Q3 2020 BIOLASE Inc Earnings Call
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Excuse me, ladies and gentlemen, thank you for your patience in holding please remain on the line. It's this conference will begin in approximately one minute.
Again, thank you for your patience in holding please remain on the line as this conference will begin in approximately one minute.
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Good day and welcome to the bio late 2023rd quarter financial results Conference call.
Today's conference is being recorded.
At this time.
I would like to turn the conference over to Todd currently of the E. V. C Group. Please go ahead Sir.
Thank you operator, good afternoon, everyone. Thank you for joining us today to discuss BIOLASE its financial results for its third quarter ended September 32020.
On the call today from Barclays or Todd Derby.
<unk>, Chief Executive Officer, and Jon Lieber, Executive Vice President Chief Financial Officer, and Chief operating Officer.
Management will review the company's operating performance in the third quarter before opening the call for questions.
And again I'd like to remind everyone that a number of forward looking statements, which are any statements that are not historical.
Saxe will be made during this presentation includes forward looking statements regarding the companys strategic initiatives and financial performance. These forward looking statements are based on believes its current expectations and are subject to a variety of risks and uncertainties that could cause the company's actual results to differ materially from the statements contained.
In his presentation.
Such forward looking statements only represent the company's view as of today November 12 Twentytwenty.
These risks are discussed in the company's filings soups and stews and Exchange Commission.
Replay of this conference call will be available on the BIOLASE website. Shortly after the completion of today's call.
Turning to the presentation. Please refer to the news release issued earlier today announcing the company's 2023rd quarter results. If you do not have a copy of the news release. It is available in the Investor Relations section of the bylaws website at Www Dot Pilates Dot com highlighted.
I always financial results can also be found in the cup.
These quarterly report on form 10-Q, which will be filed at the FCC.
Tables, we provided in todays news release offer additional financial information. So we encourage you to review them. The tables include the reconciliation of unaudited GAAP net loss and net loss per share to non-GAAP adjusted EBITDA loss and adjusted EBITDA loss.
That's true as far as the details of the company's non-GAAP disclosures.
With that said I'll now turn the call over to Barclays is president and Chief Executive Officer, Todd Barbie Pos.
Thanks, Todd and thank you everyone for joining us. This afternoon. We appreciate your interest and continued support of BIOLASE.
We start with an update.
Update on our operations and the status of dental offices as it relates to COVID-19 pandemic.
As we have stressed throughout this pandemic our foremost concern continues to be to health.
And safety or the BIOLASE community, including our employees customers their patients and ARPU.
Orders.
We continue to take every precaution to ensure their wellbeing during this time.
Over 95% of dental offices across the country are now reopened.
In dental procedures levels are currently got 70% to 80% of their pre Kobe 19 levels.
So a mark.
Improvement compared to when we last spoke in August following our Q2 results.
We want to applaud dentists throughout the country as they respond to the pandemic.
With a sense of urgency implementing through a recommended.
Center for disease control and American Dental Association guidelines.
March hearing that they can take care of the patients in a very safe environment.
Our epic hygiene dental laser meets the CDC guidelines to minimize the risk of COVID-19 transmission.
Which recommends against using ultrasonic scholars to prevent the transmission Cove at 19.
And we believe this is a distinct differentiator because.
Most traditional ultrasonic scholars create visible water spray.
Containing articulate drops of water saliva.
Micro organisms and other debris that can serve as a conduit to spread infection.
And.
Hi, Jens such as COVID-19.
As dental professionals look for ways to comply with the CDC and 88 guidelines. They can rely on our epic hygiene laser for laser bacterial reduction therapy.
This new indication allows high Janice to perform gentler.
The effective treat.
EBITDA for bacterial reduction and managed care Donald disease without using water.
The new BIOLASE laser system, which the FDA cleared in March was designed by dental hygienist specifically.
And is the only hygiene device cleared to manage nonsurgical.
Cool pair then Titus.
LDR effectively.
The epic hygiene laser is a significant factor in the increase traction, we're seeing with Dsos like D.C.A. Aspen and the junior group.
Also our all tissue water lays dental lasers.
Ready create 98% less aerosol than traditional Handpieces meeting a D.A.'s recommendation of reduced aerosol production to limit the spread of Cobot Knight team.
With a clinically proven product portfolio that reduces the potential risk of infection pathogens.
