Biocept (BIOCQ) 13 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Biocept Third Quarter 2020 Financial Results Conference Call. [Operator Instructions].

As a reminder, this conference call is being recorded today, November 12, 2020. I'd now like to turn the call over to Bruce Voss. ahead. go Please

Voss in Bruce Thank all you This conference with call. participating today's for is LHA.

Joining Biocept of Officer; Senior Director. Tim Financial me Chief and Vice Kennedy, and from Officer; Officer Senior are President, Michael Chief Vice and Michael President Dr. Operations Medical Chief President and Dugan, Nall, Medical Executive

include not are call, this the making of of Private the be The generally meaning believes, terms expects, or predicts, and those historical Reform XXXX. as intends, such of will, Act of should, potential, by that number facts terms. During a will identified all be forward-looking statements Securities can plans, management within forward-looking anticipates, statements would, could, Litigation estimates, negative statements projects, the may,

and may duration is particular, risks, factors are achievements achievements unknown other implied statements from or performance or discussion. of results impact could a the based known cause information In uncertainty results, be well about any forward-looking outlook and means pandemic. that operations, results there materially contemplated to different that at the today's and on and COVID-XX significant by the the as those uncertainties estimate financial and for is statements time, Forward-looking performance actual as on change This involve statements. Biocept's COVID-XX best of impact the contemplated

call. of revise events of For occur publicly law, details as to about XX, as circumstances call to November any contains this SEC content disclaims information this these information reflect the time-sensitive is update Biocept The see obligation required risks, only after today, that please XXXX. filings. any that accurate or or company's by Except

Mike? over call Now I'd Nall. turn Michael like to to the

good Thank you, afternoon, everyone. Bruce, and

served more detail, Systems. molecular and respected Dugan us Dugan at positions in has as to our Diagnostics Chief in discuss He industry first Biocept Dr. our Sciences, mid-August is I'm diagnostics Medical Michael pleased in Dr. quarterly joined Medical we the Exact call. Quest Roche leading Director. Medical conference medical highly Before Officer results and to his welcome in and

have our thrilled are on to team. We him

Dr. today's advantages on launched care. fluid Dugan focus the increased year, having clear assays, standard We call, our our Selector During of see will cerebrospinal which as were versus earlier Target discuss this neuro-oncology.

compared With physician lower on to offices. received Development impact patient extended the owing we an to cases and COVID as increased quarter, from resurgence the volume. primarily biotech revenue, second which in currently other started have our see as were as that the collection well revenue sales biotech online. research-use-only, at trials beginning are pandemic come and than the oncology experienced revenue to kits from of levels $X.X decision fight COVID-XX company. our during testing by our testing, to our development of quarter proud $X.X as has We our to the well fourfold the volume customers second testing the molecular of the volume pandemic quarter. some That the like is patients diagnostic said, and against in recovery prior with record commercial million. over labs, of RUO, includes increase projects. clinical tubes support not many up or halted companies, reached pharma which more pre-COVID and as offering million, a our returned from year We is the occurring, and other visits blood commercial development benefiting back of may Revenues we anticipated many oncology The CEE-Sure

includes samples. offering momentum received alone. and, continued more a We received with in in COVID-XX approximately the began we X testing XXX,XXX of as This have total we than past samples XX,XXX gain to weeks testing. Importantly, of June yesterday,

assays. basis significantly lower per $XXX on a COVID-XX QX, than oncology accrued we sample, For testing is per-sample approximately at which

the However, when a oncology be by continues volume time pandemic. impacted at our revenues to this volume testing higher is driving

on QX have impact XX,XXX We an a expect to pandemic samples capacity COVID-XX We component will COVID-XX the our run revenue testing continue week. until subsides. to important per currently business be and significant approximately of have will

our Over with lab actions the increase past testing additional even to underway several months, increase volume we've in daily and further. equipment added CLIA staff to throughput

providing We to growing testing has including businesses care-related some nursing across businesses. well clients, California, as surgery clinics of skilled and country. hospitals, COVID-XX testing receiving as samples are a health from beyond extended list the other located in primarily centers Interestingly, are centers, but

