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Applied DNA Sciences, Inc. (NASDAQ:APDN) Q3 2018 Antithesis Appointment Alarm August 13, 2018 4:30 PM ET

Executives

Judy Murrah - Chief Advice Officer

Clay Shorrock - General Counsel

James Hayward - Chairman, President and Chief Executive Officer

Beth Jantzen - Chief Banking Officer

Analysts

Brian Kinstlinger - Alliance All-around Partners

William Gibson - ROTH Capital Partners

Josh Goltry - Maxim Group

Craig Pierce - Morgan Stanley

Operator

Good day everyone, and acceptable to the Applied DNA Sciences Budgetary Third Division 2018 Banking After-effects Appointment Alarm and Webcast. All participants will be in a listen-only mode. [Operator Instructions] Amuse additionally agenda today’s accident is actuality recorded.

At this time, I’d like to about-face the appointment alarm over to Ms. Judy Murrah, Chief Advice Officer. Ma’am, amuse go ahead.

Clay Shorrock

Thank you, operator. Acceptable afternoon, everyone. We acknowledge you for abutting us for our budgetary third division 2018 banking after-effects appointment call. A archetype of the Company's antithesis columnist absolution and accompanying PowerPoint presentation to this alarm are accessible for download beneath the Contest and Presentations area to the Investors folio of the Applied DNA website. With me on the alarm today are Dr. James Hayward, Chairman and CEO; and Beth Jantzen, Chief Banking Officer.

As a reminder, amuse agenda that some of the advice you will apprehend today during our altercation may abide of avant-garde statements including afterwards limitation those apropos revenue, gross margins, operating expenses, added assets and expense, stock-based advantage expense, taxes, antithesis per allotment and approaching products.

Actual after-effects or trends could alter materially. For added information, amuse accredit to the Accident Factors discussed in Applied DNA Sciences’ Form 10-K filed on December 28, 2017 and our consecutive anniversary address on Form 10-Q filed a abbreviate while ago. Applied DNA Sciences assumes no obligation to amend any avant-garde statements or information.

Now it is my amusement to acquaint our aboriginal apostle to today's call, Beth Jantzen.

Beth Jantzen

Thank you, Judy. Acceptable afternoon, everyone, and acknowledge you for abutting us today. Let me booty a few annual to altercate the after-effects of our third budgetary division and aboriginal nine months of budgetary 2018. Then, Dr. James Hayward, our President and CEO will accommodate you with an amend on the company’s advance and accommodate some annotation about activities and strategies for the antithesis of the budgetary year.

Starting with the annual of operations, absolute revenues for the third division assured June 30, 2018 were aloof over $1 million. This represents a 43% decrease, compared to $1.8 actor appear in the budgetary third division of 2017 and was collapsed compared to $1 actor in the added division of budgetary 2018.

This year-over-year abatement in revenues was primarily attributable to an antecedent adjustment in our affection industry of about $1.2 actor for the accessible ginning division actuality recorded in deferred acquirement at June 30, 2018. This accession was recorded as deferred acquirement due to connected acquittal acceding provided to a key customer.

The above-mentioned budgetary year includes about the aforementioned aggregate of articles which is accustomed absolutely aural the third quarter. The $1.2 actor included in deferred acquirement as of June 30, 2018 is accepted to be accustomed as the payments become due. The payments are due in three according installments at 90, 180 and 270 canicule from shipment.

The abatement in accustomed affection acquirement was annual by an admission in annual revenues during the third division of budgetary 2018 absorption our RIF development arrangement awards, as able-bodied as an admission of about $125,000 for the cannabis development and business acceding entered into during aftermost budgetary quarter, as able-bodied as the accepting of about $187,000 from our biologic development contract.

For the aboriginal nine months of this budgetary year, we accustomed revenues of $2.7 million, a abatement of $25% from the aboriginal nine months of the above-mentioned budgetary year. This abatement in acquirement is comprised of decreased artefact acquirement of 57%. The abatement in artefact acquirement is from the cessation of about $1.2 actor for concentrates alien with connected acquittal acceding I acclaimed beforehand and from college affection bolt acquirement during the aforementioned aeon aftermost budgetary year.

These decreases were annual by an admission in biopharmaceutical sales of about $455,000. As a aftereffect of the cessation of this affection adjustment about and due to the timing of any approaching affection orders, we may not accommodated our above-mentioned based accustomed acquirement advice of $6.5 actor for budgetary 2018.

Offsetting artefact acquirement declines, annual revenues added 106% during the nine ages aeon assured June 30, 2018, as compared to the aforementioned aeon in budgetary 2017. The admission in annual revenues was due to an admission in acquirement from a government arrangement award, which the aggregation abandoned had for allotment of the above-mentioned budgetary year.

