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Chembio Diagnostics (CEMI)

Participants
Philip Taylor IR
Gail Page Chairman
Rick Eberly President & CEO
Neil Goldman CFO
Javan Esfandiari Chief Product and Technology Officer
Per Ostlund Craig-Hallum
Kyle Bauser Dougherty and Company
Patrick O'Donnell Canaccord Genuity
Bruce Jackson Benchmark Company
Call transcript
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Operator

Ladies and gentlemen, thank you all for standing-by and thank you for joining us today, for this Chembio First Quarter 2020 Earnings Conference Call and Webcast.

As a reminder, all phone participants are in a listen-only mode. [Operator Instructions].

And now to get started, with opening remarks and introduction, I am pleased to turn the floor over to Philip Taylor, with Investor Relations. Good afternoon, Philip.

Philip Taylor

you. Thank

meaning today, this you XX, current conference forward-looking within begin remarks the XXXX beliefs me Act statements during Securities made call the of let the we concerning that remind company's include of company. Before XXXX the the of today, May

Risk uncertainties, including time including and statements uncertainties risks XX-K Factors Forward-looking and described subject those in are Annual which from Form numerous to of are to Chembio's and filings SEC beyond under risks time Chembio's on in assumptions, many Chembio's elsewhere control, Report XXXX. for

differ from encourage the these and forward-looking may statements results the to Chembio Chembio's any publicly SEC concerning I today. of materially with you undertakes to no filings matters. obligation made update other review projected. or revise all those company's

like I’d Gail the call turn Chair. Executive to over Page, that, to With

Gail Page

all today. Executive you Philip. joining Directors. of the you, am Thank of with Chair for you speaking to as pleased Thank Board be Diagnostics us I Chembio’s

call the of pandemic. start address our will COVID-XX to pivot, with the I strategic corporate view another

President Eberly, the have will Rick for we the Goldman, changes to Officer, of will in results first quarter, Financial open Chief the we up and financial the order Chief operational this made Executive execute detail discuss Neil before Q&A. opportunity. Next, Then Officer, call

the we of begin, it. dedication And the address disrupted like circumstances. Chembio COVID-XX as recognize how our these we unprecedented the company know must society I To pandemic organization has and completely to throughout would entire

revenue business. COVID-XX to significant help an and leverage the opportunity has our team new to our society with The expertise drive pandemic presented for

to capture opportunity. quickly to make required position business the to acted this We the strategic have shift

customers transformation in all have a community. the this new culture There been now employees, the made said corporate seasoned taken ensure and a of is our safety possible adjustments instilling Chembio have to we leading time, appropriate organization. health the team As and precautions of been the and by

initiative made transformation efficiency, in better our which to earnings have we Renaissance, we that's underway through this of aligning touched revenue. significant on increase XXXX changes year-end With our A component with project cost while calls.

a level We strategic across while highest quality anticipates proactive and our nimble will customers, the develop maintaining products to of needs that of the our continue organization as and services.

excited We PR we be the are near new that and the announce launching Chembio. will to to in future, marketing showcase initiatives new

to time to After take will testing the broad we our evaluation, COVID-XX of needs commercially I transition. solution. with diligent market Now approach considerations viable strategic address describe took a and the measured a

test clinically with needs identified of and the development meet significant the and long such provide with Methodically company the market the opportunity the to pivoted a we've We focus create needs. a term on the organization address to of for a various customers testing tools to serological test. that commercialization value necessary can the

our expertise significant and other ideally infectious be point positioned care the to posed and in for needs are of to specific pandemic. valuable With solutions disease fortunate this offer testing, address by problems we

the to responds entity demonstrated response now We outbreaks, COVID-XX. in are as an manner, by and Ebola known was that expeditious our Zika a and

lead the proprietary MultiFLEX to patient antibody DPP Officer by Product the with from We a Chief or a our have capable test. the and credited biomarkers testing flow Esfandiari, and are a single technology, confident technology achievements lateral the These platform Technology Javan is were our creating advanced orthodox ability we that of to technological highly premier which sample. team

