Chembio Diagnostics (CEMI) 9 Mar 182017 Q4 Earnings call transcript

Greetings. And welcome to Chembio Diagnostics Fourth Quarter and Full Year 2017 Earnings Conference Call. [Operator Instructions] As a reminder this conference is being recorded. I would now like to turn the conference over to your host Lynn Lewis, Investor Relations for Chembio.

Thank you.

meaning let this you, X, current conference forward-looking within today remarks the XXXX, beliefs begin Act statements during Securities made call the of we the me concerning that remind company's include of company. Before XXXX the the of today, March

revise Sperzel, you differ like uncertainties and Chembio's I’d time or update including from statements and uncertainties risks publicly President any other materially Forward-looking filings and forward-looking described subject the results in these are statement Officer. undertakes which from that, John made With to to today. Chief numerous Executive to of are turn to I to Chembio's and filings. all SEC beyond may with risks time encourage Chembio matters. obligation projected. concerning the assumptions, review the many call Chembio those John? SEC company's to control of over no

afternoon participating everyone, for and you Thanks Lynn. Good thank call. today's in

spending consulting, strategic and global commercial I'd started and corporate Neil of who accounting of transactions, as is begin, for to public will manufacturing financial to development, Neil operations Officer on be call today's He we introduce me scale Chembio Financial our our who in XX and Goldman, Executive President years brings December. Chief joining management like organizations. instrumental Before experience with continue and we Vice and manufacturing nearly CPA, operations.

compared prior-year. loss of and demonstrated XX%, operating product meaningful of including strategic performance sales toward improvement and net increased of the strong revenue XX% product operational we XX%, total financial margin gross During of XXXX objectives progress to and growth XX% our growth

offers sensitivity, with technology of basis patented and DPP combined a advantages enhanced the compared Including to lateral flow Chembio's company of on as results multiplexing DPP the quantitative when platform We’re traditional building to number ability provide the technology. customer our which microreader.

Two, to core reporting strengthen each a scientific technology call, details and will tropical and build three turning related fever business. our expertise transmitted are a and number to one, questions. operational to as on progress call DPP disease today's sexually product before collaborations. Neil disease important and we on most our closing achievements the then to a as portfolio, broad provide XXXX comments forward provide via wrap goals entering over our Our leverage your financials. look to will I of these of to our up areas, well On commercial taking and I strategy

transmitted net is will we our business During XX% core by XXXX compared predominantly sales. and made sales growth driven strong directly the our currently discuss product investments prior which to to related sales The we growth year sexually disease recent we which our was in is continue later. HIV marketing business. believe strengthen in to product We sales the

During million Bio-Manguinhos million the $X.X order the that shipped from we fourth quarter, received early of XXXX. the in remaining we $X.X

and commitment XXXX also from supply to to of Ministry and an DPP components Brazil's subsequent product million $X.X Leishmaniasis and throughout We announced purchase Health. intermediate Bio-Manguinhos

development is the System. Bio-Manguinhos of National Brazil's of for Cruz demands to biopharmaceuticals Oswaldo of a recall Health may which subsidiary responsible meet is and primarily you As the the Public diagnostics and Foundation vaccines, production

tender million. years XXXX, diseases. Agency three of multiple with We XXXX over $XX.X with long-standing of Subsequent we year STAT-PAK Supply to deliver This the three total largest products XXXX Assays a infectious and have HIV and a tender in Fund the company's is contract supplying Pharmaceuticals from our value between relationship history. HIV other the and a won Ethiopian to the the detection Bio-Manguinhos for of point-of-care end

the high we U.S. the the each to HIV and has completion co-infection or pregnant Syphilis public novel priority. users. in the of as the Syphilis a HIV-Syphilis global application Outside HIV We HIV quarter DPP identification Assay transmission believe Assay. to a the Assay women, announced affected child of We company child neonatal U.S. of clinical we XXXX to DPP study quarter, Organization, in fourth And be by child Health resulting community increase mother transmission be our pregnancies to first X market to in HIV to mother concerns the trial Drug positions population DPP estimates Multiplex during control as as we're Organization track premarket on point-of-care Health committed general address World uniquely in our the The improved segments of During HIV first Food drug Syphilis Administration. and recently health could United outcomes These HIV of are Syphilis and death. United the XX mother for to approval timely certain including company tragically with States The and of a well and Syphilis treatment we or year sex countries. rates initiated States. to transmission. global and stillbirth to the HIV eliminating related of workers that million believe in and World Syphilis through Syphilis the collaboration filed

