LumiraDx (LMDWF) 18 Aug 222022 Q2 Earnings call transcript

Good day. And welcome to the LumiraDx Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session.

As a reminder, this call may be recorded. to call like McMillen, to now Communications. VP, would turn over the Colleen I

begin. may You

of today. Investor We and announcing everyone. is call quarter issued Financial press Chairman LumiraDx’s today’s to release Zwanziger; Ron Officer, Relations to second are at on lumiradx.com. the Chief earlier posted Pooja and results The CEO, financial Dorian company’s Hello, results XXXX like Product website discuss our would Leblanc; section financial welcome Officer, us the LumiraDx’s Chief With you to Pathak.

Zwanziger our remarks. with will financial light in materially. opening isolation factors. results to which from release or turn compliance of considered today, be website. of uncertainties, IFRS. Before considered other a that that results such issued Safe December a we year schedule may non-IFRS press on statements financial to the call those forward-looking forward-looking that the today, SEC historical XX, as Actual currently XX-F caution forward-looking Any our information measures. for on the vary of non-IFRS begin, was I aware with the be over would Please Litigation we certain detailed now are be with in Provisions ended must Harbor presented like other Form our on that any versus call, we make should measures statements is to annual I listeners found Also Ron Securities be filed all statements facts to not in filings Act risks April involve course Private the the we make such can the in and and refer make during statements for these report the today’s may pursuant of Non-IFRS made reconciliation substitute for financial SEC. showing we XX, as There which Reform than available XXXX, in IFRS earlier XXXX, XXXX.

then financial before updates and Ron? will We provide business answering questions.

Colleen. Thanks,

our and to on We continue promise community-based deliver care. transform to mission

part ahead, of four I’d to of has areas. company provide on each XX priorities as the the XX Looking for the months months updates and these like next transformation, to key

first is portfolio product commercialize in authorized Our and newly international our markets. to priority CE other Europe

second, revenue The our we progressing U.S. on pipeline plan. are XXX(k)

onto Third, strong development we support we shaping highly are and accelerating And our organization Troponin the success. commercial fourth, assays molecular sensitivity and and our platform. base of cost are to innovation

and Europe. progress first to We plan on new products have pipeline made our in priority tremendous commercialize on our deliver

point-of-care the as congestive hemoglobin test Ultra, these heart achieve CE new X-minute on comparable COVID Ultra well RSV the minutes we of -- with the the LumiraDx of as Pool COVID. including tests, five tests, Each combo On COVID lab platform, performance Marks, AXc, heart our for in version Antigen deliver failure, NT-ProBNP rate Platform.

the to to CRP expanded exclusion and of test. pediatric populations also use We our an D-Dimer added claim

combo key tests COVID QX, products Our by will focus test, year. as markets. to RSP the in as Ultra commercially end these commercialize to well Pool in are the of NT-ProBNP international also now and to in register HbAXc, COVID the Europe planned launch is launch

single in to are as the assay CE Solutions, currently the systems. demand RT-PCR the value combination using workflow opportunity we consolidate now results In compelling Dual-Target the provide instruments next achieved assay, Fast XX they new right into instruments, XX LumiraDx up customers and early the which Lab stock a to lab and XX as open six to COVID complete assays, RNA COVID two and months flu different are Mark enable three minutes months. channel for in been and have well seeing Platform with consolidate these proposition products, have to designed using We a to our

to We for U.S. States, our molecular. Shifting priority assays, are speed to and revenue is to combined which and performance second the United seeing our the progress demand these throughput pipeline.

sensitivity similar plan test Flu molecular A/B inherent performance are with season. by clinical use now go COVID to -- molecular on test are also submit product care Strep submission. testing later of last our initiate and and platform our clinical consolidate to followed year of based With during EUA and others to have substantial platform. studies of like plan working the INR. primary shortly reflects actively performance Ultra, of for will platform. Antigen several the the commercialized We Two us We point-of-care combines like showing hemoglobin XXX(k) the we to Europe, Ultra in current onto continue the cost or with This through years, U.S. on power platform. our for respiratory is being U.S. of the molecular on number single portfolio this the This molecular unique enable Ultra savings product solidify a Ultra studies customers and at molecular to much in a making the Lab our with AXc A point-of-care. positioning of offerings upcoming respiratory locations speed designated large the core In RSV change. is data on and offering our plan in a for performance COVID expanded antigen This performance the new originally testing high the platform. point-of-care piece Central

and assays accelerate is development of priority Our our third the molecular to platform. component on the

