Q2 2022 OpGen Inc Earnings Call
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Ladies and Chairman, welcome to the Obgen Second Quarter 2022 Earnings Call and Business Update.
Today, Obgen Management will provide an update on the company's current business and outlook for the future.
Following Abhijan's prepared remarks, there will be a live Q&A session.
As a reminder, this conference call is being recorded today, August 11, 2022, and all participants are in a listen-only mode.
At this time we will turn the call over to Alisa Factor, Obgen's IR representative.
to provide the opening statement.
Please go ahead.
Good afternoon everyone and thank you operator for the introduction. Before we begin, I would like to note that any comments made by management during this conference call may contain forward-looking statements regarding the operations and future results of OpGen, including its subsidiaries Curaitis and AHRQ genetics.
I encourage you to review OPTEN's filings with the Securities and Exchange Commission, including without limitation the company's most recent Form 10-K and Form 10-Q for the second quarter and the first half of 2022 that will be filed with the SEC, which will identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statement.
Factors that may affect the company's results include, but are not limited to, the success of the company's commercialization efforts and partnering strategy, its ability to successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for, and commercialize its products and service offerings.
The company's ability to continue to successfully achieve the expected synergies from the company's completeness business combination with Curator and to implement its commercial strategy, the impact of the continuing global COVID-19 pandemic on the company's business and operations, and on capital markets and general economic conditions.
The company's use of proceeds from recent financing, as well as its ability to access additional financing in the future. The company's ability to satisfy debt obligations under its loan with the European investment banks. The rate of adoption of its products and services by hospitals and other health care providers in general, as well as during the current COVID-19 pandemic and geopolitical situation in particular, the effect of the military action in Russia and Ukraine on its distributors, collaborators and service providers.
this conference call except as required by law.
Joining the call today are Oliver Schacht, Optum's President and CEO , and Albert Weaver, its CFO . Now, I will turn the call over to Oliver Schacht for introductory remarks.
Thank you, Alyssa, and thank you, everyone, for joining us this afternoon. Albert and I are glad to be here together in Rockville at Options Global Headquarters and look forward to sharing our progress.
We're excited about our strong performance throughout the 2nd quarter and developments through the 1st half of 2022.
This past year, we focused on commercialization, and our efforts have come to fruition for new and existing partnerships.
We look forward to updating everyone on options milestones and achievements throughout this call to highlight our continued growth.
Today, I will begin with a recap of previous highlights disclosed during the first half of 2022, followed by recent updates on our products and R&D pipeline.
Albert will review the Q2 and first half 2022 financial highlights and offer guides.
I will then provide an outlook on options ongoing activities and upcoming milestones in business development.
We'll close out the call with a Q&A session.
We want to start off by highlighting that Optin has completed two commercial contracts for our Acutus AMR gene panel in the United States with two major hospitals.
Our first commercial deal was completed in June with a large 1000 plus bed and well respected teaching hospital in the Northeast.
And the second deal was signed in July with a prominent 400 plus bed children's hospital in the Midwest.
Just as a reminder, the FDA-cleared Acuteus AMR Gene Panel allows testing for a comprehensive panel of 28 genetic AMR markers in isolated bacterial colonies from 26 different pathogens in just two and a half hours.
This is an exciting milestone for option as they set the stage for more commercial contracts to come. And there are several active commercial contract proposals in front of accounts that we expect to come to fruition here in the second half of 2022.
This past quarter has had the healthiest pipeline for partnerships and collaborations throughout our Austrian subsidiary, AORUS Genetics Lifecycle.
One of these collaborations includes the extension of R's collaboration agreement with Sandoz.
the world's leading provider of generic antibiotics until January 31, 2025.
In the initial phase of the collaboration, Aris developed a digital anti-infectus platform which combines established microbiology laboratory practices with advanced bioinformatics and artificial intelligence methods to support the identification of effective antimicrobial compounds or compound combinations to address critical pathogens.
Sandoz uses this to make portfolio and commercial decisions.
In the next phase, both parties plan to leverage our next-generation sequencing, or NGS, and bioinformatics technologies to focus further on antibiotic stewardship by enabling genomic surveillance for resistant pathogens.
AMR accounts for approximately 1.3 million deaths worldwide each year, and this collaboration is a major step towards reducing this number by providing the information to accurately prescribe antibiotics.
