Q4 2021 Science 37 Holdings Inc Earnings Call

March 22, 2022

[music].

Good morning, and welcome to Science 37's earnings conference call for the quarter ended December 31st, 2021. At this time, all participants are in a listen-only mode. We'll be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Caroline Paul, Investor Relations, for a few introductory comments.

Good morning, and welcome to Science 30 Sevens earnings Conference call for the quarter ended December 31, 2021 at this time all participants are also the only mode. We.

We will be facilitating a question and answer session towards the end of today's call.

As a reminder, this call is being recorded for replay purposes I would now like.

Ill turn the call over to Caroline Paul Investor Relations for a few introductory comments.

Caroline Paul: Thank you, and thank you all for participating in today's call.

Thank you and thank you all for participating in today's call.

Caroline Paul: Joining me are David Komen, Chief Executive Officer, and Mike Ceranek, Chief Financial Officer.

Joining me are David Cohen, Chief Executive Officer, and Mike <unk>, Chief Financial Officer.

Caroline Paul: Earlier today, Science 37 released financial results for the quarter ended December 31, 2021.

Earlier today Si 37, released financial results for the quarter ended December 31 2021.

Caroline Paul: A copy of the press release is available on the company's website.

A copy of the press release is available on the company's website.

Speaker Change: Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Before we begin I'd like to remind you that management will make statements. During this call that include forward looking statements within the meaning of federal Securities laws, which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of $19 95.

Speaker Change: These forward-looking statements are based upon our current estimates and various assumptions and involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

These forward looking statements are based upon our current estimates and various assumptions and involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements.

We encourage you to review our filings made with the Securities and Exchange Commission for a discussion of these risk factors, including our annual report on Form 10-K for the year ended December 31, 2021, which was filed earlier today.

Speaker Change: We encourage you to review our filings made with the Securities and Exchange Commission for discussion of these risk factors, including our annual report on Form 10-K for the year ended December 31, 2021, which was filed earlier today.

Speaker Change: You are cautioned not to place undue reliance on these forward-looking statements, which we speak only as of today, and the company disclaims any obligation to update such statements for new information.

You are cautioned not to place undue reliance on these forward looking statements, which we speak only as of today and the company disclaims any obligation to update such statements or new information.

Speaker Change: We believe that certain non-GAP metrics are useful in evaluating our operational performance.

We believe that certain non-GAAP metrics are useful in evaluating our operational performance. We use these non-GAAP measures to evaluate our ongoing operations and for internal planning and forecasting purposes.

Speaker Change: We use these non-GAAP measures to evaluate our ongoing operations and for internal planning and forecasting purposes.

Speaker Change: Information about non-GAAP financial measures referenced, including a reconciliation of those measures to the most comparable GAAP measures, can be found in our SEC filings and the earnings material available on the investor relations portion of our website at investors.science37.com. I would now like to turn the call over

Information about non-GAAP financial measures referenced including a reconciliation of those measures to the most comparable GAAP measures can be found in our SEC filings and the earnings material available on the Investor Relations portion of our website at investors Dot client 37 Dot com.

I'd now like to turn the call over to David Cohen.

Speaker Change: Thanks, Caroline. Good morning, everyone, and thank you for joining us.

Thanks Caroline.

Good morning, everyone and thank you for joining us.

Speaker Change: At Science 37, we are disrupting a very large $195 billion biopharmaceutical research and development industry by providing clinical trial sponsors the flexibility to engage patients from the comfort of their own home, at local community care centers, and through traditional clinical trial sites, all at the same time.

At Slide 37, we are disrupting a very large $195 billion biopharmaceutical research and development industry.

By providing clinical trial sponsors the flexibility to engage patients from the comfort of their own home.

At local community care centers and through traditional.

Additional clinical trial sites all at the same time.

Speaker Change: to enable universal access to any patient, any provider, from anywhere.

To enable universal access to any patient any provider.

<unk>.

Speaker Change: rather than limiting them to traditional brick-and-mortar sites alone.

Rather than limiting them to traditional brick and mortar sites alone.

Speaker Change: As a result, we have been able to achieve up to 15 times faster enrollment, up to 20 times greater retention, and three times the diversity in the clinical trials that we support on behalf of our biopharmaceutical customers.

As a result, we have been able to achieve up to 15 times faster enrollment up to 20 times greater retention and.

And three times the diversity in the clinical trials that we support on behalf of our biopharmaceutical customers.

Speaker Change: We achieve these extraordinary results utilizing our category-defining operating system that consists of

We achieved these extraordinary results utilizing our category defining operating system that consists.

Speaker Change: of a full-stack end-to-end technology platform to manage workflow, generate clinical evidence, and harmonize data for regulatory submission. This technology interacts with our specialized networks that include patients, telemedicine investigators, community providers, mobile nurses, remote coordinators, and connected devices who are all in sync through a common set of operating procedures.

Of a full stack end to end technology platform to manage workflow generate clinical evidence and harmonize data for regulatory submission.

And this technology interacts with our specialized networks that include patient telemedicine investigators' community providers mobile nurses remote coordinators and connected devices, who are all in sync through a common set of operating procedures.

Speaker Change: The broad range of clinical trials we're supporting today is a testament to the progress we're making each and every day.

Broad range of clinical trials, we are supporting today is a testament to the progress we're making each and every day.

Speaker Change: These trials range from fully decentralized pivotal studies that require tens of thousands of patients to highly targeted precision medicine studies and large

These trials range from fully decentralized pivotal studies that require tens of thousands of patients.

Two highly targeted Chris.

Precision medicine studies and large.

Global studies to provide long term patient follow up.

To date.

Speaker Change: To date, we've conducted more than 125 decentralized clinical trials.

We've conducted more than 125 decentralized clinical trial.

Speaker Change: And we've engaged more than 525,000 patients in the process, all of whom are part of the Science 37 patient community.

And we've engaged more than 525000 patient from the process all of whom are part of the <unk> hundred 37 patient community.

Speaker Change: We currently provide three offerings, each of which are underpinned by the Science 37 technology platform. First, a fully

Currently provide three offerings each of which are underpinned by the $3 seven technology platform.

First.

Fully decentralized or agile clinical trial.

Speaker Change: in which we orchestrate the entire study using our operating system and we are the sole provider to the clinical trial sponsor.

Which we orchestrate the entire study using our operating system and we are the sole provider to the clinical trials sponsor.

Speaker Change: Second, a meta-site, in which we act as a virtual site using our operating system to supplement a network of traditional clinical trial sites for a sponsor or CRO. Third is what we call.

Second meta site in which we act as a virtual site using our operating system to supplement our network of traditional clinical trial sites for a sponsor or CRO.

Third is what we call technology, our tech plus in this case, we're not orchestrating the trial, but we're configuring the technology to support centralized or hybrid approaches.

Speaker Change: case we're not orchestrating the trial but we're configuring the technology to support decentralized or hybrid approaches.

Speaker Change: our platform can fully integrate with other sources such as EDCs, DTMSs, RTSM technologies, etc.

Our platform can fully integrate with other sources, such as EDC <unk>, our DSM technologies et cetera.

Speaker Change: This flexibility enables SIGNS37 to be applicable for virtually any phase of clinical research and any indication.

This flexibility enable 37 to be applicable for.

Virtually any phase of clinical research and in any indication.

Speaker Change: 2021 was a tremendous year for Science 37. We made meaningful progress.

2021 was a tremendous year for signed 37.

We made meaningful progress on multiple fronts with <unk>.

Speaker Change: continued execution and investment technologically, geographically, and commercially.

<unk> execution and investments technologically geographically.

And commercially.

Speaker Change: As a result, we exited the year with $164 million in net bookings, nearly three times

As a result, we are.

The year with 164 $1 billion in net bookings.

Nearly three times the prior year.

Speaker Change: We achieved revenue growth of 151%, or $59 billion.

We achieved revenue growth of 151% or.

$59 $6 million.

Speaker Change: And in the fourth quarter alone, we achieved revenues totaling $20.4 million.

And in the fourth quarter alone, we achieved revenues totaling.

$24 million reps.

Speaker Change: representing growth of 83% over the same quarter the prior year.

Representing growth of 83% over the same quarter prior year.

Speaker Change: Our growth prospects remain strong in 2022 as we look to build upon our momentum and capitalize on a clear shift in the market toward decentralization.

Our growth prospects remain strong in 2022, as we look to build upon our momentum and capitalize on a clear shift in the market towards centralization.

Speaker Change: and centralizing more components of the clinical trial outside traditional brick-and-mortar investigative sites.

Centralizing more components of the clinical trial outside traditional brick and mortar investigators that.

Notably.

We are excited to see the results of our most recent sentiment study among sponsor and CRM executives, who report that they plan to run more decentralized agile or hybrid clinical trials in 2022 versus fully traditional site based studies.

Speaker Change: Excited to see the results of our most recent sentiment study among sponsor and CRO executives who report that they plan to run more decentralized, agile, or hybrid clinical trials in 2022 versus fully traditional site-based studies.

To capitalize on this pivotal shift we're maintaining focus on enhancing our commercial efforts extending our leadership position through investments in our operating system and positioning the company for long term profitability.

Speaker Change: capitalize on this pivotal shift. We're maintaining focus on enhancing our commercial efforts.

Speaker Change: extending our leadership position through investments in our operating system and positioning the company for long-term profitability.

Speaker Change: In 2021, we prove that our operating system can deliver at scale, providing consistently superior performance versus traditional brick-and-mortar sites.

