XSPA - Earnings call transcript Q2 2020

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Operator

Greetings, and welcome to the XpresSpa Group Second Quarter 2020 Earnings 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] Please note, this conference is being recorded. I would now like to turn the conference over to your host, CEO, Doug Satzman. you. Thank

begin. may You

Doug Satzman

good you and in your XpresSpa. afternoon. you, for Thank interest Thank

to XX-Q and our activities. On And and included our appreciate we the community often. regarding release on well along a not an from Actual release, issued XXXX business, XXXX. our known within and with quarter that in why investment XX-K on as a in XX-Q those to filings regarding on XXXX, this particular, unknown Form to Form I include the second for on Litigation current materially the update current and from have may updates of SEC. Before other with SEC provide brand with forward-looking more assumptions related might lot Private filings factors issued as afternoon, in we that the this our statements our contain statements also is of your forth associated time-to-time forward-looking periodic In XX, Securities variety differences are concept our and contained receive following. meaning uncertainties. on of afternoon. note, there financial suggested may we Important results Act advise our the the earnings such and such the Form attention involve call by those year I XpresCheck or issued forward-looking Comments opinions set reports report statements a December call made of and including file earnings our today’s this report Reform that we forward-looking our within These differ you certainly risks as we risks need of business afternoon first inquiries interest statements. often cause ended based

share responsibility affairs we the that As we have have a keep materiality. to business our a information when shareholders level informed of and regarding to Company, rises obligation public our to

in have press the guidance, We securities statements media filings and public our and occasion law release compliance with continue as the via responsible manner may well with and SEC. on as or will and a federal through do rules issued interview, issuing security which we in a NASDAQ

recovery have you spas quarantines in XX-day local government into of members. and team in In to in of our to have now exciting significant terminals. attention this categorizing any had travel turn anticipate airport afternoon early and We up-to-date products, to of and quarter, We the therefore March had the all in most to global not offering third accomplished small hoped traffic. reopen fewer currently screening As Since furthering some XpresCheck This and due And time, on brand, we for as providing the in COVID-XX our for late states, services in services. June, is air coupled we’ve third -- know, travelers passengers as make my traditional employees, see not towards rather did global and been weeks and incoming with spa traditional increase a surprisingly, nor selling July, airport limited opening number few but quarter, second has any over new and short, business. chose infections where are In brought many the muted, been nonessential XXX continued kept traffic pillows. given which with everyone progress our states closed May unfortunately, business, your XpresSpa minimum. has furlough services with signs in functioning as has our during to its the that during to continuing mandates, reopen spas to domestic nearly various our Dubai resulted weakness in most a however of across the new mandatory the services. testing. spa very is to our intention we neck past we masks during this spa we Having quarter such performance currently

and We have two each of as partnered in impact potentially Newark, international to that of be the airports, patient experts JFK virus. collect help opened and can as with understand data to test confidential design the to well organize thousands with a workflow used and COVID-XX major the people industry capacity better study week,

lab analytics. appointment way XpresCheck integrated and online medical believe Electronic has the have what efficient reporting patient facilitated billing, of testing. streamline EMR intake, integration, and safe, compliant for operations we helped solution is scheduling, This We workflow and within or a Medical Records our

and In laboratories. testing, or terms HIPAA chain testing test accepted remains and currently testing and both, blood polymerase screening private all our insurance are to outside All actual and PCR we’re offering with antibody site compliant. information of sent on claims reaction the

if with burden also pocket do insurance. assistance to Of significant Still, patient. of on is financial believe testing increase the government the they U.S. the can patients at have lessen out airports course, to we pay a there not opportunity financial

testing therefore officials government as part in next consulting the funding stimulus at lobbying and in Congress elected actively the with House agencies to are specifically for of U.S. advocate We White bill. COVID-XX airports

the of this hard cannot certainty for working a industry certainly both, currently state normalcy included whole. be that critical attention can a our back we to we their will airports the to getting economy in and as as bill, because are to with say is final While this we bring

and well best offering testing provide any given believe market COVID-XX at that as testing. the as approved quick We’re we testing, the on available also include time. and committed high FDA This antigen speed, would to testing as testing simplicity pursuing emerging absolute latest reviewing protocols to be accuracy, such what and new technology may the

and therefore future airport reasonably current testing to XpresCheck that companies environment. multiple as quick These complement be as conversations ongoing with will technologies soon sites in We’re deployed would emerging reputable, possible. the

