VolitionRx Limited (VNRX) 11 May 232023 Q1 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to VolitionRx Limited's First Quarter of 2023 Earnings Conference Call.

During today's presentation all parties will be in listen-only mode.

Following the presentation, the conference call will be opened for questions. Instructions]. [Operator being XX, is today recorded conference XXXX. May This

the to Investor Scott now like Executive over turn to of I'd Powell, conference Vice Relations. President

call and today's you, everyone for conference VolitionRx Thank Limited. welcome earnings to

quarter and cover Volition’s discussion operating the with This call milestones. of recent financial along activities will XXXX, our upcoming results and for first key of a

the question-and-answer session. a our Following call conference prepared remarks, we to will open

Executive Dr. Officer. Officer Group Reynolds, Also our on President Cameron Tom our Butera, Executive Chief Chief Mr. subsidiary Chief call Veterinary and Officer; of Hughes, Volition and today Group Terig are Mr. Financial

on Before involve uncertainties These to conference Securities Act to of of call currently some information I provisions beliefs, current under we views this events, forward-looking statements Litigation based the Reform as include Harbor concerning statements begin, our as Private available covered used statements would have remind everyone the assumptions reflect will on risks, XXXX. based the like future information our and discussed statements are Safe assumptions. that of we upon us. these Because well these

be future different performance may or Actual by on may to cause future significantly a from the these results actual based or events or achievements factors of results, results number vary expressed statements. that implied materially

with during Commission. call. Exchange obligation forward-looking statements identified Form and these XX-Q on not of reports operations the We filings Annual risk in the update course this Form do associated Securities to have quarterly XX-K, Report of undertake our and factors various our made on any most recent We with an other

Reynolds. Executive to over Officer, the I’d Mr. now to turn our President like and Chief Cameron? Cameron call

today. XXXX appreciate for first quarter We time this season. busy earnings you joining thank given everyone earnings and the Scott, in really Thanks, call your Volition's call

moving update the the Volition the NETs. financial and Executive another our have great Nu.Q quarter. call rollout making progress for global the from been And agreements. an Vet will via Tom supply Nu.Q to Terig I And Financial key to highlights Chief further Officer, from the finally, on on first team Hughes, the Veterinary, pillars, commence Chief Officer will We regards update licensing of Group on of our our an before Dr. provide report with with Butera, of

further Terig Without across ado, hand to the for report. I'll financial Terig?

call Cameron, much, very you Thanks thank for today. earnings everyone our joining and

I'll key the of the at million now the financial approximately ended for $XX.X summary March with provide of and equivalents quarter $XX cash XXXX. XX, end XXXX. with the results compared ended cash of We a quarter million

net by February, approximately we public company. million deducting received offering before of $X common the expenses in In offering payable proceeds our from a stock,

We agencies further in coming Corporation $XX used approximately million expect Heska the clinical and $X.X funding reflected to activities activities. additional operating from a non-dilutive in from in including cash milestone ramp funding, our three S. and U. trial million Belgium up the in Net months. during receive payments was the quarter

to P&L. on Moving the

cost quarter mainly added level $X.X the of XXXX. development which result to our trials, costs of in compared expenditure was and the $X.X the to quarter clinical quarter. increase reflecting were in U.S. the quarter increased increased million XXXX. has While comparison expenditure the our to cost research This first first carefully, primarily of function, million continue operating manage the of in overall the the the $X.X expected, we for for Total expenses as to of million

Again, the three reflecting of quarter the $X.X $X.X XX, XXXX. was quarter reference was sales $XXX,XXX the year. million Nu.Q of clinical of $XXX,XXX for to XXX% million for ended our in the $XXX,XXX, the approximately both Test compared Heska. for and Revenue to versus revenue cost reflecting of Vet prior trial by the the increased reported loss IDEXX our for agreements first U.S. through kit with first Cancer Total XXXX March quarter grew activities. the Net months

As capital previous we to event discussed on the our markets detail call, today. later some I’m cover plan in at

the we believe platform, our in significant, in the to are Nu.Q course product can opportunities. our we expect these you look very develop we we proprietary with progress notably range, Nu.Q from Given short-term markets accessing And our NETs. Nucleosomics Vet updating addressable due and most in on forward

detail to first team. Tom? that, for exciting hand the Tom quarter I'm Volition will who over further delighted to with And Dr. regarding Butera, provide Veterinary the

Terry, Thanks and everybody. very much, morning, good

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Cameron to back pass our Cameron? Reynolds, I'll that, with Group And CEO.