In 2021, we prove that our operating system can deliver at scale, providing consistently superior performance versus traditional brick and mortar sites.

Speaker Change: To be specific, when Science 37 acts as a virtual site among a network of traditional brick and mortar.

To be specific when science 37 acts as the virtual site among our network of traditional brick and mortar.

Speaker Change: Our metasite is at minimum the highest enrolling site in the network 100% of the time.

Sure meta site is at minimum.

The highest enrolling sites in the network.

100% of the time.

Speaker Change: In many cases, our Medisite has represented approximately 50 to 85% of all the patients enrolled.

In many cases, our Medisoft has represented approximately 50% to 85% of all the patients enrolled.

Speaker Change: global pivotal trial, our meta site enrolled 70 patients per month over the final quarter of 2021 versus the average traditional site that enrolled only 6.1 patients per month.

Global pivotal trial are metastatic enrolled 70 patients per month over the final quarter of 2021 versus the average traditional site federal only six one patients per month.

Speaker Change: Both the MetaSite and TAC or TAC Plus offerings continue to be adopted more by CROs, and that remains an area of commercial focus for us. This quarter we will

Both the meta site and tanker tech plus offerings continue to be adopted more by Crows.

<unk> remains an area of commercial focus for us.

This quarter, we were pleased to have welcomed.

Speaker Change: worldwide clinical trials to our network of CRO certified companies.

Worldwide clinical trials to our network of CRO certified companies.

Speaker Change: We are excited about this partnership and expect to see other CROs continue to standardize on the Science 37 operating system going forward.

We are excited about this partnership and expect to see other CRO has continued to standardize on the <unk> 37 operating system going forward.

In regards to the operating system itself.

Speaker Change: We were proud to announce that we received ISO 27001 certification for cyber security management, as well as the ISO 27701

We were proud to announce that we received ISO 27, Diablo one certification for cyber security management as well as the ISO 27 701.

Speaker Change: 2019 Certification for Privacy Management.

2019 certification for privacy management.

Speaker Change: These are some of the most powerful measures of quality and a point of differentiation from competitors that is meaningful to our customers.

These are some of the most powerful measures of quality and a point of differentiation from competitors that is meaningful to our customers.

Speaker Change: Our ability to enroll patients at a faster rate was bolstered considerably in 2021 as our network of community providers grew sixfold.

Our ability to enroll patients at a faster rate was bolstered considerably in 2021 and.

As our network of community providers grew six fold.

Today.

Speaker Change: We are contracted with more than 800 healthcare organizations, with nearly 35,000 providers.

We are contracted with more than 800 health care organization with nearly 35000 providers covering almost 28 million patients worldwide.

Speaker Change: covering almost 28 million patients worldwide.

Speaker Change: Community providers can refer patients from their practice without fear of losing them to another site.

Community providers can refer patients from their practice without fear of losing them to another site.

Speaker Change: They can become clinical trial investigators themselves or become a preferred destination for patients to receive procedures that need to be performed in a clinical setting.

They can become clinical trial investigators themselves or become a preferred destination for patients to receive procedures.

Need to perform in a clinical setting.

Speaker Change: We continue to make significant investments in our core technology platform. We have fully developed the capability to meet the strict regulatory requirements.

We continue to make significant investments in our core technology platform, we have fully developed the capability to meet the strict.

Regulatory requirements in China.

Speaker Change: We've invested in data interoperability, including our collaboration with PhysIQ, to use biosensors and machine learning to build more robust data sets.

We've invested in data interoperability, including our collaboration with Phase IQ.

We use biosensors and machine learning to build more robust datasets.

And we're planning for a major release this summer to take our platform to a whole new level and enable the flexibility required of today's more agile clinical trials.

Speaker Change: And we're planning for a major release this summer to take our platform to a whole new level and enable the flexibility required of today's more agile clinical trials.

Speaker Change: While we're making these investments to continue to accelerate growth and define the future of clinical research, we're also balancing our investments with an eye toward long-term profitability and cash management that Mike will touch upon in a moment. Overall, we're very interested.

We're making these investments to continue to accelerate growth.

And define the future.

Clinical research.

Also balancing our investments with an eye towards long term profitability and cash management that Mike will touch upon in a moment.

Overall, we're very encouraged by our strong exit to the year.

Speaker Change: and we're well positioned to deliver high growth and enterprise value in 2022 and beyond.

And we're well positioned to deliver high growth and enterprise value in 2022 and beyond.

With that.

Speaker Change: With that, I will now turn over the call to Mike Zuranek, our Chief Financial Officer. Mike?

I will now turn it over the call to Mike <unk>, Our Chief Financial Officer, Mike.

Thank you, David and Hello, everyone.

Mike: I plan to take us through the fourth quarter results and then the full year roll up for 2021. I will then conclude with the full year 2022 guidance.

And to take us through the fourth quarter results and then the full year rollout for 2021 I will then conclude with the full year 2022 guidance.

We are pleased to report revenues for the three months ended December 31, 2021 or.

Mike: We are pleased to report revenues for the three months ended December 31st, 2021 were $20.4 million, making it the first $20 million plus quarter in the company's history.

$24 million, making it the first 20 million plus quarter in the company's history.

Mike: This represents an 83% increase from the $11.2 million in the same period of the prior year.

This represents an 83% increase from the $11 2 million in the same period of the prior year.

Mike: As we've previously discussed, at our current scale, bookings, revenues, and profitability can vary from quarter to quarter, and in part due to the timing around a limited number of contracts.

As we previously discussed at our current scale bookings revenues and profitability can vary from quarter to quarter and in part due to the timing around a limited number of contracts.

Mike: This dynamic worked in our favor in the final quarter of 2021 as we were able to bring in 2.3 million of revenue that had previously been expected to occur in the first quarter of this year.

This dynamic worked in our favor in the final quarter of 2021, as we were able to bring in $2 3 million of revenue that had previously been expected to occur in the first quarter of this year.

Our net bookings for the three months ended December 31, 2021, we're also very strong coming in at $43 2 million, which is an increase of a 102% from the prior year period.

Mike: Our net bookings for the three-month end of December 31, 2021, were also very strong, coming in at $43.2 million, which is an increase of 102% from the prior year period.

Mike: Driven by our strong revenue growth, adjusted gross profit was a robust $4.7 million, up from a loss of $4.7 million.

Driven by our strong revenue growth adjusted gross profit with a robust $4 7 million up from a loss of.

Mike: $0.5 million in the same period from the prior year.

Zero point $5 million in the same period from the prior year.

Mike: Well, our adjusted gross margin was up approximately 28 percentage points year over year from negative 4.5% to 23.2%.

While our adjusted gross margin was up approximately 28 percentage points year over year from negative four 5% to 23, 2%.

Mike: We expect a higher long-term run rate as the composition of our fourth quarter revenue was overrepresented by two trials that were contracted before our price increase in the fourth quarter of 2020.

We expect a higher long term run rate as the composition of our fourth quarter revenue was over represented by two trials that were contracted before our price increase in the fourth quarter of 2020.

We continue to invest in commercialization technology delivery.

Mike: We continue to invest in commercialization, technology, delivery, and our underlying infrastructure intentionally in an effort to scale.

Our underlying infrastructure intentionally in an effort to scale.

Mike: selling general and administrative expenses inclusive of six million of stock-based compensation, 3.2 million of transaction-related expenses, excluding depreciation and amortization for the quarter were 35.6 million, an increase from 10.5 million in the same period of the prior year.

Selling general and administrative expenses inclusive of $6 million of stock based compensation $3 2 million of transaction related expenses, excluding depreciation and amortization for the quarter were $35 6 million an increase from $10 5 million in the same period of the prior year.

Mike: As David mentioned, we continue to balance the needs to invest to scale the business against the objectives to create a long-term profitable business and manage cash effectively.

As David mentioned, we continue to balance the needs to invest scaled the business against the objectives to create a long term profitable business and manage cash effectively.

Adjusted EBITDA, which we calculate by adding back depreciation amortization taxes interest transaction expenses and stock based compensation was a loss of $21 5 million in the quarter compared to a loss of $10 9 million in the same period in 2020.

Mike: Adjusted EBITDA, which we calculate by adding back depreciation, amortization, taxes, interest, transaction expenses, and stock-based compensation, was a loss of $21.5 million in the quarter compared to a loss of $10.9 million in the same period in 2020.

Now, we'll move on to the full year results.

Mike: For the full year ending December 31st, 2021, we won approximately $164 million in net booking.

For the full year ending December 31, 2021, we won approximately 164 million in net bookings.

Mike: This represents nearly 3x the net bookings of $55.7 million we reported in 2020.

This represents nearly three X the net bookings of $55 7 million, we reported in 2020.

Mike: We invested heavily in our go-to-market capabilities, underlying technology, and delivery infrastructure, and the significant year-over-year increase in bookings is attributable to many of those investments.

We invested heavily in our go to market capabilities underlying technology and delivery infrastructure and the significant year over year increase in bookings is attributable to many of those investments.

Mike: We were pleased to report that approximately two thirds of our net bookings in 2021 were derived from customers with whom we had done business with previously, which is a testament to our ability to deliver effectively and achieve high customer satisfaction.

We were pleased to report that approximately two thirds of our net bookings in 2021 were derived from customers with whom we have done business with previously which is a testament to our ability to deliver effectively and achieve high customer satisfaction.

Mike: We were able to bring in approximately one-third of 2021 net bookings from new customers as we continue to demonstrate the value of our model across a wider customer base.

