TTOO - Earnings call transcript Q1 2020

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Operator

Good day, everyone. Welcome to today’s T2 Biosystems First Quarter 2020 Earnings Conference Call. Today's call is being recorded.

At this time, I’d like to turn things over to Mr. Philip Taylor, Investor Relations. sir. ahead, go Please

Philip Taylor

Thank quarter joining call. XXXX operator. TX for Biosystems first financial you you, us for the Thank results conference

would results questions everyone today remind to new TX Those like products. made financial related for I management and developing future by marketing operating include that statements and plans include will comments to Biosystems' forward-looking and statements. answers to and

may today cause from based on statements, on publicly as uncertainties XX, XX-K results filings implied and required makes any other estimates and or of time-to-time. Annual with the are undertakes are as risks SEC or subject revise except in Company Form no statements described materially Forward-looking uncertainties including obligation differ assumptions that The XXXX Report update forward-looking actual to Company to expressed and and by SEC, March from the statements to and TX the those the Biosystems' the risks law. these filed by with

With and CEO, that, John? over to Sperzel. turn President to I'd John call the like

John Sperzel

us Thank joining you the you for result first our health are advance the workers public the facing a to And Thank I'll you start difficulties responders mission, TX lifetime. challenges and greatest thank service your our hardships despite all globe across commitment and all as for by unwavering recognizing to created Biosystems the sacrifice. to your we challenge pandemic. my for colleagues COVID-XX all you, Thank the ongoing of at of and by of Philip. the healthcare today.

in Two, impact make closing September by detailed progress the three financial our our milestone reductions. priorities. contract, provide will to by operations prioritizing in XXXX. then And million then cost our government the the pipeline I each of the utilization. and prioritizing based with accelerating we'll programs by John improving start I'll of under a first made today's advancing On awarded of some three, review will the One, by remarks, test prioritizing discuss and development open product performance questions U.S. quarter, and Sprague the significant our increased COVID-XX, our quarter answers. sales our the for $XX corporate call including call, results.

the to team of total million the announced, Biosystems we XX% generated quarter of of in compared period. $X.X year As an TX revenue prior first increase XXXX, the

We the clinicians around continue hospitals TXDx aid to and supply to the of TXResistance our our rapid TXCandida Panels in TXBacteria, instruments globe, causing pathogens. detection and substance to

our test, the to COVID-XX which development the molecular include TXSARS-CoV-X the committed priorities, fully XXXX now are of diagnostic We branded as Panel.

important to and have believe going the our steps We significantly one we provides during which than balance operating year taken more forward. reduce quarter, sheet of our strengthen to expenses cash

pandemic, financial the on related ongoing disruption operational for the XXXX. and and XX, uncertainty suspended we Given guidance to March

hospitals to As COVID-XX, treatment the new identification, of and resources technologies. management evaluations bandwidth undergone limited advance with extreme have changes patients currently on have to they their of focus

caring for critical access directors doctors sales frontline including also team. nonessential our personnel, Hospitals affairs are and patients. pharmacists, and include, for disease customers service and based limited on and to laboratory hospital Our medical have who access teams, care restricted the and infectious our

remain conditions we're engaged commercial these technology as possible. headwinds, using much While created to our have as with customers

essential can intensive population demonstrated Data frequent to care an in in cause that secondary orders, continuing are given has are susceptible units. their co-infections some our of our that to We're value larger and patient patients cases, of that time, the the COVID-XX most same platform orders, element or to and more sepsis. pleased infections proven customers. for the note our has At to place be customers

testing more geographies York at effectively. have and this heavily patients impacted Greece. rates of Italy, to help and City, understand seeing manage accounts been our like that by cases, connection, COVID-XX and Spain, New tests customers using are increased Our We're