well study studies. test position in high plan sensitivity able our key with are Analyst Troponin recent clinical global after results correlates prospective demonstrating assay. share we reviewing a study which During leaders, very to our high opinion sensitivity we Lab We Day, currently be market-leading initiate Central to our the comparison method the were with will from assay that a

speed a the pipeline can leading molecular development Strep chemistry. technology, to and that programs to two achieved qSTAR progress Our year. performance continues TB with Both A plan with our this complete programs well be and leverage validating proprietary

plan Bill & has our Melinda clinical late a and design additional start year. of year which of studies TB the from We and an is from finalized TB. received early a been Gates this or commercialization Foundation, recently investment included including A funding tests number next to Strep Our product

to in priority, development. our additional various of the this company’s We overall building and leads projects four to position. have five All stages fourth research financial

million moves We the a have be efficient To an At launches will the near-term stable place pandemic exciting that endemic time, of generate our plan this revenue in and initiated start in financing later next and stage, delivery finally, million as with. to R&D completed rapid focused organization. set we few acceleration and of to areas, also month COVID restructuring reorganization lower, deprioritizing revenue a product on as R&D program a of assets, early we expect main runways year. last milestones, to pivotal reduction and but a achieve more COVID for programs $XXX and have demand, from consequence same allows lower the plus direct of year stage manufacturing a to three few

our over confident diagnostic us fast Dorian? mission are the to performance. revenue comprehensive need. towards these into I hand will go things bridge outcomes through actions lower now and while accurate our We key will information financial Dorian to milestones, at deeper at costs point health of to delivering improve on

Revenues Starting and XXXX, on of platform for our were P&L products. included summary Labs million $XX total of were point-of-care for COVID-XX financial molecular our test I and from million. million from both summarize with $XX strip quarter good of a morning, the QX all everyone. Ron, am to product revenues pleased which LumiraDx’s Fast $XX Thanks, reagents, our sales results. substantially QX XXXX

compared our to environment. in primarily from a Our more ago, gross due a to capacity deliver XX%, margin we costs, XX% resize and stable was as higher base a post-pandemic quarter under-absorbed operations market for manufacturing to cost the year transitioned

In addition, reserves inventory COVID to we demand. decline million quarter of $X in the in incurred the related

same in the primarily R&D in quarter final within Amira the European quarter XXXX, Our to second several activities development period our the the work non-IFRS the in XX% and products platform. expenses CE the compared to accelerate Mark on due new to increased

focusing our taken priorities the the of R&D through spend, to while at progress we have discussed XXXX, start As call. the key we reduce on measures Ron

in the quarter of higher in X-K anticipate generating for a lower XXXX a to We non-IFRS restructuring in Foundation completed due Bill customer quarter a expenses for described expenses COVID-related agreement we Gates select & our interest peak a raised expanding in that offering program. offering of costs $XX.X the infrastructure scale-up to during XXXX royalty granted is commercial raised placement million, declined XXXX, the $XX the underwriting $XXX to reductions Melinda placement. compared costs QX and the SG&A public in million with an maintaining filings as a additional QX representing revenue, loss as X.X to we related transaction. of The Recently, further XXXX, the COVID million million. loss overallotment while We common part of incurred support shares of them million was approximately offering an infrastructure, exercised still COVID required in underwriters and underwriting $X result issued shares million company. period after operating in XX SG&A the million million Subsequently in rapidly secondary approximately the proceeds net period primarily base private non-IFRS XX.X demand. $XX agreement option XX% and QX purchased initially the partially private same concurrent which underwritten the with our the our increased the in and placement primarily in second Non-IFRS as from publicly-traded to investments Our compared private the a investors and shares. that aggregate

the cash So at pro of of placement have we at quarter, would public compared $XXX million the approximately the million. after recent forma $XXX cash offering to end cash been The million, balance XXXX. of end private and the equivalents and had $XXX

a capital validate additional previous Over manufacturing than projections sufficient have internal These we facilities. equipment to XXXX. the revenue our created more invested required million to capacity, new and us and equipment beyond install meet with in quarters, six investment minimal $XXX allow investments to have

decelerate we strong half investments as substantially purchases utilization our of position. with are capital QX XXXX exit XXXX, a the our In second been anticipate inventory inventory have completed cash addition, We to and in reduced.