We were able to bring in approximately one third of 2021 net bookings from new customers as we continue to demonstrate the value of our model across a wider customer base.

Mike: We generated full-year revenues of $59.6 million, up 151% versus the previous year total of $23.7 million. And we ended the year with $164 million in backlog.

We generated full year revenues of $59 6 million up 151% versus the previous year, a total of $23 7 million and we ended the year with $164 million in backlog.

As David mentioned, we continue to see strong demand for our offerings.

Mike: As David mentioned, we continue to see strong demand for our office.

Mike: Our pipeline is at an all-time high, and the composition of the pipeline includes significantly more $10 million-plus qualified opportunities than ever before, which we attribute to the continued market interest in our offerings and our proven ability to deliver. Our just-in-time funding is a key component of the pipeline. Our just-in-time funding is a key component of the pipeline.

Our pipeline is at an all time high and the composition of the pipeline includes significantly more $10 million plus.

Qualified opportunities than ever before which we attribute to the continued market interest in our offerings and our proven ability to deliver.

Our adjusted gross profit of $18 million.

Mike: with approximately 7 times the prior year total of $1 million. Full year adjusted gross profit margin was 30.3%, up nearly 26 percentage points from 4.4% in 2020.

With approximately seven times the prior year total of $1 million full year adjusted gross profit margin was 33% up nearly 26.

Percentage points from four 4% in 2020.

On an adjusted EBITDA basis.

Mike: Full year fiscal 2021 was a loss of $44.1 million versus a loss of $27 million in the fiscal year 2020 as we put our investments to work to fuel our market leadership and growth.

Full year fiscal 2021 was a loss of $44 1 million versus a loss of $27 million in the fiscal year 2020.

As we put our investments to work to fuel our market leadership and growth.

Mike: You will note our gap net loss of $94.3 million reflects $31.3 million related to a change in fair value of airdot liability, which was part of the original transaction related to the SPAC.

You will note our GAAP net loss of $94 3 million reflects $31.3 million related to a change in fair value of earn out liability, which was part of the original transaction related to the spec.

Mike: Upon the stock price meeting certain thresholds within a 36-month period post-closing, the equity holders of former Science 37

Upon the stock price meeting certain thresholds within a 36 month period post closing the equity holders of former science 37.

Mike: would receive additional shares, and under U.S. GAAP, we're required to reevaluate the potential value under that arrangement on.

Would receive additional shares and under U S. GAAP, we're required to reevaluate the potential value.

Under that arrangement on a quarterly basis to.

Mike: To the extent the share price goes up, all else equal, the value of the earned out liability increases, and therefore we recognize expense on a.

To the extent the share price goes up all else equal the value of the earn out liability increases and therefore, we recognize expense.

On a U S GAAP basis.

Mike: Likewise, to the extent the share price goes down, the value of the earn-out liability decreases and thus creates income.

Likewise to the extent the share price goes down the value of the earn out liability decreases and thus create income.

Mike: To be clear, the expense or income associated with this earn-out is non-cash. However, to the extent the earn-out share price targets are achieved, there would be additional shares issued.

To be clear the expense or income associated with this earn out is noncash however to the extent the earn out share price targets are achieved.

B additional shares issued.

Going back to a point that David mentioned earlier.

Mike: As a management team, we have prioritized our cash and cash management.

As a management team, we have prioritized, our cash and cash management.

Mike: As a result, we were able to achieve DSOs of 48 days as we exited 2021.

As a result, we were able to achieve dsos of 48 days as we exited 2021.

Mike: This is nearly half of the 92 days that we had when we exited 2020.

This is nearly half of the 92 days that we had when we exited 2020.

It is important to highlight our current cash position remains strong we exited 2021 with approximately $214 6 million of cash cash equivalents and short term investment and you will recall that we raised approximately $234 million of cash through the transaction that closed in early October 2021.

Mike: It is important to highlight our current cash position remains strong. We exited 2021 with approximately $214.6 million of cash, cash equivalents, and short-term investment. And you will recall that we raised approximately $234 million of cash through the transaction that closed in early October 2021.

Mike: We will continue to remain disciplined and judicious with investments in our business while conscious of preserving our capital in order to maintain a strong balance sheet.

We will continue to remain disciplined and judicious with investments in our business while conscious of.

Preserving our capital in order to maintain a strong balance sheet.

Mike: Now let's turn to the outlook for 2022, where we will share our guidance for the full year revenue and some color around costs.

Now, let's turn to the outlook for 2022.

We'll share our guidance for the full year revenue and some color around cost.

Despite the challenges of accurately forecasting in an uncertain environment last year, we delivered exceptional results far exceeding expectations.

Mike: Despite the challenges of accurately forecasting in an uncertain environment last year, we delivered exceptional results, far exceeding expectations.

Mike: Our takeaway is that the process of forecasting in this environment is not straightforward.

Our takeaway is that the process of forecasting in this environment is not straightforward.

In our current guidance reflects this.

Mike: With that said, we expect to maintain a high growth rate and we remain bullish on our business for the full year 2022.

With that said we.

We expect to maintain a high growth rate and we remain bullish on our business for the full year 2022.

Mike: We currently project revenues for the full year 2022 to be in the range of 86 million to 96 million, representing between a 44 and 61% growth rate for the year. As the year develops and the various potential drivers play out, we will fine tune our preliminary estimates and be in position to provide greater detail with respect to cost.

We currently project revenues for the full year 2022 to be in the range of 86 million to $96 million representing between a 44, 61% growth rate for the year.

As the year develops and the various potential drivers play out we will fine tune, our preliminary estimates and be in position to provide greater detail with respect to call.

As we noted a moment ago at our current scale bookings revenues and profitability can vary from quarter to quarter.

Mike: As we noted a moment ago, at our current scale, bookings, revenues, and profitability can vary from quarter to quarter in part due to the timing around a limited number of bookings.

Due to the timing around a limited number of contracts. While this dynamic worked in our favor in the final quarter of 2021, where we were able to bring in $2 3 million of revenue grew faster enrollment is effectively accelerated from the first quarter of 2022.

Mike: While this dynamic worked in our favor in the final quarter of 2021, where we were able to bring in 2.3 million of revenue through faster enrollment, it was effectively accelerated from the first quarter of 2022.

We also experienced in.

Mike: in Q1 2022, nearly 20 million in cancellations from two COVID studies that will have an impact on the early half of 2022.

In Q1, 2020 to nearly $20 million in cancellations from two Covid studies that will have an impact on the early half of 2022.

Mike: The larger of the two studies was from a non-pharma company, which we do not traditionally target, and the smaller of the two was the result of drug efficacy.

The larger of the two studies with from a non pharma company, which we do not traditionally target and the smaller of the two was the result of drug efficacy.

Our cancellation rate for less than 10% in 2021, and our 15 months cancellation rate, including first quarter known cancellations.

Mike: Our cancellation rates were less than 10% in 2021. In our 15-month cancellation rate, including first quarter known cancellations, is 17% on pace.

17% on pace with industry average.

Mike: At this point, we have very little COVID backlog exposure and only mid-single-digit percentage of qualified sales funnel relative to COVID work, which is down from previous quarters.

At this point, we have very little Covid backlog exposure at all.

Only mid single digit percentage of qualified sales funnel relative to Covid work, which is down from previous quarters.

Mike: From a cost standpoint, we ramped up spend in the fourth quarter of 2021 to meet the revenue growth and demand in the first quarter of 2022 and are managing the impact of the two cancellations.

From a cost standpoint, we ramped up spend in the fourth quarter of 2021 to meet the revenue growth in demand in the first quarter of 2022 and are managing the impact of the two cancellation.

Mike: As a result, our first quarter 2022 margins will be down considerably from the previous quarter.

As a result, our first quarter 2022 margins will be down considerably from the previous quarter.

Mike: We expect to return to a more normalized level of profitability as we progress throughout 2022.

We expect to return to a more normalized level of profitability as we progress throughout 2022 and.

Mike: and we see no change to our long-term margin opportunity.

And we see no change to our long term margin opportunity.

Our basic share count is expected to be approximately $120 million for the full year 2022.

Mike: Our basic share count is expected to be approximately 120 million for the full year 2022. As of year end, we had about 115 million shares outstanding.

As of year end, we had about 115 million shares outstanding.

Mike: Since we anticipate having an adjusted net loss in the upcoming quarter and year, any converted options would be deemed to be anti-dilutive, and therefore, on a gap basis, we expect the basic and diluted share counts to be the same.

We anticipate having an adjusted net loss in the upcoming quarter and year any converted options would be deemed to be anti dilutive and therefore on a GAAP basis, we expect the basic and diluted share counts to be the same.

In summary, we're very pleased with the growth we delivered in 2021 at.

Mike: In summary, we are very pleased with the growth we delivered in 2021 at most every level.

Every level.

Mike: We continue to be very bullish on our growth trajectory in 2022.

We continue to be very bullish on our growth trajectory in 2022.

Mike: At this point, I would like to turn the call back to David for closing comments.

At this point I would like to turn the call back to David for closing comments.

Thank you Mike.

David Komen: 2021 was an exceptional year for Science 37.

2021 was an exceptional year precise 37 as.

David Komen: as we achieved or exceeded all of our business goals and objectives.

As we achieved or exceeded all of our business goals and objectives.

David Komen: We grew revenue at more than 150% and nearly tripled our net book.

We grew revenue at more than 150% and nearly tripled our net bookings.

