LumiraDx Limited

Hello, and welcome to the Lumera DX First Quarter 2022 Earnings Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. To withdraw your question, please press star then two. I would now like to turn the conference over to Colleen McMillan, Vice President of Communications. Please go ahead, ma'am.

Hello, everyone. We'd like to welcome you to today's call to discuss Lumiere DX's first quarter 2022 financial results issued earlier today. With us are Lumiere DX's chairman and CEO, Ron Wanziger, chief financial officer, Dorian LeBlanc, and chief product officer, Pusha Patek. The press release announcing our financial results is posted on the investor relations section of the company's website at lumieredx.com. Before we begin, I would like to caution listeners that the statements we make today, other than historical facts, are forward-looking statements made pursuant to the safe harbor provisions of the Private Security Litigation Reform Act of 1995. Please be aware that all such forward-looking statements involve risk and uncertainties, such as those detailed in our annual report on Form 20F for the year ended December 31, 2021, which was filed with the SEC on April 13th, 2022, and other filings that we make with the SEC. Any forward-looking statements that we make must be considered in light of these factors. Actual results may vary materially. Also, during the course of today's call, we may refer to certain non-IFRS financial measures. Non-IFRS financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with IFRS. There is a reconciliation schedule showing the IFRS versus non-IFRS results currently available in our press release issued earlier today, which can be found on our website. I will now turn the call over to Ron Zwanziger for opening remarks. We will then provide financial and business updates before answering questions. Ron?

Thanks, Colleen, and thank you all for joining our call today. Our company had a strong start to the year. We've continued to innovate on our platform to deliver the fastest test results on the market with lab-comparable performance. As anticipated, we ended the quarter with approximately 25,000 instruments shipped across 100 countries. Customer receptivity continues to drive market adoption and use cases for our platform in health systems and community-based settings. We've also gained momentum with our R&D pipeline and product launches of assays for common health conditions. We believe that this progress will enable us to drive strong growth of non-COVID revenues in the medium term and deliver on our vision of transforming the 15 billion addressable market for point of care diagnostics. Going to our financial results, we generated 126 million in revenues for the first quarter. The performance was driven by a strong demand for rapid antigen COVID testing on our platform, as well as molecular lab testing by Fast Lab Solutions customers. This was especially the case in January at the height of the Omicron variant surge in cases. We're making progress in our pipeline of the 30-plus diagnostic tests for common health conditions, including infectious diseases, cardiovascular disease, diabetes, and coagulation disorders. On the product delivery side, we've gave momentum with our R&D portfolio with new product launches expected, such as hemoglobin A1C, planned starting this summer, as well as additional claims with Mark and markets for CRP, D-dimer, COVID Ultra, and our COVID and flu combo. I would like to take a moment to highlight our new Ultra test strip, for which we plan to achieve C mark for shortly and some mid for the FDA EUA in this quarter, and which will further reduce our market leading turnaround time to five minutes to test results with high sensitivity. Speed and accuracy of test results are core to Lumira DX's transformative potential and competitive advantage in point of care diagnostics. Five minutes compares to 15 to 30 minutes for most other point of care diagnostic tests on the market and hours or even days for high sensitivity lab testing. The time saved in diagnosis could mean life saved for acute care patients and result in significant increase in throughput for hospitals, pharmacy chains, and other locations with high testing volumes. On the commercial side, we've had the opportunity to work more closely with customers to understand their overall platform experience and enhance its potential impact. That includes positive feedback on recently launched tests, such as D-Diamond CRP, in addition to insights on how our platform can help our customers improve clinical pathways now and additional features and products that will help them expand point of care applications in the future. Our customer success stories should give you a sense of the growing validation by healthcare providers and resulting market adoption and use cases for our platform. Let me share three such examples with you. One, such example on the flexibility of our platform is in the Liverpool Heart and Chest Hospital. The customer is using our CRP test to support patients who have a diagnosis of COPD, bronchiectasis, and or pneumonia as part of their community care. The respiratory team visits patients in the community, and they're able to measure CRP at the point of care when needed within four minutes. The platform, the Lumira DX platform portability has been ideal for this near patient use case and has the connectivity features that allow transfer of patient results to their health records. On our last call, we discussed the experience of the Gloucestershire England Health System using our platform to triage patients in community care settings before they arrive at the hospital and to support a number of tests, including COVID antigen, DDIR, and CRP to streamline resources. Recently, they have tripled their installed base of Lumira DF platform and are planning to implement INR and hypoglomic A1C tests later this year. Finally, for those of you who have not already watched Bill Gates' recent TED talk at TED 2022 in April, LumiraDx platform featured in his talk on preventing the next pandemic. As you know, the foundation has partnered with LumiraDx to distribute 5,000 platforms in African countries to vastly expand testing and transform patient diagnosis and treatment at the point of care. We've now made our platform available in 49 countries in Africa in a variety of care settings, such as field clinics, airports, primary health facilities, occupational health settings, and walk-through clinics. In addition to our current testing menu, we expect that assays in our R&D pipeline for TB, diabetes, HIV, AIDS, and other health conditions will have a meaningful impact on global health. things over to Dorian to go deeper into our financial performance. Dorian?

