VCYT - Earnings call transcript Q1 2018

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Veracyte's First Quarter 2018 Financial Results Conference Call. [Operator Instructions].

As a reminder, today's conference call is being recorded. I would now like to turn the conference over to your host, Ms. Bonnie Anderson, Chairman and Chief Executive Officer.

begin. may You

Bonnie Anderson

and First everyone, joining today us Good XXXX thanks Financial our Quarter Results for afternoon, for Conference Call.

are and Joining Chris today Keith Financial Chief me Officer; Hall, President Chief Officer. Operating Kennedy, and

Keith begin, harbor we through the will Before safe statement. us take

Keith Kennedy

I defined everyone. remind to laws. under we applicable like statements will include you this make securities during would call various forward-looking that afternoon, Good that may statements as

plans, results, such no drivers prospects assurance product cause the to results Forward-looking correct. growth, and reflected materially financial expectations performance give are and performance and statements our statements include and guidance, forward-looking pipeline, statements and company discussed can prove our forward-looking goals will future are fact. differ or implied and/or reimbursement attributes statements, regarding future and that not that subject achievements of risks regarding expectations and and opinions statements by Management's may these strategy, be other in to historical actual to it any uncertainties from assumptions,

to press the described with risk the those Commission. in today's release, and filings are and uncertainties company's Exchange Securities addition In

top menus Additionally, our Relations Please through to page, XXXX the release tables first clicking to clicking Investors which landing are corner measures the refer the results, conference website in Prior on on Press directly comparable our and available website, call, quarter we of Releases. most non-GAAP our their this website by call. to will this measure. our veracyte.com, of to announced then be discussed and Investor for right our portion financial our measures of in reconciliation earnings on these financial GAAP

cover I presentation, financial will when the later a results. call financial reference released also our in which We I

will presentation may in Investors I under a call find financial Events turn the over & Bonnie. Presentations. the now to section You same

Bonnie Anderson

launched XX% us results of growth this million, which for delivered quarter thanks a Keith, years today. again, in was $XX seven and ago. highest any first year joining you, the Thank revenue since product with and revenue We our we over everyone, prior very strong quarter

with a strong driven the We and and the with quarter orders. the contract Other uptick Anthem of highlights Percepta by also in-network in Afirma include, second across volume entered our significant test Atlas GSC an Oncology, toward with continued our the the our our technology growth important strong Medicare momentum reacceleration provides introduction and of Xpression as early we of Afirma and program initiate our platform; research access progress Loxo collaboration reimbursement. validation which Envisia progress depth; a with business, classifier,

about from by metrics quarter highlights are and excited progress the we I'll the which our walk business. through measure of we we our believe realizing foundation you success. upside using the have the are for We the built significant our key

about. with volumes Afirma this excited renewed same last first quarter are reacceleration We commercial growth GSC, increasing The XX% to growth. year. saw X,XXX reported a customers quite is from attribute test tests, amount previously anticipated growth our to the of over marking period significant We this the an our which genomic next-generation our increase

strategy we lesions. benign its unnecessary multi-product is such with and report our as of potentially XX% of surgery improved its is difficult of converted been to potential data from State, of cell has in those to of plan, pleased to to The because exception volume positively Further, accounts now patients which XX% performance Hurthle that expanded those York approximately that cases, all on of the the Afirma the more community second our are ability of GSC have received with GSC, We have our physician keep by New sales converted, expect Afirma working. quarter. confirm end ahead the and the by

