Q4 2022 Clearpoint Neuro Inc Earnings Call
Greetings and welcome to the care plan neuro fourth quarter and full year 'twenty financial results Conference call. At this time all participants are in a listen only mode a question.
<unk> and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.
As a reminder, this conference is being recorded.
Comments made on this call may include statements that are forward looking within the meaning of securities laws East.
These forward looking statements may include without limitation statements related to anticipated industry trends.
These plans prospects and strategies, both preliminary and projected besides a total addressable market, where the market opportunity for the company's products and services and managements expectations beliefs estimates or projections regarding future results of operations.
Actual results or trends could differ materially.
The company undertakes no obligation to revise forward looking statements for new information or future events.
For more information please refer to the company's annual report on Form 10-K for the year ended December 31st 2021, and the company's quarterly report on Form 10-Q for the three months ended September 30th 2022.
Both of which have been filed with the Securities and Exchange Commission and the company's annual report on Form 10-K for the year ended December 31st 2022.
Which the company intends to file with the Securities and Exchange Commission on or before March 31st 2023.
All the company's filings may be obtained from the FCC or the company's website at www Dot Clearpoint neuro dotcom.
I will now turn the call over to Joel Bennett.
Chief Executive Officer.
Thank you Maria and thank you to all of the investors and analysts on todays call for being a part of the Clearpoint vision journey.
Our mission and our priority is to help restore quality of life to patients and their families who are suffering from some of the most debilitating neurological disorders imaginable.
In the fourth quarter and full year 2022, we have continued to make progress across our four pillar growth strategy, including biologics and drug delivery.
Actual neurosurgery navigation.
European access product <unk>.
And in achieving global scale.
We are excited to continue this momentum into 2023, where we again expect more than 20% growth and further progress in all four of those same growth pillars.
I will now turn the call over to Noel to Alessandro our CFO to review our financial performance in the fourth quarter and full year 2022, after which I will add some additional detail to our four pillar growth strategy moving forward.
Thank you Joe and thank you all for joining us today, let.
Let me start by looking at the full year 2022 results. There point Europe total revenues were $26 million for the year ended December 31st 2022, which represents a 26% increase over revenue of $16 3 million in 2021.
Our revenue is made up of three components functional neurosurgery navigation therapy, biologics in drug delivery and capital equipment and software.
Functional neurosurgery navigation revenue consists of commercial sales of disposable products and services related to cases, utilizing the clearpoint system to deliver medical device therapy to the intended target.
This revenue segment increased 13% to $9 1 million for the year 2022 up from $8 1 million in 2021.
Biologic and drug delivery revenue include sales of disposable products and services related to customer sponsored preclinical and clinical trials utilizing our products biologics and drug delivery revenue increased 34% to $9 1 million in 2022 up from $6 8 million in 2021. This increase was due to both on it.
Kris and commitments by our current partners and new pharmaceutical partners.
Capital equipment and software revenue consisting of sales of clear point reusable hardware and software and related services was $2 3 million for the year 2022, a 61% increase compared to 2021.
Gross margin for the full year 2022 was 66% compared to 68% in 2021.
Decrease was due primarily to an increase in indirect labor costs in 2022 as compared to 2021 as well as an increase in excess and obsolete inventory reserves.
Research and development costs were $10 9 million for the year 2022, compared to $9 3 million in 2021, an increase of $1 6 million or 17%.
The increase was due primarily to increases in personnel costs, including share based compensation expense of $1 4 million due to growth in head count and a <unk> 1 million increase in regulatory fees.
Sales and marketing expenses were $9 4 million for the year 2022, compared to $7 2 million in 2021, an increase of $2 1 million or 30%.
This increase was primarily due to increases in personnel costs, including share based compensation expense of $1 5 million, resulting from increase in head count in our clinical and marketing teams increases in travel expenses $1 3 million and increases in marketing activities of <unk> 2 million.
General and administrative expenses were $9 6 million for the year to 2022 compared to 8 million in 2021, an increase of $1 6 million or 20%.
This increase was due primarily to increases in personnel costs and share based compensation of $1 5 million cost.
Cost of 3 million insurance cost a point 2 million offset by decrease in bad debt expense of <unk> 3 million.