Another major milestone for Irish Genetics was the commercial launch of a series of new genome sequencing services globally.
To help minimize the spread of AMR pathogens, IRIS announced the expansion of its commercial offering, sequencing, and analysis services aimed at microbiologists, public health, infection prevention, and control specialists.
The services include RSID and RS-ISS Express.
RSID is a sequencing service for the accurate and thorough detection of pathogens, commensals, or environmental microbes directly from native patient specimen or environmental samples.
RS-ISS builds on RS clinically validated platform from whole genome sequencing bacterial isolates and reduces turnaround times by more than 80%.
This means that it can provide results in as few as five business days, which allows microbiologists and epidemiologists to analyze and respond to local outbreaks accurately and efficiently.
First orders for RS-ISS Express and RSID have been received.
This quarter we've made significant progress throughout our Univero Urinary Tract Infection Panel clinical trial.
At the beginning of Q2, we announced the results from an interim analysis on the initial 150 U.S. patient samples across the three trial sites for the UTI panel.
The interim analysis showed that there were no significant variations in results between the testing sites, and that the blinded sample and data collection across all sites was executed as planned.
The positive results allowed us to continue enrollment towards our study goal of 1,500 prospective samples, which is expected within the third quarter of 2022.
In June , we announced our 1000th patient sample enrolled in the clinical trial for the Univero urinary tract infection or UTI panel.
We also added a fourth trial site to optimize enrollment and accelerate the trial completion.
Repleased with a momentum of enrollment towards the goal of 1500 prospective samples, as required by Appleical FDA guidance, and as of today, we have enrolled over 1300 patient samples already.
We expect to complete the UTI trial and have the final data readout in the second half of this year.
This is an exciting milestone as we plan for subsequent submission to the FDA, as we believe there is a clear unmet medical need for rapid and comprehensive testing for urinary tract infections.
You already see evidence of that in the increasing traction of our UTI research use only product sales in the United States.
Earlier this quarter, we announced some exciting news for our German subsidiary Curatus.
In June curators entered into a distribution agreement with Leo life sciences via their trading company leader medical supplies trading LLC part of the leader healthcare group for distribution of univero systems in the United Arab Emirates or UAE and Qatar
The agreement has an initial term of three years and can be extended in one-year increments.
Lead-of-Life Sciences has committed to a minimum purchase of Univero instruments and application cartridges for a total value of approximately $1 million in revenue to option during the initial three-year term.
This is exciting for option as Leader Healthcare Group is one of the Middle East region's leading distributors and has a presence in the region.
There are a significant number of hospitalized patients suffering from healthcare associated infections in the Middle East.
Therefore, rapid and comprehensive detection of the pathogens and their antibiotic resistance markers with Univero will meaningfully improve the outcomes for patients.
This partnership aligns with options goal to expand our commercial presence as industry leaders in the molecular diagnostics and bioinformatics space.
We're increasing our global footprint and plan to continue to work closely with Lead-Alive Sciences to explore potential expansion into additional countries within the region going forward.
We have recently also added KAIS Group as a distribution partner in Kosovo.
following their successful bid in a World Bank funded tender for Univero.
We expect to deliver the first system and cartridges in the third quarter of 2022 already, and have entered into a three-year exclusive distribution agreement with CAIS.
Another relationship we've continued to strengthen is with Menorini Diagnostics.
our pan-european distribution partner
Last quarter, we announced the progression of our existing partnership with an expansion of our five-year strategic distribution agreement with Mennorini.
We previously announced a major increase in the minimum purchase commitments for the coming 12 months by over 50% compared to the last 12 months and over a two-year period by a total of more than 80% higher minimum revenues compared to the last 12 months.
During the second quarter, we also signed a commercial deal for around 70 Univero systems installed in nine different European countries, with Menorini as well.
We've sent over the invoice for more than $360,000 in incremental revenue in 2022, which was recognized in the second quarter of 2020.
Thank you.
Option was featured in multiple peer review journal publications throughout the 2nd quarter of 2022 that we would like to highlight.
In May, the results from a major clinical study using Univero Hospitalized Pneumonia, or HPN, panel in the Lancet Respiratory Medicine were published.
