GBS - Earnings call transcript Q2 2022 | Intelligent Bio Solutions Inc.

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Operator

Greetings, and welcome to the GBS Inc.

Second Quarter 2022 Earnings Conference Call. Currently, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure Investor your Relations my of Tim now Advisors, LifeSci for is to host, introduce McCarthy It GBS Inc. you. Thank

begin. may You

Tim McCarthy

Thank afternoon. good you, operator, and

Joining and Sakiris, available GBS Chief Steven Officer. A and are Chairman the is announcing now the was Financial us website. the issued release CEO afternoon results of Spiro the Interim update and Dr. and Board; press today from the on Boyages, company this

be or If Investor.Relations@gbs.inc. the added you the to received statement. you’d haven’t send I to Harbor read to release distribution email if please news now list, Company’s Company’s Safe like this an will

of Some which the involve Act Reform of XXA on Section of XXXX, are call the Private Act XXXX Securities of and Securities Forward-Looking Exchange the XXXX, conference Securities of Statements the Act Litigation risks the XXE of statements within uncertainties. meaning of and this Section

limitation, commercialize benefit ability partnerships among statements include, Inc’s secure regulatory to on others. commercial realize GBS tests, approvals, and without develop from collaborations, diagnostic and call this and Forward-looking its its

to or by the GBS statements expressed believes have Although has identify date. approximately forward-looking this to or in been only We forward-looking to after such plans, the prove the reasonable other contained events. filings, different expectations to release believes, events included as expectations of statements statements Commission. materially risks, no occurrence from in any this are forward-looking reflected outcomes unanticipated Inc. words reflect that projects, of in or and contained Securities and Inc. date attempted forward-looking convey uncertainties implied factors, events Exchange other to statements. and release, the date, filed might, or statements made, in statements GBS such known the are expects, or should, identify that forward-looking occurring including reflect of may predictions unknown estimates, undertake forward-looking as These this only with intents, results could, statements. anticipates, the obligation circumstances to speak by terminology, Company’s public Any will, potential, future update and these its may, involve uncertainty of

call, turn by EBITDA adding conference depreciation measure. back Boyages, Company measure Dr. to tax, should from I amortization is income other over to Steven considered or and is to go please GBS, loss. be not net non-GAAP EBITDA, EBITDA operations alternative not, or and Steven, CEO income a an income calculated this operating During refer in interim the loss, to normally to may loss determining Inc. the income performance. would ahead. now net floor like of any

Steven Boyages

manufacturing our quarter Spiro our over cash facility. close well us today. then Thank the to call, and look that thank developments at our the the today’s Good and detail advancements, after in joining the for key of financial today. our to would and afternoon our like and you as review financials, results preliminary has our issued briefly. GBS been for our second preliminary this And operating you, build-out them I financial on results, second development I hope key financial I business you clinical specifically call call XXXX the highlighting burn. quarter On Tim. quarter, quarterly highlight market including forecasted a as have We of to high made team will turn of able

prioritized manufacturing product in the development As aspects GBS November, discussed growth. we and

lead saliva technology our remain we asset platform grow As on testing. our glucose focused and diagnostics based the to around advancing biosensor

point of diagnostic care a commercializing, to tests. on biosensors, quick business GBS and and remains overview. new innovating focused Moving on developing model the

and testing on the available market today. saliva-based Our approaches technologists with of not incorporates ease accuracy proprietary use

as to serum, goal, in urine. people accuracy have with we the demonstrate our our believe are towards regulatory for and we methods, To the product, of working frequency such option put, evidence, on testing increased patients. and flagship of prioritized North testing offering diabetes, outcomes biosensor, our validated drive to saliva simply similar can for an convenient and other our As toward blood disposable glucose patients development We portfolio that reiterate, to better affordable, with or licensor America want commercialization intend actively we both approval we Asia. food-based compliance build we to and

