Q2 2020 Profound Medical Corp Earnings Call

Thursday

ladies and gentlemen, thank you for your patience. You are holding for today's Financial results conference call at this time. We are gathering additional participants and will begin in a few minutes. We appreciate your patience and ask that you please continue to hold.

dead dead

off off

Thursday

Thursday Thursday

Good day, ladies and gentlemen and welcome to your profound medical second quarter 2020 Financial results conference call all lines have been placed on a listen-only mode and the floor will be open for your questions and comments following the presentation. If you should require assistance throughout the conference, please press * 0 to reach a live operator at this time. It is my pleasure to turn the floor over to your host Steven Kilmer investor patience, sir, the full or is yours.

Thank you. Good afternoon. Everyone. Let me start by pointing out that this conference call will include forward-looking statements regarding profound and it's business which may include but is not limited to expectations regarding the efficacy of profound technology and the treatment of prostate cancer TBH uterine fibroids and palliative pain often but not always forward-looking statements can be identified by the use of words such as plants. Thursday is expected expect expect schedule of intent contemplates anticipates police proposes or variations, including negative variations of such words and phrases or state that certain actions affect. The results. May could would might or well be taken occur or be achieved such statements are based on the current expectations of management the forward-looking events and circumstances discussed in this conference call may not occur by certain specified dates or at all and could differ materially as a result of unknown and known risk factors and uncertainties affecting the company including risks regarding the medical device industry economic factors wage.

Pretty markets generally and risks associated with growth and competition although profound as attempted to identify important factors that could cause actual results actions events to differ materially from those described in these forward-looking statements. There may be other factors that cause actions events or or results to differ from those anticipated.

That are intended forward-looking statements can be guaranteed cannot be guaranteed except as required by applicable Securities laws for looking to speak only as of the date on which they are made and profound undertakes no obligation to publicly update or revise any forward-looking statements, whether a result of new information future events, or otherwise other than as required by law on the call today representing the company our doctor Rainman want her found dead officer. And Aaron David said the company's Chief Financial Officer and Senior vice president of corporate development with that said, I'll now turn the call over to Aaron.

Good afternoon, everyone and Welcome to our second quarter of 2020 conference call on behalf of the management team that profound. I would like to thank you for your ongoing interest in our own company. Those of you were shareholders. We appreciate your continued support. I will turn the call over to a rune in a moment for an update on our commercial activities. However before I do I'd like to provide an update on our second quarter of 2020 Financial results to streamline things all of the numbers. I will speak to have been rounded and are therefore approximate for the 3 months period ended June 30th 2022 company recorded revenue of 1.4 million dollars Canadian an increase of 148% from $574,000 in the second quarter of 2019.

Expenditures for research and development decrease eight hundred and $2,000 for the 3 months ended June 30th, 2020 compared to the same period in 2019 with the decrease was a tribute to lower spending on materials and R&D projects to the impact that covid-19 as hospitals and testing facilities were not accessible lower travel Duty covid-19 restrictions decreased R&D personnel and lower software and Hardware costs. This is offset by increased spending to pursue reimbursement for Tulsa pro market research and options awarded to employees General and administrative expenses for the second quarter of 2020 were higher by $689,000 compared to the 3 months ended June 30th, 2019. The increase was attributed to higher costs associated with being in nasdaq-listed company options awarded to employ dead.

Options vested During the period increased Insurance costs associated with being a defect listed and increased software cost for cyber-security. This was offset by decreased salary and benefits and travel do to lower Personnel costs as well as the the Canadian emergency wage subsidy and covid-19 travel restrictions off over all the company recorded a second quarter 2020 net loss of 7.3 million dollars or 46% $0.46 per, here compared with a net loss of 5.8 million dollars or forty F. Sorry $0.54 per common share for the same three-month period in 2019 a subsequent to the end of the second quarter of 2020. We closed and underwritten offering or common shares including the full exercise of the underwriters over-allotment option.

resolving an aggregate

Service policies of approximately forty six million dollars net proceeds will be used to fund the commercial launch of Tulsa Pro in the US and on the continued commercialization of toll Pro and finally called me as of June 30th 2020 profound had cash of $56 million dollars as a result of the aforementioned off in the company had cash of approximately 112 million dollars as of July 31st 2020 with that. I'll now turn the call over to a room.