The authors of the publication assess the clinical utility and impact of the Inovario panel in hospitalized adult patients with suspicion of pneumonia.
a clinical indication for bronchoscopy, and at risk for infection with gram-negative bacteria, with the study endpoint being the duration of inappropriate antibiotic therapy.
The trial clearly demonstrates that using Univero HPN panel in hospitalized pneumonia patients for the examination of broncoalveila lavage or BAL in combination with antibiotic stewardship decreases the duration of inappropriate antibiotic therapy of hospitalized patients with pneumonia at risk for gram-negative bacteria and supports antibiotic de-escalation in 66% of patients.
Other major findings include a reduction of inappropriate antibiotic therapy by 45%. And a decrease in the overall duration of antibiotic therapy by 22.5% in the univerial group.
Overall, patients treated in the univero group had three times higher probability of appropriate antibiotic therapy.
This study shows the significant and actionable impact of the univerial hospitalized pneumonia panel on the time to appropriate antibiotic therapy in patients.
In July , we announced the release of a new peer-reviewed journal publication from a study conducted at Karolinska University Hospital in Sölnä, Stockholm, Sweden.
This publication demonstrates the ability of the Univero Hospitalized Pneumonia or HPN PEL to detect potential pneumonia pathogens earlier than culture or at the very early signs of an infection.
The univeral hospitalized pneumonia panel detected bacterial pathogens from lower respiratory tract samples from critically ill COVID-19 patients at a higher diagnostic yield than bacterial culture.
This is a significant milestone because it enables reliable and rapid diagnosis of pathogens in just five hours for patients hospitalized with COVID-19 pneumonia.
Overall, we've achieved great progress with our products this quarter and year to date, and continue to focus on commercialization.
We're excited about the revenue driven by product sales that continue to grow.
I'll now turn the call over to Albert Weber, Options Chief Financial Officer.
He will review financial results for the second quarter and the first half of 2022 and recent financial developments. Albert?
Thank you, Oliver, and welcome to everyone on the call.
I will briefly discuss the second quarter and first half 2022 highlights.
our balance sheet position and underlying growth drivers for the business and conclude with some thoughts and guidance.
We are excited to announce our second quarter 2022 revenue of close to $1 million.
We closed out the second quarter with approximately $967,000 of revenue, a 19% increase from this time last year, while revenue in the first half of 2022 added up to $1.4 million compared to $1.6 million in the six-month period of 2021.
The increase in revenue in the second quarter is primarily due to a significant increase in product sales.
Compared to the second quarter of 2021, our product sales have increased by approximately 582,000 or a 189% increase year over year.
The increase in product sales is attributable to sales of a pool of Univero instruments to Menorini, which Oliver discussed previously, as well as an increase in Univero sales in the US.
To be clear, Q2 revenues did not yet include any product sales from a QUTIS AMR Gene Panel in the US, as the first commercial contract for this product was signed in late June .
Later in the call, Oliver will discuss our expanding pipeline for increasing sales within the US and internationally.
In addition to increasing our revenue, we also decreased our operating expenses for the three months ending June 30, 2022 by almost 10% to $6.2 million compared to nearly $7 million in the second quarter of 2021.
For the first half of 2022, we saw a decrease by more than 10% in operating expenses.
from $14 million in the six months of 2021 to $12.6 million in the comparable period this year.
Our second quarter 2022 R&D expenses were $2.3 million compared to $2.9 million in Q2 of 2021.
2022 R&D expenses were $2.3 million compared to $2.9 million in Q2 of 2021, a 20% reduction.
R&D expenses in the first half of 2022 were $4.6 million, down by 19% from $5.7 million in the first half of 2021.
The decreases were primarily due to a decrease in payroll related costs.
Our focus towards smaller and more efficient R&D teams has proven to be successful, in addition to our focus shifting increasingly towards commercial efforts and our future next generation sequencing or NGS lab services.
Second quarter 2022 G&A expenses were $2.1 million, down by about 22% from our Q2 2021 G&A expenses of $2.7 million.
In the first half of 2022,
G&A expenses amounted to $4.8 million, which corresponds to a decrease of about 11% from $5.4 million in the first half of the previous year.
Leveraging of synergies following the completion of our business integration have allowed us to reduce G&A expenses.
Second quarter and first half 2022 sales and marketing expenses were $1.2 million and $2.2 million respectively.
compared to $800,000 during the second quarter of 2021 and $1.7 million in the first half of 2021.
