Q4 2019 Earnings Call
Good afternoon, <unk> fourth quarter.
2019 results conference call.
A reminder, today's call is being recorded.
I'll begin today's call with opening remarks in introduction.
A question and answer session.
Nice to turn the call over to Mr. Mark.
Senior Vice President.
Corporate developing please go ahead sir.
Good afternoon, and thank you for joining us today earlier today exit in Inc. released financial results for the quarter. In your ended December 31 2019. The release is currently available in the company's website at Www Dot exit <unk> Dot Com run Rocco, President and Chief Executive Officer.
Other income all Adobe Chief Financial Officer will hope this afternoons call before we get started I would like to remind everyone that management will be making statements. During this call that include forward looking statements within the meaning of federal Securities laws.
Which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act up 1995 any statements contained in this call that are not statements of historical facts should be deemed to be forward looking statements all forward looking statements, including without limitation treatments.
Regarding our business strategy and future financial and operating performance the impact of the Cobot 19 pandemic on our business, our current and future product offerings and reimbursement and coverage are based upon current estimates and various assumptions. These statements involve material risks and uncertainties.
That could cause actual results to differ materially from those anticipated or implied by these forward looking statements. Accordingly, you should not place undue reliance on these statements for list and description of the risks and uncertainties associated with our business. Please see our filings with the Securities and Exchange Commission.
Including our form 10-K to be filed the information provided in this conference call speaks only to the live broadcast today March 25, 2020, exigent disclaims any intention or obligation except as required by law to update or revise any information financial projections or other.
<unk> looking statements, whether because of new information future events or otherwise I will now turn the call over to Ron Rocco President and CEO of oxygen.
Thanks, Mark and good afternoon, everyone I'm pleased to welcome you to the called to discuss our fourth quarter and full year 2019 results with me today is extra and CFO come all the Dalai we had an exceptional year at Exgen highlighted by our successful IPO, Ed we entered into 2020 well capitalized.
We again delivered record number of test and ordering health care providers.
This is a continuation of our strategic initiative of marketing, our innovative connective tissue disease testing products alongside a biologic for rheumatic diseases.
We strengthened our position within the underserved rheumatic diseases market by laying the foundation for future and sustainable success of our company.
Before turning to my formal remarks, I would like to briefly comment on that cobot 19 pandemic.
I thought your with their employees partners and the communities around the world being impact by this crisis, we're closely monitoring developing situation and tracking disruption to our customers and suppliers and we will adjust the strategy accordingly, as the situation evolves. Our lab continues to be fully operational as of today.
On the personal problems. We recently made two key additions to the management team.
Dr. Deborah Zack joined X gene as the Chief Medical Officer. She has over 30 years experience being a board certified Rheumatologists previously leading clinical development at companies like Novartis any amgen.
Dr. Arthur Weinstein of stepping down from the Chief Medical officer position to lead action Scientific Advisory Board.
I want to thank Dr. Weinstein, where the contributions he made during his time a CMO.
We're extremely excited that dr.
Thomas height, who has also been serving as our interim Chief Scientific officer. Since December has accepted a full time CFO role.
Both of these appointments spring indepth experience and insights into the immune system disorders and solidifies the management team for the next phase of actions growth.
As many of you know our strategic vision includes leveraging our portfolio of testing products. The also market therapeutics the rush sales channel.
We're targeting approximately 5000 rheumatologist across the United States.
Our business model the inner getting testing products at therapeutics is designed to offer targeted solutions to rheumatologist and ultimately better serve patients.
We believe this diagnostics therapeutic or as we call. It Dx Rx strategy of Marqibo testing products at therapeutics differentiates us from other diagnostic and pharmaceutical companies.
Our integrated testing and therapeutic strategy results in unique opportunity to promote targeted therapies in a patient focused sales calls with rheumatologist.
We ultimately seek to have a touch point in all aspects of autoimmune disease testing and referred to this as our vision to own the rheumatology hilltop.
We will discuss in detail how we worked to advance this strategic vision in 2019.
Turning to our results 2019 was a very exciting year for X gene as our autoimmune testing at therapeutic solutions continued to gain traction with health care providers, resulting in strong revenue growth.
Our full year revenue was 40.4 million, a 24% increase over 2018 and within our guidance of 40 to 41 million.
