Genincode (LSE:GENI) — Full year results briefing

0:00 Good afternoon, and welcome to the GENINCODE PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a tab situated on the right hand corner of your screen. Simply type in your questions and press end. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review your questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Matthew Walls, CEO. Good afternoon, sir.

0:31 Good afternoon, Lily. Thank you for that. Good good afternoon, everyone. Welcome to the annual results presentation. My name is Matthew Walls, CEO of GENINCODE. I'm here with Paul Fulger in the offices of Cavendish in the city. I'm gonna walk through this fairly swiftly, but it'll give us time to have a q and a towards the end. So and also for, hopefully, those who are are attending, I think many of you have maybe heard some of the the prelude in the early slides previously. So I'll move with a little bit of pace. The company is focused on the prevention of heart disease. We're in a process of scaling up, expanding, and growing the company certainly in terms of revenue.

1:19 So we're not involved in heavy investments in development, research and development, and so on. Our core products are regulatory approved with a key product, CARDIONCODE, going through regulatory approval with the FDA. We have a significant amount of investment over the last ten, fifteen years now in building out what we do as a company, the structures for risk scoring and recognizing genetic risk for heart disease. We have a leading evidence base that's clinical evidence based based on populations of patients. And I think in in that respect, there's probably only ourselves globally who are putting out clinical publications at that level, partly because we've been building for this for longer than most of the groups.

2:06 We have IP protection on the core products. And importantly, those products are now starting to come into the biggest markets, so we're starting to see a pickup and more traction in revenue. And the main focus for why we're we're interested and and driven to delivering prevention of heart disease because at the moment on a genetic level, that's not part of the risk assessment. So genetics are not included in the standard of care, but increasingly, it's recognized the importance of genetics to identify those individuals at risk of heart disease. And for those, again, who who are a little bit familiar, by identifying the genetics of those individuals who are at risk, It means we can start to see in advance and therefore prevent the onset of future heart disease. So this is very much at the forefront of change in medicine and very much for here in The UK, a key theme of the NHS.

2:59 So I'll jump now to the the results for 2024 and also start to give a a glimpse of what's starting to happen for us in 2025. So we saw good revenue growth in 2024 of 25%. Importantly, we saw the first revenues coming from The US market. It's a key market for us over the coming years. So good to start to ground the first two products, lipid encoding, card encoding in The US. We also received approved for cardio encode in The US too. We saw good attention in HS, growth in Germany, similarly in Spain. And as a result of that, coupled with improving margins for the company, we saw their losses reducing the company from 6.7 to 4,400,000.

3:48 Cash reserves at the end of the year, 1,100,000. And as a result of that, in line with us moving the company now into continued growth and expansion, we raised a did a secondary placing on the A market, 4,100,000, net 3.7. Importantly, at the beginning of this year, we've also now started to expand what's happening in Spain, the region. Catalonia region has started to roll out at a primary care level, risk assessment, genetic risk assessment. So we expect to do in this year around about a thousand samples, perhaps a little bit more than that. But that will be a core piece of growth coupled with other regions as well in Spain. A key part of this presentation is an update on the de novo process. As you might expect, the markets are particularly hanging on a lot of what we're saying about that approval process.

4:36 I'm pleased to say we're in strong and ongoing discussions, progressive discussions with the FDA. As a listed company, we also have to give an update at each time there is feedback and certainly at a material level given the importance of this to the company. It means we're giving updates, you know, whatever those updates are. We can't be in a position where we feel exposed. It's a material part of the company. So but it does mean necessarily as a small company, we we ebb and flow depending on which way the the FDA are moving. At the moment, we're dealing with deficiencies that they'd cited about a month ago, and we're working through those with them. The discussions are good, upbeat, and positive, and we continue to make good progress towards approval.

5:27 Unlike and that doesn't as a model, working with the FDA doesn't always fit with the company that's listed, especially a small cap company. So we it's a it's a big part of the future of where we are, but equally, it does create some oscillations in share price. That said, in addition to that, we also got the Medicare, Medicaid approval at the beginning of twenty twenty five for cardio and codes. So that's a the reimbursement side now coming into position for The US. And I'm also pleased to say we've we haven't announced, but it will be in the coming weeks through the cancer research and the channels. The NHS now adoption of the RoCA test. So this is for risk of ovarian cancer. Two trusts, UCL in London, North London, and Bart's are the two that have started to kick start testing with in the NHS. So pleased about that. In addition to that, we've also got the beginning of testing coming online for Roker in Europe too.

