Thank and results quarter you business our update for all third XXXX joining call.
and including then made earlier opening Today, for market for providing our press I questions the before opportunity financial will updated of X we the that and we have release and answers. during the today start closing progress outlook remainder quarter the XXXX. by will across remarks priorities and the I performance address call third corporate our issued discussing both
at practiced patients Biosystems around world. the through Our the that change mission the is TX of lives is transformative medicine diagnostics way fundamentally to improve culture independent
targeted and that That treatment. three and Lyme We are we These bioterrorism call. for during applying common our discuss today's need is rapid disease. sepsis, in patented also areas: will share technology markets the three detection a need
multibillion-dollar a collectively Importantly, we these markets market opportunity. believe represent
hospice lives costing toll. system claiming year. an the annually. Sepsis the hospitalization, enormous $XX is death cause an cost XXX,XXX die another annually, #X our is Sepsis continues plus the Americans health in in #X U.S. estimated who Sepsis XX,XXX billion U.S. exact of and each of human economic hospitals, of to care
on rehospitalization XX-day XX% #X to sepsis within sepsis cause survivors rehospitalized Finally, in XX of be of XX% causing the the is within and days. U.S., days XX
the and positive just TX days sepsis without products each Panel TXBacteria to sepsis including is directly blood therapy. to pathogen blood as for for culture. the in The rapid able X up and TXCandida Biosystems mortality are detection products, by hour antimicrobial need targeted only that need delayed risk TXDx hours shows for risk a Panel of at antimicrobial the FDA-cleared X% to targeted from detect X causing increases for of data to the Instrument, pathogens the treatment patients critical wait
than hours or receive blood than targeted faster and products, culture-based hours ICU blood X A X than empiric the allowed allowed meta-analysis a faster XX was blood identified sepsis completed, peer-reviewed in patients allowed culture-based controlled products, studies results causing the hours products comparing analyzing blood blood culture-based faster culture-based products, to antimicrobial showed TX leave sepsis deescalation Biosystems journal therapy published patients faster products. products, XX to XX of medical therapy, days than products hospital antimicrobial culture-based pathogens our to
the offered of threat key the products, resistance. over our believe improving We to antimicrobial culture-based products outcomes, addressing global cost comparative by blood advantages and reducing are patient the
market TXBacteria compliance for securities and important designation with additional converted a the of Candida FDA of our capital, the for XXX(k) positioned better milestones XXXX, third FDA company to received clearance Panel. expanded have XXX(k) listed success. team regained TX Panel. and The the the TXBiothreat FDA received submission device auris value We Biosystems filed achieved of long-term debt which of requirements. believe the number test. near- we during raised quarter We for breakthrough the equity. NASDAQ We XX% We for We we
third quarter million total period. million, the for revenue. the decline revenue primarily in was a of $X.X The $X.X TXDx product test entirely and prior reduction reduction preliminary of to results Compared which of was sales international in Instrument to Our $X.X XXXX non-COVID due year comprised a include sales. million $X backorder, million sepsis $X.X test million financial a $X.X in a BARDA in reduction revenue, COVID-XX million
address The we sepsis and during performance the the during impacted sepsis operations took update. our TXDx made test third directly and discuss test our demand backorder the quarter I'll actions the below to and expectations. progress Instrument led to backorder
that of have XX. existed today, we that of as resolved backorder I'm However, of report pleased to the September as already the majority
XXXX of XX% of quarter third representing a fourth quarter the revenue sequential expect related sepsis XXXX. $X.X compared to increase million, product and We quarterly of
backorder, a result product a of XXXX. and total of representing $X.X expect XX% sepsis compared we of revenue test related to decline sepsis the XXXX As million,
be As we XXXX. of there quarter fourth have in previously the BARDA disclosed, will no revenue
are We very recent in pleased sheet. strengthening the progress our with balance
equivalents facility approximately of raised cash ATM including $XX.X our or payments XX, debt proceeds the XX% totaled our September reduced quarterly of quarter. during CRG As to term converting loan and million, through cash million $XX and We the interest XXXX, by equity.
