The following discussion and analysis of our financial condition and results of operations should be read together with the unaudited condensed consolidated financial statements and related notes included elsewhere in Item 1 of Part I of this Quarterly Report on Form 10-Q and with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission, or the SEC, on February 25, 2026. Overview We are a precision medicine company dedicated to advancing care in transplant, specialty oncology, and cell therapy. We deliver solutions designed to empower clinicians and improve patient outcomes. Our portfolio spans non-invasive molecular testing, clinical practice management software, AI-powered data and analytics tools, and patient support solutions designed to connect diagnostic insight, clinical workflow, and patient engagement to help improve patient outcomes. Our commercially available post-transplant testing services consist of AlloSure® Kidney, a donor-derived cell-free DNA, or dd-cfDNA, solution for kidney transplant patients, AlloMap® Heart, a gene expression profiling solution for heart transplant patients, AlloSure® Heart, a dd-cfDNA solution for heart transplant patients, HeartCare, the combined use of AlloMap Heart and AlloSure Heart, and AlloSure® Lung, a dd-cfDNA solution for lung transplant patients. Our commercially available specialty oncology service is NavDx®, a blood-based test that detects and monitors human papillomavirus (HPV)-mediated cancers — including head, neck, and anal cancers — from diagnosis through post-treatment molecular residual disease (MRD) surveillance. We have initiated several clinical studies to generate data on our existing and planned future testing services. From time to time, we partner with pharma and biopharma companies to use our technology and tests, often in clinical trials, to identify or screen for patients that may be appropriate candidates for their products. We also provide digital and patient solutions, including clinical practice management software, data and analytics tools, and patient support offerings. Highlights for the Three Months Ended June 30, 2026 •Revenue of $132 million, an increase of 52% year-over-year • Testing Services revenue of $100 million, an increase of 61% year-over-year, and Testing Services volume of approximately 58,000, an increase of 17% year-over-year • Patient and Digital Solutions revenue of $19 million and Lab Product revenue of $13 million, representing year-over-year growth of 50% and 8%, respectively • Average revenue per test of approximately $1,720, including $16 million in prior period revenue • Net income of $111 million, compared to net loss of $9 million for the second quarter of 2025 • Closed the sale of the Lab Products business on June 30, recognizing a $113 million gain on sale included in operating income • Cash flow from operations of $31 million Financial Operations Overview Revenue We derive our revenue from testing services, product sales, and patient and digital solutions. Revenue is recorded considering a five-step revenue recognition model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations and recognizing revenue when, or as, an entity satisfies a performance obligation. Testing Services Revenue Our testing services revenue is derived from AlloSure Kidney, AlloMap Heart, AlloSure Heart and AlloSure Lung tests, which represented 76% and 77% of our total revenue for each of the three and six months ended June 30, 2026, respectively, and 72% of our total revenue for each of the three and six months ended June 30, 2025. Our testing services revenue depends on a number of factors, including (i) the number of tests performed; (ii) establishment of coverage policies by third-party insurers and government payers; (iii) our ability to collect from payers with whom we do not have positive coverage determination, which often requires that we pursue a case-by-case appeals process; (iv) our ability to recognize revenues on tests billed prior to the establishment of reimbursement policies, contracts or payment histories; and (v) how quickly we can successfully commercialize new product offerings. Product Revenue Our product revenue is derived primarily from sales of AlloSeq Tx, Olerup SSP and QTYPE products. Product revenue represented 10% and 9% of our total revenue for the three and six months ended June 30, 2026, respectively, and 14% and 13% of our total revenue for the three and six months ended June 30, 2025, respectively. We recognize product revenue from the sale 31 Table of Contents of products to end-users, distributors and strategic partners when all revenue recognition criteria are satisfied. We generally have a contract or a purchase order from a customer with the specified required terms of order, including the number of products ordered. Transaction prices are determinable and products are delivered and risk of loss passed to the customer upon either shipping or delivery, as per the terms of the agreement. There are no further performance obligations related to a contract and revenue is recognized at the point of delivery consistent with the terms of the contract or