LumiraDx Limited (NASDAQ:LMDX) Q2 2023 Earnings Call Transcript

Ron Zwanziger: Sure. Well the issue with Medtronic is that, they have a program into the community to try and screen out people with heart failure. And of course, there is no community-based finger stick NT-proBNP test. So, when they have these programs, which they have them in various forms, but the one we’re involved with is a mobile but that literally goes into the community and they channel people through. So as soon as they heard about our test, they used it and straight away the impact was to identify a people into three groups, and this has repeated itself in the second test. So, you referred to diabetes, but this particular program, it started off at the moment is NT-proBNP, but it could expand. So even in these early results, they immediately showed that, there’s people walking out there that are so severe that they’re going to decompensate.

And we’ve had an initial person sent directly from the testing to the emergency room, and then there were a bunch of other people which were sent to their primary care physician because it was elevated, but not yet in the critical state. And then of course, fortunately there’s everyone else. So, it showed the enormous benefit of actually being able to triage patients much earlier in the community and obviously therefore reduce the hospitalization or in the case of the person that went in, get the person in before they really deteriorate. So, the point about this program that they’re running is it shows how you can deal with congestive heart failure far more effectively than you are now. And I should say that other countries that we’re working with, are going down the same path in quite a number of countries.

And there’s a lot of key opinion leaders everywhere. That’s why we dwelt upon it on the prepared remarks where in a host of different countries, they can see how having a Fingerstick test in the community can do just what we’ve already identified so early on in this program with Medtronic. So, it really shows the power of our platform.

Jeffrey Cohen : And Ron, is Medtronic driving this process and are they distributed their ordering goods from you? They’re just…

Ron Zwanziger : There’s no distribution in gear with Medtronic. Just to be clear, there’s no distribution. Because they have their own products in congestive heart failure, they have tremendous advantage of catching people early based on their own products, not tests. We just happen to be a mechanism which allows for earlier identification of people and catching people congestive heart failure for much earlier treatment, and therefore to avoid both deterioration, those folks’ health and also saving money for the system.

Jeffrey Cohen : Okay, got it. And are they piloting this or they’re doing this across the U.S. now?

Ron Zwanziger : No, this is all in Europe, because where we have the registration. We will obviously bring this product into the U.S. We highlighted our prepared remarks that we’ve got our first 510-K submission and then which covers the instrument and the strips, and then the future submissions cover only the strips. And we’re obviously going to do flu A and flu B, but NT-pro is very early in the cycle of tests that we’re going to bring into the U.S.

Jeffrey Cohen : Okay, perfect. And then Secondly, for us, if you could just touch upon the $9.2 million COVID with the composition of $4.4 million technologies and $4.8 million distribution? As far as the technologies go, could you end the distribution goes, could you give us a flavor and perhaps call out the two, three, or four tests that are driving that thus far? And then what we would expect for the back half as well as any back half commentary on COVID revenue?

Ron Zwanziger : Well, even though it was almost a non-flu season, quarter Q2. We had a lot of flu A and flu B testing in the quarter. But Dorian, maybe you can answer the question.