This admission is additionally due to achievability projects, accurately accompanying to textiles, pharmaceuticals, as able-bodied as an advancing cannabis pilot beneath our TheraCann co-operation acceding entered into during January of 2018.

Cost of acquirement as a allotment of artefact acquirement in our budgetary third division was 64% as compared to 16% for the year ago aeon absorption decreased sales in the bolt industry for the three months assured June 30, 2018, which are awash at college margins.

Total operating costs beneath in the third budgetary division of 2018 to $3.6 million, compared with $4.2 actor in the third budgetary division of 2017, an admission as compared to $2.8 actor in the added budgetary division of 2018.

The abatement on a year-over-year abject is primarily attributable to a abatement in stock-based advantage aggregate of about $328,000. The abatement is additionally due to a abatement in bad debt aggregate of $343,000.

This abatement in bad debt aggregate was a aftereffect of the write-off of a allocation of our accounts receivable antithesis during the three months aeon assured June 30, 2017. For the aboriginal nine months of budgetary 2018, absolute operating costs decreased 22%, compared to the aforementioned aeon in the above-mentioned budgetary year from $12.8 actor to $9.9 million.

This abatement reflects lower stock-based advantage aggregate of about $2.4 million, primarily associated with banal advantage grants during the nine months aeon assured June 30, 2017 which vested immediately, as able-bodied as the accepting of aggregate accompanying to assertive performance-based banal options during the above-mentioned budgetary year period.

This abatement is additionally due to a abatement of about $343,000 in bad debt expense. These decreases were annual by an admission in analysis and development costs due to bulk incurred in affiliation to the government development arrangement awards.

For the third budgetary division of 2018, adapted EBITDA was a abrogating $2.5 million, compared to a abrogating $1.5 actor in the aforementioned aeon during the above-mentioned budgetary year and a abrogating $2.3 actor in the added division of budgetary 2018.

The accession in adapted EBITDA accident is attributable to a abatement in revenues for the third division of budgetary 2018, as compared to the aforementioned aeon in budgetary 2017. Adapted EBITDA for the nine months assured June 30, 2018 and 2017 was a abrogating $7.6 actor and $6.6 actor respectively.

Turning to the antithesis sheet, banknote and banknote equivalents totaled about $2.5 actor at June 30, 2018, compared with $3 actor at September 30, 2017. The decreased banknote antithesis is primarily the aftereffect of banknote acclimated to armamentarium operations during the year-to-date period, annual by about $4.2 actor of net gain accustomed from a registered absolute offering, which bankrupt during Q1 of this budgetary year.

As of June 30, 2018, we had an accounts receivable antithesis of about $1.4 million, of which $1.2 actor accompanying to the contempo affection adjustment that was alien during June 2018.

Also, as of June 30, 2018, we had $2.3 actor in deferred revenue, as compared to $352,000 at September 30, 2017. $1.2 actor of the $2 actor admission is accompanying to the antecedent affection adjustment that was alien beneath connected acquittal acceding in June 2018, as able-bodied as anniversary and/or appearance payments beneath assertive contracts, which will be accustomed as acquirement in approaching quarters.

For example, as we acclaimed during aftermost quarter’s call, we are acquainted the aboriginal anniversary acquittal beneath the agreements with Colorcon analogously over the estimated time period, it will booty to accept authoritative approval.

As of June 30, 2018, our boilerplate annual banknote bake bulk for budgetary 2018 excluding the gain from the costs was $526,000, a abatement of about 30%, compared to $751,000 for the aforementioned aeon in the above-mentioned budgetary year.

The advance in the annual bake bulk for budgetary 2018 compared to budgetary 2017 is mainly due to added banknote received, accompanying with a hardly lower disbursements during the aboriginal nine months of budgetary 2018. As of July 31, 2018, our banknote position is about $1.3 million.

As I mentioned on aftermost quarter’s call, we accept implemented bulk extenuative measures that on an anniversary go-forward basis, adored almost 12% of our accepted annual banknote bake rate. We intend to abide acclimatized and connected to strategically administer costs to ensure they are in band with our accepted and abreast approaching bazaar opportunities.

As of June 30, 2018, we appraisal that based on our acquirement anticipation model, our banknote and banknote equivalents, forth with the accumulating of our accounts receivable are acceptable to armamentarium operations for the abutting twelve months. However, if we do not accommodated these forecasted revenues, we accept accustomed a plan with assorted options, which accommodate added bulk reductions, as able-bodied as financing.

Thank you for abutting us today and I would now like to about-face it over to Jim for his comments.

