Q3 2022 RVL Pharmaceuticals PLC Earnings Call
[music].
Good day, everyone. My name is Chelsea and I'll be your conference operator.
At this time I would like to welcome everyone to the RV L Pharmaceuticals third quarter 2022 financial results call.
All lines have been placed on mute to prevent any background noise.
After the Speakers' remarks, there will be a question and answer period.
At that time, if you have a question. Please press star one on your telephone keypad.
As a reminder, this conference call is being recorded today November 10th 2022.
It is now my pleasure to turn the floor over to MS. Lisa Wilson Investor Relations for RV L. Pharmaceuticals. Please go ahead.
Thank you operator, welcome to RV, all Pharmaceuticals third quarter, 2022 financial results and commercial update call.
This is Lisa Wilson Investor Relations for RVO with me on today's call are our Chief Executive Officer, Brian Marcussen.
Chief operating officer, JD shop and.
And interim Chief Financial Officer, Mike the teachers.
This afternoon, the company issued a press release detailing financial results for the three months ended September 32022.
This press release and a webcast of this call can be accessed through the investors section of the RVO website at RV Alpharma dotcom.
Before we get started I would like to remind everyone that any statements made on today's conference call that express a belief expectation projection forecast anticipation or intent regarding future events and the company's future performance, maybe considered forward looking statements as defined by the private.
<unk> Litigation Reform Act.
These forward looking statements are based on information available to management as of today and involve risks and uncertainties, including those noted in this afternoon's press release and the company's filings with the Securities and Exchange Commission.
Such forward looking statements are not guarantees of future performance.
Actual results may differ materially from those projected in the forward looking statements RVO, specifically disclaims any intent or obligation to update these forward looking statements, except as required by law during.
During this call we refer to non-GAAP financial measures such as adjusted EBITDA for a reconciliation of adjusted EBITDA to net income or loss from continuing operations. Please see the tables at the end of today's press release.
Archived webcast of this call will be available for one year on <unk> web site RV Alpharma dot com for.
For the benefit of those who maybe listening to the replay or archived webcast. This call was held and recorded on Thursday November 10 2022.
Since then RVO may have made announcements related to the topics discussed. So please reference the company's most recent press releases and SEC filings and with that I'll turn the call over to <unk> Brian markets.
Good afternoon, and thank you for joining our call.
The third quarter for RVO was particularly noteworthy.
First we grew 19% Q3 22 over Q2 'twenty two.
Highlighting meaningful sequential growth in the face of challenging macros or headwinds.
Second in August we substantially strengthened our balance sheet with an insider like financing at the market.
Third as of the end of October we had opened approximately 3800 points of sale in aesthetics.
And roughly 1100 of those locations have reordered up nique at least once.
This is excellent traction, especially since our launch into medical aesthetics is only 10 months young.
<unk> is a disruptive technology that is unique in the marketplace and as the centerpiece of our strategy to be a leading growth company in medical aesthetics.
Fourth we have filled out our aesthetic sales team and now have a full complement of approximately 75 territory managers of particular note is the exceptional quality of this team and the management core that we have attracted in Ma.
Many respects it is testimony to the great asset, we have and the opportunity in front of us.
Fifth we plan to launch our new E Commerce platform in the first quarter of 'twenty. Three this will simplify all of our customer interactions and most importantly introduce a tailored subscription plan that will enhance our connectivity to our patients and drive reorders or refills.
Finally, our global partner Santana has continued to advance development around the World Santana has commenced the required registrational trial in Japan and plans to begin the same in China next year.
Now I'd like to turn the call over to Mike.
Thank you, Brian and good afternoon, everyone I'll begin by providing commentary on our quarterly results specific to the third quarter of 2022 with references back to the third quarter of 2021 or second quarter of 2022 as appropriate.
A reminder, that our quarterly info and highlights can be found in today's earnings press release.
We anticipate filing our quarterly report on Form 10-Q, with the SEC after todays call.
Total revenues relating entirely to net product sales of <unk> increased by $7 8 million to $10.1 million in quarter three.
Due to an increase in sales volume, reflecting expanded commercialization into eye care markets.
And effective in February 2022 medical aesthetics market.
Sequentially sales of up NIE grew $1.6 million were 19% from the second quarter of 2022.
Total cost of goods sold for Q3 increased by $1 4 million to $2 $5 million.
This increase was primarily driven by zero point $9 million and higher product costs due to higher sales volume.
