Renalytix (RTNXF) 30 Jun 222022 Q3 Earnings call transcript

Good morning and welcome to the Renalytix conference call to review third quarter fiscal year 2022 financial results. At this time, all participants are in a listen-only mode.

We will be facilitating a question and answer session toward the end of the call.

As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Peter DeNardo of Capcomm Partners for a few introductory comments.

Tanya. you Thank for all today’s call. Thank participating you in

James me Jim Officer, Executive from Sterling, are today Renalytix McCullough, Tom Financial Chief Officer. Joining Chief McLain, President, and

place by projections on plans, and growth these implied events you other business, future chronic stage cause performance make risks hiring, remind and change, a Before statements call patient and KidneyIntelX statements events development, forward-looking include, prospects that potential our forward-looking these marketed, kidney improve during including care of from our materially and or and our approval benefits to delivery, to those and in or could of savings reimbursement expectations COVID-XX meaning successfully approved, statements trends of reliance economic collaborations, are not reimbursement Securities guidance. expectations uncertainties that physician our like XXXX. Accordingly, statements. for These clinical from strategic outcomes, regarding begin, business potential the including Private the this predictions to relate benefits anticipated expectations these the events, ability to end statements. by KidneyIntelX of KidneyIntelX opportunities regulatory Reform we for curtail management of our that the for and involve and revenue to and I’d impact without within regulatory results decisions, may Examples of of limitation, whether distributed results and should on actual submissions, this government receive Litigation potential statements and the strategies of that commercial include Any the during financing forward-looking of call made be or our you disease, undue including statements. KidneyIntelX, policy and expectations and future optimize the and Act cost partnerships decisions if for world the FDA, product statements market operations, will or KidneyIntelX differ adopted studies material

For or contains and a or the as obligation October by section events report statements forward-looking and of Renalytix of whether our intention with turn XXXX. are except with that business, is All that, revise on information based Exchange law and filed James I’ll today, the the of call information, update to or and annual June James? over because the estimates call time only projections sensitive any risks associated Commission. on assumptions. accurate McCullough. the Securities as made on any to description With call XX, conference various please required This or new Form was broadcast Risk XX future to of refer XX-F financial statements Factors management’s our otherwise. disclaims uncertainties on live this current forward-looking

afternoon. Thank you been has quarter Peter. Good morning active and an This Renalytix. good for

program, fundamentals. on major from to world lead data coverages, utility build key generate Our and deployments, continues real reimbursement core KidneyIntelX our commercialization secure

Mount ordering Sinai end now System XX the kidney XXX Health has and of June, scores at As X,XXX of across generated physicians. KidneyIntelX departments risk

Wake XX now have risk integrated we XXX physicians. scores identification, across made generated scaling has assessment across XX risk for now quarter leap of to this ordering system. important a an Importantly, automated element eligible health patient KidneyIntelX At as KidneyIntelX Baptist June the complex Health, Forest

at Veterans we of in this XXX Wake the XX XX--I’m as total to of quarter, testing KidneyIntelX expand patients to beginning Administration select Also process to as insurance the of in Forest system. the program scheduled securing now at up coverage the close centers as are are approvals July. We early with sorry, health of set

months year six advancement calendar end. began our clarified our implementation a VA KidneyIntelX in system live or the easy is medical XXXX. implementation has health significant straightforward, have been past centers This implementations in we and occur calendar toward testing to we by of eight the since goal process expect not system XX While over reaching

implementation of serving with also X.X majority are in network established million Illinois, this to diabetes. network. in the lives. contracts first adoption testing. are for with for X.X million broad Chicago state’s major true Wake secured a approximately and summer. us. people will across pleased Baptist Carolina, a commercial in of important of several payment new particularly insurance providers population, Of over because validating coverage become our contract XXX,XXX to note, and the of rollout note Carolina, regional Also KidneyIntelX tri-state Securing North This living receiving a one Atrium beginning the early driver healthcare this region, is with largest KidneyIntelX largest KidneyIntelX quarter, In Virginia Forest South in for number commercial becomes payment longer When coverage a the insurance independent Illinois, remains reaches focus private value the our region our secure for States, to patients southeastern bill doctors provider is no is Health secured We populations. patients for XX% Health broad for United now business. coverage the and about or payor need the for worry have strategy contract coverage and the for in with possible