Percepta our quarter. account portfolio most fact, our of least representing X specialists in products the at sales In of converted

the majority significant increase the are we Percepta volume result strong also orders. growth, was a vast in seeing Afirma a genomic While of test of

institutions of samples nearly least quarter. first quarter at number us X physicians Percepta the ordered XXX example, fourth during that XXXX. in compared sent For of the And to quarter the the doubled

with our suspected lastly, classifier to due on expect run in would we to workup of test. like physicians, to clinical Percepta's of While fibrosis, XXXX, begun for a to who X,XXX access from to IPF, an to call. results on establish XXX their to we contribution last efforts or And Envisia the as have idiopathic test track our are fourth be integrate we revenue modest build quarter to demand pulmonary we rate early program Percepta into communicated our patients

research market diagnosing in will about interstitial are other versus confidence give them suggests lung a that excited patients more disease. that having of pulmonologists Our IPF types with tool

to ramp significant to the will be patients, differences to year the in following the these patients a program select our institutions XXXX. anticipated opportunity by Given treated, assure well offering are access we commercialization helping few Medicare of how would give coverage prepared the test their early while next to end begin

expansion. first an success in-network with Anthem. contract We on by big this quarter major win had front signing is reimbursement a second Our of during the

largely bringing an are to benefit turn get Afirma, of the and will largely was XX through We approximately journey the complete million to have excited to Anthem Afirma process. This work the Percepta for all this to this for fully and through as plans executed in-network reimbursement this our attention we establish -- plans members. all begun

study surgery GSC on continue utility. Society, more the Endocrine of significantly at clinical that the Our important GSC development, the findings real-world annual we Afirma success We unnecessary test. confirmed original first the in ENDO enabled to execute area. from well prospective evidence The third demonstrate test's to major March experience meeting which presented the strong a patients avoid this and the the in multicenter Afirma XXXX, Afirma of is to compared user data

will study the published we weeks. the presented While clinical anticipate in for results Afirma be we coming the have validation study GSC,

help Atlas, platform DNA We unveil the with our that lung the disease to Afirma for associated patients sequencing Xpression using were Moreover, on registry meeting, other XXX costs at Percepta finally, to Endocrinologists, over interstitial Clinical of or Association of variance the reinforce peer publicly investigators are a in IPF. confident endure We genomic genomic meeting quantified experience meeting published fusions we customers American or form update in from need which which data the new forward own to classifier ATS, our is get in These and several cancer were the American innovation. pleased rich to later information fourth clinical the findings we the the in Pulmonary the final the this a IPF and with quarter a to to expect confident RNA gene study this invasive look extensive trial. just and month, Envisia samples. for we AACE, second later diagnosis The month. FNA utility extensive, review results including diagnostic BMC also Also, And them more patients INTENSITY in in We diagnosis. odyssey study RNA Medicine. plan unveil Thoracic from share procedures Foundation's the expression, this metric will data of strongly provide genes to year. extract were is our that user they during excited scientific that content, thyroid Pulmonary thyroid their with Society, Fibrosis at half

with platform, are extension treatment with offer believe Xpression physicians Afirma Atlas thyroid believe We us Xpression our it insights leadership Further, novel data strategy the with solution for may Afirma Afirma GSC, We comprehensive we provide of GSC targeted where cancer. to the will this recently diagnosis, cancers, new Oncology suspected information for Atlas research first cancer. options at of thyroid the clinicians launching to information with therapies our for genomic we including performance Loxo announce to defined to a development to valuable for Afirma Xpression tandem developers such cancers the testing us and more the which as offering Afirma including Atlas cancer single uniquely that more with performed an to patients, Loxo's will XXX,XXX were in We patients provide thyroid Afirma with upcoming collaboration the of positions enable platform on we sharing patients of Xpression thyroid have therapies. than genomic patients leverage In AACE and our and thyroid surgery look valuable RNA details Atlas, meeting. with combined will their uniquely forward genetically source sequencing-based nodules. pleased inform through advance

fusions Loxo provide with with cancers and will TRK and RET we genomic thyroid insights regarding Specifically, alterations. information

time, we IPF. this to the Oncology, initial final collaboration cancer also our Xpression thyroid this focus And Loxo extend thyroid on -- the is with cancer opportunity a that, and Atlas will be both believe discipline. over we financial great metric lung While for for platform, it provided platform can on

quarter results resources, quarter business first to efficient turn our on of of for $X.X move was our while to to XXXX. investing strategically improvement for continued million, now first focus closer compared use of I sustained last an Keith progress our we the over burn financial achieving call for X% to was to the cash -- our review the grow as year. first goal Our of quarter the quarter This of reflects the which profitability. will XXXX

