GNMK - Earnings call transcript Q1 2020 | GenMark Diagnostics, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the GenMark Diagnostics First Quarter Earnings Conference Call.

At this time, all participants’ lines are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

to Salvo, conference Investor like moderator to now Leigh today, Relations. would hand over the your I Thank you. Please go ahead, ma’am.

Leigh Salvo

Thank all you, very you much for Sodaris, joining us and thank today.

certain would of events course call or of statements. expectations, may Any forward-looking inform begin, beliefs, during statements. this like forward-looking performance about we by GenMark are I you Before future that statement statements constitute plans, made the assumptions to our objectives,

clearance, commercialization example, and guidance, regulatory For forward-looking concerning the plans product, financial our market all management features operational and and and statements XXXX are statements. of new of development, objectives trends

We reasonable on believe assumptions. are these statements based

However, these forward-looking with actual from results result factors those expressed that performance uncertainties may cause involve statements cause such from in which these or the could detailed implied the GenMark’s any SEC. known future by are to of statements. different and and actual Important to unknown materially and filings not are materially in risks results statements differ guarantees be

GenMark this assumes reflect occurring events. expressly circumstances to duty reflect or events statements any after any disclaims forward-looking or occurrence update of to to the unanticipated no call obligation and

should non-GAAP earnings the you replacement together results. These non-GAAP today's to certain the In the non-GAAP presented most before measures shortly results. release company’s will call before release We this considered contains out call GAAP for with be company's comparable financial to financial earnings to this during which financial reconciliation measures shortly GAAP their company addition, and discuss should read measures not a call. be refer

CEO President over call to of I’d Mendel, now like conference the GenMark. Scott? to and turn Scott

Scott Mendel

for afternoon, Good us. everyone. Thank joining you, you Thank all Leigh.

time and in was has during that global earnings solutions so ways crisis The us demonstrated many pandemic all treating just but COVID-XX this of infectious ago, importance diagnostics XX days call affected has much has the last in changed. Our short disease.

COVID-XX has to actionable in platform of importance plays highlighted critical designed molecular patients. fighting critically provide the the rapid ePlex diagnostics treat is disease. ill platform ePlex our and and overall infectious to results Our that role

approximately year, sepsis. Beyond of sepsis result die COVID-XX, a with mortality to revenue a a since key this increases associated every are important Americans area be to infections respiratory Each longer in Similar actual approximately hour Panels rapid to for for X% also care. and testing, XXX,XXX therapy, as ineffective of of bloodstream infections and growth require effectively manage our are a key rate of over will term. ePlex company bloodstream an the be weapon driver focus well. as And patient BCID positioned battle our the diagnosis

that During outcomes. of bright would the have patient emerged been products COVID-XX highlight. role designed that fund a to couple One improve BARDA to is I spots has the playing pandemic, like the

for have counterparts BARDA them thank our with excellent interactions help Our and and been their partnership. we

In providing addition, we tracking in time. fast critical solutions been that this been the they've during and emergency FDA’s use COVID-XX, the helpful flexibility authorization appreciate has address process

authorization on call, and of use XX. were initial March ePlex our our shipments we COVID-XX last granted test, earnings On we announced emergency RUO

our While virus. in the our developed infectious multiplexed COVID-XX from with ePlex our diseases we only SARS-CoV-X to departure Syndromic, our detect addressing test typical approach panels,

possible know, declared being the world. path to that's around as customers spread a a coronavirus pandemic to global our on as this all XX. March with as this chose happened provide exactly We new rapidly what test quickly case strain And in we

in first a important the In in customers of we designed for part test key So XX% become COVID-XX quarter. existing our that our placements pre-announcement, COVID-XX. an against measure has our what earnings the fight stopgap of we a was as driver respiratory highlighted

analyzers basis. But customers to analyzers, as XXX fulfill COVID-XX analyzers previously While and placed access many on orders XX has teams repositioned commercial our by gross our possible. provide as installed base a testing placed XX to grew to we

their culture enduring based important just evaluated opportunities placement panels, to potential COVID-XX pathogen we drive blood ID and that and to not from recurring note testing. It's upon our revenue respiratory streams

the throughout who the addressed repositioned of XX ePlex from not would analyzers have complete decided half had implementations. About been customers to their year

due The driven resource team was COVID-XX. priorities implementation opportunistically half commercial but were by from were or that the impact process the of had including constraints other our customers and begun shifting delayed to

future. to re-engage at more placed of was analyzers finished $XX.X prior an The with circle ePlex was ePlex from we customers ePlex million our that XXX% team customers first actions revenue intend year results up period. We XXXX. these and of these with and million revenue the the of analyzers than the XXX $XX.X first back in with plays new customer quarter sites. increase Total quarter versus XX% was XX

revenue test COVID-XX the overall a revenue significant growth our demand of increased X% approximately A modest ePlex more panel. respiratory Our quarter representing drove amount quarter driver of of a was in pathogen first for much first revenue.