In staggering. A XX globally. subsections million all States forms costs, deaths XXX,XXX year. in die $XX found United of States, from more is deaths deaths, healthcare cancer most people killing cost worldwide sepsis that the sepsis approximately five and year. severity combined. recent cause sepsis The and contributes study the are of in-hospital each in in billion then nearly represents to the common people than That's And United one hospital nearly each

technology need new to the when positive identify of as up sepsis. of only the are saving Saving cleared by our five increases delayed who TX risk hours, three For causing to to mortality FDA X%. At such hour products those, each blood, directly in suspected blood includes wait to to pathogens without treatment, culture. for Biosystems, time lives, means days a managing patients targeted from

Rapid pathogen enable and resistance. of antibiotics growth broad spectrum prevent targeted help combat antibiotic use can of reduce identification in antimicrobial quicker administration therapy, unnecessary and to

possible. the not This is based adjust current possible plan game as under further we’ve will or assumptions is predicting are business. we a duration, of Regarding our institutional COVID-XX running a our dynamic fluid business, and information, we impacts resurgences and on But set created new which is on information available. our changes situation,

identify could curve continue of Panel hopeful TXSARS-CoV-X infections. related We and to continues current our log tools prove to COVID-XX. believe COVID-XX rates measures will be effective. products detection distancing, to remain potentially infections development the of crucial secondary flatten And and social co-infections infection other that that in currently We to precautionary primary to the the

advancing the shift sales, operations, now we for corporate success to to and accelerating We'll our our gears three drive company, pipeline. long-term priorities discuss our established improving the

our priority, accelerating by start sales. our first Let's addressing

assumptions quarter all strategy. CEO, we During to challenged my related our first as commercial

utilization of in we've adoption of our commercial We to traction strategy to result, a instruments. on among rather right installed metrics the quarter. focus given driving number of placed instruments our TXDx are focus demonstrate As increasing the on shifted our of a believe and base these than tests the our instruments, historical

of on U.S. access gain are customers to we commercial affiliated group We targeting to organizations our where members contracts. market current hospitals also our prioritizing those purchasing accounts. more within new the stakeholders are hospitals and and efforts direct focusing have that We're

clinical XX% and incremental the TXCandida of Vizient our recommendation the quarter, During includes were innovative in market. medical on of sells organization benefits a awarded United XX% nation's on and purchasing Council, TXBacteria other that contract care the hospitals, centers market. the experts a country’s Inc, was products Vizient products. contract instrument more the the and ambulatory group than acute The largest multiyear of offer TXDx academic by to the Vizient Vizient, Panels, we States technology from Member all compared XX% and based first

contracts hospitals and Vizient, contract awarded increase who into a facilitate We activities. pricing prestigious validate with visibility with us in believe XXXX, like organizations, our sales and technology, entering September, our Premier, technology breakthrough

protocols, input directors, in expand us We and to transplant management created are understand intensive within such strategy hospital these commercial and further care, our and sepsis messaging oncology address clinicians to due as from of target focusing To products to complexity our this for in our target typically to address departments. providers essential used, is We the clinicians, it where are of relationships stakeholders refined lab with clinicians, the group the high-risk better U.S. departments, are units. which administrators. these multiple our we've hospital,

their body To liaisons with resonating cases of tests with hospital. the we objectives, by active that clinical U.S. into traction early made accounts and weighting, to science and key and utilization. orders sales our playing with role test our are within incentive-based compensation changes pleased medical integrating on evidence basis. protocols, sales on placing Our here, We're these a sepsis routine are realign plans heavily compensation to the a used the stakeholders see management in expanding team demonstrating

active of in Instruments and end the to we prior saw black, slight the sequential compared run per was At annual active installed the a quarter, the of first quarter. increase utilization test instrument, TXDx rate base the

our conditions. view convert to need, both encouraged by see fills contracts, strong This under under period delayed agreements, to despite platform while associated spite in that still were challenges that We was also that of market instruments unmet in an are progress with evaluation delivering reagent instruments to an offset rental COVID-XX. and been evaluation the current capital ongoing We're COVID-XX. are signals has hospitals these to that the due value

