Q1 2021 Bionano Genomics Inc Earnings Call

May 13, 2021

[music].

Okay.

Good day and welcome to the bio nano genomics first quarter 2021 earnings Conference call. Today's conference is being recorded at this time I would like to turn the conference over to Amy Conrad from Investor Relations. Please go ahead.

Okay.

Thank you Latif.

Good afternoon, everyone.

Welcome to the bio genomics first quarter 2021 financial results conference call.

Leading the call today is Dr. Erik <unk> CEO of bio nano.

He is joined by Chris Stewart CFO bio nano.

Theyre all controlled the CMO of bio nano.

After market close today, Brian Eno issued a press release announcing its financial results for the first quarter of 2021.

A copy of the release can be found on the Investor Relations page of the company's website.

Before I jump into the forward looking statements, we want to remind you that our annual meeting is coming up on June 10th and if you haven't already done. So please vote your shares as soon as you can.

I would like to remind everyone that certain statements made during this conference call may be forward looking including statements about our strategic and commercialization plans.

<unk> pipeline anticipated benefits or improvements because of sapphire system and the advantages of the Sapphire system over current technologies, our expectations regarding timing and content of study results and anticipated benefits of these studies in driving adoption of the software system.

Such forward looking statements are based upon current expectations and there can be no assurances that the results contemplated in these statements will be realized.

Actual results may differ materially from such statements due to a number of factors and risks some of which are identified in our press release and our reports filed with the SEC.

These forward looking statements are based on information available to bio nano today and the company assumes no obligation to update statements as circumstances change.

An audio recording and webcast replay for today's conference call will also be available online in the investors section of the company's website.

With that I will turn the call over to Eric.

Thank you Amy and good afternoon, everyone. Let me begin by saying that 2021 is off to a solid start for <unk> and we're thrilled with our progress. During this first quarter. We ended 2020 with a strong fourth quarter and that momentum has really continued inc.

Into this first quarter of 2021, where we had record numbers of.

Flow sales sold services samples analyzed and Sapphire systems installed.

There are now more sapphire.

Sapphire systems in service than ever before.

And that's really important because it means our customers are able to analyze more in more genomes.

And with the improvements in throughput and cost of operation that we've introduced.

They're running larger and larger studies, which in turn means there'll be more data in the field.

And those data really tell the story of the value of optical genome mapping.

And what we're seeing is the quality and number of presentations and publications featuring this optical genome mapping data is continuing to increase.

And I can't really think of a better illustration of that progress then our next generation <unk> genomics.

Symposium.

That some of you may have followed it was originated and organized by a doctor Alka Tshombe, our CMO and it featured 32.

Customers presenting breakthroughs that were enabled by optical genome mapping across basic research clinical research, including applications in COVID-19.

During a total of 33 presentations over the course of five days in January of this year.

And that message of scientific success has resonated beyond our expectations and really elevated the profile of the company throughout the market and respect we expect this momentum to continue.

And we believe that it will be connected to our ongoing commercial success over the course of this year, but into the future.

Yeah.

Looking at the numbers for the first quarter, our commercial indicators grew.

Year over year.

Since the start of 2020, our focus has been on pursuing a go to market model.

That is intended to remove barriers that.

Have historically made it difficult for customers to get bio nano data.

We now offer them sample analysis services.

Our reagent rental option, where they can commit to a certain volume of consumables and we will provide them with a sapphire system.

That they rent.

And we have attractive options for capital acquisition, allowing customers to buy a sapphire system.

And we believe that this commercial strategy is working.

And that its success is reflected in our performance during this first quarter.

We shipped 11 sapphire systems into the market.

And when you compare that to the five systems that we shipped in the same quarter. In 2020, you can see that the business is definitely improving.

We completed a number of installations over the course of the quarter, bringing the total number of SAP our systems installed in the field to 107.

We sold 2603 nano channel array flow cells, and I remember a flow cell is the measure of.

The number of human genome analysis capacities capacity that's acquired in consumables.

On a quarterly basis and this is the highest number that we sold in a quarter ever.

It represents.

