Q4 2022 IsoRay Inc Earnings Call
[music].
Good afternoon, ladies and gentlemen, and welcome to the ICU REIT, Inc. Fourth quarter fiscal year 2022 call.
At this time, all participants have been placed on a listen only mode and we will open the floor for your questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host Mark Levin, Sir the floor is yours.
Thank you operator.
Good afternoon, and thank you for joining us today for the discussion of the proposed merger with viewpoint molecular targeting and the ice array fiscal fourth quarter 2022, and fiscal year 2022 full year earnings results for the quarter and fiscal year ended June 30th.
2022.
Before we get started I will take a few minutes to read the forward looking statements.
Certain statements in this conference call constitute forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995 as amended.
When used in this conference call words, such as will believe expect anticipate encourage and similar expressions as they relate to the company or its management as well as assumptions made by and information currently available to the company's management identify forward looking.
Statements within the meaning of the private Securities Litigation Reform Act of $19 95.
These forward looking statements are based on management's current expectations and beliefs about future events as of today September 'twenty eight 2022 including statements regarding the anticipated synergies and benefits of the proposed merger with few point molecular targeting.
As with any projection or forecast.
They are inherently susceptible to uncertainty and changes in circumstances.
And the company undertakes no obligation to and expressly disclaims any obligation to update or alter its forward looking statements, whether resulting from such changes new information subsequent events or otherwise.
Risks and uncertainties include whether they proposed merger is completed and if so whether the anticipated benefits of the merger are realized whether an event occurs including an event with a material adverse effect or a condition to closing the merger is not satisfied such as failure to obtain.
Approval from ice array stockholders that results in a failure to complete the merger whether ice array and viewpoint are able to successfully integrate their businesses and whether restrictions on ice res business during the pendency of the merger harm our business.
Additional information concerning forward looking statements is contained under the headings of Safe Harbor statement and risk factors listed from time to time in the company's filings with the Securities and Exchange Commission.
We will begin today's call with Lori Woods ice arrays, Chief Executive Officer, and tastes spore Chief Executive officer of viewpoint molecular targeting.
And then Jonathan Hunt ice arrays, Chief Financial Officer will discuss the fiscal fourth quarter and fiscal year 2022 financial results.
Following their prepared remarks, we will take questions from our analysts and institutional investors I will now turn the call over to Laurie.
Thank you Mark good afternoon, and thank you for joining us today.
With us on the call is taste spore CEO of viewpoint molecular targeting.
Together, we will be discussing the proposed merger of our two companies that was announced this afternoon.
Following our discussion Jonathan Hunt and I will discuss our fourth quarter and full year results.
The proposed merger with viewpoint molecular targeting represents a culmination of a long and rigorous process.
Throughout our strategic evaluations of opportunities over the past year and a half we have examined the evolving therapies and approaches that signal the future of cancer treatments.
In line with our focus on treating cancers from the inside out one therapeutic area that has been of great interest to us is targeted alpha therapy.
We have been following it closely and we believe that it has significant potential.
As a result, and after careful consideration it is our belief that the merger with viewpoint represents a solid fit with ice arrays existing business.
It enters us into it and initial market opportunity. We believe has the potential of being a multibillion dollar market.
For the first two products targeting melanoma and neuro intercom cancers.
Viewpoints treatment approach utilizes alpha admitting radio nuclides to kill cancer cells, while minimizing toxic effects.
It is this powerful targeted radioactive approach similar to cesium 131, breaky therapy, which led us to viewpoint.
The viewpoint team has developed a platform of unique targeted alpha therapy radio pharmaceuticals, using led to 12 that produces alpha particle radiation at the site of the tumor.
It works together with complementary imaging agents, which can be used to diagnose and then treat cancers.
This form of treatment targets, the specific cancer being addressed treating the cancerous area and limiting impact unhealthy parts of the body much like cesium 131.
Patients could benefit from this personalized targeted approach that is critical structure sparing again like cesium 131.
Led to 12 limited half life and high potency presents what we believe is an effective treatment of tumors, while limiting the damage to healthy tissues.
It is our view as it is of many in the field that this type of treatment represents the future of cancer treatment.
We had ice ray are very excited to join viewpoint and be a catalyst to advance the of efforts to bring this technology to patients around the world.