Keith Kennedy

Bonnie. you, Thank

I www.veracyte.com find update may and our under mentioned at guidance. Events to then first an our XXXX about Presentations. you on XXXX on to plan quarter speak earlier, our results, As presentation with conclude financial and our & Investors website

of Turning presentation. to Page X the

prior are million as quarter or Our of KPIs, performance performance first for against X compared of quarter the indicators, follows. year the as increased XXXX XX%. Revenue to key $XX

quarter, XX% and XXXX, was XX% increased outstanding recognized We cash of estimates of and test over of year. in a our revenue, for increased tests, a Classifier rates March meeting plus bottom of Afirma claims million On impact which recognition of XX%, increase collected prior including cytopathology the as between we variance, variance, the $X,XXX $X,XXX that test XX% $X.X the reported in the from million volume. revenue highlights In Afirma Afirma and positive in and from revenue XX, $X.X by revenue original driven X% improved for excess Blues noted collections. cash principally Genomic reported of of average, accrued this page, between As million was we XX% standard, the including $XX.X plans. volume in the Classifier

Moving Afirma test to X,XXX Genomic KPI. X,XXX of Percepta XXX volume reported tests XX% and and increased test our results second results. reported included

impacted margin of KPI, positively Gross points. transition get gross our tests, was offset cost customers to to third XXX margins next-generation GSC. dual the we XX%, running declined basis platforms as were by our our our Afirma by ability Our for paid

we as Operating KPI, a out million. compensation were the $X.X increased expenses, sales $X.X continue driven Our increase our build year, $XX.X expenses million to by fourth force. operating multiproduct of over in excluding million revenue, cost prior sales

average increased this XX% sales Our year XX over headcount the XX quarter. from people prior field to people

spend and We drive in our our continue to business to operating activities. revenue-generating on leverage focus

the R&D the cost from XX% year, G&A to XX% declined significant a of XX% over Our prior of decline costs X% a prior significant XX% decline to year, declined X% over revenue. from revenue.

$X.X we used defined as the observations. KPI, net fifth due financial improved cash million, Our lower plus the of our The mentioned, expenditures sixth our positive previously non-GAAP in driven activities sequential capital And KPI which of net in KPIs. million previously items results cash to increase A cash outline operating by X%, increased and and that next burn, mentioned. in pages six working a year-over-year I net XX% a capital $X.X each loss few receipts, XX% expenditures. underlying of capital measure, changes

X. revenue. $X.X included million which and revenue, million million we prior $XX.X of $XX.X revenue to cash year QX recognized XXXX, the Turning In of Page of quarter, accrued

of For XX% QX first grew accrual the including quarter accrued rate XX%. the had excluding XXXX, lowering it. growth revenue quarter XX% this XXXX recognized to from impact the our and positive Cash XX%, revenue adjustment in

revenue, Slides position. to Turning in an a driven for cash on more Genomic we well loss, XX momentum, expenses, traction X. operating seeing the year-over-year are Percepta. detail to X on burn and acceleration of as Page by cash cost net market as volume, our provide in increased basis, volumes Afirma

team significant earlier, field our our the made out As we support outlined to first to to quarter, and investments we growth. sales team in in product expect the continue build

XX, and equivalents cash had X% Our we $XX.X improved March of year, the burn at and cash prior cash million. over XXXX,

Bonnie, back XXXX. few a I call our me the points guidance to Before on address for turn let

increase XX% into of over the million. of to to moving an increasing $XX $XX Given we revenue $XX our the an a million to strong affirming revenue in of XX% midpoint of prior our are the year progress improvement our momentum revenue range quarter, year, XXXX this by XX% over guidance reflects test This annual guidance our the prior And accrued $XX million, from to range burn million XXXX the $XX of genomic rest we to million million, to prior are of of million XX% cash $XX year. the volume the growth range. $XX supported at estimated XX% over

increases expect trends to see seasonality from to volume business, QX. flatness namely in an and We QX the QX across same increase our QX, in