COVID in ensuring remains after strong we financing our overall cash, plan Ron our to his position of the lower activity remarks, cost our a needs response and ensure the resize to and to is reduce one priorities our initiated recent cash In basis. to activities. As requirements meet key use current market mentioned opening testing global to to organization efficient restructuring our of

the We are to XX over next reductions our impacting months. targeting delivery pipeline avoid our cost

and activities since months XX testing we the efficiencies will reduce demand products. First, overall COVID to our decreases launch the the have initial manufacturing-related reflect in our last over both operational the operational COVID-related realized of

anticipate reduced evaluating near-term we spending In opportunities addition, with and committing program platform, in that achieved for we in the R&D our full are launch. to CE the additional Mark capital commercial before Amira our for a Amira

activities will impacting deprioritize XXXX without XXXX, We the pipeline early-stage assays. R&D certain

reorganizing also of and R&D to drive teams support are and our focus We teams our several areas. functions efficiency on our other

cost identified operating headcount. headcount XXX full-time a approximately of We direct $XX of our or of per in reductions quarter roles have total including than immediately million more significant XX% reduction

Kingdom, restructuring a significant United but are QX process activities minimum benefit anticipate employees. costs the full operating a we our expect of collective As with from substantially consultation the XXXX. going we portion the the QX, realizing only in Therefore, currently operations through located in in are we reduction

we balance purchases, year from very revenue cost inventory reductions and cash launches. with one contributions sufficient reduced current approximately both our Given capital coupled these product new with believe and is conservative COVID the for expenditures

be position business spending vigilant cash adjust further required. will and performance cash our We as in assessing to

commercial our of global high With microfluidic our well-positioned test production of new products, set of strip are with the with manufacturing a low our investments of R&D we installed rapidly cost footprint, growth. customers, our pipeline with instruments for rapid capable base delivering world-class comprehensive scaling performance with

in value tests point-of-care Fast these additional with to LumiraDx and such We our we will Lab exciting coming menu experience do to progress partnerships arrangements, fund the in anticipate $X Europe billion technologies over to expanding Troponin key look on continue sources, molecular we other enterprise. Platform capital quality, as activities We of Solutions and and to content, focus growth customer The appropriately. high and further including growth quarters. results. of high growth on licensing continues areas will our focus the the demonstrate strategic sensitivity our financial at and a low as rapid near-term provide rapid cost the our catalysts, on diagnostic revenue The non-dilutive

reaching timelines, the annualized regulatory in R&D Given prior outlook revenue versus $X fiscal year -- activities pace XXXX. a our billion revenue anticipate the billion in anticipate business a and of run guidance rate current for we $X our on XXXX now in do our of

on now flows, investments to we addition, to to In accelerate some growth. significant exiting long-term are hand our continue continuing XXXX cash breakeven with Pooja? in the Pooja over as product our updates operating focused while with provide commercial I will new products. activities

would is HbAXc combo as I like further that to in commercialize portfolio update provide and first NT-ProBNP, the global priority CE highlighted, which as Ron in Dorian. Flu COVID respiratory, including Thanks, particular our some and well updates to area on RSV Ultra products. our

billion, see substantial estimating and HbAXc for estimated a lab comparable addressable an opportunity First, the approximately with to product, to start market performance including global with for outside this HbAXc, we XX% be cost $X.X total U.S. point-of-care

for method. Mark for and screening May comparison XX% this results ISCT with The a annually primary of in HbAXc both CE traceable minutes achieved year. for the to The traceability from diabetes in study, reference monitoring diabetes for all global less X potentially a lab manufacturers. fingerstick be for reference it reference As a global established a The our sample. previously through test correlation method In certifying method. risk HbAXc meeting market provides in than patients method all highly with demonstrated announced, standardized assays at test is test we

in comparable We pleased achieved X% ISCT lab LumiraDx are that year ISCT CDs quality units, and than with units first certification less participation, X% performance. our HbAXc very test less CDs in than in NGSP the

opinion early and on evaluations key global in commercial European with leaders work to launch our planning started have September. We

to in I customers support three do which are for that that for Japan, markets We Brazil consolidate to adoption have process existing large the but expanded an to is also want begun South down instrument India, regulatory diabetes also and Africa, ability point-of-care underscore instruments HbAXc, burden testing. driver. single have

