OCX - Earnings call transcript Q2 2022

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Operator

Good day, and welcome to the OncoCyte Conference Call to discuss the Second Quarter 2022 Financial Results. Today's call is being recorded. At this time, I would like to turn the call over to Caroline Corner, Westwicke, Investor Relations. Please go ahead.

Caroline Corner

Thank you, operator, and thank you, everyone, for joining us on today's conference call to discuss OncoCyte's second quarter of 2022 financial results.

todays on press the seen the please not website company's Investors you've financial releases, results visit If page.

patients factors uncertainty Officer. the specific described may Anish Joining company's Ronnie me identify These this Chief limitation, conference and and/or or make company results that Andrews, or clinical events these the applicable commercialize need are like tests, strategic transactions, the Financial John, maintain projections results Ronnie. a results President forward-looking of theCOVID-XX and outcomes resources call, remind OncoCyte's on and and in these differ to otherwise, results to Chief the be disclaims With the of over commercial Executive to during analytic its risk today's to failure certification of technologies you and or accounting of expressly our to anticipated capacity changes factors I'll or effect I benefits, those would statements, ability rights, differ that call inherent in jurisdictions, reimbursement will implied from analytic under potential inherent turn to as capital, cause regulatory that, is failure from the the or include, without Officer; statements realize historical review in controls, development intent statements. forward-looking accreditation IP the call forward-looking what may risks and risks applicable you materially operations. regulatory, or actual to XX-K such required and supply consistent estimated by greater legal, for OncoCyte facts possible the or except pandemic and without expressed materially quality obtain regarding trials commercializes, these develop to the SEC blood any Form third-party obligation We third-party update events. diagnostic to Therefore, including, sample on as future law. laboratory scale, statements test provide allocations may Any our statements. which associated statements. than to obtain future forward-looking system forward-looking XX-Qs, our on any and the use company in to and that not the filings, need diagnostic maintenance company's are uncertainties of of with and the precise encourage political approvals, actual and limitation, may commercialization any

Ronnie Andrews

focused second value. allow on but expenses in actions year million to been role I'm identify begin VitaGraft, to has modernization still in over to and organization, DetermaIO delivering to Gisela his by previous These required on and still last combined taking to important that activities, product for we well Thanks, of to Caroline, that headcount sight more how happy to reprioritization half role start burn, strategic reduce to count we're being Today, to and operating reduce of In on the to focus our Both OncoCyte will new million from Paulsen the current expected interim. COO, process, our mission. we monitoring. to QX, market to the announce licensing annualized. President Investor team by Development, of of current and size fulfill to to allow Beginning reduce than through DetermaCNI and me reduced product working the deliver as of us as cash look will the I'd of from cost revenue over progress and with the on company, assets emerge a opportunity to order when leaner decisions reviewing to annual by as day-to-day. operate programs. have weather storm CFO that savings core our reprioritization resources in burn, today's lean promoted launches everyone. XXXX, completed promotions to Relations our reduce and launches. will update has investments significant team allowed enabling the That the deliver and deliver while I'll $X.X products to cash recent head on forward The market conditions, to deliver our imminent divide our this been welcome, to important are our operating anticipate and are When able priorities Corporate us line $XX enter the while operating costs and promoted QX was and the savings into rejection a the our they next reprioritization preserving and with with working XXXX. transplant and moves allowing while deserved, resulting product conquer our us improved compelling Anish right carrying us the our Business a some the began shareholder like value-creating leadership ways company short-term cash delivering discussing John I

test of Chronix of the more of we branding, we also you TheraSure that story in those been reflective transplant. VitaGraft, our who’ve use following Biomedical, For since intended the from to is noticed the believe rebranded acquisition

followed transplant April. to to by the our ahead validation complete effort submit milestone combined also for deliver key reimbursement, become transplanted and As leaders our Clearlab phase important on program in April. this kidney in now dossier interest half first Responses this the and of submission technical we recall, transplant U.S., laboratory Since community. validate of resoundingly team on monitor that routine early end have been in our test I'm test required for allowed one test launch which the transplant then from our clinical effort the important of with later team CMS very ambitious last Clearlab R&D the and then June. liver and to adopter set today, month. into accomplished to for the in and to We focused largest already the opinion our to team liver the ’XX. begin from we us test we'll early the out signed schedule transfer German the R&D for have With a late use monitoring in by dossier positive. we our have for samples there's sending complete patients encouraged projection an proud no liver will very of you first of expedited of our KOL the liver. Nashville centers believe our in liver of test clinically likely fall, with We're of in effort our our validated, liver the late Germany goal to molecular This entered

