Luna Innovations Incorporated Q1 2023 Earnings Call
Good morning, and welcome to the Luna innovations incorporated Q1, FY 2023 earnings conference call.
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I would now like to turn conference over to Mr. Allison Woody Senior director of administration.
Please go ahead.
Thank you good morning, and thank you for joining US today. This morning before market open we issued our Q1 2023 earnings press release.
As always you can find the release and supplemental presentation posted to the Investor Relations section of our website. If you do not have a copy of the release or the supplemental materials. Please check our website at Luna <unk> Dot Com. We will also post a replay of this call through our website.
Some of our comments and discussions today are based on non-GAAP measures. These adjusted numbers exclude the effect of certain noncash expenses and other items. The adjusted results are a supplement to the GAAP financial statements Luna believes the presentation and exclusion of these items is useful to focus on what we deem to be a more reliable indicator of ongoing opera.
<unk> performance.
Before we proceed with our presentation today, let us remind you that statements made on this conference call as well as in our public filings releases and websites, which are not historical facts may be forward looking statements that involve risks and uncertainties and are subject to changes at any time, including but not limited to statements about our expectations regarding.
The future operating results or the ongoing prospects of the company.
Actual results may differ materially as a result of a variety of factors more complete information regarding forward looking statements risks and uncertainties is available in the company's SEC filings, which can be found on the SEC website and our website, we disclaim any obligation to update any such factors or to announce publicly.
The results of any revisions to any of the forward looking statements to reflect future events.
Or developments, except as required by law.
After our prepared remarks, Scott Graeff, our president and Chief Executive Officer, Jim <unk>, Our Chief Financial Officer, and Brian Solar our Chief Technology Officer will be available to take your questions and at this time I'd like to turn the call over to Scott.
Good morning, everyone and thank you for joining us today.
He is off to a strong start in 2023 and I'm eager to share our first quarter results.
I'm going to keep my comments brief and we'll look forward to sharing more about our plans and prospects at our Investor day in just a few weeks.
I'm pleased to report that revenues are coming in at the high end of our expectations for the quarter having.
Having completed the execution of the five year plan. We had originally laid out in 2017, we entered this year in a strong position to concentrate on our core capabilities are providing unique solutions utilizing fiber optics.
And as the result of our recent acquisitions, we entered 2023 with an expanded European footprint and there's significant international presence.
We now have approximately a third of our employees outside of the U S and notably over half of our 'twenty 'twenty. Two revenue was also generated by our operations outside the U S.
The combination of these factors strengthens our position as the global leader in fiber optics sensing.
Coupled with the removal of a governor on our growth via the divestiture of Luna labs.
We're moving forward with a pure focus on fiber optics and are investing to drive robust growth and profitability.
Now, let's turn to some of the specifics of Q1, 'twenty twenty-three, including financial performance and a few business highlights.
After that I'll turn the call over to Jim.
But the first quarter of 2023 we recorded total revenues of 25 million, an increase of 11% compared to the prior year period on a constant currency basis, the year over year increase was 13%.
As Ive emphasized repeatedly we typically see single digit revenue growth in the first quarter of our fiscal year, So I'm, especially pleased to see us in the double digit growth range this quarter.
Our gross margin was 60%.
Adjusted EBITDA was approximately 900000 for the first quarter of 2023 compared to 1.7 million last year. Our first quarter of 2022 included both the acquisition of layoffs and the divestiture of Luna labs, which skewed the results to the bottom line.
Our adjusted earnings per share was zero for the three months ended March 31st 2023.
Before we dive into business specifics I want to stress that revenue is trending in the right direction and will lead us toward the growth we expect.
To provide a bit of context before we gather in a few weeks for a long term view I want to share a few highlights about our fiber optics sensing vertical which includes the Odyssey Hyperion Dash D T S and terahertz.
The vertical realized 8% year over year growth driven by the Leos acquisition and strong sales of Odyssey and terahertz products.
Terahertz revenue was strong with double digit growth of 27%.
Driven by the automotive EV market applications in industrial adhesives manufacturing the completion of consolidated operations to our Atlanta location, and a new more rugged and reliable designed.
Energy and industrial markets were strong in Q1, as we began to service the multiple wins, we realized in Q4, so power cable monitoring.
In our comps das vertical we drove 15% year over year growth with revenue for both lasers and modules growing double digits.
Lasers and modules grew 20% driven by strong sales of our REO lasers into lidar and sensing applications.