typically customers reflex panel and Our to RP ePlex our our utilize test. if first negative COVID-XX

to is single-target we envisioned when test. we this This develop what decided

rapidly and tests continued than a the saw which a demand However, test higher disease was we the expected in there spread a has for globally as COVID-XX second quarter. shortage COVID-XX of

with incorporating launch. panel XX-target on existing Our development teams RP into COVID-XX are for now our expectations June assay focused a our

engage development coronavirus strains of already We the much diagnosis work. syndromic as in strategy on funding four join up five providing of to include with panel. quickly ill other as announced part of Once ePlex the of updated $XXX,XXX previously as RP information to patients for critically SARS-CoV-X strains panel support updated This our completed, our panel RP as is consistent possible. this

for success BCID COVID-XX was we Panels. key customers, a adoption pandemic for focus and and GenMark important of to pandemic our our was GenMark focus a our achieved the respect customers still some key Although, COVID-XX with

During the and BCID on customers XX implementations their quarter, live XX panels. went completed

COVID-XX the priorities resources. as we are happy originally on of While progress and level with impact as many of not had we planned, this considering

COVID-XX BCID adoption our have with respiratory today. We guidance volumes the in revenue in disclosed increased incorporated current along testing expectations

we In development. our make Panel parallel, continuing are progress to GI on

tests, work However, on we panels, I elevated are our prioritizing the of the RP for some experience on for duration and and studies Depending of on beginning with development updated end the COVID-XX calls. could impact goal capacity GI future provide we our mentioned. Panel, our demand clinical the delays production year. development on-market by RP updates previously both of modest to COVID-XX will additional including I

one, highlighted call, three, development. technology efficiencies; strong positivity menu last three for through which and significant On growth, and gross our towards revenue XXXX cash operating were; steps improvement and priorities making two, margin key I flow

March, and we progress have remain that intact existed made early in these goals the first In spite significant of a profoundly quarter. different environment in

of the our updated fact, metrics. will we expectations In forwarded have year that Johnny cover guidance ranges a many across about prior highlight that fast ahead

more Because XXXX. placement originally strong much We’ll were the provide expansion which scheduled growth, on of as revenue we and had very efforts appropriate. for expansion capacity our accelerated capacity information manufacturing

those fighting it I pandemic. Before over hand thank to involved Johnny to in wanted this all I

workers as our those in worked as suppliers well responders, employees have our and need. tirelessly First healthcare to help

have We played part Johnny? this in battle. a are proud to

Johnny Ek

Scott. you, Thank

revenue XXX% million, demonstrate of compared growing In of first XXXX, year. $XX.X critical the solutions and first our XXXX with Scott the mentioned, ePlex the financial our patients. As results an total system to XX% quarter customers increase by approximately to was providing the ePlex of quarter versus in prior value first quarter of the

to to and in customers $XXX,XXX, panel the in newly US average existing of represent in to respiratory pandemic impact drove the first tests of analyzer which of our quarter over an vast revenue. the XXXX. XX% for a Sales installed increase both increase an drove number SARS-CoV-X ePlex of test, first per the annuity placement the developed The quarter annuity majority per total continue COVID-XX our the run

XXXX, gross gross XX% million gross over of or of million contribution representing of reflecting towards the $X.X goal of margin first XX First steady of margin margin, in of million to was quarter years. profit or $XX.X an quarter in increase our points three the $XX.X gross gross revenue progress a two profit versus or XX% revenue next XX% of

been has volumes yields strong by record sales. of production driven manufacturing support first The margin and gross quarter expansion to

reduction continued quarters next We expect to and the process initiatives over direct provide progress. several material margin the manufacturing ongoing to gross related improvements

were expenses $X.X the XXXX. million for to representing of quarter, increase first million of the an operating quarter compared $XX.X Total

