Q2 2022 Motus GI Holdings Inc Earnings Call
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Ladies and gentlemen.
Thank you for standing by and welcome to Deep Motors GI Holdings, Inc. Second quarter, 'twenty, 'twenty, two financial and operational update.
At this time all participants are in a listen only mode.
There will be a presentation by the <unk> management team.
By a question and answer session.
I must advise you all that the conference today is being recorded.
I'd like to turn the call over to Garth Russell of lifestyle advisors.
Please go ahead Sir.
Thank you operator, and thank you everyone for joining us for the modus <unk> second quarter 2022 update call today.
Representing the company are Tim Brandt, Chief Executive Officer, Andrew Taylor, Chief Financial Officer, Mark Pomeranz, President and Chief operating Officer of Motors July .
Before turning the call over to management for their opening remarks, I would like to take the minutes remind you that this conference call and webcast will contain certain forward looking statements about the company. These statements are subject to certain risks and uncertainties that could cause actual results to differ. Please note that these forward looking statements reflect our opinions only as of the date of this call.
Not undertake any obligation to revise or publicly release the results of any revisions to these forward looking statements in light of new information or future events.
Factors that could cause actual results or outcomes to differ materially from those expressed or implied by such forward looking statements are discussed in greater detail in our most recent filings on Form 10-K, and our periodic reports on Form 10-Q, and 8-K filed with the SEC.
I would now like to turn the call over to Tim Moran modest Gi Tim closures.
Thanks, guys and good afternoon, everyone. Thank you for joining our call today.
I'm pleased to share an update on our progress through the second quarter of 2022 as well as provide early insights to what we're seeing in the third quarter.
Following my update Andrew will provide an overview of our financial performance for the second quarter and then we will open the call to take your questions.
So let's get started.
On our last call I outlined the important milestones achieved over the past two years, which resulted in broader market awareness of pure view enhanced sales strategies stronger key opinion leader relationships and an initial foundation of established customers.
We are proud of these accomplishments as they each played a role in getting us to an important inflection point in the second quarter, our product offering sales team and business outlook have each emerge stronger than ever and we are seeing the most open access to health care centers in recent years.
The core driver behind this inflection point with receiving FDA approval of the pure view Evs system late in Q1 2022 closely followed by its commercial launch.
In June we completed the first full quarter with the new system and I am proud to say that the team is delivering on our plan most notably in achieving the highest quarterly revenues in the company's history.
It's important to understand the fundamental drivers that delivered these results.
First we're effectively placing the peer view evs in a growing number of hospitals, which was one of the commitments I outlined on our March call.
Shortly after receiving approval of the peer view Evs system.
I projected that we expected to have pure view evs placed in approximately 12 sites in the near term.
I am pleased to report that through the end of the second quarter. We now have the system placed in approximately 18 U S hospitals.
When analyzing this number I think it's worth noting that these 18 sites are comprised of a healthy blend between Pryor and new users and the mix of academic community rural and VA hospitals.
We believe this reflects not only satisfaction by our previous peer view users, but also the expansion to new segments of the U S Hospital system.
The trajectory of our long term growth will be determined by how many procedures are performed utilizing our system at an individual site on a consistent basis.
Therefore, we believe it's equally or even more important that we are seeing positive initial indicators around utilization and not just system placements.
Two key metrics, we're tracking our procedures per month by facility.
And the number of physician users.
I am pleased to report that each of these metrics are moving in the right direction and being driven by activity at both new and existing hospital customers.
Let me expand on one of these metrics a bit further.
Expanding our base of physician users is important as it speaks to our ability to extend adoption beyond the initial physician champion we worked with during the evaluation period.
One example from Q2 at a large community hospital in Dallas.
We had eight different physicians utilizing peer view across their first 10 procedures.
Additionally, this included both fellows and residents, which we believe highlights the simplicity, we built in to the peer view Evs system.
Looking ahead, our pipeline continues to grow with multiple new account evaluations targeted in the third quarter.
One aspect of our commercial strategy, which I've referenced in the past is the land and expand approach or the targeting of hospitals within a health system. Following approval at the flagship center to use the peer view Evs.
This plan is now taking shape as exemplified by the Memorial Hermann Health system, where last quarter. After success in the main hospital, we initiated an evaluation and one of their largest satellite facilities.
We have spent much of the past two years networking with educating and training some of the top hospitals and physicians in the country, which we believe positions us well within many of their health systems to secure evaluations of the peer view Evs at network hospitals.