Net interest expense for the year 2020 to you was <unk> 1 million compared to $1 million in 2021 due to the conversion to equity of two tranches of convertible debt in May 2021 and November 2021. Additionally.
Additionally, interest expense was partially upset by higher interest income in 2022, as a result of increasing interest rates and the company's investment in U S government debt securities.
I will now turn to the fourth quarter 2022 results.
Total revenues were $5 2 million for the three months ended December 31, 2022, an increase of 21% over $4 3 million in the fourth quarter of 2021.
Punctual neurosurgery in therapy revenue increased 7% to $2 3 million for the fourth quarter of 2022 from $2 1 million for the same period in 2021.
Biologic and drug delivery revenue increased 37% to $2 3 million in the fourth quarter of 2022 from one 7 million in the same period in 2021.
The increase was predominantly due to a 17, 9% increase in biologics and drug delivery service revenue, partially offset by a slight decrease in product revenue.
Capital equipment product and related service revenue increased 25% $2 6 million for the fourth quarter of 2022 as compared with <unk> 5 million in the same period of 2021 due to an increase in the placement of Clearpoint capital and software.
Gross margin was 64% for the fourth quarter of 2022 compared to a gross margin of 77 for the fourth for the same period in 2021.
The decrease in gross margin was due primarily to.
Higher overhead expenses and inventory reserves.
Operating expenses for the fourth quarter of 2022 were seven 8 million compared to $7 3 million for the fourth quarter of 2021.
The increase was mainly driven by the increase in head count across the organization and share based compensation. The fourth quarter operating expenses include a one time year to date reclassification of one 9 million to classify share based compensation in the same income statement line items as a cash compensation paid to those employees rather than in general and.
History of expense.
With respect to our cash position at the end of December 2022, we held cash cash equivalents and short term investment balances of $37 $5 million compared to $54 $1 million at the end of 'twenty or 'twenty one.
Our cash decrease resulted primarily from our operating cash needs.
Net cash flows used in operating activities for the year ended 2022 were $16 $2 million, an increase of $3 5 million from the year ended 2021.
The increase in operating cash need was primarily driven by $4 $4 million in additional inventory purchases to mitigate any risks to our supply chain.
In the fourth quarter, our cash burn was approximately $3 million the lowest quarterly cash burn since Q1, 2021.
I'd like to turn the call back to Joe.
Thanks Daniela.
2022 was a successful year for our team across our four pillar growth strategy, which has remained in place for the past five years and headlined by record revenue of $20 6 million and 26% growth.
Over the past two years, we have solidified our leadership team with amazing hires in operations.
Legal quality regulatory preclinical and clinical research using the funds available from our capital raised back in early 2021, we now have the foundation to drive scale and productivity with the expectation that sales will start to outpace expense growth in the years ahead.
Now lets break that progress down into our four growth pillars.
First our biologics and drug delivery team continued to add new pharma partners and services throughout 2022.
At present, we currently have more than 50 active partners in this space and have been able to maintain the pace of approximately one new partner added each month.
We continue to expect that biologics and drug delivery will be one of our fastest growing segments as we've prepared for growth along three major axes.
First we will continue to add new partners in 2023, as we have not yet achieved even 50% of the partnerships, where we believe our technology can help their platform.
Second we continue to add new services, expanding the menu of available projects that our team has the capability to provide to these partners.
And third we expect the majority of our partners to continue to progress through the regulatory pathway from bench to preclinical and eventually clinical trial and commercialization.
At present, we do expect the initiation of multiple clinical trials through our partnerships in this calendar year.
Now as a reminder, if one partner where to use clear point for our entire portfolio of products and services.
That represents approximately an $8 million to $10 million in revenue potential over a five year period.
Multiply that opportunity times are 50, plus partners and that is potentially a few hundred million in addressable market before any drug product is even commercialized.
This is a primary driver as to why we feel our company can achieve cash breakeven without the requirement of any meaningful revenue from approved and commercialized drugs.
Speaking of commercialization our team achieved a very significant milestone in 2022.
The approved labeling of this drug includes the requirement of using our cannula when dosing patients and is the result of robust preclinical and clinical testing data that continues to be collected today.
While commercialization of other drugs will take some time I cannot stress the importance and the potential if many if not all of our partners eventually achieved regulatory clearance with similar co labeling with our devices.
For our second pillar of growth, let's now turn to functional neurosurgery navigation.