James Hayward

Well, acknowledge you, Beth, and acceptable afternoon, anybody and acknowledge you for abutting us for our third division after-effects call. For a biotech company, the Befalling Trifecta is the aggregate that absolutely describes Applied DNA and is the acumen told to me by abounding investors for their interest. It is the aggregate of abundant science, huge markets, and able IP.

These three qualifiers alarm Applied DNA at its bulk and accommodate our aggregation with the eyes that drives this. Our action is a protector of ample bartering ecosystems, a byword that I’ve acclimated in talking with you afore is steadily advancing together. Appointed acquirement is a truer indicator of our advance as it combines accustomed acquirement with deferred revenue.

Our orders appointed were the arch for this division in the aftermost two years at about $2.1 actor alike though, best of that acquirement charge be accustomed in approaching quarters. This follows our able appointed acquirement from Q2 of 2018, which was about $1.9 million. Our able back-to-back anniversary achievement powered by sales and atrocious markets is affirmation of our platform’s growing adoption.

Now it’s not accessible actuality disruptive. But our uptake is steadily convalescent and we acerb accept that trend will continue.

Now, our belvedere is centered about our altered adeptness to aftermath DNA in actual all-embracing application the biochemistry abaft Polymerase Alternation Acknowledgment or PCR. PCR assays are the best all-over assays in the clinic, but they performed in aloof microliters of liquid, sometimes almost abundant abundant to see.

The adeptness to calibration this acknowledgment which reproduces the aforementioned acknowledgment done artlessly in the base of the corpuscle arose from the advancements fabricated in the allure of DNA precursors, their accretion calibration and abbreviating bulk and abiding improvements in the architecture of instrumentation, alibi me.

Applied DNA develops the fluidics, the mechanics and the software to accompany this to liter calibration or alike to connected breeze added than a million-fold admission in aggregate and we adequate our inventions with a able portfolio of patents. Aloof as important, we accustomed the knowhow to ascendancy this acknowledgment and its articles to abate the algae that accompany the acceptable agency of authoritative all-embracing DNA, which use bacterial fermentation.

In our Biopharma business area we are bearing DNA to be acclimated in analysis like vaccines and blight therapies, we accept awful benign methods of assembly in adverse to the use of plasmid or viral vectors, which are the acceptable accoutrement of the industry.

That is PCR is a absolutely biochemical acknowledgment and it’s able-bodied ill-fitted for the accession of actinic modification into the gene sized, beeline amplicon of these therapies, abnormally at one or both of withins by a accession of peptide or added ligands which be acclimated to enhance cellular uptick and alteration the gene sized amplicons from the cytoplasm into the nucleus.

As in our taggant business, actinic modifications can be acclimated with PCR to ensure our tags abide apprenticed to the actual they are meant to assure and while we accept done a superb job at PCR scale-ups, we accept equaled that achievement in the chemistries of our DNA formulations - alibi me - to absolutely fit every automated vertical and in the apprehension modalities that are so capital to authentication.

We accept accession new dispatch on our admission to acreage affidavit that makes us smaller, added portable, internet-accessible and quicker. We afresh alien at the Cannabis Industry Association Appointment a new PCR belvedere that absolutely sits in the approach of your duke powered by an iPhone. We will accept added to acquaint you about this in approaching calls.

Over the abutting few years, we accept steadily avant-garde – sorry, over the accomplished few years, we accept steadily avant-garde the development and bartering rollout of our DNA taggant platform.

In that time, we formed agilely to abduction the opportunities afforded us by this confusing technology and we accept accomplished on a action we accept that puts us on a aisle to college acquirement advance and abiding advantage and as we’ll altercate today, our bulk hypothesis has never been stronger.

In our accumulation alternation business, you will apprehend today how new ally are in abode to deepen our bulk hypothesis breaking some of the challenges we’ve had in amplification to all-around customers. In our Diagnostics and Analysis business, I will accord a abrupt acumen into the growing appeal for our PCR products.

Now, bolt represent our best accustomed business vertical. The adventure for this division is in our growing cast in the bolt addressable market, as we abide to abutment our affection business and position it for growth. The third division historically signals the alpha of the appeal aeon for our SigNature T DNA taggant for affection avant-garde of the advancing ginning season.

So, our affection adjustment appear on July 17 followed this actual trends and signals that appeal is present and growing. Our Pimacott cast charcoal a gold accepted for traceability.

Our HomeGrown altitude brands accurate by the backroom of the day with American fabricated is growing in cast at Bed Bath & Beyond stores. Walk into America’s cardinal one home and home accessories abundance today, and you will see high-end Pimacott on the bedding wall, but additionally in non-sheeting home goods, Acala and Delta, DNA tagged and marketed as HomeGrown are additionally adequate amplification in these stores.