been Mark. both to continue the Syphilis only multiplexing in previously those and the can purchases. It sales technology. that deployed have countries active test of our Screen of successfully detect have & and capabilities pilot This treated simultaneously some of Africa DPP advantage has concluded Confirm unique of product We our Assay Syphilis initiated several rapid DPP CE in which expand taking programs infections is is

which the HIV by on market. the XX% we during European to prior self-test focused XXXX, Finally grew self-test HIV our been international year to-date has business compared

SURE the DPP they HIV exploring. we international offer several are markets CHECK growth including regions for and self-test the well and believe in products world brands actively suited we're Our potential which meaningful of

an health which basis for over most Turning XXX annual including related broad portfolio. platform, account the to our rapid global threats compared test funding million fever superior showed from second the deaths and of building feasibility We key a Malaria annual our test. a the leading This and annual and significant $XXX estimated DPP Assay of Bill the prior to point-of-care point-of-care superior sensitivity dengue Foundation. XXX,XXX Gates DPP goal Melinda million we're the and product some approximately market the sensitivity Using completed disease tropical objective market. malaria for developing for world's together was which malaria

in Our which production regulatory XXXX process. first malaria of and commercialization course and facility, the the plans are validation, transfer our certain include verification to step submissions Malaysia of

As successfully Peru, Haiti previously Multiplex Chikungunya Guatemala. DPP Assay countries, a and Dengue in program dengue includes in four also and India, which Zika, participating DPP our communicated, we're pilot the CDC developed we Assay

DPP now sales. Device Medical during we U.S. way and received additional XXXX are September Microreader Assays Use Waiver we plan Emergency approved XXXX by Drug registration dengue and by Dengue funded which Assay and product BARDA. pursue the XXXX anticipate successful which Malaysia the funded DPP to we and by are Authorization Food the includes was BARDA. FDA and of for for In which Zika Our Zika each CLIA paving Authority also System registrations our In country K Administration XXX

Use company further DPP for and rapid FDA scientific patented We expertise. both Zika validating Emergency receive a to technology our are test our the only Authorization

to supply of States and conditions. System purchases In Caribbean commercialization XXXX awarded initiated $X.X least and our are up quarter million of Zika region. of fourth the contract at the Zika the we've $X.X a we our today, of to subject million System of to As in United UNICEF certain

via Turning objective, and DPP our expertise product technology third to our development leveraging scientific collaborations.

as we assay. to to biopharmaceutical terms additional company. receive of cases $X.X the from XX-month cancer, technology of the development time. development tuberculosis, of opportunities We we're AstraZeneca, before about our for next sharing to complete exploring DPP additional as scientific successful there on cancer We collaborators forward December these expertise. and the collaboration develop have XXX-K Based the assay the We technical success. bovine regulatory and product a XXXX of contact develop Chembio the with plans specific occurred TB a to In Utilizing form ongoing programs of believe DPP and during Under agreement, the including Assays feasibility probability actively clearance DPP based well as year. on point-of-care listed the concussion development such which are our patented into we each of AstraZeneca we’re middle identify leverage we're by entered XXXX undisclosed appropriate funded of collaboration with quantitative a details number undisclosed about to completion of via and an million well our look key collaborations In We're to to optimistic by during platform Bovine AstraZeneca quarter up our third opportunities. at microreader Assay our the our submit the the of for initiated combination a advancing of of on of an biomarker the biomarker. collaborators to will and the test XXXX concussion the and also commercial as track global strengths a

to and like I’d on update provide number Finally achievements. a of operational an commercial

we XXXX half of XXXX operational sales commercial marketing and We first Asia. placing to we our commitment in Africa XXXX our Latin Southeast a put in made and team executives of capabilities. fourth the both of second the expanded place and quarter and leadership experienced half During America, expand in the commercial during the

product to customer and support base. believe a is built team marketing XX% and also net made sales achieved related commercial We We expanding we sales growth the in investments we focused team to the small XXXX in directly globally our our sales marketing.

