Exagen (XGN) 10 Nov 202020 Q3 Earnings call transcript

Good afternoon, and welcome to the Exagen Inc.

Third Quarter 2020 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Mike Cavanaugh, Investor Relations. you. Thank

begin. may You

the thank Chief released joining call. quarter financial The General Executive host available XX, and Rocca, will www.exagen.com. today, and Manager, Officer; President ended today. and Exagen XXXX. Chief on currently is Inc. results Kamal release afternoon’s website you afternoon, at us Ron Adawi, for Officer; Earlier September company’s Financial Good this for Hazeltine, the Mark

should by business and future performance, regarding product materially assumptions. could cause be making differ statements we Litigation contained statements. statements. and various uncertainties are meaning forward-looking everyone and will These Before reimbursement which deemed started, forward-looking harbor pandemic that include of and offerings current to that provisions the that anticipated like to I based of statements, operating pursuant safe statements call the impact All and laws, the Securities estimates and you limitation, strategy our the our including, of facts and during from XXXX. not Reform in current not statements. COVID-XX forward-looking remind coverage to that those reliance our statements Private on involve business, upon be or this to results statements on forward-looking Any get would securities these statements are within call Accordingly, actual made of be are this management the material statements without implied should federal these historical undue risks future place Act of financial

information, and Commission, and our business, broadcast today, risks the future law, with including whether of update our CEO President projections events live the and XXXX. The Exagen uncertainties speaks over XX, the turn Rocca, any please the new intention will provided of subsequent to I description this information filings. forward-looking because or with filings any statements, XX-K other by and in conference otherwise. or obligation, only required Exagen. financial associated now as revise of list a November or For Form call see our Exchange to Ron disclaims except information, to call Securities and or

joining Mike, to today. everyone thank you call the Thanks, and

we continued to experience like always, team. entire take Exagen. XXXX. appreciate friend, moment in to that the in and of sharing comprehensive inform Exagen support XX, Burrell, you Board effective managed colleague As Directors your has their our I’d of retire knowledge Chet to a Chet from and with December been has his helpful markets decided

guidance ability to Exagen on time payers. major resonate allowed activities payer share us avoid meaningful be for our the with community. and actions prepared fully focused to contracting to development, Chet’s meetings and During reimbursement us and insights his would unnecessary dossier the His most with that enabled

We he are autoimmune all to of assist to care done better a us has very patients. Chet grateful being for in for driver

We exceptional are delighted with the quarter’s results. third

the to AVISE patients is must patients Due and this experienced our franchise, value care additional and at the continued visit that came the in adopters testing testament vein, XXXX, over specialized record to virtual well commercial than team of our in had care in QX as diagnose of solutions. the increase a as we Along doctors seriousness receive as a symptoms through rheumatologists defined volumes QX optimized we levels their to continues providers terrific the patient difficult of correctly CTD franchise utility testing XX% pandemic, believe support diagnosed. an to affected the writes our XXX providers stickiness further with AVISE of calls. to their following challenged health autoimmune the and to visits disorders is quarter. demonstrates given an to This of the circumstances. is quarter similar Our a combination profoundly XX% greater and flagship with health Stickiness diseases. adopter of rheumatologists, clinically of business. was in XX,XXX, get Further, both make in-person disruptions of suite AVISE COVID-XX a efforts first XX% again before We XXXX achieved have unique which that despite testing the

pandemic over serial test provided AVISE value and CTD testing, disorders many versus connective which our accuracy visits to convenience Additional could by tissue numerous this during years. is multiple cover take the doctor

either. before, rheumatoid do like diseases Lupus said during disorders and chronic not life-threatening arthritis can’t and have we like As pandemic testing stop a

the to our for AVISE see With patients the currently treatment, making tests the prognosis apparent. and brands more better of pandemic autoimmune that up the is believe for their address of anything can diagnosis on than doctors it need necessity We market. the challenging diseases speed can

to is For $X.X SIMPONI, value for providers. revenue unique agreement well self-injected margin. environment. SIMPONI’s the continue meaningful top in proposition model once-per-month line the our XXX% we gross quarter our we value provide differentiated the health today’s We arthritis recorded will to anti-TNF to biologic believe care million of for positioned provide third with only as rheumatoid as co-promotion Dx/Rx leverage revenue to

