Guardant Health at Jefferies Conference: Strategic Moves in Cancer Detection

On Wednesday, 04 June 2025, Guardant Health (NASDAQ:GH) showcased its strategic advancements at the Jefferies Global Healthcare Conference 2025. The company highlighted its strong performance in cancer detection technologies, receiving FDA breakthrough designation for its Shield test. While the sentiment was largely positive, challenges remain in scaling commercial operations and reducing costs.

Key Takeaways

• Guardant Health’s Shield test received FDA breakthrough designation and NCCN recommendation as a Category 2A screening test for colorectal cancer.
• The company presented 19 studies at ASCO, with a focus on the SERENA-6 readout impacting their breast cancer business.
• Financial guidance was raised due to strong volume growth, with Shield tests reaching 9,000 in the first quarter.
• Guardant360 and Reveal ASPs are on the rise, with a target ASP of $3,200 - $3,300 and $1,000 by 2028, respectively.
• Operationally, the company is expanding its sales force and reducing Shield COGS, targeting $200 per test at scale.

Financial Results

• Guardant360 ASP increased to $3,000 - $3,100, with a target of $3,200 - $3,300 in the coming years.
• Reveal ASP is $600, with positive gross margins achieved as COGS stands at $500.
• Shield COGS decreased to around $500 per test, with a target of $200 per test at a scale of 1 million tests per year.
• Revenue guidance increased due to the implementation of the ADLT rate and continued volume growth.

Operational Updates

• Shield test received FDA breakthrough designation and NCCN recommendation for colorectal cancer screening.
• 19 studies were presented at ASCO, highlighting the SERENA-6 readout’s potential impact on breast cancer testing.
• Guardant360 launched 11 new applications, enhancing oncologists’ treatment plans.
• Reveal received reimbursement for CRC surveillance, with plans to submit further publications.

Future Outlook

• Improvements in Shield’s algorithm are expected to enhance CRC detection.
• Discussions with the American Cancer Society may lead to new guidelines by year-end.
• Workflow efficiencies and automation are expected to further reduce Shield COGS.
• Reveal volume is anticipated to accelerate due to CRC reimbursement, with potential incremental revenue growth of $30 million.

Q&A Highlights

• The FDA breakthrough designation and NCCN recommendation are expected to positively influence payer discussions.
• The SERENA-6 readout could potentially double breast cancer testing volumes.
• Volume increases are expected to continue driving down test costs, with sales rep productivity exceeding expectations.

Guardant Health’s strategic initiatives and positive momentum in cancer detection technologies were evident at the conference. For more details, refer to the full transcript below.

Full transcript - Jefferies Global Healthcare Conference 2025:

Tycho Peterson, Life Science Team: We’re going kick it off. I’m Tycho Peterson from the life science team. It’s my pleasure to introduce Guardant Health. We’ve a lot to talk about. You guys have been busy.

I think maybe we’ll start out with the FDA breakthrough designation yesterday, talk a little bit about how that impacts path to market, and yeah, just feedback from the announcement.

Unidentified speaker, IVD Company: Hello, everybody. Thanks, Eko, for having us. It’s great to see many of you. We are very excited, actually, with this designation. We are an IVD company.

We had deep partnership with FDA throughout the last almost decade across multiple brands. And it’s great that they are recognizing the value of Shield as a multi cancer detection test, faster pathway in communication coordination, all activities around M SAT with agency, and bringing this innovative test to the patients as quickly as possible. We are very excited by this designation.

Tycho Peterson, Life Science Team: And how do you think about it in terms of discussions with payers?

Unidentified speaker, IVD Company: In terms of M SAT? So we are starting for SHIELD. The first indication is colorectal cancer. You know, we are very excited that we also announced to our surprise we didn’t expect this that NCCN, a very well reputable guidance body, voice of oncologist, is recommending Shield as Category 2A to be used as a screening test. So that guideline should give us actually some good tailwinds in not just conversation with the physician and adoption of this test, but potentially in conversation with the commercial payers.

So that’s where we are going to start with. And step by step and strategically expand it to other cancer types and M SAT over time.

Tycho Peterson, Life Science Team: Maybe provide a little context on why you were surprised? It’s just it came sooner?

