Cue Health Inc (HLTH) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Cue Health third quarter 2023 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Lorna Williams, Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Cue Health 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，投資者關係部門的洛娜威廉斯 (Lorna Williams)。請繼續。

Good afternoon and welcome to Cue's third quarter 2023 earnings conference call. Joining me today are Ayub Khattak, Chairman and Chief Executive Officer of Cue Health, and Aasim Javed, Chief Financial Officer.

下午好，歡迎參加 Cue 2023 年第三季財報電話會議。今天與我一起出席的還有 Cue Health 董事長兼執行長 Ayub Khattak 和財務長 Aasim Javed。

Before we get started, let me begin by reminding you that we may be making forward-looking statements, including statements related to the submission of any FDA applications and expectations around receiving clearance and authorization.

在開始之前，我首先提醒您，我們可能會做出前瞻性聲明，包括與提交任何 FDA 申請相關的聲明以及對獲得許可和授權的預期。

Expectations regarding production capacity, expectations related to availability of our programs and testing volumes, the expected performance of our business, future financial results and guidance, strategy, long-term growth, and overall future prospects as well as the impact of the COVID-19 pandemic.

Expectations regarding production capacity, expectations related to availability of our programs and testing volumes, the expected performance of our business, future financial results and guidance, strategy, long-term growth, and overall future prospects as well as the impact of the COVID-19大流行.

These statements are subject to risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those described. These risks and uncertainties include, but are not limited to, those outlined in today's call as well as other risks identified from time to time in our public statements and reports filed with the SEC.

這些陳述受到風險、不確定性、假設和其他因素的影響，這些因素可能導致實際結果與所描述的結果有重大差異。這些風險和不確定性包括但不限於今天電話會議中概述的風險和不確定性以及我們向 SEC 提交的公開聲明和報告中不時發現的其他風險。

Forward-looking statements that we make on this call are based on assumptions and beliefs as of the date they are made, and the company disclaims any obligation to update these statements, except as required by law.

我們在本次電話會議中所做的前瞻性陳述是基於截至做出之日的假設和信念，本公司不承擔任何更新這些陳述的義務，除非法律要求。

In addition, on today's call, non-GAAP financial measures will be used. Reconciliations between GAAP and non-GAAP financial measures are included in our earnings release.

此外，在今天的電話會議上，將使用非公認會計準則財務指標。公認會計原則和非公認會計原則財務指標之間的調節包含在我們的收益發布中。

Finally, I'd like to mention that the press release and recording of this call are available on the Investor Relations page of our website.

最後，我想提一下，本次電話會議的新聞稿和錄音可在我們網站的投資者關係頁面上找到。

With that, I would like to turn the call over to Ayub.

說到這裡，我想把電話轉給阿尤布。

Thank you, Lorna, and thank you, everyone, for joining us today. Cue reported total revenue of $17.5 million in the third quarter, exceeding expectations driven by stronger-than-anticipated COVID-19 test sales. We had non-COVID contribution revenue this quarter, and we continue to expect growth in the coming quarters as new products gain momentum.

謝謝洛娜，也謝謝大家今天加入我們。 Cue 報告第三季總收入為 1,750 萬美元，超出了預期，這是由強於預期的 COVID-19 測試銷售推動的。本季我們有非新冠疫情貢獻收入，隨著新產品的成長勢頭，我們繼續預計未來幾季的營收將會成長。

Additionally, we ended the quarter with $111.5 million of cash and equivalents. We continue to execute our key strategic priorities with strong financial discipline, having brought our cost down by $165 million on an annualized basis, exceeding our $150 million target.

此外，本季末我們擁有 1.115 億美元的現金和等價物。我們繼續以嚴格的財務紀律執行我們的關鍵策略優先事項，年化成本降低了 1.65 億美元，超過了 1.5 億美元的目標。

Turning to our number one strategic priority, test menu expansion for the Cue Health Monitoring System.

轉向我們的首要策略重點，Cue 健康監測系統的測試選單擴展。

Our flu + COVID multiplex test remains in active FDA review.

我們的流感 + COVID 多重檢測仍在 FDA 的積極審查中。

Through the last quarter, we added a substantial amount of additional clinical data, and we believe our application exceeds the FDA's data performance criteria and the required prospective clinical samples for lay users for all three of flu A and flu B and COVID-19 positive clinical samples.

在上個季度，我們添加了大量額外的臨床數據，我們相信我們的應用程式超出了FDA 的數據性能標準以及非專業用戶所需的所有三種甲型流感和乙型流感以及COVID-19 陽性臨床的前瞻性臨床樣本樣本。

To get the additional flu B samples, we conducted a study in the Southern Hemisphere this year. This is our first multiplex and has been submitted to the FDA for over-the-counter use, which would enable use both at home and at the point of care.