CE of to be an our minutes. NT-ProBNP from achieve Mark of diagnosis XX The year. test results May for Second, with we NT this in in failure a sample fingerstick is indicated test heart

more ED. of results outcome, are and D-Dimer opportunity present in and the severity both the patients minutes symptoms testing emergency For and fingerstick sample, and the these a lot run NT-ProBNP, the lab. department in tests often typically in to in ED to With we comparable due see a in were ordered very potential from the lab do

testing as of We shift reduce have opportunity testing is studies an conditions that in in cardiology. also to these and outcomes. care believe primary of to point-of-care shown as Multiple there has monitoring the potential well cost to improve point-of-care the downstream utilization healthcare,

working We to care in about are KOLs European setting. that are actively passionate community with point-of-care implement testing this approach

demonstrated on LumiraDx across KOLs that usability. results lab customers microfluidic detection COVID flow test the including be detection rates We with its the the The excellent COVID by lateral Finally test lab test. Antigen PCR, had this recognized Difficulty] while COVID and lower substantially evaluating [Technical study, lateral for and rate. our side, customers PCR, test to and performance continues performance, at test comparable speed, presentation flow customer engagement respiratory a year, antigen LumiraDx from XX-month the to outlined

COVID CE in an FDA we the which high minutes. shipping are to QX, few and announced, shortly. product in test provides in plan As sensitivity to submitting the also results X weeks next Marked EUA start We Ultra

combo would your Customers QX. Japan COVID in for conducting and COVID shipping preparing happy to that, and COVID upcoming we RSV With questions. season. We for and next RSV the Operator? are month. start the Flu evaluation demand The Europe be take with also product will in in we flu Flu Marked are combination CE and and combo,

ISI. from Instructions] first comes Vijay [Operator Kumar with question Evercore Our

open. is line Your

a taking OpEx it with headcount One, for and Hey, here, question. like level implications burn the what quantify Dorian, can maybe rate the rate be, Thanks restructuring on cash be reduction, guys. the normalized QX you looks my the spend should more what are? should

Yeah.

it come the as and cost mentioned. I sales that it reduction will fixed from operating is there two million burn the come those from the the so cash rates, of will lines all in from cost three the So, Vijay, will from R&D, costs One, $XX will come anticipate come we components SG&A, of within to P&L. of

about million quarter, months six within QX. to realize And that of be $XX lack last expect I the larger from the expenditures. you per if and to said, cost So as at that’s are the we capital XX months, probably, will impact looking of

exiting place the as that that the and other capital, manufacturing same million with of we in working the to is work things $XXX ability instrument we Now complete. have period quarter won’t associated have build outflows in that at over the with time. I And cash most are also, rate. that inventory, components will the of the is a down replenishing

larger So we of the working outflows. anticipate reduced and cash be even capital CapEx to the drivers

did And neutral? flow hear Dorian, XXXX correctly, expect you cash I you on to be

to cash expect XXXX We exit operating at breakeven.

meaningful more the a maybe I into Could any half to just want expect Ron, remarks questions assays back you couple to here, in the in ramp with I what mentioned, think, one, restructuring or you for don’t so, And are, assays a timelines and prepared up Understood. box? remind just your non-COVID those XXXX. you get XXXX but shifted you, of us exiting check think ramp the did

They haven’t. No.

platform, We they have haven’t. regards been -- and the to

in launch perspective We using what very test that sure is make from customer’s instruments not they also affected the initially major one the months. haven’t this key they to and -- affected due as what on we consolidate have the been that part careful that next be may XX enables to us which might to to down of test three restructuring a

have to has concerned, far very been as do as is careful platform been there not we the no, So, that.

just little kind on ramp a you us assays, can expectations can of up the as been, assays significantly do non-COVID in you will has XXXX? on just customer feedback bit see ramp expect Pooja revenue to What in for chime give your what sorry, And of well? flavor maybe revenues

there, world have tests Vijay. every Well, the we pre-agreed were of the the course, world it’s test development have place haven’t as we because one what in on feedback development, first have NT-Pro, we that, test getting addition from and AXc with around out pretty D-Dimers about everywhere. we thing requests the that part additional now the and CRPs ones the essentially customer of platform. quantified of we particular, new it, But plus, sort customers B, are the is to and flu And major one, the we But want. in that such in in would the flu some the several as of coming of them they there, much course, of to already pretty in have A, the respiratory

expecting a the AXc significant notion to much everywhere for some pretty will are asking of it single the of other already the it this a We customers have. of response platform, -- that tests carry help clearly and are we

So, as revenues our way be see serious we of XXXX. fairly -- through a we should acceleration we some should work

you to that end XXXX. Dorian, question XXXX, breakeven of to by expect during of to get asked, XXXX, the we the So, repeat at not end the

of confidence, getting to… a us And ramp COVID Dorian what XXXX, when for maybe pretty gives $X non-respiratory on, you the end And revenues of in Ron. the Understood. billion remind the revenues place reaffirm markets of LRP versus picture a you, sort you steep that’s $X diagnostic bigger look of kind revenues? terms respiratory just you can at what question in endemic billion That