$XX build relative expect gross one the a costs sales We we per GSC minus, in will now spend expect back or to Afirma of and flatness with for this Bonnie. fiscal keeping early a $XX year. quarter turn our I quarter. in million fiscal million couple success marketing the over to year. to this Percepta, upon plus within any per basis G&A combined To million points We million $X margins hundred anticipate year, our $XX in and fiscal the R&D to and range call quarter

Bonnie Anderson

summarize, adoption To medicine. to coverage, GSC, quarter, had first accelerated momentum moved depth Keith. we of Medicare thyroid expect Afirma Medicare technology with advance our Percepta toward gaining will In Atlas conversion revenue our surpassed our Percepta completing entered executed Loxo with Afirma leadership Envisia. launched help increasing Thanks, of test physician include the catalysts Xpression we volume expectations, contract platform and strong and and adoption, that coming growth we a in-network Oncology Anthem, in coverage all and an genomic our next-generation quarters, which Envisia that with agreement into leverage key to accounts for to our the market the great continue

pipeline. will We also advance our to continue

now lives when on forward clinical to and swab more research trial earlier we our treatable more test thus it lung to and cancer detect nasal is Specifically, can more look that develop progress Needless sharing a about the lies ahead. open ask what up can we operator for to XXXX I are like say, to be is questions. shaping excited would saved. for and how up call the to

Operator

Instructions]. [Operator

the Bill comes question Quirk from first line Piper Our of Jaffray. from

William Quirk

a Atlas about there's quick little think Xpression us like here? could with on you for One, product. it tracks. timing if Bonnie, So you of a kind obviously, Afirma the help question bit Maybe And your with the collaboration two think, with longer-term on market if Loxo, it here that. and would then I presumably revenues I have the selection, imagine is And some you'd I therapy to recognizing associated sounds cancer this correctly. play understand help thyroid be to

Bonnie Anderson

Yes.

us GEC -- are all of I benefit content part deep on of moving that one of RNA So they I variants' DNA benefit we of think build true the when the think cetera. to But we early move another very And classifier testing, whether where way, this agreement the the transitioned fusions, by the that that therapies Oncology. IPF, rare. companies to with from classifier basis for vehicle content our actually these be we be so the of that And RNA variants about the and, GSC, targeted new, while we're that moving of early and starting platform. pick can transition are it was was it's achieved excited for informing in extensive expression, And we sequencing, there platform. can we much and And -- that for Loxo gives up actually certainly, things more Afirma an are the could and to cancer also, deep sense. will these than the thyroid is et where collaboration I makes over basis with original to think, we're we've that as then platform variants, of while to collaboration. our that were all the is we're collect for provides that GSC. Because this Afirma a part sequencing array-based run been information It of is Envisia

revenue, be and a cancer well. of lung the but expect future we definitely this do small the in end as believe, will amount leveraged, But IPF very we of platform this year. through in be look small we So as it can

William Quirk

And in just how CMS term? assays you're terms for the I extending Bonnie, taking important NGS maybe of about thinking it, how that, decision selection longer around this recent guess, was therapy

Bonnie Anderson

our think the us being lung early to well, used diagnose as Yes, that classifiers we're for or and benign I are business, core building nodules malignant.

extension see, And And so we uninforming on to then just that be just need now, and is thyroid actually extend as for business, NGS treatment it coverage in focusing end that see then in was we as informing the But cancers, physicians up our core and right decision would opportunity. cancer an advanced business. an diagnosis it, what which if we in do of workup. that could surgery decisions we not on we part

William Quirk

that's Yes, know, treatment actually referring decisions. -- to I kind longer-term was just course. that's opportunity Of I informing the of around

