Q3 2021 Transmedics Group Inc Earnings Call
Okay.
Good afternoon, and welcome to chance Maddox third quarter 2021 earnings conference call.
At this time all participants are in a listen only mode.
Thank the speaker's presentation, there will be a question and answer session to ask a question. During this session you'll need to press star one on your telephone as a reminder, this call is being recorded for replay purposes.
I'd like to turn the call over to Brian Jensen from the Gilmartin group.
Thanks, Operator earlier today <unk> released financial results for the quarter ended September 32021, a copy of the press release is available on the company's website.
Before we begin I would like to remind you that management will make statements. During this call that include forward looking statements within the meaning of federal Securities laws, which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1095 any statements contained in this call that relate to expectations or predictions of future events results or performance are forward looking statements.
All forward looking statements, including without limitation, our examination of operating trends the potential commercial opportunity for our products and our future financial expectations, which include expectations for growth in our organization regulatory approvals and reimbursement and guidance on our expectations for revenue gross margins and operating expenses in 2021 are based upon our current estimate.
And various assumptions these statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements. Accordingly, you should not place undue reliance on these statements for a list and description of the risks and uncertainties associated with our business. Please refer to the risk factors section of our quarterly report.
On Form 10-Q filed with the Securities and Exchange Commission on August six 2021.
<unk> disclaims any intention or obligation, except as required by law to update or revise any financial projections or forward looking statements, whether because of new information future events or otherwise. This conference call contains time sensitive information and is accurate only as of the live broadcast today November nine 2021.
I'll now turn the call over to Waleed, Hassanein, President and Chief Executive Officer.
Thank you Brian Good afternoon, everyone and welcome to transmit <unk> third quarter 2021 earnings call joining.
Joining me today is Stephen Gordon, our Chief Financial Officer.
The third quarter of 2021 was transformative for <unk>.
Our positive momentum throughout the year culminated in the achievement of forged strategic catalyst.
Namely to FDA PMA approvals, one FDA five 10-K clearance as well as the release of positive top line results from our Ocs DCD heart trial.
In September we secured FDA pre market approval for Ocs heart and Ocs liver system.
Both with broad labeling language.
The Ocs liver system was indicated for use with both DVD and DCD organs, while the Ocs heart system was indicated for use with DVD organs.
We look forward to expanding our Ocs heart indication to include DCD. Once the PMA supplement that has been filed is approved by FDA.
Now, let me discuss the financial results for Q3.
Net revenue for the third quarter was $5 4 million a decline of $1 7 million from Q3 2020.
As we expected and have spoken about previously Q3 revenue results were adversely impacted by the lack of trial revenues from both liver and heart cap trials that were not renewed in anticipation for the PMA approvals.
We also saw the resurgence of the Delta variant negatively impacting key lung transplant centers in Q3.
Overall September year to date revenue was $20 6 million, which represents 14% growth over 2020.
I'm looking forward to leveraging all three ocs products to grow our revenue starting in Q4 of this year into 2022 and beyond.
Now, let me provide more detail on our progress across our key initiatives.
For the for the DVD Heart FDA approval.
Contrary to some preapproval speculations the Ocs DVD heart able has very broad indications.
We are thrilled by our competitive position with the approved label.
This label gives us access to the large unutilized DVD hard donor pool.
As well as.
The approximately 25% of the current heart transplant market that has a cross clamp time of four hours or more.
Following FDA approval post market commercial activities for Ocs heart were launched in late September.
This is a true validation that the new process that we negotiated with FDA enabled us to quickly transition to post market commercial activities.
As I've stated before we have a three pronged go to market strategy.
We are prioritizing the Ocs heart centers that were involved in the recent cap clinical activities.
Then we will we'll expand into pipeline centers that have expressed interest in the Ocs heart product.
And finally, we're expanding our national Ocs program to include Ocs Heart technology in 2022.
We're expecting to see early commercial traction starting in Q4 of this year.
Which should lead to tangible growth in 2022.
The expected DCD heart PMA approval in the second half of 2022 will be an additional catalyst for our Ocs heart growth next year.
Now, let me turn into the DVD and DCD liver FDA approval.
We are also extremely pleased with our FDA approved label for the Ocs liver system.
Which gives us access to the entire liver transplant market from both DVD and DCD donors.
