APDN - Earnings call transcript Q4 2019 | Applied DNA Sciences, Inc.

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Operator

Good afternoon, and welcome to the Applied DNA Sciences Fourth Quarter and Fiscal Year Ended 2019 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

to conference like Shorrock, to now Counsel. General would turn over the Clay I ahead. go Please

Clay Shorrock

Applied fiscal Investor operator. PowerPoint under you, Presentations for fiscal full press for A for you afternoon, download company's the this page joining our conference to DNA earnings XXXX section call copy and available of quarter and websites. Thank and fourth good to us the And accompanying of Events everyone. release results the call. presentation year And thank are

With Chief are President me Dr. James and CEO; the today's on call Hayward, and Financial Chairman, Beth Jantzen, Officer.

As expenses, our of the discussion other stock-based compensation income reminder, regarding earnings including, information during of note consist those today statements, and share forward-looking expense, hear a products. that taxes, and future may without expense, please operating you per margins, some limitation, will gross

could or trends Actual differ results materially.

please information, obligation XX-K more in Form factors risk Sciences DNA For assumes DNA Applied short to Applied forward-looking statements. refer ago. update any Sciences a discussed filed the while to no

my pleasure Jantzen. speaker today's first on to the introduce Beth is call, it Now

Beth Jantzen

the with for to some company with call you IP rejoin on Good commentary in opening then call provide the Dr. Clay. the achievements us our our in fiscal before initiatives you year for to for our conclude key Jim and financial everyone fiscal I questions. summarize then will you, Thank review and XXXX. today. consolidated will final us Clay quarter, fourth outline your and the XXXX Hayward results portfolio. afternoon, will remarks then thank joining the company's will

XX% fourth total approximately of XXX% million compared revenues $XXX,XXX quarter Product $X.X the in for year, fiscal increased third operations, and from quarter $X.X $X.X decreased the and the increased XXX% XXXX. million to statement third quarter Starting of revenues XXXX. $X.X approximately for the million or $XXX,XXX of from million $XXX,XXX fiscal the in to XXXX XX% increased of prior the from in approximately with to period

to This year-over-year to in in and Fourth quarter-over-quarter revenues from million on the increases from in sequential period protect and attributable fiscal to of quarter $X.X supply service concentrate decreased XXXX, XX% product shipment the XX% basis. for cotton same $XXX,XXX chain. were a an increase primarily decreased revenues $XXX,XXX from revenues DNA

primarily percentage The sequential revenue $X 'XX decrease of of our the agreement. in of of under in licensing quarter revenue service the to was third recognition due terminated million cannabis Cost in as on now fiscal quarter basis. fiscal year of as to ago the revenue revenue XX% period for compared to our and XX% product fourth a XXXX XX% improved of sequential a

$X.X mix flat fourth The to million prior is for due the QX in the quarter-over-quarter XX% sales product Total of was basis. year were decrease that and operating XXXX sales period with margin. fiscal expenses year-over-year same sequential fiscal primarily as decreased are quarter of at sales to comprised a higher a in and product the on compared textile million $X.X

the of as increases compensation year-over-year professional realignment expenses. related was and reduced expenses These decreases R&D legal The of decrease force decrease is sales partially of payroll a expense to on $XXX,XXX. offset were decrease reductions based result The stock fees headcount. of and basis a $XXX,XXX a overall in and by in due to a also in

to reflects XXXX The higher Our for by quarter the improvement from narrowed $X.X year-over-year fourth on million XX%, from net $X.X XXXX. million, the loss fiscal fiscal $X.X of and lower both and basis revenues XX% for a expenses. million third by quarter of

XXXX. As on a reminder, stock reverse we X-for-XX split a X, implemented November

XXX,XXX,XXX fiscal XXXX for [ph] information of fourth respectively. share outstanding XXXX split. the [ph], fiscal for contemplates retroactive the quarter all share stock result, the and a shares reverse As and Weighted effect and per are average X,XXX,XXX

period share share improvement. Net of per per share for loss the 'XX share a net quarter $X.XX improved the to fourth for $X.XX improvement, a of net loss third 'XX of same and a a compared fiscal per of fiscal for loss quarter the $X.XX per in to to for XXXX XX% XX%

non-cash Excluding increased as quarter XXXX September decreased ended negative to XX, the a for for XXXX. $X.X the $X.X $X.X EBITDA from adjusted negative a expenses, September the ended quarter XX, to ended quarter million for XXXX a million negative XX, compared June million and

on approximately shares million and together at the follow purchase to public of Cash proceeds stock common at to Each quarter gross sheet. a the the XX, with totaled common September of through turning one $X.XX Subsequent we million one X.XXX and cash Now stock Under ended, received a stock to sold stock. warrants. sold per to in XXXX. warrant $XXX,XXX balance price offering, of the offering and share combined accompanying common offering share of we $XX share our warrant. of equivalents was approximately public

