BNR - Earnings call transcript Q4 2021 | Burning Rock Biotech Limited

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Operator

This presentation contains forward-looking statements. These statements constitute forward-looking statements within the meaning of the Section of 21E of the Securities Exchange Act of 1934, as amended and as defined in the US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the terminology such as will, expects, anticipates, future, intends, plans, believes, estimates, target, confident and similar statements. Burning Rock may also make written or oral forward-looking statements in it's periodic reports to the SEC and it's annual report to shareholders, in press releases and other written materials and in oral statements made by it's officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock's beliefs and expectations are forward-looking statements. other upon and expectations, involve and relate unknown uncertainties based and current known many are which risks, conditions of beyond operating to and control. of statements which management's to Burning and current market or are are Such difficult all Rock's predict factors, events that

as Han, result such results any materially new except any from is obligation law. those hand speaker to Forward-looking statements forward-looking CEO. update other today under and this Mr. over required future differ statement uncertainties I'd of otherwise, information as or factors that in conference in Rock to a like to undertake any your statements. the Burning involve of risks, could events All now applicable provided cause does information, to as today, actual and contained presentation not

Yusheng Han

and Thank CTO Yusheng and the CEO welcome Rock Call. we Conference our Burning Burning today I'm you, the XXXX meeting. Han, CFO And in have of to Founder Annual Rock. and COO,

position of segment. our on pharmaceutical leading XXXX to new business walk to forward XXXX especially grown Then the of you I Shannon detection The recap MRD through given early the laid of and to will Page in the I CFO, financials. us detection and started foundation After first, with our and and has in elaborate this line, moving market The therapy will selection in go X a Burning business highlights collaborations. the outlook advantages Rock the good XXXX. leader has that turn Leo progress. will through our the will our recent and product let's Then MRD. COO, early So

That's product initiation – thousands products, our oncologists attract and aim to in hospitals therapy of possible We technology MRD studies well market. testing tackle help continue across network rapid we the hundreds why the on of volume the as go when quality, have such us distribution strong cost. enable of parallel The as and we have R&D built makes new market branding which few on high as years. coming and it the us talents and to to in us the for they fast detection existing early selection, lowering

Page recap XXXX Let's turn to our recent progress. and X and

selection, cell therapy It's XXXX COVID the increase a a that kit the unit, in several cancer I first-kit NGS-based. reached achieved but non-small second NMPA existing influence. is will talk bigger on. And of growth and recorded And much market. model. For it's we And was X-gene reliable all a lung for model in-hospital little and kits meaning we in-hospital our XX% proving approved in our volume days of exit despite XX%, is the ago, approval NMPA later and about a fast-growing an model bit than XX,XXX

be We our Prophet. publications. Natera have performance very with Shannon some elaborate more in talked It readouts will on exciting what par been the tumor-informed MRD technology will BR And AACR with and the several have released times on about shown in we Archer's has that sensitivity shown promising that. has and

For is collaborations which XXXX X.X XXXX, times and growth million RMBXXX new year. in full former contract value trend risk the versus continues

almost commercialization will detection the and detection cohort In terms in is large is out first early of ready. read of early X-cancer X-cancer development on The track the test XXXX.

five, hospitals I the you five. I'll start In is with to commercialization XXXX. talk about expect in page to -- We COVID And will our collaborate what lockdown turn walk let's released. partner will we page once can

continue our with which including which we HRD existing terminal OncoCyte we're from of The start ads, new of will contribute revenue hospital model the selection, to Myriad. +, with more licensing contracted growth and contract hospitals. trend therapy For line and from more new products will type licensing product to myChoice in-hospital

selection of the the efficiency operational than better expect before. we growing topline With therapy

from data on launched and accumulated. other will -- higher and revenue of under minutes lung continue March is we feedback have MRD, quite the additional type pharmaceutical The cancers market and the this release cancer, For to baseline, and commercialization in are said to studies AACR our the grow we solid planning. data will as based I the of positive year. ago, business initial The contribute on we we in collaboration value

we subjects And use will early known. the study over of large on XX,XXX two population China product each detection, intent multi-cancer development interventional in--. study first might which have already in For and have going you launch

to kit. page the X-gene spend one explaining approved minute turn six, of probably new I'll meaning Let's the

a still it's approved step very compared panels. existing a small with meaningful panel, Although it's

the is is First first it a side is other the punctual in only which MET Gene-MET be input the that the sequencing XX kit, meaning variation that that. of can lower is nanograms, open kit DNA to base in this And detection the approved all Fusion. included much also means second it's capture with small And meaning samples probably [indiscernible] that is than biopsy. of from kit -- applied