diagnostic some before, with strong however, disruption slowed, Interest the COVID-XX. from evaluating from did TXDx Internationally, We in Spain, utilization underway. COVID-XX in the mentioned that Instruments and in similar did market hardest already test as Europe areas hit experienced like Italy, Greece. I progress healthcare were customers with evaluations that infections,

inform TXResistance Panel, the which we our first for pleased commercial to TXResistance clinical that early approval I'm Europe. use. And Mark traction we're CE implemented routine hospital customer, in our now gaining you have into recent Panel the Following

distributors. And such be remain the of opportunities business the pursue to second by with international that partnering large during commercial strengthen we agreement Finally, our strategic continue XXXX. first optimistic may completed quarter to we

XX%. that I undergo In changes to Moving call scope the business, need of profile our know conjunction a of reduction. facilities reduction strategic our in resulting real we’ve And shifts, position space of as consolidate result a would to that based to on to in expense with the workforce observations, and operations. of current our plan resulting conditions, on the my a sustain financial strength. priority, affect headcount company's initial a our size significant restructured and and the second improving current we our last to estate market

expenses dive that costs across not deep We also examination eliminated did a support our conducted strategy. and all departments new of

reflect expenses cost will continue aim build the changes we upon to new these savings quarter throughout Second these and to year.

also forward. focus We on product revenues cost of improving the moving will

our and materials, supply and our operational shipping. of our packaging, As did ordering with we we products for conducted thorough chain, current manufacturing, a evaluation including expenses, raw processes

goods. the going be designed At product initiatives our gross to impact we have during initiatives of second XXXX, We on completed and reduce these numerous quarter our anticipate margins of the will will cost many implemented XXXX, a of beginning positive forward. of

our pipeline. to third advancing Looking our priority,

million platform. panel. working of scientific experts government biothreat to powered team awarded proprietary expand contract the instrument, by TX's continually are technology panel U.S. and create development by offering, Last $XX a our to a expanded the year, milestone-based company generation was product next Our

than It's bacterial We more developing species. of cover blood to potential panel detect we're greater blood replace susceptibility XXX than potentially borne most believe to cultures XX% results. revolutionize diagnostic and for the the could designed being has blood and potentially the identification infections all species space, and performed comprehensive

addition be Control a government In drugs pathogens is high-sensitivity, believe borne whole blood will Disease biothreat and biothreat resistant of the component antibiotic and identified the test of Centers we panel last for by first Prevention. multiple that genes. all detection The toxin the to contract the for blood

license to to and that determined launch the explored We against versatility most platform scientific further the COVID-XX the information from COVID-XX. Discovery information Meridian path the diagnostic we test Health. assist of technology with that from Hackensack we was the of develop possible means licensed we molecular test the our will is proprietary and viruses’ The detect Center efficient presence of certain and development Given expertise, for of proprietary the at Innovation efforts believe diagnostic to our SARS-CoV-X our material. genetic Hackensack accelerating

development making TXSARS-CoV-X is progress forward sample, launching TX come nasopharyngeal we have the we're designed about on excited We're quality expect Biosystems. to to which believe the the use we look to from a of that molecular will swab provide customers the and Panel, test diagnostic

as available to Panel Use of TXSARS-CoV-X this FDA to is anticipate formal guidelines time, customers Authorization plan as we customers we making available the to it Panel At the development quarter. Emergency pursue under this U.S. FDA completed, the the and EUA. end our make Once early TXSARS-CoV-X validated,

for continues evolve, pandemic. to market to as the The the industry COVID-XX responds test diagnostic potential

to in castrated we've acute and market, antibody tests succeed will COVID-XX seen identify other we molecular As multiple active to cases, tests, identify tests or with the diagnostic including diagnostic believe tests many infections.

