Q2 2020 Viemed Healthcare Inc Earnings Call

Greetings and welcome to the buying about the second quarter 2020 earnings call. At this time all participants are in listen only mode. A brief question and also session. We follow the formal presentation. If anyone should require operator assistance during the conference. Please press star ends.

<unk> on your telephone keypad as a reminder, this conference is been recorded.

It is now my pleasure to introduce your host Mr. Todd Zehnder COO. Thank you Mrs. vendor you may begin.

It was a factual.

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Hello.

Mrs. Under your now connected you may begin.

Okay. Thank you. Good morning, everyone. Please note that our remarks and this conference call May include forward looking statements under the U.S. Federal Securities laws are forward looking information under a football Canadian Securities legislation, which we collected we refer to as forward looking statements such statements reflect the company's current views.

Intentions with respect to future results are a bit and are subject to certain risks and uncertainties, which could cause actual results or events to vary from those indicated in our forward looking statements. Examples of such risks and uncertainties are discussed in our disclosure documents filed with the FCC or the securities regulatory authorities in certain provinces. Okay.

No.

Because of these risks and uncertainties investors should not place undue reliance on forward looking statements forward looking statements made mix on this conference call are made as of this date and the company undertakes no obligation to update or revise any forward looking statements as required by law, except to the bar bubble.

Second quarter financial.

<unk> financial results news release, including the related financial statement is available on the Fccs website now I'll turn it over to cater to get things started.

Okay. Thank you Todd and thank everyone for participating on our call today.

I'd like to begin with bank into by mid team members for their courageous work on the front lines of this pandemic.

A lot of patients are receiving the care they need inside of their home and out of harm's way today. Thanks to these individuals without this wonderful team I would not have the opportunity be reporting to investors on yet another record breaking quarter.

I'd like I'd like to focus the call. This morning on how our business has been affected by the pandemic.

Let me begin with how we pivoted to help keep our existing core business coming through the door.

First despite having little physical access to our clinics and referral sources are outside sales people have done a good job of electronically communicating chart positions via email videos and video conferencing.

Our by Med connect at and patient engagement portal has allowed us to stay in touch with our patients through Tele health portals, which in turn have driven meaningful clinical value to report back to our positions.

Our investment this past year ended up into our technology platform couldn't come online at a more crucial time.

Secondly, we gauge the company to assist us with implementing our training programs and to a virtual for one where we are less reliant on travel to get new folks up and running a new territories I.

I was pleased that our managers indicators were able to hire and train seven new salespeople in seven new territories. Despite facing the many logistical challenges of getting employees in the office for training.

Third our purchasing inventory team sourced both domestically and abroad, the appropriate levels of PB inventory, so not only keep our clinicians safe, but also had plenty of inventory to offer around the country to our partners in need.

Fourth we doubled down on building out our inside sales department, realizing that the future will support more touch recall points. The new inside sales reps have been tasked with tactics to stay in front of existing referral sources, creating new wins and deliver the message of our new offerings to the hospitals and clinics.

These tibbets inside of our core business allowed us to be in position to further solve problems outside of our normal course of business during the pandemic.

Once successful example is the development of our call center for inside sales put us in position to land a statewide contract for co good contact tracing.

The contact Tracy contract will have is calling in gathering information from patients who were previously contracted the disease contracted to disease.

And reporting back to the customer.

The contractors for till a total of one year and has the potential to bring in seven figure monthly revenue for as long as the customer had the need.

Since since the V. Eight centers began limiting physical visits from our salespeople in clinicians.

We decided to pivot and build out another call center campaign around rural access to care for V.A. patients.

Many of our other campaigns are targeted to communicate directly to physicians in referral sources, but this one is designed to create awareness about rural access to care directly for the patients themselves.

The initiative. It does it is designed to get patients requesting biomed respiratory services as they visit their local V.A. facility.

As expected our marketing team has been extremely busy developing collateral for for these new initiatives. The team quickly created a website www dot biomed delivered dot com.

Sights set up to <unk> provide transparency into the availability of pp products like globes mass thermometers, sanitizers wipes et cetera.

Sellable for purchase.

This site has contributed to the sale of many PB deals, which have become a significant portion of our revenue.

Another example of a successful program has been the rollout of a bit rental program designed to help smaller rural hospitals struggling to find affordable I see you ventilators.

