Q4 2021 Sera Prognostics Inc Earnings Call
Good afternoon and welcome to the Sierra Prognostics conference call to review force quarter and fiscal year of 2021 results. At this time, all participants are in a listen only mode. We will be facilitating a question and answer session toward the end of the 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 Mr. Peter DiNardo of Capcom partners for a few introductory comments. Please go ahead, sir.
Good afternoon, and welcome to the sheer Prognostics conference call to review fourth quarter and fiscal year of 2021 results. At this time all participants are in a listen only mode. We will be facilitating a question and answer session towards the end of the 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 Mr. Peter Denardo of capped call them partners for a few introductory comments. Please go ahead Sir.
Peter Dardo: Thank you, Chuck. Good afternoon, everyone. Welcome to Sarah prognostics fourth quarter and full year 2021 earnings conference call.
Thank you Chuck Good afternoon, everyone welcome to Sara Prognostics fourth quarter and full year 2021 earnings conference call.
Peter Dardo: At the close of the market today, Sara Prognostics released its financial results for the quarter ended December 31, 2021. Presenting for the company today will be Greg Critchfield, Chairman, President and CEO , and Jay Moyes, our CFO .
Those are the markets Sarah Prognostics released its financial results for the quarter ended December 31, 2021, presenting for the company today will be Greg Critchfield, Chairman, President and CEO , Jay Moyes our CFO .
Greay Crrisfield: During the call, we will review the financial results we released today after which we will host a question and answer session. If you have not had a chance to review our quarterly earnings release, you can find on our website at sarahpognostics.com.
During the call. We were you the financial results, we released today after which we will host a question and answer session. If you've not had a chance to review our quarterly earnings release found on our website at Serra Prognostics Dot com.
Greay Crrisfield: This call can be heard live via webcast at seraprgnostic.com and the recording will be archived in the investor section of our website.
Call can be heard live via webcast at Cira, Prognostics Dot com and a recording will be archived in the investors section of our website.
Greay Crrisfield: Please note that some of the information presented today may contain projections or other forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for our business, future financial results, and market trends and opportunities. These statements are based on management's current expectations, and the actual events or results may differ materially and adversely from these expectations for a variety of
Please note that some of the information presented today may contain projections or other forward looking statements about events and circumstances that have not yet occurred including plans and projections for our business future financial results and market trends and opportunities. These statements are based on management's current expectations and the actual events or results.
<unk> may differ materially and adversely from these expectations for a variety of reasons. We refer you to the documents the company files from time to time with the Securities Exchange Commission specifically the company's annual report on Form 10-K , its quarterly reports on Form 10-Q , and its current reports on form 8-K.
Greay Crrisfield: We refer you to the documents the company files from time to time with the Security and Exchange Commission, specifically the company's annual report on Form 10K, its quarterly reports on Form 10Q, and its current reports on Form 8K. These documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections and other forward-looking states.
Documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections and other forward looking statements. As a reminder, a webcast replay of this call will be available on the investors section of our website I will now turn the call over to Greg Sarah Prognostics, Chairman President and CEO .
Greay Crrisfield: As a reminder, a webcast replay of this call will be available on the investor section of our website. I will now turn the call over to Greg Sera-Pognastics, Chairman, President, and CEO . Greg? Thank you, Peter.
Great.
Thank you Peter and good afternoon, everyone. Today, I will provide an overview of key business highlights during the quarter and our expected developments over the near term. We are pleased that zero completed in 2021 with a number of significant accomplishments that we believe will help pave the way for substantial success in the future. These.
Greg: Today I will provide an overview of key business highlights during the quarter and our expected developments over the near term.
Greg: We are pleased that CIRA completed 2021 with a number of significant accomplishments that we believe will help pave the way for substantial success in the future. These include continuing to build our commercial infrastructure, signing important third-party agreements, payer agreements, and
Include continuing to build our commercial infrastructure finding important third party agreements payer agreements and publishing key studies strongly support serious test and treat preterm strategy.
Greg: strongly support CIRA's test and treat preterm strategy.
Greg: We believe that all these activities will help us to improve the health outcomes for moms and babies and thereby achieve significant health care cost savings for society.
We believe that all of these activities will help us to improve the health outcomes for moms and babies and thereby achieve significant health care cost savings for society.
Greg: Commercially, at this point in time, we are in very early market development. As a market builder, we are doing something no one else has done before, bringing the first commercially available blood test to market to determine an expectant mother's individual risk of spontaneous preterm birth.
Commercially at this point in time, we are in very early market development as the market builder, we are doing something no. One else has done before bringing the first commercially available blood tests to market too deep to determine.
Unexpected mothers individual risk of a spontaneous preterm birth.
Greg: Taking a broadly and rigorously validated test to market that has the potential to enhance the paradigm of pregnancy treatment is not a simple endeavor. It involves creating awareness through education of doctors, patients, and payers of the significant health and cost-saving benefits of using our tests.
Taking a broadly and rigorously validated test to market that has the potential to enhance the paradigm of pregnancy treatment is not a simple endeavor.
It involves creating awareness through education of doctors patients and payers of the significant health and cost saving benefits of using our test.
Greg: This process takes time and requires the careful coordination of each element of the strategy that must be put in place to effectively build the market.
This process takes time and requires the careful coordination of each element of the strategy there must be put in place to effectively build the market.
Greg: COVID-19 complicated this process during the first seven months of our launch, with unforeseen pandemic spikes having a profound and continued negative impact on normal healthcare delivery, physician engagement, and enrollment in clinical studies. Thankfully, we appear now to be emerging from that situation.
COVID-19 complicated this process during the first seven months of our launch with unforeseen pandemic spike having a profound and continued negative impact on normal health care delivery physician engagement and enrollment in clinical studies.
Actually we appear now to be emerging from that situation.
Greg: Today, I'll focus my commentary by providing you insights, with insights into major areas we are addressing in the execution of our plan.
Today I'll focus my commentary by providing you insight with insights as a major areas. We are addressing in the execution of our plans.
Greg: Our strategy and execution with payers, including an update on Anthem, our continuing efforts to generate important health and economic data, including a timeline for enrollment of our Prime Study with Anthem and clinical and economic data readouts. Our work to address health care disparities.
Our strategy and execution with payers, including an update on anthem, our continuing efforts to generate important health and economic data, including a timeline for enrollment of our prime study with anthem and clinical and economic data readout, our work to address health care disparities, the efficient use of capital.