6:27 Revenues in the the first few months of this year are up about 20%. So, again, a good indication of the growth we expect to see through this year. Okay. I'm gonna jump ahead now to to what's happening in The US. But I think as most perhaps the group and investors are aware, The US is a big market opportunity for us. I presented this slide at the end of last year. It was around about 20

6:56 client groups, institutions, clinics in The US market that we're currently working with. It's grown significantly now. It's over 30, and I expect over this coming year to grow significantly further. So this is the beginning of engagement through our existing labs. This is the California Irvine Labs. We service testing from the California labs. But you'll see that the main groups that we focused on are now starting to order more frequently. Test revenues as a result are picking up. We've done in the first few months of this year a significant amount of business with those groups. So we've almost done as much as we did in the entire year last year, just in the first few months, so that's a good sign. We expect that to continue to grow throughout 2025.

7:44 So this is the existing business, not related to the FDA, all based on our LDT approach from what we're doing out of the California lab. But suffice to say, we're seeing good growth. And as a result of that, revenues and billing and some will also pick up through 2025. I mean, this is just a summary of where we are. It typically is an update of what's happening on regulatory reimbursement. I touched on a little bit of that. And, commercially, we're focused on the key opinion leaders across The US. A big d a big part of what we do is educating physicians on the inclusion of genetic risk alongside their clinical risk assessment. It can sometimes be easy or relatively easy to understand that genetics should provide a value, but but often we have to spend quite a bit of time working through the clinical utility, explaining how the testing works.

8:37 But I'm pleased to say that's becoming faster and the market's moving towards us as we get more guideline support from the bigger guideline groups, the American Health Association, the SC here in Europe. So I'm pleased to say the market is strengthening in our favor. This is a key part of of growth, what we'd call so in addition to, let's call it, the organic growth of where we are at the moment, we've got what I would call super growth coming. So on the other side of approval with cardio and code, we expect to see and at the moment, we're in discussions with a number of distributor partners for national coverage of the testing across The US. This will significantly accelerate the the company set up for several year approval for value in to conceive of a genetic risk in addition to clinical risk factors, but very difficult to do. We're opening up new regulatory class in polygenic risk as it's also perhaps the future of medicine where we're dealing with multiple genes, not just singular monogenic positions. So multiple genes, risk scoring algorithms, and therefore, that AI piece, scoring piece becomes much more part and parcel of the future risk assessment of what we do. So I'm very pleased we made good progress. We're not there yet, but we're making good progress with the FDA. And equally, the discussions with

10:08 the partners are also advancing. We'll likely give an update on this over the coming months, but we're in process. Okay. Let me just okay. Publications wise, Kaiser permanently from The US. The you and the importance of risk over that. Several publications over the coming months will

10:53 as a result of those, we've shared these publications with the guideline setting bodies. This will further move the market in our favor. The guidelines and risk assessment using polygenics statements have started to be made by by the bodies both in Europe and The US. And we'll further build on that over the coming months with the next set of publications we've got coming, which are significant and and continue to advance medicine in this space.

11:22 That's some of the guideline and stat and statements that have been made by this is the JAK process in the American Health Association. This is the clinical utility of what we're delivering into the market. So in addition to primary prevention at a clinical level, so at the top of this chart, you can see that patients in current classic risk assessment for for clinical risk abandoned into low, borderline intermediate, or high risk. Low risk is a a figure of five percent risk of an individual having an event, so that could be MI, heart attack, or stroke over a ten year period. So it's set on a clinical basis over only a ten year period. If you're in borderline to intermediate, you have a five to twenty percent risk of an event over a ten year period.