markets critical press is because note it wins reaching most now coverage Please partnerships. we health coverage against are tipping integrated points release is in ability providers. our the of system limited multiple We where have these to policy key insurance regional

health Medicaid medical program to KidneyIntelX served. Government population XX now the size our expanded solving Medicare given for to and are remains contracting. in advocates fully equity focused patient Medicaid on We key a have underserved now and access me, communities. states--excuse also issues contracting care

this underserved Renalytix making in population. Medicaid life Given the and well believe the patients we and in quality diabetes disease a kidney positioned size committed the of of population program, is in towards difference

coverage KidneyIntelX now Association worth also behavior been and meeting. electronic We world X,XXX their Real validating over primary introduced data were risk patients to Diabetes data physicians KidneyIntelX Most and in difference primary on now new statement. is importance data assessment has data expanding annual utility times physicians of practice. likely Two care clinics. utility showed working in the a that pleased discuss KidneyIntelX the set-up, in care when President important risk importantly, who studies and use utility therapies is in real-world clinical will more that direct quarter are next health clinical released. to guideline-directed Tom June this implication presented several and tested this implementation from that takeaway KidneyIntelX of KidneyIntelX of power change the record-integrated at for their patients were the insurance is action our was for making in position McLain, new used The practice. have seven into it’s prescribe high American years’

reimbursement Our has gone not significant unnoticed. utility with progress data

now are opening in discussions to access potential unique doctors advanced point We to millions who diagnostic market and in strategic disease. that patients and KidneyIntelX of the larger partners is pharmaceutical categories a with understand understand their distribution struggling

focus to XXXX. appropriate expect, usage impact to previously catalysts have less these forecast including they at us months, the fiscal third time would executed, the coverage fiscal a for would data on additional KidneyIntelX and progress. six and activity, more second that We FDA be fully potential health In Tom and calendar provide next XXXX for as President, partnership allow Tom? and on XXXX, de appropriate. a commercial noted, will providers I revenue services. strategic turn market will cost measurable is system our business non-core Medicare should as agreements cash half narrowing over relying to times, priority, These to remain expensive our definitive may operating commercial now party revenue-productive Key reassess expansion partnership economic for of reductions, marketing opportunities, partnering reimbursement include authorization. to to continue unusual we steps take novo insurance a major announcements, our and these of the regional it as that McLain, and/or steps conserve discuss with

addressing and XX insurance KidneyIntelX innovative coverage represent market. the categories: and focused milestones. lasting The In was like second, will under of is XXXX, our November adoption third, data James. validation in have published ours validation; for published drive first, you KidneyIntelX term clinical highly testing reproducible and and diagnostic clinical The tests Thank the use been drives evidence This required factors months important four payment analytical that long last adoption; evidence analytical recently clinical published Proteomics. on quality demonstrating in utility. all U.S. broadly fits evidence for validation; presented and fourth, and Clinical robust and

now June XXXX. progress of trial number Wake the in assessed also XXXX, X,XXX. and world enrolled includes Pennsylvania Diabetologia in Our and published Forest multiple Sinai data results peer-reviewed System is in X,XXX North centers. patient System expanded Nephrology We’ve York, Albany, from approaching January real Journal significant cohort Sinai, in category, with in published was international American collaboration validation New third totals through Health a Atrium in and international CANVAS The Mount from programs a X,XXX clinical risk in from that our evidence Mount of now payor also at KidneyIntelX and adoption the scaled publications Health Carolina. University That against of medical delivered in across clinical the major patients three patients and has the

