Jeffrey Luber presented Binx Health at LSI USA ‘24

Jeff Luber  0:00  
Good afternoon, everyone.

So Jeff Luber, I've been at CEO and diagnostics for a long time now. And in every area of health, I guess it's pretty fundamental to say early detection. If you can test and treat, you've got a better outcome. We're talking about infectious disease testing. In particular, we're a STI testing company. We spent about a year or so in COVID, as well, just opportunistically and did a bunch of good there as well with a number of clients. But our mission really is to bring rapid testing to the point of care. So in the case of chlamydia, and gonorrhea testing, somebody doesn't have to wait a few days for an answer. Anytime somebody is waiting a few days for an answer, a lot of bad things can happen. Okay, there's onward transmission of infection. There's about 40,000 cases of infertility every year from undetected chlamydia, it's just a bad thing. And that's why you see in the news reports every year, it's just an epidemic, the problems with with sexually transmitted infections continue to rise. And it's actually it's really a failure of business model. There's no great way today absent point of care for you to deliver an answer and leave with a prescription. That's the key to unlocking it all. And you really want to do it in 30 minutes. If you can't deliver an answer in 30 minutes, you're gonna lose that patient, they're out the door. 40% of patients who are positive with an STI never come back for treatment. So it's really, it's really, really a big problem. So we've raised about $225 million to date, it usually takes about $500 million in 10 years, to get a point of care platform. To mark it taken us about 200 million, and I'd be six years. But going through all of those areas that you need to de risk in any diagnostic application, every diagnostic goes to the same arc. Some things are within your control, many things are outside of your control. And so things outside your control that end up costing investors so much money, FDA, how long will it take, it's hard to predict, getting your manufacturing up and running. But we've done all those things and directed it was never a straight line, but we've done it. And now we're focused on commercial execution. So we're out there placing instruments every day, we've got several 100 of them out there in the field. We landed some pretty big distributors in Cardinal, Medline, McKesson and Thermo Fisher, and we're climbing right now. And we're the only ones that can that can do this in 30 minutes for both men and women. And you're talking about 350 million chlamydia and gonorrhea infections globally every year. All right. So it's a really, really important important thing. great management team, great investors, passionate investors, and we continue to to progress. So if you think about just the United States alone, there's currently 35 million, chlamydia and gonorrhea tests that are being sent out from a doctor's office to LabCorp and quest every year to be run. That means a patient comes in sample is taken, they go home, several days later, they find out if they're positive, they get a phone call, Hey, you got to pick up a prescription. And I suspect everybody in this room would go pick up their prescription. But that's not most of America. Okay? Literally, nearly half of the people never go back. So they need to have a conversation with their doctor and the doctor needs to say, look, this, you have chlamydia. I know nothing hurts, or burns or anything like that. But it's highly curable, you must take this prescription. And just that conversation alone changes everything. 30 minutes is the magic number. But you've got to do it at the same quality, accuracy of central lab testing. You can't be fast and not as good. And we're the ones who were who are both. So we went we had 10 salespeople last year, we got to $15 million in forward contracted revenue. We now have 1100 salespeople out there with these distributors at our side, we're the only platform that they have in their bag that can test both men and women for these infections in 30 minutes. So I've been doing this long enough to know that nothing's a straight line. And there are no hockey sticks in this world. But if you continue to keep a disciplined approach, and you're filling a real market need, you're going to catch on and and we're starting to see that when you look at the number of verticals, okay, there's 35 million tests being processed by LabCorp. And quest and every one of those is one for which we offer a better value proposition. All right, we're talking about rapid, rapid turnaround times in 30 minutes, and now it's the it's the OB or it's the student health or it's the CVS MinuteClinic. That's now rendering an answer and getting the prescription done. It's not happening at a hospital or a physician's office. That's disintermediate added from the lab, it's all right there. The HIV testing has been point of care for a very, very long time, chlamydia and gonorrhea has not. And yet, those are the two most tested for STDs in the world. Top of the bell curve, if you look at all the secretary transmitted infections, chlamydia, gonorrhea at the top, and that's a very long tail. Every pregnant every pregnancy needs to be tested every sexually active woman under age 25. So if there's 35 million tests being done every year, the markets actually 100 million people. And having spent some time in colorectal cancer screening and some other spaces, this is one of the I would say one of the few largest diagnostic market still left putting aside liquid biopsy and things like that. But but but having a covered with some distributors that are actually paying us a very strong transfer price for this product, recognizing that there is no close second. Now when competition comes in, we'll get some pressure on that. But our cost of goods is dropping rapidly as well, we'll we'll likely be the first company that's got it. It's a test cartridge, we have a razor razor blade model that's going to be able to do this manufacturing at about $20 or less for the cartridges themselves. That's really, really an important mark. And we've got manufacturing, in China, in Ireland and in Germany right now. And it's really scaling. When I started this about, I didn't start the company. But when I joined about six and a half years ago, the competitive landscape looked just like this. Binks was at the top. Now we didn't have FDA clearance at the time, but since that time, we've continued to knock these things off as other as other players have tried to emerge. Now they haven't gotten there yet. They will, someone will, that's fine. There's plenty of opportunity. But suffice to say it's a very, very hard thing to do to be able to collapse the time to 30 minutes for PCR while maintaining the accuracy of these huge machines. It LabCorp and quest that's a very, very hard thing to do. It's also hard to do it in not only a vaginal swab, but also urine you're not going to find another company right now that can detect in urine. And that's a really, really important for ease of use. So actually applaud all of our all these other folks too because the more they're they're solving, it's a big problem that needs to be solved. In our wildest dreams. We couldn't supply the whole market. But it's a really important market one that we were kind of seizing our lead and are out there and I hope next year I'll be able to report to you I hit and some of those big numbers we have for ourselves. So okay, appreciate your time. Thank you