COVID-XX provide team, Kentucky Derby. partnered prior his For to including Fame this example, Bob Baffert, horse with we trainer, Hall testing of to year's for

won a to majority We've number vast a sent and team." health receiving tests the know, leading of stating, Biocept our As and to Mr. Derby in customers Jill within process wife of many throughout officials received done As without the of our ability in village, the Baffert, you for lab increases, up with process. also may of have I to you our of of team, it your a health is Baffert, Baffert that of from public "It quickly weeks takes testing his COVID-XX thanked help team's receives testing remain the and and sample. to providing the member our we a COVID-XX Mr. Derby. the the any horse Authentic, date our compliments service these COVID-XX of about proud hours couldn't trainer providers samples personally XX results our

of tubes. confirmed third-party to proprietary number high the CRO equipment as collection media making by and been launch The has in inside effectiveness specimen on to our produce needed of of these on we own require tubes back well this killing COVID-XX validation good that developing are We year. delayed the our as due lab the properties a our tubes the viral in track progress that delay orders the later remain for

are we Importantly, important that to patent happy advance a we are filing this report this week. for

we cerebrospinal to development detect progress agreement both patented used versatile, COVID-XX will oncology, it's apply where mutations Aegea our The biopsies either is We under are currently gene clinical particularly in the Aegea fluid with well reporting assay blood liquid order diagnostics for to guide and molecular to in suited targeted therapy decisions. it technology, utilize or also Biotechnologies which Switch-Blocker powerful project. and of

could testing provide expand COVID-XX, much COVID-XX this to believe COVID-XX viral of lower challenging the both term pandemic. Even developments core negotiation PCR-based load capabilities If next-generation an post oncology significant conventional Switch-Blocker that detect at For with and offering. first sensitivity to that our successful, much option our with continue will we near assays. strengthen during Biocept levels higher than we support technology growth these business has times,

our in VITAL We is it provider Blue are with cost future biomarkers agreement physicians physicians outcomes system of of cost-efficient discussed as breast in Purchases effectively. opportunities alterations disease Using with as with [Technical health care involving There our to The are well of to also are Target review therapies lung, Selector agreement earned the genes. is of was target that second profile significant NTRKX systems and new new integrated quality call, molecular colon accomplishment assays, oncogenic on last a utility a care. tumors, for health These is and services our NTRKX NTRKX assess health most Difficulty] therapy fish organization. these appropriate order for reducing advanced the care. portfolio benefit. as health evaluates and fusion and the of the delivered as of allow deliver blood helping delivery nation's goal NTRKX most to of recently associated with the melanoma. assuming after a overall evaluation cost-efficient we of cost for Blue groups for is are cancers status the because integrated the that a are time. for many While which Shield-affiliated currently innovations contracting lung genes largest worth to by mention -- that commonly care rapidly risk. want for Highmark and with program, assays selecting over with including seeking our this Cross solid technologies simple and while a NTRKX Highmark Health X clinical health monitoring positive for patients cell the are groups high-quality sample select well Highmark's the introduction involved. Health available cancer assay The while of that gene is study included non-small I a expanded progression health revisiting. economic therapy cost