Unidentified speaker, IVD Company: We didn’t expect it this year. So we were always confident about the value of shielding screening on the screen patient population being a new screening choice to get added to the menu of many other kind of modalities that guidelines recommend. Patients can make informed decision of what’s the modalities the best suited for them and saving a lot of lives. When you think about there are 50,000,000 unscreened patient population, and after a decade or two decades of different modalities in marketplace, still almost half of the people are not doing any kind of cancer screening. That shows the unmet need.

We are very bullish about it. But NCCN, historically, in this field has been more conservative in terms of taking actions. And literally being the first guideline body to put this recommendation out there has been a very positive surprise for us.

Tycho Peterson, Life Science Team: Maybe just stemming back and reflecting a little bit on ASCO. You guys had a pretty big presence there. I think you had 19 studies presented. Obviously, lot of focus on the SERNA-six readout. Can you just walk through that data and how you think about that impacting, you know, the breast opportunity in particular?

Helmy Eltoukhy: Yeah, no, we’re very excited about the SERENO-six study and the readout there. We’ve been working with AstraZeneca for a number of years on that trial. And I think what’s exciting about this is it really is a new paradigm of care in oncology, really thinking about essentially following patients and switching therapy as soon as you see molecular progression, as soon as you see emergence of a new clone, new resistance mutation in that patient, you switch therapy. And I think you’re seeing, you know, the results of that study I think show that you can get an outsized effect. You can get some really nice improvement over the standard of care.

And this is the vision we had for essentially three sixty twelve years ago is that you would enter a regime where patients are being adaptively managed, proactively switched to new and better therapies. And I think this is really just the beginning of this new new architecture of care. So yeah, we’re very excited about, you know, the the coming quarters in terms of hopefully that drug making its way to approval. We’ve are obviously the companion diagnostic partner for that program. And I think it’s a massive opportunity for our breast cancer business in the coming years.

Tycho Peterson, Life Science Team: One question we tend to get is just how do you size that opportunity and how do you think about the volume lift? Anything you can point to there?

Helmy Eltoukhy: Yeah. So when we got the original ESR1 approval with Minorini this is a couple of years ago almost overnight when that drug was approved we saw a doubling of our breast cancer volume. And you’re given that, you know, in this trial the average number of tests was around three to get to an ESR1 mutation, We think, you know, conservatively there could be at least another doubling of breast cancer volume.

Tycho Peterson, Life Science Team: Just maybe sticking with G360 for for a minute, you know, thinking about opportunities for additional coverage, market expansion, you know, what else should we be, you know, thinking about?

Helmy Eltoukhy: Yeah. So it’s been a busy, I would say, first half of the year for us on the therapy selection franchise. We just announced 11 new applications on our smart liquid biopsy program with three sixty. This is the third wave of applications we’ve launched in just the last few quarters. You’re seeing this sort of crescendo, this growing drumbeat drum roll in terms of all these applications we’re able to churn out from our platform.

And you know, I think the reason we can do that is when you think about the epigenetic layer we have, this, you know, nearly genome wide methylation footprint, we’re not really constrained. We’re only constrained by, essentially what is shed into the bloodstream in terms of seeing all of the different aspects of tumor biology, segmenting patients. And so with the recent update, we’re doing things that I think many thought was never possible with a blood test. Essentially, all but diagnosing cancer with a blood test. We can actually see the subtype of disease, see that it’s non small cell lung cancer, small cell squamous.

We can see it’s HR positive breast cancer. We can see it’s triple negative. We can track how triple negative it is over time as it’s changing. Things that you really can’t even do with a traditional biopsy. You’re not going to sort of open up the patient every three months to find out how the cancer is changing.

And that’s just the beginning. The nice thing is we’re creating a very large, I would say, data moat in the sense that all these applications are required. A lot of processing, a lot of data, nearly 100,000 samples were used to develop these applications. A lot of supervised, unsupervised learning, AI obviously. And it’s only getting better.

The more samples we collect, the more robust these applications are, the more finer tuned they are. And it’s really panning out to sort of the vision we had when we first started this and actually exceeding our expectations. Secondly, we launched this tissue test as well, which takes all of the same features of our smart platform, has the full sort of methylation footprint, RNA, DNA, full complement of IHC, germline. And we’re you know, we just launched a couple of weeks ago, but I can tell you there’s a lot of excitement in the field from our customers in terms of switching over to this new tissue assay.

