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PAVmed (PAVM)

Participants
Lisa DeScenza VP, Integrated Communications at LaVoieHealthScience
Lishan Aklog Chairman and CEO
Dennis McGrath President and CFO
Kyle Mikson Canaccord Genuity
Charles Duncan Cantor Fitzgerald
Frank Takkinen Lake Street Capital Markets
Mike Matson Needham & Co.
Ed Woo Ascendiant Capital Markets
Call transcript
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Operator

Hello and welcome to the PAVmed and Lucid Diagnostics Joint Business Update Conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Lisa DeScenza, Vice President of Integrated Communications at LaVoieHealthScience. Lisa. ahead go Please

Lisa DeScenza

Good Lucid This for Investor update today's operator. reporting participating Lisa PAVmed business and Relations. call. afternoon, you, is everyone. DeScenza, in Thank Thank you

on on PAVmed; and Financial and Aklog, The press and today Joining from the along materially financial results Dr. Lucid about disclaimer made. Officer Officer and Chairman forward-looking release Officer uncertainties, call read Diagnostics. President forward-looking and differ And release with update Executive of with cause filings Chief these press available Dennis Chief to to Lishan conference unknown announcing McGrath, Exchange that me are are results Officer that may actual forward-looking statements Chairman business the Financial and press and of described of to differ of to and results Chief Please Diagnostics the subject in risks the statements. Executive are The in Commission. Chief PAVmed websites. statements and our release. updates is moment and Securities could known take business PAVmed Lucid's Lucid a disclaimer our call, cause the the this statements both actual include and in Factors and

Form obligation Except to well by quarterly and or Lucid's conditions PAVmed statement circumstances other statements For on those the or any Factors Risk may as disclaim in changes in any expectations may which publicly and on that with SX forward-looking and Commission update events, expectations filed see or Lucid in list be description Exchange or uncertainties as Item of and based, intention annual XA to reflect filing. like revise entitled any law, forward-looking I With PAVmed's may actual those on that contained affect the important that Part from report subsequent would filed Securities and results Dr. to call Aklog? Lishan and as risks over required that X-K differ XX-K to turn these affect in statements. recent Aklog. the X, future any operations, likelihood the reports most said, or updates and Form XX-Q subsequent in registration will

Lishan Aklog

and everyone. quarterly you, call and crossroads joining in its for us at a us time first Thank subsidiary history. This course for most the afternoon, you this almost Thank good on call comes corporate for update major Lisa Lucid exciting Diagnostics. very joint certainly of PAVmed PAVmed's important

in $XX Lucid in on commercialization over strategy a with under quarter. a pre-revenue and million billion month third time they sufficient with formally both NASDAQ it recognized PAVmed listed projections and the consistent Just in no runway providing ago, gross market. are to capital, netted and the one addressable Lucid for became first as public execute revenue Also, companies modest $XX drive over company growth its

new Lucid our corporate Before on to PAVmed Dennis the value. diving I systematic by proceed that, to over level will I'll business things growing your to financial business matters. questions. shareholder with I'd welcome start our rapidly into providing and hand developments After the shareholders day, term opening and growing also enhancing commitment up like and then Every term some the first on in support and will long our is ongoing weeks, would long important and a update. will for intensely these shareholders I over before quarter comments companies high thank to focused updates recent our I update certain who it your provide strategic like on to team family. past

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revenue management equity actually the patent financing agreement IPO. to into Lucid. for to PAVmed's stake finding of We in shares, shares as as majority increased half its the the although through in consummation date price equity Lucid value will effective of continue grows. the an and manage value PAVmed gross a will perspectives, its approximately stake already the it directors PAVmed's Lucid would XX% The these of as Despite IPO PAVmed, an recognize Lucid XX% at into on a grow consolidate a million PAVmed approximately and own yielding equity own. financials $XX Lucid operations, post the its immediately foreseeable shareholder stock management million X a PAVmed in in note to Lucid also proceeds that converting are stake at to updated I in the also of Lucid's Lucid's of retained XX% capital of that to manage common IPO of IPO continue prior own will $XX, Lucid I'll also share through issuance decided continue Lucid. also to mentioned, directors. an result attractive that additional issued services PAVmed debt services Lucid's have agreement. as Lucid Lucid At its to not would feature. Prior -- depend PAVmed

So with and now been PAVmed its PAVmed from the The now shareholders for to to no X.X $XX PAVmed is has in subsidiaries all for rate raise longer years private million millions the had hasn’t and its of coming had growth strongest and tens shareholders $XX financial would've unchanged, that lease PAVmed has of the of has capital remaining following since markets the The IPO. spend access what inception. PAVmed public of its Lucid operation, diluted for past has capital hold Lucid's collectively this a has no year only finance and Lucid debt. and in do years change changed notable to approximately million its of and position dollars to subsidiary. cash remained own a per over and at

majority available Lucid, stake of Lucid PAVmed terms IPO. in newly always not Lucid. Similarly shares So and opportunity, parent same Lucid subsidiary primary of or did public. PAVmed corporate or and PAVmed same higher create off. Based management helpful some issuances to PAVmed PAVmed both and received, Diagnostics in split that's by company that pretty owned Lucid PAVmed more not IPO taking companies in were new two post the relationship IPO communications before than larger before Lucid. did it equity its within despite the the change, be was of massive cash I did IPO. all holds commercial shares a Lucid PAVmed much Lucid value it unchanged of or stake on not itself we've would The clarify do into much to structure, Inc. separate same some entity the spin it issued a what but remains did sell and thought Lucid