integrated and/or competitive and and Diagnostics STAT-PAK company of Simultaneously future scale line facility operational and a in manufacturer we’re lower start we to help DPP disease scale as this RVR the established we We've as to will the the help margin assays January a is ensure We In investing cost build and manufacturing capabilities. philosophy acquired pragmatic help the expansion Chembio STAT-PAK processes manner. systems, a our HIV providing expanded and grow test. thoughtful Malaysia-based small distributor Diagnostics employees assays in Malaysia the infectious a believe we point-of-care and manufacture advantage facility business XXXX manufacturing potential. in and Malaysia. Our of at improvements company systematic to number

turn In year maintaining fully X manufacturing This up equipment expect Goldman DPP York customers capacity automated assays on now comments a by as of with Officer increase and per Neil new for over will approximately DPP addition we high then installed Medford, we've New the I'll I’ll ordered equipment some facility. tests our Neil? our manufacturing our Chief assays. first hallmark Financial also call while strategic million that initiatives be in our XXXX. the quality to enter closing wrap to

team. be of happy Thanks Chembio John. I’m to the part

the of quarter and start fourth the in of John Chembio year during As shared entire favorable both call, growth the experienced XXXX.

Before reviewing I to highlight details like would presentation operation. of financial our of the the statement

a on margin net and forward results XXXX basis which year-end calculated product will and is go quarter cost fourth our of about talking minus sales product we gross our For be sales. as product

period. our XXXX and million were we start an specifics also XX.X% sales were quarter fourth fourth million a XX.X% is filings. gross the increase XXXX million for revenues the quarter compared quarter to management expenses for quarter diluted or financial this $X.X License of and as $X.XX XX.X% compared X.X% I $X.X in Net results. increase the net were will of increase an an performance of fourth in product fourth fourth reported fourth XXXX. results, includes revenues. prior and the in $X.XX Net quarter the fourth described per the $X the research will compared quarter of to for XX.X% in fourth the quarter XXXX. XXXX. of section product believe net of combined quarter to selling, the total discussed revenues per SEC $X.X our XXXX. We and compared product We Gross general XXXX quarter XXXX were $X milestone of of administrative share the of to of of $X.X the of for sales was $X.X expenses MD&A XXXX grant compared loss margin refer loss additional for million XXXX our a to share of development product our XXXX better fourth are for with year R&D million to and to the of increased margin in quarter with and quarter million Other or which of of million royalty quarter fourth diluted compared fourth fourth

R&D XXXX. to year an royalty milestone to $X.X full million and XXXX revenues XXXX XXXX. for to increase million compared compared total XXXX XXXX Net and and License product Now of increase XX% an XX.X% in turning financial $XX of to compared an sales totaled XX.X% results, XXXX. increase grant were were of million for $XX.X revenues

Our sales States good distribution purchase the region on basis of distributors teams notice a benefited million $X.X earlier of agreement. world the termination certain reflect in a in of every one-time our John described in U.S. XXXX following former XXXX end results United of which that except from that contract of products

and While product primarily XXXX million sales was by expenses or the million $X.XX $X.X that after Net an million. call and normal loss XXXX costs. for were diluted to $XX.X $XX underwriting completed last reach resulted offering to At increase for comments. last in XX.X% $X.X allocations. John equivalents was turn their increase of an million was of as favorable we $XX.X in public other million Last overhead products to closing was in date back primarily underwritten fees. XX.X% the to share Cash Gross XXXX by December company and or for net would compared month driven to deducting per with XX, The of like million the XXXX. $X.XX and expenses in XXXX. $X.X net proceeds marketing increase per point, million I fees professional expiration diluted this XXXX those share in for XXXX $XX.X percentage of driven totaled margin cash month. loss Other compared compared

performance. advances XXXX made Thank considerable product we you, and commercialization development, our Neil. business in with progress Throughout substantial in financial