provide in portable system and results. to by system COVID-XX test the reader the the of Germany serological In and another U.S. micro and shipping simply developed time, analyzers, XX reader The incorporates Chembio read produced and both and we've seconds testing began FDA EUA X in X period tests to the numerical received micro short both customers Brazil. just

numerical results in in a allow decent in reduces health monitor system market. care locations. required variety interpretation other of infection product to tests for utilize of These error The the and the possibility healthcare visual help with features testing, human progressions the enable providers and

this the quick that time, fingerstick seconds benefits specificity has The use function life. this times interact expanded is blood, of minutes And XX changing analyzers numerical read and for IBM unique created all contagious situation antibodies. and deadly both readings virus makes believe sensitivity highly highly versatile. IGG provide nature the test people ease of our and with We needs discreet diagnostic XX and portable of for This everyday test way and cases use has in provides testing. like it

Applications for the surveillance vaccine in outcome DPP and therapeutic individuals, potential as to determine progression development well the evaluate the infection to immunity, monitoring for COVID-XX herd for population clinical system includes as helping the treatments vaccine improving process. community

conducted Because be could finger the infrastructure. test blood a setting wide uses that the significant stick in test do of not have sample, variety

a it that existing many markets those tool in emerging. desirable to addition All are of features in make these

surgery diverse provides homes. This broad various pharmacies health utility health and customer and hospital to departments, These potential offices, physicians' urgent city range clinics, customers center, ambulatory state nursing base. departments, center, from access care

status. to non-healthcare the been who would know outside work, to employers that exposed and and the there and arena, interest been has from immune as world own thinks Additionally, their path like for their about institutions larger they've back individuals

these We demand from be groups. experiencing are across pleased significant to

focus and has and customers by our that the pandemic. affected Currently city the in been hospitals, region most are health target state department labs,

the it. change technology is which goal team of utilize of as realize for Chembio time long-term will a Our we catalyst position this the fully potential behind to to and the

To opportunity customers those have serves just and hard working we seeing We're this we're that disease built. not in for to alike. but unprecedented infrastructure the the manner, thoughtful shareholders address gains and market, which only our complement a infectious serve our

to to Now, internal further the operations. Eberly like call Rick and President to CEO, I'd turn over discuss

Rick Eberly

each taking employee in at the across My end skill began business. initial of Thank you, with CEO. new inspired I incredible every It six functional been have my into period to in this team focus Gail. the From company. for by the internally an and has dive deep end, as been weeks dedication role a

a facing tremendous opportunity organization focus to the in pivot of way great the are on to is uncertainty time COVID-XX has the and truly We impressive. responded this and opportunity challenge

and goals set we how our important high have for in We ourselves know pandemic. technology this is combating

to pleased is everyone and has evident. executed excellence for been I the what goals. am and this never reputation aggressive with attracted our more company way priorities Chembio's technology its scientific beyond value and DPP has initially me above

we the and Currently for near-term, opportunity transformational have front of us. the remain focused on in will we

three With the approvals. DPP significant COVID-XX system we achieved regulatory have

Use and Brazil, Anvisa Emergency Use announced mark EUA, recently in today as FDA CE first the Europe. Authorizations of Emergency for or most One the

market three commercial meet footprint we market that is These demands the service infrastructure regulatory United the States, for the global and Chembio in large expanding represent testing pursuing. In COVID-XX to customer our testing. and internal are approvals a marketing, sales

with the also in internationally market. national partners We're global presence to our our in distributors the discussions major in United increase and States distribution

goal to gold and decentralized the Our become standard testing. is

we three fingersick address we're many approved this Because focus, strategy. a We the To only FDA e-way prom penetrate markets. can diverse have test.