While not a traditional hospital network, we have seen a strong interest within the veteran affairs medical centers with some compelling results in our initial evaluations. We believe the VA health system in the U S, which consists of approximately 170 medical centers across the country represents.
High yield opportunity for adoption of the peer view Evs system.
We are finding that these VA medical centers have a large backlog of colonoscopy is and if they can't see the patient within 28 days the V. A must pay another private hospital for services rendered.
They also have a large catchment area, meaning patients are often traveling long distances to get to their nearest facility.
Hence canceled colonoscopy are viewed very unfavorable.
A good illustration of our procedural utilization tracking and the real potential of these accounts is that we recently engaged with a V. A in the Midwest and they subsequently performed more than 30 peer review procedures during the second quarter alone.
We are actively conducting evaluations at additional VA medical centers across the U S, which we expect will result in new commercial agreements in the third and fourth quarters.
Well I've been giving a lot of credit to the peer view Evs system itself to this point I want to call attention to our growing sales team.
As you can see we have quickly taken advantage of these additional resources. It was just a couple of quarters ago that we expanded the team to gain the critical mass required to close opportunities in our pipeline, which is more important than ever as the administrative process. In many of these hospitals is still slower than pre COVID-19 timeframe.
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Each of the new salespeople come with a proven track record of selling Gi products at many of the world's largest medical device companies.
While certain members of the team are still ramping up we believe they are all making a positive impact and cultivating the right accounts for driving peer view into the market.
We now have 10 commercial resources strategically positioned across the U S.
As some of you might have heard me mentioned previously one of the goals of this expansion was to have every major region covered now.
Now that we have this presence we are reaching hospitals that have not had any previous interactions with our team and conducting evaluations. These early successes are quickly proving to us that scaling up is a key to our long term success.
Now, let's discuss our progress on other key upcoming catalysts.
Let me first review, our clinical study activity and outpatient reimbursement strategy.
In may during digestive disease week 2022, we presented positive top line data from the European outpatient clinical study, which concluded that the pure vu system provides adequate cleaning in patients with a history of poor bowel preparation.
The data shows that the peer view system improve the adequate cleansing rate from 31, 8% to 97, 7%.
In addition, the study found that the pure Vu system may prevent repeat colonoscopy and clinical admissions for intensified bowel preparation.
As a reminder, this study evaluated the clinical outcomes in patients with a history of poor bowel preparation using a low volume prep and limited diet restrictions with the pure Vu system.
We believe this data may be beneficial in our pursuit of outpatient reimbursement.
Turning to our plans for penetrating the large outpatient screening market. There are 18 million outpatient procedures conducted in the U S. Each year and currently nearly one in four or approximately $4 7 million of these patients struggle to get a high quality prep prior to.
Their procedure.
This can lead to delayed aborted and repeat procedures, which puts a burden on the health care system and the patient both from a clinical and economic perspective.
A critical step in our process to enter this market is generating key clinical and economic data via a large multi center outpatient clinical trial.
Based on learnings from the EU study and then working closely with a group of World Class key opinion leaders, we've been diligently developing a detailed protocol for this study.
I am pleased to announce today that the study is based on a consecutive series design that we believe will generate real world data using a tandem colonoscopy approach for patients that have poor visualization following a standard of care colonoscopy.
The study will look at approximately 1000 patients using an adaptive statistical plan with the primary endpoint designed to show a significant reduction in the number of aborted or poor quality exams that lead to an early repeat procedure as defined by the gastroenterology try.
Society guidelines.
According to the literature early repeat exams happened between 10, and 20% of the time in outpatient colonoscopy and many patients don't come back as prescribed which leaves them at a higher risk for an integral cancer, especially for patients at high risk for CRC.
The study will be performed at a mix of academic and community hospitals as well as ambulatory surgery centers, we expect to initiate this study before the end of this year and we'll keep you apprised of our progress.
In terms of ongoing product innovation as I have discussed on previous calls we have initiated a project to add upper Gi capabilities to the new peer view Evs platform, which we're calling the peer view Evs gastro device.
We believe this device is on track to launch into the U S market in the first half of 2023.
The peer view Evs gastro will leverage the existing workstation infrastructure, which we believe may accelerate its penetration into the market.
Some of the key enhancements in the Evs system, such as a much larger suction channel.