to and our important belt received We million and our purchase HIV As won quantitative we We commitment Zika [PMA] $X.X in an We from $X.X from UNICEF. a our under including. the for Ethiopia. a wins Award submitted detect $X.X to entered with undisclosed DPP of We to received we balance DPP entered already FDA capital. three-year develop million AstraZeneca system. total strengthened well-positioned assay million XXXX XXXX an a we Bio-Manguinhos, we million with biomarker conditional collaboration HIV the million of have number $XX.X contract we're sheet a from $XX syphilis

our and about development, quality and objectives we think key focused overriding product XXXX focused we marketing, manufacturing theme sales specifically As and product for have systems. execution on won registrations

to for cancer forward market, a schedule we’re the technology and robust Assays to undisclosed an of development turn excited We market product particularly concussion collaboration. TB development biomarker on number high experienced now to we’ll the questions. advance of providing and our the significant team on quality we look quarterly global assay call. it have We’re products a the development Bovine that, DPP that of and under pipeline, in updates In opportunities execute and With to this AstraZeneca complete next DPP on the platform DPP the assay patented plans. year Operator? open the capital summary, a earnings

Instructions] from [Operator Please is with Ellich Capital. Our question first Craig-Hallum Kevin proceed.

John, couple questions. just a of

of margin you to in gross margin in And that bit coming there some you’ve XXXX. any would color gross tenders give lead margin is the came little expecting going total unusual in we’re anything and contracts than there. gross can won us to what's guys lower on product So a and

we're is. win color business the one at The So concerned, as have XXXX in level total tender here as at the million far the York. our Ethiopia belt that we that from the traditionally the is manufacturing under in not is That product three-year that contract. our in $XX.X margin award start already is New award is one plan that

the site plan favorable prequalification The WHO a kind As a or we pretty once certification you of win absorption impact. of can in way Kevin. is with Malaysia our longer which associated that of imagine would volume early term tender to Malaysia that has Otherwise anything anticipate XXXX. other we numbers being isn’t the get that product the pull transfer or there one production to in

of margin I’m XXXX So that we then - because of should expect you this, a bit little is throughout hearing pressure correctly?

spreading favorable we're impact it define wouldn't base it's business. the I think over got of butter as a a peanut much essentially I margin bigger pressure,

the Ethiopia to that HIV that just is for that confirm the company profitable And correct? business is for

Yes.

that milestone and any royalty AstraZeneca the the just expecting. in seeing then license it a from than on looks we’re Are revenue of R&D and grant bit flow little you higher yet or is come? the on like And that was revenues

ask to going that. take Neil I’m

None recognized revenue of year. was the last AstraZeneca

that And when should we expect Neil?

the will year XXX-K really course kicked this timing over and of of off. be It next some and that year to gets the process the filing into related when

like wanted just that the calculation from what's know flow is you million positive I that our since driving receivables on X you or that? looks you Brazil And right? have was And or QX to know to cash million then Neil X.X due in see it collected is based

It the is company's reflected successful outstanding in in the the from in part was them our is last notwithstanding receivable And Bio-Manguinhos in collection you're we right. at fourth that. fact that nothing and sales. positive growth the That's from receivable with business that this of from quarter and the significant end the certainly to year reduction year in of the accounts meaningful in of year what had seeing

give can you or thinking should on a any in progression? around come us quarterly then even us And cash goalposts where burn for help we will be XXXX

we don't of level As on granularity. of you get know direction things a of that providing in habit Kevin,

we in but which then is prioritize the there's seems everything have team excited bit, when you thought the pipeline? you great you check. how about of company. a What commercial expansion, a of development you and of kind had think John XXXX should And like Just it I'd terms for know with quite guys number wins sales really about here most are the

disease job a is no And we transmitted sales doubt laid and the experience one great our people which a did at was driving infectious the of of there put that place that between core out the infrastructure direct growth. excited that we there's relationship in I'm beginning the commercial XXXX. we sales the growing that business initiatives as really sexually

So sexually forward continuing we transmitted to look growth that core to in disease infectious drive business.