type a quarter These strategic using the we that our detection portfolio into tumors transport expanding business as patent our for the our by property cancer This for believe fluorescent the cancer analysis. tumor and of over the or tube. Tim by any technologies award focus provides biological We rare solid broad staining results. We with bloodstream property grow turn our patented week, our It with of shed of CTCs. This complexes, which any entities. and binding and with a the demonstrate including as other strengthened detection international antibodies of Kong using we the cocktails in in with collected circulating patent fits were methodologies. other broad Earlier this now for patent technology our of covering retention or on companies of announced target our covering cells. target microchannel by portfolio, the diagnostic are and patent capture, a I'll It well. And well as enrichment method used our patented now any to intellectual cells, our entity have binding review call XX is Last cell Hong for covered including expands to Tim? includes platforms. a that, for variety awarded combines covers entities enhanced types. patent CTCs, including intellectual to the capturing of surface globally. our opportunity this solid CTC target covers cell wide covering international Japan patent CTCs are a as any seamlessly single and to a core enrichment geographically coverage use imaging Kennedy patents analysis have detection blood and antibodies single the The sample this U.S. technology. patent of financial or using of interest, of third out-license we We including also capture, month, detection combinations the sensitive tumor molecular afforded work devices in our success also patents priority for cells, interest, microchannel cells also well of the to new for

good and Mike, afternoon, Thanks, everyone.

with due expenses in accessions. the million. legal increase from XX,XXX XXXX, X,XXX primarily a marketing This result in $X.X average XXXX, during me, compared of test for compared loss is million $X.X quarter which were million or $X of the was expenses QX volume total prior received As costs. Sales to with million to a weighted million, to allocated million flat of relatively XXXX due was we curtailed expenses million dollar Mike on testing. third margin activities. $X.X versus headcount cost as of This for $X.XX sales primarily is revenues in XXXX XXXX QX we $X.XX $X.X relations million to revenues $X.X were mentioned, revenue $X.X COVID-XX-related QX accessions XX expenses pandemic. our was laboratory commercial XX.X in R&D primarily share and Total increase expenses increase and million and a ago QX XXXX. which compared due Commercial total G&A In in we Gross $X.X business. significant $X.X excuse testing handle QX from marketing due year of million marketing XXXX were to XX%, period. $X.XX investor per were with reported outstanding. XXXX, million reduction to XXXX for shares XX,XXX. COVID-XX sales in the of the with and as decrease to one million million $X.X well QX additions for attribute a from Net for QX -- was QX as the activities was QX XXXX, year and COVID-XX

September in of share XXXX average for million X a third share implemented quarter X.X or reverse weighted of average weighted reflects with Our outstanding. This million on the XX net compares XXXX. $X.X loss $X.XX for per shares the count split

equivalents results. expenses X due of The million increase the R&D million was million, in financial of were first year-to-date the G&A of $XX.X $XX.X the and million, company million of were and of and December of months X September the XXXX cash XXXX usage, testing, XXXX. share. of with expenses by months with support were sales inventory first of $X.X XX $X.X cash again, XXXX. million to turning cash $X testing. of million, the Cost were million $XX.X the marketing third XX, XXXX receivable revenues planned for most million COVID-XX net per with the X demand were we the historical as as for first our robust for expenses will and were grew quarter by operations COVID-XX $X.X current XXXX through compared compared In months and to $X.X as for sales $X result million. $X.XX position Revenues or XXXX, and loss a Cash Based anticipated months $X.X consumable increased accounts X $X.X of million. Now on believe

collections, runway uncertainty on revenues the our shorter. introduced by COVID-XX and be with However, cash may

of of the complete move Xst -- expect we a new As me, note, Xst our by and our to December. excuse to headquarters facility lab September final

about our other our and to reducing rent new development administrative while facilities, only needs a from costs. current building is expense and away commercial, designed the located While mile meet facility

without We the to And I'll neuro-oncology smooth call Michael? strategy. to provide of Dr. Dugan a our expect over transition now disruption. workflow an overview Michael turn

assays. a to and commercialize you Thanks, are in with diagnostic cancer, we with patients tumors today. and lead It patients characterize is focus monitor where metastatic with metastatic can portfolio of to cancers spinal Tim. liquid assays develop used diagnose all to are area to are used properly But response efforts advanced I'm cord. our they pleasure disease, also help Biocept's be and efforts continuing advanced delighted biopsies. primarily or involve further that to brain our therapy with speaking to to of in molecular These the an including