Tycho Peterson, Life Science Team: Is there a way to kind of as we think about the ramp in terms of volumes, how much do you think comes from tissue versus traditional liquid?

Helmy Eltoukhy: We’ve been in a really good place with all our products. You see with three sixty, we had the third sort of successive quarter of growing volumes. I’ve said this before. When we looked at our three liquid volumes for the last four years or so, this has been the fastest sort of ramp rate we’ve seen the last three quarters in those four years. So we know we have product market fit there, that’s really exciting.

Tissue has been our second fastest growing product behind Reveal. And we’re seeing acceleration there this new launch. And so we’re, you know, we have high expectations for these new products.

Tycho Peterson, Life Science Team: And pricing has been another success story there for you guys as well. With the ADLT rate at 5,000 and ASPs 3,000 to 3,100 or so? How do we think about the continued path in ASPs? How much headroom do you still have?

Mike Bell: Yeah. We think there’s still room to continue to improve ASPs. Yeah. Over the last eighteen months also, we’ve gone from an ASP on Guardant360 from around $2,700 and now to, in this range, dollars 3,000 to $3,100 And yeah, Medicare for both CDX and LDT versions of the test are up $5,000 Medicare Advantage reimbursement now is very, very strong. The team’s done a great job at the pull through on Medicare Advantage.

On the commercial side, that’s probably where our focus is now. We have over 300,000,000 covered lives. But there’s still some gaps in the commercial coverage. Some of the larger payers maybe cover the CDX and not the LDT or vice versa and maybe some specific cancer types and not across the board. And so that’s where the focus is.

I think over the next couple of years, we think the range of ASP can go from this 3,000 to 3,100. We can get that up to something between 3,200, three thousand three hundred. So yes, there’s still some nice improvements to come.

Tycho Peterson, Life Science Team: And I think, you know, last week you announced nearly a dozen applications for G360 liquid. You know, that’ll basically help oncologists better identify treatment plans. Can you maybe walk through some of these applications? Which oncology settings will benefit the most?

Helmy Eltoukhy: Yeah, I sort of teased a few of them already. But, you know, in terms of some of the other ones, you know, one of the challenges with liquid biopsy has been not determining whether a patient is wild type for a mutation. Do they does the absence of detecting that mutation really mean that mutation is absent from the tumor? And we have, you know, a new application for negative prediction. We can actually tell that they’re KRAS wild type or wild type for certain mutations.

And that’s really exciting. We have, I think, features that allow us to do prediction for immune checkpoint inhibitors, for PARP inhibitors. And as I said, some of the diagnosis features, the subtyping features. One that’s really exciting is someone can give us a cancer of unknown primary, a patient where that really hasn’t been determined in terms of the tumor type. And we can actually determine what type of cancer it is.

We just had a case when we were at ASCO. We just launched the report a few days ago. And one of the oncologists was very excited about the diagnosis coming back, you know, as certain cancer type. And so we think this is already hitting the ground running, already providing tremendous value to patient care today.

Tycho Peterson, Life Science Team: And just maybe rounding it out on tissue for Guardant360. You’ve had a number of enhancements, obviously, less tissue needed RNA. Just maybe talk a little bit about how this is driving volume. I think you said at the BofA conference that customers would switch if you offered RNA. And so is that starting to happen?

Helmy Eltoukhy: Yeah. No, we’ve seen a really good uptake so far. We essentially surveyed our customers. We said, what are you missing sort of with tissue today? And a few things, you know, they absolutely want clinical grade sequencing of the relevant genomic regions.

And so we have, I think, some of the largest scope of clinical grade DNA sequencing in this in this panel. Same thing on the RNA side in terms of making sure they miss no fusions in terms of, you know, clinically actionable ones. And so we have RNA there. And then the methylation side, the beauty of our ecosystem now is they’re all connected by this smart backbone. And so all these apps we talked about on liquid will make their way to tissue.

And so we’ll have essentially enormous differentiation in terms of all these applications that will populate on the tissue side. And then other thing we heard about was that there’s still just challenges with QNS that a lot of these tissue tests that are out there just require so much tissue. And frankly, that has been one of the, I would say, one of the features that has resonated most with customers, the fact that we can use 40% less number of slides, we can use a lot less surface area on each slide and because that continues to be a challenge. And then and then finally, you know, the ancillary testing that’s done, IHC, germline, and so on was something that was important to many of our customers. And so this is really a significant upgrade given sort of the scope and breadth of all of the features and all of the different tests we’ve added to make sure that this offering is something that we feel is best in class.