purchase order. On June 30, 2026, we completed the sale of our lab products business, which included our kitted laboratory products, to Eurobio (see Note 1 to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q). Patient and Digital Solutions Revenue Our patient and digital solutions revenue is mainly derived from sales of our Ottr software, XynQAPI, MedActionPlan, mTilda (HLA Data Systems), TransChart and Tx Access licenses, services and SaaS agreements across the digital portfolio, as well as our pharmacy sales at The Transplant Pharmacy, or TTP. Patient and digital solutions revenue represented 15% and 14% of our total revenue for the three and six months ended June 30, 2026, respectively, and 15% and 14% of our total revenue for the three and six months ended June 30, 2025, respectively. Factors Affecting Our Performance The Number of AlloSure Kidney, AlloMap Heart, AlloSure Heart, HeartCare and AlloSure Lung Tests We Receive and Report The growth of our testing services is tied to the number of AlloSure Kidney, AlloMap Heart, AlloSure Heart, HeartCare and AlloSure Lung patient samples we receive and patient results we report. We incur costs in connection with collecting and shipping all samples and a portion of the costs when we cannot ultimately issue a report. As a result, the number of patient samples received largely correlates directly to the number of patient results reported. Continued Growth of Patient and Digital Sales The growth of our patient and digital revenues is tied to the continued successful implementation of our pharmacy solutions, Ottr, MedActionPlan and XynQAPI software businesses, as well as continued support and maintenance of existing pharmacy, MedActionPlan, Ottr and XynManagement customers. The Ottr software, TransChart, Tx Access and XynQAPI are currently implemented in multiple locations in the United States. The Ottr software implementation and XynQAPI implementation and support teams are based in Omaha, Nebraska. In addition, patient solutions offered by TTP in Flowood, Mississippi include hospital-affiliated pharmacies located on-site at the transplant center and specialty pharmacies that provide transplant-specific care and dispensing services. Additionally, with HLA Data Systems, we are able to support HLA laboratories in managing their day-to-day workflow. Development of Additional Services and Products Our development pipeline includes other solutions to help clinicians and transplant centers make personalized treatment decisions throughout a transplant patient’s lifetime. We expect to invest in research and development in order to develop additional services and products. Our success in developing new services and products will be important in our efforts to grow our business by expanding our potential market opportunity and diversifying our sources of revenue. Timing of Research and Development Expenses Our spending on research and development may vary substantially from quarter to quarter. We conduct clinical studies to validate our new products, as well as ongoing clinical and outcome studies to further the published evidence to support our commercialized tests. Spending on research and development for both experiments and studies may vary significantly by quarter depending on the timing of these various expenses. 32 Table of Contents Results of Operations Comparison of the Three Months Ended June 30, 2026 and 2025 (In thousands) Three Months Ended June 30, 2026 2025 Change Change (%) Revenue: Testing services revenue $ 99,927 $ 62,033 $ 37,894 61 % Product revenue 12,791 11,833 958 8 % Patient and digital solutions revenue 19,230 12,813 6,417 50 % Total revenue 131,948 86,679 45,269 52 % Operating expenses: Cost of testing services 15,918 15,406 512 3 % Cost of product 4,342 4,981 (639) (13) % Cost of patient and digital solutions 14,706 8,271 6,435 78 % Research and development 22,376 16,830 5,546 33 % Sales and marketing 33,441 24,279 9,162 38 % General and administrative 40,908 27,683 13,225 48 % Gain on sale of lab products business (112,966) — (112,966) 100 % Litigation settlement expense — 350 (350) (100) % Total operating expenses 18,725 97,800 (79,075) (81) % Income (loss) from operations 113,223 (11,121) 124,344 (1,118) % Other income: Interest income, net 1,735 2,364 (629) (27) % Other (expense) income, net (440) 72 (512) (711) % Total other income 1,295 2,436 (1,141) (47) % Income (loss) before income taxes 114,518 (8,685) 123,203 (1,419) % Income tax (expense) benefit (3,882) 117 (3,999) (3,418) % Net income (loss) $ 110,636 $ (8,568) $ 119,204 (1,391) % Testing services revenue Testing services revenue increased by $37.9 million, or 61%, for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily driven by testing services volume growth of 17% as compared to the same period in 2025. The variance between revenue growth and volume growth was primarily driven by $18.0 million of increased net collections associated with tests performed and revenue recognized in prior periods under ASC 606 and an increase in revenue per test, partially offset by a $2.4 million reduction in testing services revenue related to the