For the fourth quarter 2019 revenues were 10.2 million our full year revenue consisted of 38.9 billion from sales of our testing products and 1.5 million related qiasymphony promotional efforts.
Our fourth quarter revenues consisted of 9.6 million from sales of our testing products and point 6 million related to our symphony promotional efforts testing revenues in the fourth quarter were flat year over year has increased volumes were offset by lower average selling price.
Looking at our results for our innovative testing products, we continue to experience strong volume growth the number of orders for our flagship advice CPD test, which includes advised lupus test increased 26% year over year to over 105000 for the full year a record.
Testing volumes in the fourth quarter increased 19% year over year to 27000 test.
We also experienced record yearly volumes and revenue in our other testing products that we promote which include advised necessarily prognostic and advise esselte monitoring test. We believe this strong growth in our core testing franchise will continue to be the cornerstone of our success.
A key indicator of extra Ginger progress is a growing number of health care providers, writing orders for our test since the inception of advice CGD, we have processed over 387000 test in the fourth quarter. We achieved the following milestones first a record of 1707 health care.
Riders ordering our advice C.D.D. products at 34% increase over the fourth quarter of 2018.
Second of these ordering health care providers 572, our doctors, which we will classify those health care providers, who have ordered more than 10 task and a corresponding period.
Third the percentage of adopters from the third quarter of 2019, who remained ordering health care providers in the fourth quarter, what's a robust 98%.
We believe this very high retention level speaks to the value we deliver to the health care providers, diagnosing Prognosed thing and monitoring connective tissue disorders, and the patients suffering from these difficult to diagnose conditions.
Other given an overview of the business and financials I'd like to provide some color on the result and offer a look ahead to 2020 and beyond overall, we're pleased with our results for the year, which fell within the guidance range revenue in the fourth quarter were impacted by lower ASP, driven by pricing pressures from payers and a supplier.
Quality issue with one of our reagents looking ahead to 2020, I believe that we're well positioned to provide value testing and therapeutic solutions to health care providers, the Salesforce, which stood at 50 Representatives as of December 30, Onest is now fully trained and is capable of reaching our target population rheumatologist in the United.
States.
Part of the process it consistently evaluate reach and frequency to identify optimal effectiveness.
We recently added an additional 13 sales representatives to which give us a deeper penetration in the current underserved dramatic disease market.
We feel that the investment we made in the expansion Salesforce and then he continued expansion of our Salesforce will yield positive results and continue to drive the growth of our business I'd also like to comment on the all important reimbursement efforts.
We completed our dossier for device lupus test submitted to multiple payers in the United States and are now preparing for meetings, where it will be evaluated.
Given the strength of the clinical utility clinical validation and health care economic of our testing products. We believe our efforts will lead to additional coverage decisions and good results in both higher ASP and volume growth going forward.
Related to our therapeutics efforts are co promotion of Symphony is off to a good start and contributed 1.5 million the topline 2019.
Year into the co promotion agreement, we feel more strongly than ever about the potential for this high margin business.
With the larger underserved addressable market, a maturing salesforce progress on reimbursement and increased name recognition. We believe we are poised for acceleration of growth across the entire business I would now like to turn the call over to come all who will discuss our fourth quarter and full year 2019 financial results.
Thank you Ron turning first to the income statement for the fourth quarter and full year 2019, as Ron mentioned told revenues were 10.2 million and 40.4 million respectively.
Year over year revenue growth for the fourth quarter was driven by incremental revenues related to our symphony promotional efforts, which added point 6 million to our top line revenue.
Year over year revenue growth for the full year was primarily the result of a 26% increase in a bike BTD testing.
We achieved incremental revenues related to our symphony promotional efforts, which were not present, a year ago, and which added about 4% to the top line in the full year.
A bite BTD tax revenues were 8.2 million in the quarter and other testing revenue was 1.4 million.
For the full year of IDBD test revenues were 33 point Threemillion and other tax revenue was 5.6 million.
Our gross margin was 55% and the fourth quarter 2019, compared to 59% in the fourth quarter of 2018.
The decrease in gross margin was driven by lower ASP.
Our gross margins remained consistent at 53% and the full year 2019, as higher testing volumes automation in the lab and cost savings initiatives offset slightly lower ASP.
