Q2 2023 IRIDEX Corporation Earnings Call
Okay.
Good day, and thank you for standing by and welcome to the second quarter 2023, Iridex earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session to ask a question. During this session. Please press star one on your telephone.
One and wait for your name to be announced to withdraw. Your question. Please press star. One again, please be advised that today's conference is being recorded I would now like to hand, the conference over to your speaker today trip Taylor Investor Relations.
Thank you and thank you all for participating in today's call. Joining me are David Bruce Chief Executive Officer, and Guatemala Interim Chief Financial Officer earlier today Iridex released financial results for the quarter ended July one 2023, a copy of the press release is available on the Companys.
Website before we begin I'd like to remind you that management will make statements. During this call that include forward looking statements within the meaning of federal Securities laws, which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of $19 95.
Any statements made during this call that are not statements of historical fact, including but not limited to statements concerning our strategic goals and priorities product development matters sales trends.
The markets in which we operate all forward looking statements are based upon our current estimates at various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements. Accordingly, you should not place.
Reliance on these statements for a discussion of the risks and uncertainties associated with our business. Please see the most recent Form 10-K and Form 10-Q filings with the SEC.
Iridex disclaims any intention or obligation, except as required by law to update or revise any financial projections or forward looking statements, whether because of new information future events or otherwise.
This conference call contains time sensitive information and is accurate only as of the live broadcast today August 10, 2023, and with that I'll turn the call over to Dave.
Good afternoon, and thank you all for joining us.
Today I'll provide updates on our business progress and <unk> will then provide details on second quarter financials, and we will open the call for questions.
In the second quarter of 2023, we generated $12 9 million in total revenue a reduction of 900000 versus last year's second quarter.
Continued moderate growth in glaucoma revenue was offset by declines in surgical and medical retina.
And this was our first quarter experiencing reduced royalty income, resulting from the previously discussed expiration of licensed patents.
As we continue to execute our strategy, we're managing through two dynamics that have impacted our growth with.
We experienced more cautious customer behavior, which lengthened capital purchasing cycles and softened our systems sales.
Also our initiatives to accelerate glaucoma procedure adoption are taking longer to gain traction across our customer base.
As a result.
With first half of the year performance below our expectations. We are updating our guidance for the full year 2023, and now expect revenue to be in the range of $55 million to $57 million.
Like logistics probe sales of 61 to 63000 units and expansion of the cyclo <unk> system installed base by 210 to 230 systems.
Looking ahead, we believe our long term growth opportunity is strong based on the uniquely differentiated clinical value propositions of our non <unk> glaucoma treatments as.
As well as launching a refreshed market, leading retina laser platforms.
While our glaucoma procedure growth rate is currently in the mid single digits. We believe we have the technology strategy and team to accelerate our growth from here.
Our optimism has heightened as highlighted by the increasing clinical interest in micro pulse DLT and the psychology six platform as shown by <unk>.
16 posters presented at the recent World Glaucoma Congress and the multiple levers we are implementing across our substantial user base to drive utilization.
These include education on proper dosing and patient selection.
The rollout of suite management software.
Getting adoption among comprehensive ophthalmologists.
And most notably expanding clinical evidence supporting micro both DLT through a large scale multicenter prospective clinical trial.
These are necessary steps to retain attention in a crowded glaucoma device space, but together represent a larger scale opportunity to become a key treatment choice for the moderate stage glaucoma patient.
In parallel we recognize the need to preserve our capital runway to reach this longer term goal on our last call. We talked about steps taken to reduce our operating cash usage in this quarter's usage declined to $1 2 million.
And additional cost controls and inventory reduction actions are in place to further decrease cash usage in the coming quarters.
Revenue growth at the current rate of our higher margin disposable probes is expected to continue reducing cash usage and bridge operations until our initiatives gain meaningful traction and accelerate growth.
Looking closer at our glaucoma business second quarter, <unk> revenue increased by 5% year over year to $3 7 million.
Global adoption of the <unk> platform continued as we increased our installed base of systems by 41 units in the quarter.
<unk> revenue increased by 9% year over year, driven by ASP increases and 4% volume growth.
