VolitionRx Limited (VNRX) 31 Mar 222021 Q4 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to VolitionRx Limited's Fourth Quarter and Full Year 2021 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, March 31, 2022. I would now like to turn the conference call over to Scott Powell, Executive Vice President of Investor Relations. ahead. go Please

of welcome, VolitionRx and and today's conference and full earnings results of a Thank recent our This everyone, call for activities year and quarter Limited. the upcoming financial along will call with for discussion milestones. you, key fourth to XXXX, cover operating Volition's

Mr. Also Financial President we today are call and remarks, prepared conference and our Butera, Officer our Executive open the Chief Chief call of Veterinary Cameron on Reynolds, Terig to Dr. Tom Following our will a Officer; subsidiary. Chief Officer; question-and-answer Hughes, session. Executive Mr. Volition

future Before Securities we conference reflect assumptions available these of vary to statements results, significantly statements call may to upon results Reform These future XXXX. Litigation provisions factors under based everyone us. this the forward-looking based information include currently a that harbor statements covered uncertainties Act Because based our results as achievements be involve of begin, or some well I'd that or these views expressed on our to the different number materially are events, beliefs like assumptions. as future will the we or actual statements by on cause risks, Private performance from information on of used the discussed these and Actual may implied concerning events have safe current statements. remind of

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for We given especially busy earnings Full Earnings appreciate joining season. Thanks, you, Year call the Scott, Volition's XXXX time your and everyone, thank Call today.

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from of Instructions] with first line Our [Operator comes Ross the Cantor Fitzgerald. Osborn question

all on progress. the Congrats

us So the guided? starting progress should helpful. you're you help about I guidance, you million clarity year how Any would be toward quarterly $XX.X there giving could off, but know the think not

Yes. take do Terig, that? you want to

sure. Yes,

So unpredictable. Discover have we as Cameron mentioned of But contracts already revenue earlier, signed. Nu.Q do somewhat the can be a number

product, the we expecting of to year. approach much sort be a next we of we part form that that the the revenue taken said, beginning And will And therefore, that balance of conservative see of product more terms the of commercial ramp-up the vet of to end somewhere would year. towards the next as the launch So year. significantly the year fairly expect or through we've up sales the in of and ramp

the products, of growing the you'll perhaps coming see is in the amounts what towards think products end sort revenues I So the small then quarterly from and revenue year. of -- other of some from Vet the of stream a

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think think us. surprise Yes. did about, to just just in general And talk it I I as well,

were year was all any kind revenue. what we think which the models for a thought, slow I of

bottom this upfront which straight getting It's our payment, accounts. $XX million. the already line in arrived of goes to So

we're last year's think X with already I XXXx check. revenue So

the we're contractual the and or on was The sales, That X in in you So Xx those that's up other absolutely Terig launch than selling the late revenue we they're picked are companies. year. in of we're Singapore. [XXXx] also all from year more SAGE's quality or achievable, if sign kind and total burst, vets year’s now go had we're still all the sure, quite several make out external together contract. a not months, outcome course is of IP X a some depends the had But deals is the -- Nu.Q gain, we out the and the next. issues. certainly the see, fantastic can I so hands may we to Texas either for or And ramp there's X also to or last up this they'll is few this doing, of selling of lot, dam test, some we Heska weeks, good to start of milestones from reference for think contracts Discover’s a year's said, year sometime last And The a the quite things that's this is start the payments milestone payments, labs double a and all And as be milestone have so the X few which achieved. that's to a needed in we in issues then coming There it six more as from now revenue. sure XX, now soon. large hoping fantastic. A&M sorted sorted coming because

don't this have until know to going as been well. in year come possibly really all that’s we that's So But done.

anyone but payments. So expecting I than it But with the conservative, bigger can that it lumpy all, given conservative year. entire was far far, think the we're nature be figure the of milestone being is Discover for and

hard we we So a March XXXx X little be not to but predict, just in we're could last at year. that and what got now we're it's check in already happier

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off you're like sounds great a It to start. Great. Okay.

more I'll and in back So queue. me maybe then the for one jump

towards what beta given in then the SAGE? Asia lockdowns Just Singapore? commercialization plans you that involving countries And the in has target adjusted China, launch your initially will

Yes.

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be So is And think Chinese Asia, focusing where in the move market. I the to term the SAGE it really has but affected short think definitely Southeast I now. will -- starting

question? second And sorry, of that was part what the Ross,

Congrats No, again. you it. addressed

Thanks day. great for questions. your Have a

Our line next with Bruce from Jackson question of the Company. comes The Benchmark

Just a more Vet few questions.

in other of maybe labs discussed lab going Are after some more in a any have . a does You've of footprint space. the the bit Europe? in contracts Europe. giving Heska you

Yes.