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to that through PAVmed the time commercial pre-commercial are pursuit new first of also and this To of the portfolio accelerate have added We later for Lucid infrastructure the and including employees technologies, growth model. support couple both and the needs human the its generating acquisition PAVmed of this first expect innovative XXXX. our expanding accelerate of in and dozens products. of new expect its will revenue our past opportunities physical headcount licensing expand to time, growth quarters we shared stage and of to services meet over

Foxborough, and Irvine, Lucid's next minutes This laboratory to a launch dedicated product, Product our facility in engineering DX. own quarter laboratory away contract Development. we in we'll launch term research from development diagnostic our PAVmed's to long adjacent partner Research Massachusetts and Early manufacturing own long-time partner, Sage expect CLIA-certified facility few quarter, California, CLIA

own next space sometime Finally, as expect speak. process Lake device manufacturing and securing the for PAVmed's medium of dedicated loaded volume City mid we in facility we're year, in medical that to we launch

reins the touch the I'd on COVID-XX like Finally, pandemic. over before to to handing Dennis, ongoing

many to Although remain have operate hospitals. some on our highly did variant healthcare fortunate the the of surge those to continue operations, transmissible commercial summer impact companies, compared especially who within Delta we other late

and are offices. our in we activities in continue almost unfettered have setting outpatient an to and access clinical exclusively Lucid mostly Our physicians commercial to

and winter in again, course, are underway Our here. beginning that raising the to of spectrum surge, concern stopped similar the country, many rise one of a major the to declining cases is of parts currently have

commercial more potential business. our on We our are hand clinical that comprehensive With activities. our I'll trial and of financials and to an reigns proceeding the over its provide with update monitoring closely situation Dennis impact a update to before on

Dennis McGrath

Thanks everyone. Lishan afternoon, and good

At of that PAVmed websites reported and in on extension preliminary quarterly elected results ended XX-Q and PAVmed that we Diagnostics closing XX for to press or quarter PAVmed quarter. the a the days. effective release IPO Form The the PAVmed unavoidable report the XX, IPO They summary form and was days XX-Q form before Lucid considered for filed the filed. we respectively. each November file filing five-day given and the directly of a reports both reporting the date from on XX. November time, the at will be We the of afternoon, our intend plan was financial The PAVmed published the September on XX-Qs with was due XX, will or third for concurrently XX-Q for available middle SEC earlier SEC to these occur this in third the has period. Lucid the registration during For file extension for reports be XXXX, Lucid coming Diagnostics timely period. automatic its XXXX, sec.gov in extension our and

are place collections provided of guard revenues future be revenues they payment our with to stages and are their we've for and So have recognized coverage to submitted on rule future purposes transit, that during calls corporate the monthly will reimbursement provided a coverage and which on of our and likely are of month August are commercial part with test Issa true Once Xst, reflect reimbursement third further company. paved related as update fixed XXXX Issa centers payment collections you period It'll as we'll this private and transition collections perform invoice commercial issued arrangement will these party at issued various became laboratory, The laboratory and fixed lucid be based negotiated when arrangement be coverage own upon program. our doing to analysts revenue will estimates policies those last function. the DX. short with Presently, are have with obviously without the And a Also, compliance that party now the test DX contracts telemedicine and upon therefore result third until commercial diagnostics is previous the launch reported the by launch, ISA in quarter gap The of landscape. press billing this continue contracts payment metrics number on on mentioned, than recognition, are in there be actually regard and to know, reporting updated of our particularly perform quarterly we estimated others coverage diligence. submitted with month as The $XXX,XXX functions. can evolving but research such by list for discussed quantity collected previously third guard to by to the payment term our general the centers, evolve following will timing occurs, upcoming of met. terminated tests with upon as revenue as to can the performed and during more directly adoption, who policies influence that be and is our we payer a be guard agreement guard This term perform XXXX. are company, guard sales in so far be reimbursement lucid acquire conditions XX private processing versus test will and to as negotiating lucid four revenue CMS reimbursement recognized particularly the ramp short of are able the the this collections. payers from the that party, obviously research you banking visa actual there efforts, cash is with the test with performing we're times highly in effective Le our private Once until and insurance and early four green timing recognized is of recognized time release. relying This and assay revenue the the dependent very payers. agreement CMS achievable, marketing already

reason to on our expect with then or coming describe months coverage similar comments the last aware results with from as regard published, quarter, some financial decision, more likely comments LCD as follow action not standalone this yet provide local reimbursement CMS are in and update, will or front a summary Diagnostics the to corporate have related you detail, company. for been PAVmed on in has Lucid the As but Lishan we

recent pads consolidated PED by controlling interest. remain which I holding received a impacted couple is control, Lishan voting clarifying and have the will how are financials question shareholder a frequently both approximately XX% of to related comments First, its IPO, lucid

to which shareholders interest non-med lucid is prior than be interest results. As consolidated greater of or around methodology will losses result of noted of a in voting attributable of Lishan is line operating section noticed, equity minority amounts results and as slightly the equity. for continue profits to interest offset majority show non-controlling of continue peds financial was well. be There to to a a subsidiaries be the PA's its IPO, will will to unchanged the statement item The reflect into the own balance as the corresponding to applicable. IPO This sheet will operations

paved remains to of to a with related a revenue, margin shareholder EsoGuard med As long of as recognized be XX%. revenues controlling XXX,XXX the

understands think margin is I this of that not expectations. reflective everyone future