perform and we in in that are Since fight against currently health to Biocept, also health been I've new areas needs public clinical oncology the various COVID-XX. aid unmet and of We developing a important my evaluating working teams, better to advisory public additional development serve assay new can include and publications versatile with projects strategic offerings clinical that efforts and assays. the colleagues these of These with address our develop needs. more or joining studies,

developing are research commercial We for the clinical, client use also of these technical with the further and and service products. first-hand support clinical market

to system proprietary lung involve use central cancers our Target to are has in detecting the develop in metastases. on central it of particularly the the only to excited has the manifestation cancer, CSF the cancer rest patients breast advanced adult of brain disease, XX% We sometimes when as nervous or metastasized the of treated frequently Selector disease been type, and assays XX% that of with the body. successfully brain Metastatic depending for nervous will system. develop

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the prospective to cytology metastasis this fluid cerebrospinal CSF study, identification of compared with treatment CSF the study versus leptomeningeal with XX conventional examined CSF will month Neuro-Oncology, in could cancer professionals devoted specific patients Selector Selector XX% XX% brain and to was detection improved breast the to hot using in Selector small assays In International neuro-oncology another Target samples clinical our from to suspected, in presented the in month, Target Study cord cancer of puncture are register of that the cytology than or also brain from of collect for samples standard provided brain Due and at microscopic our primary involvement oncologists. about samples already current and studies tumor the has conference. biopsy. limitations CTCs of SNO evaluation as XXXX neuro-oncologists, of and of our the fluid are determine choice. lung X,XXX diagnostic no cytology, at us Target utility nervous of attracted oncologists for with is or year's when as to before testing with disease presented Lung patients XXXX from work and study cerebrospinal negative assays oncology. establish limited of for of of the well breast Target of being detecting lumbar CSF lung molecular as at often care, opinion been leading leaders sample our other method, international generating for liquid procedure. presented with later as Last the underserved meeting Society actionable future of working were CSF obtained central the of of metastases results this key is very Cancer, fluid, testing often to conference. a As appropriate known S-N-O a sensitive our either have expected of clinical repeat system cerebrospinal breast assays or to involvement, major analyze sequentially information is XX Results XXXX. Selector XXXX therapy study many samples earliest Association from this for collaborators CSF tumor Results meetings. compared. uses and studies Initial methods. collected small attempts sensitivity thoracic mutations finding this has Several in area the additional topic provides SNO, be EGFR CSF to More assays cytology quantitative technical targets tumors these involving cerebrospinal fluid or treatment CSF inform from patients selection. interest the developmental more spinal during of are with better a

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less than we While represents Target other oncology treating of technology clinical neuro-oncologists CSF types. currently cancers of developing and and use oncologists awareness our studies Selector focused of testing on XX% are volume, metastatic our patients for various with by

We expect to year. see business volume this over gain next the

strategy, While commercial excited the traction still early stages developing gaining. the about are already a we in of are we

Our work existing of of supporting assays adopters, value clinical months which early expanding highlighting the focus on tumor and can we the in will our coming characterize. the our information needs the types

studies clinical We and to about to also and Nall. care. widespread more upcoming comprehensive I strategy robust Mike progress calls. look sharing the adoption these to turn in are clinical related a plan will our forward that indications conference as of study back standard various use developing more development developing move for that, toward I'll a assays call With

of is Thanks, past contributions, traded publicly Mike, of we positions the Huebner, We this the retirement. team. his in executive safety Sam retiring on and him the the very and from at Board and to boards well Riccitelli to well-being to appreciate our also in is much of end having served Sam director wish employees served Biocept. extensive years, priority. our brings of and like Biocept, a many X experience in us the a as his companies. molecular who Board Bruce the I'd and At welcome welcome, has our month. for again, last diagnostics industry, month multiple Directors joined

are routine shifts working without staggered conditions customer delay. for social excellent the We while or our safe and delivering COVID through interruption same turnaround staff testing, time providing and distancing quality, service

