Q4 2020 T2 Biosystems Inc Earnings Call
Greetings and welcome to the T. Two biosystems fourth quarter and full year 'twenty 'twenty earnings conference call. At this time, all participants are in a listen only mode.
And the answer session will follow the formal presentation, if anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad. Please note. This conference is being recorded it is now my pleasure to turn the call over to your host Philip Taylor.
Thank you operator, I'd like to remind everyone that comments made by management today and the answers to questions will include forward. Looking statements include statements related to T. <unk> biosystems future financial and operating results and plans for developing and marketing new products forward looking statements are based on estimates and assumptions.
As of today and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the statements, including the risks and uncertainties described in T. Two biosystems annual report on form 10-K filed with the SEC on March 16th 2020, and other filings the.
Company makes with the SEC from time to time the company undertakes no obligation to publicly update or revise any forward looking statements, except as required by law with that.
The turn the call over to President and CEO, John Spurdle John.
Thank you all for joining us today.
Want to start by thanking the team at T. Two biosystems for their resilience throughout the pandemic and for their unwavering commitment to our customers and the patients we serve.
Last year, we made meaningful progress toward our mission to fundamentally change the way medicine is practiced through transformative diagnostics that improve the lives of patients around the world.
We are aware of the many lives being saved by usage of our sepsis panels future bacteria T two Canada and T J resistance.
This is a reminder of why T. Two biosystems exists.
We believe our products can become the standard of care for the detection of sepsis, causing pathogens improve patient outcomes reduce the threat of antibiotic resistance and drive long term sustained growth.
On today's call I will highlight the company's strong fourth quarter and full year 2020 performance share.
The details on the progress within each of our 2020 priorities and update our 2021 priorities to guide our continued success.
I will then turn the call over to John Sprague, who will review our financial results and provide 2021 guidance before I make some closing remarks, and we open the call for questions and answers.
During the fourth quarter. The T. Two biosystems team generated total revenue of $7 $8 million, including product revenue of $5 $8 million, representing growth of 154% and 273% respectively compared to the prior year period.
For the full year 2020, we generated total revenue of $18 $1 million, including product revenue of $11 $7 million, representing growth of 118% and 119% respectively compared to the prior year.
Each of those financial accomplishments represented record highs for the company.
As we look back at 2020, there are many factors that made the year extremely successful.
We made broad changes across the organization.
We added the deep clinical and commercial experience as well as diversity to our board of directors we.
We strengthened our senior leadership team reduced operating cost across the company.
Our manufacturing advanced our product pipeline and significantly improved our balance sheet.
Throughout the pandemic, we stay true to our mission and maintained our focus on Subsys.
The human and economic total related to sepsis is staggering.
This is the number one cost of hospitalization and claimed the lives of nearly 270000 Americans each year.
In 2020, the U S Department of health and human services estimated that the cost of Subsys care for patients and hospitals and skilled nursing facilities with more than $62 billion.
The current standard of care for patients at risk of sepsis relies on empiric probability based protocols to administer antibiotics antifungals. Despite the fact that such protocols are only optimal in 30% to 50% of cases.
This is no better than a coin toss and is the antithesis of precision medicine.
The further complicate matters nearly all diagnostic products used to detect sepsis, causing pathogens rely on positive blood cultures as their clinical specimen.
Positive culture blood cultures are notoriously insensitive may require multiple samples and can take one to five days to achieve the growth necessary to run post culture molecular diagnostic tests.
We are steadfast in our commitment to drive adoption of our technology and ensure it is a critical part of the steps of standard of care.
The rapid detection of sepsis, causing pathogens is critical for patients as each hour of delayed treatment can increase mortality rate by up to 8%.
All of our aim is to change the current standard of care by enabling targeted therapy faster within three to five hours of the first blood draw.
T. Two biosystems has the only FDA cleared products able to detect sepsis, causing pathogens directly from whole blood that is culture independent in just three to five hours.
As of Subsys survivor, I can personally of tests to the value of rapid detection and appropriate treatment of sepsis, causing pathogens.
In early 2020, we set three corporate priorities intended to strengthen our business accelerating our sales improving our operations and advancing our pipeline.
As we enter 2021, we will continue to focus on these three corporate priorities building on our progress from last year.
Starting with our first priority accelerating our sales.