Note, we continued to deliver Phoenix lasers to enter two of surgical against the $14 million blanket purchase order, we received and announced in September 2022.
You may remember from our last call that we want a 3.4 million dollar multi year purchase order from our partner Northrop Grumman deliveries of those units are on track and Northrop has indicated they are pleased with our delivery and support.
Turning focus to our one lunar initiative, we recently hosted our global sales meeting in the U K that included both our leos and opt a sense teams for the first time I believe this is a critical part of our strategic execution.
As Ive emphasized last quarter this United team and expanded sales force will propel us forward in the pursuit of a large multi unit orders and the expanded customer accounts that will mark a significant growth for Luna.
As we continue to invest in and optimize our operations of course, the global Luna footprint. This is the kind of delivery that I wholeheartedly believe will set us up for strategic gains as we look forward.
Exponential growth.
All in all sharing these Q1 2023 highlights I can say that we're entering 2023 in a strong position. We're extremely pleased to have achieved our five year plan and we're excited to share with you our strategic focus for the next five years as we gather for Investor day in a few weeks.
Here, you will not only here for me, Brian and Gee.
But our extended leadership team, including salvage Faruqi <unk>, our head of sales Jackie Klein, our head of operations and ever Hartman, our head of human resources.
If you haven't done so yet we invite you to register at Investor Day, 20, twenty-three Dot Lunar Inc. Dot com.
As we said just a few weeks ago, we have set the stage for meaningful expansion into new markets, where we can deliver on our capabilities and continue to focus on capturing share.
We remain confident in our strategic direction and are excited about the opportunities ahead. As you may have already reached have you may have read recently in a series of news releases, we issued we recognized several important wins for example, we secured a contract to provide temperature depth and acoustic monitoring.
For an innovative power generation project that will deliver clean energy to a major metropolitan area in the north Eastern United States.
I announced a large new contract with Dominion energy to provide monitoring services for the largest offshore wind project in the United States and won a contract for industrial battery storage monitoring for a leading European manufacturer of electric vehicles. Together. These events are evidence that our technology is being adopted.
And rapidly across industries and geographies.
Given all of this I just want to reiterate that based on our solid start to 2023, we are again reaffirming the 'twenty to 'twenty three outlook that we provided on the Q4 call. As a reminder that guidance for 'twenty 'twenty. Three is total revenue of $125 million to $130 million and adjusted EBITDA.
$14 million to $18 million.
And we are once again, providing quarterly top line guidance for Q2, we anticipate revenues in the range of 29 to 31 million.
Before I hand, the call to gene I wanted to share just a few additional thoughts you may remember that I shared on our year end call that Brian and I had just attended OFC a premier trade show event hosted in San Diego for Telecom and datacenter optics. It was noteworthy that attendance at the conference was.
At or exceeded pre COVID-19 levels.
I believe that attendance and interest at an industry events are indicative of the expanding opportunities available to us at every turn we are confirming that secular trends are leading to higher demand for our solutions and driving greater usage as we participate in these events, we are connecting with customers.
<unk> generated new leads and influencing our growth potential.
On the whole I want to again express and I'm pleased with what we accomplished this quarter.
We continue to make investments that are critical to our future growth possibilities.
Growth cannot come without investment and we are committed to capitalizing and in fact did capitalize on opportunities that will allow this company to leverage its core capabilities to grab market share.
As we continue to do the hard work of optimizing operations and minimizing costs related to our recent acquisitions. We also are keeping an eye towards the opportunities that will allow us to continue to expand our global geographic footprint and reinforce our leading position in fiber optics.
With that overview, let me turn the call over to Jim for his commentary on the quarter's financials Jean thank.
Thank you Scott.
As you've just heard we entered the year in a strong position and delivered another solid quarter.
Much of what we expect for 2023 as a result of the work we did in 2022 to optimize our assets streamline operations and establish a scalable foundation.
Our moves to become a pure play fiber optics company and the investments we've made to improve infrastructure processes and systems have put us in a strong position to be able to continue to drive both organic and acquisitive growth.
We will continue to invest in order to drive the operational footprint and excellence, we know are necessary to scale and to capitalize on the opportunities in front of us.
We balance these investments with our work on driving cost synergies together. These initiatives continue to set us up for significant growth and market achievement.
