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Quotient Limited (NASDAQ:QTNT)
Q2 2021 Earnings Call
Nov 2, 2020, 8:00 a.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Greetings, and welcome to the Quotient Limited Second Quarter Fiscal Year 2021 Financial Results Call. [Operator Instructions]

I'd now like to turn the conference over to your host, Mr. Peter Buhler, Chief Financial Officer for Quotient Limited. Thank you. You may begin.

Peter Buhler -- Chief Financial Officer

Thank you, Daryl. Good morning, everyone, and welcome to Quotient's earnings conference call for our second quarter of fiscal year 2021. Joining me today is Franz Walt, Chief Executive Officer of Quotient; and Ed Farrell, Chief Operating Officer. Today's conference call is being broadcast live through an audio webcast, and the replay of the conference call will be available later today at www.quotientbd.com.

During this call, Quotient will be making forward-looking statements, including guidance and projections as to future operating results and expected development and commercialization timelines. Because such statements deal with future events, actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in Quotient's filings with the U.S. Securities and Exchange Commission as well as in this morning's release. The forward-looking statements, including guidance and projections provided during this call are valid only as of today's date, and Quotient assumes no obligation to publicly update these forward-looking statements.

With that, I would like to turn the call over to Quotient's Chief Executive Officer, Franz Walt.

Franz Walt -- Chief Executive Officer

Thanks, Peter, and good morning, everyone. Since we last spoke, the past couple of months were challenging for the Quotient team and management. First of all, we had several COVID-19 infections in different areas of the company, which required us to adopt and find workarounds and continue under very difficult circumstances.

Secondly, we had external adversities in the form of government imposed lockdowns and restrictions affecting our customers, field trial sites, and since we have sites in Switzerland, U.K., and the U.S. with employees based throughout Europe, we have had to navigate our way through evolving national and local regulations and requirements. Given this difficult situation, I'm really proud that we could progress on everything as planned, even if we took a little bit more time than expected.

I'm very proud of the entire Quotient team, who continued to be focused on execution despite these unprecedented circumstances, and I'm happy to report on the progress we have made since our last earnings release three months ago. I've been focused on several areas. Our MosaiQ COVID-19 antibody microarray, the advancement of our MosaiQ transfusion diagnostics development pipeline and commercial readiness, and finally, corporate initiatives.

Let me first start with the MosaiQ COVID-19 antibody microarray. I would like to remind you all that we developed this high performance antibody test within a few weeks and quickly generated interest with customers. This first and foremost demonstrates the power and flexibility of our innovative MosaiQ platform. The test was CE marked on May 1, 2020, and we submitted a request for FDA Emergency Use Authorization on May 6.

On September 25, our COVID-19 antibody test was granted the Emergency Use Authorization by the FDA. During the FDA review process, we had several rounds of questions that they answered swiftly as always. The review process took longer than we expected. And I assume the workload at the FDA was tremendous, but it also is a new technology and the FDA have to review not only the microarray, but also the instrument and the software. But we made it through the process and now have the EUA, which gives me great confidence in our future FDA reviews.

We were able to sign contracts with several customers in the U.S. and Europe. Sales in Q2 remained low with close to $0.6 million sales, although this increased significantly versus Q1. I see this as a proof point that customers are embracing this technology and are willing to sign contract. We are very pleased with our collaboration with Bloodworks Northwest who uses the MosaiQ COVID-19 antibody microarray and MosaiQ system to screen blood donations in search for convalescent plasma donors. On the other side, we observed limited market demand in Europe, as the focus is so far clearly on virus testing. However, we still believe that antibody testing will gain an importance once vaccines become available, and with our placements and high value customers, we will be positioned to benefit from such a trend.

Finally, the rollout of MosaiQ COVID-19 antibody microarray was an excellent opportunity to test the readiness of our commercial organization, as well as the technical support. We demonstrated that we are prepared to effectively install instruments, train lab staff and provide continuous support as needed. With this, we can safely say that our organization is ready for a commercial launch into donor transfusion labs in a few months from now.

Let me now move to our MosaiQ transfusion diagnostics development pipeline where we were able to make significant progress on the advancement of our pipeline, although our program was recently impacted by the second wave of the coronavirus pandemic in Europe. The extended immunohematology field trial in Europe. Here, we were expecting results to be available in October. It will now take a little longer since our last testing site located in the United Kingdom is again subject to restrictions related to the pandemic. However, we expect the results this month, as you will hear in its update.