More efficient irrigation jets, a smaller profile and improved flexibility will be further optimized to allow the system to provide broad utility in an upper Gi procedure.
I am pleased to report that preclinical tests support these benefits as well as the system's ability to help rapidly cleared debris from the upper Gi tract.
In addition, K O L feedback has been very positive on the latest prototype devices.
Finally, turning to potential strategic partnerships and collaborations.
We continue to pursue various opportunities with strategic partners now.
Now that we've launched the peer view evs into the market and the product performance has been strong. We believe these opportunities may become actionable.
Our focus in evaluating opportunities is centered upon accelerate our commercial progress and potentially strengthening our balance sheet.
With that I will now turn the call over to Andrew to provide detail on our Q2 2022 financials.
Thank you Tim and thank you everyone for joining us today.
We reported revenue for the second quarter 2022 of $185000 compared to $100000 for the same period last year and $20000 in the first quarter 2022.
Revenues for the second quarter were primarily derived from disposable sleeve sales and were made up of a mix between reorders from existing sites and new customer orders.
For the three months ended June 32022, we reported a net loss attributable to common shareholders of approximately $5 1 million or $1 86 per basic and diluted share.
Compared to a net loss attributable to common shareholders of $4 $7 million or $1 99 per basic and diluted share for the same period last year.
Please note that the per share data is on a split adjusted basis, resulting from a reverse stock split effective as of July 25th 2022.
During the second quarter 2022, net cash used in operating activities and for the purchase of fixed assets was $4 $6 million.
Compared to $3 $2 million for the same period of 2021.
At June 32022, we reported $15 $8 million in cash and cash equivalents, which includes our fully funded credit facility with Korea capital there are no financial or liquidity covenants associated with this facility.
Our current cash balance allows us to continue executing on our near term catalysts and is expected to meet our overall anticipated cash needs into the first quarter of 2023.
And with that I'll now turn the call back over to Tim.
Thanks, Andrew and thank you everyone for joining our call today, we are encouraged by our progress in the first full quarter since the commercial launch of the peer view Evs system and are working to drive utilization at existing sites, while also opening new accounts.
We believe executing on both fronts will help to drive consistent long term sequential revenue growth.
After just a few months in the market, we have more hospitals using peer view evs than our previous Gen. Two system and we continue to work through our pipeline of opportunities.
In addition, we remain focused on initiating our large multi center clinical study in Q4, which we believe could play a key role in the eventual pursuit of reimbursement and the large outpatient market.
Now ask the operator to open the call for your questions.
Thank you very much.
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One moment, please while we pause for questions.
We have our first question from the line of Steve Lichtman with Oppenheimer. Please go ahead.
Thank you hi, guys.
I was wondering.
Yep.
We could start with just a.
A few metrics here in the early days of.
DBS launch.
Can you update us a number of active evaluations you have and the number of target hospitals in the pipeline.
And also Tim you gave us.
One example from the VA in terms of utilization, but I'm wondering if you could broaden that out.
Any other commentary you can.
Give us in terms of what utilization is starting to look like.
Monthly basis for your initial customers here.
Sure Steve Thanks for the question I appreciate it.
Let me start kind of at the macro level. So we are still managing a pipeline of call. It about 100 accounts and the way to think about that is each rep has typically a minimum of about 10 sites that they keep cultivated we've talked about this before but they go through a qualification process to ensure that they are a good target for us.
Ours.
For our system and then as they move into evaluation and ultimately it closed they are back filling into that pipeline. So that's kind of a number that were managing from at a macro level.
As you heard me mentioned in the prepared remarks, we have 18 sites now that have the system in place.
Have I would tell you double digit evaluations both.
<unk> started and we'll be starting here in the third quarter. So each rep is working towards getting a couple of evaluations going so I'm really pleased with their progress.
It speaks to the simplicity of the training now thats involved with our new device with Evs system, we've talked a lot about this in the past and one of the reasons. We invested in this iteration was to make it simpler for the staff to be able to load this device and get it ready for the physician to utilize thereby allowing our reps to.
To move on and be at other sites, So open new accounts and not spend weeks after week.
Training folks on that.
The device utilized so really pleased with how thats cultivated.
A really nice pipeline to work from you see in our first quarter. It translated into a nice uptick in revenue we are expecting that to continue and hopefully accelerate even from where we were in Q2.
Terms of utilization, Steve that's the other part of this with the new device.
