CDNA - Earnings call transcript Q3 2017

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Operator

Good day, ladies and gentlemen, and welcome to the CareDx Third Quarter 2017 Earnings Call. Today’s conference is being recorded. And at this time, I’d like to turn the floor over to David Clair, ICR, Investor Relations. Please go ahead.

David Clair

Good afternoon, and thank you for joining us today. financial the released XX, ended CareDx XXXX. today, results quarter for September Earlier currently company’s on release available The is the website www.caredx.com. at Officer, Chief Maag, Bell, call. Executive and will Financial President; afternoon’s host Peter this and Officer Chief Michael

in we securities enrollment management be include laws made that forward-looking based All uncertainties which Before place and remind within the and limitation, from forward-looking operating call examination be of during provisions cause risks not XXXX. forward-looking should will those These material the Private expectations on historical call started, are Litigation like making upon or various I including, Reform results to materially future not statements. get Harbor of implied assumptions. anticipated of meaning of be everyone contained involve our to Act that this facts without by Any statements these statements statements financial expectations these Securities statements statements. that the would and undue of current this are forward-looking to pursuant you differ matters could federal statements reliance that Accordingly, should our pricing Safe historical estimates actual are deemed regarding statements. to statements, and trends, coverage decisions,

as the Exchange CareDx only the law, broadcast Commission. by For XXXX. now to forward-looking or our a or call of is disclaims future filings financial turn contains Peter X, information revise events and required otherwise. Securities list or of any I and statements, associated This risks new except with live accurate uncertainties obligation, call our or and the the whether sensitive descriptions information, November will over projections conference and to business, today, please of because as any with intention update see

Peter Maag

as and Well on exciting financial Thank be recent details profitability. on quarter. will to additional achievements an quarter. us. and CareDx’s on an update providing afternoon, as good our had commentary the I well third you pathway afternoon, thanks, performance everyone. Mike joining We provide for This will then David,

come recognized just rejection for was transplant CareDx the clear making exciting technology of American for Society patients. the our solution for Meeting company increasingly kidney the Orleans have see is We transplantation the interest in back a in and new on New surveillance from AlloSure, it in as to field great a improving patients. latest strides of outcomes long-term focus for with providing Nephrology

AlloSure. CareDx the milestones quarter, several team to respect with third the During important achieved

AlloSure the cell-free on kidney living market Then and of currently X, AlloSure transplants, into offering. XX, referred administrator coverage more announced rate our As assessment estimated transplants living On transplanted addressable $X a measures heart large rejection. approximately CareDx September clinical reimbursement opportunity test. Palmetto for qualifies kidney. for of entry detect technical patients be number the alone, diagnostic In per responsible billion to to an there announced organ validity reimbursement and XXXX. will Medicare market. the diagnostic the program AlloSure those greater AlloSure the reminder, Medicare kidney into recognizes effective August annually. XX,XXX commonly MolDx, utility molecular donor-derived GBA, transplant active represents U.S. with October as Medicare with than $X,XXX CareDx XX, surveillance There This than of are an XXX,XXX DNA transplants are to kidney compared annually patients a translating the with living XXx

XX% payers of In typically reimbursement coverage. XX% Medicare the the with to kidney reimbursement upon negotiations Following an years and quarters, it launch industry, decision, coverage takes of several our have test. sometimes transplantations multiple estimated achieve AlloSure even

in XX% transplant focus. Medicare our given place kidney positioned U.S. opportunity of initial centers percentage AlloMap. CareDx a creating a high-volume high And top to centers, these dollar centers concentrated very of rate, all opportunity. of Additionally, XX% for of transplant for presence $X the only transplant transplant a and CareDx. our are in take centers, AlloSure group kidney billion market already reimbursement with penetrate XXX existing coverage represents favorable this kidney relationships well transplant the patients we transformational with the has

surveillance launch. October, AlloSure payments share the for we on since launch and take do forward. last with XX provide very Now s on leaders, view the the their October we protocols the centers officially test successful for pleased that pleased you on initial I from key week, order transplant will opinion AlloSure interest of regular indicators the patients. AlloSure. as have some it commercialization time that AlloSure and would launched like with Note targeted the for centers to expect initial X. and on Medicare material initial going October AlloSure details efforts. fourth in on patients from receive also We part to Noridian performed started we AlloSure very I’m In to quarter had revenues We to make not interest as traction been centers Xth transplant are