quarter third productive one on a was the front. also The reimbursement

contractor million covered about TRICARE makes X available AVISE benefits are our in excited of in We lives. as network Military, testing to Humana July a signed East, agreement managed support all with for our care which

other are in a an providers, which testing also X announce with AVISE of network. million as available and additional members an hospitals of make network to agreement by large September Provider Network health benefit pleased approximately served to care physicians, in-network America We the

has to negotiations. country. effort we delaying that care remain agreements pandemic the prioritize efforts of Additional many many participants negotiate the health large and redirected We reimbursement Exagen, throughout payers at for policy and recognized strategic to COVID-XX, continue with coverage testing major a coverage

a on to diagnostic ever leading publication, compared give The peer laboratory we dossier, positioned in coverage. experts strength We priority, well to demonstrating economic of continue recently economic announced first AVISE Lupus standard the recently to America a of health test. Exagen, our Foundation savings be the result collaboration direct health review Lupus care million of $X the approximately in reimbursement savings diagnose cost. $X,XXX Lupus and are top negotiate AVISE completed meaningful with to AVISE care impact cost that of challenging total they clinically significant or testing earlier patients shared AVISE yields known is manage. test and per Over X-year to estimate Lupus Lupus nearly patients period, an can person. in and physicians the

range well. data efforts. a diseases, to focus company, support peer have rheumatologists of which our economic like as This value payers key Exagen’s monitor treat to I’d autoimmune solidify we to autoimmune-focused a as published to solutions premier few notoriously and strategic difficult continue help to we say as words position Now is diagnose, R&D on tests an providing to a extensive review do. is the

are We strengthening Hospital us test, vasculitis. a a patients. this result different will Health of to subgroups study for and HSS asking the of for and City complications of we have Special York on increases for ANCA-associated antiphospholipid were New blood the biomarkers deliver. most we antibodies. diagnosis clot September, markers pregnancy and with an and Vasculitis multiple Surgery, proprietary of driving our intellectual This proof-of-concept In of portfolio. study able sources collaboration which additional syndrome, a test for providers risk care commonly AVISE of disorder, focused been in new August, clotting antiphospholipid launched a as announced innovation we autoimmune activation investigate In clinical in complement

advance add of AVISE for to a our continue a addressable the disease to further franchise, We development test has the tests large fibromyalgia, including which to market.

series for therefore, and care frequently is, promises often invaluable fibromyalgia the are our autoimmune it that confused tissue for focused While diseases, to will with to diagnosed advantage. on strategically in, health tests would is call like not Adding turn complete rheumatologists. of autoimmune We over we remain diseases and connective disease, and Kamal AVISE rule most discuss out I providers. an now be financial test an our tests believe results. the effective, to that to effective rule to differentiated by enhancing

Total X,XXX growth was and care an million our QX primarily with health for was XXXX other revenue Overall, CTD and for for XX% for from CTD and XXXX over The AVISE QX $X.X million, QX testing of QX business providers increase with testing volumes test XXXX and The for was number AVISE are driven compared X% XXXX. for of XX,XXX QX $XX.X QX of the the revenue Revenue QX QX quarter million. and X,XXX and $X.X you, XXXX. by the XXXX. compared revenues X,XXX were Thank afternoon, bottom. Ron, XXXX million in XXX% with recovery everyone. with margin. revenue The XX,XXX of was order in we pleased April $X.X was gross SIMPONI over XXXX testing good XX,XXX

our of the Ron our puts of in volumes As indicator which greater commercial XX% our volume strong is quarter at mentioned, us execution. than trend, test a pre-COVID

of expenses in prepared XXXX. impact The of expenses, QX margin with million COVID-XX our and $X.X in XXXX expiration in and CB-CAPs was highly our fully XX to patients. $XX.X employee-related a QX health care the to The spread continue stock-based providers continued technology. $XX.X million overall compared $X.X support is due sales was Positive uncertain, Operating revenue well were XXXX in the headcount increase territories, While associated as $X.X as million primarily resulting we’re the gross public associated with in million QX costs the improvement expenses. revenues decrease in QX XXXX, compared proprietary of in XXXX. royalty increase with SIMPONI with XXXX. margin gross company with royalty on with million including XX%, in compensation loss by was increased driven XX% in QX compared to net a was QX The coupled to higher in

approximately We capitalized COVID-XX commercial at cash in R&D Cash grow to with economic Looking XX to invest million. while associated remain continue and we the September the business. uncertainty as any key and were endure our to well initiatives sheet. pandemic, of equivalents balance $XX.X