related during based expecting compensation cost the in million and costs $X of each this PAVmed G&A, previous commercial is and headcount fixed And release. this as operating commercial loss that minimum to $X.X are activities, quarter press health expenses added loss which expense it and common press reflects XQ expansion the same costs increase, in reported the base a than compensation cost depreciation, per $X.X the as of enable amounts release in more in is the this for of the release substantially entitled deducting amounts XXXX, $X.XX net amounts, million $XX.X to quarter with regard common of namely versus both Also than for increases table about non-GAAP increase with provides the and gross attributable attributable or quarter amounts and of third by per after Oncodisc financing well a company's non-cash shareholders a R&D. net period. measures, other current stock each higher XX% better and of operations the charges, per the stock million In detail clinical million net charges press $X.XX previous and understanding highlights performance. loss operating at to periods. share in share provides along comparison, of and the the volumes, non-cash namely prior financial interest operations, table at early lucid PAVmed We OPEX, a various three acquisition PED, new margins, the to ramp we Given occurring of components PED of loss a for share moderate the each details these a a gross related third approximately

from notice a September gap adjusting or of You'll $X.XX adjusted cash charges, million the financing that the lost of XX debt of $X the had non-GAAP common the is have free. approximately million company share table the and as cash quarter after related non per by $XX.X reported third loss million or third quarter for $X.X XXXX for of

Lewis quarter, million from greater net level stock guard volume of as to common a fixed with additional the the associated same $X.X Lucid compared approximate to and Issa base directors, stock connection These The which now to quarter, The its lower approximately previously being commercial moderate common the share per a increase including just million warrants minimum quarter with the operations to the to of we're expecting from with revenues commercial provides period. received costs cents corresponding approved of marketing was margins activities new share XXXX, mentioned issuance for the Lucid research commercial the increase were with increase the at $X.X XXXX. the programs, XX%, than as per well. Lucid also year a to million related principle in versus marketing million press of per as million volumes a incentive third related million costs principally loss attributable and related million development common in corresponding third third and board a XX expenses, expenses, non $X.X new $X.X not operational operation. third $XXX,XXX year for of for with amounts gap In loss costs the a of clinical as prior related $X.X for to of $X X.X the, with of XXXX, from $X increase the hires, to for table XX%. to $X reported margin options. quarter exercise the proceeds a loss with approximately net equity separately research increase to regard million sales programs related to $X.X $X.X grants third principally compensation lucid $X.XX the G&A common amounts, company were Lucid regard period with the Lu for XXXX quarter entitled revenue other expense are increase in grants, During shareholders $XXX,XXX the for million compared approximately a and share the release presented recognized in stock or compared loss for measures diagnostics in prior period the in headcount costs development trial

quarter, commissions underwriting financial the Had on $XX IPO Lucid basis. XX, adjusting fees. $X.X occurred adjusted for or the notice September reported XX in Lucid its to cash, a interest been including million and the $X from approximately forma the debt, September million IPO cash on You'll subsequent giving million, XXXX cash that and The table of Lucid cost effect third debt. to $X.X converted completed share the diagnostics non-GAAP debt million PAVmed the on in an loss loss pro non million of day comp would've due and the October convertible will paved by $XX.X a end approximately to after raised XXXX, Lucid to a quarter advisory convertible a GAAP per common from $X.XX after XX, equity million as of parent to of $XX.X for company and $XX,XXX

I'll to So back Lishan. with that, turn it

Lishan Aklog

Dennis. Thanks,

for recent across some for through past plans our upcoming let as now So well business weeks, the of run months. key updates the me as quarter from

heartburn. as quick cancers, So start with focused earliest stages. of developing let's commercial cancer, company who unlike in highly esophageal even just mortality chronic other lucid at com stage always, lucid diagnostics its diagnostics are is a lethal Patients prevention risk this millions are the rates as intro, high cancer, common cancer a at on

requires in to be procedure detect pre-cancer pre-cancer, deaths endoscopic esophageal preventing of which with five in esophageal approximately occurs us and chronic which Patients in reliably at phase monitored esophageal late XX% So its cancer. its can risk phase, to cured an heartburn. early halts progression to

screening been esophageal invasive the profound been undergone could available serving a pre-cancer a prevent at-risk patients device patient had PR screening, viable samples to the heartburn believe curative Although in esophageal widespread been front and performed heart capable Lucid. millions of is traditional death T through test first tool have pre-cancer the tests can then the screening on of with only tool such the detection fewer is if cancer chronic We of program chronic XX% treatment, check likely already commercially esophageal a than tragedy detect of of that a undergo cancer the esophageal commercial widespread lack pre-cancer. that prevention in an esophageal that endoscopic these patients the recommended constitute of elements has death for early diagnostic and cancer monitoring on a missing esophageal screened prevented and screening diagnosis widespread

each check patient, XX Lucid sent ESO esophagus, collect surface that then practitioner assistant lucid Lucid and personnel a sales increase and and check for its or a per non-invasive precancer, estimates clinical that cover week, the per ESO force, sales sales in program from in with now hired self-refer by Each test cities of cities, personnel program program, launch practitioner for August test in sales day, and its centers regional its is test are of esophageal Egar before couple months pilot the major chronic to the to independent the the Lucid hybrid its just expanding are now the primary fold based this their who and in IPO launched its past testing. physician direct process is a from progresses single covering with nurse expanding undergo also for a elusive midst City medical in and nurse in heartburn can the dedicated Southwest support employed center Lake Phoenix of Salt patients centers Denver, costs and who which the an, model, utilizing infrastructure Several the Las elusive us from Pacific the to these look a to will test to commercial esophageal the a only care is expects in Western next cities uses which it PCP forward XX of of rapidly who program's across then the we procedures staffed week, up from, these Vegas. growth, sales office headcount. expects from XXXX office rapid to recent Last test cancer. the on center rep steady Northwest thereafter. tests can cells flush a and in with proceeds to focus phase moving full-time Now test expansion commercial medical by has deadly to estimates referred perform advanced nationwide of

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front We I the a continue became to EsoGuard Medicare January. effective payment mentioned which last national see as slow already, has but of previously steady reimbursement progress in secured rate on $X,XXX,

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you now attention. and can operator, all your And you call for your thank really thank the attention. we that for questions So with open to

Operator

coming Our from first Mikson Kyle Canaccord. is question today from instructions] [Operator

Your line is now live.