Greg: The efficient use of capital resources to build infrastructure and capabilities.
Resources to build infrastructure and capabilities.
Greg: Continuing the design of the sales operations, including key sales learnings that we are leveraging to empower our team for success as we call on physician practices, and a brief review of the progress on our product pipeline as we leverage our advanced proteomics and bioinformatics platform.
Continuing the design of the sales operations, including key cells learnings that we are leveraging to empower our team for success as we call on physician practices and a brief review of the progress on our product pipeline as we leverage our advanced proteomics and bioinformatics platform.
First a word on payer strategy.
Greg: Payers require data in order to make informed decisions on coverage. As we have consistently articulated, our strategy is to publish peer-reviewed articles that demonstrate the clinical and economic benefits that occur as a result of applying preterm testing. In November of 2020, we launched the Prime Study within the Anthem Network to generate further data that should enable Anthem and others to optimize how preterm testing is rolled out in their networks. From July 2021
Payers required data in order to make informed decisions on coverage as we have consistently articulated our strategy is to published peer reviewed articles that demonstrate the clinical and economic benefits that occur as a result of applying preterm testing in November of 2020, we launched the Prime study.
Within the anthem network to generate further data that should enable anthem and others to optimize how preterm testing is rolled out in their networks.
From July 2021 until the present.
Greg: for clinical and health economic studies have been published in respected journals.
For clinical and health economic studies have been published and respected journals. One of these was the rigorous health economic analysis performed by health core and anthem of the preterm strategy, which was published in September of 2021 based on anthem on data as a consequence of straw.
Greg: One of these was the rigorous health economic analysis performed by HealthCorps and Anthem of the preterm strategy, which was published in September of 2021, based on Anthem's own data. As a consequence of strong clinical and economic data, we successfully entered a multi-year long-term commercialization agreement with Anthem in the first half of 2021.
Wrong clinical and economic data, we successfully entered a multiyear long term commercialization agreement with anthem in the first half of 2021.
Greg: The commercialization agreement enables Anthem to access CERA's testing services and for CERA to be paid for such testing. It also specifies that Anthem will pay annual minimums for testing during the term of the agreement. We received the first minimum payment this period of time.
The commercialization agreement enables anthem to access Sirius testing services and for <unk> to be paid for such testing. It also specifies that anthem will pay annual minimums for testing during the term of the agreement. We received the first minimum payment. This past January we believe this payment is one of the many ela.
Greg: We believe this payment is one of the many elements indicative of ATHEM's continued support.
That's indicative of anthems continued support payer revenues, including from anthem and others have been slow to develop due in part to COVID-19, as well as some payer personnel turnover further well it takes it further while it takes time to materialize, we have seen some payers shift their strategic focus to.
Greg: Payor revenues, including from Anthem and others, have been slow to develop, due in part to COVID-19 as well as some payer personnel turnover. Further, while it takes time to materialize, we have seen some payors shift their strategic focus towards disadvantaged populations in a way we believe will broaden the business opportunity for our testing. We will address our view on short-term expectations later in the call.
Ward disadvantaged populations in a way, we believe will broaden the business opportunity for our testing we will address our view on short term expectations later in the call.
Greg: A key positive is that the Centers for Medicare and Medicaid Services, CMS, recently set a Medicare payment rate of $750 for a series unique CPT proprietary laboratory analysis, PLA code for the preterm test.
A key positive is it center the centers for Medicare and Medicaid services CMS recently.
Medicare payment rate of $750 40 series unique CPT proprietary laboratory analysis Peel a code for the preterm test.
Greg: We see this assigned rate as a further validation of the commercial value of the preterm test, which puts us in an excellent position for reimbursement discussions and decisions with all payers, commercial, self-insured employers, integrated health health networks, and governmental Medicaid and Medicare plans.
We see this as signed right as a further validation of the commercial value.
The value of the preterm test, which puts us in an excellent position for reimbursement discussions and decisions with all payors commercial self insured employers integrated health.
Health networks, and governmental Medicaid and Medicare plans.
Greg: While we continue to work closely with Anthem, we've also entered into contracts with a number of self-insured employers and have recently announced a contract with MultiPlan, a national large insurance network payment system with more than 700 healthcare payers and 1.2 million healthcare providers participating in its network.
While we continue to work closely with anthem. We've also entered into contracts with a number of self insured employers and have recently announced a contract with multi plan a national large insurance network payment system with more than 700, healthcare payers and $1 2 million health care providers participating in this.
Network.
We see these and other executed contracts as a positive indicator for future reimbursement.
We are in active discussions with a number of payers and we will announce future key key opportunities.
Contributing to the revenue growth in the future.
We see that.
These kinds of these kinds of payers.
As well as near term revenue opportunities that will contribute to growth over the next few years ahead of more widespread payer adoption.
I'd like to give you a bit of the timetable on the clinical and economic outcomes. The Prime study a prospective randomized controlled trial launch within the anthem network is designed to provide a template for anthem and others.
<unk>, how to effectively rollout cirrus preterm test and treat strategy across their networks.
Greg: I'm pleased to report the prime study enrollment is accelerating as we emerge from the COVID-19 impacts we saw last year and early this year. We have now enrolled nearly 1000 pregnancies across 14 sites around the country.
I am pleased to report that.
Prime study enrollment is accelerating as we emerge from the COVID-19 impacts we saw last year and early this year. We have now enrolled nearly 1000 pregnancies across 14 sites around the country.
Greg: co-primary endpoints are hospital length of stay reduction and improvement of neonatal health. We believe that the PRIME study is on track to have 2,800 interim look enrolled pregnancies in the fall of this year and for the readout of the trial to take place during 2023. We believe that publication of positive PRIME study results will be an accelerant for growth in 2024.
The co primary endpoints are hospital length of stay reduction and improvement of neonatal help we believe that the prime study is on track to have 2800 interim look enrolled pregnancies in the fall of this year and for the readout of the trial to take place during 2023, we believe that.
A positive Prime study results will be an accelerant for growth in 2284 in.
Greg: In the meantime, we expect additional clinical and economic data to be made public during the first half of 2022 and continuing thereafter. We will announce the data from these efforts as soon as we are able to do so. We believe that positive results from these studies will continue to provide momentum for continued test order and revenue growth ahead of the prime study readout.
