Q4 2024 Bionano Genomics Inc Earnings Call
Speaker Change: Good day and welcome to the BioNano 4th quarter, 2024 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to David Holmes from Investor Relations. Please go ahead.
Speaker Change: Actual results may differ materially from such statements due to several factors, including risks identified in our press release and Barnardos reports filed with the SEC.
Speaker Change: These forward looking statements are based on information available to bio nano today March 31, 2025, and the company assumes no obligation to update statements as circumstances change.
Speaker Change: In addition to supplement finance by an analyst financial results reported in accordance with U S generally accepted accounting principles or GAAP.
Speaker Change: Company reports certain non-GAAP financial measures a description of these non-GAAP financial measures as well as a reconciliation to the nearest GAAP financial measures are included at the end of the company's earnings release issued earlier today, which.
Speaker Change: I have been posted on the Investor Relations page of the company's website.
Speaker Change: non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures.
Speaker Change: Be read in conjunction with the company's consolidated financial statements prepared in accordance with GAAP and.
Speaker Change: And have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of electronics.
Speaker Change: Paul.
Speaker Change: An audio recording and webcast replay for today's conference call will also be available online on the company's Investor Relations page.
With that I'll turn the call over to you Eric.
Yes.
Eric: Thank you David and good afternoon, everyone.
Eric: Pleased to provide you with an update on the fourth quarter of 2024 as well as the full year 2024.
Eric: While we continue to find ourselves in unprecedented.
Eric: Times in our industry.
Eric: Our core business based on sales of instruments consumables software and optical genome mapping services is progressing well.
Eric: I'd like to start off by taking everyone through our results for the quarter.
Eric: Total revenue for the fourth quarter of 2024 was $8 $2 million, a decrease of 24% compared to the fourth quarter of 2023, which included $2 million from discontinued clinical services compared to no revenues from such clinical services in Q4.
Eric: For 2024.
Eric: GAAP gross margin for the fourth quarter of 2024 was 42%, which is significantly higher than the 23%.
Eric: Gross margin reported in the fourth quarter of 2023 non-GAAP gross margin for Q4, 2024 was also 42% compared to 24% for the fourth quarter of 2023.
Eric: Fourth quarter 2024, GAAP operating expense was $15 $4 million compared to $27 $4 million in the fourth quarter of 2023 the year over year decrease was primarily due to a decrease in the.
Eric: Fair value of contingent considerations peerage and milestones.
Eric: And importantly reduced head count related expense.
Eric: Attributed to the cost savings.
Eric: Initiatives that have been outlined in our Q2 2023 in Q3 2023 earnings release.
Eric: Fourth quarter 2024, non-GAAP operating expense was $10 6 million compared to $26 $6 million.
Eric: In the fourth quarter of 2023.
Eric: Cash cash equivalents and available for sale Securities as of December 31, 2024 were $29 million of which $11 $4 million was subject to certain restrictions. We raised net proceeds of $3 $6 million from ATM sales during the fourth quarter of 2024.
Eric: Additionally, we modified the terms of our senior secured convertible debentures, among other things which include which differed.
Eric: A $1 million at December 2020 for amortization payment and reduce their monthly payments from January 2025 to July 2025 by 50%.
Eric: And we completed a $10 million registered direct offering in January to 2025, along with raising net proceeds of $3 $2 million through ATM sales during the first quarter of 2025.
We now believe our cash runway extends into the first quarter of 2026.
Eric: Product revenues.
Eric: Instruments consumables and software for the full year was $27 million, an increase of 1% compared to $26 $7 million in 2023, despite a reduction in instrument sales of nearly $2 million consumable.
Eric: <unk> sales were $12 8 million, an increase of 14% from $11 $2 million in 2023 and software sales for the full year were $6 2 million, an increase of 11% from $5 6 million in 2023.
Eric: Sales in the Americas region were up 9% in 2024 and sales in the Europe Middle East and Africa region were up 10%.
Eric: In 2024 compared to 2023.
Eric: We sold 30307 nano channel array flow sellers during 2024, including 8058 in the fourth quarter.
Eric: Which represents a 15% increase over the 26444 flow cells sold in the full year of 2023, and an increase of 1% over the 7984 cells sold in the fourth quarter of 2023.
Eric: Full year 2024, GAAP gross margin was 1%, which is down from 26% in 2023, but that was after a series of one time noncash adjustments.
Eric: non-GAAP gross margin for the full year of 2024 was 35%.