Our go to market strategy for liver is identical to our hot strategy.
We are also prioritizing our ocs liver centers.
Expanding into a pipeline of new centers, and we are expanding our national Ocs program to add the ocs liver technology in early 2022.
Like Ocs heart.
We are experiencing early positive commercial momentum with ocs liver and expecting to see early traction starting in Q4, 2021, which should lead to tangible growth into 2022.
On the National Lcs program.
We have expanded our regional presence into nine OPO regions, adding northern California, and San Diego's opioids in Q3.
We are on track to meet the target goal of 10 regions before year end.
Importantly, now that we have all three oregon's approved by FDA, we're expanding the national Ocs program to include Ocs Heart.
And liver in early 2022.
Meanwhile, we're continuing to build the necessary infrastructure and resources to ensure the long term success of this important program.
We expect this to continue throughout 2022.
The next FDA initiative is Ocs heart DCD indication.
As we announced last week, we are thrilled by the top line results from our U S randomized heart DCD trial.
The use of the Ocs heart to resuscitate preserved and assess DCD donor hearts resulted in a fairly high utilization rate of 89%.
And clinical outcomes, our post transplant clinical outcomes.
That met or exceeded that very high bar of comparing it to U S standard criteria DVD heart transplant outcomes.
The latter is considered to be the best in the world.
We have already filed the PMA supplement last week and expect PMA approval of our DCD heart indication in 2022.
Now, let me finish with a summary of our expectation and thoughts for the remainder of this year 2021 and into next year 2022.
The Ocs technology is now the only FDA approved extracorporeal perfusion system for lung heart and liver transplant across broad clinical indications.
We fully plan to leverage this leverage this unique position to reach a tremendous inflection point on our growth trajectory starting in 2022.
The early commercial signs from heart and liver are highly encouraging.
And we're looking forward to delivering tangible results to dispel any lingering doubts about our ability to execute our commercial plan for the ocs in the United States.
We are extremely confident in our ability to drive significant growth for transparency business, leveraging all three FDA approved ocs technologies and transplant indications.
Covid and any new variants will always disproportionately negatively impact lung transplantation compared to heart and liver.
Today, our business is more resilient.
Given that we are now commercial with both heart and liver technologies and not only relying on the lung indication for commercial growth.
Finally, we expect Q4 revenue.
To be in the range of $7 million to $8 million as we refocus the organization on our commercial efforts and begin to see initial contribution from Ocs heart and liver commercial revenues.
We intend to be in a position to provide full year 2022 revenue guidance during our next earnings call.
With that I will turn the call to Stephen Gordon our CFO to review the financial the detailed financial results for the quarter and the full year.
Thank you Ali.
I will now provide some additional detail on the third quarter results and other financial information for the quarter and the year.
First of all now that we have received approval of all three of our Ocs products clinical trial revenue will no longer be a part of our sales. So I will no longer be reporting on both gross and net revenue is the same.
So for the third quarter of 2021 net revenue was $5 4 million.
This declined by $1 7 million from $7 1 million in Q3 of 2020.
In the U S. Net revenue was $3 1 million, which declined by $2 8 million from $5 9 million in Q3 of 2020 there.
There were two drivers of lower revenue performance in the quarter first.
We no longer had any clinical trial revenue for either Ocs heart or ocs liver both of the trials and related continued access protocol programs and.
Commercial.
September.
Okay.
For Ya Li.
Okay.
Yes.
Hello.
Okay.
Art.
Hello.
For 2020.
A quarter that was highly impacted by the COVID-19 pandemic.
The X U S revenue was $2 1 million for Ocs heart, and <unk> 2 million for Ocs lung.
Our gross margin for the third quarter of 2021 was 70% compared to 71% for Q3 of 2020 and up from 68% last quarter.
Our total operating expenses for the quarter were $15 5 million. This was up 61% from Q3 of 2020, which was unusually low due to COVID-19, and its flat from last quarter at $15 five.
The main drivers of our expense growth from Q3 of 2020 were increased resources and expenses related to preparing for the commercial sales.
Our full product line as well as the expansion of our National Ocs program.
And the early we have continued to invest in our overall resources and infrastructure to support the expected growth in the business as a result of the recent FDA approvals.
Our operating loss was $11 7 million in the third quarter of 2021 compared to $4 6 million in the third quarter of 2020, but our net loss for the third quarter of 2021 was $13 million compared to $5 1 million in the third quarter.