Okay, as and question for then, Keith, well. just you a

Just raised Can cash thinking change but bridge flow. you that no revenue help about for the us? guidance, to

Keith Kennedy

Yes.

stable taking G&A We obviously out out. build to and for midpoint quarterly through quarter-to-quarter. charges comes run of R&D. a see our but to guys three, When the continue in models range, that. tried It more of playing plus would models we you I and grouping, give sales to run what improve sales there you'll out you the that some guidance on internally those on the out, force, that various So basis our we be the measures spend sort marketing, noncash are and are fairly this We're range.

simplistic. untangling do have out with simplistic not XXX and that is ASC web to as was what Some be meant to of of this will turning be to

goes around this story, kind because be be we'll through to about models. more burn you didn't we're of but those working that and of time able and you quarter. we we at a learn point, Loxo cash thought probably primarily story But as next more still give on, example, for So tell our it'll lot

Operator

comes of the Sung line Nam Our question from Ji next BTIG. of

Sung Ji Nam

comment Bonnie, be this Percepta? would able for kind I be you move on payers if guys needle was of might on with front. to the able commercial you're you the year that the meaningfully making progress wondering to

Bonnie Anderson

as of turned Afirma more Maybe prepared have just, a to journey now he attention effort, we've our Percepta through. bringing little completed remarks, in could Chris that that color. since I sort definitely and said Well, give the leads with

Christopher Hall

commercial started payers. Yes, journey, we so the we to started bill and

commercial news and We Percepta, get progress. payers great great to which are paid starting is for by

be really covered what see the the and goal is to is success physicians underline their think you I with sit for has do you've able are of claims the payers One that and got support to a can they to to happen this year and that billing the progress, to things, product winning some that's and you've physicians drive ordering record start to that of appeals because when product got underlining secondly, community. those and we've to track the of that help the appeals, importance the of then around are to with payers, down engage making to can start country have winning the the it patients; that, secondly our so do got two sure you both have -- physicians for the when is, happening, you

were all in good network with we've excited We to everyone what are is -- accelerate we're than what it. able faster believe payers. that we now now. that about with these be achieve been Afirma. widely remind coverage feel on we're that really about So I'll And we to we'll journey We the able because

Keith Kennedy

track models, all your think here revenue a you Bonnie test, this we're that $X,XXX $XXX side, somewhere $XXX to talked either because sense we last there realtime -- is that that the between developing to we progress we to then reported -- which product quarter, in sure $XXX plus And the was evidence per we I throughout or in give confidence and forward. lot of the based don't and detail have quarter, like a per gave that and are but in minus or test volumes, pushing going internally a history years obviously collection the setting of from on it's our year through on cash you to expectations the collection too the and and guys are we early thinking about lot that some build gave through as -- are of but you that just number, on

Sung Ji Nam

just And you I Okay. then on -- provided Afirma ASP ended already had or for with had your than follow-up. one within had year. least, at expected, up guided it's the provided the wondering you was that higher range and -- I being

you also do so the expect or range potentially? expect continue the year And to we upside should for that of some remainder

Keith Kennedy

claims in we quarter. thought. $X.X excess million we came the were, a auditors. our think resulted a through this I thought accrual of that in which collected obviously, on rates we $XXX,XXX collected we higher We with And that increase than had in, got we reevaluation already about of in what resulted

side, expect things and the trending cash good last very very, quarter this think We hopefully those probably billing up we a where were estimates. that But we're terms were very on very, well. of hours quarter We've are will than I range XXX in collections lot done improve. of

Operator

is Puneet Partners. from question the Souda of of Leerink next Our line

Puneet Souda

in to it's with understand the quarter? you current sites see Percepta, of -- rate, for the have currently And order in wanted So many the just do you terms extended essentially how XXX have run X,XXX remain sales the sales -- to reps fourth for by enough that do confident quarter? the followup. I And you reaching have reps, you rate then place in