Eric: Which is up from 28% in 2023.
Eric: Finally, full year 2024, GAAP operating expense was.
$104 4 million and non-GAAP operating expense for the full year of 2024 was $68 nine.
Eric: Yes.
Eric: Yeah.
Eric: The tremendous progress across the business absolutely reflects the heroic and stellar efforts of our associates, whom we affectionately call transformers for the impact they are making around the world.
They have our most heartfelt and sincere thanks for these incredible contributions.
I would like to use the remainder of the call to discuss the plan going forward.
Eric: We believe that along with other companies in the life Sciences and tools industry.
Eric: We are in a period of Recalibration and how the market will embrace novel technologies like ours for medical research.
Eric: Keep in mind, our major economic engine is optical genome mapping or <unk> for short.
Eric: <unk> is used to transform the cider genetic workflow in four key areas hematologic.
Eric: Hematologic malignancies.
Eric: Constitutional genetic disorders.
Eric: Solid tumors and cell and gene therapy.
Eric: Applications of optical genome mapping in solid tumors are emerging and relatively novel to our list, but publications from users are demonstrating the utility.
Eric: And so we now see them as a key driver alongside the other three going forward.
Eric: Now in September of 'twenty 'twenty, four we implemented a shift in our go to market strategy that moved away from the relatively heavy spending on growing the optical genome mapping installed base through customer acquisition toward a focus on conserving cash.
Eric: And concentrating on those customers who use their sapphire in stratus systems routinely insider genomics.
Eric: This strategy has four key pillars, which are to support and sustain the installed base of these routine optical genome mapping and importantly via software users.
Eric: To drive utilization.
Eric: And increase it through the adoption of via software across our routine optical genome mapping user sites, which we believe will facilitate menu expansion.
To continue building the support needed for optical genome mapping reimbursement.
Eric: And inclusion in medical Society recommendations and guidelines.
Eric: And to improve profitability and scalability with lowering costs.
Eric: Increasing sales volumes.
Eric: The first pillar is critical what we see is constant consistent growth of consumable sales, even as our focus has turned away from aggressively adding new.
Eric: New customers and new instruments. The reason for this pattern is that a core group of users.
Eric: Approximately 118 customers.
Eric: Account for more than 80% of consumables purchases.
Eric: And growth that we've seen over the previous two years. These customers are primarily in the United States, Canada, Europe, and Israel and this group tends to use optical genome mapping routinely.
Eric: As an alternative to traditional cytogenetic methods, meaning they have a steady flow of samples to run that is not solely dependent on grant or project funding.
Eric: These routine users are where we concentrate our efforts, which is more cost effective for us and on average they generate a higher rate of revenues per customer compared to others.
Eric: That are not in that routine use group.
Eric: We expect this routine use group to grow over time.
Eric: And to expand its use of optical genome mapping consumables and therefore be the primary driver the expansion of the menu of applications of optical genome mapping to promote revenue growth.
Eric: We have an ability to encourage this growth by enabling the customers to use our <unk> software, which streamlines their workflows and increases their capacity to run more samples via software is used by 133 customers for analysis of non.
Eric: <unk> data types.
Eric: And.
Eric: Provides a significant source of revenues.
Eric: <unk> has now been installed at over 160, <unk> GM customers, which is up from just 40.
Eric: At the end of 2023.
Eric: This expansion in via installations creates the opportunity for us to get them proficient in using via which we believe will increase their productivity and potentially be a source of consumables revenue growth on a per site basis.
Eric: Now continue to continue building the support needed for optical genome mapping reimbursement and drive inclusion and medical society recommendations and guidelines, we need to remain active and encouraging and supporting where possible the publication of <unk>.
Eric: Data.
Eric: Publications have continued to increase impressively, including 19% growth in 2024 of total publications.
Eric: And 39% growth of publications in.
Eric: Combined clinical research and cell and gene therapy.
Eric: We have also seen an ongoing increase in published clinical research genomes, which we believe reflects the expanding adoption and use of ODM and didn't turn has the potential to influence people and agencies responsible for reimbursement and guidelines.
Eric: Showing this critical mass of adoption and utilization.
Eric: We have already seen what we believe is a benefit to these publications with the decision by the American Medical Association to establish a category one CPT code for <unk> use in hematologic malignancies. This CPT code became effective on January <unk>.
Eric: First of this year.
Eric: And to our knowledge, it's being used.
Eric: Lastly, our focus must remain on a disciplined approach to keep.