Well 2020 product revenue was bolger's bolstered by sales of our T. Two Sars Covid, two tests, which represented 27% of total revenue.
We are a sepsis focused company.
It is important to remember that our decision to develop and launch of COVID-19 test was a strategic decision intended to lay a foundation for the long term growth of our <unk> products.
We saw of clinical link between critically ill hospitalized COVID-19 patients and the risk of sepsis.
We believe the hospital microbiology labs, the users of our Subsys products would need of high quality of molecular diagnostic tests for COVID-19.
Finally, we believed we could significantly increase our installed base of T. Judy ex instruments within the microbiology labs of U S hospitals.
We sold 57 T to Dx instruments during 2020, including 47 in the second half to U S Hospital, Microbiology labs, which more than doubled our U S installed base.
Total 2020 product revenue in the United States increased by 284% compared to the prior year.
While the 47, new instruments are currently being used for COVID-19 testing at an annualized run rate of $265000 exiting the fourth quarter of 2020, we will begin to transition. These accounts to sepsis testing during 2021 in line with our expectation the COVID-19.
Being in the U S hospitals will decline throughout the year.
Because of this was our game plan from day, one we pre screened these new customers. During the initial sales process to ensure that they were such as targets and to obtain commitments to evaluate our substance products when COVID-19 pressures eased.
Simply stated everything we have done with COVID-19, with strategically designed to facilitate adoption of our T. G Dx instrument and our sepsis panels.
Our sepsis test utilization continued to increase throughout 2020 for both the teacher bacteria and T to Canada, our panels for bacterial infections and fungal infections respectively.
In 2020, the annualized sepsis test utilization among our legacy U S instrument installed base increased by 72% from $50000 at the beginning of 2022, approximately $86000 exiting the fourth quarter.
For 2021, we have set three commercial priorities or key performance indicators.
One to transition instruments sold in the second half of 2020 from COVID-19 to sepsis testing.
True to increase sepsis test utilization and our legacy installed base and three to expand our T to Dx instrument installed base.
Transitioning instruments that were sold into the U S hospitals during 2020 from COVID-19 to sepsis testing is a critical part of our strategy and the top commercial objective for 2021.
Our commercial team has already initiated conversations with new customers related to sepsis management, which is ahead of schedule.
Driving further adoption of our platform and transitioning accounts from Covid, 19% of substance testing requires the right commercial strategy and the right team.
During 2020, we named the Chief commercial officer, as well as heads of U S sales and customer operations.
In 2021, we added heads of marketing and service and expect to complete the rebuild of our U S sales team by the end of March.
Our regional account managers lead the comprehensive effort that is required to sell subsys technology into the U S hospitals.
Our sales generally requires selling to the whole hospital, including decision makers on a hospital substance Committee, which typically includes representatives from the executive leadership laboratory and clinical departments.
We are pleased to announce that we recently hired Dr of part of Hoosier as Chief Medical Officer at the Laboratory Medicine expert. She has extensive relationships in the laboratory community and brings significant diagnostic experience from our prior senior leadership roles at Becton Dickinson.
Dr. Rowe, who is your will lead our medical and clinical affairs teams to raise the visibility of T. Two biosystems and increase awareness of the medical value of our products the regenerating critical and health economic data.
Creation of clinical education programs and focusing on educating clinicians on the use of T. G biosystems products.
She will also lead the development of of scientific Advisory Board and develop and maintain collaborative relationships with key opinion leaders as well as professional associations where.
We're confident that her leadership will help raise T <unk> biosystems visibility within the laboratory community.
Moving to our second priority improving our operations.
Early in 2020, we implemented cost savings initiatives across the business, which resulted in reductions in our cost structure head count and real estate footprint.
We are making progress with the number of initiatives aimed at improving product gross margins through reductions in cost of goods.
We also saw significant increases in unit volume during 2020, which had a favorable impact on overhead absorption and.
And we scaled our manufacturing fourfold to meet increased demand.
To maintain uninterrupted supply of our products to customers throughout the pandemic, we formed strategic partnerships with key suppliers, which we believe will be beneficial in the future.
Finally, we strengthened the balance sheet by raising $85 $3 million through the sale of common stock and we renegotiated the terms of our credit facility with CRT.
In 2021, we will continue to prioritize improvement in product gross margins.
Moving to our third priority advancing our pipeline.
We made significant progress on our new product pipeline during 2020.
