Operator: Greetings, and welcome to the PDI Inc. third quarter 2015 financial results conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris Dailey, investor relations. Thank you, Mr. Dailey. You may begin.

Mr. Chris Dailey: Thank you, Linda. And good afternoon, everyone. Thank you for joining us on the PDI conference call to review the company's financial results for the third quarter, which ended on September 30^th, 2015. The news release detailing the third quarter results was issued just after 4p.m. eastern is now available on PDI's website at www.PDI-Inc.com. In addition, an archived replay of the event will be available on the PDI website.

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Before we get started, during the course of this conference call, the company will make forward-looking statements. We caution you, caution you that any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the corporation's financial projections, expectations, plans, beliefs, and prospects. These statements are based on judgment and analysis as of the date of the conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. 

These risks and uncertainties associated with forward-looking statements made in this conference call and webcast are described in the Safe Harbor statement in today's news release, as well as PDI's public periodic filings with the SEC, including the discussion in the risk factor section of our 2014 annual report on Form 10-K. And our quarterly report on Form 10-Q for the period ending June 30^th, 2015. Investors or potential investors should read these risks. PDI assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

In addition, to supplement GAAP numbers, we have provided non-GAAP information. We believe that these non-GAAP numbers provide meaningful supplemental information, are helpful in assessing our historical and future performance. A table reconciling the GAAP information to non-GAAP information is included in our financial release which is available on our website.

PDI Third Quarter 2015 Earnings Conference

November-12-2015

Confirmation # 13623822

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Finally, we recently entered in an agreement to sell our commercial services business to Publicis Touchpoint Solutions. We intend to file with the SEC a proxy statement and other relevant materials with respect to a special meeting of the stockholders to approve the sale. Our stockholders are urged to read these materials once they are available. A fuller description of the proposed sale of our CSO business and where to find additional information is described in the news release.

Now, I'd like to turn the call over to Nancy Lurker, President and Chief Executive Officer of PDI.

Ms. Nancy Lurker: Thank you, Chris. Good afternoon, everyone, and thank you for joining us for a review of our 2015 third quarter results. Joining me today is Graham Miao, our Chief Financial Officer. I'll begin today's call by detailing our recently announced sale of PDI's commercial services business, followed by an overview of Interpace Diagnostics performance in the third quarter.

I'll then hand the call off to Graham for a discussion of the financial results. Early last week on November 2^nd, we announced that PDI enter into a definitive asset purchase agreement with Publicis Healthcare Communications to sell our commercial services business. At closing, which we are targeting to be during the current fourth quarter, the agreement will be worth up to 32.5 million in an upfront payment, 7 million of which contingent upon securing certain CSO client commitments, and a future contingent earn out payment based upon 2016 CSO revenue expected to range from 5 to 15 million.

PDI Third Quarter 2015 Earnings Conference

November-12-2015

Confirmation # 13623822

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Our Board of Directors has approved the proposed transaction and 46 percent of our outstanding shares have agreed, subject to certain conditions, to vote in favor of the sale. We believe that the agreement is a win/win situation for both companies as well as our stakeholders. We are confident that the deal maximizes the value of our CSO business for shareholders. Our commercial services clients will have the opportunity to work with a significantly larger organization with improved resources while still receiving first-class results that they've come to expect from PDI.

Our employees that migrate to Publicis will have enhanced career opportunities working for a significantly strengthened CSO, with a substantially broader services footprint. From the beginning, our objective was to focus the resources gained in the agreement on the development of Interpace Diagnostics, our growing molecular diagnostics business. We intend to use approximately 22 million of cash proceeds from the sale to pay off our existing commercial debt.

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We expect the remaining cash proceeds, net of transaction costs, to improve our balance sheet by approximately 2 to 9 million, contingent on securing certain CSO client commitments and subject to customary working capital adjustments.

This improved balance sheet will allow us to further develop our commercial capabilities and clinical capacity for our new products. I want to emphasize that our team will retain our core commercial expertise, which is one of our competitive differentiators in the molecular diagnostic space. In fact, we've spent the, the past several quarters establishing a commercial infrastructure at Interpace Diagnostics, including enhanced sales and marketing operations.

And we have a lot to show from our effort, which is just about a year old. It was November 2014 when we acquired the operations that are now known as Interpace Diagnostics. We are making significant strides, oftentimes faster than others in our market, in gaining national payer coverage, generating strong clinical data to support our assays with rigorous signs, and showing solid sequential growth in test volumes.

