Thank the John provide second turn to second then will questions I'll answers. we for the review and start remarks Financial product quarter operational progress. you overview new XXXX Officer, earnings open over an during an performance I our and call. joining Chief Sprague, and financial our closing results call I our of our to before the and call on all our with provide pipeline update commercial, quarter quarter, second for
with our to comment be to XX-Q these second stockholders. the business the October annual to the be preliminary planned like XXXX. with today's operations including facilitate transparent call Form our on and to held to documents today's to of the communication and XX, filing disclose open I'd First, results on and stockholder meeting on our proxy XXXX proposals quarter press the We at to filings, of coincide voted our briefly disclose release during
remarks. our each We during will of these prepared address
our to we we improve favorably XX% balance XXXX. actions in that X, to quarter, reductions workforce that approximately expense the impact On June operating second implemented took cost not we second expect sales sheet. our yield structure note important or reduce should the It's reductions did positions During of half to in we and manufacturing. of and expense and
increase have million actions $XX.X and second intended these sheet utilizing the shorten during profitability. strengthened $XX.X to recently We runway also our including Together by proceeds, cash ATM end the our $X.X million quarter the cash second to are of burn, balance reduce our the facility net path million to raise after and of quarter. our
We continue to focus priorities, on our pipeline. accelerating our our enhancing advancing and three corporate sales, operations
margins, continued gross sepsis commercial new increase product the pipeline. quarter, product During test implemented TXDx base changes R&D and of milestones team advance met team to to our our second key development increase instruments sales, the installed team operations our to to expand our
year. of patients Before practiced an update way number world. remind improve of culture-independent hospitalization, of approximately the cancers year. the priorities, you number costing one healthcare cost million lives the one greatest Americans the Sepsis around system $XX through of of the annually. all I'd States, provide each nearly presents the the approximately the claiming behind more transformative diagnostics like one hospitals, combined. to is sepsis lives I claiming importance mission medicine than is health US change corporate our of to systems fundamentally is on to in In worldwide, lives our billion challenges Sepsis United to XX death the XXX,XXX That's each our cause
therapy, have identify positive, use to The pandemic. widespread the and care for The rely patients one the sepsis requiring approximately survivors days XX% re-hospitalized XX% be blood continues on from culture of COVID-XX of a days. within can result of during of treatment bloodstream risk empiric a US of cause fact optimal challenge, increase understood This for by hour of readmissions, widely sepsis standard is one nearly detection demonstrating of improving XX-day Finally, such re-hospitalized take anywhere up approximately the early Disease and sepsis a CDC, infection, at that genes to causing serious to is sensitivity. also delayed outcomes. in States an to of antibiotic Prevention, health and for cases. to the of standard This days particular to treatment within X%, antimicrobial which of to of a the issued XX increase half turn of the or showing mortality sepsis current presence positive can Control the risk is antimicrobial each the administer are despite recent antibiotics and relies be on resistance number in resistance pathogens five crucial only alarming protocols as protocols optimal Centers report is care broad and in patient decisions to that one poor by hospital XX as antimicrobial current concern given United presents targeted to
pathogens the three for is a Our enabling cleared within patient products eliminating pathogens whole first to hours, care and by five aim detect Biosystems causing to to the sepsis to from faster, antibiotic blood culture. genes. and detection of directly wait sepsis resistance advance We're need able only positive blood at more causing TX accurate commercializing FDA days
deliver resistance identifying to antibiotic clinicians sepsis therapy pathogens antimicrobial causing targeted empower by and faster rapidly genes. products Our
now million revenue quarter, TXDx team contracts accelerating for generated in TX and into Starting XX an priorities. United million. of $X.X R&D instruments During Biosystems turn to our the entered the on priority, We the corporate second of States including million, six revenue total of $X.X $X.X update six revenue including the our quarter, sales. product internationally. with first and second during I'll our
our and and among sepsis customers. to our test increasing adoption utilization pursue significantly focused global revenue on two TXDx One, by and We commercial strategy base, existing driving installed new objectives. two, continue instrument a expanding increasing
we XX States United adding second brings installed to and total base by XX instruments, which internationally. quarter, our the During XXX, expanded instrument in new our base installed XX the including
continue to types smaller hospitals, as all We large large hospitals. hospitals, well of or hospital place teaching including instruments community systems, across as sell
Importantly, and with second instruments placements during previous of two sepsis and consistent quarters, were sales the all our for quarter the testing.