XXX,XXX and to XX, side deferred revenue projects cost-to-cost a basis. on that had and/or balance time the revenue of pre-commercial comprised certain under over development being of deferred our at we of This are liability research On payments is September milestones primarily revenue. phased recognized

Total million debt convertible comprised $X.X notes of secured at quarter our end. was

offset of during NASDAQ's million to During in an conversion we notes listing by the compliance the requirements. regain with additional quarter, million. July issued was plan This to totaling equity part converted convertible our notes $X.X XXXX, additional as $X.X

speak I a moment. more compliance in will plan our on

an our expenses, to cash fiscal operating at compared The in rate XX%. to is for the from November proceeds approximately Including the fiscal XXXX XXX,XXX was higher fiscal offering, net monthly cash receipts 'XX, was cash payments. as decrease $X.X million. $XXX,XXX XX secondary our lower monthly average burn position rate timing for burn for improvement due of certain as Our well 'XX of and

NASDAQ's of stock. Jim briefly for we our Before the of common the would to with requirements to remarks, his continued I for place regain I compliance turn listing put to recap the aggressive for the over shareholders, call like the benefit strategy in our

we aware, November undoubtedly on and our the fruitful, regained As exchange. proved NASDAQ with for compliance you XX listing on continued efforts are

By notification received we in way non-compliance January. our of background, formal for

minimum equity stockholders $X.X million minimum of were deficiencies price. two and bid at a Our $X

Following of grace detailed NASDAQ panel expiry the plan the XX. a compliance listing afforded the on XXX-day to September period rules, review us submitted we NASDAQ under first

represented detailed of the meeting, amount. equity that had; we outstanding per $X.X of that into market Management share. the In price well our first, and converted $X.XX had at at above notes this we million That of was stock. insiders XX% convertible time

private funds we management well, for as XX% and represented $XXX,XXX completed Second, raised. the a here of placement insiders

our raise statement laid requirement. the an to moved new With We an stockholders' the December enable equity we phase filed conduct registration plans and to our granted minimum an until the panel into And us extension we all third, of plan. SX were meet funds offering XXXX. execution out, equity to XX, of by

XX minimum we November upsized Reverse equity stock And cured we with effect we $X, On November closed into million that after offerings XXth. price stockholders trading split requirements. regained on days, the have a on Xst. $XX we price in And announced XXth, that requirements. approved above had stockholders cured bid November by compliance the went minimum bid minimum

to us turn my comments. his prepared I now Thank Jim it And to joining for you today. like concludes That would remarks. for over

James Hayward

and everyone. Beth, good you afternoon thank Well,

department just our NASDAQ's go gratitude listing to counsel review to her and flawless you strategy requirements. with for with Clay has Now kudos Beth compliance a aggressive My and Beth and that Shorrock execution. of regained personal our general provided successfully

right months trending concerns. In I doubt Four ourselves to have including with the that we as my faced our you, operational challenges, of and against disciplined in going substantial we each quarter report a number direction. adequate and prior the cash management on are our first of time the and measure financial, quarterly Board later, Perhaps living in metrics NASDAQ stated our hand history, for of cash Directors. a sales will flow, and plan all that strategic we

and to within this chains built processes And We owners have great production the by materials tag that retailers. our processes brand CertainT sites supported selling our scalable these begun manufacturing year tagging integrated across major yielding globe, progress. made to CertainT supply the have over we XX the textile platform. last and now And