Finally cash cash equivalents in marketable securities were $102 9 million as of September 30th 2021, which equates to a reduction of $9 3 million from the balance at the end of Q2 2021.
And weighted average common shares outstanding for the quarter were $27 7 million.
As we look ahead and that's why I had mentioned, we expect to generate between seven and $8 million in revenue in the fourth quarter of 'twenty one.
This translates to expected net revenue of between 27, six and $28 6 million for the full year 2021, representing 8% to 12% growth over the full year 2020.
Well I would like to turn the call back to Waleed for closing comments.
Yes, I've been asked to.
Re re read the revenue section as maybe it was not quite clear.
So I will just.
Reread that part in the U S. Ocs lung net revenue was $2 3 million and Ocs heart net revenue was <unk> 8 million.
And all sales in the U S are now commercial sales outside the U S. Net revenue was $2 3 million.
$2 $1 million of that was Ocs heart and point 2 million was the ocs lung.
I hope that's clear.
Thank you Steven.
Overall, despite COVID-19 obstacles and the expected bumping us entails 2021 has proven to be a truly transformative year for <unk>.
We have every expectation that 2022 will be as well.
Earlier in the year, we outlined an ambitious timeline.
Four key major catalyst to be achieved.
Here, we are in November.
And I'm thrilled to say that we have delivered on every promise we made early in the year.
We have executed on target dropped 2021.
We plan to leverage our unique market position to laser focus on commercial growth in 2022, as we embark on even higher growth trajectory for transplants.
With unrivaled Ocs technology.
Three FDA approved products with broad transplant, enabling indications.
Solid operational footing and our National Lcs program, we are better positioned than ever to deliver on our growth goals and transform organ transplantation.
In conclusion our.
Our ocs technology and clinical programs have helped to expand the possibilities for so many patients and families desperate for Oregon transplants across the United States.
And as we take the next steps on our path, we remain extremely grateful for all of the donor families. Our patients trial investigators and their teams who have gotten us to this point.
With that I will now turn the call to the operator for questions and answers operator.
Thank you as a reminder to ask a question you will need to press star one on your telephone to withdraw your question perhaps to pound key.
We would like to ask a question press Star then the number one on your telephone keypad.
Your first question comes from the line of Bill Slavonic from Canaccord. Your line is open.
Great. Thanks, good evening.
Just a couple of questions first just as you start commercialization and we.
We.
Get the metrics I'm just trying to understand you are going after the cap study sites first for.
For both heart and liver wondering if we could get some color on kind of where you stood at the end of Q3 kind of where you expect to be at the end of Q4 and you are rolling into the additional sites and then the National Ocs program.
And then my second question is for the National Ocs program.
What number of kind of signed up do you have full national coverage.
<unk>.
Thank you Bill.
On the first question.
Our go to market strategy had these three well defined components of targeting the initial transplant programs followed by pipeline centers, followed by the National program.
As we've been in commercial World now for four with heart and liver for the last several weeks, we're seeing that demand.
Kind of pulling.
Pulling us.
From two to one and three to two.
No.
To be clear.
We plan to prioritize the clinical centers that have access to ocs and have training in Ocs. However, we expect that in Q4, there may be pipeline programs initiated.
Given there.
Poll dynamic that we're seeing post FDA approval.
The same thing applies to the National program, we are seeing national program being pulled potentially even earlier than 2022. However.
We're trying to kind of prioritize the other two.
From a granular perspective, I suspect that we will be active fully commercially active in Q4 I would say.
Somewhere between 30% to 50% of the trial center, so that puts us in anywhere between.
Seven to 10.
Heart centers and similar in the liver program, we are not going to have the full 25 heart centers and a full 20 <unk> centers active in Q4, we expect that to happen in early 2022.
So that's answering the first question.
The second question.
Hopefully I don't want I don't want to talk about it on this call, but hopefully next call. We are going to highlight some will be.
Momentum that is.
Have been injected into the National program through our commercial teams strategy to expand our national program.
To not just rely on opioids to be able to allocate oregon's but also involved the transplant program.
Net net we have teams that are covering the nine active regions that we are.
Obligated to today.
For heart and lungs were building our infrastructure on liver very rapidly here.
And we are hoping that by Q1 or.