Barclays has a significant growth opportunity as dental professionals seek safer technologies to treat their patients.
We believe safer treatment technologies, such as ours have led to the U.S. procedures already returning to pre co bid levels.
In addition to safety, which is always top price.
Priority.
D. Several markets and indicators represent significant growth drivers and gives us increased optimism that BIOLASE and its product portfolio are well positioned for growth.
First when we look at the DSO organizational.
Market DS.
So.
There are approximately 1300 dsos in the us representing 16% of total U.S dental market.
We are in active trials with Harlan the largest DSO in the us clear choice the eighth largest DSO into use Aspen the second largest DSO in the U.S.
We also have initiatives with dental one can dental care alliance.
Otherwise known as D.C.J.
We recently announced a significant care collaboration with D.A., one of the largest dsos in the U.S. with more than 320 affiliated practices in 20 States. This collaboration includes Ics.
Ending our laser adoption, which includes our hands on training programs into target geographies in the next few quarters we.
We expect this collaboration to lead to a rollout across all DC offices by the end of 2021.
Second growth opportunity is in period there are approximately five.
Britain parrot honest in the U.S. last.
Last quarter the journal Kurt Ontology made available online the bus most.
Our much anticipated landmark study performed by the Mcguire Institute on the clinical efficacy of patient reported outcomes of water, ladies assisted treatment paradigm tightness, but.
Maguire.
Study unequivocally confirms that patient reported outcomes were significantly better after laser procedures.
This was the first of a kind study designed to meet the stringent American association of paired and Tallahatchie best evidenced consensus standards.
The study found that our waterways repair Appirio protocol had shorter procedure.
And your times, then open slots procedures as well as less freezing swelling and post operative bleeding.
Demonstrating that repair is as effective as open flat procedures, but was significantly better patient reported outcomes.
We believe this study will establish new protocols for Appirio surgery.
And drive further adoption of water lays in our target markets.
We are equally excited about the release of another study.
This month from Harvard, which we published in the journal of International Appirio, highlighting a water ladies technology treating peyroux implant Titus, which is failing implants.
Additional studies where were delays.
Was he has successfully treated peyronies disease will be forthcoming from Colombia, and you see a leg.
With 65 million Americans suffering from pair disease. These studies and findings are significant and determine the best course of treatment for these patients studies continue.
Do you suggest that Perrigo health is essential to overall health and specifically as it relates to assist assist philly of infection, including COVID-19, putting this opportunity in dollars if an additional 20% of parrot honest adopted our laser that would generate 50 million insist.
System revenue, which again does not include follow up consumables revenue.
Third.
We're looking at and have been focused on is the Endodontic market. There are approximately 5000 ended honest in the United States water leaves solves a major pain point for end Adonis addressing that challenge a fully.
Irrigating cleaning the complete Endodontic network of an infected to top thought leadership is quickly establishing water lease as a new standard of care in this area. This.
This quarter, we saw the highest percentage of quarterly systems sales to end the darkness in our company's history.
An additional 10% of endodontics adopt bar lasers that would equal an additional $20 million in system sales and again would drive follow up consumable sales.
He's in concert with top Endodontic thought leadership has established the water lays endodontic.
Academy that provides a virtual training specifically for the dust to help further drive adoption.
Fourth is the hygiene market there are approximately 200000 high jettisoning United States.
With the epic hygiene laser I mentioned earlier BIOLASE allows hydrogenics to perform gentler.
Ali effective treatments for bacterial reduction in managing periodontal disease.
This new BIOLASE laser system is the only FDA approved preventative Pedro treatment protocol and has an return on an investment of only three months.
If our market penetration in hygiene market increased.
By only 5% that would equal to an additional $70 million in system sales, which again does not include consumable sales that would follow.
These opportunities highlight our path to growth in the years to come the current all tissue laser market penetration in the U.S dental market is only 7%.
Every 1% increase in adoption of laser technology in the U.S. IEC equals over 50 million in revenue opportunity for BIOLASE.
As we work to expand adoption, we continue to offer our waterways mentoring experience or W. Mb.
This program puts training first by allowing general dentist to have.
First hand experience with our technology and applications through the use of experienced mentors in a group learning environment.
The W. M&A experience shares with participants the power of incorporating this technology within their practice with a practical approach of hands on training that is applied when they return.
Turned back to their own office, all this with a mentor to support them along to be adoption journey.