In March we made the decision to develop a test to detect Sars COVID-19 two the virus that is responsible for COVID-19 infections. While this product was not on our radar screen. When we started the year our team developed and launched a high quality of molecular diagnostic test the T. Two Sars Covid two panel under FDA emergency.
The use authorization guidelines in less than three months.
We subsequently determined that the T. Two Sars Covid two panel is capable of detecting Sars COVID-19 two virus variants, including those identified in the United Kingdom, South Africa, and Brazil, along with 90, 999% of all currently identified variance based on sequence alignments.
And in silica analysis.
We continue to prioritize programs under the milestone based product development contract awarded by the U S government or BARDA in late 2019.
As a reminder, total funding available under the BARDA contract is up to $69 million and we're focused on developing three new products.
A next generation instrument, a comprehensive substance panel and the bio threat panel.
Our next generation instrument is designed to be fully automated and random access like our current T. Two dx instrument, yet will provide faster turnaround times at a lower cost per reportable result.
The instrument is also being designed to detect an increased number of pathogens from a single whole blood samples.
The comprehensive sepsis panel is designed to cover up to 99% of all bloodborne infections and detect more than 250 species. In addition to all bloodborne antibiotic resistance threats identified by CDC in a single test.
The test is designed to use of whole blood sample and out of a turnaround time of less than three hours.
We believe this comprehensive sepsis panel has the potential to totally disrupt the traditional blood culture work flow and become the new standard of care.
The bio threat panel is designed to be the first highly.
Highly sensitive direct from blood panel to detect multiple bio threat pathogens from a single patient sample.
The BARDA contract includes the base space and six options, we completed the base phase during the third quarter of 2020 and met all milestones.
This progress led BARDA to exercise the option one of the contract in October 2020 valued at $10 $5 million in funding. We continue to meet the milestones of the contract and are operating ahead of schedule and under budget.
Now I'll turn the call over to John Sprague to detail the fourth quarter financials.
Thank you John.
Total revenue for the fourth quarter of 2020 was $7 $8 million, an increase of 154 per cent compared to the prior year period.
Product revenue for the fourth quarter of 2020 was $5 $8 million, an increase of 273 per cent compared to the prior year period, driven by increased sales of T. Two dx instruments and T. Two bacteria Candida and Sars Covid two test sales.
Research and contribution of revenue for the fourth quarter of 2020 was $2 million.
Lease of 30 per cent compared to the prior year period, driven by increased BARDA contract activities for.
For the fourth quarter of 2020 product costs were $7 $5 million, an increase of $3 $9 million compared to the prior year period, driven by increased product sales.
Research and development expenses were $4 million, a decrease of $200000 selling general administrative expenses were $4.6 million, a decrease of $3 million driven by lower head count and spending.
Net loss for the fourth quarter of 2020 was $9 $9 million.07 per share compared with net loss of $14 million why nine cents per share from prior year period.
Total cash cash equivalents marketable securities and restricted cash of $52 $7 million as of December 31, 2020.
2021 financial outlook we.
We expect full year 2021, total revenues of $24 million to $26 million, including product revenues of $16 million to $18 million and research and contribution of items I think billions of dollars.
We expect to close at least 30 T T Dx instrument contracts in 2021, aligning with our focus of the transition of new accounts from COVID-19, the sepsis testing increased sepsis test utilization from the current install base and the AD.
The strategic new customer contracts, Thank you and back to John's first of all for closing remarks.
We built considerable momentum during 2020 with strong demand for our products, we more than doubled both of our total product sales and our U S installed base of instruments compared to the prior year.
We took actions to improve our overall cost structure, while simultaneously scaling our manufacturing and significant improved our balance sheet.
We advanced our new product pipeline, including the comprehensive substance panel and next generation of instrument both of which are largely funded by the U S government.
We're extremely excited about the future of T G biosystems and confident in our ability to lead the culture independent molecular diagnostics such as testing market.
Well now open it up to questions operator thank.
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Our first question comes from Puneet <unk> with SBB Leerink. Please go ahead.
Hey, guys. This is the Westwood to pray on for Puneet. This afternoon, thanks for taking the questions.
Just wanted to start on the guide hoping to dig in a little bit more on the cadence of the revenue throughout the year.
Can we still expect to see some type of Covid tailwind in the first half of the year.