July at-risk new the patients excess a shown was budget cardiovascular FDA-approved publication This kidney established over XXX,XXX publication or XXXX. the in benefit stop in associated of demonstrated in appropriate Healthcare progression identifying KidneyIntelX informed on slow access and and early drug savings analysis in clinical Finally generate category, Journal risk utility, fourth prescription could their evidence in The years. disease. Economics alone of billion therapies impact of supporting the and then five economic therapies that to of to $X clear patients published

at risk were three times presented for is year. later kidney therapeutics of can disease-directed primary patients benefit care for primary care to secured be for times for world KidneyIntelX. to more seven within these physicians York earlier insurance from was now Sinai Association New presented of in Diabetes X,XXX first utility from drives being tested XXnd that rate the Sessions drawn the was the Scientific provides care demonstrated primary important specialists; and/or City the prescribe patients. being data employ KidneyIntelX month. Further, of evidence clinical physicians likely high patients. The body growing high KidneyIntelX versus real this two is with specialist data Health concrete The data were KidneyIntelX first, this most testing risk versus coverage likely low management, physicians the and the at ADA in American risk publication ordered consultations being this a score prepared by data adoption System high second, by patients at determinations it Importantly, KidneyIntelX more observations: The Mount care driven KidneyIntelX referrals risk specifically measured

we inroads mentioned, up consisting a fiscal of in James the XXX over website million it terms broader the determination As significant by expect XXXX in a United an The lives system private Illinois in network of is each what insurer VHA X.X we disease community indicator the states centers, with covered largest and in establishing recent center VHA of coverage is outpatient months. each health can six year last has Initiating made effort Veterans made coverage executives the this States. through opportunities. integrated same launched of within hospital calendar The the System largest our That and Health liaisons. medical team program partnerships. Separately, beginning a is science requires network deploy a of of and the recurring we clinics. of specialty combination account centers kind of year at testing in

to Over have operational identified of with across VHA key VHA center. five the them in steps U.S., what XXX developed begin centers met have have Of for approval XXX we six the a last months. a we satisfies that the six last testing we as over months, required the process

operational implement before have securing or set to also at to would eight one with remaining centers the factors recurring expect at of necessary agreements completed in centers. year. on additional centers. to We initiate at year. with to process VHA the phases up to execute at center-specific progress, up leaving testing least testing those be this all calendar phases two these the in this are five centers able efforts, testing XX We seven approvals, expect end an the Based to of four we centers of We’ve and needed two completed at the

EHR have systems the with VHA cloud-based on test launch ordering streamline to their the basis. interface and develop We testing a initiated also facilitate program process nationwide reporting to with a a to and

review discussion now turn We financial over our to the who expect XX be operational the to Jim that Sterling, capability within will next months. performance. to I’d like James?

will periods Good under financial which results we in the filing nine-month figures and I ending our is issued XXXX. currency. are morning. that quarterly March All for XX, reporting our GAAP three SEC Today, dollars, U.S. includes U.S. discuss

all the recorded prior of reported For the our $XXX,XXX This $XXX,XXX increase quarter, $XXX,XXX revenue testing. we in in recorded revenue the in third from revenue an quarter. testing is In of testing from $XXX,XXX to KidneyIntelX fiscal revenue year We of services and $XXX,XXX, third attributable of quarter revenue. period, we costs prior of XXXX. KidneyIntelX

the of studies higher expense increase million benefits million related third increased of professional We Sinai, in also anticipate and was testing $XXX,XXX total Wake million, XXXX Mount indicated were revenue full at to by quarter support ’XX, our million revenue, $X.X primarily of the Operating for ends is was which Utah, revenue. University as to higher which driven today, revenue fiscal release growth. for quarter of $X.X $X.X total million of in third expenses which the up year headcount, The and we to just fees $X.X testing Forest compensation and to as well of from and $XX.X consulting that XXXX. be compared fiscal for as XXXX, R&D

per $XX.X early include During share provided with million XXXX. over $X.XX of of the $XX.X capital. as the cash XX, million $XX.X was XXXX. our of for from quarter not of months cash though XXXX, convertible equity the loss the period or completed per of net quarter of Net which issuance $XX third or third this March in our does to XX, loss XXXX for million million a in ended totaled million the April the and most to for We note proceeds balance $XX.X net million and ended quarter was nine $X.X March expenses new operating compared fiscal of same share $X.XX compared

and large can have $X.XX to pleased the want per at runway of available ADS. which per the favorable, floor provides which with is that pursue The at us. bolstered financing convert to We’re lowest note that completed the $X.XX. price cash conversion opportunities terms our reiterate are note to to position of ADS the market hard I a including $X.XX