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players throughout of news So the we're a short world, asset that in players. term. well the the those of in could beyond part could with SAGE, be be discussions and as a with big regional few But the

as labs vision many in owners really vet we front being dogs -- as as our many in of reach can. we X.X there think of as worldwide, of possible world, to possible to billion in many as and those in be to are deals as many get as I So should the

there'll year. speak to this more Tom, this? want news to some you that later be on So do

we just of had labs signed well the add strategy will interest a to agreements reference going anticipate -- during the into was and tremendous that that going to course And that, we from XXXX. them well. currently We've be the European I Yes. as with have significant European XXXX as there underway.

the then terms testing. And Great. feline in Okay. of

on test samples impact collecting right a contribute some beyond revenue? have to that and realistically, Or XXXX? could the this XXXX could now, type when of product? Is So more of market it

Tom?

Yes.

going tests in collection the part The be of XXXX. the lot be doing work in we're realistically, a initial done validation the think latter validation I of will and XXXX. XXXX, to initial

XXXX, our So was to goal, market. test be, least try at to that would to, in anticipation bring

Okay.

probably of would revenue mean sort XXXX behind. a as Which year

year. the think signing good revenues, this think year I some it really getting and about is ramp deals it will launching I up but next available and

be that I So on the dog will guess side. --

the a that together but payments really guess story So XXXX. from would product things we like market, be coming in for the cat would Yes, revenue I and market. It's actual be upfront more dog apart It's well. for the exciting. very 'XX have

absolutely. Yes,

is ’XX they're Moving do does going time samples States. -- the they over you to of So that Or line, the the say of EDRN study the United means -- in the then When finish, ongoing to the in mean and that maybe testing? right collection terms testing now?

No, no. yes. It started,

So thing. that's a 'XX, 'XX the story. one Yes, that's

tremendous because been focus the or I a fear pandemic. part want the we've has Understandably, of now U.S. been in done was space don't to validation the think a of indication our push go trial in and people to a there. has now. space closed the cancer human and what the out the strategy when hospital of vet really slower that The

slowed. has I can very time think we've you But used as see, that our wisely. So

EDRN that for So will 'XX, side. story a I be think the 'XX

from last then And me. it. Got Okay. question

slightly tick On you've burn Or up million everything? hires extra to $X this month. running rate. should roughly a the still with million the that maybe burn, going Is year and that at been month about per modeling $X we be

Terig?

Yes.

it's yes, so running average -- a month. on I currently think, X in

little year, is. activities always up. it be a quarter a ramp bit The it tick first expect the can will as we higher bit And as up to throughout

congratulations Great. the on All progress. all And right.

Thank Bruce. you your for you. Thank time,

next Our of Nathan Capital. comes with question line Aegis Weinstein from the

licensing highly this and diagnostics respected very on well-established congratulations Heska, company. deal securing with Firstly,

really release across. to Vet guess start excited And with the see was press the Nu.Q I side. just that I'll I question come on So

So there keep the eye announcements? sort over on milestone of Just we prior revenues do will sales, how of around product to ramping the Or like that? progress how be we year? partnership an from the track next do that

kickoff update meeting running. I the a the are as calls. on quarterly call ground yesterday. think hitting the had corporation we They But we'll

of launch flow to the as Element spent test, there i+ working is Heska out like lot We've time adapting a and to test. platform it a lateral they're So keen quickly. really also looking get snap to a with them,

rights constant well So their And course, launch their in of in had they to the as that's laboratories it development. labs. in also, reference

So about serious think I on. will very They're going it lots of running. there things hitting be

for $XX I in on big It's good good I deal showing dogs, like. it's a payments, signing, a the for very exactly a And And dominate it's really real for they've good this they're I point-of-care a They're said, point very think it's with XX including great looking in shows company. And for at I because think test cats. I working it's of to the the us market. for good dynamic product. potentially made It's I It's need space. Heska. in that everyone. very us. million decision launch everyone think think the It's good think care. as to you And a deal

also, big we calls million which think are events our year. update on goes course, we'll there earnings totaling and $XX and come, So the very next. are milestone payments X of achievable updates the as this it through to And year

the and said, a in ones, also the month is then be in big time. in -- few SAGE So April, will from -- as And comes I revenue sorry, I as launching that weeks' this guess.