為了獲得額外的 B 型流感樣本，我們今年在南半球進行了一項研究。這是我們的第一個複方藥物，已提交給 FDA 供非處方藥使用，這樣就可以在家中和護理點使用。

Our flu + COVID multiplex test simultaneously detects and differentiates between influenza and COVID-19 in approximately 25 minutes, with the results delivered digitally to the Cue Health App.

我們的流感 + COVID 多重測試可在大約 25 分鐘內同時檢測和區分流感和 COVID-19，並將結果以數位方式傳送到 Cue Health 應用程式。

It is integrated into Cue Care, our same-day test treatment solution, which enables telehealth and prescription delivery. With this product, we believe we're adding a powerful tool for individuals at home, providers, and enterprise seeking to make better informed healthcare decisions, enable timely effective treatments.

它已整合到我們的當日測試治療解決方案 Cue Care 中，可實現遠距醫療和處方交付。我們相信，透過該產品，我們正在為家庭中的個人、醫療服務提供者和企業添加一個強大的工具，幫助他們做出更明智的醫療保健決策，以實現及時有效的治療。

We also have two de novo applications currently under review with the FDA. The Cue RSV molecular test was submitted earlier this year, and we have received feedback from the FDA. We believe that we can address all the feedback within the quarter and continue to review.

我們還有兩項新申請目前正在接受 FDA 的審查。 Cue RSV 分子測試已於今年稍早提交，我們已收到 FDA 的回饋。我們相信我們可以在本季度內解決所有反饋並繼續審查。

We anticipate an approval later in the respiratory season. The Cue Flu Molecular Test was submitted to the FDA for a full de novo last year. Subsequently, we were asked for a greater number of flu B clinical samples, which has been very rarely circulating over the last three years, with almost no circulation in the Northern Hemisphere.

我們預計將在呼吸季節晚些時候獲得批准。去年，Cue Flu 分子測試已提交給 FDA 進行全面的重新測試。隨後，我們被要求提供更多的乙型流感臨床樣本，這些樣本在過去三年中很少流通，在北半球幾乎沒有流通。

We collected the additional samples in the Southern Hemisphere as suggested by the FDA, and we believe we exceed the requirements. The flu submission is progressing well to de novo approval this respiratory season.

我們按照 FDA 的建議在南半球收集了額外的樣本，我們相信我們超出了要求。在這個呼吸道季節，流感提交進展順利，從頭開始獲得批准。

For all of these tests, as soon as we receive authorization, we are ready to launch them, utilizing our existing sales and distribution channels. These products will be made on our automated production line without significant additional capital investment. Our automated production lines were designed to produce any test in our menu at scale.

對於所有這些測試，一旦我們獲得授權，我們就準備好利用我們現有的銷售和分銷管道啟動它們。這些產品將在我們的自動化生產線上生產，無需大量額外資本投資。我們的自動化生產線旨在大規模生產我們菜單中的任何測試。

As a reminder, all of the Cue Health Monitoring System tests show the same cartridge backbone and manufacturing process. Our installed base has more than 0.25 million Cue Readers, and we have more than 300 directly contracted enterprises and providers.

提醒一下，所有 Cue 健康監測系統測試都顯示相同的墨盒主幹和製造流程。我們的安裝基數已超過 25 萬 Cue Reader，直接簽約企業和供應商超過 300 家。

Together with public sector customers, our distribution partners and our direct-to-consumer channel, we believe we have the available channels to get these products into the market.

我們相信，與公共部門客戶、我們的分銷合作夥伴和直接面向消費者的管道一起，我們擁有將這些產品推向市場的可用管道。

Last quarter, we announced we are developing a combined flu, RSV + COVID all-in-one multiplex test supported by BARDA on a $28 million contract. This new molecular test is being developed on the same Cue Reader and cartridge system and will also utilize the same production line.

上季度，我們宣布正在開發一種流感、RSV + COVID 一體化多重檢測，並獲得 BARDA 的支持，簽訂了一份價值 2800 萬美元的合約。這種新的分子測試是在相同的 Cue Reader 和卡盒系統上開發的，並且也將利用相同的生產線。

The team continues to drive solid progress in the development of this multiplex test. We plan to follow an EUA regulatory pathway with an initial objective of having this test available for the 2024, 2025 respiratory season. Rounding out our respiratory pipeline, we've now completed development for our strep throat molecular tests.

該團隊繼續推動此多重測試的開發取得堅實進展。我們計劃遵循 EUA 監管途徑，初步目標是在 2024 年、2025 年呼吸季節提供測試。為了完善我們的呼吸管道，我們現在已經完成了鏈球菌性咽喉炎分子測試的開發。

We made the decision, though, to delay the start of the clinical study to save cost as we prioritize promising near-term revenue-generating products, including the three tests and review with the FDA.

不過，我們決定推遲臨床研究的開始，以節省成本，因為我們優先考慮有前景的近期創收產品，包括三項測試和 FDA 的審查。

Now I'd like to highlight Cue's menu expansion efforts in the sexual health category. Our chlamydia + gonorrhea multiplex test is in clinical studies. We now expect an FDA submission in the first half of next year.