275% growth over the number of flow cells that we sold in the first quarter of 2020 and.

And we also grew by 5% the number sold over the fourth quarter of 2020.

So more flow cells that are purchased correlates with more samples analyzed.

More bio nano data in the field, which helps to propel us forward.

This is an incredible result.

We also analyzed 202007 samples in our Sapphire services lab, which is a record number for us in any first quarter ever.

We believe the availability of commercial services.

Is an effective way to put bio nano data in the hands of customers. So that they can evaluate optical genome mapping and that this approach will result in more publications, which are critical to driving the bio nano story forward and more and more sapphire adoption.

Yes.

We also expanded into new geographic markets, including South Africa, Greece, Russia, South Korea, and important clinical research sites in the United Kingdom, and Germany, I want to highlight that King's College Hospital in London.

Which is part of the <unk>.

And the National Health system Regional Genetics Laboratory in Belfast City Hospital have recently adopted Sapphire systems now the NHS is the National Health service in the United Kingdom.

And adoption of Sapphire by these two important sites sets us up for growth in the UK as researchers seek to develop alternatives to their traditional cytogenetic methods there.

We also expanded our installed base in Canada, where SaaS are adopted was adopted by the University Health network in Toronto.

This network has the largest hospital lab in all of Canada, and Theyre going to use the staff our system to research better methods for genome analysis across a variety of indications.

Finally, we saw good volume of samples coming into our lineage and business for analysis on that suite of laboratory developed tests, which focus on pediatric neurodevelopmental disorders and revenues for these diagnostic services contribute to the revenues that are listed on the services line on our <unk>.

No.

Now regarding product development, we continue to make sapphire faster easier and more cost effective to operate this quarter, we increased the speed of our cloud computing solution by 30% and reduce the cost of it to the end user by 50%.

New applications for optical genome mapping that we released this quarter include pre needle genome analysis on.

<unk> <unk> sites as well as solutions for genome analysis in connection with infertility research Dr. Jim Roach at Penn State University, who is somebody who's we've worked with.

For a number of years published in method for solid tumor analysis by optical genome mapping and Dr. <unk> urban style at Tel Aviv University published a method to analyze DNA methylation in cancer genomes.

These types of publications and advances in methods that will allow us to expand into additional substantial markets. We also had an important patent issued that showed how different probes can be used to detect even more variance and possibly even single nuclear.

Time variance.

Now I want to talk a little bit about what we see as the critical milestones to achieving adoption of optical genome mapping as an alternative to existing cytogenetic methods.

These milestones include.

Publication of large studies, comparing optical genome mapping to the traditional methods that are used today, highlighting concordance with those methods.

And highlighting incremental improvement in finding the relevant variance that help better understand genetic conditions.

Another milestone includes the development of assays on Sapphire by these labs that are adopting the system and then finally acceptance of ODM assays by third party payers.

With regard to progress on the Concordance data MD Anderson Cancer Center published a study showing how sapphire significantly reduce the time to results for solid tumor analysis.

Net solid tumor analysis for tumor analysis of subjects with Myelodysplastic syndrome from several weeks to just four days, while being 100% concordance with the traditional message and finding biologically relevant variance that the traditional methods do not fine.

This was a very significant enhancement.

And the next generation side of genomics Symposium featured presentation from multiple speakers each showing similar performance of Sapphire for genetic disease, a variety of blood and solid cancer types.

Highlight was a presentation by Dr. Gordon a rocker from children's hospital in Los Angeles, who showed that Sapphire detects known drug oval gene fusions in pediatric acute leukemias.

That panel is typically used on next generation sequencing or cytogenetics methods for these.

Subjects missed.

Also in the first quarter, we had an increase scientific presence at major conferences at the 2021 annual clinic clinical genetics meeting of ACM G. One of the most important medical genetics meetings in the world by a nano customers presented a record number of studies across each of our <unk>.

Target growth markets.

This base of public optical genome mapping data resonates with our potential customers and noticeably drives commercial interest in future adoption in the platform and that's why we made a point of announcing.

How significant our presence at <unk> was this year.

