QTNT - Earnings call transcript Q4 2022

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Operator

Greetings. Welcome to Quotient Limited Fourth Quarter and Full Year Fiscal Year 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. turn over to Mr. your like now the to conference host, I'd Kiboro, Quotient of Financial Ali Officer Limited. Chief go Please ahead.

Ali Kiboro

Thank you, results, quarter and the Rob. Quotient's update. full to Good business year morning, everyone, XXXX financial as as and well welcome fourth

www.quotientbd.com. Chief call Joining conference Officer. later will through audio be call Mendez, replay a at live Today's webcast broadcast available Executive and me being of Manuel today an is our is the today conference

to future During statements Quotient as guidance be and and forward-looking development making deal events, actual such including results this results materially statements, operating commercialization the in may call, will forward-looking projected future Because expected and differ projections timelines. those statements. from with

today's statements factors projections Additional in to provided Quotient's to cause Manuel XX, With call this in valid statements, materially Securities can Quotient call, I filings XXXX forward-looking that are and to with results Quotient's as over the forward-looking release. Exchange morning's actual during the Mendez. including no as like be to would could these well information guidance publicly date that, and Commission as U.S. found from statements. update concerning forward-looking June differ The turn assumes and this obligation the those CEO, of only in

Manuel Mendez

Thanks, for Ali for the you results and today business good update. morning, joining fourth XXXX us everyone. Thank and quarter fiscal

session. summary improve up comments fiscal two year for it followed runway Today will distribution we our before clinical review my our finance Q&A recently provide sheet. footprint strategic comments our and financial in pipeline liquidity call, we cover open we around expansion to greater our activities flexibility Ali announced balance made and diagnostics. my have progress by actions During MosaiQ will for and the results outlook and today's exciting our intersection we Then in menu announced, financial the XXXX,

months. the amended notes, net our reducing secured over amortization XX payments million we next $XX via First, senior our

in which million The deal $XX equity initiatives, Second, gross the we proceeds cover fund proceeds we'll deal. raised from growth an will next. major through our

a commercial on our Let now provide you with me quick update execution.

the year have secured Following fiscal orders this immunohematology X.X XXXX. of in efforts million MosaiQ first our the quarter launch, extended of quarter commercial

on increased and and drive We customers opportunities and value. attracted volume in team Europe expanding other existing we the activities, geographies. you and I CE to geographic with grow. am made will with this the within momentum look to forward in tender be part the the we quarter anticipate significant We MosaiQ the potential come We next across Overall, have pleased major international of on distributors. who XX are our generated important with are may international distribution In these The Clinical updating our agreements footprint progress, gains has focused our into focused and our eligible on strategy commercial by the months. have our mark share signed nine commercial solution This with territories. play an year. we're throughout Economic is tracking very tenders market footprint pipeline the expansion awareness to distribution tenders expanding of conjunction immunohematology the large highly and on progress opportunities

MosaiQ of past MosaiQ instrument milestone geographies. significant extended Turning transfusion the March the for a microarray. was company with CE through our channel, to and enabled CE Union of immunohematology it commercialize to immunohematology Quotient microarray mark the diagnostics the for receive our MosaiQ mark across this European as received were solution other CE use mark we recognizing the thrilled The

typing immunohematology all lab solution. microarray multimodal offers our high specifically, antigen to one More donor newer performance transfusion and our including test multiplexing As customers an the and user for screening, through comprehensive a automated our samples to reminder listeners of may and procedure. in generate the the a MosaiQ ABO phenotyping, reverse to characterization grouping. clinicians blood solution clinical are Laboratories forward perform single fully use extended allows who story, antibody

to scale strategy menu to our customers is MosaiQ value continue business. expand increased to our and economies for drive for the Our of