Bonnie Anderson

confident you and in supports the to want underlying a do talk overall the guidance volume about little bit Chris, the very that. sales? we're Yes,

Christopher Hall

making the sales and started the all early this overall few a We made year we a selling at -- all, get in Percepta, I push close of and and them, this same first of a a to Afirma of make enabling mean, product. that And on multi-product reps. really doctor this were of lot we've time, excited was progress our of organization. reps, doing almost Just nearly with really thoughts. to year, really, progress we think all the -- the sample their and while the driving ball product were driving We able of driving success the all keeping that. goal from our

So year, like positioned and the really through there. we're we we as good we well move feel felt

the Secondly, we marketplace. in these we do and a used the physicians positioned that to believe being they're are continue the There's demand less way to that this. embracing on great test patients procedures is for test to do invasive

And institutions, is so as gives more engage us confidence. doctors with exactly hearing more of a positioned more we're we and and we that get where experience be feedback test and that the should lot it

of like outs There's way we reps, to about, feel the at sales as people given of feel significantly ins we sales the good talked In like really through like came some achieve sitting year. the just really the March, end the the we've We right We've positioned drive always but of we're We'll as we we're and terms well we're feel through more the together. field number the in moved through to a needle we XX now. guidance that some first added people of the the of quarter. in -- lot layer about continue to the go in at -- move quarter and organization, year. shy spot we're

Puneet Souda

in year? maybe are of identifying And biopsy, overall on should that are Afirma. we around a some diagnosing liquid you're just doing, number in just then pointing the field projects to meaningful this and similar that direction studies expect injury question And a data from and of broader as for well great. there that Okay,

those wanted Just you're understand on to looking overall and your the at how space? view

Bonnie Anderson

nicely. -- signature it Yes, to epithelial science data progressing a the lung the Percepta adds validation of cancer from you continue really of from that the having of but I cells to from backbone it's mean, early, the not and is detect the nodule. sample I course need genomic think lot And a can emerge, a idea underlying

all we'll so those have know, XXXX, programs. nose be early very of And we and nose do advancing back collaborations acquired samples that in the be University this Diagnostics continued were extended of there, lot have and you of Boston a these When as data the Allegro to part up of were we collect can samples team to library able we and with our the there. strong suggesting

probably the So just on data going certainly we'll yes, end I studies and think are of progress report the the before how clinical on year.

Operator

from is next Blair. of And William of the line our Amanda Murphy question

Amanda Murphy

a opportunity had follow with actually side. deep question the sequencing Bill's in up you're the on of to just I terms the now thyroid doing

-- I to quickly, and -- you I are long you are the historical idea opportunities market? if build TRK access in your guess for, know historically? of in offer how about additional out service us go partnership in backwards how expand beyond to have to that know able data just just development much build either fusion So I thyroid I wondering terms bank you was that Loxo the samples I guess samples set quick opportunity the And a give to, thyroid? then of I to you maybe time or could to following don't and able on continue thinking of but to am don't patients that you

Bonnie Anderson

even research validated England with back from paper. but to were accrued Journal our on and GEC would to are unfolding say I that the programs the what they're during can't doing all samples VERAXXX have well, Right, But there. inform Loxo's clear not extensive we a only they we've the New we study clinical how access biorepository built, that very, stream, the that obviously very that

what cancers world's have collaboration the And nuances reach largest do some thyroid that, probably from research is science our into in all that of we So about. the and learned that's can be

more of over of all pan-cancer or types that but developed bullet potentially But that leverage and modes uptake the place type are and leverage we exciting sort some do we're being the had business those bigger to of are extend iodine other agreements, [indiscernible] our in thyroid leverage and that's the in. lot and was a this attack can have capabilities a not So we're know, platform indications well, metastatic also of to think development the -- to you that not and cancers, thing as of it's we other really excited drugs our in in now has these that over know or had we the called the we as we is treatment universe small on that And we'll what that fundamental that that cancer. recurrent was with for cancer can focus Thyroid that newer just relationship. I can a aggressive that because technology can drug how cancer, type has years thyroid of radioactive cancers. now the play we