And by zero point $5 million relating to increased royalties and contingent milestone payments due under our license agreement.
Our gross profit percentage increased to 75% in Q3.
As compared to 48% in the 2021 period, largely due to increased sales volume.
SG&A expenses for Q3 decreased by $4 4 million to $24 million.
Our net year over year decrease in SG&A was primarily driven by lower share based comp lower legal and other professional fees and lower marketing expenses boost.
Those decreases were partially offset by our recognition of zero point $9 million in transactional fees unique to the 2022 period.
Also from slightly higher net compensation and training costs for our expanded sales force.
R&D expenses for Q3 decreased by zero point $4 million to $1 million.
<unk>.
The year over year decrease in R&D expenses, primarily reflects lower share based compensation.
Notably in Q3 and for the year to date period, we again demonstrated our commitment to prudently manage total operating expenses by keeping spend in check.
And after adjusting for nonrecurring or exceptional items, keeping spend at or below the $7 million average monthly ceiling that we have.
Often referred to.
Moving below operating income total other non operating activities in Q3, 2022 contributed zero point $5 million of net loss.
As compared to a net loss of <unk> $9 million in the 2021 period.
This year over year change is largely influenced by changes in the fair value of the company's debt and warrant liability, which had been re measured through our earnings since October 2021.
Our adjusted EBITDA loss for Q3 was $10 $9 million roughly half the size of our EBITDA loss of $23 million in the prior year quarter.
Sequentially, our adjusted EBITDA loss improved in Q3 compared to the second quarter of 2022.
<unk> zero point $9 million were about 8%, reflecting stronger gross profit contribution.
Finally, turning to our balance sheet and liquidity.
At September 30, we held cash of nearly $60 million.
Total debt and financing obligations at quarter end had aggregate principal amounts due of $75 million.
As a reminder, we closed two separate financing transactions back in August .
First an insider led private placement of $15 5 million ordinary shares without discount.
Generating nearly $24 million in gross proceeds.
And concurrently we accelerated the issuance of $20 million of second tranche notes following an amendment of our note purchase agreement.
Also under the notes amendment, the lender agreed to commit up to $25 million from the issuance of third tranche notes at <unk> election through April 15th 2023, and subject to the achievement of a minimum revenue target.
As mentioned in the prior quarter there continues to be many variables in play that will likely influence our cash runway into 2023.
Near term commercial development in particular in the midst of changing and increasingly challenging macroeconomic conditions will play an important factor.
Nearly $60 million in cash on hand, with the cash burn rate that we expect to continue to improve with sequential sales growth and with confidence in our ability to control spending and live within our means we believe our cash runway should extend meaningfully into 2023.
With that I'll turn the call over to J D for some commercial highlights J D.
Thanks, Mike and good afternoon, everyone.
As you've heard our progress in Q3 reflects continued execution and momentum.
We are incredibly proud of the entire team for their achievements during the third quarter.
The sequential growth in Q3, which was a Q3 more indicative of traditional pre COVID-19 seasonality.
US confidence in our ability to continue delivering topline growth through expanding access increasing productivity within existing accounts and growing consumer and patient awareness.
Our efforts resulted in $10 million and up <unk> sales, representing almost 20% sequential growth significantly outpacing the aesthetic market growth sequentially. Another strong signal of underlying momentum.
Importantly, as of today, our promotional efforts in the field are singularly focused on the aesthetic channel.
Which we believe also positions the business to create significant operating leverage from the streamlined structure and focus moving forward.
Before touching on some details within the aesthetic channel I'll make a few comments about the <unk> segment.
We have established a strong foundation of product awareness and importantly stable revenue currently about 30% to 35% as a component of Q3 revenue.
The majority of this segment comes from prescriptions being fulfilled by our pharmacy, while a smaller portion is from a stable base of direct dispensing practices, who purchased the product directly from us.
Specific to the pharmacy not only do we continue to see a steady flow of new prescriptions, but the refill portion of our overall prescription base continues to grow.
A signal of patient satisfaction with the product.
To date.
More than 17000 providers have written a paid prescription since launch a number that still continues to grow weekly by 125 to 150 Hcp's.
Moving forward, we would expect modest growth from this segment given the shift in resources towards the statics and optimistically given the breadth of prescribers could see incremental growth as consumer awareness and education expands.
Turning now to the medical aesthetic launch that the third quarter again represented tremendous progress.