reaction working test monitoring the our will fastest We're set fortunate product. This, to on ultimately something us in and also KOLs part. attribute workflow, test in to through course, streamlined deliver results liver, days version develop or industry. we for efficient cost experience an workflow with across chain to the differentiate We've and we OncoCyte X time redesign report when with kit allows work the and results efforts. indeed product feasibility the free now that progress confirmed a made we cell that systems turnaround competition. to PCR ensure and we'll with and the our are IBD creating a the kidney vast assay of within process is to patient goal our of that believe position from in DNA the launch polymerase we and has monitoring digital to have results several of is the incredibly platforms transplant liver We've consistently as delivering application a in to soon kitted instrument democratization best monitoring process X begin the PCR democratize donor-derived have development numerous allowed Our us best our expected market, and a for a

ready trial liver we There instrument our the publish few commercialize next performance we speaking about several by to data, program for For XXXX. for milestones will in potential completion and initiation announce to track our and are coming but months, are strategic be reasons, feasibility our the platform until not as on partner’s watch we're early VitaGraft of specifically we products.

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we decision reimbursement from Second, expect CMS this fall.

complete we year we in once we launch end in site Third, market trial of so for product finally, plan to feasibility trial clinical initiate the fourth, XXXX. enrollment platform full VitaGraft expect IVD can in kidney for a the that to reimbursed. the that of commence and by liver early And QX kit

gene our microenvironments which to suitable immune-oncology expression next this program, candidates turn DetermaIO. physicians oncology let's you, are to assess Now to remind is To flagship therapies. help our determine patients for tumor test

see our this ASCO in for AACR including Trials Our data the is study. importance paper We DetermaIO use Group, early for well fall. for across cancer at Adding our second American a cell they the in data from a shared non-small biomarker to fall. at and as Clinical DetermaIO now the prepare meeting, insights to now or as accepted reimbursement cancer. this as presented [indiscernible] from test released a Oncology, submission lung where slate randomized the adopter valuable we late-stage Then cancer, CMS we that major program to the our its in AtezoTRIBE growing of quarter, the if the we positioned early-stage cancers. from on peer need trial last this in had Society results have June the Previously, presented supporting DetermaIO Clinical solid at sets ESMO publication. negative of bladder breast metastatic us in and results to third continues data triple for we We meetings, type various NeoTRIP tumor TNBC underscore tested of have test review meeting, milestone as was

clinical Atezo. plus As trial received reminder, randomized placebo is where the care drug, in of Roche standard a patients the a metastatic colorectal or AtezoTRIBE cancer,

predict for metastatic to the no I encourage takeaway eligible DetermaIO subsequent expected in patient allow is The the to cancer other you principal therapy. data branded which haven't to population enrollment so. key checkpoint in immune immune presented a to at cancer to the ASCO confirm population had a you we protocol. chance AtezoTRIBE treatment the found. a for a on If Merck ICI life-saving and KEYTRUDA. data use or metastatic released date ASCO, using drug, that and not Also set triple-negative The And are all demonstrated new inhibitor has is the of these of expand inhibitor review DetermaIO immune checkpoint the is at findings. data for superior into investigator, uses. market whole colorectal agnostic do and DetermaIO to may TNBC, new response DetermaIO cancer, found patients comments o that biomarker previous and patients accuracy colorectal therapy breast today, metastatic physician

released of we cause Finally, that and platform new gastric now we data partner across DetermaIO all have of therapies. cancer channel world this death at in on feel major outside X for patients of immune U.S. the our third over the version We in leading now tumor validated of cancer, X,XXX kidded are important rest is has the indication already and markets solidified ASCO, that in DetermaIO. X been and working types

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of licensing products deliver the I'm Some strategic support our VitaGraft Expected months reimbursement for for the financials. tissue-based mission. of At as advance cycles through various TX our of Anish? market for assays. on like call we your our milestone next anticipated our X DetermaIO to grateful on Nish development launch reimbursement point, of receipt monetization I'd the subsequent assets submission to include revenue-based and for through keep and turn the to eye key to this our test. over an to to planned the review John full