We increased represents conferences, pharmaceuticals, at further commercial supplements our FDA. We dietary completed initial evolved partner presented our large Colorcon into steps we with a our with industry first company, which methods dialogue and to marketing tagging our market. and shipments for proof this

products. with XXth, our Xth, And freeing study first tag to effectively will we sheet. directly the contract to we our consumer announced when -- TheraCann cannabis December cancelled have December DNA's recast balance we us pilot On On go the customer. where the Applied to

substantial of auditors doubt We just going have for today, of filing Applied concern. pleased form as market DNA their opinions removed that a our the fiscal having our closed XXXX are after XX-K with

DNA is linear for of the heartbeat. benefit shareholders, new Now our

scale. We position are assembling it linear unique. is experts We and our designing at producing believe DNA and at

taggings platform CertainT the chain We ensure molecular have efforts our on and focused to of DNA performance. application the authenticity supply security tags use historically our through and on of linear

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savings, cash flow salary lowered part company our the cost As than more successful own my I until positive. XX% voluntarily is of have by

rationalized initiated segments result review our our Now fourth our time Having approximately fiscal to and fourth during segments over of XX% revenue. of across of pipeline to the opportunities that fastest as total of even total resources, prepared we year-over-year. realize to revenues is year XX% by the operating fiscal offer ahead we opportunities end by quarter, those the prioritize XXXX, a quarter over expenses us. better the increased business The are course that declined strategic X%

and the a their circulating of cells. growth. invasive linear Vitatex compelling therapeutics other prognostics third cannot way that branch believe in story give and of we save intellectual our words tumor But to we the scientists In and to the cells us remarkable itself diagnostics, recent blood. property metastatic the to The acquisition lends assets

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value The of the in including cells this to can company technology capture and and patient. iCTC of acquired be to commercialization with that number in blood breast quantified health metastatic plans by further of isolating portfolio Powered and qualified their is they fiscal ovarian the recently colorectal. correlated cancers, identification types XXXX, pursue the and and several the from

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segments Now cannabis vertical driver from business a various we the are revenue with market. of about the optimistic for being interest our

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the and opportunity Now are lead long of need short to and cannabis market continuing develop term we our our solution. And pipeline. is in

to generation. continue awareness demand We campaign to drive a will and throughout launch creation lead XXXX

private also that Industries PTT largest and MOU and signed to revenues Reliance nearly we announced our company, DNA billion. Now platform into filaments India's incorporate of this with fabrics. fibers and CertainT Reliance Applied $XXX recycled week is

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portfolio on now here is more the IP Now Clay Shorrock. to of speak value our

Our IP and

Clay. Counsel, General

Clay Shorrock

years company's of And be ago, Thank to me Jim. its offer hello everyone. this value assets intellectual to scale merely asked At time, the on commercialize to of based PCR used speak greatest tool and research of a manufacturer its that quantities you, you must XX quarter one implement of property. one DNA. the Jim small PCR linear with company prime About of perspective DNA. the objectives large to create was recognized the its the

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biotherapeutics market, opportunities been For the have pursue company fiscal licensing to lucrative. which quite in XXXX, plans historically the

recently covering the invasive, a its worldwide large established perspective capture is Another cell circulating vitro technology. license exclusive and identification an portfolio growing diagnostics, IP area patent but tumor company to in from an

DNA largest DNA DNA company's cannabis. as pharmaceuticals tagging fiber and relates company's the of are legal taggings, this estate its which the in Finally, to of technologies, of SigNature include authentication time area the its applications for tagging, well patent CertainT Also included the provenance and typing. DNA category pending tagging as and

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Now, Jim back to you.

James Hayward

our building we the from generating Thank fiscal you focus commercial helps CertainT in begin value business and perspective. PCR in from as the line that and convert of sharpened pre-commercial really to And set services. we to revenues company and put biotherapeutic growth our having platforms sights products foundation fiscal higher diagnostic Clay on on from our fiscal IP DNA in produced linear conducted XXXX XXXX into top our we've us business and activities, XXXX and revenues and

board We our eye Scott growing recently the background rapidly controls itself tight the to business an with whose to cost topline. towards appointment us added and depth of helping lends maintain Anchin,

We have sustainable our and in growth are years, healthiest balance developing sheet on a trajectory. focused

we resources sustainable and have business For and allied a team the and growth we fiscal perspective financial believe to support XXXX, trajectory. synchronized fresh

initiatives years our We balance year. our to coming have cash support growth in in the healthiest

our the revenue been the On has our with same several fiscal first fiscal XXXX. we most building the of lowest last expect quarter pattern year throughout years in and

call you our operator, concludes now to open Thank This questions. And the you. can prepared remarks.