internal our force. sales combined sales utilize contract First, with a group

help build relationships leverage that channels, as new national partnerships to healthcare such accelerate work programs. our distributors. entry strategic third, Secondly, can back with And into with key providers large

record have as tests our we an be tests strategically with and to our while as resources On to focus that is flexible quality to manufacturing customers on This systems expect maintaining quickly we always as production COVID-XX shifted Chembio. built process, order. the but a as manufacturing front, tests make of many the possible, intricate were manufactured have

assure ordering needed research with had very serve of As early as supply to moles base production our the the for production February, reagents and plenty to increase quality our team the in and needed the beyond. and for launch proactive the phase was sourcing early and needs supply we working

available to resources demand team meet quality manufacturing capacity while increase we for. the to known to has of been the The the our working maintaining all market, are incorporate

full Additionally, service. been customer additional our personnel support expand shift we've and a second hiring to

ramping in of demand. according as incrementally our The market here to scale X all production this mind, better understanding month tests each have With in opportunity million From contemplated to be will is we a goal May. further long-term anticipate we produce to demand.

capacity run implement designed month the X plan have of the end to will third of target to XXXX. month We production intended rate each reach ramp of a quarter growth to a seek million by and tests per

Our actual capacity will market factors. and and typical other growth be demand tied to

in We ability our and inventory collaborative hold are materials customers in of the confident as acquire coming new satisfy to forecasting We reader working to future on suppliers to currently closely with we quarters. analyzers production. efforts feel increase through sufficient micro requirements, our strong

company. initiatives key production analyzer demand. drive the our focus for team profitable R&D a facility customer priorities we creating And to tightening maximizing structure. formal the established the synchronize coordinated with In and include These German cost serve growth have vertical, the vertical our with to service January, the as infectious disease to

In million declines the affected prior did XX% worldwide $X.X the customers XX% respectively, quarter and first revenue generated of revenue quarter million, to $X.X year. by the quarter, compared we of and experience of as pandemic. were product of a total the first We disruption the in

performance the first in the serology And quarter, data. quality are sale not There the recognize proliferation we recent about from reviewed poor the COVID-XX revenue of has press FDA tests market. any their of In reports not did systems. that generate many or COVID-XX the

that that is be some all healthcare perception market, believe pressure causing development this antibody remove for to from tests testing We there we the of our believe recognize We general. a might approved the damaging in positive and system. confusion and be would non-FDA

for by evaluations. after US-based of Chembio's total of XXX% The product XX DPP is extensive system the symptoms days onset antibodies. reviewed the has post COVID-XX after accuracy been the clinical FDA

on This FDA's the is the reviewed Chembio approval for the and for EUA. at its that rigorous was University. clinical submitted based to FDA Stony our EUA Brook evaluations by performed data

study. in our system Medicine recovered have to Following evaluations participate COVID-XX DPP a April who to infection a Brook patients from COVID-XX XXXX, selected in recruit Stony these

determine plasma, COVID-XX if with COVID-XX infection. The an have the convalescence patients from which can active treat people help is blood plasma study is hospitalized intended that recovered from to

is Stony to the University This to Brook Hospital's XXX convalescent approval patients up area. study, collaboration blood enroll from and of plasma through treatment hopper receipt to expected Island FDA to station randomized Long a control followed a

with a use infected is will eligible them levels the plasma patients to were of of that the confirmed convalescent and COVID-XX system and used IgG confirm to diagnosis. The and versus assess COVID-XX COVID-XX plasma efficacy with DPP Chembio's patients make plasma. convalescent hospitalized antibodies adequate The donate safety of have now to study being standard

study nurses, to responders frontline system. to DPP evaluate also XXX the workers healthcare addition and In of Brook University doctors, COVID-XX Stony undertook over mentioned to accuracy evaluate a the study the above, including

to submitted the system, been We've UNICEF Journal order UNICEF IgG American during $X.X been have public received a subsequent a received the Zika notified order that systems. second results the a attention. of Zika, IgM this MultiFLEX, IgM $X.X for for chikungunya million IgG COVID-XX and and and Outside for Association of the area, from dengue, million we the study Medical quarter recently from MultiFLEX

port value of agreements the and of with Each the million long agreement additional an the the million. for $X term long order includes term announced $X is potential order, previously bringing to potential UNICEF part total

