Vermillion, Inc. (NASDAQ:VRML) Q1 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 04:30 pm ET

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Vermillion, Inc. (NASDAQ:VRML) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, ladies and gentlemen, and welcome to Vermillion's First Quarter 2020 Conference Call. My name is Rob, and I will be your coordinator for the call today. At this time all participants are in a listen-only mode. Following management's prepared remarks, we will open the call for your questions. As a reminder, this conference is being recorded today. Leading the call today are Valerie Palmieri, President and Chief Executive Officer; Bob Beechey, Chief Financial Officer; and Chris Goulart, Senior Vice President of Commercial Operations.

After the prepared remarks, we will open the call for the Q&A. Before we begin, I would like to remind everyone that some statements made during the prepared remarks and the Q&A session, including statements related to Vermillion's expected future performance, future business prospects or future events or plans are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, actual outcomes and results are subject to risks and uncertainties could differ materially from those anticipated due to the impact of many factors beyond the control of Vermillion. The company assumes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise.

Participants are directed to the cautionary note in today's press release as well as the risk factors set forth in Vermillion's annual report on Form 10-K filed with the SEC for factors that could cause actual results to differ materially from those anticipated in the forward-looking statements.

At this time, I'd like to turn the call over to Valerie Palmieri, President and Chief Executive Officer. Valerie?

Executive
Valerie Palmieri

Thank you, operator. Good afternoon, everyone, and thank you for joining us today. This afternoon, we will review our first quarter 2020 accomplishments and financial performance. I'll also provide an update on our strategy to manage near-term COVID-19 disruptions, as well as our longer-term plans to emerge stronger when this pandemic is behind us. We firmly believe that our strategy is the right one and that our technology and pipeline will be vital to lowering the overall healthcare burden and reducing inefficiencies in the care pathways. It's all about getting the right patient to the right doctor and finding the cancer at its earliest stage. This mission is the core of our company.

I will first focus on the pandemics impact on our company, including the trajectory of the business prior to the crisis and what we've seen so far in the second quarter. We have a four-part strategy to deal with the pandemic. Number one to ensure employee safety and business continuity, all office-based employees nationwide, as well as our sales force continue to work remotely. While keeping their health and safety paramount, our sales team will be able to enter the field in the short-term on a state by state basis in accordance with local guidelines. In fact, some have started this past week in Texas, Tennessee