Q4 2021 Agile Therapeutics Inc Earnings Call

Good afternoon, and welcome to the agile therapeutics fourth quarter and full year 2021 financial results Conference call.

Operator: Good afternoon, and welcome to the Agile Therapeutics fourth quarter and full year 2021 financial results conference call. After today's presentation, there will be a question and answer session. Please dial Dar and the number one on your telephone.

After todays presentation, there will be a question and answer session to.

To ask a question press Star and then number one on your telephone.

Please note today's event is being recorded I would now like to turn the conference over to Matt Riley head of Investor Relations.

Matthew Riley: Please note today's event is being recorded. Matt Riley, Head of Invis- Hello everyone and welcome to today's conference call to discuss our fourth quarter and full year 2021 financial results and corporate developments. Before we start, let me remind you that today's call will include forward-looking statements based on current expectations, including statements concerning our financial outlook for the future, our outlook for the first quarter of 2022, management's expectations for our future financial and operational performance, our business strategy, and our assessment of the combined criminal contraceptive market.

Hello, everyone and welcome to today's conference call to discuss our fourth quarter and full year 2021 financial results and corporate update.

Matthew Riley: Among other statements regarding our plans, prospects, and expectations, such statements represent our judgments as of today and are not promises or guarantees and may involve risks and uncertainties that may cause actual results to differ from the results discussed in the forward-looking statement.

Before we start let me remind you that today's call will include forward looking statements based on current expectations.

Putting statements concerning our financial outlook for the future or outlook for the first quarter of 2022 management's expectations for our future financial and operational performance, our business strategy and our assessment of the combined for mental contraceptive market. Among other statements regarding our plans prospects and expectations.

Our statements represent our judgment as of today are not promises or guarantees and may involve risks and uncertainties that may cause actual results to differ from the results discussed in the forward looking statements.

Matthew Riley: Please refer to our filing to the SEC, which are available through the Investor Relations section of our website for information concerning risk factors that may affect the, We undertaking no obligation to update four of these statements, except as required by, The information on today's call is not intended for promotional purposes and not sufficient for prescribing. Joining me on today's call are Al Altomari, Agile Therapeutics Chairman and Chief Executive Officer, and Dennis Riley, Chief Financial. Following our prepared remarks, we'll open the call to your questions. Now I'll turn the call over to Devin.

Please refer to our filings with the SEC.

Are available through the Investor Relations section of our website for information concerning risk factors that may affect the company. We undertake no obligation to update forward looking statements, except as required by law.

The information on today's call is not intended for promotional purposes and not sufficient for prescribing decisions.

Joining me on today's call are Al Tomorrow, Agile Therapeutics, Chairman and Chief Executive Officer, Dennis <unk>, Chief Financial Officer.

Following our prepared remarks, we'll open the call to your questions I will now turn the call over to Devin.

Thank you Matt.

Devin: Thank you, Matt. Thank you all for joining us on our call this afternoon. I will review the key areas of our financial performance for the fourth quarter and full year 2021 and then discuss our cash position and plan to finance the company. I will then hand the call over to Al for an update on our business plan for 2022. Overall,

Thank you all for joining us on our call. This afternoon.

Devin: 21 was our first full year of commercialization and saw steady growth in twerla across a number of metrics in both the man and revenue as we sought to establish twerla in the market. Dealing with revenue, we realized net product sales revenue of 1.5 billion in the fourth quarter, as compared to 1.3 million in the third quarter of 2021. Our net revenue for the fourth quarter was at the high end of the range we guided in January and brings us to $4.1 million in revenue for the full year 2020, including cost of product rent. Moore 2021 was $5.7 million, which included a $4.5 million inventory obsolescence charge for product not expected to be sold prior to its shelf life. 12 months prior to expiry.

I will review the key areas of our financial performance for fourth quarter and full year 2021.

And then discuss our cash position and plan to finance the company.

I'll, then hand, the call over to al.

Paid on our business plan for 2022.

Overall 2021 was our first full year of commercialization and we saw steady growth in squirrel across a number of metrics in both demand and revenue as we had thought to establish tortola in the market.

Beginning with revenue, we realized net product sales revenue of one 5 billion in the fourth quarter.

As compared to $1 3 million in the third quarter of 2021.

Our net revenue for the fourth quarter was at the high end of the range we guided in January .

$4 $1 billion of revenue for the full year 2021.

Our cost of product revenue for Q.

For 2021 was $5 7 million.

Which included a four and a half million dollar inventory obsolescence charge for product not expected to be sold prior to its shelf life, which is 12 months prior to expiry.

Devin: The full year cost of product revenue was $10.7 million, including $5.9 million of it. Absolutely While we believe we have managed our inventory down to a level that more closely tracks the demand and will continue to closely monitor this area and take the appropriate steps when this happens, your spells. $18.2 million in Q4 2018, versus $17.2 million in the same period a year ago. And again, we're within our guidance of $17.5 to $19.5 million communicated in January. Full Year Operating Expense, for $4.4 million dollars, compared.

Full year cost of product revenue was $10 $7 million.

<unk>.

$49 million inventory obsolescence reserves.

While we believe we have managed our inventory down to a level that more closely tracks to demand.

Continue to closely monitor this area.

Take the appropriate steps when necessary.

Our operating expenses were $18 $2 million in Q4, 2021 versus $17 2 million in the same period a year ago.

And again, well within our guidance of 17.5 to $19 $5 million communicated in January .

Hold your operating expenses were 64 $4 million.

So $49 $5 million in 2020.

The overall increase was primarily related to our spend on support Malibu.

Devin: $29.5 billion in 2020, and the overall. Hi Merlin, whose time is spent in support of building and promoting our TOROLA brand. In order to establish it in the marketplace through our direct consumer, marketing, and our sales force. Place for the full year of 2021, and remain focused on maintaining our. Funding Approach and making the right investments to encourage... Group while implementing what we believe to be impactful partnerships and agreements. Al will provide more detail on our 2022 business plan in a moment. We anticipate our quarterly spending for the first quarter of 2020. I appreciate it, and it should be in the range of $16 to $18 million. Roblin King Spind and Product Superbatches and Brand Marks

Evolving our smaller brands.

Stop loss.

It plays to our black.

Our D C market.

Our sales force, which wasn't a place for the full year of 2021.

We remain focused on maintaining our disciplined spending approach and making the right investments toward strategic growth.

Okay.

We believe to be impactful partnerships and agreements.

Al will provide more detail 2022 business plan.

Yes.

We anticipate.

<unk> spending for the first quarter of 2022 to decrease slightly.