COVID-XX believe that to we prudent time is not the by formal activity. of caused it Regarding lack visibility XXXX this in due guidance, at do resurgence to guidance offer

We will call now open questions. the for

Cowen. [Operator question first from Instructions] Lin Chris comes with Our

that coverage on payers And you expect Ron, when you to they are resolved? delay? COVID-XX negotiations the do of efforts. length be as delaying prioritize I this believe this you Could just elaborate commented

going meetings. care so we we get right of coming that Sure, take with The comments many they We’ve always, they transitions forth virtual are with have back of going been a information. have normal to preoccupied tests of through meetings and we’re the out But and how is to which front No -- with COVID the obviously, payers of Chris. bigger exchanging have at in all we’re e-mail now, have postponed and definitely problem holding us, but all. And different you, forth. COVID. the to to are of payers are something and lot deal

our possible, that dossier The they but out though. forward. So They after all time to of queue as for still we of testing. be in the preoccupied. get as they’ve are and quick is had moving these is look we’ll we’re will end that COVID I mean know should there Chris, in the They meetings. anticipate answer plenty be at this all prioritized to I soon obviously at tests. point the that, coming

So start the other that we’re back hoping within with of COVID couple things other weeks, track hearing we next on than that they’re testing.

follow-up, payers? talk forward? for health your all And you Okay. related efforts going the with impacting does about efforts at new reimbursement how retirement Great. Chet’s study a maybe impact economic your also And is just could

Yes.

he he very settle we’re He But that and has guidance a former from and to do was Chet So what us information Cross to looking to first, always retire. retired Blue, indicated to he’s looking Blue provide is in. as able happy President. with

in early we better how of forward this to Anti-Smith, and the really anti-dsDNA, test. health payers. they going value the us ‘XXs. in his we it. have using care best go said, doesn’t needs to to physicians ‘XXs most really to because better the payers issues in ANA, it the were mind test. the the on for best way. Keep and We always to The impacting fact, him study knew is us It And for wish all develop him the used we dossier it’s and the impact even a So economic we insights realize thank got back had what address that

better the study. a timely So have get as a more have But test accurate recognized was far didn’t to they that it as economic there diagnosis. we quality

was [ph] Clarks So money. test what the Better you saves round did the out information. study

great We impact of our I it’s you often part do better now. that have going And dossier will money. actually it’s how be saves get something to -- think because you

held than the And is greater of steady of XX% had Has even Okay. the then question, Got for it. resurgences? pre-COVID believe trends. last my in I recent that noted you test volume that light

with It has. And I’ll address stickiness. that the

There’s achieved quarter. a as that’s testimony again record stickiness, the of value else next physician. to have we defined here, levels in adopter an the and important. writes really that’s bring something we that So That’s to Chris,

what couple of years would disorder it something And with physicians get COVID, anti-dsDNA, with of testing. a as potentially weeks, back test X Anti-Smith. lot to called Test that’s deadly Before your diagnosed why, in ANA, took your like you your do correctly a serial lupus. says, come they’ll

is you’re Our only organisms only out it’s convenient CTD overlap the test, XX not but when more lupus. not that test than use because of lupus those our there, best also generic better you the what’s but with markers it AVISE often combines

one during is of COVID solution upfront test So them. perfect a the for convenience

XX%. So I that like we’re the fact

is cure going that with lupus. to shows for us, there no and adopter the think I stick they’re

during So come we back. as bolus of after even pandemic pandemic very the positioned feel and well patients like these we’re

Our Brian Weinstein with Blair. from comes William next question

[ph] is Janssen? That deal just for we with SIMPONI for any into thinking the on to ‘XX? is start renegotiation? How Griffin there want This update on Maybe baseline heading potential Brian. the should be And about here. for

we’re me. Johnson with here is negotiating So, He’s one Hazeltine & Johnson. the Mark fortunate with because

So you Mark, address why don’t that?

at you. by Absolutely. to to Griffin. Yes, with the that now. our baseline we and we’re in November, in date speak the with the end XXXX have Nice tracking to X-K that Janssen done for June that committed of right of end negotiations we’re

marketplace, relationship and pleased very performing in great our with in with performance we’re is QX. We well The have the product SIMPONI a Janssen.