In the meantime, we expect additional clinical and economic data to be made public during the first half of 2022 and continuing thereafter, we will announce the data from these efforts as soon as we are able to do so we believe that positive results from these studies will continue to provide momentum for continued <unk>.
The order and revenue growth ahead of the Prime study readout.
A word now on health disparities.
Greg: CERA is committed to addressing the significant disparities in maternal and newborn health that exist in underserved populations, particularly among Black women.
Sarah is committed to addressing the significant disparities and maternal in newborn health that exist in underserved populations, particularly among black women. This has become an important key focus for ceara with its contracted partners you may recall, our recent appointment of Dr. Woodrow Myers as an advisor.
Greg: This has become an important key focus for CIRA with its contracted partners.
Greg: You may recall our recent appointment of Dr. Woodrow Meyers as an advisor to CIRA, focusing on public and political affairs. We continue to work with him and other key individuals and organizations on a multidisciplinary strategy to address health equity and disparities.
To serve focusing on public and political affairs, we continue to work with him and other key individuals and organizations on a multi disciplinary strategy to address health equity and disparities. We believe the preterm tests has great has great potential to make a meaningful contribution to more.
Greg: We believe the preterm test has great potential to make a meaningful contribution to more proactive management of the large numbers of higher risk pregnancies that result in poor outcomes in these underserved populations.
<unk> management of the large numbers of higher risk pregnancies that result in poor outcomes in these underserved populations.
Greg: We're pleased to see an increasing number of third parties joining with Sarah in focusing on these huge unmet medical and societal needs to work together toward greater health equity.
We're pleased to see an increasing number of third parties, joining with Sara and focusing on these huge unmet medical and societal needs to work together toward greater health equity disc.
Greg: Discussions are underway with state, national, and regional insurers to address these challenges. We look forward to being able to announce specific initiatives, not only among currently contracted payer parties working with CIRA to do so, but also how we involve additional payers in helping us to make a real difference.
Discussions are underway with state national and regional insurers to address these challenges, we look forward to being able to announce specific initiatives not only among currently contracted Payor party is working with <unk> to do so but also how we involve additional payers and helping us to make a real difference.
Greg: we believe that adoption of CIRA's cost-effective and cost savings approach will generate significant societal benefits and will also be a source of future revenue.
We believe that adoption of serious cost effective and cost savings approach will generate significant societal benefits and will also be a source of a source of future revenues.
Greg: This points to a long-term robust opportunity to help doctors and patients improve the outcomes of pregnancy while Sarah grows over time. We view these initiatives that I've just described as key elements in our deliberate, persistent, and multifaceted strategy to build the foundation for a much accelerated uptake as payers and physicians more widely adopt Sarah's technology, and we capture a large percentage of the enormous preterm testing market.
This points to a long term robust opportunity to help doctors and patients improve the outcomes of pregnancy well Sir grows over time over time, we view these initiatives that I've just described as key elements in our deliberate persistent and multifaceted strategy to build the foundation for a much accelerated uptake as pay.
And physicians more widely adopt serious technology, and we capture a large percentage of the enormous preterm testing market.
Greg: Use of capital resources to build infrastructure and capabilities is important. Notably, there are approximately three million Canada pregnancies annually for the pre-term tests in the U.S., and we're building a solid platform that is designed to enable us to make a strong impact as more data become available, more widespread insurance coverage occurs, and physician acceptance accelerates at the provider and or professional society levels. To effectively impact
Use of capital resources to build infrastructure and capabilities is important notably there are $3 billion approximately $3 million, Canada pregnancies annually for the preterm test in the U S. And we are building a solid platform that is designed to enable us to make a strong impact as more data become available more widely.
Spread insurance coverage occurs and physician acceptance accelerates as a provider as our professional society levels.
So effectively impact those millions of pregnancies. There are a number of operational imperatives that must occur so that and we're utilizing our significant capital resources to accomplish the following activities.
Greg: there are a number of operational imperatives that must occur. To that end, we're utilizing our significant capital resources to accomplish the following activities.
Greg: build out electronic ordering and infrastructure, negotiate new blood drop partnerships and or developing new blood collection techniques.
Build out electronic ordering and infrastructure negotiate new blood draw partnerships and or developing new blood collection techniques.
Greg: Streamline is a customer experience for patients, physician offices, as well as our billing process
<unk> lines of the customer experience for patients physician offices as well as our billing processes.
Greg: complete important clinical studies to reinforce and support strong cells messaging and advance preterm as a standard of care.
Complete important clinical studies to reinforce and support strong sales messaging and advance preterm as a standard of care.
Greg: Establish contracts with strategic early adopter commercial payers, healthcare and physician networks, self-insured employers, and governmental third-party payers, and improve our lab processes that will increase efficiency and capacity while lowering costs.
Established contracts with strategic early adopter commercial Payors health care and physician networks self insured employers and governmental third party payors and improve our lab processes that will increase efficiency and capacity while lowering costs.
Greg: We've had a lot of learnings from deploying our sales reps. In 2021, we hired over two dozen sales territory managers. During 2022, we will continue to aggressively pursue early market development driven by these territory managers that we believe will produce steady, near-term revenue growth as we refine our approaches and learn while we create a new paradigm for pregnancy management.
We've had a lot of learnings from deploying our sales reps in 2021, we hired over two dozen sales territory managers. During 2022, we will continue to aggressively pursue early market development driven by these territory managers that we believe will produce steady near term revenue growth.
As we refine our approaches and learn while we create a new paradigm for pregnancy management.
Greg: Again, we are marketing the only commercially available prognostic blood tests to determine the risk of spontaneous preterm birth. As such, we embark on this important journey with key learnings from the Salesforce hired and deployed beginning at Q3 through Q4 of 2021.
Again, we are marketing the only commercially available prognostic blood test to determine the risk of spontaneous preterm birth as such we embarked on this important journey with key learnings from the sales force hired and deployed beginning into Q3 through Q4 of 2021.
Greg: This has informed our approach and allowed us to optimize our go-to-market strategy for success.
This has informed our approach and allowed us to optimize our go to market strategy for success.
Greg: We've adjusted our sales messaging based on our experience, while also improving the training, coaching, and performance measures of our existing sales team.
We've adjusted our sales messaging based on our experience while also improving the training coaching and performance measures of our existing sales team.
Greg: These changes have already led to gradually increasing month-over-month and quarter-over-quarter improvements in Q1 2022 physician visits, practices converted to ordering, order volumes, and test results delivered. And we are encouraged by what we are seeing.