Though our priorities remain focused on revenue growth and operating leverage there are some important qualitative elements that fuel our growing conviction in the up nique opportunity.
We are just shy of 100% capacity within our expanded aesthetic sales footprint.
And I'd like to acknowledge the internal and field based leadership teams for their efforts to fill out this team about 75 strong across the country.
From what we have seen in a short window of time, we have assembled one of the most talented sales teams in the industry and they are doing a tremendous job of executing on the growth opportunity without <unk>.
Though we remain dedicated to up Meek at the moment. This team also provides us with a valuable strategic asset for future business development opportunities as we grow.
Additionally, we continue to see a growing number of organic social media driven posts, highlighting the patient and provider experience.
The influence of providers and patients through these channels is unmistakable and the impact of these experiences being shared further highlights the growing acceptance and use of up <unk> within the aesthetic channel.
More quantitatively, we finished the third quarter with approximately 3500 locations onboard growth of 59% since Q2.
Notably about 1000 of those locations Reorders at least once by the end of the quarter an increase from almost 600 exiting Q2.
More recently, we have further expanded our points of sale to just over 3900, while also increasing the number of reordering locations to over 1100.
The expanding points of sale and reordering accounts highlights growing enthusiasm, we're seeing from our provider partners.
Beyond the field based effort, we have built a growing presence at the many multi specialty aesthetic meetings, representing another indication of acceptance and excitement for up Nique within this channel.
As we move forward with our launch the playbook remains the same building a market and establishing <unk> as a routine part of the noninvasive and minimally invasive facial aesthetic protocol.
Of note. We are also planning to significantly enhance our technology ecosystem in Q1 of next year with the launch of our next generation portal.
Harnessing technology to further support growth. This platform will enable a full suite of expanded functionality and efficiency for both providers and patients, including subscription and auto refill capabilities, which notably will serve to reward patients for frequency of use.
While enabling providers to earn an ongoing revenue stream from refills after initiating treatment without any direct patient interaction required.
We are excited about this upcoming launch but also believe the platform will provide another compelling and differentiated asset which can serve to support additional products and opportunities downstream.
Moreover, our progress within the aesthetic channel has led to the recent deployment of a strategic account capability.
Beginning in Q3, we have started to engage with a number of larger strategic accounts.
Many of which carry a national reach along with several that maintain e-commerce, <unk> telehealth capabilities as well.
This expanded reach has created further momentum within the aesthetic universe.
Along with the opportunity to expand access to patients within the telehealth universe.
All in we are proud of the recent progress in execution and excited about the growth opportunity in front of us.
<unk> remain at the center of how we interact and see one another and up Nique represents a novel and differentiated way to deliver a simple yet elegant enhancement for appropriate patients you don't know you needed until you try it and.
And with that I'd like to turn the call back to Brian for any closing remarks.
Thanks, J D and thanks, everyone for participating today.
We're extremely excited about the prospects for <unk> in our organization and operator, we are happy to turn it over to questions.
Thank you Sir at.
At this time, if you would like to ask a question. Please press the star and <unk> on your Touchtone phone.
You may remove yourself from the queue at any time by pressing star kill.
Once again that is star one to ask a question.
And our first question will come from Louise Chen with Cantor Fitzgerald. Your line is open.
Hi, Congrats on all the progress this quarter and thanks for taking my question. So I had two for you first question I had was could you tell us more about your ecommerce platform is this for doctors or for patients.
And then the second question I had was thoughts on expanding your product portfolio. What do you think you can hear when do we think that you might see more product. When you think you might see more products in your pipeline or just in your commercial portfolio. Thank you.
Alright, Thanks, Louise I'll start with the answer to number two and let J D take.
The first part of your question, but.
Right now we've built out the team.
They are all exceptional.
Sales leaders in their own right and we were fortunate enough to.
Attract them from other companies that have deep roots in the space I don't have to name them, but.
We're pretty much very receptive right now to bringing in additional products.
We are really when you think about it unaffiliated, we don't have a toxin we don't have a filler.
We have a product that is not competitive with those agents. So we are ready to go and we also have opportunities for collaboration in eyecare. So now that the team has set our systems are really solid.
We will look to enhance capacity.
J D. One duty ecommerce question, yeah. So good afternoon Luis.
So the platform for Us I mean, this is really the next evolution for our technology stack and it will serve both providers and patients and so as it relates to the providers I think more simplistic enhancements, creating friction.
This ordering platform.
Some bells and whistles in terms of their ability to create auto shipments on a routine cadence.
