VYNE - Earnings call transcript Q1 2021

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Operator

Good morning and welcome to the VYNE Therapeutics Conference Call to Discuss the First Quarter 2021 Financial Results and Update. At this time all participants are in a listen-only mode. [Operator instructions] I will now turn the call over to Michael Wood of LifeSci Advisors. Please go ahead.

Michael Wood

Good morning, everyone, and thank you for joining us.

call difficult formal information performance, me issued in net and this and operating regarding statements, forecasts, with financial some of you this begin that ongoing and on revenue. observations the COVID-XX operating predict, and assumptions the statements of to including the and regarding conference we remarks, uncertainties, observations remind let that that future morning involve VYNE, expenses Before are risks, forward-looking impacts contain press and pandemic release on These of statements the the will include observations associated United AMZEEQ with commercialization in and ZILXI States. also as a trials, regarding statements, the words is well not as belief, as will progress, plan, and success, clinical and plans does mean express that current of optimism words and forward-looking reflect such cost They identified and expect, similar variations that satisfaction but forward-looking. intend, includes projections, timing, anticipate, absence and expectations their statement with and prospects, not a performance, contained not in are those statements guarantee such from company’s forward-looking and actual could materially of Such statements. differ results the in that described such could to VYNE the in differences contribute filings are factors SEC. Therapeutics’ Several with detail no any conference information as forward-looking press to and These date company circumstances after call the obligation regarding this forward-looking update undertakes of and of only the publicly statements call. release or the new today’s statements of speak supply date the

of will certain include call non-GAAP portion this the information. financial In addition, financial

website. Officer; a Chief morning’s Andrew measures, relations Domzalski, please additional VYNE’S investor is and VYNE’s of Executive For the on Commercial see which Wiley, Officer. these this release, call Chief VYNE’s including Chief most Saik, of reconciliation press posted directly section in Dave to financial non-GAAP Financial Officer; GAAP President company’s today’s Matt disclosures the are comparable measures, regarding Participating the

Chief Dave Dave, the the like ahead. is available please over company’s to this Officer In on session. and line be Domzalski. Q&A call the I’d to Scientific also turn during will the Iain At Stuart, addition Dr. time, go

Dave Domzalski

Michael, plans you, and everyone. good I’d progress talk to XXXX. and like for morning to recent Thank about our

As key build business, we are we on three continue the to focused areas.

first our Commercial to expand The of on Wiley, and priority commercial initial our products. utilization ZILXI top assets. trial will AMZEEQ grow Matt our our and provide continued an Chief where is of lead Officer two update is execution,

The second is leverage. maximizing operational

exists We be a position our prescribers expenses. our will update. are to we advantage provide additional in sales overtime. a and and prudently continue keep take our control we resources the will as between this leverage rosacea add that overlap of tight Andrew products to of significant prioritize deploy acne a efficiently. further, to even parallel, organization as There Saik, financial In we will CFO opportunities

diversified building portfolio The a and pipeline. third is

pan-JAK this third sphingosine in our of acne, plan is being year. for and for a During dermatitis. product the X ready. adapalene now combination QX, atopic we newest unveiled inhibitor for of FMXXXX fixed X-phosphate upcoming mild-to-moderate therapeutic is a and candidate developed modulator topical the Phase Preparation and the tofacitinib, fingolimod, receptor a activities combination our Xa gel top-line that of FCDXXX, anticipate study before and to is of initiate Phase ongoing is severe we to and results the end treatment study are minocycline moderate which our this the quarter candidates treatment

recent within treatment operations patients depend and launch formulary ability which well resources pandemic, prioritization largely to Phase AMZEEQ results rosacea, Phase to decisions, assets program of X of and We a rosacea these conditions, should market on studies. as hinge our continue for of With X numerous the including ZILXI the factors, on as payer impact remain of franchise. of our we commence two successfully our focused of enroll as our FCDXXX. to recent on to our be introduction efforts on acne, our prudent would for acne the will for the when COVID-XX This

environment to believe Phase so is studies X optimal FCDXXX. the progress we product for the And in our acne next

rosacea, beyond for step our quarter R&D important is the next FMXXXX brought into advancing also our we both judicious an acne our clinic As resources. company in a of pipeline strategic and deployment

atopic review cells release for both of with inflammatory the fingolimod Tofacitinib inflammation. to inflammation cells. address inhibits highlights and me by Beginning multifactorial the we the created nature target investigational to cause the and of combination source inhibiting the from cytokine Let inflammatory quarter. this FMXXXX, product and migration reduces of dermatitis