related However, included in certain the organizational the million charges made $X.X to CEO. changes departure in first January, including one-time quarter in expenses former were the of

operating we expenses, approximately approached operating nonrecurring breakeven these of Excluding the with quarter $XXX,XXX. first in loss an

of representing quarter first of non-GAAP $X.XX an mentioned After quarter was charges XXXX. loss was the $X.XX, net XXXX in or improvement $X.XX from improvement from first for XXXX of the XXXX. Our first of per previously, share that I quarter of nonrecurring excluding $X.XX an the per per the share loss net share

in in balance approximately cash million with Moving to during ended quarter, during the used $X.X receivable the we of due resulting accounts in quarter million and quarter. We of mainly net investments. sheet, the increase cash from of the operations sales $X approximately first timing a to the $XX.X million

capital financing $X.X activities shares sale of by from use of under working through cash ATM. and inflows The offset partially was the our million cash of worth

has million term milestones of revenue XXXX. until under facility credit loan existing achieved our we extended interest-only Additionally, period which our the $XX on March the

$XXX Turning expectations, full million revenue guidance we increase to million. our an to year to announced previously to $XXX XXXX

is come range volumes between up ePlex $XXX the greater guidance and expected We of visibility second we million. shaping on anticipate are further RP from coupled and systems so how update far the including placed volume have testing XXXX. now revenue increasing will based the into a million is in quarter the This COVID-XX we the to that with $XXX that

of resource We to a revenues result due by as expect external impact system be of offset and partially timing revised internal go-lives to of COVID-XX. these constraints the

to analyzers ePlex increasing XXX per analyzer our We also to XXX placement our average of maintaining annual $XXX,XXX. and to $XXX,XXX guidance annuity are

remain to our are we be are increasing the to unchanged XX% expenses to $XX while guidance for year. margin range million gross operating in approximately expected to million XX% Additionally, $XX full-year the at XXXX

XXXX increases we $X and $XX million. usage million gross margin As a expect and of be result in between revenue now cash operating guidance, the for to

and full-year expected flow first results path acceleration Our to a operating cash our demonstrate rapid on quarter positivity.

remarks. This concludes our prepared

So call at questions. to the for like this open and your time, Scott would I

Operator

the comes from Schenkel of with question line Doug Cowen. first Your

Doug Schenkel

playing respiratory the the a things and diagnostics several specifically recent side. in use you’re Good of past afternoon, and for positive for My role some helping over to on guys, just is reimbursement the in regarding Hey. thanks crisis. ordering panels first developments move days and syndromic question all again along doing the

an AMP coverage then to advocating for CAP also national tests. These panel order organizations policy interim for and Medicare tests that any COVID-XX as seemingly simultaneously and that assay respiratory CMS allows issuing flu healthcare include and professional such decisions

color to taking fall? you What's on your are these heading use But And month. path any willing whether I'd outpatient you to were to want demand in provide. into you're than view it answering for see tests And love be the able hear don't developments? that you broader per specifically, I'd if meet or in limit to to XXX,XXX more a to steps like what and not produce willing address I to question, you.

Scott Mendel

Thanks, Sure. Doug.

As as any far in been reimbursement we've possible developments in as the the It's deal supply not having. to-date, goes along pandemic. the to tests with many reimbursement front, ability and been tests to been conversations around as supply our that to really reimbursement has

as to would bring positive it's possible demonstrate of that reflects a starting help a and rates it diagnostic and to our as I or the we the need of whether inpatient diagnostic testing. market technology, think Certainly solutions welcome that that fact value solutions there's to understanding much outpatient broader as and reimbursement we much be

as what positive. that as view that similar sure to a treat Doug. think. I a So I I'm positive, you

we a are it key capacity focus. a supplying perspective, or -- inpatient From whether is outpatient, supporting

my like for in levels ahead that were ePlex jumped XXXX So month really a into remarks, frame. really within quite prepared very frame, note to a consumable projected time bit of time it's interesting we’ve I’ve that said sales

accelerate in we've ePlex we'll lines. lead That be able time a to we of able end but meaning ordering that been towards to some feel to secured takes build additional an nine-month producing the somewhere items, another facility already frame, the time and of have the typically we've two longer equipment this and additional facility, -- we capacity So consumables that line, are year. on

so line. of the existing generate and on across are we XX% improvements process end or that here the production focused year, capacity should Between additional Doug, another of our

capacity XX% between that will or and that's mapping, improvement our teams so implementing and line tweaks a improvement, up So value process on here just stream some here which our there approximately manufacturing another yield we and are believe getting running.