Now let’s review we key this advancements. where made quarter’s highlights, significant

that the towards announced in from further the Food The team had this generation LSBD GBS an working December Based advance LSBD to Diagnostics, in is goal. data order on device Biosensor and would designation. filed U.S. application Lifescience for FDA Administration, breakthrough its to with advisable this Firstly, Drug feedback licenseor, FDA be submission.

clinical plan salivary glucose Secondly, between determine to the by are This between institutional protocol in stage submitted It two XXXX. glucose of explore responsible completed generate trial This plasma approval glucose, salivary this or and the Center is that which has of well review expected to development is initial as time lead of to first the team Peninsula salivary study be time Mills Medical July The will this glucose testing modalities, subjects. XX will using characteristics. anticipated course subjects. in key to this testing executing objectives data relationship the plasma as glucose. XX times the the clinical trial between to clinical sophisticated algorithm for that board the data to the and course California, enrolling be

innovation to GBS sourcing DBS interest grant This of dual manufacturing finalized and facility. Turning product underway sourcing the important of to is can Australian commissions GBS time efficiency XXXX. of new and believe has build research equipment announcement and the the manufacturing recent The April be utilizing which To initiative, in medical expressions will the immediately of US$XXX This same at This fits Discussions has is we on GBS initiative the Medical high-tech to June of objectives Australian criteria. the high-tech approximately at biosensor Research support Initial million of it following the in with the companies commercial development and in support, build-up equipment. towards development of to translation technical equipment. equipment important early preparing by outlined and progress the XX-years Federal firmly available and expected next through funding initiative. batch location, which of our to purpose machinery capital ordered of $X.X between the facility. a million for are project Australian meet GBS as next focus for early University process the stage the this Government’s research purchase evaluating commercialization will Government stage commercialization equipment of in projects potential. the phase Inc. manufacturing medical manufacturing required into of commissioning Fund have biosensor over accelerate further the Newcastle and several the fund is of development the and begun Funding a for interest and Government that in advancements, Future non-dilutive preparation facility, of for out incredibly funds this of the the

quarter, and briefly the Sakiris results. returns I capital of stakeholders. important financial CFO the quarter year for engaged basis, micro capital over mention and it experiences turning our driving to Spiro small we are the before feel is investors on discuss that needed financial while will GBS markets remain Now our the second And they volatile overall an to committed for recite equity and ongoing sector life. valuations by

more like like would we to look turn Spiro. now we see. I over our review support detail forward second would call your our successes Finally, our for With thank CFO, to quarter that Sakiris as of you for and to Spiro sharing financials. the

Spiro Sakiris

Steven. provide quarter financial second a Thanks, GBS’ I of brief will results. overview

of development loss is period X.XX which compared a contributions, Company XXX,XXX predominantly was three-months in December of commercialization with of previous expenditures, period to and due the million the to of the or expensing XX, XX,XXX XXXX, again and For of X.X funded $X.XX The these net X.X grants same net X.X the been same XX, expenditure in had recognized per and ended million expenditure for nature the the The as as prepaid a of in research ended qualifying payment share, of million $X.XX the form preliminary support is acceleration revenue offset the is XXXX, support This for ending the the government R&D quarter December includes grants share or last XXXX. million. decrease loss a the Government tax year. which of for income MMI Australian Government is development year. had incurred. income per

As at December approximately XXXX. XXXX, approximately totaled XX, cash, XX.XX million marketable June million, and securities cash on the to Company’s compared XX.XX equivalents XX,

positioned expenses continued favorably market and and capital million As the current financially we outstanding. to light, will line the half funding cash of XX, a the equivalents fiscal multiple and please burn will of company operator the our first will had has in back for overview into With now Company responsibility securities equity of to Management that cover of Operator, control to that December are that is requirements strategies the XX.XX the continues questions. financial GBS cash, calculated million XX be view turn as markets this be floor the shares over and value. financials, based XXXX, capital I the to XXXX. confident of open cash call the conditions of and open and to with resources questions. on the its the the and plan operating marketable company sufficient runway December Despite resources, recognize bank. XXXX, for XX, provides