XX a associated dermatitis market of Atopic disorder. call this structure a As U.S. well Phase compelling on year. used steroids skin afflicted account as are skin up, treatment. anticipate for products, as effects an March, in with proof-of-concept plan of for Xa negative eight of XXXX and On these third preclinical estimated out supporting to Iain potentially skin with this year-end now initiate million large represents the patients patients presented study data million Dr. coming the classified when the XX proof-of-concept results are most FMXXXX. and quarter prescribed barrier and are top-line in end this important inflammatory to time. an prolonged for system of for but opportunity Of our We on period XX factor a diagnosed recovery Stuart mild-to-moderate prior in the Topical with endocrine

the is an We further chronically. providing disease is FMXXXX product underlying can forward look advances. that for the as need this who alternative enough the clearly safe there apply updates on address most to So and patients year pathogenesis for importantly

clarity compared access of million first We quarter our Regarding balance to as XXXX now now of in further. first XXXX. XX% have revenue ZILXI of on generated discuss business, commercial the and of the quarter in further market lives year, we $X.X AMZEEQ in will the to million anticipate access commercial $X.X to the of Wiley for Matt range this XX% be market and of

Matt? over to turn Wiley, Matt talk the progress call the We about also the commercial cash. $XXX.X will in with I our quarter ended million who’ll front. now on

Matt Wiley

Thanks, Dave.

perform access live, and physicians in the that year exist came prescriptions. which despite XX% volume over XX,XXX quarter Our continues the has obstacles to pandemic-related advanced total to marketplace. target sales first well continues and AMZEEQ prescriptions XX% improve. team over in to today a The the the to XX,XXX prescription in began with new roughly team XX%

While modest growth encouraged QX, this to declined this key over represents we’re than which very quarter-over-quarter. competitors, market when XX% comparing more

first AMZEEQ. our AMZEEQ increase a expand to of trial nearly the continue over representing in with prescribed prescribers X.X% QX. quarter, number X,XXX prescribers To We reach nearly to AMZEEQ and reaching the have X,XXX date of healthcare

our per date. physician in XX their risen prescriptions launched to XX% resulting has Additionally, of a dispensed and penetrated to we target universe have prescription productivity being

the volume with pleased we these and of in see the over and offices. prescriptions year We’re productivity have patients high expect progress to in the made the course increase important due to continued of

This educate We ability the AMZEEQ, our resistance. change engagements. continue encouraged non-personal to low us efficiently potential antibiotic peer-to-peer for providers is be to by to speaker healthcare specifically and label which quickly states in recent through allowing the our for our platform promotions, communicate

Our deployed online fully efforts January. consumer activation early have also since for been AMZEEQ

impaired prescriptions between impact and over the of approximately new interactions week. Furthermore, October, widespread Turning target launched shutdown. we’ve momentum to state second consistent with significantly writers physician X,XXX healthcare and education. COVID-XX our the level generated and strategy. COVID-related X,XXX universe office headwinds our space Despite there we gaining month-over-month. have a pronounced education and are during its constraints XX%. ZILXI entry XXXX additional have of a prescribed like in brands. launch. QX XX ZILXI XX the pandemic years, for to since we of have Recall, October been and these key requires changing is five versus these in providers face-to-face state penetrated efforts per protocols We’ve doctors XX,XXX introduction the meaningful ZILXI. QX X,XXX these in commercial field prescriptions hasn’t since by a in for launch over team XXXX, habits Peer-to-peer Nearly total in The last prescriptions component is months ZILXI on with rosacea seen our impact where few over both sales more The new of our last

efforts competitor customs both focus to XX% other the to and dialogue. decision, with lives as of With respect a its now are new products with on have market we national X,XXX the as beginning providers educated to live accelerate having and products, drugs result have year, ZILXI the keen access anticipate on in healthcare to AMZEEQ near-term execute XXXX. XXXX. virtually programs, covered our plans. in formulary continuing face-to-face to We ZILXI Caremark for AMZEEQ branded we cover underlying and continue pace CVS interest efforts, to we a demonstrated in As of speaker plan events back the into and Since and healthcare to nearly providers go pull-through commercial these of these peer-to-peer both and for XX% of not

market Looking continuing on pandemic is as the ahead, the our We driving focused on on emerged organization conditions positive impact these as adoption. the near-term long-term commercial of efforts improve penetration conditions. believe volume business demand, will and physician and to targeted both have all and patient we from focus accelerating

