VolitionRx Limited (VNRX) 15 Nov 232023 Q3 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to VolitionRx Limited Third Quarter 2020 Earnings Conference Call. [Operator Instructions]. This conference is being recorded today, November 15, 2023.

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

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

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

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

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

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

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

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

Terig Officer, And Chief an on to Tom report update the Officer Hughes, Butera, from the leading Andy as Test. Dr. our on Executive our commence our progress for Financial then prerecorded the pillar. financial U.K.'s intensive a of one with the hospitals Cancer NETs call Vet Veterinary in delighted who our will Chief Nu.Q that thoughts care before rollout has Retter, consultant hematologist of our We his Group Nu.Q works I'm moving Volition of at and Dr.

particular, wrap thoughts presented method recent our in our detection our FDA clear and achieving my pathway cancer breakthrough in going of the result milestones up meeting at with a and strategy upcoming recently regulatory also and early will I discuss ESMO And October. of forward. overall

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

XX, now Cameron, September Thanks the the quarter, joining a results key quarter thank fivefold our a increase ended very a summary revenue today. $XXX,XXX revenue perspective, the call From provide the and we recorded last everyone, year. earnings for same much, period for you, financial I'll of of XXXX. over for

we that anticipate. steady of During XXXX, not yet that growth in ramp results grew X the to but these believe quarters $XXX,XXX. We the first demonstrate revenues XXX% revenue

growth. the our and of to close we part several Nu.Q We into with continues XXXX expect its revenues XXXX Vet Nu.Q accelerate come and distributors pillar as Discover out Test additional as our online early

compared period year period, revenue XXXX, grew plans marketing and almost Year-on-year agreement growth reflecting driven with over expansion on mostly as Test, Vet fivefold was XX, sales of across working our through and who the the IDEXX, reference into to which ended primarily international September their U.S. the are we markets. prior kits Cancer closely with the sales X-month as by Nu.Q the

of the XX% period growth XXXX. reflects over the first for XXXX Nu.Q for in was comparative which Revenue X Discover quarters $XXX,XXX,

number commercialization of stated, it previously early updates, Tom stages revenue guidance. pleased provide pillars. are and product million are across to Cameron of million equivalents at we ahead, progress Looking we compared making the cash a their approximately cover as We to of have the with we will difficult these ended with $XX.X of end $XX.X in our cash XXXX. meaningful the as both and But is in quarter

U.S. Net phase. activities sepsis, was in to due activities completion $X operating used of quarter related $X.X during million to in included almost went million since down payments have the which first cash the and approximately of trial successful our clinical

$X.X burn $X of range were We products while as keep possible the for commercialize we compared the XXXX. operating are and expenses of low as for on to million shortly. Total working hard a quarter million more quarter to that third

XX, primarily increase cost quarter. development million XXXX. of result which our P&L $X.X reflecting expenditures, Net of for costs was the the research compared million to trials, clinical and to mainly ended This the in months U.S. September the the quarter the million added $X.X X increased for was loss $X.X

we As current committed to tight conditions, budget given the and remain ever, expenditure particular, in macroeconomic control. and careful

innovation establishment R&D program various loans fund Silver Belgium, to have quarter in investing and in aggregating including rationalization million a and reduction $X Belgium, or our of To wholly Nu.Q balance approximately our product million. funding facility our on funding the California, of of to provided programs in and Subsidiary, end, R&D European to favorable in Subsequent thoughtfully our Belgian precious approved end, our development in manufacturing part in capital. balance, the the a a and institutional ensure of bodies site, NETs recently additional regional Excellence including $XX And $X either grants completed to various have company, a recently, and Walloon fund of our are preserving funding providing date, This headcount. trading. the annualized nondilutive we for particular, overall identified Volition Europe. that Centers helped or approximately million agencies revenue forms, between region approximately bodies growth with cash savings has Walloon our carefully in in purpose-built government and most Veterinary company very various and we terms. This in is launches lab cash project One and It

from other We expecting in Belgian quarter of also first further XXXX. are be to the secured agencies amounts