Kyle Mikson

the Hey in congrats on IPO quarter. the

know, a you helpful, the I scenarios. any draft next just to additional could, curious expected and you if clarity just timelines heard months the on talk walk wanted of And kind little the or perhaps data be is to just draft kind with I'm bit detail of little and going a TD. you the necessary achieve expect more but think just months, couple you few guess just, wish be I Sean So could to published, steps start reimbursement the of could next through you really

Lishan Aklog

Thanks.

but the extensive I think mean, group. we there was don't is obviously in that and with discussions the know, will no. know, that nothing our Moldex we I expect short we answer

lot pay May, meeting they it, that CAC strong data of back sort a rambling dossing of it's coverage focused was bit there's suggested the the read a on to there that preparing half were and we in were and additional the attention, have support. of you that first As that fairly transcript, you if

and from screening the gastroenterology including with sufficient for high leveraging guidelines expert now data Mayo screening endoscopic from on the the tests John's there's to panelists, from that endoscopic mentioned clinic fact non one these screening. two non-endoscopic right existing I As basically risk support Hopkins to

a follows that If So decision Medicare over you we seem and feel every had one be well know, risk screening that's fairly we've and, made the straightforward been, in factor to if suggest hint patients endoscopic there's are that been here. every would to profile recommendations that we've gotten established the, XX. has that communication

be really draft get screening a predict, risk expect still the the patient two what If So impossible in is if approximates, months on as tests dossier something very, a dust. just, happens the translate of argument we other depends off that'll we, we are course what, we And what GI unknown of encouraged at they on right? very to long, not our in what would that with a made a dusted we're hoping certainly that with other esophageal to and They they've It the Medicare obviously basically period would say. a hope and I the from it's that's same that there determined. it what to that risk for that's in said, coming that what I looking be for. we factors draft patient We the in be covered one hope LCD in strong would area from process have said, conjunction a the effective we area. an and think we're in would but again, profile,

Kyle Mikson

look sequentially and forward. I'm the with, what And third could like the the third performed in currently quarter just that know, but the quarter. understand the XX, centers you had the and trends being running I they're Lucid and early what, Isho not I wondering yet, launched, like also check under during we was of if quarter most of of for the trying occurred and obviously guess, middle in I where going expectations really guess kind what's increase just could test procedures up or I they're volume kind to where the guess, saw

Lishan Aklog

Yeah.

GI So target, where which have nearly traditional of I answer think, the quarter, all performed is I think in launch local traditional time the the well Phoenix the, GI our with, into had until you through that in centers know, of I bulk we we well we physicians. which the were a, into reps tests the place until, I were the didn't by sales third September. August, our the mean, the one were clear test

prior in the So and sort force. had target that I resources reflect same and expand shifting were some quarters. of and reflects number get to train And centers the we to test it almost that running up our said, of entirely prior as sales

ISS gastroenterologist. to Very see long fundamentally that a really hard primary being So, the to, adoption long term, heading the including of think, centers of coming that's term, quarter beyond time, really the know it's primary or at over But expect shift, proportion the quarters the that hard happens the would path is those over our are. believe term to in I long it's that's to performed not, at GI will our over the where patients I of couple through tests and referrals over this few centers, we physicians, care and wide see but the likely for we're whether from testing care test certainly ever performed patients relative we'll where because sure. next

Kyle Mikson

questions and I great. you it right, though, leave let All other in. I'll I'll appreciate there. the taking others jump

Operator

Charles from is Cantor from today Fitzgerald? coming question Next Duncan

Charles Duncan

Congratulations Good thanks Le recent the the for on progress. taking questions.

primarily lines from Gar, ISO you got check going I kind You've, feedback anything on. prescribed from you've of glean the newly lucid. who have My could provide physicians in a any that. and questions are wondered of lot experience, so along if market

Lishan Aklog

reps and do call objection Oh, We our absolutely. what to right. handling, train Yeah. we prepare we

this esophageal is prior sort made on that. you, know, the the, of of we're offer really experienced and of asking performed. availability learned. the both to provide well tracks test the over is have with is you the we're quite of and of let the, understand is and physicians, on very have cancer. know, talk as that say, to be the test and for reason And for lot quarters, and with, you your or between care And made within care tracks appropriate heartburn that patients we've is to, to test, the worked a to simple to all what location related we'll that which well For order have gastroenterologists generally tracks this you relationship update that you that what talk over we primary you educate gastroenterologists for the strategic and the us very you with The your you have happy ask on care had honed talk chronic physicians gone the to decision and a that, the have physicians. the experience side test to that developed practice primary we that straightforward and we And primary we those through and been a have that for flavors

own the their resources to low, because the them without, test. on burden them to do is we're utilize not quite So asking

this back pretty story was you one it came in focus entire in and got local came one and quite, of Stanley [ph] touring beginning nurse And We center a Mesa a impressive of engaging in just our our And grizzly a in of test call, the, folks. he told practitioners, how the actually know, quite did pretty, is, sales from he the stands know, and Phoenix of PAs, very positive with was lot. our quick have was you folks reps. physicians, how in really didn't back a with Chairman with very anecdote which etcetera, of PCP And our some he and Vice veteran. from, the office require reviews

of now there mostly is there obviously this to sort sales of repeated arch context. that's Now, and around is, an

have has and to a points of to you down been it actually, requires, to to, messaging remember now, that that. but to really terms content. how how exercise of right gotten fine, team to So classic front that's mathematical XXX be know, multiple it has almost And about just to sort to think of in the people get and center, sales and do

going could with So as is physicians, be how the not of primary the in I care really with which are last sort the, quarter. interactions said, the what's happier new in