While the 15500 probes sold in the quarter was below our expectations. We're encouraged by progress in several aspects of the business.
Our current top initiative is educating customers on the updated micro pulse DLT dosing recommendations to ensure clinicians achieve large IOP reductions and a strong safety profile with our glaucoma treatments.
<unk> systems with suite management software AG surgeons and reliably delivery of the proper dose.
The baseline dosing recommendations that were issued over a year ago by our clinical consensus panel, where based on studies published at the time. Since then more dosing studies, which I'll highlight later have shown that higher dosing through slower sweep speeds improves patient outcomes.
Training surgeons on dosing guidelines, ensuring proper technique through case support and upgrading systems software requires a high touch efforts from our team.
With this approach the process entails clinicians treating an initial cohort of patients with our product drain.
Then tracking results to confirm they achieve the desired outcomes at 30, and 90 day follow up.
We believe this process can contribute considerably to growth over time as some of our lower volume accounts increase their confidence in procedure outcomes and choose to treat a broader profile of patients with micro pulse DLT.
Another area of focus is targeting comprehensive ophthalmologist users.
Largely see and manage glaucoma patients earlier in the disease continuum generally at the mile stage through moderate severity patients before referring to glaucoma specialists.
This represents a larger provider and patient pool second only to the mild stage population, which is primarily treated with.
Esselte and medication drops.
We see a significant opportunity for <unk> to provide a clinical and business opportunity for these practices to manage their patients longer by treating patients. They would otherwise have referred on <unk>.
Retaining those patients in the practice to deliver future regular visits and diagnostic test revenue can approach $2000 per patient per year over additional years.
And recent surgical cases, our team as <unk>, we're observing the population being treated is about 40% pre <unk> patients.
Furthermore, we're seeing the average procedure volume by comprehensive users can be significantly higher.
And then traditional glaucoma specialists.
The last glaucoma growth initiative I'll discuss today is expanding the clinical data supporting micro pulse DLT.
There were 16 posters presented recently at the World Glaucoma Conference.
All but one of these was physician sponsored and represents the broadening clinical interest and micro pulse TMT.
These studies contained over 850 combined eyes studied and cover topics from traditional continuous wave applications to demonstrating structural safety and adjacent tissues.
<unk> patient cohort types with micro pulse treatment in various dosing parameters I'd like to highlight a few findings from these studies on the topic of dose escalation three different studies totaling 130 patients demonstrated over 30% reduction in IOP with greater efficacy from slower speeds sweep speeds while.
Delivering the same excellent patient profile.
Safety profile one of these studies was a randomized 60 patient prospective single Center study.
The patient inclusion criteria was a key target cohort of ours post cataract and failed mixed patients needing further treatment.
Patients who were randomly assigned to three different dosing protocols dose.
Dose escalation was accomplished by slowing sweep speed, thereby extending the dwell time of probe energy and increasing the target tissue temperature or by adding additional passes that approach.
Higher IOP reductions were achieved by each escalated dose with an average 50% reduction at the highest dosing while still maintaining the same safety profile across all doses.
These types of findings can provide confidence for surgeons to pursue higher efficacy with the comfort that safety will be maintained.
The positive results of these dose escalation studies has provided iridex the confidence to invest in a larger scale multicenter prospective trial. The goal of the trial will be to demonstrate the safety and effectiveness of micro pulse DLT for the moderate stage glaucoma patients with statistically powered patient volumes were.
In the final stages of designing the study protocol is guided by a small group of influential Kols, we're finalizing selection of the CRO and identifying investigational centers interested in participating.
We're still targeting first patient enrollment by year end.
A successful study would provide powerful support for <unk> adoption and utilization by an increasing number of clinicians. We remain confident we have the right product in a cost effective strategy to increase our penetration.
Glaucoma market over time.
Shifting our focus now to update on the retina business revenue in the second quarter declined to $6 9 million from $7 5 million in the prior year period.
While we continue to see strong interest in our Pascal platform. Its growth was offset by softness in surgical and medical retina systems as we mentioned on our last call. During the second quarter, we saw lengthening sales cycles for capital equipment amid uncertainty in the rising interest rate macro environment.
