Q3 2020 Chembio Diagnostics Inc Earnings Call

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Good day, ladies and gentlemen, and welcome to the Kim Bio third quarter 2020 earnings conference call and webcast.

All lines have been placed on listen only mode and the floor will be opened for your questions and comments following the presentation.

At this time it is my pleasure to turn the floor over to your host Mr. Philip Taylor, Sir the floor is yours.

Thank you operator before we begin let me remind you that come by his remarks made during this conference call. Today November five 2020 may include predictions estimates or other information that may be considered forward looking.

These forward looking statements represent Kim Bio's current judgment for the future. They are however are subject to numerous assumptions risks and uncertainties many of which are beyond kumbaya its control, including risks and uncertainties described from time to time in Chembios SEC filings, including those under risk factors.

And elsewhere income buyers filings with the SEC, including.

Including its annual report on form 10-K for 2019 in its quarterly report on form 10-Q for the second quarter of 2020.

Bio's results may differ materially from those projected can bio undertakes no obligation to publicly revise or update any forward looking statement made today I.

I encourage you to review all of the Companys filings with the SEC concerning these and other matters with that I'd like to turn the call over to Rick Everly, President and Chief Executive Officer.

Thank you all for joining Chembios third quarter 2020 earnings conference call.

Before we begin it is important that we recognize that together, we're facing our goal pandemic, but far reaching consequences. Thank.

Thank you to our team for their dedication to our top priority for developing and providing test.

Well managed this pandemic.

Everyone again bio we would like to say thank you to the health care workers, who are caring for patients across the world.

Today, I will discuss our third quarter performance, including completing several development and regulatory milestones and the progress we have made implementing a new business model centered around the launch of a portfolio of DCP COVID-19 tests.

Neil will discuss the detailed financial results and I will conclude and open up the call for questions.

To start in the third quarter total revenue was $10.3 million, including.

Including product revenue of 8.4 million.

Representing growth of 6% and a decline of 1% respectively.

Compared to the prior period.

Our third quarter results demonstrate a permit in our total revenues, which include revenue from DPP Koby 19 idea of ICICI systems shipped outside the United States in the second quarter.

We also made significant progress on the product development and regulatory fronts.

As previously communicated we set goals to submit applications to the U.S. Sta for emergency use authorization or do you wait for the new coordinating antibody antigen tests by the end of the third and fourth quarters, respectively.

And increase risk factors for both patient care and virus transmission.

We've also seen it does impact when the challenges to contact tracing.

Rapid pointed care tests like our DPP systems are easy to use and do not require the infrastructure founded a large laboratory, making inconvenient the test patients across a wide variety of decentralized locations like doctors' offices minute clinics urgent care centers and retail pharmacies.

This versatility helps alleviate bottlenecks and increases patient access to this critical health information.

Pandemic has led to increased point of care testing adoption across a wider variety of healthcare providers and use cases.

Qinghua is proprietary DPP technology platform provides high quality rapid diagnostic results and 15 to 20 minutes using a small drop of blood from the fingertip alternative samples.

Advanced ball by collecting the DPP platform can detect up to eight distinct test results from a single patient sample delivering greater clinical value than other rapid test.

For certain applications Kimball as easy to use highly portable battery operated DPP Microreader optical analyzer, then reports accurate results and approximately 15 seconds, making it well suited for decentralized testing, we're realtime results enable patients to be clinically assessed while they are still in sight.

Objective results produced by the DPP microreader reduce the possibility of the types of human error that can be experienced in the visual interpretations required by many rapid test.

These features have been designed to make DPP test systems, ideally suited protesting where patients and more locations more often.

The opportunity to provide testing solutions for COVID-19 was realized early in the pandemic.

Cause of the possibility of our platform, we are well on our way developing a portfolio of testing solutions.

With a set out to offer an antibody test and an antigen test.

These will provide clinicians and any help for setting or beyond the ability to evaluate a variety of different patients scenarios using the same affordable and portable microreader optical analyzer.

And the second quarter of 2020, we've experienced greater success and a setback.

We achieved one of the first few ways in the United States for an antibody test that was well received by customers and generated significant sales. However in June two months following the EUA. The FDA implemented a new methodology to evaluate antibody tests and the results of that change triggered the replication of the U a four hour and.