David Komen: We have proven that the model delivers substantial value to our sponsors, gaining proof points, repeat customers, global scale, technology enhancements, and more partnerships that will help drive our growth into 2022.

We have proven that the model delivers.

Statute <unk> value to our sponsors gaining proof points repeat customers global scale technology enhancements and more partnerships that will help drive our growth into 2022.

David Komen: We made the transition from private to public and raised significant capital to allow us to continue to invest in our growth with a keen eye toward cash management and long-term profitability.

We made the transition from private to public and raised significant capital to allow us to continue to invest in our growth with a keen eye toward cash management and long term profitability.

David Komen: I do want to acknowledge the impact of the two cancellations Mike mentioned on revenue and margins in the upcoming first quarter.

I do want to acknowledge the impact of the two cancellations, Mike mentioned on revenue and margins in the upcoming first quarter as.

David Komen: As we continue to grow and expand our backlog, we expect the impact of cancellations to cause less volatility over time.

As we continue to grow and expand our backlog, we expect the impact of cancellations to causes less volatility over time.

David Komen: important to note that our 15-month cancellation rate, inclusive of these two large recent cancellations.

To note that our 15 months cancellation rate inclusive of these two large recent cancellation is typical of the industry.

David Komen: typical of the industry and our COVID backlog and sales funnel exposure is limited at this time.

And our current backlog and sales funnel exposure is limited at this time.

Due to the size and recency of these two cancellations, we're giving it a minimum commentary on cost guidance and will offer a more complete commentary on our path to profitability at our first quarter earnings call in May.

David Komen: Due to the size and recency of these two cancellations, we are giving a minimum of commentary on cost guidance, and we'll offer more complete commentary on our path to profitability at our first quarter earnings call in May.

David Komen: As a business, we continue to make great strides in the speed of trial execution and efficiency in clinical conduct.

As a business we continue to make great strides in the beta trial execution and efficiency and clinical conduct.

David Komen: We also see significant opportunity for continued improvement well into the future.

We also see significant opportunity for continued improvement well into the future.

David Komen: We believe we have the operating system on which the industry will continue to standardize.

We believe we have the operating system on which the industry will continue to standardize.

David Komen: We remain enthusiastic about the vision ahead, and we believe that the fundamental outlook for the segment and Science 37 remains very strong.

We remain.

<unk> about the vision ahead, and we believe that the fundamental outlook for the segment and 537 remains very strong.

Thank you to all our stakeholders, including our investors.

David Komen: Thank you to all our stakeholders, including our investors, who have supported us in our mission and commitment to disrupt the traditional clinical trial model and improve the development process for the ultimate benefit of patients.

Supported us in our mission and commitment to disrupt the traditional clinical trial model and improve the development process for the ultimate benefit of patients.

Around the world.

David Komen: We look forward to updating all of you in our next phase of growth in the coming months. And with that, we'll now open up to questions and turn it over.

We look forward to updating all of you on our next phase of growth in the coming months.

That.

We'll now open up to questions and turn it over to the operator.

If you'd like to ask a question. Please press Star then one if your question has been answered and we'd like to move this stuff in the queue. We ask that you. Please limit yourself to one question and one follow up.

Speaker Change: If you'd like to ask a question, please press star, then one. If your question has been answered and you'd like to remove yourself from the queue, press the pound key. We ask that you please limit yourself to one question and one follow-up. Our first question comes from Charles Rigg with Cohen. Your line is open.

Our first question comes from Charles <unk> with Cowen Your line is open.

Charles Rigg: Yeah, thanks for taking the questions. Mike, I just wanted to ask about the cancellations. I think you said earlier, if you could just clarify, that prior to this quarter, your overall cancellation rate was less than 10%, but including the first quarter, it averaged 17%. So is it right we can kind of look at the 2021 results and work backwards at a, call it a roughly 10% cancellation rate, kind of isolate sort of the first quarter impact?

Yes, thanks for taking the questions Mike.

Just wanted to ask about the cancellations.

I think you said earlier, if you could just clarify that.

Prior to this quarter your overall cancellation rate was less than 10%, but including the first quarter. It averaged 17%. So is it right. We can kind of look at the 2021 results.

It worked backwards at call it roughly 10% cancellation rate.

Isolate sort of the first quarter impact.

Mike: Yeah. Hi, Charles. Good morning. Thanks for the question. I think that's right. As we looked in 2021, we had a very low cancellation rate of less than 10%, and inclusive of the two cancellations we outlined on today's call for the 15-month trailing period, it would be about 17%.

Yes, Hi, Charles Good morning. Thanks for the question, Yes, I think thats right as we looked in 2021.

We had a very low cancellation inflation rate of less than 10%.

Inclusive of the two cancellations, we outlined on today's call for the 15 month trailing period.

Be about 17%.

Speaker Change: And just to follow up, those two contracts, what percent of revenue or what stage of them in development were they with you guys, what was sort of the revenue contribution, if any, in 21 that we should think about having an impact overall in 22?

Thanks, and just a follow up.

Those those contracts I'm sorry, those are.

Those two contracts.

What percent of revenue or what stage of them and develop and where are they with you guys. What was sort of the revenue contribution.

If any in 'twenty, one that we should think about having an impact overall in 2002 and over what timeframe.

Speaker Change: Sure, no, I think, as we said,

Sure No I think as we said.

Speaker Change: One of the opportunities was a non-pharma opportunity or a project that we typically don't target. That one was a little earlier on in the life cycle. And so minimal impact in.

One of the opportunities was the non pharma opportunity.

Project that we.

We typically don't target.

That one was a little earlier on in the lifecycle.

And so minimal impact in 2021 from that one.

Speaker Change: that one. If you look at the second one, and that one was pulled due to lack of overall funding for the entire project, of which we were a part.

If you look at the second one and that one was pull due to lack of overall funding for the entire project of which we were apart the.

Speaker Change: The second one was a little bit further advanced in its overall progress. It was ultimately pulled due to lack of efficacy.

The second one.

A little bit further advanced in its.

Overall progress.

It was ultimately pulled due to lack of efficacy.

So not not.

Okay.

Speaker Change: At this point, we have very little COVID backlog, and if you look at the pipeline in front of us, the COVID opportunities represent mid-single digits of our qualified sales funnel, so not a whole lot of exposure there.

Okay.

This point, we have very little Covid backlog and.

If you look at the pipeline in front of us the COVID-19 opportunities represent mid single digit of our.

Qualified sales funnel.

A lot of exposure there.

Alright, great. Thanks, a lot I'll jump back in the queue.

Okay.

Speaker Change: Our next question comes from Frank Tocconin with Lake Street Capital Markets, your line is open.

Our next question comes from Frank talk and then with Lake Street Capital markets. Your line is open.

Frank Tocconin: David, hey Mike, thanks for taking my questions. I wanted to start with one on the guide as well as it relates to the backlog. How should we be thinking about backlog forward conversion? Honestly, looking at the backlog, $165 million, take out the $20, you have $145. It feels like the guide may be even a little bit conservative where it's at now. Maybe just a little bit of color on what you guys think about...

Hey, David Hey, Mike Thanks for taking my questions I wanted to start with one on the guide as well is as it relates to the backlog how should we be thinking about backlog forward conversion honestly looking at the backlog $165 million pick up the <unk> you have 145, it feels like the guide maybe even a little bit conservative where it's at now.

<unk>.

Just a little bit of color on where you think about.

Sure.

Mike: Sure, yeah, yeah, I think, sorry, was there a follow-up there, or was there, you sort of cut out there at the end, Frank?

Sorry was there a follow up there or was there sort of cut out there at the opening.

Frank Tocconin: No, I think one of the things that we've seen with respect to the guide, we talked about the volatility in the past.

Sorry about that go ahead.

No I think one of the things that we've seen with respect to the guide yes.

Yes, we've talked about the volatility in the past.

Frank Tocconin: And if you think about the volatility, it can work both ways, and we were able to, with a few projects or a single project, impacting bookings, revenues, and potentially profitability in a certain period. We got the benefit of that in Q4, where we produced more than $20 million, our first $20 million quarter.

And if you think about.

And the volatility it can work both ways and we were able to with a few projects or a single project impacting bookings revenues and potentially profitability in a certain period.

We got the benefit of that in Q4.

We produced more than $20 million, our first $20 million quarter.

Frank Tocconin: By having a really strong execution on a couple of projects that effectively we were able to pull some revenue forward out of Q1 based on faster completion of our activities.

By having a really strong execution on a couple of projects that effectively we were able to pull some revenue forward out of Q1 based on.

Faster.

Completion of our activities.

Frank Tocconin: If you look at the overall backlog of the 164, I think what we've talked about previously

You look at.

The overall backlog of the 164 I think what we've talked about previously.

Frank Tocconin: is that in the year ago period at the end of the first quarter.

Is that in the year ago period at the end of the first quarter.

Frank Tocconin: We had about 81% covered for the full year revenue forecast that we had at the time.

We had about 81% covered for the full year revenue forecast that we had at the time.

Frank Tocconin: And what I can say, as of the end of February , after accounting for those two large cancellations that we outlined in the prepared remarks, we have more than $70 million of phased backlog and revenue coverage.

And what I can say that as of the end of February .

After accounting for those two large cancellations that we outlined in the prepared remarks, we have more than $70 million of phase backlog and revenue coverage for 2022.

Okay. That's helpful. And then maybe just as my second one there's been some conversation about Rs.