Let me remind you that the value proposition of our Expanded IH microarray is that it can do more tests in an automated fashion than anything else currently on the market, including rare antigens, which are normally either knocked on or tested manually. For this rare test, it is more difficult and time consuming to get sample material. And we are comparing often versus manual testing, which is also very time consuming and labor intensive for the customer to do.

Due to the pandemic, field trial size have had to reduce the number of employees on their sites as part of their pandemic response, and this had an impact on the ability to perform time intensive manual competitive testing. Our continued internal testing, however, gives us confidence that the field trial will provide us with good results.

Initial SBS FDA 510(k) approval. We replied applied to all questions received from the FDA. Right now, there are no outstanding questions and we continue to expect, as previously communicated the FDA, 510(k) approval before the end of the calendar year.

At the beginning of September, we announced the signing of a letter of agreement with Ortho. It confirms the termination of the previous arrangement and ended the arbitration process. Although we were very confident to prevail in arbitration, we are relieved by this outcome as it removes the risk, saves us time and money and gives us access to a market segment we could not access ourselves. The letter agreement sets terms for new collaboration and clearly divides the task between the two groups. Quotient maintains all MosaiQ-related rights for the global donor transfusion market, while Ortho will hold exclusive rights to the patient transfusion market in Europe and the US.

Quotient will develop a MosaiQ immunohematology microarray for the patient transfusion market and file for CE Mark and U.S. FDA approval. We will sell the microarray at a fair transfer price that will generate the gross margin. In addition, Quotient will be entitled to milestone payments in the amount of up to $67.5 million upon the achievement of certain regulatory and commercial sales benchmarks. Ortho paid Quotient the first non-refundable milestone payment of $7.5 million in September 2020. Exclusivity for Ortho is 10 years after obtaining regulatory approval in Europe, respectively the U.S. I'm very much looking forward to collaborating with Ortho, a global leader in transfusion diagnostics to conquer the patient transfusion market.

Shortly after the Ortho announcement, we strengthened our balance sheet with an equity race. We thought long and hard about this, and in inside are still convinced it was the right timing given that nobody could foresee how the next few months would develop with U.S. election on the horizon and with the second wave of COVID-19. With this additional cash, we have the safety and confidence to bring this business successfully into commercialization.

Last, but not least, I'm glad to see that despite the global pandemic, our existing Alba by Quotient business delivered a continuous strong performance with double-digit year-over-year growth in Q2, as you will hear in more detail in Peter's remarks. In combination with the sales of COVID-19 antibody test and the Ortho milestone, we delivered the highest quarterly revenues since the existence of the company.

With that, I would like to turn it back to Peter for a financial update.

Peter Buhler -- Chief Financial Officer

Thank you, Franz. Fiscal first quarter product sales were $8.5 million, an increase of 20% from last year's first quarter. Alba by Quotient sales for the quarter are reported at $8 million, a year-over-year increase of 12%. Sales to OEM customers increased by 7%, while direct sales increased by 23%. With OEM sales, we see a particularly strong increase in sales to customers in the U.S. Sales of MosaiQ COVID-19 antibody tests reached $0.6 million for the quarter compared to $0.1 million in the first quarter of the current fiscal year.

For the first half year, total product sales increased by 14%. 68% of our product sales are related to standing orders. Total revenues include the $7.5 million upfront milestone payment received from Ortho Clinical Diagnostics. Total revenues for the quarter increased by 105% versus prior year, while total revenues versus first half year increased by 56%.

Gross margin on product sales was 47.3% in the second quarter of financial year 2021 compared to 44.1% last year and 39.3% in the first quarter. The improvement versus last year is primarily used to improve product mix and price increases, while the improvement versus the previous quarter is related to the relief of pandemic-related restrictions.

For the first half year of fiscal 2021, gross margin on product sales was 43%, while it was 44% in the first half of 2020. In the second quarter, we recorded an operating loss of $13.1 million compared with $18.4 million last year. In the first half year, operating loss reached $32.8 million versus $36.9 million in the first half of fiscal year 2020.

Operating expenses for the second quarter were $24.7 million, an increase of $2.3 million over the prior year. Sales and marketing costs were $2.2 million, in line with prior year. Research and development expense were $12.9 million, a $200,000 decrease year-over-year with lower depreciation charges, offset by additional IH field trial costs.