Eric: Costs down.
Eric: We have been successful in reducing costs and maintaining the momentum in the business and we are seeing benefits and another key area, which is our gross margin.
Eric: Over the past eight quarters, we have seen non-GAAP gross margin increased from 22% in the first quarter of 2023.
Eric: To 42%.
Eric: In the fourth quarter of 2024.
Eric: We do expect ongoing volatility in margin going forward.
Eric: And for that reason, we won't be providing guidance on margin at this time, but we are encouraged with what we're seeing.
Eric: To wrap up I would like to provide our outlook on 2025.
Eric: With our key strategic pillars as the underpinning of our streamlined business focus.
Eric: We expect full year revenues for 2025 to be in the range of $29 million to $32 million.
Eric: First quarter revenues for 2025 are expected to be in the range of six two to $6 $3 million.
Eric: And we expect to install 15 to 20, new optical genome mapping systems, primarily at routine use sites, including at existing customer sites as well as adding new customers that fit into this routine use group.
Eric: With that operator. Please go ahead and open the line for questions.
Speaker Change: Thank you if you would like to ask a question. Please press star one on your telephone you will there.
Speaker Change: And here an automated message advising your hand is raised if he would like to remove yourself from the queue. Please press star. One again, we also ask that you wait for your name <unk> company to be announced before you proceed with your question one moment, while we compile the Q&A roster.
Speaker Change: And our first question for today will be coming from Sanjay Yang.
Scotiabank Your line is open.
Alright, thanks for taking the question.
Speaker Change: Eric.
Speaker Change: In terms of guidance.
Based on kind of what you guys are providing it kind of implies flattish growth year over year obviously.
You talked about.
Speaker Change: The strategic prioritization that the company has gone under and so would you have a sense of kind of what the core revenue growth is contemplated in terms of your guidance 25.
Speaker Change: Yes, it's all core now.
Speaker Change: So 29.1 core going to 29% to 32.
Speaker Change: Okay got it.
Speaker Change: And then just.
Speaker Change: I'm curious about whether there are sapphire trading taking place as well or just as we look at the installed base.
Should we expect continued placement that strategy.
Speaker Change: Just trying to understand kind of what the.
Speaker Change: What the net net install base could look like.
Speaker Change: Yes.
Speaker Change: <unk>.
Speaker Change: Sure.
Speaker Change: I'll start working with you and others to undertake a shift in our focus.
Speaker Change: And.
Speaker Change: For the first time, we've actually really dug into this.
Speaker Change: Installed base and.
Speaker Change: We're really going to focus on these routine use customers of which.
Speaker Change: There are 118.
Speaker Change: Existing 2024.
Speaker Change: And I think over time, we're going to see that.
Speaker Change: Group expand.
Speaker Change: And.
Speaker Change: If if.
Speaker Change: If.
We will I think continue to report installed base of optical genome mapping systems, but we're not going to guide to it partly for the reason that you've said which is that.
Speaker Change: There could be trade ins there could be.
Speaker Change: Different things happening at customer sites that might be like a net zero and so we don't want that to reflect negatively upon us. So we're going to talk about what we expect to install going forward and we're going to spend a lot more time talking about.
Speaker Change: This routine use customer group the 118 right now.
Speaker Change: And then we hope to get into some metrics like there.
Speaker Change: Revenue per customer, which you can we can you can already get get adapt because these customers account for about 80% consumables revenues.
Speaker Change: And so that's right.
Speaker Change: Right around $10 million spread across 118 customers and so you can see that.
Speaker Change: Revenue per customer is in that 85% to 90 K per customer range and we think that that's the important thing to pay attention to and one last comment in this rather long answer is that another reason not to focus on the number of systems installed at their site is that some customers.
Speaker Change: Have.
Speaker Change: Brought in systems that they don't use on purpose their backup systems and so we don't want to skew the.
Speaker Change: The revenue per system, we want to focus on revenue per customer.
Speaker Change: That makes sense and then lastly, just on the strategy compute which you launched in collaboration with Nvidia.
Speaker Change: Just kind of curious kind of what the early feedback has been and also how you expect that can drive continued utilization for your core customers.
Speaker Change: Yes, I mean, it's positive for us and I would say that in general kind of where we're at with Stratus compute is that.
Speaker Change: It is.
Speaker Change: Compatible with the Stratasys, some says something that stratus sites use.
Speaker Change: Yes, sapphire customers can get comparable performance by.