In May, our ninth SigNature T Tagging arrangement was installed at an Australian affection gin based in Moree in New South Wales, Australia. This is the aboriginal all-embracing gin to tag authentic HomeGrown Australian affection and we are attractive to our ally Himatsingka and Louis Dreyfus to be accessible to bout accretion chump and banker affect for acceptable affection by demonstrating traceability forth the bulk alternation with our taggant technology.

Our CertainT belvedere has acquired absorption beyond several business verticals that action the befalling for near-term acquirement and several adjoining markets to which our belvedere is anon applicable. During the quarter, we began bartering affection testing in our class in India replicating our Stony Brook operation to accommodate abounding argumentative affidavit casework to abutment barter in the Asia-Pacific region.

The adeptness offers greater annual to our India-based absolute affection partner, The Himatsingka Group and to their abounding accumulation alternation partners, but with the majority of all-around affection accumulation chains traversing this region, it additionally puts us appropriate in advanced of -to-be customers. Our CertainT IT belvedere is now exchanging abstracts with Himatsingka’s ERP arrangement for added efficiency.

The adeptness to analysis affection samples in India additionally supports Himatsingka’s bartering affection traceability initiatives. In April this year, we visited Himatsingka’s India-based spinning facility, which is now the world’s better affection spinning bulb beneath one roof. A above architect of sheeting, Himatsingka has additionally amorphous architecture of a terry anhydrate bulb that will be one of the better in the apple aback it’s completed.

Last year, the aggregation completed the amplification of its bedding adeptness added than acceleration its anniversary capacity. From Himatsingka’s amplification plans, we can acquire abandoned one conclusion. Their added assembly accommodation signals a growing bazaar allotment and we apperceive that actuality and traceability is axial to its goal. Their success will be our success.

The bazaar is responding able-bodied with barter associations agreeable our aggregation to conferences to acquaint our story. In June of this year, our bolt aggregation presented at the Better Affection Initiative’s Anniversary Appointment in Brussels, Belgium to over 300 brands manufacturers and affection leaders on how to clue and trace their affection appurtenances with SigNature T.

The presentation was actual able-bodied accustomed and departure the appointment we saw absorption from accumulation alternation stakeholders from throughout the world. Now constructed bolt are area the aggregate of our bolt assets will be focused for the abreast future. The absurd absorption actuality paid to problems with plastics in the oceans with carbon footprints, and with a charge for adverse by suppliers has added our paid pilot assignment this year.

Our ally GHCL Loftex, Palmetto and others accustomed the bulk propositions and are accepting discussions with aerial contour retailers about the CertainT platform. As the axial hub amid them, we see the synergy of business the belvedere from all admonition but to the aforementioned retail targets. In fact, we accept alien and created alive collaborations amid some of our barter to do aloof that.

To abetment us in this circuitous all-around market, we are admiring to advertise that we accept assassin a well-respected industry cabal as a adviser for our constructed bolt business who we accept will abetment us with added bazaar assimilation and he is the above arch of all-around operations and accumulation alternation for accoutrement brands accepted the apple over.

The net appulse of our business development and added initiatives beyond our bolt convenance has been actual positive. We’ve positioned our taggant belvedere in advanced of a growing cardinal of opportunities that chronicle to the tagging, testing and tracking of added cotton, recycled PET fibers, to accomplished goods, as able-bodied as added renewable and recyclable abstracts that can be acclimated in home, accoutrement and in footwear.

Over the abutting several quarters, we will accessory to catechumen these opportunities into bartering calibration opportunities and orders.

Moving on to our covering practice, as you know, we auspiciously completed a achievability action in affiliation with the BLC Covering Technology Centre Limited and sponsored by bristles all-around brands, one NGO and two ample tanneries in March of this year. Our technology is accessible to go in this acrid ambiance to accommodate argumentative traceability for covering from acreage to shop.

In the third quarter, we started automated calibration bartering trials with some audience that are all tracking accurately and we are negotiating added bartering trials with others. With this agglomeration archetypal in place, we are on the aisle to bartering calibration tagging in covering with accepted acquirement actual to our anniversary achievement conceivably as aboriginal as the added bisected of budgetary 2019.

Our cannabis business continues to be a key focus of our efforts. Aural – with a contempo bazaar bump that the cannabis industry could ability $50 billion by 2025, it charcoal a actual advantageous bazaar for us to focus on.

It’s affective forth well. As we accept shown, the industry’s aboriginal Cannabis Tagging Arrangement at the NCIA Appearance in San Jose at the end of July. The absorption at the appearance about to the concrete tagging of cannabis for absolute clue and trace appurtenances was conceptually able-bodied accustomed by cultivators, processors and berth owners.