With that as context, I will turn our attention to our first quarter results as we dive into the financials I think it is especially important to call attention to our Q1 revenue and what is typically a soft quarter for us. It's notable that we ended at $25 million in revenue.
At the top of the first quarter revenue guidance range, we provided on our last call.
This performance coupled with the business highlights Scott just shared is further testament to our ability to capitalize on growth opportunities over the next several quarters.
The 25 million represents an increase of 11% compared to the prior year period.
On a constant currency basis, the year over year increase was 13%.
We use constant currency as a metric since a large portion of our revenue is now in currencies other than the U S dollar.
The increase in revenues was driven by a full quarter of leos and 2023 versus the partial quarter last Q1 and strong sales from our terahertz Odyssey in laser products as Scott mentioned.
Q1, gross profit increased 5% to $15 million compared to $14 3 million for the same quarter last year that represents a gross margin of 60% this quarter versus 64% in Q1 last year.
The decrease in gross margin percentage is due largely to product mix.
As project revenue was a higher percentage of our total revenue in Q1 23 versus Q1 'twenty two.
Migration cost and moving our Ann Arbor facility to Atlanta.
And the timing of revenue and expense recognition for Leos and last year's first quarter stub period.
Operating expenses were $17 1 million compared to $16 6 million in Q1 2022.
The primary driver of the increase was the inclusion of a full quarter of Leos, which was only in our Q1 2022 numbers for the several week stub period.
I've set by reduced integration expenses.
Operating loss was $2 1 million or 9% of total revenues for the three months ended March 31, 2023, compared to an operating loss of $2 4 million or 11% of total revenues for the prior year period.
We had a net loss of $1 8 million compared to net income of $9 6 million for the prior year.
You'll remember that last year's first quarter included the gain on the sale of Luna labs adjusted EBIT for the quarter ended was approximately 900000 down from $1 7 million last year.
We ended the quarter with $3 6 million of cash and cash equivalents compared to $6 million at year end 2022.
Our working capital was $57 3 million at the end of the quarter compared to $54 2 million at year end 2022.
We continue to carry more inventory due to COVID-19 related supply issues, new product introductions and the expected increase in sales in 2023 or.
Our total debt outstanding is $25 2 million as of March 31, 2023, which is approximately 2 million higher than year end, primarily due to Q1 being our lowest revenue quarter, a final tax payment related to the gain on sale of Luna labs, and the increased inventory as I previously mentioned.
Overall, we had a solid performance in Q1 and are looking forward to carrying that momentum into Q2 and through the year.
We're looking forward to seeing everyone at Investor day, where we will be sharing greater detail about our three to five year strategic vision with that I turn the call back over to Scott.
Thank you Jim before we move to Q&A I think it's important for me to reiterate a few points. The first is that I am pleased with our start to this year and are happy to be on strong footing heading into the remainder of the year aside from that I'm realistic about the work we have to do to fully leverage the opportunities we have before us.
We optimize our operations and continue to innovate we need to strategically examined leadership positions and hire the right people as we do this we will continue to drive our one lunar philosophy and ensure we have the right organizational structure, which means we will build on the strength of our team by continuing to place.
The right people in the right roles, which will naturally produce essential outcomes. The Luna team and I look forward to sharing more details about this build out in a few weeks.
But for now Brian Gene and I would be happy to take questions about today's presentation.
So Ryan please open the call for Q&A.
Thank you we will.
I will begin the question and answer session to ask a question you May Press Star then one on the telephone keypad.
If you are using a speakerphone please pick up your handset before pressing the keys.
Your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Okay.
The first question comes from Alex Henderson with Needham and company. Please go ahead.
Alright. Thank you so much a couple of quick questions.
One the facility move to Atlanta.
Remembering that this is now complete how do you think about the timing of the optimization of that plant move and to what extent are as we move into the second quarter or is it fully and you know the.
The margin numbers.
Yeah, I mean, I think that we were running some dual lines over the last three to six months. So now that it has officially moved and where you know we exited that facility at the end of March.
That line is fully operational and and we are near the four per week that we said we would I believe you know at the end of this quarter, we'll be at for making four of these per week.
So just just to be clear, there's no startup costs associated with it.
That fall out or other.
Costs are for ramping up production in the current quarter that that may be.
A drag on the numbers are and then fall out.
And then just usually there is some startup cost is there yeah that we should be in calculating into the numbers.
Yeah.