We have the been pre-submission our in with making we're the U.S. working during trials. the important extended meetings advancements in FDA as immunohematology

work and includes manufacturability progress expansion advances this and of the an Our performance product. development exciting which in specificities yielded

microarray The submit clinical want the sensitivity for progress company work, on we we to continue development approval serological of mark in to XXXX. are lead assay. on I disease be calendar to to year the second our application continues infectious immunoassay our half an track multiplex share make screening EU panel. CE Next, our to advancing Throughout the disease the

I'd on an clinical update to provide Next, our diagnostics. like

are pleased past diagnostic clinical quarter, partnership announcement our We very the activity Theradiag. namely with about this

MosaiQ companies autoimmune develop complementary Our two bring reagents to together microarray constituent jointly quality solutions multi controls. and

provides cost pathway patients tissue diagnostics clinical and with complex MosaiQ order diagnostics simplify for test identify single a ultimately diseases distinguish or different addressable CTD. and lower exact billion therapy. integration diagnosis regulatory to involves additional compared and First other collective multiplex adequate a more microarray similar and a connective a and The Testing symptoms. with a several have Quotient's faster requirements. into the autoimmune start of deceases -- market we blood X conditions disease path tissue when provide autoimmune to diagnostics faster clinicians antibody signs testing collective to for reliable and to and an at assay path to to estimated in would opportunity a solution is and to diseases platform due from market auto Autoimmune to

past current grouping activities. first his screening. and Dr. shared held needs Now quarter with where to Martinaud, the within disease unmet We he our medical Christophe KOL and blood donor's insight scientific and event expert on our on this landscape

sessions through the year. the We is safety a is to KOL patient's extended as and look to into direct game During he the impact in easy changing diagnostics stated, phenotyping. forward MosaiQ on session use organizing more has it system

very Circle a create Innovator are first world development transfusion of community in over focus from MosaiQ of diagnostics. which we and experts with launched the to pleased the we March. is who initiative, the laboratories on medicine goal across The Circle Additionally, clinical Innovator

forward our Quotient's to studying with and study eight Our is up signed program. and Centre I are to the we economic to member facility sets our two look workflow announce giving laboratory results efficiencies. impact the the in passed studies pleased with am create the open and that U. the efficiency S. certification, We're ISO this clinical one in partnership initiative session a samples Switzerland our We as I recent to went who future. goal HIV with with operations in experts team generation members of rare next to Cameroon Operations which to and improve Thank Officer in sponsor manufacturing the you, leading microarray XXXXX and near expanding innovation headquarters system. partnership This you XXXXX network Chief particularly project. care out and to for certification to Eysins, wins. like conclude external would evidence also organizations and in research Pasteur healthcare few two access of Europe part Quotient the professionals patient the now diseases. negatively Uriarte, System. his of management months. Manufacturing wish partners Currently, through This Quotient of an progress, investigator is audits international this one will in environmental The of infectious exists To Esteban our a how an certification. scientist qualify, program and provide to for affect minimize young series MosaiQ help officially R&D team in the environment. important requirements to ISO will MosaiQ all our and

progress for and we to whole and for effort pleased Quotient multiple an the commercial certainly a instruments This and across exciting well It Commercial time board, I'm delivering very of El win team as have MosaiQ Khoury, done customers. company. Chief is the of to everyone. Lastly, announce I'm commercial team proud major shipped our that Mohammad Officer today, at a excellent was the making

financial Ali? call more Now let Ali on for our results. to turn me details the

Ali Kiboro

Fiscal There of Manuel. the no COVID-XX sales there while was Thank year's XXXX, antibody testing X.X% last quarter Alba fourth in sales prior quarter revenues in revenues testing by $X.X Quotient COVID of were increase were million $X.X million fourth of increased MosaiQ quarter. year-over-year. X.X% year. you, fourth an from by the

sales million, business, quarter product sales. the quarter Alba margins $X.X of in prior of distributor represented XX% and Direct the were fourth prior margins sales represented In of product to OEM all by gross sales and sales. XX% and year-over-year of X.X% the or fourth Year-over-year compared was $X.X reported $X.X of Quotient the product gross XX% million the X.X% by Within XX% sales increased year. versus OEM year. increased million