Development and validation of assays by end users who adopt the research use only platform is also important and we see progress in this area in the U S and Europe as well in the U S. Augusta University has developed an assay for whole genome analysis with optical genome mapping for constitutional genetic test.

Orders and they are developing assays for prenatal analysis and solid tumor analysis as well.

In Europe, we expect the accreditation of optical genome mapping based assays for acute leukemias.

And Fsh D in certain European markets in this.

Second quarter.

Yes.

And lastly, I want to talk a little bit about this challenge around third party.

Reimbursement, which is most acute in the U S. Here.

Here, we acquired lineage in to help us overcome this barrier with their CLIA license in Vas clinical expertise combined with the leadership of <unk>.

Our code Shore Bay.

We believe we can develop optical genome mapping assays on sapphire validate <unk> that may improve upon the standard of care. We are leveraging the lineage in an existing portfolio of third party payer contracts and certified coders to work out this path for reimbursement.

<unk> has built an incredible effort.

To generate the most content comprehensive dataset needed for optical genome mapping to speed up this process of acceptance.

By the reimbursement.

Community.

Alcoa is here today and I'd like to ask her to tell you about this program so with that I will turn it over to outcome.

Thank you Eddie.

Im extremely happy to have this chance to connect with all of you today and tell you about our efforts to meet optical mapping SaaS Si and essential method.

Genome analysis.

So in addition to supporting the key success factors Eddie mentioned from market acceptance.

Have a clear day, one optimized ambitious programs in clinical research to compare optical genome mapping side by side against traditional methods that are actually recommending and medical guidelines.

Studies will span our four major.

Market, which include prenatal and postnatal genetic analysis Hematological malignancies.

On a tumor dynamics.

But each of these indications day will be at least see site.

That will develop assays.

Our total loss line as housing basin.

We expect that over the course of the study.

Nathan validated assays from Baird and also use the data there could you just support the further.

Further adoption.

<unk> non lapping at that institution.

Operationally institutional review board approval has been obtained from all of the site.

Reported NATO genome analysis study and site recruitment and training as a company.

Sampling government is ongoing and please sites have begun to generate the data.

For the <unk> study.

Treatment and IRB approvals has begun and the.

Expect sites to be generating data in Q T. R. R. <unk> studies in Q4 for human studies.

The reason, we're investing so heavily in these studies to generate the data that is that we believe it can be the basis to make recommendations.

Recommendations and changes in the guidelines established by medical Society that actually that can make the usage of technology for genome analysis.

Our various genetic diseases our indication.

Although a program of this scale is often later in the development process, but because of the capital we have available we can pursue it now and accelerate the path.

Medical societies integration of optical mapping.

That's correct.

Thank you alka much of the progress we are making as possible because of the outstanding team. We are building in the strength of our balance sheet, which together enable us to invest in and advance all areas of the business without the capital constraints, we once faced with our elevated profile of bringing the next disruptive technology to health care.

Sure we will have the opportunity to continue adding transformational talent to the team to further accelerate our progress and I'm inviting you to stay tuned for more progress in this area of human capital.

And so I will now turn it over to the call to another outstanding leader at <unk>, Chris Steward for an overview of our financials Chris.

Thanks, Eric and Hello, everybody revenue in Q1 was approximately $3 2 million up 179% from the $1 1 million, we reported in the same period of 2020.

Year on year revenue was up in all geographies and across both product and service revenue.

The increase in global product sales was driven by increased demand for our reagent rental program and consumables, while the increase in service revenue was primarily driven by sales from our lineage Inc subsidiary.

Our gross margins came in at 33% up 8% from the same period last year due mainly to this mix and our product a shift in our product mix towards higher margin consumables and services.

First quarter operating expenses was $12 2 million, an increase of $2 $2 million over the same period in 2020.

This increase was primarily due to increased head count related and material and supply expense.

Finally as of March 31, 2021, our cash balance was $362 million.

Derived from the raise of $337 million in two underwritten public offerings sales on our ATM facility and the exercise of outstanding warrants for common stock driven by the increase in our share price.