That seems to be stabilizing recently, but remains difficult to forecast rebound timing.
We are tracking toward our U S launch of the new single spot laser platform with our new Iridex $5 32, and $5 77 versions in the fourth quarter.
As with the start of any new product cycle when international distributors prepare for these transitions inventories and order volumes can soften until the new products are available there.
This coupled with generally slower capital purchase cycles can soften demand in our second quarter results exhibited that.
As economic fear subsides, and new products clear international regulatory approvals. These challenges should turn to a growth tailwind in 2024.
We will continue to execute our strategy in top initiatives with a constant focus on preserving our cash runway that provides multi year execution visibility.
In the second quarter, we took steps to reduce our operating expenses and extend our runway and our tempering our project spending going forward.
We also see meaningful recovery of cash by further reducing inventory in the third and fourth quarters that was built up to mitigate supply chain challenges.
We continue to balance spending to support our growth plans against the cash usage rate to maintain a multiyear runway with current resources now I would like to turn the call over to fly to cover financial details.
Thank you Dave Good afternoon, everyone and thank you for joining us today.
I'd like to begin by reviewing our financial performance for the second quarter of fiscal 2023.
Starting with revenue our total revenue for the second quarter was $12 9 million, representing a decrease of approximately 7% compared to the second quarter were up last year.
Modest growth from the Cyclo <unk> product family was offset by declines in the retina product line.
Roughly half of the decline is also due to previously reported loss of royalty revenue in the quarter.
Moving to product revenues total revenue from the <unk> product family in the second quarter was $3 7 million up 5% to the same period in 2002.
We sold 15500 <unk> probes in the second quarter, representing revenue growth up 9% on 4% unit growth from the prior year period.
We also sold 41 sites logistics systems in the quarter compared to <unk> 48 in the prior year period.
Our retina product revenue in the second quarter was $6 9 million a decline of 9% from the prior period. This decline. We believe is a result of macroeconomic uncertainties.
And a high interest rate environment.
Other revenue, which includes royalties services and other legacy products decreased 15% to $2 3 million in the second quarter of 2003 compared to the same period in 2002.
This is driven primarily by reduced royalty revenue from exploration.
License patents as previously reported.
Okay.
Gross profit for the second quarter of 'twenty, three was $5 4 million compared to $6 3 million in the prior year period.
Gross margin was 41, 7% compared to 45, 6% in the second quarter of 'twenty two.
The decline in gross margin was the result of lower overhead absorption in the current period.
Operating expenses for the second quarter were $8 3 million, a small decrease compared to $8 4 million in the same period last year.
Note that the current period includes over 200000 of separation costs related to expense reductions implemented in the quarter.
Our net loss in the second quarter of 2003 was $2 8 million or net loss of <unk> 17 per share compared to a net loss of $2 2 million or <unk> 14 per share for the same period in 2002.
We ended the quarter with cash and cash equivalents of $9 8 million, representing cash usage up $1 2 million during the quarter.
A substantial improvement from recent prior quarters.
We remain focused on expense management, and operating efficiencies and expect steady improvement in coming quarters, as we unwind inventory related investments and continue to execute on our prudent expense management strategy.
To wrap up.
Given the softer results in the first half of the year, we are lowering our guidance for fiscal 2023.
We now expect total revenue for fiscal 2023 to be $55 million to $57 million compared to prior expectation up 57% to $59 million.
<unk> unit sales are now expected to range from 61 to $63000 from 65000 to 67000 previously.
And.
Cyclo <unk> glaucoma laser system installed base is not expected to expand by 210 to 230 systems compared to 225 to 250 systems previously.
With that David and I would like to turn the call over to the operator for questions operator.
Thank you as a reminder to ask a question. Please press star one on your telephone and wait for your name to be announced to withdraw. Your question. Please press star one again, one moment for questions.
Our first question comes from Scott Henry with Roth Capital You May proceed.
Thank you and good afternoon, I've got a few questions. So I'll start with the micro oriented questions. Firstly, when I look at your guidance and I look at the quarter. It seems like you expect a rebound a little bit in retina is that correct or at least the second half of the year, you're not expecting this Q2.
<unk> trend to maintain.