From our vantage point this merger joins two like minded medical and biotechnology companies and the right balance of resources and personnel.
These elements provide the fuel to drive both companies forward in the shared belief that personalized targeted medicine that spares patients the difficult side effects of so many existing treatments is the future of cancer therapy.
Okay.
To give you greater detail on viewpoints targeted therapies and his thoughts on the importance of the proposed merger I am very pleased to introduce viewpoint CEO taste spore.
Thank you Laurie I appreciate the opportunity to speak with all of you today about this important milestone enjoying together. These two innovative and complementary companies I believe we are advancing the potential to affect patient treatment options in an impactful way.
Although viewpoint prices, hoping method of delivery differ from cesium 131 breakthrough therapy. The basic concept is largely the same.
Viewpoints targeted alpha particle therapy treat cancer from the inside out while minimizing side effects for patients battling cancer.
But before I talk in more detail about viewpoints therapies and precision imaging technologies I'm going to give you an introduction to the company's history as well as look at my own background.
Viewpoint came into being just over six years ago when Dr. Francis Johnson and Dr. Michael Schwartz recognize the importance of the compelling data surrounding their alpha particle radiopharmaceuticals and we spun the company out of the University of Iowa by the way. These to remain with the company today is our chief operating officer, and Chief Scientific Officer, respectively.
I joined the company in February of this year to lead the next phases of growth I've been charged with building upon their robust pipeline and advancing these programs through clinical development and commercialization.
My background includes formal training nuclear pharmacist time, as a wall Street analyst as well as leadership roles in public and private biotechnology and medical device companies, both large and small most.
Most recently I served as CEO of several clinical stage biotechnology companies, including GBP Biosciences and as Rex.
The talented and passionate team of viewpoint includes around 30 people most of whom are scientists and researchers.
The company has raised over $36 million to fund our programs, including $18 million in government grants such as from the National Cancer Institute, which speaks to the compelling data that the company has compiled the data.
Let me give you a great introduction to the company and I'll now dive a bit deeper into technology. So you can see why there is much to be excited about what.
What I feel is so important about alpha and meeting radiotherapy broadly and viewpoints proprietary approach in particular is that not only does it appear in animal studies to be effective at prolonging life, but it may ultimately prove to be curative in some instances.
Our platform, which is based on the use of what are called elemental twins.
Led isotopes provides a distinctive advantage and that we can see in advance how our drugs with pinpoint a tumor which also allows us to calculate an advance and a very precise way how much radiation will be delivered to the patients tumor.
Our two lead candidates are in the clinical stage and are duly focused on therapeutic as well as diagnostic use what we refer to as their gnostics.
These products are a BMT alphabet for neuroendocrine tumors and <unk> hundred one with its companion diagnostic and <unk> for advanced melanoma patients.
In each of these therapeutic isotope has led to 12.
And led to a three abuses of the diagnostic the isotope is combined with the peptide drug conjugate.
Then injected into the patient this key leader or chemical Cage allows the body to transport the highly potent led to 12 particles directly to the tumor or to be eliminated quickly from the body.
Once the peptide and the isotope attached to the cancer cells. The high energy Alpha protocols start eradicating the targeted cancer cells with a short half life of just under 11 hours.
Underpinning our programs overall are led to 12 isotope generator, which we call BMT Alpha gym visit.
This elegantly designed device, which is about the size of a thermos houses the isotope production system.
In auto regenerates overnight and has a shelf life of about a week and that is then returned to the manufacturer to basically to recharge for additional use.
BMT often that has been used in compassionate use in human imaging in Germany. It is off.
So being utilized in the phase one study that is just getting underway at sites in the Midwest, including the University of Iowa.
PMT a one O two for advanced melanoma are also entering phase one therapy. After previously being used in a phase one imaging study.
After a very compelling results in animals to date, we have high expectations for what we hope these therapies can do independent human trials.
Italy, we have other targets, we're working on in breast prostate and pancreatic cancers that we look forward to updating you on in the future as those programs also progressed.
In closing I believe the combination of ice array and viewpoint molecular targeting presents a unique leading platform company in the targeted internal radiation therapy market.
Company's shared vision of treating cancer from the inside out and pioneering effective personalized cancer fighting therapies that aimed to minimize unwanted side effects presents a compelling proposition for patients clinicians and investors.