In addition, amortization each in we or to elect cash quarterly to at flexibility the payment, pay have ADS. with

through including underway strategic opportunities for means. certain to to cash We other strengthen continue our actively look position discussions partnering, and

plan at-the-market shelf or a As matter registration along vehicle. to a of an we corporate file ATM with housekeeping,

execute have or grow our clarify, we reimbursement the place. landscape could rapidly open the sales immediate for health to For continues we plans test position the as call no commercial either cash VA us utilize up Operator, present shelf believe and questions? strategy come to the to please into ATM. and enables now our center We

Arias first question Our come with from instructions] Stifel. Dan [Operator will

Your line is open.

institution? for aggregate, is your Morning for X,XXX think mentioned you tests that our which what start By a could. Sinai, bit or thanks I ramp you James, are to Can on guys, per so, with you the I if I wanted fiscal just half whether in you’re questions. of us week volumes you tracking on XXX target, on below you where on that be update the Mount of so when the just about and a to not back for and, the this we next just up going can term, you where year? the things are year or target that think us think catch important ultimately, for calendar then remains near are, some math,

most that It primary One hit or of pre-pending care ramp first because a than technical with right? companies, utility up it. that think we we electronic we’re the for the and important so is a I’m response now again. volume what has we’d answer physicians, process, through is side systems, key suggested and river other to are start physician it yes, we orders Mount a couple now Medicare, to other we’re data longer associated that and insurance always the Thanks That other and issues jump was is we’re ramp is which over to of pleased to of are. key it worked to Dan. it looking take The lot does, on points. physicians. for you automate see that to health takes the thing critical river was Sinai The to generating automated done the right starting time is us

meeting factors disease, Association education we’re I what that behavior in was think we the an and publish--well, we is Association concrete is data kidney diabetes utility presented to integrated portal, American but Diabetes risk the leads the primary it which data we publish system, doing that American is the providing at care change the which didn’t Diabetes in it, that at the it do, This healthcare to growth. KidneyIntelX highlighting the level. published is thought starting shows that data concrete would and generating and at

running more dividends, utility integrations still targets We’ve pleased system because is to a put in starting it’s what year, bit pleased I’m happen electronic I’m These is the are over population or at difference, been year. complex and are. actually are see data, We’re of most health same taken in at Clearly and the six we now a out, into There’s set counts with learnings this level, showing to how we traction operating is and care, health a you importantly that changing there we’re obviously lot learned pay was to sites, then Health, sticking really we message lacking. and we’ve Atrium thing these now the before for more of making Wake going and I expect integrated are smoother. that the we’re now next occurring the end smoothly, coordinated, next the is process. significant the with of and you’re Forest and you care about to integration the is little including so course VA. the guidelines-driven adding is been practice starting months Sinai we’ve evidence Mount of now the lot much now a disease by none so at where the a primary run a the that at are networks, the day it was behavior increasing showing that

sounds Can on and it there’s plans, these maybe reimbursement-wise where you--I it maybe for that. well, picture? of like you’ll signing forecast. are in revenue view we’re focus terms XXXX, XXXX be reimbursement not of side, obviously be scenario if LCD as some you Okay, seeing coming success at but without just a of you give might into on the up Then on of know yet, can coverage thanks you think the the go the some in things us plenty relates in you to where percentage

is--again, things starting and from been said Yes, reimbursement, my reimbursement. this worry to very beginning We three in always this key about: the has we’ve head. company, reimbursement, the got the driver and of