by inventory. year of sales prior with sales increased write-down by prior XX% product is quarter million, the and Gross XX.X%. certain Alba total product to margin comparison. $XX.X due mainly XXXX sales was third For Quotient year-to-date compared to the year, X% for fiscal the The versus the or million $XX.X XX% million increasing or by difference year $XX.X for of MosaiQ

of and a At $X.X last the million, expenses $X and write-down, a of Net fourth $XX.X $XX.X by $X.X losses million compared would a million fourth million year. Excluding derivative to This margins $X.X the assets compares $XX.X million and year-over-year. $X.X which decrease the liabilities, year's quarter The expenses and of in of associated with interest marketing quarter. million, fair loss million million $X.X in were quarter, is million of gross Funds, the prior prior loss of in compared $XX Supply $X.X year's fourth expense development expenses million, on a to change decrease year. $X.X million expenses other $X.X million compensation currencies. have Credit and last in decrease year. expense million million was to operating $X.X million gain management foreign transition in the fourth XX%. value fourth compared year in to a FX on administrative and to foreign increased million $XX.X impairment impairment loss quarter Suisse million of an exchange cost in the year. stock Research to Operating the decrease costs were the a million by fourth fiscal General a versus a $X.X G&A in over were loss $XX.X last related decreased expenses Suisse million year. and expenses total prior in denominated quarter, of liabilities net recorded loss XXXX, our other a the year. we expenses $X.X reduction Sales $X based $XX.X arising consisted were of a $X.X of to is the in loss the of Credit In increase million compared monetary interest gain, by the quarter. Included Chain representing prior million to in million driven $XX.X G&A a prior compared mainly executive the

the increase was mainly prior the Our per and million totaled quarter year. million Net share quarter. of increased net the share, in was number ended G&A, of XXXX $XX.X or losses prior prior loss used fiscal or operations activities compared share, The share $XXX year capital. in a the for year X.XX cash Net movement levels million $XX the $XX.X the of fourth million for to ordinary and in with $X.XX by used XXXX per working for per million to R&D, fiscal $XXX factors in were compared $XXX million the fiscal per year. or $X.XX year's in compared cash $X.XX ordinary driven operating fiscal or

year's addition, impacted flow cash payment was Ortho of upfront the In million. positively $X.X by last

$X.X and totaled and purchase the related to For fiscal expenditures technology. year million of information equipment capital primarily manufacturing XXXX,

Moving of XXst start to at $XX.X cash the at XXXX. fiscal million balance XXXX sheet, investments equivalents was million to and compared year available March of $XXX.X cash, at the the

In loans, cash $X.X million to held senior our deposit facility. addition, for related and we Suisse secured rent reserves restricted our

Supply Credit Our Finance short funds. term and Suisse in the investments investments Chain include long term

Credit XXXX. and announced liquidation suspended March discussed, those Suisse in As previously of redemption funds

in our Credit Suisse impairment XXXX. recoveries. Due investor investors year, a impairment to During fees This additional from in regarding quarter took took we outstanding information to of further this on litigation the withhold information, we is of million $X.X investments. the a addition provided fourth million fiscal to the to March $ plans X

therefore reclassified of one the March company In could addition, year recover. to longer as of outstanding $X.X in take The a net than was as total an million million and that of amount. These XXXX recovery to impairment. Suisse of company has to XX, funds maintained remaining our $XX.X on the impairment uncertainties therefore we amount be Credit investment valuation term continue investment. the subject a funds And the informed that long

significant secured The the underwritten have to support our $X principal advantages noteholders. payments as us today, amortization amendment cash. for our earlier senior to the The Manuel to the primarily of requirement notes senior removing we our earlier. lowering disclosed through equity and amended As described million allows restricted offering fund financial some continue business has with of company

to turning Now guidance.

capital million. $X.X that the will For million forecast in introducing month, per operations total to a revenue the for the XXXX million. to fiscal year fiscal of year XXXX, range estimate range Capital costs We are debt used $X million expenditures million million expenditures. we to be cash be to $XX $X.X for in service of excluding and range $XX expected $XX in of

of expect loss size the report now on We Manuel. the current fiscal let are to guidance to with me on operating call that, turn the the year. we not that back providing And

Manuel Mendez

Thank you, Ali.