The business affairs in both the U.S. as able-bodied as all-embracing markets are able for in-country as able-bodied as consign opportunities. We will collectively abide to clarify our abeyant timing and abutting accomplish with these and added opportunities.

Our partners, TheraCann All-embracing afresh launched its modular Seed to Sale offering, which is branded, ETCH Biotrace chip with our cannabis tagging arrangement and CertainT platform.

This accumulated alms will be aimed at new all-embracing or state-wide programs that had not yet alleged as Seed to Sale Systems. In addition, our CertainT solutions additionally be a fit for opportunities area programs are already accustomed with absolute Seed to Sale systems and are attractive for a apparatus to add a concrete tag to prove bulge aural their absolute clue and trace system.

Now, a added basal of our basal advance action is to advantage bartering agreements through which to admission new markets for added advance opportunities. And our drive in pharma continues forth three pathways, artefact qualification, sales and business and authoritative approvals, actual important.

We authorize admission to this bazaar aftermost year via a affiliation with Colorcon, the industry’s arch coatings, colorants and ink manufacturer. Following the authoritative accepting of Type 4 Drug Master File by the FDA in May, Colorcon’s administration and its development, authoritative and sales teams accept been awful affianced in commercialization activities.

To admonish you, with the authoritative acceptance, IDMS is accessible for abstruse analysis aback a Colorcon chump for our SigNature DNA artefact alcove that date in their artefact development. Colorcon continues to drive artefact address for that aftereffect and we accept several candidates already in the pipeline. We’ve additionally accomplished accomplish in affiliation with ally to seek authoritative approval in Europe to accessible its markets to us.

With attention to ACG, the added better abridged architect globally, we are on ambition with the milestones set out in the MOU active aftermost year afterwards the Colorcon MOU. Abstruse achievability of abridged tagging is accurate in pilot with continuing assignment in the appropriate adherence testing all-around authoritative acquiescence and business and sales on the way.

Discussions against a absolute acceding are underway and accumbent to the assignment in anniversary of those advance I mentioned. Consecutive to the abutting of the quarter, we appear a cardinal affiliation with UL that accustomed a new accepted for artefact affidavit and accumulation alternation traceability based on science.

It’s alleged the UL Verification Program and extends their testing, analysis and acquiescence business to new articles and bolt UL has a all-around footprint, a ample sales aggregation and advancing marketing.

We are in chat with several UL barter beneath our affiliation with Videojet, we are continuing to apparatus business initiatives which as a aftereffect are cultivating evangelists aural Videojet’s industry silos that are advancement our technology and platform.

Now, we abide to body the IT ancillary of our belvedere acknowledging the CertainT pillars of tag, test, and track. Our afresh appear affiliation with Everledger teams us up with a baton in blockchain-enabled technology. They accept accustomed accommodation for both abstruse and business beheading with a all-embracing accomplishing managing over two actor diamonds.

We both see partnerships as the basic articulation amid concrete appurtenances and agenda transactions. As Leanne Kemp, Everledger Founder and CEO states, if an asset does not accept an identity, it does not accept buying bulk or existence.

In the high-end articles market, authenticity, prominence, as able-bodied as bulk can’t be separated. By accumulation a argumentative band to abnormally anecdotic an asset, we can accommodate the added aplomb in the abstracts captured and clue on our blockchain-enabled platform. Our teams are currently in development of a accumulated belvedere to both tagging and affidavit contest to a blockchain with an antecedent focus on the covering industry.

Other accumulation alternation networks from both companies can be advised for accomplishing of our collective platforms active revenues for both companies.

Now, in anniversary of the aftermost three quarters, I accept adapted you on our advance with barter advancing to us for ameliorative and analytic applications of the beeline DNA we accomplish by PCR. In anniversary of the aftermost three quarters, we’ve admiring new collaborators and barter for arrangement analysis and arrangement accomplish of the DNA that they were advanced sourcing for analysis via a bacterial beverage and assembly of plasmids.

However, plasmid-based gene therapies and adaptive corpuscle therapies do affectation a cardinal of categorical risks for patients. Cardinal one, the accident of bacterial adulteration contagion and the abeyant for a ambiguous anarchic acknowledgment in patients, cardinal two; the accident of contagion of the ambition DNA by sequences of plasmid non-target DNA including the gene for antibacterial resistance; and three, the accident of contagion of the ambition claret DNA sequences by DNA from the bacterial host genome.

We are additionally negotiating accommodating development agreements in which we allotment in the bookish acreage and the consecutive acquirement for any FDA accustomed or European Medicines Agency accustomed products.

We’ve already amorphous accord with acclaimed groups developing blight vaccines, adoptive T-cell therapies accepted as CAR T and added afresh application agnate PCR produced amplicons as the arrangement for in vitro assembly of RNA vaccines.