Operating expenses in the fourth quarter increased 34% year over year to 13.1 million due primarily to cost associated with the expansion of our salesforce and incremental cost of being a public company not carbon in 2018.
Operating expenses in the full year increased 33% to 49.7 million.
Net loss for 2019 was 12 million affirming that loss of 8 million in 2018.
Net loss for the fourth quarter with 3.4 million compared with 1.3 million in the fourth quarter of 2018.
As Ron mentioned earlier, we increased our expenditures to execute on our strategic Yes. Rx Division. These increased expenses are primarily related to our significant salesforce expansion, which was an important step in our progress of reaching the majority of the 5000 dermatologist and the United States.
Looking at our balance sheet cash and cash equivalent as of December 30, Onest 2019 were approximately 72.1 million.
We believe we are well capitalized enduring economic downturn associated with a coal that 19 pandemic.
Regarding 2020 guidance, we think it it's prudent to hold off on providing top line guidance until we get more clarity on the effect of the Kogut 19 pandemic honor business, we had a strong start to 2020, but over the last two weeks volume has dropped due to the co bit 19 pandemic, we continue to both at.
The impact and adjust our operating approach to best serve health care providers and their patients I will now turn the call over to Ron.
We are experiencing unique times across the globe due to Tobin 19, pandemic actually and is in a solid financial strategic position to weather. The economic uncertainties, we are well capitalized our health care providers retention rates are high and we are rapidly becoming the diagnostic provider of choice in rheumatology we.
Have a strong operational business model strong balance sheet and new strategic opportunities. We believe these attributes position us to demonstrate resilience through the cobot 19 pandemic, we're focused on executing our strategic plan to own the rheumatology hilltop, which will provide a platform for continued value creation.
This concludes the prepared remarks at this time, we would like to open up the call for questions.
Thank you at this time will be conducting a question and answer session. If he would like to ask a question. Please press star one I knew telephone keypad. It's affirmation Tom will indicate your line is in the question Q.
You May proceed start to if he would like to remove your question from the Q.
For participants using speaker climate and may be necessary to pick up your handset before pressing the star teas.
Our first question is from Doug Schenkel with Cowen and company. Please proceed.
Hey, good afternoon.
Ron I appreciate some of your comments at the end of your prepared remarks on our recent trends on obviously when a company like you for understandable reasons that that's a reached an IPO is.
I'd now can Q4 call Q4 results with only a few days left in the first quarter quarter later, it's going to prompt a lot more focus on what's been going on recent labors is what went on essentially three months ago.
And thats, even more so in the midst of Bob the pandemic. So it would be helpful to get a little more detail on how volume has trended over the last I'd say two to three weeks, how new practice additions have trended over that period as well.
You know him and and.
To some extent well I guess lets just just pause there how how a volume set new practice additions trended over the last three weeks.
Great. Thanks, Doug and the Great thing is everything we've been building up to this point was for 2020, the dossier ramping up the Salesforce doing all the things necessary. Just 2020 is our year. That's the year. We go as you saw in some of the press releases now getting a network and the arrangement, we have with us northwest out of Arizona, So that was.
The whole purpose there January January February and the first two weeks a march were right on target if not better I mean it was.
A record January and a record February all volume going forward, we hit a record number of writers too.
As well the last two weeks, we did see a dip and it really has to do a patient flow we understand that roughly about.
From what we're hearing from the Salesforce roughly about 20% of the offices are now closed and even though those offices are open.
There are restricting the amount of patients they see that really tree Asha them. We're also hearing that SL Lee patients do get in front of the line and you know Theres no cure for lupus those patients are still out there and do need to be monitored.
We feel very fortunate with products that we have that that can be used in this type of scenario Symphony. For example is an at home anti TNF, we have to capillary test one for hydro actually chlorine and one for methotrexate they can be taken at home as well.
So the volume drop that we saw last week and now we're monitoring closely this week has happened.
We're monitoring next week as well to see how we finished out the quarter, but I don't see the type of drops that I'm hearing from other places.
I think a lot of that has to do with that type of disorder, we're talking about and the fact that rheumatologist are the place where the the esselte patients do end up so the new practices continue to grow as we had added new representatives and the volume we're keeping an eye on it is still too early I think it's come all said, we'd have to just keep an eye on it as far as.
Any type of guidance above we do feel that we're in a good position with the type of products. We have these are not.