So for model. to us XXXX the year -- productive forward another we’re you Rx/Tx be with looking to for

the Great. promoting And there? Does What potential impact cap then kind there. for thinking revenue are just you’re maybe a follow-up promotional about quarterly of SIMPONI? how you doing efforts

good Yes. That’s a really question.

out all want of can of all -- the our value extract we we assets. So all the

of in and we right that tell were it all the to also there there. What allow products. as I from a us is that cap, want monitoring well QX, little some in products being in well our to incentive QX So put a secondary get by And that as the comp. numbers which, can QX, you cap energy as with that, did mean, prognostic as bit was more did and our we products we

our in entire do from that SIMPONI AVISE forward it portfolio what to to us doesn’t So allowed of was assets. Keep continue us drive to mind with distract CTD.

use these assets All our We’re audience a fully that on leveraged. rheumatologists daily basis. core assets of are

earlier helpful. I thoughts That’s Any one more And Great. trimmed just me. for a you think updated on pandemic. sales bit size? that into force

see So want where in go term? long both you and do to that the near

No Yes. problem.

believe a to hygiene we the do. what which we corporate once territories look it’s at is good year, So balancing

accordingly XXXX, at So ‘XX. look target we’re in the adjust of process reach and to throughout audiences right frequency our and we’ll in now XXXX,

at as have One an it’s the like probably to eye the see of But What expanding point, no we open. extract on with we’re COVID if the being issue. where good more big of the to we look balancing an capitalized to correct. will alignment expand, now problem areas At things sure we happen if reach we we’ll this, to frequency need physicians. well not in still is make about in we are, and keep more this that checks need are value, states right doing

that for question, you Griffin. thank So

Cantor Fitzgerald. with from Mikson Our next comes question Kyle

recovery words, kind COVID is the AVISE to areas normalize of license just throughout in how you like test X-week I We’re rebounded Can like cycle. the about these in had geographies of with progressed volume trying other take that have elaborate of just the in to did markets? understand or that testing on how kind to COVID think quarter? these how long those to in orders it one guess generally that X- surges, a you

it’s question. good Yes, a

any still we up all in Florida don’t and New seeing and actually New showing stretch, patients by Jersey York a lot York. the now lot, saw So Carolina. mean pretty South by and New in of they’re I phenomenon interesting with state and it A in a

the So monitoring can those that. we patients because have track we product,

be that your get is take are may to outside does them that How their means That’s monitoring on is product. for of in There state but autoimmune their get we our lupus So good no that patients have not going they disorders one long cure a phenomena a it refills, and closed back? see in example, question. a the to very for these of lot treat. state, doctors and I think question the seeing the

So out doctors. we are for know see to there patients an waiting those ability the

visit. not, What’s out here and we me of patient good or not virtual they’ve do get Kyle? test these physician a really clinical But directly the ability As question, tighten Did you’re a which phone nice address so given your about do you gotten calls. this. came a direct can them new say with again, saying, of whether should forth. virtual we When you to need calls send in some doctors, has to a that things that phenomenon up, that calls or kit is, diagnosing,

Yes, of moving kind on that just And here. was perfect.

see -- developing to doing kind Women’s, preliminary autoantibodies portion that actually suggests to study fairly are with of COVID obviously. been you’re lupus similar those some large and that patients there Brigham evidence great RA, So and in has the a that of but

potential you you but as you results intend So I it’s there? the into just well. opportunity maybe to you’re know that I here wanted give and deeper to any the color study opportunity longer-term early, provide a the to would appreciate use can bit of seeing kind of dive how the super

Yes.

smart smart really what people you And are milestone, with to keystone working Women’s, partnering with Brigham happy be to said. and major exactly this. really institution, do our really scientists a We it’s a

these or rate see this faster autoimmune didn’t that than COVID use is results disorders exhibit measuring a of our our rate complement at a COVID-XX. those going We’re testing patients to more severe if The have to caps. we’re