As has been discussed our objectives for 2021 center on clearing additional barriers to widespread adoption through the execution of our clinical studies continuing to expand on the number of published studies showcasing the power of Sapphire and making progress on our next generation high throughput Sapphire instrument.

We will also continue to build both our sales and marketing and our R&D teams prudently through the year.

This is a very exciting time for <unk>, we are well capitalized and sharply focused on execution. We look forward on updating you on our progress through the year.

And again as Amy mentioned upfront, we want to remind you again that our annual meeting is coming up on June 10th and we ask you to please vote your shares as soon as possible.

With that I will turn the call back to Eric to discuss upcoming milestones for the year, then we'll open it up for Q&A Eric.

Thanks, Chris Outstanding update in summary, the first quarter of 2021 continue the momentum we saw in the second half of 2020, we're progressing nicely against our main goals are working toward global adoption of Sapphire through increased sales increased publication of staff, our data initiation of more clinical.

<unk> and broadening the scope of the technology.

Here, you can see more anticipated milestones for the remainder of 2021 and the next year and several years, we believe that optical genome mapping has the potential to become the standard of care right now Sapphire as a research use only tool and we're doing the right studies to demonstrate its utility with all our <unk>.

Programs, we are hopeful that optical genome mapping could be considered a standard technology in prenatal and postnatal analysis heme malignancies as well as solid tumors, we're making great progress along these goals and are hoping to grow the installed base.

To a level of about 150 staff, our it systems, which represents this by the end of this year, which represents a key milestone around adoption.

And with that we're ready to take questions. So operator.

Yeah.

Thank you as a reminder to ask a question you will need to press star one on your telephone to withdraw your question press the pound key please standby, while we compile the Q&A roster.

Our first question comes from the line of Kevin <unk> of Oppenheimer. Your line is open.

Hey, great. Thanks.

Thanks for the update.

Very positive all around.

Can you just give us a breakdown of reagent rental versus sales.

Capital purchase on the 11 placements in the quarter I guess, just in general what Youre seeing in the appetite.

Potential new placements in terms of reagent rental versus sales capital purchase.

Yes, so Kevin we're not breaking that out.

What I would say is that.

The majority of the systems that went out were in the reagent rental program. The reason, we're not breaking out breaking it out is that it's still sort of finding its level and so.

I don't want that to set any particular.

Precedent.

The other piece.

Piece of information that I think would probably be helpful to you is that.

If you look at the.

Revenues attributed to instruments, what we what we can say is that those sales were all right around the list price for the system. So I think with that information you would probably be able to get pretty close to what those numbers are.

Great. Thanks for that and listen appreciate the detailed update on our reimbursement strategy.

Makes a lot of sense. So can you provide just a little bit more granularity in terms of you mentioned the three sites I believe in post Natal had been down.

Bye.

Kind of which sites and as we think about I think you called out.

Patients as.

Kind of a target data set size is that per.

Side or kind of collectively crossover inventory in each vertical.

Well that represents.

So there are there are fundamentally.

Five.

Studies.

Organized in four pillars, and those four pillars, our prenatal and postnatal hematologic malignancies and solid tumors. The hematologic malignancies has a leukemia arm to it and a lymphoma arms. So that's your five and our plan is to have.

<unk>.

1000 patients in each of those five areas.

Spread across the multiple sites that are participating as Alcoa said at least three per site per.

Per pillar.

No great.

And then just kind of lastly, following up on that.

You you kind of called out.

Timeline to potentially begin generating data I think in pre and post Natal.

Any early thoughts as to how long that total day of the collection time may take in.

Kind of to be able to reach that.

Patient.

Threshold and at least kind of the price of those five verticals.

What we think is that we should be able to get a substantial fraction of the postnatal samples data from them collected and analyzed and so I want to say somewhere in the neighborhood of 35% to 50%.

Are those done by the end of the year.

And.

We expect that.

We will be able to generate presentations or the sites will be able to generate presentations and publications to give some interim readouts based on.

Those numbers of patients one of the reasons that we have set this goal to get these numbers as high as we have is that we believe that that's what it's going to take to influence these guidelines and.