12:12 Or if you're above twenty percent, you know, higher higher risk of an event, MI or stroke over a ten year period. The difference with genetics is when we bring that in addition to classic risk, clinical risk assessment is you're bringing a lifetime risk. Your genes are there on on conception when you're born and then move on to, obviously, when we when we die, those same genes are with us. So they're not they're totally fixed over that period, assuming we're not dealing with, you know, gene changes. But on a on a fixed gene basis, that means we're dealing with a fixed baseline risk. So increasingly now, the evidence base that we're providing into the market is showing the importance of that baseline risk in addition to classic clinical risk assessment, which throughout your life is changing.

13:01 So we now have a baseline genetic risk, which is increasingly becoming more important for physicians to understand, and that's what we provide. So we then provide it in a low genetic risk, intermediate, or high, and that's additive to the clinical risk position. And as a result of that, the clinical utility is the physician will either maintain or observe the patient or consider new onboarding for treatment or, especially, where you have the patient who has a high genetic risk, take further quicker action. So, importantly, that baseline fixed risk is the beginning of proper prevention. So we're able to then see and predict the risk of the patient having an event in the future based on their genetics. And that's truly where we step into prevention and the use of genetics to predict onset of heart disease.

13:52 This is the key driver of revenue in the in The US and indeed across the company for lipid encode. I won't talk to you, but it's in and around the measure of the genetic impact of an inability to metabolize cholesterol is part of that test. But, also, there's a polygenic aspect where we look at the risk of the individual having an event over their lifetime too. So, again, very much preventive in terms of heart disease. That's the reimbursement. So it's coded. We have reimbursement in place for the product, and this is where the lion's share, the revenue growth is coming from in the in The US business. We've also got a big program going on with the FH Foundation. So this is a combine of a number of big groups across The US, but they're using lipid encode as the the forerunner to rolling this out nationally.

14:44 So this is the beginning of us starting to test bigger, larger volume numbers of patients who are at risk of heart disease based on their genetics, and lipid encode is the the chosen test for that. In terms of a test, while other groups test in a a less comprehensive way, lipid encode is significantly in advance of most of the tests mainly because of the the polygenic aspect of it.

15:12 Similarly, in the in the NHS, the NHS cited the importance of FH testing back in 2013, but it's not really what has failed to deliver in line with the ten year plan when it was set out. When it was revised in 2019, similarly, it still hasn't delivered that plan. And just over eighteen months ago, we set about we're working with the North Of England in Newcastle, Sheffield, and Leeds. We've done about 2,300 tests now in the North Of England, but it's slower than we want. We want to roll this out broadly across the NHS. We're now delivering the ten year plan for the North Of England, just that trust in the North. And it's a pity because they should have moved it faster and more swiftly across the country. But budgets and other priorities have cut across a lot of what that that process is. Nevertheless, we're in discussions with Northwest Coast, and they're trying to find budget as well as UCL Barts down here in London.

16:14 And the intention is for us to roll this out. It's the globally leading prevention of heart disease test on a genetic basis. It's at half the price of current testing in the NHS, and that testing isn't as comprehensive what we do. We turn the testing around in ten, twelve days in reporting. And by comparison with the NHS at a less comprehensive level, it takes them three to six months. So it's a no brainer, as the NHS would say, but it's still budgets and issues and other priorities still seem to cut across their ability to quickly and swiftly introduce the testing. And bearing in mind, this is the number one killer in The UK. Heart disease is the biggest area for improvement in mortality or reducing mortality.

17:00 And yet it still seems to be a struggle for the NHS to focus on it. We're increasingly banging the drum and raising the stakes in terms of the importance of what we do. I suspect we'll end up making more progress in The US over the coming months and years short term, which will I hope, you know, given we are a UK company, maybe the embarrassment factor may may play a bigger card in making the NHS sit up and listen, but this is a really important step to improving outcomes and reducing mortality. Ditto in the EU, we've seen good growth mainly from our Spanish team, but also in Italy. And Germany certainly has come on stream strongly in 2024. So good growth across the board there. We expect to see the same in 2025.

17:48 And then as I mentioned a little earlier, we've started to see the first revenues coming in from ROCA in the NHS and also in Europe too, and that will gradually build. Importantly, this test is a repeating test. It's not a once in a lifetime genetic test. So this is, currently the recommendation from NICE is, three times a year, so every four months for a woman at risk of ovarian cancer, and these numbers will gradually grow. So, again, you can see the model of which we're we're dealing prevention of heart disease and prevention of ovarian cancer. So we're pleased about the progress with Roker, and there'll be more news on that over the coming weeks.