Let for priorities our XXXX. me frame and activities our fiscal for upcoming company

Our commercialization of the across extended recent the most CE forward and is to immunohematology few the the quarters. important tenders the distribution looking over microarray. in our priority We're next solution regions expanding geographical of participating actively continued this MosaiQ mark following

filing We second We in first BLA microarray an immunohematology to for in calendar in our in calendar XXXX 'XX. second of of profile. the expect aim Mark the application submit We're BLA CE the and submit confident in to of disease half serological half calendar screening U.S. half XXXX. extended the

through Medical leaders. Affairs Innovator & of our our and with through agreements breadth added partnerships Scientific strategy new depth creation and have the global We Circle transfusion

percentage from an year. the company than blood experienced This We're team to XX white of growing the track have this for the built partners who the our desire in expand that regions. include and management donations forward an in exciting the We other of will an and and of executive by take markets geographies, account talented expected are greater greater global end to which menu have time of addition leading digits distribution double vision and during the on platform to nine expansion. other

the presence and in like opportunities to major We us in Asia Latin America material countries Pacific will also for expect grow. the distributor represent which

drive Following company going us runway profitable have our for balance enable extend make the our cash sheet investments recent growth, value financing, we and to to necessary creation this the to forward.

now, tell, enthusiastic probably open our As at invite Q&A. you by I can And for Rob? an future I'm Quotient. extremely

Operator

Couillard Thank from question. question you. [Operator Please with Instructions] your Our first Jefferies. is with the line of Brandon proceed

Brandon Couillard

most to want build should not main or the just And I the focus guidance commercial main the are does include the metrics KPIs? year which it's What launch that's customers, what measure the then main success are first in some view does we we against whether include number important? base, confirm installed on, externally? revenues? MosaiQ the are should of What of kind distributor of the what's numbers your out,

Ali Kiboro

Brandon. Thanks,

We launched. we're as here to opposed we number been it's to of at number this this material do of the well does that only What not at have business hard that placements you does tender look our XX to any bookings do that but channel to communicated. and number to as as have fashion that we since distributors the So distributor in our we because through our greater look not point, said include visibility we've today release channel include into that it press include and there in the given comments predict, is as because number MosaiQ just instruments sales. days tender we really it's the the baking

visibility what the guidance is as have channel we the which to, Alba our really is to as well distributor we're core business. So giving

Manuel Mendez

communicating. And also then going we're to be

tenders, of I of, there, participation participate should expect So link our revenue we'll then which revenue success in we're standpoint. think we as into that predictable. because in then direct you going terms will more yes, and expansion to communicate should so the have drive that And and communicate that a the from distribution it's

it's On go-live. that's we'll from communicating the maybe start -- tender very because different bookings business,

sometimes region. at should live, of and we some a longer. the terms As know, get depending on the of time and takes varies you the that's probably But things metrics. needs By in you awarded go by of be be will you the it customer little that looking

Brandon Couillard

Okay.

So yet of kind the that with $X yet? or a were won million of those initial those in direct decided any been orders, have you've participated distributors? basis? on And Were that been tenders have there

Manuel Mendez

We participated tenders number have initial in agreements the through distribution the there's through not is then been that and others. Their awarded.

in all fully of to the have we have There minimums. are some Like requirements those that so and place. doesn't it as them. comprehend to nine, are commitment in mentioned, a we others are revenue agreements already what So from I conversations

in to we'll the those, be So weeks giving months and updates come.