The and are to study review. the formal have MultiFLEX that DPP FDA reproducibility to their test. for was completed really also submitted undergo data HIV We we pleased the report syphilis will our

pursuit Following the waiver. continue the CLIA of associated review, the will we

organizations industry work. to In vertical conduct scientific the R&D leading development services attracted Chembio

with progress Takeda collaborators make to continue AstraZeneca We our Pharmaceuticals. and

as can relates testing imagine, entities you for new needs also it are As discovering their COVID-XX. to these

and for funding collaboration technical in Incremental study has Takeda for present The the has with completed. their provided program. an the new Chembio. opportunity could In next this of phase feasibility trials been entirely been

Now, our I’ll to turn details financial the the Neil, performance. for call first quarter over of

Neil Goldman

Thanks, afternoon everyone. Rick and good

project expense would Renaissance, year-end during an reduction program announced we our conference I like to that First, on call. update our is XXXX provide which

the We operating to have size remove and reduce measures costs. expenses right taken organization, non-essential other

and to taken facility reduce entire part of we this have our steps workforce Malaysian retrench As there. the evaluation,

allowing active, investments our there preserving our enabled and needed this upon remain time we the registrations are is focused. in if We continuing are which At product in operations for not the profitable future. growth Malaysia corporation will

a report $X.X on from to ended XX, million $X.X XXXX. months during three June charge the to Based these company ranging activities, the expects million restructuring

net results, quarterly for million, XXXX the first XX.X% of the to of year was $X.X to sales prior decrease moving compared a quarter. product Now quarter the

million ended March ended were was revenues XX.X% the R&D March million, months For the $X.X months the compared decrease a License XXXX to decrease three XX and total year for year revenue of prior to XX combined compared royalty three XXXX, quarter. and period. $X.X a the XX.X% and grant prior of

to performance period, we in related obligations, continue occur and experienced XXXX, cadence a timing product certain net three Latin certain Asia. Compared America to program of to months of in do which incur R&D XX always March ended sales these the the not revenues but expenses. that gains and

by States decrease was United sales of more lower from the Africa, that The in revenue funded related diversion reflected in to a through we and in believe and grant than completion ran XXXX. that offset were These COVID-XX. the to program R&D Europe, a BARDA HIV funding

prior Excluding what to - is revenue by R&D program vertical on our $XXX,XXX the as the period. XX% transactions compared increased services BARDA and focusing from exchange or actually described year

for This decline months corresponded XX XX.X% $X.X XX Gross the XXXX XXXX. XX.X% an declined March compared XX ended three XXXX the by basis ended period. prior months in XX to the product to margins ended months points in three year to March during million the March three

gross profit prices. of from margin sales our lower expenses, impact resulted geographic volume Other unfavorable of overhead reduction the The combination average on selling on product a mix overall and period. million compared to expenses include general year combined three were $X.X million in March development XXXX and research which months for $X.X and ended the and XX the selling administrative prior fixed

costs by ended XX% million for $X.X prior declined to general million, and period. by administrative $X.X months year expenses R&D three or March the compared selling XXXX XX the increased modestly

or for X%. and one net of million and increase million represented $X.X severance acquisition of However, $X.X costs related increase the SG&A time costs a

the in to audit of for quarter opTricon of related Acquisition The requirement XXXX and that XXXX XXXX $X.X required decrease pre-acquisition cost of and opTricon's in XXXX the the acquisition Orangelife the company's fourth to correspond quarters was and not of these statutory financial first Orangelife. million costs during statements respectively.

per diluted quarters compared prior share period. ended million a the XX to Net share loss million $X.XX loss diluted was three per of in XXXX $X.X the or net $X from March $X.XX or year

a sheet, balance net March as the million, equivalents $XX.X cash XX, was of XXXX December and is XXXX, capital cash On totaled million. XX $XX.X working

turn the remarks. Rick to back I'll Now concluding call for

Rick Eberly

Neil. you, Thank

be infectious many on significant will very we the There COVID-XX outside new programs. in future with previously, healthcare verticals, revenue back to and to has markets, As that past growth a exponential expect such market in experienced is the including incremental vertical. driver large we the systems interest from drive month companies work continues disease and a historical main unfold touched in as to

