RE: Family Affair24 Jun 2024 11:34
Rejuvenating CiRT demand: OBD’s strategy to raise awareness and rejuvenate sales of the CiRT test appear to have been successful. Leading indicators and subsequent demand from early adopting physicians have been highly encouraging. While revenues remain modest for now, ongoing progress is evident largely thanks to efforts to improve awareness as well as the availability in the US of a unique CPT PLA code facilitating reimbursement. Of particular note in the release today are ongoing efforts to better co-ordinate the use of CiRT by physicians through forging relationships with regional healthcare systems in the US. This has resulted in the first of potentially seven healthcare systems being onboarded as part of a prospective observational registry study. This should result in greater awareness and more widespread use of CiRT amongst physicians with leading indicators suggesting that this is already occurring. We look forward to the company providing an update on this development in due course (shortly after September 30th). Ultimately this initiative should help facilitate data in support of CiRT inclusion in the National Comprehensive Cancer Guidelines (NCCN) which we believe would significantly increase awareness amongst clinicians and encourage adoption. In the UK, we would highlight the efforts by BUPA to actively encourage use of CiRT amongst its network of healthcare providers. Also, we also look forward to new leadership in the CiRT sales team in the US continuing the positive impact of the clinical advisory boards while recognising that the small size of the sales team likely underplays the potential of the CiRT test for now.