VolitionRx Limited (VNRX) 26 Mar 242023 Q4 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to VolitionRx Limited's fourth quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] This conference call is being recorded today, March 26, 2024. I would now like to turn the conference over to Louise Batchelor, Chief -- Group Chief Marketing and Communications Officer. Please go ahead.

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

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

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

Executive and Chief due today I Officer Butera, by joined Retter, Chief announced in Volition Dr. Officer Officer; Chief Chief Volition evolution am Terig veterinary the Reynolds, Executive Tom in Dr. consultant XXXX. was of which Mr. President Hughes, currently and join of Andrew Financial our recently Group Group Officer; to subsidiary role Cameron medical April Mr. Medical

activities year the we XXXX, recent with milestones. of upcoming fiscal fourth along Volition's our will and financial cover quarter and discussion During full call, and the operating results for the of

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

to Cameron? Cameron Reynolds. now I'll the call over turn

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you I our Terig discuss further up overall I'll Andy's strategy going Following hand Terig? for thoughts update, forward. Without our and ado, with my milestones upcoming to across wrap and report. will financial

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

We the believe $XXX,XXX, steady but the year in an ramp results XXX% demonstrate the prior full of we recorded increase revenue progress not that anticipate. that XXXX, For yet of over these revenues we year.

of Test XXXX. come year-on-year Vet the with our pipeline in a Discover Revenue continues of over as Mainly who XXXX XXX% increase Test kids back additional Cancer reflecting XXXX Cancer for XXX%. both our of to revenue was year sales in Vet agreements Nu.Q IDEXX. reflects are and We several particular, Nu.Q and Discover Antech Vet, was full are grow. XXXX $XXX,XXX, Nu.Q $XXX,XXX, online to accelerate which expect growth our Nu.Q through revenues launch with distributors reference for to Fuji

Heska reflected of end cash the XXXX Net in compared Moving milestone balance December. approximately cash from operating generated fourth cash approximately of receipt year ended million during the in XXXX. on $XX to was with million the Corporation sheet. payments $XX.X activities million equivalents $XX.X million with the quarter We from $X.X and at of and the

Walloon primarily increased compared cash year. $X.X which million was added net $X.X operating was various the fourth cost used compared the million the year, $XX.X reflecting $XX.X to for for on quarter, of year quarter quarter development P&L in funds costs form the We U.S. grants the and loan. additional committed date, regional million government loss terms. and in have activities XXXX, XXXX. To Net to for million XXXX million for in Belgium, $XX would institutional the $XX.X mainly including Belgian expenditures which our loans was clinical full favorable government full funding of bodies publicly to approximately the to bonds, like trials, to of to aggregating in committed And continued company increase bodies funding to the million and $X.X various a the over $X.X of $XX.X XXXX. fourth fourth company, For prior million of non-dilutive the agencies million million to compared region funding agencies research in thank This various Belgium and the their the XXXX. European result particular, approximately in In X/X in of cash was in Walloon support. the

to initiated in U.S. have efforts also with We non-dilutive the seeking funding respect

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informative It good hear lot prepared want IDEXX. and that optionality. a That was out of just there's remarks. pulled with Maybe to different start was being nice levers to I very

were getting bit wondering that end I'm like finally of their like launch? kit could place the it of through. you're the full kind It the finished you seems have you're and in me, about getting assembling if year on like mentioned kit come And operating to in because revenues. them? there kind procedures You for $XX of shipping sounds a is practices you standard best just little remind talk per the if started they it something can those marketing

Yes, yes, it is -- that's correct.

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a #X such mean to killer is the tied Great. Great. I in hospitals. last set questions sepsis. market, it's huge gigantic catalyst, My of

I what side. it out, know You does lot do the of to -- on the time you have the when questions in if maybe approved think XXX(k) do Can work kind remind equivalent already demonstrate you that? And you the line? get the through start about is investors characteristics device it's about FDA get you you performance you're me, of right? talked can but I you when trying before revenues think the sepsis achieving a And theoretical, can cleared from regulatory and walk U.S., traditional us of substantial if a pathway.

Yes, very good question.