That's right Hey, Scott.
The stabilization as we referred to it seems to be coming in you see it you hear it in and the greater economy as well, but we.
We didn't see cancellations.
Just deferrals.
People just took longer than their decision processes to order and we think that's stabilizing those orders are coming in this quarter that were deferred last quarter and just feels like there is a general improvement in sentiment interest rate increases appear to have.
Pretty much tapped out and I think people perceiving that are moving forward with their plans. So so we think the second half of the year can be closer to expectations, but we were.
We were down enough in the first half of the year that we really need to adjust that.
That full year guidance.
Okay.
And then shifting to G. Six it seems like prices are strong.
It seems like Youre getting a little more kick for price than I would've expected is that accurate.
So we.
Implemented a price increase around the middle of last year and so we.
We were successful in having that hold in the marketplace and so.
Second quarter in the first quarter demonstrated a bigger revenue increase than unit increase.
That gap will start to subside as we go forward in the third and fourth quarter as we start to lap that that timing of that increase in pretty much feedback equivalent by the beginning of <unk>.
2024, but.
It was more of a onetime event as opposed to a continued increase in the price and that was primarily.
In U S.
Market and.
Less so internationally.
Okay and final micro oriented question.
This probe utilization is always spend the hook to getting this compounding growth in Italy.
Made adjustments I guess, maybe the trial will help now, but how do you get that probe utilization per system.
Getting to higher numbers than it currently is.
Yes, so the root of the challenge is in <unk>.
Driving the confidence to the point, where clinicians are just advising.
Patients as they come through and recommending the procedure.
On a broader set of patients.
What we find is they will they will pursue a group of patients.
<unk>.
Yes, maybe be happy with those results, but our treatment as with any treatment in glaucoma.
As a percentage of those that you just don't get the outcome that you sought.
And I feel like our.
Customers tend to recall those.
Situations and question the procedure and if we're not there to reinforce it or even just ask him to well lets look at the.
The <unk>.
Consolidated data on your patients that they can back off to a smaller group of patients.
And that's what we've been dealing with so that's why our focus on <unk>.
<unk>.
Efficacy with continued safety profile, because you have to have that.
Coupled with a means to achieve it with Sweet suite management software plus some clinical evidence that it actually has worked.
Investigators hands and those are the tools that we're using to drive the.
The change in perception.
But it's.
It's in a noisy environment there are a lot of other devices out there companies with more sales reps pursuing there.
Various device sales, particularly in the mix space, even though we're not directly competing with them. We are competing for the attention of the doctors and.
And so it's.
It's an effort.
Sure.
Feet on the street effort to focus on our target accounts and move them.
Down that pathway.
So that's the mechanism and its going slower is as we've reported.
Then.
We aspire to I'll say as.
As we put our guidance out at the beginning of the year, but we.
We are quite confident that the results that are being achieved.
We will ultimately prevail and the adoption will continue to broaden.
Okay great.
Thank you and I guess, just one kind of big picture question.
And I apologize it seems like I'm, just thinking out loud in advance.
When I look at the company.
You guys have done a pretty good job. We just had one of the toughest quarters, you've had in the past five quarters and you still only lost $1 million. So the business has been run well the retina acquisition was fantastic.
But when I think 12 to 18 months out.
I don't know if you can grow fast enough to turn profitable maybe you can maybe you can't you're not going to lose a whole lot of money.
But at some point I would think you would want to be either a buyer.
Or a seller in order to bring scale and to bring profitability to.
Because the company given the economic environment, we're in right now and yes, I just wanted to hear.
I mean, ideally you're a buyer you find another great deal and that brings scale and you're profitable.
But if you can't find anything because everything is too expensive, sometimes thats, the best time to sell but.
Just curious how you think of that situation I'm sure it's come across it.
At a board meeting or two.
Yeah.
Look that's the constant question as you manage the company whatever your growth rate.
Cash usage or cash generation.
What's the what's the right strategic 0.2 to change either monetize or.
Leverage yourself to go in different directions or add different directions. So for us we evaluate that.
Constantly but on a regular basis and try to look at the opportunities of bailing us on both sides of the table and.
Make some decisions were not.