enables we first As testing schedule of tests the testing transplant providing AlloSure The of surveillance as second protocol standardized as established followed our testing CareDx. during recommended as centers across includes for year well AlloSure through by a orders based workflow in a patients. the standing reminder, year and and recommended recurring on protocol revenue the protocol kidney to transplant beyond. as the opportunity the testing recommended needs prospective developed DART easier study, meet quarterly testing routine seven use The use

tests which of enroll our first and registry X,XXX primary outcome have strategy. of view the you to thus another evidence AlloSure Medicare revenue actionable XX,XXX ongoing with clinicians creating transplantation centers. known going for transplant as the reduction as data This information launched number efforts, studies commercial KOAR, these as X,XXX patients Besides of companies a incremental include insights three-year biopsies In or over XX study is AlloSure data kidney study. building CDD, remain CareDx our observing is data AlloSure partnership and We addition of will AlloMap post believe milestones information, transplantation estimate registry well over a our outcomes annotated enrolling and generated important update clinical three our January details transplant study on achieved. genomic XX our biopharma. will centers, total studies, patients. from with database a forward. as information to are registry the reimbursed wealth finalizing is track endpoint XXXX years, science with centers we patients genomic term, driver the with coverage clinical renal currently KOAR volume We and centered potential performed. development, our providing across of are we We component of KOAR a opportunities next data, that approximately academic we Longer in an patient large Through these across in on real-world enrolled will provide and in technology as representing

AlloMap. to of is centers, heart turning transplant of in used heart and new AlloMap XX% AlloMap U.S. XX% transplant about currently testing receive Now today. patients

payments recognized [Indiscernible] Recall XXXX in AlloSure, increased positioned third of a in for quarter. revenue with issues that kidney of catch-up in $X.X revenue earlier million. third XXXX. Adjusting volume AlloMap results CareDx with of in XXXX, associated this, in the that line quarter AlloMap approximately $XXX,XXX billing because occurred of broadly least growth revenue to increased million approximately would at market X% with diagnostic volume test make which high-value X,XXX replicate the time, annual We quarter over $XXX to into the with year-over-year, revenue. in in AlloSure success patient the with translating AlloMap are

state We where have now building should concluded reimbursement have the be and in-housing a volume growth revenue and function less more in or to of our steady moving and returned parallel.

strategy increase continues to franchise forward. Protocol our protocol place. with positively remain will to transplant AlloMap than currently key adherence efforts component with impact our AlloMap adherence in of more Our XX a an centers going growth AlloMap

was services engage have patients testing made – adhere protocols. CareDx Our for with home to made their easier it to and phlebotomy

Going the forward, digit growth we range. these mid-single will volume drive anticipate in efforts rates ongoing AlloMap

week, starting visit. testing easier CMS both XXXX, X, patients prior set the workflows. clinic by for January will patient allow parties to be AlloMap transplant to Being reimbursement and able PAMA tests the alongside a the which AlloSure directly center In XXXX. draw $X,XXX following This AlloMap announced communications, will Medicare its patient’s and day XX% X, in news protocols. news as rule, increased service CareDx to other is with AlloSure for on in to involved and AlloMap will of of hospital implementation, likely the access bill on patient change improve change means Consistent for great adherence AlloSure addition, and AlloMap rate to is and January XX-day the policy drawn that policy much last the for known Medicare to date able in bloodwork all great

the of make royalty XX%, Medicare As our future gross of anticipate profitability. reimbursement AlloMap revenue. combined XXXX, XX% least representing a currently We reminder, X, at to with the margins on important this expiration an AlloMap to October our increase patients contributor to Roche approximately up increase,

approximately X,XXX the with We pre-transportation XX% Olerup estimated typing our in the million, transplant traction in increased products. products best-in-class business Our of used continued X% Olerup $X.X worldwide. to quarter are labs HLA estimate reflecting our that

third function our to solution Our high XX typing, turnaround quarter, By the last launch the year. project current faster in worldwide compared in step since demoed next-generation have improvement methods. represented a HLA the precision of with time QTYPE centers a offering we end

