Q3 2020 Aspira Women's Health Inc Earnings Call
[music].
Greetings, ladies and gentlemen.
Welcome to scare.
Third quarter twice.
My name is John and I will be your.
Later for the coffee.
Hi, all package.
No.
Following managements prepared remarks, well open the call for your questions.
Yeah.
This conference is being recorded today, leading the call today are Valerie Palmieri, President and Chief Executive Officer, and Bob Beattie, Chief Financial Officer. After their prepared remarks, we will open the line for today.
Before we begin I would like to remind everyone that some statements made during the prepared remarks, the mechanics session, including statements.
Getting to a spear what didn't help expected future performance future business prospects or future events or plans are forward looking statements as defined under the private Securities Litigation Reform Act of 1995.
Although the company believes that the expectations reflected in such forward looking statements are based upon reasonable assumptions actual.
[noise] outcomes and results are subject to risks and uncertainties and could differ materially from those anticipated due to the impact of many factors beyond the control of the spare women's health.
Except as required by law the company assumes no obligation to update any forward looking statements.
It was a result of new information future events.
Earlier or otherwise.
Participants are directed to the cautionary note in todays press release as well as the risk factors set forth in the steel Women's health annual report on form 10-K, and form 10-Q for the first and second quarters filed with the SEC.
Factors that could cause actual results to differ materially from those low as anticipated in the forward looking.
Statements.
At this time I would like to turn the call over to Rob Valerie Palmieri, President and Chief Executive Officer salary.
Thank you operator, good afternoon, everyone and thank you for joining us today we.
We delivered a strong third quarter across multiple measures of success, our revenue and volumes increased.
Significantly over the prior quarter rebounding to pre pandemic levels in September ahead of our projected timing.
We believe a spiraling health is effectively weathering the storm of the pandemic and building on the momentum we have delivered solid test volume recovery improved price sequentially.
We added to our covered lives and lastly made significant additions to our board medical and executive team.
We continue to advance our product pipeline and strengthen our financial position in 2020.
We have also launched a digital and media campaign to strengthen our brand identity.
Entity as well as increase awareness of our test and its advantages of early detection of risk and racial disparity compared to see 125, we.
We also recently received coverage from two investment bank analysts. We are very proud of this progress and we will expand upon each of these in turn.
Starting with our team.
We have made efforts to bring on a prestigious appointment to our board and recently announced the appointment to our board Dr., Sandra Brooks and D Senior Vice President and Chief Medical Officer at Thomas Jefferson University Hospital gives.
Given dr. Brooks longstanding research interest in health equity she will be an issue.
Valuable resource and inviting the company on driving awareness of racial and health disparities as well as to drive overall adoption of the overall suite of products into the care pathway.
I would also note. This appointment brings our board to majority female status, which we feel is important as a woman's health content.
Anthony.
We have several additional announcements we are adding dr. leaner ratner co chief of Gynecologic oncology at Yale University School of Medicine, as our Chief Medical advisor.
She is also serving as a co director of the ovarian cancer early detection program for women that is part of discovery to cure.
Yeah ill medicines initiative focused on combating all reproductive cancers.
This initiative resonates totally with Aspira company's mission and vision. In addition to Dr. Radnor, we have added Dr., Gary Obligor Associate Professor of Gynecologic oncology at Yale Medicine, who is an avid clinical translational.
Researcher as well.
At the executive level, we have two cornerstone announcements one is the promotion of Dr. Leslie Northrop two chief Scientific officer.
And the addition of Kylie Bagger as Chief operating Officer.
Kylie will be responsible for the entire commercial and operating organization comprised of.
Sales and marketing as well as our overall operations, including IP in the laboratory.
And lastly, we have added a chief spokeswoman Dr. Diane pilot batch of power is an ovarian cancer patient in survivor, whose role is to lead how we meet serve and educate patients with their clinical background into.
He will be responsible for the patient advocacy testimonials storytelling and the coordination and the management of an ethnically diverse patient advisory board.
As we build momentum and scale as an organization, it's time to make these strategic additions to our board and senior leadership team.
Aspira is now up.
Journey led by women for women and these additions will significantly help to propel our growth.
I am now moving onto our Q3 update.
From an operational perspective, we experienced somewhat of of the curve on volume from the lows of Q2.
We ended the third quarter at 95%.
A brief cobot levels comparing February 2020 versus September 2020 on a per day basis.