Yeah. There is some some startup costs that we will incur this quarter, we incurred some of that in Q1 and in the move since we were running those those dual lives and in the process of moving it earlier in the quarter. So we experienced some but you will have some additional costs. This quarter, primarily the move costs are already reflected in <unk>.
Q1 numbers, we have that found in part of our recurring costs.
You'll see that it was about 100 basis points there'll be some here in Q2 as well I'm not really related to the move but more as we get the teams up in training.
And things like that so there will be there will be some in Q2.
So that's in Cogs.
Yes mhm.
Yeah, Okay and then this is Seth.
Question on the <unk>.
Dominion in the clean energy when can.
Can you give us any scaling on the opportunities on those two and then when you know what the structure of the ramp.
Of that business might look like.
Yeah that was that was the first thing we've talked about before that was the first that we brought both the the temperature and the acoustic systems together. So we were able to provide them.
Two systems, one that was that measures the temperature that that we got when we acquired Lee us as well as the off the sense on the acoustics and Brian If you want to talk about the opportunity.
Well the contracts are just one of those contracts.
Are both of those contracts the scale. They turn those are both in the low seven figures. So a few million dollars per <unk>.
For the hardware and software initial installation, which will happen later this year.
And then to early early next year and then they each have a trailing support tail.
On the order of 15% to 20% of that.
Initial revenue.
For service and support for about three to five years.
Okay. So that should be completed by say the first quarter.
Correct, yes.
Okay, great well I'll cede the floor I don't Wanna odd things here. Thanks, so much and look forward to your Oh.
Most of that alright.
Alright, Thanks, Alex.
Thank you. Our next question comes from Paul Etsy, with William Blair and company. Please go ahead.
Yes, thanks for taking my call great quarter guys.
I wanted to talk first about your.
Your consolidation or integration of the various sensing businesses.
Consolidating the sales force.
Order entry ERP can you give us an update on where you're at.
And when do you think that's that'll all be completed.
Yeah, we look at having you know right now we have everything in North America is on one ERP system in and we are moving to have everything in Europe on on another ERP system. It it would be we do not have in the plants right now and the foreseeable future to have all on one ERP system.
Having on to that that we will have everything running on two ERP systems.
We'll be in the next 12 months.
Is that right Jamie.
Roughly yes, yes.
Okay.
Then the EV battery and that he says can you talk a little bit about.
Where you are what the opportunities are and who you're competing with.
In those areas if anybody.
Yeah sure so the.
The opportunity in both of those areas is for our terahertz measurement equipment.
And we're we're still in relatively early innings in terms of getting that.
Penetrating those markets. So that's the good news, we've seen quite a bit of growth over the last 18 months, that's our fastest growing product line right now.
Though relatively.
Small relative.
Relative to the other product lines and the mix of our sensing business.
And the.
You know the opportunity we think.
Just to continue to grow that we've moved the production facilities as we've already mentioned to Atlanta. So that is complete though we've taken our capacity from you know sort of four units a month to 16 units a month.
And right now we're just looking to expand internationally, we're still really only servicing North America.
So I think early innings for in terms of growth for that product line and we're looking forward to good things in the future. Yeah. You know Paul This is one of the opportunities one of the big opportunity we have in this market, especially working with the leader.
In the EV battery manufacturing space in and being specced in on their manufacturing line, but as as as we've talked before it's it's it's actually very difficult as there always kind of pushing the limits on the the technology and the specifications are you know and but we feel confident that we have.
Get there in this this is expands across many many EV battery manufacturers not just the the largest one that will work out with that's correct, yeah and in terms of competition. Paul you typically for this type of technology, we're competing against <unk>.
Content.
Sensing modality or message that is.
Excuse me not terahertz related so it would be something that users. So the system measures thickness through opaque materials. So you can do that with a capacitive sensors, where you can do that with X rays, or ionizing radiation, which people do not like to use and they're trying to get out of their plants.
So theres not a major competitor out there that's that's approaching this problem using terror waves as we are okay, and then along those lines how how how big is the T. A M. Do you feel in that E V area and then how do you. If you have a better product is it how much more expensive if at all.
Is it.
And the older technology or is it just the cost of ripping it out you hold out and putting the new N.
The split for that.
Yeah, I mean, the Tam is going to be huge it's gonna be.
On the order of $10 billion or something like that relative to the entire size of the market.
Sam We believe is several hundred million dollars and growing.
Cost wise, it's a you know we're definitely going to be on the higher side in terms of price but.