To be perfectly Frank with you we were only dreaming of having the opportunity to do that right.

In some period of time, because it's a lot of patients. It's a lot of time its a lot of sites to lot of Sapphire systems.

And and.

The capital that we raised in the first quarter of this year has made that possible and so has really accelerated these timelines, but theres going to be a substantial amount of data collected in and postnatal.

This year and we're going to get it get a glimpse of those results.

Last clarification on that and then I'll get back in the queue.

Will the samples analyzed and sapphire windows various clinical trials run through.

The P&L line is recognized revenue or will those be.

Development expenses with no revenue associated with.

We have samples and consumables associated with study.

It's a mix I mean, it kind of depends on the relationship that we have with the site there are some sites.

There.

There are sponsored research activities. There are other sites that are existing users and they are they are purchasing.

Reagent, so youre going to see some of the expenses hitting the R&D line.

And in other areas, they're going to be revenue generating studies.

Thanks for taking my questions.

Thank you Kevin.

Yes.

Thank you. Our next question comes from Jeffrey Cohen.

Ladenburg Thalmann your line is open.

Hi, This is actually destiny on for Jeff. Thank you for taking my questions.

Just quickly I am curious to know if there are any.

But due to the rental program that actually end up purchasing the sapphire outright.

Yeah, we're starting to see that the reagent rental program is just over a year old.

And we have seen.

At least one customer convert to a sale and we expect that some percentage the reagent rental customers will convert to sales over time, which is another reason why we decided not to split out sales versus reagent rentals, because they end up crossing over at times.

Right. Okay. Thank you for that and then just on gross margins, how should we be thinking about them throughout 2021, especially due to higher levels of utilization.

And the expanded installed base.

Yeah.

We expect them to marginally improve through the year as we as we grow revenue.

But not materially right, we will materially grow revenue.

Excuse me.

Really grow our gross margins beyond this year as we really ramp up consumables as a percentage of our total revenue right now we have a pretty decent mix of instrument sales, which are lower margin with consumables, which are higher margin and that mix isn't going to change too dramatically. This year.

Okay. So perhaps that leads me to my next question are you able to just at a high level discuss.

The breakdown geographically of the current installed base.

Yes, so what I would say is that.

Distributed about.

50% U S, 50% ex U S.

And.

Europe has probably got a little bit more than half of the ex U S portion.

And Europe has really been a significant contributor to <unk>.

To the business lately.

So we would expect them to <unk>.

Continue outpacing some of the other <unk>.

Geographies.

And I think that that's a pretty.

Industry norm distribution.

Yes, I would agree.

And then you've had some adoption by very large medical centers, especially <unk>, but I'm. Just curious if you could discuss I'll remind us about the internationally international opportunity.

And how this adoption could help drive that going forward.

Yes, I mean, I think that when you look across the progress that we're making in the business.

It's really it's really global.

And.

This isn't an advanced method for research applications and of course as you know labs are advancing the capabilities and implementing it in a variety of ways.

And.

Because of that the adoption tends to be centered in countries that.

Are able to.

Invest in newer technologies, so more developed.

Areas, but.

The incredible awareness of optical genome mapping is.

On the map.

Everywhere around the globe and we're hearing about it everywhere and so.

Everywhere, we are receiving inquiries about it from everywhere and so what our view is that we will continue to see growth and adoption in the traditional.

Developed markets, such as the United States North America.

China.

More broadly in the Asia Pacific region, where we already have.

Good installed base Western Europe, a little bit into eastern Europe, but there are areas such as India that we have systems installed and let me be very clear India is reaching out.

So.

We fully expect this to be.

Our global platform and that our opportunity is worldwide.

Okay. Thank you I appreciate that I think I'll take the rest of my questions offline. Thank you.

Thank you Doug.

Thank you. Our next question comes from Jason Mccarthy of Maxim Group.

Your line is open.

Hey, guys, Michael Channel, which on the line for Jason. Thank you for taking the question.

Okay.

So you guys really have.