We've made the navigation simpler so we're now getting the product into the hands of more physicians not just the advanced endoscopist, but the general Gi physicians and in some cases, even fellows and residents have done procedures, which is allowing us to drive more utilization. So one <unk>.
Spansion of the number of physicians and the types of physicians that can utilize it and then too because we updated our evs system with the removal of the reusable loading fixture that we talked about in the past. We're now able to use this device for rescue procedure. So that's enabling new procedures that we werent getting in the past so.
You've kind of harking back to the original analysis that we had done when we first came out to the market with Gen. Two we said we were looking for somewhere between call. It 15% to 20 procedures per quarter as an initial baseline.
We're seeing that tick up I gave an example of just one site that did double that in Q2, we have others that are also outpacing that number so as we get another quarter or so under our belt, Steve I'll give you a harder metrics I think we want to have let's say two or three quarters under and see a real trend, but we're already outpacing our initial.
<unk> estimates that we had with Gen. Two.
That's helpful. Thanks, Thanks, Tim on.
On the outpatient side have you guys had any initial discussions with payers.
And is that giving you confidence in terms of the design of this study that.
If positive that that would be adequate to.
To garner reimbursement.
Sure. So let me start on that and then I'll ask mark to add some additional detail.
I want to just remind everyone that.
Earlier this year, we brought in additional talent in our clinical group Vice President of clinical affairs that came from one of the largest medical device companies over to motive Gi.
She is working closely with Mark.
And they've engaged a really high powered group of leading gastroenterologist from around the country to help with the design of the study, but also through their relationships with payers, including the government in CMS, we have had engagement and thats been really important as we put together this design so mark.
Speak a little bit in a little bit more detail, Steve about the design and why we chose that but.
I'm really pleased with the work and the progress that our clinical team has has done here to get us prepared to initiate this study.
Let me, let me kick it over to you for a little bit more color.
Alright, Thanks, Tim.
Yes.
Tim outlined Steve.
Ongoing dialog with CMS, we've had some formal meetings and we keep them.
Abreast of everything going on in.
Some of the folks that are advising us or the people that have written the guidelines for the trial by Gi Society.
It's incredibly helpful and we've made sure we keep in the the key tenants that CMS and frankly other payers want.
Sure first and foremost we are able to capture the size of the problem. Then next making sure with the spread of sites that we will use that to make sure the data collected as generalizable.
And then we really can Shelly.
Substantial clinical.
Proven as well so we kind of consider all those things in the study.
The nice thing with making it available consecutive design.
As patients arent.
SaaS for what the standard of care, we can show the ability to convert that to a successful high quality exam with peer view.
Looking at not only avoiding that repeat procedure, but ideally getting any secondary endpoints around detection rates and other things as well.
Great. Thanks, Marc.
And then maybe lastly for me with coming up with a positive EU study.
Is this data that can be used for a CE mark submission.
And if it is will you move forward with that or will that really be predicated on first establishing.
Establishing a partnership.
Yes, Mark why don't you take the first part and then I'll add a bit after.
Yeah sure. So Steve we are actually already active in the engagement with the with our notified body.
And moving forward.
Paul are you MPR process.
All right.
Well as we can expect so that's going well.
So we're already in that arena moving forward.
At a CE mark for <unk> or Ebs as you probably know the timelines on that what's going on in the European Union are quite long.
In the Q.
Sure.
Yeah, Stephen I'll, just I'll just add as we set out in this year. There were a couple of key priorities for the company, obviously commercialization being first and foremost.
This outpatient opportunity and preparing ourselves for reimbursement, but the third being <unk>.
Preparing ourselves for eventual entry into other O U S market and as you mentioned CE Mark is critical we brought in a very talented quality leader that has been.
Spearheading this MTR process and it's quite complex as I'm sure you know from speaking with other companies the team's done a great job to position us to get through this process and then be prepared to get the CE Mark. So we will we will update you when we have closer timelines, but as Mark said that's.
It's headed down that path already.
Great. Thank you guys.
Thanks, Steve.
Thank you we have next question from the line of Ben <unk> with Alliance Global Partners. Please go ahead.
Good afternoon, gentlemen, thanks for taking the questions.
Congrats on the progress.
First for me.
Sure.
Aegean hospitals that you have gotten approved in.
By the end of Q2 that there is a nice mix there.
Really appreciate the color that you gave on the VA situation, but I was wondering if you could provide any color on kind of the other.