Many of the challenges we saw in 2020 in 2021 persisted into 2022 contributing to an elevated cancellation postponement rate for elective procedures, including flu and COVID-19 infections staffing shortages and supply chain issues contributing to equipment back orders and delayed repairs.
Now, while we invested in additional inventory and did not experience any substantial supply shortages. We are still only the navigation portion of the procedure and a back order for another company's therapy product can also contribute to a cancellation for a clear point procedure.
That being said, we still see strong demand for our navigation products, where we placed a record 11 new systems in 2022.
In fact here in 2023, and we have already installed three systems year to date and believe we will place a total of at least 10 systems. This calendar year, keeping us on track to achieve 100, instead of 100 systems by 2025.
And when we do perform an installation new sites are getting a much more advanced solution in 2023, as we achieved multiple FDA clearances for new hardware and software, including Clearpoint version 2.2 software array version 1.1 software Maestro segmentation tools inflection head frames and more.
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My first experience with clear point today is very different than years ago. The.
The ability to accelerate to two procedures, a day is driving our surgical efficiency faster than ever.
We expect additional submissions and potential clearances. This year in 2023 and believe with the size of our software and data scientist teams that we can deliver a cadence of at least one new software release each year for the foreseeable future.
We also expect FDA submission in 2023 for two additional hardware offerings, including our orchestra head fixation frame and the smart frame cortex, which will be used for the implantation of brain computer interfaces to the cortical surface of the brain primarily in clinical trial.
For pillar number three therapy and access devices, we achieved a major milestone in 2022 with the FDA clearance of the prism laser therapy system.
Marking the first therapy product in our portfolio.
Initial experience with Prism has been positive with early cases now performed in the United States and in Europe .
We expect to remain in a limited market release with relatively modest revenue in 2023, while we continue to gain experience with the product and prepare marketing and training materials to highlight the advantages of the prison laser system.
We then expect to move to a full market release in 2020 or after receiving FDA clearance for the one five Tesla scanner labeling to our product.
Finally, our fourth pillar of growth achieving global scale has made great progress as well.
As previously mentioned, we have signed a lease for a new 20000 square foot manufacturing and development facility in Carlsbad, California, where we expect to be fully operational and producing product by the end of 2023.
This facility will serve as a product showcase for pharma partners will be designed for improved product and manufacturing flow and eventually margin improvements in the years ahead.
We believe the capacity of the site will support the next five to 10 years of growth from a production standpoint. In addition to adding new testing in preclinical services to support our 50 plus pharma partners.
Our expansion outside the United States has continued with a total of 10 O U S sites now installed and ready to do cases.
In 2023, we expect between 50 and 100 cases will be performed in non U S hospitals, which again is crucial for winning contracts with pharma partners outside the U S that want to run clinical trials on their home field.
For 2023, we continue to expect revenue in the range of 25 to 27 million for the year representing growth between 'twenty, one and 31% year over year.
Revenue in Q1 will likely be in the range of five to $5 5 million and subsequent quarters growing more rapidly based on our capital sales pipeline laser therapy revenue and timing of preclinical services, which are going to contribute more in the second half of 2023.
From a cash standpoint, Danilo mentioned, we ended the year at $37 5 million in cash and short term investments.
Based on our current projections, we expect our operational cash burn in 2023 to improve slightly compared to 2022 as we see an inflection point more in 2024, where revenue will outpace expenses and our new manufacturing facility will be up and running.
In the near term similar to 2022, we expect a comparable cash flow seasonality of a larger cash burn in the first half of 2023, when one time annual expenses like bonuses corporate fees and insurance are paid followed by a slower cash burn in the second half of 2023.
As we look at timing for what cash breakeven looks like for the company, we have run a number of scenarios.
Based on our current projections, we feel that as a company we can achieve cash breakeven when we get to the milestone of 50 hospitals. Each doing 50 cases, a year or on average one case per week at these 50 centers of excellence.
This combined with capital sales and service assumption at those 50 hospitals and modest growth in our preclinical services will deliver approximately $50 million in revenue and support operational cash breakeven.
The good news is that we're already installed at approximately 70 centers around the world and will add approximately 10 additional this year. So that we have the installed base to support this next phase as our portfolio fills out.