Viewpoint molecular targeting believe this proposed merger brings together two innovative medical technology companies to create a dynamic new for us in the industry.
Now I'll turn the call over to Jonathan Hunt Ice arrays, Chief Financial Officer, who will go over the transaction details.
Thank you thanks.
Subject to the terms and conditions set forth in the merger agreement and newly formed wholly owned subsidiary of ice array will merge with and into viewpoint with viewpoint continuing as the surviving corporation as a wholly owned subsidiary of ice right.
At the effective time of the merger each issued and outstanding share of common stock and viewpoint will be converted into the right to receive three three to one two shares of <unk> common stock rounded to the nearest whole share.
Plus any cash new approximal shares common stock and any dividends or other distributions to the holder thereof becomes entitled to upon the surrender of such shares a viewpoint common stock.
Other than any cash paid in lieu of fractional shares there will be no cash consideration paid in connection with the merger.
Following completion of the merger the stockholders of viewpoint immediately prior to the closing of the merger, we will own 49% of the fully diluted outstanding capital stock of ice array.
The merger is subject to approval by the shareholders isolate viewpoint, along with other customary closing conditions, including receipt.
I'll turn this opinion and any necessary governmental or regulatory approvals.
Upon closing the size of <unk> Board of directors will increase two five directors with three directors to be designated as jewelry and two directors to be designated my viewpoint.
Lori Woods will be one of the directors appointed by ice jewelry and will serve as the chairperson.
Score viewpoints current CEO will be one of the directors appointed by viewpoint and will serve as <unk> CEO .
Oppenheimer <unk> company is acting as a serious financial advisor for the proposed transaction and Gallagher and Kennedy.
Serving as <unk> legal counsel.
Kenzie Ross variance LP as I can as viewpoints legal counsel.
Additional details along with the merger agreement can be found in the 8-K, which was filed with the SEC a short time ago.
I will now turn the call back to Lori to discuss <unk> fourth quarter and full year results.
Thank you Jonathan.
Although our fiscal year 2022 showed continued steadily improving trends we encountered a few short term headwinds in the fourth quarter and the current first quarter of fiscal 2023, which has led to short term sales declines I will discuss those with you in a moment, but I want to be clear.
Despite these temporary setbacks I remain confident in the future growth of ice array.
Our sales for the fourth quarter ended June 32022 of $2 $5 million.
Send it to a decline of 8% versus the year ago quarter.
The primary driver of the sales decline was the 12% year over year decrease in our core prostate brachytherapy revenue.
There are several factors that impacted our fourth quarter numbers.
We believe that increased summer vacation travel for both physicians and patients.
A little more seasonality in the fourth quarter of this year as most COVID-19 restrictions have now been removed.
At the same time the increase in omicron continues to affect our prostate business with patients having to reschedule due to the variations that have resulted in an increase of cases of omicron.
We also experienced the impact of a reorganization of the sales and marketing departments, primarily in the fourth quarter.
You may remember that I shared with you that our focus here would include the addition of new roles personnel and a realignment of sales territories.
We believe that these changes are critical to drive greater sales growth going forward, particularly in our core prostate brachytherapy business.
However, the related elevated turnover of the sales personnel in the short term has impacted sales in some territories during the fiscal fourth quarter.
We believe that the recent disruptions from the turnover in the sales organization are largely behind us.
We also saw the impact of a separate unprecedented situation with our isotope supply chain over the summer.
You may recall that we source our isotope from two reactors in Russia at the end of July one of these reactors experienced an unplanned service disruption.
Unfortunately, the second reactor entered a planned outage for routine maintenance in August and could not cover our isotope requirements.
When we learned of this disruption we contacted reactors in the United States that could possibly provide cesium 131, and none of these reactors were immediately available.
As a result of this unique and unprecedented situation, we were unable to supply our customers with products for a few weeks from mid August until the beginning of September .
As of September 7th we returned to regular operations and have been shipping product regularly since then as the second reactor in Russia has now completed its scheduled maintenance and is back online.
This reactor is capable of covering more than our current isotope supply needs.
It is important to note that we believe that this was a unique and uncontrollable situations. This is the first time in the company's history that we have had an outage and we do not foresee a repeat of this unfortunate situation.
Prior to this unique situation, we had been working on alternative sources of production for cesium 131 to add to our current supply and to provide the company with ample alternatives in an effort to be prepared should a situation arise that would require production outside our current sources.