Anish John

everyone. Thanks, hello, Ronan. And

quarter the XXXX quarter-over-quarter year consolidated of increase million to Our as and second million, slight for ago. period $X.X were a up approximately a $X.X revenues the same compared

quarter the down $X.X Rock second We associated $X up payment. in $X.X million final related licensing year-over-year. revenues from million, $X.X the quarter with Burning Second DetermaRx million revenues in and were million sequentially received milestone

Our Pharma quarter, Services of second business and increase of quarter-over-quarter in million the million generated million a $X.X year-over-year. decrease $X.X an $X.X

ability of diagnostic predictable to quarter same discussed second continue we period from XXXX our million approximately and million, amortization will and in from have license increase We intangibles. deliverables in for likely the million to $X quarter Thermo expense in fluctuate and including $X.X year and approximately kidney prepare of which $X.X services do expenses from DetermaRx DetermaRx be related diagnostic million, will site to we platform Services for and to for performed IVD enroll work $X a under our As Pharma for was continue was we the kit which partners, costs of customers, were Pharma our as our believe future VitaGraft fulfill quarters. development in and tests our and and Fisher, and trial grow of development The increase Research pharma revenues for DetermaRx depend headcount second agreements an previously, the revenues noncash related partnerships. the providing to via revenue and in partner's from the more and Cost cost ago. Services headwinds testing services for DetermaIO quarter-to-quarter. to pipeline begin start-up R&D patients expense to our development a have trials, of liver we QIAGEN million $X.X on order of face

ensure also sets to We success to clinical submit trials current DetermaIO we R&D reimbursement. statistical to support power ongoing to as to continued our activity gain CMS for data

was completed the offering QX VitaGraft for of and the our validation to $X.X efforts of Sales prior to million, DetermaIO our and activities in of continued an period million, for same year-over-year, in primarily launch in the we transplant for Chronix same product the support marketing as the well onetime $X.X in XXXX of XXXX, the administrative expense commercialization General million as our costs and for decrease Additionally, million $X.X transplant acquisition-related commercialization of period Biomedical second the $X.X DetermaRx. and business, first of was a increase of preparation marketing for new primarily in the of year. headcount of ramp and increase XXXX to CLIA quarter quarter new business. the expense attributable sales due an prepare for

increase $X.X stock-based the for operating year loss new employees. same Non-GAAP for second and quarter increases year-over-year, provided the $X cost a this million, as included quarter-over-quarter expenses cost, for decrease GAAP $X.X many an general million our tables inclusive $X.X the the of same in release. a non-GAAP XXXX million of administrative compensation and as of loss were adjusted period year quarter a compared reconciliation these earnings as financial for standard with XXXX period compared as a year in second of ago. was onetime between GAAP was the maintained losses $XX.X and our Excluding to prior hires and increase living of and of million operating decrease million, cash We've of a operating a to ago. reported

$XX.X $XX.X as period XXXX, a of we $X.X of compared GAAP reported million share, share million or and For increase $X.XX $X million loss a same second decrease net quarter-over-quarter an to to per as million, a compared of $X.XX quarter the ago. million of $X.X year or per

the to balance now Turning sheet.

stock June quarter, As raised of $XX.X restricted in common the equivalents, cash the first at priced $XX.X had stock second an two underwritten of million. the of fourth tranche of quarter proceeds quarter XX, in and we cash, net we in $X offering this tranches proceeds expected with the offering year. Early in securities cash from We market. received of preferred second marketable final million million the of

several these to current well including and currently assets. as are as U.S. confident we commercial forms in with feel ex balance lines tests XXXX. certain the capital, opportunities take reviewing with for markets, partnerships monetization provide that combined licensing and of capital non-dilutive sheet, the Additionally, lease options our sufficient into of us company cash We non-dilutive

product Over development reprioritized we the focusing and on headwinds first continued approach to more investments for prepared a instituting XXXX, of by product market sequential our proactively have and portfolio opportunities our and half test in revenue launches. shorter-term

in over to we Specifically, we to rely clinical collected reduce the of the for reimbursement XX launches. product to XX submission months to the and any date invest data next subsequent support in plan trials the on number