Or early Q2, 2022, we'll be able to have a full breadth of the national program across the three organs.
Does that answer your question Bill.
It does thank you very much and then if I could follow up with just.
You have the data out there the FDA approvals out there now for heart and liver I was wondering if this is having an impact on the international business or just how we should think about that and thanks for taking my questions.
Thank you Bill.
I think absolutely.
But we're not going to see that tangible impact from international business anytime in 2021.
It just they move slower and reimbursement remains the big hurdle.
I can assure you that having all three oregon's approved by FDA is going to help some of our formalized reimbursement discussions with major.
Markets in Europe.
When do we see tangible proof of that is probably second half of 2022, I don't suspect it will have an earlier impact in that.
Great that's because the nature of that how things how long things take in Europe.
Thank you.
Your next question comes from the line of Allen Gong from Jpmorgan. Your line is open.
Hey, guys. So just diving into the guidance for a second I know this is the first time you are providing a full year target, but just looking at where street expectations were for the full year. It looks like you are.
Coming in modestly below, especially given that this will kind of be your first quarter with both.
Heart and liver Atlanta portfolio. So if I think about it it looks like you're only up a bit sequentially. So I wonder if you could provide just a little bit of guidance on how we should be thinking about the sequential growth and year three platforms. It looks like lung despite delta held in pretty well so going into fourth quarter should we expect.
<unk> improve your stay modestly flat and then between heart and liver what is the breakdown in growth that you expect.
Hi, Allen this is Stephen I can answer that question. So I think.
Because of what we're seeing in.
The Delta of area, we tend to have been conservative on LOE.
Adult expect much growth in lung sequentially from Q3 to Q4, and it's really a.
There's some unknown still out there with cold weather, we have some good weeks with with lung transplants, but then we'll have some really bad weeks I think the most of the momentum will be on heart, because we have a bit of a head start.
That was approved early in September so I think most of that the momentum will be there and then liver.
Just at the early stages of commercializing so that will be trailing behind so you can kind of give you a sense I would expect hard to lead.
Allowing it to be about the same and then liver kind of behind that that makes sense.
But alan to build on what Steven just said looking at it sort of on an annualized basis, yes deliver might be a little bit lagging behind the heart, but overall Q4, we expect to see some.
Significant liver revenue compared to Q3, and Q2, where it was nearly zero or at zero. So.
I think Steven is just given the.
The sort of.
The pace, but we expect to see three or against contributing to the revenue line.
With that with the cadence that Stephen described.
Got it and then just a quick follow up I know the dynamics are going to be a little bit different between trial to commercial but when we look at historically you were obviously able to generate really strong volumes from heart and liver, while they're undergoing their clinical trials. So when we think about where you can get to in the back half of 2022 once you.
Move pass a ramp up period in centers that you highlighted for the first half of the year is there any reason why we shouldnt expect you to be able to kind of get back up to the same unit per center levels.
Or do you think it's prudent to stay a bit more conservative and expect a more gradual ramp up as they kind of work around when to use the cases commercially. Thanks.
Thanks, a lot guys.
Thank you Allen I think.
We our expectation is to be at least at the same level if not above.
And we see the national program contributing.
A lot in the second half of next year to make that expectation of above.
Hopefully reality.
So that's that's where we stand right now where as we see that demand building up here at the end of 2021.
With just the awareness of the National program in the early early innings here.
We are forecasting that that that program could potentially be a major driver.
Or even growth beyond what we've what we've seen before what we've ever seen before.
Your next question comes from the line of <unk> far along from Morgan Stanley. Your line is open.
Thanks for taking the questions. This is Kelvin <unk> versus <unk>, just two questions for me.
You announced some pretty positive DCD topline results last week.
Six month data look pretty strong versus I think expand I think expand plus cap pooled analysis is showing six months survival of I think 92% versus the 95 here in the D. C arm. So could you just talk a little bit about what's next from here now with the PMA supplement submission behind you what does the path to approval and commercial.
Commercialization looks like from here and more importantly, how how would the DCD label change the rate of Ocs heart adoption of salaries in 'twenty two.
Yes, Thank you Kelvin.
Yeah. So.
Yes.
The DCD results, we're really.
Very very strong as we've stated before.
We see we see the PMA being approved.
In 2022, we see that DCD.
<unk> expansion.