Speaker Change: Using multiple of the Sapphire computes, but we have in our pipeline.
Speaker Change: Updates software updates that will be rolled out to the stratus compute to really continue to.
Improve its.
Speaker Change: Speed.
Speaker Change: And it's.
Speaker Change: It's going to be one of the sort of like circles that we go through.
Speaker Change: Customers, who are using it.
Speaker Change: What more speed that's fine.
Speaker Change: We're going to give them more speed, but then we're going to train them on via and Theyre going to start running more sample as theyre going to need for speed. So we hope to have a <unk>.
Speaker Change: Process of being able to continuously update and advance our software over time to provide those levels of acceleration.
Speaker Change: Gotcha. Thank you so much Eric.
Welcome Sanjay.
Speaker Change: Thank you.
Speaker Change: And our next question.
Speaker Change: We will be coming from the line of Jason Mccarthy.
Speaker Change: Of Maxim Group your line is open.
Speaker Change: Yeah.
Speaker Change: Hey, guys. This is Michael <unk> on the line for Jason. Thank you so much for taking my question today.
Speaker Change: Hi, Michael.
Speaker Change: Yes, just I guess.
Speaker Change: On the focus with customer acquisition, you did mentioned youre not looking to aggressively seek customer acquisition now.
Speaker Change: <unk> introduction complete.
Speaker Change: Are there any areas that you do plan to continue looking at acquiring new customers that may be lower cost of acquisition or higher utilization, where they may go right into that 108 in group of routine users.
Speaker Change: Yes, I mean, I think that that we will see.
Speaker Change: Growth of.
Speaker Change: This routine user group to add new <unk>.
Speaker Change: Customers and that that will happen in our target excuse me geographies.
Speaker Change: Certainly in Europe.
Speaker Change: But in the U S.
Speaker Change: If you think about it we've only just gotten started with these routine user sites and the.
Speaker Change: And effectiveness of the CPT code as of January one we believe has the potential to be a catalyst for sites coming onboard and so we're prepared.
Speaker Change: Yes, we have the inventory.
Speaker Change: We have everything we need to support these sites.
Speaker Change: And.
Speaker Change: Our sort of sales and marketing strategy, there is going to be more around leveraging the amazing data that are being published and of course. The success that these routine use sites are having and are talking about at conferences. So we will be adding sites in.
Speaker Change: We're only going to be adding ones, where the customer acquisition cost is as is.
Speaker Change: Acceptable for the.
Speaker Change: The investment that both us and the customer make.
Speaker Change: Alright, Thank you and then.
Speaker Change: Just looking at the category one CPT code.
Speaker Change: Obviously, that's been a goal for a while good progress is that so.
Speaker Change: Thats application specific or could this be applied across any use hello, Jim.
Jim: It has some specificity to it so it's specific to the use of optical genome mapping in hematologic malignancies.
Jim: But that's a very very very large.
Jim: Category, but it would not apply for example to the use of optical genome mapping for constitutional genetic disorders for example.
Jim: And what we know is that a lot of <unk>.
Jim: Sites that are using ODM for that application either have a PLE code, which they use or they.
Jim: Bill for optical genome mapping as a reflex to.
Jim: Normal test that they get by standard of care and that seems to be a reasonably effective path for them and hopefully over time that will be.
Jim: CPT code for that application as well.
Jim: Thank you and then one last one from me and I'll hop back into the queue.
Jim: Just wanted to see if you could provide a bit more color on that second pillar you talked about driving utilization through software adoption and specifically just if you could go into the mechanics of how via adoption could support increased utilization and what the interplay is there with menu expansion.
Jim: Yeah.
Jim: Yes.
So.
Jim: Yes.
Jim: Automates, a number of steps that a user follows.
Jim: To take their post post data generation.
Jim: And even.
Jim: The sort of primary analytical step of generating variant calls after that step.
Jim: In a pre.
Jim: World It was necessary for a user to essentially manually curate the list of variance by comparing it to what was known in the literature.
Jim: Comparing variance on the list to.
Jim: What medical societies may have recommended for that type of research analysis.
Jim: In that particular indication, let's say they are working in AML or CML or something of that nature.
Jim: I want to be guided by what's out there in the literature.
Jim: While via for that sort of research automates that process. So it takes a pretty extensive manual curation process and completely automates it.
Jim: It not only automates that curation, but then generates a report after the curation was done manually there would need to be a process of <unk>.
Quite literally copying and pasting from excel until report format, but via automates that so automated curation automated reporting.