EC well PCXd. as as BCXd to going measure We’re and

we’re going be patients. to So measuring on caps these

this, is hopefully, not autoimmune the a have COVID. of complement it’s So to from can is, if an which able whether say we’ll that they patient faster what than disease get virus, if our we the cascade results the will predict or it think be test didn’t

contributor revenue. All right That’s I know but a ask other And the I right. now, line the small revenue it’s want to awesome. for to testing

if wondering performed test ordering yet we was kind So note, test? during well. I a touch a faster generally bias service like be process rheumatologists than related of slower specific especially test of so typical treat any seeing How And just COVID you quorum televised run capillary you’re does far? the the on or

Yes. as whether to have a these it’s do a test. clinically patients these tell it’s send it’s I’m rendering just slower. because I And I quicker there’s to it’s fast That’s decision happening the deciding don’t of quick, gone efficient, assurance seeing to as But you then need -- doctor. traditional. you think anything meetings. rheumatologist or type and virtual the with But glad they can’t it’s see

faster, I any I it’s slower any than know visit. if it’s but imagine don’t So can’t clinical a

on are Your call, know of while doctors. secondary see also to don’t we first wants the Kamal, products to as your if meaningful that we earnings that? I significant was we have question in these far products, CFO, as comment my the for want the here part disclose

Yes. Ron. Thank you,

past revenue prognostic exceptionally did of higher million approach primarily which our was which seen by $X.X QX. million been in QX have monitor other significantly testing, well. X This our in we’ve million, and performing in driven and QX, the $X.X both testing quarters, testing was in $X.X So than

the hoping guys the And maybe be you’re I Okay. you expanded the to about what and good and Kamal, you recently. you just campus walk to efficiency to Kamal, kind are just the for should operating And XXXX thinking of grow that wanted up as the expenses? guess but see areas kind picking XQ of we hiring, then, can I It’s strengthen kind spending of what now? about ask you, with you through sticking

Sure.

going is area So increasing from the our department. come spend R&D focus on the to biggest of

and department, percentage going We have year-over-year. be that projects Ron a working R&D increase a of that’s lot they’re on. the And our biggest quarter-over-quarter mentioned to world-class and

over that gross investments at outside to do that mentioned, As our continue sales very laboratory, to the improve to margins. force, And do already look then the Ron we of automation something often. anticipate territories add is make we And coming our OpEx into we with quarters. and

Our next Messaro question comes Mark with BTIG. from

quarter. This for is Mike. the Vivian on [ph] Congrats on

initial an question just So me. for

into in X approximately how the the visibility are sales pandemic, field? funnel your of sales percent And have you much reps what Given year to relative ago? do your

I Yes. adopters fact will record us. in stickiness, The to Good question. the our write write all-time a QX, that at. an and the we hit products again. level of think, is high got XXX that Well, doctors something really you it was XX% look of for And adopters adopters

to that the think a So brings. that inside test with versus really is appeals was really I you testing shows that serial really one this test important Again, that And best number. lupus the value rheumatologists. something markers

community. policies, follow be is As deliver not doctors. XX we local office country. that, we report see deliver recommend different in them companies Most doctor, your shuts have we shut in But throughout we have very if or engage The listen far first But to than able test you the code there as that the little they’re are to ZIP the are reason to laws do the the different some do you’re that if kits. and other that And a the go in the de-identified and you and all a to transportation state we’re of are down and clear down, reps your foremost, the there. territories. field, we

in be off all or in about can or earlier, the have capillary how that when discussion be for current just a message. sample, perfect environment. than doctor also the opens this a course, core of test one it mentioned SIMPONI was meaningful that rather up the talk might test delivering drop representatives reasons even And to engage a our the kits we under a do there So they solution window of to for we

just just up follow the And fibromyalgia and helpful. line potential one, expectation a to dossier planning of the That’s there? quickly for launch Okay. time another on the

Yes.

very test. fibromyalgia We’re Ohio with working excited be the state to on

is the lupus first We always as out which that. rule in well often the had the has with for be the Our have the rule fibro, in, are fibro complete but target will test, markets test. done to payers. is we rule Nobody confused test think looking as ever this

line, While do I up can equipment, got whatever more get more a give a we sites, can’t need whatever do you I It’s huge time got tell product you the and need ready we I’m need. it’s to TAM, to big pushing heavy market. we’ll get for to and a the to,

we’re point do disrupts building the test about I anything to known I excited the quality where want scientists from that don’t So rush to that we’re the product. it the for.