and pleased Our with $XXX,XXX sales, in generated consistent execute are revenue teams, announce including half which medical annualized in July, that instrument sepsis for instruments test prior-year four utilization order included in of of to From strategy. expected perspective, an and sepsis test United panels. implementation sepsis tests $X.X we States, period. service TXDx XXXX are closely to legacy we received company We aligned the panel ship order, pull-through history, $XXX,XXX largest the in that, support, second affairs, our million, on of instruments. achieved the I'm a to the sepsis
reach we there believe sepsis We instrument and test utilization excited of will a that our for is we're surpassed market presence $XXX,XXX and per opportunity a our already to annualized US customers number We and existing have new customers. have target. significant believe products, that continue to that in expand
technology. utilization needs. as their an important the support second hospital customers continue quarter, their increase of test management During our across expanded their validation customers protocols. our sepsis use of have TXDx to instruments their and These US sepsis panels, two view cases the this sepsis growing to testing ordered second We
has both panel. our hospital, TXBacteria engaged the and the a In large we're in first champion academic hospital. closely with this The adopted the the throughout panel the a Midwest, to products of continues center articulate account, TXCandida who benefits
during view Early panel, efforts. molecular as positive implemented hospitals supporting development system reference the in our health large a on of COVID-driven test, sepsis of Both in a XXXX, clinical the part potential our routine it sales its instruments convert the its of and in us as expectations their decline we user longtime of regarding which second New with ongoing and quarter. We testing. allows hospital, has second a accounts to commercial TXSARS-CoV-X panel to experience we benefits. The test this diagnostic is based a serve because use the set Jersey, COVID-XX determination TXCandida experienced
TXDx our we of test over during two within large initially approximately reside time. hospital sold COVID-driven that the half As microbiology one Nearly to a COVID-XX for instruments the sepsis systems. hospital reminder, expectation instruments XX% panels XX to convert testing, with XXXX, labs would
potential we are products, for the suspected And a decision-making sizable active Outside challenges regarding have around the in continue hospitals significant sepsis. face as to similar we for convert patients of So caring number our conversion process. opportunity centralized a to these we the United their to through test a discussion of panels. when instruments see world States, sepsis our
to Our international sell and support strategy with working our distributors includes products. go-to-market
Finland into network earlier our our further supporting well the business countries in opportunities pleased international initial is Turkey XXXX. this as these Our strong expect distribution We geographic were throughout more to our team on international a as after managers and countries. expanding of groundwork Norway, and pipeline year. existing of expansion expansion with expanding maintain distributors, We focused distribution
on as publication death and highlight proven antimicrobial CDC future resistance such importance Finally, and The to impact is threats. rapid I'd globally. the focused its order resistance leading cause control prevention to the like reinforces publication products. of antimicrobial in resistance recent from global to a need invest that demonstrates our the laboratory response detection and of and actions, address a accurate current health Antimicrobial in
by resistant by facilities, at infections a antimicrobial and XX% pandemic that to during year COVID-XX the address the helps both weighed decisions. the timely and hospital solution of least proud more enabling As clinicians pandemic. make deaths increased informed healthcare first onset to offer We're on resistance
solid efficient operations. to we Moving To model. to our build take second actions foundation enhancing growth, more a a create to our for priority, sustainable business continue
recent initiatives and financial expect and initiative future deployed have in for test to made in we by margins, of quarters. actions an our resulting changes including overall our two In us manufacturing for impact the test a helps expenses instruments, future a on XX%. expands number return razor/razorblade May, an model. June, goods faster overall operating reduction results. we This of benefit we've structure, a taken We improvement costs products and provides TXBacteria workforce across the In efficiencies implemented increase reducing business that in improve to cost important of those and panel achieve business to favorably panels, our cost further TXCandida gross we ongoing approximately
financials second during impact changes to the We our half these XXXX. of favorably expect
team of has operations our supply worked products to ensure customers. diligently to Finally, our uninterrupted
without team confident half in supply ability continue industry, challenges exist chain the While customers remains XXXX. to supplying across our our second interruption the during our of
Moving pipeline. third priority, to advancing our our
progress with to $XX up the make million. or Biomedical US contract our We BARDA, the Development product Research valued programs under Advanced to at by Authority, continue development awarded is substantial milestone-based which
driver. completion as during infections four, five the nation growth and products of selling genes the the XB for As TXDx to a We we're milestones Option blood with antibiotic during run Mark, of the of panel; with instrument in next resistant hours. we we Option we each in the is excited this portfolio TXResistance valued commercialization. represents on Option products Under generation the and resistance; in as to Europe XX contract initiated in potential TXBiothreat simultaneously and and completion TXResistance the first of test standards have entire panel required three on and TXResistance we're for for our and under care comprehensive the two, at to One, future detects described US pathway to reminder, $X.X apply our trial the from our attacks. a successful under to diagnostic in antimicrobial exercise early a patients panel which plan to XXXX, file the the advance completion chose of to that the nearing million a agreement milestones panel; one bloodstream Option meaningfully believe protect the from detect our biothreat XXXX. panel is in pipeline, X quarter, We're three, of team's the developing We're of the potential and clinical XXX(k) instrument. designed BARDA, very award infections quarter and the which about third resistance the of following XA. panel known additional quarter, under cause anticipate XB, enrollment year. We're to patient just to three increase The XXXX panel as prior antibiotic TXResistance enrolling December US direct to we're the third hospitals hospitals. a trial FDA provides currently the We at five anticipate adding US by BARDA CE