18:28 I'll hand over to Paul when he can give us an update on the financials. Thanks, Matthew. So a bit of a flavor on the financials here. So revenue's up 25%, as Matthew said, up from 2,160,000 to 2,700,000. Geographically, UK, about £700,000. That was up from 400,000 the year before. So good growth that represents a full year of NHS sales, which if you remember, the Northeast Of England launched in May 23, so 2024 saw a full year benefit there. And and and that includes the Germany sales as well, which which because we we invoiced Germany from The UK, that more than doubled to 73,000 in 2024.

19:15 Spain was up 15% from 1,600,000 to 1,900,000. So good solid growth in The US. For the first time. We've got US revenues, £143,000 of revenues. That's and that was zero the year before. So great to have some revenues materialized for the first time. On a product by product basis, Lipid Encode is the biggest seller. 62% of revenues come from Lipid and the main driver of that is the fact that The US sells most of that revenue is Lipid Encode. And equally with The UK sales, most of that is lipid encode, a little bit of broker revenues on top of that. The next biggest seller is Thrombo Encode. About 20% of revenues

20:02 come from Thrombo, then Siding Code about 15%, and then Cardio Encode about 2%, and a little bit from Voca on top of that as well. Margins increased nicely from 47% to 53%. I've consistently said that once we start driving our US and UK revenues forward, our blended margin will improve, which it has done. So The UK revenues came out at an average of 61%. Spain remained the same at about 47, 48%, and The US contributed 80% margin. So that 53% will grow and grow as that geographic mix moves towards The US and The UK going forward.

20:45 Reduced operating losses from 7,200,000 to 5,100,000. The main driver is cost reduction. So, you know, this isn't us actively slashing costs. This is a combination of just being mindful of keeping our fixed cost base as low as possible, but an an a natural depletion in or reduction in those start up costs. So anything to do with development costs, commercialization costs in The US, they reduced a lot in 2024. So commercialization costs reduced by £500,000. Legal professional consultancy reduced by £700,000. FDA costs were were born in 2023 of £150,000. So the the list is quite long as to what those initial startup costs, build up costs were. And, hopefully, 2025 will reflect similar levels to 2024,

21:41 maybe a small amount of inflationary growth. But, you know, we spent all our CapEx as well in 2022, so no scale up costs really involved in 2024. Apart from anything that's directly involved in commercial driving commercial revenues towards the end of the year. Adjusted EBITDA lost 4,400,000, and then we come down to cash balances, 1,100,000 at the end of December. We completed the placing in in in March. So at the end of April, we had cash of about 2,900,000. And cash runway is about 275,000 to 300,000 a month for for the next few months. Thanks, Paul. Okay. So starting to round up, we expect over the coming months, and this is just an an insight to where we are in terms of news flow and events.

22:36 We will be giving an update over the coming months, I expect, around where we are with the FDA. NHS, similarly, there'll be updates certainly in relation to ROCA and also, we hope, around prevention with the NHS. Important and ongoing discussions with collaborators, so I'll be giving an update on that too. And they are the three key pieces for us in the short term, certainly over the summer period to get those locked in in place. It will be they are significant pieces, all of them, in their own right. And whilst we're growing organically and and growing pretty well organically, the super growth piece from FDA approval will significantly catapult us to a different level and a gearing for the company. We won't be lifting heavily the cost base. We'll be driving forward on the basis of where we're focused at the moment is breakeven.

23:33 The the AIM market is not a nice place to be when you're a loss making company, so it's our intent to turn that into a breakeven profitable company in the medium term. But that'll be into 2026 by the time that happens. But on the basis of a strong growing revenue line and also a super growth potential based on where we are. So that's just a headline as to where we where we think we'll be over the coming months. And so to to just start to wrap up, we expect to see this year significant growth through 2025, commercial expansion of the key products like we've seen over the past few years. We'll finalize discussions with the FDA around where we are for our de novo position. And, again, we continue to be leading in this space with a commercial product with full clinical evidence and growing strength in the market.