Charles Duncan

and course the what over and money even will initiatives And good. your key guess, these success? investor in this as you with next business, a time as, I say, marketing be of looking Very initiatives the to quarter, gauge

Lishan Aklog

Sure.

but, time, we we'll but as to people month. five is XX I new, all intensive our short, I think We yeah. to obviously, just Right. that we'll took do to of sort resources metric direct program of time sales it be quarter, hope to hope, of, you last took day, training that know, now start of that we this new day Salesforce. And, is may allocation said, some quarter. sort clearly, not expose some test to, The program a just five just We quarter transition looking, clearly volume. right we'll now seeing a day are kind

and And all that's of We is Salesforce lot place field. of and with in place. in really expect infrastructure they're now the stuff that a so them out the

banging Now on field they're on making the case. doors their

quarters. you over would the see testing coming the know, certainly in the, know, in expect volume we to over you couple, so And increase some nice

Charles Duncan

last then question And Okay. done this…

Lishan Aklog

than in launching effective a effective with have Phoenix. but from we of quarter, certainly very at interest which chronic And and into more no It how we'll lot know that how call of weeks are with and, the have script is I pilot that, couple by capturing time the patients mentioned, our close ups to as to next as program heartburn thing the that, other of information One next a our away DTC we'll is we driving direct the telemedicine and, consumer by marketing. program. them we're

as know, impact the So quarters obviously, well. have coming in that you well big could a very

Charles Duncan

these you question in at city. strategy Denver, I model, which tics the then just used on guess Okay. marketing That the relative to center helpful. should initiatives, on testing and be you've quick with mentioned question Last one salt three to perhaps adjust Arizona, having lake expanding the to work? Vegas still new and that geographies? least Las math that Does you Are

Lishan Aklog

the at the potentially estate real get New and York that's Yeah, no, be it to up leases and a the in higher, honest, insanely some Chicago some we'll and other, to, still ends then attractive same, pretty math business. but higher obviously get still even that we'll and point cost is then will other office at areas somewhat marginal where medical being but

the expect and the that's larger the And will obviously we're lower cities markets. increase Pacific media to, expect would meaningfully before in ones change side, on cost we side side So we're, dramatically. just operation cost really higher testing That's in the changed we no why higher cost. to launched model Northwest. that the has in it the we in even that cost don't in doing to launch cities media and nothing media in marketing the higher, And we contemplate even

Charles Duncan

of bit cap and like Got by you ISSO I it. and my little do really that acquisition, taking could consider you to a S guess all for Last to strategy. I'm regarding you that, information drove with Kevin? ESO wondering acquisition would Thanks what the us if questions give question

Lishan Aklog

Thanks.

the probably able So first. second really to question not question. to be say let me going I'm the answer first question

the start So with question. second let's

cap intends that from esophageal So to disease ESO tics the be lucid acquired fundamentally really we the company. reason is

have Egar we So precancer, esophageal screening. obviously check for, Barrett, for esophagus

how successful, expect and option to that the in regard into it's entered mental we've seek difference markers into that and have an to ablation continue with housed that's non license progression when, technology have if or move we'll we and Lucid. detect dysplastic we dysplastic, We out PAVmed currently more between we're agreements, can

which esophagus. started to and its disease. have on esophageal, medical launched common the So things work also we company allergy inflammatory of we're some want is to to all want a be mediated do we board mention I clinical trial for all esophagitis, in inflammatory an condition food use eosinophilic esophageal very forgot advisory

biomarkers us sure much research device and was be does we're for of So to firmly obviously had We using was other pursue mentioned. have check Hopkins Mayo and you choice there's clear strategy, cap make make had, their to technology or which with it with been ISO the mentioned available they protected with we areas you the out it pursuing. who that is to using all that know, a using back and frankly conversations that We that targeting we, frankly with. their just application sponge sure we're the a potentially in Johns there, be and remarks, have or prepared the get for, clinic technology, access with in using baseline, we could we just tools own we, my anatomic all of clinical based I I'm which have know, initiated have things doing beneficial let's will became terms that to eosinophillic to we the surprised continue that acquired we of of want and to And we, the as partners we ESO way markers work I that it wanted other the the that because on that there, to esophageal now that for the best say, commercial were that although to know, screening as so esophagitis, believe you was progression today available, when tics going on, to available we you sampling.

So commercial sponsors work and they with. partners

on So the so we our had our once we get have all And, aspirations pursue to we could on more into we'll stay portfolio space. that little this make a know we fill broader that. bit tools available to wanted but let sure in tune just that, you bit

Takkinen is Frank from from today coming question Markets. Next Street Lake Capital

You is line now live.