We to about were and very opportunity share optimistic a this sustain long the and significant this take confident ability position term. market in in for leadership our

commercialization We are to our diversifying vertical, margin diagnostics margin high into higher taking expanding creating pivot company, our tender value products this driven company R&D opportunity value with services from a COVID-XX the strategy on products and an to low focus products. to higher

COVID-XX future products The opportunity for product is DPP system and We our are technologies. not build our of of this the platform leadership legacy us. our business. abandoning we'll portfolio our and But base off providing

to look you call. And on next you joining thank we today. So updating forward us our for

And up we open to now with it that, Operator? questions. will

Operator

you. first hear Please go thank Craig-Hallum. ahead. Per Ostlund Instructions] Rick, [Operator from We'll with

Per Ostlund

very Good afternoon, conservative. to guidance, want sure everybody. revenue Thank about Rick, on your start you. acceleration. everybody. the part with of this In for remain absence is I'm formal I your comment top the to desire of and Naturally, mind material

the incredibly I'm necessarily a no second this here beyond wondering outcomes can reason if visibility get at for there's quarter, a point. of because sense that stalk. way not range Simply that the of we is other into if

your numbers on QX $X for have We of that QX. number be and could at a production million-ish and enormously higher. the the lot disposal today, a you demand QX seemingly in based look at And

Thanks. be anything that So a would great place to on directionally front start.

Rick Eberly

Thanks Per. Thanks for the question.

and So, three got ago. we started a point ago. we gearing weeks just our manufacturing we And selling started up EUA And approval about at manufacturing. that week

So the we U.S. in started shipping about ago. two weeks products

you will in on cycle the the the very of very, launch early we're if So product. post

is are very we is that strong. in point I are now all at Per we a everything manufacturing. that that the say demand position this So very, selling can right We're

that grow. you hopeful that gear we're call, So optimistic laid the the on will And pretty continue we're up I out for to plan manufacturing. as demand we

So be expands, everything to our we as capacity we'll make. sell able

about demand demand know, so initial looks As the far, uncertainty still is from a you the early the But future plans launch strong. question. our very

Per Ostlund

Okay. That's great to can selling It's make. obviously know you're helpful. that everything you

remarks and So demand is think that to But you on I it, on alluded coming like where in point demand, too. the get better curious little prepared - from? a that of bit here handle to

CE OUS? sort U.S. the mark what And How that. as local and you? of user, how influence corporates customer, much well the offices, the it end versus physician as state impact the the the is How between breaking down might end and is hospitals, governments, then of or it have

Rick Eberly

Yeah Per, market, right to the now to health departments, laboratories, from office across demand we're health from seeing departments. hospitals city state physician's

people you've enough think I their test. all just can't I on reading, the been the mean information, get if hands press,

And so pretty from channel. right coming now we're much in seeing every demand

is - efforts. And distribution as said, expand we selling our to so to, our strategy I expand internal future strategy, our

strategy And goes all to channels to are reinforce think force, channel will particular as or need add And either niche those time along, as with those for we'll if that right contract we us. sales now a there's open look our we necessary. a I own distribution

Per Ostlund

Okay.

on calls to demand of that things, test? with per as is, it As $XX on you've of far side consistent what ballpark goes relatively pricing range some investor said kind $XX it is the remaining the recent

Rick Eberly

coming other changes any what seen the from to heard Yeah, that market. in seeing Yes. we're haven't market. range price the of in or That’s we

the the range for sort market pricing. still we're So leading. That's of

Per Ostlund

let you and promise number small out the - relatively In in it still might granted somebody more realm. there relative of the light questions. antibody the noise one testing Gail and of mentioned, XX, remarks, mentioned XX ask I'll ways them then ask Okay. I in think I'll serological of the her I and about new

numerical the of to maybe there's so that when I tell other out, other you're other much it are one out tests as you're the noise fingerstick. that far only about quality some result can of get only few message other As is difficult and rapids, tests about you're there. the concerns How antibody and

point makes system? sense some waiver there's relatively here what a clear to And Thanks. looks be for easy use you at a to given