Jim: And I can tell you that there are two.
Jim: Tens of variance that need to be combed through on virtually every sample and so by automating those steps. It means that the labs can get through that much more quickly if theyre going through these samples more quickly they can run more per unit time.
Jim: And what we know about sites as let's say they decide to adopt for hematologic malignancy lets say theyre doing.
Jim: AML, which is a very common anchor assay.
Jim: They have a lot of samples for other indications and so they will.
Jim: Yes.
Jim: They would love to be able to add additional indications.
Jim: And by streamlining the process it will.
Jim: Give them the capacity that they require.
Jim: Alright. Thank you I really appreciate the additional insight there.
Jim: You very much for taking my question and congrats on all the progress guys.
Michael: Thank you Michael.
Jim: Thank you.
Speaker Change: And our next question will be coming from the line of.
Mark Massaro: Mark Massaro.
Speaker Change: Of <unk> your line is open.
Speaker Change: This is brendan on for Mark Thanks for taking my questions.
Speaker Change: Could you comment on the shift towards focusing utilization of your existing install base.
Speaker Change: Could you just share some color on how the strategy is playing out.
Speaker Change: I heard you on the 80.
Speaker Change: Thank you Maggie.
Speaker Change: That's per customer metric.
Speaker Change: I understand it's early days, but do you see room for further expansion there or do you think your factories go back. Thanks.
Sure. Thank you Vivian and thank you for the question.
Speaker Change: Yeah.
Speaker Change: So.
Speaker Change: In undertaking this shift.
Speaker Change: And just thinking about all of the metrics that we sided.
Speaker Change: 9% growth year over year in the Americas, 10% in Europe.
Speaker Change: 14% and consumables growth overall.
Speaker Change: This progress took place.
Speaker Change: With kind of.
Speaker Change: Bio nano idiosyncratic backdrop of.
Speaker Change: Massive shift in how we were operating as a company and so.
Speaker Change: At the end of.
Speaker Change: Of 2023 December.
Speaker Change: 31 2023.
Speaker Change: I think we reported 344 employees December 31, 2024, we reported.
Speaker Change: 100 employees.
Speaker Change: And so over the course of this past year, we had.
Let's just say a lot of change happening.
Speaker Change: And.
Speaker Change: Yes.
Speaker Change: Im mentioning all of these things because I want to say despite all of that consumable sales grew by 14% then when you look at what drove that growth and you can see.
Speaker Change: If you looked at one of the slides that we presented that growth.
Speaker Change: Within this group of so called routine users.
Speaker Change: And.
Speaker Change: And those are the ones that we decided to focus on so what we believe is that this strategy has fallen into place effectively and is working.
Speaker Change: And we couldnt be happier with the adoption that we're seeing and the utilization that's happening.
Speaker Change: And.
Generally speaking and I'm not I don't I don't want to guide, but at least internally. We do believe that there is substantial room across that entire routine use group.
Speaker Change: For that average to go up.
Speaker Change: Significantly.
Speaker Change: Want to be cautious about talking about how quickly.
Speaker Change: But it doesn't have to go up by a lot to make a significant dent.
Speaker Change: The overall profitability for the company for example, and so we believe that that is.
Speaker Change: Going to happen and it's kind of what our long term plans are based on and it's why we are focused on all of these initiatives in the pillars to.
Speaker Change: To really expand utilization.
Speaker Change: At every routine use site.
Speaker Change: Perfect that's great color thanks for that.
Speaker Change: Maybe just switching gears just on.
Speaker Change: The reimbursement front could you Sheriff ODM appeared on the Medicare clinical lab fee schedule.
Speaker Change: As planned and then just any other updated timing, we should be aware of on the outlook.
Speaker Change: Yes so.
Speaker Change: Yes.
Speaker Change: Certainly on time January 1st 2025.
Speaker Change: Was.
Speaker Change: It's effective I think that that listing was.
Speaker Change: Made public in November 2024, and the rate was consistent with what CMS initially priced it out.
Speaker Change: What I would say is that that rate it's around $3500.
Speaker Change: But that rate is consistent with <unk>.
Speaker Change: Some.
Speaker Change: Proprietary laboratory analyte or pls codes for ogn.
Speaker Change: It's also consistent with pls codes for constitutional genetic disorders.
Speaker Change: There are however, pls codes for hematologic malignancies that are priced higher and.
Speaker Change: So I think that.
Speaker Change: I would say that.