Thanks, Ron. For the first three months of 2022, Lumerity X revenue was $126.4 million compared to $106.9 million for the first quarter of 2021. COVID antigen test strips on the Lumerity X platform contributed $77.5 million, and Fast Lab Solutions delivered revenue of $38.3 million in the quarter. Q1 revenues for COVID-related products were substantial in January during the height of the Omnicom wave. Total gross margins for the first quarter of 2022 were 40% compared to 41% in Q1 last year. The 4,000 instruments shipped in this quarter were primarily delivered free of charge with required customer purchases of a minimum number of test strips. Costs for these instruments, which were largely placed with new U.S. customers, were recognized as a period cost fully within the quarter, and the impact of these costs decreased reported gross margins by more than 11 percentage points. We remain focused on continuing to grow our instrument placements with these high-quality, long-term point-of-care customers capable of utilizing our existing and future test menu. Overall core test strip margins in the quarter continue to exceed our long-term guidance. Adjusted research and development costs, which exclude amortization and stock-based compensation, were $39.8 million in the first quarter, This represents an increase of 53% over the first quarter of 2021. R&D spend has increased with the opening of our new R&D center in Glasgow and more recently to support the imminent launch of several new tests. First quarter 2022 sales, marketing, and administrative expenses were essentially flat to Q4 2021. The adjusted operating loss for Q1 2022 was 22.9 million. The adjusted net loss for the period was 32.1 million or 13 cents per share. The unadjusted net loss of $55.7 million in Q1 2022 included approximately $20 million of unrealized foreign exchange losses related to the accounting for intercompany loan transactions with no consolidated cash impacts to the company. Our cash balance on March 31, 2022 was $166 million. As we previously announced in April, we entered a new financing agreement to provide working capital to fund additional instrument manufacturing. We announced the first closing of $26.1 million and anticipate closing the maximum of $50 million in aggregate investment before the end of this quarter. Given the strong interest in learning more about LibertyX, we are pleased to announce the investor day on the morning of June 21st in New York City. Further details will be announced in the coming weeks and we look forward to the opportunity to cover some key topics around our technology and pipeline in more detail. Ahead of our investor day, Pooja will provide a short update on our recent progress. Pooja?