Tycho Peterson, Life Science Team: Maybe just shifting over to Reveal, you started the year off with some good news on that front as well. Know, now also GM positive. Can you maybe just talk a little bit about how we should think about that ramp? You’d been at 1.7 tests per patient previously. I it’ll obviously take some time to get to five or so on average.

But how do we think about that progression?

Helmy Eltoukhy: Yeah. So we started the year, as you said off, with the surveillance CRC reimbursement. And so we were at a good spot. We brought our COGS down. We’re gross margin positive.

So really sort of putting the pedal to the metal, so to speak, in terms of volumes. We’re seeing nice uptake in terms of new patient starts after that surveillance reimbursement. And now there’s a lot of execution of pulling through the subsequent tests. And the team is doing a really good job in terms of handling that execution and those logistics. And so we know that we’ve essentially signaled that second half of this year is when we’ll see the inflection and sort of, you know, acceleration in terms of ramp rate.

And, you know, a lot of that is under control because it really is just about pulling volume through and making sure we get adherence to subsequent test ordering. So we feel very confident about the sort of outlook for Reveal over the next couple of years.

Tycho Peterson, Life Science Team: And you know as we think about menu expansion there, breast lung, where are you with kind of moldy x submission newer indications?

Helmy Eltoukhy: Yeah, making great progress. We believe that we’ll have publications in breast and IO monitoring in the next quarter. Once those are published, we’ll submit. And so perhaps, you know, end of this year, early next year, we could start having additional indications. And when you think about breast CRC and IO, those are the, I would say, most significant indications in MRD.

And so once we have those three, we’ll be in a really good spot in terms of our MRD franchise. We’re making really good progress in other data sets as well, seeing some really good data. And so, you know, the flywheel is spinning and, you know, I think next year will be, I think, just as good in terms of additional indications as as this one.

Tycho Peterson, Life Science Team: And I guess, you know, the whole tissue free, tissue informed, you know, how do you think about that playing out over time?

Helmy Eltoukhy: Yeah, see that, you know, essentially there are two segments of the market. You know, we think that, as we’ve said before, fifteen million cancer survivors, twelve million of them are more than five years out. I think there is a need to know if there’s been a recurrence that is slightly different than what is taken out, if there’s other primaries or, you know, evolution of the tumor. I think it’s important to have a very wide catchment, especially as the patients progress further and further from surgery. And so we’re seeing a need in the market there.

And we’re seeing a need in the market in the adjuvant setting. There are something like ten percent to thirty percent of patients that just don’t have tissue or the logistics around that tissue is difficult. We’re seeing a lot of patients that just want to know faster. They want you know, we’re averaging five days in terms of turnaround time with a reveal. That’s a very compelling argument compared to four, six, eight weeks with some of these tests that are out there.

And you imagine these tests these patients are being drawn for a recurrence test and then having to wait many, many weeks to get the the answer is, you know, not a not a pleasant experience.

Tycho Peterson, Life Science Team: Maybe just last one to reveal, you know, ASP is 600, COGS 500. So, you know, good to see positive gross margins. How much further do you think you can push ASPs over the next couple of years?

Mike Bell: Yeah. We said at our Investor Day a couple of years ago, you know, our target ASP by 2028 is 1,000 And Helmy pointed out breast sorry breast and IO coming next. After that, and other indications. So they will get us on the path. And actually, our breast volume is quite a significant portion

So getting that would make a nice impact. On top of that, you know, we’ve we’re in the process of the ADLT process. Now we’ve got CRC surveillance reimbursement. And so, you know, if and when that comes, that would also be a, you know, a significant uplift to ASP. So I think with all the things, the data we’re developing and ADLT, we’re well on the path to the $1,000 maybe potentially higher.

Tycho Peterson, Life Science Team: Maybe, Mike, just sticking with you for a sec. If we think about back half of the year guidance, we’ve had a number of questions around just the ramp there. And obviously, you raised full year guidance this last quarter. Maybe just talk a little bit about the incremental growth drivers to add $30,000,000 or so in revenues in the back half of the year.