With many hospitals around the country faced with stocking up on Vince strictly for the pandemic. This unique program allow them to have an affordable and lean solution for their immediate inventory needs.

With that being said the majority of the revenue related to Kobe in Q2 has still come from hospitals in states, who are purchasing equipment.

We made a lot of sales early on facilitating equipment inside of the Epicenters, such as New York, Illinois, Louisiana and Wisconsin.

As inventory stabilize and those dates we began receiving more and more requests from the second tier states as well as hospitals throughout the country.

We're still feeling request for equipment to various pockets throughout the country, along with PBB and this could be a significant portion of our revenue in Q3.

Todd and I had been doing our best to keep our shareholders up to speed and create as much awareness of the biomed investment opportunity.

Not only of we've been busy communicate and virtually with many institutional shops. We also held a webinars in Q2 to tell our story to new investors and open the floor up for all investor questions.

Recording of this webinars can be found on our website at www dot by mid dotcom.

This time I'd like to trying to call overt our chief operating officer, Todd vendor to review the operations and financials for the quarter.

Okay. Thank you Casey and reviewing the financial results all figures are in U.S. dollars in a full results have been made available on the FCC website as well see door.

We generated net revenue of 42.9 billion during the second quarter 2020, as compared to net revenues of 20.3 million in the second quarter, 2019, which equates to a 111% increase.

Included in the current quarter amounted to approximately 19.7 million of equipment in supply sales in response to the ongoing Kogan 19 pandemic.

Just like last quarter. In addition to the sales of new equipment cited above we assisted in certain areas by deploying equipment that had previously been interactive rental fleet.

Those proceeds were recognized in the gain on disposal of property and equipment and the gross proceeds related to those sales is approximately $2.5 million.

Not considering the fact of Koby 19 pandemic, our second quarter 2020 organic revenue was approximately 14% higher than the second quarter of 2019.

Our bid patient count declined slightly from the first quarter. It was up 8% over the prior year second quarter amount.

As previously mentioned, we tightened up on our processes during the pandemic to make sure. We we retrieved noncompliant Vince more aggressively as we were seeing the need for equipment such a high level.

As we reported during the last quarter, new patient referrals have slowed as a result, a slower hospital admissions with the ongoing and pandemic, but we continue to admit new patients into our program.

As I mentioned on the prior earnings call, our merch margin percentages, both gross and EBITDA will be fluctuating is cobot related product sales during the current year scoot skew compare ability.

Most importantly, both gross margin and EBITDA hit all time highs during the current quarter of 25.9 and 16.3 million respectively.

While our gross margins didn't reflected our EBITDA benefit from the care spawns received during the quarter totaling approximately 3.5 million.

Although doesn't impact our EBITDA I wanted to point out that we recorded a large tax benefit during the current quarter. The 6.6 million dollar benefit is the result of removing the valuation allowance that has been carried against our deferred tax assets.

We expect that we will be able to benefit from these assets over time as we expect to generate more taxable income accordingly, we have removed the valuation allowance in order to began utilizing these assets.

Our SDMA for the quarter totaled approximately 16.4 million as compared to 11.5 million in the prior year second quarter.

The rate of hiring slowed down at the ended the first quarter would travel restrictions, but we have picked up backed up during the quarter.

We have mainly been looking for new sales reps and clinicians, but we have also bolstered our marketing technology divisions. We have many initiatives in these areas because the pandemic is rapidly changing how most healthcare companies are conducting business.

Our investments into the future growth of the company continue with our pet pilot in the by men connect that.

As previously mentioned the development of this app was able to be fast track as a result of our prior technology investments.

Were once again looking at ways to augment our technology platform into other areas and our current focus of time and resources in the remote patient monitoring area.

Well, we don't have anything specific to discuss related to our upcoming plans, we're working diligently across a variety of different projects in order to provide a world class solution.

Because we have made technology investments over the last couple of years and continue to invest in this area. We are in a unique is positioned to capture the rapidly expanding market segment.

As in prior quarters, we once again have a very solid balance sheet with approximately 29.7 million in cash at quarter end $11 million or they are and an overall working capital balance of roughly 17.4 million.

Our aer during the second quarter came back down to two traditional level. It is actually at the lowest that is been at about 18 months, which is a good signs that our new workflows system is operating effectively.

Our long term debt is approximately 8.3 million and being service with operating cash flow.