General and administrative expense were $9.6 million compared to $7 million in the prior year, an increase of $2.6 million, driven by significantly increased legal costs related to the Ortho arbitration and increased insurance cost. G&A cost includes stock compensation expense, which increased from $1 million to $1.3 million. In the second quarter, depreciation and amortization were $2.2 million versus $3 million in the previous year. The decrease in depreciation is due to Eysins that are now fully depreciated.

Net other expense was $1.5 million compared with $8.5 million in the second quarter of last year. Net other expense consisted of interest expense of $6.9 million and the $5 million foreign exchange gain compared to interest expense of $7.3 million and $1.3 million foreign exchange loss in the second quarter of fiscal 2020. Overall, our net loss for the quarter was $15 million or $0.18 per ordinary share compared with $27 million or $0.41 per ordinary share in the prior year second quarter. For the first half year, net loss reached $40.4 million or $0.49 per share versus $50.6 million or 76% -- $0.76 per share one year ago.

Net cash used in operating activities totaled $30.6 million during the first half of fiscal 2021 compared with $42.8 million in the first half of fiscal 2020. The use of cash significantly improved due to the Ortho upfront milestone combined with a lower increase in working capital. Capital expenditures in the second quarter of fiscal 2021 was $1.3 million compared with $1.4 million in the prior year. For the first half year, total capex was $2.1 million compared to $2.6 million in the prior year. The majority of our capex in the second quarter of fiscal 2021 relate to the acquisition of MosaiQ instruments.

Moving on to the balance sheet. With available cash and short-term investments at September 30, 2021 [Phonetic] of $162.7 million compared to $72.8 million one year ago and $120.8 million at the end of March 2020. An additional $9 million of cash is held in restricted reserve accounts under the terms of our borrowing facility of $145 million and our Eysins facility lease. At September 30, accounts receivable totaled $4.5 million and inventory totaled $22.8 million. Both balance sheet items increased compared to prior years, while trade accounts receivable decreased compared to the end of last fiscal year. The changes in accounts receivable is related to timing of customer payments, while the increase in inventory is related to MosaiQ.

In September 2020, the company successfully closed the public equity offering. The reaction of its existing and new shareholders was largely positive and resulted in multiple over-subscription within a few hours. We raised total net proceeds of $80.7 million. With this additional equity raised and combined with additional cash inflows from other revenues, we now have a very strong balance sheet and are financially well equipped to finalize the development phase of our transfusion diagnostic proposition and enter into the commercial phase.

The company has an outstanding debt of $145 million, with the first reimbursement due in April 2021. We might explore options to restructure the debt or delay reimbursement until substantial cash is generated from the sale of MosaiQ.

Moving to guidance. For fiscal 2021, we reconfirm our full year revenue for product sales of our Alba by Quotient reagents in the range of $32 million to $34 million. No further milestones related other revenues are expected. For the third quarter of fiscal 2021, we expect sales of Alba by Quotient reagents between $7.8 million and $8.2 million. We also reconfirm our forecast for capital expenditures in the range of $5 million to $10 million, and the cash used in operations of approximately $5 million to $6 million per month.

With that, let me now turn the call over to Ed Farrell, Chief Operating Officer.

Ed Farrell -- Chief Operating Officer

Thank you, Peter. Looking forward now, I would first like to share upcoming plans on the MosaiQ COVID-19 antibody microarray, followed by transfusion diagnostics, and finally MosaiQ's potential new applications.

In Europe, our next steps are the following. To start, as referred, we received the FDA EUA for our COVID-19 antibody and our next step will be to release a semi-quantitative test. This will not require a new microarray, but an update of the MosaiQ software. The release to the European market is expected in the next few weeks. The semi-quantitative test will allow determination of the amount of antibody in the sample and will help determine if a neutralizing level of antibodies is present in the sample and support clinical guidance. We see an opportunity to generate market demand for semi-quantitative tests as vaccines become available.

At this stage, we do not plan any further additions to our COVID-19 test offerings. We continue to focus on our core strategy, which is to bring a comprehensive transfusion diagnostics product offering to the market. As previously mentioned, our Expanded IH field trial is progressing despite a slowdown in our U.K. trial sites due to the second wave of the pandemic, which has resulted in government-imposed restrictions and lockdown. Nevertheless, we reconfirm the plan to submit for the CE Mark by the end of the calendar year, followed by a CE Mark approval around the end of the first quarter of 2021.