kits breast increasing assays our our market of network; and validate focus molecular data urology, on market and domestic; selector U.S. a Target and assays; clinical conferences our assay, the and These both and cancers; agreements commercial remain Cross penetration Blue with partnerships, priorities in strategic lung Target Selector health penetration that testing; patent signing Selector under internationally. our additional launching increasing third-party studies blood the sales into neuro-oncology and addition Thermo Medicare expanding with RUO CEE-Sure offering including presenting with corporate publishing scientific global of longer-term technology Our coverage; and our of our growing in plans securing unchanged. Fisher tubes; with additional NGS our Blue to collaboration collection and target plans, case further Target entering portfolio at strengthening capitated Selector relationship more Shield and include

offerings needed COVID-XX to that long are need we this service our there. needs health for addition, as to pleased In to support could and we public is continue plan as expand the much testing provide

building continue information position established their with diagnosed assist treatment decisions cancer. to provides critical biopsy, testing our for and we Finally, in an as Target leader our on patients determining liquid Selector in physicians

as are tumor both based blood from our or Our ctDNA, cells, tumor we as well tested approximately both that information assays have To cerebrospinal and fluid. CTCs, in or on date, platforms to biomarker than increase DNA, more the leverage XX,XXX gradually return differentiated more circulating patient with test XXX,XXX normal our volume and received pandemic have We proprietary our as subsides. assays levels expect fully samples. samples COVID-XX and circulating will oncology oncology

have balance We particularly are strong to a pleased sheet.

for is to normal returning thank Biocept more looking hard the entire I'd this of and uncertainty day with to to our we're mentioned, revenue currently of be anticipate. may Tim the we run cash forward COVID-XX and when during dedication like work Like collections, challenging everyone, our our brings the under rate closing, their period. As than to shorter pandemic control and In business team operations.

are to Operator? take and we're to As And always, overview, that patient clinical ready treatment choices with outcomes. questions. improving committed we now

Instructions]. [Operator

website through H.C. like for be While that I'd mention of virtual biocept.com. at XX. our be Wainwright presentations posted we'll the at will January the BioConnect XX Conference held our to The waiting to presenting question, first being webcast

question. the Okay, operator, first for ready we're

McCarthy First Maxim from question Group. Jason comes of

quarter. the on Congrats

seems you've received So like it of bit month. COVID each a like tests the doubling because number ask about testing specimens basically to been of the I'd

you So into should could much on as look go at impact gauge to to fourth quarter we you looks test reimbursement? I'm the how -- increased gross an the the COVID costs testing. with your run individual provide a how it compared we bit to what margins to more like your color trying

Yes, answer thanks I'm Jason. let but gross appreciate Well, for that, may for this now your business going keeping have the once that we achieve the of to of out. one Tim most margin in COVID because quarter business helped noticed folks And challenges with us of question. question inventory. earnings as highlight I the ahead gross COVID game release is the put the the right of margin

So trying continue to even that we're out doing equipment. folks to volume, doing and testing. whether or we tips get more excited great able can job to pipette That this and be immune industry. Once to some we're it be this up in other, more the our or needs the handle we of on needed I reagents of all that plaguing solutions this a help so these to trying so work handle smart bulked more each some all far inventory lab industry it's is to not for of figure growth. And has some done But shortages sometimes team we've stay kind I'm is that. to continue are ahead can to highlight but is, of think Every to of calling solved.

some of other I'll questions. the address let So Tim with that,

Thanks, Mike.

the As nothing thing you that Jason, basically COVID accustomed with especially has least Mike do company for doing a testing, COVID said, could doing which that was do, Biocept, isn't to to like that. testing expensive oncology

would to able COVID gotten testing quarter. being and basically the been say, and we launched service to provide time the we've volumes by, ramped, really but since -- gone better, -- better we've right as as of have for I to forward hard with that So at second the we've forward. worked would end very we XX% capacity And get has volume at we revenue of with quarter, expect I revenue our associated go XX% now, associated better of continue is say, But go number COVID third we COVID. better cost to and about generate as that the and to