clinics. believe performed pointed locations, COVID-XX parasites hospitals, tests and doctor in offices laboratories, also be will including weapons multiple like We and

rapid up patients faster ill and that TXBacteria the also which the our free intensive and develop enable incoming stay who targeted infections, of can results TXSARS-CoV-X early to under Given Panels. molecular in intensive fungal potential infections secondary target may our the reduce to length lead believe test susceptibility setting COVID-XX of therapy, Providing used to and identify and sepsis, lead to bacterial acute co-infections identification patients. benefit TXCandida to or care, of with in patients can for beds from can has critically we care this infections be unit,

results. call John? the our CFO, our Sprague turn to financial first on I'll John details provide Now quarter to over

John Sprague

million, sales Thank you, XX% an first first XX% a revenues quarter John. XXXX $X Total $X.X prior panel to TXDx and test of compared revenues flat decrease year We in for of compared to the impacted of of compared million, increase sales. quarter our the period. Growth declines U.S. installed were period. the ended quarter. year the for were negatively XXXX Product prior offset the The of in prior base the believe to COVID-XX quarter international instrument sales. Instruments

period. revenues impact $X.X million $X.X Research spending. of the XXX% our and compared an million to million of were Cost an expenses in by and of prior quarter compared XXXX business of grant due prior the instruments of the for $X.X inventories Cost year's of product impaired to to were $XX.X the quarter, revenues $XXX,XXX of first first lower write-down XXXX during from year million, on increase offset were COVID-XX increase contribution to the million, period. last overhead an quarter compared first increase the year TX-owned of $X.X of

first include compared were million $X.X XXXX. in million incurred to $X.X the expenses in first of year's quarter, contract government last expenses development quarter Research and of $X.X the under million

and year's expenses million, to compared last first were in administrative $X.X general quarter. $X.X million Selling,

cost Quarter $X.X $XXX,XXX, of our reduction First which more cost approximately million. expenses of severance XXXX cost from ongoing than reductions include cost program annual represent

We equivalents XX for in quarter. $XX.X ATM million sold for facilities and was $XX.X $X.XX last in net first average at share. $XX.X million, $XX.X first loss shares year's shares loss XXXX. of million year's were cash were to March last per to million, $XX credit $XX.X first a Weighted equity the outstanding line million per proceeds and Total cash compared Net in share, million net million $X.XX quarter. our in XX.X compared quarter

line. our we the million of ATM we average XXXX, ATM may compliant equity $XX the to the April terms shares auction under affect exercises facility. credit outstanding. and sold cancelled In expanded We're weighted debt the with facility CRG shares Stock and

our due Guidance the on for uncertain have fiscal has impact been year COVID-XX XXXX may to suspended business.

you. for John closing back And Sperzel to Thank remarks. John?

John Sperzel

while during proud to our I'm health policies to and team and of the our ensure John. has and how quickly early pandemic customers. you, employees continues of Thank adapt, COVID-XX responded days our the the of wellbeing emulating

created the apparent. never has its pandemic center has and world, COVID-XX stage, been the challenges testing more While around is diagnostic value

important meaningful our on look priorities quarter, our progress our our across updates accelerating the advancing and toward the corporate the changes During first on advancing we pipeline. improving We forward organization progress, new these year. throughout operations, sales, made providing our implemented and priorities, to

Operator? We'll now open it up for questions.

Operator

with hear SVB We'll Instructions] [Operator first from Puneet Souda Leerink.