Hey Karen, today. I will provide an update on our Tulsa prove us commercialization strategy.

The first two operational sites the CMD Center in Florida and the bush Center in Georgia are continuing to treat a study number and an increasing variety of patients. We're seeing that at these sites that they mirror what we observed during our commercial launch.

In Europe where Physicians began using Tulsa Pro to treat intermediate-risk patients then to treat low and high risk patients and bring those with PPH.

Prior to his covid-19 pandemic the estimated that after the first six to twelve months of being operational. The address run rate will be 40% off eventually growing 200 procedures or more after that.

Based on the numbers of procedures these centers are conducting this fight the pandemic we still believe this target is attainable and that these sites may actually slightly exceed the target.

Our first multi-site agreement with redknapp is delayed as Los Angeles region has been particularly hard hit by the pandemic plan would be operational and treating patients at its first sight by the fourth quarter of this year followed by a second and third sites off the first quarter of next year.

Rednecks is currently recruiting additional staff and is reaching the final stages or first systems installation.

Of course teaching hospitals or centers of excellence as we often refer to them also remain an important channel for profound loss one that we will continue to pursue.

I'm pleased to report that we completed the first Telsa Pro installation the teaching Hospital the world without Mayo clinic in Jacksonville, Florida home in early, July.

We're looking.

Forward to receiving feedback from Physicians and patients treated at this site as more procedures are performed and we will be happy to share this feedback with you on our next call.

In terms of twenty-twenty sight number expectations. I noticed during our

you have to call but the time to achieve our original expectation of 20 side agreements with fifteen operational sites by the end of 2028 might be delayed by a quarter perhaps 2/4 due to the covid-19 pandemic.

We still believe that this survived expectation is accurate that said the revenue impact from these potential displacement delays May. Well be somewhat offset by higher than anticipated per system utilization. Should that continue long as it did in the first half of the year?

Our operational sites are reporting that patients are responding well to the procedure.

Physician's report that because of Imaging and ability to customize treatment they're able to have a more engaged in dialogue with their patients in terms of the treatment design.

Post-treatment patients are reporting minimal pain.

In fact patients are reporting even less pain in the commercial setting than what we observed in the tag clinical trial in addition to quick recovery times with respect to the erectile dysfunction.

possible as I briefly touched on earlier

multiple sites are increasingly treating a variety of prostate patients ranging from both with BPH to go along with low to high risk high volume disease and even advanced cases.

Has positions become more confident with and more accustomed to the technology. They're using it in a wide range of patients month. We believe this confirms Tulsa Pros flexibility.

And even though we're still early in the commercialization stage suggests that available Market is indeed as large as we invest.

We also believe that patients want to adopt a mainstream tool that can be used to treat a variety of patients rather off then a highly specialized tool that can only be used in a small subset of patients.

These observations all those still at an early stage to speak to the adoption potential of the technology.

BPH continues to be an important part of profound strategy every year in the u.s. Wage. There are three hundred to four hundred thousand extreme BPH cases that require surgical intervention.

Overall, BPH Market is large up to ten million patients.

But most can be treated with either drugs or office-based Interventional procedures that have become available in the last few years.

Hard Target segments of this large Market is only those patients who are not candidates for drugs or office intervention, but require one or more surgical procedures that are associated with significant side effects.

We believe that treating those patients would Tulsa.

Which is a one-time infusion free procedure can fulfill a significant unmet need and compliments other interventions that are typically used to treat other segments of the same disease.

Although the number of patients treated with pasta Pro today is relatively limited our clinical observations combined with the tact trial demonstrating the procedure shrinks prostates to 10% of their original size speaks to the durability of the treatment.

I also like to point out that while other BPH treatment methods in to why the urethra to alleviate BPH symptoms month, which is particularly difficult with large prostates Tulsa relieves BPH symptoms by removing access prostate tissue alleviating pressure on the urethra and even the bladder to reduce the symptoms.

in collaboration with our partners

welcome.

You need to gather data on the use of concept Pro to treat BPH to fiber evaluate. What we believe is a significant opportunity in addition to the prostate cancer opportunity.

Before I open the call to questions. I would like to provide a brief update on our procedure website wage is represents the beginning of our strategy to increase awareness of the procedure among patients.

We continue to gather positive patient feedback and plan to augment the site with the launch of a patient for surgery in the fall.

