Q2 2023 LifeMD Inc Earnings Call
Good afternoon. Thank you for joining us today to discuss the results for life M Juice second quarter ended June 32023.
Joining the call today are gesture Schreiber, Chairman and Chief Executive Officer, and Mike <unk>, Chief Financial Officer of Life M D.
Following managements prepared remarks, we will open the call for a question and answer session.
Before we begin I would like to remind everyone that during this call. The company will make a number of forward looking statements, which are subject to numerous risks and uncertainties that may cause actual results to differ materially from those projected.
Those risks and uncertainties are described in the company's 10-K, 10-Q filings and other filings that liked him deal we make with the FCC from time to time.
Forward looking statements made during this call are based on current information available to the company as of today August 19 2023.
The company assumes no obligation to update or revise any forward looking statements. After today's call except as required by law also please note that management will be discussing certain non-GAAP financial measures that the company believes are unfortunate in evaluating <unk> performance.
On the relationship between those non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can you just talk to the press release issued earlier today.
Finally, I would like to remind everyone that today's call is being recorded and will be available for replay in the investor Relations section of the company's website.
Now I'd like to turn the call over to <unk> CEO Justin Schreiber. Please go ahead.
Thank you and good afternoon, everyone.
After the market closed we issued a press release announcing our second quarter results and posted an updated corporate presentation on our website at IR Dot life and <unk> Dot com.
Our second quarter performance was strong continuing the momentum established in the first quarter, our core <unk> business demonstrated double digit sequential revenue growth once again, and we achieved positive free cash flow ahead of schedule.
Additionally, we successfully rolled out our weight management program, which helps patients access G. L. P. One medication such as wood Gobi authentic and majority of.
The early results have far surpassed our expectations I'll speak more about this in a moment.
Given the tremendous opportunity ahead of us in weight management and the continued strong performance of our existing telehealth business. We are raising our full year 2023 revenue guidance to 146 to 152 million up from the previous $140 million to $150 million.
At the same time, we are modestly reducing our adjusted EBITDA guidance to account for the near term investments in marketing and our clinical team, which are vital to rapidly scaling this business.
We expect these investments to pay off quickly and foresee our weight management program being substantially accretive to both our top and bottom line beginning in 2024.
For the remainder of the year LIFO D remains focused on four key initiatives that we believe will continue to drive meaningful value for our shareholders.
First is the launch of our direct to consumer weight management program, which we officially rolled out this past April .
As I mentioned and while still early the weight management business is off to an incredible start with the strongest unit economics of any of our telehealth offerings to date.
In a very short period, we've amassed over 5000 active patients subscribers brands, leading to an annual run rate of over $7 million in recurring revenue.
We're aiming to scale this offering rapidly with the goal of increasing our Q2 average of approximately 100, new patients per day to 400 to 500 patients per day by year end.
We believe our offering is truly differentiated from the competition.
Our weight management program stands apart.
Not just a vehicle for selling G. L. P. One therapeutics instead, it's a comprehensive package that it's fully integrated with our primary care services offering a holistic blend of diagnostics physician visits.
Work lifestyle support and access to G. L. P. One for eligible patients.
For these services lifetime D patients prescribed quarterly at approximately $129 per month.
Additionally, by requiring synchronous virtual visits with our physicians, we can provide comprehensive care to our patients and gained valuable data on coexisting conditions.
Our preliminary forecasts suggest that this program could significantly enhance our 'twenty 'twenty for revenues and EBITDA.
Second during the quarter, we continued to make significant progress in securing high value partnerships builds.
Building off the unique telemedicine driven capabilities life M. D offers in weight management, we launched two exciting partnerships with national companies in the health wellness and weight management segments.
We are very excited to be aligned with these premier partners to combine our tremendous telehealth capabilities with very unique nutritional and coaching core competencies to maximize patient outcomes.
We believe these initial pilot partnerships can serve as an extremely valuable jumping off point for future BTB partnerships in this area.
Looking ahead, we see ample opportunity to expand upon these and other new partnerships leveraging the unique capabilities of life in these telehealth platform and our affiliated medical group.
For the third key initiative, we're making substantial progress towards accepting private insurance within our virtual primary care platform.
Initially we aim to accept insurance from private insurance providers within our top 10 states by the end of the year.
Alongside a team of regulatory and compliance experts. We have also begun preliminary work on Medicare acceptance we.