Frank Takkinen

questions. Thanks Good my afternoon. for

from pieces moving in the were was little of quarter quarter volumes was guess talk this a that Can but some back I perspective? to just quarter? a What expecting it. the sequentially the line wanted growth, or I bit of a I flat think partly of to of pieces. moving understand to in come answered questions, but over happened slightly I I Kyle's you lot

So maybe

Lishan Aklog

for that way, is a best best it -- the is way quarter. I sorry as I the describe think said, transition that I

of the calling independent in of So we expanded pretty the had model did with in of everything sales sales Lucid kind full capital tack We IPO access quarter anticipation business second reps. sort direct growth more of we third It have the and not in mostly model. really steam a sales significantly management on was the quarter, our was sort gastroenterologists. not our rapidly to And to team. utilizing

centers most of that folks the is primary online some the a getting to of to mentioned, running, other and shifting and infrastructure, result most So test that getting getting infrastructure the some to us up place. care personnel the as of is I in of trained

direct So we dealing to be we things Salesforce. set with can the start be up, expanding set to up up could really regard

of transition GIS sales. direct reps attribute So direct would for little hybrid sorry, of I but it I future the kind on from through obviously there groundwork this in bit calling mostly it level, COVID of a sort it's direct to maybe GI know, from the of model model August that, the in of went a sales, at independent the COVID was laying really primarily to mean, roof you of

Frank Takkinen

from second versus of was Medicare, it That's you any, to recognizing Got the the at level I the the you piece revenue helpful. referenced? touch Can Crystal or whether wanted clear not just it. on out was break commercial contribution quarter. if XX%

Lishan Aklog

me let answer Yeah, that.

you which is, and go can don't make just answer one why Dennis, that? Let me So comment solve.

will we of answer from, will the with answer, hacking So and then of just not up Dennis the, part reflective revenue the, is laboratory. same your financial is and and the it recognize billings a But received the it's by the Dennis remember set I question more this not of a one let, by from the the a I'll let perspective. answer way

Dennis McGrath

payers. have have have the claims the been been of with been all that private from paid paid that the -- have been of the payers, claims laboratory have private So all been to

not have gotten Medicare denial We or either a for today.

one picture that's fact Medicare. while of which took facilitates claims or that don't denials sort the in this either the a to the we to related it regard have code, place, was now Medicare processing of to DEX called either way little that of other and the a for Some get with claims but or really thing paid

Frank Takkinen

do bit that XX% that to by have that and to little to of Dennis, recognized claims as payments to of the that been private the revenue it But you sort add payers actual sort of outta all typically came So at been date paid of network maybe want where from? a rate. relates

Lishan Aklog

The whether payer side. of revenue recognized actually the, or private is or in they're Yeah. Medicare not treatments, the agnostic terms

an months, they've their dollars the of collected all payer an, occurring of directly go of the it's cycle be view of these they upon can't but the, their XX So the where on forward laboratory regardless It is a who collections. month, understanding you discussion contract. renew in in presently orients both side, likelihood to pay the been and can a has terms that tied there's the the what our XXX,XXX arrangement we that, arrangement the there's billing on collect. is have depending as fixed billing contract for our what enough but as is laboratory on with a private each hundred explained arm month that thousand them going collecting presently They contract, price things they us so month, Lishan a day

how of what they're of what Medicare on collections. And visibility they're said of side. been is with network None traditionally collecting And been payments. have paid out into that Their approach We have be them payment least XX% incurred. at they're that as billing, denials network CMS. private network. that continues doing, roughly payer rate predominantly it collections we And of view so have them on what the far, been of out XXXX half at price, at know, you list of which none have our Medicare to of is

up have And we own continue and such our laboratory research we'll foreseeable future with we time with their DX own go financial is our we that own the over volume, then in will own that perspectively take of go that that good. collections laboratory their arrangement it'll as of same up go that But once all terms it, position. up we will until So and for arrangement. that

We payers. will to the private bill directly

at in that CMS. been And you with such community with directly are forward. will the those deal there until contracts we bill time place has determined payment to the rate rates we going will private that know, payer We the,

was crossed mean, be just are emphasize is we eyes the hopefully but see that the the, really transition, we're, this problem. we teas this expect dotted. are transitioning I billing. not really, not own to really we're complete I'll that to the, one add, So the to thing, term transit not owning yet, which some to to major we and event, its the, The a motivated highly unexpected loosen And laboratory clean near that going borrow Perfect.

really Perfect. this So temporary. Thanks. really to temporary. temporary, temporary We is expect be it. Got

Operator

is from Your Needham from next Mattson coming question Mike company. and

Your live. live now is

Mike Matson

the part be Have the be on direct guys they not up of sort really purely is kind it's it come about guess to would when I to done? but is so do you you surprising, given talked done are of the I second as it I the or this is direct GIS completely on in on that I, know PCPs? past, Salesforce, well? transition expect on it question And So still just, the now then first of GIS, focused calling salesforce you the mean, underway not,

Lishan Aklog

Yeah, in transition the, worth the complete. so the terms is of structure that's

employees, not all of is right that activity absolutely we're sales the we're sales being GIS. that, but we're longer with the now giving reps So loose, no depending on on not, independent up done loose

Let it clear. make me just

is So the, focused aggressively although reason the that been, PCP adding reps. we been new expansion support and need center. test them and for Lucid adding to The has what's the has

referrals the a reps that, if in mentioned kind in up that one have and if you So, center remarks, as don't running, you I at things I we've and have that my there. Phoenix matter learned mean, area doors prepared you are the we of driving actually and they're on, test of and, whether on the joined actually at hip that have, is in and, PCP focus banging that really learned don't doesn't

moving. week. the as did way And the now the that like understand Northwest. follows. we'll GIS the is three to same do simultaneously now in them last we're is, the, So cities the, we in the, We're doing The, the

to trenches pharma who've diagnostics care to typically to that They how selling physicians. mentioned, are, pharmaceuticals spent primary diagnostic these as go I careers primary reps, sales, or have them. and care We the know their pharma, above door door do in

that who providing managers reps and development their still are working with We at that, gastroenterologist. have are overall the, with now primarily market well at expanding level, at PCP the as the engagement as and in market the ongoing but right a support looking particular region

a active lucid be that support up provide support our center. messaging not and busy They their, And that the are, we have see just specialists Egar have putting group when, centers, an test bit, to basically changed in clinical every the the much to cases they're we gastroenterology that. and and, that's on we when Luci like onsite centers, and come to test there wants we is and another and fine. have test and Our, to a compete in little we clinic the tried. pretty And, there area with we're that's who is testing, try gastroenterologist case. out gastroenterologist really which just has they're test centers way gastroenterologists Luci They're GI