Mix of chaos.
Hospitals.
Ross will say you mentioned.
Is there anything surprising then that you've run across there either positively or negatively.
Yeah. Thank you Ben for the question.
Listen I think the.
The fact that we are now branching out well beyond just academic medical centers, right, which is where we spent the majority of our time over the last few years, which makes sense. When you come with the new technology, you want to get in front of the Kols.
And get get them up on.
On the podium talking about your technology and supporting you, but now that we've got a larger sales team in more areas and we've got a device that is simpler to use it's allowing us to kind of spread our wings to these other locations I would tell you that as I mentioned in the prepared remarks, and you heard the VA.
Well, it's not surprising I think we're very encouraged by.
Bye.
Their feedback and it's not just one site. It's multiple sites and we also have several that are going to go into evaluation here in the third quarter and what's unique about that is their patient population.
Often times due to medical condition, comorbidities or even injuries have a difficult time prepping.
<unk>.
Sure.
They are perfect for the pure Vu system, but theyre also traveling from long distances as I mentioned earlier right. So it just puts so much more emphasis on ensuring that they get their procedures done the first time and that's truly what peer view has been designed to do but we've been able to kind of translate that learning into other.
Are all facilities that still or maybe large regional trauma centers, but theyre in more remote locations based on the VA learning says hey, how many patients are traveling to get here from an hour away or so and what happens when that patient doesn't get their exam done on time, what's the implication to the patient what's the implication to the cost of the facility.
And Thats really resonating so I would say those are a couple of the learnings now that we branched out beyond just the academic medical centers.
Okay. That's helpful. Thanks, Thanks for the color there and then just kind of on the.
In a situation where the VA has enabled.
Colonoscopy done.
Thank you so 28 days I need to pay another hospital to do it.
Whats typical when theyre paying another hospital to do it.
Uh huh.
Hospital looking at the VA I'd say.
Government paid for it let's pass to them on the bill or how does that work.
Dan I, probably couldnt get into the specific nuances of exactly how that billing is coordinated but what we've heard from our VA as is.
Is that hey, we are under pressure because one we have a backlog from whats occurred here with the pandemic, but two if we can see these patients we're not going to withhold care for them and there is a process in place whereby then that that veteran would be able to go to a local facility that isn't run by the government and.
At that point the government is reimbursing them in terms of cost and what they're charging I don't have those specific details, but I know it's been a hot button.
And been something Thats motivated these physicians when we've come to talk to them about the pure Ria solution to say Hey, we've got something that will allow you to ensure that these are getting done on time.
That's been that's been really positive.
Okay Fair enough and then you mentioned on the pure Evs upper Gi offering.
You've done the preclinical work and the Kols APAC is that good.
Really how much more of a development needs to take place there to get that out in the first half of 'twenty.
Great.
Yes, So I think we're pretty we're pretty far along Ben.
Two things.
We have very high hopes for what this upper Gi edition can do to the to the portfolio right. We've talked about this several times in the past.
High risk procedure, the mortality rates are higher and we've talked to a lot of physicians that are yearning for something in this space that will allow them visualization when they are dealing with blood and blood clots and stomach contents right. So we want to get it right.
That being said I think from a development perspective, a lot of what went into the improvements of Evs are going to play very well in this space. We are going to do another animal lab, we have already scheduled for early part of this fall.
And then I think in the timeline that we've given in terms of first half of 'twenty. Three we also are always conservative in what the regulatory approval process could look like we've been very fortunate as you know we've had our special 500 10-K is approved in record time twice now, but we don't want to build that into.
Our timeline and missed the expectation, but just know that we're pushing to accelerate that launch as early in 2023 as possible.
Okay.
Helpful.
Blow up was going to be why should investors believe you win on the <unk>.
Online when your most recent approvals come so quickly.
Yeah, Yeah, I mean, we have to consider that they could take upwards of.
90 days, but in all in all likelihood.
We follow a similar path, we can we can shorten that timeline.
Okay.
Great well, that's all I had XOMA congrats on the progress and thanks for taking the questions.
Thank you Ben.
Okay.
Thank you we have next question from the line of Booz Allen.
But Jonathan <unk>. Please go ahead.
Hi, Thanks for taking my questions.
Sure.
Up on Bens question with respect to Evs Gastro. So you mentioned that the Kols feedback has been positive maybe you can expand a little bit on that.