Brandon Couillard

Got you.

terms Okay. And R&D how us the capacity? that where sales capacity, to of on that can microarrays, remind is now yields us the current as you in much actually of commercial are and then just the right again to of update manufacturing of opposed allocated

Manuel Mendez

address thanks a I the Look, needs I commercialization know little Yes, done. we the the yield, that. think we've bit ready of different for it's talked in past a about making progress what and question. ongoing. for allocations standpoint, and we've We're commercial from expect that R&D great to

our We for R&D -- of speed yield from commercial main improve then that more are lines the have which implemented that going lines development, now. focus not taking then is are and to prototyping time

it call development. as to in a of and and ], those internally. Edinburg it's prototyping fast faster [ doing sort the here implemented we've facilitate some So both Prince we in R&D We're areas,

he's a good issue he's ready able our Esteban process. really done point. think it's brought great -- addition confidence for again, of lot of team, to with deliver maturity, market demands. And which the us the not of we're So being focused this metrics, to on necessarily very And I level give in a at an

Operator

Our next from Cowen. Jennings Please proceed is with question the your with of line questions. Josh

Josh Jennings

to channels? orders these thinking about MosaiQ as system through sales generating these well how distributor sales received as distributor and microarray MosaiQ for on be Wanted already the you Are that just we should for follow-up you agreements. revenue

Manuel Mendez

then Yes. it's just, And And and are not agreement. distributors that is these again, going to customers. the

inventory. active, it's generating not so customers. it's actually to So going It's

Ali Kiboro

that. Josh, I just add make sure to Yes. on

instrument the have service would the and So you it, of pieces three the pieces. the itself, consumables

Manuel Mendez

That's correct.

Ali Kiboro

what is cover. the is distributors going the with That to agreement

Josh Jennings

Thank just submissions tenders second months. Any six the of about most And over a tenders think occur you. these wanted to XX we a handle up Excellent. processes. six of coming the going of XX-month Yes. help versus in the should next XX get on months. Are thinking months versus months that third, better Or this a these XX us months, and just submissions a to about way it XX are of every about timing window? third, third? standard kind half to think Just within

Manuel Mendez

and is, Yes. there's Then the us have even There going when some the varies. before that now are posted, it they've of coming be finished. open which month in that June are to some what it's is Look, And we assumption then say to communicated I that varies. what going in they're coming on can they're to July. up

say and they then to we're well, goes July. in going it Sometimes into post June

in you to it six change. then to predict XX And They're to those of smaller, available. there's that will eight that months, is some expectation or range, a hard similar some seven then there's the hate it's I number. our rest to so vary the the would within may that months, next in we give larger. have So be and are going going number But

we're and customers that we're through will at end as So and they the participate. ensuring the we day, working published of the those and working the institutions soon as different with again get

or So difficult actually little to but they not. it's a are it's be vague when I'm answer, going know published sorry, to

Josh Jennings

on of And half the your BLA second around comments submission XXXX. you. to check-in FDA to wanted Thank the calendar Understood. in

Just of in front that submission. what's left

and start that U. of submission update any when could any Just will made? steps before field trial other on be they just kind the S. next

Manuel Mendez

Yes.

submission What in track you of are where expect what start get in conversations prepare performance had weeks. the and hey, again what It's the we now half. we're the what is I there would end, say then have has couple nice feedback -- we we that a good the trials So proven do, already and in What going we interesting And submit gotten in is this is and done even previously. mark. on submission than this what on on should more that improving this pre-submission. -- to team what a that. guidance, the planning with do taking had we second job At is the nice really really is we that, next the you then in specificity include to what's to CE

transfer And communication of manufacturer improved So also manufacturability. perspective, from the to the what that that, the tech ability R&D with we're of. added some elements excited the is top very also at team this then on point between a both we've done and operations teams

excited be So then And data once the we for clinical some news product, that this then on about that we we're enhance about already which it super CE back to and marking because of further what submit top to is amazing we come adds then then customers that submit, can that's and to we going even nice use trials our good have. even the specificities Europe product. in