The level of visibility that they have the productivity things like that but what I think is really unique is.
The patient part of this ecosystem is going to serve the practices well so effectively.
This iteration of technology is going to connect the patient when they go on therapy in a practice to our pharmacy. So that we can continue to fulfill an auto refill or subscription to up need for the patient and the providers will.
Continue to earn margin as that patient stays on therapy without having to interact with the patient on an ongoing basis. So we're excited about the iteration.
A lot of work across the organization and it should be a really unique product launch that serves both the near term purpose, but also additional opportunities as we're able to add things to the business moving forward.
Thank you.
Thanks Louise.
Thank you.
Our next question will come from Douglas Tsao with H C. Wainwright Your line is open.
Hi, Jeremy.
Yes, we got you asking the question.
First as a starting point, maybe Brian could you provide some color on how the quarter.
The graph.
From a seasonality standpoint.
Momentum.
<unk> exiting <unk> going into <unk> and then also in terms of the subscription model I'm just curious.
And toward initial perspective.
What percentage of the patient pay ultimately would be.
Subscribers. Thank you.
Yeah, I think on the prescription model question, it's little bit difficult to answer that without actual.
Actual experience in the market I mean.
J D feel free to hop in but we have pretty good data from our pharmacy on if you will the stickiness of the products. So on average.
From when we launched originally patients have been on product somewhere between 90 to 100 days on average.
And we believe that once we.
Get them into our ecosystem, we will be able to.
Certainly enhance our refill and reorder rate across the board, but J D. Maybe you have more color on that yeah, I think Doug.
Good afternoon, I would think.
Historically, what we see in the pharmacy and you know I'm not sure it's directly related to the patient population. That's that's churning through the aesthetic channel, but I think it's the data that we do have.
Some of the tests, we've done probably.
North of 50% would be an early kind of gauge for the level of of subscription opting, but remember we have a split.
Today it runs between $85 15, or 90 10 on patients filling.
30, count versus 90 count as their first subscription so.
I think what's what's part of the opportunity here is this system not only allows the the friction to be reduced on refills, but it gives us an opportunity to create the customer reward program for increasing utilization, which today, we don't have any of that.
Optionality to drive increasing utilization. So I think we're excited about the prospects and the way in which we can now connect with patients and keep them on therapy for even longer than we've seen which I would still think north of 100 days on average is pretty encouraging thus far.
Alright.
A single year, and we have yet to establish lifetime value for us.
Patient and then Doug back to your question on the quarter. You know July was a bit of a reset for us and since we reported topline sales ahead of the rest of the industry for.
For the quarter anyway, we kind of lead with our chin, but I think our 19% growth regardless is pretty remarkable.
And we came out of it pretty strong as we began to ramp in August and September and right now in the fourth quarter, we're very happy with what we're seeing so.
We reset a little bit with July because we did not anticipate that level of seasonality and it's very clear now what else that either the recession is there I'm not going to begin to comment on macros I'll leave that to smarter people than me.
And I think we like what we're seeing and.
We're pretty encouraged by the ramp yes.
Yes, I think the only thing I would add add Doug to that is are our revenue is largely demand based.
Certainly the addition of new accounts is as a modest kind of stocking if you will but it's not as if we're loading tons of product into accounts and churning.
Thank you.
The growth that we saw sequentially in what was a quarter more like what I see.
We've seen 2019 and earlier in aesthetics, where there is a drop in patient demand July creeping into August was quite strong and the rebound in September and as we've moved into the fourth quarter has continued quite nicely.
And if I could ask one follow up on the subscription model I'm just curious.
From a pricing standpoint is there an incentive or youre incentivizing patients to enroll in this way.
Yes, So I think that's one of one of the great benefits of being able to deliver this through technology is we're able to offer rewards and lower cost per day based upon the level of utilization and do it in an automated way that does.
<unk> create you know a lot of times, if you see these e-commerce platforms.
You can opt in for a subscription and take a 5% discount.
On a single purchase and then get it every month, but you can cancel right away. So you basically just lost 5% on a single purchase. This is designed in a way that kind of as you go you kind of contribute to reducing your cost over an annual period of time, So again I think unique.
And a lot of ways, but also an opportunity to further.
Create opportunity with the BD ends in a practice to deliver value.
Because their ability to identify diagnose and treat patients will now pay dividends moving forward without having to continue to remember to ask if patients need more when they're in for whatever other services. They are getting in a perpetuity cycle.