the today. one that's our business of and So that’s majority

products development a is, the malaria we’re upside to dengue really are The for doing potential that job the with which huge we and and disease of in process a year for commercialization fever going markets are of advancing begin declared second We company. lot tropical this good area. the our

and little the registrations is And commercialization certain XXXX get keep thing to a those the Just we’re door approvals that be intend unpredictable. the to will for a that regulatory have the a in for partnership include to sales. third fully But commercial side thrilled then phase obviously test and apply open can in mind a develop does the and on we collaboration with or collaboration certain biomarker. to DPP bit AstraZeneca

I more demonstrated companies would amount minutes. short very on in if quite through AstraZeneca blood their we're diagnostic fingerstick think biomarker be imagine the even around thrilled but most world time a you of that that in and identify technical in could feasibility the we thrilled, thrilled we're that XX can knocked door we

very that of the collaboration. development collaboration forward down commercial side the and talking certainly look these So optimistic more on we’re about the product about to calls road

Please with question next Benchmark Our question. your Raymond is The proceed from with Myers Company.

the manufacturing gross ask running in margin timeline let manufacturing New you about up facility shortly? John getting and first and Malaysia you the me mentioned automated of York. And implications the instituting

margin about prepared Ray. to the little specific a it’s talk impact we be gross wouldn't So premature

give in we into line New out month. delivered York XXXX I to we we for automated facility some be get color next that. think The when the on can expect further the manufacturing

process pursuing speak. certify get need to certain we that’s transferring production our we which are do facility Malaysia World As we in site to as far as the and that a Organization Health to

on think gross give two color margin we once the I occur So you things can impact. those more

If how take I ask typically site Malaysia? World about long a the would like certification can Health for

that Hard hopefully it pleasantly to XXXX predict, what and assumed surprised. we've of done we've we’re all is takes

over XXXX having manufacturing you more reframe in efficient its opportunity global the size manufacturing Given what's deploying and can to the Chembio XXXX, efficient opportunity? in the HIV that market of of goal for beyond the

product Ray. it all three crosses Well of actually segments the

sales in not we're first on we for of dengue future certainly in in today. question. about discussed of which the of which thinking just remarks business as our assays business for the terms is for point-of-care order can automation today's malaria and impact thinking prepared So also a enormous market XXX market positive it about was the your margins But on the have million we’re annual

go we have share don’t better a and take out with create performance. we a to product what to So out in go market, of and terms is have believe we

And of a AstraZeneca that. so the if in product collaborations for come and one plan that. that could type to And need test prepared we’re as in for well production those you things with I to a at certain mean look the need we’re for developing we capacity significant volume along developing we any of cancer

is preparing type other So that businesses New acquiring we're modular forward. come for facility HIV we’re these with go starting online our York And business this for and scalable. going we systems as that to are very our we’re

system a one test add We X third we a scalable. a the capacity a and has million can very as fourth So go second, year. of

order recently tenders in the HIV more the that Regarding that one around HIV more are business products. there world of or many just tender many is to an countries? opportunity Africa how countries more How win $XX.X million Ethiopia and this in and part the large

of that’s third unfortunately and diseases. prevalence up screening Africa as in very made infectious other has Africa sexually tender HIV So there's the and high countries been transmitted largest many of

So multiple on we tenders given any are pursuing on continent. day the

question is proceed. Haimovitch Larry from Haimovitch with Consultants. Medical Our Technology next Please

that with us excited a manufacturing. acquisition those you where question give Couple Asian you bit it a There cost John. some gave lower color color start you to made entering little in the Asia. questions of beachhead a the that you please? about were update was know Can first effort on I needed that countries you some of very and of

of was that think I pieces. the part one

country company a is that the that serves prior it product us it pieces value never half for of the certificate Southeast eye if the at from a Singapore, regulatory least the been region The has now Thailand, of going or our its commercial dozen by years. other a in the are maybe as origin. I Device you that give somewhere a throughout under have countries a equivalent products is pre-sales under already can was doesn't certificate. ability the you real Malaysia. us the to XX meet to right opportunity that's go a in Asia, that into FDA sell other to an approval tell in standpoint, the Malaysian this Authority, of that registration And And in approved – beachhead pre-sale Indonesia part of and of many