To me the range of $16 million to $18 million well spent.

Product sample batches and brand in the market.

Devin: This reflects our plan to reduce spending in other parts of our office and wanted to maximize and focus our investment. Stotts, Lentidos Stout, Jim Botticelli, Ian Walters, and Mine closed out the fourth quarter 2021 with a net loss of $23.4 million, or $0.20 per share, compared to a net loss of 17.6 million dollars, or $0.20 per share for the comparable period in 2020. The whole year net loss was $74.9 million, for $0.77 per share.

This reflects our plan to reduce spending in other parts of our operations.

Maximize folks vegetables.

The DTC campaign with Al will describe.

We closed out our fourth quarter 2021, with a net loss of $23 $4 million or 20 cents per share.

The net loss of $17.6 million.

[noise] washed 20 cents per share.

Malte period in 2020.

Well a whole year net loss was 74 $9 million or 77 cents per share.

Devin: Petit, and I'm ready to go. Thank you. Have a great day. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

1021.

51, 9 million or 61% in 2020 .

Unnamed Speaker: [inaudible] for $0.61 per share in 2020, at December 31st, 2021. Cash, Cash Equivalent, of $19.1 million, as compared to $14.7 million of cash in cash equilibrium, at the end of the third quarter of 2021. This increase on hand related to a public office... Swarthmore, netting $21.1 million, offset by a working capital Scott Coiante, Nazibur Rahman, We continue to explore financing options, to support the growth of TWRL. Our plan to finance the company is focused on three parts.

At December 31, 2021.

Cash cash equivalents.

$19 1 million.

Yes.

Compared to $14 7 million of cash and cash equivalents at the end.

Third quarter 2021.

This increase.

Ladies public offering completed in the fourth quarter level of 21 $1 million offset by a working capital fund.

Okay.

Financing update.

We continue to explore financing options to support the growth of tomorrow.

Unnamed Speaker: One, working down our debt facility with perceptive advisors. Two, regaining compliance with the NASDAQ listing requirements, and three, raising additional capital. We currently have no plans to further leverage and, therefore, will not add additional funds under our debt facility.

Our plan to finance the company is focused on three parts.

One working down our debt facility with perceptive advisors.

To regaining compliance with the NASDAQ listing requirements and three raising additional capital.

We currently have no plans to further leverage the company and therefore will not add additional funds under our debt facility.

Devin: On January 22, we retired $5 million in debt from Perceptive Advisors, reducing our debt to $15 million, in exchange for relief on certain of our financial covenants. In the second quarter, we plan to make another payment of $5 million in principle in exchange for further release. In March 2022, we closed a $4.85 million registered direct offering of preferred stock with a single healthcare focus. Schoenbeck.

January of 'twenty, two we retired $5 million of debt from perceptive advisors, reducing our debt to $15 billion in.

In exchange for relief on certain of our financial covenants.

And in the second quarter, we plan to make another payment of $5 million in principle in exchange for further relief.

In March 2022, we closed a $4.85 million registered direct offering of preferred stock with a single healthcare focused institutional investor.

Devin: In addition... We anticipate an additional 4.7. Funding in the coming weeks from the sale of New Jersey Net Operating Loss, as we have previously reported. We were notified by NASDAQ that we are out of compliance with their minimum bid requirement, which requires our stock to trade consistently over $1, and that we have until May 9, 2022 to regain compliance, while we might be able to secure an additional six months to regain compliance.

In addition, we anticipate an additional $4 7 million in funding in the coming weeks from the sale of New Jersey net operating losses.

As we have previously reported.

We were notified by NASDAQ that we are out of compliance with their.

Minimum bid requirement.

Which requires our stock to trade consistently over $1.

And that we have until may nine 2022 to regain compliance.

While we might be able to secure an additional six months to regain compliance we are working to regain compliance by nasdaq's original target date, we believe that increasing the price of our common stock at this time would allow us to regain compliance with Nasdaq.

Devin: We are working to regain compliance by NASDAQ's original target. We believe that increasing the price of our common stock at this.., would allow it, gain compliance with NASDAQ and better position us for further fundraising, thereby helping. Rift with Tom, to that purpose.

And better position us for further fundraising.

Thereby helping to Derisk the company.

To that purpose, we have called a special meeting of stockholders on April 21, 2022 to seek approval for a reverse stock split.

Devin: We have called a special meeting of... on April 21st, 2022, to seek approval for a reverse stock split. We will require additional capital. Steve Argole of Being Cash Flow Proud, We anticipate that as our sales growth continues to gather momentum, our optics on revenue will become clearer and allow us to better define the path and timeline.

We will require additional capital to achieve our goal of being cash flow positive we.

Dissipate that as our sales growth continues to gather momentum our optics on revenue will become clearer and allow us to better define the path and timeline to positive cash flow.

Alfred Altomari: We will continue to evaluate all options available to us to finance the company, including further equity out, and various business development and partnership opportunities, to accelerate our path to progress. We believe we ended 2021 with momentum behind Corolla and a focused, targeted plan to build on that momentum in 2020, which Al will now describe. Alright. Thank you, Dennis, and thank you, Matt.

We will continue to evaluate all options available to us to finance the company, including further equity offerings.

Various business development and partnership opportunities to accelerate our path to profitability.

We believe we ended 2021.

Tortola and a focused targeted plan to build on that momentum in 2022, which al will now describe for you al over to you.

Alfred Altomari: And thank you, everyone, for joining us today and continuing to follow our story at iOS. Dennis referenced our belief that in 2021, we began to build momentum for tomorrow. I want to spend my time today providing further context and highlighting our plan to build on that progress throughout 2022. In the first half of 2021, we laid the foundation for TOROLA by deploying our Salesforce platform and sampling program to create awareness among health care providers.

Great. Thank you Dennis and thank you, Matt and thank you everyone for joining us today and continuing to follow our story at agile Dennis.

Dennis referenced our belief that in 2021, we began to build momentum for <unk>.

Wanted to spend my time today, providing further context and highlighting our plan to build on that progress throughout 2022.

In the first half of 2021, we laid the foundation for <unk> by deploying our sales force and sampling program to create awareness with health care providers.

Alfred Altomari: Beginning in the third quarter of 2021, we started to see consistent and meaningful demand. From the end of the third quarter to the end of the fourth quarter of 2021, we saw the following. Total cycle suspense grew 35% to 12,840% Total Prescriptions, or TRI. Group 33% to 9,830% [inaudible] New prescriptions, or NRXs, grew 22% to 4,385. Refills grew 47% to 5,456, and tone prescribers grew 40% to 4,640 prescribers.