Operator

question-and-answer Instructions] Zacks Our Research. gentlemen at Please a comes Capital Ladies you. Vandermosten and time, Thank [Operator John we be proceed. first session. Small will conducting question this with from

John Vandermosten

fronts since morning know other on have Thanks you and any the there wanted you and for identification to few quick wondered on if are just other good that Steve are Sapiro. all making the our the the I progress seen Chinese last rundown markets, follow-up progress on and you for progress partner I a update. and items Thank

Steven Boyages

answer Spiro start Yes, and that then will can across hand too. I to. up you

Spiro Sakiris

have as a are and list at the not identified before, the report we list we reposition before commencing identified as as there basically is stages conclusive that short So are. we discussions,

John Vandermosten

Okay, And efforts I Any the Institute update side, how we is know some coming are validation then Wyss there. progressing working on COVID are good. and very you that along? on with

Spiro Sakiris

announced is previously we John, progress updates the the as we No yet. to that excellent market. understand

within are expecting next stage, but No. at quarter, the announcements further this We

John Vandermosten

next date And glucose sensor good. I after trial. that you an update July the following of expect XXXX. come think will did provided the guess, very that you you - have I completion what is you that. is that? for a XX% go guess I And then trial, us on guess or then when give Okay, I the that, the step submitting what should results, FDA will out we package you shortly after will and into the end to study results the a of after complete

Steven Boyages

John that our is expectation. Yes and

West what both testing, in glucose venous and about studies east excited side the are capillary those research are plasma, in talking are are loads gold blood, quite the west and the side, saliva of studies. both is We for U.S. very and And detailed we setting glucose Coast. our glucose. And we we that saliva, standard the call a on parameters. we blood measure, at of up the tolerance have about glucose with in They and individuals. partners where been in And looking they we

this So, point gold able and we spectromety we effective be can to are to at actually set using standard mass those validate in time. up measurements an

we indicated, absolutely validation. clinical XXXX looking results then a three are part the be This about correct. of you you first as by further is So, we are submissions. will at Then stage expecting and July,

will submissions. future some lay So, support studies to there but our are they beyond ongoing that,

John Vandermosten

would Okay. be saliva good. the magnitude glucose? what that looking for numbers Very plasma acceptable then, they there? to looking FDA And terms difference and between of in What is be would the the study, at of the

Steven Boyages

to it be the going Look, It we XX%. be to not or gold really for going magnitude market is wanted plus have on The is of is, standard difference. minus that to a variation. coefficient

we fluid, whatever that So, is measure body measure that - we confident reproducible. in to be when want we any measurement

high saliva be be issue. will absolute of or measurement between and can as So, glucose the variation. saliva lower, orders is that difference differentiate It then really we the couple blood that normal won’t of coefficient log between but long an magnitude know as we a low,

John Vandermosten

correcting me Thank for Right. you on Exactly. that.

kind and out of And with seen variation to how tests then you number on great. have thoughts are of we Do we rolling continue see the of COVID the for? of test kind might a Any there? recent then, think Omicron spike in going Okay, over. the that number to are continue lot they trend

Steven Boyages

need COVID from antigen immune is think is think understanding I is rapidly. as from us to the is and away Look, who not of I I be we understanding, And for to laboratory suffering as COVID, go of is illness going for need get as going there think better it for don’t fatigue the both great infected, characteristics are a who and and who COVID antibodies. testing immune, much

strong see in we both So, market. this

John Vandermosten

Okay if there to and great. into wants you. ask is see else back I question. hop will Thank anyone who

Steven Boyages

Thanks John.

Operator

Our next with Ted Yu comes Zach Research. Please question Cap from Small proceed.

Ted Yu

Spiro, for Hey, thanks Steven our and taking questions.

of off to John’s questions Just there. piggyback

You you feedback in if Wondered, October package had pre-submission update the that a there and FDA. whether year. submitted on any last is received from

Steven Boyages

that want to answer you one? Spiro, do

Spiro Sakiris

Yeah.