We initiate three WMV during the third quarter of 2020 and expect to increase these throughout the fourth quarter and into 2021.
One of our key initiatives as.
As to expanded WMC program to more cities next year with the help of increased marketing efforts to raise awareness.
We expanded our test marketing this past quarter in Phoenix in South Carolina, which resulted in an increase in interested participants, including 10 dentist in Arizona.
We also are in the final stages of launching a co marketing program with BMW performance driving in 2021 under that program any dentist, who attends at WMV event in 2021 will enter to win a W. BMW lease for a year and any dentists, who buys a water lease.
System after attending at WMV will be invited to attend a customer appreciation event at the BMW performance driving school. We are excited about this opportunity and partnership and promoting these two iconic brands side by side.
Given the challenging time, all dentist face.
At least since the beginning of pandemic, we have launched a new financing program last quarter called BPP or BIOLASE partnership program to help dentists get back on their feet. This program that allows a dentist to use art laser technology generate revenue and not make a single payment until 2021 at.
It also provides an office training that eliminates the need for travel in today's environment.
While COVID-19, certainly presents uncertainty we continue to be very excited about the market opportunity in front of US. We believe our labor is laser safety benefits puts us in a perfect position to advance dentistry and treat patients in the safest possible.
Way.
We have created a healthier operating company with the many positive changes we have made over the last year and a half to improve our cost structure and build our talent bench. These positive changes already started to show in our margins due to improved Cogs.
Price discipline and Opex control.
But we now have the commercial infrastructure in place to capitalize on the growth opportunities in front of us while this growth won't happen overnight and covert nineteens uncertainty is still unknown.
We are confident in our business plan and continued progress as we are making towards achieving our goal of returning to growth.
I'm proud of the BIOLASE workforce as they have rallied without question to deliberative technology products and services that our customers need and the value.
In these unusual times.
We remain committed to offering solutions for dental professionals looking to treat their patients in the safest possible way.
With that said now I will turn the call over to John for a review of our third quarter financial results in more detail.
John.
Thanks, Todd and thank you all again for joining US. This afternoon now let me review the numbers.
While the COVID-19 disruption continued to impact our business during the quarter as total worldwide.
Revenue decreased 24% year over year to six $5 million, we did see a significant sequential improvement driven by the reopening in dental offices across the United States and the return of dental procedure levels to 70% to 80%, but they're pretty COVID-19 levels sequentially, our third quarter revenue more than doubled.
U S laser revenue for the third quarter of 2020 increased 16% year over year to $2.7 million compared to 2.3 million in the third quarter a year ago.
Consumables and other revenue for the third quarter of 2020, which consists of revenue from consumable products such as disposable tips increased 25% from the third quarter of 2019.
Internationally revenue for the third quarter of 2020 declined 52% to $1.8 million compared to three 7 million in the third quarter of 2019.
This decline in revenue is primarily attributable to the COVID-19, economic shutdown, we believe the dental offices in the U S have generally been quicker to return to prior patient volume than the rest of the World Reserve, resulting in better comparative revenue results in the U S.
Most margin for the third quarter of 2020 was 35% compared to 34% in the year ago quarter. The higher gross margin reflects higher average use selling prices for our lasers and a higher percentage of overall U S sales compared to total company sells where gross margins are higher partially offset by a decline in revenues relative to our fixed costs.
Total operating expenses for the third quarter of 2020 decreased 24% to $5.9 million compared to $7.9 million in third quarter a year ago.
The continued reduction operating expenses year over year represents the benefits of the cost rationalization efforts that we implemented throughout 2019 and 20.
Sales and marketing expenses declined zero point $8 million or 24% year over year in the third quarter due to reduced compensation related expenses due to lower sales and reduce travel and travel related expenses and reduce tradeshow related expenses.
General and administrative expenses decrease zero point $9 million or 28% sequentially year over year in the third quarter.
This year over year decrease was primarily due to a reduction of our allows for doubtful account accruals along with lower payroll benefit cost.
Engineering and development expenses decreased 0.2 million or 15% year over year in the third quarter.
Operating loss for the third quarter of 2020 was three 7 million compared to an operating loss of $4.9 million in the third quarter of 2019 and improvement of 25% year over year.