We Belgium would for thank government support. in to continued their publicly like agencies various

have in greatly nondilutive the U.S. our to efforts also We with funding respect seeking expanded

to Our our some fund or X through million potentially aim major be $XX over of programs we is could of which years. anticipate either financing, the next nondilutive upwards project

of our to outline will pillars call. later his the fund Cameron in portion strategy forward going this

also million we milestone ahead, further at the a expect Heska are times from challenging level. the receive in Looking these payments Corporation. macroeconomic Clearly, to $XX

existing that incoming plan near-term this are team believe I and capital with funds XXXX. into execute have the expected to we However, well and place the for in our quarter placed final

our I that, Volition Dr. Subsidiary. with Tom CEO Veterinary Butera, to over And of Tom? will pass

almost through the launch global, Thanks agreements. both Vet our for we prior demonstrates growth everybody. XXXX grew very our Cancer local am date, growth Test around good of reference revenue and companies to as and solid the supply report to in year over reflecting pleased product, first morning, the The Terig, the and revenue I that U.S. world. certainly comparable additional Nu.Q and fully in progress regional kits more to come period, expect much, months of X fivefold the the sales

London, town a have call in England I Indeed, Vet As announcement, am seen as U.K. from the Vet in Nu.Q you the is London Test taking Cancer the team over for our now this coming in is Show recent days. will the available

really exhibition the thrilled was flagship U.K., of one than the papers of XX% London Test Show attending article were in event. the an more launch Nu.Q with the here We veterinary our of Vet is The terrific vets the largest of in U.K. featured Sunday Europe's Times, exposure.

the XX% the of early we a so million more series test. talks provides So also to XX on one the households of we are busy our another to believe Sue with Timmins. There and the to few exhibition opportunity but or hall, sponsored pet we drive dogs Dr. a dogs, and have access looking not are market detection Friday only Dr. owning in forward Rebecca Ettinger U.K. with that tremendous days, in invited U.K.

whom of supplying Vet U.K; veterinary Laboratories Nu.Q the Vet diagnostic to in be of London the Cancer delighted providers Veterinary Show. at also promoting are and We both will Test leading NationWide Pathology the Group, X the be

exciting the pond. on ahead times of expect this side We

greater launching with be diagnostic making announcing also the early in efforts our Japan. in are progress we'll with in provider in XXXX leading Taiwan. anticipate XXXX of veterinary Genomics early our provide to Nu.Q access in Vet to We VIDA and a Cancer launch the Asia, part also And in Test

make exclusive U.S. point conference drive us. In terms a hopefully in February network. availability reference marketing the of just Wilson-Robles, and guidance efforts continues which the January and very Heather IDEXX of their of good around XXXX. The payment our U.S. awareness as Nu.Q the of and test research milestone very a anticipate to of Dr. Mars under soon, supply trial to IDEXX also Heska across laboratory trigger up ramp to development care to and well, products agreements, with Group extensive the the product up the From of and Test gearing global quarter perspective, the would continues launch is season we licensing Dr.

hosted. Timmins, has at our the bring to these agenda progress Rebecca certainly hospitals. we'll platform forward be Capital consultant of NETs year That's future. a quick into informative provided with breakthrough to a on and and NETosis, Dr. the Nu.Q feline invaluable one over at our will and medicine, has Day Andy, packed great are and from webinars, leading hand now cancer I well specifically in and [Heine] our product and Volition's insights this more earlier develop given today. I be Volition hematologist detection. will Justin U.K.'s expanding pleasure Dr. looking we team guidance detailed of the events over updates a X with discussing our to continuing on his emergency at as care Nu.Q method me, presented Dr. Dr. look in our intensive and at Retter topics Retter early number the Retter, view as Andrew team Markets you. to update providing to you

Volition's Thanks introduction, pillars. update everybody. morning, for that to provide made cancer an very in on with I'm join of good delighted today NETs Nu.Q and call and much, significant the the progress some Tom,

some me XX the cases introduced is as first almost say heard which deaths. definition we in starting significant and held is progress with exclusively Volition. how workshop by the over Athens, influential around attended XX This annually, the Volition causes made to sepsis the opinion the has leader roundtable before, about sepsis. experts, was quarter. Sepsis-X through ongoing on was of diagnosis of of role Greece. one which of NETs million hosted Sepsis, you've days, potential in death NETs. and is clinical a discussion leading key of the September, of Nu.Q Nu.Q authors and highly I unfortunately, is X course world's leading the carried focused million critical of There paper. into quarter, So with to, first In fourth leading worldwide It X sepsis, this including event definition

NETs tools the therapeutics. last of Forum And sepsis chair one of to the of Excellence desperately that biggest and We current sepsis European and are sepsis, lead in Center many a the the experience and of need years. from new current Nu.Q NETs Sepsis progression was program. the other represents firsthand as measure the management in The of sense within to group diagnostics XX International Alliance Sepsis of new A the this and they and the have operating breakthroughs [indiscernible]. may chair attendees new potentially Nu.Q the

like If website. of would and to was section issued report available you the more the the meeting, about KOL is find in Volition out the Download short

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to after October, subsequent shortly end, clinical quarter Center in This the of Professor by was published first a the publications, paper Speaking was event from published. of Excellence and [indiscernible].