We are also working to initiate both surgeon to surgeon and Patient to Patient education programs and look forward to updating you on our progress.

To summarize what we're looking forward to in the near-term one additional agreements.

To expanding Tulsa adoption both in terms of procedure volumes and types of patients treated and three months enhancing our website marketing and education programs to provide even more comprehensive resources for patience and faith this end our prepared remarks for today with that or happy to take any questions. You might have operator. Thank you. Ladies and gentlemen, the floor is now open for questions. If you do have a question, please press star one on your telephone keypad at this time. If you're using a speakerphone, we ask that while posing your question you pick up your handset to provide the best sound quality.

Again, ladies and gentlemen. If you do have a question or comment, please press star one on your telephone keypad at this time. We'll take our first question from Josh Jennings, please go ahead and good afternoon everyone in there and thanks for taking the questions. I said a couple for you just first on the net agreement understand wage. It's pushed out that first sight. There's some other sites that are going to come on board after those initial. I think three or four sites you have any line of sight for incremental centers that could be sites for Support also Pro installations within that ran an agreement down the line. Good afternoon, Yes, so the Rednecks I think as I mentioned is is at the moment designed to be three sites.

I think

I would you know suddenly were in conversation that the in the you know, longer-term, uh, they can be the seed sites to proliferation adoption at other websites that is 30 not in a written contract of the moment, but certainly something we will look at home, but I can certainly I think we talked about this in our public forum that we do see a good pipeline in place for the second half of this year anyway, so so I do anticipate that you will see over the Long Haul additional redness sites and not this year, you know some good news sites.

increasing our install base

Excellent. Thanks and we do get a bunch of questions just on the path to reimbursement. And I know that there are a couple of different channels but is anything you can provide incrementally on this call just in terms of codes that centers can use that are already in place versus the potential for a pursuit of a c code in front of a full full. CPT code in a couple of years.

Yes, absolutely Josh. So the first thing with respect to the C code and we have we have a lasting Law Firm out of Washington supporting us with the council and that is Farmers CMS, So we're very comfortable with the kind of support we have the latest update is that they are converting the idea that we have we talked about at the q1 call into a specific coding guide that hospitals can begin to use.

That guy should be available within a few weeks.

And we are certainly in dialogue with a number of Hospital Systems where they are reviewing these recommendations as well.

So I do anticipate that that if the things that we have talked about continue to look the way they do bike you for this year off of these hospitals will be in fact, uh using the code and then we'll see what progress we make. I think the other part of this is that if if the existing codes do have some issues that is, you know, we think it should work. But if there is a probability that it doesn't there's always a little bit of it that you know, we are dead we have had enough Communications with CMS that our confidence level is higher that a new code can be established relatively quickly. So I do think it's good in the end the C code strategy could begin to have an impact on in our on our company's name.

in 2021

You know again, I would like to be processing the rate with which it happens, but I think it is still meeting or beating our expectations with respect to the longer-term the C code. Sorry, simply thing code. What we have said publicly is that you know, we were viewed the guidelines from the AMA and we think that engaging with additional patients that are just starting with respect to what we are calling tax 2.0 which will effectively increase recruitment in lawtech trial and mostly these will be us paste patients that it will in fact achieve one of the qualifications.

That we need to be able to file from the CPT code.

In addition to that we do anticipate additional Publications that there is a reasonable expectation that by end of next year off that we may reach the point where we will qualify to apply for the CPT code and from their moment. It's typically about 18 months process. I think the point that we made is we are quite comfortable today with the cash pay model but still is seeing that even during the pandemic that are sites are treating patients with the cash pay model. We do have a pipeline of patients lined up at the three sides even read has patients lined up pipeline of hospitals that we do anticipate closing later this year help patients lined up dead.

And so the our confidence that the patient pay on the cash pay model is real continues to be high and then we will go up to the intermediate strategy with the key code. Perhaps sometime next year could begin to impact and typically is good for at least three years and that we think we're on track to be able to apply for the CPT code within that time frame and then thereby have the long-term. So, these are the three buckets that we see and we think that we have, you know, reasonable plans and as the progress as we make progress, we will certainly update.

So I hope I've kind of wanted in a comprehensive way for you.