We believe these efforts represent significant and valuable expansion opportunities for our primary care platform.
Finally, our existing lifestyle health care businesses anchored by our men's health brand Rex M D and our work simply subsidiary continued to outperform.
As we guided to last year, we spent considerable time in 2022 refining the unit economics and AD spend investment in Rex M. D to focus not only on high growth areas, but also on highly profitable patient cohorts.
While this required us to take a small step back in 2022 in terms of sequential revenue growth.
We returned to such growth in the first quarter of 2023.
And continued to deliver against that momentum.
Second quarter revenue for Rex M. D was up 10% sequentially and represents the second consecutive quarter of double digit sequential growth.
We expect to deliver high single digit sequential revenue growth on a go forward basis with year over year growth for the balance of 2023 exceeding 20% for our existing lifestyle businesses.
Our work simply subsidiary continued to deliver strong results with revenue growing 66%.
In subscribers growing 35% versus the prior year.
These businesses remain incredibly profitable with both achieving net contribution margins in excess of 30% during the second quarter, including corporate costs.
With that I'll turn the call over to our CFO Mark Burnett, then who will provide a summary of our financial results Mark.
Yeah.
Thank you, Jeff and good afternoon, everyone.
And this momentum continued with our strong financial performance in the second quarter, we not only grew consolidated net revenues to a record $35 9 million exceeding guidance. While we also achieved positive free and that cash flow for the first time in the company's history and ahead of our expectations.
At the same time, we launched our weight management program with significant success right out of the gate.
Our early estimates suggest this offering will be substantially accretive to our top and bottom lines beginning in 2024.
Now turning to results for the second quarter of 2023.
As I mentioned revenue in the second quarter totaled $35 9 million, an increase of 18 first bank compared with the same quarter, a year ago and up 9% versus the first quarter.
Total Tele health net revenues grew 11% sequentially.
Net revenues from White from D brand that primary care products and services, including weight management increased to 122% sequentially versus the first quarter and accounted for nearly 8% of total Cala health revenues in the second quarter up from 4% of revenues in the first quarter.
Subscriber growth remains very strong with the number of telehealth doctors subscribers, increasing 15% to more than 192000 and works simply active subscribers, increasing 35% to over 171000 volt first of the year ago period.
As Justin mentioned works simply revenue was $13 6 million number of second quarter, an increase of 66% from the year ago period.
The percentage of total revenue that came from recurring subscriptions increased to a record 95% of total net revenues.
Gross margin for the second quarter was 87% up 200 basis points versus the prior year period.
Gross profit for the quarter totaled $31 4 million, an increase of 22% from the year ago period.
Operating expenses for the second quarter totaled $36 3 million a decrease of $2 4 million births, a year ago period, reflecting reductions in both selling and marketing expenses and in G&A expenses, driven by the slight rationalization of head count executed in 2022 and a one.
$2 million decrease in stock based compensation.
Operating expenses in the second quarter included $5 $10 million of noncash expenses associated with stock based compensation right off noncash interest depreciation and amortization expenses.
Our GAAP net loss attributable to common stockholders for the second quarter totaled $7 5 million or a loss of 23 cents per share.
This compares to a GAAP net loss attributable to common stockholders of $13 8 million or a loss of 45 per share in the second quarter of 2022.
Adjusted EPS is a non-GAAP financial measure that excludes noncash expenses dividends insurance acceptance readiness litigation expense noncontrolling interests, M&A expensive financing transaction costs and foreign currency translation.
Selecting those adjustments non-GAAP diluted EPS for the second quarter of 2023 was five cents per share compared with a loss of 22 cents per share in the same year ago period.
Adjusted EBITDA and non-GAAP financial measure that excludes the same items I just noted for adjusted EPS totaled the gain of $1 7 million in the second quarter of 2023.
This compares with an adjusted EBITDA loss of $6 9 million in the same year ago quarter.
The EBITDA was lower than our quarterly guidance.
Primarily due to the investments we've made to support the growth of our weight management program and outperformance in new patient acquisition for this business in our core lifestyle businesses.
Cash and cash equivalents totaled $11 9 million as of June 32023, and reflected positive free cash flow of $2 3 million during the second quarter.
As a result of the very strong early results from the weight management program launch and continued strength in our existing businesses. We are raising our full year revenue guidance to $146 million to $152 million up from our previous guidance of $140 million to $150 million.