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score sepsis but It diagnose a they Nu.Q at more die. also to in sepsis. the score the the So score. a and It research the score, unfortunately, likely data is to correlation to used is patient higher the with bedside. practice is sepsis confirmed aggregate NETs little is trials as cumbersome mainly [indiscernible] current The the opposed

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for today. final his pass Cameron. to remarks. Reynolds much Thank Thank will over Cameron you, you I for you now very listening

and thanks Volition. expertise It's varied XXXX of I'd that, transformational a reports. on like very Andy strategy. you has our to moment as been a Terig at and to for reflect far Volition. certainly for elucidate those Retter thus Thank now I the for Dr. But sign much, real always providing take we insights, Tom their have before to financial

through getting the out-licensing on funding each or pillar by nondilutive of revenues, focusing macroeconomic XXXX. Given conditions, itself are to either payments, other end the milestone current product we support

cash now into payments we from positive to be expect launch through the existing as territories. Vet our overall ramp targeting currently expected revenue on partners following: expand Nu.Q and flow the and are We new partners milestone more

than revenue to are signed and Discover further starting in in XXXX. very Discover in this expect and progress XX running out overall, We're X call, more on separately negotiation. We double a already happy to we XXXX cover time Nu.Q of with contracts become currently profitable to but with

strategy to Nu.Q we alluded up of nondilutive earlier, through Terig pillar NETs as to begun funding to and/or project have our a million. Thirdly, $XX fund,

product Europe the invest government or the out-license by have preparing our directly. Officer, webinar, Four, and targeted lot and external also a in our work We as there discussed range U.S. and cancer lastly, in to our technologies. the large attracting aimed recent agencies either player of are Commercial Forterre, of a Nu.Q Gail Chief a has in in interest at been background CTCF

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earnings We're your to very happy questions like a the close, there thank drawing of to much much all now. to Operator? today. In call across all given for digest pillars. answer our this to how it, you is We joining appreciate call I'd

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

Congrats on the progress.

Vet focus to it's on wanted given Nu.Q just most opportunity. revenue So near-term today

how So U.K. there? with have do laboratories coverage think reference the you much regards to market, X the

it. asking Yes, for great Ross. question, Thanks

have penetration in we're of VPG also has for to into think throughout the going I coverage the have U.K. Ireland. NationWide coverage also U.K. and Both labs broad and these extensive VPG

question your to simply answer the is quite coverage. broad So

just there marketing and terms Okay. to you go-to-market current reach then Great. of turning capacity? And us IDEXX, the could in strategy remind maybe

have some is January obviously which exposure are We working their labs a currently been Lot highly -- and since smoothed early the over them they well. has of They're U.S. very reference out, They course with obviously an we've IDEXX, the large at the current parts. domestic company. company extremely now international had they're tremendous well. launch both VMX. Yes. of as hiccups we working time. of initially, us moving with obviously and engaged in are And

them And in domestically are support are well XXXX. both internationally also, as extremely of with they collaborative terms in on their educational awareness, planning in support as collateral expansion engaged and and we

we one bit really, realize us, been little has brought this with discipline slower, a has highly a ramp and So detection, to is quite they significant new ramp-up the though but being of even anticipate concept we a XXXX. veterinarian's and that's to a cancer are engaged frankly, new over the course

last Great. And queue. Okay. jump back then one, the and in I'll

your to walk Taiwan the intention Japan for XXXX. specifically? through targeting you in those in mentioned You Could commercialize just and rationale geographies

animal Yes. first of To we're all, Japan, cats, market million. talking idea, and of about in companion U.S., mean, a I the XX XX million we're pretty talking dogs number. give an over significant a you

grown in kind X Taiwan dogs and their who's So X,XXX XX,XXX a reference in XX% they're now to some over pretty to years, we're In give U.S., up about the U.S. about the pets, market the XX,XXX of million last large compared X Japan, quite just companion veterinary current that's cats have points. somewhere number hospitals you hospitals. to we about And In frankly with growth and we're right the talking animals talking then over hospitals.

expansion us for those and giving comparing very both they some for of think in considerable between the are potential can you to you numbers us those X U.S., So them nice and see countries. I opportunities