24:25 Expand the NHS program, Germany, continue our growth in EU, certainly around Spain as well, what and we're doing there on a primary prevention basis. And we'll also see further traction in growth we expect through the NHS and the ROCA program. We will not lift costs too high. There may be a little bit of growth towards the end of the year in manpower simply because that'll be commensurate with growth at the revenue line. So that's it. What I'm gonna do is hand over to I think, Paul, you might have some questions that are coming in. Yeah. We have a couple of questions. Feel free to post more questions for us on take please take this opportunity to ask if there's anything that's on your mind.

25:10 Yep. Got a question from David, so I'll jump straight in. David says, what cash runway remains based on latest developments and expected income? I'm 80% down, and the prospect of any further dilution is a worry. Are there any nondilutive equity funding possibilities? So maybe I'll answer the first part and then hand over to Matthew there. So runway, I mentioned earlier. So bearing in mind that Chris' Chris' note suggests 4,300,000 revenue for 2025, And that is that that is based on a cash runway of about $27.05 to 300,000 a month.

25:54 His revenue split there is, from memory, UK, £900,000, US, £900,000, and the remainder coming from Spain. So I I you know, at the moment, our forecast suggests that the last fundraise was our last fundraise, and we've got sufficient cash to get us through to a breakeven. You know, we obviously need a tailwind there in terms of FDA approval and collecting our debtors in from The US revenue that we've generated. But at the moment,

26:29 we are still on that basis that we've got enough cash to last us through to cash breakeven. But, you know, if if we do hit a a bit of a headwind, there are a couple of other nondilutive equity funding possibilities that we can approach, and maybe, Matthew, you can say something about that. Yeah. So so it's we're not we're not intending at this stage given the growth that we can see and that we factored in. We don't want to come back to the market based on the forecast we can see. But as Paul's just mentioned, one of those key forecast points is getting FDA approval and ratcheting up and significantly accelerating growth with cardio encode. If that's delayed and there's no intention at this stage that it is delayed, then we we need to kinda take stock of that. However, there are other things that are going on with distributor discussions that I'm having.

27:23 And I like at this point to to kinda position the the the strength of where we are, and it would be even stronger

27:29 with FDA approval in a position where we can look at nondilutive injection of capital. So that's something that we're looking at, which will be very helpful to us. It will not only pave the way to reducing, you know, cash requirements because we'll have non dilutive cash coming in.

27:47 It it will also significantly move the company towards breakeven and profitability. So there's a lot hinging on the growth of what we do with the FDA and Cardio and Co. That's a key part of what we forecast mainly into '26, not so strongly into '25, but it's a little bit towards the end of the year. But it's mainly in '26 where that is a key part of the growth. And that's in line with the discussions we're having with the distributors in The US. And I'm pleased to say those those discussions have have gone pretty well thus far. So, yeah, that's it. I think I think I don't think we need to say it's a little early in the year as well. I can tell you that the growth in The US is strong. UK continues to grow as does Europe. So all markets are moving in the right direction.

28:34 We want to make sure that we lock in the FDA work and the growth, the other super growth piece because that really then moves us clear water between, you know, where we want to be on a focus and actually delivering then that that momentum in the way that we should. So that that's where we are. I think you've got a pretty good answer on that. I I think just to add,

28:54 April 25 year to date revenues are 20% up year on year. So we are we are growing. We'd obviously like to grow faster. That 20% came mainly from Spain from the Catalonia contract that we announced earlier in the year, and, hopefully, we can roll that out into other regions to increase that growth. Next question from James. You've made headway in NHS and European adoption of lipid and VOCA. What specific strategies are you using to convert these pilot programs into long term revenue? Well, I mean, the first point to to note on that is in in today's world, they really rarely do they are they interested in doing anything on a pilot basis unless it has longevity and and value for the future. So you don't get into a pilot unless it's got real clinical value to add.