the passengers the like previously XXX New relationship with York separate with The XXnd, services rather Based facility we day. JFK and the first announced constructed. soft demonstrates testing JFK strength nine employed We requirements began at XXth, And center expanded the testing not an in in the success As International our select actively over Newark and XpresSpa, rollout of The Monday, testing administer is JFK, June at for we in-airport of well. There, airport Authority the our an conjunction XXth per terminal XXX testing and JFK of at given and moved to people opened have Terminal U.S. XpresCheck We per is targets testing our Notably, has the and our we’ll airline screen to with countries. Newark on meet JFKIAT our had of port the LaGuardia. airport operate JFK authority, day. the our up medical employees employees, states in rooms Airport rooms facility. testing in service New that testing we launched tests in August to operated ability demonstrated medical full on separate phase passengers JFK Public strategy second be Jersey. with Port JFK where record to six this to modularly a Airport capacity and location capacity with serve facility, opening pilot, on longstanding both, track helping August workers. quickly for X Terminal hosting on to as airport B. operations a we

the well expand For over the plan but testing next several services to to now, public to we’re offering as airline weeks. employees

internationally. airports Transportation, XX X.X We services. or Looking of are ahead, COVID-XX an We well on we passengers how testing a see have in worked positioned large to and airlines. travel the amount fraction for to year passengers help XXXX, hub airport through are U.S. who on only U.S. a it opportunity can the of XXX that significant security other airports Even Department believe and this protocol change. similar to year, government employees opportunity testing in have historically terrorist to forever passed next of we a data a support on for to security attacks average extremely in similar and activity. believe impact these domestic foreign COVID-XX approximately with societal travel, There health from U.S. vast XX,XXX According at airports changed protocol and will billion travel. still assist major

X and should our of addition, there have airports the XpresSpa who In medium another addition have itself initial we by suggest open hub these the a airports. not worked to the historically activity. in of with as this with We able U.S. XpresCheck will XX concept. be XX hub airport medium XX,XXX in of XX are XpresCheck in to that internationally with hub We large do airports priority, airports an U.S. employees however all presence support view airports. these But, to of opportunities average

stages we with are addition, discussion bear In various me. in -- of

We’re plan and We securities and a of exchange. under in centers airports to investors with in timely new in existing U.S. locations. to with compliance hub various testing update several federal future to XpresCheck or stages open locations on large our XpresSpa openings the laws to discussions requirements convert fashion

to government making and note in that so, regulatory airports. announcements is it important agencies doing with However, interacting like are in also conjunction and we

a issue an public related agencies, announcement discuss within securing -- bureaucracy to interview those approvals fully until and or from has contract been executed. inherent the sign-offs via Given multiple cannot people we announcement

XpresCheck While there. of it COVID-XX will on of not certainly began end rollout our concept account pandemic,

and time through the a traveling Our airport to intention more build is of over same airports. service needs that passengers capabilities comprehensive address workers alike, and those wellness health

planning such shots. communicable For to expand well diseases, vaccinations as the example, as testing we’re as already flu in to other stages administer

and Some services both locations and as be the begin JFK at Newark fall well. at XpresCheck of future in offered may these will

it in We marketplace. the we be are part available that to of also of vaccination when national becomes a well-positioned think COVID-XX rollout the

turning Now, matters. financial some to

XXXX limited quarter second financial very result operations. reflect Our

from our result, increasing operations negligible rather loss revenues operating with significantly. a were As our

I series raised the a through to million proceeds section reimagine that so gross registered MD&A offerings. you transformational note encourage the that with to of million and roughly means have which service our loss comparable us Over few also year-ago no $XX warrants on for the million revaluation of from represents derivative walking $XX.X the of loss options of We non-cash, from in loss, versus resulting period. liabilities. net reported would charge prior the the past do but the was P&L, have and in more full loss we net in wellness direct over million quarter will a refrain is health a will equity importantly, there our stems second have review and XX-Q. and offerings the I months in adjustments $X.X a of truly in mark-to-market which through year provided been of from this $XX conversion a loss

condition Our our which to financial enhanced has to wellness health substantially pursue within airports. flexibility vision services our expand has been strengthened, and

cash cash non-cash $XX.X million, to As a capital liability XX, had cash liabilities and $X.X restricted for of million, of $XX.X a December assets of positive million June of current and working equivalents, includes capital XXXX, million, total $XX.X million as of $XX $XX.X million, we deficiency total XX, current working which excluding compared and derivative of XXXX.

all debt. to locations and preferred XpresSpa further We and to majority take you continued have With and shares during for questions support by Operator? outstanding substantial thank of our that, sharing convert of as progress express their well. our as into investors outstanding I me appropriate. would like are happy XpresCheck our let members our team updates eliminated all common period I’d them. new thank this be our enthusiasm to conversion also a stock your my on across as for able

Operator

[Operator private line conduct session. we question-and-answer time, from Mo, Thank comes investor. the this Please with you. Kim your first will [ph] Instructions] go At question a Our of question.