Volume increased 46% sequentially from the second quarter and is equivalent to the volume of the third quarter of 2019.
Our average unit price of over one plus increased sequentially by 15% as well.
Well versus the second quarter.
Regarding our platform strategy, we continue to believe our decent realization strategy to penetrate large integrated delivery networks and Ob Julian Super groups will ultimately pay off and accelerated overall adoption of our products the decentralized arrangement.
Help our product integrate into the care pathway of the respective institutions in Super groups. These large deals have a significant lead time and the COVID-19 pandemic has slowed some of the efforts to finalize these deals.
That being said our partners continue to engage and are excited about the prospect of internalizing our technique.
Balaji more to come on this front.
On the payer front, we announced in October that we are participating providers with anthem Blue Cross Blue Shield of Georgia for an estimated additional 3.3 million members across the state. We now have approximately 72% of the covered lives in Georgia, which is considerable.
As of November Onest 2020, we have approximately 173 million lives covered in the U.S.
In terms of total ordering physicians for the quarter 2450 physicians ordered over one with 84% of those customers being repeat customers consistent with Q2 rate.
This clearly illustrates the impact the technology has on patient care. The speaking this is a technology and the overall retention and growth opportunity, we have with our expanded portfolio.
In addition, a number of ordering physicians increased 37% from the second quarter and the number of test order per practice is up 30.
The 2% compared to prior year third quarter.
We also recently surveyed 341 customers.
Who's got the majority of these customers were using over one to determine who need surgery immediately or determine who can postpone surgery.
In fact based on the survey.
83% of these patients were high risk or symptomatic it needed to be seen with a high sense of urgency or post an ERP visit.
We believe that the true benefit of over one may be invaluable and this new low touched environment.
The improvement in repeat rate and specimens per practice.
Our number one goal.
This overall is to drive adoption and make over one plus the standard of care.
We believe lack of awareness is a major obstacle and adoption.
We are waiting a virtual and non virtual commercial strategy together to expedite impacts in the following ways.
Number one strategically magnify our newly designed brand.
And its impact to the entire patient lifecycle for the short term and long term driving clinical trial enrollment at the community and academic level.
Number two lift awareness of the devastating nature of ovarian cancer and the importance of the focus of women's health, coupled with our Calwell call in September and our increased scale will participate.
Patient at an academic level as demonstrated by our board and executive additions.
Number three ILLUMENATE health disparity awareness and advanced clinical pathways to earlier and more effective diagnosis as illustrated by our digital campaign.
We launched our first major awareness campaign.
Pain in the third quarter I Hope you all have had the opportunity to witness the campaign through social media or in television and print outlets in your area.
We conducted a virtual media interview tour that was picked up by 26 television and radio outlets.
The interviews Fitch featured Dr. Lane, a ratner as well as Montana.
They hazel a patient advocate.
As a result, we had 133 placements, including associated press, Bloomberg and fares pharma to name a few and $139 million total media impressions.
The power of earned and shared media is significant in a cause driven subject like over here.
Got an answer.
We consider this level of interest to be quite successful.
While the campaign is driving awareness of ovarian cancer risk in general we are emphasizing ethnic disparity in early detection.
As reported previously our commercial organization continues to transform and perform in a virtual environment we.
And you anticipate a mix of virtual and face to face marketing continuing into 2021, as we put higher emphasis on inside sales personnel to maximize the effectiveness of those reps in the field.
In addition, our approach will be leveraging digital marketing search engine optimization, social media website initiatives.
During the construction of deep and wide virtual a non virtual clinical champion teams across North America to drive awareness.
I will now be moving onto our innovation pipeline and product enhancement update.
Despite the pandemic, we have made tremendous progress on clinical site expansion.
And and participation in our studies.
We are also in execution mode on enlarging our clinical studies to ensure our broad geographic increase patient enrollment during a pandemic.
With over 10 years of experience in ovarian cancer risk assessment, we are creating a portfolio, which is comprised of products that impact a woman's entire life.
Michael starting at a young adult with Endo check to.
Two our hereditary risk for cancer genetics.
Including high risk screening over inherit.
Two pre menopausal benign mass monitoring with over next and lastly, our ovarian cancer risk assessment prior to surgery over one plus.
In addition, we are all.
Also doubling down on our research on ethnic disparity front with new sites in the queue.
I am now going to start with Endo check.
We are very excited about this product.
This product is expected to reach a total addressable market in the U.S. of rux, roughly six to 7 million.