Operator

Maxim first Please will now question with begin Group. go question-and-answer the from Instructions] We is ahead. Jason session. McCarthy Our [Operator

Jason McCarthy

all. Hi

it the the the Is is we're talk companion and space, emergence not also questions. can you how but could diagnostics the a of something -- at that platform, important potentially platform as when prognostics question thinking that you emerge little for monitoring. it? about I’m that And of and with couple be to way other seeing a patient should CTCs Jim look bit about the and Just we start diagnostics as diagnostic? just iCTC is going a to part

are There CTCs, are out combining, cell it. that not there a with of part of lot the the circulating tumor groups DNA

that thinking Foundation platform think Medicine where tumor about platform deep circulating [ph] heavily So heading? iCTC you considering be and I'm is like your that and only may are groups cell Health Gordon reliant about that on sequencing

James Hayward

pleasure Okay. Both a talk It's Jason. questions, about them. great to

duplicating platform cells into functionality intravasate then from of or So vessel a the along a our distinguishes functionality, and more and extravasate behavior vivo, the tumor secondary basis iCTC know, you vessel is new then where a into metastasis itself as they lymph of the on that and travel in to tumor. create powerful and

is We that functional is believe We of it could companion perfect make this strategy marketplace a distinct. of of develop portray a have approaches us are partners the capture But the the makes the no ourselves as -- by IP. we to for has as to believe, and several cancer and believe marketplace. and the take one steps, We else it will strategies a basis right is there assay that, that in one therapeutics, diagnostic we one that diagnostic. a of we variety that virtue that do companion to other for multiple begin those longitudinal us will them of our to getting

loose transcriptome about about of when cells. with believer the strong information both in invasive biology cells tumor the metastatic does Now, genome single we're CTCs, the and tumor that of and very that a let from valuable heterogeneous a itself provide can analyzing isolated and

We comparisons in and living DNA iCTC our our cells will the platform believe functional. are we what isolated because advantage to out and be will point cell between make free order

we them. the from so, get when for much interrogated we believe information And transcriptome, more can

the patient. lymphocytes personalized CTCs we We of design will believe but DNA those more interrogate said than the It able travel antigen will by allow when using be rapidly that that patient therapies also just CTCs, an the longitudinally engaged by the that with I can tumor. linear to be at to us term, along also surface long

Jason McCarthy

one you, then thank platform. LineaRx and on Great, question the

use there gene their that XX RNA, exploring You all the across CAR-T, linear it’s platforms. past DNA are where there's therapy, is are of had undisclosed that verticals presented for the it relatively in potential the groups

many How on I collaborations new over particularly the you expect or interested would XXXX? CAR-T partnerships am side.

just As be this Kite reasons out the using, since methods has of year most acquired, most of mentioned that to with this extremely half current active the the CAR-T of, there could the earlier, been and problems Juno opposed but weekend. quiet why all coming and all second relatively XXXX as of ASH were it's you they're been and of

linear in there at you're in, cetera. I'm how wondering coming groups are CAR-T positioning DNA platform et more that new bringing advancing, partners, whole the

opine on that just you program can for So us?

James Hayward

of linear can therapies, which percentage It's complicated has And even are therapies. cytokine of syndrome, Sure. seen platform of that very but ever in it's a if special the in The a one certainly course, are death, dramatic. advantage by virtue unpleasant you've CAR-T patients cause happen. those occurs large

to not epiphany to from players utilize has the And of valuation our construct. listen platform linear they're of might DNA, gene of or but linear methods us to that to we plasmids derived of controlling bacteria coming at without DNA, just of impact those have particular And our the delivery believe their in it's integration of Because some believe that methods, of how gene since epizomal we much to a our residents enhancing you context. is ASH. not methods expression, that risk, less occurring our

treat, a of hematologic they that could to the advantages. put work They a of they're well work DNA realize into constructs. that They but for cancer believe clinical trying whatever they'll linear their lot host and open patients

Jason McCarthy

on Thank the you. congratulations progress. And again,

James Hayward

Great, much. so you thank

Operator

The Anthony Please Maxim ahead. next go from also Group. question from is Vendetti