Thanks, Dorian. As Ron mentioned, we're really excited about the new Ultra test strip design that allows for faster reaction times and greater precision to deliver high-sensitivity antigen test results in five minutes. Our first product in this category is COVID Ultra, for which we plan to achieve CE marks shortly and submit an FDA EUA in Q2. COVID Ultra as a product enables our current customers and the rest of the point-of-care market to move from results in 15 to 30 minutes to five minutes. This significant improvement in turnaround time has a huge impact to patient workflow. For example, the pharmacy test and treat program where individuals are waiting for test results to get their prescription. As overall testing declines, we believe COVID Ultra will compete effectively in enduring health system testing use cases. Second, developing Ultra as a product line has the opportunity to move the entire respiratory market to fast and high sensitivity antigen testing, including flu A, B, and RSC. Finally, the innovation of the ultra test strip design has made important contributions to the development of assays such as high sensitivity troponin used to aid physicians in the early detection and rule out of acute myocardial infarction. We also have a number of new developments in our overall pipeline. First, our primary care offering is progressing well. For our CRP test in Europe, we recently expanded the intended use to include testing in children over the age of two. offering this test on the same platform as COVID, flu, and RSV aids physicians to quickly and accurately diagnose as well as treat respiratory conditions in children at the point of care. Our portfolio of rapid CRP and pathogen-specific assays on one platform offers a strong antimicrobial stewardship toolkit for primary care where the focus on reducing unnecessary antimicrobial prescribing is growing. For example, Studies have shown that at least 20% of antibiotics prescribed in primary care in England are inappropriate. The LumiraDx platform is well positioned to enable rapid testing to aid physicians in assessment of their treatment decisions and reduce unnecessary prescribing in both adults and children. The launch of additional respiratory assays outside of COVID-19 meets the growing demand for point-of-care diagnostics in primary care across Europe as we move to oppose pandemic world where traditional respiratory viruses will co-circulate with COVID-19 and rapid testing and differentiation will be required. This summer, we expect to also launch our hemoglobin A1c test in Europe for monitoring diabetes patients from a finger stick sample with results in approximately six minutes. HbA1c is a large and high growth test in the point of care market, and we're already seeing the potential impact of this addition with some of our customers. For example, one of our pharmacy customers with a 200 plus install base currently used for COVID testing is keen to start offering HbA1c due to the rising number of patients with diabetes. With the addition of HbA1c to the test menu, we offer on the Lumiere DX platform a majority of the currently used assays at point of care in primary care and pharmacy across Europe. For our customers, it will enable the consolidation of three instruments to a single connected platform and workflow. Moving to the acute or hospital segment, our initial focus is in cardiac testing. For our D-dimer test, we have ongoing a prospective study in the UK and Germany, EMBL, to support use in ruling out venous thromboembolism, or VTE. Interim analysis based on 278 symptomatic patients presenting in emergency department and ambulatory clinic settings demonstrated that the Lumira DX D-dimer test has strong correlation with the laboratory reference method and also has 100% negative predictive value at the 500 micrograms per liter cutoff when used in combination with a pretest probability score. To our knowledge, this is the first study to prospectively demonstrate the use of a quantitative finger stick D-dimer test at point of care to rule out VTE in symptomatic patients, which has the opportunity to significantly improve primary care assessment by physicians of DVT and also potentially reduce the time of the patient's hospital visit as well as follow-up testing and scans. The point-of-care D-dimer test has potential to improve the clinical, operational, and cost outcomes for the VPE pathway. Our anti-proBNP and high-sensitivity troponin tests are in development and are progressing well. We will provide further updates during next month's investor meeting Dorian just mentioned. Continuing with updates on the respiratory portfolio, the COVID and flu combination test was launched commercially in Europe in January. although volumes have been low due to low flu prevalence this season. As previously communicated, the FDA did not authorize an EUA based on the retrospective data that comprised of banked flu samples from the 2019 to 2020 season that we submitted last fall. We commenced a new clinical study at the beginning of this year to provide additional prospective flu AB data and plan to submit an updated FDA EUA in the second half of this year. The COVID and RSV combination test is in late stage development and we expect to see EMARC shortly. We are still planning to submit 510K applications for COVID-Ultra, HbA1c, INR, and strep A molecular by end of year. Flu and RSV tests will be offered in combination with COVID under EUA and will transition to 510K single assays on the Ultra product line as development work and verification and validation studies are completed. With that, we would be happy to take your questions. Operator?

Yes, thank you. As mentioned, at this time, we will begin the question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To answer your question, please press star, then 2. At this time, we will pause momentarily to assemble the roster. And the first question comes from Vijay Kumar with Evercore ISI.

Thanks for taking my question and congrats on the quarter. Maybe a couple on the revenue side here. There's been a lot of debate on what is base revenues, what is ex-COVID, but I suspect many of us are turning around to these point-of-care antigen-based solutions as perhaps having a longer tail. Have you guys given any thoughts on that? what is the endemic revenue opportunity when you either think about the combo test or stand down? How should we think about what is more sustainable revenue based here on the COVID front? And related to that, the COVID Ultra that you just announced, is that an antigen test or is that a PCR test when you say five minutes turnaround versus the prior 15 to 20 minutes?