Now, to Saik. over I’ll Andrew turn the call

Andrew Saik

cash XX months. $XXX.X Thanks, million, believe position the Matt. cash we at XX next provides which Beginning with our our runway as of March balance sheet, for was least

used and $XX.X that remain control QX We million. activities cash operating continue to to focused during in prioritization end cost on resource was

and million $X.X consisting sales were of revenues $X.X AMZEEQ QX for ZILXI royalty statement, income $X.X million the of to Turning million revenue. for and product of

SG&A this loss loss million Our expense. or GAAP exclude GAAP million This per QX expenses $XX.X XXXX. adjusted was to non-cash share When operating of $X.XX $X.X $XX.X million $X.X $X.XX million. QX, period including $XX.X adjusted share. of or Included the compares stock-based net million, in in expenses were $X.XX million of QX adjusted our expenses loss compensation R&D QX were XXXX per we in $XX.X per XXXX was Adjusted $XX.XX net net comparable or non-cash share. and XXXX million for expense,

the what of into Phase on required we operating cost not Xa to include costs As for per however the They readout incremental are that XXXX the in QX believe future. we level year. and to saw FCDXXX. do QX control, XXXX later $XX get would is anticipated quarter, These continue focus sustainable to million required which for include $XX trials million we at be to costs Phase expenses this that FMXXXX X

on details financials shares. the XX our quarter the our was Finally, Form for to count March share million SEC. XXXX refer of XX-Q filed please XX, ended our March $XX.X approximately with Prefer the as

me Dave for the over call to closing turn let Now, comments. back

Dave Domzalski

Andrew. Thanks

remain leverage our pipeline and and to driving against our and building address to AMZEEQ Prudently our of executing laser on ZILXI objectives brands resources continued and providers. maximizing our our unmet two diverse patients and We operational needs more managing launch key focused sales strategy. a commercial for for

our build the we encouraged and value to We’re as I’ll open business we progress these by the now made across shareholders. call Thanks turn for our create the the call over and long-term fronts for questions. operator

Operator

Instructions] the Our Please first your Sandler. from Amsellem Thank David Piper you. of line with question. comes [Operator proceed question with

David Amsellem

Hey can hear guys me? you

Dave Domzalski

Yes. We can, David.

David Amsellem

Okay.

was operator up. cutting The Sorry.

to particularly for in and Okay, and landscape so more thinking you’re overtime. the just the follow-up. I’m about I commentary And context real state about, one, how that on and thinking about have net payer the quick you’re in Thanks. ZILXI. interested both then how your AMZEEQ Number in steady gross growth of

Andrew Saik

this Andrew, is it. sure. David, I’ll Yes, take

Caremark has covered be are $XXX not formulary quarter. range. We not per lives since still the script What’s – look, So national last commercially their it. with to net on not that to that access putting $XXX a believe ton us changed national to giving going is changed

keep to available going patients. to some access We’re synthetic

a option. with going right, we’re in is because the have lower net that, what some to going coming overall be. pay to the is We to than be result, the don’t that exactly know obviously, As cash going prescriptions percentage

this going moderate sort hopefully But not what right. change, guidance is can is say on reissue we’re of, So, that. we a, to

to is But exactly, don’t to program going to going the be, utilization So, to lives. change. been coverage, future going and it’s know you we’re that? going certainty. give if to XX% be XX% we we of XX% between and right what I that that’s $XX of without expecting Dave, when anything kind in to know, now to because want to change forward, utilization access have wait add But is had we synthetic the guidance what we going we’re the are XX% the don’t going more knowing commercial in just

Dave Domzalski

things as key relatively Yes. perfectly, is And yes, it to with you recent did think before. the I is, this situation I captured we Caremark’s said CVS Andrew. national David a formulary,

plans. custom of access broad have have to We patients their or a [ph] access set

it. about pandemic, So, of coming we’re Matt just the out talked

think field, you was the XX%. get end to being early about last this XX%, XX%, the through access represents If the parts of not physicians of year year, in in

at XXX% not yet. We’re

that, in continue we in as growth our so, we And business to prescriptions. permanent see a and continue our inspect to

to want our obviously, net products. I’ve net we the patients to mindful So, been managing, price be for the and prescription, the for smart of growth, but about access

