Brandon Perthuis: It’s not entirely done. We’ve made tremendous progress there but it was an incredible amount of contract we had to work through. So it will still be some time before 100% of those are rolled up. That said, the momentum we’re seeing in the business is closely tied to the progress we’ve made around the contracts. As Ming mentioned, we’re expecting, I think it’s safe to say, explosive growth in 2023 as it relates to carrier screening, that would not be possible if not for the leverage we now have with those contracts. So rolling them up, merging them together with the different entities, still a work in progress but the progress we’ve made has been meaningful and has really helped us grow business in the back half of the fourth quarter and Q1 is off to a fantastic start.
Unidentified Analyst: Got it. One final question for me. It’s very exciting to see you guys launching a new Expanded Carrier Screening panel. But at the same time, we also heard from the industry that there are some uptake in denials from some of the commercial insurers on the reimbursement. So wondering if you have any color on that or do you see that trend happening or do you expect any pressures in 2023?
Brandon Perthuis: Well, I want to make it clear that we offer Expanded Carrier Screening panels or Carrier Screening panels that range from 1 gene, all the way up to the new large panel, 787 and we allow our clients to customize anywhere in between. However, we do see a trend towards more larger panels as we want to look across pan-ethnic populations for rare diseases where a couple may be a carrier. Certainly, there are some payers that consider Expanded Carrier Screening as investigational experimental or unproven. But we think that’s very temporary. Certainly, clinicians have embraced Expanded Carrier Screening. It is, for the most part, standard of care in a reproductive setting. The payers perhaps are a bit behind as it relates to some of the coverage.
But it’s a minimal amount of payers out there that have not embraced Expanded Carrier Screening. And there’s multiple organizations and companies that continue to educate and work with the payers as well as multiple academic societies that continue to update the guidelines around Expanded Carrier Screening. So any changes in the future should all be upside as coverage broadens.
Operator: Next question today is coming from Andrew Cooper from Raymond James.
Unidentified Analyst: This is Liam on for Andrew. I guess just to start out on capital allocation priorities. Now what we saw in the quarter, you acquired, you repurchased a number of shares. And obviously, we had the recent Fulgent Pharma acquisition. Going forward, what do you think the balance is between looking for more tuck-in acquisitions or more focused on share repurchases? Appreciate some color there.
Ming Hsieh: Yes, I will take the answer from the CEO’s position and definitely Paul will add his color from the CFO’s position. I do see the — Fulgent still have a lot of capabilities in terms of addressing this growing space in terms of NGS and the diagnostics. We see a lot of opportunities arising during the last year. So all our options are open. We continue to evaluate the companies which is adding to our capabilities in terms of technology or broaden our offerings. But in addition, we’re also looking for the — in this space, we see the consolidation. But meanwhile, we also continue using our set of funds capabilities to internally develop the technology and which fill our long-term growth. The test we announced today which is the largest of the gene panels for the carrier screening space.