A great job building, a really strong balance sheet here, you have $360 million in the bank and Thats essentially several years of runaway gives you a lot of breathing room, but I wanted to know is how are you guys planning to invest that money.

To drive further adoption of Sapphire, you mentioned those those five studies that <unk> been able to accelerate should we expect from additional studies to initiate and could you describe what other ways of using your <unk>.

Your balance sheet to drive the story forward.

Yeah. So you hit on one of the main things right is driving these clinical studies in 2021.

We'll also continue to build out our sales and marketing team and our customer service team and we're also investing in our nexgen product.

That's the focus for 2021 beyond that we will continue to develop assays.

Develop assays for more indications and more sample types and things like that to just continue to expand the markets for sapphire.

We potentially would look at.

Strategic opportunities if those strategic opportunities Ken can accelerate the path for Sapphire adoption.

But nothing on the near term horizon.

Thank you and actually like to.

Ask you about kind of the target profile for the next generation Sapphire.

And really how we should think of this as this more so a.

Premium higher throughput version of Sapphire or is it a successor and really the next step in the Sapphire story.

Yes.

It's more like the former.

Sapphire is premium and its next generation counterpart will be just as premium.

But it will be much higher throughput and so what we what we anticipate is that the current sapphire system would be.

A really terrific solution for low to mid volume labs, and higher volume labs, which are currently adopting sapphire.

For a portion of their menu will need something with substantially higher throughput and so thats what that next generation system is intended to serve.

And we've talked about that our goal.

Historically, what we've done is to through the.

At the end of last year with the release of capabilities to bring sapphire throughput to 96 samples per week or 5000 samples per year.

That represented a 14 fold increase over where sapphire throughput was at launch in early 2017, and what we have said is that the next generation through a couple of steps will bring another 14 fold increase and so.

And net that would be completed by the end of 2023 and so it really is the same kind of amazing capabilities, obviously with certain updates and revisions that will also be backward many of which will be backward compatible to the current sapphire system, but the phone.

<unk> will be on throughput and consumables that will really allow us to offer consumable pricing that is approaching $100 per per sample. So as you can imagine for high volume Labs high volume studies. This is a really incredible.

Capability.

I'd like to touch on the product mix, a bit and the improved gross margins.

How much of that is due to the reagent.

Our rental model and the lineage in revenues as compared to higher utilization from existing Sapphire systems and the improvements throughout the year is that you just mentioned to the throughput of the system.

Yes, it really has a lot to do with the product mix.

We are.

As you know with a business like ours, the consumable business will continue to grow.

And outpace.

Revenue from the systems in Q1 of last year and throughout much of last year.

We were selling systems.

And the consumable portion of our revenue was growing steadily.

And that change in mix and the growth we had.

Year over year in the consumables.

Along with the higher margins from the lineage and business is really what drove it.

Alright. Thank you and then just one more if you don't mind I'd like to ask as you guys get more customers coming on board, who have lab developed tests and they are actually using it using sapphire for diagnostics.

How does the utilization breakdown between the customers who have valid.

Validated LDP and those who don't yet are you using it just on the on the research side.

Sorry could you repeat that last part.

Oh.

Wanted to know how the utilization of Sapphire kind of breaks down between customers, who have a validated LDP and are using it in diagnostics versus those who are using it more so just your research.

Well listen so.

Couple of ways to think about that.

First and foremost I want to emphasize that the sapphire system as research use only.

<unk>.

Customers adopt it and use it for a variety of applications and when there are developing an ODT, we would consider that to be within the clinical research portfolio translational research. The LDP that they may have could be for a variety of applications.

And the research.

<unk>.

Use spans.

Pretty wide range, so going all the way from basic research, even non human research up into this translational research that includes the <unk> and <unk>.

What we see in current adoption is that it is almost entirely.

Probably like a conservative figure would be maybe 75% to 80% translational research human focused.

And a smaller fraction, 20% to 25% basic.

And those translational applications are much higher.

Volume of utilization.

Also win.

Site commits to a reagent rental program the minimum annual commitment is 240 genomes.

And so that's a pretty substantial utilization rate right there.

Alright, Thank you very much for taking my questions.