What the technology brings us is so valuable relative to inline production.
And relative to the you know the size of the tooling that we go into it. It's small so it's a traditional gauging they cost 20 or 30 Grand we're gonna be three times that.
But relative to the size of the tool and the production output.
It is it's small and it's a really good investment as we've been able to show.
Is as our customers are investing in it yeah I would you know Paul I think you need to look at it as well as being a partner in that manufacturing line, while we're measuring thickness and density in real time, you know that's a critical measurement that no. One else can measure that allows them to tweak that to get the longer range.
On the battery so it's not we're not just a kind of an after market tests to make sure I'm doing it correctly, it's a real time movement on the manufacturing line that allows them to measure and make adjustments in production. So we're kind of a a cog in the wheel rather than just something that's testing to make sure that there is.
Enough air in the wheel at the end of the day before the car rolls off the Assembly line.
Okay got it thank you very much.
Thanks, Paul.
Thank you.
Ladies and gentlemen, if you wish to ask a question. Please press Star then one.
Our next question comes from Dave Kang with B Riley. Please go ahead.
Thank you nice quarter.
First one on Comcast can you talk about the visibility since there have been some rumblings of excess inventories.
Yeah, we certainly we certainly see a we followed you know we obviously follow the market closely Brian I know that you were just having a conversation with.
The guys out in the field. So you want to yeah sure.
The Q1 was very strong and Tom says.
And we've continued to see the strengths we saw starting in 'twenty 'twenty or 'twenty. One we have not seen some of the issues I think that you're referring to that other folks who've seen relative to the excess inventories I think it's because if you look at what we're tied into I, just don't think it correlates very well with.
That particular issue so a lot of strength in in aerospace and defense frankly, you know for communications networks and those areas are strengthened silicon photonics R&D.
And quantum computing had been really the three main drivers. So we haven't we haven't seen we haven't seen that that slowed down and in fact, we saw the opposite Q1 was a strong quarter, which is evident in the numbers.
Got it and then Augusta quickly on terahertz is.
Is it profitable and if not when do you think.
It will be.
Yeah, well you know, we don't really run terahertz as a separate division you know terahertz is is a product within within our you know within our sensing segment. So it's hard to say, but you know I know where the margins are in terahertz and it's it's it's it's definitely profitable.
So we don't we don't break it out we don't run it out there's no terahertz team that we say, we assign overhead too and say how do we run at profitability wise, but you know we know at at where Theyre going you know here, another year, where where they will probably double double their prior year's revenue.
It continues to be a profitable business just is just inside as a product inside of our say our Atlanta facility. If you will so it's not measured that way.
Got it and then my last question is on the <unk> lasers.
If you can just talk about the number of our customers and is it mainly a lidar or what other applications are involved or four lasers.
Yeah. So in the mix there for Q1, we had a couple of large lidar.
Manufacturers one in particular is commercializing those and for wind wind farms. So lidar for wind farms as one of the bigger ones and then we also have a couple of automotive in there as well the other customer segment that has been strong has been for sensing instrumentation. So.
We are the real lasers, a vertical integration play for us and we use that laser and our sensing.
We also sell that to other noncompetitive sensing instrumentation companies.
So that that that's the mix there for the real laser.
And when do you think.
Oh for lighter I mean auto a lidar is I mean, do you think that that will become more meaningful.
I mean, it's pretty small at this point.
Yeah, that's a that's a good question.
No. We are lasers used for F. N CW, so you'd have to look at when when do we think that's going to be more meaningful in the broader market in general that's still several years away we think.
But even without that going fully mainstream we see a lot of a lot of room to grow the laser line in the applications. We're in now.
We think probably the first big step in automotive could potentially be trucking you know the long longer range Lidar, which is what our laser is good for.
But again, you know that broad deployment in the market is.
Hard to estimate exactly when that's going to happen, but at least a couple of years.
Got it thank you.
Thanks, Dave.
Okay.
Thank you.
Our next question comes from Jim modeling from singular research. Please go ahead.
Yes, good morning, and thank you for taking my call I was just hoping if you could give me a little bit of more color with regards to the.
Growth in the European market, perhaps if you could just share a little bit.
What sectors are you getting traction on whether it be auto or aerospace or infrastructure.
And and I'll follow up with another question after that thank you.
Yeah, we're seeing a lot of of of of growth in the European market you know Jim in.
