Oxford Immunotec Global PLC (NASDAQ:OXFD) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 08:00 am ET


Oxford Immunotec Global PLC (NASDAQ:OXFD) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Oxford Immunotec Second Quarter 2020 Earnings 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 second quarter of 2020.

Before we begin, I'd like to caution listeners that comments made and financial information provided during this conference call include certain statements that are estimates, beliefs, forward-looking and/or subject to various risks and uncertainties. Any statements made during this call that are not statements of historical or current facts are intended to be forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We want to emphasize that such forward-looking statements reflect 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, 2019 and in subsequent reports including our Quarterly Reports on Form 10-Q including the Form 10-Q being filed today, and our current reports on Form 8-K.

In addition, today we will make a number of comments about the impact of the COVID-19 pandemic on our business. We provide these comments to give investors insight into what we are observing. However, given the dynamic nature of the pandemic, there is a high degree of uncertainty around any forward-looking statements made. The company disclaims any obligation to update or revise any forward-looking statements except as required by applicable law.

During the call, we will 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 constant currency comparisons EBITDA and adjusted EBITDA. Reconciliations between certain GAAP and non-GAAP results, such as EBITDA and adjusted EBITDA are presented in the tables accompanying our earnings release, which can be found in the Investor Relations section of our website.

Further, as a reminder in November 2018 we completed the sale of our US Laboratory Services business to Quest Diagnostics. As such the now divested US Laboratory Services business is shown as discontinued operations in our press release and forthcoming Form 10-Q.

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 a brief overview of our operating performance for the second quarter of 2020, before turning to an update on our business and our strategic priorities. Matt will then take over to discuss our financials before handing the call back to me to discuss the near term outlook for the business. We'll then open up the line to