Mike Bell: Yeah. I mean, one of the drivers of the revenue guidance increase was getting the ADLT rate, which came into place on April 1. So that’s locked in now. And then the other drivers were basically continued volume acceleration really across all the portfolio. Again, we had a great start to the year with Garnet360.

We’re seeing great traction with SmartLiquid biopsy. And so we expect that to continue for the remainder of the year. Helmut mentioned Reveal. And again, I think as now we’ve got reimbursement for CRC and the team is really focused on Reveal. We’re expecting that to accelerate in particular in the back half of the year.

And then Shield, I’m we’ll come on to it. But again, that’s going very well. We’re increasing the commercial infrastructure. And as that grows, then just as natural byproduct of that, we’re going to expect to see volume increase. So we’re very confident in the first quarter volume growth.

And that gave us the confidence to accelerate that for the remainder of the year.

Tycho Peterson, Life Science Team: And yeah, it’s a good segue to Shield. So you did 9,000 tests in the first quarter. You’ve had some positive developments there with ADLT and the VA community care announcement and the NCI Vanguard study. Maybe just talk a little bit about cadence of ordering among physicians and what percentage of customers are new at this point.

Unidentified speaker, IVD Company: Yeah, are very excited with what we are seeing. So the Q1 result was better than what we expected. Major KPI that we monitor is the productivity of the reps in the field based on the tenure of their presence in the field. And across different waves, actually, performance was better than what we forecasted. And that was very pleasing for us to see.

In terms of market feedback, we continue to see and hear very positive pull from the market, which is really an endorsement of the product market fit that we have. What we are seeing is once an account activated, meaning that when the doctor orders a test, the workflow for blood draw is established and the staff are trained, after like two to three months, the depth of ordering in those accounts goes pretty high at levels that looks like they are materially higher than the depth of ordering being seen with other modalities, which is I think really a function and endorsement of the depth of this market and the fact that there are 50,000,000 on screen patient population out there and this blood as a new choice is resonating very well. So we are very pleased with that.

Tycho Peterson, Life Science Team: And obviously, you’ve been scaling up to Salesforce. Just talk a little bit about time to productivity. Have you continued to hire since the 1Q call? And remind us where you think you’ll end the year on headcount for reps?

Unidentified speaker, IVD Company: Yes. So we ended last year and entered this year with 100 people and deployed in the field. We ended Q1 marginally higher and we mentioned that we are planning to end the year with over 200 people fully deployed in the field. I noticed that the hiring and training is very active project for us. And we are very pleased with the quality of the people that actually we are hiring and the quality of our training program, frankly.

So we are excited. Always product launches are exciting, but this one is really taking it to the next level for us. Are pleased with what we see.

Tycho Peterson, Life Science Team: Are you hiring mostly from pharma? Where are the reps coming from?

Unidentified speaker, IVD Company: There are different kind of sources ranging from med devices to some pharma companies, PCP channels to other kind of ancillary kind of markets. Vast majority of them have really PCP experience, high tenure rate average. I think the last, if I remember right, was seven, eight years ten year shipping. Selling experience, consistent high execution and performance and award winning in the prior jobs. And we are pleased that actually the mission of Shield and the value prop of Shield is resonating with a lot of candidates that we have a lot of choices when and we could be very selective with the quality of people that we hire.

Tycho Peterson, Life Science Team: You’ve done a nice job on COGS there too. Talk a little bit about that step down and where you see additional leverage on the COGS line.

Mike Bell: Yeah. The driver for us to go from over $1,000 per test before launch now is around $500 That’s really been driven by volume, the volume increases. And so over the next couple of years, volume’s gonna continue to drive down the cost per test. But, you know, we’re we’re focused on really step changes in codes as well as we go forward. We’re looking at workflow efficiencies and how we can reduce the cost per tester.

That’s on track. It’s probably it’s going have to go through a sort of an FDA clearance. But once we get that in place, we’ll have a significant step down in cost per test. And also, we’re investing heavily on automation. Again, that’s going to take a couple of years to put in place.

But when we automate, we want to take out as much labor costs as we possibly can. So when that goes in, again, we’re going to have another step down. So we feel very confident. We set this target of $200 per test when we get to a scale of a million tests per year. So we feel very confident with the volume growth and the initiatives that we’re taking that we can definitely achieve that.