Gail Page

This Hi is Gail. Per.

call important it's lot tightening notification lot and think done has the have talk of released in think think we those of And of that today. been out. I was market it the early on the FDA a that would for in to leave FDA I down it got that the talked one itself things that on, was was that's we that later those there people me on about the noise I

think you're on I dependent now back. swing

there dealing And are that think I you - said, EUA. has our with category the three as and fingersticks. we're

I we're So positioned. think well very

see indication the for days of their those Use you'll where Authorization. think had Emergency a today fallout, they lot XX file to I

really that's the to going noise and think the change I So lot of market. get in rid that's of a

we think best us beneficial very be the that not be first, but we I may like intend that's So necessarily market. the in people to for

Rick Eberly

studies. fingerstick that would measured we our claims just clinical why a studies, in which very we add our got is to I in approach took

valuations process. strong to were features measured data raise So the And rollout us the a we took market. and product into We we good. sure allows diverse to look had our notification differentiated didn't Made FDA in a that clinical approach.

Per Ostlund

Very good.

longer that that to term Does though. waiver, or sense kind intermediate clear of make the on pursue term well? as Just

Gail Page

Yes.

collaboratively going we dialoging to with are their work we like. them. the or course FDA with are will what be And Of requirements

Per Ostlund

all you. Thank the answers. I Great. appreciate

Operator

for you your Thank question, Per.

Dougherty Kyle hear Bauser ahead Company. Kyle. we'll from and Please Next, go at

line Your open. is

Kyle Bauser

congratulations Great. the all I of million up updates X taking Thanks lot by ramping tests per on the and QX. to last the to months for and comments plans appreciate month A on the here million here. just X manufacture the over end eventually progress questions this month and the two of

the of one COVID is makeup the about producing you test bit the Are it a talk a capacity? line manually, making you is most current or now, test mix? of Can

Rick Eberly

Kyle, for question. really Thanks this Rick. is question. great the That’s a

those production are of all are our production lines production We scaling manual resources, as automated lines. our are well as using

we up on right million in have plan of So, the X at end then are quarter. units the we a million ramp X reach May, third units point this schedule manufacturing that to to by and to

additional So, people I remarks, second in prepared think my I a have we’re hiring mentioned to shift.

using adding manufacturing now right so plus that we’re we’re manufacturing plant. what to resources And maintain all

Kyle Bauser

three you’ve talked QX? then and be it. two? of the automated But part get line when by to be running million the X that per how ramp Got month to check. will about that to COVID? past is I about might line the going end And believe that be And dedicated the incremental for in of to sure And up

Gail Page

is this Gail. Kyle,

I discussed and had. what think side I had the chat on have we our cases three fire

We too manufacture, want trying that into we’re get decode to to products we’re have we it, specific. but to many trying don’t

But to our idea utilize We're where is going semi-automated to where But goals. utilize achieve manufacturing is that idea going the works here to needed. the it. want we that the use ultimate to automation we’re

a now changing lot. And right it's all

is line semi-automated. get running high that we're crew. two to great get up these idea point manufactured line very a one trying manufacturing And into algorithms. is in we're the The wrapped So situation. quality a tests not got to We've

Kyle Bauser

it. Got

you're Now million be to it's to month, X the fair. that Kind this X of per is think digging going I weeds million takeaway in here, doing the ramping month.

So, great. that's

require these out hit minimum to accuracy threshold. now are coming about expecting The for file as it's developers EUAs, you to developers today and talked benefit also a clearly a to updates test for FDA going antibody Chembio. the Regarding

we've a seen. of off market these than already see I what competitors more even we'll the drop lot So imagine

about on be XXXk the since pretty like a this comprehensive And any could Can file potential there'd like leverage and like basis? test to put plans BARDA subsequent for from a someplace you for for to talk could be seems formal a a potentially seems together application you an MultiFLEX EUA, be leveraged this. used applications. It seasonal that like Thanks. funding opportunity a tests

Gail Page

to going that great. today. Javan speak Okay, I'm to

Javan Esfandiari

Yes, we to Kyle. EUA. [indiscernible]. also if a and We Hi, discussed as we was as with developed product plan this under move XXXk two do forward try have have also, possible we other

Kyle Bauser

And I then may. lastly, Got just if it. Thanks.