And just curious as well on the the cadence of the research revenues, how much visibility is there and to that I mean $2 million in the fourth quarter of this year.
Puts us at the 8 million clip rate that you have in the guidance. So I'm just curious if you can give us a little more information on that.
Sure I'll take that this is John <unk>, we anticipate our COVID-19 testing being 70% front half of the year of 30% second half of the year and we expect of ramp our sepsis testing in the second half of the year as we transition those new instruments that we sold in 2020 from.
Covid testing to sepsis testing in terms of the BARDA revenue.
That's pretty much in line with where the contract is at this point, obviously, there is $10 $5 million in funding for option one that we announced in October of 2020.
There is that's expected to run through the third quarter of 2021, and then obviously, we're hopeful to get option to funded by BARDA as well.
Great and then I guess, there's a quick follow up of the.
The 30, and 30 plus instrument that your ex.
I think the contract throughout the year or are you still actively pursuing them the the COVID-19 opportunity with with new accounts or existing accounts and of course of the 30 plus if.
If you still are pursuing COVID-19, how the how much of that can we expect to be sepsis the right away.
We continue to sell our instrument and test both for sepsis and Covid as I mentioned in the opening remarks, we are primarily focused on substance testing, but to the extent, we can continue to penetrate the microbiology labs of U S hospitals on the back of Covid. We will continue to do that we obviously see the demand lightening up for <unk>.
All the testing.
Across the country and we anticipate that at some point impacting the hospital testing as well.
Great and then just last one on the commercial sales force can we expect any expansion here I guess like what's the what's the plan heading throughout the year and then if net new reps are coming on board, how can we expect that or how can the effect the trajectory of the sales efforts the move throughout the year. Thank you.
We manage the business in the second half of 2020 with a leader senior director of sales as well as to regional account managers as I had mentioned previously we had a lot of inbound interest.
Stronger in Q3 than it was in Q4 for our instruments and our Covid tests.
And we didn't feel it made sense to build too early in the second half of the year as we got into Q4, we started to rebuild the sales team. The plan is to have 10 regional account managers by the end of this quarter I believe we have seven in place already so we're well on our way to get that done and we've actually started the training for those seven.
The ongoing today.
Great. Thanks.
Next question Max Masucci with Canaccord Genuity. Please go ahead.
Hey, guys. Thanks for taking the questions.
So you know more than you know, we're three months into the first quarter, just curious what youre seeing in terms of demand trends. If we could just go a little bit deeper just for COVID-19 testing and the hospital lab channel and then if we could just talk about even directionally, if you've seen any.
Any noticeable changes from that 265000 dollar annuity per analyzer for instruments that are running your COVID-19 panel anything that you've observed so far in 2020, one that would be helpful. Thanks.
We haven't seen much change in the utilization on our Covid test across the the whole business, it's somewhat dependent on whether we're the primary supplier of Covid tests to a hospital or whether you might be the secondary or even the tertiary supplier of Covid test, obviously, where we are second or third where.
More impacted if that hospitals testing declines if were the primary.
Then then it really kind of depends and if you look at our installed base of instruments that we sold in the second half of the year, it's 50% of the time, we're the primary supplier and the other half of the time, where either secondary or tertiary.
When we think about demand for Covid testing in 2021, I think it's important to remember that we're only selling our tests to U S hospitals.
Obviously use of PCR tests, so it's used to detect acute infections for people within the hospital and because of that we're not really affected by the back to work back to school back to sports sort of back to normal testing that's going on.
So the demand for our test is much more likely to mirror Covid related hospital admissions, which are expected to decrease throughout 2021, and we're seeing some of that already.
And then on the other side, which is probably more of a tailwind is an increase in elective surgeries, which are expected to <unk>.
The increase throughout 2021.
Yeah.
And then I guess the last thing I would say on that Max is.
Our decision to launch the Covid test as I mentioned earlier was intended to lay the foundation for long term growth of our sepsis products. So we anticipated. This it was always part of our game plan. The idea was to get a bigger footprint in these microbiology labs and at some point in 2021 start to transition that we're <unk>.
To actually start that process earlier than we thought given what's happening with COVID-19 testing across the country.
Great and then that 70 30 split them.
Between first half second house.