We also are slightly lowering our adjusted EBITDA guidance to $10 million to $13 million versus 12 to 18 million previously, reflecting near term investments required to scale patient acquisition and the clinical team for our weight management program.
For the third quarter, we are guiding revenue to be between 37, and a half from $38 5 million with adjusted EBITDA between two and a half or three and a half million dollars.
We believe the strength of our balance sheet and profitability of our current operations will more than adequately allow us to fund the growth in our business. It's.
This wraps up our financial results I'd now like to turn the call back over to Justin.
Yes.
To summarize life and D has delivered another strong quarter and made substantial strides towards our strategic goals.
The launch of our weight management program within primary care provides another tremendous vehicle to accelerate topline growth beyond our previous expectations and drive significant bottom line growth in 2024.
Our core lifestyle health care businesses, along with our work simply subsidiary continued to make robust contributions to our profits.
Moreover, we're witnessing a surge in interest from potential partners looking to harness our best in class <unk> platform to bolster their growth.
In closing I would like to thank the entire life and <unk> team for their hard work and for continuing to drive our outstanding financial performance and sustained business momentum.
With that I would like to open the call for Q&A.
Thank you well now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue do.
You May press star two if he would like to remove your question from the queue for participants using speaker equipment. It may be necessary to be trimmed your handset before pressing the star keys.
Our first question comes from David Larsen with BTG. Please go ahead.
Hey, <unk>.
Justin and Mark congratulations on the very good quarter.
Can you maybe talk a little bit more about the weight management program and G. O P. One I think you mentioned the total revenue contribution in the quarter, but can you. Please just repeat that and then can you give any more color around which drugs are actually being prescribed and the process around that like ours.
These prescriptions that are the patients and the members are you now getting every quarter to they have to talk to the primary care physicians every quarter or every month.
And then don't say need a prior off or or not all.
Are these cash pay just any more color around the nature of the drugs themselves will be very helpful. Thank you.
Yeah sure. David This is Justin I'll I'll start and then Mark can comment as well on some of the revenue numbers attributed that that business segment.
Yeah. The way the program works as patients come in they are typically paying for or Theyre always paying for the first quarter upfront sometimes they you know they they are oftentimes will receive a discount.
On the first quarter.
The three drugs that are most commonly being prescribed when it's appropriate for the patient or will gobi authentic and Missouri.
And.
Patients are on boarded.
Once they are on boarded they're seeing it a physician within within three days.
We've dramatically scale the medical group.
To accommodate the surge in demand that we've seen for these therapies.
Once patients are on boarded prior to seeing it while they are on boarded by our medical assistant team and our tech platform. One of the things that we will do is run electronic benefit verification for the patient on all of the drugs to see which drugs are covered for.
Necessary a prior off.
Is done.
We're seeing we're seeing.
We're seeing between 20 and 30% of peoples.
Ah patients insurance covering one of these drugs in some fashion.
And you know we're.
We're constantly looking for new technologies, we're talking to a number of partners right now that we think can help us improve that another thing that I think is going to be a big long term competitive advantage for life from D with.
With with getting patients covered for these therapies is going to be having our physician network and our providers in network across initially the 10 largest state, but eventually across all 50 states. That's something that's really going to set life M. D kind of apart from the competition and then also.
With our as we mentioned in the call.
We're putting a lot of effort right now into building out a compliance infrastructure for <unk>.
Helping Medicare patients access to these therapies in 2024, which is something that we're really excited about and we think this is going to be.
It's going to be a big growth driver for us down the road.
Okay, that's great.
This is mark just on the revenue so a pure.
Pure weight management, excluding any other virtual primary care.
Any products in virtual primary care.
Well, it's about $500000 of cash revenue in the quarter as we only started marketing it in late April and Thats typically a quarterly subscription rebid.
Rebuilds after that initial quarter.
For subsequent three months periods.
So with that we ended up having to defer a lot of that revenue, we're actually building up a pretty healthy deferred revenue balance, which is why the cash flow from this business was substantially better than the GAAP recognition. So we only recognize a little bit over $100000 of revenue in the quarter. The Florida. Another 400, we came out of the quarter with just under 3000.