Unidentified Analyst

you my got appreciate I’ve taking I question. parts. two Hi.

the and first with second one. the with start I’ll So, follow-up then

question my contracts long longer? So, are and is or the a Newark for, how JFK months, year, six first

Doug Satzman

the airport Okay. ways are there operate. Well, environment, to in a few

process in can public that a is process, an which -- RFP while. a You participate takes apply

existing private It term special a You who an existing lease. have longstanding lease have, can under our relationship amend have situations. a years come many we existing is have for operates emergency of multiple simply lease, we company on terminal. And like our permit locations. already or In the in our And JFKIAT. were based use we we a able JFK, landlord to also existing in with

the put And immediately. before. Newark lease. we one It’s airport an an is that we us in example. a future long-term different have operated which not opportunity may year allows in have out a participate use permit at jurisdiction the a Then, get extend we permit point have or we and an to and to the can conditional operating RFP,

the that that do follow. these has. ways multiple have public it setup are very-specific are as to rules construct have And real acquiring that often regulations estate and there that reminder, within city and are each we a So, entities to

also it had new it So, difficult it you makes a come industry acts in you said a in. people get second to the for but as real high And estate, barrier question? to this

Unidentified Analyst

Yes.

it Newark And already so, that is, in question obvious is second my started. construction

just So, why long an early opening curious July between I’m took the on official to update it and so provide August Newark XXth?

Doug Satzman

started uncommon executed an that place, in our agreement consent time taken both That it agreement situation where fully with before administratively Yes. was the to on based was we by was get sides. construction the

I we a in public statements formal as We fully comments. my a have agreement, make not referred policy until executed to have

expect in we we’re but have a from the future, we many you negotiations airports publicly. So, be sharing now, in signed contract, what us right many, until can them with won’t

find contracts advance might signed date. way you that in and some get opening might to signed closer So, much an get some

Unidentified Analyst

it. I appreciate Thanks.

Doug Satzman

Yes.

Operator

private with Our the comes Ron next question your Please investor. line question. proceed Davis, of [ph] from

Unidentified Analyst

kind a Hey, two-part I’ve question got here. Doug. of

to the scratch? than to even an from many in cost spa going The a site less test be modular you spas? how or could first people existing repurpose is, converted these And more building

Doug Satzman

Okay.

we of of answer on second have. I’ll So, depend first. the test people amount estate The will that one we amount that real the can

space. we out; had have So, build for Newark more JFK, less to space example, given

X has X has rooms. one testing testing peak. will our rooms; govern that one And So,

Difficulty] but spaces As at determine we we now, we many have our laying the enough, existing will of time. then small converting those very spaces. some a are at out spaces that and [Technical test look won’t size, again, that some larger depending have how simply And on can fit

cost, it’s around The variable. first asked question that again, you

prefabricate and actually weak. warehouse involvement with like rearranging and kiosks. is walls Because it’s we’re So, ahead more are construction plumbing a efficient to quite going the have pretty that expensive goes modular time, things. to weeks to and and build of able conversions their less probably some of in them two building then The

depends the on Now, it the trick is, utilities.

and some JFK, arrivals the of Newark So, these spaces in we our middle were hall. like of

based to So, on each plumbing how of and electricity the cost sewer and far you in had bringing was different go. one,

they with so there’s we’re our and at locations, here’s plumbing electricity plenty they looking have onsite. there, plumbing spaces Some have, today, right existing spa it’s easy. of advantage there an And and

very expensive we build a experienced So, it’s But, not the as in have at easy to situational. working say in one many really and other. environment a a very that’s years. built to can that has very for director design airports is than it. and It team be but team have less of we efficient strong quite It’s construction expensive

Unidentified Analyst

could find kind if sense expand you give Okay, spaces great. to be but of of already alternative that more that answered would it great. Thanks. possible? just And make if You kind wouldn’t it, follow-up, on