us So track business of a acquiring is of having which, regulatory pieces part and approvals Malaysia to was faster out. a get a around big proving commercial the beachhead in the

with the of products. piece be is to starting some algorithm manufacturing that lower for of position our Ethiopia. cost STAT-PAK of course other site, we're The won the it happens And all in we the first a product products, HIV not but of line for that our in

product As of the we Malaysia. to Malaysia before, way to which that once WHO I already will ISO site STAT-PAK XXXX certification here for New in that deliveries get we're we of York. production is that the said And QX the transfer by manufacture certified starting

we're progress. and plan to according exactly going actually pleased with the it's very So

year previous know And wasn't it, you in look a show XXXX, at...? part nice uptick the you which region RVR in had I you if commercially vis-à-vis of did that what

was the region wasn't sales Neil time but XXXX. in the tell founded from on Asia-Pacific it. zero, where update in it can you that finished not far can we from And this I was cumulative the company

over year XXX% a sales increase. which And were XXXX $XXX,XXX. in is our $X.X about Larry last were million a they little Asia in

So show some you did progress there. nice real

Yes.

just we’re started… getting And

has question alliance foresee already this John How pharmaceutical would you do the that second developing, be something Obviously big. my or could been a very be alliances your in start AstraZeneca given of business? other potential part good you. for alliance that

make companies had only because look not collaboration And you our it philanthropic limit we've funding collaboration We involved had product I serves the that sure I'm funded had if collaboration. pharmaceutical of it our and where government we've to that with collaborate that or at different somebody certain they with strategic not want there's we've purpose. headlights. would development. so that We’ve organizations sure organizations far, quite carefully. when whether or those that kinds we It's chosen to in

element been that's one it. of So

Another that it element have and we you we'd companies has particular solve said diagnostic problem on. of to like solve us this will if and been come it to look can't

For and things provide a example DPP can’t technology it not can’t quantitative it is traditional lateral because to sensitive it platform. enough multiplex, result those flow strength play a of the

those about So spectrums company. that believe it's And with said get three there for for we're collaborate is we good opportunities opportunities as that to speak. a other of have the collaboration example for or a are is other actively companies. pleased I with pursuing brain huge us example as I pharmaceutical of funding, diagnostic the we the before all pharmaceutical cancer to us injury because partnership assay of across a a very companies and opportunities AstraZeneca, that number collaborate good that opportunities concussion of that. us to With of those we're course type

[Operator Our Instructions] question next is Please proceed. Taylor Ross with Investment Partners. from ARS

XXXX what it a you're the strong from really I spectrum proved think for like off a of definitely the XXXX. transformational that on congratulations start works. to science First, science looks year was And

John, of Ethiopia what three-year is, a things. philosophical into, more Before contract? we obviously One questions the some is get of couple

Yes.

dollar fall in And two how pretty does evenly expect distributed is that years and of out that that three? wise play to or more should we

I take have Neil that Ross.

this year the XXXX whole shipping XXXX of north for the and of second of quarter $X and divided to just in plan million We balance begin recognizing between somewhat the and XXXX year probably

you And better facility margins on the so of order. end the by bulk the hopefully okayed Malaysian generate, actually you'll with if up you then

Correct.

Also John prior to that in Ethiopia had you you're who things tenders you? other talked about two Africa, HIV the first the idea looking at

the that, what companies number you it's competing and two been Chembio was now were were [indiscernible] hands, of and line a Abbott what for diagnostics. So first I formerly the in is can tell position that

that it pleased a it obvious its pleased capabilities. pretty that. we're I demonstrates commercial were in the because also was contribution. So But because And we're David we it victorious reason for Goliath won think our story of and we and

have to ground. and to to good be have people put the on be large these you good we don't the really kind You have smart experienced you ground people on win tenders of have and to

people have definitely for been and That the have investments powerful.

should away Looking from Africa, see. other what we markets

America nothing and historically with HIV Latin else. American South Brazil other Should been able markets you we basically the penetrate product? being to expect has Latin know you You've and