We are continuing to expand our sales and business development team as they are crucial in expanding our partnerships and driving overall revenue.
We have also seen the return of live in-person conferences and exhibitions.
internationally as well as here in the US, which has also contributed to increased marketing spend in return for much improved customer access and interaction.
Turning to our net loss, we have significantly decreased our loss in the 2nd quarter of 2022 compared to the same time last year.
Our net loss available to common stockholders in the second quarter of 2022 was $5.8 million or 13 cents per share, which is substantially lower than $7.1 million or 19 cents per share in the second quarter of 2021.
The half year net loss was $12.6 million or 27 cents per share in the current year and $21.9 million or 65 cents per share in 2021.
Increased revenues, improved gross margins.
and significantly reduced operating expenses on the R&D and GNA side have all contributed to this much improved result.
This was reinforced by a much stronger US dollar versus the Euro in 2022, which has made our European operations more cost effective on a US dollar basis.
Finishing off with our cash position, we ended the first half of 2022 with approximately $16.6 million, a decrease compared to our cash position at the end of 2021 of $36.1 million.
The company continues to closely monitor its cash burn rate.
As mentioned on our last earnings call, our subsidiary curators, anti-European investment bank EIB, have agreed to amortize the debt transfer original due in April 2022 over the next 12 months.
We repaid 5 million euros in April 2022 and in May began monthly installment payments for the remainder of the debt trench of approximately 8.4 million euros over the 12 months period until April 2023.
There are two additional trends of 3 million and 5 million euros principal plus accumulated and deferred interest that become you in June 2023 and June 2024 respectively.
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Point, these branches remain unchanged by the agreement with EIB.
Additionally, in June , the company entered into a new APM agreement with HC Rainwater, allowing the company to sell up to approximately $10.7 million worth in shares of its common stock.
The company will continue to explore additional strategic and tactical equity in debt financing opportunities throughout the remainder of the year to further strengthen its balance sheet.
As mentioned in our previous earnings call, our operating expenses remain in line with our expectations and track well against our guidance for yearly net cash consumption.
We anticipate continuing that track record this year at an expected net cash consumption of around $5 to $6 million per quarter from our operation.
Following the recently announced restructuring of our EIB debt, we expect to see an additional cash outflow of approximately $700,000 per month.
We are continuing to see growth, especially with product sales here in the US and with O athlete, with freezing hair loss seeing that this horse modesty, uh with Watson and
ARIS has a strong business development and collaboration opportunity funnel, which we remain optimistic about with several potential partnering deals that each would contribute to revenue growth lined up for the second half of 2022 and beyond.
Our international distribution business, which is focused on the human barrel product line outside of the US, has produced positive revenue growth in the second quarter.
The new IVDR came into effect in May 2022, and given the multiyear grace period for any of our products with prior CE IVD marking to continue to be sold, we expect this to continue for the coming years.
Our PEN European distribution partner, Manureen, significantly increased minimum commitments for the coming two contract years, starting in April 2022 by 50% in the coming 12 months. And overall by the end of the fifth year by more than 80% compared to last contract year's minimum.
Additionally, our distribution agreement with Leader Life Sciences in the UAE and Qatar has an initial total deal value of $1 million in revenue over a three-year period.
This agreement has the option to be extended in one year increments for a continuous revenue stream.
With the recent addition of a distribution partnership with KAIS Group in Kosovo, we have added another commercial deal expected to be contributing to revenue growth from the third quarter 2022 onwards.
As a result of our progress in the second quarter of 2022 and to date, we expect continued growth in the commercial rollout of Unibear product and the Exi-Ulytes AMR gene panel.
We're focused on expanding and progressing our commercial pipeline for the AMR team panel with several ongoing discussions with hospitals and direct customer access.
This year we have signed the first two commercial agreements in June and July already and expect this number to increase as the year progresses.
Just as a reminder, the typical range for these ACQUITYIS accounts, once fully implemented into clinical routine, is expected in the $50,000 to $150,000 range per annum in recurring consumable revenue screen.
We are looking forward to our clinical trial updates and regulatory submissions for univeral UTI and invasive joint detection or IGI products.
As mentioned previously, the UTI clinical trial has progressed throughout this year and we are looking forward to an upcoming data readout in the second half of 2022 towards an FDA submission.