That process has been underway, but you can understand that it requires extensive research validation and related due diligence and will take time.
In the short term, although we do have adequate supply now of Cesium 131, we expect a decline in sales in the first fiscal quarter of 2023, ending September 30th 2022 versus the prior year.
We currently anticipate total revenue for this period to be between $1 6 million and $1 $8 million.
I will now turn the call back to Jonathan who will go into more detail about our quarterly and year end results.
Thank you Lori I'm going to discuss some of the financial information that was contained in our press release for the fiscal fourth quarter and fiscal year ended June 32022 that we released a short while ago.
We anticipate that our Form 10-K will be filed with the SEC today.
Revenue for the fourth quarter ended June 32022 declined 8% to $2 5 million versus $2 $71 million for the same period last year.
Fourth quarter revenue was comprised of 70% for prostate brachytherapy with the balance or 30% of revenue.
Attributed to other breakthrough therapy.
Generally sales to treat brain, which included revenues from gamma Tau and GT medical technologies.
Fourth quarter, non prostate revenue increased 6% to a record $744000.
Gross profit as a percentage of revenues for the fourth quarter ended June 32022 was 37% compared to 49, 7% for the quarter ended June 32021.
The gross margin decrease was primarily driven by the decrease in revenue as well as higher material costs and increased payroll and benefits expense due to greater head count.
Fourth quarter gross profit dollars of $926000 decreased 31% when compared to the same period last year.
Total operating expenses, consisting of research and development sales and marketing and general and administrative increased to 3.0 of $3 million in the quarter.
Order versus $244 million in the fiscal fourth quarter 2021.
R&D expense increased 7% versus the comparable prior year quarter to $796000.
The year over year increase in research and development expenses was primarily the result of higher market research and consulting expenses as well as increased payroll and benefits expense due to greater headcount versus the fourth quarter of fiscal 2021.
Sales and marketing expenses were $654000 in the fiscal fourth quarter of 2022.
Negligible decrease versus the comparable prior year period.
Increased travel expenses were offset by decreased payroll and benefit expenses due to the timing of head count changes in the quarter versus the comparable period.
G&A expenses were $1 $5 8 million versus $131 million in the fiscal fourth quarter 2021.
The increases in general and administrative expenses were primarily the result of increased payroll and benefits expenses due to greater head count and employment hiring expenses.
As well as increased consulting and travel expenses versus the prior year comparable period.
<unk> posted a net loss of $2 8 million for the fourth quarter ended June 32022, compared to a net loss of $1.06 million for the quarter ended June 32021.
The net loss per basic and diluted share was <unk> <unk> versus net loss of one <unk> for the quarter ended June 32021.
Basic and diluted share results are based on weighted average shares outstanding of approximately $142 million for the quarter ended June 32022 versus $141 7 million for the prior year period.
Turning now to our full year 2022 results revenue for the fiscal year ended June 32022 increased 7% to a record $10 $7 million to $9 million compared to $10.0 million to $5 million from the prior year.
Prostate brachytherapy revenue represented 75% of the total revenue in fiscal year 2022 versus 78% to the prior fiscal year.
The company's core prostate brachytherapy revenue increased 3% in fiscal year 2022 versus the fiscal year ended June 32021.
Full year non prostate revenue grew 23% versus fiscal year 2021 to a record $2 $74 million.
It was driven by growth in sales to treat brain, including cells of <unk> therapy.
Gross profit as a percentage of revenues for the fiscal year ended June 32022 was 42, 8% versus.
Versus 59% for the fiscal year ended June 32021.
Full year gross profit dollars for six 2 million.
Declined 10% compared to the fiscal year 2021.
The decline in gross margin was a result increase total cost of product sales due primarily to higher material costs as well as increased payroll benefits due to an increase in head count versus the fiscal year 2021.
Total operating expenses were $12 million for the year ended June 32022 versus $8 $7 million in the comparable prior year period.
Total R&D expenses increased to $2 $8 million from $1.3 million in fiscal 2021.
The year over year increase in total research and development expenses was primarily the result of increases in payroll as a result of greater head count and market research consulting expenses versus the prior fiscal year.
Sales and marketing expenses increased 15% to $2 8 million versus the prior fiscal year.