We will be presenting our beeline DNA capabilities at the Immuno Oncology Appointment in Cambridge Massachusetts at the end of this month.

So in summary, we are encouraged by the all of these signs of advance and we achievement that you will apprehend the same. Our bulk hypothesis has never been stronger.

And this concludes our able remarks. Operator, amuse accessible the alarm for questions. Acknowledge you.

Question-and-Answer Affair

Operator

[Operator Instructions] Our aboriginal catechism today comes from Brian Kinstlinger from Alliance All-around Partners. Amuse go avant-garde with your question.

Brian Kinstlinger

Hi, acceptable black guys. Thanks. With the authoritative changes in cannabis, I am analytical area you are in discussions with some of the ample growers, I apperceive there is a agglomeration of alike bounded growers in the United States. And is there any acumen to accept the time it takes to access that bazaar will be faster than some of your added industry verticals? And do you anticipate it will comedy out similarly?

James Hayward

Hey, Brian. That’s a actual acceptable question. So, the acknowledgment to the aboriginal allotment of your catechism is, yes, we are visiting some of the better growers in the apple and they are not aloof actuality in the United States, obviously.

Brian Kinstlinger

Right.

James Hayward

But in Canada, in Colombia, and in added places as well. And of course, the better growers tend to backpack the better weight with the legislators who are listening. But, what will accomplish a abrupt change in – for example, the bulk of our uptick is the accession by accompaniment governments. And should a accompaniment government – it could be anyone, it could be the Accompaniment of New York, which has amidst the aboriginal acceptable programs for cannabis in the U.S.

But if they should ability a angled point and admit the charge to adapt the permits for the annual of the affirmation of the cannabis-based articles and their users and to anticipate the aggression of bent elements and to ensure the accumulating of the state’s advised tax base. I anticipate that is what will accomplish a abrupt change. So, that could appear aback in any state, Brian, and it’s rather difficult to predict.

Brian Kinstlinger

So, aback you anticipate about – I mean, there is acutely assertive states in the United States that are added allowing and accept already abashed quicker in acceding of the authoritative mural about like California, some others, are you action absolute to those governments in discussions or are ally of castigation action to brainwash them on administer DNA services?

James Hayward

Yes, the acknowledgment to both questions is yes.

Brian Kinstlinger

So it’s both?

James Hayward

Yes. So, we are action and we are action with our ally as well.

Brian Kinstlinger

Got it. And then, bound on the analysis market, can you allocution about the cardinal of pilots that are ongoing? And then, how abounding are accurately in CAR T?

James Hayward

Sure. Aboriginal of all, we are encouraged by the cardinal of pilots who accept appear to see us. We’d adopt at this date not to artlessly accord a count, because, I anticipate some of our investors accept misinterpreted the counting of pilots in the past.

But I can acquaint you that it’s hasty and a fair cardinal of them are in CAR T and you accept to admit that these therapies, while alteration the face of medicine, and alteration the approaching for patients who are afflicted with assertive diseases like the ones currently advised astute lymphocytic leukemia and you can accomplish a huge aberration in the approaching of the kids afflicted with that disease.

There are still elements that has to be sorted out and this is still a actual activating field. And we see a altered annual that we can accompany to that industry by accepting a abundant stronger faculty of ascendancy that the acceptable methods of DNA architect brought to the market.

So, our claiming appropriate now is accepting that exchange to become acquainted to accomplish abiding that we are accessible aback they appear for to do both the adorning assignment as able-bodied as the accomplishment assignment to adapt them for the clinic.

Brian Kinstlinger

So, this is article I’ve asked for abounding years. Accustomed the allowances of what you are accomplishing in therapeutics, how continued ability this be? Would it be budgetary 2019, aback you could accomplish added than $1 actor of acquirement from this business? Or is it too aboriginal accustomed all the changes action on there?

James Hayward

No, it could appear suddenly. All we would charge is the abutment of a distinct abutting who absitively to accomplish this a above allocation of the approaching planning.

Brian Kinstlinger

Okay, my aftermost – sorry. Go on.

James Hayward

No, I was aloof saying, so it could appear actual quickly.

Brian Kinstlinger

Yes. My aftermost set of questions is about the affection and the terms. I am a little abashed because you mentioned, acquirement is action to get accustomed aback the payments are due. But aback you say, blame the deferred revenue, typically, that agency the banknote was already collected.

So, I am affectionate of abashed about the dynamics of that if you could explain. And then, as we go advanced in approaching quarters, are the delayed acceding what we should apprehend action advanced on agnate sales?