Active patients on weight loss by it all sitting here today, we are over 5000, and that's growing pretty rapidly, but the average person paying about 129, a month. So we expect to see a pretty significant snowball effect financially from this business.
Okay, I think I heard you say that the primary care business was like 8% of revenue into Q up from 4% in <unk> is that correct.
That is correct that includes all the primary care business. So that's virtual primary care plus weight loss essentially.
Okay. So we're talking about like maybe 2 million Bucks a quarter, which is actually I think very good right 8 million a year is what the steady state is right now.
For virtual primary care, including whaler, that's correct all of that 2 million. There was only about 150000 in Q2 that was recognized for weight loss, but as I mentioned, the billings for weight loss for a substantially higher we defer it down to the day so.
About 400000 of deferred revenue, which will get recognized this quarter and the billings are increasing pretty significantly as we acquire more subscribers.
Okay, and then what do you expect the annual run rate could be for weight loss or G. L. P. One by <unk>, let's call. It December of 'twenty, three any sense for that her guests for that.
Yeah Man.
Probably in the range.
Popped up Craig here.
I mean, you can probably can get on a monthly basis.
Around one five to 2 million per month, which you're asking about supply that are 20 million $25 million.
Wow, Okay. So that's very substantial you're talking about a 20% increase potentially in product revenue annually from weight management alone.
Okay.
And then have you disclosed pricing for these different products, I mean or do they sort of vary based on like.
Your negotiations and if you're not disclosing that publicly I totally understand.
And then are you.
We're not closing publicly on the product, but we're not charging our patients for which the product basically the the 129 a month so as a service and you're paying for life from these weight management program you are essentially paying for the physician services.
Part of that our physicians will attempt to get you approved.
Approval of <unk> of which they have a good success rate.
If there's no insurance approval. So that you can obviously cash pay for those tier ones as well, but what we're actually earning revenue on is the service that we're providing to our patients providing access to <unk> is one of those services within weight management is obviously, a big draw for a lot of patients.
Okay, well I want to be respectful of the other analysts on the call and I don't want to take up too much time.
But are you are you providing access to compounded medications for these members and what percentage of the mix would be compounded medications.
Is there a difference between the branded G. L. P. One product <unk> compounded medications.
David This is Justin I'll comment on that.
I don't want to.
I don't want to get into talking about the difference between.
Be compounded therapies in the branded therapies, what's important is that we always try.
Put patients on a branded G. L. P. One product and we we put a lot of work into trying to make that happen for every single patient.
In the event that patients are not covered for the therapy and can't afford to therapy, we have a a compounding pharmacy partner that.
It does.
Great job isn't very compliance minded organization buys.
Some of these ingredients buys all their ingredients from FDA approved wholesalers and we are introducing patients do that compounding pharmacy. When they are rejected by their insurance company for coverage.
And look I think that a majority.
A majority of the patients that then.
<unk> are not covered.
For these therapies are choosing the compounded route which had license do you, we think that access and helping patients get on therapy that clearly is creating amazing health outcomes for them is most important.
So we feel really good about doing this and work we're really hoping that coverage expands for these therapies and then we can put more patients on you know on a branded therapy moving forward, but I can't tell you that our people that are using the compounded therapy.
<unk> are very happy with it and it's gone very well and we're really pleased with with with our partner there.
Okay I'll hop back in the queue congratulations on a great quarter.
Thanks.
Our next question comes from Sarah James with Cantor Fitzgerald. Please go ahead.
Thank you congrats on a great quarter.
You can help us understand what your longevity assumptions are for the 2023 guidance and as you talked about sort of what the run rate could look like how many months of subscription do you had seen your weight management and clinic members are staying with you.
Yes, so we're not public.
Closing data because it is very early on when we first started to speak to that the actual data what I will say is we.
We assume a very substantial falloff in our model.
From month, one to model not because we believe that that will actually happen and so as we underwrote. This.
Very conservatively and even with the type of assumption.
And we're talking like retaining like in the model of 10% or less at the end of the first year, which again.
Expect to retain way more than that.
But thats, what we ran in their model and even with that we.
This business had tens of millions of dollars on the top line next year.
Reasonably healthy EBITDA margins, probably low double digits. There I'll just mention too that as Justin we're working on a lot of this is one of our biggest focuses internally and that's also the reason for some of the partnerships that we mentioned, we're working on developing custom food plans for pace.