recognition of refund reserves payable to third-party payers. Product revenue Product revenue increased by $1.0 million, or 8%, for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily due to higher sales of our commercial NGS-based kitted solutions. Patient and digital solutions revenue Patient and digital solutions revenue increased by $6.4 million, or 50%, for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily driven by higher pharmacy sales and growth in our digital solutions, particularly an expanded customer base from Ottr software. Cost of testing services Cost of testing services increased by $0.5 million, or 3%, for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributed to higher testing services volume, partially offset by the continuous efficiency measures to lower laboratory expenses. Cost of product 33 Table of Contents Cost of product decreased by $0.6 million, or 13%, for the three months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily due to improved manufacturing efficiencies and lower costs resulting from favorable pricing terms negotiated with key manufacturers. Cost of patient and digital solutions Cost of patient and digital solutions increased by $6.4 million, or 78%, for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily due to an increase in the cost of goods from our pharmacy business. Research and development Research and development expenses increased by $5.5 million, or 33%, for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to increases of $4.0 million in personnel-related costs, $0.8 million in consulting and licensing expense, $0.5 million in partnership milestone expense and $0.2 million in software-related expenses. Sales and marketing Sales and marketing expenses increased by $9.2 million, or 38%, for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to increases of $8.7 million in personnel-related costs, $1.0 million in marketing expenses and $0.1 million in travel expenses, partially offset by a decrease of $0.6 million in stock-based compensation expense. General and administrative General and administrative expenses increased by $13.2 million, or 48%, for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to increases of $5.6 million in personnel-related costs, $5.6 million in legal and consulting expenses and $2.3 million in stock-based compensation expense, partially offset by a decrease of $0.3 million in equipment-related costs. Gain on sale of lab products business Gain on sale of lab products business of $113.0 million in the current period reflects the gain on the sale of our lab products business. For details over the aforementioned sale, see Note 1, Organization and Description of Business, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q under the caption “Sale of lab products business,” which is incorporated herein by reference. Litigation settlement expense Litigation settlement expenses decreased by $0.4 million, or 100%, for the three months ended June 30, 2026, compared to the same period in 2025. The decrease in litigation settlement expense was mainly due to litigation settlement expense during the three months ended June 30, 2025. Interest income, net Interest income, net decreased by $0.6 million for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to a lower average balance in cash, cash equivalents and marketable securities. Other (expense) income, net Other (expense) income, net decreased by $0.5 million for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to foreign exchange losses during the three months ended June 30, 2026. Income tax (expense) benefit Income tax expense increased by $4.0 million for the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to a current tax expense of $3.8 million recognized on the taxable gain from the sale of our lab products business, which was completed on June 30, 2026. See Note 1 and Note 11 to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information. 34 Table of Contents Results of Operations Comparison of the Six Months Ended June 30, 2026 and 2025 (In thousands) Six Months Ended June 30, 2026 2025 Change Change (%) Revenue: Testing services revenue $ 191,325 $ 123,954 $ 67,371 54 % Product revenue 23,137 22,643 494 2 % Patient and digital solutions revenue 35,186 24,767 10,419 42 % Total revenue 249,648 171,364 78,284 46 % Operating expenses: Cost of testing services 33,015 30,519 2,496 8 % Cost of product 9,176 10,567 (1,391) (13) % Cost of patient and digital solutions 26,404 15,987 10,417 65 % Research and development 43,792 35,354 8,438 24 % Sales and marketing 63,814 47,270 16,544 35 % General and administrative 71,392 50,452 20,940 42 % Gain on sale of lab products business (112,966) — (112,966) 100 % Litigation settlement expense 600 5,710 (5,110) (89) % Total operating expenses 135,227 195,859 (60,632) (31) % Income (loss) from operations 114,421 (24,495) 138,916 (567) % Other income: Interest income, net 3,644 5,148 (1,504) (29) % Other (expense) income, net (770) 367 (1,137) (310) % Total other income 2,874 5,515 (2,641) (48) % Income (loss) before income taxes 117,295 (18,980) 136,275 (718) % Income tax (expense) benefit (3,850) 59 (3,909) (6,625) % Net income (loss) $ 113,445 $ (18,921) $ 132,366 (700) % Testing services revenue Testing services revenue increased by $67.4 million, or 54%, for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily driven by testing services volume growth of 17.3% as compared to the same period in 2025. The variance between revenue growth and volume growth was primarily driven by $35.6 million of increased net collections associated with tests performed and revenue recognized in prior periods under ASC 606 and an increase in revenue per test, partially offset by a $5.8 million reduction in testing services revenue related to the recognition of refund reserves payable to third-party payers. Product revenue Product revenue increased by $0.5 million, or 2%, for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily due to higher sales of our commercial NGS-based kitted solutions. Patient and digital solutions revenue Patient and digital solutions revenue increased by $10.4 million, or 42%, for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily driven by higher pharmacy sales and growth in our digital solutions, particularly an expanded customer base from Ottr software. Cost of testing services Cost of testing services increased by $2.5 million, or 8%, for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributed to higher testing services volume, partially offset by the continuous efficiency measures to lower laboratory expenses. 35 Table of Contents Cost of product Cost of product decreased by $1.4 million, or 13%, for the six months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily due to improved manufacturing efficiencies and lower costs resulting from favorable pricing terms negotiated with key manufacturers. Cost of patient and digital solutions Cost of patient and digital solutions increased by $10.4 million, or 65%, for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily due to an increase in the cost of goods from our pharmacy business. Research and development Research and development expenses increased by $8.4 million, or 24%, for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to increases of $7.0 million in personnel-related costs, $1.4 million in consulting and licensing expense and $0.5 million in software-related expenses, partially offset by a decrease of $0.5 million in partnership milestone expense. Sales and marketing Sales and marketing expenses increased by $16.5 million, or 35%, for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to increases of $14.1 million in personnel-related costs, $2.4 million in marketing expenses, $0.9 million in travel expenses and $0.3 million in software related expenses, partially offset by a decrease of $1.2 million in stock-based compensation expense. General and administrative General and administrative expenses increased by $20.9 million, or 42%, for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to increases of $9.2 million in personnel-related costs, $7.5 million in legal and consulting expenses and $4.3 million in stock-based compensation expense, partially offset by a decrease of $0.1 million in equipment-related costs. Gain on sale of lab products business Gain on sale of lab products business of $113.0 million in the current period reflects the gain on the sale of our lab products business. For details over the aforementioned sale, see Note 1, Organization and Description of Business, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q under the caption “Sale of lab products business,” which is incorporated herein by reference. Litigation settlement expense Litigation settlement expenses decreased by $5.1 million, or 89%, for the six months ended June 30, 2026, compared to the same period in 2025. The decrease in litigation settlement expense was mainly due to the settlement of $5.4 million related to the Securities Class Action lawsuit and additional litigation settlement expense of $0.4 million during the six months ended June 30, 2025, which was partially offset by a $0.6 million settlement related to the Derivative Actions Lawsuit during the six months ended June 30, 2026. For details over the aforementioned lawsuits, see Note 8, Commitments and Contingencies, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q under the caption “Litigation and Indemnification Obligations”, which is incorporated herein by reference. Interest income, net Interest income, net decreased by $1.5 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to a decrease in average balance of cash, cash equivalents and marketable securities. Other (expense) income, net Other (expense) income, net decreased by $1.1 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to foreign exchange losses during the period. Income tax (expense) benefit Income tax expense increased by $3.9 million for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to a current tax expense of $3.8 million recognized on the taxable gain from the sale of our lab products business, which was completed on June 30, 2026. See Note 1 and Note 11 to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information. 