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Nice call low! Got any idea what is moving $VRML?

Covid test or just a big uptick in business?

COVID Test Offering
ASPIRA Labs will be offering COVID Antigen and Antibody testing. This testing will be part of our current comprehensive Pre-Surgical Risk Triage test offering which includes proteins, genetics and soon to be launched COVID antibody and antigen testing. We will be commencing with the antibody testing first and we will be offering the Roche Elecsys Anti-SARS-CoV-2. The assay has 99.81% sensitivity and 100% specificity.

First Quarter Financial Highlights:

Product revenue increased 55% to $1.2 million for the first quarter 2020, compared to $779 thousand for the same period in 2019. The increase is primarily driven by the launch of OVA1PLUS and an expansion of our commercial team during 2019.

The number of OVA1 tests performed increased 58% to 3,654 during the first quarter 2020 compared to 2,313 for the same period in 2019.

Revenue on a per test performed basis for product revenue was $324 in the first quarter of 2020 compared to $337 in the first quarter of 2019, driven by patient pay in specific geographies. We anticipate some price appreciation in the second quarter as the Cigna contract commenced April 1, 2020.

Gross profit on OVA1 product revenue was $520 thousand (a 44% profit margin) for the first quarter 2020 compared to $263 thousand for the same period in 2019 (a 34% profit margin).

Research and development expenses for the first quarter 2020 were $395 thousand and increased by $186 thousand compared to the same period in 2019. This increase was primarily due to the development of OVANex, our third-generation serial monitoring product as well as our bioinformatics investment.

Sales and marketing expenses for the first quarter 2020 were $2.1M compared to $2.4M the same period in 2019. This decrease was primarily due to reduced commissions and travel and entertainment relating to the impact of the COVID-19 pandemic compared to those in the same period in 2019.

General and administrative expenses for the first quarter 2020 were $1.7M compared to $1.3M for the same period in 2019. This increase was primarily due to an increase in personnel related expenses and legal expenses in support of strategic collaboration agreements during 2020.

The cash balance at March 31, 2020 was $8.1 million. Cash utilization in the first quarter of 2020 was $3.6M. This was higher than the preceding quarter due to non-recurring legal expenses in support of strategic collaboration agreements, the payout of 2019 bonuses as well as one-time transition costs to bring the company’s billing function in-house.
Conference Call and Webcast
Vermillion, Inc. will host a call today at 4:30 p.m. Eastern Daylight Time to discuss results followed by a question and answer period. Conference call details are as follows:

Thursday, May 14th @ 4:30pm ET

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Domestic: 877-407-4018
International: 201-689-8471
Conference ID: 13703168
Webcast: public.viavid.com/index.php?id=139650
?About Vermillion, Inc.
Vermillion, Inc. is transforming women’s health with the discovery, development and commercialization of innovative testing options and bio-analytical solutions that help physicians assess risk, optimize patient management and improve gynecologic health outcomes for women. OVA1®plus combines our FDA-cleared products OVA1® and OVERA® to detect risk of ovarian malignancy in women with adnexal masses. ASPiRA GenetiXSM testing offers both targeted and comprehensive genetic testing options with a gynecologic focus. With over 10 years of expertise in ovarian cancer risk assessment Vermillion has expertise in cutting-edge research to inform our next generation of products. Our focus is on delivering products that allow healthcare providers to stratify risk, facilitate early detection and optimize treatment plans.