Plan to continue to minimize the amount of leverage on our balance sheet in order to remain opportunistic to changes in the business landscape.

This record quarter has allowed us to improve our liquidity position and we are poised to continue investing into our rapidly growing and changing business.

Alone the regulatory landscape. We previously noted that noninvasive ventilation code was pulled out of the 2021 competitive bidding program.

During the current quarter the movement towards more defined clinical guidelines for noninvasive ventilation took a major step when metcalf conducted a detailed review of the criteria that should be used when evaluating a patients need for our therapy.

Our Chief Medical Officer, Dr. Frazier was a presenting speaker at MEDCAC, along with other industry experts and gave evidence to the successful outcome of at home use of noninvasive ventilation for the treatment of certain respiratory diseases.

We are hopeful that guy lies will be coming in the future, which would undoubtedly decreased the amount of unsupported audited audits conducted by the contractors that do not have current authoritative rules to follow.

We said before we support the development of more defined clinical guidelines and cleared meeting criteria and ultimately feel at this would benefit both our business in the patients in need of treatment.

Moving on to the third quarter, we have provided net revenue guidance in the $31 million to $35 million range, which includes approximately $6.8 million to $9.8 million of revenue related to the covert 19 pandemic.

Once again, our margins will be difficult to guide do the efforts in the pandemic, having an impact on revenue composition.

We have a broad array of various orders that were working to secure and our current focus is to procure the equipment and services needed to fulfill these potential orders.

This record quarter is a testament to our talented team of professionals, who continuously proved to be a piece of the solution. This pandemic at this time I'll turn it over to cater to wrap things up.

Thank you Todd.

There were many positive an important themes to report on during the second quarter, we had themes that diversification through different products and services service offerings.

We considered to be a major wind at our core business is not fallen off despite having limited access to stay in front of our referral source.

Work being put into the remote patient monitoring has the potential to transition our multiple as an organization in the future of more of a technology play.

We intend to capitalize on the relationships that we've created with our hospitals through joint venture discussions.

Maybe the most exciting thing to investors is that we are still servicing patients and an underserved market with less than 5% market penetration at a time, where we desperately need to keep patients out of the hospital and treated in the home.

While I too am excited about all these tailwinds for our business Theres one theme that I'm. Most proud of we have the management team in place to take this business to a special place never before if we had the opportunity to pressure test our team's ability to be creative and nimble.

Historically, our team has always stepped up to the challenge of creating value and constantly growing this company.

But to do in an uncertain times and in such a creative manner. It really gives me the confidence as a leader this organization and we will make biomed the largest respiratory home healthcare technology company in the country.

We all appreciate your interest in investment into our company and look forward to continue to create more shareholder value.

This concludes our prepared remarks, we'll now open up before for questions.

Thank you well will now be conducting a question and answer session. If you would like to ask a question. Please press star and one on your telephone keypad confirmation Tony will indicate your line is in the question can you may prices start to if you would like to remove your question from the Q.

For participants using speaker acute meant it may be necessity to pick up your handset before pressing the star Keith.

One moment, please why we pull for questions.

The first question is from Brooks O'neil from Lake Street Capital markets. Please go ahead.

Guys. Congratulations on your continued success that's fantastic.

Thank you for us.

Yep, So I have a couple of questions I guess.

I think Todd mentioned in his prepared remarks, the fact that Youre a number of ventilator patients was down quarter over quarter. This this period, but at the same Tad your ventilator revenues were up this quarter quarter over quarter. So.

I'm, hoping you could just explain a little bit more about what's going on there obviously, we could get a little bit about the number of ventilator patients, but just tell us what you'd see going on there and what's driving the improved revenue.

Yes, it would happen in Brooks is if we have noncompliant patients that really they go on hold and we're not able to build those patients and so it doesnt really contribute to revenue and our policy is always been to have our therapist get in there and do everything we can to try to get that patient utilizing event. So that we can get the therapy go in and we can.

Start building again this quarter there was such a huge need for ventilator during the pandemic. If we couldn't get compliance goal, we were picking those up and we you know obviously, we sold beds and rented bets to the the most appropriate place so while our active pacing count was down slightly we didnt have any impact from that loss.

So our revenue line.

Yeah, that's fantastic, Okay second thing.

Obviously in a pandemic.