36 Table of Contents Cash Flows for the Six Months Ended June 30, 2026 and 2025 The following table summarizes the primary sources and uses of cash for the periods presented: Six Months Ended June 30, 2026 2025 (in thousands) Net cash provided by (used in): Operating activities $ 34,937 $ (16,689) Investing activities 291,645 24,722 Financing activities (18,409) (54,454) Effect of exchange rate changes on cash, cash equivalents and restricted cash 4 (90) Net increase (decrease) in cash, cash equivalents and restricted cash $ 308,177 $ (46,511) Operating Activities Net cash provided by operating activities consists of net income, adjusted for certain noncash items in the condensed consolidated statements of operations and changes in operating assets and liabilities. Cash provided by operating activities for the six months ended June 30, 2026 was $34.9 million. Net operating assets decreased by $2.9 million. Our noncash items primarily included $113.0 million in gain on sale of lab products business, $20.5 million in stock-based compensation expense, $6.7 million of depreciation and amortization expense, $2.7 million of amortization of right-of-use assets, $1.4 million of amortization of premium on short-term marketable securities, net and $0.2 million of loss on disposal of assets. Cash used in operating activities for the six months ended June 30, 2025 was $16.7 million. Net operating assets decreased by $27.2 million. Our noncash items primarily included $18.4 million in stock-based compensation expense, $7.3 million of depreciation and amortization expense, $2.7 million of amortization of right-of-use assets, $0.6 million of amortization of premium on short-term marketable securities, net, and $0.5 million of revaluation of contingent consideration to estimated fair value. Investing Activities For the six months ended June 30, 2026, net cash provided by investing activities of $291.6 million was primarily related to net proceeds from the sale of lab products business of $164.8 million, sales of marketable securities of $114.6 million, and maturities of marketable securities of $59.7 million, partially offset by purchases of marketable securities of $39.9 million, $5.7 million related to additions of property and equipment and $2.0 million related to purchase of long-term investments. For the six months ended June 30, 2025, net cash provided by investing activities of $24.7 million was primarily related to proceeds from maturities of marketable securities of $94.6 million, partially offset by purchases of marketable securities of $67.3 million, and $2.6 million related to additions of capital expenditures. Financing Activities Net cash used in financing activities for the six months ended June 30, 2026 of $18.4 million was primarily due to repurchase and retirement of common stock of $12.2 million, taxes paid related to net share settlements of restricted stock units of $8.5 million, and payment for contingent consideration of $1.5 million, partially offset by proceeds from issuances of common stock under our employee stock purchase plan of $2.5 million, and proceeds from exercise of stock options of $1.4 million. Net cash used in financing activities for the six months ended June 30, 2025 of $54.5 million was primarily due to repurchase and retirement of common stock of $50.0 million, taxes paid related to net share settlements of restricted stock units of $9.3 million, and payment for contingent consideration of $1.5 million, offset by proceeds from issuances of common stock under our employee stock purchase plan of $2.3 million, and proceeds from exercise of stock options of $4.1 million. Liquidity and Capital Resources We have incurred significant losses and negative cash flows from operations and had an accumulated deficit of $505.4 million at June 30, 2026. As of June 30, 2026, we had cash and cash equivalents of $373.6 million and no debt outstanding. We believe our existing cash balance and expected cash from existing operations, including cash from current license agreements and future license and collaboration agreements, or a combination of these, will be sufficient to meet our anticipated cash requirements for the next 12 months. 37 Table of Contents Shelf Registration Statement On April 28, 2026, we filed an automatic shelf registration statement on Form S-3ASR (File No. 333-295388), or the Registration Statement, which became effective upon filing. Pursuant to the Registration Statement, we may from time to time sell an indeterminate amount of shares of our common stock, preferred stock, debt securities, warrants, units or rights comprised of any combination of these securities, for our own account in one or more offerings under the Registration Statement. The terms of any offering under the Registration Statement will be established at the time of such offering and will be described in a prospectus supplement to the Registration Statement filed with the SEC prior to the completion of any such offering. Stock Repurchase Programs On May 30, 2025, our Board of Directors authorized a new share repurchase program of up to $50.0 million in shares of our