In the third quarter of 2021, we're starting to see consistent and meaningful demand growth from.

From the end of the third quarter to the end of the fourth quarter in 2021, we sold the following.

Total cycles dispense grew 35% to 12849 total.

Total prescriptions for <unk> grew 33% to 9837, new prescriptions for interactions grew 22% to 4381 refills grew 47% despite.

456, and total prescribers grew 40% to 4640 prescribers.

Alfred Altomari: Another quarter of double-digit growth is encouraging, and we believe there are many signs of a healthy, growing brain. For instance, the level where you

Another quarter of double digit growth is encouraging and we believe there are many signs of a healthy growing brand for instance, the level of refills.

Alfred Altomari: Now our objective is to continue this trend into 2022 by executing on our business model. We believe we've designed a plan that could allow us to continue to build on this team and the Toilet Growth while assuming no changes in the Reimbursement or Affordable Care Act that we've signed. We believe that any positive changes in reimbursement and the ACA could have potential upside for growth in Pretoria in 2022. This plan has three primary components that we think will contribute to reaching our objectives.

Now our objective is to continue this trend into 'twenty two by executing on our business plan.

We believe we design a plan that could allow us to continue to build on this team and the toilet grows well assuming no changes in the reimbursement for Affordable Care Act Arena.

We believe that any positive changes in reimbursement and the ACI could have potential upside on the growth of <unk> in 2022.

This plan has three primary components that we think will contribute to reaching our objectives.

Alfred Altomari: First, our partnership with the faculty. In January 2022, we launched our co-promotion partnership with a faculty member through their group purchasing organization, which primarily provides services to the non-retail channels. And AFAXIS has the potential to reach over 25,000... including colleges and universities, student health centers, and Planned Parenthood.

First our partnership with the faxes.

In January 2022, we launched our co promotion partnership with faxes through their group purchasing organization, which primarily provide services to the non retail channel and.

And in fact as has the potential to access to over 25000 accounts, including colleges and University student health centers and planned Parenthood.

Alfred Altomari: We have previously stated that access to Planned Parenthood is a priority for Agile and Twirland, and we believe the partnership with a faxist gets us there in an efficient, targeted way. The growth graph we just showed and have shown today reflects the traditional retail channel. Generally, retail sales are units dispensed to the end user at the pharmacy or through mail-order telemedicine, and non-retail sales are units sold or dispensed to public health clinics or institutions in the second quarter of 2021.

We have previously stated that access to planned Parenthood was a priority for agile, hence orla and we believe the partnership with the faxes gets us there and an efficient targeted way.

The growth rate, we just showed and have shown to date reflects traditional retail channel.

Generally retail sales or units dispensed to the end user at pharmacy or through mail order telemedicine, and non retail sales or units sold or to spend to public health clinics where institutions.

In the second quarter of 2021 a single.

Alfred Altomari: Single State, Purchased 2200 Non-Retail Union, which showed us the potential impact that this non-retail channel can have on our business. We believe that FACSIS and its sales can deliver on the non-retail growth, and we expect to see contributions from that channel ramped up throughout 2022. The second component of our business plan is to focus on California, the largest U.S. market for contraceptives, through to a preferred position on the Medi-Cal formula. On last quarter's call, we announced that Medicare, the largest Medicaid program in the United States, added twirl to the preferred run.

Single State purchased 2200 non retail units.

Which showed us the potential impact that this non retail channel can have on our business.

We believe that a faxes and it's salesforce can deliver on the non retail growth and we expect to see contributions from that channel ramp throughout 2022.

The second component of our business plan is to focus on California.

Larger U S market for contraceptives through the preferred position when that account formulary.

On last quarter's call, we announced that Medicare.

The largest Medicaid program in the United States added toilet to the preferred drug list.

Alfred Altomari: As of October 1st, 2021, the Preferred Drug Place for Medi-Cal applies to those beneficiaries who received their pharmacy benefits through the Fee-for-Service plans and related programs, with the remainder of the beneficiaries gaining access as of January 1, 2020.

As of October one 2021, the preferred drug placements for Medicare applied to those beneficiaries, who received their pharmacy benefits through the fee for service plans and related programs with the remainder of the beneficiaries gaining access as of January one 2022.

Alfred Altomari: This is significant for Agile and TORLA because Medi-Cal provides health care to approximately 15 million beneficiaries, and one third of the existing patch market comes from Medicaid. Because TORLA is now active in the Medi-Cal format. Driving Twirl Awareness and Adoption in California is a priority, which leads us to the third component of our business. We are excited to announce a brand new Twirla direct-to-consumer commercial that will air on Connected TV, also known as CTV, and it's set to launch in early April.

This is significant for agile and tortola, because medico provides healthcare to approximately 15 million beneficiaries and one third of the existing patch market comes from Medicaid.

<unk> is now active on the Medicare formulary, driving awareness and adoption in California, as a priority, which leads us to the third component of our business plan.

We are excited to announce a brand new twilla direct to consumer commercial that will air on connected TV also known as <unk> and is set to launch in early April .

Alfred Altomari: The tagline for this commercial is Patch and Play, and the objective of this spot is simply, We want patients to ask their doctors about twirls. For those of you who are unfamiliar with CTV, it refers to internet-connected video streaming across smart TVs. , desktop, mobile, and tablet, which allows us to buy exposure to specific target viewers wherever they are watching streaming content, rather than buying space on particular TV shows or Netflix.

The tagline for this commercial is patch and play.

And the objective is a spot that simple we want patients to ask their doctors about twirling.

For those of you who are unfamiliar with CTV.

First the internet connected video streaming across smart Tvs.

Toss mobile and tablet, which is allows us to buy exposure to a specific target viewers.

Wherever they are watching streaming content, rather than buying space, and particularly TV shows or networks.

Alfred Altomari: We are deploying the commercial, with a highly targeted, efficient focus on women in our target age demographic, 18-24, in the big five states of California, Texas, Florida, Illinois, and New York. These states have large markets for contraceptives and potentially strong commercial coverage for twirling. By targeting these five states, we believe we're able to reach between 41% and 45% of our key customer base in this country, which is approximately 5.7 million women ages 18 to 20.

We are deploying the commercial with a highly targeted efficient focus on women in our target age demographic 18 to 24 and the Big five States of California, Texas, Florida, Illinois, and New York.

These states have large markets for contraception, and potentially strong commercial coverage for 12 months.

By targeting these five states, we believe we're able to reach between 41% 45% of our key customer base in this country.

Were approximately $5 7 million women ages 18 to 24.