Doug Schenkel

of if you're consumable in estimate year neighborhood? helpful. in high-XXs, high-XXs mean, I the and think guidance margin it off is to year already we did than That's low-XXs first from the you into in ePlex XX% And if about up so, Okay. XX% more you the increasing the the possible gross above gross the for quarter, QX. ePlex in consumable increased right we super exit actually building that, Are maybe XX%, to margin? the And

as follow exactly asked when you the wonder what some lines. a you add just of of get more aggressive I what described, inherent because this new around bars the if error up I happens reason you is part just didn't

Scott Mendel

miss anything. and I’ll handle it Johnny if in jump can I

the was probably from range in perspective. math an Our perspective, consumable ePlex XX% ePlex

guidance year our with of and mix the rest the our with guidance, best revenue our progressed revenue, of estimates we Doug. married how as of up far the we As in that

year think in we the think little we the the how half And rest the to a move season is and of is change seeing to the that the we the as to will the then is as only of back abilities about year. standalone then price months Marriott our mix far the QX. the test factoring slightly slightly and into try a feeling throughout in, bit best summer the point. the back headwind the quarter of one There's as of margin shifting are second ePlex we and So which towards things COVID drop lower of mix off, we're flu into within

as a it's and/for time course overhead to amortized of that absorb we'll that of capacity that additional say to impacted as as period are overhead. by back less overhead, lies the would costs monitor the that And quite I would machinery half of facility as regressed. the on additional the year, the continue With over comes far have we long the term.

impact just estimate revenue of an of So and it's the us and that's more correctly. quarters of mix upcoming the probably less calculate trying to through

through right. nicely As we've ePlex. had update exactly progress the gross We at here wanted achieve XX% the communicated, far a not, the as and And If move first our on that exit we yes you're made year that quarter in exit sets ability up XXXX to we to rate, significant margin to that. again. us as

Doug Schenkel

of one some original I last One off helpful. building of that Super Okay. my and just noted. question those observations

in the look As reimbursement anything how next those the ahead durability and being changes are to have that that rapidly have or you some start think some normal, have just discussions would heard early about we to could of is put too suggest evolving? and recent place given things ordering are it

Scott Mendel

critical bit that’s it’s lot on be our a upcoming probably two it’s flu syndromic little our one, is enduring of address what panel. incorporate do But important to what and for a investment and or coronavirus. virus early. to That upcoming Number need the strategy. probably the season. us thesis included we’ll know, we to than things. definitely It's we revenue That's of more SARS-CoV-X get streams going have the flu There's around typical elevated to new season is this to strain really discussion think bit been a our

this So, we new Regardless syndromic that's that have it's what can we the what our the to is. patients. panel volumes, strain figure of level trying most imperative critically so been that approach “new to out we on as know ill our normal” address

are positioned as segment. but outpatients how in staying to more we're solutions other There depends I and And that of focused point right are on for on again, the -- we want think care as and towards technologies that versus inpatient approach goes far ePlex. reimbursement it, just whatnot, it now,

Doug Schenkel

Thanks sense. makes It Okay. again.

Operator

question next Brian from comes William of the Your line with Weinstein Blair.

Brian Weinstein

Hey, for the questions. afternoon. taking guys. Thanks Good

seeing placements First, means institutions the type utilization actually that system? can potentially that and where you're longer-term you a in? just that, sold and talk you of little being ePlex can of Within what what about bit versus discuss they're were placed for placed

Scott Mendel

Sure.

how But revenue to now upon be that to placement in we a was determine of that’s about a did common. them actually bloodstream important remind generate interest the what infection from both a or testing, everyone driven testing which combination were So prioritize COVID-XX XX% COVID-XX. by we perspective, prioritize. or placements that We the beyond based ability most panel whether of respiratory, opportunities

the For actually did that tilted it was towards we placements in first the very quarter, much capital.

first sold what of instrument norms quarter bit which quite XX% a somewhere we So than placements. in to higher the the XX% of in placements sold been. have We've historical XX% around somewhere historically the is

customers, done New the were very all usually and typical did across the by As along with Hospitals, a above. we've of do well they what and additional York of prior customers customers, to in as the far much in some as XXX-bed pandemic. And of especially hospital quarters impacted sizes business in different we Coast existing as West area some COVID-XX our particularly the type

