Oxford Immunotec Global PLC (NASDAQ:OXFD) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 08:00 am ET


Oxford Immunotec Global PLC (NASDAQ:OXFD) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning ladies and gentlemen and welcome to the Oxford Immunotec Third Quarter 2019 Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to Matt McLaughlin Chief Financial Officer.

Matthew McLaughlin

Good morning and thank you for joining us to review Oxford Immunotec's financial results for the third quarter of 2019. Before we begin I'd like to caution listeners that comments made in financial information provided during this conference call include certain statements that are estimates forward-looking and or subject to various risks and uncertainties. This information reflects our current expectations assumptions and currently available data and are neither predictions nor guarantees of future events or performance. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with our business including those under the heading entitled Risk Factors in our annual report on Form 10-K for the year ended December 31 2018 and our quarterly reports on Form 10-Q. The company disclaims any obligation to update or revise any forward-looking statements except as required by applicable law. During the call we'll also refer to certain financial information on a non-GAAP basis. We believe that non-GAAP financial measures taken in conjunction with GAAP financial measures provide useful information for both us and investors to evaluate the company's performance. These include pro forma revenue gross margin operating expenses loss from operations EBITDA and adjusted EBITDA. Reconciliations between certain GAAP and non-GAAP results such as adjusted EBITDA are presented in the tables accompanying our earnings release which can be found in the Investor Relations section of our website.

As a reminder in early November last year we completed the sale of our U.S. laboratory services business to Quest Diagnostics. As such the now divested U.S. laboratory services business is shown in discontinued operations in the historical financials in our press release and forthcoming Form 10-Q. The discussion of our results and business updates on today's call will be focused on our continuing operations and to insist investors in understanding the underlying performance of the company's continuing operations we will be comparing to certain pro forma non-GAAP financials for the prior year periods. These non-GAAP financials for 2018 which were filed as exhibits to forms 8-K filed with the Securities and Exchange Commission on January 7 and March 11 2019 reflect the company's estimated revenue and cost of revenue as of the closing date of the sale of our U.S. laboratory services business to Quest had occurred prior to the respective periods. These non-GAAP financials also appear as supplemental tables in our Q3 earnings press release. The pro forma adjustments in these tables were based on the information available at the time and assumptions that management believes are factually supportable and reasonable.

With that it's my pleasure to turn the call over to Oxford Immunotec's Chief Executive Officer Peter Wrighton-Smith.

Peter Wrighton-Smith

Good morning. On today's call I'll provide some general comments on our financial results and operating performance in the third quarter of