現在我想強調一下 Cue 在性健康類別中的菜單擴展工作。我們的衣原體 + 淋病多重檢測正在進行臨床研究。我們現在預計將在明年上半年向 FDA 提交申請。

We have been developing a Cue Herpes + Mpox multiplex molecular test. This is an important next step for our sexual health testing menu for sexually active people of regions and build on our already FDA authorized Mpox molecular test.

我們一直在開發 Cue Herpes + Mpox 多重分子檢測。這是我們針對各地區性活躍人士的性健康測試菜單的重要下一步，並以我們已獲得 FDA 授權的 Mpox 分子測試為基礎。

General herpes caused by HSV-1 or HSV-2 is the most common STD in the United States with an infection in one out of every six sexually active people in the US.

由 HSV-1 或 HSV-2 引起的普通皰疹是美國最常見的 STD，美國每 6 名性活躍者中就有 1 人感染。

A diagnostic test is needed to determine if an individual has either of these highly contagious viruses.

需要進行診斷測試來確定一個人是否患有這些高度傳染性病毒中的任何一種。

We believe our new multiplex test can quickly and accurately detect herpes and/or Mpox to allow for timely medical intervention. Today there is another point-of-care herpes solution available on the market. We believe that our herpes + Mpox multiplex test is eligible for an EUA and we believe that we could have this herpes Mpox test on the market next year.

我們相信我們的新多重測試可以快速準確地檢測皰疹和/或 Mpox，以便及時進行醫療幹預。如今，市面上還有另一種護理點皰疹解決方案。我們相信我們的皰疹 + Mpox 多重檢測符合 EUA 資格，並且我們相信明年我們可以將這種皰疹 Mpox 檢測推向市場。

The Cue Health Monitoring System has many new tests on the way, and we're very excited about the progress and our key priority of menu expansion. We're also happy to see the peer-review publication of real-world clinical experience with Cue comparing Cue to a lab-based RT-PCR test.

Cue 健康監測系統正在進行許多新的測試，我們對菜單擴展的進展和我們的首要任務感到非常興奮。我們也很高興看到 Cue 的真實臨床經驗的同行評審出版物將 Cue 與基於實驗室的 RT-PCR 測試進行了比較。

Recently, an independent clinical study comparing our Cue molecular COVID-19 test to a lab-based PCR test was peer-reviewed and published in microbiology spectrum, a journal produced by the American Society for Microbiology.

最近，一項獨立的臨床研究將我們的 Cue 分子 COVID-19 檢測與基於實驗室的 PCR 檢測進行了同行評審，並發表在美國微生物學會出版的期刊《微生物學譜》上。

This largest of its kind study of asymptomatic people find that Cue test is as accurate as the lab-based PCR test with 99.4% concordance with this lab-based RT-PCR test. The study's finding differentiate Cue on the basis of both accuracy and speed superior to the poor sensitivity of antigen testing and without the delays of lab-based PCR testing.

這項針對無症狀族群的同類研究規模最大，發現 Cue 測試與基於實驗室的 PCR 測試一樣準確，與基於實驗室的 RT-PCR 測試的一致性為 99.4%。該研究的發現表明，Cue 的準確性和速度優於抗原檢測的低靈敏度，並且不會造成實驗室 PC 檢測的延遲。

Shifting to the Cue Integrated Care platform, our solution that seamlessly extends the capability of our foundational Cue Health Monitoring System, enabling an end-to-end customer journey to receive an active diagnosis consult with a healthcare provider through our app and receive treatments. We have integrated many of these building blocks over the last 18 months. Last year, we launched Cue Care, allowing for video consultation with clinicians and prescription delivery.

轉向 Cue Integrated Care 平台，我們的解決方案無縫擴展了我們基礎 Cue 健康監測系統的功能，使端到端客戶旅程能夠透過我們的應用程式接受醫療保健提供者的主動診斷諮詢並接受治療。在過去 18 個月裡，我們整合了許多這些建置模組。去年，我們推出了 Cue Care，可以與臨床醫生進行視訊諮詢並提供處方。

We announced a partnership with Minnesota Department of Public Health to enable all the state citizens to access Cue Care without cost to the patient. Next, we leverage this platform to add Cue Lab, mail in at-home test kits and Cue Pharmacy for prescription subscriptions.

我們宣布與明尼蘇達州公共衛生部建立合作關係，使所有州公民都能免費獲得 Cue Care。接下來，我們利用這個平台添加 Cue Lab、郵寄家庭測試套件和用於處方訂閱的 Cue Pharmacy。

We continue to be excited about this opportunity. We believe Cue Lab and Cue Pharmacy have the potential to be a meaningful part of the business over the next year.

我們仍然對這個機會感到興奮。我們相信 Cue Lab 和 Cue Pharmacy 有潛力在明年成為這項業務的重要組成部分。

Now that we have fully built out the integrated care platform, we expect that adding new tests and treatment programs will be straightforward. And I'm really pleased with how the team continues to leverage the platform across new indications.