The increase in sales and marketing expenses were primarily driven by increased payroll and benefits expenses due to greater head count and increased travel and convention costs when compared to fiscal year 2021.
General and administrative expenses increased 41% to $662 million versus the prior fiscal year.
The year over year increase in general and administrative expenses was driven primarily by increased payroll and benefits expenses due to higher head count and employment hiring and expenses when compared to fiscal year 2021.
Additionally, the fourth quarter of fiscal year 2021 did not include the majority of annual employee and director stock grants, which were granted in July 2021, subsequent to the close of the fiscal fourth quarter 2021. This reduced overall share based stock compensation expense in the fourth quarter and full fiscal year.
In 2021 compared to the fiscal year 2022.
The company's net loss was $7 $3 million for the fiscal year ended June 32022 versus a net loss of $3 $39 million in fiscal year 2021.
The net loss per basic and diluted share.
Was <unk> versus <unk> <unk> in fiscal year, 2021, basic and diluted share results are based on weighted average shares outstanding of approximately $142 million at fiscal year end 2022.
Versus $104 million for the prior year.
Amendments to patients the condition to treat them and to our shareholders.
We are at an important crossroads and I have never been more excited about the future of ice Alright, I will now turn the call over to the operator to take questions from our analysts and institutional investors.
Thank you ladies and gentlemen, the floor is now open for questions. If you have any questions or comments. Please press star one on your phone at this time we.
We do ask that while posing a question. Please pick up your handset if you're listening on speaker phone to provide optimum sound quality.
Once again, if you have any questions or comments. Please press star one on your phone please.
Please hold while we poll for questions.
Your first question is coming from Frank Kekkonen from Lake Street Capital Your line is life.
Hey, Congrats and thanks for taking my questions I wanted to start with.
Question around a strategy or prioritization of the surviving businesses I guess I I understand how the two therapies are very relatable and how they treat but maybe I don't see as much of how they are complimentary, giving one's commercial on munza precommercial. So I assume it's kind of a matter of prioritization between the two.
We're gonna Ization going forward, so maybe just lay out what it looks like over the next 12 months Uhm focused on I, So ray versus viewpoint assets and how that can look and how to survive an organization is going to operate over the next 12 months and beyond.
We'll be happy to do that thank you Frank for your question really appreciate it.
Super excited about this merger and I think in talking about the upcoming months one of the things I really liked to point out about tastes here is it tastes has a real strong background in breaky therapy, he understands our business and what we do so it's a really great combination of two companies that really view things very similarly, and have that shared vision.
Ah treat patients from the inside out I'm, having said that I'd like to hand, it to taste to answer that question.
Sure no. Thank you've already and it's a great question because as we look at you know any business from a portfolio perspective, you Wanna look at what are the shorter term initiatives and where the longer term initiatives as we look at treating cancer from the inside out you have a one set which is you know puts a devices with one approval halfway and then you also have the opportunity for.
Drug with a different approval pathway of different timelines and so it's really important for us to have this discipline to think through what's gonna be the best return for shareholders for a short term and long term groove and that's really think about what are the resources required and that's both both people money and equipment to really make sure we deliver the best value of all the shareholders.
Got it Okay. That's helpful. And then maybe one on the phase one trial, maybe talk about patients follow up timeline and points when we could hear about that and get any insight into the results of the phase one trial.
So the Ah viewpoint that several active Ah ind's right now to the F. D. A we have to ER safe to proceed I D's honor of melanoma program at two on on your end or can program. We haven't given me guidance. He had on on timelines for Windows will enrolling conclude but we'll be doing that at a later date. So you.
Now we are we are.
Yeah, two active programs each with two active ind's and we'll give them a much more clearer sense of guidance Ah over the next three months as we get closer to actually closing the merger.
Okay, and then maybe just last one for me on the financial related to partner to partner, making sure I understand that the transaction and it looks like it's.
Surviving company.
Pro forma shares outstanding is going to be in that 290 to 300 million range, assuming no reverse splits or anything of that nature. One is that correct and and to what is the cash on the balance sheet give you for a cash rental at this point.
Yeah I think.
As we look at the [noise].
Right, we've got $144 million outstanding.
Right now with with ice ray and without being 51%.
And then taking essentially that is 51.
We'll be approaching over that around that 300 million Mark.
So.
You know that that's a good way to look at that in terms of the overall shares that will be outstanding post merger.