held the We half the and at the second at throughout expense count head operating end under employees. the which XXX also first year, quarter of we of reductions full-time implemented reductions have
We'll operations; we one, our enhancing more in our remain mission, accelerating and our advancing of each three focused priorities: advance on our sales; these corporate pipeline. discuss detail. three, two, priorities we As
the outside the contracts base X U.S. test our first focused and in on installed we third Commercially, the with accounts. in Starting sepsis increasing In quarter, X and utilization existing accelerating executed including X priority, and for instruments, new U.S. hospital TXDx we're sales. TXDx Instruments of the our expanding
product million, million the revenue. of backorder, entirely of sepsis $XXX,XXX panel was $X.X Sepsis ended related a demand We and total comprised our with achieved quarter demonstrating products. we revenue for $X.X continued test revenue and
volumes. team new with existing accounts targeting sepsis increase accounts is commercial their Our hospital working while to testing
protocols. test utilization affairs teams test and third quarter stakeholders broader the which by service backorder. medical $XXX,XXX was to impacted was Annualized educate the sepsis sepsis key align integrated We sales, per instrument, the U.S. and during have testing sepsis on
backorder a within each clearing portion and can the approach of term. penetration the commercial integrated near substantial deeper our believe account over drive We
In across annualized over goal above basis a is U.S. number on achieve our time $XXX,XXX utilization an the expect annualized well we installed of hospital accounts, to base.
at As the a testament highlighting to in use efforts conferences. increasing commercial of our continuously our identifying team's case our by have and presenting their education customers strong support studies cases, products industry benefits demonstrated
Hospital need our independent with a Sepsis critical September the Alliance pathogen rapid time, identification. Summit, identification diagnosis on During enabling presented Butler accelerating fill and the products species
on XX has trigger to the and Panel for the of Hospital a therapy developed discussed the culture-based As than have Butler shown TXBacteria call, faster protocol blood as the use we hours as methods. allowed previous much targeted Panel TXBacteria that
At reference instruments like an economic accounts our our will and System the IDWeek Louisville be the as clinical from users tomorrow, XX, grateful University of upcoming Creating part hospital around in and We're by more Wood for Health Conference commercial TXBacteria infectious pharmacists disease University is experiences benefits. and with important strong Robert awareness Boston our strategy. these October additional presented TXCandida hospital of Hospital. support Johnson they spread customer
We to studies been the new continue advance past quarter add conducting clinical to and have capability in ways. to library, to test this the
Instrument implement Vanderbilt Center As clinical TXBacteria and a a during reminder, FDA-cleared to TXDx Panel our we second clinical University quarter with evaluate and Medical announced the collaboration a setting. in
been The of infection. Included a antibiotic enrollment assess TXDx that study capabilities bloodstream Panel with Vanderbilt. usage approved clinical Instrument collaboration will for clinical in improve to the been patient next patients is at a is to expected month. begin and prospective TXBacteria has installed has the IRB the and The interventions
available. to evidence on updates future collaboration We look and forward clinical discussing this once
regarding that the is reflect a emergency. public crisis sepsis promoted Sepsis "Sepsis we Governor, Awareness is Thomas stated that Massachusetts. a a sepsis. about." as to raise seconds impact as health talking the Healey, awareness Alliance Sepsis Bolstering in Sepsis Massachusetts of of people month our commend as for in We every United Awareness recognize increasing the health September is XX September In one the Heymann, doing upon Maura Month. patient recognizing sepsis CEO and takes to issuing efforts life We awareness a no the September, a and to of Alliance, sepsis Month appreciate States. for public is recognized educate Sepsis fact proclamation is work
our designed States United the hospital to sepsis have health sepsis accountability, they failed burden elements. programs education. created system. aim program tracking, applaud and core core old commitment, Prevention, hospitals and disjointed implement, massive for a for seven help expertise, taking patients their establishing for monitor The also Disease program processes CDC, or improve upon to elements: and to is streamline to Centers multi-professional leadership reporting through hospital that sepsis elements, We these optimize Control program and U.S. through By action, care action guidelines hospital
these prioritize stakeholders have awareness to action calling of encouraging additional extremely and health combat public to the sepsis. threat It's for
external current advanced we Our dialogues. additional amplified being message by and and expect with this customers to conversations voices, potential is stimulate these
that products suspected the standard change catalyst adoption changes sepsis how sepsis. our of clear in significant a we It's the and can the public of We're growing positive required hospitals advance for for of will U.S. patients manage confident recognition care. be
public TXBiothreat are focus approval Panel, sell commercialization. health or of the multiple are Strategic to agencies, other international Following for labs, Defense NIH product FDA our there this immediately that governments shifted believe National laboratory TXBiothreat to with government we and and network, U.S. Panel, U.S. state toward the the allies. the the of example, including Department response We opportunities Stockpile, CDC, U.S.