In consequential products. These are central products for people that have disorders that could lead to.
Kidney transplant or even death.
Okay.
Thanks for that and then just to I guess I guess, a few follow ups, Jeff just to confirm.
Your lab is fully exams in California in spite of the shutdown order and then from a sales and marketing investment perspective, how does what's going on change things right now.
And then I guess, a third follow up would be argue in a position where you can do virtual detailing given.
I guess it would be a presumption that it's going to be harder per your reps stepped physically get in front of doctors given restrictions out there.
Yes, good question so.
First of all yeah, exempt where a lab.
And all the lab workers do have a letter with all the rules that says that they're in the case, you're stop by the police or anybody that says that they're allowed to work and they are exempt employees to work into the lab. So that's a good thing and again that.
That letter that they have with all the California rules in there does allow them that come to and from work.
As far as where we are well capitalize that's the great thing about where we are right now so.
Things have not slowed down in our pipeline or in some of the other aspects of BD that we're looking at in fact, we think we're in a better opportunity there as far as the Salesforce you're right offices are closing and this is I'm just going to read off what we said tell the reps and its comes into four points. One is first adhere to any statement.
Federal rules in your area. So the reps know that if it's whatever that state is what the rules are fulfill symphony sample requests through our remote sampling solution, which is a terrific solution again symphony offering at home diagnose at home anti TNF test.
We asked them to make follow up conference calls and Webinars with those offices that they have already set up lunch and learns and so forth. So those are being set up and we're taking this opportunity do couple other things one is it really ramp up some training at this point, we have a train department going forward and really ramping that up and we're having the representatives.
Make at least four or five outreach calls to see if they need to drop off transportation kits or literature for the patients and so forth.
It's really early Doug, but what I'm loved visiting the in the conference calls with the Salesforce. It does appear that where they can they are having a very positive impact in the doctors are very appreciative of the fact that we have some products that actually are really solution oriented in the time like this.
And Super helpful. Ron and then maybe if I could just ask one more.
Not related to the pandemic, if we can take our minds off that for a moment, what what drove the strength that non of by sea TD Lukas testing in the quarter I think you mentioned at Sally and monitor in your prepared remarks, I'm just wondering if something started.
Hey, cold in the fourth quarter, where maybe your Salesforce was increasingly professional cross selling some of these tasks with the by sea TD Lucas.
Either existing or new practices.
Great question, and it's because of the way we built the model of the Salesforce. So as you lead with your diagnostics of SL Lee the prognostics follow along so we don't even put any incentive comp on prognostic theres zero comp for the reps, but the more SL lead that you are selling as a representative the more those patients one.
I don't know, which organs being attacked whether its along the kidneys are the heart. The other piece here is our monitoring product Armani product, obviously be an annuity there is no cure for lupus you do have to monitor disease progression and with the addition of PC for D., you can possibly predict whether that patient may have a heart attack or stroke, which is disproportionately.
The high end SL leap patients so those other products grow with the diagnostic the monitoring product being an annuity. It just builds on itself is as as long as we're out there that monitored product should just continue to grow because you're constantly adding patients on top of that some of the other smaller products we have.
You know HPQ, obviously, it's been in the news a lot.
Yes, I was just flying off the shelves I mean, thats, but it's probably not the right way to do it at this point, because we really don't know enough about HC Q impact on.
On the Corona buyers, but those other products are also doing well lastly, I'll say, it's just our own the hilltop strategy, Doug we are recognized as the rheumatology.
Testing company at this point Theres lot of trust in what we do every product, we launch launches quicker and faster and Theres, a respect and understanding in a relationship between the rheumatologist and the U.S. and exigent.
Great all right. Thank you for all the color, thanks, gentlemen, and stay SEC.
Great. Thanks, Doug you too.
Our next question is from Brian Weinstein with William Blair. Please proceed.
Hi, guys. Thanks for taking the questions.
So let's start with the comment on the 20% of office is being closed from what you're hearing now that seems a little bit lower than I would've thought where are the majority of your.
Hi.
Call points are they in states, where there are locked down is going on right. Now can you give us some geographic idea about kind of where you see the majority of here of your.
Scripts card here your orders coming from.
Sure and the 20% a snapshot it was a snapshot in time from the time, we had the call with the field.