Net income to the third quarter of 2020 was $12000 or less than one cent per share compared to a net loss of $5.5 million or 25 loss per share for the prior year's third quarter. This improvement was primarily due to the non-cash reevaluation of our warrants issued in the third quarter as part of our rights offering.
As a reminder earnings release includes a reconciliation between unarmed to GAAP net loss and adjusted EBITDA. We believe adjusted EBITDA provides a useful measure the companies operating results by excluding depreciation amortization expense stock comp expense change it allows for doubtful accounts.
Inexpensive relate to disposal the internally developed software the cost of our patent litigation settlement in a year ago, along with excluding the impact of the warrant revaluation that just mentioned.
They adjusted EBITDA loss for the third quarter of 2020 was $2.5 million, which excludes these items, 10% improvement over the third quarter, a year ago, our basic and diluted share cabinet at the end of the third quarter of 2020 was 81.3 million shares compared to 21.9 main shares in the year ago quarter.
Now turning to the balance sheet cash cash equivalents and restricted cash totaled $19 2 million as of September 30th 2020 and includes the proceeds of the rights offering complete in July which was oversubscribed and resulting gross proceeds with the company of $18 million before deducting fees and expenses related to the rights offering is.
As a reminder, the 18 million does not include proceeds that may be received by the company from the future exercise of warrants that were included in the rights offering.
Well, we've taken action to strengthen our balance sheet. The current situation is still challenging and we remain focus on liquidity cost containment and has always proven cash management strategies.
We believe our current liquidity position and our cost containment efforts provide us with sufficient capital to execute our growth strategy and this environmental in this environment effectively having.
Having said that the COVID-19, with COVID-19 to remain too many unknowns and when we and when we can achieve this growth now depends on how quickly B U S International markets returned to some level of normalcy, while we're all dealing with the current impacted COVID-19, and I want to reiterate we are confident their actions to strengthen BIOLASE are working or <unk>.
Long term prospects for growth are significant is Dennis in patients worldwide look for solutions that allow them to provide and receive dental treatment and the safest and best way possible.
This concludes our prepared remarks, I'll turn the call back over to the operator to open the call for questions. Thanks.
Thank you.
You would like to ask a question. Please signal by pressing star one on your telephone keypad. If you are using a speakerphone. Please make sure that your mute function as turned off to allow your signal to reach our equipment.
Again, Please press star one to ask a question.
We will pause momentarily to allow everyone an opportunity to signal for questions.
And we will take our first question this will come from Kyle Bowser with call your securities.
Great. Thanks, Hi, Todd and John Thanks for all the updates here.
So nice sequential growth and it looks like.
That business is back to above pre COVID-19 levels in the U S at least.
So I think he said overall procedure volumes in the U S are down 20% to 30%, but but you're U S businesses is up nearly 20.
So.
Obviously, the nice benefit as it relates to reducing error civilization has been key.
How 'bout internationally, what what are the procedure volumes at there and and how does it relate <unk> business is the reduction in air celebration internationally, maybe not as basic concern over there or how should we think about that business.
Yeah, Kyle this is Todd.
So rest of world really hard to get a good finger on what's happening across all the different geographies, but I would tell you that you that the level of shutdown that we're seeing in dental offices.
And rest of World does not mirror, what we're seeing in the U S. So I think it's really around practices being back in business in the U S.
And as I mentioned, probably 95% plus are now operational even though volumes to your point are down 20% year over year.
If I had a guess I would say rest of world. If you had a lump it altogether is probably half of that based off of the Intel that we have from our international team.
Got it that's helpful and.
Johnny You mentioned the prepared remarks, we've obviously seen a nice reduction overhead here and.
I appreciate the commitment to getting to EBITDA breakeven and it's a tough environment to kind of forecast here.
Covid is still here, but yeah I'll ask it anyways any sense as to your new timeline on maybe getting there and.
Hitting that breakeven point.
Yes, so god.
We're not going to forecasts, especially in this environment as I said, a couple of quarters ago now.
The time to start giving guidance ride, but we do see a path to get to EBITDA positive.
As early as.
Quarter next year, and so when we look at our liquidity position cash position.
Projected revenues, we think we have sufficient liquidity to get there to that point and so that's our target of course, a lot depends on on how the COVID-19 situations shakes out now only in the U S. But the rest of the world over the next.
Three to 12 months.
Sure.
Got it and just a couple more here any any open territory's or.
Goals for adding new reps.