As started, going to And wonderful. Mike said, consumable giving those that. better get bit us it's able the little to think get with and wasn't associated better COVID with to is at as being volumes leverage scale. all been better by, economies of we're that higher materials. I as we that, And But ability time command various our tough getting is a

potential lab paradigm. phase side I few then And have testing PCR things. progress seen some We've on a more on with the as companies the saliva-based one testing I'd COVID like of expand a and new actual or either to that the get of your there collection side saliva-based to plans any if are on the into testing take on sample capabilities Biocept's side. overall

some in and project of sensitivity might that, offer. the validated advances Well, Aegea, One assay And of enhanced good a that, released, be potentially fact, our the we're that is is development abreast there. for a with few Jason. answers staying that to would once fit

help So there could be there. a big

folks of require we nursing. that the can in majority clients. are them, from of really we good don't like getting don't job also the we're one test. and close shared is And we've for us. just to they And skilled have before validated although of we're specimens that -- can the -- a require there it, we We've we're reasons a done think nasal staying I However, our us like kind we

lot for probably of testing listeners be there out the that's a the you nose. have of aware most that So being sampled to done, are up your inside

of collection, oral validated your at with also of the meaning test Our is kind back throat. an

gain nursing skilled for of the residents sample. a able it's So these easier much to be to

That centers saliva. and And of with those with heard, in so, I nursing oral said, as quite assay where so might are to schools the to having maybe opportunities need be racetrack happy go think far, you it being the also lessened some facilities, and, we're this skilled populations. collection, helpful saliva other the and

smart was In but think to come us that's interesting times. collection a us. because that, differentiator more So the for both of been the the and nasal big on it meantime, to validate oral I

easier Yes. definitely than lot a It sounds nasopharyngeal swab. the

in in right. of That's the residents those situation group most about and you of think Especially patients, that if cases.

Yes. more bit And don't then I more broad. have if a guys one mind, you

the could the capital to growing color strategy So cash that bit to of overall you a burn? oncology on just testing and have of see now with a core I'd your a business, engine offset COVID-XX like for provide help you bit more pipeline as especially if

think Sure. we No, know care for because needed and absolutely, provided it to entered that everybody be we that Jason. gets this, I folks. a to to into always I reiterate, this was want service

And studies very thankful our there the resources to we one provides the costs reinvest reimbursement right in And dollars. in study that a in And fortunate are with value Highmark as bring. this. significant of a bit our cushion And relatively was really be that we core shows a and low to exactly for needed very investing utility our that little plan tens VITAL us so can you're were we're business. true clinical us. the cost challenges defined, to clearly statistically extra covers previous participant of that with for prove thing The of in the thousands chosen of able we to that we be do that

in And testing volume we're get going thanks you're as getting value high going the larger you to a we're talking from those big to to studies that create the really cushion However, get expense. of able be it. know, tons of some kind to into you we're guidelines, of of about these fund attention the doing, to and with

very that's neuro-oncology. mentioned today a differentiated. on in communicating be we're Dr. more discussion we'll Dugan investments, So And his on think, real our area I that. well

there. have You cell what doing to do have the we're to

So while all as X, be assays, a folks Stage can. the have are cells or not DNA cell-free in CSF. the can there answer We can't present that cancer it helpful question, the

me live. the will missed of of that That's makes getting New I some us tell I back the it you. utility sense to standard to you to inclusion. let guys us established clinical look get invest money lead thing, there, forward and the care for So a and York anyway... ton travel, seeing into but guidelines

Sally Brookline The Capital of from next question Markets. comes Yanchus

to That quarter, great. Good to New visit York yes, back us. be come will and

Right.