Tycho Peterson, Life Science Team: And how should we think, I guess, Shield two point zero, you’ve obviously said by the end of this year. We’re getting a lot of questions as to whether it could come this summer, knowing that there’s some other catalysts out there. Anything you’re willing to say just on how that is progressing, sensitivity improvements you’re seeing?

Unidentified speaker, IVD Company: Yeah, during the last few months we had very constructive conversation with agency. Now for a while we know actually what they wanted to see and it’s a very active program for us and we continue to expect to hopefully get to the data, SPMA submission and if the data is good, hopefully FDA approval by end of the year.

Tycho Peterson, Life Science Team: And then anything on the performance? I think you said previously you don’t expect a big step up in AA, but just talk a little bit about the improvements.

Unidentified speaker, IVD Company: Based on the algorithm improvement that we have and the analytical performance of the test, we have some expectation for this algorithm improvement. We know once the tumor levels in blood is about half of the limit of detection that we had before, this new algorithm should be able to detect them while the previous one was not detecting them. So we have a good understanding of the performance analytically. Clinically still we don’t know. But based on our understanding, we expect the AA performance not to change.

But hopefully it would result into some improvements in CRC. But we are not sure until we really get to the clinical readout of this V2.

Tycho Peterson, Life Science Team: Maybe just on shifting to multi cancer. You know you had some data at AACR. That pretty interesting. What’s kind of the feedback been around that? And then you got into the Vanguard study.

I know that was very competitive. Talk a little bit that process.

Unidentified speaker, IVD Company: Yeah, I think it’s another reason for us to be very excited. This twenty, twenty five bunch of stuff that we’ve done throughout the years, I think all are coming to some kind of harvesting period both for shield and also oncology brands. And one of the areas that we spend energy is around this multi cancer detection. We built a shield, developed that product to be multi cancer friendly, you know. So once we are running it actually we are finding if the patients have other kind of diseases or not.

And we are very pleased that through a competitive process, NCI picked, shield with another to be part of that interventional study. We expect that study to start eminently in terms of the first patient in. FDA completed their review and endorsed the device to be used in that interventional study sponsored by NCI. And the performance that we are seeing is pretty good. Like you know, it’s at very high specificities for 10 cancer types.

Are seeing pretty good sensitivity. Very good starting point for us and we see over time as we go through more learning, more data generation, how much we can improve it. But I think it’s going to be a very good starting point.

Tycho Peterson, Life Science Team: And I guess how do you think about the reimbursement backdrop for multi cancer? Obviously you’ve got CRC out of the gate but how do you think payers are in terms of embracing multi cancer?

Unidentified speaker, IVD Company: So we started with CRC as the first indication to really develop the address the CRC screening market and develop the reimbursement pathway for shield. And over time as the test gets actually, updated and upgraded, we are going to see how potentially we can share the information about multi cancer detection based on some additional consideration and conversation that we are going to have. So it’s a different kind of pathway than just going through the self pay opportunity. We believe in order to really open up the M SAT market opportunity and achieve patient impact at scale, we need to have an accessible M SAT solution. And over time, probably we are going to figure out that our strategy was the right strategy to go after.

Tycho Peterson, Life Science Team: It sounds like on guidelines, ACS is still on track. Anything to note there?

Unidentified speaker, IVD Company: Our team continues to have a conversation with American Cancer Society. We are very pleased with the tone of conversation that we are having. We know that it looks like they started their process on the CRC guideline and we are optimistic that we would see something before the end of the year. We’ll see.

Tycho Peterson, Life Science Team: Last one, maybe just, you know, Abu Dhabi, you’ve got a good project there. You baked some of that into the guidance, not all of it. Just talk a little bit about how that’s progressing.

Unidentified speaker, IVD Company: Yeah, this Abu Dhabi project is pretty interesting in a way that it’s the government funded population scale screening program in that region, a region that the compliance rate to colorectal cancer screening like is less than ten percent. During the pilot phase, which is this year, they were planning to screen ten thousand patients. We contracted for that. In terms of guidance, since we don’t have visibility over the whole work flow and the logistics that they’re gonna manage, we just consider a couple thousand of it in our guidance and we see how it goes.

Tycho Peterson, Life Science Team: Great. We’ll leave it at that. Thanks guys.

Unidentified speaker, IVD Company: Thank you.

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