So, that's XXXX. basically the of overlook

Now, will to about line development. the Thank Shannon I you. product turn

Shannon Chuai

Okay. Thank you, Yusheng.

our have the This because quite development a for shared to similar very we of product on times This calls. page actually the past So, look tap detection this roadmap. let's eight. early is might few you to move overview in

I if nine, communicated entered and to bit a our development clinical updates particular have So, the in commercialization the go sustained little heavily recent now and where we page we stay product have we then two details. think as going the more on most X-cancer mentioning. six our here for months, work previously are And has validation overall program worth product.

the we to call, on. think on and that our X-cancer population First, innovational studies about planning during product, intend prospective our last quarter's we this were talked I

the now called in approval approval. start recently second submitting product had genetic And far the data case So, we most right pilot year. the administration we are is want control this named happy ready looked share to performance PROMISE. study is more human from thing that X-cancer on readout to obtained now from the ESMO promising. are couldn't the to here, quite finalized, but that we resources now we our Since PREVENT and so and we from results share study is has first are which share validation this summarize Conference statistics The to details so being still the PROMISE the China

it's if was readout case And that on control this tuned data cohort which later some larger scale note, the stay that have times, to please PREDICT have we year. interested. also, on many on you're talked a two-phase about It expected study. study So,

complete for to COVID However, three delay PREDICT XXXX. a enrollment we China, readout I and in mild due now will situation Phase enrollment on in the the we recent we have data in a are and months expect to the speed having

our to a which let's here in most on to In page our in ELSA-seq. page lists posters. our close publications you're will be X-cancer. bottom the the limit invite information This the if between which At XX. on of we bit Again, we detail of now little X.XX% one upcoming detection recent are ELSA-seq go in early validation this X.XX% part So XX, we show page on for AACR of technology And interested. posters a shown on two data analytical more different our the on some you demonstrate able to attention will posters cancer and detection pay to across And AACR release we were types. poster conference.

MRD. I and and to like would So of some couple page spend XX now directly talk progresses pages let's on actually jump skip time to the our next to about

this of on applications on page tumors. an XX come article interesting actually solid Page [indiscernible] MRD review this First all, from graph -- from on

MRD evidence clinical we demonstration utility put an are of in knowledge two clinical evolving The here potentially used scenarios. can main be and introduction message they sort on on them why MRD, I the is think here of. as a good that's that,

The is as across cancer almost after patients. prognosis curative serves all again. where the again analysis, landmark or proved unanimously other significant predictor cancer therapy in operation success utility It highly first and this status a studies for all MRD and right types one to so-called was for

second here ahead The repeatedly the status tests flag The monitoring MRD to through analysis surveillance along is success before radiological the hypothesis able of such way. MRD time events relapse that, is where be so-called possible is may longitudinally and signs.

on to effect that lead intervention on can far conflicting survival conclusion the However, on been been utility. In reason surveillance published end, and has the there itself less MRD prediction it's actually gain. has prognosis -- monitoring earlier based than some the analysis it clear

clearly, prognosis page debate important there's study in even quite it prediction, the that. not on adjuvant benefited only utility a analysis immunotherapy because So in study of from landmark And the the this opinion MRD positive was MRD retrospective demonstrate shown MRD patients clinical to study the XX, analysis, a negative patients. on from then beyond very though is here more on but that our based shown IMvigorXXX

more course, evidence also IMvigorXXX we such generated conflicting some seeing to and [ph]. needs Of are be as from data

actively and to great utility full have with Burning we before also products. shown Nonetheless, for a validate collaborating a clinicians standards. long Rock consensus way establish be MRD Chinese are MRD on still can MRD and industry So reached technology our we utility in promises we our and

about [Phonetic], clinicians On Li and consensus by led was page lung on Chinese and side, a ago. published right on application exactly a Dr. year for is MRD XX, the cancer developed this Long by