These changes have already led to gradually increasing month over month and quarter over quarter improvements in Q1, 2022 physician visits practice are converted to ordering order volumes and test results delivered and we are encouraged by what we're seeing.
Greg: We're using tools to identify and target innovative and early adopter physician practices.
We're using tools to identify and target innovative and early adopter physician practices, we are expanding consumer our consumer engagement that we believe will drive interest at the patient level.
Greg: We are expanding consumer engagement that we believe will drive interest at the patient level. We plan to expand the sales force selectively in response to increased demand and payer coverage. The final work is to expand the sales force selectively in response to increased demand and payer coverage.
We plan to expand the sales force selectively in response to increased demand and payer coverage.
A final word about product pipeline advancements.
Greg: Beyond commercializing preterm, we're also pleased with our progress in advancing our product pipeline by leveraging our advanced bioinformatics and proteomics platform to create better predictive information for pregnant women. We recently presented our work on preeclampsia in a late-breaking poster session at an international scientific meeting.
Beyond commercializing preterm. We're also pleased with our progress in advancing our product pipeline by leveraging our advanced bioinformatics and protein proteomics platform to create better predictive information for pregnant women. We recently presented our work on preeclampsia in a late breaking poster session at an international scientific meetings.
Greg: We are planning on validating a preeclampsia predictor by the end of this year with the completion of the development of the commercial predictor taking place during 2023 and launch.
We are planning on validating.
Classic predicted by the end of this year with the completion of the development of the commercial predictor, taking place during 2023 and launch thereafter.
Greg: We continue to believe that CIRA's vision to be the pregnancy company will be realized by developing valuable information for mothers, doctors, and payers across a number of important pregnancy conditions.
We continue to believe that Cirrus vision to be the pregnancy company will be realized by developing valuable information for others doctors and payers across a number of important pregnancy conditions.
Greg: As new products are launched, we believe that these efforts will create additional revenue streams for Sarah.
As new products are launched we believe these efforts will create additional revenue streams for Sarah.
Greg: I'll now turn over the call to Jay for a review of our fourth quarter financial results and a view of our expectations through the end of this year. Jay?
I'll now turn it over the call to Jay for a review of our fourth quarter financial results and a view of our expectations through the end of this year Jay.
Thanks, Craig and good afternoon, everyone.
Jay Moys: Today, I'll briefly review our financial results for the fourth quarter and then provide commentary on our outlook for the near and midterm.
Today I'll briefly review our financial results for the fourth quarter, and then provide commentary on our outlook for the near and midterm.
Jay Moys: For the fourth quarter of 2021, we reported revenue of $26,000 compared to $6,000 for the same period of 2020.
For the fourth quarter of 2021, we reported revenue of $26000 compared to $6000 for the same period of 2020.
Jay Moys: Total operating expenses of $12.6 million were up significantly from $4.8 million for the fourth quarter of 2020.
Total operating expenses of $12 $6 million were up significantly from $4 8 million for the fourth quarter of 2020.
Jay Moys: The increase was primarily due to the scale-up of operations to market and commercialize our preterm care.
The increase was primarily due to the scale up of operations in market and commercialize our pre term test.
Jay Moys: Research and development expenses for the fourth quarter of 2021 were $3.1 million, compared to $2.1 million.
Research and development expenses for the fourth quarter of 2021 were $3 $1 million compared to $2 1 million.
Jay Moys: for the prior period, primarily due to increased laboratory operations and clinical study costs.
For the prior period.
Primarily due to increased laboratory operations in clinical study costs.
Jay Moys: Belling, general, and administrative expenses for the fourth quarter of 2021 were $9.5 million, up from $2.7 million due primarily, to increase headcount as the company has scaled commercial operations and general corporate infrastructure, as well as increased costs related to operating as a public company following our IPO in July 2021.
Selling general and administrative expenses for the fourth quarter of 2021 were $9 5 million up from $2 $7 million due primarily to increased head count in the company and scaled commercial operation and general corporate infrastructure as well as increased costs related to operating as a public company following our IPO.
In July 2021.
Jay Moys: Net loss for the fourth quarter of 2021 was $12.5 million, compared to $5.4 million for the same quarter of a year,
Net loss for the fourth quarter of 2021 was $12 5 million.
Compared to $5 4 million for the same quarter a year ago.
As of December 31, 2021, the company had cash cash equivalents and available for sale securities of approximately $140 million.
I would like to stress that in the current difficult environment for corporate financing. We are comfortable that we have sufficient capital resources to implement our strategy into 2025 without the need to raise additional capital.
Turning now to our expectations.
Although we have not previously given guidance and don't intend to do so for the time being given that we are in the early phases of commercialization we.
We do want it.
Jay Moys: keep you informed as to the commercial ramp and the timing we see going forward.
To keep you informed as to the commercial ramp and the timing, we see going forward.
The macro challenges, we face, including wave after wave of pandemic, causing patients to defer doctor appointments and impacted the revenue trajectory in the short term.
Our belief is that revenues in 2022 will be less than $500000. We.
Jay Moys: We do not plan on giving additional guidance beyond that for the foreseeable future, but as Greg mentioned, although revenue growth has been swell, progress on a number of key fronts has been strong, and we believe we have the capital resources to execute on our strategy. I'll now turn the call back to Greg.
We do not plan on giving additional guidance beyond that for the foreseeable future, but as Greg mentioned, although revenue growth has been slow.
Yes on a number of key France has been strong and we believe we have the capital resources to execute on our strategy.
I'll now turn the call back to Greg Greg.
Thanks, Jay, but we'd like to thank everyone for attending our call today, we expressed on our last call. These are early days for Sarah in commercializing the preterm test, though early commercialization always presents challenges. We are pleased to see increased trends of adoption as we execute our strategy.
Greg: Our strengths lie in our first-mover advantage in a market with no significant discernible competition.
Our strengths lie in our first mover advantage in a market with no significant discernible competition.
Ample cash on the balance sheet.
Roster of experienced professionals and a compelling health economic story underpinned by rigorous data.
In a very difficult market landscape. We believe we are uniquely positioned to achieve our ambition to better human life as the pregnancy companies and with that we'll open the line for questions I will turn it back over to the operator.
Speaker Change: And with that, we'll open the line for questions. I'll turn it back over to the operator. Thank you. We will now begin.
Thank you we will now begin the question and answer session.