And that it seemed reasonable based on what we're seeing coming in every day here in the lab. So we are in all the major cities rheumatologist by their very nature are usually in big cities in near a big hospitals, So New York, California, Chicago L.A.
Big Big areas in Atlanta as well.
But we also now with the expansion also went into some rural areas as well and I think what you're seeing there in knees rural areas and I'm thinking of some in particular those physicians need a quick answer to this as you'll remember when they have to do a work up on connective tissue often time at cereal testing I'm going to do an a. bring them back a week.
Later do an anti DSD in a week later doing Andy Smith, and then maybe C C with their advice Ctdna, we truncate that time period, especially now in this pandemic, where they can do one test and cover all the really important connective tissue diseases. So I think in those rural areas, we're having a lot of positive impact.
For the convenience of speed of the testing and in those bigger cities like New York Gorilla in Atlanta, where the shut down I have to say, that's where were the strongest with the K a wells and we do we do have relationships with all the major K wells in the United States. So it's really nice that when we get together with them. There. So supportive of the into help us out the last thing.
Great to your question is.
SL Lee by its very very nature is not going to go away. So those patients are there, regardless and they do need to seek help they do need to have a rheumatologist evaluate them. So I don't think they're going to stay away they need to see somebody they know something is wrong with them and they need some type of therapeutic intervention to live in normal life.
Yes, okay. Thanks for that.
On the document in the submission there we noted that leaving their schedules are those scheduled in the near term Roberts getting pushed back if there are risks that that those don't happen as a result of what's going on here or other payers.
In the people you need to work with their ability to work from home not impact not impacting your expected timing for those meetings and decisions.
Right. So nothing has got pushed back a couple of things have happened one is they have gone into virtual meetings.
Which we have no problem and in fact, it gives us an opportunity to bring more of our like Debs Act, our new Phd MD rheumatologist to come in on those calls as well. So none of them were pushed back they were turned into virtual calls and interestingly enough Brian.
We have gotten some calls which it which I can't name here from some payers that are one is scheduled meetings now that our dossiers out and for consumption. It was very interesting to see some big payers actually call us to say when do you want to scheduled meeting and two of those took place just this week.
Okay, and then come all I recognize where you guys were at the end of the quarter. It from a cash position in feeling good about where where things are inability to weather. The storm here, but are you doing anything actively right now to better conserve cash or you are slowing down any pipeline investment or.
Investment elsewhere.
Thanks for the question, Brian So yes, a as we mentioned we had 72.1 million cash on hand at the ended the quarter now there's going to be certain things that flex with volume. So in the lab you're going to have.
Your reagent expands your shipping expands and then we're going to be able to flex labor down. There was also some other departments that we're going to flex hours down.
To to get a cost savings were very focused on the gross margin as volumes declined during this kobin 19 pandemic. So that's what we're really looking at today.
So nothing in terms of operating expense reduction no no programs are being caught nothing nothing like that.
No there's there's.
We are going to continue to look to locks and other areas.
That would had operating expenses.
As volumes decline.
Okay.
And then on the NSP.
Was lower you mentioned pricing pressure and something about a supplier quality issue I didn't quite follow what was going on there and how that impacted pricing what are your expectations for pricing as we think about 2020 I recognize it's difficult on the.
On the volume side to predict what's going on but I would think you would have a pretty good idea.
How to think about pricing with or without some of these payer meetings.
Turning positive for you. So can you talk about what happened more specifically in the fourth quarter, because we were under the impression that your pricing does go up later in the year.
Didnt happen kind of the way that we want to thought and then how should we think about pricing is we try to do some modeling here on the revenue side.
Just just would love any kind of.
Guidepost that you can give us thanks.
Sure. So we we anticipate a downward pressure on asps from Panama, but what we did not see coming with the supplier quality issue with one of our reagents, which had an impact in Q4 now that issue was resolved as of the first week of March So we'll have a small.
Impact in Q1.
Now as Ron mentioned with the dossier and with the meetings continuing to take place.
That doesn't change out our outlook with continuing to get in network and coverage with the payers and you saw over the past week multiple press releases come out mentioning the coverage that we've received.
Okay.
That's a I guess that's it from me out will follow back up with you later Tonight. Thanks.
Great. Thanks, Brian Thank you Barry.
Our next question is from Craig.
With Cantor Fitzgerald. Please proceed.
Hey, Craig.