profitability. CareDx proceeds, in some strengthening and We and very the capitalize an to the solutions the will our to validation accelerate to platform for follow-on Mike of for closed facilitate opportunities the remainder and and information further touch our Roche post-transplantation his CareDx have but and provides growth on time pre-transplant as the the $XX.X – our received during efforts and CareDx the comments, outlook patient clean the should our our important to I along valuable CareDx QTYPE approximately development these wanted a QTYPE on life transplantation-focused of take the the update recently path product, balance raising significant demos into with a final of are currently company, a management. use represents on front for for to for the both feedback successful also the sheet XXXX driver of journey on in positioning from input establish to instrument. path everyone company’s to profitability. balance company. million incorporating up cash offering, ABI net to cycle on QTYPE

building We strategies the the We become CareDx recent and following to balance Medicare AlloMap second well EBITDA-positive in strengthen the momentum our half and news. our to reimbursement XXXX. anticipate executed have sheet on on AlloSure

has business million of and for Additionally, million our to launch a genomic transformational represents AlloSure aspirational success created XXXX. and the opportunity existing building exceptional opportunities $XXX have in Launching development goal we a in to teams driven achieving transplantation-focused revenue an information organization. AlloSure product CareDx. $XX in talent attracting for our

addition team, effort. attracted commercialization our to for finance key In have strengthening we individuals the

customer here, For as patient care excited positive it and the example, about. months to adherence we is With forward as the are all about on team, will Mike? investors key we we reach of the to making can with patient AlloSure pass testing coming progress look additions we the experience financials. this, call our ultimately regimen. to discuss now focused in am what is I to to improving updating outcomes Mike the commercialization. mainly the I drive milestones

Michael Bell

six I months that aboard progress the I with the I’m ago. has made since Peter. company you, to have incredibly say came pleased Thank

$XX.X pro at an offering upsized in public the million AlloSure, $XX as of of cleanup mentioned, balance recently which with approximately in resulted a forma controls. third the restructuring In close the path balance in of key net announced excludes The which having strengthened sheet which was made and we in October. completed clean cash balance objectives, a offering obligations us raised us of launch sheet financial the financial million, to at current up Peter reporting addition cash the our out enabled to and quarter, set XX to the to our balance the restricted as we the believe – related started $X.X for acquisition. good sufficient growing concern million. and our out least will statements improve financial sheet, be the next the cash And at remove we’ve to of of We has balance were This our proceeds months. from our our progress profitability Allenex when beginning

us in million continue used profitability. focus to improvement quarter’s the company lowering We resulted in on $X.X to $X.X towards the quarter, drive to million third driving a in cash our further the rate. This operations second compared

a AlloSure path of we launch now reimbursement recent the mentioned, EBITDA reaching the have half in to and second given news, As Peter AlloMap XXXX. profitability

the and accounting making function. improving We’re finance in also steady progress

the new hard future further hires able of bringing to on to hope to this last identified working earnings the to And quarter, during we’re be weaknesses updates addition remediate company I in the XXXX. on In provide regarding positive calls. material

the P&L. to Turning

AlloMap quarter Third revenue XXXX X% decreased million. to $X.X year-over-year

the adjusting from in in for increase recognized in the the of revenue XXXX Peter volume is line referenced, increased with the catch-up $XXX,XXX XXXX, that As which year, X% payments quarter. third AlloMap quarter the third in the prior X% in test quarter be

prior Olerup total year-over-year Our $XXX,XXX the quarter. decrease was business the third year’s XXXX prior to XXXX X% of compared year X% Again, $XX.X from total increased to for And the payments, in in representing the adjusting million, as third the catch-up increased revenue a $XX.X business million. $X.X quarter quarter revenue such, X% million.

loss For million same the in non-GAAP loss of to compared $X.X XXXX. a our was net period third the million non-GAAP $X.X quarter net of XXXX,

guidance. to Turning

expectations now in range are tightening to anticipate of full the XXXX We our $XX revenue and million. revenue million year to be $XX

includes AlloSure. that, With a revenue call I’ll As the open our and only for AlloMap revenue reminder, Olerup contribution questions. doesn’t any and include from up guidance

Operator

we [Operator Jaffray, Bill first And Piper have Quirk. from Instructions]

Bill Quirk

thanks. afternoon. Hi, Good

Peter Maag

Good Bill. are How afternoon, you doing?