Impacted quarter, 14% organic growth is tremendous in the core business, but as you guys think about the next few quarters and I know, there's not a lot of visibility, but do you think you can get that organic growth in the core business back into the twentys or maybe even higher.

You know, we're not going to guide a number because we obviously just have a one quarter out. We are we're doing all we can continue to get our to get back to that historical growth rate and we're it's taking new technology and the stake in different ways of selling we don't have access to the hospitals as much. So our goal is to get there.

But look things are changing pretty quickly and so we had one of our biggest advantage is evolving as fast as anyone. So we're we're going to given our best shot, but we don't have any formal guidance out there.

Yes, Okay, I understand that and then I'll just add one more so I confess I got a little distracted in the middle of the call and I might've missed it but do you still see a big opportunity would be a are you, making progress would that be a and then.

There are some near term a white space out there that there will turn to be a into a more meaningful revenue contributor in the.

Next few quarters.

Yes, we are we still are very excited about the VA Brooks is it in June we really got back out into the field and then we had to pull back and July so that kind of halted us a little bit, but we saw new V.A. centers coming online they're paying at the.

Bidders and just to give example in Arkansas are paying attention to what the centers are doing in Oklahoma that are doing business with us and so you can see signs of how we can build up on that momentum to.

To get our business gone as mentioned in previous calls we are we're in with all the third party administrator payers got the national contract with the VCA. We've got all of our services uploaded we've we've begun to get paid on our pulmonary rehab program and so yes, we expect.

Back to once we can get back into the home physically that we'll get a lot of momentum in the VA, but it kind of we we got turned back on we I turn it back off right at the ended the quarter. So that's the reason that a we have a little bit of a hold up right now.

Okay, Great don't.

Very excited about the opportunity for sure.

Okay. Thanks, a lot and congratulations I mean, it's a perfect environment for you and you guys sound like you're executing beautifully.

Thanks, Alex.

The next question is from Nick core cars from human capital. Please go ahead.

Good morning, and congrats on a great quarter.

Thanks, Nick.

So one question houses and patients were down 3.3% so quarter over quarter.

I am wondering how much of that decreases from the Noncompliant patients like you took the that Scott.

Probably the majority of it nickel I was just selling Brooks those don't really drive revenue on a on a day to day basis, if they're not compliant were not able to bill for them. So if we look at just our setups in our true pick up to do to.

Death, or due to going into facility and so forth that would have been probably relatively flat.

Great and then how should we maybe think board Q3 in terms of the talk patient number will we expect that speaks louder could potentially go up quarter over quarter ads.

I don't have a drag from the of the non climb patients anymore.

Yeah, we don't have that our guidance imply some growth and you can see the revenue growth I forget maybe is probably in the 5%.

Depending on where it is in the in the range of guidance. So were we are expecting to see some growth. Although you know like I said in my prepared remarks facilities are still a little slower than they are a traditional manner and so we're having to get business from more unconventional methods and supplement that through our new service offerings that we've.

Been actively building out.

Okay. That's great I was wondering if see the guidance implied some growth.

And then bad debt expense was down quarter over quarter, and I think is one of the lowest level.

And at least a few quarters can you maybe comment on what was happening there.

I think it's really just do look we're a year and a half into this new workflow software, we talked about last year, when you're working through two different databases, it's going to be harder to collect things more real time.

Which is a great Testament is our era actual accounts receivable is as low as it's been in a year and a half and bad debt was still low. So it just means we're doing a good job of collecting the revenue we bill.

And then do you still expect fee on the bad debt expense being that historical range that you talked about.

Yeah, we do I mean, obviously, we're looking at a notional amount now because when you're looking at things on a percentage basis by as having all these cobot revenue that's really very very very collectible. So.

From a notional amount I think it's going to be somewhere near historical but look maybe one quarter becomes we can't say, it's a trend maybe if I have another quarter of low that's going to be starting to creep back down over time, we'll have to wait and see that.

Men. The final question me just sense do with the carriers Act you lie your six through an outline of the quarter what are the conditions for that so all that money.

There's a lot of details to it but effectively you just have to show that you have the ability to utilize this on Kobe type items, which are company will obviously have no shortcoming on spending money on cobot, whether it be through all of our you know frontline workers to.

All the equipment that we're sourcing and so forth. We have no problem, we will have a multiple of.

A different ways to show the utilization and that's why we were able to recognize the entire three and a half million during the quarter, because we've spent well over that already.