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significant So we'd scale. your answer some in time be payments expecting of that that sort very Does question?

does It and And one a does. little It last I question. have granularity. color topic related terrific

for could there this, addressed project potential already a be of financing. kind You

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Yes, absolutely.

because is. side. very just be look feline it getting, as transcription is at from other it's is actually in $XX we the lot products we what other payments and and a pathway of the [indiscernible] from long a flow would women's seen We actually on can Obviously, positive million. test milestone separate Yes, as all the human other those not launch work. revenue the moment, moment run a at as obviously, you've But does have should Vet dogs very from and well. happens it and then first cash a been we're factor sepsis corporatize space. So payments what that the entity to because the mentioned also from the in those there's obviously, payments. in this animal the absolutely

humans as animals every reason all in the to well have just as We it then animals. would and believe other work

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question. good very a That's

they is the which types -- signal, So indicative an actually are all because are transcription cancer cancers. of factors epigenic of all it's in

work test holds certainly But run a every single cancers. on of going we done single low of type including easy type more in blood, of in ones in So very did cancers, and like But colorectal to and cancers, test a focus because but course, the varied initially, for of we've every And first particularly, definitely to of be -- as certainly we potential that's larger you and it not would blood cost, where the we'll for past, and promise some as a the COVID lung prevalent the in range to blood the have lung colorectal cancers the run, it's the cancer. work. develop easy cancer. probably

the probably or the between of vast them You'd cases. account types, develop X which for majority X top cancer

solid detection tumors has of And That's see performance do the from for helpful. been progress its you since diagnostic more strong case has in And made last sensitivity October The opportunity wondering demonstrated year? test I'm improvement? in leukemia for me. And X any detection.

PCR? you tumors in solid mean Do capture any with

Yes.

done lot We've of Yes. a work. Yes.

on has of first process doing quick discovery as on optimizing we've easy it range a possible been different been make The wide as the as thing and to targets.

yes, So progress. making been we've

on I of being process to the anyone process on been soon publish we the in submit announced think or that's and process developing We've it also also few several and in tumor-derived and complete And going can is a the few months for make as work breakthrough. make heavily public a well quickly discussed concentration of as think we to times it's much a also liquid as aiming out-licensing. We've published we're Andy next DNA if or calls we And as as alluded progress, quicker, prototype. yes, tumor. in paper have be to next -- a a must-have business. in to range of to on we the the liquid and biopsy easier good making and solid cheaper to broad tumors it selection the very we're continue was that show to

upfront forward. range payments of on those been of and different news get the as are we as months the to well. quarters share well interest as and expect to that have because surprised a and with license level the active excitement well upside coming some discussions in the going And again, groups. of we And very out from as we've want it on pleasantly a going So

an on and months next in the quarters. keep to that expect So few eye all the of next few

a Yes. And year I at Lou conferences can cancer-specific Cameron, of also ask, is here, can conferences. just just add. presented I we've this actually if this number

this And prostate and with weekend, technology. at conference a posters PCR lung with in conference cancer-specific cancer been come quarter. we've liver breast last CRC cancer then we've capture just cancer the the then a conference, and got CTC, So second to

got the presented additional then and come as further some says some we've data the X. and So there has Generation been line with down

from is Jackson question with Company. next Our Bruce the Benchmark

question Andrew. for my So first is

for With you've conference ready in the could be in is that initiated October? the that time XXX-patient just study

sorry, a as clinic. answer Andy, can't in actually question he's is I'm

interim have available been results hoping won't we at year, but study he's No, The are the this clinic. might into large-scale the just full pulled have be several presented will conference. potentially studies that we from October some finished but analyses that been have we will Bruce October by

be the just Amsterdam So Group German an also UMC in potentially, in will hepatitis. October. and interim Sepsis might of be analysis But Study presented there study the

is will the One bit the UMC will Amsterdam slower, German study believe, the and not be a presented, be that ones, retrospective perspective we course. perspective, Bruce, of so but the

Okay.

going question How year a then this on Okay. last going and where it the And is rate. to develop over stay burn XXXX. Is that year, roughly? the was it to course of

Terig?