現在我們已經完全建立了一個綜合護理平台，我們預計添加新的測試和治療計劃將變得簡單。我對團隊如何繼續利用該平台來應對新的適應症感到非常滿意。

While Aasim will review our financial performance in detail, I want to highlight the progress we've made with financial discipline.

雖然 Aasim 將詳細審查我們的財務業績，但我想強調我們在財務紀律方面取得的進展。

The team continues to balance operational execution with cost management. Our goal at the beginning of the year was to reduce spend by $150 million. We have now delivered approximately $165 million of annualized run rate cost savings. At the same time, the team is also focused on near-term revenue-generating opportunities, including upcoming FDA approvals.

該團隊繼續平衡營運執行與成本管理。我們年初的目標是減少 1.5 億美元的支出。目前，我們已實現年化運行成本節省約 1.65 億美元。同時，團隊也專注於近期創收機會，包括即將獲得 FDA 的批准。

We believe we're getting close as we continue to have positive engagement with the FDA and have continued to add data where necessary as common in the review process. Over the last months, we've been actively responding to information requests and supplying additional data as necessary.

我們相信，隨著我們繼續與 FDA 積極合作，並繼續在審查過程中常見的必要情況下添加數據，我們已經接近目標了。在過去的幾個月裡，我們一直在積極回應資訊請求並根據需要提供其他數據。

We remain optimistic that we will have additional authorization shortly and, at these approvals along with new product launches, will be the catalyst for revenue growth and reaching EBITDA breakeven in early 2025.

我們仍然樂觀地認為，我們很快就會獲得更多授權，並且在這些批准以及新產品發布後，將成為收入成長的催化劑，並在 2025 年初實現 EBITDA 盈虧平衡。

With that I'll turn the call over to Aasim.

然後我會將電話轉給 Aasim。

Thank you, Ayub, and good afternoon. Now let's walk through our third quarter financial results and fourth quarter guidance.

謝謝你，阿尤布，下午好。現在讓我們來看看我們的第三季財務業績和第四季度指引。

Cue's third quarter total revenue of $17.5 million exceeded our guidance range of $11 million to $13 million. We are pleased with the sequential increase amidst the continued industry decline in COVID revenues.

Cue 第三季總收入為 1,750 萬美元，超出了我們 1,100 萬至 1,300 萬美元的指導範圍。我們對在新冠疫情產業收入持續下降的情況下實現環比成長感到高興。

In the quarter, our private sector contributed 82% or $14.4 million of sales. Public sector revenues were $3.1 million for the third quarter, and total test cartridge sales were $13.2 million.

本季度，我們的私營部門貢獻了 82% 或 1,440 萬美元的銷售額。第三季公共部門營收為 310 萬美元，測試盒總銷售額為 1,320 萬美元。

Q3 product gross profit was a loss of $7.4 million. Gross profit is impacted by lower manufacturing volumes and also includes non-cash items. Excluding depreciation, amortization and stock-based compensation, our gross profit would be slightly positive.

第三季產品毛利虧損740萬美元。毛利受到產量下降的影響，也包括非現金項目。排除折舊、攤提和股票薪酬，我們的毛利將略為正。

Total operating expenses in the quarter were $60 million, excluding cost of revenue. Sequentially, operating expenses are in line with the second quarter. Q3 operating expenses were down 37% from Q4 2022 driven by cost reduction efforts. Further, if you exclude noncash items such as depreciation, amortization and stock-based comp, the reduction in operating expenses from Q4 2022 would be even higher on a percentage basis.

該季度的總營運支出為 6,000 萬美元，不包括收入成本。因此，營運費用與第二季持平。在成本削減措施的推動下，第三季營運費用較 2022 年第四季下降了 37%。此外，如果排除折舊、攤提和股票補償等非現金項目，則 2022 年第四季營運費用的減少百分比將會更高。

Sales and marketing expenses were $7.1 million in the third quarter, a decrease of 63% from Q4 2022, driven by a decrease in digital and marketing costs. R&D expenses were $37.1 million for Q3, a decrease of 34% from $56.1 million of spend in Q4 2022 as we focus on development programs related to our respiratory and sexual health product offering.

在數位和行銷成本下降的推動下，第三季銷售和行銷費用為 710 萬美元，較 2022 年第四季下降 63%。第三季的研發費用為 3,710 萬美元，比 2022 年第四季的 5,610 萬美元減少了 34%，因為我們專注於與呼吸和性健康產品相關的開發案。

G&A expenses were $15.8 million during the quarter, a decline of 17% from Q4 2022 spend of $19.2 million. In the quarter, we received an employee retention credit of $20.9 million from the IRS. As a result, GAAP net loss in the third quarter was $47 million or $0.31 per diluted share. On an adjusted basis, net loss was $63.6 million or $0.42 per diluted share. Adjusted EBITDA was a loss of $36.6 million.