the to a And from Okay. anticipate due could COVID you demand kind update if XX? revenue or pent-up Do of mobile one just phlebotomy? backlog Awesome. And provide any on final you from me. an

Okay. I do no expect cure. the backup there is because

care are, as about a care I’ll good about as their well one thing they are which thing making taken patients get that autoimmune these all you They’re sure to that’s is patients do on finding should happening. they read The to say you all see could if for very frustrated, see blogs you being the their know it. doctors. rheumatologists, And So patients, ways these be. not of, able they’re aggressive

sideline. do on are expect patients there sitting the I So that

with to other treated. to help office as encourage and the they immunocompromised patients, that be you seek hope as probably back they’re to If going these they’re soon not. have time no My eventually. I go to you’re want they That’s severe. come are very There disorders, why to we immunocompromised cures case. is for And But concern come isn’t by in, them possible. immunocompromised, the

country. on. time we little -- mobile throughout fact, out spread far have need to the country. locations phlebotomists, a from the a throughout phlebotomy X,XXX all have in the And different, add revenue have phlebotomists more probably and of agreements much we we As as we lot as do mobile They’re mobile will goes with

question Knight next Our Scott. from with Janney Paul Montgomery comes

done to the of probably do talk active that sales X,XXX -- still out? that’s ordering number. about talk still based you you the on have, sales question on the you with the are build could Ron, talked -- points you about then Do the to, you number? adding number you is think physicians, And think we’ve now that’s can

Yes. look Good at. Paul. we build sales questions, will out, The

Our intent is and we to our country. sure the have make messages throughout deliver frequency right reach the to

even we have are the number we So looking look process the forth. so That and do look work takes to the units a but company and expanding, at is We is work we reputable rebalancing. doctors, at the with first very that to underway, as of speak. work a at

as the build-out So will continue needed.

We’re not going to overstep.

XXX hand-able. feel We’re universe of targeted We not is representative roughly going that We to number. per right XX targets to understep. want to get a the

if in a bigger to, kicked their out where that X,XXX you of it would evaluating though the to underway, as is the as numbers where go, I not rheumatologists have out. In a list always iterate go least might windshield windshield cities the time. change accurately that’s less. says territories might clean there’s always With like AMA even like. out. time, don’t we that But lot at you is rheumatologists, exception Chicago, you build the Midwest, you there’s will they might have X,XXX build because much as of little

boiled down to considered So of call that meaningful if retired, work X,XXX, to that We still that or part roughly X,XXX. XXX academia it, work target. you’re for dead, doctors institution, for are you’re for us

accounts, But that rheumatology miles about beyond XXX here not and internal doesn’t to like key the a have nearest we And the areas acts a that it. our only in we the go the have what so. to there. but thinking additional being do is, if pick an think base, about are but said, with will away autoimmune physician rheumatologist. some if that it, like structure that who’s physician medicine There in is but rheumatologist. with Wyoming you do that doctors doctor up Now that’s act capability to are current we need office rheumatologists, next us step that to enable I’m

making believe more regarding then COVID is SIMPONI, situation due that a to And SIMPONI month? once the do you the a attractive self-administration option

it. just could sense. I go how It’s do. a is immunocompromised familiar. that home absolutely I is a at patient great its I rather system, just I besides month, self-injecting been decades. do other to see makes that convenient mean out can office an I’d SIMPONI mean, for be. about scared this. delivery to patients. The Not unique It Again, Doctors they anti-TNFs. know having saying, it thing -- know with once

having take of as been we’re SIMPONI decades might anti-TNF today. is have solution as ideal home for how an facing is that we’re So familiar since problems work. them the ago an with it so couple not in risky these a

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

everyone product. stick quarter a adopters, important thank or greater joining and when that to strong to do a call with want stickiness, of that’s performance, it’s for the with XX% like XX% which QX I And that it consecutive I’d margins. know. gross included only our a great there’s second number a Great. They today. record to reiterate you

care of a day. and We’re attention. be able Thank support care, to time to you the patients during these times. wonderful to your honored have continue Take and for challenging autoimmune

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

now disconnect. may You