- relation to COVID quite work quite in is so there’s it the basically further their the progress to the was on back waiting that no busy in So for relation FDA, yet. work their or response from pre-submission

Ted Yu

you. thank excellent, Okay,

Regarding It excited are to going the be this or property? had GBS hear release of the partnership on University that. look you your maybe this Newcastle extent Newcastle than a is Could anticipated. University little going appears with role University on is working on of to closer facility, I Newcastle to manufacturing with of of maybe and what relationship color - from with facility that updates we the and give a like a funded little maybe how

Steven Boyages

that answer on have can that you you Spiro project. laid been when

Spiro Sakiris

are to looking is, what first mentioned that, premises. getting is the across basically, which we the at that of we stretch we on in doing, that equipment University’s in the so announcement, first Yes, the will objective we install as are relation step Newcastle

commercialization the same then the Now, will the the to and objective be of the equipment. of that time, at that property, expediate commissioning progress the

getting we did time and factory that, going. once up what Now, are the doing in that commissioned not relation is delaying that by ultimately happens and we to

we on that is So utilizing is are are the getting we getting efficiently whilst that ongoing the that work site, sourcing that of we development unparalleled so the And and Newcastle tutor equipment. done the equipment as it possible. finalizing site, operating that where with as University

Steven Boyages

mean, innovation at aren’t is and of Just actually the case just founders add to that, I University in aware the Newcastle. people the that are

So efficiencies them co-locating trade of increase will a of the facility with and lot rate the development.

Ted Yu

hop sounds in color it additional the the I into facilities. and like run will think you, they guys. And me back appreciate I Thank will also existing is It for in and Yes, parallel. queue. that I

Steven Boyages

Thank you.

Spiro Sakiris

Thank you.

Operator

with from question Our Small next comes again the line of Cap Vandermosten Zacks John Research.

John Vandermosten

you. Thank

issues want the the the should were of income timing second those first Next trend below to the in year? average on we was and those to quarter, it that. forward, looking expenses second that just be that And for trend half led two were question see maybe just statement. seemed I regulatory bit development quarter, the in amounts above little just to noticed if a the

Steven Boyages

question. that nature even been is very is not have good milestones concrete, it research if by depending a is of partners. The the that very on John expenditure delivered Yes, the

talk specifically about have now. let’s we So one the

that once talking, deriving the payment and We we I R&D that, So do about it and pre the and in was an as and the in as the put we of included referred have in that which in loss. then X.X expensive to profit year. announcements previous a million to funded R&D R&D, list benefits that treat have prepaid was the

have months, our just So project reporting I very update a and clumpy the isolating to say because an but in average have forward, eye have to got nature. expenditure. and updates very, that staff, it keep possibly as look it then that is as to we on on would say, to I R&D used you difficult already six to

John Vandermosten

amount Okay. average half forecast first Because and the my the year. uses months actually, same kind six of the second of up the in

sounds it like what just this point. should seeing that I keep you So on at based are

Steven Boyages

like that I will Then being and get expenditure. delivered centers time the you (Ph) [R&D] as the it for averages mall updated on at have see releases. with gets further that Keep then Yes. we said, been

John Vandermosten

for and you thank you care well. Sapiro, Great, take answers all as thank right Steven your

Steven Boyages

Thank you.

Operator

[Operator this the floor time, no for would Instructions] closing further Boyages to to I like Dr. are questions. there At over remarks. turn back

Steven Boyages

Thank you, operator.

As mentioned I my remarks. opening in

pleased We with quarter. this our performance extremely are

a testing you. a our build at coming to everyone I we seeing platform. As want and Annual We momentum Meeting joining for great Thank forward new to in everybody tonight the In thank closing, look have Shareholder us for evening. months.

Operator

today’s conference. concludes This

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

Intelligent Bio Solutions (INBS) 11 Feb 222022 Q2 Earnings call transcript