For example, after one year, our tests have gained reimbursement for a 109 million lives. And our Thyroid tests grew 36 percent sequentially in the third quarter. However, we have experienced some challenges, particularly related to collecting revenue for PancraGen, our pancreatic cancer test. The billing issues we faced last quarter, while improved, still have some small final cleanup to complete along with hospital Medicare rules that are slowing the test uptake.

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PancraGen does represent the bulk of our 2015 revenue collections and as a result, we are revising our full year revenue guide for Interpace Diagnostics to be approximately 9 to 10 million. Graham will later provide a more detailed review in his remarks. In tackling the challenges to our 2015 PancraGen revenue growth, our team is actively involved in addressing the legacy billing issues related to PancraGen. Specifically, we've cleaned up almost all of the past billing issues and are now engaging these hospitals directly to re-initiate use of PancraGen.

Further, we've begun the process of applying for local MAC coverage in other jurisdictions beyond Novitas, as hospitals outside of the Novitas regions have had trouble getting Medicare reimbursement. Despite these headwinds, we continue to add new physicians ordering PancraGen, new plans covering PancraGen, and new publications demonstrating the value of PancraGen. Additionally, we continue to receive favorable coverage decisions from large payers, including the entirety of Humana's network.

We are also pleased to announce that as of today, CMS has posted permanent LCD coverage effective 12/31/2015 from Novitas, our local MAC, who is also confirmed to maintain reimbursement for PancraGen at 3,100 dollars. As you may recall, PancraGen had a provisional LCD code subject to certain clinical conditions being met. We are gratified to now have a permanent LCD code for PancraGen. We have also initiated speaker programs with our KOLs to raise doctor awareness of the benefit of molecular diagnostic tests for pancreatic cysts.

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Our team is focused on its messaging and concentrated on educating doctors about the benefit of PancraGen. Of course, one excellent way to educate doctors about PancraGen is by generating impressive data that reaffirms our confidence in the cost efficiency and clinical efficacy of the test. Most recently, clinicians presented two posters during the American College of Gastroenterology annual scientific meeting and post-graduate course.

The posters demonstrated PancraGen's ability to provide both sensitivity and specificity, which ultimately produces better patient results than the current Sendai guidelines.

We are also focused on producing further clinical utility data, which should enhance payer coverage going forward. Our study demonstrating PancraGen’s clinical utility has been accepted by a major medical journal, and we look forward to sharing those results with you when they become public. We firmly believe that PancraGen has the potential to be a valuable test for physicians and patients with pancreatic cysts.

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It has the opportunity to lower healthcare costs and reduce the number of unnecessary pancreatic Whipple surgeries, which are highly invasive and carry a high morbidity and immortality risk. Also, there is no other molecular test on the market today to help diagnose the risk of cancer for pancreatic cysts. As we execute our action plan to close out the remaining billing issues and build awareness around PancraGen, we are confident that its adoption and procedure volumes will accelerate, which will drive revenue growth.

Now, let me move to our commercialized thyroid tests, ThyGenX and ThyraMIR. The two tests have both high sensitivity and specificity that corresponds to clinically actionable negative predicted value of 94 percent to rule out benign nodules. And a positive predicted value of 74 percent to rule in malignant nodules. This provides physicians with the confidence to more accurately identify and rule out thyroid cancer with the single testing service, providing what we believe to be a superior solution that is unsurpassed in the current market.

In addition, we now have the capability to offer not only fine needle aspiration sample processing, but also the ability to process thyroid nodule cytology slides, Thin Prep cytology slides, and formalin-fixed paraffin-embedded samples, otherwise known as FFPEs. No other company can offer this breadth of thyroid nodule services to endocrinologists and pathologists.

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We presented these results at the 15^th International Thyroid Congress and 85^th Annual Meeting of the American Thyroid Association, in October. And we expect them to help drive payer coverage and increase procedure volumes to a much greater level than what we've already achieved. Because of our superior offering, in the third quarter, both ThyGenX and ThyraMIR generated 36 percent sequential procedure volume increases compared to the second quarter.

We are excited about the accelerated procedure growth and expect revenue to catch up with the volume as coverage expands. We currently have four payer networks covering our thyroid tests and a total of 92 million covered lives mostly for ThyGenX, with ThyraMIR coverage beginning to pick up momentum. Our fourth test, BarreGen for Barrett's Esophagus has been released to a select group of key opinion leaders and will have its full commercial launch in 2016.