So right the an we Chinese other show colorectal types consensus to witnessing this fast developed adoption discussed as doctors in MRD now by and similar cancer. are such example and is of being cancer

page Burning let's cancer In AACR on work our to cancer, MRD posters show our page our wanted respectively. first showing development page to for data we you on validation and progresses. readout directly On of brPROPHET personalized technology XX, own lung copy outlined we So XX, XX. upcoming MRD some the conference, skip We colorectal and products. go two Rock's have our

the pages next We that. on have details two more on

our as before also mentioned product have launched addition ago. on weeks brPROPHET of commercialization just In on MRD couple based a we

a our take I'll bit to a validation now minutes little few So MRD itself. data about talk

personalized our is liquid our again page XX, biopsy from cancer panel our on MEDAL compared First the patients has long with we group which fixed approach MRD got study. brPROPHET,

the interestingly with So very tumor-informed compare personalized fixed panels calling and used both tumor-naive and for we we the both approach. calling

sensitive is than approach approach. meant fixed more personalized how the panel this to So the and is and whether contract much compare

at see I out generated indeed was negative also MRD here for As more a MEDAL brPROPHET patients. MRD-positive the relapsed more patients rate what's patients also can it's rate brPROPHET recently their we XXX MRD-negative prognosis to just point which cohort, are of among patients showed while being because metal highly XX-month wanted had achieved cohort XX%. identified fixed by who and sensitive on full panel the relapse-free for assessed both just significant you shown prediction that landmark containing greater a recurrence-free subgroup profit higher about the the graph still patients, full most data enriched in than the actually and

So are we now were -- for somewhere we this publishing later data this year. preparing right

approach than preoperative details their analysis our So panel show on page, the our though among samples. baseline cancer. more able let's showed it take on next smaller data XX brPROPHET specificity similar on is tumor-naive greater rate greater during to look in then be presentation. in poster when approach. fixed a calling the a cancer. cohort, colorectal brPROPHET actually the Again, lung showed And from results quick we'll page this in showed as sensitivity for comparing Even positive ACCRA landmark

if tuned in interested stay detail. So you're more

So now I'll CFO, Thanks. our our to financials. walk through Li you to turn

Leo Li

first Great. the like in We'd Shannon. you, COVID situation let's Thank turn XX. China. page recap to And briefly to

go XX. in in in not you we'll pretty have saw impact November uptake. first XXXX the the seen that top on China back that to March back we last later. strong imposed XXXX. we we'll lockdown is had which during walk We the numbers, despite looking current worst I in a called a nationwide closed fourth that February in actually since away severe. was heading Despite during That COVID COVID XXXX, with we the first listed XXXX in as China we wave the spreading when the March during go quarterly is of volume and through of It's some quarter numbers large through Then impacts your go it we heavily oncology is into January has top China But did for page well. little here results, page of and and market many our quarter through slide the month Shanghai March. for note for impacted reference. that As centers. And late us strong challenge, line a Then to that China's COVID

we numbers and Here list out our trends. volume

disruptions trends XXXX in And for in going we or better the XXXX, First saw compared in-hospital second saw that saw think segments hospitals of XXXX. quarter, NGS-based tightening much a step-wise has XXXX. to that first strong in-house year. in into the we all, COVID run to we quarter is we a a tests volumes resulted preference channel back and in change year jump increased the of continued the in throughout strength in in-hospital and In

further notably year. January in-hospital in just lab at Looking as positive the the the central the green of volumes step-wise change central starting central and quarter trend channel, headwinds in volumes XXXX improved to quarter led growth in format, fourth about shifted industry February of the volumes but and lab talked lab our to to were this the of which is that turned more tests the bars that second then we here, in of XXXX,

supported turnaround XX% China. the numbers mostly looking positive in central some during X% January growth third that launched, highly that at lab, the differentiated products the So volume and in our and Page summary, by for industries formats list out we of the segment. i.e. of and fourth central market the which booking years. XXXX to quarter the increased previous negative further we from compared new have the that contracts are year-over-year lab here share to the outgrew the of the to achieved is February improved XXXX And turns In a in and pace during XX% that at the faster revenues a for year-over-year. more moving quarter metrics we through during We XX. our the have Then completed XXXX of base, in-hospital on and that hospitals installed some to in-hospital was number

we closed back in when stronger let's the reported a our XXXX. we position financials We were third through sorry, went earlier quarter in XX. XX. volume head where quarter Page results We our to metrics Page on Now on our fourth versus –

rate So going compared further in in quarter and primarily sequential into terms the the driven improved revenue volume our growth each year-over-year by segments. quarter growth figures, of fourth trend the third of XXXX, to

central First, at looking lab.