Yes.
Providing an additional catalyst once that happens.
But our goal here is to continue to drive adoption within the DVD. The large DVD portion of the heart transplant.
Domain and.
Definitely.
We plan significant exposure to detailed data and potentially even publications by the time <unk>.
Meeting is here held in Boston in end of April 2022, all of that will maximize awareness maximize visibility to the data and I think we look at both DVD and DCD as that sort of that.
One two punch to grow our heart.
Footprint into into 2022.
Taking a step back and from a timeline perspective, we see from now until the DCD approval.
Carrier of our growth will be the DVD indication and.
Hopefully that the expansion of Bob.
Of the label with the DCD approval would be a second sort of.
Catalyzing effect later in the year once that happens.
Great. Thanks, and just my second question is just on.
Uhm, So I will stop here and we plan to map out the strategy in our first call of next year too you know as we see kidney as a potential end of 2022 kind of start to that kidney program that should give us enough 12 months headstart on getting hard.
Liver and lung solidified in a commercial setting in and out of the states.
Great Thankfully.
Her next question comes from the line of Josh Chattings from calling and call. Your line is open.
Hi, This is Brian here for Josh. Thank you for taking my questions Uhm to to start can I ask about the timing assumptions behind they expect to D. C. D hard approval I believe you referenced in approval in the second half of 2022 and your prepared remarks. So does this generally assume.
Ah Ah filing by year end in a review of six months or so and are you factoring in the possibility of a panel and your timing assumption and I have a follow up if I can.
Thanks, Brian Uhm, yes, the P. M. A supplement has already been filed.
So we're not assuming filing it's already been filed but we have to give the review team ample time to give us sort of concrete feedback whether or not we're going to a panel and if we do we have to assume 12 months Verizon. So we have we.
We have baked all that into our prepared comments to ensure that we're giving if the a full flexibility and we never predict uhm timelines when when Pma's are under review, but we feel very confident about the data if the indication has to go through another panel, we feel very confident in our ability to.
Uhm secure a positive panel for that indication, but we don't we don't we don't we don't know if that's gonna be the case, but for my timeline perspective, Brian we have to assume that that is a possibility and we have to you know buffer for that so that's what that comment I intended to achieve.
Okay makes sense and on D V D hard you referenced some confusion about the broadness of the U S label I believe this was a reference specifically to confusion among investors, but can you comment on whether there was also noise in the field about the label as well and just.
Yeah, I think I was experiencing some technical difficulties. When you gave this but I think you referenced 800000 in sales for D. V D hard in the third quarter, which would be in less than a month can you just comment on how this tract relative to your expectations.
Sure. Thank thank you, Brian So uhm that the specific comments, we made about preapproval sort of speculation was really from from some of our discussions with the investors and and and street noise that came after <unk>.
We did not experience any issues with the actual heart transplant community. The bottom line is we the the the indication speaks for himself and they're very broad.
And as a outlined in in the prepared remarks that it gives us access to the large huge pool of Unutilized D V D donor pool at the donor Hartzell. In addition, it gives us access right away to approximately 25% of the existing heart transplant.
Cases that are of four hours or more of cross time time uhm. So that that is very important so that their remarks were specifically on investors and the street kinda concerns you know that came out after the Panamanian regard.
And the revenue Oh, 800, K N in two weeks or two and a half weeks listen we always stated that we spend a lot of time working with F. D. A on napping out a whole new path for post market conversion two commercial revenue from trials that did not.
Look anywhere close to the what we what we've had to do for the lungs to accelerate adoption and accelerate the conversion pace from pre commercial to commercial and I think the 800 K is a solid validation that this process is actually working and so.
We we were hoping to achieve that and we achieved so for us it wasn't a surprise it while it was always the the hope to be able to achieve that with the process. We negotiated would that be it. So we were looking forward to continuing you know monitoring that pace in queue for an into 2020.
Two.
I hope that it addresses your question.
It does thank you again.
I assume I get to ask the question the spread of Sars and and number one on your telephone keypad.
Your next question comes from the lineup so large katya from up in heimer.
Minus open.
Hey, well each different can you hear me all right.
Can you hear me just fine slash.
Perfect forget the background noise. So <unk> as you look to Q4 and beyond.
Now the D C D heart data look really good.
How.
How do you think in terms of increasing utilization.
Her center.