Bill Quirk

Very well. thank well, you. Very

I First it. question, sorry, to XXXX? $XXX million in correctly? But I you catch did $XX Did must have million missed that say

Michael Bell

Yes, Bill.

we revenue have million of aspirational $XXX I said XXXX. that think target in million we to $XX of an

Bill Quirk

Peter. good. couple then Very a And of Okay. just questions,

not that speak multiple whether those within the is trialing centers perhaps off, it just ordered the you First to product? transplant ordered have those or initial organizations the Or can physicians kind of AlloSure? champion AlloSure, XX within out have

Peter Maag

That’s very Thank you much. excellent question.

I launch. think we’re early the in

he where to AlloSure. towards tracking wanted with right are be We

that think slightly many actually good. I AlloSure. multiple in feel ahead And ordering appreciate we we have is clinicians some key And can centers of centers, probably you centers, so wanted where leader be, have we the ordering. XX opinion we to

yes. So

have would I test – think opinion most key with testing leaders centers started test. the our using the using

Bill Quirk

January I some price respect on a then standards AlloMap and may. AlloSure, we accounting correct? XXXX, short versus that with if Mike, and of have just And presumably Excellent. couple collections of albeit coming a for publicly the up, between of some history questions, coming shouldn’t issued place accounting any accrual the to changes point AlloSure housekeeping of the for new in issues are cash with into

Michael Bell

Correct. of respect volume. we’ve to that it will we make be payments straightforward a that because straightforward. with good got recognize a AlloSure, relatively being should the so line relatively we linear The lot make Medicare, us. changes in should what more by history that should And with payment, for again, be AlloMap, – on On very

not any the foreseeing So issues I’m with changes.

Bill Quirk

question And Okay, housekeeping for very good. just me. then last

imagine to to answer some to I prices PAMA adjustments scuttlebutt or from would changes know in respect the think you numbers AlloMap be this. CMS I pricing. with that out there calculated the for well to around potential some preliminary have certainly, be I don’t routine obviously document. Peter But continues to Mike, incorrectly. And come some tests that any the appear anticipate

Peter Maag

No.

analysis very providing with had Our in team that for we completely pricing. been that out is submitted. see, from the and actually, PAMA thoughtful was we line the in requested CMS came pricing information what And the the

that think will communicating. the on been which of, So $X,XXX we be that we’ve the PAMA aware bar not we information additional are any implementation

Bill Quirk

AlloSure Nice Excellent, best okay. certainly, Thank quarter you with very luck of much. and launch. the

Peter Maag

very for No, truly us. AlloSure transformational you Thank is a Bill. much, opportunity

Operator

we Craig-Hallum, have from Ellich. on, Moving Kevin

Kevin Ellich

do little you AlloSure my taking of the to well. for expect the You Yes, guess did bit centers? back Peter, go expected New to centers, in than as of the I Thanks the with? number better terms wanted Orleans at away in And initial down just said reception what’s afternoon. Where been like? were transplant what guys guys come we year end a question. launch. Good XX you you ASN. takeaways at to

Peter Maag

story I of on to the surveillance. a the group invite a sitting is And go improve community room kidney transformational and couple who sharing a has product actually down opportunity and opinion to the AlloSure. by leaders. evening, waiting had had around the Who patient been of is lunch, This transplantation that for we there, for our tool over the on a new significant

think at a I where So looking everybody’s these CareDx at time do we’re coming transplantation technologies, and is what new really mean for what they brings.

the centers next we In want to will outlook of be XX terms financing, the KOAR of where a In in adopting think we right had XX driven I we we year. this shared bit think last where I by previously largely are said be. centers,

So of year? adopted anything XX more is think with a centers be if – XX, he this that I you me to ending the else for too Where year success. a tell be great share. to we bit having up be it’s think end, but can AlloSure, would early I end were going to next would that than I

progress very weeks about four that are we in making. are and we’re the We excited

Kevin Ellich

prepared you started Medicare Great. And in that from of the correct? to then I remarks, some that you’ve reimbursement AlloSure tests think your ordered. actually receive for said Is

Peter Maag

No.

the great Noridian. well. has we in extremely it want did have we to close you worked contact first And Mike, AlloSures to the with report think reimbursed. I was And that were add? team

Michael Bell

week. just we that that It’s we getting billed No. paid since the last then, first Noridian. And to received the payment for tests we’re

Kevin Ellich

Okay.

guess, really that made provide Peter, Medicare to day bit a go XX manner. change understand help the more with little don’t came compliance? arrangements like to comment, timely it color go that data and rule But to for timely, why that both AlloMap and lab the as through you lot to AlloSure? in does think sounds a what adoption wanted in, hospitals. mean So great. what a that I payment I And there’s Can That’s service. that that people will back of other the and means?