Well, dealing with the second, it is, It is a five-minute antigen test. We expect the performance to be outstanding, so very much in the same way that our customers that we have have increasingly been switching from PCR systems in many use cases over to us. We expect that that will transition even faster. and we've already discussed the product with quite a range of customers, and it's an understatement to say they can't wait to get the test because of the impact it has on the workflow and how it can be helpful in greater efficiencies in medical facilities, whether it's emergency rooms or doctor's offices, and also other locations where you're looking to get throughput and obviously a five-minute test, which actually performs very well and can match PCR performance in the state, in the equivalent PCR state when someone's infectious is obviously incredibly valuable. So we expect very significant demand and also the Ultra, that product should also enable us to gain share, linking to your first part of your question, which is what is the base and how to think about it. Well, frankly, if we knew we'd tell you, but it's very hard to think that through. We get a lot of input from customers and it's sort of hard to tell. And we can see various use cases moving up and down. So it's still pretty hard to tell. And it's obviously also hard to tell the impact of combination tests, whether it's flu A, B, or whether it includes the RSV and so on. So it's very hard to tell. But we think that at the moment, if we have to guess, and frankly, it is a guess, it'll probably be the base load will probably be higher than recent average flu seasons. So it'll probably be higher. Our guess is it'll probably be higher than that. It's a bit hard to give a better estimate based on recent data. So the fall off that we've seen at the moment and the fact that revenues are continuing, it's hard to read that into a conclusion around the future base because a lot of it might still be sorting out what's happening at the moment in the pandemic. So it may not be an indication of the base. So I'm afraid I haven't answered your first part of the question other than to say it's probably going to be higher on an annual basis than current sales of flu.

And that's a fair response, Ron. It's hard. Just the pandemic, how it's played out, it's been hard to figure out. There are different twists and turns. But maybe another way to come back at the space business kind of question, I think Pooja mentioned the D-dimer, 100% negative predictive value. When you say that was a prospective study, was this a case control study? Frankly, we've never looked at these kinds of tests, so I don't know what these numbers mean when you say 100% negative predictive value. Maybe put that into context for us. What do these numbers mean? What has been your customer reaction? Similarly, I think HBA1C, when you said a pharmacy customer is now adopting A1C, it looks like there is some momentum building for other non-COVID tests. So maybe talk about that a bit.

Pooja, do you want to answer the question on D-dimer?

Sure, yeah. So for D-dimer, first just to explain at a high level the study, the 100% – so the This was a study, and it will probably enroll over 1,000 patients over time. We're at the interim mark right now. So this is following enrolling individuals that present with VPE-like symptoms, such as swollen leg, for example, and they are tested with D-dimer, and then they are also then based on their clinical symptoms and other standard of care, which usually combines a pre-probability test, so typically a well score. There could be scanning. So they're clinically diagnosed to have ABTE. And so the 100% rule out refers to the fact that the D-dimer test used with that pre-probability score had 100% correlation with the negative clinical decision. So the way this adds value in a clinical setting or a primary care setting, and there have been a number of studies that have been published that D-dimer is the number one, one of the top tests requested in a primary care setting. And the reason is that these individuals can add a lot of cost and there's a lot of downside to having a VTE, so being able to quickly triage and rule out a VTE versus a lot of other non-specific symptoms that the patient can have has a lot of clinical value and also a lot of cost savings to the system in terms of reducing the number of patients that need to show up in the ED. I would say it's a newer, and I think we referred to that, this is some of the first work that we've done in defining So D-dimer is relatively under-penetrated in primary care. It is done a lot more in emergency departments, but we do see that as an opportunity to build clinical value.

To add to that, Vijay, one major area in Europe had tried on various occasions to use D-dimer rapid tests in the community. And the community-based physicians very much wanted it, but they threw in the towel and went back to the very laborious way of relying on lab testing because they couldn't find any reliable tests for D-dimer that could be used in the community setting. And they're absolutely thrilled with our product. So that's very typical. And we expect to see an awful lot of that in the future.

That's helpful perspective, Ron. If I may squeeze just one more question for Dorian. Looks like Q1 cash burn was about $30 million. Looking at your cash position right now, clearly that's been a concern in the market, Dorian. We saw Q1 gross margins come in a bit. Maybe talk about your spend levels in a margin progression and what it means to cash burns.

Sure. And I think you'll note that the cash used in operations was fairly light in the quarter given the strength early in the quarter with revenue from the Omicron peak. And we've discussed before just the fact that our overall CapEx spend is coming down since most of the investment was made in 2021. And we just have the tail end of some of those obligations. So we do think that overall the cash burn is slowing. It slowed operationally this quarter. It's slowing on the CapEx side. On the margin side, obviously that's impacted by placing the instruments, but we have a very strong instrument inventory, and I'm sure you'll see when you see the balance sheet that we still have a strong inventory position, and over half of that inventory is instrument to instrument components. So our requirement to continue to finance inventory build is behind us as well, largely. So I think we have some opportunity to see better cash flow utilization in the coming quarters on the working capital side. But we're going to continue to fund the business for growth, as we've said previously.