I would imagine that's for Covid testing sales, but how should we be thinking about pacing of instrument placements, even if even just first half versus the second house I think about instrument the instruments similar to the Covid testing, maybe 30% in the first half of 70% in the back half and the reason I.
Say that is our sales team is going to spend a significant amount of effort converting those 47 instruments to sepsis. We're.
We're not going to get them all done this year, we don't believe but a big part of their effort is going to be that conversion and driving test utilization of sepsis and it will shift a little bit more as we get well into that into driving new instrument sales in the second half. That's why I think about that 30 70 waiting on instruments to sepsis on the other hand.
Is going to ramp as we get into the second half of the year for the reasons I just mentioned earlier.
Okay, Great and then just yeah, its global pandemic, so each each country each region will have their own level of success at the vaccine rollout. So yeah. How are you thinking about international opportunity. That's the question number one and then number two can you just give us.
An idea of the the types of backgrounds.
The new sales professionals that you're hiring and that's it from me thanks guys.
I'm going to take the sales team first and their backgrounds, and then I'll get to international.
We're hiring experienced diagnostic folks from notable diagnostic companies and in particular, we're making sure that the people have had success selling into the hospital environment, it's much different than selling in the primary care or to the retail environment because it requires the system.
Wide sale. It requires somebody that can act as a point guard or a quarterback to go into an account identified the key decision makers, the key influencers and bring them together as well as bring in our support team whether it's the medical science liaisons or our clinical application specialists to.
The support that process.
And we've had really good success doing that I'm really happy with the caliber of sales reps debt that we're bringing into the company and I personally interview every single one of them.
On the international front, we said going into 2020 that 80% of our effort would be focused on the U S market commercially and that's exactly what we did we did and Thats why you see the outstanding results in terms of sales growth from prior year instrument sales doubling the installed base.
Base, so that those results reflect our effort and our focus we said on the international side of things that we would be opportunistic with the time that we invested there that we would continue to support our distributors in the region. Many of which we are doing a terrific job, obviously many of which were.
Were affected by Covid and the shutdowns that impacted Europe, even before they impacted the U S and that we would also look for a pan European partner, if we could find one or one that got us closer to a pan European distribution strategy and I'm really happy to say that the working group who what.
Our previous distributor in Spain, and Portugal.
We renewed that agreement of longer term and we also added the U K and if you're familiar with the orphan group. They are an outstanding very large partner that has the presence not just in the United States with companies that are part of their portfolio, but a very very strong distribution arm in many parts of Europe.
Great. Thanks, Sean.
Thank you Matt next.
Next question, Mark Massaro with B T. I G. Please go ahead.
Hey, guys. Thanks for taking the questions I guess I wanted to ask about the placement guidance for at least 30.
So you know John that is the lowest level since 2017.
So I guess I'm trying to understand how you came up with the number of 30 given that in 2019 pre pandemic placed 45.
Well as I mentioned Mark.
We said at least and we're also focused on the conversion of 47, new instruments from Covid testing to sepsis testing. So I understand what the company did in the past, but the company never had 47, new customers that they were trying to convert the substance testing.
And I will say that.
The past experience in winning customers for Subsys have been prolonged one of the biggest obstacles in that process was getting a piece of real estate of footprint in the microbiology lab.
And getting the support of the people that are responsible for the microbiology lab. So we're going to start that process in a really good place because all of 47 of those instruments are sitting in microbiology labs in U S. Hospitals, all 47 of them were purchased with capital and also of those customers bought a service contract. So they've made in <unk>.
Investment in our technology platform and they've also made a verbal commitment to evaluate our sepsis panels. When they had the bandwidth. So we feel really good about all of that but we also know it's going to take some bandwidth of our sales team if that process goes faster and and were more successful with it then.
Hopefully we can move the instrument number throughout the year, but we have to stay focused on that conversion process as we start the year.
Okay. Thanks for that and then you know I think the commentary around the 70 30 mix.
Just to clarify I believe that was just for Covid testing, but I don't think I heard you quantify the the total pie of Covid testing versus sepsis testing in 2021 is there any way to provide greater clarity.
We didn't break that out mark, but I think that the COVID-19 testing will be 70% frontloaded, 30% in the second half of the sepsis testing is likely to be 30% front half, 70% second half and that's just because of growth in the instruments I mentioned are going to likely be 30%.
<unk> first half, 70% second half because of the emphasis on that conversion process in the early part of the year compared to new instrument sales.
