Updating Our Therapy Selection Market Model (GH, CAI, TEM, Others)

研报英文原文证据摘录

Updating Our Therapy Selection Market Model (GH, CAI, TEM, Others)

Diagnostics & Life Sciences Tools June 29, 2026

Subbu Nambi, Ph.D.

subbu.nambi@guggenheimpartners.com Updating Our Therapy Selection Market Model (GH,

617 874 7383 CAI, TEM, Others) Ricki Levitus

ricki.levitus@guggenheimpartners.com

212 823 6556 Key Message: We are updating our proprietary therapy selection market model and

Thomas VonDerVellen TAM build with our updated volume forecasts for key companies in this market: GH,

thomas.vondervellen@guggenheimpartners.com CAI, & TEM. Our key conclusions remain as follows: (1) the liquid biopsy market is

617 859 4657 effectively only ~31% penetrated in 2026; and (2) volume growth should continue to be

robust for both tissue and liquid offerings due to repeat testing opportunities, share shifts

from narrow panel NGS testing to more comprehensive testing, and a trend of using both

tissue and liquid tests on the same patients.

Ticker Price Rating

CAI 18.50 Buy What's New?

GH 149.22 Buy

We updated our market model to reflect our recent model updates for the companies TEM 56.14 Buy •

whose test volumes flow into the market model: GH, CAI, & TEM.

Based on the recent NCCN guidelines update for pancreatic cancer, we have added all •

pancreatic cancer patients to the initial diagnosis TAM starting in 2026. We continue to

include non-advanced patients who progress in the recurring/progressing patient TAM

because, based on our diligence, these patients would likely receive another CGP test

at the time of progression.

Therapy Selection Market TAM Model Overview

Patient TAM Build: Inputs & Assumptions

Therapy selection is applicable quite broadly across cancer • Tumor Types/Indications:

types. Our patient build includes individual cohorts for some of the more common solid