So as I think we mentioned last time, we had one open territory.
Close to filling that one open territory right now we're going to look to stay with the current footprint of sales that we have.
As things open up and when we have probably more confidence on what's happening in 2021 around Covid, then we'll evaluate adding additional head count if we can get the return on investment we're looking for.
Okay, and how I think the one the one thing I would add there also is at least in in my three years with the company. This is the first time that we've had a earnings call that we haven't had any ramp changeover from the prior earnings call. So in other words all 22.
Reps that we have.
We're here this when we talked quarter ago, which is a good sign I think and what we've talked about in the past that we're hiring the right people now realize that some of that has to do with overall market condition in the dental space, but we're really happy with the team we have now.
Excellent it's good to hear.
And maybe just lastly rigged.
Regarding the the BIOLASE partnership program.
Which is pretty pretty nice I think for new users because they have to make any payments until next year. How is this program going our most of the new placements take advantage of it.
Yes, almost all of the water lays purchases are coming through.
Utilize in the in the U S right, where it is available the <unk> program and just as a reminder, call even though Dennis don't make payments until next year.
Through our.
Relationship with the financing company that is doing this for US we get paid immediately so it was not a working capital issue for us.
No no no no brainer, Okay I appreciate it that's all for me I'll jump back in queue.
Thanks call.
Thank you count.
And we can take our next question this will come from Bruce Jackson with the benchmark group.
Hi, Thank you for taking my question. So we had the Mcguire study did it come out with a six month follow ups earlier this year.
I was hoping we could get a an update when we might expect the 12 months data too.
To come out and then if you could help us with the potential significance of of the 12th month data and the radiographic data.
HM.
So Bruce that's being worked on right now.
To start gathering of that information.
Whenever I give a date on clinical stuff tends to always get pushed out, but I would imagine by probably latter part Q1 and.
Into cute too we should have something there on that and why is that significant because seeing is really believing we know that the study was powerful and showing how it's minimally invasive positive pros and.
Really impactful information, but at 12 months I think that will be the further confirmation around how.
Effective the technology is now I'll just give you.
Comparison so.
We're doing a lot in the endodontics space right now and went in and Endodontist cleans out a root canal and all the ancillary.
Ancillary canals that are part of that if you visualize it in that to structure.
They take a radiograph and immediately they can see the impact of the technology.
When you're obviously trying to grow back bone and so forth, it's a little bit of a delayed reaction.
But we expect obviously the C really positive results as I mentioned and of Q1, some time cute too.
Okay, Great and then my other question is about the the Dsos just tell us a little bit about.
Is there anything that they need to see in order to to become bigger customers of yours and when my how do you anticipate that uhm business developing over the course of 2021.
As I mentioned, we have multiple trials.
In phase two trials in place and part of our strategy from day, one has been in our belief based off of what we've seen parallel and other areas, where when organized dentistry, specifically dsos corporate dentistry get involved with the technology that obviously aksel.
Great is the adoption curve, but to your point and what they want to see they want to see that they can generate incremental.
Dollars in revenue into return on investment is there.
We validated that.
In many cases would also helps with them and you think about the DSO many of them want to expand the ability for their gp's become more super GPS and do multiple procedures, our technology allows them to do that.
And somewhat these skills it in a way that allows a general practitioner to get unbelievable results and and having the specialty community support and endorse the technology at.
At the end of Donna community side specialty side as well as a <unk> community side adds additional.
Horsepower behind this adoption curve, so we expect that.
Place some really pay some really nice dividends for us as we roll into 2021.
Alright, that's super Thank you very much.
Thanks Bruce.
Thank you Bruce.
And once again, if you would like to ask a question. Please press star one on your telephone keypad now.
We will take our next question this will come from Anthony Vendetti with the Maxim Group.
Thanks, John Thanks, Todd I, just wanted to to talk a little bit I may may Miss some of it because I have a bunch of calls going on same time, but did you give an update on on Hartland and clear choice.
Didn't provide anything specifically Anthony.
Or in phase two with Hartland.
And if you recall.
The first phase was four of their top clinicians and all four of those units were purchased based off of the return on investment.
That we needed to show.
The phase two is really would call more of a.
Another test of the average dentist within Heartland can they also replicate that type of return on investment. So that's going on currently and with clear choice, we have what I would call.
Probably first.
Of it's kind.