Oh, that was great. Thanks for all the details and the super helpful and just one last question making a little bit ahead of myself here. But just the Tulsa pipeline any thing else I can share any details or updates on design enhancements or iterations of Tulsa Pro, perhaps potentially to speed up the procedure or or any other game design changes that could be in the works. Thanks for taking the questions. Sure. Sure, just so I I think that

You know, we as you know, we did a recent financing one of the things that we have said is that we do see that our physicians are using the technology on a variety of patients. And as you also know we have what we call our total genius services that are in place that do a pretty rigorous and comprehensive analysis of how the treatment is coming along and bought a benchmark things and pluses and minuses. So one of the things that we are looking to do is simply in certainly increase some of our investment in rld and our manufacturing sites that will allow us to you know, evaluate the current technology and Ed.

And continue to enhance the technology with the goal that we want to be able to treat a minimum of four patients per day consistently wage. And that would allow our sites to schedule for patients. They which is something that our physician have said to us is if you can be confident that if procedure will not go longer. They don't they don't have to build in some contingency times then they can start scheduling. So I think that I won't go into the details of what announcements and so on but our high overarching goal is to continue to make the same users consistent easier to use and the way we want to measure our success is the number of patients treated per dead.

Because that true put ultimately, you know drops to the bottom line for our customers.

Understood. Thanks again around.

Thank you.

We'll take our next question from Rahul servicer with Raymond James, please go ahead.

Good afternoon, and thanks so much for taking my questions. So, you know as we think about, you know, Revenue increasing oh where the you know this year and then of course next year and and how that would be impacted by C code etcetera. You know, there's really two parts of the equation that we think about one is the install base and of course the second home utilization rate off the existing installed base. So focusing first on the on the install base our any referred to a relatively strong pipeline, you know, we saw lights up and running for it and Georgia by the end of T too. And then since then quite rapidly mayo and then radnet going on online as as you mentioned, although it's not starting till to 4 a.m. Are any sort of Benchmark yardstick that we can use to you know, look out for between the balance between radiation clinics and or teaching hospitals for you know for Thursday.

thank you for

Roll, I would I would to be honest. I would like to sort of come back to our Market entry strategy. I think beyond the fact that I do want to share with that. We few good about our pipeline. Obviously. It's kind of early to share numbers and so on until it happens and particularly because of the crow rate. I think it's always unpredictable exactly when the close is so on but I can tell you is that there is no hospital that has said no hospitals are generous saying, you know, we are, you know, re-engaging their re-engaging with us and they do see Tulsa as a revenue story and their birth, I you know, and and the way you know Aaron and and the you know, the sort of put together a phenomenal recurring Revenue model, you know, the hurdles that relate to em,

Capital and so on are minimal with our model. So I think that part certainly I I feel good in terms of how long were positioned But to answer your broader question.

You know, I wanted to just go back to the the original Market entry strategy. One of the things that we felt a year ago when we were just starting this process was that imaging centers will play a strong role and that our goal was to First find a few sites that were already dead experts in ablation or already sold an idea that alternative therapies were needed and then the next group was the Imaging support group. And then the third group is really the teaching hospitals. And even though we felt that the teaching hospitals might not necessarily be the highest volume you suck in the early stage. We felt that we needed this Triad of these three modes of users in order to grade gain broad credibility.

Took a long-term adoption of the technology. So that's how we're looking at this so our priority, you know, when we quickly got the intention of the early adopter user so the experts and when we quickly got the attention of the imaging centers, I'd actually suggested to our sales team that we should focus more on the teaching hospitals, you know earlier in the year. And so I do think that you will hear more about these excellent centers off the bigger name hospitals in the second half of this year, but there are more part of our strategic agenda.

and I do

Think that once we establish the beachhead in all three of these nodes, then it will become a lot easier to drive, you know broader adoption. So I apologize. I don't know if I really answer your question. I'll try to be more, you know sharing in terms of our strategy of how we're going about driving the broad adoption off at I think that was actually a very fair appearance or you could just give me more color than you know than I probably deserve so thank you. So maybe then coming back to the to the second part of that equation off probably. Well, you know probably being a little bit on you Aaron is you know, the utilization rate and I see in in the in the entertainment and maybe was there last quarter of at least I'm noticing it for the first time this Revenue line of paper procedure and and and a significant ramp from between q1 and Q2 from $21,000 to $98,000. Of course, you know, we can't really correlate that with a dog.