29:51 So all of the pilots that we're working with both in Europe as well as here in The UK and for that matter in The US are based on, you know, a strong case for improving outcomes,

30:02 reducing mortality, and advancing the standard of care. So it it it almost goes without saying you can't. Unless you can present that, engage that, and commercially drive that, then, you know, it's difficult to kind of operate effectively in a in a commercial sense as a company. And that's what we're doing. I think we're doing it pretty well. We'd like to do it much faster, but that usually, the obstacle there is not our ability to deliver increasingly, but more the fact that the budgets and the health care constraints and things like that are not are are just not there. Especially here in The UK, it's not a market that is a market where you can take your your new, you know, well well developed idea too and expect the the NHS to to help you.

30:47 It's tough. So you have to be a, you know, very competitive and also very cost effective way of delivering that for the NHS to be able to swallow it. But, yeah, that's kind of, I think, where we are across the board. I mean, at the end of the day, it has to be a highly competitive offering. Otherwise, it won't see the light of day. Okay. James has a second question. How are you prioritizing market expansion between US, UK, and EU? Which geography is expected to contribute most to top line growth in the next twelve months. So maybe I'll kick start this, then Matthew can add. I mentioned a little bit earlier about the revenue growth. So just looking at Chris's notes, The US region, he's forecasting to to grow from a 143,000 in 2024 to 900,000 in 2025.

31:44 UK, he's forecasting to grow from 700,000 to 900,000 in 2025, and then the remaining growth by Spain. So Spain from makes Spain 1,900,000 to 2.5, I think. So maybe just walking through each of those regions very briefly. UK from 700,000 to 900,000. Yep. It's, you know, it's it's big growth still, and it means us probably getting on, you know, another region. As we've said historically, we'd like to expand the Northeast Region to one of the other 14 regions that are available to us. So that would that would accelerate UK growth, but certainly a jump from 700 to 900 is perfectly achievable. We talked about broker just now. You know, broker revenues in the first half of the year will probably be $70.70 to £80,000, which that's a jump from, you know, tenfold growth from this time last year. So there are opportunities, and those UK numbers are achievable.

32:46 US numbers, yes, a 143,000 growth, growing to 900,000 in 2025. It seems like a huge jump, and it is a huge jump. But most of that revenue, remember, it would be generated from our existing service testing from LIBERTINCODE, which has nothing to do with FDA approval. So we are getting billings of 40 to $50,000 per month. We've got to convert those billings into recognizing the revenue and chasing down the income. But we see, you know, we see a large majority of that £900,000 being achievable from lipid encode directly. To reduce our risk, we, you know, we guided Chris to ensure that we were not heavily loading The US revenues with with cardio ENCODE kit products, which is reliant on FDA approval. So of the 900,000, only a couple of £100,000 relates to the KIPP forward. So that's what that's at risk if FDA gets delayed in terms of this year's numbers.

33:51 And finally, Spain, 1,900,000 to £2,500,000 growth. You know, remember, organically, that's a 15 if you add these up, 15% organic growth year on year, which Spain has historically achieved. Add on the Catalonia contracts, which we announced earlier this year, which is a couple of £100,000. And hopefully, we can roll out to another region in in Spain later this year. So, again, it's not an insurmountable increase to have. You know, we it's still a lot of hard work, but we're eminently think that's achievable for this year. Matthew, have I missed anything? No. No. I mean, I just I mean, obviously, the the if you look at it from the the point of view of market size, then The US has the the most opportunity, but it's also a very tough market to to get into.

34:42 It's highly competitive. It typically has a high level of investment, so you have to to tread and and be very careful about investment there. I'm pleased to say that we are reaching all the way through now to insurance payments, which is pretty tough to do. It's not an easy commercial avenue to take, but we've done that. And we're now starting to see the first payments from the big insurers coming through. That's entirely and fully held by us as a company as a value chain. So we've got the opportunity to extend that, grow that in the biggest market with the biggest margins. You UK, similarly, it's our home market. It's where we want to grow and develop and also deliver improved standard of care. Still a good market. And the the neat thing about The UK is we're working with one health care provider.