本季的一般管理費用為 1,580 萬美元，比 2022 年第四季的 1,920 萬美元下降 17%。本季度，我們從 IRS 獲得了 2,090 萬美元的員工保留信貸。因此，第三季 GAAP 淨虧損為 4,700 萬美元，即稀釋後每股虧損 0.31 美元。調整後的淨虧損為 6,360 萬美元，即稀釋後每股虧損 0.42 美元。調整後 EBITDA 虧損 3,660 萬美元。

Moving to the balance sheet. We ended the quarter with cash of $111.5 million. Now I'd like to move to our guidance.

轉向資產負債表。本季結束時，我們的現金為 1.115 億美元。現在我想談談我們的指導。

We expect revenues of $16 million to $18 million for the fourth quarter. Cue has a healthy balance sheet with $111.5 million of cash on hand as we continue to prioritize cash preservation. As a reminder, we delivered approximately $165 million of annualized run rate cost savings versus Q4 2022.

我們預計第四季的營收為 1,600 萬至 1,800 萬美元。 Cue 擁有健康的資產負債表，手頭上有 1.115 億美元現金，我們繼續優先考慮現金保存。謹此提醒，與 2022 年第四季相比，我們實現了約 1.65 億美元的年化運行成本節省。

Our operating expenses were down 37% from Q4 2022 and PPE capital expenditures in the quarter were $1.7 million, a 76% decrease from Q4 2022. Our underlying cash burn rate improved from Q2.

我們的營運費用較 2022 年第四季下降了 37%，本季的 PPE 資本支出為 170 萬美元，較 2022 年第四季下降 76%。我們的基本現金消耗率較第二季有所改善。

Additionally, we continue to execute on our near-term catalysts, including preparing for the launch of our flu + COVID multiplex, flu and RSV regulatory approvals, and other new product offerings.

此外，我們將繼續執行近期的催化劑，包括準備推出流感 + COVID 複合藥物、流感和 RSV 監管批准以及其他新產品。

Finally, we continue to evaluate options and opportunities to bolster our cash position.

最後，我們繼續評估增強現金狀況的選擇和機會。

In summary, I am pleased with the progress being made against our 2023 priorities of test menu expansion, our integrated care platform, and strong financial discipline.

總之，我對我們 2023 年測試菜單擴展、綜合護理平台和強有力的財務紀律等優先事項所取得的進展感到高興。

Looking ahead, we expect to have several molecular tests on the market in 2024, strengthening our expectations of a positive adjusted EBITDA by early 2025.

展望未來，我們預計 2024 年將在市場上進行多項分子測試，從而增強我們對 2025 年初調整後 EBITDA 為正值的預期。

With that, I would like to thank you for your attention. And I'll now turn the call over to the operator for questions.

在此，我要感謝您的關注。我現在將把電話轉給接線員詢問問題。

Thank you. (Operator Instructions) Tejas Savant, Morgan Stanley.

謝謝。 （操作員指令）Tejas Savant，摩根士丹利。

Hi, this is Jason in for Tejas. So congratulations on the quarter guys. So my first question is just back in August, one of your shareholders, they published a public letter of voicing their views on your business strategy. And then recently, in October, a separate group of shareholders acting independently published a letter voicing similar views.

大家好，我是代表 Tejas 的 Jason。恭喜本季的伙伴們。所以我的第一個問題是在八月份，你們的一位股東，他們發表了一封公開信，表達了他們對你們業務策略的看法。最近，即 10 月份，一群獨立行事的股東發表了一封信函，表達了類似的觀點。

So my question was just, have you had any dialogue with either of these stakeholders in the past few months? And how do you think about your company's strategy moving forward? Is this the right one?

所以我的問題是，在過去的幾個月裡，您是否與這些利害關係人進行過任何對話？您如何看待貴公司的未來策略？這是正確的嗎？

Thanks for the question. So the Board and the management team, the key lens that we apply to every decision is increasing shareholder value. It's a fundamental part of how we make decisions. And we value shareholder feedback.

謝謝你的提問。因此，董事會和管理團隊，我們每個決策的關鍵鏡頭都是增加股東價值。這是我們做出決策的基本組成部分。我們重視股東的回饋。

So we take it very seriously and we deliberate on what is the right strategy for the company all the time. It's not only at the behest of shareholders, but also just as the fiduciaries of this company.

因此，我們非常認真地對待它，並一直在思考什麼是適合公司的正確策略。這不僅是股東的要求，也是公司受託人的要求。

So with regards to what we're doing, you can see that we've been executing with really strong fiscal discipline. Instead of a $150 million target, we actually achieved $165 million of cost lowering.

因此，就我們正在做的事情而言，您可以看到我們一直在執行非常嚴格的財務紀律。我們實際上實現了 1.65 億美元的成本降低，而不是 1.5 億美元的目標。

So and that's while focusing and moving forward our key strategic priority of menu expansion. So in terms of our priorities, they are to expand the menu, to do so with fiscal discipline to expand in integrated care platform, which delivers the full experience that we seek to with our product and platform.