Good afternoon, guys. Thanks, Thanks for taking questions.
I wanted to start with.
The ordering physicians in the adopters and obviously you guys saw nice step up in ordering physicians, but adopters were relatively flat compared to Q3. So.
One the I guess is that is there anything going on there any dynamic that we should be whereas or is it.
Possibly just the initial new sales force ramping bringing on new positions.
Yes, good question Craig so.
Ordering physicians continue increase because we essentially doubled the salesforce and when you do that a lot happens you go from 30 to 55.
That's just quite an expansion of 100% growth on expansion. So some of it is the ordering physicians because we're reaching into these areas. We never worse. So we're excited about seeing record number of ordering physicians as we continue to grow roughly 30% of all rheumatologist now so the sticking this part is still at hearing I mean, we're still.
All thing the doctors that right the drug they love the diagnostic they like it and they come back and right and again part of that is because we got a great test. The other part is the consequences of using the old ones. They know what that is it's a six years ago for you correctly diagnosed according to some survey so.
The sticking this a solid the ordering physicians is high we looked at 2019 as the year that we got everybody's sitting in the right place and structure dossier done and now what I'm really happy about is the fact that in 2020.
This is our year. This a year that everything's done completed there really is no feedback at all as far as a better test than what we have to help these patients. So.
Craig feel really good about the ordering physicians and stickiness and a little bit of disruption as always whenever you have a 100% growth in your salesforce, but thats all now the rear view mirror as we wanted it to be heading into 2020.
That's helpful.
And maybe and I think you touched on it a little bit earlier, when you call, but the opportunity for new co promotes and just no. Obviously those take some discussion I know you guys have relationships, but any impact that.
Any of those discussions.
Yes, Kobin 19 may have on those discussions.
Right and obviously I can't be specific on a these but we'll let you know nothing slowed down if anything.
Especially some of these companies were talking to now that they're at home, we actually have more time to get hold of them and work things out. So we believe that the Dx Rx strategy is the right strategy for healthcare and we continue to engage and be engaged by customers that see this is a valuable way to get into this are.
One area of Rheumatology at this point Rheumatology is nowhere near as crowded as all these other therapeutic areas. So when these companies have a product that makes sense to go to rheumatologist. They usually end up calling us Craig and we the decide whether move forward or not but to answer your question, specifically nothing slowed down and any other.
Those discussions if anything some of the picked up.
That's helpful and just last one for me and I think I heard you correctly, but correct me if I'm wrong. So you guys added 13 reps in.
In Q1, and then I guess, it's that is true how should we think about.
Sure.
The rest of the hiring for the rest of the year.
Yes, so qualify constantly look at reach and frequency across the country, it's something that we'd like to see we know that you have to hit a certain amount of frequency a certain amount of reached an all to keep the ball rolling if you will so the 13, we're seeing is an obvious add as we looked at it. We said yes. This is this just has to has to happen we fully realize.
That every time, we add to representatives, we could get the same proportionate growth as we did the or with the original set of sales forces. So our expectation is with the 13 it would be enhanced growth enhance reach a hands frequency more new doctors as well something else. It's happening in the rheumatology area is that there is a shortage of room at.
Colleges. So there are some areas that even though the physician does not call themselves are rheumatologist. They act like one so we decided to go into those areas, usually a little bit more rural and place Representatives. There to also go into areas like Wyoming, and so forth areas that.
Don't always a coverage, but those patients need help too and those doctors need very convenient accurate test as well. So if the data shows that it's appropriate because of the way the doctor prescribes will add them to our list.
Further answer your question is we'll continue to monitor and will always be judicious and appropriate and adding any head count.
Got it.
Great. Thanks for taking the questions guys.
Thanks, Greg.
Thank you that has to all the time allotted to questions I would like to turn the call back to Mr., Ron Braca for any closing remarks.
Thank you guys I know we're in this are real world here, but the companies I think that are going to do the best year, when everything gets back to normal or those that are well capitalized have meaningful products with strong IP and great relationships and that's actually engine I think we're well positioned to continue to our track and continue our growth forward and becoming.
Important product not only for the markets, but more importantly for those patients that need these test to be appropriately treated. Thank you for your time and I look forward to further discussions take care and have a good day.
Ladies and gentlemen, this concludes today's call.
Well.
Okay.