So chance this decision. place, of the from as Caremark’s to keep co-pay Andrew that a outlined card form being, impact for national we’ll the at some least get until exactly formulary we time see in

David Amsellem

in products, one areas in that’s, a Okay, of I being these there in not worth the it, demands, and terms where look to Because road, of plans I gross lot And helpful. any Is it not of should lot just it’s point? we’re net? and only high these say certainly with the just seeing the position? with you gross a of say. just rebates guess, at you a a your down contracted you’re

how yes that think do you So, philosophically? about

Dave Domzalski

Yes.

believe So this We – have it’s set again, and be gross right early. well all balance obviously, relationships net for with is made. that look, prescription partnership we to net to between, the to important decisions you’ve a price to payers, access

when has products to have So sure been access. to always these were make launch and we payers, partner have with our plan, access preparing that physicians the patients

ways So, to all drive distribution we’re at said, perspective looking sales. from constantly that other being a

vacuum, optionalities, all that we’re So, we we clearly and think operate don’t they’re in considering. just through scenarios a these

on, continue We’ve AMZEEQ want drive can of get launch Again, have year. open ZILXI. of to the awareness, time for focused three do to the to physicians last months the access utilization being, we’re For couple launch to since a again, products. the only to of we first launch into access our months for everything we the stay complete yet

and we to while talking we’re to do want with continue payers. that So, negotiating

David Amsellem

Dave. thanks, Okay,

Dave Domzalski

it. Got

Operator

comes with Our the Please line Fitzgerald. from your with Cantor Chen question. Louise next question of proceed

Carvey Leung

us. Louise, Hi, good couple a This from questions morning, everyone. of is on Carvey for

and already given itself there’s of And technology pipeline. space you acne XXXX. in for of think So evolution think much. future we topical roughly about population side,bacteriophage, sales in should about acne should one-third has vaccinated, rest innovations lot and space how other how any seasonality we been entirely? positioned How the acne so lasers, treatments U.S. a a in Thank you’re the the also including been franchise

Dave Domzalski

the Sorry. can Carvey, So, repeat again? you first one

Carvey Leung

Yes.

vaccinated. in of sales one-third roughly given So been rest of we the should think U.S. XXXX? seasonality about population any for has How

Dave Domzalski

Yes, great. I got it now.

that an will to we’re, and we So, see continue patients to beginning see year call not we bolus We – coming back, some where it, that access, the because we fall. which that of a in see the last of opportunity There’s clearly is to shutdown. did of anticipating improvements assuming anticipate summer case. offices as continue the open, the be

prescription offices type we we opening of look July, that at of saw vaccinated. despite, are the We we again the to looked second encouraged kids of that people quarter of were much month-over-month. when the hopefully and we’re ready go school. patients get by into will at quarters, September, of and more onerous August, dermatology you openness to – back getting of seeing even of out as in type firmly a and month so if September the anticipate our first and similar getting take third growth, What see more shutdowns, August into more into anticipate move months seeing the are as this And influx you what compound the last June, trends and type and growth we steady months happening XX% here, seeing year, we’re

of quarter. see around now take you the that. right right it starts is around in some marketplace, the seasonality the we sales rosacea the next of believe for that puts efforts position to good our And a the now, advantage think us work through doing force I we’re of

Okay.

want You the to second question? take

Matt Wiley

Sure.

is Matt. this So,

are But first evolution, here, we WINLEVI on this two space we into products. Sol-Gel, acne a presumably that things year, all, product. the players mean, one from of will of there they’re from day a Cassiopea,Twyneo once market count have that the I the Regarding come new interesting

have Second clearly in a tetracycline the acne safety time space of antibiotics a long are those lot with been of mainstay and the are effective. And all a legacy these for issues products.

we’re feel in pretty where So, good the about positioned we market.

to We have the position even market, continue in believe share. a very strong that as the entrants we’re well in grow these and positioned new we into space acne come to

Carvey Leung

so you Great. it. Thank everyone. Got much,

Operator

comes of question. question the proceed next Our from Oren Please H.C. your with line Livnat with Wainwright.