Alfred Altomari: For those of you interested in viewing the ad, Oren and 18 and 24-year-old... It will be made available on Twirla's YouTube channel and, in the future, on AgileTherapeutics.com. We've been adamant that traditional cable TV is an inefficient, mass-advertising approach that does not land directly on our target twirler audience. Moreover, we believe cable TV is an expensive strategy and is currently not a responsible way to utilize our valuable consumer marketing dollars.

For those of you interested in viewing up the AD toward an 18 to 24 year old woman. It will be made available on <unk> Youtube channel and in the future on agile therapeutics Stockholm, we've been adamant that traditional cable TV is.

And inefficient mass advertising approach that does not land directly on our target.

Audience.

Moreover, we believe cable TV is an expensive strategy. It is currently not a responsible way to utilize our valuable consumer marketing dollars we.

Alfred Altomari: We think CTV is a highly targeted and cost-effective way for us to reach nearly half of our target. DTV is the next phase of our DTC approach to increase twirl awareness and encourage Twirl Adoption. This complements the digital DTC programs we announced on the third quarter call 2021. And it's worth noting that we are seeing. There are notes for all the sales representatives producing prescriptions.

We think CTV is a highly targeted and cost effective way for us to reached nearly half of our target market.

Yeah.

CTV is the next phase of our DTC approach to increase <unk> awareness and.

And encouraged twirl adoption.

This complements the digital DTC programs, we announced on the third quarter call of 2021, and it's worth noting.

We are seeing territories.

There are notes for those sales representatives producing prescriptions. We believe this signals that current DTC efforts are gaining traction and producing results.

Alfred Altomari: We believe this signals that current DTC efforts are gaining traction and producing results. This is the plan we have in place for 2022, and our focus is on building upon the momentum we established throughout 2021, the FACTSUS partnership, and the new Medi-Cal program development, have effectively come online in January of 2022. And we expect that the contribution to our growth to grant, well into 2022. This 4LSD TV commercial will air early in April 2022, and we believe will contribute to the demand growth we're seeing.

This is the plan we have in place for 2022, and our focus is on building upon the momentum we established throughout 2021 the effects apart. The fact this partnership and the new Medicare program developments have effectively come online in January of 2022, and we expect that the contribution to our.

Growth to ramp well into 2022.

It's oral as CTV commercial will air early in April 2022, and we believe will contribute to the demand growth were seeing even without these components being fully deployed in the first quarter. We sold the brand's momentum continue as you will see on the graph here that shows the four.

Alfred Altomari: We saw the brand's momentum continue, as you will see on the graph here that shows the four-week rolling average for the fourth quarter of 2021 and the first quarter of 2022. This is why we have come to believe that as our key initiatives for 2022 begin to contribute to our overall results, our business plan can be successful. Before we get into the Q&A, I want to touch on the federal activities surrounding the enforcement of the Affordable Care Act.

Or week Rolling average for the fourth quarter of 2021, and the first quarter of 2022.

This is why we have confidence that as our key initiatives for 2020 to begin to contribute towards for our results our business plan can be successful.

Alfred Altomari: We believe the high interest level regarding contraceptive access and the implementation of the ACA requirements, across advocacy groups, members of Congress and the Senate, Congressional and Senate Committee Chairs, is an effort to support a basic sound policy. Women and their providers are the best determinants. Contraceptive Care. As a result of that interest in January 2022, the U.S. Department of Labor, Health and Human Services and Treasury updated guidelines, reinforcing the requirements for most commercial insurers and their PBI, to cover all FDA-approved contraceptives at no cost if deemed medically necessary by them provide. They specifically indicated that the plans may not require patients to try and fail multiple options, will require patients to try methods other than the one recommended.

Before we get into Q&A I wanted to touch on the federal activities surrounding the enforcement of the Affordable Care Act for the ACI.

We believe the high interest level regarding contraceptive access and the implementation of the HCA requirements across advocacy groups members of Congress and the Senate.

Rational and Senate Committee chairs as an effort to support our basic sound policy.

Women and their providers are the best determinants of contraceptive care.

As a result of that interest in January 2022.

Department of Labor Health, and human services, and Treasury updated guidelines reinforcing the requirements for most commercial insurers and Pbms.

Cover all FDA approved contraceptives at no cost if deemed medically necessary by the provider.

They specifically indicated that the plans may not require patients to try and fail multiple options require patients to try and methods other than the one recommended.

Operator: In addition, Health Resources Services, also known as HRSA, updated their Women's Preventive Service Guidelines for plan years beginning in 2023 to include coverage of all FDA-approved, granted, or clear contraceptives being made available as part of contraceptive care. These updated guidelines are potentially significant. We will continue to engage with plans as they begin to evaluate their practices to comply with the ACA requirements, and we will continue to monitor developments in this area very closely.

In addition.

Health Resources services were also nodes HR SA updated their women's preventive service guideline for plan years, beginning in 2023 to include coverage of all FDA approved granted.

Clear contraceptive be made available as part of contraceptive care.

These updated guidelines are potentially significant.

We will continue to engage with plans as they begin to evaluate their practices to comply with the ACA requirements. We will continue to monitor developments in this area very closely.

Operator: We think we have a well-designed plan for 2022, and if we continue to execute consistently, we can achieve meaningful progress in building our business in 2022. We'd like to give a chance for our covering analyst to take this opportunity to ask us any questions. Operator, Yminal, open the line for Q&A. Star, and the number one on your telephone keypad.

We think we have a well designed plan for 2022, and if we continue to execute consistently we can achieve meaningful progress in building our business in 2022.

We'd like to give a chance for our covering analysts take this opportunity to ask any questions. Operator, you may now open the line for Q&A.

Ladies and gentlemen, this does a room.

Minder, if you'd like to ask a question. Please press star and the number one on your telephone keypad.

Leland: Once again, that is Star. Hi. Congratulations on the progress. Thanks for taking my question. A couple of questions. First, just as you expand the DTC campaign, I just want to ask if you have any metrics or kind of feedback on the effectiveness of the different aspects of your DTC initiatives. And also, with respect to enforcement under the ACA, I just want to ask if you've seen any tangible signs of either enforcement or the threat of enforcement, and how that may have positively impacted TORLA at this point.

Again that is star and the number one.

Your first question comes from the line of Leland Gershon.

Hi, congratulations on the progress thanks for taking my question.

Couple of questions first just as you.

The DTC camp.

Campaign, just wanted to ask if you have any metrics or kind of feedback on the effectiveness on the different aspects.

Of your DTC initiatives and also with respect to the enforcement under the HCA.