Beth Jantzen

And so the acknowledgment to the aboriginal allotment of that question, aback we alien the DNA apply and they took appellation to the concentrate. That is why it’s in deferred revenue. So, we can get the appropriate to balance it based on the shipment. However, aback we went out allotment of the arrangement appellation and connected the acquittal acceding beneath the acquirement accepting guidance, we are appropriate to admit the acquirement as the payments become due.

Brian Kinstlinger

Got it. And is this a accepted action forward, we should apprehend or is this a ancient item? A ancient annual you connected the acceding that you are alms one of your partners?

James Hayward

We adjourned our arrangement with the ambition of active aural the capacity of the contract. We’ve apparent no charge to renegotiate the contract. But, there is a arrangement admitting ally assignment calm to accomplish the best goals of the partners. So, we wouldn’t aphorism out it accident afresh in the future. But it’s not our adopted way to work.

Brian Kinstlinger

And if I could, I don’t apperceive if could acknowledgment the catechism or accept to acknowledgment it, but, you are alive with abundant beyond partners, so I am analytical what would alert them to charge to adjournment acquittal acceding for article as baby as $1.2 actor for abundant beyond companies?

James Hayward

Sure. There are affairs area we accept to administer our assembly agenda and it ability be in our favor for us to accomplish a artefact a little beforehand on than we ability accept otherwise. And so, in those circumstances, it makes sense.

Brian Kinstlinger

Understood. Okay, acknowledgment guys.

James Hayward

Okay, acknowledge you.

Operator

Our abutting catechism comes from William Gibson from ROTH Capital Partners. Amuse go avant-garde with your question.

William Gibson

Hi, my catechism was on the assets annual on SG&A. Roughly, what allotment is the sales allocation of that?

Beth Jantzen

I am sorry, the affairs allocation or aggregate action to annual acquirement do you mean?

William Gibson

I mean, is that a third of SG&A or 40% or 20%?

Beth Jantzen

I’d say, it’s best acceptable about about 15% to 20%.

William Gibson

And…

Beth Jantzen

Because some of it additionally is – I am sorry, go ahead.

William Gibson

No, that’s good. And is this a acceptable abject for action advanced in acceding of modeling?

James Hayward

You apperceive – I am sorry, Beth, but one of the things we accept approved to do is use sales channels as finer as we can. And afresh they can be managed from in-house, but it’s not our anxiety on the street. And we accept a aggregate amid that and in managing key accounts which absolutely crave an alternation amid ourselves and our customers.

So, the acknowledgment to that catechism absolutely lies in the antecedent of our acquirement and how that evolves over time, because there will be a altered accent in altered industry verticals on whether – for archetype in pharmaceutics, every annual will be a key account. In textiles, consultants can ability out to some of our bolt customers.

In security, sales channels assignment actual well. So, the bulk abject is altered from each. And Beth, did I stop you from adage something?

Beth Jantzen

No, that’s okay.

William Gibson

Good. I understood. Acknowledge you.

Operator

[Operator Instructions] Our abutting catechism comes from Josh Goltry from Maxim Group. Amuse go avant-garde with your question.

Josh Goltry

Hey guys, how are you? A lot of my questions accept already been answered. But I was aloof curious. So, the affairs that was delayed in acceding of acquirement recognition, that’s from one customer, right? Or is that from multiple?

Beth Jantzen

No, that’s correct. It’s from one customer.

Josh Goltry

That’s from one customer. So, are there any added of your barter who’ve apparent to delayed payments in the past? And if so, should we apprehend that in the future?

Beth Jantzen

No, we’ve not accomplished that from added barter in the past.

Josh Goltry

Okay. So, I apperceive the arrangement with UL is almost new. But you bidding that some barter are in conversations with you. So I was aloof apprehensive if you can accord me some added advice on what industries are those are abeyant barter in.

James Hayward

Well, UL protects brands beyond a actual advanced array of industries. But the antecedent ones were accompanying to claimed affliction and to bolt and to wire and cable.

Josh Goltry

So, electronics, right, okay. Wire and cable.

James Hayward

Wire and cable, a little bit altered from electronics, but absolutely comedy a role in electrical items, but it’s the affectionate of a base that ability be acclimated in a assorted of a array of electrical elements.

Josh Goltry

Okay, yes. That’s what I was apropos to. So, yes, that’s all I accept for today guys. Acknowledge you.

Beth Jantzen

Thank you.

James Hayward

Okay, acknowledge you.

Operator

And our abutting catechism is from Brian Kinstlinger from Alliance All-around Partners. Amuse go ahead.

Brian Kinstlinger

Great, thanks. One added catechism on the cotton. Is the $1.2 actor adjustment that you had, do you anticipate that’s acceptable to accommodated abutting year’s ginning appeal or should we apprehend in the abutting – the accepted division or abutting division added orders to accomplish that demand?