East, population at to Europe wars risk Middle and an Given increased bioterrorism. we the global for in ongoing believe the exposure the is
outbreaks have pathogens. or protect of biothreat the developed a to naturally occurring from consequences of proud to Americans deliberate certain test We're
Moving operations. our to structure, processes including panel our manufacturing. the the call third addressing test close balance the we On and operations, at last priority, sepsis Since quarter, of numerous supply our resolving our enhancing made discussed second call, enhance we and manufacturing aimed our had steps to chain last significant we backorder. progress have cost our sheet, our taken
$XXX,XXX. the October. in sepsis that of backorder third end to cleared we've the panel was majority the the pleased At early the backorder I'm report quarter, And of test
with We to finish expect we this to clear the remainder it X quarter of XXXX backorder. and expect
key of improvements including we caused previously number materials, a including the We measures hiring was recent have and the implemented, equipment. attribute manufacturing to changes, factors, backorder raw processes by The a equipment. demand raw and for the within new test advanced President strong. of sepsis remains markets international and procurement panels materials, process U.S. our investments improvements Vice of Operations, The in personnel
Moving third advancing priority, to our pipeline. our
three Instrument represent TXDx antimicrobial X drive and Candida treatment development including new improve detection the of FDA-cleared products intended areas bioterrorism to baumannii sepsis, Acinetobacter of have Lyme and can advancing been which increased the Our unmet faster Panel outcomes. in targeted patient medical our and significant and expand targeted areas: test rapid priorities need FDA-cleared to disease. the the TXResistance to test. product These lead new addition TXBacteria menu on our TXLyme TXBiothreat a Panel, adoption, the Panel, auris Panel We've
center biological tularemia, infections TXBiothreat and represents including public TXDx XX% pathogens simultaneously new faster mortality to Each Panel pathogens panel rapidly to warfare The according in with test hours, potentially glanders, to test a on If pathogens food solution X antimicrobial XX%, the runs the to harmful plague treated result melioidosis, anthrax, test of blood allow of FDA-cleared a typhus. therapy. diagnostic promptly in the TXBiothreat can included clinicians health. and or X cause molecular the detects organisms not security is and direct biothreat and Instrument identify rates and differentiated from that medical that targeted Panel on for achieve aspects the
which all represents negative for tularensis, We or XX.X%. unparalleled X samples sensitivity TXBiothreat blood to range Xx the clinical The detect XXX% febrile was no The concentrations. believe sensitivity bacteria blood targets positive evaluation percent for containing of agreement in all all Francisella specificity was at specificity of performance. and this targets, X healthy detection for containing agreement and limit Panel targets in except or The XXX%. targets bacterial assessed percent the to was a
collaboration received the in us occurring or market of allows with of specifically our major TXBiothreat XXXX, the our of and a naturally expected, the pathogens. As consequences to clearance in milestone for protect Americans which third the quarter government, FDA Panel BARDA XXX(k) we commitment sell U.S. outbreaks these the deliberate from the U.S. during and XXX(k) FDA biothreat The to test marks clearance
the only is detect FDA-cleared Panel Panel, TXBiothreat in important and We the that will the be these and we simultaneously manufactured note which to purchases believe TXBiothreat important high-priority by of markets a these only It's U.S.-owned product to to product commercial and FDA-cleared discussions pathogens biothreat developed intend facts regarding sell X company. biothreat governments. to and first multi-target able the
run detection of FDA-cleared positive X Panel expanded need the molecular TXBacteria X tests baumannii for blood the TXDx diagnostic and from to is a in a The just provide include hours Acinetobacter blood without to results on days to culture. to designed direct wait Instrument