Scott Mafale

for this Scott taking on Mafale guys, is Puneet. question. the Thanks Hi for

So COVID-XX in left for first that of deal with to all, could if is licensing TXDx at like from approved, the wondering what done And of the to assay then kind is congrats development manufacturing it standpoint begin you us Hackensack a with the assay. I is your what be time? on through was the validation once look capacity that using and Instrument? walk

John Sperzel

Science Scott, call Officer I well. Lowery, have Tom Chief our on as the

him ask test. done going be the to left I'm address to question so scientific to And about on what's the

will same I our that side test or SARS-CoV-X of resistance materials uses. uses the business, our Bacteria, that many capacity, panel on manufacturing of Candida terms of say operation are In the

chain So from manufacturing in capacity, sufficient standpoint, need such add And don't to that additional we very enter good this into resources we the supply test shape. our we're operations. to have

what In the test be terms this on quarter, available update plan We will numbers, the at the specific bit first at it's and that of we'll output to little early. end output time. of actual make

scientific address you the can Tom, So question?

Tom Lowery

of And tests. have well-known earlier test avoiding issues with I’d we that have suffered the in-house say, that some know we’re currently about Hackensack. [ph] of we've tested really And these care got tests for from. high-sensitivity optimizing. and We quality the from right been developing we some

we expect ensuring customers can would that on automated we’re the get the performance our system. So

doing the So optimization motion that we're timeline shared. currently towards in that John

Scott Mafale

Okay, the great. assay And COVID on then again. if I could

against of the lab? guys could stack So standard do kind characteristics on at pricing margins the assay PCR to you terms current up the provide the throughput time? color the of then this any assay you the to or the expect in And provider more how

John Sperzel

Yes.

So, this is again. John

remarks customers, tests on I’ll what some far in to think And keep pricing, where me mind, some for. it. Let thoughts that'll satisfy too going because you launched we're to get want yet, I so general on – give target of not asked the around don't just ahead of our some you we’ve I skews

we targeting that as customers on plan transplant the But care hospital include and units, intensive as oncology units. well

through So we're targeting with today. the of departments same that we TXSARS-CoV-X sell Panel launch the the

have SARS-CoV-X base, with addition as this increasing that among a challenges, our It as and recognized So menu is of tests, fits strategy labs our TXDx of we our satisfy for the can the installed technology. well expanding of given some about that and test supply will our believe some demand need as adoption we the We well. increasing hospital Panel. utilization increased of

Scott, With COVID-XX as care test, being molecular market. And well diagnostic a the respect We of that in antibody anticipate a anticipate that there's or on our also clinic molecular as to know as segment. we well in technologies. developed, laboratory tests pricing and used wide range based launching we competitive hospital as tests, pricing including tests be gets will high-quality available,

Scott Mafale

for on helpful. and like comments Got now. I what views And very it. With last a environment any capital the the a the questions. there could right of appreciate being purchasing the you be have if second-half that the Thanks made you instrument purchases for look It’s do I hospitals one the and could. rebound – regarding said, in And there second-half? if rebound is year?

John Sperzel

Sure.

to say test strategy is our that would utilization. I So drive

is make that COVID-XX, to not utilization. headwinds out 'XX larger the or test XXXX, as installed But to that execute impeding that Obviously, success that on XXXX, we sales, placement so dependent experiencing we that strategy instrument is XXXX so, is to can base strategy. And comes not start a to strategy to we we're want we look as sure - as with drive instrument XXXX. placement concerned, when it far further instrument with drive our in

do lighten considering look that installed opportunities bandwidth And to increase things begins the hospitals at up, So, additional increase then, our that to start that that we us second-half that to for provide of new as as were start that will to hopefully, the believe base. technologies in advancing year. they

Operator

We'll hear with Genuity. today from Canaccord next Max Masucci

Patrick O'Donnell

for for taking Hello. This is Patrick Thanks O'Donnell question. Max. the on

given question and the So, any commercially here, and think potential target, for related first this of test your should elevated launched we about how long-term infections pandemic co-infection your in secondary proximity as COVID-XX pipeline for unfolds? tests utilization