Just wanted to ask if you've seen.

Any tangible signs of either enforcement for threat of enforcement, how that may have positively impacted towards the at this point. Thank you.

Yes. Thanks.

Alfred Altomari: So let's do them in order. Your first question about metrics or signs of DTC. So we're pretty excited about what we're seeing so far. I mentioned in my talk that clearly DTC works better when we have a sales representative in front of a doctor while we're deploying DTC. It's clear that that's, you know, the best outcome.

So assuming the order your first question about <unk>.

Metrics or signs of DTC.

So we're pretty excited about what we're seeing so far I mentioned in my talk.

Pat.

Clearly DTC works better when we have a sales representative in front of a doctor.

We're deploying DTC, it's clear that thats.

Best outcome, but we haven't kind of.

We won a kind of an experiment, we look at where we said well why don't.

Alfred Altomari: But we have kind of an experiment we look at where we say, well, where do we not have sales representatives? We have zip codes and, in some cases, states where we don't have sales representatives that we said, well, let's deploy DTC and see if we can move the needle. And we can. So we know DTC is strong enough to work on its own.

We have sales representatives, we have ZIP codes in some key states, where we don't have sales representatives that we had also deploy DTC and see if we can move the needle and we can so we know DTC is strong enough to work on its own we know its better when it's works in comp.

Alfred Altomari: We know it's better when it works in parallel with our sales force. So that's an important metric for us, so it gave us confidence to say, okay, let's take it to the next level, because our DTC has generally been, you know, Amy Welsh, our head of marketing, you know, I'm not sure if she would agree if I call it print advertising, but it's print, it's flat media, it's for the most part digital, you know, print.

In parallel with our sales force. So that's an important metric for us. So it gave us confidence to say, okay, let's take it to the next level because our DTC has generally been.

Amy Amy Welsh our head of marketing.

To what degree if I call it print advertising, but at sprint.

Media and for the most part digital print and it works really hard, but we think we could take to the next level and that's why we're excited about the CTV is the video video we don't want to call. It a commercial but it's a video.

Alfred Altomari: And we're working really hard, but we think we can take it to the next level, and that's why we're excited about CTV. It's a video, it's a video, we don't want to call it a commercial, but it's a video.

Alfred Altomari: Hopefully, you'll get not only a good laugh at it, you know, because we know that the number one, and, if you will, advocate for a brand is a woman's girlfriends. You know, that's why we do the influencer programs we do. So we want to take advantage of that dynamic. So then the other metric we look at, just to complete the answer to you, is when we run media, do we light up our websites and, you know, do we get, you know, traffic? And we do. So we see a pretty quick response. So we know it works.

Hopefully you'll get a not only a good laugh at it because we.

It shows women and interacting with other women, because we know that the number one and.

And if you will advocate for our brand as a woman's girlfriends.

That's why we do the Influencer programs, we do so we wanted to take advantage of that dynamic so.

So then the other metric we look at just to complete the answer to you as we look at when we run media that we light up our web sites.

How do we get traffic than we do so we see a pretty quick response. So we know it works. We know can work harder and then what we want to do is be smart with but as I mentioned in the talks because we know were thrown in DTC in that some states, where we don't have great coverage and we don't have enough of a sales footprint. So we said why why do we deploy.

Alfred Altomari: You know, we know it can work harder. And then what we want to do is, you know, be smart with it, as I mentioned in the talk, because we know we're throwing a DTC into some space where we don't have great coverage or we don't have enough of a sales footprint. So we said, why do we deploy our spending? Let's go heavier in areas that the pump's already primed, if you will

We are spending let's go heavier in areas that.

Pumps already primed, if you will sell it sales force footprint.

Alfred Altomari: So with Salesforce footprint, you know, reimbursing coverage and, you know, obviously, you know, high density. So that's why we picked the big five. So, you know, that's what we looked at, Leland, to kind of get to the next level. The second question you asked is about the ACA.

Reimbursement coverage.

Obviously high density so that's why we picked the big five so that's.

That's what we looked at it we wanted to kind of get to the next level.

Second question you asked was about the ICA.

Alfred Altomari: You know, I wish I could tell you that we're seeing a lot of changes in behavior. We're seeing a lot of interest, and a lot of activity. We've gotten inbound calls, you know, about our coverage. And so I think the issue has come to at least the forefront of the insurance company, the PBM's, mind. You know, but now it's got to get to the next level. We've got to change behavior. And so we're starting to see that work a little bit better, you know. So we get better conversion of our scripts.

I wish I could tell you that we're seeing a lot of changes in behavior.

We're seeing a lot of interest a lot of activity, we've got an inbound calls.

Our coverage and so I think.

The issue has come to the forefront.

The insurance company the Pbms mind.

But now it's got to get to the next level that we've got to change behavior and so we're starting to see that.

Work, a little bit better so we get a better conversion of our scripts I don't think it's a coincidence that we had our best month ever in.

Alfred Altomari: You know, I don't think it's a coincidence that we had our best month ever. And, you know, I'll put my neck on the line a little bit. You know, we saw the highest growth we've seen in this brand in March, and we're not quite over yet. So we see, we think the market's evolving, Leland, you know, probably not as fast as I want. So we said, let's just develop a business plan that says, "status quo." We've got a plate of cards we're dealt, and that's what we're doing.

Put my neck on the line a little bit we.

We saw the highest growth we've seen in this Brandon that March is not quite over yet. So we see we so we think we think the market's evolving Cleveland now probably not as fast as I want. So we said, let's just put just develop a business plan that says status quo, we got to play the cards we're dealt.

What we're doing and we're just.

Alfred Altomari: And we're just, you know, I hope I could say to you at the end of the first quarter that we put up three monster quarters in a row where we've grown our top units well over 30%. To keep compounding 30% on 30% on 30% on the cycles going out the back door, you know, it's just, I think, a great testimony to the brand and to the people in our company. So, you know, we're optimistic, and we just see it as an upside, Leland.

I hope that I can say to you at the end of the first quarter that we put up three months or quarters in a row, where we've grown our top units, while over 30% to keep compounding, 30% or 30% on 30% on the cycle's going out the back door.

It's just I think a great testimony to the brand in our opinion the people in our company. So.

So we're optimistic and we just see it as an upside in Cleveland, We think based on these guidelines Rachel RSA.

Alfred Altomari: You know, based on these guidelines for HRSA, you know, and then, you know, we think that what's going on in D.C. and the awareness, we still think our better days are ahead of us, but it doesn't mean it's gloom and doom right now. We're motoring right now, and, you know, we've officially dropped the flag and said we've got momentum on this brand. We don't see growth.