You the Can already other talked in bit color a current discussion in the exclusivity you the prepared remarks partnering just with about about being And distributors with little about in major thinking in any U.S. about else you have place U.S.? partners? talk in with that about how you're someone

Rick Eberly

Yeah.

we Kyle, past distributors our So set products. for we've in that a have used previous the of core

we're those with as in we distributors. make our that make as public. So well distributors And in discussions we will progress international our as discussions, U.S.

Kyle Bauser

Okay. taking my questions. Thanks for

Rick Eberly

Thanks, Kyle.

Operator

good Max Canaccord Masucci Hello, afternoon. at Genuity. and

open. line Your is

Patrick O'Donnell

question. O'Donnell for is Patrick this Masucci. Thanks taking on the Max Hello, for

Operator

Thank Patrick. you,

Patrick O'Donnell

duration purchasing So we are off, And for the test, or of these serology the that this with of monthly, how any looking at about there minimum first think contracts? when annually? for should agreements, any signing for contracts your weekly, whether you're requirements customers be

Rick Eberly

this as from exceeding is our because market that early the really the demand said question for thanks answer It's too only Patrick, question. coming in capacity. to the right before, is I Rick, now

an quantities or of not are point too are little. customers too at this ensure a supply, much our getting order that to minimum strategy but as So, we taking adequate part

move as we want that. we to entertain And But we're contracting at right level. as now, customers forward, from will that a contract, perspective not

Patrick O'Donnell

focus Most contract for at the as the serology $X the And test million United been you Brazil. more looking pandemic. opportunity have mentioned, is States. question. one you. including then you relations this But And in of a global has the Thank

international on testing? color demand you we provide So could your look at how any for should

Rick Eberly

reasons excellent of with Brazil, approval. tremendous the a see And in because we Well, first Ministry the of company of terms Europe. had Anvisa move to were got seeing the Health. we're the relationship market is to has the they come longstanding one from in demand In

are Asia. in here had internationally. those in but with Latin And Europe, partners around the America, discussions United help we in not demand, additional new world, reach only distribution So States, to we distribution the partners partners some the distribution

Patrick O'Donnell

Thank you.

Operator

Benchmark Bruce we'll with Company. the Next, from Bruce. Jackson hear Hi,

Bruce Jackson

good my for taking questions. thank and you Hi, afternoon

the of order the part or on did ship First, it? entire for just you order Brazil,

Gail Page

was way we're over it's laid positioned order shipped just shipping properly, The purchase a was Brazil period it the out. order time. that of And how

Bruce Jackson

result question just any this the and Can the labeling of Then ability antibody I'd make a quantitative that? potentially Is measure that, to comment quantitative importance my Okay. appreciate tighter. And then on you numeric for Do the you doing could giving claims? you on second is generally result? any about if plan it.

Javan Esfandiari

not Javan. is fully Hi, this It is quantitative.

can Of the is point, course it IgG. and to the That's for like It semi we at this IgM you But the quantitative, level it's didn't have be for. recalibrated what quantitative. of measure provide there.

talking to it show about which helpful was the for was screening because So was the that program. we the of level did IgG hydration that qualitative very put in and criteria. Rick value, useful our IFU selection very

Bruce Jackson

right, taking all the progress. on you thank for my questions. congratulations All And

Rick Eberly

Bruce. you, Thank

Operator

it for the closing operator. At team leadership our this and is additional remarks. you, turn And back I'll this Rick any or time, to

Rick Eberly

want just our today. us I for Thank you. to And we look update. right. next a everyone forward to day. joining great All thank Have

Operator

Ladies and you conclude does gentlemen, for thank we conference. participation. this today's And all your

You may hope have now disconnect And day. your great that we a you lines.