Speaker Change: Okay, that's helpful. And then maybe just as my second one, there's been some conversation about RFP volume headwinds and related to the end markets. Maybe just comment on, I think you kind of spoke to your qualified sales funnel being at the strongest spot it's been in company history, so maybe speak to that and how it relates to how you're feeling about current market dynamics, if any headwinds out there or anything of that nature.

<unk> volume headwinds related to the end markets, maybe just comment on I think you kind of.

You spoke to your qualified sales funnel being at the strongest it's been in company history, So maybe speak to that and how it relates to how you are feeling about current market dynamics, if any headwinds out there or anything of that nature.

Speaker Change: I'll take it. It's David. Hey, Frank. Thanks for calling in. How are you doing? Very good. Thanks.

I'll take it it's David Hey, Frank Thanks for calling in and how are you doing.

Very good thanks.

Yes, so overall our pipeline is today.

David Komen: Today, it's highest it's ever been, so we're super excited about that. I think the other context on pipeline I think is important is the composition a little bit, so we're seeing more.

The highest that's ever been so we're super excited about that I think the other context on pipeline I think is important is the composition of it.

So we're seeing more.

David Komen: more than, you know, greater than $10 million deals on the table that, you know, that we're targeting, which I think is exciting. It says a lot about the, you know, the opportunities that we're able to bring in and really the model and the proof of the model actually works. So that's a really good dynamic.

More than greater than $10 million deals on the table that.

That we're targeting.

Which I think is exciting and it says a lot about.

The opportunities that we're able to bring in and really to the model and the proof of the model actually works. So that's a really good dynamic.

David Komen: The other one is, if you take a look at what we saw in 2021 and about two-thirds of our overall.

The other one is if you take a look at what we saw in 2021 and about two thirds of our overall.

David Komen: Deals that we closed throughout the year were from repeat buyers, and the majority of those were from large to mid-sized pharma companies, so I think all those dynamics really look strong for us.

Deals that we closed throughout the year were from repeat buyers and.

The majority of those were from large to mid sized pharma company. So I think all of those dynamics really look really look strong for us.

Speaker Change: Cool, perfect, I'll stop there. Thanks for taking my questions and congrats on all the progress.

Perfect I'll stop there thanks for taking my questions and congrats on progress.

Thanks, a lot Frank.

Speaker Change: Again, if you'd like to ask a question, please press star then 1.

Again, if you'd like to ask a question. Please press Star then one.

There are no further questions at this time I would like to turn the call back over to David for any closing remarks.

Speaker Change: There are no further questions at this time. I'd like to turn the call back over to David for any closing remarks.

Yes.

Thanks, So I.

I appreciate it.

David Komen: You guys joining us today. We're really excited about what we've been able to accomplish in 2021. It was a very strong year for us in terms of our ability to execute on the plan in terms of delivering real value for our sponsors in terms of delivering the results that

Joining us today, we're really excited about what we've been able to accomplish in 2021. It was a very strong year for us in terms of our ability to.

Execute on the plan in terms of delivering real value for our sponsors in terms of delivering the results that.

David Komen: we're building upon now in terms of our commercial organization and being able to provide them with more proof points to go to market with.

We're building upon now in terms of.

Our commercial organization and being able to provide them with more proof points to go to market with <unk>.

David Komen: excited about the results. As you noted, we have exceeded in virtually every category in 2021. Some of them far exceeding. We're excited about our

We're excited about the results as you noted we have exceeded in virtually every category in 2021 some of them far exceeding.

We're excited about our future.

David Komen: And as we look to the back end of 2022, we're really excited about the momentum that we have in our pipeline and the growth that sits here before us as we continue to execute our strategy.

And as we look to the back end of 'twenty.

'twenty two we're really excited about the momentum that we have in our pipeline and the growth that sits here before us as we continue to execute our strategy.

So with that I will.

Speaker Change: With that, I will end the call and thank you guys so much for joining.

And the call and thank you guys so much for joining.

Speaker Change: This does conclude the program. You may now disconnect. Everyone have a great day.

This does conclude the program you may now disconnect everyone have a great day.

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Speaker Change: Thank you, and thank you all for participating in today's call.

Thank you and thank you all for participating in today's call joining.

Speaker Change: Joining me are David Komen, Chief Executive Officer, and Mike Ceranek, Chief Financial Officer.

Joining me are David Coleman, Chief Executive Officer, and <unk> Serrano Chief Financial Officer.

Speaker Change: Earlier today, Science 37 released financial results for the quarter ended December 31, 2021.

Earlier today Si thirty-seven released financial results for the quarter ended December 31st 2021 .

Speaker Change: A copy of the press release is available on the company's website.

A copy of the press release is available on the company's website.

Yeah.

Speaker Change: We believe that certain non-GAP metrics are useful in evaluating our operational performance.

Speaker Change: We use these non-GAAP measures to evaluate our ongoing operations and for internal planning and forecasting purposes.

Speaker Change: Information about non-GAAP financial measures referenced, including a reconciliation of those measures to the most comparable GAAP measures, can be found in our SEC filings and the earnings material available on the Investor Relations portion of our website at investors.science37.com. I would now like to turn the call over.

Information about non-GAAP financial measures referenced including a reconciliation of those measures to the most comparable GAAP measures can be found in our SEC filings in the earnings material available on the Investor Relations portion of our website at investors got clients 37 Dot com.

I would now like to turn the call over to David Cohen.

Speaker Change: Thanks, Caroline. Good morning, everyone, and thank you for joining us.

Thanks Caroline.

Good morning, everyone and thank you for joining us.

At Slide 37, we are disrupting a very large $195 billion biopharmaceutical research and development industry.

By providing clinical trial sponsors the flexibility to engage patients from the comfort of their own home.

At local community care centers.

Through traditional clinical trial sites.

At the same time.

Speaker Change: to enable universal access to any patient, any provider, from anywhere, rather than limiting them to traditional brick-and-mortar sites alone.

To enable universal access to any patient any provider from anywhere.

Rather than eliminate them to traditional brick and mortar sites alone.

As a result, we have been able to achieve up to 15 times faster enrollment up to 20 times greater retention and.

And three times, the diversity and the clinical trials that we support on behalf of our biopharmaceutical customers.

Speaker Change: We achieve these extraordinary results utilizing our category-defining operating system that consists of

We achieved these extraordinary results utilizing our category defining operating system that consists.

Speaker Change: of a full-stack end-to-end technology platform to manage workflow, generate clinical evidence, and harmonize data for regulatory submission. And this technology interacts with our specialized networks that include patients, telemedicine investigators, community providers, mobile nurses, remote coordinators, and connected devices who are all in sync through a common set of operating procedures.

Of a full stack end to end technology platform to manage workflow generate clinical evidence and harmonize data for regulatory submission.

Speaker Change: The broad range of clinical trials we're supporting today is a testament to the progress we're making each and every day.

Broad range of clinical trials, we are supporting today is a testament to the progress we're making each and every day.

Speaker Change: These trials range from fully decentralized pivotal studies that require tens of thousands of patients to highly targeted precision medicine studies and large

These trials range from fully decentralized pivotal studies that require tens of thousands of patients.

Two highly targeted press.

Precision medicine studies and large.

Global studies to provide long term patient follow up.

Speaker Change: To date, we've conducted more than 125 decentralized clinical trials.

To date, we've conducted more than 125 decentralized clinical trial.

Speaker Change: and we've engaged more than 525,000 patients in the process, all of whom are part of the SIGN37 team.

And we've engaged more than 525000 patient from the process all of whom are part of the <unk> hundred 37 patient community.

Speaker Change: We currently provide three offerings, each of which are underpinned by the Science37 technology platform. First, a fully-designed...

We currently provide three offerings each of which are underpinned by the same $3 seven technology platform.

First.

A fully centralized or agile clinical trial.

Speaker Change: in which we orchestrate the entire study using our operating system, and we are the sole provider to the clinical trial sponsor.

Which we orchestrate the entire study using our operating system and we are the sole provider to the clinical trials sponsor.

Speaker Change: Second, a metasite in which we act as a virtual site using our operating system to supplement a network of traditional clinical trial sites for a sponsor or CRO. Third is what we call.

Second <unk> site in which we act as a virtual site using our operating system to supplement our network of traditional clinical trial sites for a sponsor or CRO.

Third is what we call technology or plus in this case, we're not orchestrating the trial, but we're configuring the technology to support centralized or hybrid approaches are.

Speaker Change: case, we're not orchestrating the trial, but we're configuring the technology to support centralized or hybrid approaches.

Speaker Change: Our platform can fully integrate with other sources such as EDCs, DTMSs, RTSM technologies, et cetera.

Our platform can fully integrate with other sources, such as EDC <unk>, our DSM technologies et cetera.

Speaker Change: This flexibility enables Science 37 to be applicable for virtually any phase of clinical research and any indication.

This flexibility enable 37 to be applicable for.

Actually any phase of clinical research and in any indication.

Speaker Change: 2021 was a tremendous year for Science 37. We made meaningful progress.

2021 was a tremendous year for signed 37.

We made meaningful progress on multiple fronts.

With continued execution and investments technologically geographically.

Speaker Change: continued execution and investment technologically, geographically, and commercially.

And commercially.

Speaker Change: As a result, we exited the year with $164 million in net bookings, nearly three times

As a result, we exited the year with $164 million and net bookings nearly three times the prior year.

We achieved revenue growth of 151% or.

Speaker Change: We achieved revenue growth of 151%, or $59 billion.

$59 6 million.

Speaker Change: And in the fourth quarter alone, we achieved revenues totaling $20.4 million.