So answer is new a we HIV-syphilis our Mexico. partner products. have Mexico with us I expect make the in in comeback would STD, the market short in to a yes

One have that products throughout regions. of had and the any we've other have been sold of is developed the those also and that never the throughout goes we Latin this America really challenges in in countries regions Asia into more most of registered

WHO territories a WHO are PMA like it’s of XXX-K have the by products regulatory just you most And that Africa sort Rico. country of world. Caribbean we've all in whether to prequalified. many of a FDA the country CE the environment our have region. Most U.S. mark covers overview covers commercialized give of been and covers if United CE So Europe parts Obviously essentially XX generally marked. the States or other go prequalification I second Puerto and products a the our then

Asia-Pacific. we by So the register the same throughout literally products and country have to country America goes for Latin

Latin country I we to and country you tell undertaking by by in America massive a So Asia. Southeast can underway products country throughout get have registered our that country

at India moment. the and pursuing We are Japan China, not

just in all So Southeast we things countries the keep very are on Latin Asia to focused focused, America. and

stand do FDA and where the regard with WHO and the you also And same to test? the Zika with regulatory and

will So I'm ongoing I’m but to - process. FDA WHO I an with an soon able not Zika sorry, as is we can. as update, give

of are and will of company is we fortunately the FDA course BARDA. concerned, Zika or XXXX. pursuing Zika authorized And U.S. and has that's Health as Services only we all which think far Government rapid As use the Human funded a that process is with test emergency currently XXX-K and take FDA the by we’re

assume that AstraZeneca that. And basically with will that be the to test, that is one I linked

be to prescribe that at that that the when it is AstraZeneca oncologist an correct? doctor they individuals specific or looking will at have effectively is or drugs drug cocktail test whatever market that to product they're working don't required to that or You using or test before the someone, they give is that, actually a them

to can't any the details the with on of collaboration related AstraZeneca. comment We

that of unfortunately. think a comment particular category of their I We referenced can't any on you business.

you but behind else. But be it for, idea comment concept out play of force have this will rather Can a build is along you general something correct how something and actually not will with well you to the sales that that do that? will on the sold be

can't comment I on that Ross. either

just you I’ll assume So right until me I'm tell wrong. I'm

year the to we your by model, to the as look the you be quarterly as the I XXXX beginning success year ability the was know and science. back a is at basis profits? that going translate run proved proving business it should and said what my question on into scientific XXXX end rate of the of Lastly Is see a the that earnings be the year

think I a great comment and a question. that's great

I the So science use quickly, comment proving this real let me your the take if can words.

of around can work collaborators there leading can proving FDA, and world best I’m platform technology And developed the a very different with stringent are on number many our excited WHO, regulatory of that, get we DPP the most we've on the world. ANVISA know products DPP probably while around these endorsement that talking that various or platform I the and in agencies want approve science the to you them, importantly about in approved products we get stringent about are us products As more the organizations. Brazil world the in mean countries regulatory the is

of measure being you couldn't success revenue as mean products get we and we and real them measure start and we create that more line is it. get and agree So margin the I financials get with the to the The of we developed about isn’t science that, commercial proven then products registered. contribution. across real the goal far as

impact we direct commercial in global prepared our mentioned in on they XXXX place team As remarks had results put certain the in a we're that and in the XXXX.

our drive So that Brazil is continue really you trickle lot Ethiopia. can more we're in And wins with to and a with we to on that forward. in couple to we share good going belt we of driving P&L. the and our going that into under have And can a expect calls hope down XXXX future wins in growth revenue is

to what proves on hope a and and actually reality to a more be hope, than great us. XXXX a forward looking brings seeing I XXXX congratulations but While

Thank really it. Ross, you appreciate

end Officer. I Ladies we back over John and reached question-and-answer gentlemen turn Chief the have call Executive to would Sperzel, the and the of like to President session.

for you updating and Thank the this Hope afternoon. look have we a next forward you great all night to time quarter.

conference. Thank This concludes you. tonight’s

time your may for disconnect thank lines participation. and You you at this your