major so and that’s business a testing framework generate ultimate patient to but the you are into achieve a a Now going of happen know, operating on then fundamentals have physician quickly. testing to we we’ve introducing fundamentals bill, - putting including moving in stuck Medicare give calendar utility tipping game they’re around get and determination lot coverage, this a period so Carolina. reimbursement that New have the do regions in The immediately majority wins the what the with bill right? Chicago having up, gets Once The and diagnostic regions to because worried get comprehensive or for emphasis year, standard go majority end it patient the answer to private can’t in to day, coverage standard though happen legal policy have reimbursement their reimbursement, the lined Carolina, that against especially we’ve because players think place thing? get in game, a a now is important, that to otherwise coverage to But see. you Carolina, coverage Clearly at name expect success to in data position, and we majority very it point in, we it major unfortunately is $XXX actually much as get time South and believe takes is back from coverage the we reimbursement, longer. barrier a a We’ve all are revenue when moving expression was etc., be lot the physicians doesn’t you I that, insurance to York, are the physicians that diagnostics this integrations directly bill, payment into new very we order We of then and that is rolling test that population, have change when and to prognostic the important, comes. how years against a key in can not your a got that’s is they’re the now Chicago. been confidence course a same we a milestones they determination. off of it say, free largest is patients we’re majority races. coverage we’re Usually true if achieving. very you that where is here, billed, been and other a biggest or you in have Medicare in this that couple position this developing of that with Doctor, precipitates we quickly, is rolling it’s that to Once so they is So out, looks does course, are use coverage coverage North each a and clear - of face North only the thing coverage a patients - able away pleased worst we very going can’t that short win and and we’re we positive regions we the payor win, you the moving companies I’m have function; in because now question, of you’re that the function a compound standpoint so from your then the the and you data, insurance a to the major compound indicated had of of validation issue that out of

Yes, okay. jump you. let here. off Thank hop I’ll someone and in

you. Thank

Our of line next question will Randy come Pinnacle. Randy, your open. from is Baron

Can hear me? Good morning. you

Yes, we can.

All right, so I have two questions.

The first VA is, I guess, one. about want to those for Tom, you talked I numbers an just administrative again. go through

You the if question, determines get centers, XXX it the you of first, running to this sense eight expect of you met with then you’ll along just VA; those to the the next Then call in at and at year meant and year. said delay roughly sure from just then up back of end year, words, I’m what’s XXX of what curious VA success or you. in get calendar other I XXX-plus each my and eight come by I’ll this with eight? to your lines, fiscal have thank full how tests you other these the the really fully wasn’t year, and the would many

system end of time. so rollout adoption be of for over each you the that that VHA build That an that so XXXX. the centers calendar expanded we clinicians eight is will Sure Randy. was a see by health would December number VA in What is center year, like in

but themselves. volume demonstrate contributes each and the any and that these in that we’ll their different practices, the that in same implementations us in and for sure targets that the size manage center metric of a the to they make to able is experiment having clinicians, volume centers of testing important account field. effort with into Overall, are cost recurring it’s them scope above integrate we of generate our the an the see based actually on to The VA it’s so not we sales execs is see test field

to VA are VA get that the system, to offer be laboratory nephrology, there centers required and have forward, center account support for case what’s to within that’s have to focus. medicine, steps and been are services from contracting on required their that move it’s of also internal medical the center, primary from to in liaisons the Renalytix you health of endocrinology, similar terms In science board where to support care, specific and VA working able from execs spending sending critical, then laboratory within and the is the sample the a a

the reps many today, of determines guys want have sales you get and XX,XXX are that success framework to tests, X,XXX some they of you How what convert do I tests? if - success one determining your reps.

all--completing those necessary effort focused introductions covering place, we’re last the so it XX have--we’ve field. in steps we’re sales are on we and account place. we the testing. are accountable now, They all to execs on where Right XXX resource in we get at those that meetings centers becomes the centers focused now are the agreements is had Once level the the center turning months. have to generating six over in for traditional on What of put everything then volume, right now holding them that

Chicago, don’t I then a my was related about seemed couple cash shifts to of OJ, needing XX guess XX but things on differently. pretty is viewing the next and to just guys million that of related deals Farmer of cavalier to shelf, to call And of like very it’s question can the one detail love that you if to $XXX focus about. see XX cash second wonder saying, Okay, I you your where that burn reps. geographies that. today kind more market the you’re James, obviously with the that There was talking Tom from with I’d hear ramp them your to one what the you for I was then much stood revenue. of today’s shift in months, conjunction so out.