Bruce. question. Good

just we we And we cash now, as bank. year million mentioned million. used ended the cash $XX.X So of operating with last in $XX.X year of the net in activities

we is that what be than offset last in achieving that costs can partly million -- by they little next the were the on deals of at saving actions we And fees partly our year Cameron offset And costs of our will in this is year. last licensing expect full were we So this space, that focus year. human that's slightly received million a $XX year $X over end year basis. year the lower And the cost-saving a partly licensing result the that back took on or was as our last mentioned.

leg And again, itself. Cameron funding non-dilutive each in efforts to initiated we're at to mentioned, as also we've seeking So with respect the support getting looking U.S.

to licensing I on upfront deals make by payments. end the so expect we've by that one we're that achieved those bringing expect the the is year. in can milestone those the progress or of focusing And on of year. do we end would deal What good payments achieve more licensing we and

we're pretty those non-dilutive that that additional for we've we've be with so working the year. to And got we'll confident achieve some I'm available moment got that the this that with us milestones at planned able resources to funding on

from is Steven with question Zacks. next Our Ralston

your and trying your developing are than vet service product seen Could in the And in listed can the I've company? the have at get I'm of revenue you made despite product have the revenue irons efforts R&D delineate X the and on lot certainly I in -- look a sepsis, You a model better, fire areas. in now, and better past. to the handle Discover more better progress right a in When you categories, streams little I you so those the streams. and cancer

Terig?

Yes, sure.

distributors. not that this up but So start in online vet terms was of does expect -- to we bring X yet about it we ramp That we as the our year. revenue ramping XXX%. achieved -- revenue, net what new last of year $XXX,XXX And

So we've the under for the test to both both and the market and test. plans Fuji Vet, having are at launch launching aggressively marketing got about Antech $XX, in of who pricing both aggressive

and going ahead, looking year. second a into So of I starting decent the we'll the half think see QX in ramp

strong of in estimate. is million So the different to did to quarter-to-quarter [indiscernible] And next nature and a of difficult as $XXX,XXX on somewhat also it's to very number about We've pipeline good last that's of projects $X the we then Nu.Q building got because see whole. over growth earned lumpy the a and very more year of of over year Discover, revenue for timing But year. opportunities. do difficult forecast expect a of bit a because sizes I

discover your in answer Did So I think question? forward to projects. we Nu.Q can growth look further the that strong

is Discover Discover both so. categories. classified other revenue words, and under think service revenue of -- In the I is product well, some

is. That's It right.

the So more it's weighted -- than we probably service the slightly towards product.

process early profitability the in Vet. determine the too Is relative and Discover to between it

of highly more profitable, profitable, terms to we I or both higher slightly have we makes products. good there there's it say, scale Vet, profitable once probably gross a get both it very, and is highly So element very highly margins and less are that gross would margin. in still profitable on although but service Discover

a line bottom capture revenue some being determine the put coming too into and be you a very of are to know tail miniscule sales over revenue? top market, to is it's model that, through therefore, and long Also, that to the in generating when come. should corporate some of well, percentage it line, I the large a deferred early there your and be deferred might but

to do glad license point. classified as you because good you I'm as currently received this now And a that's which to balance test year the the is deferred that of Heska brought as it's launches sheet. is, on because out payments expect when diagnostic so or in related Yes, $XX with agreement we care far I start Antech. with know, up in-house And income that's And about we've that said, the million linked imminent. to earning Heska, point

long burning I tail over And to but start see which the years. so XX do expect is is of the lifetime some this of agreement, to that a year,

comments. you sepsis. listened the them, to the times. for with more of Just below time cancer unnoticed, to I'd came that like cutting out million get my also thank webinars lower Every to them those and I it I've was informative not $X I cost several all X and on listen expectations cost. it

conference like would I question-and-answer turn to session. We the closing the have Cameron reached to of over end back for remarks. our

Thank due in quarter updating we've you, attending of to the our few next all for earnings we first developments forward course, We which everyone, appreciate that months call. with look over call, And you on the it. is, really the mid-May. and outlined

great and thank So day. you. you very much, a have Thank

Thank conference. This today's you. will conclude

may participation. for lines time, this thank your at your and You you disconnect