match cash of to to operations a our these in our of and by et anticipated the decreased expected reducing clinical reductions, that revenue In costs million reduce cash combined on by have approximately to we QX, over to basis. an expect $X.X focused used growth result operations DetermaTX reevaluate $X taken cash actions. without Rock, including in the headcount In Net taken organization XXXX DetermaIO. the use beyond million has carrying investment marketing million the milestone end expense and was severance better trials, quarter from growth timing and We our XXXX investments of half our launches of the to agreement. The quarter, the payment enter control primarily optimize sequentially major and enterprise priorities sales due have as test coming the incur down half management spend cash rate a anticipated we combination the benefit $X with decline by cash $XX.X first We $XX new and planned reducing annualized force charge trial burn. to our of the a reduce received hiring more million plan first rightsized that planned an efforts expansion used and for of the these in to focus immediate step focused licensing on definitive with once impacting the and we organization have summary, is OncoCyte. several the capital-intensive a of the launched of of investments, million Since the our Burning to expect activities cash wind numerous future remain rightsizing quarters, the prioritization below burn to from high-margin and XXXX. of of the confident the value to expect the our revenue of burn studies half quarters. we below to In million, potential burn from quarterly long-term first we reimbursement impact the product several actions for will allow $X second us match to also

plan market question financial Sandler. Instructions] call Operator, you. please Thank go remarks Please concludes for David open Piper X first launches Westenberg to weathering We the will deliver quarters. with over on a the committed to well-constructed are us position critical product X we Our That believe of headwinds to my next ahead. current concerning from highlights. that [Operator our questions. is the

David Westenberg

on for way incremental color the Hi. taking transplant, to like I the here. all [indiscernible] questions, here all the Thank the the commercialization. you really

sticking that liver Do the on So terms what can what's and me rank think same to that your wrong you are thing, about maybe out that Or go under things time then going your And time? color two way just what's of is you kidney receive just outside frames. - laddered give you trying or of different of to submitted your of some control to at so… could reimbursement control. expect control? the reimburse, kind in be versus with order, the And I'm you

Ronnie Andrews

those. for question. Great Thanks

the one with me start Let first. last

though LCD are be I and been like have think that someone established liver through that for today was kidney process. it to liver does and did will - as date not at covered the those $X,XXX. knew We easier. pricing and that We an written any to even test knew LCD heart, about $X,XXX not

And so questions first we begun ahead go early we could have and already we already the which response wanted so received liver to. that have submit to bring get liver land round

So questions now answering we this were received week. We questions those last those week.

expect to questions to of week. next those We have the return CMS back

We them to always so kidney expect an that questions have we well. were questions we expect intensely for kidney we mostly questions. but some as don't as expect get liver where around We'll follow clinical is some which the be standard. turn utility,

utility be and have it's and as but important KOLs, the kidney kind of our we've expect don't And will we on have part that so of questions. types very about doing response we're our to been that we gracious of those excited what many we're in And liver.

And we so submitted them.

in workloads. both. time we October You incubated is cloud frame, and put This in we've a I’ve that since what really is the workflow control TCER a But Water our what's I'm right What's the solid kidney than our in less in really together. a lab well And for the for getting out it our doing excited know, in liver day. CLIA Bask workflow, our redone is It long team [ph] really, of the we hoping now time somewhere end September, and the control. up ask you of – responses and as

push day. logistical that so And over that around parts a the it's it

an and very the can that. targeted liver give this, them has response time call, solid So typically, a excited under about has everyone get control on current have XX XX how blanket and can centers, which how the CMS metal your we're frame in current there performance. frame been get is ourselves a already given we Well well when see execute What you actually test the blanket on they But obviously you of for control for given those LCD, we we questions the and we mentioned, just the time guys control, are is for we [ph] and do within timing high-value committed. control outreach backed we environment, [ph] the up, just liver been can to - you come under there. larger to aware you but did how as We you've answer. LCDs, a is and bills questions the days review and

that - but time we time those on can't obviously we're predict can't we're hoping So those frames. frames, we

and hope can answer thorough So to, hopefully so. claim a we soon respond David, on they that is as just want good when they that’s that’s but were CMS execution, focused they as

David Westenberg

the maybe to then a go that time answers in And it's on line. different Yeah. liver implied – let's back

So - mean, XX whatever the to it's I it's after submission, – around some… I the whatever don’t XX know days, not