Speaker Change: To ask a question, you may press star then 1 on your touchtone phone. If you're using a speaker phone, please pick up your handset before pressing the keys. And to withdraw your question, please press star then 2. And at this time, we'll pause momentarily to assemble our roster.
A question you May Press Star then one on your Touchtone phone.
If youre using a speakerphone please pick up your handset before pressing the keys.
And to withdraw your question. Please press Star then two and at this time, we'll pause momentarily to assemble our roster.
Okay.
Speaker Change: And the first question will come from Patrick Donnelly with City. Please go ahead.
And the first question will come from Patrick Donnelly with Citi. Please go ahead.
Patrick Donnele: Hey, guys, thanks for taking the questions. Maybe one on crime. I'm just trying to figure out, can you talk about how much you view this as a catalyst?
Hey, guys. Thanks for taking the questions maybe.
Maybe one on prime.
I'm just trying to figure out I guess can you talk about how much you view this as a catalyst.
Patrick Donnele: for payers coming on board, you know, you obviously have an ongoing conversation with payers today. What's the willingness to reimburse before seeing this data versus kind of waiting? Just wondering what those recent conversations have suggested in terms of needing to see the economic sensitivity data for Prime before coming online versus the willingness to step in front of it.
The payers coming on board.
Do you have an ongoing conversation with payers today.
Willingness to reimburse for seeing this data versus kind of waiting just wondering what those recent conversation that suggested in terms of meeting to see the economic sensitivity data for prime before coming online versus the willingness to step by step in front of us.
Yeah.
Speaker Change: Thank you, Patrick. We view Prime as being additive to the large body of evidence, health economic and clinical evidence that have already been reported out. Again, the purpose is to optimize, give people the ways of optimizing the rollout of preterm testing.
Yes.
Thank you Patrick we view prime as being additive to the large body of evidence of health economic and clinical evidence that have already been reported out again. The purpose is to optimize gives people the ways of optimizing the rollout of preterm testing.
Speaker Change: There is no question. There are a number of payers that have already decided there is value. They've signed contracts with us, and we are in active discussions to do so with a large number of them. So we see primaries being additive to that body of evidence.
There is no question there are a number of payers that have already decided there is value they've signed contracts with us.
And we are we are in active discussions to do so with a large number of them. So we see we see prime as being additive to that body of evidence.
Speaker Change: Okay, that's helpful and then maybe one just on the on the guide jg there on the under 500 grand
Okay. That's helpful. And then maybe one just on the on the Guy J D.
Under 500 Grand.
Speaker Change: It's a good amount below where we were and I think where the stream was. Do you guys just see a little more color on, I guess, what you're seeing? What has changed since maybe some of the conversations we had a couple of quarters ago in terms of the expectations for 22? Is it, you know, COVID pressuring, the volumes, reimbursement? Maybe just help us figure out what's kind of dealt with.
Uh huh.
Hello.
Sure.
So a little more color on I guess, what you're seeing what has changed since maybe some of the conversations we had a couple of quarters ago in terms of the expectations for 'twenty two.
Good pressuring the volumes reimbursement, maybe you can just help us figure out what's what's kind of the delta there.
Speaker Change: Yeah, as I mentioned in my remarks, there were two very serious ways of COVID that occurred that were entirely unanticipated in the early part of 2021. That was one factor that limited access to physician offices. It changed the way that obstetrics was practiced. There were a lot of things that happened as a result of the pandemic.
Yes.
As I mentioned in my remarks.
There were two very serious waves of COVID-19 that occurred that were entirely unanticipated.
In the early part of 2021 that was one that was one factor that limited access to physician offices.
It changed the way that obstetrics was practice there were a lot of things that happened as a result of the pandemic at.
Speaker Change: At the same time, the other thing that we've seen is now a keen focus on the part of payers to be in a position to address health care disparities.
At the same time.
The other thing that we've seen is now a keen focus on the part of payers.
<unk> be in a position to address healthcare disparities, we saw some personal personnel changes that occurred among among certain insurers. We saw people adapt their strategies to decided whereas the technologies would be best deployed and we're very excited about the opportunities that exist.
Speaker Change: We saw some personal changes that occurred among certain insurers. We saw people adapt their strategies to decide where the technologies would be best deployed and we're very excited about the opportunities that exist.
Speaker Change: to actually better address the disparities that we see among underserved populations. So those are some of the things that have happened.
To actually better address the disparity that we see.
And underserved population. So those are some of the things that have happened. Additionally, I'll remind everyone that our sales team was largely our sales team was virtually entirely hired during the second half of 2021. Many of them were hired in the last in the last quarter. It does take time for sales reps.
Speaker Change: Additionally, I remind everyone that our sales team
Speaker Change: was largely high, our sales team was virtually entirely hired during the second half of 2021. Many of them were hired in the last quarter. It does take time for sales reps to come up to speed and to become productive. And because of our monitoring of data, we're in a good position and are seeing the result of making adjustments as we more effectively address the market on a
To come up to speed and to become productive.
Because of our monitoring of data we're in a good position and are seeing the result of making adjustments as we more effectively address the market on a go forward basis.
Speaker Change: Okay, and Greg, maybe picking up on your last point there, I mean, on the sales force has the trajectory of the revenue shift.
Okay, and then Greg maybe picking up on your last point there I mean on the sales force has the trajectory of the revenue shift changed your plan in terms of sales force hiring how youre thinking about 'twenty two 'twenty.
Greg: changed your plan in terms of Salesforce hiring, how you're thinking about 22, in terms of hiring, even 23. Given, again, the revenue being a bit lower, how are you thinking about kind of building out the Salesforce infrastructure?
23.
Given again, the revenue being a bit lower how are you thinking about kind of building out the sales force the infrastructure there.
Okay.
Speaker Change: Yeah, the way we think about it is at the end of 21 our sales head count was approximately 30. What we're going to do as a company is monitor the adoption, monitor payment by insurance companies and we will judiciously adjust our sales force depending on market conditions. That's what we plan on doing. By the way, this model works.
Yes.
The way, we think about it is.
At the end of 'twenty, one our sales head count was approximately 30, what we're going to do as a company is monitor the adoption monitor payment by insurance companies and we will judiciously.
Adjust our salesforce, depending on market conditions, that's what we that's what we plan on doing by the way this model works.