Today of surgical by.
Is the only way to confirm and endometriosis diagnosis.
And is still use as a leading primary diagnostic tool.
Our end goal is to develop a liquid biopsy test with both the sensitivity and specificity equal to or greater than surgical biopsy.
There is a very large unmet.
Ryan Bickel need as endometriosis is treated based on symptoms and may take on average seven to nine years to diagnose sometimes with multiple surgeries.
Not only does endometriosis impact a large number of women, but the cost per patients extremely high as it is similar to a type two diabetic.
This product.
Clinics was initially developed from a biobank, which contains women who have a pelvic mass in addition to endometrial Ms and other benign masses sales.
Based on the initial algorithm performance, we formed an agreement with Abbvie, which allowed us to access their elagolix trial specimens.
Elagolix is a pharmaceutical treatment for the management of moderate.
It's a severe pain associated with endometriosis.
These samples are from two robust multicenter double blinded placebo controlled phase three trials that enrolled women with surgically diagnose it materializes and moderate to severe economic.
Endometriosis associated pain.
We are very excited about the acquisition of these samples from.
From Abbvie for Endo check product development and believe this will strengthen our ability to bring this product to market swiftly.
As previously discussed we are preparing an FDA breakthrough device designation for submission by the end of the year.
In addition to the Abbvie specimens. We're also finalizing a collaboration with a notable academic repurpose.
That's a consortium and collecting enriched endometriosis cohorts to further validate the product a liquid biopsy is essential for the detection of endometriosis as it has the potential to help women begin treatment without surgery, thereby improving their speed to treatment and quality of life with ultimately.
The improving outcomes from the stability leading disease.
Second I would like to update everyone on our third generation ovarian cancer risk assessment test, which is now branded as open necked opened next to design to address the market of three times that of over one specifically it is for women who have a benign mass and are currently monitored.
For two to four times per year with CA when 25 in transvaginal ultrasound.
In October we published a paper in current medical research in opinion titled Low Red multi variant index assay scores physician referral and surgical choices in women with an excellent masses.
A total of 280.
Two independent patient charts review of which 146 were low risk results surge.
Surgery was performed on 56% of patients with low risk scores. The other 44% had no surgery and were followed clinically.
There were no invasive cancers in the patients who had surgery.
And clinicians were comfortable.
With expected management of pelvic masses when over one is low risk.
These results demonstrated to us that there is an immediate need to assessing the status of pelvic mass even though surgery is not performed.
Keep in mind besides the in when 25, there is no known competitive product on the market to monitor pelvic masses.
In June we launched our RMB approved prospective trial with the goal of Onboarding five clinical sites.
Due to the challenges we face with the pandemic, we have increased our recruitment to 10 individual sites with seven already actively consenting patients.
We will be looking at three cohorts for the study number one is patients who are.
Systematic with the pelvic mass number two or patients with a mass who are asymptomatic the masses, where incidentally found.
And number three are those who are genetically predisposed with and without him that.
We believe that this test will help clinicians and patients to better understand the risk of malignancy and provide a monitoring tools.
Managed patients overtime, who are not candidates for surgery.
We continue to be on track to launch the product in phases projecting the end of 2021 to early 2022. This product coupled with over one provides a solution for monitoring as well as the solution for surgical Trialed risk assessment.
I am.
Now moving on to our next product, which is open harrods keep in mind. The proceeds foundation of over inherited over index and we're coupling. This was to normally targets specifically design as our high rate as early detection solution.
This study is designed across two separate cohort.
Number one is a symptomatic.
Women with a genetic predisposition and number two is symptomatic women, who are at risk and are being reserved with the pelvic mass it as a real time multi site study being performed at five of our current Ova genetics commercial testing sites that are also established clinical research institutions.
We will also be adding a prestigious academic center to assist with the research which will be announced soon.
The name of the study behind open here. It is over 360 and is defined as a study demonstrating a 360 degree view in combining the established prevailing proteins with molecular targets of gynecologic.
Trickle cancers.
This study will explore specific genomic targets that define key drivers of females Bbl gynecologic cancer, starting with ovarian cancer found.
Foundational development of a cell free cell tumor DNA based test to identify cancer early at high diagnostic accuracy as planned we will.
I believe that our algorithm will outperform the current standard of care, which is due in 25, coupled with transvaginal ultrasound and provide a precise measurement of a tissue specific type of cancer as an early detection test.