That's all for me Thanks, a lot.

Thank you.

The next question is from Richie God, there from reaching capital Group. Please go ahead.

Hi, Good morning, Casey and Todd Congrats on the strong quarter.

Thank you for taking my question.

Sure.

So just it it sounds like you're making a few adjustments in your sales approach.

You know kind of moving from you know kind of traditional sales channels to kind of inside sales and so I wanted to get some more color on.

How you're adjusting your high touch model, which I've always viewed as as is really a differentiator for.

Good.

How do you see that changing bold and near term.

And kind of post Cobra do you see these adjustments is that you're making now as being kind of.

Something that you plan to continue going forward.

Yeah.

Casey I'll take that Andy the adjustments really to our service protocol or no different other than the fact that we physically are not able to get back into the home as much. So what we're doing as we are connecting them through our biomed connect app and our patient engagement portal and our therapists are interacting act.

Should be more frequently than they were in the past. So we have some tremendous success stories on how we're just able to stay in front of the patient more frequently and and deliver a better quality of care in some cases, the a in the event that we physically need to get out there and we're just being very careful and we're following Clint.

Protocols of suiting up in a in it in ways that we can drop off equipment at the front door, we'll do that and if we could walk them through a tele health kind of camera.

Put your mask on and feel it up this way, we're going to take advantage of that as well. So I think all of those things are positive. What we're seeing is you know where a fair because might be only to manage 60 patients will now you're seeing numbers, where they commit man's 90 patients by way of using technology at their disposal.

As it relates to the sales process, we were getting creative and a also having some success. We have now we're able to stay in front of these physicians with some sharklet videos they totally get it they understand that you know were hindered and and a lot of time there they're like why haven't we have been doing this all long before.

Because we're just getting a short 62nd message in front of them and Oh I didn't realize that about KPMG semi more on that and today, we're responding with the studies and get them into they have more time to kind of download information when they're not in the hustle and bustle and their day to day as much as well too so lots of positives there. It's just we're kinda.

To go into just a a shift of the landscape of how we communicate but Ah I and I completely intend on this being a part of our strategy on a go forward basis, even whenever we can physically get back into the office, we're going to continue to use these tools and tactics to stay in front of our folks so.

I see it only as building momentum for the future.

Okay. That's great I want one more quick question I would you know what would your cash balance growing so quickly are there any.

Kind of new thoughts on how to deploy whether you know investing in new technology or or seeking out inorganic opportunities.

Yeah right now it's the top two uses our technology based solutions, whether that's you know we've made both made comments about remote patient monitoring and honesty and finalizing this that programs or technology investment is a big one obviously continue to invest in equipment as we.

As we continue to grow our patient base and get ready for that and then ultimately we will look at inorganic opportunities as we've always said is just not our number one focus with the cash right now.

Okay, great. Thank you Joe that's all I have.

Thank you Bridget.

The next question is from more to cut you off net from focused capital management. Please go ahead.

Hi.

Graduations on quarter.

Hi, this is not a a couple of questions about the events count.

How much of the decline and then count will be due to attrition and how much is just not being able to.

Like patients there a higher attrition because of cobot.

And there for you just replacing the patients and so growing or is it pretty much the same attrition just not able to cancer patients.

No I guess, all Nick earlier Mordechai, it's really are our new patients at our pickups, we're probably about.

This was just a matter of us need India clean up some processes to go get some of these noncompliant patients where the billings were on hold and we needed to get Vince to sell to people. So if you look at our quarter a it was really pretty flat, but we we took the we took the time to.

You'll get some of that inventory and put it into most needed hands.

No damage I got I was just wondering whether the attrition is it's higher than normal course cobot or.

Just in time on that.

Attrition was about set ups were slightly lower.

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And are you able to give any color about different parts of the country.

Part of the country, where maybe I know, let's say a new York is in a phase four reopening auto parts of the country, where you're able to act.

Getting patients more normally on par flat or or in terms of business is pretty much the same nationwide.

Yes every air Air areas is really different I am I mentioned in my prepared remarks. It the early Epicenters, such as New York, and Louisiana have somewhat stabilized, but the you know you've got new areas out in the mid West then in further west that are out of kind of turning into hotbeds, we're seeing requests.

Yes for for ventilators from hospitals, and and states. So we're just kind of sticking to move and it's it's not one particular state right now it's it's a it's kind of random so it's very hard to track.