And in the fourth quarter alone, we achieved revenues totaling $24 million reps.

Speaker Change: representing growth of 83% over the same quarter the prior year.

Representing growth of 83% over the same quarter the prior year.

Speaker Change: Our growth prospects remain strong in 2022 as we look to build upon our momentum and capitalize on a clear shift in the market toward decentralization.

Our growth prospects remain strong in 2022, as we look to build upon our momentum and capitalize on a clear shift in the market towards centralization.

Speaker Change: and centralizing more components of the clinical trial outside traditional brick-and-mortar investigative sites.

Centralizing more components of the clinical trial outside traditional brick and mortar investigative sites.

Notably.

Speaker Change: We're excited to see the results of our most recent sentiment study among sponsor and CRO executives, who report that they plan to run more decentralized, agile, or hybrid clinical trials in 2022 versus fully traditional site-based studies.

Speaker Change: capitalize on this pivotal shift. We're maintaining focus on enhancing our commercial efforts.

Speaker Change: extending our leadership position through investments in our operating system, and positioning the company for long-term profitability.

In 2021, we prove that our operating system can deliver at scale, providing consistently superior performance versus traditional brick and mortar sites.

Speaker Change: In 2021, we prove that our operating system can deliver at scale, providing consistently superior performance versus traditional brick-and-mortar sites.

Speaker Change: To be specific, when Science 37 acts as a virtual site among a network of traditional brick and mortar.

Specific when science 37 acts as the virtual site, among our network of traditional brick and mortar.

Speaker Change: Our meta site is at minimum the highest enrolling site in the network 100% of the time.

Our meta site is at minimum.

Highest enrolling sites in the network, 100% of the time.

Speaker Change: In many cases, our Medisite has represented approximately 50-85% of all the patients enrolled.

In many cases are metastatic has represented approximately 50% to 85% of all the patients enrolled.

As an example.

Global pivotal trial are metastatic enrolled 70 patients per month over the final quarter of 2021 versus the average traditional site federal only $6 one patient per month.

Speaker Change: global pivotal trial, our meta site enrolled 70 patients per month over the final quarter of 2021 versus the average traditional site that enrolled only 6.1 patients per month.

Speaker Change: Both the MetaSite and TAC or TAC Plus offerings continue to be adopted more by CROs, and that remains an area of commercial focus for us. This quarter we will

Both the meta site and tanker tech plus offerings continue to be adopted more by Crows.

And then <unk>.

<unk> is an area of commercial focus for us.

This quarter, we were pleased to have welcomed.

Speaker Change: worldwide clinical trials to our network of CRO certified companies.

Worldwide clinical trials through our network of zero certified companies.

Speaker Change: We are excited about this partnership and expect to see other CROs continue to standardize on the Science 37 operating system going forward.

We are excited about this partnership and expect to see other CRO has continued to standardize on the science 37 operating system going forward.

In regards to the operating system itself.

Speaker Change: We were proud to announce that we received ISO 27001 certification for cyber security management as well as the ISO 27701 certification.

We were proud to announce that we received ISO 27, Diablo one certification for cyber security management as well as the ISO 27 701.

Speaker Change: 2019 Certification for Privacy Management.

2019 certification for privacy management.

Speaker Change: These are some of the most powerful measures of quality and a point of differentiation from competitors that is meaningful to our customers.

These are some of the most powerful measures of quality and a point of differentiation from competitors that is meaningful to our customers.

Speaker Change: Our ability to enroll patients at a faster rate was bolstered considerably in 2021 as our network of community providers grew sixfold.

Our ability to enroll patients at a faster rate was bolstered considerably in 2021 as our network of community providers grew six fold.

Today, we.

Speaker Change: We are contracted with more than 800 healthcare organizations, with nearly 35,000 providers.

We are contracted with more than 800 health care organization with nearly 35000 providers covering almost 28 million patients worldwide.

Speaker Change: covering almost 28 million patients worldwide.

Speaker Change: Community providers can refer patients from their practice without fear of losing them to another site.

Community providers can refer patients from their practice without fear of losing them to another site.

Speaker Change: They can become clinical trial investigators themselves or become a preferred destination for patients to receive procedures that need to be performed in a clinical setting.

They can become clinical trial investigators themselves or become a preferred destination for patients to receive procedures.

Need to perform in a clinical setting.

We continue to make significant investments in our core technology platform, we have fully developed the capability to meet the strict regulatory.

Speaker Change: We continue to make significant investments in our core technology platform. We have fully developed the capability to meet the strict regulatory requirements.

Requirements in China.

Speaker Change: We've invested in data interoperability, including our collaboration with PhysIQ, to use biosensors and machine learning to build more robust data sets.

We've invested in data interoperability, including our collaboration with Phase IQ.

Use biosensors and machine learning to build more robust datasets.

Speaker Change: And we're planning for a major release this summer to take our platform to a whole new level and enable the flexibility required of today's more agile clinical trial.

And we're planning for a major release this summer to take our platform to a whole new level and enable the flexibility required of today's more agile clinical trials.

While we're making these investments to continue to accelerate growth and define the future.

Of clinical research, we're also balancing our investments with an eye towards long term profitability and cash management that Mike will touch upon in a moment.

Overall, we're very encouraged by our strong exit to the year.

Speaker Change: and we're well positioned to deliver high growth and enterprise value in 2022 and beyond.

And we are well positioned to deliver high growth and enterprise value in 2022 and beyond.

Speaker Change: With that, I will now turn over the call to Mike Zuranek, our Chief Financial Officer. Mike?

With that.

I will now turn over the call to Mike <unk>, Our Chief Financial Officer, Mike.

Thank you, David and Hello, everyone.

Mike: I plan to take us through the fourth quarter results and then the full year roll-up for 2021. I will then conclude with the full year 2022 guidance.

And to take us through the fourth quarter results and then the full year rollout for 2021 I will then conclude with the full year 2022.

Mike: We are pleased to report revenues for the three months ended December 31st, 2021, were $20.4 million, making it the first $20 million plus quarter in the company's history.

We are pleased to report revenues for the three months ended December 31, 2021, or $24 million, making it the first $20 million plus quarter in the company's history.

Mike: This represents an 83% increase from the $11.2 million in the same period of the prior year.

This represents an 83% increase from the $11 2 million in the same period of the prior year.

As we previously discussed at our current scale bookings revenues and profitability can vary from quarter to quarter and in part due to the timing around a limited number of contracts.

Mike: As we previously discussed, at our current scale, bookings, revenues, and profitability can vary from quarter to quarter, and in part due to the timing around a limited number of contracts.

Dynamic worked in our favor in the final quarter of 2021, as we were able to bring in $2 3 million of revenue that had previously been expected to occur in the first quarter of this year.

Mike: Our net bookings for the three-month end of December 31, 2021, were also very strong, coming in at $43.2 million, which is an increase of 102% from the prior year period.

Our net bookings for the three months ended December 31, 2021, we're also very strong coming in at $43 2 million, which is an increase of a 102% from the prior year period.

Mike: Driven by our strong revenue growth, adjusted gross profit was a robust $4.7 million, up from a loss of $4.8 million.

Driven by our strong revenue growth adjusted gross profit with it.

Robust $4 7 million up from a loss of <unk>.

Mike: $0.5 million in the same period from the prior year.

Zero point $5 million in the same period from the prior year.

Mike: Well, our adjusted gross margin was up approximately 28 percentage points year over year from negative 4.5% to 23.2%.

While our adjusted gross margin was up approximately 28 percentage points year over year from negative four 5% to 23, 2%.

We expect a higher long term run rate as the composition of our fourth quarter revenue was over represented by two trials that were contracted before our price increase in the fourth quarter of 2020.

Mike: We continue to invest in commercialization, technology, delivery and our underlying infrastructure intentionally in an effort to scale.

We continue to invest in commercialization technology delivery and our underlying infrastructure intentionally in an effort to scale.

Mike: selling general and administrative expenses, inclusive of 6 million of stock-based compensation, 3.2 million of transaction-related expenses, excluding depreciation and amortization for the quarter, worth 35.6 million, an increase from 10.5 million in the same period of the prior year.

Mike: As David mentioned, we continue to balance the needs to invest to scale the business against the objectives to create a long-term profitable business and manage cash effectively.

As David mentioned, we continue to balance the needs to invest to scale. The business against the objective is to create a long term profitable business and manage cash effectively.

Adjusted EBITDA, which we calculate by adding back depreciation amortization taxes.

Interest transaction expenses and stock based compensation.

With a loss of $21 5 million in the quarter compared to a loss of $10 9 million in the same period in 2020.

Now I will move on to the full year results.

Mike: For the full year ending December 31st, 2021, we want approximately $164 million in net booking.

For the full year ending December 31, 2021, we won approximately $164 million in net bookings.

Mike: This represents nearly 3x the net bookings of $55.7 million we reported in 2020. We invested heavily in our go-to-market capabilities, underlying technology, and delivery infrastructure, and the significant year-over-year increase in bookings is attributable to many of those investments.

This represents nearly three X the net bookings of $55 7 million, we reported in 2020.

<unk> invested heavily in our go to market capability underlying technology and delivery infrastructure and a significant year over year increase in bookings is attributable to many of those investments.

We were pleased.

He used to report that approximately two thirds of our net bookings in 2021 were derived from customers with whom we have done business with previously which is a testament to our ability to deliver effectively and achieve high customer satisfaction.

Mike: We were able to bring in approximately one-third of 2021 net bookings from new customers as we continue to demonstrate the value of our model across a wider customer base.