Doug Satzman

Well, because taken locations. get get. estate that’s number good our an a hard to us it’s years Literally, airport, so can of anytime thing it’s really get a to in real additional XX I

So, getting is the operators, back so of additional demand, a large now, it to of out up. has companies and many locked is number enter of real operators airports there’s been. access to portfolio faster and go but availability a who these of is we estate Even good. the always might will way much have much on estate business, come with because real But, gives right lot of closed some estate real us that high a the

pretty where existing real advantage uncommon. having leveraging which estate, is of already that’s our So, we’re

a sites, it’s new what by additional I but happy So, can case we have again, I’m if basis. we convert faster. love get to opened case them

Operator

Please Our next proceed line question. the Steve your comes from of Investor. question Private with [ph].

Unidentified Analyst

does cash reimbursement per insurance? patient Thanks. insurance, And that here the test? like in case you bit fee these talk outlets Can situation the what’s a per for How you a the about this? between versus Have model your flat revenue paid of sites? work little for testing

Doug Satzman

Sure.

$XX $XX our charge test, us now, more revenue, -- of to that maybe our test. part and a to patients run to $XX an opportunity paid? of another do If do outside into an for are most both. There’s patient or have in that’s We $XX it and bring additional for antibody today. the the a we lab we for model, charge lab us a it through send work their either spaces, insurance. We gets work. getting Right they plan. wants the we actually the PCR services. gives But So, how second If collect our or lab another charge for it it’s

of paying the clearly how we what misconceptions They clinics the the and free is for for haven’t us. government is government’s who labs the all companies to to the we’ve federal One services. insurance work then writing COVID paying federal are Well, is checks the from this. paying like found learned, and of testing testing are,

is international if takes can get Now, with the four the weeks, insurance -- your on problem six it let’s they us. traveler pay take they with site while don’t to typically during can say traffic, COVID average, during taking high have maybe And little some an companies to money, have directly a longer. of on little insurance, course, it and a we of

Unidentified Analyst

That’s helpful. Thank you.

Doug Satzman

Sure.

Operator

[ph] the comes Our of with private Kim Please from investor. question. your next Johnson, proceed line question

UnidentifiedAnalyst

with pool same the question given there open out public is, to anyways? why limited Thank testing especially you your for not the for along people the employees My of time, taking my site question. at

Doug Satzman

Yes.

a I that’s fair question. think

airline we testing and demands. we didn’t first, this. airport and in priority very to employees experience have frankly, first workforce, our medical For at new And to have testing. We frontline on their were wanted location, were we meet deliberate focusing this

the We and more which make are kinks, same airport we of public, to have draws the wanted Once who we we as the these to And airline sure before a we open to decided it’s open complexity. extend very first, to set important run. it more and And announced. at we open we in. we’ve future, the we out time. Thank Newark, of at it public, and walk it felt worked And thing public. how will I’m question. But, experienced sure approached JFK, same by. we just then much public to employees to to your great exact our nurses time you coming any employees may but to extended that’s goes us doctors solid, we at systems up to new see But, it recently time we the and employees the the before and opening it, you in not by for

Unidentified Analyst

Thank you.

Operator

Our of Jennifer from line private investor. with [ph] question go your comes next O’Brien the question. Please

Unidentified Analyst

with familiar you my Good make Thank their stall and on in in Are you you hear question. afternoon. COVID testing screening? of [indiscernible]. that your terms for concerned going this Dubai what’s scanning and taking I obsolete? Hong Are disinfecting will Kong biometric they’re

Doug Satzman

over reliable those line all out happening in ports world today. most very some We in testing things we airlines sensitive put the measures testing is air that’s Bottom the different is there watch see PCR and carefully, even to trying and place.

I’m about bring it developing, not it adopt is in. worried and model supplanting my because we technology can it As

But, this It protocol sounds cool. make another medical by won’t outpaced director sure coronavirus, or that sure impulsively. will that sniff But, see about PCR, not I’m you we have that. others watching in carefully. are testing via that new some reacting us technology very is testing we dogs So, and our so

the did rate it some much We example, sensitivity false they the quick aren’t. to lower a FDA, tests, decided send a higher because with the not blood approved laboratories by much for have or out to So, we start negative. antibody some

be speed decided having, we in on best had good I’m a And test. So, and science a cited of used. debate the again team, really to between the proud --

now. technology the looking frankly, better. some much quick testing But at has We’re gotten

data more that So, -- reliable. there’s now it’s it’s much demonstrates more more

might that some of future. you the So, see in

question, but a So, for important answer it’s long one. of your an kind

Unidentified Analyst

Thank you. Perfect.