Peter Maag

draw bill even that anymore, provided past, established regular Yes. on visiting In drawn alongside the or the but now an patient. the patients tests the is a days the be and The hospitals the the that actually necessary location. is that hospitals, at are they’re day that to AlloMap This that the have not of draw can the from basically center. can center, says we the drawing an during CareDx being different were directly, XX-day sites AlloMap were services and what Medicare rule now for bloodwork patients vicinity blood in around drawn AlloSure in alongside getting

So imagine first drawn AlloSure now an are we since alongside where creatinine, year opportunities a have AlloSure to are blood there they’re times also an in for performed being centers, they serum the a other kidney draw transplantations, be – in many whenever are XX receive bloodwork. the multiple all creatinines can post-transplant, the serum opportunity drawn

to change is makes With draws access this been that easier. very much with they which substantial it convenient. have to And becomes so So the workflow. great structures, now at directly but we more it’s patients other for AlloMap, have a blood hospital, mitigating it successfully much that so

Kevin Ellich

to before? doctors Sure. think factor And I it guess, issue is a adoption draw not this send station... AlloMap would or patients with do to you was know AlloMap an much a ordering different a they way I adopting of mean, – when to because out it were there not how have about was or

Peter Maag

an test. value that is but it been know exception. issue, high few a we very very Anecdotally, has AlloMap

– if an inconvenience and been in of have had the of Northeast has – having go the And now to been different draw have course, up so it a issue. in easier. snow been drive anecdotally of And might less of much an factor But to you it’s much site that ice issue. And the U.S., miles to issue. an it so two

convenience the think quantify I hard – don’t it’s for patient So but volume sure, extremely impact, for us a to huge it’s factor.

Kevin Ellich

to could – the the DNA the of next even the launch last pipeline know in I is work Great. test But about domestic we I have guys want into talking markets? AlloSure you about then my thinking the And on you That’s with thinking focus cell-free and about helpful. terms AlloSure of maybe guess – on. to also extending maybe question international

Peter Maag

Yes, here have clearly, pan-organ DNA organ other I is be But cell-free we Cell-free in detailed strategy systems. don’t opportunity. yet. can a think tested DNA and a

We in have ongoing transplant academic efforts had other some systems.

for will performed And AlloSure company. U.S. opportunity will rolling a be the other in more ex-U.S. kidney detailed for the really, the be because significant organs So there transplants DNA have out But cell-free then a a are U.S. strategy. the of than we focus outside

the in haven’t that one it to through I kitting day and our yet. probably, detail talked do will have we I with we channels. strategy product then But of that about providing think think Olerup

the opportunity, we kidney now, right – AlloSure biggest on. the that’s are focusing what are on opportunity The We are we laser-sharp-focused and launch. transplant is

Kevin Ellich

so Thanks you. Got much.

Operator

right. James. moving have And on, Jansen we Nicholas Raymond All with

Nicholas Jansen

need the profile AlloSure question get to the be Hey the you And the kind aspirational on what million million in how under that guys, of and wanted like to that deliver quickly what’s do those XXXX, $XX model of that if EBITDA target good $XXX first just to on just margin congrats added you revenue look scenarios? hit a ramp? on costs to quarter. kind will My be profitability I a had. sense discussion targeted to or of

Peter Maag

us way all this You’re around centered question. AlloSure much. Thank AlloSure and Nick. into next you then moving how so Great Obviously, year launch ramp. can and quickly is beyond,

making we’re on think are But AlloSure. next I be we’re I a Mike. stage progress volume think I’ll like that Mike, bit we AlloSure? process turn So the to for pleased the that what’s that do any will have the then thoughts? looking you making with

Michael Bell

Nick. Yes,

cost we that the additional saying been And to existing questions commercial think I on how asked think need and one AlloSure consistently both lab of got also we’ve I you was for in the the the we’ve that add. much side. infrastructure

that going profit to bottom if down of that incremental to AlloSure are line. you’re should we’ve initially relatively be XX%, our been gross AlloSure dropping modeling margins for the minimal. So costs then be saying on And gross therefore,

about $XXX the you asked the in we you That revenue. EBITDA to mark. margin XXXX think XX% million get would be if around I

Nicholas Jansen

just That’s in the quickly registry of terms in trial. very can of of of centers many tests some helpful. associated the in we How the terms that And what’s the we that? of trial? expectation in KOAR operate And terms do start how think line seeing then XXXX under that timing with kind time of

Peter Maag

Nick, Great thank you. questions.