We were able to bring in approximately one third of 2021 net bookings from new customers as we continue to demonstrate the value of our model across a wider customer base.

Mike: We generated full-year revenues of $59.6 million, up 151% versus the previous year total of $23.7 million. And we ended the year with $164 million in backlog.

We generated full year revenues of $59 6 million up 151% versus the previous year total of $23 7 million and we ended the year with $164 million in backlog.

Mike: As David mentioned, we continue to see strong demand for our office.

As David mentioned, we continue to see strong demand for our offerings.

Our pipeline is at an all time high and the composition of the pipeline includes significantly more $10 million plus.

Qualified opportunities than ever before which we attribute to the continued market interest in our offerings and our proven ability to deliver.

Our adjusted gross profit of $18 million.

Mike: was approximately 7 times the prior year total of $1 million. Full year adjusted gross profit margin was 30.3%, up nearly 26 percentage points from 4.4% in 2020.

With approximately seven times the prior year total of $1 million full year adjusted gross profit margin was 33% up nearly 2006.

Percentage points from four 4% in 2020.

On an adjusted EBITDA basis.

Mike: Full year fiscal 2021 was a loss of 44.1 million versus a loss of 27 million in the fiscal year 2020 as we put our investments to work to fuel our market leadership and growth.

Full year fiscal 2021 was a loss of $44 1 million versus a loss of $27 million in the fiscal year 2020.

As we put our investments to work to fuel our market leadership and growth.

Mike: You will note our gap net loss of $94.3 million reflects $31.3 million related to a change in fair value of the airdot liability, which was part of the original transaction related to the SPAC.

You will note our GAAP net loss of $94 3 million reflects 31 $3 million related to a change in fair value of earn out liability, which was part of the original transaction related to the stack.

Mike: Upon the stock price meeting certain thresholds within a 36-month period post-closing, the equity holders of former Science 37

Upon the stock price meeting certain thresholds within a 36 month period post closing the equity holders of former science 37.

Mike: would receive additional shares, and under U.S. GAAP, we are required to reevaluate the potential value under that arrangement on a

Would receive additional shares and under U S. GAAP, we're required to reevaluate the potential value.

Under that arrangement on a quarterly basis to.

Mike: To the extent the share price goes up, all else equal, the value of the earned out liability increases, and therefore we recognize expense on a.

To the extent the share price goes up all else equal the value of the earn out liability increases and therefore, we recognize expense.

On a U S GAAP basis.

Mike: Likewise, to the extent the share price goes down, the value of the earn-out liability decreases and thus creates income.

Likewise to the extent the share price goes down the value of the earn out liability decreases and thus create income.

Mike: To be clear, the expense or income associated with this earn-out is non-cash. However, to the extent the earn-out share price targets are achieved, there would be additional shares issued.

To be clear the expense or income associated with this earn out is noncash however to the extent the earn out share price targets are achieved.

B additional shares issued.

Going back to a point that David mentioned earlier.

Mike: As a management team, we have prioritized our cash and cash management.

The management team, we have prioritized, our cash and cash management.

Mike: As a result, we were able to achieve DSOs of 48 days as we exited 2021.

As a result, we were able to achieve dsos of 48 days as we exited 2021.

Mike: This is nearly half of the 92 days that we had when we exited 2020.

This is nearly half of the 92 days that we had when we exited 2020.

It is important to highlight our current cash position remains strong we exited 2021 with approximately $214 6 million of cash cash equivalents and short term investments and you will recall that we raised approximately $234 million of cash through the transaction that closed in early October 2021.

We will continue to remain disciplined and judicious with investments in our business, while conscious of preserving our capital in order to maintain a strong balance sheet.

Mike: We will continue to remain disciplined and judicious with investments in our business while conscious of preserving our capital in order to maintain a strong balance sheet.

Now, let's turn to the outlook for 2022.

Mike: Now let's turn to the outlook for 2022, where we will share our guidance for the full year revenue and some color around costs.

We will share our guidance for the full year revenue and some color around costs.

Mike: Despite the challenges of accurately forecasting in an uncertain environment last year, we delivered exceptional results, far exceeding expectations.

Despite the challenges of accurately forecasting in an uncertain environment last year, we delivered exceptional results.

Far exceeding expectations.

Mike: Our takeaway is that the process of forecasting in this environment is not straightforward and our current

Our takeaway is that the process of forecasting in this environment is not straightforward.

In our current guidance reflects this.

Mike: With that said, we expect to maintain a high growth rate and we remain bullish on our business for the full year 2022.

With that said we.

We expect to maintain a high growth rate and we remain bullish on our business for the full year 2022.

We currently project revenues for the full year 2022 to be in the range of 86 million to $96 million, representing between 44, and <unk>, 61% growth rate for the year.

As the year develops and the various potential drivers play out we will fine tune, our preliminary estimates and be in position to provide greater detail with respect to car.

Mike: As we noted a moment ago, at our current scale, bookings, revenues, and profitability can vary from quarter to quarter in part due to the timing around a limited number

As we noted a moment ago at our current scale bookings revenues and profitability can vary from quarter to quarter.

We also experienced in.

Mike: in Q1 2022, nearly 20 million in cancellations from two COVID studies that will have an impact on the early half of 2022.

In Q1, 2020 to nearly $20 million in cancellations from two Covid studies that will have an impact on the early half of 2022.

Mike: The larger of the two studies was from a non-pharma company, which we do not traditionally target, and the smaller of the two was a result of drug efficacy.

Larger of the two studies with from a non pharma company, which we do not traditionally target and the smaller of the two was the result of drug efficacy.

Mike: Our cancellation rates were less than 10% in 2021, and our 15-month cancellation rate, including first quarter known cancellations, is 17% on pace.

Our cancellation rates were less than 10% in 2021, and our 15 months cancellation rate, including first quarter known cancellation.

17% on pace with the industry average.

Mike: At this point, we have very little COVID backlog exposure and only mid-single-digit percentage of qualified sales funnel relative to COVID work, which is down from previous quarters.

At this point, we have very little Covid backlog exposure.

Only mid single digit percentage of qualified sales funnel relative to cope with work, which is down from previous quarters.

From a cost standpoint, we ramped up spend in the fourth quarter of 2021 to meet the revenue growth in demand in the first quarter of 2022 and are managing the impact of the two cancellation.

Mike: As a result, our first quarter 2022 margins will be down considerably from the previous quarter.

As a result, our first quarter 2022 margins will be down considerably from the previous quarter.

Mike: We expect to return to a more normalized level of profitability as we progress throughout 2022.

We expect to return to a more normalized level of profitability as we progress throughout 2022 and.

Mike: and we see no change to our long-term margin opportunity.

And we see no change to our long term margin opportunity.

Mike: Our basic share count is expected to be approximately 120 million for the full year 2022. As of year end, we had about 115 million shares outstanding.

Our basic share count is expected to be approximately $120 million for the full year 2022.

As of year end, we had about 115 million shares outstanding.

Since we anticipate having an adjusted net loss in the upcoming quarter and year any converted options would be deemed to be anti dilutive and therefore on a GAAP basis, we expect the basic and diluted share count to be the same.

Mike: In summary, we are very pleased with the growth we delivered in 2021 at most every level.

In summary, we're very pleased with the growth we delivered in 2021 at.

Every level.

Mike: We continue to be very bullish on our growth trajectory in 2022.

We continue to be very bullish on our growth trajectory in 2022.

Mike: At this point, I would like to turn the call back to David for closing comments.

At this point I would like to turn the call back to David for closing comments.

Thank you Mike.

David Komen: 2021 was an exceptional year for Sites 37.

2021 was an exceptional year for <unk> 37 as.

David Komen: as we achieved or exceeded all of our business goals and objectives.

As we achieved or exceeded all of our business goals and objectives.

David Komen: We grew revenue at more than 150% and nearly tripled our net book.

We grew revenue at more than 150% and nearly tripled our net bookings.

We have proven that the model delivers.

Statue value to our sponsors gaining proof points repeat customers.

Scale technology enhancements and more partnerships that will help drive our growth into 2022.

We made the transition from private to public and raised significant capital to allow us to continue to invest in our growth with a keen eye towards cash management and long term profitability.

David Komen: I do want to acknowledge the impact of the two cancellations Mike mentioned on revenue and margins in the upcoming first quarter.

I do want to acknowledge the impact of the two cancellations, Mike mentioned on revenue and margins in the upcoming first quarter as.

David Komen: As we continue to grow and expand our backlog, we expect the impact of cancellations to cause less volatility over time.

As we continue to grow and expand our backlog, we expect the impact of cancellations to causes less volatility over time.

David Komen: important to note that our 15-month cancellation rate, inclusive of these two large recent cancellations.

To note that our 15 months cancellation rate inclusive of these two large recent cancellation is typical of the industry.

David Komen: typical of the industry. And our COVID backlog and sales funnel exposure is limited at this time.

And our Covid backlog and sales funnel exposure is limited at this time.

Due to the size and recent CIBC cancellations, we're giving minimum commentary on cost guidance and we will offer a more complete commentary on our path to profitability at our first quarter earnings call in May.

As a business we continue to make great strides in the beta trial execution and efficiency and clinical conduct.

David Komen: As a business, we continue to make great strides in the speed of trial execution and efficiency in clinical conduct.

David Komen: We also see significant opportunity for continued improvement well into the future.

We also see significant opportunity for continued improvement well into the future.

David Komen: We believe we have the operating system on which the industry will continue to standardize.