We think that what's going on in D. C and the awareness, we still think our better days are ahead of us, but it doesn't mean, it's going to do them right now we're motoring right now.

We've officially dropped the flag and said we've got momentum of this brand we don't see growth, we see real momentum now. So we're pleased we wanted to we would want to do more and I think these initiatives we didn't.

Alfred Altomari: We see real momentum now, so we're pleased. We want to do more, and I think these initiatives we did, hopefully, will accelerate that. But for right now, we're pleased. And so, you know, on the ACA side, the scripts go through a little bit easier.

Hopefully accelerate that but for right now we're pleased and so on the ICD.

Cleveland scripts go through literally a little bit easier, we're seeing some upside we think theres less friction if you will in the marketplace, but not enough just yet so.

Alfred Altomari: We're seeing some upside. You know, we think there's less friction, if you will, in the marketplace, but not enough just yet. So we think it's an evolving story, but, you know, we're ready. You know, we'll keep working hard with the cards we're dealt.

No.

An evolving story, but you know.

We're ready.

We will keep working hard with them.

The cards, where dolphin in the meantime, we see that as a big upside for later in 'twenty, two and then hopefully in the 'twenty three so if you'd like to 30% 35% growth.

Alfred Altomari: And, you know, in the meantime, we see that as a big upside for later in 22 and hopefully in the 23. So if you'd like the 30, 35% growth, let that get cleaned up and we'll really rock. Sorry, but yeah, two really important questions, so. Not at all very helpful.

Let that get cleaned up and we'll really rock.

Sorry, yes, two really important question.

No no not at all very helpful. Thanks, So much al.

Great.

Oren Livnat: Thanks so much, Al. Your next question comes from the line of Oren Livnat with H.C. Wainwright. Hey guys, thanks for taking the questions. And yeah, yeah, nice growth curve you got going. I hope you can keep it up.

Your next question comes from the line of Oren <unk> with H C. Wainwright.

Hey, guys. Thanks for taking the questions and nice growth curve, you got going I hope you can keep it up.

Regarding these I guess key focus.

Areas for 2022 in terms of the you know the most exciting growth opportunities you've called out being met a cow and the effects as I was just hoping if possible you can just help me better understand.

Oren Livnat: Um, regarding these, I guess, key focus areas for 2022, in terms of, you know, the most exciting growth opportunities you've called out, being Medi-Cal and the F-AXIS. I was just hoping, you know, if possible, you could just help me better understand. I guess sort of the size of those pies, potentially. I think you said that one-third of all patches go through Medicaid. I guess that's overall Medicaid. Are you able to give us a sense of what sort of, you know, CHC volume, prescription volume, patch, maybe specific volume goes through Medi-Cal specifically?

I guess what are the size of those pies potentially I think you said that one third of all patches go through Medicaid I guess, that's the overall Medicaid.

Well to give us a sense of what sort of CHD volume prescription volume patch, maybe specific volume goes through medic health specifically.

Oren Livnat: And on the F-axis front, I guess, you know, I don't really have a great idea. I mean, I know that's not, it doesn't show up on IQVIA, right? That's a volume I can't track. Can, are you able to give us any sense of sort of how big it is?

Alfred Altomari: The volume of their overall, you know, contraceptive portfolio business is, you know, just so we can have a sense of what kind of scale potential exists within those channels, and I have a follow-up or two. Super questions, Oren. Let's talk about Medi-Cal first. California is roughly in line with the nation. So, in general, about a third of the current patch volume in this country runs through the Medicaid program. And we see that in California.

<unk> and pads volume in this country cut runs through the Medicaid books, and we see that in California. So.

Alfred Altomari: You know, I don't have the back numbers in front of me, but it's a huge potentially market for us to run through that Medicaid book. It's meaningful. It can move the national needle itself. What's exciting for me is that, you know, generally you put reps in front of doctors and you say, well, it takes multiple times to kind of, you know, get doctors to write product Oren. Like the first week of January, we saw scripts and kind of, not many, but we saw California scripts.

You don't have the exact numbers in front of me, but it is a huge potentially market for us throughout running through that Medicaid book.

It's meaningful can move the national Nito itself.

What's exciting for me is that generally put reps in front of doctors and you say well it takes multiple times that kind of.

Get doctors the right product orin.

The first week of January we saw scripts and calls not many but we saw California, Scripps and is growing at a pretty nice clip. So I think of market share sometimes are our market share in California in Medicare in California, It might be.

Alfred Altomari: And it's growing at a pretty nice clip. So, I think of market share. Sometimes, our market share in California and Medi-Cal and California might be at or beyond the national market share we have. You know, so we're already doing as well in Medicaid, in Medi-Cal, I'm sorry, after two months that we took us to the better part of 21. That shows you how excited the doctors are in California. So, you know, which I had at hand, the size of the market, but it patches our big piece of business there.

At or beyond the national market share we have so we're already doing as well in Medicaid and Medicare I'm, sorry effort two months that we took us the better part of 'twenty. One that shows you how excited the doctor's Orange, California.

I wish I had at top of hand talking about the size of the market but.

It's patches patches are a big piece of business there that sits at <unk>.

Alfred Altomari: It fits a significant amount of volume in California. It's meaningful to move the national needle. So, the other thing with a fax is that they have their own brands, so they have a lot of generic pills they sell. So they have their own products. They obviously don't have a patch, and they don't have other forms of contraception like the ring.

Significant amount of volume in California, it's meaningful to move the Nashville needle.

So the other thing with the faxes.

They were they have their own they have their own brands. So they have a lot of.

Generic pills they fell so they have their own products. They obviously don't have a patch and they don't have other forms of contraception like the ring.

Alfred Altomari: So they kind of work with partners to complete their offering, if you will. But, you know, and you're right, their volume in Medicaid generally, the Planned Parenthood volumes don't run through Acuvia or Symphony. Because you get the data for these, generally everything runs through there, but these don't. They don't report to Acuvia, and a lot of student health centers don't either.

They kind of work with partners to complete their offering if you will but.

Youre right at their volume in Medicaid the agenda with a planned parenthood volumes don't run through our Q here for Symphony because you get the data for these generally everything runs through there, but these don't they don't report to act UBM a lot of student health centers don't either so I mean nationally we think that's hundreds of thousands of.

Alfred Altomari: So, I mean, nationally, we think there are hundreds of thousands of potential cycles up for grabs in patch volume, hundreds of thousands. So we'd like to take a piece of that pie, right? So if we take a reasonable slice of that pie, you know, based on what I just reported, you know, like in the quarter, let's do, you know, we said we were proud of the 12,000 cycles we did in the fourth quarter, you know, that's less than 4 or 5% of, you know, an FACS patch volume.