and first returned XX% But in quarter the impact combined February revenue was to we in quarter in caution X.X% that that single-digits Omicron of year-over-year, the regarding January the Third with negative – down current in fourth the to XXXX. noted improved as and in further China the quarter positive situation China. in regarding year-over-year earlier COVID wave

our minority fourth quarter. XX% quarter we in for for terms high grew that components metric we revenue volume of back sense been in-hospital in at we We we China due receive as We in change our segment, a looking need booked our an And when quarter second, So fourth we – weeks strategy at for the upon quarter. and oral arriving seen note, XXXX, no in previous receiving official the fourth the a seen we call moment we can't side take XX% if the recorded and base the in-hospital to large test January, for that earnings our the February's couple indication We payment. change the revenue volumetric billing number revenue COVID the or any is impact in far. of recent We customer best leads the a in Then have see and there explained how XXXX. China. zero as quarter had terms majority there our has to to remaining in antivirals an booked first in strategy kits makes the in-hospital of or component recognition we that have channel. so

drive time I the would coming I rapidly, segment, is expect for should though. the So segment. also generally, hospital strong trends, off small revenue a over growth should biopharma continued service mention volume which growing base

The in accelerate stable margin to rapid the have during revenue out as project biopharma in-hospital ASP that called Yusheng driven the expect and XXXX, backlog the profit of earlier we central trends. rise each are had call. channel. by to within and lab We These built gross in going XXXX, broadly next of

fluctuations. and revenues in-hospital have chunkier before, noted are we've can As quarter-over-quarter

So Then it's our four largely turning expenses. operating On look more segment stable of representative it's a margins to over that quarters. time. that basis at to rolling over

context. some First

During new one, currently goals: XXXX, for business we expanded studies and Recall three in-hospital have preparation two, subjects testing product we ongoing. that for launches; the detection number in XX,XXX early penetration each organization our business accelerated over patient large number execution. program clinical two

interventional these study year; to three and bear intended Item X to another to and happy fruit number We population use the XX,XXX starting X. see commercialization. particularly are detection efforts this We're for launching

happy that largely the to end also buildup organizational been that at are of report We completed XXXX. the has

So, in going headcount in of not XXXX, further direction travel expect into terms would significant of XXXX. we increases

OpEx studies translating component basis of we to of sequential expect our As over course headcount this a or the XXXX. peaked on more slow clinical the OpEx significantly numbers, has quarter the is in our OpEx of fourth largest And excluding less growth increase XXXX. to

year-over-year rising throughout In base terms of had trends, we a XXXX.

So, as into progress down XXXX. the increase year-over-year well come we as will

Now, briefly on of touch OpEx I'd to each lines. like the

and First progress on was detection clinical R&D. the our back as headcount testing by driven increase during enrollments also programs driven R&D early and good fourth quarter XXXX by The in quarter increase accelerated XXXX. primarily of in

was focus XX%. looking items, strip about one-off on testing related just we at sales for patient XX% fourth out quarter compared items was the our But Second and recurring to if increase business, and detection rate increase the early marketing, so, year-over-year XXXX. if the of we

to at see and Then of G&A line with operating slow growth, early product topline the lab line the and starting was footprint the A as physical detection expect mostly and of XXXX. leverage increase largely looking end significantly the on new expect about we our sales marketing the to the XXXX, was XXXX. the in in at we coverage increase increase and and feet. square of XX,XXX build-out continued about by forward Along square XXX,XXX expansion was XXXX. complete driven or customer marketing in during Going new of sales size headcount second meters building half our driver office would

outlook, our we're outlined this line earlier well. XXXX. improving as a turning at guidance generally looking efficiency for operating OpEx should terms as line our trend Then the follow i.e. little In of for G&A to we

million, funding the from MRD for XXXX. guidance RMBXXX gaining patient XX% which this Our including traction. initial The at line end top detection early early our business commercialization. think new of billion RMBX.X any the and good our cancer our testing is is in guidance equivalents we're our million, an investments stage year includes was our that short-term products cash at detection increase This over about lastly launched an we balance. early products of personalized sufficient existing not guidance cash bake looking plus does for month revenue At still of all which or as a programs. Then is we $XXX XXXX

we'd sorry like to -- our remarks opening conclude and to So, our operating remarks with turn please. Q&A that,

Operator

with question Masucci Instructions] first & from Company. [Operator you. comes Cowen Our Thank Max

Your line is open.

