Market UncertaintyThe draft LCD remains an overhang on the model, with clarity not expected until the first part of 2026, affecting the potential for an upgrade thesis.
Operational PerformanceRevenues and volumes excluding prior periods missed expectations due to softer-than-expected kidney transplant volumes and issues with prior-period collections.
Regulatory ChallengesThe draft LCD from MolDX is still an overhang, and it may be resolved in 1Q26.