Potential cycles up for grabs and patch volume hundreds of thousands.

So we'd like to take a piece of that pie right. So if we take a reasonable slice of that pie.

The one I just reported like in the quarter was two.

We said we were proud of the 12000 cycles, we get in the fourth quarter.

That's that's less than 4% or 5% of.

Faxes patch volume, so imagine I can get a decent slice of your faxes business.

Alfred Altomari: So imagine I could get a decent slice of your FACS's business, or it's meaningful. So if there are hundreds of thousands of, you know, patch volumes that are up for grabs in your FACS's current book, then we think we want to get a piece of it. So that's going to take us some time. You know, these are contracts. It's not like you walk into a doctor's office, and they write a script for you.

It's meaningful so it's there's hundreds of thousands of.

Pat's volumes, that's up for grabs and faxes current book and we think we want to get a piece of it so that's going to take us some time.

These are contracts, it's not like you walk into a doctor's office and they write a script for Ya just takes us time to get under contract in.

Alfred Altomari: This takes us time to get under contract, and, you know, they have to purchase through the GPO. So, you know, we're starting to see a smidgen, you know, a small amount, not very meaningful, show up in the first couple weeks they've been in business. We think that this is going to build over time, and we think probably in the next couple of quarters, more than likely the second and the third, it will be more meaningful, and we might report it separately to you.

They have to purchase through the GPO. So we're starting to see a smidgen small amount not very meaningful to show up in the first couple of weeks they've been in business. We think this is going to build over time, and we think probably in the next couple of quarters more than likely the second and third it will be more meaningful than we might reported separately to you but for right now.

Alfred Altomari: But for right now, we're just starting to lay the groundwork for that. So I think FACS is going to contribute more, I think, to the top line of Agile, I'd say in the second half of the year.

We're just starting to lay the groundwork for them for that so I think our facts. This is going to contribute more I think to the topline of agile I'd say in the second half of the year.

Alfred Altomari: I think Medi-Cal will start paying, you know, getting some scripts that it's already getting now, and we'd expect that it's already contributing. You know, but I think that's why our March data is starting to light up. That's why you, thank you for the comment about the curve.

I think Medicare will start paying pain.

Getting some scripts that's already getting now and we'd expect that is already contributing.

I think that's why our marks data has garnered light off that's why you. Thank you for the comment about the curve, we'd like March a lot we'd like to think that if you.

Alfred Altomari: We like March a lot. We'd like to think that if you tease out March, it really looks good, you know, because we're having a really great March. We'd like to see that continue, obviously. But thank you for noticing it.

At March it really looks good because we're having a.

Great March we'd like to see that continue obviously, but thank you for noticing it. So it's important to us and I think that's we want to keep going.

Alfred Altomari: So it's important to us. And I think that's, you know, we want to keep going. All right. And if I may, just, you talk about targeting 18 to 24 year olds, and you also mentioned, you know, taking patch share. And so I'm not sure these are the same pools of patients.

Alright, and if I may.

You know.

You talked about targeting 18 to 24 year olds and you also mentioned you know taking patch share and so I'm not sure. These are you know.

Oren Livnat: I just want to understand your targeting and how you've sort of chosen, obviously, the oral contraceptive market is, you know, the vast majority of the overall volume, and switches from there, or new starts, you know, represents a bigger potential pie overall for you in the long term. So is that why you're targeting younger patients, just because they're earlier on the journey? Or is there some other other profile that you're targeting?

The same pools of patients I, just want to understand you're targeting and how you've sort of chosen.

Obviously, the oral contraceptive market as you know the vast majority of the overall volume and switches from there or new starts represent the bigger potential pie overall for your long term. So is that why you're targeting younger patients just because there are on the journey or is there. Some other other profile that you're targeting.

Alfred Altomari: No, I think you answered your own question. I mean, in general, I think we mentioned, we've mentioned before that about 50% of our business comes from a woman, you know, who probably, more than likely, is this her first step on the journey, or maybe she's been on pills before. Roughly 75 to 80% of our business comes either from a new start or somebody who's been on pills. So we think she's relatively early in her journey, as we probably all know, women can start before 18 and often do.

No I think you've answered your own question I mean, I think in general I think we mentioned we've mentioned before that about 50% of our business comes from a woman.

<unk>, probably more than likely as this is her first step on the journey or maybe she's been on pill before roughly 75% to 80% of our business comes either from a new start or somebody that's been on pills. So we think she's relatively early in our journey as we probably all know is that women can start before 2018, and so oftentimes do but we think the.

Alfred Altomari: But we think the 18 to 24 kind of is that sweet spot where more than likely she's either tried a pill, or more than likely hasn't been that happy with a pill and is looking for something different.

18 to 24 corners that sweet spot, where it's more than likely she's either try to bill or more than likely hasnt been that happy with a pill and is looking for something different and isn't ready to sign up for the tubal ligation or a ring or potentially 90 days. So we think it's a sweet spot it often happens that orand like theirs.

Alfred Altomari: And is it ready to sign up for, you know, tubal ligation or a ring or potentially an IUD? So we think it's a sweet spot. It also happens to be, Oren, like there's some science to buying media. It actually is a real clean media buy too. We think they're very engaged with their media. So we think they're very responsive, and at that point, they're making a lot of decisions for themselves about which brands they go on.

Some science to buying media it actually is a real clean media buy too we think theyre very engaged with their media. So we think theyre very responsive and at that point, they're making a lot of the decisions for themselves about what brands. They go on so we think it's a really smart by of media, but we also think it lines up with what we're seeing in <unk>.

Alfred Altomari: So we think it's a really smart buy of media. But we also think it lines up with what we're seeing and, you know, who's using our product right now. But then you're right, there's not a case to be made, we should go a little older and maybe a little younger.

Using our product right now, but then youre right Theres a case to be made we should go a little older and maybe a little younger but we've got to walk before we run a little bit will put our media, where we think we get the best Bang for Buck.

Oren Livnat: But we got to walk before we run a little bit, we'll put our media where we think we get the best bang for the buck. Okay, and if I may, I appreciate you're not hiding from the liquidity situation, you know, you're not alone. Obviously tough, launching a single drug as a small company.

Okay, and if I may I appreciate you're not hiding from the liquidity situation you know you're not alone.

Obviously tough launching a single drug as a small company and you're not the only way to get in the women's health business that is facing.