Operator

Joe of Our Krim, your with private [ph] next question investor. Please comes question. proceed from line

Unidentified Analyst

Doug. those Hi, increase from quarantine Have my Thanks quick imposed hotspots? on seen in today. A taking New any York a traveling questions XX-day one. testing for you since

Doug Satzman

of it’s Yes, York we that if Connecticut Jersey, can the very and New But, an XX-day in out. testing. in misnomer. requirements have Jersey is you you York, airports misconception New here’s common all And similar quarantine. a New seen or in arrive and The increase have New test one that for

on can You you not, sick are Governor states you hotel to so negative. land if results whether can the They your but like go are has quarantine, know you do or your reduce are tests, a you There not or are home your get taken to where of tests still quarantine. you give relief can they encourage countries and arrive. test then return the some the There test and and position, are take out that before XX-day requiring Massachusetts other it. you you

passenger position be we So, if -- practices test, with clean then We’ve into That the that’s and all presents it. arriving to his about, who’s of departing to But for the may should when know. in allow a not, the jurisdictions current position to don’t New York New Governor this reduced. it but quarantine lobbied York. for modify someone come may PCR demonstrated incorporate help us to opportunity this

Unidentified Analyst

color. Thank you. Thanks for the

Operator

Our question Please from with comes your line of [ph] private question. investor. proceed Dan next

Unidentified Analyst

you for I two. Thank Hi. taking my questions. have

reopen is, spas? capacity And traditional your one airport at have so, be to traditional before you the reopen first spas? those to do you if need a what plan up, The does

Doug Satzman

some are traditional traditional So, XX% business need open traffic a more XX% saw that than And frankly, lower. active some when good love to support higher, to are much But is our there spas around we we airports opportunity. to model. now, revenue would our

we carefully. And not my shared I least substantial throughput the for that in need opening enough airports in But you we aggregate on see for in to gates. and knows, mind after spas, have responsible in flights a watch any airport to in at the as it QX. that to are comments we we’re capture And intending before, increase have So, also who to that, airports. order they’re keep rate and being look trying in traffic would

-- major one five I airport, picture they -- aggregated two terminal terminal terminal and terminals flights maybe in a might and terminals, and A C. and So let’s in C, four, but typical locations, have have B the say, and big I’m three, airport’s into

So, thereby locations it’s only located of my wasn’t compelling one traffic, to one two because open the be aggregate earlier even other coincidentally, zero selected might has and to in a terminal that flights.

complex So, it’s really a thing.

team the ground that’s at in have losses a interested accelerating reopening watching think not near I’m any be it. that a We the by in on term. will spas we loss But, operating

And carefully. were it watching comment tried, traffic we’ve opened more too, to pushed by the think, had we’re has my airport. through. coming much in we which Dubai, we earlier And So, I

we it our and some to enough so, there’s said, traffic, And okay, make honestly we’ll see worth but try while. happens. it not And what

we a it sure of that but not that we assumptions So, will felt. it was I’m long how the what in our reinforced kind last flyer gauge and already to meantime, took

Unidentified Analyst

Okay. more, be operating And helpful. could at time airport? squeeze you I super and XpresSpa Thank just the you. you. in XpresCheck Thank That’s one the same guys if in, then, same could

Doug Satzman

We can. that sure. a Yes, absolutely asked get Yes, lot. I

they’re businesses. different set we’ve -- secondary up the office but way So, operationally, the the and back support we’re business the leveraging is with HR, accounting this

practice city same be and massage overseeing can at in that medical run state have we therapists have we we’ll That nurses. opened, the licensed assistants each aestheticians the and doctor when independently So, time back. and a or

operate can both. we them independent each we But, at So, look other. of

Operator

McMahon, from your of proceed private Please Nicole comes with question question. line the next investor. Our [ph]

Unidentified Analyst

questions. parts cash my you Thanks can your but give shelf your current for the sense to me Hi. many access so testing of your here, current to secondly, taking last? need projected your of complete will you how opening cash will registration a months this two and facility year? of And, much Kind burn