Brian Weinstein

that the then just how in when being is positioning more the it of have that utilized when kind mean, with testing prioritized this are that point? I market versus higher product? given point might how or additional labs have have there a price or you that is COVID-XX-only labs a And for options really lower but guys -- options other you used others price have are Okay. ePlex, being don't

Scott Mendel

Brian, time. changed Yeah. that’s over

on of market were as that would tests So could the and our And they at utilizing of of April the we more our and tests supply the certainly our priorities the one that it frame beginning, so time market, on test, customers, then we Any that into into appropriately the are used. of that’s evolved supply very additional guidance. you’re and it. we testing, move seeing was customers utilize because first we time single-target to factor low-plex some ways to our some changed or recently, the come certainly the that's our

of my there's though As enough being to prepared I it be spite be wants the a additional in exists, to currently supply, not lot and capacity in is there even said testing than more -- rise. there there remarks, right needs on

so, of And spite quite than priced that the been bit fact in we selling of higher other it test solutions. have is our COVID-XX slightly a still

Brian Weinstein

no your was been previously? that, pricing still change there's discussed what on pricing And is

Scott Mendel

been There's Correct. pricing no change.

Brian Weinstein

for how I'm the versus the plans Okay. three-bay last you maybe even be even or respect can to any with talk to like doing there are single-bay closer system curious, one checks to the Then And to office? with and the that? get me, for placements help NP NP a six-bay patient back to system standard to were able things about the the pre-surgical

to answered were any and I of that some saying might not know better suited from point there necessarily you plans patient. Would I'm that products about that? of Doug's care the getting of solve for are for other or closer question to able be more point but care by NP be well talking true there

Scott Mendel

Yeah.

skew utilized the are they testing tower, mix the the certainly, Brian volumes in US, tends the be fashion. also versus US any sized maybe didn't then to and inside small-bed in NP where of NP major towers, ratio change is six-bay a typically of where outside results So, and etcetera. towers smaller our it No hospitals,

can our to and with of do far throughput waiver for potentially could certainly Right opportunities achieving that workflow six-bay of volume us into have other up serve now clear low-end, addressing to came hospitals plans clear types facilitate lower the instrument. which immediate a those but we opportunities. centers so we As go don't require areas more rapidly. not waves any that surgical the do think although configuration other how allow as one both we would That and would a are that we also or reasons lower

our again, sticking term. continue primary the menu the But our for own for is the focus inpatient to to build and setting near

Brian Weinstein

Okay. Thank you.

Operator

Genuity. the comes with Max question next of Your from Masucci Canaccord line

Max Masucci

for efforts your the of for the and taking Thanks questions all pandemic. thanks in Hi. fighting

addition from added prepared wanted panel then with onto the the to RP So SARS-CoV-X the expect single I And next target by cast RP of confirm to June. gen the that target remarks next gen have panel. just the would you

dedicated know test. Will that of the the free up single say an manufacturing you that's extra XX% X% or target to currently XX%

Scott Mendel

question. Good

up with panel are So June will customers to -- includes teams are which the as have make how the correct, much it -- the version target target that as you quickly making that progress in SARS the RP happen. X far capacity single have utilizing that been and is market on task. to depends free are And we pleased how potentially

to move RPV II. We to want

is that satisfy we to but their needs take to need can many move time as we if want their consideration continue will obviously. we right away, that, that sure to assumption And they We do that want to demand. with Our that make in well. can’t over means

two goes it a probably it's the X version billing estimating move over and -- capacity with because XX% space not separate of if to therefore to But to in estimates, our free probably XX% according RP you're would free that tasks. up up many line how

So that's XX%. right, XX% about probably to

Max Masucci

Great. All right.

bigger another picture maybe So question.

how I pandemic? that proposition ePlex’s of dynamics And will what's the be competitive company's elevated multiplex of the positioning value versus in that just on in touch some specifically guess great. is term, disease competitors the the other seeing change side different environment? the and the competitive current And other infectious So RP under the of utilization sustainability you near determine on if could been would the you've

Scott Mendel

Sure.