<unk> that are transitioning off of therapy or starting therapy. So we're working we're working on various coaching options. We think that we think we don't sit here and assume that.
Youre going to start somebody on one of these therapies and they're going to be honest for years right. Like we think this has got to be a comprehensive offering it's got it.
Polyps food coaching therapies in primary care and we're really focused on doing that and we think patients will.
We think patients will come off of therapy and come back on therapy, and we wanted to make sure that we have.
A solution that can help them in.
Wherever they're at in their in their weight loss journey.
Sure.
But you look at as having a cross sell opportunity or because primary care is fully integrated into the clinic there would be 92.
Try to cross sell bonds.
Well, yes, I think look I think the cross sell is that one of the most important things is it cross sell could be a downtown I mean, one of the things that life I'm doing that almost nobody is doing even our biggest competitors to the best of my knowledge is.
We're seeing every single patient to have a <unk>.
20 minutes.
Virtual console video consult.
With one of our amazing providers.
And so that's had significantly increases the cost or Cogs go up because of that.
It's where we're having to scale the medical group dramatically because of that but.
But I think that's going to pay off right and I think there are other offerings that we have in weight loss.
Beyond even food that we can cross sell and I'm hopeful that I know for a fact that we're treating these patients that are building a great relationship with these doctors and nurse practitioners and.
There are a lot of other a lot of other things that delta that they'll that they that we could offer them and I think they will want to continue to be part of life M D and somewhat.
Okay.
Last question here, you talked about the insurance coverage of the G. L. P. One.
In the context.
Coverage in some fashion and I guess I had always just thought of it as a binary.
Yes for now on coverage can you give a little bit of color.
What you meant on that.
Can you can you can you give me a little more color on specifically, what you're asking I am not sure I follow the question.
So you talked in your opinion.
You're getting with insurance coverage.
The weight loss medication.
Toby.
And he talks about it as coverage in some fashion.
Wondering what that next phase I typically think of the hangar.
Covering it are not covering it doing I guess no decision on.
When is that going to reinforce that.
So I'm speculating a little bit and we talked to we've talked to all the big patient support hubs out there that are.
That are managers that are trying to help patients get covered for these therapies everyday all day and.
This landscape is constantly changing.
There are no kind of clear.
There's not really a clear outlook on coverage plans.
Plans that cover today don't cover tomorrow.
The one thing that I would I. The one thing that I think though Sarah is that it's going to help it's only going to help if our if our affiliated providers are in network with these plans.
And going through the prior authorization process.
Think that's going to help.
Patients get paid I think that's going to expand coverage how much I don't really know, but I do think that will help with patients covering therapies I think that a lot of these I think that some of these big providers are going to be have some preference for in network providers versus out of network providers.
Yeah.
But that's a little bit of that's a little bit of speculation right I mean.
It's just there's just nobody really knows like Howard when coverage is going to expand for these therapies right now.
Okay.
All right very helpful. Thank you.
Our next question comes from new chapters.
<unk> Securities. Please go ahead.
Thanks for taking my questions and congratulations on a great quarter. This is a as with wood on for Neil.
Just a couple of questions from us curious about.
How do you see potential shortages for these G O P one's impacting the launch and then the continued progression of your weight management program.
We expect we expect there to be a supply shortages of these drugs throughout 2024.
That being said we are you know.
Got it.
Got an army of medical assistance and customer service reps that are helping patients find these therapies are going to continue to do everything possible to help patients find them. There is a lot of supply out there.
And.
In the event that we can't find the branded therapies will help patients access the compounded solution until the branded therapies are available.
That makes sense and then kind of on a follow up.
Obviously.
Just recently Novo select had their C D O T trial readout.
Or will go via indicating a reduction in major adverse cardiovascular events. So if there is a potential label expansion.
Following this phase III, how do you see that impacting payor coverage overall, farooq Ob and then potentially how do you see that driving incremental adoption for the <unk> program in.
Obviously into the cardiovascular program.
Payers will have no choice, but to cover these drugs I think there will be broad coverage for the drugs I think.
There will be some discounting that's going to have to happen as well, but I think payers and eventually Medicare Medicaid will have no choice, but to cover these drugs given what we know about the safety profile and efficacy profile today.
And that's part of the reason why.
That's a big that's a big part of the reason why.
India is putting so much effort.
And they're building out this.
Extremely robust infrastructure right now.