Josh Jennings

of end when be think guys Wanted U.S. you BLA just a communicate Will sensitivities better validation how or this to the investment and just results to we'll bigger share verification should U.S. just process, field those we'll and present improved going And just menu that's at see results introduced on follow-up trial? community the in a trial. potentially with on [indiscernible]. field the of we the be you'll also thinking

Manuel Mendez

think I Josh, a fair Yes, question. that's

publications, it's Dr. scientific affairs. papers think I Ginocchio I we address and that look, through through is to think better and medical a for share going will

may some it. things associated see you with And so

clinical you want the don't with between. data FDA, in process of trial to sharing particularly be and the part As

sort approval, the what's allowable we those think more, and and I those. So move then communicate submit the in those it's a us completing conjunction think part as with focus submitting that custom from to on away then we the in of been agreements, the getting of soon data for and past, focus. do I whatever probably to submit hey, trials, the approval we'll and That's as without the thing again, our risking important But as possible. is once

Josh Jennings

question, you. with Thank last for just the Theradiag on collaboration And the autoimmune microarray.

You've talked about and international timeline. entry in accelerated like nice S. in the markets a U. seems in 'XX calendar

So taking program internal any today year -- just to help about to year. just questions. points next and to for next entry where calendar think development roadmap stands those the get Thanks a

Manuel Mendez

Look, we're excited met have teams now times. multiple the super

making and here As advancing of a week they this progress matter fact, were that.

for perspective. better capabilities we're an scale well menu marked. it look, and this compare and products They market. are the excited. extremely portfolio, you area So or their in their from autoimmune have known to are than organization Theradiag CE They is to the in other when equal expertise that

error go and the in lot to a a raw don't work. those lot antigen development now we're So the lower and upfront market excited antibody we with trial we selection to have because materials process can just We that them, and it's that how around timeline, right, streamline of fact faster. then -- and only are they development with cost, but the extremely partnering our we fact not is of

the works, a on performance So come access us huge, huge quickly, of is already factor able and something really they to characterize rare samples and in market that's validated the that expertise that to samples to having product. help have much more also being plus the

them, And faster for of so again development, why -- we message which overall in the key I And lower things it's process. that's is to know, win as the that key do one for and this is, of have think cost us. market for you an win to

we about the So very again were collaborative. partnership excited super and

Operator

BTIG. your Mark Please question. with line from Next with question comes Massaro the proceed of

Unidentified Analyst

on the [indiscernible] Mark. for taking is for This Thanks questions.

mix for? market that So just expanding us the could you secured in to opportunity? tenders orders, much the Thanks. given potentially does in how XX any And about on to conversations that geographic this overall And million like? about you SDS what just account of $X.X you that are think how as And well? remind looks

Manuel Mendez

Yes.

look million the including So way S. and because look $XXX we've not at U. we point know immunohematology market. the this as overall, you we FDA look, to it's accessible look, at as waiting We've about started tenders the that at outlined, for approval. if the current immunohematology that's were

that it's at about that, we that probably million of of that play. tenders then of and look that's at about If some through the $XXX market the So it accessible. represents about million we is And XX% it's discussing. XX% the have, that is that $XXX tenders EU, we're

potentially So play. in if we look that can at opportunity about -- it's probably of about $XX be million

access some of then that goal that look those our figures so part have at to and of as is And process. to

question? what So was sorry. second your and I'm --

Unidentified Analyst

SDS. Yes, just conversations about expanding to

Manuel Mendez

Yes. I think us. huge is SDS opportunity Well, look, for

us is the of the it Europe of would full world. from first rest get half accessible. of next We XX% gives in to about that billion. Again, that in the market market it's globally, access expect approval in It And the $X.X be and year.