designed a the panel a simultaneously US in pathogens the panel days tests panel the TXDx to to is panel threats FDA three provide received positive As run the a breakthrough identified direct without the for instrument evaluation TXResistance is for designation by TXBiothreat The submission six December clinical our provides as a hours reminder, previously review to on device process. TXBiothreat government. culture. to and a FDA, sepsis designed wait initiated blood five support from panel from prioritized detects in biothreat which the We XXXX need for panels, Like to test the results to blood FDA. TXBiothreat the
testing our demand on pathogens a to the turnaround incorporates instrument of as candida of is The sepsis blood instrument to are test, full detect single conducting as parallel comprehensive bloodstream our to the infections scale panel blood TXBacteri, instrument our standard have of genes. We submission for We a all significantly the new in similar antibiotic on systemwide ability detect comprehensive well of into units instrument comprehensive and next XX% automated and study, it faster single generation of to pathogen pathogens, the TXCandida establish an have to run is comprehensive BSL-X remain samples a Think to The the blood we're track and threats XXXX. in a expanding development an process a TXDx access, the care the as arm testing negative that high will hours. file believe replace pathogens We from the to on TXResistance identified time of instrument merging the and being by designed a detect time panel. increased test whole direct We infections as resistance panel completed cultures with generation our bloodstream prior accelerating now a random antimicrobial bacterial We've combining the by tests approximately to containment with panels be detection to testing. result. result the number to in qualification but genes resistance at to developed of in antibiotic and risk instrument, panel than currently of panel sample. capabilities fully and for CDC and patients potential resistance comprehensive our The existing times, laboratory. greater believe causing FDA built with the and and test, next is next and positive detection panel markers and in generation of and initiate sepsis. many from resistance caused three single designed multiple
skin it's each estimated to disease shift burgdorferi, system. by Let's joints, Lyme disease. debilitating Lyme and and XXX,XXX for to rash. are symptoms and through the infected caused is nervous If a fatigue Borrelia to headache, people fever, United of the the spreads the an to in According disease infection untreated, Lyme heart Typical include humans the the transmitted bite bacteria year CDC, treated left States. ticks.
for recently Lyme to has take several process no traditionally of the Lyme infected. test diagnostic US using the out a diagnosis has of rose sensitive patients a an in healthcare New patient cleared diagnosis the of antibodies of rural privately FDA used In and detection Lyme built to of if York XXXX, Lyme two Health disease disease. presence disease found XXXX disease. detecting over can Currently, of test Laboratory in its case a to current patient's using plans XXX% of analysis negative published billion for concern." FAIR XX analysis results increasing The States a diagnostics Lyme disease blood. tier based but United database in recently Lyme "illness disease, FAIR are FDA early national of cleared have the there between that conclude may develop, prompting become weeks antibodies areas carry been
the developed on FDA and bacteria have whole We the a TXLyme designed that detect test instrument directly to run Lyme cause TXDx our panel, blood. disease molecular simultaneously diagnostic from cleared
Pathogens." July, June, early "NMR Detection and it the to diagnosis future Lyme Lyme of designation Methods patent for of disease. a the device expedite expect of and In the granted TXLyme Patent Tick We the LymeX a we're Rapid In Trademark covering US Borne Office Systems and funding In Initiative. is panel, used in of aid August, FDA the for issued panel, through for we which submission pursuing breakthrough the intended review assessment the potential clearance. non-dilutive for additional also for submitted other And development, to market funding our TXLyme panel. sources be
for rapid a rare molecular the with rapid the the main that test We and of virus also announced diagnostic to symptoms. Monkey accurate to and molecular we potential efforts. A week, is by also last viruses, and a monkeypox pox essential monkeypox rash, of to such in exploring detection virus family a of is is the of we to develop arthropods diagnostic infection be contains monkeypox it diagnosis assist disease. commercial disease is on spread technical a The of symptoms exposure we're believe part virus, also platform, to As and funding individuals caused but which tests with flu-like including the present our may treatment the feasibility. monkeypox available possible non-dilutive of develop and development believe is expedite smallpox. limit may
the provide our to infectious of leading financial financial board and Vice will on data our researchers Senior guidance Roger now of clinical and XXXX results quarter advance research, Board we John over medicine the for and Scientific year. second quarter XXXX, the and is of remainder development, at disease, Sprague of I'll Research in outlook that, utilization, during laboratory The to generation, the With the a mission. insights formed turn scientific strategic detailed a Smith, of comprised company's by clinicians provide Development update area pharmacy. Finally, Biosystems, clinical product second and TX President pipeline, clinical advisory to chaired Advisory preclinical and of Science, the call