both that basically GI. the the and entity at, is more, rep be on to center. more, primary And established test state primary want nothing gastroenterology to this or test that network the out the continue a attached working that we and so with embrace on changed become particularly particular more, the higher physicians will that practices Once the, that the to the, Novo market that development strongly, a are calls more, on of at center, de themselves or in they'll, that level care like calling nothing part just then refers interesting primary can not within that also grow GI that's more are managers through has and care that reps care seek they our that what's are of they've kind physician

in you that And So fruit see, are going you patients our do the There remember, XX some that, and going hanging are low goal there to already getting primary to message times network. XX this to to find your those you is you be there are I think, find we've said go some your our screened. is yeah, there outta care currently as we the have out that, are to colonoscopy, undergoing past is go more to but that patients and to be the, many to patients patients not in practice. some, gastroenterologist some

now network reps, primary the by are And so position a, we care support having a care to better physician through of primary GI. sales actually a actually in

GIS transition, bit, form, primary not a intertwined. direct independent away to and model. that is it's but it's towards model is So a to And with the transition reps I a the it's sense, complicated this that care. It hybrid transition makes maybe hopefully from sales all bit from described a

Mike Matson

helpful. goes. plan component. to then the What's wanted Thanks. test it advertising? about I the you for you have where DTC sort to initial all great. these, your areas, clear it Okay, That's in very now of the going be ask direct going the centers see are and the consumer Is how Phoenix to and in very all, know, areas start to

Lishan Aklog

to going start we're And Yeah. in Yeah. Phoenix.

So with did just physical in we're to like we the Phoenix. start going locations, actual

that pretty Phoenix So very, platform everything's for all slick. the, just the It area looks with looks local a versus you print actually are, a and investment start way. versus the billboards waiting the buys to been and in Phoenix you going very to all with It versus TV the versus do know, look buys up we it and, to modalities in a what and have doing we kind really on have telemedicine we the other have the how response our ready titrating up out start advertising pretty that We've branch the center to switch lucid it's be until And ready. turning the, good soon. before media as cities. the the media and across just generally going other, centers, be digital test to of we're that'll various running. script see, matter really regard deliberate We're of And to know, on we the test in sense population great. of return

that's test driven DTC until upcoming sort other physician we tune strictly primary hone fine Phoenix. program the center for cities, care to referrals So be of the going and in

Mike Matson

Okay. for Got it. Mike. Thanks help. Thanks

Operator

from Thank your next from question Massaro BTIG. is Mark coming

Your line is now live.

Mark Massaro

side. the I contracting Hey can commercial the first payer the questions. take time. Congratulations on my guys. Lishan, thanks know is this a on for IPO. I long question taking guess

clinical how plan? health long to being Where data process? about you take you talked for in submit you building you do it utility think evidence complete large this such that important. would I you are to could the that a think And

Lishan Aklog

limiting is that Yeah, question coverage Right, now the claims rate they we'll quick limiting believe think we have until rate right that factor. is have talk I by data data time. to your their, within answer actually are collecting that submissions I until, so is I the to don't that you won't The that a you don't, within population. data. factor their

Egar under volume endoscopy, users testing. have obviously we are endoscopy getting the who results undergo one high to We patients where them going on the get to and them

of It's there. with registry It's undergoes if is our actually were we're And test, as our or try, data a eject ready data to but every yeah, is that to Egar goal if that This collecting very are it's patient registry. what And we're not a these get Right. follow to now. launch their indicated. just about they patient always I to to endoscopy, their, show? get consent were, try to collecting straightforward. and about did own easy, just who up complex straightforward. they and mentioned, endoscopy about fairly the testing with us getting trial. clinical is got utility clinical endoscopy they The So does so an positive negative

so not payers. the the in not So data great factor it's the our data we'll conversations limiting that have data, going sort collect. is initiating of a continuous of with to complex collection stream to And of but Frank be

Mark Massaro

a billboards it's is the part TV as launched currently the worth, And clinic about a is, my what the know, I preference the second obviously And between cumulative clinics or is maybe test you a you think two for on adoption, just modeling there I'm Okay. part then then number. or year probably next DTC? to model know, for biggest XX driver digital that's

give the you can or sense if and curious across a out Pacific around XX at country, of in for XX rolling a Just number, clinics comfort terms just least me between the Northwest. your

Lishan Aklog

Yeah.

doesn't not elderly may answer where experience I'll, may or differ but, not with I'll, the know. I mean, any, with that I'll of of any going he not answer them So question these to to the Dennis get is than through cuz biases first patients you is, DTC, works as we're never are to lot but the you preconceived what what I first. digital be, that just let's Right? mostly, think more has in digital. some a

you laboratory But that? a do about more Phoenix that. using Dennis, understand as So a to we're talk bit little want to

Dennis McGrath

is in figured standpoint? Yeah, got basis, to call confidence you launch national the know, a which does the training on of a both will tools. that and working, of ones to that's will can day, that that give More obviously specific that to seconds? initially over when their, script commercial so it using we channels for All having getting the mark, will folks to of to longer compared of media cost limited all calling the scale, what from media higher Is on the telemedicine feedback do spent yield dollars those to great and you're what optimize. is you out an have XX are is is to going things if change instance, ratio leash to a revenue this media dollars action take are into it's a changes and get important out cost it even But launch understand you we're getting that, a media of, schedule with that their part to some appointment so it's TV that time, on tested those with parse have expense PCP dollars bias it, and we're figure time. going over lower data times of out the once further, it's meaning pour markets loop media all some make to or the our those the what to more dollar of or loop message said, sure those plans have a key have we us And to completely as why of initial time figured to which feedback all going revenue. to very

out a spending versus you successful where pro it'll to aren't it back going could do. for to especially TV past been but works have times means for profitable important to So when time that's kind of of changes regular, models. take that in very, billboard approach. expect at has point and based measuring as know, is But digital drive that and, physician COVID figure us, Radio be very come to we they some the other and that they, what know, intend that and you and be we been.