Oren Livnat

it could still, that the about, need you out, programs, might an Can with you aren’t If optimal to you’re you’re a incentivizing through are Thanks. exactly, like push already such what or what either access long to forward. to I levers guess I I you return from talk and process prior-offs can to how guys just couple. have you to extent, the trial have what modeling covered the out just different do channel little what sounds we like, where pushing figure pull? solution is options you return before through a bit patient payers And that, pharmacy to going the this a trying – table? and specialty doctor

Matt Wiley

Sure.

is again. So Matt this

the program talk one me access This we to that rates. and synthetic about Let out-of-pocket abandonment first. balance is the cost have

And the volume make things carefully balance we to to very and very evolution. an make something going so that’s carefully will analyzing we out-of-pocket that as offset these we’re that with the changes, sure like we’re we equalizer, up don’t

me the of can I let question? the second part just repeat – that’s, you So apologize. Oren,

Oren Livnat

obviously managed pharmacy specialty got extent everybody and else. doctors auths just that’s actually, question, table for an of I’m bringing Second to or the successfully part And to the prior helping first and you’ve, to auths wondering push through what care already. important prior you my is variable

Matt Wiley

authorization form mean, utilization lives I some pretty management. seen good our half Yes, so of roughly we’ve covered adjudication, prior have of

is that adjudicated electronically step of Some therapy.

So back with to electronic there through physicians through navigate trade of our The are goes is network skilled that through. going XX% to roughly at look is pharmacy really by prior good partnering prior authorizations. authorizations. is that our going be EMR. The be rest They specialty news we’re helping

go where criteria through, prior so our we really adjudication seen where criteria good the we’ve authorizations really not authorization have Now, prior the is met but met? far. would thus And success good is not with the obviously

Dave Domzalski

would what the be with any in discussions of When at oral I lost these really both a take shouldn’t category, and there’s say Yes, since that. isotretinoin, look we rosacea acne only two, [ph]. of ours one is Rhofade the and rosacea then been the business, franchises that the and space modest in have product moving cleats, going acne from which in space

that out And Matt improve had the there and access are we to out to us. prescriptions certainly we and customers initiatives making, about we’re period And the following paying that move to getting access for anticipating talked as we it including – continue we’re that. the selling have efforts for continued these per improve off quarters. both there, products had drive to So,

Oren Livnat

you both in I pun resistant kind Is just, how that may leverage intended? change game. expect be more be resistant less you that even to that If came material able is or to in now field, should antibiotic care resistance or importantly the either, label to been managed cover for or for the late no might’ve of something this

Matt Wiley

We’ve like minocycline. strains developed better Yes. very stewardship. few Part ago. topical like providers a recent of AMZEEQ a product is we’ve the is there resistant propensity the in address antibiotic clinical months for to broader growth that the low from was support of a it’s And to just got healthcare reason around think product That concerns just a we We news. with for environments got the ours and data very important.

last is field with perspective, out believe believe to Our payers. And from obviously been there has clinical this the they’d we with your we over force it a speak as working information it course point, and weeks. of we it’s compelling the several

so decision that, us was came after to CVS And Caremark. also that from information the

to with national with the custom we level also this, payers, business as And not to anticipate leverage, on their as with pull to but talk so continue of can just we the use these we PBM, down. the all all continue plans,

Oren Livnat

Appreciate Thanks. it. right. All

Matt Wiley

of Yes, course.

Operator

Capital. [Operator Instructions] Please proceed line question from the with Our with from Dolezal LifeSci Patrick next question. your comes

Patrick Dolezal

update behind these guidance on decision the assistance phasing of the AMZEEQ co-pay for on Could then the out bit there it in out AMZEEQ kind co-pay Hi, impact Thanks. per had programs but the kind those of on impact super sorting the same question the really part the revenue taking card be of script. on obviously just helpful. both thanks questions. further those CVS and is phasing you second a a out the bringing of other give the and assistance payers of for plans, an timing any an terms just details impact ZILXI board And was underlying and programs some for of would of of timing on

Matt Wiley

for is and Matt. for Patrick, we Sure. ZILXI, patients. commercially those both the card This intend Hi, regarding co-pay so covered AMZEEQ