Okay. Thank you and my last question can you just give us greater clarity around the the milestones associated with the development of the next Gen T to Dx instrument sure so that program.
That program.
We obviously started it in I think the fourth quarter of 2019. It runs through 2024, there are seven pieces to it as I mentioned before Theres a base phase six options, we're getting close to the midpoint of option, one which was the $10 $5 million in funding we announced.
There is a very substantial statement of work for each one of those programs that has specific milestones throughout the call. It six to nine month phase. So we generally are not public with those we'll announce when we complete the option and we will announce.
And so when we get the next funding as we get closer to the commercialization.
And initiating the clinical trial for example.
Is within that window, those obviously would be material events that we would announce as well.
Okay. Thank you.
Thank you Mark.
Next question comes from Ben Hayner with Alliance Global Partners. Please go ahead.
Good afternoon, gentlemen, thanks for taking the questions.
The first for me just kind of recognizing that you've got the conversions to do.
First off you know where do you kind of see the T. Two sets of our utilization of run rate exiting this year if the again.
Share of kind of what what your thinking is there.
So Ben Here's how we're here's how we're thinking about that we started the year with 41 instruments in the U S. They were all running sepsis panels.
We added 47 instruments in the U S. In the back half of the year and let's just assume at the end of the year. They were all running COVID-19 tests and so.
It starts to get convoluted, if we just talk about full number of instruments and utilization. So we are going to sort of bifurcate. Those two things we're going to continue to track increasing utilization in that legacy installed base call. It those 41 instruments and then we're going to track very closely the transition from <unk>.
All the testing to sepsis testing in those new instruments, and then of course, we will track any additional new instruments that we sell in 2021. So we're going to do that separately that makes it pretty difficult for me to sit here today and say here's the number at the end of the year for sepsis.
We have to run through that process. What I can tell you is we still believe strongly that a good baseline.
A good objective for the company I don't think that we will get there yet in 2021 is that our sepsis accounts should consume approximately $200000 in test annually.
That is still our long term goal.
Okay.
That's fair and I understand the bifurcation there.
Or ASO, so hoping that you could kind of walk us through.
You know what what's the conversion process looks like in individual accounts.
You know your salespeople are gone and they're holding hands you know how long do you expect that.
That takes on average.
Any more color on how you see that process playing out would be very helpful.
So first of its going to start with data.
Having the right clinical and economic data is going to be a really important part of that sales process, because that's what clinicians and laboratories to make their decisions based on we have a pretty substantial data set already.
A part of his leadership, we're going to improve the way we present that to customers.
And we're going to continue to build on that as well, but this is about sales execution and blocking and tackling that's why having the right team to go out and do that as a really critical part of that process, we're going to start with the new accounts.
We sold instruments to under Covid as soon as they have bandwidth to start the transition to sepsis they will be our initial targets.
And do you expect those to be the kind of the 50% of where you're not the primary supplier for COVID-19 testing.
The translates of course, it's the mix.
We sold it we sold 47 instruments on the average accounts have won three instruments. So some people have more than one.
And that can create some capacity early on in the year, which is great.
Got it.
And then maybe a point of clarification on the the 30 plus the instruments.
I assume that's just the U S is that correct or does that also include the international placements.
It's going to be predominantly U S.
Again, we're going to be opportunistic on international.
But the 30 number includes the deaths worldwide then that's the number yes.
Okay got it and then just.
Just I guess finally from me.
And the expectation that we'll hear more on the T. Two lime and and all of the tens of partner. There are you know the the development and commercialization of that's out there.
Sure.
What I can say about T. Two line as we've discussed in the past is we've developed a really great test. Its supersensitive. It's shown very promising performance I think there is a significant market need for a better line diagnostic tests.
And we're considering options on how we move that forward the old.
Only thing I'll remind is that our priority of sepsis and we're not going to exhaust resources on line at the expense of sepsis.
You look at what is being discussed in funding that's being applied I think theres a possibility that debt funding exist to advance line diagnostics in general and we will pursue that if it becomes available.
Okay got it thanks for taking the questions gentlemen.
Thank you. Thank you would like to turn the floor over to John Smith for closing remarks.
Thank you very much for joining our Q4 and full year 2020 earnings call. We look forward to providing you updates throughout the year.
Have a great night.
This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.
Yeah.
Okay.