Max Masucci

Hi. Thanks questions. for taking the

First is revenues. one It to a license on DetermaRx more like meaningful of becoming some products. the sounds contributor

you to precision to oncology additional large Chinese and seen bring this the it hear to a be sign for would opportunity adoption market. trends to whether other So, you've like great about agreements see tests NGS-based an DetermaRx

Leo Li

don’t-- On DetermaRx, we

Yusheng Han

Leo. ahead Go

Leo Li

Yes.

myChoice trends or the this is don't on that also products + receiving feedback also And we on our And good MRD Yusheng just from of the break individual traction. markets. the by call we and month product DetermaRx. called the formally Myriad HRD volume on DetermaRx, product not had at another start it's DetermaRx, it's a launched revenue also the good we So, product we out -- And out gaining good also measurement. in score had but

there's synergy think, lung MRD time to we bit and important patients. So we between over driver of regarding a potential early-stage cancer DetermaRx going believe has multiyear is be this for new products an horizon. And year. a strong And MRD,

So that's how look we at it.

products, how terms data. products but been an China with good market. that strong in potential we've that products, to product good looking fits at we having very bear two new the have we we mind also need sense, believe in validation into strength the having We mind on of licensed market have the In open make and

that, still we with when So we framework same look that potential apply at products.

-- have we licensing So, on I guess, opportunities. that's

Max Masucci

That's great.

expecting the approval, we to be generation, and to partners use the of on curious would that care also the clinical And version you're biopharma what lung have with the kit? switch of of official to moving lung recent setting. NMPA care I the in XXXX hear, original if sort the the you're demand So to users approval, prior just first for then curious, just over CDx of now expecting X-gene

Yusheng Han

X meeting mean, that each is would So a of tender, advantages. lot gene take bidding the the for first for of kit, it I the

from critical. the for most And is are the So that officially MTA kits with mean, parameter I important. kits model, in-hospital approved the of the time, of

in So kits pharma X line. market. collaboration, effort and think, think by I diagnosis terms the will that companion yes, that better a gene lot And of future bring we pharmaceutical we will existing to company the both think of of of and third competitiveness a technology add our

requirement is we pharmaceutical after will from NMPA, as about diagnostic need the I to talked the the think, the well. accelerate demand, amendment significantly of several So and collaboration times that companion already have the increasing

Max Masucci

Maybe great. two final a one for It's been over years. Leo. That's

over two have years far. experience with of We COVID so

we've to the some of seen once that lifted. So in lockdowns terms it nice was the back trends are bounce hear of

lifted, we like, based So But so experience had it some how the in at March. a guidance, XXXX just think your about still we the rebound just lockdowns here look the as business are in far? disruption you've curious, should on there's as sounds major

Leo Li

Yes.

take as back. break so the that becomes the we on tried low because policy infectious has conceptually, disease past. think we bigger out impact ex-COVID tried impacts a that COVID in China pace, COVID-zero market. think, generates principle and We to the always first, brief not kept far sense, a I But in in may and step make --

this number was share and strategy. number markets at that, how looking in-hospital taking despite we're So the the product one, new through launches; two, in down is, and primarily that

So digits regardless were we do before hit want we if China. our And you impact, COVID of growing COVID high at at two. historical look volumes, will these to double

quantitatively. to impact So seen COVID us or at ground, any the the to wait out might we of strategy built as current how guidance looking official number for break it's we change, on kind elements the this although for XXXX, of the But if we China hard for caution have opportunity in might in have that early speculate change although at stage. it's too of

need keep we eye to So, close this. an and on

our So, progress regarding you as we'll keep into we latest execute in and informed XXXX, trends the we guidance.

Max Masucci

taking for questions. Thanks Great. the

Looking the at AACR. data forward to

Leo Li

you, Thank Max.