fundamental progress the I'm to Vet. those generate clear updates. Thanks, part with the for revenue we Great for made company. with potential progress with the you, delighted of have significant Terig, Tom indeed. A and business thank Nu.Q

make Our monitoring are screening realizing goal and moving mission. and is to delighted ever I'm to Canine that worldwide, Cancer accessible closer we our

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bring diligently Nu.Q work Our team NETs to to continues market. to

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We drawing to to joining happy us today. call close, a it. earnings very call your on questions. for you to the appreciate Operator? much And thank We're this take like I'd

sir. Thank much, you very

We question-and-answer [Operator will session. now be conducting Instructions]. a

question Benchmark The of the Jackson comes from first Bruce Company.

thank questions. you for my morning and taking Good

labs or On as insight side, patterns test any there. any provide the to the -- the Do to indication then happen you know the to And of you do doctors does vet ordering sell physicians? you the have with from have the visibility order that the you into trends? repeat any I do vet they and ordering

don't the Hi, use going board. Thanks on back to over United right extremely States it data, with and have of half our now. Bruce, the them, that They're tests. in We the utilize well. second about for that formal has XXXX in across test been additional straight our the coming the additional collect are states of but and to with for from as the any we're they're And all contact launching We're of continuing it. data reception data good morning. partners question. the They're veterinarians in in XX are thrilled utilizing excited

we about us they're couldn't when be we giving really the responses inquire. positive more So, excited

a be to in building the demand? sort then as lumpy Okay, question of the ordering a in great. or and with user trends linear could adjust it on year, you, about potentially here orders according lab should just then the it end a think to bit throughout follow-up quick that, And fashion as take labs we the

Yes.

do to it linear will let because take a that in not we different be lumpy bit bit So sure time. me little it to predict, difficult they expect a at to it different at fashion one. labs whether this It's off out points point. We're exactly roll take will a but in

So don't you we yes, we as step of over as those slowly But when through more increase a increase it the see go we to will year. do to have occur, could expect but insight steps the year.

them launching of sales of of that'll well. expect through Heska course when start later the up year And also Bruce, year Bruce, course, half and as be of wide pick be both range there'll this countries as a back well we in well, the to as And

yes, the lumpy of end think I but little year very and pick it So, start, through strongly a through the up year. at next the absolutely will

you Thank much. very me. for it That's Okay.

a day. Thank Have great you, Bruce.

Thank The Steven of comes you. question next Zacks. Ralston from

Good morning.

Steven. Good morning,

morning. Good

First here of XX% up all, first your XX% R&D the dramatically year-over-year sequentially. in line up was spiked and quarter

us the that? of on NETs You was a clinical you And activities. that's progression your there, Could or U.S. give trial $X.X are on R&D Is all number, little other else the efforts? other could give of color idea in to something alluded broad if that portions better give an million addition basically there's on today this idea a that? increased that's of Nu.Q behind in spiking that, commercialization us there going the R&D up you to

Nets cash in over focused increase which into out will main the on the mainly is for increasing than see There rolling been we've And of continue $X particularly that majority flow, but excellence of year saw centers it we'd flow, driver. that to where little So, certain always expect us -- expect focused it on sepsis. of on. U.S., bit on is in-line range what be on in the million the our in Nets particular $X.X Europe, a QX. the QX, QX last but cash increase the to in in of activities again in driven of terms be for be and quarter with U.S. rather QX the in of the we trial due is for increase million both than from terms is is the cash That's by year in Europe the expenses probably last side, activity flow in more and biggest to clinical we trials. will of clinical here in don't somewhere lower to the QX, terms expenditures

a this Steven, general think, strategy well. on to I just important as And it's do probably

think. it'll launches quite Nu.Q NETs. to we going and just where obviously, we with are on well So us, incredibly we're continue the Vet and up for they're And pick spending heavily really excited Nu.Q

it's think also FDA us outcome the a and in fantastic the for product would having company. for very approved human product I a important be U.S.

edge we epigenetics, a what spending of spending the So stay are also want and epigenetics. growing cutting exactly and on of It's to that's field. background the But, fantastic I doing. on We money think some we're that. on we're

about a So, next we bit on human probably the cancer, background you'll been side doing later in year. have also hear the Capture and which year this work of

edge focusing So, Nets, Vets going the it we're in I keeping the of strategy then epigenetics. also think revenue keeping a on really cutting but and on

doing. fantastic package what we'll So, and keep it's a I think

appreciate these do say last you. informative watching don't that's clearly you've your year, I've just seen. webinars to Nu.Q effort. very sepsis best been it. been the webinar. comment that I appreciate I this, really but I that putting I'm It usually was going I within webinar out. and NETs can Thank I've that on

call revenue update the you about to care for could pre do Are fourth now? on of point to you quarter, you the the Heska if the talk conference in that Lastly, last mentioned quarter, share the would prepared you sales that

quite question. I bit. didn't a catch Sorry, the

Heska The QX. pre sales in

The we're be able quarter. update on Heska next it sales. time. to point to at No, We'll provide able provide pre in this not the probably an