As a reminder, Barrett’s Esophagus is a rapidly growing diagnosis that affects approximately 3 million people in the U.S. and overtime can progress to esophageal cancer. BarreGen will help physicians differentiate between patients at high risk of progression from those at low risk of progression, well before observable changes in the cells. There is no other test today that provides diagnostic and prognostic solutions to help physicians identify patients that are at risk for esophageal cancer. There is a high-end met need for this rapidly growing disease, and we consider BarreGen one of our key long term growth drivers.

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We've been working closely with our Scientific Advisory Board to ensure a successful commercial launch in 2016. In May, we presented our base study at Digestive Disease Week, which demonstrated the BarreGen had an overall accuracy of 95 percent in identifying patients who progressed to cancer from those who did not progress to cancer. Similar results were later published in the American Journal of Gastroenterology.

As a follow-up to the base study, our scientific team, in conjunction with the scientific advisors, has been conducting a much larger belonged study with 200 patients, which is progressing nicely and is on track for unblinding. We expect to have final results sometime in the first quarter and expect a full commercial launch in 2016. We are very excited about BarreGen's potential and look forward to keeping you updated on its progress.

Given our focus on Interpace Diagnostics, which will be a considerably smaller company than PDI, after closing the transaction with Publicis we have begun a corporate restructuring initiative to reduce spending. Before I hand the call off to Graham, I would like to reiterate that we are in a transformative period in our company's history. After we close the transaction, we will focus all of our efforts on Interpace Diagnostics.

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We will continue to execute our strategy to drive volume growth and increase payer coverage to impressive clinical data and higher physician awareness. We are confident that our three commercialization tests along with soon-to-be-launched BarreGen have a significant opportunity to reduce healthcare costs and improve patient outcomes. With that, I'll hand the call off to Graham Miao, PDI's Chief Financial Officer.

Mr. Graham Miao: Thank you, Nancy. And good afternoon, everyone. Today, I will highlight recent financial developments. Then I will focus on some key elements in our financial statements. And finally, I will provide an update on our 2015 financial guidance.

As a reminder, PDI currently operates in two reporting segments; commercial services, the CSO business, and Interpace Diagnostics, our molecular diagnostics business. As you all know, we recently announced the definitive asset purchase agreement with Publicis Healthcare Communications Group to acquire PDI's Commercial Services CSO business.

This transaction is subject to PDI's shareholder approval and is expected to close in the fourth quarter this year. Shareholders representing approximately 46 percent of PDI's outstanding shares have agreed to vote in favor of the transaction. The results from the third quarter include our commercial services operations. Additionally, our full year 2015 guidance is based on the assumption that we will close the sale of our commercial services business near the end of this year.

Additional Information About the Transaction and Where to Find it

PDI intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a proxy statement and other relevant materials with respect to the proposed transaction. The proxy statement will be mailed to the stockholders of PDI. Investors and stockholders of PDI are urged to read the proxy statement and the other relevant materials when they become available because they will contain important information about PDI, Publicis and the transaction. The proxy statement and other relevant materials (when they become available), and any other documents filed by PDI with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, investors and stockholders may obtain free copies of the documents filed with the SEC by PDI by directing such requests to PDI, Inc., Attention: Chief Financial Officer, Morris Corporate Center I, Building A, 300 Interpace Parkway, Parsippany, NJ 07054, telephone number (800) 242-7494. Investors and stockholders of PDI are urged to read the proxy statement and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed transaction.

Participants in the Solicitation

PDI and its directors and executive officers may, under SEC rules, be deemed to be participants in the solicitation of proxies from PDI’s stockholders in connection with the transaction. Information about the directors and executive officers, including their interests in the transaction, will be included in PDI’s proxy statement relating to the transaction when it becomes available.

Safe Harbor for Forward Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements regarding the transaction, the possibility of obtaining a contingent payment at the closing of the transaction and a future contingent earn-out payment, the possibility of obtaining stockholder or other approvals or consents for the transaction and PDI’s future prospects. These statements are neither promises nor guarantees, but involve risks and uncertainties that could cause actual events or results to differ materially from those set forth in the forward-looking statements, including, without limitation, risks and uncertainties relating to the likelihood of obtaining stockholder and other approvals or consents necessary to consummate the proposed transaction, the satisfaction of certain other closing conditions specified in the Asset Purchase Agreement, PDI’s ability to successfully close the proposed transaction and the timing of such closing and other risks detailed in PDI’s filings with the SEC, including those detailed in PDI’s Annual Report on Form 10-K, as updated by PDI’s subsequent filings with the SEC, all of which are available at the SEC’s website at http://www.sec.gov. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this communication. PDI does not intend, and disclaims any obligation, to update or revise any forward-looking information contained in this communication or with respect to the matters described herein.