We believe we have the operating system on which the industry will continue to standardize.

David Komen: We remain enthusiastic about the vision ahead, and we believe that the fundamental outlook for the segment and Science 37 remains very strong.

We remain.

Louisiana pick about the vision ahead, and we believe that the fundamental outlook for the segment and signed 37 remains very strong.

Thank you to all our stakeholders, including our investors who have supported us in our mission and commitment to disrupt the traditional clinical trial model and improve the development process for the ultimate benefit of patients.

Around the world.

David Komen: We look forward to updating all of you in our next phase of growth in the coming months. And with that, we'll now open up to questions and turn it over.

We look forward to updating all of you on our next phase of growth in the coming months.

That.

We'll now open up to questions and turn it over to the operator.

If you'd like to ask a question. Please press Star then one if your question has been answered and we'd like to move the stuff in the queue press the pound key.

Thank you please limit yourself to one question and one follow up.

Next question comes from Charles <unk> with Cowen Your line is open.

Charles Rigg: Yeah, thanks for taking the questions. Mike, I just wanted to ask about the cancellations. I think you said earlier, if you could just clarify, that prior to this quarter, your overall cancellation rate was less than 10%, but including the first quarter, it averaged 17%. So is it right we can kind of look at the 2021 results and work backwards at a, call it roughly a 10% cancellation rate, kind of isolate sort of the first quarter impact?

Yes, thanks for taking the questions.

Just wanted to ask about the cancellations.

I think you said earlier, if you could just clarify that.

Prior to this quarter your overall cancellation rate was less than 10%, but including the first quarter. It averaged 17%. So is it right. We can kind of look at the 2021 results.

I work backwards at call it roughly 10% cancellation rate.

Isolates or the first quarter impact.

Yes, Hi, Charles Good morning. Thanks for the question, Yes, I think thats right as we looked in 2021.

We had a very low cancellation inflation rate of less than 10%.

<unk> of the two cancellations, we outlined on today's call for the 15 month trailing period, it would be about 17%.

Charles Rigg: Thanks. And just to follow up, those two contracts, what percent of revenue or what stage of them in development were they with you guys? What was sort of the revenue contribution, if any, in 21 that we should think about having an impact overall in 22?

Thanks, and just a follow up.

Those those contracts I'm sorry those.

Those two contracts.

What percent of revenue or what stage of them and develop and where are they with you guys. What was sort of the revenue contribution.

In 'twenty, one that we should think about having an impact overall in 2002 and.

Over what timeframe.

Speaker Change: Sure, no, I think, you know, as we said.

Sure No I think as we said.

Speaker Change: One of the opportunities was a non-pharma opportunity or a project that we typically don't target. That one was a little earlier on in the life cycle. And so minimal impact.

One of the opportunities was the non pharma opportunity.

Projects that we see.

Typically don't target.

That one was a little earlier on in the lifecycle.

And so minimal impact in 2021.

Speaker Change: that one. If you look at the second one, and that one was pulled due to lack of overall funding for the entire project of which we were a part.

That one.

If you look the second one and that one was pulled due to lack of overall funding for the entire project of which we were apart the.

Speaker Change: The second one was a little bit further advanced in its overall progress. It was ultimately pulled due to lack of efficacy.

The second one.

A little bit further advanced and it's.

Overall progress.

It was ultimately pulled due to lack of efficacy.

So not not.

Okay.

Yes.

Right.

Okay. At this point, we have very little Covid backlog and.

If you look at the pipeline in front of us the COVID-19 opportunities represent mid single digit of our qualified sales funnel than.

Not a whole lot of exposure there.

Alright, great. Thanks, a lot I'll jump back in the queue.

Thank you.

Speaker Change: Our next question comes from Frank Tocconin with Lake Street Capital Markets. Your line is open.

Our next question comes from Frank talk and then with Lake Street Capital markets. Your line is open.

Frank Tocconin: David, hey Mike, thanks for taking my questions. I wanted to start with one on the guide as well as it relates to the backlog. How should we be thinking about backlog forward conversion? Honestly, looking at the backlog, $165 million, take out the $20 million, you have $145 million. It feels like the guide may be even a little bit conservative where it's at now. Maybe just a little bit of color on what you guys think about that.

Hey, David Hey, Mike Thanks for taking my questions I wanted to start with one on the guide as well is as it relates to the backlog.

Should we be thinking about backlog forward conversion honestly looking at the backlog of $165 million kick off the <unk> you have a 145 it feels like the guy and maybe even a little bit conservative where it's at now.

So maybe just a little bit of color on where you think.

Think about.

Mike: Sure, yeah, I think, sorry, was there a follow up there? Or was there, you sort of cut out there at the end, Frank? Nope.

Sure Yeah, I think sorry was there a follow up there or was there sort of cut out there at the opening.

Mike: No, I think one of the things that we've seen with respect to the guide, you know, we talked about the volatility in the past.

Sorry about that go ahead.

No I think one of the things that we've seen with respect to the guide.

We've talked about the volatility in the past.

Mike: And if you think about the volatility, it can work both ways, and we were able to, with a few projects or a single project, impacting bookings, revenues, and potentially profitability in a certain period. We got the benefit of that in Q4, where we produced more than $20 million, our first $20 million quarter.

And if you think about.

And the volatility it can work both ways and we were able to with a few projects or a single project impacting bookings revenues and potentially profitability in a certain period.

We got the benefit of that in Q4, we produced more than $20 million of first $20 million quarter.

Mike: By having a really strong execution on a couple of projects that effectively we were able to pull some revenue forward out of Q1 based on faster completion of our activities.

By having a really strong execution.

On a couple of projects.

Secondly, we were able to pull some revenue forward out of Q1 based on faster.

<unk> faster.

<unk> of our activities.

Mike: If you look at the overall backlog of the 164, I think what we've talked about previously

You look at.

The overall backlog of the 164 I think what we've talked about previously.

Mike: is that in the year ago period at the end of the first quarter.

Yes.

In the year ago period at the end of the first quarter we.

Mike: We had about 81% covered for the full year revenue forecast that we had at the time.

We had about 81% covered for the full year revenue forecast that we had at the time.

Mike: And what I can say that as of the end of February , after accounting for those two large cancellations that we outlined in the prepared remarks, we have more than $70 million of phased backlog and revenue coverage.

And what I can say that as of the end of February .

After accounting for those two large cancellations that we outlined in the prepared remarks, we have more than $70 million of phase backlog and revenue coverage for 2022.

Okay. That's helpful. And then maybe just as my second one there's been some conversation about RF.

<unk> volume headwinds and related to the end markets, maybe just comment on I think you kind of.

I'll take it it's David Hey, Frank Thanks for calling in and how are you doing.

Speaker Change: I'll take it. It's David. Hey, Frank. Thanks for calling in. How are you doing? Very good.

Very good thanks.

Yes, so overall our pipeline is today.

David Komen: Today, it's highest it's ever been, so we're super excited about that. I think the other context on pipeline I think is important is the composition a little bit. So we're seeing more.

The highest that's ever been so we're super excited about that I think the other context on pipeline I think is important is the composition of it so we're seeing more.

More than <unk> greater than $10 million deals on the table that.

That we're targeting.

I think it's exciting and it says a lot about.

The opportunities that we're able to bring in and really to the model and the proof of the model actually works. So that's a really good dynamic.

David Komen: I think the other one is if you take a look at what we saw in 2021 and about two-thirds of our overall.

The other one is if you take a look at what we saw in 2021 and about two thirds of our overall.

David Komen: Deals that we closed throughout the year were from repeat buyers, and the majority of those were from large to mid-sized pharma companies. So I think all those dynamics really look strong for us.

Deals that we.

Those throughout the year.

From repeat buyers and.

The majority of those were from large to mid sized pharma companies. So I think all of those dynamics really look really look strong for us.

Speaker Change: Cool, perfect, I'll stop there. Thanks for taking my questions and congrats on all the progress.

Perfect I'll stop there thanks for taking my questions and congrats on all the progress.

Thanks, a lot Frank.

Speaker Change: Again, if you'd like to ask a question, please press star then 1.

And again, if you'd like to ask a question. Please press Star then one.

Speaker Change: There are no further questions at this time. I'd like to turn the call back over to David for any closing remarks.

There are no further questions at this time I would like to turn the call back over to David for any closing remarks.

Sure.

Thanks Sue.

I appreciate it.

You guys joining us today, we're really excited about what we've been able to accomplish in 2021. It was a very strong year for us in terms of our ability to.

Execute on the plan in terms of delivering real value for our sponsors in terms of delivering the results that.

David Komen: we're building upon now in terms of our commercial organization and being able to provide them with more proof points to go to market with.

We're building upon now in terms of.

Our commercial organization and be able to provide them with more proof points to go to market with.

David Komen: excited about the results. As you noted, we have exceeded in virtually every category in 2021. Some of them far exceeding. We're excited about our

We're excited about the results as you noted we have exceeded in virtually every category in 2021 some of them far exceeding.

Excited about our future.

As we look to the back end of 'twenty.

'twenty two we're really excited about the momentum that we have in our pipeline and the growth that sits here before us as we continue to execute our strategy.

Speaker Change: So with that, I will end the call and thank you guys so much for joining.

So with that I will.

And the call and thank you guys so much for joining.

This does conclude the program you may now disconnect everyone have a great day.

Speaker Change: This does conclude the program. You may now disconnect. Everyone, have a great day.

Q4 2021 Science 37 Holdings Inc Earnings Call

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