For both private insurance and Medicare.
Got it I appreciate that and then.
One if I may.
Just thinking what competitive impact you anticipate from the Amazon clinic nationwide expansion and then.
It could.
Life M D plug into that network as a potential partner would the platform b platform sorry be competing.
Amazon is always going to be there.
It's you know I don't give it based on what I know about the program.
I don't believe that you know given what Amazon is charging or one off visit.
Life M D could make money participating in their offerings. So.
So I don't think it would be in the interest of our shareholders.
To participate in Amazon's program look I think that.
Without without getting into too much of a long winded response, you know.
I think that.
Amazon is an incredible business people will shop at Amazon because they can get.
Almost any of these things so many products delivered so quickly and conveniently at a great price to their doorstep.
When it comes to health care.
Remember you know life M. D can essentially compete head on with Amazon and deliver better care.
Immediately just this conveniently.
And maybe not at the same prices Amazon because we don't but we don't want to deliver care at the same prices Amazon to deliver the kind of quality comprehensive care that we're offering away from D. We can't we can't offer it at Amazon prices. So I think Amazon is going to take some percentage of the market like they do in everything.
Els, but.
As you can see in the in the Investor presentation, we uploaded today and everybody listening to this call knows the Tam.
Is massive here.
And I think that Amazon being in the space are probably the only helps I don't see it as something that's going to hurt us and certainly as Amazon has brought these programs online we've seen absolutely no impact to our business.
Yeah.
Got it that's really helpful. I appreciate it I'll jump back into queue and congratulations again on a really great quarter. Thanks.
Our next question comes from E chain H C. Wainwright. Please go ahead.
Yes.
Hey, Congrats on your progress. This is <unk> on behalf of your churn I am sorry, if I missed this during your prepared remarks, but could you provide any breakdown on.
Subscriber revenue growth slows.
Individual lifestyle that he had businesses I heard.
So thats M D, but I just wanted to make sure.
Yes.
Barack so essentially.
Our lifestyle health care business says I mean look the total telehealth as what we've provided we're up to about 192000 subscribers.
Subscribers there.
It was up roughly.
First one for SaaS.
The odd year.
We continue to add subscribers quarter over quarter.
Aggressively.
So yes.
And a lot of that is obviously driven by lifestyle businesses and then the virtual primary care business, which includes wave.
<unk> management has drawn credit metric I believe that at this point.
So about a third.
Through the end of the second quarter of about 17000.
The 92000 total subscribers came from that but that business actually.
22% increase in revenue.
Second quarter versus the first quarter.
Before it so 122% increase sequentially.
Yeah.
Great. Thank you and any color on partnerships I know you mentioned that in your prepared remarks.
About.
Potential future partnerships either in Europe any businesses.
You'll have a weak management program. So any comment on kind of the nature of the partnerships that you are looking at is it something similar to what we solve it held twin hubs dot com.
Look both both of the close of the partnerships are.
Large.
Food and diet companies in the U S.
Well.
Very very big successful brands.
There, we're going to be talking more about these right now they're both their pilot programs live with both of these potential partners.
And we're really really really excited about the results that we've seen so far.
And we're gonna be talking more about these partnerships and over the coming weeks and months, we will keep you posted on that.
Great. Thank you and lastly.
Our commentary on.
Possible insurance coverage for the primary care business.
If I'm not mistaken you said.
You should have something in place by the end of this year right.
Yes, so the plan is for the planet.
Have this infrastructure lie by by October .
For private insurance. So just let's just assume in Q4, it's a little bit difficult to say exactly what I was gonna go live but sometime in Q4.
And then Medicare is going to be I think I think I think Q1 is probably a good estimate of when.
We'll start testing some of the Medicare offerings that that could get pushed as well.
If the weight management business continues to scale like we think it is like we think it will.
We could decide to push the Medicare coverage, it's a significant.
Compliance lift for us and just overall operational lift to start taking Medicare and.
We're going to make sure we do it right.
Great. Thank you congrats.
There are no further questions at this time I would like to turn the floor back over to Justin Shreiber for closing comments. Please go ahead Sir.
Thank you for your questions and for your interest in life and D. We look forward to speaking with you once again when we report our third quarter financial results in November have a good evening.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
[music].
Yeah.
Yeah.
[music].
Okay.
[music].
Yes.
[music].