Palm Springs, June 8^th –  Every year, the DeciBio team relocates somewhere with unreliable Wi-Fi for our annual offsite. The format hasn't changed much: we shut down shop for 2-3 days to have a good time, and for a few hours the partners and senior leaders present to the team while the team graciously pretends the slides are brand new. Part strategy retreat, part reunion.

But this year, a lot of the slides wrote themselves. Because —as John Hanna first put it to me— "precision medicine is having a moment." So it was a pleasure to kick things off this morning with the state of the industry, where we think it's heading, and the strategy we're running to get there.

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The market finally caught up

For more than a decade, I've argued that the precision medicine revolution would be driven by tools and diagnostics; that diagnostics would matter as much as drugs. Last year (or two), the numbers / EBIDTA finally showed up.

Precision medicine arguably began nearly three decades ago with HercepTest, the first HER2 companion diagnostic. But for most of that history, it's been a running joke that no specialty diagnostics lab actually turn a profit. (Myriad managed a profitable stretch; almost everyone else didn't.) It's really only in the last couple of years that the marquee names in our space started to turn a profit.

Then came 2025. In a year when "the MAG-7" was shorthand for everything going right in the market, a basket of $1B+ specialty diagnostics companies quietly beat Big Tech on revenue growth. Guardant, Natera, Tempus, Caris, GeneDx, and others, just killing it. The companies translating biology into clinical reality ran right past the most celebrated names in the economy.

Hype is a stock chart. This was something better: volume growth, and ASP growth. Real tests, reaching real patients, at a scale that finally looks exponential rather than aspirational. Even the tools companies (the ones that spent two decades selling to research labs) are pivoting their growth story to the clinic, because that's where the patients (and the durable revenue) actually are. The promise of precision medicine is becoming the practice of precision medicine. We've been writing that sentence for years. It's wonderful to finally watch it stop being a forecast.

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ClinOmics: here we come

After walking the team through a bit of history (and the six recent eras of precision medicine tools and diagnostics) I offered a projection: we're entering the ClinOmics era, when complex omics tools are used seamlessly in clinical settings. Exciting times! (You can read more about the eras [here].)

We were early, but the wave is here! If there's a through-line this year, it's this: we were early, we were occasionally lonely, and we kept going. The wave we spent years describing to anyone who'd listen is finally here. Which leaves the one question worth spending an offsite on: how do we ride it?

Onward!