or you paying plan If shares? Thanks. next in related to your expectations months, do for, call cash cash that, it the down and on to break burn just you XX can convert

decided sales the have is So start you to in quasi-coverage marketing diagnostics science that This population going administration, trap, first customer started weak that overhead sales history move majority not decision capacity, liaison against of that force the you’re to - and to overhead, from fixed generate develop before were fixed going in so we VA it’s rolling had medical terms We to really we support got the so medical and with of you need approach. coverage a that building revenue, and of out that rolling. beginning, coverage coverage and were develop coverage strategy. pursue bottoms-up the fixed a send we across start in and in we’ve case a coverage, or against, you push the insurance was right the to course develop services territories the in We overhead general you a we developed in system. coverage the you’re haven’t concrete significant so we

New that disease justified population at Chicago now of in order now government we us justified Now, as takes was medical are a is two overhead at insurance discussions developing, we become angle, equity we taking we’ve we’re the to an the something very major I somewhere turn the Illinois that cities, moving on Atrium VAs, market, base, a but insurance us looking have coverage different so going that of it’s the it York, accelerated contract, with a building we’re and with that which all all Wake market so and fixed justify of a walk have was starts the able that be major integrations fact major having said, but complex a we having to with again Chicago, KOLs Again, significant same big coverage. and systems, Chicago look and now of in that with and with the and get us addressable and Chicago into for the and go the in million region, and Again so affects that focus market because one in patients becoming we’re has think secured southeast, ramping substantial in area, and Forest, - to diabetic the payors kidney that time now have on across health for lots XX-year a win discussions after clear. to is VA, coverage to did in. into a is now start true win to systems in and strategy it the that on we’ve the to

and look the things the We don’t these anchor system in second to rollout health to you that of modulate serves, an have to quickly population a build too to that and that function. prudent is to strategy. quickly to system so roll coverage based linear or You terms news we on move fixed start cash go don’t coverage down a now that based terms in. we I got is the your that’s we’ve landscape healthcare have around roll, burn, expanding the overhead, think how me are way dialing applying, at The around dialing far going good that cash and on quickly a learnings we’re the come bit have lot of or burn rates in don’t coverages of insurance how a flexibility adoption the and in, how quite up of the question

have you effect, like major second half and into coverage, starts and of acceleration and that more of As in begets point and so the that we’re moving feel kind I de-risk more this year. tipping that regions, get the program to several at more more coverage, so commercial this you

that the that Right comment the large in lot provides with do good strategic we’re may care sure strategic growth you stuff. growth time to - front out at sales don’t on partner to level. much being forces, and partnership will the it in that the would other of obviously The that the couple us this of over future. distribution, we add two for standard we registration ’XX, is It’s some know general patients shelf that on of by able In two existing registration want we’re you to news, ways fiscal primary have the of Yes, putting the that OJ, to movement to get way, system, concerns want fiscal to to especially profile ’XX. in vehicles to part up get want being with a market there movements think incentive of view are organic a larger anticipation the housekeeping make us good fiscal which adequately as which now, is and ATM terms region obviously next ’XX do place and flexibility, we that? national are we’re have, in in risk pursuing the - flexibility for an I it, the we this and assessed the fiscal coverage, would of shelf of years. region, coverage housekeeping is OJ, and the with that by and that by setting one be are what that expect identified ’XX if system of revenue are

we achieve the significant months years company our number, viewed shareholders new meetings, Yes, that shelf of expectation in I’ll the anything no for of nature. raise flexibility provided allow traditional or needed. a revenue at cash makes in got that, as said, we’ve There’s immediate actual starts burn. opportunities to revenue Certainly our more but spend James as so allow to how avail least comfortably no on to do assumptions capital, plans anything and us than flexibility the months indeed do us as time, add that and for we plan raises feel like is--should to $XXX themselves million by and authorization and restricted addressed housekeeping is flexibility fall so the general milestones, Certainly a so a us and number grows, XX when like we’re raise that, do and through the some ahead we’ll depending fairly it we a to sense there, to have adjust James the adjust the significant be registration as at as at in. that. do, as to partnership

shares each the flexibility about our decided to on asked so time, the needs, will on our also You quarter. nice where basis it’s on, amortization. there each versus of are so view have to be depending shares case-by-case cash at quarter, on also cash do a that That

about cash this months clear burn, continued million, cash us way? in Okay, that $XX is the be you’re that about that for saying or I think just at but to need four to burn on we guys. be quarters, the XX infers a market not should it if of point, real a next cares lot thanks that this past going quarter