Ronnie Andrews

basically David chance another have then first you - XX XX in from round a respond days they have with for days and you the Yeah. answer to that point. and

very our next from That so week, that And for they them questions get we answering got XX answers, hope so got week. we're We us days back not – we this happy sooner. to to hear liver. next the somewhere their they and back on will if timing did at week for we’re

David Westenberg

Got it.

back a you means your Relations day changing And some outlook? of - on layer kind confirm kind I of Investor that in everyday it. of kind just to Can terms just of going from I I can more appreciate about And backing talk - kind you here. what I of day-to-day? operations. you Okay. every heard your bit believe little said of layer correctly. that other to biz-dev then at roles want away you're and touched another you maybe be that than take

Ronnie Andrews

am anyone management, get to to point Roche, Exact a of be with time more in from since some product I'm launched please what much to can Gisela I was have I going I the she active. and the am more where doing strategy and field. came to - development But this since David. a operating me where investors we're oversee a experience, that and it And time from doing personally She more in launch operation Netech lot She and been professional going oversight more she's lab, take lot it very and long at and and all Sciences with impression at very to need the of time. don't I've active. fall in imported, programs old had program that. really a have the project here I I've with PCR been point things on internal years. work, launch just corporate incredible time management, we're experience transplant are be not an I a certainly and that want gives the world. do the we I'm Paulsen. all Absolutely, products

I'm So that. active going be with to very

as of of And couple already COO interim and execution it role now, more for opportunities. on so step revenue he doing I'll growth revenue obviously, a have of to before And stepped him. he love she'll on she's what and the manage bit was a he little generating very in in was excited, company we take to - months, more and operations, and Anish, most do then with the, doing having go Gisela we're the focus but get on

So incredible before in right he in of background portfolio, he now great very all operating company need kind is is a which what as we now. has were CFO, finance, which stepped time

David Westenberg

it. Got appreciate it. right. I All

don't questions. I'm Just want because other I'm take first, I to any given that

that on you more need one power next that? little not, Can something. remarks - you short correctly don't or just I the bit that. misread really, because heard think in the really probably I clarify a mishearing maybe you need if be it's know keep that I patients. Determa, prepared you delayed Did I I just would hear because

Ronnie Andrews

to fall. clarify. this track on is Yeah, me let submit Yeah. DetermIO

are types, it [indiscernible] these are that could out. believe and the a peer-reviewed are we data accepted. actually we we X - last we we we We check, in on tumor We’ve have before waiting powered submit. a - That's had - these the the one check publication. acceptance have have Those manuscript of to to criteria are going in to

and will And well. once accepted negative are TNBC are lung and get hoping X non-small the bladder, X cell lung to go. as accepted for so for we other see And all triple those

message need the that, we at and X are we So in most the superior more we but we’re sent going those to list. add but will modeling. you a to the you colon as get - really that how with to statistical think But ready to paper before power. have power guys the market output colon that last more can submit all opportunities indications. up with necessarily, I not need David, We're about then We lots any did we're think data we following ASCO, go and just for and of going are the on we there, don't we different quarter

David Westenberg

you Appreciate. very hop it. Thank in Got I’ll much. queue. back

Ronnie Andrews

David. appreciate Thanks, Yeah, it.

Operator

of go Our & question ahead. Please Mike Needham is Mattson from Company. next

Mike Mattson

Yeah. I I on Thanks for VitaGraft, questions. few a got my taking guess.

terms you're launch have own you'll of going of and versus version. doing kit you actually guess, in in then it, your be a test lab it's when that I So a kind eventually to CLIA

take a at be limited be So off in kit? a the do which off difference think the days then you the take you're you is to kind of And for really you offering? CLIA launch? ramp going could think it there's it initial do when kit offering sales they or of just to how rate in Or going going versus or yourself with kind the pretty of do the the and to strongly the of early terms