Okay, you start going after after Cobas eventually going to rearview mirror that you'll be gone back to the growth rates that you had first.

And our core business.

Absolutely.

Yeah.

Yes, just a follow up on that more to kind of give you a little bit more color. I mean, if you think about our patients are struggling with a chronic disease. They it's it's terminal that they haven't gone away, we still have the market penetration number being low. It's just the fact that we can't get more proactive with interacting or intervening with care earlier.

And staying in front of the physicians to get them look forward sooner and that's the part that really has made us flat. So we we stood at the patience, we still got the sales program and once we get back on the tail end of this thing we expect to get back to those same growth rates.

Okay, great. Thank you congratulations again on your quite.

Thank you thanks.

Any further questions. Please press Star then one star then one.

Your next question is from Michael Eisner Private Investor. Please go ahead.

Oh, great quarter guys.

Thank you.

Like the cash position.

Couple of questions I as a percentage of employees are you going to be hiring more parties.

No I don't think our composition will really change Michael you know, we the only thing that could change. It is like Casey said, if we if our technology investments habit to where we can actually get more efficient and have more patients for the arty that could change our composition, we're always looking for new Rts and especially.

New RT that we can turn salespeople, but I don't think as a percentage will change over time.

Well going forward well each ought to be able to see more patients a month when the colder diet and it gets back to normal.

Yeah, maybe a it really will depend on the technology that I just mentioned, but yeah. It right now it's staying pretty flat.

Question on that contract did that begin yet for tracing the tracing contract I'm sorry.

Yeah. We are indeed, we are building it out right now it should start in a couple of weeks.

How big or cannot get.

Well you know why Casey said it could be a it could be.

Seven figure it could be a million dollar plus month per month contract.

If we're able to source everything.

All right and I guess your expected revenues this third quarter.

The big spread is because of.

Then sale.

Yeah, just because of P.E. and product sales not just that's where we're at like Casey said in his remarks, we're selling all kinds of different products now so there's a lot of variability to those contracts and what we're able to source. So we just put a wider range.

All right and do you see could consolidation in this industry.

Not really not so much just yet we expect to see some here in the future, but as it stands right now it hasn't begun to a different degree than it was before Kobe, let's just say that way.

And final question.

How long do you I don't know if you can answer this how long do you see the.

Event sales go along for.

Yeah, It's a it's hard to say, we got a low in July and then it turned back on here at the end of July and beginning adjustment turned back on at the end of July and in various little pockets and so that's got us really active in the lifting all hospitals across the country and just checking.

What I'm just to see what their needs are it really spawned arvind rental program as well, we refine a lot of rural pockets of hospitals that were struggling to buy Vincent you know just because they were cash poor and so we started a a leasing program just to get them. Some invasive ventilators that they can use.

I'll start to different opportunities are popping out still.

Probably on a smaller scale in terms of volume, but but more of them then when co bid first started.

And.

Oh, so that's the kind of a new area you got into we have vent leasing.

Correct.

Leasing directly to the hospital, yes. This way you won't have to supply on the parties to to work with them.

Yeah were either selling the event directly to the hospital or we are offering them a leasing program.

And yes, technically that is new to.

So going forward do next that work out very well.

Yeah, no if we expected to and then there's other opportunities for us to maintain the Vance and managed events and help them with inventory and so on and so forth. So we're we're exploring all those opportunities as well yeah. I think your your inventory was was up.

Yeah, sorry, I'm, sorry about that that's really more pp and so forth not as much of our rental fleet type items all right. Thank you great job.

Thanks, Mike.

Your next question is a follow up question from Nick Corcoran from Acumen capital. Please go ahead.

Hi, guys that just one more question for me I notice that gosh. It ends up quite a big quarter over quarter and I was wondering if you could.

Great sat down whats the variance Ah from Q1 Q2 works.

I don't have the right in front of me I think there's dock I think some of that as disclosed in the 10-Q, Nick but if you follow up with me later I mean it probably.

A lot of it has to do with wages and then the stock price going up. So just want you to launch follow up what was a little later than we can break that down.

Okay that sounds great. Thanks, you.

Oh no more questions at this time.

I would like to tend to fall back over to buy that for closing comments.

All right, we want to thank everybody for participating on the call in a as always follow up if you have more information and.

Appreciate your continued support.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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