We will also be partnering with several key thought leaders in the genomics community to support the development of the.
Okay inherit products.
I will now move beyond product development into expanding our research on ethnic disparity with over one plus.
We are expanding this research by increasing site recruitment from our initial partner at the same medical centers Philadelphia to two more in the.
Fusions with more to come.
Again, we are mining our clinical study recruitment during a pandemic and decided to increase our study goals to meet our product portfolio timelines across all studies as.
Especially at a time when healthcare inequality is becoming more recognized during coded aspira women's health core value.
As healthcare quality as we continue to lead the charge and bringing ovarian cancer risk assessment disparity to the forefront.
Our number one goal is to replace the 125 as a standard of care for ovarian cancer with this virus on sweeter products performing with a greater accuracy and precision of disease.
Across all ethnicities.
Our goal for this study is to expand upon our two previously published studies to validate over one across populations outside of Caucasian women as compared to the 125 and truly change the standard of care.
I would like to now turn the call over to Bob for review of our financial results.
Results Bob.
Thank you Rosemarie.
As Robert noted, we have seen a very shrewd volume recovery of tests performed in the third quarter as compared to the second quarter the number of over one post.
Pro forma increase sequentially, 46% to approximately 3496 during the third.
Third quarter compared to 2450 for the second quarter, we feel we should rebound validated our decision to focus on continued investment in long term growth and coming out of the pandemic stronger.
Product revenue was $1 billion 217000 for the three months ended September Thirtyth 2000.
Turning 20 compared to 726000 for the second quarter to 60% product revenue increase is primarily due to an increasing number of tests as well as improvements in our average selling price to $338.
18% increase from the as reported.
Average unit price in the second quarter.
The increase was primarily due to a full quarter of realization of our new contract price from Cigna as of April Onest, 2020, and an improvement in mix of payers as Medicare patients, who given their demographic had reduced visits to doctors as many older.
Patient self quarantine due to covance in the second quarter versus the third quarter, we have seen the mix of Medicare and Medicare advantage patients revert back to historical pre coated levels near the end of the third quarter.
Gross profit margin of over one was 45% in the third quarter as compared to 30.
37% in the second quarter, driven by improved volume and improved price realization.
Total operating expenses were approximately $4.7 million at third quarter as compared to $4 million in the second quarter as we have resumed travel and entertainment and increased our spend on marketing and R&D.
Our cash balance at September Thirtyth, 2020 was approximately $19 million as we previously announced we achieved the target employment milestones as well as trailing 12 month revenue target for the state of Connecticut financing. The funding has been approved and we anticipate retool.
Receiving $2 million of funding during the fourth quarter.
Our cash utilization for the third quarter was $3.1 million compared to $3.3 million in the prior quarter and $3.6 million in the prior year third quarter.
Their work sequential reduction in cash utilization was driven.
Our merrily by stronger revenue and gross margin while the year on year increase was primarily increased research and development as well as head count additions offset by reduced spending on sales and marketing.
As valor, we mentioned in our opening remarks to banks have initiated coverage on Aspira women's health.
William Blair recently initiated coverage as well as pork line capital markets. We view this long awaited development as the validation of our strategy and we look forward to long term relationships with both of these institutions I will now turn it back to Valerie.
Thank you Bob before.
Before we open.
The conference M&A, Let me think.
Okay great.
Sustainable growth for the near and long term, we firmly believe that our strategy is the right line and that our technology pipeline will be vital to lowering the overall healthcare burden and reducing significant inefficiencies and the care pathway. It's all about getting.
Right right.
Right Doctor and finding cancer early stage and all women. This mission is the core of our company.
Ill bearing cancer accounts are more debt than any other cancer of the female reproductive system and is the only gender specific cancer with greater than a 50% mortality rate.
Our work in products all right first time changing the standards of care and the good touched another very malignancies.
We believe we are helping close the gap in the testing and more importantly survival for women.
In the near term, we believe other one plus coupled with our disparity differentiation and genetic testing.
<unk> will become the standard of care and pelvic mass risk assessment for ovarian cancer for the longer term. We're moving full steam ahead with our planned launches of ended check for endometriosis Oh, the next pelvic mass monetary and lastly over inherit for high risk genetic predisposition monitoring.
We also believe in this.
The new co that Eric that healthcare disparities and the importance of diagnostic information might actually be further elevated to reduce their care and ensure that all women of every sales the economic backgrounds. We see the best possible care. We are now happy to open up the call for Q in AG and.