John Sperzel

think is fits broaden utilization as just perfectly critically test in to it diagnostics, around quite And strategy, menu. I we strategy. of within for your was also is see this natural extension patients. as a is mentioning, our The a to strategy test test continue driving I ill menu common which our

with causing be the connection to out One, and pathogens that data to sepsis more and because [indiscernible]. COVID-XX the of there, continues more there coming link that's

customers customers installed Our asking are us, can base among and our that how available. are quickly test our be many seeing

demand it that demand we sticky. So for see being and we see

Patrick O'Donnell

things me you. at sales Thank commercial team to been keep during or the months. And And past team engage one now there more, commercial are have looking your these the that commercial How are here pandemic? efforts of throughout surprised working regarding organization. couple the continually you

John Sperzel

Chief closer Tony? as ask to Officer he’s going that address Commercial Tony it. Pare, our I’m to to

Tony Pare

our including been clinicians pharmacist, impossible. disease customers It’s but John. Thanks hasn’t many reach infectious been of a and it to somewhat of Yes. challenge

these for and us and usage talk So a But co-infections has matter we evaluation remote technology just routine we help fact brought the completed, the with to co-infections TX we of setup help accounts sessions, of where how are are haven’t about COVID. diagnose can webinar are setting up to some that these using very also yet. the they but been common training as to

in since And interaction. is can. science then for we especially our discussion, it about are lastly, alluded for is, customers fashion, routine reaching accounts. implemented and have thing medical when orders clinician-to-clinician we this great where for a The using tests our as particular secondary a in seen the have John out these liaison quite we’re talking to, those we're those on task, connection an we uptick that utilizing And

that ordering continuing terms those not rate. the on for just suspended seen although, accounts evaluations evaluations are part, where in completed. been COVID in the are at be tests those lower of impacted, have most a we And some The would have

Patrick O'Donnell

you. Thank

Operator

We’ll of Haynor Partners. hear Global Alliance next from Ben

Ben Haynor

the Good questions. afternoon, guys. Thanks taking for

Just me quarter. the first sold, that mentioned the $X.X COVID If was you the for on related? you heard I million all goods of in correctly, cost write-off

John Sprague

got driven took inventory as to at TXDx charge COVID related we to look at impaired know, Yes. not COVID. and reagent rework then did – have instruments and those. conference our a last with Instruments uncertainty some as It we've for plans we but took the was our the a rental And similarly, for for parts, by the we communicated down cash took call, of there. we due XXXX Two flows And we our or guided the that well. XXXX, you as

Ben Haynor

the makes cost just on then, Okay. sense. That reductions. And

Going to forward, maybe time of off. it'll progress bit function start in the about the of that material is improvements costs you making you will think it that are guys little take results? inventory have way a I like of work What's raw some good of of work a reported higher at the mean, that to when kind process or a up in the in inventory? to sounds show

John Sprague

Sure.

process efficiencies and series in of the a between take process. the it's rather of year. to in they'll now the the dramatic in can changes reagent But So, scrap they're they in have rates. yield scale, And manufacturing of efficiencies and get improvements as to reductions manufacturing completed, process place end

Ben Haynor

that? test. the load viral on getting on on any of way couple the type Is any then of COVID Okay, measurement great. or And panel quantitative there just a that

John Sperzel

like would take to you Tom, that?

Tom Lowery

on mute. I was Sorry.

SARS-CoV-X currently under qualitative. tests the FDA EUA, are So

taking we're so pathway that the And test that's down. this

sample I think what's really matrices. important particularly appropriate is performance, getting in robust

Ben Haynor

how away out, Do are like of data into patients COVID lastly us, of some sense. fewer lot the have that's point That come to they very whether to have you And and know, Okay. sepsis. guys makes that seems any or have maybe data from not? that hadn't a survived whereas quickly me, COVID those diagnosed passing or those anything a and patients from were impact you that it any the recovery of just can sepsis, high-percentage in tell whether then

Tom Lowery

Yes.