Anthony Vendetti

a a published differing this there, tagging just Can the your more about September. talk seems industry wanted Hey, for are with you all couldn't DNA know, went business. And follow Jim. opportunity. up to with state you natural regulations the what on agree fit in We TheraCann? that report large as CBD wrong we I out

week And signed you you opportunity with Old then the the funding what agreement the Port a TheraCann’s nothing issue to was that it do that forward with talk and have. this is then going like subsequently seems product obviously in space? now on Oil It about standpoint,

James Hayward

you TheraCann out Well, Anthony. We payments. very put further one. them much, That simply they gave still wherewithal reach not did Thank to deadlines and issue. have financial and our all, and could opportunities, wonderful. me tackle TheraCann were let extended Okay, the the not first a meet them. renewed was of

we And the access need gain to to marketplace.

So, we had to move well. no them we on. luck but And choice wish as

The distinctions hemp legal when confused issue with hemp. cannabis interesting; consumers CBD sativa. between don't very the the And really from states is a because about one, are both and What and is hemp. marijuana often are people members is CBD realize and of within same course, species, marijuana derived genus of

the according crime support to because CBD is is no it's derived can concentration. there where psychoactive transport both marijuana to federal hemp products [indiscernible] can across so borders. high components logical from of it And the especially derived, the of state THC at being be content And government There's low. risk

marijuana. CBD from CBD that the derived indistinguishable, it's from But

the if So do it you state product crossed is earth enforcement, are in criminally CBD seltzer and how transported water, like and if stopping border, or law might innocent compliance? determine you who's on trucker a just an CBD that for be

forensically understand process. for tagging the both You origins, CBD of hemp way from by chemical discriminating purification hemp. had that Well, CBD can its We no provide that derivation. that in extractions we its what state can't, there's to opportunity proof and because during

difference safe. Oil go. that take and they on terms huge was They it get using brand its the in to doing supply could this a the open protected facility that the license had we own from sub make a to appreciated for And it could their their long-term CertainT. market ensure consumer that keeping called the that CBD, create realized doors aspect that Old help epiphany, think of can in them, their of and Portal we as trade chain that that brand, brand So it

Anthony Vendetti

Okay, very Jim. helpful that's Thank you.

Operator

is next with from The Craig go instructions] Pierce Morgan question ahead. Please Stanley. [Operator

Craig Pierce

Jim December that more XXth. this imagined call awaiting were on person than anxiously I one

view times, lots of of to blackout XX,XXX quarter. finally a months extra good through it's fourth including So few foot I get more the had the questions.

on is How revenue One the a top or the of them year revenue revenue is basis. with last Applied? top it year's compare Applied does of fiscal year comparison of revenue

Beth Jantzen

industry. it's we highest had. cotton were believe where we a million. was It with were we've We back second $X I the a commercial had year XXXX in just year little the year over first the

Craig Pierce

Okay, whole up purchased those that made you of don't bunch If slump And And I tagging correctly. of following as they remember? a hiccups I any and that kinds here. your this bought were a remember of and the have over year.

Okay.

Second is rate? quarter burn that a a was or month $XXX,XXX

Beth Jantzen

Monthly.

Craig Pierce

okay. Monthly,

of that you've that and at So revenue same. $X.X stayed with months got assuming XX stayed burn million, expenses the the same

divided million. $X.X $XXX,XXX Just into

Beth Jantzen

Yeah.

Craig Pierce

so be Okay, of assumptions that water. blown will trust out I totally the

James Hayward

mouth [indiscernible]. your From

Craig Pierce

love you Jim, one one. that love that You

delayed money results wanted On fall it. the TheraCann effects in having of the is terms of out, that obviously I coffers. progress to One, of the ask your through if the had two components put in

think more, the They had million $X fiscal end promised year ‘XX. by I the of

delayed obviously so getting And that into market.

that different a Applied or where that does you eliminating previously? greater going want offer no. Does and individual do is I an to ask with and to to on companies, with ultimately relationship exclusive arrangement that the yes However with revenue add now you can potential TheraCann than that then