Speaker Change: We did the same thing in the early days at Myriad. That's what led to the tremendous success that we had there. It is possible to roll out a sales force in an effective manner by paying attention and developing best practices and replicating them across the body of sales representatives. That's clearly the strategy as we move forward.
We we did the same thing in the early days at myriad, but that's what led to the tremendous success that we have there.
It is possible to rollout of salesforce in an effective manner by paying attention and developing best practices and replicating them across the body of sales representatives. That's clearly the strategy as we move forward.
Understood. Thanks, I'll leave it there I appreciate it guys.
Hmm.
Yes.
Speaker Change: The next question will come from Brian Weinstein with Blear. Please go ahead.
The next question will come from Brian Weinstein with Blair. Please go ahead.
Speaker Change: Hi, this is Dustin on for Brian . First question, we're wondering about the contract minimums. I know you just mentioned that you got your first minimums recently, but we're wondering just how those should roll throughout 22 and maybe to scale those in addition to how they compared to your original expectations at the time of the IPO.
Hi, This is Justin on for Brian .
First question, we were wondering about H contract minimums I know you just mentioned that you got your first minimums recently, but we're wondering.
Just how those should roll throughout 2002, and maybe the scale of those in addition to how they compare to your original expectations at the time of the IPO.
Jay you want to answer that one.
Speaker Change: Yeah, sure. We haven't really spoken in detail about the contract.
Yes, sure we haven't really spoken.
In detail about the contract minimums.
Speaker Change: Um, and we really don't intend to do so, but we have received the minimums that we are entitled to and expect to receive the minimums going forward. So.
And we really don't intend to do so but we have received the minimums that we are entitled to and expect to receive the minimums going forward. So.
Speaker Change: I think the, you know, everything in accordance with the contracts are moving as expected.
I think the.
Everything in accordance with the contracts are moving as expected.
Speaker Change: And I know you gave some color on the recent trends you're seeing with the test, but we're wondering what you're hearing from your sales force. What are clinicians saying about the test? Are they positive on it? And are there any reservations that they have that are maybe slowing down the pace of adoption right now?
Got it.
And I know you gave some color on the recent trends youre seeing with the task, but we're wondering.
What youre hearing from your sales Force force.
What are clinicians, saying that the tests are they positive on it and are there any reservations that they have better maybe slowing down the pace of adoption right now.
Speaker Change: Yeah, what the Salesforce is hearing from physicians includes the following. Certainly, doctors are confirming that there's an unmet need. They're reaffirming that there's a significant clinical gap in how to manage the challenge of preterm birth. They acknowledge that a solution like preterm is actually something that's really needed.
What is the sales force is hearing from physicians.
The following.
Certainly doctors are confirming that there is an unmet need there are reaffirming theres, a significant clinical gap and how to manage the <unk>.
<unk> of preterm birth.
They acknowledged that a solution like pre term is actually is something thats really needed.
Speaker Change: The questions that we get from them are, what percentage of patients come back at increased risk? What do I do when a patient comes back with an elevated risk? What is the clinical protocol used?
The questions that we get from them or what percentage of patients come back and increased risk.
What do what do I do when a patient comes back with an elevated risk what is the clinical protocol use what does the maternal fetal medicine experts think about it about the tests and are the professional societies aware of Cirrus technology.
Speaker Change: What do the maternal fetal medicine experts think about it, about the test, and are the professional societies aware of Sarah's technology?
Speaker Change: There are excellent answers for all those things. I could tick them all off. I won't do so now, but those are the kinds of things that we enter into discussions. Clearly, there's an interest among OBGYNs. We were able to sit down and explain things to them. They're very interested. They want to know how would I actually use this in my practice.
There are excellent answers for all of those things I can tick them all off I won't do so now, but those are the kinds of things.
We enter into discussions clearly there is an interest among obgyns, we were able to sit down and explain things to them. They are very interested they want to know how would I actually uses in my practice.
Speaker Change: Yeah, I think, Greg, I might add that, you know, we do carefully monitor productivity and put key initiatives in place to address what could potentially be roadblocks. We manage productivity through coaching, education and accountability, simplification of messaging, streamlining, the time of contact with the patient near to the time the blood is drawn, and simplifying the process to bring practices on board are all improvements from which we're seeing higher productivity, so I just wanted to add.
Hey, Greg I might add.
Carefully monitor productivity and it put key initiatives in place to address what could potentially be well blocks.
Managed productivity through coaching education accountability simplification of messaging streamlining the time of contact with the patient needed at the time the blood is drawn.
Simplifying the process to bring practices onboard are all improvements from which we're seeing higher productivity. So I just wanted to add that.
Yes.
Speaker Change: Okay, thank you. And then one more for us.
Okay. Thank you and then one more for us.
Speaker Change: You recently showed data on the first pipeline product for preeclampsia. Just wondering how this data came in relative to your expectations. What this means for you?
We recently showed data on the first pipeline products to treat preeclampsia.
I'm just wondering how this data came in relative to your expectations. What this means for clinical.
Speaker Change: adoption and can you give us an update on the other pipeline products that are in development. Thank you. Sure.
Adoption and can you give us an update on the other pipeline products are in development. Thank you sure yes.
Speaker Change: We're very excited about the preeclampsia data that were presented at the Society for Reproductive Investigation. We are in the process.
We're very excited about the pre eclampsia data that were presented.
At the at the society for reproductive investigation.
We are in the process of that.
Speaker Change: of conducting a complete validation of the preclampsia prediction.
Conducting a complete validation of the of the preeclampsia prediction.
Speaker Change: And with that, we see a complement to the kind of information we're adding. It goes back to what our strategy is.
And with that we see a complement to the kind of information, we're adding it goes back to what our strategy is.
Speaker Change: develop clinically meaningful and economically impactful predictions that can make a difference, a positive difference in the lives of mothers and babies.
Develop clinically meaningful.
Clinically meaningful and economically impactful predictions that can make a difference positive difference in the lives of mothers and babies clearly.
Speaker Change: Clearly, our preeclampsia work is part of that. Preterm is clearly that. There are additional products that will come later. We're in various stages of development, but we're very excited to validate the preeclampsia product and ultimately make it available to the market after it's validated. Sometime after 2023 is when one would expect to see something there.
Are pretty classic work as part of that pre term is clearly that.
There are additional additional products.
That will come later, we are in various stages of development.
We're very excited to validate the pretty classic products and ultimately make it available to the market. After this validated.
Sometime after after 2023 is when one would expect to see something there.
