io/research/views/tem-personalis-demand-remarks-20260916): the Personalis stockholder vote and closing; third-quarter results in early November

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001193125-26-066961, 10-K filed 2026-02-24; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[5] reported: OperatingIncomeLoss, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[6] derived: OperatingIncomeLoss, accession 0001193125-26-066961, 10-K filed 2026-02-24; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[7] reported: OperatingIncomeLoss, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[8] reported: OperatingIncomeLoss, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[9] reported: NetIncomeLoss, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[10] derived: NetIncomeLoss, accession 0001193125-26-066961, 10-K filed 2026-02-24; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[11] reported: NetIncomeLoss, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[12] reported: NetIncomeLoss, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[13] reported: EarningsPerShareDiluted, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[14] reported: EarningsPerShareDiluted, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[15] reported: EarningsPerShareDiluted, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001193125-26-066961, 10-K filed 2026-02-24; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[23] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[24] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001193125-26-066961, 10-K filed 2026-02-24; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[25] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[26] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[27] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[28] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001193125-26-066961, 10-K filed 2026-02-24; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[29] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[30] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[31] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001193125-25-264652, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[32] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001193125-26-066961, 10-K filed 2026-02-24; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[33] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001193125-26-206356, 10-Q filed 2026-05-05; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json
[34] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001193125-26-326090, 10-Q filed 2026-07-30; retrieved 2026-09-19T20:45:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001717115.json

What the author read

July 30 Q2 results and standalone annual outlook · retrieved 2026-09-19
July 30 Form 10-Q: segments, securities, debt and cash · retrieved 2026-09-19
August 31 S-4: merger conditions, cash election and financing · retrieved 2026-09-19
September 15 filed conference transcript: pricing and operating commentary · retrieved 2026-09-19

Compiled 2026-09-19T20:45:31.686308+00:00 · authored e0086958910a · generated 507694d43913 · JSON

Daily notes · Scorecard