our pathogens culture. Adding XX% our blood commonly to Acinetobacter capabilities detection bacterial to expand FDA-cleared will TXBacteria baumannii approximately sepsis-causing of all in detection found Panel
of rate cause carbapenems, treatment. antibiotics, can lung Acinetobacter detection infections, in can diabetes. of United ill antimicrobial disproportionately transit systems, have disease States baumannii septic baumannii highlights especially rapid Acinetobacter bloodstream be to critically or XX% the occur to the which including from shock importance reported of rarely can XX%. accrued many in patients, and to those benign chronic been can bacteremia settings targeted and Acinetobacter care health ICU mortality immune impact has weakened which range infections and with to outside resistant
a issued as submission XXX(k) have release an clearance to TXBacteria for scheduled. that the announce we baumannii filed press we Panel to add Today, Acinetobacter FDA to
reminder, detection in sell Acinetobacter includes international we certain a already TXBacteria of the the Panel, baumannii. CE version As of which marked the markets
is the infections resistance detect Panel genes just test need from simultaneously direct antibiotic to antibiotic-resistant diagnostic in molecular TXDx and a blood to to the cause positive designed culture. on run Instrument for a blood days TXResistance X The known X without wait hours to XX FDA-cleared
in resistance is common genes detects and CE antimicrobials Europe vancomycin. as marketed TXResistance to Mark, resistance such confer The Panel, may methicillin sold that carbapenems, which and under
stability completing have including advanced FDA enrollment which we expect an and of including patient We testing, clearance to file for XXX(k) occur U.S. clinical we completing after trial, the internal XXXX. the plan to first submission additional in quarter testing,
the FDA the As upon prioritized FDA, by provides granted a TXResistance submission. for device was Panel review designation a reminder, which breakthrough process
serological detect direct Panel is bacteria disease aid in believe weeks infection. major to the significant And disease to FDA-cleared TXLyme Lyme TXDx The that and test a Lyme disease. requires the take over diagnosis create a of and it is that individuals run signs of testing Panel The early will the and molecular TXLyme on the diagnostic U.S. in we antibodies, provide Lyme of recommended symptoms post with test is Instrument X to of blood from designed the the which advantage can to burgdorferi, Borrelia the currently X presence cause intended body
evaluated report, to from the to funding Health be our a and LymeX Lyme XXXX, partnership in for public-private The plans Alexandra We've to recently was named Lyme TXLyme submitted In Foundation. future to the and largest Panel which winner will & received award Phase a winners. that million Department the of up between additional III interim II partnership progress award for the Innovation Human Services Accelerator of disease a LymeX, Phase Steven U.S. and moving Cohen $X or accelerator.
for CFU completed submission in a LOD clearance per regarding support the plan potential the the for early established designation We've device breakthrough trial as to Panel, laboratory the upon discussions of U.S. process TXLyme developed FDA. the of commercialization FDA FDA. level We're development a or received test. the Panel to X of submission for preliminary commence to initiate review TXLyme to for we and And Panel, also a TXLyme to the clinical XXX(k) prioritized a We subsequently assay ml. which detection allows
without auris positive auris to is just wait X Instrument detect molecular on for to test FDA-cleared run blood X species in days a culture. Candida and a need direct to blood The test diagnostic hours the the from TXDx Candida designed
billion a health as pathogen to as early high as inappropriate detection fungal and that serious of costs up is with and the identify recognized the lower methods, life-saving has fungal estimates and rate mortality by professionals in difficult help the annually of fungal awareness auris diseases a global auris called the Candida to burden general CDC standard Candida continuing to lead to raise is can by is threat which Organization. associated are XX% on treatment. is proper benefits disease laboratory the a and public Health $XX to of multidrug-resistant CDC World with treatment. health The U.S.