Okay.
Yeah.
Speaker Change: The next question will come from Kevin DeJeter with Oppenheimer, please go ahead.
The next question will come from Kevin <unk> with Oppenheimer. Please go ahead.
Speaker Change: Hey, thanks for taking our questions. Greg, you mentioned you've made some adjustments to sales messaging and also that one of your goals for early commercialization are kind of settling on best practices that then can be rolled out across the larger sales force. What are some of those changes of messaging that you picked up and that you're looking to implement? And how should we think about some of the incremental learning and impact on best practices?
Hey, Thanks for taking our questions. Greg you mentioned, you've made some adjustments to sales messaging and also.
That you know one of your goals for early commercialization are kind of settling on best practices that can be rolled out across the larger sales force. What are some of those changes are messaging that you picked up.
And then if you are looking to implement and how should we think about some of the incremental learning and impact on best practices.
Greg: Yeah, what we've done is, as you look at the time period,
What we've done is we've.
As you look at the time period.
Greg: between when a patient first hears about the test at the time that the blood is drawn, we've shortened that period. It makes it simpler for the patient to get in and see the doctor and actually have it top of mind when she visits the doctor. So that's been one of the things that we've been doing.
Between when a patient first here is about the test of time that the blood is drawn we've shortened that period. It makes it simpler for the patient to get in and see the Doctor.
And actually have it top of mind when she visits the doctor. So that's been one of the things that we've been doing.
Greg: We worked on simplifying the message. Who is this test for? It's very easy to explain to physicians what the test is used for, who the candidate patients are, and as it turns out, it's the great majority of singleton pregnancies that are in fact candidates for the test.
We've worked on.
Simplify the message who is who has this test for its very easy to do.
Blaine to physicians Y O y.
The test is used for who the candidate patients are and as it turns out it's the great majority of Singleton practices that are in fact candidates for the test. We also when people ask the question well what do we do clinically with the patients.
Greg: We also, when people ask the question, what do we do clinically with the patients? The simple retort is, what are you doing currently when you have a patient who is in fact at high risk? There are known protocols that are practiced every day. We emphasize to the doctors that you can use protocols that you're familiar with, and those are ways of addressing the risk in your patient.
The simple retour is what are you doing currently and when you have a patient who is in fact that high risk. There are known protocols that are practiced everyday.
We emphasize to the doctors that you can use protocols that you are familiar with.
And those are ways of addressing the risk in your patients all those simplification in terms of materials in terms of presentation in terms of sales approach.
Greg: All those simplifications in terms of materials, in terms of presentation, in terms of sales approach, decreasing the amount of time required to explain the message, all those things are elements of best practices and we believe they are the reasons that we're seeing the increased uptake that we're witnessing as we entered into 2022.
Decreasing the amount of time required to explain the message all of those things are elements of best practices and we believe they are they are the reasons that we're seeing the increased uptake we're witnessing as we've entered into 2022.
Speaker Change: Great. And as a follow-up, I think you highlighted, you know, driving patient interest or patient awareness in preterm is kind of, you know, one component of the strategy. How should we think about, you know, relatively capital efficient ways to just sort of, you know, generally, you know, you'll motivate the pregnant mother who's coming in to, you know, engage the clinician in a potential conversation.
Great and as a follow up I think you highlighted you're driving patient interests, our patient awareness and pre term as kind of one component of the strategy how should we think about.
Relatively capital efficient ways to just sort of.
Generally yeah, no motivate the pregnant mother, who's coming in to engage as a clinician and a potential conversation.
Speaker Change: Yeah, there are a number of tools that can be used.
Yeah.
There are a number of tools that can be used we are ramping up our voice and social media networks are making.
Speaker Change: We are ramping up our voice in social media networks.
Speaker Change: making this information available to more women. We have planned campaigns.
Making making this information available to more women, we have planned campaigns.
Speaker Change: both on the physician side and the patient side to go out and raise awareness.
Both on the physician side and the patient side to go out and raise awareness there are ways to do that very effectively.
Speaker Change: There are ways to do that very effectively. We'll have more to say as we enter into broader coverage. We also look geographically at where the physicians and patients are likely to be most receptive.
We'll have more to say as we enter into enter broader a broader coverage. We also look geographically, where where the physicians and patients are likely to be most receptive.
Speaker Change: We had a good deal of experience doing this in the myriad of days where we started out and selected geographies, made sure that it worked before we moved to others.
We yes, we have.
Good day of experience doing this and the myriad of days, where we started out in selected geographies made sure that it work before we move to others that that's the kind of strategy that we use as we roll out our digital campaigns.
Speaker Change: That's the kind of strategy that we use as we roll out our digital campaigns to raise awareness. Clearly, there are really three major customers that we have to hit.
To raise awareness clearly there are really three major customers that we have to hit there is first of all we have to we have to make sure that the payers are aware and can pay for the testing the physicians need to be made aware in order to order the test and the patients are the ones that are going to benefit the most having all three of them requires co.
Speaker Change: First of all, we have to make sure that the payers are aware and can pay for the testing. The physicians need to be made aware in order to order the test, and the patients are the ones that are going to benefit the most. Having all three of them requires coordination, and our activities are coordinated to make sure that we can address all three of those key customers that are involved in our testing.
Ordination and our activities are coordinated coordinated to make sure that we can address all three of those key customers that are involved in our testing.
Yeah.
Great. Thanks for taking my questions.
Okay.
Speaker Change: Again, if you have a question, please press star, then one. Our next question will come from Dan Brennan with Cowan & Company. Please go ahead.
Again, if you have a question. Please press Star then one our next question will come from Dan Brennan with Cowen and company. Please go ahead.
Dan Brennan: Hi, this is Tom once again here. Just a question on the kind of readouts for prime. So, I mean, do you have any kind of clear metrics in mind, you know, within your co-primary milestones and kind of what they look like?
Hi, This is Dan here.
Just a question on the kind of readout sub points. So I mean do you have any.
And metrics.
Mind, you know within UK primary milestones.
They look like.
Speaker Change: Yeah, the primary outcomes in the prime study are decreased in lengths of stay in the hospital.
Yes.
The Prime study.
The primary outcomes of the Prime study or a decrease in length of stay in the hospital.
Speaker Change: and improvement in neonatal health as measured by a standard indices of how healthy the babies are when they're born.