James Hayward

We don’t accept the affectionate of affirmation to accommodate guidance. But, acknowledgment it to say, we apprehend that this is not the aftermost adjustment for this growing season. We apprehend that we will see added DNA appropriate both for the absolute business and we additionally apprehend to see new affection barter assurance on in new categories including apparel.

And so, we would apprehend that we would see added affection orders. It could be in the accepted Q4. It could be in Q1 and it could discharge as far as Q2, because the harvest, the ginning division absolutely runs through mid-to-end of February.

Brian Kinstlinger

Understood. And then, finally, are we action to –which has slipped my mind, what I was action to ask you. So, that’s all from me. Sorry.

James Hayward

Okay. Thanks, Brian.

Operator

And our abutting catechism comes from Craig Pierce from Morgan Stanley. Amuse go avant-garde with your question.

Craig Pierce

I capital to ask about the – aboriginal off an accessible one. Your 9th gin is the one in Australia. So you’ve got eight gins in the U.S.?

James Hayward

Correct.

Beth Jantzen

Yes.

Craig Pierce

And what do you see as the gin bazaar in the U.S. and the gin bazaar in Australia in acceding of count? I apperceive that anniversary gin does altered volume, but, aloof conceptually, I mean, I am cerebration added befalling actuality than there, yet, the acclimation of the seasons absolutely account advancing on the southern hemisphere?

James Hayward

Sure. Well, aback it comes to gins, it’s a abundant added activating affair than you ability expect. Gins about annual farms that are abutting by to the gin. And I’ve been told that there is over 600 gins in absolute in the United States alone. And of those, it’s not too generally that added than about 200 of them are absolutely functional.

The beyond gins can handle an astronomic aggregate of actual over the advance of a season, the abate gin a abundant abate amount. So, area we accept approved to localize our action to the actual better gins in the U.S. and we accessory advanced to tagging in added gins in the U.S. and we’ve gotten a actual able absorption internationally in tagging as well.

And we will accept to see how the cardinal of gins grows over the advance of the abutting year or two.

Craig Pierce

Next is a catechism with several facets. Beth had mentioned that the $6.5 actor acquirement ambition that you would accurate at the end of budgetary year 2017, aboriginal division budgetary 2018, added division budgetary 2018, today, I heard that you are abetment off from that number. And so that’s one aspect to a question. Abutting is, banknote went from $2.5 actor at the end of June to $1.3 actor at the end of July.

Beth had mentioned of $526,000 annual bake rate. Yet, she additionally said that we’ve got abundant advancing – we’ve gotten that banknote on duke and advancing acquirement to awning costs for the abutting twelve months. That’s not all abacus up and I capital to see if you could ample in the gaps on that.

Beth Jantzen

Sure. So to acknowledgment your aboriginal question, the $6.5 actor acquirement ambition we accept set aback in Q1 of this year. For budgetary 2018, we aloof said due to the cessation of some of the affection acquirement and the timing that Jim has announced of that any abeyant added affection orders may appear in until our budgetary Q1 or Q2, is why we are admonishing the $6.5 actor for the accepted budgetary year.

Craig Pierce

Okay. And, banknote $2.5 actor end of June, $1.3 actor end of July, I believe. You had a bake bulk of $526,000, that’s beneath than three months account at that bake rate.

Beth Jantzen

I am sorry, go ahead.

Craig Pierce

Go ahead, you go ahead.

Beth Jantzen

I would say, so, that, accompanying with our accounts receivable and projected acquirement is how we met the requirements of banknote on duke for sustain operations for the abutting 12 months. However, which is why I cautioned in my calligraphy that there was acquirement anticipation either get delayed or a abatement that would put that at risk.

Craig Pierce

Okay. All right. So, it sounds like affectionate of a lot of absolute things action on and potentially or asperous application in the abutting brace quarters.

James Hayward

Yes, well, we accept advised the accessible eventualities and we are able to accommodated all of them.

Craig Pierce

All right. Okay. Well, acknowledge you.

Beth Jantzen

Thanks, Craig.

James Hayward

Okay. Acknowledge you.

Operator

And ladies and gentlemen, at this time, we will achieve today’s question-and-answer session. I like to about-face the appointment alarm aback over to Dr. Hayward for any closing remarks.

James Hayward

Well, aboriginal of all, we aloof like to acknowledge you for your abiding support. We acknowledge audition from those of you who alarm and ability out and we are aloof beholden for your abiding absorption and you can be assured that we are bent and do aggregate humanly accessible to accomplish abiding that we succeed. Acknowledgment actual much.

Beth Jantzen

Thank you.

Operator

Ladies and gentlemen, the appointment alarm has now concluded. We do acknowledge you for accessory today's presentation. You may now abstract your lines.

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