Great. Thank you so much.
Okay. Thanks, Doug.
Thank you.
Our next question will come from <unk> Prasad with Barclays. Your line is open.
Good afternoon. This is the shelf apalachi sense, we'll take our question.
You previously mentioned about 80%, 20% split of your revenue from static versus eyecare by the end of the year as they are recent market concerns around a weakening static from peers is there.
Any changes to this view thank you.
No we feel it's rock solid with our business.
The eye care is really steady.
We keep adding new prescribers every week in aesthetics is ramping quite nicely. So we're very comfortable with that split in the business.
This is very helpful. Thank you Okay Youre welcome.
Thank you.
Our next question will come from John <unk> with Zacks. Your line is open.
Hello, and good evening I was going to follow on Doug's questions about sales and ask what would drive the lower end versus the higher end of your fourth quarter guidance anything out there specifically that you see us pushing towards one of those extremes.
No I don't think anything in particular, John This is J D.
I think.
I think we feel pretty good right now about the momentum that we've continued to build and I don't think there's any big driver just trying to be consistent and thoughtful about the data points that we do put out.
For the Investor community.
And John where we're just thrilled to run the playbook right now with the full complement in the field and aesthetics.
We love the energy from that group and what we're seeing.
Yes that kind of leads me to the next question on the on the sales team I know you said you had about 75.
Sales reps out there.
What percent of <unk>.
Target revenues per Rep are you at I mean is there a lot of excess capacity there.
And will there need to be expansion to drive further growth.
Yeah, No we're not planning to yes, we're not planning to expanded sales team.
But when we talk about capacity, while our reps in an account.
They certainly have the ability to pivot from up Nique.
Hopefully after their job is done with <unk> and talk about other products that surround the product then again in the east.
<unk> business is.
A few products are really administered on an island right. So.
We believe that up Nique is an extraordinary asset that makes everything else look better starting with the eyes.
So our ability to talk about other technologies is going to be pretty seamless.
And I think.
The operating leverage from the existing group.
<unk> is still largely untapped I mean, we've really just gotten the full complement of the core team.
Running in the same direction, we started an expansion and are in the mid middle of the summer I think have come out of the quarter right about a 100% capacity.
And there's a lot of leverage that can come from the effort of that team right now to drive growth without contemplating an expansion to achieve more growth.
And those that portfolio of products I guess, you are talking about would that be the revision.
A partnership there that you're referring to there.
I'm being very general the nonspecific on purpose John .
The opportunity that we have.
Okay got it.
And another question kind of on a different note any evidence or anecdotal evidence I know, it's very very early to really get a trend on this but but <unk> has taken away some of the need for other treatments like will fire plastic or things like that.
Do you think youre taking share from that.
Non surgical option.
No in fact, I think we're bringing a lot more attention to eyelids than has ever been paid and.
Usually.
The the blepharoplasty is the true blood or plasma he served for patients who have a pretty meaningful drove not I'm not talking about pilot talks for plastic surgery and the reduction of fat fatty lids.
And now.
Now what we have is a lot of plastic surgeons quite frankly, giving up <unk> to their patients as a proxy for the surgical result, and the patients aren't going to go away.
If anything we're probably bringing more attention to the field I wouldn't be surprised if we didnt see a lift.
Okay got it thank you horrible ton huh.
Yes.
Okay. Operator next question.
Our next question will come from David Diamond with <unk> Advisors. Your line is open.
Yes, Hi, Brian are you able to hear me.
I can hear you David.
Okay, great. Thanks.
Thanks very much.
As you know.
We've done a lot of.
Diligence on the company and we're big believers, but there seems to be to sort of issues in the market I think I know the answer to my question, but.
I thought it might be useful for you and J D to address sort of the two issues that many investors have and they sort of fall into two buckets I would say the first bucket would be in <unk>.
Terms of gear.
Getting traction and you've mentioned on the call 3500 locations.
Out of a total point of sale for us for ocular aesthetics of 30000 plus.
To 3900 with 1100, Reorders, which is all great, but can you give us a sense of sort of your only your you know roughly 10% of the market, where you think you might be you know in the short to medium term and what sort of the cadence or trajectory of that.
Hi.
Just scratched the surface do you feel where do you feel you are in terms of that sort of growth trajectory, that's kind of the first sort of.
Uncertainty that some people have and then the second I would I would characterize the second area is I would call it sort of.