因此，這就是我們重點關注並推進菜單擴展這一關鍵策略重點的同時。因此，就我們的優先事項而言，他們是擴大菜單，並按照財務紀律擴大綜合護理平台，從而提供我們透過我們的產品和平台尋求的完整體驗。

Got it. Thank you for the color. I may ask a follow-up question. So you ended the quarter with $111 million in cash. And then last quarter, your guidance provided about 12 months of runway way. So with another three months past us, how do you think about cash management financing opportunities over the next year to extend your runway?

知道了。謝謝你的顏色。我可能會問一個後續問題。因此，本季末您的現金為 1.11 億美元。上個季度，您的指導提供了大約 12 個月的跑道。那麼，又過去三個月了，您如何看待明年的現金管理融資機會，以擴展您的跑道？

Thanks for the question. We're always building towards -- we're building towards our post-approval profitability phase and all the opportunities that come with it. So our cash performance this year of $17 million utilization, we're very happy with that performance. This is the best cash performance we've had since Q1 2022, which was the height of the Omicron. And not just this quarter, if you look at the whole year, in every quarter, our cash utilization has trended better quarter-on-quarter.

謝謝你的提問。我們一直在努力實現批准後的獲利階段以及隨之而來的所有機會。因此，我們今年的現金利用率為 1700 萬美元，我們對此表現非常滿意。這是我們自 2022 年第一季以來最好的現金表現，當時是 Omicron 的巔峰時期。不只是這個季度，如果你看看全年，每個季度，我們的現金利用率都呈現逐季更好的趨勢。

So we're continuing to focus on our cash and manage our cash and extend our runway. And as Ayub mentioned, from a savings standpoint, we had a target of $150 million. We came in at $165 million. So bigger -- higher than the target, and from a timing standpoint, ahead of our target.

因此，我們將繼續關注我們的現金並管理我們的現金並擴展我們的跑道。正如 Ayub 所提到的，從節省的角度來看，我們的目標是 1.5 億美元。我們的收入為 1.65 億美元。如此之大——高於目標，而且從時間角度來看，領先於我們的目標。

All our investments and most of our investments are behind us. And we're edging closer and closer to approval. So as we sit here, we're really excited about the not-too-distant future when we have these approvals in hand.

我們所有的投資和大部分的投資都已經過去了。我們距離獲得批准越來越近了。因此，當我們坐在這裡時，當我們獲得這些批准時，我們對不久的將來感到非常興奮。

Got it. That was helpful. Thank you guys.

知道了。這很有幫助。感謝你們。

Matthew Sykes, Goldman Sachs.

馬修賽克斯，高盛。

Hey, guys. This is Will on for Matt. Thanks for taking the question. Just wanted to start at a high level. Do you see your multiplex tests cannibalizing the sales of stand-alone tests, and on top of that, what are the use cases for the stand-alone tests once the multiplex comes out? Thank you.

大家好。這是馬特的威爾。感謝您提出問題。只是想從高水準開始。您是否看到您的多重測試會蠶食獨立測試的銷售？最重要的是，一旦多重測試出現，獨立測試的用例是什麼？謝謝。

We see the ability to deliver the tests individually like flu, COVID, RSV is very important and complementary to multiplex tests like flu + COVID that we have under review or the flu, COVID, RSV test that we're developing with BARDA.

我們認為，單獨提供流感、新冠肺炎、RSV 等檢測的能力非常重要，並且對我們正在審查的流感+新冠肺炎等多重檢測或我們正在與 BARDA 開發的流感、新冠肺炎、RSV 檢測進行補充。

Our customers, they want options, especially on the provider side, they're used to having both combinations and the ability to order a single test. And so we wanted to provide that flexibility. We also think it's part of our regulatory strategy. So we believe that having options is really the best strategy.

我們的客戶，他們想要選擇，特別是在提供者方面，他們習慣於同時擁有組合和訂購單一測試的能力。因此我們希望提供這種靈活性。我們也認為這是我們監管策略的一部分。所以我們相信有選擇確實是最好的策略。

And with regards to cannibalization, we've been having better-than-expected sales from our COVID-19 test. And we think that in the long-term depending upon the customer category, they're going to have more desires for one test or a combination test and also could depend on whether or not there's flu circulating or not circulating. So it's not a -- it's pretty nuanced. And I think the baseline is that you want options.

至於蠶食，我們的 COVID-19 測試的銷售量一直比預期好。我們認為，從長遠來看，根據客戶類別，他們會對一項測試或組合測試有更多的願望，也可能取決於是否有流感在傳播。所以這不是——而是非常微妙的。我認為底線是你想要選擇。

That makes sense. Thank you. And then just a follow-up on the tests for this upcoming season the flu A, B, and the RSV that are currently with the FDA. It sounds like you guys are expecting those in the quarter and generated some good new evidence. Is there any chance those end up getting pushed to the first half of '24? Or how are you guys thinking about that? Thank you.