Utilization rate per per site. But you know, is that something that we could be using as a proxy for recurring Revenue particularly given that you know, this is you know fundamental to to your model and and and maybe I can be asked another TV question is sort of what you know average rate. I think we've been using around $2,500 per procedure, you know can be used for our mom as as we as we try to reject your recurring Revenue going forward.

Yeah, unfortunately, I'm going to make things a little more opaque rather than clear for a second and let me clarify. So you went out to the market initially with offering a couple options. You could buy device and pay for disposables in conjunction. You could rent a device and buy disposables or you could just by judging and pay per click.

As we've seen patients demand be strong as we've seen covid-19 and other things be problems We've Just Between the last quarter in this quarter. We said forget about selling devices. We really don't want to sell them. We really want to own them. We really want to maintain rather than securing more dollars up front and giving up more on the back end. I'm really just don't want to sell anymore and renting is sort of similar you read and block in a fixed number, but we believe we can drive higher volumes on the devices. So we really don't want to rent the volt anymore. We really just want to sell procedures and so as of about Midway through last quarter, we actually changed our model bit more and this is you know, the evolution of launching a product. We said, we actually don't even want pay-per-click which appears their ends disposable separately we juice

On a cell procedures and we're finding agreements 7700.

And $10 per patient now there will be a few who are grandfathered in here through the first year when we had a rental and we had uh, some other things where you will have the separation of page click and Rental and uh, but what you'll see quickly is as we add site those other ones are going to become rounding errors and it'll all be off paper procedure in the US or the like from what we know today and things change every day from what we know today. It will be become perfect procedure Revenue procedures, and it'll be $77 per procedure.

So I apologize that maybe he doesn't make it easy today, but it will get easier in time quarter-over-quarter, right? Okay, totally get that and then we'll definitely look forward to seeing that is emerging from the numbers in future quarters, but just for the short-term and helped out, but for the used to date the separation between Europe and the US my assumption is that the name that the install base in New York is quite a different model because those are you know, where installed you know with under the previous sales model. So, how do we how should we think about Revenue Europe relatives, uh to you know, the exact model that's in the US and of course that will the impact of those numbers will moderate over time as you know, you increase the install based in the US, but at least the short-term, how should we think about revenue and recurring Revenue Europe month? Yeah. So Europe does have recurring Revenue cuz we sell disposables in Europe and we actually the last two sites we installed in Europe were all

Per procedure Revenue, so there's a blend there to the whole. So unfortunately, it's not an easy answer. But what I will tell you is a couple of quarters from now it'll get off if assuming what we know today's days, which I hope it will it will start getting clearer and clearer but today in Europe. We have some rental income. We have some paper quick weave like some disposable income.

What I would tell you but I think with the numbers you shared today are really do provide lights. And you know, I think the higher level numbers read that are in Sheridan is opening, particular BPH are quite exciting and so will definitely look forward to seeing the effects of that. So I'll thank you for taking my questions and I'll start off there.

thank

we'll take our next question from Cecilia for along with canaccord, please go ahead.

I run an errand. It's John on for Cecilia tonight. Thank you for taking our questions. I just want to sort out. What are you seeing? What are you seeing in terms of access to Imaging Center of large hospitals any thoughts on the longer-term trends that you can Kovac it have in terms of where patients are treated and perhaps you could compare and contrast we've seen in Europe to the United States.

And that's a great question. Actually, we to be honest feel a little bit lucky about that because anything Center is tend to be a stand-alone places. And you know, I've talked about this a little bit also in the last few weeks that you know, they're about two to three times more imaging centers in the United States than they are hospitals. And these imaging centers are actually pretty conveniently-located wage citizens. We you know tend to you know, diagnosis is a much bigger part of the business and although we tend to go get image for a month, you know, pretty much I need serious disease so that those centers, you know, they do not have there's no incision.

They are cleaner. They have a large, you know waiting area. They treat one image one patient at a time so long.

And they really cannot help the hospital there have been busy with the pandemic patience. And so the Imaging Center is have turned out to be a place where patients are willing to glow and we think that even after the pandemic that can be quite frankly a positive because people will feel comfortable going to these places.