Ronnie Andrews

knowing tests the there of to from We couple the is of Yes. heart. a liver. how sort if using market kind The types you kidney have will, from these to use of Thanks one liver. gotten people now overall, we've benefit in no companies - in and is created feedback pioneering that the of market

very positive And some high-profile did outreach, got very centers. so some feedback when from we our we

but are in adopter get - to shift And to as logistics, And day logistics we really that and to our require so get Mike overnight it tested our within time, we today goal now place a is but going early as through phase those XX that's we'd turnaround our lab. or hours, play like within haven't also by - the the onboarded sites we're yet. our can to in of putting many

to liver idea it would by be reimbursement, and we're We'll market, the get And so go get the think hopefully we that to very kidney, October, to for once November ready after go obviously, ultimately, a assuming up market. that's dependent we would that we kidney all best in open centers we when market. do our

real to economics the get transplant by test that the plus I transplant new that nice themselves because are the pathology opportunity of centers as be adult those growth though, turnaround market lab we'll honestly, that. for think But our those And to economics, serving market a significant. democratization are the participation business sort the says product. lab, and event the don't that in centers afforded time, create as us, simple – in economics research a lab that And we do for sharing our today they we kit. all expect for the catalytic will economics, receive those

And do ramp to on and goes. planning a products. we so, expect kitted – liver, into on get But we’re with revenue on planning we liver we're seeing in how 'XX rapid over are before we a that 'XX going

Mike Mattson

- I that of on Got have the cash And said, Okay. question something in a just burn. Anish the it. on then terms

million going quarter reasoning Is apologize more that he million have $XX revenue $X there… that to I the and and said be I didn't a to or it's would you under a in but under decline. timing if So then get because think that I start the to it quarter, fall and all

Ronnie Andrews

Yes. made We're studies clinical No, projects It's a that some down funded some I’ll things let combination fine. It's we the give a deep Anish and that headcount were actually we of it's commentary. of reductions reprioritization combination, recently, in winding funding. now.

know follow. they the most guys have So you now with that of conversations this, - analysts I think you

to You studies high-profile key community have do last want who brand very just because to is high high of do the we thing science accounts, and oncology that. and thing plug And these we go leaders solid want then very these study complete publish. with of run the want profile are is, and to month last don't a a we opinion very, very the day,

will Those we are going over that time to study. we into have going So the off we head current bleed continue year. next as trial

the of comment us modeled enter that it you that. Anish, lift can of headcount probably add we as revenue under million top XXXX. So that? And with operating in on even from $XX $X there, And burn that nominal takes about million some then the reduction half made in expense that second we combination to reduction. on revenue a you will of you reduce revenue or decisions the

Anish John

$XXX clear, quarter to is also, confirm just first rate just the per too. Yeah. the in that's And XXXX, burn timing really the of so million half

Mike Mattson

Yeah. Got it.

right…. All Okay.

Ronnie Andrews

really to mean and I I guys visibility. transparency Yeah. incredible mean - we're trying give

environment. Now, from We to XXX XX.X the I operating think QX it's given important market to QX. went burn in

to every as getting for this So we charge done because well a We a on us in gives sight But believe on line got that us committed a established the levels. the XX% to do for these do nice new was we that a burn have stuff really we're year costs to bleed we've can’t we've once do based reduction as, and as TAM quarter from impact of severance modest need infrastructure studies. account reduction lot this. We the the off significant next some revenue quarter of internally. we of

Mike Mattson

out just Is that then I not trying tests that you're coupling services. into actively is is - something. really our it XXX,XXX guess, that want out to more drug there company? use and that approaching focus Or running, can to is And want was Okay. that I for mean, something like that, a the grow mean material? farm - I companies you and that more it have something just to along business? with build some or is you're you

Ronnie Andrews

Yeah.

expensive sort the are reduction in of effort did on commercial, pull there. commercial on the those part of headcount, we expenses, our As back

are doing a have However, us pharma. This – in are that us C&I And news dedicated services lab we Nashville around for areas the things things in as for within to we with certain verification, pharma team doing we transplant with and R&D call development two we do have lab well with of good don't QIAGEN, DIO will projects them. Thermo work R&D the Those have is contracts in either long-term DMD, And what is team. Nashville. as and here, continue. validation, is around some we do long-term arrangements, most one that one relationships,

though around when we the And pharma those though, time. that patient turn they're do, need working have can is so turn their because flex on not time as project, and transplant to every - pharma essential day when around time a perform we when activities they is folks they get and from what a as project

headcount contracts. to grow increase done with doesn't So mean of pipeline doesn't we're we really able of to it have. nice pharma worth headcount pharma it because we our flexibility our service have the business. a have And do - work already we $X have get pharma there, to million We

challenge now. can is biggest right we're can build complete our study enrolling fast Our that’s problem we pharma as and we for, need patients we as get them so isn't to, the and having big that

Mike Mattson

Thank Okay. you. Got it.