As Candida causes pathogens only over simultaneously Panel, the for the infections. and species, able X Candida sell The and Candida a Candida Panel reminder, diagnostic blood sepsis directly positive hours TXCandida FDA-cleared from to which Candida wait on the currently glabrata, Candida X culture. including albicans, detects without test in to blood we the krusei need XX% parapsilosis, runs TXCandida tropicalis, market Instrument causing Candida of just FDA-cleared a detect blood days Candida to and X TXDx
detention getting patient outcomes. therapy these is auris Candida packages infected and to patients of Rapid as essential antifungal as targeted improving on well
third for of greater test, FDA accelerate to and auris clearance. breakthrough path designation FDA the During more received XXXX, to quarter may we device the the Candida FDA frequent and our which access provides
our product Regarding initiatives. development longer-term
forth in our and we of informed the XXXX, AMR XX, X. on upon While instrument BARDA milestones September sepsis all panel, related us the product the Option set or milestone-based BARDA contract next-generation met to panel contract that expiration development comprehensive ended
this clearance the Panel, TXResistance the not to patient XXX(k) BARDA for has apply under the product for Panel new additional contract completed enrollment recent funding decided Following contract. TXBiothreat additional fund the BARDA We recently development and under solicitations. may FDA for
number XXXX, and issuance trading the and we subject split awards split-adjusted at of October tomorrow, number Effective Earlier servicing release X CRG LLC as outstanding share Proportional XX, when announcing company's common press October common the incentive to a issued preferred by ratio. the shares today, equity stock A the of stock of as well be stock XXXX. and basis XXX of stock adjustments reverse and opens begin made XX, plans on market today, warrants, a shares held a to convertible a the price. applicable to Series will under equity reserved for to
reverse the company's common the stock. authorized The the split stock or of common number not stock shares of of will the par value affect
minimum November to an an we that a a value and and maintain NASDAQ As market at to $XX XXXX, of Market listing approving appeal $X. reminder, of compliance X, a to require regain participated July until least price NASDAQ securities led hearing in rules extension appeal a of XXXX. million listed with formal Capital response the On a company our the granting bid XX,
As with value previously securities X, reported, regained XXXX. compliance we on August listed market the of requirement
listing. While we stock into have not since X and has minimum decided the the the bring of July Therefore, split NASDAQ stock increased minimum stock company price Board price seen an effect price our achieve our in enough increase has with NASDAQ to organically. hearing to bid price to the compliance reverse maintain Directors bid our our the
We maintain to compensate in for four, company the listing maintain for believe and reasons: and to pursue employees; one, NASDAQ to acquisitions. interest and best to it's future liquidity capital; the broaden opportunities access our the our for three, stock; attract two, several to mergers of and stockholders to potential
impacts approximately during shares quarterly CRG September payments. of or $XX of conversion CRG, our have stock or LLC, which announced of XXXX. I reduce term XX% taken debt we servicing, interest into and common XX,XXX,XXX also In July, want this to CRG million we actions clarify with our the loan sold how to the
B into stock of Additionally, shares common stock. Series entitled convert of XX,XXX,XXX shares to convertible is CRG
XXX,XXX Series As convert stock to preferred today, stock would reverse the convertible split a result of announced the shares. B
strong directly global our raise Commercially, value sepsis panels, hospitals our continue corporate base, across we achieved opinion X through In Vanderbilt third leaders test XXXX. of clinical important prestigious of Center. in awareness priorities quarter Instrument products the during for the demand key our we and TXDx installed and of like our evaluations maintained Medical summary, increase to University milestones
we manufacturing and test progress our backorder. operations and address sepsis to made we've the sheet, supply Operationally, strengthened our in significant balance chain
FDA Panel detection Panel device submission Scientifically, to and XXX(k) breakthrough we FDA filed the received test, toward for baumannii auris for add of panel, TXResistance XXX(k) FDA Acinetobacter the advanced to Candida XXX(k) received submission. clearance designation the TXBacteria the the TXBiothreat FDA
turn to to operator like Operator? the back call I'd for over questions. the the to open line