common stock over a period of up to two years, commencing on May 30, 2025, or the May 2025 Repurchase Program. The May 2025 Repurchase Program may be carried out, subject to approval by a committee of our Board of Directors, through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. During the three and six months ended June 30, 2026, the Company purchased an aggregate of 0.6 million shares of our common stock under the May 2025 Repurchase Program for an aggregate purchase price of $12.2 million. As of June 30, 2026, no amounts were available for future share repurchases under the May 2025 Repurchase Program. Additionally, on April 24, 2026, our Board of Directors authorized the April 2026 Repurchase Program, which provides for the repurchase of up to $100.0 million in shares of our common stock over a period of up to two years, commencing on April 30, 2026. The April 2026 Repurchase Program may be carried out, subject to approval by a committee of our Board of Directors, through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. There were no repurchases made during the three and six months ended June 30, 2026 under the April 2026 Repurchase Program. Sale of Lab Products Business On June 30, 2026, we completed the sale of our lab products business to Eurobio and received cash consideration of $171.7 million, subject to customary post-closing adjustments for working capital, cash and indebtedness. See Note 1 to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information. Acquisition of Naveris On July 1, 2026, we completed the acquisition of Naveris and paid $161.8 million in cash, subject to customary post-closing adjustments, of which $5.0 million was deposited into an escrow account. In addition, Naveris’ equity holders are eligible to receive up to $100.0 million in additional cash consideration contingent upon the achievement of specified revenue-based milestones in respect of the fiscal years ending December 31, 2026 and December 31, 2027. See Note 13 to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information. Contractual Obligations For a discussion regarding our significant contractual obligations as of June 30, 2026 and the effect those obligations are expected to have on our liquidity and cash flows in future periods, refer to Note 8, Commitments and Contingencies, to the unaudited condensed consolidated financial statements and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources,” respectively, included elsewhere in this Quarterly Report on Form 10-Q. Foreign Operations Prior to the sale of the lab products business on June 30, 2026, the accompanying unaudited condensed consolidated balance sheets contained certain recorded assets in foreign countries, namely Stockholm, Sweden and Fremantle, Australia. These assets were transferred as part of the sale and are no longer reflected in the unaudited condensed consolidated balance sheet as of June 30, 2026. See Note 1 and Note 11 to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information. To the extent we continue to sell our solutions internationally, foreign exchange transactions, export duties, government regulations or unanticipated events in foreign countries could continue to have a material adverse effect on our operations. Critical Accounting Policies and Significant Judgments and Estimates Our management’s discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make 38 Table of Contents estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, as well as the reported revenue generated and expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Our significant accounting policies are described in Note 2, Summary of Significant Accounting Policies—Recent Accounting Pronouncements, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Some of these accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. We believe that the following critical accounting policies reflect the more significant estimates and assumptions used in the preparation of our financial statements. We believe the following critical accounting policies are affected by significant judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements: •Revenue recognition; •Business combinations; •Acquired intangible assets; •Impairment of goodwill, intangible assets and other long-lived assets; •Stock-based compensation; and •Gain on sale of lab products business. Other than the gain on sale of lab products business, there were no material changes in the matters for which we make critical accounting estimates in the preparation of our unaudited condensed consolidated financial statements during the three and six months ended June 30, 2026 as compared to those disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 25, 2026. Recently Issued Accounting Standards Refer to Note 2, Summary of Significant Accounting Policies—Recent Accounting Pronouncements, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for a description of recently issued accounting pronouncements, including the expected dates of adoption and estimated effects on our results of operations, financial position and cash flows. 39 Table of Contents