這就說得通了。謝謝。接下來是 FDA 目前正在對即將到來的流感季節進行的甲型、乙型流感和 RSV 檢測的後續工作。聽起來你們都在期待本季的結果，並產生了一些好的新證據。這些最終是否有可能被推遲到 24 年上半年？或者說你們對此有何看法？謝謝。

Yeah. As we said, we added a lot of really good data for especially our flu COVID and flu de novo applications and there's RSVs in process as well. What we think is that over the course of the respiratory season, there's a good chance that we'll be able to achieve the approvals for flu COVID, combo, flu de novo, and RSV de novo.

是的。正如我們所說，我們添加了許多非常好的數據，特別是針對我們的流感新冠病毒和流感從頭應用程序，並且還有 RSV 正在處理中。我們認為，在呼吸季節期間，我們很有可能獲得流感新冠病毒、混合型流感、新發流感和新發呼吸道合胞病毒的批准。

In terms of the exact timing, I mean, this is a process that we're working through with the FDA. So I can't give you an exact timing, but we are optimistic that we can get them in the respiratory season.

就確切的時間而言，我的意思是，這是我們正在與 FDA 合作的一個過程。所以我不能給你一個確切的時間，但我們樂觀地認為我們可以在呼吸季節得到它們。

And to add to that, these tests are made on the same manufacturing line. So we're really ready from a manufacturing standpoint. As soon as these tests are ready we have customers -- over 300 customers that we've had and over 0.25 million installed base in terms of readers.

除此之外，這些測試是在同一條生產線上進行的。因此，從製造的角度來看，我們確實已經準備好了。一旦這些測試準備就緒，我們就有了客戶——我們已經擁有 300 多個客戶，就讀者而言，安裝基數超過 25 萬。

So we do think we have those channels available to us to commercialize as soon as we get these approvals.

因此，我們確實認為，一旦獲得這些批准，我們就可以利用這些管道進行商業化。

That's very helpful. Thank you.

這非常有幫助。謝謝。

(Operator Instructions) Charles Rhyee, Cowen.

（操作員說明）Charles Rhyee，Cowen。

Yeah, thanks for taking the question. I just wanted to follow up a little bit on the -- your comments about reaching EBITDA positive early 2025. Maybe can you give us a sense then what the revenue mix you would expect when you're reaching breakeven? And what the run rate revenue on an annualized basis to reach that target would be?

是的，感謝您提出問題。我只是想跟進一下您關於 2025 年初實現 EBITDA 為正值的評論。也許您能給我們一個了解，當您達到盈虧平衡時，您期望的收入組合是怎樣的？達到該目標的年化收入運轉率是多少？

I guess I'm trying to figure out here, you did like $70 million, $80 million in the quarter. You're guiding $60 million, $80 million for the next quarter. So obviously, we're in the respiratory season. It was obviously light in the second quarter.

我想我想弄清楚，這個季度你確實賺了 7000 萬美元、8000 萬美元。您指導下一季的資金為 6000 萬美元、8000 萬美元。顯然，我們正處於呼吸季節。第二季的情況顯然很輕鬆。

So you're running what $60 million, $70 million on COVID right now, what would you expect that to look like particularly to the prior question about with multiple respiratory tests in the market, is it really respiratory tests that are going to be driving the revenues out in -- towards the end of '24, where that's how we reach EBITDA breakeven or if we look at expenses, should we expect OpEx to continue to come down?

所以，你現在正在為新冠病毒投入 6000 萬、7000 萬美元，你認為這會是什麼樣子，特別是對於之前關於市場上多種呼吸測試的問題，呼吸測試真的會推動市場的發展嗎？到24 年底，我們將實現EBITDA 損益平衡點，或者如果我們考慮支出，我們是否應該預期營運支出繼續下降？

Just trying to get a better sense for what that mix between revenue and expense looks like or even in margins, gross margin looks like as we hit that -- to reach that breakeven point.

只是想更了解收入和支出之間的組合情況，甚至是利潤率、毛利率，當我們達到損益平衡點時。

Hey, Charles, thanks for the question. While we're not quite guiding 2024, I recognize you guys have to do your models, right? So I think the way to think about 2024 and early 2025 is you're right, there's a kind of basal COVID rate that we expect to be there but then when you -- and on top of that, we do expect several approvals. So we expect to have several approvals in 2024.

嘿，查爾斯，謝謝你的提問。雖然我們還沒有完全指導 2024 年，但我知道你們必須做自己的模型，對嗎？因此，我認為考慮 2024 年和 2025 年初的方法是，你是對的，我們預計會有一種基本的新冠病毒感染率，但當你——最重要的是，我們確實預計會獲得多項批准。因此，我們預計 2024 年將獲得多項批准。

So it's not just respiratory, it's sexual health as well. And then on top of that, our software and services at Cue Care, Cue Lab, Cue Pharmacy, we'd expect those to also start gaining a momentum.