In infrastructure Europeans are are are somewhat ahead of the U S. In in requiring the you know the strain tests on bridges tunnels dams, there they're mandating it from a government perspective, so we're seeing a lot of expansion on on infrastructure.
We talked about we announced the AR the EV battery manufacturing, where we used our our terahertz system.
As well so you know seeing I think it's why when I looked at the numbers, giving a little bit more color on that on that growth and the bandwidth of what we have outside of the U S with about a third of our employees and end and about half of our revenues coming from outside North America, we do see that as the growth potential there.
<unk> is is very big outside we start to see aerospace like I said, we saw EV.
Infrastructure has a big play Brian you can certainly add to that no I think I think you nailed it it's primarily in the infrastructure segment is where we're seeing the most growth.
And from a regulatory perspective that market is a little bit ahead of the rest of the world. There are more requirements in place for things like fire detection detection and tunnels advanced sensing systems for smart infrastructure for roads.
And for for bridges et cetera, and then I would just add to that that the energy segment and our combination of das in D. T. S for power cable monitoring is also.
Really been Ah Ah Ah.
Big part of the growth there we've seen in the last few quarters and we expect that to continue yeah. Jim for example, just last week we had.
Senior person or group in from you know probably one of the largest infrastructure monitoring companies out there that provide equipment.
In that space are here in our Blacksburg office Q1, again someone from Europe coming here, so, bringing a team here to blacksburg to.
To talk about the opportunities to partner, that's why we're able to stand out there I'll talk a little bit more about it in New York about where we're going in three to five years about having a a larger percentage, we believe 20 or more percent of our revenue we will start the year with a specced in.
<unk> blanket like orders and I've talked a lot about kind of some of those the intuitive surgical's the Lockheed Martin Northrop Grumman's.
The EV battery manufacturer. So we will continue to talk about that but we see a lot of that activity coming out of Europe and folks bringing teams.
Blacksburg to work with US to you know two to get to take our technology and say can you specifically do this for our application.
And that and that's pretty big for us.
Great. Thank you for that color and just one follow up question you just touched upon it the Lockheed Martin can you just comment a little bit about the current relationship work with Lockheed Martin and what what the pipeline looks like and perhaps any other.
Aerospace contract.
Contract right, Mike might be in the pipeline.
Yeah, well they are certainly one of our one of our largest and best partners you know Lockheed Martin Northrop Grumman on working on the you know the aircraft. The F 35. The F 22. The C 130. These other aircrafts that they're putting fiber onto and then using our equipment to test.
You know that fiber optics is huge so we continue to do that we they continue to place large orders.
Every year.
And we continue to work with them you know we have we have folks that are dedicated to just handling you know Lockheed Martin and Northrop Grumman that's kind of the space that they play in to make sure that that customer gets what they need.
As they evolve and look for additional orders right Bryan Bryan Bryan runs that team that that really focuses on you know.
You know more of these blue sheet type customers that are placing larger orders, yes. The announcement, we made in Q4 and we've been delivering against we're just about done with for Northrop Grumman the.
Sustainment has shifted so Lockheed Martin Lockheed Martin has the main contract for production Sustainment equipment has shifted to Northrop Grumman, but that those projects.
Project and program teams work really closely together so that.
For Luna Theyre kind of almost like one team.
The announcement, we made in Q4 is actually for a multi year deliveries and the first tranche is what we've completed now and we're expecting more this year than in.
In the years to come I think that was about a five year deal.
But that aircraft is going to be in flight for.
You know 30 40 years, so we expect to be a part of it while it's in operation.
Yes.
Great. Thank you for that.
Thanks, Jim.
Thank you ladies and gentlemen reminder, if you wish to ask a question. Please press Star then one.
Okay.
As there are no further questions. This concludes our question and answer session.
I would like to turn the conference back over to Mr. Scott Chris.
<unk> for any closing remarks.
Yeah.
Thank you everyone for joining us today are to our investors. Please feel free to reach out to Jim Brian Allison or me with any questions about the upcoming Investor day on May 24th in New York City, We're looking forward to seeing as many of you as possible. So we can give greater detail about our forward looking strategic plan and shedding.
On the details of our future. If you haven't already registered to attend please visit our website for more information and as always we appreciate your time and we hope to share more of it together in New York shortly with that Ryan. We can conclude today's call. Thank you everyone for joining us today.
Thank you.
Sense of Luna innovations incorporated has now concluded. Thank you for attending today's presentation you may now disconnect.
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