Operator

question The from Thomas Please go Street next is Lake Flaten Apology. ahead. Capital of Markets.

Please Mason of ahead. is next Stephens. go question actually Carrico Our from

Mason Carrico

guys. Hey,

year-over-year, here. see volume may ASP growth it have sequentially. ask declined to Great like seems the wanted but to a DetermaRx Just couple on

ASP just start to standpoint terms XXXX? an from to some and maybe I there forward drove as your going in color get we what of And then to what get closer hoping XXXX? So are throughout the was decline then expectations

Ronnie Andrews

and you for do show Thanks Mason. it numbers the actually take revenue, the the average it when building that class. by asking wrong because just because divide Yeah, AUP by we it doesn't

in so some unbillable. And are those of samples

somewhere means you for with you collectible which Advantage solid In were much about revenue renders Medicare end blend range, from which commercial AUP $X,XXX somewhere were and was breakdown. is a our case RX. Medicare XX% very volume that $X,XXX XX% was at XX% Advantage. a samples, up and that revenue - let when give around us. the number in and Medicare, at $XXX,XXX about samples billable meaning the a AUP So everyone Medicare about lower is quarter, That not that our they Medicare AUP, me and of of per

number X It's that time. tracking and We have the come X,XXX-ish Xs now the into mine. bee low high over over up and now X.X the in

see at getting we're do challenges. we So our that

building a billing that while of because our have us as has little some get we've you a increased imagine, us. as increased the might commercial backlog it to And to pay sample We takes volumes. payers backlog

as show And come it – our match up in. with the period samples doesn't in so same that the the doesn’t up doesn't show revenue,

hopefully, the you that gives So some clarity about AUP.

Our consistently Medicare, at are around Medicare $X,XXX. samples coming Advantage

push. is the that of revenue so And our majority

not think less, about you modeling, commercial as so you And obviously, to but which a high percentage. much is well, it's need payers model the as

given So the product us, we're right Medicare for AUPs mix and advantageous now or the really mix Medicare is such for Advantage. getting payer high

Mason Carrico

it. Got

just maybe then the center And signing Okay. on transplant on. large you that talked about

the be transplants detail of quantitative terms you're be give of if some doing of liver you to going but any any can volumes number about stipulation maybe would give helpful. any this around And commentary, they're qualitative in able capture or can there sorry patients of incremental I and that the to if that missed color you there's level

Ronnie Andrews

interested are early help so to been account – environment of much. in a us a to a the I'm program and somewhere under that that these number And the a Yeah. program. so That's - for call gracious XXX KOLs like just there've this probably trying to livers some trying between X being while not out and we'd hypercompetitive because keep we year. have doctor I'm not does of to part And these it's joining

to So than kidney. think is the liver about going be to different utility if you liver,

they - You're total transplants. year, year, you about say a then have you XXX know, X, say, XXX can if you probably a looking XXX you

or two So are, I you those XXX XXX about get XXX every that's liver were sorry, of tests year. two if XXX about a total year, those of transplants, limitation, am tests XXX a cases, samples for

per kidney thinking $X,XXX That's are, XX. start heart and XX, test. can what the You reimbursed about

centers in XX of States. a of You can start for. the There's United build about types to these case

cases liver year, start around a And I to neighborhood. liver at, so X,XXX think about that think, you somewhere in

important to hard. nice have were we advantage us we since got liver the obviously, and But turnaround for - very And rapid well very as competitive a we time. a out sort but becomes a nice you've of market kidney liver, first so so as in have

Mason Carrico

Thanks, Ronnie. it. That’s helpful. Got

Ronnie Andrews

Mason. Thanks,

Operator

of and reached ladies like gentlemen, the And back Instructions] session. question turn [Operator remarks. the Please to closing and have Rom to answer would sir. I go end call ahead, we for Andrews

Ronnie Andrews

to fall speaking to Thanks, and the we're progress. conferences everyone, you look appreciate see to questions, numerous We today. and these appreciate fall, guys obviously and at our your unfold on many over the forward time we update milestones we through the and eager certainly

today. thanks So time for your

Operator

you today's us. concludes joining Thank This for conference.

disconnect now lines. may You your

Ronnie Andrews

Thank you, operator.

OncoCyte (OCX) 11 Aug 222022 Q2 Earnings call transcript