Thank you.

Thank you we have a follow up question from Kevin <unk> of Oppenheimer. Your line is open.

Hey, guys and then just two more quick ones from me.

In terms of new placements can you just talk a little bit about.

The typical competitive dynamic.

As typical site trying to decide between.

Optical mapping and long read sequencing in terms of.

The functionality of your really.

Some degree competing against yourself in terms of whether the functionality offered by Sapphire.

Full accounts our value for a given side, who are you competing with kind of legacy technologies.

Just kind of what are you thinking I'm thinking more for translational.

Clinical oriented sites more than.

Perhaps the traditional research.

Basic research oriented customer base.

Yeah. So.

When you are talking about those.

Clinical translational oriented sites that is a site, which is really looking at the sapphire system more optical genome mapping as an alternative to traditional methods inside of genomics cytogenetics analysis carrier typing fish and micro arrays.

So that's where the discussion usually lies and that's why these comparative analyses that we have ongoing or that sites are conducting in publishing make a difference.

And there is certainly a overlapping segment that.

Is looking at a comparison against the traditional methods, but also looking at a comparison against sequencing methods, whether that be long read sequencing or short read sequencing or both as you start to get more and more towards.

Basic research or discovery research there.

The idea of including optical genome mapping as really an incremental approach and so that is a different conversation thats a different value proposition is different.

<unk> land.

Our landscape and so.

The types of publications that are so important there are ones that are highlighted like in our slides that show the use of optical genome mapping and all of these different indications relative to sequencing for its ability to find information that otherwise would not be detect.

So really two different paths of generating a dossier of support free value proposition.

We are pursuing both of those as as our.

<unk> in the installed base and they are starting to publish.

On a much more regular basis.

Thank you for that and then just lastly from me.

Yes, I appreciate that the primary guidance metrics company provides today as placements mature grid are aimed at more than 150 by the end of the year.

We do get questions from investors interested in.

Revenue guidance and sort.

Of what.

You would need to see or what kind of scale in your business, you would need to be able to obtain and feel comfortable providing.

At least a broad range on revenue guidance.

Any thoughts you have on.

The opportunities to further expand.

The types of guidance metrics, you can provide for the street would be helpful.

Yes, I think so so we're sort of appreciative of that dynamic and I want to make a couple of comments first of all.

We're conservative about providing guidance because.

It's on a relative scale basis.

The revenues are certainly impressive and we're very happy with where we came out this quarter last quarter and what what we're seeing on a go forward basis, and we think it's really reflective of the progress that we're making having said that they are at a scale, where even if even a deal that gets moved from one quarter or two two net.

Ex could could.

It could change.

Yes.

The achievement of a particular threshold for example, and so we don't think that that's the right measure of the success of our strategy, which is why we emphasize the growth in the installed base.

And in other things like the number of flow sales that are going out and so forth.

So thats, one reason, which.

I understand that you are aware of but let's not forget about the other reason, which is probably the bigger driver in that is that while we're together here in a conference room for an earnings call for the very first time.

Since quarantine began.

And we're seeing lessening of restrictions.

Around the world, allowing us to install systems and so forth there remains a tremendous amount of uncertainty of what the future holds there and so that's another reason why we are conservative about providing guidance.

So as that continues to clear up and the business progresses, I think we will be in more of a position to do that and I would look for that probably next year sometime in the interim what we like your investors do as we pay attention to the analysts' reports that are out there and.

While some of them are higher.

And some of them are lower than what we expect we see the general consensus is kind of representative of our of our trajectory, which we have said on the last call would be.

Meaningful double digit growth.

In 2021 over over 2020.

But with substantial growth in the installed base of this 150 or more systems and other areas of progress.

Thanks, so much.

Thank you at this time I would like to turn the call over to Eric for closing remarks.

Well I just want to say that I think thank the whole team and everybody at <unk> for everything that they've done to put together this quarter I want to thank everybody who has joined the call today and followed along with US and we will be back together with you in one quarters time. So thank you very much for joining.

This concludes.

<unk> conference call. Thank you for participating you may now disconnect.

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