What is that they really liked about the avs gastro.
Enhancements.
Can you provide additional color on that.
Sure.
There's a couple of things that we learned with our Gen two approval in that space.
One suction and having a large suction port is is very critical because in that procedure global on at times, you can be dealing with very large.
Blood clots that are adherent.
And can be very difficult to to get out of the patient. So what oftentimes a physician will do is they're going to work through the working channel of their gastroscope to break that cloud up into smaller pieces. They can use the instruments to go down the working channel breakdown quite up into smaller pieces and then sanction those pieces out so the feed.
Back was hey, the larger the larger the suction channel you can provide the better.
And what's also nice about our devices, they're getting an assumption without interrupting that working channel right. So they can be doing the work breaking up the quiet while simultaneously.
Yeah.
Incorporating our largest auction channel was one bit of feedback that's important for that procedure and then the other was most often when you're passing.
The gastroscope with the pure Vu sleeve youre doing that on an intubated patients. So they have an intubation tube as well so the material of the tip of our disposable sleeves in the second generation was more of a hard plastic material and there was feedback to say hey could you change that material to be a bit more valuable.
Therefore, reducing any risk of.
Causing any irritation to the esophagus. So that's something that we've incorporated into the Evs version. So there are two big areas of things that had been incorporated into the system that we think are going to play very well in upper Gi and let me ask Mark if he wants to add any any other points I might've missed.
And feedback that we got from our first animal study or anything else in that regard Mark I'll turn to you.
Okay. Thanks, Thanks, Tim I think you hit.
The key aspect of the other things we're looking at is.
We're also increasing the energy in our irrigation jets, because the lining of the stomach is much stronger than the colon. So we can actually put more energy into the irrigation to help with.
Breaking up the class as Tim talked about and just the overall flexibility the entire system is dramatically improve that helps navigate the upper esophageal about which can be difficult, especially in compromised patients.
Thanks for the detailed color.
So with respect to macro headwinds.
The macro headwinds has been pretty harsh during second quarter, but it looks like you had a really great quarter.
Unlike the occupancy question I'm, just curious to know whether the <unk>.
Environment that you saw in the second quarter kind of triggered any new ship that you have never seen previously maybe like customers leaning more towards lease this is.
Capital purchases or is there any other new trends that you saw you can talk about.
Yes, thank you for that.
Interesting listen we're pleased with this first quarter of launch like you said, we had a good quarter, but.
This I truly believe is just the just the start for us.
We'll say is.
You brought up capital capital as you as you've heard US talk about you've heard other companies that had been reporting the capital environment continues to be constrained I think we've done a good job with.
Offering variety to our customers to ensure that we get the device utilized at the end of the day driving conviction around the procedure and the repeat business that comes from these disposables.
Really what it's all about when you kind of projected growth over the next three to five years for the company.
But that being said capital as part of the process. So we.
We're seeing folks look at our lease programs are simple rental programs. As you know we've always had a kind of a bundled agreement or a tiered pricing agreement, where you can pay a little bit more for the sleeves, but get the capital at no charge and I think that's helping us get these accounts up and running but I'm also.
I'm also confident that we will start to see some capital come through here in the third quarter.
But it will be continue to be a difficult environment I think for the remainder of this year.
Alright, thats it from me thanks.
Great. Thanks, good morning, ladies and gentlemen.
Thank you, Sir ladies and gentlemen, we have reached the end of the question and answer session and I'd like to hand, the call back over to Tim Moran CEO for closing remarks.
Sure.
Great. Thank you I just want to thank everyone for joining our call today.
We're encouraged as I said.
This new product launched out in the market, having a larger sales team as you can see is driving results and the company remains extremely focused on one execution. So executing on our commercial plan driving utilization in opening new accounts that is as I said earlier first and foremost.
Our single largest priority.
You heard today, we are making great progress.
In this upcoming catalyst of the large multi center trial investment, which we believe has the potential to open up reimbursement and a very very large outpatient market.
Something that I think will be important to the company to our investors and shareholder value in the future.
And finally.
We're adding key talent, where necessary to take advantage and capitalize on all of these opportunities that we have as a company. So thanks for joining our call today, we'll look forward to updating everyone on our progress.
And our next earnings call for Q3.
Thank you very much Sir ladies and gentlemen, this concludes today's conference.
Connect your lines at this time, thank you for your participation.
Okay.
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