At a single hospital, if we can get 30 D. B S cases, a year 15 laser cases, a year and five biologics in drug delivery clinical trial patients each year and that is a credible path to the volume we need to achieve.
Again this would require only one day a week of MRI or operating room time, which is reasonable and can be supported by the portfolio of products that we certain to have certain that we expect to have available by 2025.
Our internal projections and expectations of cordis, achieving an operational cash breakeven by the fourth quarter of 2025, and a full year cash breakeven in 2026, if our strategy holds and barring any significant disruptions to patient demand inorganic investments or delays to our planned product launches we built.
We've had line of sight to this milestone and importantly don't need massive patient demand increases or even commercial approval of large gene and cell therapy indications in that timeframe.
With that I would like to open up the call to any questions that you might have.
Thank you we will now be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate that your line is in the question queue. You May press star two if he would like to remove your question from the queue.
Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys, one moment, please while we poll for questions.
Our first question is from a Frank.
Turkey, Pakistan with Lake Street Capital markets. Please proceed with your question.
Perfect. Thanks, Hey, I wanted to start with one on the comment about multiple clinical trials likely to launch at some point this year, maybe talk a little bit more through those and how it relates to the total revenue.
Our revenue potential of a partner and what stage those clinical trials, maybe and and and how that could affect the model as we look at 2023.
Sure Yeah. Thanks for the question Frank.
So if you think about 2023 and some of the trials that our partners have communicated the schedules for to us and again, we're gonna keep who the partners are confidential just that you know to make sure. We're respecting our our agreements that we have.
But what I can tell you is that some of these trials will start will continue I would say in the rare childhood genetic a range of things, which is we've seen with our partner PTC often requires a less rigorous clinical trial protocol, meaning that you can follow a BLA process and submit data without you know nessa.
It's early a pivotal study or a randomized sham controlled study or something like that so we do expect some of those to start here in 2023.
However, we also expect the initiation of a much larger potential indications for studies like Parkinson's disease, and and more adult disorders, which will include a longer clinical trial pathway.
However, it will also include a larger number of patients that need to be enrolled to show that you know I think as we've discussed in the past that some of the phase two and phase III trial design that we've seen in the past two to show a full epic C and the b required by the FDA could include as many as 200 patients in those trials and you know in some of these.
Particular studies.
We can contribute anywhere from 10 to $20000 or more per patient. So an individual clinical trial, that's probably run over a couple of years could contribute anywhere from $2 million to $4 million just with one of those pivotal trials. So so we do expect the initiation of a hopefully a couple of those larger.
<unk> to happen sometime in 2023.
And as a follow up directly to that how much of that is baked into the guide right now or would one of those trials kicking off in 2023 be upside to the guidance.
Yeah.
I would say that we have a very little in the guidance at this point again I mean, our guidance is a range right. So we've said 25 to 27 million. So I would say the high end of the range would include more patients being enrolled but at the low end of the range I would say, it's very small it's almost like the assumption that a few patients will be enrolled by the end of the year.
For some of these trials, so it's really not meaningful and does present some upside.
Okay. That's helpful and then I wanted to shift over to the laser curious how many centers you have tested.
<unk> tested that laser in and are in the initial commercial launch at this point and how has the feedback been versus the competing lasers in the market.
Yeah, I would say the feedback has been very very strong is that most of the patients that have been enrolled I don't want to say enrolled so far that have been treated so far has been done in a clinical trial protocol in Europe .
And this has been focused primarily on tumor patients are really exclusively on tumor patients. Today are those cases that have been performed there that you need devices performed exceptionally well, we're very very pleased with the results and you know as I said in my statements. We are using this time to sort of prepare additional training and marketing materials because there are some meaningful.
Differences between the products currently on the market and what prism has to offer in the United States. We've done cases at one center so far in the United States and we're in the process of installing at multiple additional centers as well.
Similar to some of the things that we've talked about in the past anytime you're bringing a new piece of hardware and software into a hospital today are the sort of delays.
Which aren't even delays anymore, they're becoming expected.
Getting a new technology approved through our I T at a hospital.
It's just been more complicated than it's ever been before and those teams don't always meet on a weekly basis, sometimes it's only a monthly basis, though.
That's something that's the pace of installation has been a little slower than we expect but it's not because people are not interested in trying the product. That's really just going through the hurdles that are a necessary part of getting a new technology into a hospital and in 2023.