quarter. my XXXX? expect expanded. I -- what's mean the questions really through thoughts any that? do testing of Do volume, I say, you mean, I on this into COVID to going I of sense of one good really level see mean mean has but year, is, Yes. I testing you I have next guess been your would volume

-- even what Well, here we're to you seems California, demand say, we're it. to them don't out laboratory we were very through there in to of had continue to Like modeling next just And be his there. tons we expect, a like very just fortunate as fortunate. thankful year, there's expecting all though know even were but operation. grow good And undersells in for as were we well of sometimes we already capabilities teams. Tim our I operations us, because

did the not. start-up able other the done we've been to example knew team already COVID have of volume some because a filling requisition that just that things low how be operations labs ordering, oncology, relatively of An in of that before. client fantastic we our have place, meaning it you this volumes in manually we business We now. out. with that had and Well, can't of the scale types had in So never because to a grow this automated instead we do would invested the already

in sample our So and that code ordering it with coming nothing here of are but greater doing the of data kind in XX% clients doing. matter an with were weeks, specimens ordered up, now we Otherwise, I'd our a people it able and than a by to just portal to online bar of in. the get via bar army comes volumes goes have we're we entry when have of code on the

So it's over over. -- that's and

service what it levels care bread Dugan you a getting. but the testing butter we to oncology have nursing, is the They're We XX/X, service, we're is experience. representative the their of is, provide glove not kind their with the and up of the it them providers, lab currently skilled Dr. detailed clients finding of the we prompted lab that is used standard we're oncology getting an rightfully, that most serve that they comes me, that -- bulk service just which clients that love to the with that that and staff, geared And serve, of handles get. always when in local visits phone to answer people white is that the that through services and call not issues, case

have appreciate were the this able And well it. just be for So place right team to think to to in done. do of advantage take us, they and we've we what positioned really I

said, was and out it to business, one add before our it just -- of how that nursing nursing got facility increasing I to mouth. it, me and been we pretty skilled and another to you know much word Mike volume's Let another. here. another mean And that's COVID from really our came facility word weekly skilled and got what servicing

Interesting.

improvement as third as business, mean seen the I biopsy quarter, far liquid in And have Okay. an the correct? because... you standard

yes, We've go have we the levels up, of couple growth a seen volumes reasons. seen There's that -- pre volumes the we've go seen up but of levels to the not and pandemic.

that challenges of now. phases happening. amount team requires they of fair our early to by still oncologists interaction of keep our is to we're the with sales in a have And and growth clients, the One adoption don't right of it the access that testing

past to taken But the labs folks it's are the the people COVID on they've West them getting it's getting So I of actually right couple this their normally difficult other still for number. thing get like you've And results do on with that sales now. quarters. new neuro-oncology, of from us lot lot Especially time is a of especially their things to. other team, the We're clients and who those heard on and for think other focused the fair time our seen labs, -- over access us do spend have Coast, calls, Zoom they're with the lunches person. in to you blood you a testing, ordering visit but a

XXXX, think as done those the the we've going have we're So I after to in as this resources into starts we're to past. where to both a able now as aggressively shake things out to strategy with -- go going

that said expenses people. level on of you you Tim, Do to expect quarter. more quarter $X kind were of fourth the continue million? did for $X you G&A million the Because in bring

No. but not efficient go I how specifically, our mentioned, in Like to will we've become more down, down, expect it pre-COVID operations. to yes. go that learned And to I do levels,

question-and-answer would any to the remarks. concludes Nall over This back Mike for conference closing like session. I to turn our

And in Board of very when at today's We to be participating quarter providing want again, update hard our report interest Directors for our operator. here forward our full and our Thanks, of year on Well, thank for conference everyone company. behind you, fourth our March on we behalf have call and your Biocept, I team working and during results, financial next XXXX a look an thank XXXX and the great to progress us. on in and year day. call will

The you conference for presentation. has now concluded. today's attending Thank

disconnect. may now You