Is there any of your questions operator.
Thank you, ladies and gentlemen, we will now be conducting a question and answer session.
Just a question. Please press star one another telephone keypad, a confirmation tone will indicate your line is in the question queue.
Please press star two if you'd like to remove your question from a Q.
Participants using speaker equipment.
And it may be necessary to pick up your handset before pressing the star Wars.
We'll take your questions.
Our first question comes from the line of Brian Weinstein with William Blair. Please proceed with your question.
Hi, Good afternoon. This is Andrew on for Brian.
Valerie maybe to start on.
Endotek here can you just talk sort of badger confidence level as it relates to getting there fast track approval with FDA and I guess, maybe as we think here about 2021 and sort of catalyst for that product anything you can tell us to be sort of on the lookout for as it relates to confirmation of that process path and any additional data.
Is it going to be published for that.
Sure, it's really twofold, and Joe and thanks for the question. So first off is.
We are we have got the breakthrough application in review right now it has been sent to the FDA.
We had our initial legal.
Legal counsel that actually FDA cleared both of our product.
And then review it and now we're actually having a good.
Please review at that.
Actually worked for the breakthrough device organization is now a separate firms. So well go into this review price review process. It is a.
A big shot on goal in a sense you had one shot so we are crossing the t's and dotting the.
Hi, guys, we do anticipate submitting that by the end of Q4 and.
The day in terms of the timeframe on that 60, 60 days minimum and might be more because of coated but that's kind of the timeframe. We're also so thats the answer Tom one part of the answer the second part of the answer is.
We are also pulling together a publication on our initial I want to say discovery. So there is some fine tuning of that.
Thats in the Q, but there will be a publication in terms of our initial validation and but those are really the two big catalyst in terms of the submission.
So getting that through and by the way if it doesn't go through through breakthrough because break to really as an expedited review, we will be submitting it through the standard FDA clearance process. So, but we are going to be striving for breakthrough because of the the difference this technology makes and in terms of meeting.
The FDA criteria.
I hope that answers your great. Thanks for that yes, thanks for that Valerie.
And then maybe just switching the private pay here you made some nice progress on that throughout the quarter. So congrats on that progress, but maybe as it relates to some of the recent conversations you've had with some other private payers can you just sort of give us an idea of how those are.
Investing and maybe how you're using that disparity data, it's sort of a means to advance some of those negotiations.
Yes, So I think a couple of things on that is one is.
I think for this before but just to clarify so the disparity data even before it was published that in our early detection data was really what drove cigna.
I will go over the edge and that was when it was not published given the current climates plus our disparity data plus are continuing.
Data that we are building we.
We do believe it becomes a.
I don't want to say it took us a trojan horse, but it becomes a spear a because of the current climate that we're in so absolutely.
Lee with the payers also with the providers I think that during coded there is a heightened awareness of healthcare disparity and so I do think it's not only the payers, but it's also the providers and theres more to come on that as you said we've added two other sites. We have a couple more in the queue and right now we have a total of three.
Great.
And then last one from me Bob just one for you maybe can you just give us a little bit of color as it relates to sort of what you're seeing in the field right now in light of the sort of recent resurgence in COVID-19, and maybe just more broadly how are you prepared sort of for for this wave versus the earlier in the year with sort of the first way. Thanks for taking well take the big thing is.
That we haven't seen a complete across the board lockdown, but we've invested pretty heavily in.
The.
Digital marketing and detailing tools for the team I think what's happening in the field is a lot of folks are doing more remote launches.
No.
Crude but.
You know getting food delivered to.
To practitioners to do a little bit of a lunch and learn with our folks being remote. We've also previously discussed the fact that we're ramping up the.
Use of in house salespeople kind of a zero sum.
Rather than adding.
So we've added some in house salespeople. So I think that we've already largely adapted to that end, we're seeing you know.
Somewhat of a decrease in.
Got to spend on teenagers, because our focus or restricted but I think we're upping our game and the marketing awareness as well to offset that.
Yep. So we're learning as we go Andrew but I appreciate the question.
Great. Thanks for taking the question. Thanks.
Thank you Andrew.
Thank you as a reminder, ladies and gentlemen, if youd like to ask a question. Please press star one on your telephone keypad.
Our next question comes from the line of Kerry Hawaii with Baird. Please proceed with your question.
Hi, Valerie and team congrats on a great quarter and all the momentum in the business.