35:32 So that's the, if you like, advantage of working here in The UK. When you move into Europe, it becomes a little bit more desperate. Each each market has its own regulatory position. Each has got to be entered into its own way, different cultures, styles, and operations in terms of health care priority. So it's not as as easy. The market's much more fragmented. So hence, it's kind of in that order in terms of attractiveness to us, US, UK, and Europe. But Europe as a combined is still a very valuable market. When we move to a collaborative position at a distributor level, we'll starting we'll start to think more closely about how we exploit more through the distribution network, some of those markets in Europe. So, yeah, that's where we're focused at the moment. We're doing it on a very lean investment base to make sure that we can you know, we don't get, you know, too carried away with the the losses, you know, stripping that growth in revenue and margin. But and I think we're doing it pretty effectively at the moment, but it's not easy, not straightforward, and it takes as always, these things tend to take longer than you expect. But, nevertheless, I think we're growing in the right way.

36:37 But, certainly, The US is is probably got the most focus, and you'd expect that given the market size and the fact that it contributes 80% margin. So that's our that's that big growth driver. Richard asks, are you open to strategic partnerships and or licensing to scale into new geographies? Yeah. So that's kind of partly why why I put in, I think, slide nine or 10 it was. We're already, you know, deep into those discussions. I mean, bear in mind, there's a right time to do that. You have to have a very valuable it makes sense to have a very valuable proposition. So therefore, it's easier to get the best commercial terms with that distributor partner or that strategic partner.

37:23 So, yeah, we're in those discussions. They're starting to engage more formally, so I expect later this year to give you a bit more color on that. Those are good discussions for us because, as we said to start, our products are well positioned, strong evidence based, regulatory approved, and now growing in the market. So a big distributor, big national provider can quickly see the value they can generate because we're already starting to generate, albeit on a small scale, with our lean amount of investment. When we put it in the hands of someone who can take that and properly mechanically exploit it through a distribution network, then it can move much faster. So, yeah, that's what we're doing. And David asks a question with the NHS. How successful has the rollout been in North Of England, and can this be used to encourage other regions to adopt quickly?

38:16 Exactly. I mean, that's been the whole model for for us. It's still the center of excellence for heart disease and and FH testing in The UK, the North Of England. That's why we went there in the first place. We've delivered, and they're now meeting the ten year plan. So as a a really valuable model, an exemplar for how to treat and prevent heart disease at the highest level, that's what we're doing in the North Of England. I'm I'm pleased and proud that we're doing it there because it's perhaps not like the the South of the country where, you know, typically, maybe some things come a little earlier. We've done it in in an area where it's it's difficult to to to to do. The cost and budgets may be a little bit lower than they are down here in the South. Nevertheless, we've delivered it, and they're now meeting their ten year plan. So that's what we're using as the the benchmark for for cross applying to other trusts. The other trust can see it, but they still have to change strategically to decide in they're going to use GENINCODE.

39:18 So we'll continue to ratchet up and show the improvements that we're making at lower cost, faster turnaround, and improving the standard of care. And hopefully, that yields us more trust in the near term. But, yeah, that's exactly the model we're following. And you may remember from an earlier slide that we believe there's around twelve and a half thousand people with FH in the Northeast Region, and the NHS target is to identify twenty five percent of those. We've we've conducted two and a half tests two and a half thousand tests, which has probably identified maybe five hundred FH sufferers. So there's still only a drop in the ocean, but the Northeast Region is the only region that is making headway to achieving that five year term NHS target. So you'd like to think that they can get word-of-mouth out to the other regions to encourage them to jump on board as well.

40:13 That's the last question, unless anybody else has got anything else before we wrap up. Matthew, Paul, thank you thank you for answering all those questions you can from investors. And of course, the company can review all questions submitted today, and we'll publish those responses on the Investor Meet company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Matthew, could I please just ask you for a few closing comments? No. Thanks, Lily. Well, I think we've had a pretty thorough review of where we are as a company. If the if anyone has any further questions, let us know. We're pretty open on these things. So just send us an email, and we can try and get back to you if there's something or fire it through Wallbrook, our financial PR group. No. We're we're very focused on making sure we deliver what we say.

41:01 It's not an easy climate to work in, but I'm pleased to say that we continue to grow. We don't we grow in a structured way, a solid way, and the evidence base supporting our products and the competitive advantage we have is high. So we'll certainly be leveraging that. So keep an eye on us, watch us, and if you have any further questions, let us know. But thank you for your time. Matthew, Paul, thank you for updating investors today. Can I please ask investors not to close this session? I should now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of GENINCODE PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.