On Expanded SDS, we will report V&V data, execute the field trials and continue to plan for a CE Mark submission in the second or third quarter of calendar year 2021. This is, of course, subject to inherent R&D risk as we are finalizing the development of the microarray. Our whole organization is ready to go commercial as soon as the CE Mark is obtained. We are constantly reviewing available databases to identify upcoming tenders. According to our internal estimate, several tenders should become available as soon as Q2 of calendar year 2021.

Regarding the AFL patient immunohematology microarray, we have already started the development which is an incremental development over the existing donor immunohematology product. We are in the process of hiring additional resources, so we can meet the planned regulatory filing in Q4 of calendar year 2021.

In the U.S., our next steps are field trials for Expanded IH. These are planned to commence in December of 2020 or at the beginning of calendar year 2021. Our plan is to conduct testing at three separate sites across the U.S. In order to facilitate this, we hired a small number of additional resources in the U.S., allowing us to run independently from Europe even if travel restrictions between the U.S. and Europe would continue to remain in place.

The pace of the trial will be dependent on the pandemic situation in the U.S. and labs being able to perform field trials. Initial SBS 510(k) approval. As Franz mentioned earlier, we answered all the questions from the FDA and anticipate approval before the end of the calendar year. The approval will cover both the microarray and the MosaiQ instrument.

Let me remind you that we will wait to fully launch in the U.S. until we have the Expanded IH microarray available. However, with the 510(k), our customers will be able to experience the technology and use future products for research use and give us valuable feedback. As you know, we are working in parallel on molecular disease screening. And we are progressing as planned and continue to see very encouraging performance. We will give an update at the latest during our full year earnings call.

Finally, we always knew the MosaiQ technology has potential beyond transfusion diagnostics. This potential was also identified by a major U.S. lab chain and discussions are ongoing about the potential for MosaiQ in vitro diagnostics products designed specifically to leverage the technical and operational benefits of the MosaiQ system and bring to market new products in other diagnostic areas.

This concludes my remarks on upcoming regulatory and commercial milestones, and I would like to hand back to Franz.

Franz Walt -- Chief Executive Officer

Thank you, Ed. As you have heard, we are very well financed. We are only a few months away from our commercial launch after all the years in the making and our R&D programs are also going ahead as planned despite the adversity we are facing due to the pandemic situation.

With this, I would like to hand over to Daryl to open the Q&A session.

Questions and Answers:


Thank you. [Operator Instructions] Our first question comes from the line of Josh Jennings with Cowen and Company. Please proceed with your questions.

Josh Jennings -- Cowen & Company -- Analyst

Hi. Good morning, gentlemen. Thanks for taking the question. Thanks for the detailed updates today. I was hoping to just -- you mentioned just the tenders that are coming up in Europe in calendar 2Q 2020. I was hoping to get any more details you can share just about how the demand funnel is developing and where it sits today, for one?

Two, maybe we can just start there. And I mean just what I'm really after is just any help you can provide from a high level in terms of the pace of -- upon CE Mark approval, the pace of adoption of MosaiQ and thinking about where street numbers sit today for fiscal 2022 on the revenue side for MosaiQ transfusion diagnostic sales. Any high level commentary you can provide that can help in our modeling would be very helpful?

Ed Farrell -- Chief Operating Officer

Sure. Hi, Josh. It's Ed. So Josh, to this point, we have not seen any tenders come to the market in Europe. But what we are seeing is that some of the account are starting to prepare for the tender process. And as I said, during those remarks, we expect to see some of those tenders starting to become active from Q2 onwards.

What we see there is -- and depending on the accounts, some of the larger customers have had a longer tender process and some of the smaller countries will have a shorter, more rapid process. So on receipt of the CE Mark, we will be eligible to participate in those tenders and we will see that over the coming months that you will see those tenders becoming active and being awarded. So we see that it will rollout. Once it starts, it will be slow, but it will pick up eventually as they progress through the year.

Josh Jennings -- Cowen & Company -- Analyst

Understood. And I think you announced earlier this year that you had ordered more MosaiQ systems from your manufacturing partner, STRATEC. I think there was in the order of 20 plus MosaiQ systems to add into inventory. How should we think about MosaiQ inventory as you head into this commercialization period? And how many systems you may have as we get closer to counter 2Q '21?