Brand awareness.
Niche use.
You know as much as everyone on this call knows what else is in an RV al you still if you talk to that.
People are even I doctors, many don't even know what up nikkei's yet.
Or if they do they vaguely know so I'm, just curious sort of where do we stand in terms of brand awareness you've done a lot of great work in terms of social media et cetera, but you know what what where do you think we are for brand awareness and where will that be sort of going forward and then that sort of ties into the last part of that which is.
So your views.
So there's sort of a misguided view I think by some analysts that this is just something that's used to go to a wedding or to fix a bad botox and obviously its a lot deeper than that so maybe you could just talk to that obviously your subscription model will address that.
You know that.
That sort of goes against that thesis, but I'm interested in and maybe giving us some insight into where you think frequency of use is and will be.
In the short to medium term, so two ish and sort of the launch the traction launch trajectory in terms of point of sale and then also for.
Frequency of use and brand awareness.
Yeah.
Alright, David Thank you and J D and I will try to tackle the list together.
But with frequency of use we.
Have a.
Group of patients that use the product everyday.
Got some that use it intermittently as you suggest but I think.
The majority are somewhere around three to four times a week.
Perhaps a little bit less with some but I think that's the best we've got right now in terms of.
A feel because in the pharmacy, we know we're getting around 100 days of therapy out of a patient.
In aesthetics.
Once we have the e-commerce platform in place, we will have much better insight.
As to the.
Stickiness with that population throughout the year I think J D. If you want to add to that yeah, I think important.
Specific to the early days of the aesthetic launch and some of the anecdotes.
A big part of the messaging and the effort from an educational standpoint. This is a daily use product. It is safe to use every day and I think the path of least resistance with anything new is kind of feel it out try it Oh this is nice it.
Special events photo opportunities et cetera, that's all well and good because it creates brand awareness and opportunity, but our efforts are centered around.
You want the result, you use it every day and it's safe to use every day and I think that's something we're going to stay true to I think that's part of the investment in the next technology platform to really make it a seamless experience and create the opportunity to increase daily utilization and I think you'll start.
And to see more and more comfort with providers as the product has been in the market and they talk to one another and they they share their experiences with it that it really is a safe drug to use every day and I think I would expect that to continue to unlock and drive utilization beyond.
Hey, Here's something if you want to pop it in because you have a special event you know half a dozen times a year.
I think with brand awareness, so still working backwards David on your questions agreed.
It is early.
It is growing I think our focus now is is in the.
The aesthetic channel I think we've started to get out.
To these multi specialty conferences I think that has begun to introduce you know I was just at one a couple of weeks ago.
And Theres no doubt theres still providers.
It feels very new they've heard about it which is a good thing.
But we've got 75 people out there.
And I think that's a big part of how we continue to expand not just awareness.
But utilization and an overall share of voice within these practices are and.
And that'll be something that we focus on here through the holiday season.
Big event time lots of patient demand et cetera, but also moving into next year and a full year with the full complement of a 75 person team so feel really good about it.
In terms of where we are but look you're you're never too short on on brand awareness when you try to build a new category.
I think the other thing David is about a month ago, we came out with topline.
And we were at 3500, new accounts or locations in aesthetics now we're at 38.
Rapidly moving to 3900.
And will easily surpass that.
With 1100 reorder locations.
I think we've scratched the surface in terms of order locations practices if.
There's a lot of <unk>.
Loose conversation around how many points of sale there are in this market.
We would imagine that Allergan the leader has close to 40000 Gal Derma 30000, so if we pick something like the Gal Derma 30000, that's referenced.
No we're in slightly over 10%. So there's a lot of ground for us to cover its a boots on the ground operation.
Right now, but our social media initiative with our provider partners is really beginning to take off and we're excited about it.
And.
This has nothing to do with us, but if you go on Instagram hash tag uptake.
All the time to providers of posting the results with our product on themselves and it's just exciting to see and if you go there make sure you hit the like button on a few of them.
Mhm.
Okay, great. Thank you very much you've got the good alright, David Thank you.
Thank you and at this time, we have no further questions in the queue. So I would like to turn the call back over to Bryan for any additional or closing remarks.
Thank you operator, and thank you everyone for listening in today.
We are extremely excited about our prospects, we love this brand and what it's doing and what it can do for patients.
And we will be back thank you.
Thank you ladies and gentlemen, this does conclude today's call and we appreciate your participation.
May disconnect at any time.
Yeah.
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