So XX% in S. is the U.

in another to -- $X So than of would that terms so million. look gives us then If access greater opportunity. opportunity at IH, access and look at we billion we be $XXX SDS between If it the SDS as just we same account, we the can opportunity time add that immunohematology it be whatever idea platform. on used win then on have becomes the an immunohematology the an because is we every an account,

the Once tenders SDS already that are to and any so now. a we wins that opportunity with the already any look, on MosaiQ teams with all installed that play, And available, leverage opportunities. both we of the customer the have and for opportunity also it's leverage and available, placements on in will to those those that a that big not influencing sudden only we our just identifying the the and those have we'll So SDS, both meantime, be base now would are platforms. us in represents launch know have actually modalities, a that immunohematology same tenders the ability in

again with changer big today. have this what to So able to is engage be ability to a they respect game

So they're very on excited in same account. same the SDS of with the about instrument that. the also IH We're impact partners already analysis on some doing some and having workflow

then anticipation some the next year. we're to have around papers in So be published to of that launch looking of

of month. So some those to the next out we in expect things come

Unidentified Analyst

follow-up. Perfect. quick Thanks just so a much. And

the in approval? R&D towards in As far autoimmune allergy progress Thanks. as an pipeline, updates perspective products and any there from

Manuel Mendez

Yes. I Look, very making working mentioned Theradiag our we're progress companies like closely both great we're before, together. look, that and

project have plans We advancing.

steady on an side. with very instrumentation basically become into giving is excited significant that leverage an have autoimmune start we be opportunity capabilities we'd capabilities something just could control opportunity could access us that way. system, and to microarrays, $X clinical access same just billion into be development us. to razorblade to of significant us add for then just with that and Theradiag it's give don't just then they And account able expertise or it course the like platform then model of the be And add to allergy, revenue expertise helps get we allergy build opportunity the to So the again to account, Once which for need of autoimmune identified we're that incremental of autoimmune for us. an this to that for those Theradiag and creates which razor solution, other again on a assay the also microarray. then Once development, we that develop also is that and the yes, it the represents applications that applies

for everyone. win-win a just it's So

Operator

next question. proceed Our Goldman line from your with is Matt of with Sachs. question Sykes the Please

Matt Sykes

that question Maybe SDS. instrument? outlined you last commercial folks similar you last a in regarding EU SDS acceleration SDS. expectation be question, to the you half on? year. is from capability the there be up that just to might an for following IH that of Kind with pursuing MosaiQ add in an terms when comes of SDS launch availability for conversations and the momentum who then Would are prior given on next waiting Or at See of first guys first to of the having

Manuel Mendez

question. that's No, Yes. great a

look, consolidate So are today cumbersome, from sample. into offer now. of multiplexing is IH the potential from the intervention. also look are competitors, all instruments They every they that single customers many to manual. extremely They you we're when at MosaiQ, risk cannot great what other integrated into cannot the capabilities that very Because for user have we activity have the right they seeing Why? with on available get specificities the immunohematology

able to very the appealing we So they that's That's now. be adopt on the feedback to want again immunohematology. received and

and opportunity you then on going incremental with them from to top microarray value Now when simply and is a staffing an just certainly add adding MosaiQ SDS onto being can IH, the that perspective have the other screening to and we articulated then that, that it's from that be to a available, benefit which space for the splitting. is just us they of serological the disease user opportunity that that have huge to platform, once interface, they --

on many so other things value they there's that. So that

together. value. when as before, -- that's further benefit can I it's I so demonstrate the top not immunohematology with becoming evaluations oh, stands we are own where get it's its IH. IH I'll then doing now I workflow of get then customers, on the to on extremely now. creation discussions think immunohematology, able I on SDS, only we're even on opportunities And for be then get appealing, but And other to and an this anticipating as mentioned SDS that, And yes, So the

So be address that. to to able they're eager

a on not people, on As challenges there's There's budget. challenges challenges on staffing, there's lot perspective you on know, today. workflow customer a from of

extremely we So all help address valuable challenges the these for is that can fact them now.