We are also advancing towards the initiation of a prospective multicenter clinical trial in the US on Univero A30 platform for IGI.
Our goals for the longer term include expanding aerodynamic strategic collaborations and partnerships.
We have multiple ongoing conversations with leading organizations in NGS, diagnostics, and PAMA.
We look forward to the opening of our NGS Service Lab for the US here in Rottwell, Maryland in the coming weeks to help us with upcoming commercial launch of services and solutions in 2022 and beyond.
We expect revenue growth from our products and services globally for 2022 to be in a range of somewhere around 25% compared to last year.
We expect to gain significant traction in direct sales in the U.S. and acceleration in our genetics-related revenues from additional collaborations, services, and software solutions.
Additionally, we would like to mention the At the Market ATM sales facility for up to approximately $10.7 million that commenced in June 2022.
You have the option to sell from time to time in an at the market offering shares of common stock.
Our activity level remained modest with around 150,000 shares for close to $80,000 sold in July and approximately 1.7 million shares sold for approximately $1 million of net proceeds in August to date. Our activity level remained modest with around 150,000 shares sold in July to approximately 1.7 million shares sold for approximately $1 million in August to date.
With that, I'll turn the call back to Oliver to discuss the company's achievements and upcoming milestones.
Oliver?
Thank you, Albert.
I'll now discuss upcoming milestones and plans to look forward to in the upcoming quarters.
As mentioned earlier on this call, our Univero UTI clinical trial has enrolled more than 1300 patient samples as of today. We're getting very close to achieving our study goal of 1500 prospective patient samples and are on track to complete the trial enrollment by the end of the quarter, followed by the final data readout in the second half of 2022 towards an FDA submission.
We offer the UTI test as a research use only product in the US ahead of the FDA's submission and clearance.
We've seen an increase in monthly ordering volumes that continue to increase from the previous quarter.
We're also currently progressing on track with our Univero A30 platform on an IGI panel from Sanovio Fluids.
IJI assays are currently in development, and our cartridge development remains on track as well.
Our goal is to initiate a prospective multi-centred clinical trial in the U.S. on the Univero A30 platform.
pending current ongoing strategic discussions followed by a subsequent FDA submission.
As we progress with development of the A30 for clinical trials and upcoming FDA submission and clearance and commercialization, we have continued to deepen our conversations for licensing and strategic partnering.
These conversations are among others that expand across the United States, Europe and Asia.
On the RS Genetics front, we're on track to open RS Genetics' own service lab at Options headquarters in Rockville, Maryland.
This is a major step as we will continue to expand our capabilities in our own backyard.
We're currently undergoing final stages of process validation and have successfully completed the tech transfer from Vienna to Rockville. And we look forward to launching our own direct to customer services here still in the third quarter 2022 right on schedule.
We shared some exciting news from our subsidiary, Aris Genetics, last month.
In July , AORUS Genetics entered into a collaboration agreement with the Belgian National Reference Centre for Invasive Strep Pneumoniae located at Juzi Leuven. This agreement is aimed at developing and evaluating computation tools developed by AORUS Genetics for the identification and characterization of streptococcus pneumoniae for diagnostic purposes.
The estimated annual deaths that might have been prevented by effective antimicrobial therapy has grown to 1.7 million deaths annually. And ARIS and UsiLogan aim to help reduce this number by advancing predictive antibiotic susceptibility testing.
As described above, ours has the healthiest pipeline for partnering and collaboration since the start of the company.
We're seeing a significant amount of growth in their collaboration opportunity funnel.
Currently, we have many partners working under NDA and scope discussions with multiple leading companies in the space.
For update with China's National Medical Product Administration, or NMPA, is currently still pending COVID-related lockdown restrictions in major cities.
Once these restrictions end, we plan to generate data in China for an estimated 600 supplementary clinical samples.
We're planning for submission and potential approval for an ammonia cartridge and a subsequent commercial launch.
We continue to be in very regular communication with the staff at Beijing ClearBio and their CRO as well as their regulatory advisors. But at this time, we simply do not have visibility as to the timeline of clinical trials to be possible to get started and executed in China.
Furthermore, on August 8, 2022, we submitted to NASDAQ our request for an additional 180-day period in which we can regain compliance with the minimum bid price of $1 rule. We believe that we do meet all criteria for such an extension and anticipate NASDAQ's response and decision, which we anticipate towards the end of the month.