So we COVID-XX have own customers don't But from population. the data now. have our are that our do in we customers, using tests patient right

So to it. we're excited able hands as on correlate able that actually our get they're to be to that share data and

Ben Haynor

Okay.

stay So, there. tuned

Tom Lowery

Yes.

Ben Haynor

Well, Got it. gentlemen. All for taking right. thanks questions, a the lot

John Sperzel

Ben. Thanks

John Sprague

you. Thank

Operator

hear [Operator Instructions] We'll from with Steve next WBB. Brozak

Steve Brozak

gentlemen. afternoon, good you thank question taking you. to goes question. straight the Hey, for And John, this out

you've Given based and how twos you've you the at steps going to can looking there taken, your a that group larger and in as making larger and out versus doing it - what sales an answer I'm threes? is now configuration on observer right reconfigured ones

question then And you approach that got and a you. as And place follow-up shifting please. that, into? taking how is I've do after perceive Thank

John Sperzel

focusing We're organization many of at Steve. on Sure. level, of the a trying including team, have management It's observation, our a which good sales use certainly our higher make commercial experience. to

evident that with followed And a was the deliberate get and company grid Premier out contract with we was purchasing of up go the that That to the attempt contract. see under major organization a Vizient. a contract that awarded. company You in

also we're substantial networks. still have So that opportunities. opens And targeting out integrated to delivery customers. large We those and up go convert

very our we and a strategy. approach are top-down commercial approach a to taking focused So absolutely

Steve Brozak

front growth, lines, to steps manufacturing the at looking satisfy you're ensure along approach What and keeping components you about complaining you But it obviously, those for access present had any of to a and kind you're different a front of to the on call. then that itself? in you that of And have such. are that it it that there's entities when of alluded type does on Great. products kind that taken that when taking, can earlier lot

John Sperzel

capacity. Well, of I manufacturing that diagnostic to that aware has say fair unlimited it's company I'm no think

launch more of it we the that production. additional through produced. SARS-CoV-X company to So, have scaling many prepared once in benefit companies the have to mean that has process is we test. remarks one but are have to said capacity right why we that's And than historically launch. was produce capacity, now, don't to our capacity that we add It we're working unlimited And have I doesn't built absolutely that really this volume able

Steve Brozak

you, And cheat, back I'll one and want one ability for What couple Okay. and What and the first there did Tom, innovative I'd And and back about in you've test? I get give CDC. very you. queue, you teach side, out and way, of and because anything turns queue. a in want that for the on, to developed? hop went congratulations quick - I'll terms there Tom, teach thinking go terms out with by conjunction years the on new the Candida how back that test in be Thank I'll of the to know please. and curious did you to auris - out you? did also is on that you obviously. the Can in any give terms gone in understand background of you in this that us and You COVID in

Tom Lowery

sample was think auris Candida TX Yes. I it's our the for matrices. the And experience mean, us matrix. taught agnostic to based, easily types of Magnetic I Resonance that because platform it's different sample configured

whether And in works so robustly. or platform we've other transport very that universal media been we're as seeing, the type matrices of them testing

and able the to to our how be our to reconfigure reagents quickly processes go how to And instrument be so sample able us enabled more cartridge test types. then that's after new

this manufacturing of the blood sensitive directly anywhere your our time it from near excited we're the complex test. things high-sensitivity of blood as whole doing complexity. It's directly about one from detection pathogen that's tests, reduces doesn't So that reduces with not as require that and and turnaround the

in. so And situation it's to nice be a

Steve Brozak

thank for you questions. taking Great. Again, the

John Sprague

Thanks Steve.

Operator

I'd Instructions] things for back Gentleman, this time all remarks. at like [Operator closing And to turn to you

John Sperzel

call to joining Biosystems. you you for us next Have day. supporting updating I look and TX for quarter. on great Thank forward today's a

Operator

all you Thank for conference. today's conclude does joining that again, And us.

T2 Biosystems (TTOO) 5 May 202020 Q1 Earnings call transcript