No, bring expect we burn cash to continue down, to frankly.

cash give a it so down I guys $X it to mean, million, I Right, at than me put is get back plus and anything. this just so get pencil does range concerning. burn this, market--you to queue. Thanks least in to is a This this Does about magnitude so that I’ll I go need shelf can of very cares more out? much. bed a it stay--?

But be not it’s we we understood, to forward-looking making haven’t sure targets as are, where any much we top other to guidance, at go except I further are this what preserve cash into can’t so the mind, as we’re Yes, time. guidance been and expect we’re guidance, into and we giving yet, possible. giving specific that not, detail of say than

of hoping are. cash market bit markets or position off. for Bear where the a comfort for little capital can longer equation, At we’re want. markets shut the I’m planning we Capital markets the a worst lot from that, last naïve the on moment just and than Randy, to best. capital the not the

that market mean, and level, things important which direct there need set here, there I hopper lot diabetes. care contribution outside can’t companies visibility to a the burn there Some burn level opens I don’t in but as issued primary will but access primary number are do to care Drugs of so for to a of towards people. be just significant up be from need at growth at we want things and that revenue. for be to well, marginal give partnering. devices failure the up very I are KidneyIntelX a that of strategic that of on, partnering, need organic the at anticipate equation myself the change the moment a Diagnostic strategic against prescribed point get medical the cash

a position revenue. Now I we here that entire in we afraid--you we this want out make down one the the number don’t have adequate changes burn, is fiscal cash could That for at and and terms to not not the long company and guidance would ’XX, forward developing project but are we time, the appropriate a but relatively the very rule of get time. we conservative things can fiscal are for rule because about the provide it cash but but six year slim we’ve for our on guidance, of and be the not to also position change and I’m cash. outlook forward providing to be wrong, this things market--the I in in months things been way so been quickly can know, We’ve working like so them burn do ability we’ll to, start to run just ’XX, these if of sure runway down road that

give guidance finally you so in Anyway, have on you questions. thank would say, taking and echo a I and be think case, to you bear-bull it’s you Yes, that well. know, - just I’ll back I going conservative queue. when for my been received go guys range very

distribution standard number have contracts from we’re we of housekeeping a happen next as piece, want, the the organic - opens growth aggressive are things to Yes, or expand it’s at part because set hit channel. the market, don’t case, we’re insurance at in what give the this If better a conservative comes but very whether have which going year. trying direct anchor whether the that really EFX we how that’s been often validated company, overhead if to it to in well, we’ll look in as may whole to which be it it quickly is strategic ATM we better putting guidance on guidance about that up and you when going we’re fixed a is you’re specific a step-up today’s the in we visibility base want then base revenue place market guidance, up and the But be very see to the place. and new we year, where for coverage, which partnership continuing in in you of function

Thank you.

from comes next of Massaro Our question BTIG. Mark

is line Your open.

larger any in Hey the are questions. for sense sense guys, on guess how these you many can health for four in so the added give quarter, congrats of Tom, meeting us nature health maybe health or you plans with, a you’re on I Illinois. whether thank like James side. plan give of win just plans for or just Maybe some me looks your commercial the funnel a what like looks these for are commercial plan you the It ones? little health

quick Sure, jump a then to Mark, should in. you give that, Tom, I’ll answer and

really where decisions is on meeting there with health plan, To already you turn dozen, Randy’s we that and to where accretive health health provided really point when into are making I’ll than add we reimbursement, plans at looking let’s start this that’s specific let’s an do market, and right in around on we a want a call to investment The plan, implementations, goes now we’re where back about other health VA where we’re in turn what to many region onto have flow It more me me cash are a the already a We exclusive numbers. meaning plans. going very because region. plan. a forward in health have we of