In conclusion, we're pleased with our positive results for the second quarter of 2022 and realise that we're a bit over DDL and completely over duress prepare ourselves to be here
We're continuing to see growth, especially in the US, with direct product sales and ARIS, strong business development, and an expanding collaboration opportunity funnel.
We're planning for an aggressive push in the second half of the year, both domestically and with all partners internationally.
We have seen more commercial proposals come across the last few weeks than we have previously seen in several quarters. We look forward to progressing these deals along and continue to realize increasing revenues.
As always, we will continue to provide updates on our strategic partnership discussions and progress in our commercialization efforts as they continue throughout 2022.
Thank you for your continued support and for participating in this afternoon's calls.
I would now like to turn the call back to the operator for questions.
We will now begin the question and answer session. If you have a question, please press star 1 now to be placed in the queue.
Our first question comes from the line of Sue Romanoff from Edison Group. Please go ahead.
Hi, congratulations there Oliver and Albert. There's lots to cover here so let me jump in with a few questions.
The two ACUITAS AMR wins were nice to see at sizable organizations. Can you give me an idea of the sales cycle and maybe update us on the 60 entities you are targeting? Do you see any increasing opportunities for cross-selling? The second one is there's some nice traction internationally. Could you give us a little bit more color on the geographic and product details?
The last one is more housekeeping. The 23% growth in the quarter was nice to see, but could you provide us context on the apples-to-apples comparable for the first half decline with the net fish contribution in the first quarter of 2021? Thank you.
Yeah, sure. Now, in terms of. You know, acute a sale cycles, I just reiterate what we said and have been saying consistently for quarter after quarter sales cycle wise. You anticipate a 6 to 12 month sale cycle. You know, when you look at the 2 agreements that we actually signed in terms of. Time to agreement they range from north of 6 months from a 1st draft to closing.
To less than 60 days from 1st draft of agreement to closing. So, over time, I would certainly anticipate that there is going to be a regular rhythm of agreements. And again, we have a nice funnel of these opportunities in front of a number of accounts. We're obviously we have been working working on those opportunities for a number of months. So. I wouldn't anticipate there to be a regular regular flow of additional agreements coming through.
And again, the guide was 6 to 12 months. But since we started the broad launch and rollout campaign back in October of 2021, it's fair to say that a lot of these conversations have also progressed quite nicely over recent months.
In terms of the international business,
It's really obviously a big focus on the Manarini partnership. And then it depends on which country, which region. You're still seeing Asian markets, places like Singapore suffering from, you know,
late phases of COVID related restrictions, but adding additional international distribution partnerships, that's gonna be a recurring theme. And so that's really what we're gonna be focusing on, working with Menorini to drive the growth across the existing key European markets and adding international distribution, whether it's Asia Pacific, Middle East, Latin America, that's gonna remain the focus. Just to remind, I mean, we have, for example, the collaboration with NRDX in Colombia.
They've been working very diligently on the launch during the first half. First, Univero systems are already over there, have been installed at customer hospital labs. Again, we actually have team members who will be on the ground with the ANAR team in Columbia later this quarter supporting the various launch initiatives. Again, there are opportunities for multiple additional systems. For more information, visit www.univero.com
and obvious growth in the early phases of that uptick. In terms of the numbers, first half, I mean, you're absolutely right. If you look at the decline, it's really, on the one hand, the growth in the product sales. And then you've got to take out the fish business, which was roughly $170,000 in the first quarter of last year before we sunset that. And then the New York State collaboration project, which was a research collaboration.
that ended and concluded at the end of the third quarter of 2021. So basically, we had six months of that with several hundred thousand dollars. So the underlying product sales of Univero, both internationally as well as in the US, has grown. But the net effect of taking out the fish business and the non-recurring collaboration basically led to the net decline.
Do you have any more questions for the management?
No, that's great. Thank you. Okay.
Ladies and gentlemen, that's all the time we have for today. I will now turn the call back to Dr. Shah for closing remarks.
I'd like to thank everybody for joining today and please visit the investor section of our website or our SEC filings for updates on the company. Thank you very much. Have a great day.
Thank you sir.
Ladies and gentlemen, that concludes our today's conference. Thank you for your participation. You may now disconnect your line.
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