Sera Prognostics(US:SERA)2023-03-23 00:56Financial Data and Key Metrics Changes - Revenue for Q4 2022 was $65,000, compared to $26,000 for Q4 2021, indicating growth in test volumes [52] - Total operating expenses for Q4 were $10.5 million, down from $12.6 million year-over-year [53] - Net loss for Q4 2022 was $9.7 million, reduced from $12.5 million in Q4 2021 [53] - Cash, cash equivalents, and available-for-sale securities as of December 31, 2022, were approximately $104 million [54] Business Line Data and Key Metrics Changes - The company reported a six-fold increase in test volumes for Q4 2022 compared to Q4 2021, and an eleven-fold increase for the total units in 2022 versus 2021 [34] - The focus remains on early adopter systems, including integrated delivery networks and physician practice groups, to drive adoption of the PreTRM technology [35] Market Data and Key Metrics Changes - The company is experiencing keen interest from payers following the announcement of the AVERT study results, although full payer adoption is contingent on peer-reviewed publications [60] - Early adopter payers are willing to move forward based on preliminary data, while others prefer to wait for final results from the PRIME study [68] Company Strategy and Development Direction - The company aims to accelerate adoption of the PreTRM technology through the publication of compelling new data [35] - A successful validation of an ambient blood collection and transport system for PreTRM testing was launched to reduce costs and increase test volume [37] - The company is focused on building relationships with early adopter systems to implement the PreTRM testing effectively [71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the interim look of the PRIME study, expected to occur by the end of the year, which could influence payer decisions [69] - The company anticipates that positive results from the AVERT study and other upcoming publications will support revenue growth [55] Other Important Information - The AVERT PRETERM TRIAL showed statistically significant improvements in neonatal health outcomes, which management believes will bolster the PreTRM test-and-treat strategy [39] - The PRIME study has surpassed 2,800 enrolled patients, meeting the requirement for an interim analysis [39] Q&A Session Summary Question: Potential impact of AVERT interim readout on payer conversations - Management clarified that the AVERT readout was not an interim look but final analysis results, which have generated keen interest among payers [60] Question: Expense management and scaling the salesforce in 2023 - The focus is on early adopter systems, with no significant increase in expenses expected for 2023 [63] Question: Revenue expectations for 2023 - Management indicated that revenues are expected to be less than $1 million for 2023, reflecting the early stage of commercialization [54]