Hi, guys curious sort of bigger picture as you see the diagnostics industry the cancer diagnostic industry consolidating with exact can thrive and luminent.
I think rail these big platform companies are evolving with deep pockets and they are targeting really all areas of cancer diagnostics and Im just kind of wondering as you look at the roadmap for the next three to five years.
And maybe even near term kind of you do need some partnering opportunities to help you scaling to survive in this in.
Recently consolidated World.
So I think that that's a good question I mean, I think that twofold. One is is our mode that we have in terms of our IP and focusing on ovarian cancer. So I think thats number one we go deep in ovarian like none other so I do think that's a differentiator number two is and for those that have been with the company and understanding our when I called journey.
Over the last.
Couple of years, we have not only built a CLIA laboratory.
But we've built a decentralization platform and it is not only for over but also for genetics, so as things evolve and consolidate with the affordable Care Act and it looks like it's here to stay for sure.
I see.
Doctors, becoming employees of hospitals ICEE groups consolidating so we have stayed Terry I want to see a step ahead of these other laboratories that is still relied on a point to point, where we go one to many in terms of decentralizing our products in all of our products going forward, we will be able to rot be run, let's say at the local level the hospital.
To run it or a large super group, so I do see it as an opportunity and I love those valuations too. So I think all positive from our from my viewpoint.
Maybe just a quick follow up when you look at Endo check obviously big breakthrough opportunity 7 million patient population big Big markets and attract other players can you talk.
Talking about the IP mode that you think you are developing for that it gives you a window of time, and then to check and recognizing that see when 25, it's really kind of your only compare and or I'm sorry.
See rather it's only reasonable comparison, but what is the window time, it kind of the IP Monrad you think you'll have with Andrew check.
So the I P mode is an indirect just and I know how much you've studied into endometriosis in terms of the IP that is out there in a car.
Companies that have tried to make it it comes down to.
Number one is is that we have 10 years of history in terms of proteins and as we interrogated the ovarian proteins guess what.
The most common benign disease with endometriosis, so with our 10 years of history thousands of patients, which actually became the I want to see validation of Abbvie, giving us access to their specimen we believe our IP will be number one created around protein number two.
And also I will say in the last.
Year, and a half we have vastly increased our genetics offering and our genetics when it called subject matter expertise Leslie Northrop is on the line as well and this genetics connection to the Endo is also going to be very critical size, the endometriosis products coming out and what I want to see versions version one.
Yes, the proteins and age it'll be multiple proteins beyond the over proteins and it also version two will be genetics. So it's a combination of both of them and then the last piece of this is will be other modalities to the keep in mind that our process has been put pulling together imaging data and other modalities.
We'll be beyond that just proteins and genetics, so I think our shots on goal our pre.
I'm pretty good for this and we.
We would not be going for breakthrough devices, we didn't think we could compare ourselves laparoscopic biopsy.
And then lastly, just a little more near term just the momentum you saw in third quarter.
There's a lot of seasonality.
These fourth quarter or just you know with winter and whatnot can you I mean.
Just looking into kind of the continuity of develop the momentum and you can comment on that.
Sure well typically Q4 does tend to be a growth quarter last year, we increased from Q3 to Q4 by about 8%.
I would say that the momentum has been.
Hi, Donghao going from you know going into September and then going into October so going into the Q4 I would say the biggest wildcard and we're seeing that actually in states that have don't have as much coal that so.
You know I would say that you know, California, Florida.
Tennessee, those don't have much.
Oh, there, but Michigan and Georgia have a little bit more co that knows they're kind of our top five so I think that the wildcard is going to be Covance I thing and if you look at the map on TDC, you'll see it's mostly the Midwest and kind of upper Midwest.
But I do think that if co. It stays stable our growth is going to continue but that is definitely a wildcard for us.
At this time, but right now all systems go.
Many thanks, Thank you Terry.
Thank you ladies and gentlemen, there are no further questions at this time I would like to turn the floor back to management for closing comments. Thank.
Thank you. Thank you operator.
And thank you everyone for joining us today and a big thank you to.
Team for going above and beyond and bring us back to over 90, 595% pre coated volumes and increasing our repeat customer rate during very difficult market conditions with the executive and clinical additions to our team. We believe we are in a position to support continued growth and profitability for the long term we have.
Appreciate your support and interest and Aspira Women's health.
Thank you ladies and gentlemen. This concludes today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation.
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