Overall and on in Oregon basis, if I were to map out a pie chart with a national Crow Oh C. S program.
First is more feet on the ground versus you know just publications you mention what do you think would be necessary.
To increase utilization as you all think over the next four to eight quarters.
Thank you so much that's a very important question Suraj, we see three key important three important key factors here to drive deeper utilization and adoption.
One is awareness of the results. It is critical right now for the last several weeks the entire leadership of the commercial team has been heavily engaged in multiple one on one and national Webinars focusing on reminding the heart <unk>.
Unity and deliver community of our trial results. So that is the near term number one goal.
To engage with the community N N N N re acquaint them with the results in the aggregated results of expand and what it means you know highlight the D. C D results, but not highlighted too much. So we don't confuse the market and then you you execute the next <unk>.
<unk> is to get them engaged and starting using the technology and DVD Hearts, which they haven't used in a long time, so getting that engage in replicating nieces I'll send their own hand is is worth its weight in gold that's what generates a momentum and now the data that they saw theoretically now transfer.
Made it into data from their own hands, and then that starts the ball the ball Rolling and then the third element is the National program I think the National program. Once it is initiated for hot delivers is gonna be a huge catalyst or driver for further adoption because now.
Now that we've lived through them.
Hopefully the brunt of Covid Uhm mindsets are changing and nobody really the <unk>. The the majority of the time. Thank you Mary we're dealing with it really do not want to go out and procure these organs in the middle of the night to any longer and what they're doing what they're doing right now <unk> as they are.
Looking at Us evaluating US you know partnering with us to see if we can truly deliver on that turnkey solution, they're engaging with the long colleagues and and hearing positive feedback on in the early cases in the long. So we see that as continue continue.
So throughout the year.
Last element is to get all this data published and we're targeting we're putting an honest to ourselves that we are going to need that one of the last catalyst for 2021 deliver data to be published in a high impact journal before year end and we're on track to do that but the two hearts papers one for the full extent.
<unk> data for two year outcome as well as the D. C. D. A trial case results would all be published hopefully by the I S. H O P that is the target that we are targeting and on top of that we have a very wholesome program.
Plan for the I S. H O P meeting here in Boston for going deeper into the data highlighting the national program on a more open forums to make sure you know everything we've been talking about for the last six or nine months is is fully uhm disbursed throughout the community.
And and scientific for him like the eyes of Choky meeting I hope that addresses your questions for us.
Fair enough and well, even if I could for the for my second question I'll hop back in queue. It's a subpart question. So I'll leave you know B B C have you have seen the data right and the date is in in pockets is exceptionally good.
What is the single most pushback you're getting in the field for Ocs for any indication.
And also do you feel there is a need for harmonizing protocols more specifically related to heart worldwide. Thank you for taking my questions.
Thank you Sir is very very important questions. That's always the first one the only pushed back we get today Uhm for live Earnhardt is new programs wanting to make sure they understand the money flow and the commercial reimbursement uhm.
Really not reimbursement about how to optimize the reimbursement dollars and we have buttressed our team with you know black belt Uhm.
You know heart failure reimbursement expert.
<unk> just joined US in late October early November from extra our tech.
<unk> leader and she's well known to the field and that is helping tremendously uhm address these early kinda jitters and concerns about optimizing reimbursement dollars that is the biggest hurdle. We're seeing today, just lack of understanding of how to optimize their dream.
Mersman structure to accommodate the opiates and potentially even the national program service cost.
On the second part of the question.
The harmonization. Thank you for bringing this up we are going to start that path of the.
Leading discussions at academic societies, and scientific societies, starting in the I S. H O P. In April expanding it at the a T. C meeting in June because now we have that if the approval we have the national program we're actively.
Engaged with T. M. S. Now, we're really engaging now that we have all approvals in hand, so we are going to see a lot of activities and initiatives and 20 twenty-two towards that goal of harmonization and really redefining the protocols for the next standard of care, which would have ocs heavily involved.
And we will be a key catalyst and driver for these changes.
Thank you.
I didn't see any question at this time I will turn it over it back to the need for any closing remarks.
Thank you operator, we thank you all very much for taking the time to join US Tonight, when you're looking forward to our next call and you know have a great end of the year and would speak soon thank you very much.
This concludes today's conference call. Thank you for participating human now disconnect.
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