Matt Sykes

by the that about? trying kind about duration award and not just tenders to then terms varies before, there's thinking color to they standard in is a more timing or to it is cadence if which if you just between case? that lay we in award tenders, between there wondering, submission And of time previous these gave lot be But just or think questions. I but case should out, EU more I'm the of just tenders how about a answered I'm templated of a of know the submission you of a for

Manuel Mendez

question. good a That's

it look, varies. So

there's So no all. at standard

go at we indication could would Then seen normally, you But the you've their we're anywhere they're You've XX the normally seen we days, from up from least And longer would normal end, a kind say while can today. what is where teams in I expectation is when we've normally technical XX that, one, three to the to to confirming within I it ready we've the that financial, and of customers you submit response, on between days it seen would days, We're a is is with XX know to they months the that, that as takes or participate right? some go maybe our focused days contract, team go one. In ready what ready live cases, then situation, at we're would tenders what to we in it application. our expect months. as in XX then be But are that. our tell and you take takes ready depending expect are five process, with get what longer. on year. go, that we're -- But submit to should some seen, implementation between sometimes on at where a longer, you that is to it we

So with and awarded ensuring the it. ones very yes, we to understand we that that clearly. augmented But people this we it. can how understand seen of area. experience we've We've We've in have done are lot course go timings then the the accelerate a process live. again, of we And

Matt Sykes

you. last And Ali, question, then just for

Just given expected then done? night secured all that year, of point at the cash of financing you've the things kind notes, kind is you last and duration equity in this terms for the what like of usage the runway outlined to amendment given what your cash next CapEx and senior of

Ali Kiboro

on pushed next we'll our able senior previously work great has we things based secured beyond was our to So way things to into the for XXXX. senior the have note on think we all things work given the on, time year restructure we've were how we We it out we secured these. the that out the other company were done, noteholders been This it runway and to continuing had are continue that that amortization. working able the knowing that on important into it to push as as we're all well

lot it thought up. gives flexibility that the were consider a of terms principal amortization there we helpful very without funding because of that was payments us business in So having to the fact coming for

done we've for become with and pay Ortho. whether the of that thought much to to that able the All similar now this factor of easier much like we're funding given things to like business, looking terms at was more helpful partners principal. R&D use rights near royalty Those reduces to really that or much, looking term excellent. [grant] we other in that really been distribution what strategic we've to do rights, come or to do So it's proceeds different amendment the partnerships,

really into three So pushing flexibility XXXX us does years almost runway. million pushing give out that and and $XX out

excited we're about So that.

Manuel Mendez

day forward. age in and a what this we're this fact know senior the partnership is can that thing. going a they've extremely say have like that I company. support us. note can that the the which But shown that I to say say secured amendment, Frankly, great cooperative we signed that that our add to to And today extremely that to as testimony environment able Again, that And have would I this process, we partners have be that that to facing. expect have helpful. companies one don't many been is we with have macroeconomic we really it And and to

again think have executive team. great we I a

credit think great on have I home. driving and Again, the is forward to partners We investor side. both side, great supportive momentum a we the the that board. very on again look

Operator

Thank you.

question-and-answer the We turn closing for Manuel now remarks. end Mendez have the the of reached session. call over to I'll

Manuel Mendez

of for I've progress. team reiterate in terms you thank so guys. proud what before, questions we've mentioned like I to a what all made as just your Well, would of I'm

will and transforming next to fiscal We rest the patient drive the very day. much year care. laser very enjoy the focus empowerment and continue our you of customers Thank and

Operator

today's concludes This conference.

may time. disconnect your lines you Thank your this for participation. You at

Quotient (QTNTQ) 24 Jun 222022 Q4 Earnings call transcript