所以這不僅是呼吸系統的問題，也是性健康的問題。除此之外，我們在 Cue Care、Cue Lab、Cue Pharmacy 的軟體和服務，我們預計這些也將開始獲得動力。

And we've also talked about this flywheel effect that when we have all these other test approvals, we think there's a flywheel effect that actually benefits Cue Care, Cue Lab, Cue Pharmacy.

我們也討論了這種飛輪效應，當我們獲得所有其他測試批准時，我們認為飛輪效應實際上有利於 Cue Care、Cue Lab、Cue Pharmacy。

And then the last piece on the top line is not to forget is the grant revenue that we have, we have the BARDA deal contract that we signed a $28 million that also contributes to the top line. So that's kind of broad strokes how I think about top line.

然後，不要忘記營收的最後一部分是我們擁有的撥款收入，我們簽署了 2800 萬美元的 BARDA 交易合同，這也為營收做出了貢獻。這就是我對頂線的大致看法。

As you go down the P&L, I mean, gross profit is going to be impacted by volumes as well as mix. And you would have seen in the past when we've had higher volumes, we've posted over 60% margins. And you'll also see sequentially this year our gross profit has kind of trended with how volumes have played out.

當你降低損益表時，我的意思是，毛利將受到銷售量和組合的影響。您會看到，過去當我們的銷售量較高時，我們的利潤率已超過 60%。您還會看到今年我們的毛利隨銷售量的變化而變化。

And when we think about our future products, there as we move away from COVID or the proportion away from COVID we do think we'd have a kind of price mix benefit as well on margins. So we think over time, as revenues grow, margins would growth for those reasons.

當我們考慮未來的產品時，當我們遠離新冠病毒或遠離新冠病毒的比例時，我們確實認為我們也會在利潤率方面獲得某種價格組合優勢。因此，我們認為，隨著時間的推移，隨著收入的成長，利潤率也會因這些原因而成長。

And then on spend, we're very proud of -- we're very happy with where our spend is right now and that allows us to -- the right amount of spend to play out our strategic priorities.

然後在支出方面，我們非常自豪 - 我們對目前的支出狀況非常滿意，這使我們能夠 - 適量的支出來實現我們的戰略重點。

So while I'm not going to guide 2024 spend, we're kind of at this new level of OpEx. And at least in the near term, it's fair to assume similar amount of OpEx quarter-on-quarter.

因此，雖然我不打算指導 2024 年的支出，但我們的營運支出已經達到了新的水平。至少在短期內，假設營運支出季度環比水準相似是合理的。

Okay. Thanks. And the EBITDA loss was $35 million in the quarter, actually cash used was only $18 million. Can you remind us the delta between adjusted EBITDA and actually cash used is?

好的。謝謝。該季度 EBITDA 損失為 3500 萬美元，實際使用的現金僅 1800 萬美元。您能否提醒我們調整後的 EBITDA 與實際使用的現金之間的差額是多少？

Yeah. Cash utilization of $17 million, as I mentioned, the best kind of cash performance that we've had since Q1 2022. We did have an ERC credit of $20 million. And while that was onetime, I think the philosophy here is that here, as a management team, we continue to look for opportunities to bolster on cash balance.

是的。正如我所提到的，現金利用率為 1700 萬美元，這是我們自 2022 年第一季以來最好的現金表現。我們確實擁有 2000 萬美元的 ERC 信貸。雖然那是一次性的，但我認為這裡的理念是，作為一個管理團隊，我們繼續尋找機會來增強現金餘額。

Okay. And then lastly can you just remind us for the BARDA contract, how we should expect to sort of layer those revenues as we go through the year? Is that a portion quarterly? Or will it be recognized in chunks? Just curious there. Thanks.

好的。最後，您能否提醒我們關於 BARDA 合同，我們應該如何在這一年中對這些收入進行分層？這是每季的一部分嗎？或者它會被分塊識別嗎？只是好奇那裡。謝謝。

Yeah. The BARDA revenue, I mean, it shows up in the grant and the revenue line item on our P&L and it does show up quarterly, and it will continue to show up quarterly up until we have the approval for the flu, COVID, RSV multiplex.

是的。我的意思是，BARDA 收入顯示在補助金和我們損益表上的收入項目中，並且確實每季度顯示一次，並將繼續每季度顯示一次，直到我們獲得流感、新冠肺炎、RSV 多重治療的批准為止。

Okay. Great. These are the questions. Thanks.

好的。偉大的。這些就是問題。謝謝。

Thank you. I'm showing no further questions at this time. So thank you for your participation in today's conference. This does conclude the program and you may now disconnect.

謝謝。我目前沒有提出任何進一步的問題。感謝您參加今天的會議。這確實結束了程序，您現在可以斷開連接。