to for hasn't changed that it much to waiting all molecular multiplex diagnostics I really importance infectious than total a pandemic awareness I competitive of disease a solutions molecular created landscape on additional a managing standpoint, think, other as the through from in very happen. believe as place the and, diagnostic strong having opposed So showcased

for from all it I molecular, diagnostics also multiplex the think And general molecular awareness. then I are industry. increased benefited those has think the So for positives

really for our most position COVID-XX As think the important that very allowed us it's expand streams how we our thing far revenue is as and the company footprint. the I done for rapidly has to the company enduring growth, future

secured we're XX talked one progression we business the well. customers mentioned, brand number because a I've the I've business. that new helps to revenue within model GenMark And about recurring quarter. of placements as as really So, stream our against

getting So, drive question getting that stream. and BCID placements to out but annuity just on then on them utilized there respiratory not those helps your

And things a as company. us those two valuable for combined very are

that's COVID-XX real creating but of general rapidly importance for awareness, the streams that recurring so, very revenue footprint the one, number the us number And the to future. industry, our allowing increase drives two, in

Max Masucci

Great. and I congrats the on current leave there appointment. will it

Scott Mendel

Thank you.

Operator

Instructions] Mike [Operator Your next Matson Needham question & comes from with of the line Company.

Mike Matson

Hi, thanks.

So, start annuities. guidance I for just to the want

isn't why first strong given here? So, given trends quarter from that annuity in your you're higher that the was just pandemic the how the seeing

Scott Mendel

Thanks. Yeah.

given see annuity the outcome about really just the and that So, the we year. think annuity revenue guidance strong reasonable, of and had increased of is revenue have a guidance down the QX. that placement. guidance quarter-over-quarter. changes that We in Naturally, and placement We come is that annuity and we annuity really in annuity the the that to QX averaging that think across kind

Mike Matson

that Okay. the launched that COVID bolt are respiratory includes will pricing And new panel when but the panel old what maybe continue to the the will launch that Will COVID strategy a then have -- the to the be? test panel have you you new panel, and panel will in price higher sell going COVID-XX test? then the your for have you sell both

Scott Mendel

answer one. I’ll Scott. It’s that Hi, Mike.

we transition was over are. their we make requirements if RPVX from perspective, understanding Ideally our closely we’ll would us, to very and needs work sure customers what a move as it quickly are and up for So possible. to as all everybody rather with --

us back it that frees that goes question on It address bit for makes seeing. demand levels the a easier we're for us. earlier capacity to up It to

So, we’ll well, very needs. but closely customers everybody sure we're with their move over, to addressing make to preference our our is certainly work

especially types the as into far adds separate run to goes, good question. of want to coronavirus the Certainly, get and really the because illnesses more as have you the panels SARS-CoV-X. flu delivers to panel panel strain well for going respiratory season to test therefore labs and RPVX it don't all existing pricing as As as you're other value

it’s current hospitals levels from or And above costs from higher does our should since value costs, eliminating pricing it eliminate It therefore at perspective. from delivering different tests. and be our two essentially running

So, we haven't position it be current levels. should announced be above our would pricing pricing or yet, but at

Mike Matson

all Okay. Great. you. That’s Thank I have.

Scott Mendel

Mike. Thanks,

Operator

the line of from comes question Tycho with JPMorgan. Peterson last Your

Tycho Peterson

Casey quarter. questions of Tycho. one here. last This Congrats on but for guys. have Hi, my been on is the already Most one just answered, maybe

at you exactly some about the if reimbursement maybe bio on color added under And assay provide that the COVID-XX little reimbursement SARS-CoV-X for talk a for can code? is you the change the Can versus is DRG landscape the if then, the now bit Panel Thanks. when what all. would level RP target

Scott Mendel

Sure.

on So, perspective, from a reimbursement basis. that’s and currently, the rate the reimbursement for an outpatient COVID-XX tests is $XX

necessarily entire DRG, a rate. DRG, underneath so As it’s as specific the reimbursement not it's far covered

to The clear we're So, want for outpatient. I $XX sure that. just is on make

current suggestions reimbursement And RPX all And how plays rates out it to so, and that's as what reimbursement see other make adjustments. again, if are. they any we'll for the far have as

Tycho Peterson

Okay. you. Thank

Operator

now like Scott back to would I Mendel, CEO. to call questions. other no the are turn There

Scott Mendel

for We you support. look afternoon a Have joining to thank forward us on all for your this Well, day. continued the thanks our updating and near progress you good in future.

Operator

call. you disconnect. this gentlemen, and may concludes Thank now and Ladies you for participating today's conference

GenMark Diagnostics (GNMK) 4 May 202020 Q1 Earnings call transcript