The effectiveness that happened on January one this year is consistent with what.
Speaker Change: Preliminary pricing was at I do believe and I don't want to set an expectation but.
Speaker Change: It's not unreasonable to believe that there could be a reconsideration of the price over time and it's my understanding.
Speaker Change: <unk>.
Speaker Change: Summers in CTV consideration.
Speaker Change: We have to be cognizant of the fact that these.
Speaker Change: Processes, which are happening.
Speaker Change: At CMS, which is part of the.
Speaker Change: Human Health services agency are probably undergoing some transition. So we don't know the expediency with which these things will happen here.
Speaker Change: Here in 2025, but I would say everything happened as expected and there is the potential that pricing might increase over time.
Speaker Change: Okay great.
Speaker Change: If I could just squeeze in one more and then I'll hop back in queue.
Speaker Change: You have seen in solid tumors and rare disease and a few other application mega user.
Speaker Change: And just any particular areas of strength.
Speaker Change: Routine user group.
Speaker Change: I think you alluded to some menu expansion as well so could you just touch on what.
Speaker Change: Other applications are thinking about in the pipeline there.
Speaker Change: Yeah.
Speaker Change: I would say so.
Speaker Change: The answer to your question.
Speaker Change: Unequivocally is hematologic malignancies. This is the primary.
Speaker Change: Application that sites are adopting ODM for.
Speaker Change: And we've narrowed our target geographies somewhat.
Speaker Change: But across the globe within these target geographies.
Speaker Change: That is the primary pool from customers and the reason for it is that they are reliant upon carrier typing, which has been around for 50 years and fluorescence in situ hybridization or fish, which is a targeted methodology and simply leaves too much information on the table for them to.
Speaker Change: Reliably conduct their research and manage the cases that they're looking at and so optical genome mapping is now really a proven alternative to these techniques and we are aware of several sites, which have completely walked away from carrier typing in fish and.
Speaker Change: Rely.
Speaker Change: Entirely on optical genome mapping.
Speaker Change: That is for sure the primary driver of adoption a very healthy second is constitutional genetic disorders, and we saw beautiful paper published recently.
Speaker Change: Our recently by the Greenwood genetic center, which is really the.
Speaker Change: Leading site for many novel.
Speaker Change: Technologies and applications in <unk>.
Speaker Change: <unk> analysis for constitutional genetic disorders, and their publication was on <unk>.
Speaker Change: <unk>.
Speaker Change: <unk> defects, so called and Tds.
Speaker Change: And what it really highlighted was that optical genome mapping could just go very far beyond what existing cytogenetic methods could do in terms of identifying likely drivers of that defect, but not only going beyond it but also complementing very nicely what sequencing does and so we.
Speaker Change: See this adoption for constitutional genetic disorders as.
Speaker Change: A good second place solid tumor is emerging but solid tumor as you know is substantial.
Speaker Change: Creates a substantial flow of samples and so it's a big economic opportunity for us and cell and gene therapy is also just getting started but pharmaceutical companies are using optical genome mapping to.
Speaker Change: To analyze their modified cells or stem cells to look at things like genome integrity.
Speaker Change: And on and off target effects that are introduced by the gene editing apparatus and so we have a good list of indications or applications that customers would adopt four we clearly know which is the primary one and then menu expansion exists within.
Speaker Change: In each of these groups, so think about cell and gene therapy, you've got stem cells, you got CRISPR Cas nine you've got car T.
Speaker Change: Within constitutional genetic disorders, we talked about the birth defects, but you have.
Speaker Change: Intellectual disability developmental delay and a variety of applications there, which.
Users can validate one after the other and then across Hematological malignancies, you've got Luca.
Speaker Change: <unk> lymphomas myeloma is in solid tumors.
Speaker Change: Lung colon breast.
Speaker Change: Prostate et cetera, so that's how we see <unk>.
Speaker Change: Menu expansion progressing within each of these application areas.
Speaker Change: Okay perfect. Thanks, so much for taking the questions here.
Speaker Change: And given.
Speaker Change: Thank you and that does conclude today's Q&A session I would like to go ahead and turn the call back over to Eric for closing remarks. Please go ahead.
Eric: Okay, well, thank you Lisa and thank you to everyone, who joined US for following along and we look forward to updating you in the not too distant future on our progress in the first quarter here in 2025. So thank you very much.
Eric: This ends today's conference call. Thank you for joining you may now disconnect.
Eric: Okay.
Eric: [music].
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Eric: Okay.