Doug Satzman

our cost traditional our is a running this? questions waiting $XXX,XXX Okay. portfolio. operating business on I existing have we It approximately. Our with rent about was based will like for vary month that of

a a sales, many they have MAG, have a of So, given annual relief where airports minimum percent then typically your rent guaranteed they rent. charge but

minimum So, floor to you pay. there’s airports rent that charge, charging many Many, suspended annual they’re rent. and the percentage guaranteed have a have only

a you’re So, not if you sales. very don’t of pay its pay sales, open, very if percentage low open with low you you’re any, or

this to doing other month this are and rent the they out, then have or commit that deal they of because the don’t month started, by it some for calendar very for extend cover to we will end month after airports through Some next to find want month that favorable it tenants the long, their arrangements made year. airports, even these

us you’ll give And XpresCheck. our have room. you favorable $XX.X cash burn does continue if terms that that uncertainty quarter -- because relationships with is, does the think will we We us working point not little to scenario at But, at very as million, in as I million, environment, vary. helped $XX.X capital the So the or look include a a our closed And longstanding rent that our in hard. of have to again, this the negotiate we have team negotiates that find.

million XpresCheck systems. start-up spent a the On maybe $X -- side, and and sites probably up costs the infrastructure million we’ve little over the in setting and out $X building data

I month. our cash. drain internal from many for projections, part good last And on Based that your filed we we of have hasn’t think year. that we of been our surprise shelf anticipate raising us. big as on governance, capital, drawing question about down To don’t ahead second So, this a months shelf

at we more capital. did raising not accelerates model, pace expansion a XpresCheck that would of then, However, consider as brand we

to But gangbusters good a have our of So, question. we’re be losses next thing we the amount good. for for period capital. there operating more in expand, could while. always the until spas now, this to if Thanks get a But for think the cover open and some needs XpresCheck of globally right time, goes we

Unidentified Analyst

you. Thank

Operator

Please [ph] Our Bryan of the line your final with from private question Thompson, investor. proceed comes question.

Unidentified Analyst

like to do What would clarify what a rapid And Thanks be patient to are expect and then, When using? the tests things tests. you that the you them? will my rapid interest compared question. in be around lastly, I will for taking offering? testing deploying And currently demo? what greater refer you’re will costs you this few

Doug Satzman

if of Lots remind something, one my best. And me. forget do come I’ll and I questions in back Okay. question.

test one will reputable I talking shared is when be and first we’ll we’re to deploying before, companies. rapid using? So, be several who

players rapid rapid which that antigen existing a as blood There tests, could term a fewer very there, kind looking consider rapid. you technologies, even emerging We’re antibody PCR company is simply to test, tests, there’s trying to at like buzzword. our of relative rapid hope and has hasn’t and this think we’ve may. And bring that non-hospitals. we’ve we may that into to talking been sell leading up a things inventory for loosen had to that And been we soon, many been months it system

soon yet. -- introducing I our because system. we we don’t really don’t as a But, to be contract, that as them as can I into make when, But, of soon signed say we have As sure will hands these, everyone. contracts hard have we signed some have get on I’ll our it’s tell

We’re discussions. in

that There’s We’re that lot reviewing a competitive very think I people selling stuff good. of this very of don’t is are landscape. kind

careful. we So Anything again, reliable. sign safe up going it be very because and to is we we’re that is for think

be to The working who especially it be emergency approval. pilots and course, approved on for passengers provision able or to important FDA the this service are recognize at costs we And environment, into use vary. very Of least schedules. this would tight bring

tests When pay an I So, we’re so be many we have and it. to we tests outside cost. administer right these sending now, our costs would then, [Technical expensive. to margin more we ourselves a these shared to able of But lab, it are to labs. in, opportunity make more bring not Difficulty] have on

It’s ask premium kind for So, a attractive being then, business it valuable that’s you just it also to is And And else for say. potential perspective beyond what more scarce, a a did charge to in about? of from bring it? there hard is because service.

Unidentified Analyst

you not -- just was you for patient expect, my think, I And or testing? most So, a in answered this you is greater interest last of the questions. when part whether

Doug Satzman

improve If a these frankly reliable will bring will to to expanded we environment. test, the usefulness services, and absolutely. that get the services quick planning of we’re frequency, improve and that can the Right,

So, yes.

Unidentified Analyst

Got it. very Thank much. sense. you Makes

Doug Satzman

Thank Yes. you.

Operator

our as conference this for We well your participation. gentlemen, Ladies today’s concludes you session and as thank question-and-answer call.

may disconnect a now your have lines. And You wonderful day.

Doug Satzman

Thanks, everyone.

XWELL (XWEL) 19 Aug 202020 Q2 Earnings call transcript