And then as far as our cash runway you know we still feel good about the the cash that we have on hand, and our uses of that in terms of you.
Using that towards the the Breakey therapy business, but also being able to deploy that.
Towards.
You know what posts close of the merger using that to help facilitate the the trials that phase one and such that viewpoint will be going through will provide.
More guidance on that as we go along.
Perfect. Okay I'll stop there congrats again, thanks for taking my questions.
Thanks, so much.
Thank you once again, ladies and gentlemen, if you have any questions or comments. Please press Star then one on your phone at this time.
Your next question is coming from like Art from Oppenheimer. Your line is life.
Good afternoon, and congrats on the merger. This is my account for Suraj I appreciate all the color so far and the rationale for the deal and you know besides the two mentioned you know pathways any other programs that you know in the viewpoint pipeline that investors should be tracking or is it still too early would you say there.
Thanks for the question your viewpoints got a really interesting pipeline of of compounds are based off a platform technology you know as we look at how we develop agents for US we use a peptide key later.
And ended up peptide can change and so the key later kerry's elected 12 or lead to a three to a tumor either image it were treated.
Peptide on the other end and can change what we love about peptides that'd be accurate very rapid just you know biodistribution. They go very quickly to a target we can see in Oliver early animal work, how it tags to what to expect you can see in humans as the Ah peptide cubic conjugate.
Accumulates on the tumor are rapidly after injection and so we only moved programs for it at the clinic that we think are very compelling.
So there's there's a huge pipeline and innovation engine that we have we we operate labs.
It's been out of the University of Iowa, and we can sort of keep looking out interesting conjugates to really roll through as we find peptide targets that we find very very compelling.
Okay. That's that's helpful. Thanks tastes and then shifting if I couldn't be the core business, you know X isotope Ah supply issue and vacations that impacted four Q how are patient flows overall today.
You know the patient flows are are strengthening we did feel seasonality. This summer I think everybody was relieved when all the omicron restrictions got lifted and physicians and patients took vacations in record numbers and so we did feel that but a heel that we're seeing the return.
Have patience, although we have taught in the past about this bolus of patients that are out there that need to get into the pipeline and be treated and we still haven't seen that come through the system yet in the way we might have expected and we are yeah. That's substantiated by the American cancer Society statistics, they're still projecting that these patients.
Or coming through but as of yet.
We haven't seen them I'm, hoping that's now going to change as all the restrictions had been lifted and it's unlikely they're going to get imposed unless something were unaware of happens in the future that will start seeing those patients get in to see their primary care doctors and moved through the system.
That's great to hear thanks, Lori and then one last one that you know this may be premature to ask you know with the recent sales and marketing changes, but I think back in February you were initially looking to add you know two to four new reps over the next 12 to 18 months I I don't know if you can give us any update on the rap hiring and then you know what related to that.
One of the questions. We've gotten from client is you know how is that productivity you know maybe rabbits per rap you know if it's fair to.
You know give any kind of number is you know, especially around new hires or the existing highers. However, anything you can share their alright. Thanks, absolutely. So our numbers are back to where they were previously and we're excited about the people who have joined us and the education they've been going through this summer we took advantage of the time that.
The unfortunate time, we had during the disruption of our isotopes supply, but we took advantage of that time to educate folks and spend time getting them ready to go and all hands on deck for the this fall we with the merger happening we are definitely evaluating the number.
Of people in our sales and marketing team I'm going for it and I think we'll have more information for you going forward as to how we're gonna roll that out, but obviously with new technology coming on board. We're we're we're looking at that again from a slightly different viewpoint.
Alright that makes perfect sense Saint thanks, so much for taking our questions.
Thank you Mike.
Thank you once again, ladies and gentlemen, if you have any questions or comments. Please press star one on your phone at this time please.
Please hold while we poem for questions.
[noise]. Thank you that concludes our Q&A session I will now hand, the conference back to Miss Woods for closing remarks. Please go ahead.
Thank you everyone for joining us today I really appreciate your time, we are so excited about this merger and the opportunity. It provides both organizations that we really look forward to communicating all the great news with you coming up this fall in its next spring. Thanks, everyone for your time Bye bye.
Thank you ladies and gentlemen. This concludes today's event you may disconnect at this time and have a wonderful day.
Thank you for your participation.
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