So I think from that perspective we feel fairly good. The other question that I think you have is you know, what about this use of em availability of Em are and so on and I think that that was certainly one of the questions that we had as we were off, you know beginning to develop the technology, you know is the fact that we're using an m r a good thing or a bad thing in terms of commercialization.

I I can tell you at the moment we think it is a very very good thing from not only from the perspective that I mentioned in the prepared remarks that the images can be shared between the patient and the urologist, you know, Diagnostic Imaging our shared nearby. They actually have a dialogue they can say, you know, I see the disease right here and I can you know, you'll do this is much more aggressive. So I wanted not just treat the fact that looks like you have cancer but I want to go beyond that. And by the way, it's going to affect this and this and if you know if saving ejaculatory duct is really critical to you then I'm going to work hard to save those for you so you can not only have good direct function but also have the jacket or a function after the procedure and so on so I think not only juice.

from the perspective that it is creating that and and it

Allows for that flexible treatment in a variety of patients that we talked about but from a pure business point of view, it is a positive and we're what I mean by that is off and you may have seen this even just the latest proposed, you know CMS, you know guideline that this came out a week ago. I bought a Diagnostic Radiology payments are down 10% That's what they're proposing again for next year. And that trend has been going on for the last seven years.

So when you look at Imaging Center as a business and you ask the question, you know on a per-unit Time basis, what will give you more profit. There's no question. Tulsa will win that.

Because anytime you're doing an intervention, it is more intense and requires more attention in there by the reimbursement is higher. So, you know, I I I, you know, my reimbursement might be five six hundred dollars eight hundred dollars per hour for Diagnostic. That's maybe being generous wage and Tulsa procedure, you know, or if I just generalize it any intervention where Imaging is used in an Interventional procedure typically is two or three times higher wage. So I think that unit profit sort of gravitates towards Tulsa.

So, you know and then there's sometimes people ask the question. Well, you know, is there a shortage of them are and so on but from that business perspective not only that we have not seen anything like this month. I I really think it's going to be a a positive.

Thank you. That's helpful. And then this is my follow up any updates on the phone to leave current Soft Surroundings longer-term in the United States.

So John question, we talked about tells her because our you know, we internally say to our cell our people, you know are priority one too. Because we see significant upside but in the sauna leave is doing well in the international market and I would say give us another quarter or two and we will provide we do have things in the works, but they're too early to be, you know, bringing out in public domain but something you can tell you that things are in the works at the moment.

Thanks, Aaron.

Thank you.

As a reminder ladies and gentlemen. If you do have a question, please press star one on your telephone keypad at this time. Again, that's star one on your telephone keypad at this time. We'll take our next question then heiner with Alliance Global Partners, please go ahead.

Good.

Thanks for taking the questions a couple of real quick ones here for me. Just following up on the payment or pay per procedure, you know kind of model it Jeff and what I guess how many centers right now or how many sites right now are fully on that model and if any, you know, just I guess kind of a short in there.

Yeah, it's a bit of a question because yeah, what I can tell you is. Well, I have to be careful. There's so few number at this point you can identify but one is on a rental where they read and pay for disposables. Another is on and the other two are on pay per click and disposable.

Okay, let me turn up by the way pay-per-click and disposable really is the same as $77 per procedure. It's just combining them. Okay, and then maybe a follow-up do does that all currently fall under paper procedure then or does part of that fall under products know sometime today? Some of it falls under pay-per-click and some falls under disposable.

Okay, but going forward aside as the new accounts. Come on a new sites. Come on, it'll it'll be and paper procedure. And the only the Legacy websites will have some that split off into products.

Correct. Got it. Great. And then, you know just looking at the Tulsa procedure. Looks like you've got a Canadian Tulsa Center. It says coming soon it just curious on when that installs taking place that happen fast. It's probably a little too early to say I'm okay. Just thought I'd sneak that in there you looked at it. So I'm coming up. I think we will we were talking about it happens. But you know, you can imagine we have a couple of

You know leading urologist in Canada, and there's been quite a bit of requests from the Canadian Community to at least put one site down here as well. So it makes sense. Well the great thanks a lot gentleman.

Thank you. Thank you.

That's all the questions that we have at this time will turn the call back over to doctor Midwest, please go ahead sir.

Thank you so much, and we are you know looking forward to updating you with the next next Q3 call. Thank you for your time.

Thank you. Ladies and gentlemen does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time and have a great day.

Dead dead dead dead.