Franz Walt -- Chief Executive Officer

Josh, we have -- you're correct, we have ordered 20 plus instruments. Those instruments will start to be received in the coming weeks and months. And that inventory will leave us very well positioned to respond to any tender opportunities or any other opportunities that arise over the coming 12 months. So we feel that we have the right amount of inventory. We're also in continuous dialogue with our -- with STRATEC who manufacture the instruments and they will be ready to respond as we need it. So we feel very confident about our inventory levels as we head into next year.

Josh Jennings -- Cowen & Company -- Analyst

Excellent. Just on the commercial team for Europe, it has been in place for a little while. Can you just give us an update on what their activities are currently and how they're out there? Are they able to market the MosaiQ system and the Expanded IH menu in front of CE Mark approval? You already have CE Mark approval with limited menu. But just anything you can share in terms of how your commercial team is building that demand funnel?

Ed Farrell -- Chief Operating Officer

Yeah. So our team are in -- yeah, they're in constant dialogue with the market. We also again remind you back to what Franz said about the real opportunity of the COVID-19 tests was the ability for our commercial team, and that's the entire commercial team; the sales force, the support or the other field service engineers, our technical support teams. They've been -- COVID-19 has been a real practice opportunity for that team to ramp up our commercial capabilities, and we are also in dialogue with accounts. We're interacting, understanding when tenders are likely to start, keeping the fact that MosaiQ is imminent and coming to market shortly front and center in those accounts' minds and making sure that they're keeping us in line when they press go on those tenders.

Josh Jennings -- Cowen & Company -- Analyst

Thanks for that. And my last question just on the U.S. field trials for the Expanded IH2 menu or microarray. I understand that COVID could cause some challenges in terms of the pace of how the field trials and the tests are run. But I think it might be helpful just to help us remember, in normalized times, how quickly could a U.S. field trial be run? Is that a matter of weeks and not months? And clearly, we understand that the COVID could put some -- could stop the clock there, but just to get the normal run rate I think would be helpful for investors to understand. And then running the trial and then how long it takes for the data to be analyzed and for results to be made public? Thanks for taking the questions.

Franz Walt -- Chief Executive Officer

Yeah. Thank you, Josh. In terms of the field trial, in normal circumstances, we were allowed three to six months for a field trial. For an immunohematology field trial of this complexity where there's a significant amount of manual comparator testing, it's very difficult to rush the comparator testing and many of the sites are limited by the amount of comparator testing that they can do on a daily basis. And that sets the duration of the field trial to three to six months. We will, of course with resources now on the ground in the U.S., we will be focused on executing the field trial as smoothly as possible. And we will do everything we can to maintain that timeline, but there is that inherent risk that it's not clear how the COVID situation develops in the U.S., but we will be working hard to minimize any delays in the U.S. field trial.

Josh Jennings -- Cowen & Company -- Analyst

Understood, understood. Thanks again.

Ed Farrell -- Chief Operating Officer

Thanks Josh.


Thank you. Our next question comes from the line of Sung Ji Nam with BTIG. Please proceed with your question.

Sung Ji Nam -- BTIG, LLC -- Analyst

Hi. Thanks for taking the question. My first question is a follow-up from what Josh asked earlier about commercial readiness for MosaiQ transfusion diagnostics in Europe. I was curious, what are your assumptions in terms of how the pandemic plays out? Are there -- Is it contingent on the vaccines being available or do you think that once there is approval, you can start the process in a fairly short order?

Franz Walt -- Chief Executive Officer

That's a little bit difficult to speculate on that because we are not deciding on the laws and restrictions and guidance from the various jurisdictions we are working in. What we see, as Ed was already alluding to, is that tenders are indeed coming up in February -- sorry, in second quarter of 2021. That might change, but that's the visibility we have right now. And what we also know is that commercial organization and the technical organization is ready to go. They have proven themselves with the COVID-19 rollout.

And on top of that, if vaccines become available, which I sincerely hope they will soon, we still expect also an uptake on COVID-19 antibody demand, especially as we are going to have a semi-quantitative one helping in clinical guidance. And we have plenty of instruments ordered to be flexible. So we can go for the tenders. If there is a surge in demand for antibody testing, we even have the flexibility to place even more instruments so we can play it as it comes. But these are very uncertain times and very difficult for us to make predictions.