Okay, and then last one for me it sounded like at the end of 2022, there in the last couple of weeks of 2022, there were some cancellations or postponements at least 2023 any update on those.
Yeah, I mean, I think the biggest drivers of that I would say the most substantial ones where in a couple of buckets.
The biggest one being the timing of some of the preclinical services in the way that we recognize revenue.
You noticed in Q4 as Danilo mentioned, our cash burn was only $3 million and you know part of the contributor to that in some of our pharma partners that are effectively prepaying for services because they do understand the risk and time lines of certain services being ready, we we can't perform a certain test for example, if we don't get the drug delivered to us.
So what we have asked and been successful in asking is that the pharma partners can provide some of the cash upfront. So even if there is a delay.
We're not losing our time and energy on it.
From a revenue standpoint, however that means we don't always recognize the revenue and I think that some of the those were the primary delays that we saw in Q4 of last year and it's you know it's just honestly, it's gonna be a part of a normal you know the the plan that we had is that across 50 different partners in a number of different programs that there will be some delays however.
There's enough shots on goal in any given quarter that will perform the services to keep the keep the revenue growing.
I think that was probably one of the primary.
Contributors is and it's something that there's nothing I would say that we lost in 2022 that we don't expect to regain in 2023. So it really is a timing issue.
On the other side of the equation is that there were some definite postponements in high cancellation rates, especially around the last few weeks of December which contributed probably do another 100 to $150000 a case postponements.
Again as we've shared in the past some of the others, there's good and bad parts of that you know the good part is is that it's very rare that a cases canceled outright. It's normally postpone whether it's a patient is sick or a surgeon is sick or there's a temporary insurance denials that gets sorted out with a new letter from the doctor or something like that.
So the good news is is that these patients still have a chance to get treated the challenging part for our current model is that just because it's postponed it doesn't necessarily mean that there's more MRI access time in the future. So if you still only have that one slot. It takes a little time to recoup and get that patient scheduled so you know.
As we've discussed in the past a big part of our strategy is evolving out of the MRI and into the operating room, which will allow us to recoup some of these postponed.
Ponemon faster because we will have two different arenas in which we can treat that patient.
Got it Okay. That's helpful. I'll stop there thanks for taking the questions and congrats on all the progress.
Alright, Thanks, Rick.
As a reminder, if you would like to ask a question. Please press star one on your telephone keypad.
Our next question comes from Neil Shatter T with B Riley's Securities. Please proceed with your question.
Hey, guys good afternoon, and thanks for taking the questions.
Maybe I think while we're on that topic on the <unk>.
Cancellations and postponements, just if I missed it there on what you said, but in terms of just the level or the rates I think I think it was you know recently as high as like I say, 30% versus that 8% to 12% historically, so where does that kind of sitting currently.
Yeah. So I. So the data that we have is we're currently in that 25% to 28% range I would say if you look back the last rolling six months give or take.
And you compare that to our historical number that we had prior to COVID-19 the COVID-19 initiation, let's call it.
That number was in that 10% to 15% range. So effectively since COVID-19 has come about.
For whatever the reason of the cancellation they the impact that's totally been pretty much double the cancellation and postponement postponement rate and where we're still seeing some of that persist here in 2023 as well, but that's that was kind of expected and part of our plan. If you think about the guidance that we provided of $25 million to $27 million that incur.
<unk> is the expectation that the cancellation rate of above 20% is going to persist as well.
Got it that's that's helpful color, great and then in terms of the.
Just on the on the BD decides in terms of just conversations with potential New partners. Just curious you know how the success to date, you've had with the P. T C Ts partnership.
Has that helped kind of grease, the wheels and some of those conversations.
I think it definitely has again one of the big advantages that we can provide to a pharma partner is the experience with our products being both the navigation and doing these procedures under live MRI guidance, which we certainly believe is the most precise and accurate way to do it but.
The experience that the FDA has with our array of different cannula and drug delivery tools and.
And you know if you are going.
Here, a pharma partner and if you have a chance to get in front of the FDA to present your protocol.
I can I can tell you in our experienced things go a lot smoother when you're using the smart low cannula because the FDA reviewer can say Oh, yeah, I've approved Clearpoint smart low before I understand this device you know, it's it's not simple, but check lets move onto the next question as opposed to that same pharma company, having to say well wait a second this thing's not FDA cleared.