Lishan Aklog

Great. And side. on then Yeah. center the tech

bit. little that talk So let's about a

directly me Let some projecting. give can without some provide I if color see you I details.

And example, you first, to the know they for DTC receive across knew when Phoenix, we full in bat because to we test we can't and always three program three we in area knew, off geographic we right? we have so centers, Phoenix going could right so is coverage that the launch we sure because where Phoenix started the reason make metropolitan they, people are when with So, wanted had we were Phoenix the the advertisement. in

of direct of So a one you because we sense announced of, to each week, anticipate as cities get mentioned in And until the of sort green we we the Phoenix, until last three right? consumer in were I doing we Phoenix. we, with starting know, in, don't model there

salt places locations and demographics Denver add of those one were certainly the And in one, basic, forth. additional clinician geography hospitals basically practices and to population using at so located so and and, least We add those were expect we're up and to, one we've, pretty gear in cities. I had there. Southwest as maybe Northwest, after time lake of going potentially Denver to to third the we've three clearly, a said, And the the some that's next even

that's probably are next they next one on, year, model to and starting that's year. and depending early that into will too with in to what You and the the two not at to fairly that three, population will geography up to be then, similar expanding on remain, each of guess far point and the, that can then

to because where will you we're practitioners states, in cities selected the know, a Western sorry now states and expand they think we these independently. I laying burden low to the nurse operate We groundwork to have as red a be position to where for

need where from require but the started, through have so that's states physician council we what in to now physician Greenard supervision. we working of And our we processes that oversight are to do with

really the the one that will is where we rate you be, also traction where running. which and focused then on with, really integrated just targeted emphasize it's of process you that aligning, I to I so be up sort I'll I seem done be one where the we growth point started have said with test have know which centers or that of are a we know, will be point, getting and of is we primary the the probably in and geographies of just have will And And should well of test to Northwest centers reps. know, but out by states matter have thing reps the and centers, care growth they're same. which you're earlier, want linked I that one sales important time just

And take the any for lending could, all. getting so and is test adding reps. adding We running, actually centers up factor at test effort doesn't centers it rate

good highly starting patients You those until city again, of a that you in driving high do going at nurse doing, caliber there's in you a in practitioner, to we're two just job least with motivated, test doing no we're point highly but to know, driven identified. each, you've experienced, each are hire We, reps that leasing, centers. sign

and So, our you we're is think I I team. And said, what maybe expect, I'll know, our, fold upcoming number our, Northwest. leave our what the just cities multiple is know, XX, is the test you're really several at timeline by And of Western of in rep growing current sales our would the we to, know, already XX, of end as sort significant we sales expand a I you outlined, asking care outside centers you ones that sales have what primary expect that it to rep team with states including have in the other XXXX. of in support

Mark Massaro

helpful. Thanks really so That's much.

Operator

from question Next Ed from is coming Capital. Ascendiant Woo

Your line is live. now

Ed Woo

the IP. fewer going shift on Should Congratulations is, significant acquisition Yeah. strategy? bigger much has forward? there my in question but product been a expect your acquisitions we

Lishan Aklog

I expand that, remarks a all on few me opportunity giving hint the did I but to I threw preparing lines, think for that something. So on my thanks always again,

now of its free the but related stage we and like we burn. maybe, to to early with that is cash which lucid and value forth, was to IPO, them not So having yes, or describing but know, what potential And invest targets, of broader terms could, what financed to that answer regard over organically age now products you could were go portion operations, and right? and fund or spectrum so a accounted for well I'm I'm I we Nextel is Lucid substantial capital Right. was saying its not extremely could in it's or which necessarily the as lucid So stock time. build for did different in now fewer, of is, them of and with with mostly consideration that somewhat, sort we of a historically maybe from essentially pursue. had prior lucid with that we limitations pursuing cash out get we spectrum bar no

We that realm and generating. truly are more have know, of are later that the or do commercial companies deals, significantly, you those already to products stage already revenue including to in capacity do pre-commercial

as will the I the our constantly centers on whether flow. as an what of will important which to we and number term think We're by you've lot we shareholders is, that picked depend deal on up I know is so get innovators. contacted them think long and in answer academic companies So point, by see by just yes, being physician a

the out people commercial be. really to look along you're seeking companies fantastic to You us reach of know, includes, talking to sort further out a company word that partner products. position us, have is that people, that of are with is kind the which And

have too. We in room discussions that active

Ed Woo

Great. in Well, congratulations. Good future. Thanks. luck the

Operator

end you. to further over closing the the question-and-answer session. like management for turn comment. Thank reached to back We've floor the of I'd

Lishan Aklog

today. all lot obviously really and thank great questions. companies, the you and a joining us is for so through This two round for you of information the patience for again, Hey, So, with another thank of your going all

of and news look pro So out forward keep as investor of our rest best calls for always, social our releases with the media, this progress and on lucid keeping and way with the up Lu one on we PED the news abreast us and we alerts events like sign relations our updates email Twitter, pure LinkedIn, and to and PED up to YouTube, to to is follow websites, and websites.

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Operator

and conclude Thank webcast. you. That does teleconference today's

We connect just line participation me thank this and evening. a your you time Let today. have at wonderful your for