And improvement in neonatal help as measured by a standard indices of how healthy the babies when they're born as was demonstrated in the prevent PTB study, we showed more than a 70% reduction in preterm.
Speaker Change: As was demonstrated in the PREVENT PTB study, we showed more than a 70% reduction in the time that preterm babies spent in the NICU or the hospital. So, hospital length of stay is a critical variable that we look at.
And the time that preterm babies spent in the in the NICU.
In the Q or the or the NICU or the hospital. So hospital length of stay is a critical variable that we look at for everyday of the babies in the hospitals generating expense. This is what causes health system, a lot of money and the babies that are most poorly developed it's been the longest time there.
Speaker Change: For every day the babies in the hospital is generating expense. This is what costs the health system a lot of money. And the babies that are most poorly developed spend the longest time there.
Speaker Change: Measuring neonatal health directly tells us that if we're able to successfully decrease the time in the NICU in hospital, if the babies are discharged and are healthier, that is the kind of outcome that we seek to achieve and we are measuring it directly.
Measuring neonatal help directly tell us that if we were able to successfully decrease the time in the end.
And then in the NICU and hospital.
If the babies are discharged and are healthier that is that is the kind of outcomes that we seek to achieve and we are measuring it directly. These are the outcomes that matter the most to payers and the prime study.
Speaker Change: These are the outcomes that matter the most to payers. And the prime study, we designed that study with payers in mind. We collaborated with our colleagues at Anthem as we built the metrics for that trial. We're very excited to continue to add to the data that exists, show identifying early, intervening early, and proactively in pregnancy can in fact make a difference in health outcomes and in the economics.
We designed that study with payers in mind, we collaborated with our colleagues at anthem as we built the metrics for that trial, we're very excited to.
To continue to add to the data that exists that show identifying early intervening early and proactively in pregnancy can in fact make it make a difference in health outcomes and then the economics.
Speaker Change: Got it. Great. And then I just want to follow up on the strategy from here for preterms. So you mentioned a bit of a pivot towards looking at underserved populations. I was wondering if you could give some more color on what that looks like and how you're kind of divvying up your sales force along those lines. Thanks. Yeah. It's a well-known fact that African American women have preturbers rates that are anywhere from 50% to as much as
Alright, great and then just kind of.
Follow up on the strategy of enhancing free time.
You had mentioned a bit of a pivot towards looking at.
Populations I was wondering if you could give some more color on what that looks like.
And how you're kind of giving our sales force along those lines.
It's a well known fact that the African American women have preterm birth rates that are that are anywhere from 50% to as much as it was almost double the preterm birth rates.
Speaker Change: is almost double the preterm birth rates seen in non-African American population.
Seen in non non African American populations clearly there are areas in the U S where there are underserved populations are burdened disproportionately by preterm delivery.
Speaker Change: Clearly, there are areas in the U.S. where their underserved populations are burdened disproportionately by pre-term delivery. What we've done is the company has actively gone after those areas. We have trial sites that are recruiting for the prime study that cover some of the most highly effective geographies for prematurity in the U.S.
What we've done as a company is actively gone after those areas we have recruited we.
We have trial sites that are recruiting for the prime study.
The cover some of the most.
Highly highly effective geographies for premature to in the U S.
Speaker Change: We are in discussion with people at the federal level.
We are in discussion with people at the federal level state level.
Speaker Change: state level and with payers to put programs together where we can actually affect the benefits by giving the preterm test as part of a package to these patients.
And with payers.
To put programs together, where we can actually affect the benefits by by giving.
By giving the preterm test as part of a package to these patients those discussions are underway. There's a lot of activity a lot of interest and clearly politically and theres a lot of attention to it as I said before.
Speaker Change: Those discussions are underway. There's a lot of activity, a lot of interest, and clearly, politically, there's a lot of attention to it, as I said before, from a healthcare perspective and disparities.
From a healthcare perspective, and disparities, we need to do a better job and we're finding very receptive.
Speaker Change: we need to do a better job and we are finding very receptive conversations that we believe are going to result ultimately in substantial collaborations that will actually generate revenue as we provide value from our preterm test to society.
Conversations that we believe are going to result, ultimately in substantial collaborations that will that will actually generate revenue as we provide value from our preterm tests to society.
Speaker Change: Thanks. And then just one quick follow-up, if I could. So I think you previously mentioned there could potentially be interim prime data by Q4 this year. Is that still a potential possibility? And if not, kind of whereabouts from 23, do you see it landing? Thanks. Unfortunately, the COVID pandemic slowed down the development of getting the readout completed this year. We believe we will have the
Thanks, and then just one one quick follow up if I could so I think you previously mentioned that could potentially be interim prime data by Q4. This year is that is that so essentially possibility in and if not kind of where whereabouts 23 do you see it.
Unfortunately.
As the Covid pandemic slow down the development of <unk>.
The readout completed this year, we believe we will have the <unk>.
Speaker Change: requisite number of enrolled patients in the prime study, 2,800, so that the readout can occur in 2,800.
Requisite number of.
Enrolled patients in the Prime study 2800, so the readout can occur into 2023.
Speaker Change: And we're looking at having the readout of the prime study taking place in 2020.
We're looking at having the readout of the Prime study taking place in 2023.
Speaker Change: And as I said before, we're at nearly a thousand patients enrolled already and we're on track to complete enrollment to get to the point where we can perform the interim look and ultimately the final look.
And as I said before.
We're at nearly a 1000 patients enrolled already and we're on track.
<unk> completed enrollment.
To get to the point, where we can perform the interim look and ultimately the final look.
Great. Thanks, I'll hop back in the queue.
<unk>.
Speaker Change: Again, if you have a question, please press star then 1.
Again, if you have a question. Please press Star then one.
Yes.
Yes.
Oh.
Speaker Change: This concludes our question and answer session. I would like to turn the conference back over to Mr. Peter DiNardo for any closing remarks. Please go ahead, sir.
This concludes our question and answer session I would like to turn the conference back over to Mr. Peter Dinardo for any closing remarks. Please go ahead Sir.
Peter Donardo: Thank you, Chuck. This concludes the call. We look forward to providing an update on our business when we report First Quarter 2022 financial results. Thank you and good afternoon, everyone.
Thank you Chuck This concludes the call and we look forward to providing update on our business. When we report first quarter 2022 financial results. Thank you and good afternoon everyone.
Speaker Change: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Speaker Change: The.
Sure.
Yes.
Okay.
Okay.
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Right.
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