Trial with them that allows them to hopefully market. This technology and patient reported outcomes. If you are familiar with.
Their model literally providing full.
Restored of.
Techniques on it on a full day basis with a whole team around that.
And the early read from the for practitioners that are involved here is very positive. So we're very optimistic that this could be a very good wind for the BIOLASE company here and also if you probably see their ads on television.
The goal would be to incorporate hopefully our message in those ads as well.
No that would be great.
Just in terms of Ah you know I know more releases is your.
A primary workhorse product can do <unk>.
80 different things.
HM.
With the epic system we.
Is that going to be just just.
You think an ancillary product could that be a gross driver.
Due to the significantly lower or no Arizona.
Situation with that versus the current standard of care I mean.
How do you how.
How is that playing out now and and D. Do you expect that to be a driver and 21.
We're seeing that as a driver.
In 2020, and we expect it to be a driver in 2021.
We're seeing adoption here.
The DSO side small mid sized dsos adopting it.
And incorporating it within their protocols for the reason you mentioned.
Really eliminates aerosols Asian, when you compare it to an.
An ultrasonic scaler, so hi, Janice are typically.
Most concerned around COVID-19, and this also provides.
The opportunity to really get after what I would call. The first swim lane, where parodontal disease starts and if it's not.
Addressed early on then it gets more severe than that requires obviously more surgery that most patients would prefer not to.
Be involved with so the preventive side of it at the hygiene appointment is really powerful but we're also anthony not only selling the epic hygiene diode unit, but we're also selling the epic X a combination of both.
And that's including the hygienist as well as the general practitioner and that sales bundle.
Okay, Great Alright, Thank you very much I'll hop back in the queue.
Thank you Anthony.
And our next question will come from it will with the Indian capital.
Yeah. Congratulations on the quarter. My question is more on the fourth quarter you typically the fourth quarter has been seasonal for you guys. In terms of you know everybody trying to use up their budgets do you think we should see that again. This year and also is there any differences in the domestic market versus international in Europe, particularly.
Seeing some lockdowns and I'm currently going on in Europe.
Yeah, So and I'll answer that we do expect to see some uptick in the fourth quarter. As you said is is.
As Dennis <unk>, New purchase capital will take the take the depreciation ran off made and year and what we don't know and it was unclear to US is how has that impacted by COVID-19.
Think depending on how Dennis feel about.
The wintertime that may temper some of that we just don't know and so it's hard for us predict who never been through this before.
In terms of international versus you as we are seeing.
More international offices, close then certainly U S.
Great well, thanks for answering my question and good luck.
Thank you and I get.
And as a reminder, if you would like to ask a question. Please press star one on your telephone keypad now.
And we will take our next question this will come from Y'all Mail Martin private investor.
Hey, guys How're you guys Don.
Doing well thank you Jeremy.
Oh.
Awesome.
Excellent excellent pay quick question for you guys as a private investor often so I have a lot of shares in the company is there a path that you guys are looking at.
There's a lot of concern over the reverse split is there is that any concern for you guys right. Now I know you guys said you wanted to get their organically to the the NASDAQ requirement, but as investors were you know.
It's a concern for us.
Well, we yeah.
There are many ways right to get NASDAQ pines organically as one reverse split is another we're evaluating all options as you know river reverse split it doesn't change the market cap of the company the value of the company is still the same you just a little bit different Matt to get there.
Okay.
And also you know there's there's concerns about you know the.
The actual price being manipulated by my shorts or not is there something that you guys are looking to private investors out with this if this is indeed happening.
But it's interesting one of the advantages of a reverse split would be to reduce the amount of short that is going on because the price would be higher and so that would be an advantage in one way too maybe.
Tamped down that a little bit.
Plus another advantage over reverse split and getting the price higher.
Is.
Having a price over one dollar over $5, which certainly open up our stock to more institutional investors as well. So there are some of those benefits.
And at this time I would like to turn the call back over to Todd currently.
Thank you operator on the Investor Relations front BIOLASE management will be attending the benchmark company discovery one on one virtual investor confidence next week on November 18th if you're participating in this conference. Please schedule a visit with us.
Who would enjoy the opportunity to talk with you more in the meantime, we look forward to updating you again on her continued progress when we record our fourth quarter results. Thanks again, everyone for joining a call. Today. This concludes our call have a great day.
This concludes today's call. Thank you for your participation you may now disconnect.
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