All right. Thank you much. very

is webinar. because And thanks time do, team. on a careful for opportunity, NETs I it your pass the kind which words takes fantastic understand. communications to very to in something but It's which I'll we're to our to little try think something a

into we and communication great being continue it's will you. hear So put it's resources Thank to to appreciated.

Osborn [Operator Fitzgerald. Thank you. Instructions] Next question comes Cantor Ross - from

Hi, good morning, everyone. progress. Congrats on the

Thank you.

hasn't But it's Vet? for walk specifically to through follow-up, So IDEXX as is you commercialization there then know you guys focus we of a revenue. What and market. SAGE how point, the much now starting I Asia have for obviously plan and Nu.Q the countries are partnership a And huge I new think, they contributed it material targeting? off, of the outside it's States. this a really United

question, of Ross. and particular. preparation They're collecting launching some going for in for is for XXXX. into UK, data because in pretty at time Australia. half now right IDEXX Japan to the the for Canada, in They're be in have in of second There presence Thanks Asia they strong that a EU Yes. going point a lot consideration

question second So address repeat second for then that And for the docket them the that in again half your XXXX. of your can I is -- all on so you?

Yes.

almost there partnership. of I believe, SAGE now? And and know and level of a company? be I initial just I But there. think curious the rollout been with the kind commercial, update wrong the uptake for any Just focus it's year not maybe did could they in Singapore. for

several also we're at very time. to for with Asia. good. presence. are us launching the a of in pad in It's been of allowed really a active reference The partnership in And with significant Yes. amount present region, now and in discussions Asia other getting them Southeast right be And SAGE both the interest Asia discussions labs has and we

So the having and real inquiries currently other with for we're access us discussions and exposure it's we're continued delighted and been we're with labs. a having nice

I clarity. that lesser providing then for you And Discover. it's Thank realized update the but focus a for Great. on any company, Okay.

revenue was a in think, quarter. the bit down I

to So it level business contracts longer and devoted of just resources sense curious that and to the makes generating that to do if if hear servicing Discover term?

good very a It’s question. Yes.

recap, people Discover just other is to So our using technology.

the So burst year there big up inbound closed of them. last when went opened was a at all start and the of we of through kind it and inquiries

Discover, at to have obviously interest great platform. to quarter we this the Nu.Q short us could focus and extremely great we're in for it happy revenue and our there's term really last year other and pipeline. on in and very revenue company moment, the from But So in is NETs. that although Vet the people was us significant the what showed have The and make Nu.Q a in it continue successful contracts a using coming few and very real it's

it we not So lot interest think TAMs given with getting of a I are the swamp But our extremely do, we resources, and could net continuing could contracts, Discover on with is contracts. but will has we do more and been it. have focus be we It's that will to obviously great debt there the to continuing had Discover of work we at something continuing and are some partnerships. and shown but moment. are on We're but the it's anything not have more excited

for my taking Okay. questions. Thank Makes you sense.

a Have great you. Thank day.

for Reynolds gentlemen, the would and to no to the the I and turn like Instructions]. questions you. further in over remarks. the reached Thank end Thank have of closing conference question Cameron you. now session. we with answer [Operator Ladies question queue,

time It's listening everyone. us. for you I you appreciate an in. exciting really incredibly Thank

a wide company a VET in a real On side, running launch. of products range has be that very the honour now it's to

keep of So on we'll those. updated you all

at got opinion And today great them reminder, who the a excited we've all products. key New and we us for even Stock webinar further a They'll more from some have than We're leaders I about afternoon. this updates. Exchange our think, potential the on hearing us, here and be York are from other

please either in be available or after. they'll live listen also So

about And listen available missed last want from if are them also -- you've if to few the them already. weeks talked we you to the over webinars also

we're to our the and think the pointed really give I we background this on informative very successful become think into great going how commercial how very side we're Steven and as it out and and platform a next. launching year

you I time. for thank But very your much you. appreciate really Thank it.

Ladies you, Thank today's and Thank gentlemen, disconnect you and concludes conference. now your for sir. may that you attending lines.