So we were year have a timeframe. year, the patients on then happening in first first have first of six January XX within and aspirational months to The centers, patient, line goal an these including visit all next quarter. we in XX of the recruitment XXXX centers the a throughout

these So then in out, to the in first recruiting last would another sense? center and model it’s that recruiting you patient, make center. that Does build the December, six months have the XXth patients

Nicholas Jansen

just the side business of our quarter. of the expectations house. actually Absolutely. a Allenex question my of That And kind last bit on then beat in the piece little the

QTYPE. fits CareDx into So of And forward. where that kind on broader timeline organization get just on strategic to the your wanted thoughts going of the I

Peter Maag

about We are think we information patient that. the super is order a pre-/post-transplant excited pre-transplantation change company I positioned sometimes And because in post-transplantation lost well have the building to management. the in journey business

is it rapid really I provides think because transformational a term, on turnaround launching focused the pre-transplant for typing. QTYPE. opportunity short we’re business This this

are forward looking solution efforts, a machine, to roll of seems under that especially to and tripping been up we couple validation on team but control we’ve ABI the on think have now the out. I that

the a of very so QTYPE the demonstrations about year, that XX we good should I business. driver think demos revitalize which number had. strong really, we pre-transplantation feel number, business, our is think for I for growth next But a is

Nicholas Jansen

share quick the Great. Mike one about we one of forma XXXX? as in what’s cash exiting pro and terms just think for And then count

Michael Bell

pro we $XX XX.X forma $XX the XXXX million. The a shares perspective, outstanding. exiting after And will share million be had count around as cash offering, from you’re million to

So where are we that’s now.

Nicholas Jansen

in queue. hop Congrats, guys. I’ll back

Operator

And with right. back we’ll move Piper Jaffray. to Bill All with follow-up a Quirk

Bill Quirk

ordered that heard just sites the be that elaborate How of People to XX first wanted One have movers. about or non-clinical – question. Great, trial follow-up and clinical versus and going were thanks. centers back the of excited trial you to sites? have AlloSure AlloSure. many quick clearly Can the on Peter, of some those explain that?

Peter Maag

Actually have of of surprisingly, a DART Not these been bag centers. mixed them XX have we all centers.

as that in first to the centers that have launch, they’re So excited the we we found wave. a through rolled very number of be

I I I the centers previous able in have call, As convert on we initial think, in period, XX focused and prelaunch to think the mentioned, have launch or XX been period, to the obviously, of part into those testing DART beyond DART But had focus. centers the been Of we the centers in of XX moved centers. centers, all order have XX tested.

Bill Quirk

And the presumably you ordered if are, if are extended in they be DART to they will? wave, haven’t already, centers here going first all presumably

Peter Maag

Yes, no.

true patients more the are is on had some the to to on of AlloSure. What that joining we think research-oriented patient management probably be in have a see I I daily clinicians are destined and DART centers, we that would in say those centers doing basis, now trial, we that clinicians moving really is the that built close with relationships part are clinic.

added a many now rather patients phase see focused on DART, many, on initial an focus being where the than big have opinion key centers we core that we scientific So leaders of reputation. with

We to are centers. are that high-volume the are the now centers which shifting team transplant focus

Bill Quirk

it. Thank you. Got

Operator

our to Peter additional remarks. All floor closing session. and that like or right. back for any gentlemen, to question-and-answer conclude turn over Maag I’d does And ladies the

Peter Maag

commercialize continue our grow to business updating you Thanks joining as transplantation towards forward the for We core look progress to and we Thank everyone call. again. AlloSure, profitability. all

Operator

Ladies and gentlemen, that does conclude today’s conference. your We do participation. appreciate

now disconnect. You may

CareDx (CDNA) 10 Nov 172017 Q3 Earnings call transcript