Yeah.

gives confidence? talk number, about, … $X that’s so the a big what the billion, you is

just getting spoke billion. of to Yeah. run within to rate that XXXX $X clarify, Vijay, the to we

XXXX exiting run of rate. with kind So, that

Exactly.

of we between view offering, revenue still on and we respiratory COVID previously endemic size and that, of of and our be similar forward. to think as XX% overall part expected XX% size I said that going that that business see the we of a

think about changed revenue and respiratory on your up of double aspect COVID, on the really testing’s I our basis. views other flu have a go-forward making

we gave understood. evidence we endemic a apparent and of that may pandemic/endemic way numbers. a In old number endemic year much seeing a was our of sort that present the lot that the sort the knowledge less remarkably But the of August of revenues of including have fact, is now, obviously Vijay, phase, more our when are into But it stage basis to be of entirely estimate that unfolded, we thus it’s transition sort of a monthly from pandemic. March, the not and the up far reflecting have since steady lot on of been

predict the to a down I over I you future -- not I of that am modest I that to Now XX% think platform for be revenues, we breakdown, the since about which which year trying talked the the think, asked estimate, here, am point be real respiratory XX% making ago. but about is quite our to to

think probably I an more in confidence more it’s think -- XX% now, that now that have estimate, to estimate we because still we have now. I confidence but it around

if And may one more I for… in, Understood. apologies squeeze

Sure.

…numerous questions here.

Sure.

do Strip hear these on think, on pretty XXXX studies, I and clinical I kinds locked about are TB big long Did Gates these of TB how and how private studies Foundation have the there, the mentioned are the start. in I the you maybe trials supporters long I that been the assays side, opportunities especially side? On start, late general correctly how these talk and the XXXX observe, see you of you placement TB heard the tests? couldn’t help the by revenue in opportunity, So but early

underestimated. of people I Well, sort mean,

am quite financing, in different get potential us foundation have out help to the -- significant uptick will the us you I our various is the ways sure and the think And established. are supported over recent ways product -- in -- are keen including right, years, the I fund is to large. very product which help which we us a

any think thoughts the assay? Foundation is you the the is a Gates the of tuberculosis, that, guys or adoption process tender is and commercialization sorry, about on TB that for And going you to when support

I mean is self-evident. what happen. might I go Well, won’t into

of foundations had the over arrangements If the we you different number years. look with the have at

the So, future. might in on happen what I won’t speculate

needs, you I the think we of what focus what is, But to do and the to performance Vijay, has general. be obviously, and community ability high for also our relative as beneficial based the actual us to because immense also the well. on, the market structure, to test, as have should cost of competition performance it relative to outlook value relative a happens in TB

Thank you, Understood. guys.

Cohen question comes Jeffrey Ladenburg. next Our from with

Your open. line is

Hi, mentioned Ron, our Ron, clarify and our A some couple had the taking Dorian, Pooja. for you Thanks criteria questions. in exclusion from you there? end. D-Dimer test, could

Pooja, to do you want take that?

Hi.

Just test I be that a can D-Dimer we the VTEs to that was comment clarify, -- think probability score. the used made with now exclude recently in the pretest to combination

requiring that just an patients the product emergency additional rule can used clinical is to be of of to used is going but to the also aid VTE, Sound. not can So the diagnosis value cost a confidence and case room there of use be with it out. only in And downstream utilizing it’s lot the Ultra -- the for that of that

So an additional question it’s asking? just use Is that are the you case.

you perhaps That’s Yeah. that. out Thank walk as efforts how -- some back and the roll could that may you and the congratulations CE? could far on half BNP year clarifying us HbAXc you territories in CE as Marks, perfect. through on of And and commercialization for

of regulatory, combination we the sort back of in our which non-Europe, regulatory, relatively in are this as have half in quickly. we be the the given high diabetes, number actual But in achieved Europe. terms well burden focused we regulatory focus -- the as Well, have can we got have countries that we -- met year, regulatory of in of are needs mentioned, on of, as a a a applications number, we focusing that

focused they very gearing the because excitement AXc, level usual and feedback those for getting are commercial customers. and much from in sky organization great approach the through are the up key both NT-Pro. are is such on initially on leaders, opinion we secondly, And We of high,

talk you about for market currently duration helpful. guess, Ron, placements our it. about those any And and tests? and U.S. could then one from end, number studies Got INR out, more if and I bit in a play then stands anticipated That’s little hemoglobin very as And will a how the talk rollout and locations? it of