Bruce Jackson Benchmark question comes with Company. The next The from

of questions. So cash couple flow a just

and And Is on Walloon. going fourth that to that from to payment much of in the statement goes the how on much statement? then how income flow First the cash quarter? hit the goes

finance in good that next It to expecting a will similar go us $XX had and It's of we One the that next loans, the will flow we've grants early we're to body cash from that for very from We're combination also in month. in of from level the our Silver before and we of a and But probably get Belgium. and more what had region. a including Belgium soft where are facility these region Walloon Walloon in, to production the statement. all helped in saw year. a Belgium that's operations, funding lot million the we've in form cash national of question. support grateful the funding That's the Belgium, QX And

for milestone? flow the does What's the Okay. the and And statement? And how through then same timing income the Heska. question then amount of that

launches and So a Its deferred milestone recall the $XX How as that the million one milestone that We on future balance sheet to statement. flows then you received. through will income when goes are if make occur the that. product. received Heska payments sales. we first earned as That the is upfront, to similar the income out we

you before, use we could company. the all if them immediately as But on for arrival, will,

working So capital. part of they're all very much

It's in bank. all cash the

when you'll on So see cash it. -- it's when and that the balance sheet we collect it's available to us

or in with the $XX well as looking funding as the we into from you the over payments and all milestone X, And the if regional expect Belgium well up on -- amounts funding the add million. Bruce, the range $XX launches, you're it those million

the milestones reached -- next a big obviously, to the lead part get year. will So money very of

milestones, of got we've money Yes. through currently, months. to the funding, do from With next add we with what with the sight of the that can Belgium that. the QX Perhaps XX with end I on have from line funding

CTCF on Okay. Super. Last research. question the

last webcast that be during there mentioned out some the during Is quarter. data the case? the think still that first coming I would you more

absolutely. Yes,

which from excited very had it a obviously, very of and than we've good was data, about, and bigger partners, is interest So lot preliminary we're that. it

aim more those at all. very which cancers obviously we're which as cancers to data, a well excited. on very we're working at But only for the So conferences has it in of -- optimized is we course, specific not we're been the all time important range of not be working presenting as on

make the as through as going it and as routine simple we're all to optimize things So it and easy to possible.

And should optimizations also accuracy. the the overall also help with

since I ESMO Madrid. week, a Liquid for a I'm optimistic very surprised know, interest Bruce, Conference how it's person, level next conference and little very happy with gone of Biopsy overall, but the Jake you as quickly also even in So the think, and I'm actually the

So other there. we're talking to potential a lot of partners

see through year and this data next lot year to QX. expect So into as of a and said information in we

next Moore Our Tim from EF Hutton. with question comes

investors into can call, anecdotes word. of conveying the that's vets exciting owners. but seem color maybe adoption that? the anecdotes already? spreading interaction of your new of how are and testing any test, outcome I you for about some and dog probably a like or and know vets fine, provide the be mean, kits to excitement rapid buying cancer, behind think you give any For awareness that this It's it Can this to that you useful joining rapid kind canine of X/X testing detection cancer sense of early on

you Thank question. the for Yes.

mentioned I colleagues. area my cancer in a detection is the involvement new a veterinary new As test early and call, earlier of for

to are the major So lot general the around time U.S. terms as where both to going of we a world of practitioners going in spending in obviously speaking obviously we're and conferences meetings. also well as oncologists

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significant. interest consequently, is the So

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my their period time it to which I a a like is to As we from some in It close veterinary comments, a and it on XX-month we you the about test now, reference talking accomplishment gone to transfer veterinary mentioned in we're a about a where use almost is that consequently, getting But a from video that that. And has longer where we're going bit point-of-care it little it's something done it's very than my tech test, major do when earlier have anticipated. this was when something do started tremendous think launch. and to colleagues a we of we're accomplishment today, time taken are there to hospitals. a lab

well want right first And continue that. in be our run We Test, this to now. going make it clear to So time. do they're to to Veterinary sure monitoring. Cancer using which that your make been of Screening not you number test of you want and in point Medicine we'll the is want really at I've obviously, many the across What of is out for in taken Since and and been a is it's screening have getting and that that field you're is sure And it, same of tests time, message at years. point on that the direction good Nu.Q on and part there the using understood. Yes. too our things thousands we're to The hopefully, colleagues very effectively. do

a paper will We already market out monitoring entering be XXXX. peer-reviewed in that have with application. We the our came of May