James Hayward

Well the had answer to revenue the last a course. We your of question sharing agreement. absolutely, of part is

for no Now as caused TheraCann, it weight But us doubt. pain. the did much

And hard really we really but make was the in to work, not possible. so circumstances the tried long-term it very

our begin we're and think bigger I dialogue to industry much increase in visibility across now that to players. our position with great a And

in As in industries. commercialized have industry already my an remarks I we other fully that is that said that desperately needs abilities the

Craig Pierce

the in could of to the quarter-out? or we've years looking pipeline revenue is sources, give believe through you as deeper pretty quarter-in be consistent to times of And of one last whole I this an terms At talked broader the pretty us think at into you revenue approximate point percentage your expect other big time, -- I verticals. in spread my was all the And famine. quarterly has that you lump the is mean in pass, focus been cotton feast

James Hayward

From every textiles, or from or mean, you from category? cotton

Craig Pierce

Everything, every category.

James Hayward

Yeah.

We we're forward to don't guidance. So growth. yet provide looking

to in is not have position we sales what am team I textile growth. years right our in professional say our So But team reconstructing and sales two extraordinarily a spent in Asia now. there

to we we position way pre-commercial be wide are completed these across and collection And everything at large variety now large fashion by able can have scale to and in that are brands we of trials -- In provide number we and And of have a commercial material integrate of types ingredient a a types. trials used are retailers. been across houses that a tagging.

beginning So we pay to basis. beginning we in relationships like as brand an Intel to as CertainT, those we're and and to and will that refer are to And do chain. where was And in owners having supply sub referred our brand Inside are point retailers integrated it the willing value relationships. us text, royalty solidify our broader see to the value to accumulate on a already

of And of for be And DNA straight to multiple a to course, no revenue us. can line, that significant royalty comes cost tagging. our it goes with bottom it the

products leading that to that. cannabis, We've are great nutritional regulated So to as supplements, in and like we're progress made food byproducts looking to to pharmaceutical forward the leading well. areas

our is interest for portion And our larger true of regulated. diagnostics. becoming also that's a So,

will assays iCTC at our higher So compliance a also require level.

consolidated set. from we're benefiting skill our in the So regulatory growth

Craig Pierce

really strictly Maxim work, at and Maxim, and comment, the of that got down details that's nailed who your compliment is a thought your studies. to unlike the Final all that boys

that just you've originally company, or even and focused were you not expanded aware And smaller gone five off Jim. much ago shoots were on years four a existed. You

further you to of themes. go shortly to And numbers, have able this and course. one of and or announcements getting in was word done. if website, for have basically not and of revenue, hard was themselves as If just contractor potential your were of lack this they're It's better really signed now And, a pitch to book digest. of afterwards, major

in of numbers into area the be Because different on The in a not an doing getting definitely fed. junkie can speaking it's you're things humble it people But going the it? more manner details becoming terms spoon -- contribute and just all would developing, that. you're a to interested do a explanation pitch Because, helping exactly in this mini of you're public my of opinion. is what understand understand book of conglomerate, of to you're

James Hayward

No, disagree I with you Craig. don't all, at

We It's fair I do. to on need discipline reasons of a in come the think Anchin and to amount board have precisely and his areas we need help. the pursue. to offer us asked have Scott we to what caution we that's of do one

An have who's And right our attracted investor We of now. X applications types investors commercial to applications. seem The to biotech, our educating biotherapeutic our investors. well. different to attracted as who's investor of in terms

It's as us talking platform. DNA presentation The challenge same also both to we tried that for realize about the investors in linear we're that both evening's is this make sides. services

might before. So it's it seen have dalliance the not

a on core platform We're with working and discipline.

that on platform. DNA staying industries. are We many great as It's you in expect, that, might just utility has

so and And And our to linear that DNA of applications. sticking is developing science its knitting. are the manufacturing

Craig Pierce

you. Thank

James Hayward

Craig. you, Thank welcome. You're

Operator

like would Dr. over to I concludes Hayward question-and-answer our closing to turn any session. the conference This for remarks. back

James Hayward

I'd days. thank and few the you. call. any happy everyone your tuning in for a we're evening. into like to questions good And always Well, ensuing We're Have welcome accept support Thank very our for interest. to grateful

Operator

for Thank concluded. you attending now today's is conference presentation. The

You may disconnect. now

Applied DNA Sciences (APDN) 12 Dec 192019 Q4 Earnings call transcript