Well, because But then CVS, next simply, our they be we the start first point started, base number much where we since and in those community when installed well got off recall large the of in systems with until we the have the to now that to -- a tests you But year. it’s care. because may of into have, expect to a between don’t relationship into base fast fairly locations pretty locations. installed health is the U.S. parity we

in So we across our also systems. base setting, the now installed retail healthcare spread obviously, have the quite of -- but a both of U.S., in

Got it.

our Perfect. Thanks Okay. for taking questions.

Sure.

[Operator Instructions] with Our next question comes from Mark Massaro BTIG.

Your line is open.

an of update hear or don’t I heard base installed Lumira think on Hey, guys. I the at Thank you for I didn’t least questions. the Platforms.

the finished in did the at excited, excuse looking million numbers, Q, you quarter? the for how in to come place $X many somewhere in instruments are around QX? $X think QX at I million And just XX,XXX, range you by me, did you revenue

currently you install the roughly the -- install currently question? same. to want roughly the The Dorian, do is is take

base the relatively Yeah. Sure. is same installed Mark. The

and For the that outside to Lab makes the remaining revenue calculation, from please are the test do that, acquired Fat Fast from and have up we and get you revenue bulk of is strips. Labs, of trying the to test of distribution million strips businesses distribution the have $X.X to the the revenue we remember from not

was minimal quarter. the revenue So, there instrument in

flattish? see instruments? on COVID assay the from pandemic that of inflection, is And Okay. may walk should should at that perhaps, or through about what again which start situation the another with think moving the, to endemic, needle forward? How more or pacing obviously, the we point of is instrument us going placements do assays HbAXc So, you we think then, the maybe that going

take the for the beyond It’s and AXc getting we AXc have number feedback short-term sort from COVID are and from clearly and COVID the seeing replace had because attractive and do may confuse should X-minute away placements customers, that Ultra, people’s to other get accelerating offers really the to the the actually coming because case I is customer’s we said same But will others, into work, of that, over. from on proving so be they be where looking test it are want they and non-COVID. who placements a and behavior digressing actually fairly is COVID start to these testing from multiple bit that’s customer tests the also going to the by in QX so of of be significant their that too, don’t inquiries our having nature of change placements in And and matters will platform, a that will to platform replacements so workflows. we NT-Pro the growth extremely drive

So, actually, sound we COVID may may may sort feedback, more recent quite placements strange with of a of we end even it lot up based on well. on as

on reduction. Okay. the I want to the headcount clarify comments

heard marketing in you And York, the provided you on and Day in our in sales XXX largely have are roughly countries, manufacturing updates, Analyst any countries XX expect or think salespeople to So, XX I in limiting or the reps New you sales XXX organization in I in believe at countries. think, I impact sales or XX% say should you this Do overall. I I R&D? so sales

but there that -- overall R&D. some on the an and have we is given doing are we the majority It’s is R&D manufacturing the the change, also latter, review,

that key through platform? can I walk or heard be evaluating preservation Lumira’s you maybe Maybe me comments is for in expense, just on on whether this then perhaps, I or are Amira And a and near-term what the think largely by purposes? reduction R&D clarify Okay. Ron Pooja, putting of a pause. will Amira pause part future cash a or that, not you mean you the

Okay. It’s how the it. about and -- inquiries from have also others using later we had ways of about

sorting So case we new business plan work. are a just out

it Okay. Thanks. me. That’s for

to Ron [Operator Instructions] any like turn There for questions. the to I’d further remarks. no Zwanziger are closing over call

relates like just somewhat to actually a to the we customer last which with update, close had. question I’d

they AXc with lateral PCR used using new They use delighted the testing, European geographies. currently all one told be to flow plan microfluidic examples Ultra lateral This they of customer, COVID of program of starting customers we to expanding and is and in of addition into They COVID the PSC many just they to are they European with this, the their moving for care are have and and customers, order starting using then our to platform, flow X-minute will our right completely exclusively. our testing This Thanks hemoglobin today are for our to testing for product call all once now. and happening One our of the testing is today. transformation -- test performance questions just platform major again our us PCR who and convert joining your and community-based that to and COVID our a choosing expand platform. available. testing

… disconnect. a have great Everyone day.