in sense York, coverage, North a us importantly, have KOLs, for specific As to Atrium got a we Oregon, we’ve example we we strategy, already good have have plan, coverage. to focus make Carolina, sure so we we just turn sudden all course footprint now where makes we’ve our we look New of on that already If a have on most an because and, it example, to Wake very have regional a there, areas got health making staff in a that’s Forest Chicago, building of say the and that lot risk. where sure support are at lowers of and

are the Administration you health speaking that are and Administration, considerations Veterans a the so overlapping and to they the many and with, contiguous We disease also area. plans to a hire other lot in, of working around KidneyIntelX systems happen concentrated Veterans so regional the of course that we with in effect of into a deploying networks can there integrated we’re leveraged there’s some be

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it very I James, covered think well. you

to people the those leverage we have what take Renalytix. this where systems field maximize which strength Health costs drive model model in opportunities. and areas. in to payors, the bring York the markets focus dollars, that I Baron payors and State investment and very also focus health revenue City Gulf investment Chicago, - Carolina, covered a have it’s Louisiana, we in of North looking execs, at regional commercial payors disciplined, South in drive at in and asking systems being leverage realized our a in before very in New on goes York medical and we concentrate we began we became constrained, and in where to region, think for systems, a return would scalable those back in health a Randy even is Coast Mississippi was the a with science brings on liaisons, account New and Again, Carolina, James why strong that’s

Can activating end calendar second year at how very we as as next calendar any to that might you’ve of just you months? the payment whether year That’s initiative how you Medicare this know contact important not or update far the by Medicare strategic have I price Medicare play expect December. with XXXX, contractors, some through James, Renalytix. should any great. us of the local - so out this about the or I just of give had six balance think have Then your a question, talked that’s my is assume you to

that want you to one? Tom, Yes. take

Sure.

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you. it for Thank that’s Okay, me.

then press do and Ladies question, one. star you gentlemen, have if please a

Our comes from next question of HC Wainwright. Yi Chen

open. Your line is

clearance you whether update Thank de expect and to meaningful taking have you FDA Thank have whether volume questions. feedback us on received my impact for you any application, testing give you. recent Could FDA the adoption you forward? novo from going on an

interesting important is do we coverage important. It’s as continue is continuing it approval are not setting will coverage. is factor is we business. very multiple moving that through that, is believe, continue That’s I FDA do path with to demonstrating facilitate which process - to cornerstone continue sequence validating of we say I’ve up I facilitate going is get a that gains adoption, I the a a regardless we on pathway which processes number to and just wrong, FDA. FDA is that Yes, believe and what timing I one KidneyIntelX make forward. that conclusion why test, significant and and as it platform. FDA a do past, the we’re make product still in said of impact--what’s down versions. through process the however, regulatory be will in that but risk coverage a FDA strides insurance the FDA important major I hope be to to we do because coverage, can on to coming forward. FDA Whatever is I inevitably will The there. moving are the believe

subsequent performance, indicated at We’re repeat improving looking versions, already on expanding working use, testing.

of of subsequent with a together pathway the turn so we there as are FDA, pathway product and versions and we’re KidneyIntelX we use can soon. All coming for a expand to do that once conclusion coming hopefully a these around establish to things then predicate profile,

Okay, thank you.

Our of Lindqvist last question Investec. comes from Jens

open. Your line is

everyone. hi Yes,

Just a couple filler please. of questions,

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systems. what We adequate to on VA deployed we a be of to force have able think number an turn is

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pointing type another diagnostic. of not to We’re

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you Thank it’s fine. Yes, Understood. James.

careful to on FDA also too commenting be the process. I much want about

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you. Got

to star one this any please at you’d and one on no ask your This please further press I’m telephone. if gentlemen, One then participating. touchtone showing additional a question, moment. conference ladies Again, time. questions. Again today’s call. press like for for then Thank concludes questions star you

may You disconnect. now