We don't have any experience we've never approved a protocol with this device used before you know if we as you know as a company can help save three months or six months of negotiation with the FDA, that's real time and real money to a pharma partner and I think that's one of the primary reasons. They continue to come and work with US. In addition to you know all of the clinical services.
Things that we provide and to.
To answer your question. The fact that PTC has now been successful in getting a drug approved in Europe , and it's approved as a combination device that is definitely another feather that we can put in our hat to say Hey, you know what are the one device that's that's.
<unk> been able to navigate one of these regulatory pathways and if it can happen here in the United States under FDA clearance as well I think that'll be another significant milestone in very significant marketing tool that will be able to use.
Got it.
Thanks for that.
And then just.
One question on just in terms of the guidance for 'twenty three.
Just kind of curious if there's any way to add any color in terms of just parsing out the the different segments. So you know how do we think about the growth for BTB functional neuro capital software.
In 'twenty three.
Yes interesting.
There's a lot of moving parts on timing and things like that but you know when we look at our model and what gave us confidence in providing that range. It really includes all three of those different buckets that Danilo presented are experiencing growth right. So if you think biologics in drug delivery.
As far as the magnitude of growth dollars don't think about a percentage, but an actual growth magnitude are we do expect that to be the largest growth contributor based on you know pose that we've already received and our capabilities that we can now offer so I think that'll still be about the highlight one however, we also do expect.
Functional neurosurgery and therapy business as well as our capital business to certainly grow in that 15.
<unk>, 15% to 20% plus range as well. So so we do expect all three buckets to be contributing to growth this year.
Yeah.
Great and.
Just one last question for me. So just curious if you could just kind of talk.
Little bit about your international expansion plans and just any updates for say Europe or China.
Yeah. So.
I mentioned that we placed three additional systems. So far this year in 2023 are actually all three of those happen to be O U S.
So two of those were placed in Europe , one was placed in Brazil. So our very first installation in South America.
And you know we believe this is an important part now if we were just a neuro navigation company or even a laser therapy company you know, Brazil is probably not the first country. We would go to for example, right. If the massive population, but it's certainly a long ways away from from where we are today.
The support that we get from companies like PTC that have large drugs potential sales opportunities in countries like Brazil.
Singapore, Taiwan, and a bunch of different.
Countries.
That is really helping fuel the acceleration and how quickly we would go.
Maybe where we were if we were just a device company, we'd probably go a little bit slower. So it's doing two things for US one it is getting us experienced in these new geographies and and that helps drive some of the device business as well because.
Even if we get approval with a goal of treating patients for one of our pharma partners were very very clear that a complicated gene therapy infusion case should not be your first case, so what commonly happens as we say yeah, we're going to do that eventually, but we're gonna start on some simple biopsies DBS procedures, maybe some lase laser proceed.
Yours as well to get familiar with the overall system and prepare for these trials down the road. So could we get that benefit secondarily, we got the benefit of putting up additional.
Sort of sort of walls and moats around our company and around our technology.
It's very hard to get approval for a cannula for example in the United States.
It's very hard to get it approved in Europe as well.
Any companies that would maybe compete with us in the future might even just stop at those two locations, but if we can actually have approval for our devices in a number of different geographies. That's just one more reason that of <unk>.
Pharma company should be working with us because we can actually cover a much broader population of the world, which is which is honestly how more how pharma companies think of and device companies. So again, it's a little expensive. It has contributed to some of our cash burn during this regulatory work et cetera. However, again, it's just like Knowhow and team.
Hiring and IP investment this regulatory and quality investment is something that we think is going to protect us in the future.
Great Oh again, congrats on the quarter and that's it for me.
Okay. Thank you.
There are no further questions at this time I would now like to turn the floor back over to Joe Burnett for closing comments.
Thank you Maria and once again, thank you to everyone interested in being a part of this team's journey here a clear point.
We recognize the challenging global environment that we're all forced to live in today and we assure you that we are going to help patients around the world as best as we possibly can but keeping our heads down staying focused and executing against our four pillar growth strategy to develop products that truly improve the quality of life for our patients and their families. Hope you all have a great night Goodbye.
This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.
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