Alfred Altomari: And you're not the only one even in the women's health business that is, you know, facing those challenges. So just strategically, you know, given there are several companies in the space. In similar situations, how much thought do you lend to strategic alternatives, whether it's buying or selling, in some way to get some leverage in this space so that one plus one equals three. Yeah, I mean, it's probably, you know, sort of running our business as the second thought that hits my mind.

Those challenges so just strategically.

Given there are several companies in the space.

In similar situations you know how much thought do you lend to strategic alternatives, whether it's you know you know.

Emergent buying selling.

In some way to get some leverage in this space, so that Oh, where one plus one equals three.

Alfred Altomari: I think all of us that have a one-product company with the point of Salesforce should look for ways to make that more efficient. You know, we are really open to, you know, collaborating with other women's healthcare companies; we are open to finding another way to find another product for our bag if we can help somebody else. I think, you know, I think we all should be looking for ways to leverage our infrastructure costs.

Yeah, I mean, it's probably.

Sort of running our business its the second thought that hits My mind I think I think all of US that are have a one product company with a point of Salesforce should look for ways to make that more efficient.

We are really open to collab.

Collaborating with other women's health care companies, we are open to finding another if we could find another product for a bag. If we can help somebody else I think.

I think we all should be looking for ways to leverage our our infrastructure costs. So I think it's a really important effort that we take really serious.

Alfred Altomari: So I think it's a really important effort that we take really serious. You know, so we're in a lot of conversations. We try real hard. You know, obviously we don't have anything to show you, but I think it is top of mind for me. I do. I think if there's two things that we can get another product in our bag that makes our math clearly a lot better. But also I leave a lot of open gaps on the map.

So we're in a lot of conversations we we try real hard you know obviously, we don't have anything to show you, but I think it is top of mind for me I do I I think if there's two things if we can get another product in our bag to make our my map clearly locked at it better.

But also I leave a lot of open gaps on the map, we don't there's only so many sales reps that we can afford we put them, where we think the best Bang for our Buck, but if somebody wants to put our product in their bag and can do it more efficiently and us we're open for that too so.

Alfred Altomari: We don't; there are only so many sales reps that we can afford. We put them where we think that they get the best bang for the buck. But it's something you want to put our product in their bag and do it more efficiently. And we're open to that too. So based on your comments about the capital market, you know, we all should be thinking that orange. So it's certainly top of mind. Unfortunately, it's a relatively small space.

Alfred Altomari: This is not a ton of opportunities. So we all, you know, just, you don't have 50 choices, if you will. So we've got to work harder at it. And so, you know, we're in good conversations. But for right now, you know, that's all I can tell you that I'm just being straight.

Based on what your comments about the capital markets. We also be thinking that the orange. So it's certainly top of mind.

Unfortunately, it's a relatively small face that theres not a ton of opportunities, but we will.

So it's just we don't have 50 choices. If you will so we've got to work harder at it and so we're in good conversations but for right now.

That's all I can tell you that I'm just being straight.

Oren Livnat: All right, well, thanks for accommodating all the questions. Carl and... No, thank you, operator, and thank you to Matt and Dennis for our help. Dennis described, you know, that we're trying to, you know, and Oren just touched on it, you know, look at our, you know, managing our quarterly operating expenses, you know, and working to regain compliance with the NASDAQ, and we have to finance the company, you know, so we're not, we want to lay out our plans as Dennis did and let you know exactly what we have in mind.

Alright, well thanks for accommodating all the questions.

Yeah.

And now I'd like to turn the call over to Tamara for any closing remarks.

No. Thank you operator, and thank you, Matt and Dennis for Dennis described you know that we're trying to or and just touched on it look at our managing our quarterly operating expenses.

And working that were gained compliance with NASDAQ and we have to finance the company. So we're not we wanted to lay out our plans as Dennis did and let you know exactly what's in our minds.

Oren Livnat: We think we're using our marketing spend in a very wise way, focusing on large markets with potential for good coverage for strong commercial coverage. In summary, we believe this brand is demonstrating steady growth, you know, and steady momentum. You know, so it's beyond, it's now predictable, you know, so it's not, you know, a surprise that we had one or two good quarters. We've now strung together three quarters, hopefully, going into the first quarter of strong growth.

We think we're using our marketing spend in a very wise way focusing on large markets with potential good coverage for total our strong commercial coverage.

In summary, we believe this brand is demonstrating steady growth and steady momentum.

Beyond its now predictable.

So it's not a surprise that we had one or two good quarters, we napped RNG strung together three quarters, hopefully going into the first quarter of strong growth and we think our business plan that we're working with is designed to help courts for all even grow more than 22, but.

Alfred Altomari: And we think our business plan, you know, that we're working with is designed to help QuartzRoll even grow more in 22. But in the meantime, you can keep an eye out for the CTV ad we mentioned. We'll put out an announcement about it shortly. And also, I want to let you know that the company's gone to a very major conference. It's the American College of Obstetrics and Gynecology, or called ACOG.

But in the meantime, you can keep an eye out for to put a CTV AD, we mentioned will put out announcements.

You know shortly about it and also I want to let you know that the.

Company has gone through a very major conferences, the American college of.

Alfred Altomari: It's in May, so we're going to have a strong footprint there, both on the commercial side, and also on the scientific side. So more to come there. So anybody in, you know, would like to know more about that, we'll be putting out some information about that. I think the other thing I want to mention about ACOG, but I think it's important for you to know, is that sometimes you just get lucky.

Obstetrics and gynecology are called a cog.

It's in May so we're going to have a strong footprint there both on the commercial side and also on the scientific side, so more to come there so anybody in.

I would like to know more about that we'll be putting out some information about that I think the other thing I want to mention about a car, but I think it's important for you to know is that sometimes you just get lucky so a cogs this year in our key market, a cogs in California, and San Diego So we.

Alfred Altomari: So ACOG this year in our key market, ACOG in California and San Diego. So we, you know, we're thrilled to put our major presence out and our, you know, foot forward in the California market at such a critical time. So thank you for joining us. And, you know, we look forward to updating you, you know, as we go through 2022. And thanks for following our story. And thanks for your interest in the company. So we appreciate it. Tony Vernon, Larry Weaver, and Zachary Neal. [music] Thank you for watching. Thank you for watching! BF-WATCH TV 2021

We're thrilled that we put our major presence out on our foot for in the California market is such a critical time. So thank you for joining us and we look forward to updating you as we go through the 2022 and <unk>.

Thanks for following our story and thanks for your interest in the company. So we appreciate it.

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation you may now disconnect.

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