We’re to of to down buy pocket. still have the out $XX going

for especially in the Tier or we’ll better who co-pay those So, that part scenario, a continue X of program. are

don’t NDC the have side patients On where coverage block. where there’s other an

for alterations program We some are making to AMZEEQ. that

adjustments we’re in that certainly will ZILXI and the still $XX we ZILXI this program make mode the a that where is. – out-of-pocket reserve right is we’ll with future, For to launch as still as stay but in is adjustments to make

decision and patient we’ll make balance profitability adjustments in So, of we’re overtime and needed access. the going light continue Caremark CVS as to to programs these out

Patrick Dolezal

into existing more, on Great, rosacea? their may, paradigm provide can thanks. curious for reception the this with one how treatment providers doctor are having feedback that implementing I And then if qualitative I ZILXI, some you product just just guess

Matt Wiley

gotten with regimens. the feedback a concert product the a introduced with as implementing comfortable been early have They’re those physicians very we’ve good has from far that are so Physicians therapeutic physicians. and seeing other feedback in positive. monotherapy from others Yes, we’re on either

mind And so far, good though hearing rate of a but we’re XX,XXX growing, is one I relief. positive things early. is that that early. here is refill still it’s ZILXI good. to keep it’s getting patients so back the fact and on everything that we aren’t the prescriptions these mean, to in testament is the that And have And even

Dave Domzalski

other Operator, any questions?

Operator

follow-up with Our Wainwright. Please Instructions] H.C. question question. proceed from the Oren your question line next [Operator with is of a Livnat

Oren Livnat

stay you longer. here make Sorry,

Dave Domzalski

All No good. problem, Oren.

Oren Livnat

You mentioned rosacea. this is typically that, now the season for

So you it’s any wondering, important I’m to going of – revenue typical about what an regards time or product. forward? it AMZEEQ are COVID, for pre-COVID from just that with really relates to as patient lastly, seeing levels. just is visits, to hearing terms chance how just going and live market And physicians versus Thanks. you’re now ZILXI in breakout that

Dave Domzalski

April, mean, that of I’ll see year big of rosacea. historically. ways market in I versus we’ve at how start couple And really we rest to seasonality. viewed timeframe. examine May one the in Oren, There looked looked especially with spikes, the search the are So, ways of terms the are the around dynamics. March, – May the at a We’ve April, April

As at this the up space weeks where in around data we’re the XX,XXX in XX,XXX, of to since looking XX,XXX about seen we’ve NRx weeks. prescriptions up step recent from the as branded March, around of beginning most certainly it recent was and volume

where as the seasons seek are in the the increase. throughput feel This changed, seeing So, discomfort we really patients time of a lot patients treatment. is rosacea of

getting or physicians in. they in in as and out And field that sure specifically efforts, And that accommodate as so these our as have making advantage live as we’re we’re also the field, relates marketing it samples the search. to we’re seeing digital out to our taking patients enough come of they through

Matt Wiley

to of your answer answer we’d part I’ll your part the We the first. launch of to revenues, but product phase the question. ZILXI do like get intend second second Oren, through – the Yes, breakout of

two. we’re So early or or do this it year, next the that the fiscal year to will But maybe It’s just right. in in not too next phase. going likely launch we’re be later quarter

Dave Domzalski

of large of have of for rosacea. couple a but the things with we treatment number the scheduled that a Yes. to And around patient one to of seeking with anticipate just peer-to-peer the as increased, of follow-up for coincide increased events educational some mindset volumes some we the is ZILXI next

So, continue through deployed efforts we’re yes, we’ve direct months. be events, not got the next number which to again, to will to for representatives open. our a of But field large as they offices ongoing trying supplement several just from efforts peer-to-peer that

Oren Livnat

it. All right. Appreciate

Operator

showing I’ll And further turn no conference audio time. back the lines questions over this on we are at the you. to

Dave Domzalski

Thanks joined And the look as and updates to everybody to to today thank rest speaking provide thanks look And to operator. you. to I our a business. on Take progress with the call And that thoughtful we forward you forward wish everyone We questions. you the continuing for great of care. soon. week.

Operator

today’s a We conference conclude does This Have your lines. your good day, you everyone. that thank call. for participation. And ask you kindly disconnect

VYNE Therapeutics (VYNE) 6 May 212021 Q1 Earnings call transcript