That Q1 free cash flow of $11-12 million-ish, is that a sustainable number going forward, Dorian, or do you see that sort of stepping up?

Sorry, the the overall free cash flow number of 11? Yeah, I think around 12. Yeah, so we use $2 million in operating, but that's based on the large revenue early in the quarter. So I do expect as we see case counts coming down on COVID that we will see less contribution from revenue and we will see a higher cash flow in the second quarter.

Thanks, guys.

But, Vijay, before you go away, since obviously what's in your mind from asking the question was about cash usage in general. I mean, we did a financing this quarter specifically to minimize dilution. And we're going to be careful the rest of the year. But it's quite possible that we'll raise money later this year or early next year. And again, we're going to be very careful because we want to minimize. If we do that, we're going to want to be careful about doing it because we'll want to minimize dilution. We'll obviously want to minimize dilution. And we certainly don't want to slow our momentum because we've got a slew of new tests coming through to fill out our pipeline. Understood, Ron.

Very good. Thank you. And the next question comes from Jeffrey Cohen with Ladenburg-Thalman.

Oh, hi, Ron, Doreen and Pooja. How are you?

Good. Fire away.

A couple questions from Aaron. So could you talk a little bit further about the ultra test and is that specifically or only for COVID antigen? And walk us through a little bit about any logistical difference on the manufacturing front and the throughput lines from the manufacturing end, perhaps on throughput and cost and margins, et cetera.

Well, so the beauty of all our tests is they, regardless of the configuration, they're all made on the same equipment. And that's obviously consistent with the Ultra. And so what we've done with the Ultra is played around with some of the geometry. And we've ended up being able, by doing that, to drastically reduce the time of the test while maintaining the performance, which is key to our platform. We wouldn't obviously compromise the performance. And so the point that Pooja was making is that the COVID antigen is one way to look at that and to think about it is that it covers the whole respiratory system side of the business because you can then expect to see that kind of a performance on flu A, on flu B, on RSV. And the implication of this is that we can now expect to have this sort of a performance in five minutes. And we already have tremendous success on the COVID antigen against PCR. So we're aiming to convert the substantial portions of the market to the five-minute COVID antigen test, because in reality, why should customers who are trying to process and deal with patients in busy settings, why would they work with other tests when they can use this kind of performance in five minutes? So the ultra... the COVID ultra strip gives us tremendous competitive advantages.

Okay, got it. And then as Doreen was speaking about the gross margins earlier, could you talk a little bit about that as far as outlook and the future and also tie that in with some of the funding for the instrumentation and perhaps Ron, any commentary on, you know, in the short term or medium term, what's the right number of instruments that you'd like to have out there, at least in the short and medium term? Thanks.

Well, instruments, sort of just answering the question on the instruments, in the feedback we're getting from customers around the A1C introduction, and around the pickup and the level and the quality of the discussions around CRP and D-dimer suggests that in the second half of the year, we should have a pretty good pickup in instrument placements just from these products alone, never mind the others that we've already mentioned and others that are coming as well. So we should see a pickup in instrument placement in the second half of the year. And what was your question about gross margins?

I suppose more for Dorian as you think about manufacturing and margins and instruments manufacturing and inventory, how might that play out for the balance of this year?

So the focus that we continue to have on gross margins is really continue to drive high gross margins on the consumables. And in the quarter, as in the previous couple of quarters, as the manufacturing process has matured, we continue to exceed the long-term guidance on the gross margin on the test strips themselves. And that's really what drives the largest value for the company on a go-forward basis. the accounting for instrument placements running through the P&L as a period cost. In other competitors in the space, you'll often see those get capitalized to the balance sheet and taken over three and five year periods. As we move to more of the bread and butter point of care tests like A1C and INR and CRP, where customers can commit contractually to volumes over a period of time, Then the proper accounting, we place those instruments to do something similar and take that expense over a period of time. What we've done up until now in a COVID environment is to just take the full burden of those expenses in one quarter, which is why we wanted to call it out for you in the prepared remarks. So that is having a negative impact on the margin, but what's really important for us is the margin on our disposables and those continue to trend exactly as we expect and very high.