So will there drumbeat of a be happening. steady different things

to several you to get of interesting. starting further number along Nu.Q hundred in -- couple a as different Obviously, out their then in in trials? worth There a dollar dollars, And Is clinical products thousand enough. agreements. can is guess, Fair you break turning figures it that sort trial the how just Discover. product Okay. customer signing ordering of more trials? later those they're go or have because up that's I

and It same. about half companies. pharma -- it's the universities it's half Typically, so depends on

they as that So at few few a you works, order order and – kits they first, more. a

be from go the it can then in part the development lot hundreds very it drug to jump if to the research then X,XXX key worth And they product stage. of program, be money. And thousands the becomes XX,XXX. sometimes of next companion in of the to a or So XX,XXX of the it can or part or

learned whole assays more of our serving A year a of doubles about our source purposes. It's from revenue from nice and than sort industry. from lot a We've interesting. really few early alone been So last what it's few a It's thousand hundred revenue. everything. the dollars this

the the also it revenue platform. of on incremental epigenetics. to going But It what's in also, it's us growth. for just versatility So interesting shows I kind really allows of think understand

heart of of big at provide of lot people. a We for a aims have be and to epigenetics lot the tools

areas groups going different at really with us exciting the working of in different So allows in to be heart on this space. what's incredibly

but also better it's of is them so ourselves really lot own epigenetics it this we help track and really process. our been that's very revenue, also products, can and understand things the So through different of nice, a and keeping

there's lot one Okay. I'm Fantastic. to jump different -- a working from just final And question but you're then on. me around, of sorry projects

are or us you And summarize remind the catalysts do NETs I what So next discuss to but NETs, don't at want in really Nu.Q prospective did program. Nu.Q length, ask just mind. about you maybe that if

really members surface. Actually, Yes. that's We've drive team really to hired it. the growing been strongly extremely below

one which we what people it's killers is NETosis, early, in hard remind So of cheaply sepsis, just do. the the if biggest biggest what killers, is not also detect hospitals. but quickly, easily, in everyone, very which COVID; to majority to the of particularly kills And

same It's platform So platform. the we're incredibly excited using. we've been about this exactly product

expecting And time. changing first soon. Europe in a our regulations CE quite so Marks are few we're The months' in

change. of before them get trying some to regulations we're the So

CE on different frame, So expect purposes. in summer Marks this platforms. of Why for different sort we'd time few a different platforms,

to a a or lab want in you Sometimes machine. run lab

point to of Sometimes you at want the care.

to CRP, from partly a plates. we want XX to And you marker, course, which we something go get is, is of year, are this NETosis on information Sometimes need like which million going platforms. if information, to tests different

was -- next will U.S. the work down launches was on the what the I States, really last the news development U.S., and in this launches. in I of European trip doing sort then wave sorry, was for the regulatory So side. And Marks U.S. CE part products be sitting the when of of I'm the of the the

hires So see some key expect side on the term. the in to regulatory the U.S. short in

particularly exciting going be to tragic I beyond processes exciting really think sepsis, are the really us in is us one killer. is aiming side. Nu.Q the we And the people drive think which regulatory a NETs, now, quite U.S. we're to some in at also cancer joining help

intend lot expect we NETosis of fantastic So the information this on expect how later which to a see year. we blockbuster be U.S. our in products, to launch to

CE Mark more strategy thing, and we're And so Europe, a lot working in U.S. on coming later well. and information Obviously, summer, lot to the to also this X over the out. more expect with be diagnosing treat companies companion another, NETs year, this information year that a is as is data And helping see to a diagnostic. some and so the

many big half we the there year, part and have and second used in do simple in yes, -- is a very in So very that summer second the think. the platform we on, that lot over very versatile, will can Nu.Q be can because adaptable, a a half be areas, going we of this of it NETs

especially on Okay. you, side. the Dr. progress, Great. Vet the at and the to whole on Butera Volition, team all Congrats

with question. Our next with from comes Okunewitch Michael question your Maxim. proceed Please

wanted diagnostics is clinic? base and So the vet And to platform at that platform, as I stands? there point-of-care a regarding wide widely available reaching how it Heska is ask labs

that? answer to want you do Tom,

focus have they have -- that's the emphasis, -- it's Heska Michael, where entire their and diagnostics. Yes. is biggest strongest where #X Michael? they the there. footprint. is point-of-care The That's their

be eventually something And going cancer, our laboratories, Heska hospitals of Just pretty that and market. with to basis with to has introduction in-house Point to especially U.S. going XX% that with a veterinary close the gravitate at very the of you veterinarians probably of give and least test it's that of out of are on are had alone, to much to an kind them idea Care to. XX% there reference

of in Analyze anticipation it's their So use the for in going a about, lab that, especially immuno that terms uptick reference is probably market. significant there, be the we them spoke with Elementi to in-house

forget the is Michael, it's This machine. just don't license. point-of-care also not a

tests a they that as do be which are and well. developing can as well, not believe machine anywhere I need So flow lateral run serious

think about I entire they're So solution. the point-of-care all

machine looking into disposable the they're So more big well. accurate, a are is A very I very to reliable fantastic. the it, they obviously of think, machines and test platform. move part as also, use But