monitoring. but to with it double the more monitoring your don't confuse that. we're we're be application we suit kind want probably both even each obviously to screening first the and -- the screening probably that will interact it are and because colleagues anticipate that on bring our screening will introduced message. course, after with extensively, really our monitoring, of credibility quarter with get will will the on we as mix of now yes, tests We the those that doctors monitoring, about between as of of We the well the a But and point, education talking in other, follow will focused like XXXX. first, both to of more And continuing and

is question me can And the the Is a do year? trigger of million you launch? That's helpful. just test Great. of be And that remind might December think you that $X when my time last what next does more milestone? does feline frame occur, that

part The now that going through of in particularly XXXX. right by And feline it screening probably program studies half we're of of with is first XXXX, a test and then and on should going reference we it that XXXX. second reference trigger that the hope have anticipation early utilize the its half then paper feline cats. with in that stage. be And there, can in more right will cancer we to pre-analytics in producing through XXXX. cancer Once the clinical go pre-analytics to now. coming out of Yes. is hopefully We'll a the a to We're from payment test Heska is is the

from comes with Investment. question next [indiscernible] Zacks The

question quick Or program? clinical down and the the was quarters rationalization it activities the were the second to expense 'XX. Just U.S. on the a was R&D due in first you Do of that think of quarter winding or expenses. the third They lower than some other factors?

we've So wound down. see in U.S. related have that won't DxO cash as $X in quarter mentioned, don't next the for the million studies the about in we've the sepsis think now we -- quarter We those I the trial expenses had because to

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the with the to we've itself, factors. So get actual And wrapped I you. back oncology together transcription can human data

of So in terms it's [indiscernible].

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is finalize is in working yet in of in they're a market and to cancer haven't then that that review peer likely study that. a project, a do specific from on view And we for will application clinical now be that be that So announce then done lung order point looking we're another terms paper submitted to publication. what of to which validation

well. in are as there in be early Dr. coming France cancer a use France course, expect oncology clinical next [indiscernible] human first with of results Nu.Q of in lung And of lot we facilities. out of to the And year

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transcription and platform forward. strong going mixture, platform I oncology a So will be factor human think, of the Nu.Q

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Congrats in U.S.? share any the quarter. What steps with on you NETs through expected are FDA left Could Nu.Q to the path go on get to details in regulatory progress clearance?

Absolutely. Good question.

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now years obviously, a I on but We FDA takes we're to And you the finish start The macroeconomic the path process and lot. environment. in from that to discussed itself is the what XXX(k) the path data depending understand X.X and about need, approval. in usually conditions get

our so company. don't top dilution for [indiscernible] projects to we -- we're looking the we any fund So minimum that very

we're So NETs finance the working to process. ways on

we've to to for a sharing Obviously, we've development U.S. in FDA. diagnostic also get a Belgium the to some or get funding more the of had assistance, lot interested companies had looking through coming companies perhaps looking in large We're this the and and similar costs one the of diagnostic package through. up also large

which funding now very get to So a routes and button where we the need the is we to. us we're comfortable once path clear have with exciting, to be we will get pressing

is IVDD Europe, our you're actually probably it in approval. as [indiscernible] now, And aware, through

utility. to clinical if doing will, for we're marketing studies now -- So studies, get you adoption market for

process, will be over. help the which a So looking And to also group taking we're is that coming the for IVDR, now is longer-term which approval out. fund European

So overall, a clear have in in very U.S. we Europe and path the

lot but as don't now. in that's all And We humanly just fashion -- into located start a we're nondilutive to and the in process -- mindful. finance a very for of spending we've possible, money the want it

about line to information a that X.X we lot the your on press question the to button that through when the FDA. years have is more bottom year. should from But we So

I you. Thank time, turn the remarks. closing to to would like back At for this management call

on with course, in in the which of capital, company. to that going really environment, through. excited a knowledge have There's which at this now, we coming all been. we with I have But pillars be the our excitement are that is tempered very taken taking you've of careful the tremendous the think And everything with we've There's from a tremendously amount lot we're you, in be said, probably to Thank everyone. moment. as

with We as about. pushing lot as what -- we for we've incoming of many have funding non-dilutively. also which possible We're of a talked other money, ways do as well

a year. have the the lot rest information of we'll So of through

a looking forward looking we're breakthroughs through have. [debt that to other ramp] well year strong be as we next So hopefully to as the what's exciting

time, much with So updates to you very our time. to your for you forward all pillars. for soon and all of speaking your I'm Thanks thank looking in

Thank This you. teleconference. conclude does today's

this at and you Thank may your day. your time. You participation, great lines a for disconnect have