Okay, and lastly for us, real briefly, was there any commentary on MARA for the quarter, anything to call out there?

Sorry, anything to call out on AMIRA, did you say?

Yes.

Yeah, well, we're hoping to get a C mark relatively shortly for it. We're hoping to do that, and we're also expecting to relatively shortly also file an EUA on it.

Thanks for taking our questions.

Thank you. And the last question comes from Andrew Cooper with Raymond James.

Hey, guys. Thanks for the questions here. Maybe to start, you know, just thinking about the instrument dynamics, you know, if we think back a while ago, I think the thought was maybe there'd be a bigger mix of, you know, kind of purchased instruments and not quite placing all of them at no charge, which is what it seems like you did this quarter. So I just want to get a sense for, you know, has the long-term view of what the structure looks like changed at all? Should we expect a transition back to sort of a mix of structures for the instrument placements? Just how do we think about that?

No, Andrew, it's really just a reflection of geography. You know, I think you see that in some geographies, instruments are purchased, and in some geographies, you know, the reagent rental model is more prevalent. And so since the lion's share of the instruments that we placed in the first quarter were with U.S. customers, that's typically a no capital expenditure market. So you typically do that with a reagent rental model with a contractual obligation. Or in our case, we just had an upfront purchase that went alongside getting the free instrument. So just more of a reflection of geographic mix.

Okay.

Helpful.

We did say when we started shipping originally early in the pandemic that this was the exception, that we were charging for 7% to 80% of the instruments. But the reality, because of COVID antigen, because everybody needed the instruments on an immediate basis, but the reality is that the market in general is 70% to 80% the other way. So there are a few countries, Japan being an example, where you do sell the product. But for the vast majority of geographies, they're placed free of charge alongside orders for the strips, and that's to the tune of 70% or probably close to 80%. So that really is the long term.

Okay, helpful. Maybe just a quick one on the pipeline as well. I think at the last update, you had also referenced sodium and potassium coming or being submitted, I should say, in 2022. I don't think I caught those two when Pooja was running through sort of the pipeline. So just want to see if those are on track. And then is Ultra something that could be ported to the Amira platform as well in terms of that new geometry you talked about? Because I think To some degree, screening, to the degree we do it, seems like the single place where maybe speed could be the biggest advantage. So just would love to know kind of whether that's something that's potentially portable as well.

Well, actually, some of the features in the COVID Ultra came from Amira, actually. So there are some similarities already. So that's a very good observation. On sodium and potassium, we didn't give an update, but actually I think they're on track. Pooja, do you want to comment?

Yep. No, they're on track. We just didn't have an update, Andrew, so we haven't shared anything. But we can add that to the agenda in next month's call.

Go ahead, Ron. Did you notice that we said we were going to talk about additional products in June and this investor day, and we'll certainly cover sodium and potassium then?

Great. Yeah, looking forward to the event. Maybe just one last one on sort of the expenses in the quarter in terms of R&D and SG&A. You know, how should we think about these as sort of run rates building through the rest of the year? Any framework you can give us? Obviously, there's some one-time things that are in the quarter, but I don't know, any color, maybe Dorian, that you could add?

I think you've seen the SG&A expenses level off from the investments that we made in the commercial infrastructure to support the COVID customer base. And I don't think we'll anticipate those changing in the next couple of quarters. Obviously, as we get to the launch of the new suite of products, we may choose to make investment there. R&D, we have seen an increase with R&D, and really that is to support the imminent launch of these next set of products that Pooja covered in the update. And so we think that will likely carry through here into the second quarter, and we'll continue to invest on the pipeline.

Great. I'll stop there. Thanks for the questions.

Thank you. And as that does conclude the question and answer session, I would like to turn it over to Ron Zonsinger for any closing comments.

Thanks very much. What I'd like to do is to just reinforce the progress and the acceleration of the rollout of our platform and the pipeline of products. As the readiness to come to market in the coming quarters, the capability of the platform, which has been proven, allows for an increased rate of launching of new tests and represents the next leg of our journey to transform point of care diagnostics. I mean, frankly, we're really on a roll at the moment in terms of new product introductions. The traction we're gaining with our technology, the diagnostic menu, and with customers are helping us to achieve our strategic objectives to drive revenue growth well, well, well into the future. We'd like to thank you again for your questions and for joining the call today. Thanks very much.

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