So that's really a lateral and viable tests machines or through flow. worldwide lab also through the

could to point-of-care a see bit development for? the setting, the in on provide just right. economics what about through Are extra a color. as talk if behind also sales I'd more you are milestones, granularity largely I well milestones. like that? bit as those All Could appreciate Heska the those you the sales milestone,

Yes.

a So we've other with careful. little moment. X obviously, got We're companies the be at negotiating to

to all. away it much of too we So give don't want

all, of very happy. First we're

all I the a deal we us talked for good it's reasons for about. think for and them

do end them, think So a year. million all payments by we next And reason could them, the there's payments, fantastic. coming I more the milestone we of are good milestone There's X if milestones. careful -- feline we're they discussed. happy of we've milestone, very said we $XX the chance in the pertain achieve deal to we a those as And to also we've about. the to for But what as the -- have. talked reasons and product got with And launches be far obviously, as we

if components, than have a because together cheaper but components. kit $XX it's than And to looking Heska obviously, we're get would to kit kit, get $XX and we us, of $XX put expect and end said us. reduced for the if less for from to about is the don't sort per we're about at would of $XX to kits, we what coming the it's so And user, that half selling we the For price us. the

and good a to So very One components, solution the big our and allow for it of to I shows really of which think, the vet part development us, producing a to healthy strategy that's, now. Silver percentage the controls, key so anything the provide us do in companies, are antibodies very very, They the they work. don't we ones need We produce to don't any produce sale themselves. have

and the the we the recombinant adapt platforms certainly flows. produce point-of-care or their best to in nucleosomes, so lateral nucleosomes, machines the I Heska the world, think can other to or

the very a components, which because And revenue we that IP, the think So only then you reasonable I percentage have they we key Is don't provide get payments. milestone develop them. means also said, of we provide not fantastic to the how Tom?

Yes, it is, Cameron.

you're Yes. I a on CE NETosis broad the for potentially summer. touch you're to over Mark also program. going and getting CRP-style Because wanted you the that mentioned claim a

its So NET after adoption would claim, steps that next for what you product? be secure the as to a Nu.Q clinical drive

question. good Very

So we're now in process. the

it's job the cycle and the strategy. life manager, and in on said, launch on taken team to a U.S. working product the together As NETosis I we've product put we're his Europe to

And for have sell if very you a the wide clinical Mark So purpose. that CE can adoption, you range well. works of a want you it means proof that

is working some showing we're opinion the useful So clinical with key great leaders, and in world-renowned great universities, hospitals setting. how it some

by be So in a clinical how trials, being a partly in on different publications, Also, works. of background and platforms. it adoption lot will really well strong and products the is driven showing clinical used

some As I a people want centralize said, lab.

or is X X not in hurry, the lab hours you're fine. in If a taking

in someone space is vet other whole The platform each for go something of you intensive of Care can quick, lives Point got help business or point versa. and vice helps when for that's where you also in a the you've want off care, us If the pretty this each and care. human emergency other. And the space

given to you something easily so I get hand, possible, giving available looks is NETosis is how platforms first they adoption, getting goes showing is the And key is how many get getting run. last sepsis bad So behind people addressable I that hospital whoever starting a it's the I the will, opinion if and it and think it said, and make is, even very as is looking to to great incredibly everyone it we'll we're the function then useful. it we as a such deadly it. it they're which leaders think knowing emergency, if be because and use it approval, problem back And to sepsis been incredibly it's how day total think killer. on is or that as at which for we're knowing works, massive that on becoming test and lot day the we And in important. market have when And at of well then a into valid is regulatory every product it's

through that working got now we're the working coming forward, and we're I the of very a think I So path quarters. indication now think we've through good on update the we'll process. strategies and But

on progress. Congratulations right. all the All

exciting. very it's Yes, you. Thank

session. end the Reynolds will over And we question-and-answer call have remarks. closing to reached the now for I of back the Cameron turn

So it's the the to long congratulate entire everyone. thank But first have going be through you first And signed you, Volition. like And and a it's amount team tremendous doing, revenue a for know hear, fantastic fantastic as go call. if to Tom happening all in. the tremendously I can things a we at I think it's I'd a a be to outcome with going the and been Vet you very we're exciting year. big deal And XXXX.

thank for eye close what's a please again time. your keep on you on. So going And

today's again you for participating call. Thank in conference

your Thank you. lines time. may this You disconnect at