We are ready to go. We expect the good IH2 field trial data very soon. We will submit. We have actually a modular submission, as you know, and parts have already been submitted. And we are confident before end of the year, we should be able to do that. And then get in a couple of months finally after all the years in the making, the first powerful combination in our hands and we're ready to go. But of course, we need tenders and we need an environment enabling us to participate and sell.

Sung Ji Nam -- BTIG, LLC -- Analyst

Got you. That makes a lot of sense. And then just a clarification question. In terms of -- realize that there will be more antibody testing demand once the vaccines are available, but you're seeing demand in the U.S. and I think less so in Europe. Is that largely to do with more convalescing testing in the U.S. versus Europe? Just kind of curious to what's driving that? And also, if you might have any visibility into what the demand might be near-term given you do have customer contracts I believe with I think a customer?

Franz Walt -- Chief Executive Officer

Yeah. It's convalescent testing, as you correctly pointed out. That's the driver. But the issue in Europe and also in some other countries is there is no guidance under what circumstances should an antibody test be performed. There is no protocol at this point in time. I think the entire focus right now in this active phase is PCR testing, maybe antigen testing to see whether there is an active infection in place because when you have an antibody test, you should be able to do something clinically with it. And that's why we believe with the availability of vaccines, this will be a different story. But then again, we never speculated on making a lot of sales with antibody testing.

I think right away in the beginning, we were pretty clear that for us it was a question of making a meaningful contribution, but also to demonstrate and showcase the power and flexibility of the technology. Also, to demonstrate to everybody that this new technology will be embraced by customers and they will buy it and sign contracts for it and they will pay for it. And it was also for us to test the commercial and technical service organization, are we really ready to go?

So we expect some uptake. We don't know how much it's going to be. But we, of course, as Ed was alluding to, we're really focusing on the transfusion, mainly because that was our core business strategy. But then COVID came around, field trials were stopped. So we made the best out of it, providing such an antibody test, showcasing the technology and testing the entire organization.

Sung Ji Nam -- BTIG, LLC -- Analyst

Got you. And then lastly for me. I think Ed mentioned, and I think you just alluded to as well that you're focusing on the core transfusion diagnostics business. You're able to develop antibody testing fairly rapidly for COVID. I was wondering, what about antigen testing given the sensitivity of your platform? Do you think there might be an opportunity even in the near-term to take advantage of that?

Franz Walt -- Chief Executive Officer

Yeah. Maybe I can -- It's not on the menu. I think Ed was already expressing that we are not developing further COVID test for the time being. Unless the situation is changing, then we can be flexible, but this we have not planned. I think I personally believe PCR testing or antigen testing should be done as close as possible to the patient, ideally, and are the kind of a near patient point of care solution. But our technology, our solution is really for a central admin -- I mean, the selling aspect of it is really high throughput, high quantity, high efficiency, high automation in a centralized manner. So that's not really our play. And if you send in samples to a central lab, why should you do an antigen test, which is less accurate to the PCR test. Then you can also do the PCR test. So we just saw that we're betting on antibody tests on quantification of antibody testing and we focus on our core strategy, transfusion.

Ed, is there anything you would like to add on?

Ed Farrell -- Chief Operating Officer

No, I think that's a great summary, Franz. Yeah, it's centralized versus point of care. I think you see there's a lot of point of care antigen products coming on the market now. And it's most likely that if you're going to do an antigen test, you're going to want to do it point of care.

Sung Ji Nam -- BTIG, LLC -- Analyst

Got you. Thanks a lot.

Franz Walt -- Chief Executive Officer

[Speech Overlap] Yeah. Thank you.


Thank you. There are for no further questions at this time. I would like to turn the floor back over to Franz Walt for closing comments.

Franz Walt -- Chief Executive Officer

Yeah. Thank you very much, Daryl, and thank you everybody for joining us in the call today. And we look forward to updating you on the progress we expect to have made by the time of our third quarter fiscal 2021 conference call. So thank you very much. All the best. Stay safe.


[Operator Closing Remarks]

Duration: 39 minutes

Call participants:

Peter Buhler -- Chief Financial Officer

Franz Walt -- Chief Executive Officer

Ed Farrell -- Chief Operating Officer

Josh Jennings -- Cowen & Company -- Analyst

Sung Ji Nam -- BTIG, LLC -- Analyst

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