Amanda Murphy

Keith, just a for one Right. then you. quick And

I think from about talked and any if just comment may that the it's I early, you point? perspective. last little XX-day has a rule billing at effect maybe too don't I but this you know helping that a can quarter, if think be had on bit it

Keith Kennedy

I I Well, mean aspired the... was by

Christopher Hall

to and the of would intermediary billing and that that the note in a with bill the it's it hospital as Amanda, down. the believe that the hospital friction doing got process Medicare evolved and I local go I relationship out, would to it trying we end and good contract removed Chris. commercial that out. the slowed that do we the in mean, we to hospital the with and because played to at all the process year, then do hospital, That of had entire with a figure

just the that the year contract of you part due is that turning believe friction the have this acceleration partly do a to removal which do the a hospital, firepower that organization we've slows beginning we so of process within when commercial secondly, the it's product. the done. But this full of to that of seen occurs And

that feel going was think we the this shows what happen like made actually we progress So happening. quarter it's we to is

feel about we So good it.

Operator

[Operator Instructions].

question from next comes Paul Our the of with Montgomery Janney Knight line Scott.

Carolina Ibanez

is Ibanez for This Knight. Carolina on Paul

in For adopted a established mean the expect adoption and you that does internal particular have order protocol center that center an test? institutions in the this expert the lung been has would the Percepta, that cancer

Christopher Hall

protocol. building commercial a able right, That's is a mean have the I clearly that's great to the test question. to goal, as be

they're that. assessed had in as nodules getting for patient So doing by success that physician. long it's done every on And every we've

launch what and think physicians early getting protocol-driven working experience moving it I into it stage, you then with and have it think is situation. we're an I happens start in to and a with early-stage

clients on we We all say experienced misrepresent institution, at new people but presence that patients. and in that's goal, don't they this doing obviously, I say your Carolina. and get because certainly that want going, don't the it, then don't want enlarge I the to have have. that, So But as to about that's where standard total you is, confident get really it's an typically success the with commercial protocol a feel done and you stage product,

Carolina Ibanez

detected? terms they you volume of these approximation? an other And Okay. there meaning that a how relatively the institutions to do centers, just nodules then, if to also for I And bronchoscopies centers with if lot in of any would they screening of intermediate describe process, lung mean, are follow-up cancer,

Christopher Hall

hospitals. We've centers, it early of clients is where what range bronchoscopies. I would do even cancer We've big and the lot even in thought you they've have as this lung the then of think adoption that across see. we've we've seen that to it and has around of academic as seen at we've community the commercial centers had seen at implemented and the in seen success users medical really a installed is institutions been -- registry long-term it academic seen country, registry exciting commercial -- thing Well, one switching which commercial and the in I early been some that in some we've that institutions medical

we of would one relationships having would that to and Percepta launch noticed of reps allow of our things underlying of that sales accelerate the carry them using have relationship It's really Afirma. the one Percepta, the our is of were that clients our -- Afirma, are was that hypothesis the nearly of strategy both products. rep half using with the the clients One

are patients managed typically across locally. think lung still continuum. So it we've seen I the These cancer

So the does that the and is doctor typically a process follow-up when the who that same decides on manages patient process. the through bronchoscopy, the -- pulmonologist

So Hopefully, don't on. them kept them that We see we see that's center. at usually referred being helpful. being

Operator

and like remarks. back Ms. Officer, Bonnie the closing now Chairman Chief for Anderson, turn to to Executive would call I

Bonnie Anderson

ongoing and Thank you for Thank to We all, joining you support, look your on today. appreciate you. our again, progress. keeping certainly us forward updated

Operator

for call. your conference This Thank concludes participation. you today's

You may disconnect. now

Veracyte (VCYT) 1 May 182018 Q1 Earnings call transcript