Operator

Instructions] Stanley. Morgan next comes Alexis with Our question from Yan [Operator

is open. Your line

Alexis Yan

taking I two questions. my question. for Thanks have

unclear. quite pathway its first crowded. approval. The the is actually of market NGS But lengthy actually actually NGS the the follow-up market a registration the one on that LDT-based on – in is and is kit the We understand terms very

to first So -- on, so we if of NGS kits? registration to now And is what certificates procurement in we these that just if have like understand like want any This be that outer like registration thoughts on were early products on our detection products NGS working to future the cleared, still key years? top the that's the my be list. players while there for commercial question. able that could on and hurdles two the better multiple applicable are And also will that, the other obtain strategies hospital changes officially are the the of products even the or

Yusheng Han

Sorry I muted.

genes follow if look mean you variants usually number such such can as the contracts efficiency some time. And parameters detect. other So, that the the type tenders turnaround and you as the hospitals will at of price key also, of the of with service I

is is compared Novogene quite the kits existing quite competitive the market. So available in with strong – the

genes be that COVID kit the said As valuations. of can the it's it's that of first a detected. And can one Novogene most testing with also, I number detect

at Now different several first so that it's detected the other fusion. fusion you can detection if the open look kits. kit the fusion, quite be the with It's of from by sides

a is that in think we So market. strong the product

tens NPA certainly China. we as calculating we type. early reported on think the other also, talk score from detection that the to lipidiopsy to encouraging registration, probably companies totally new of to for a is the that And multi-cancer if panel. regulation. look sites other In future market. honest is In five I detection, new is conversation competitiveness we also products. not probably that And product this terms like NMPA quite just we be it's are have the the in as at are in and the registration based of the bigger thousands in early And of detection, registration for And the company of terms competing people technology algorithm crowded who of quite -- complicated, are to which early you totally the six think new competing the

we that to think add your are interventional to for approval efforts. data So, bright, large-scale And important lot add of big that some do future we the we registration. answer Does first think -- very is a study we but that need the why to is question? launching

Alexis Yan

is to the Thanks. related yes. the and products. also second products My commercialization Yes, the of six question cancer MRD

started So said a with detection our we and couple hospitals. the of it's -- last MRD contracting I yeah, recall early the commercialization obviously recently time is

should out any Just and sales the we the hospital in indicators like may the of discussions initial to so wondering sales how that color? have watch like for the for while terms is raise far like moment COVID

Yusheng Han

Yeah.

after signed the we contract to hospitals make In we of the come there's since talked one have process ago. terms the through volume already order a was of a it's months new go a we of with to, the three to hospital contract them. up. terms in in it need I Actually, think lot the But signing volume

I is that and a the start lockdown release. about I that's our commercialization in -- federation, are that That's the the come think in, the you think numbers with collaborate check-up by I for COVID-XX, population COVID-XX. high-value the that think with the some people make healthcare thing And there doctors health the is thing. be not why once the that healthcare forgetting at And most on-site they're needs the and think that that important locked never impacted COVID lot conclusion employee And and once how consumer important are So a to to we terms I home. a can of that quite easy normal will in will most -- COVID but nurses checkup in the it's department. health

when I of after positive. ago. And we only see the a say them have years years for is really nowadays the the that can to quite noticed very we in will doctors that for patient. think is influenced Two is the whether the they is they it they if And opinion the mean, effect. educational from are response for they the early-stage telling they it's positive doctors will by because on situation not cancer we a commercialization successful. the since tool leaders, talked March, as MRD that come different MRD MRD nowadays will useful what I ago in -- But the early say like COVID-XX. stage the early launched from been is means global not MRD, surgery that back two

Alexis Yan

it. you. That’s Thank

Yusheng Han

Welcome.

Operator

today's participating. And This Thank Instructions] Thank questions concludes conference I'm showing you you. queue. further no in call. [Operator for the

a day. great have now You disconnect. may Everyone

Yusheng Han

you. Thank

Yusheng Han	Founder, Chairman & Chief Executive Officer
Shannon Chuai	Chief Operating Officer
Leo Li	Chief Financial Officer
Max Masucci	Cowen & Company
Alexis Yan	Morgan Stanley

Burning Rock Biotech Limited (BNR) 22 Mar 222021 Q4 Earnings call transcript