Opposed to either direction, but the right opportunity has to come along so we found it in the top con collaboration in 2021.
It took us a while it took us a while to get to the.
Consummation of that but that turned out to be quite a good.
Transactions for us.
And both business terms and capital.
And we.
We will continue to be open to those kinds of.
Obviously, we're not.
Announcing anything in particular and.
We have to go public with with it when we made such a decision so I'm not.
Really ready to say that Theres anything going on at this particular moment for.
And answer to your question, but.
We we are aware that those those kinds of decisions points come in and.
Cause us to be more focused and we will.
We will communicate that when when we're at the right point for such a thing.
Okay. Thank you for the color on that I appreciate the responses and thank you for taking the questions and my apologies for taking so much time. Thank you.
No problem. Thank you Scott.
Thank you.
One moment for questions.
Our next question comes from Tom Stefan with Stifel. You May proceed.
Great Hey, guys. Thanks for the questions.
I guess youre talking back sort of off of that one.
Piggyback sort of off that last question, mainly just around the balance sheet.
And maybe just.
Zero in a little bit.
Can you guys just talk about where you think the burn might be exiting the year.
And then.
Rough expectations of maybe when you can turn the corner on profitability is.
I think given with where the balance sheet currently yes, I might have to come fairly soon.
And when you do turn the corner on profitability, what are kind of the key drivers of that mix.
Is it further cost reductions just any color here to give us some comfort that.
On the balance sheet.
No.
I guess sort of reverse the other way in terms of strength and weakness.
Yeah. So.
One of the impetus for our adjustments in the second quarter and.
We've we've we've been continuing to keep an eye on the opportunity to reduce inventory. So we do see the supply chain challenges softening in.
Our need to carry a larger amount of inventory, reducing so we put.
Upwards of $4 million additional inventory in place from pre Covid periods, and we've unwound some of that but there's a fair amount more to go.
We think that that's actually a tailwind of capital over the next quarters as.
As well as a reduced operating cash usage.
And continued growth and we've looked at it extended.
Lower growth is mid single digit growth rates.
We can continue to reduce our cash usage.
And extract some cash from the balance sheet and have.
We still see multiyear runway so exiting the year.
We don't give guidance on that but.
We think this quarter is a representative quarter on the on the path downward and we can achieve something ultimately achieved something below $1 million a quarter and continue to to keep reducing that.
As we go forward now thats predicated on successful sales.
And we think we can increase the glaucoma growth rate.
But it's been a challenges as we've demonstrated in at least the first two quarters of this year.
And then we do ultimately consider the kind of the capital softness to be pretty temporary in that that we can.
Get back to growth on that front.
And we have incremental cost reductions on the cost of goods sold side of things that can also help us with <unk>.
Cash flow so.
It's not that we have.
And excess of capital and cross breakeven and built but we have several years of execution capability.
And the ability to manage the expense side to maintain that as weak as we've done here.
Here in the middle of the year.
2023.
Got it helpful color.
And maybe my last tool just beyond.
Glaucoma in the first I guess the first quick one in.
Quarter, what was probe growth for <unk> in the U S and O U S.
That's the first part and then the second part.
Just on the guide for probes it still implies to wage growth.
I think high single high single digit percent year over year by one inch was essentially flat against easier comps. So what gives you the confidence.
<unk> down today as maybe enough of a reset I mean, even if I look at utilization I think it is expected to be flattish in two <unk>. One it really has declined consistently year over year for <unk>.
A number of quarters now.
So two parter U S versus O U S probes.
Both rates during the quarter and then just confidence guidance on probes is a number that you can get.
Yes, so the.
The split we normally don't.
Talk about I think periodically we'll highlight an extra variation, but this particular quarter was about even so they are both I think grew in that kind of that mid <unk>.
Single digit range on units and I think we did call out particular weakness in the first quarter internationally.
So when we look at.
To your second question when you look at Okay, well you were well below your expectation in the in the first half of the year and yet year.
Kind of back to your.
Intended growth rate in the second half of the year part of it is that.
Sure.
What we believe is more of a onetime decline first quarter performance.
It won't be repeated in the subsequent two quarters.
And we're also feeling that.
Our programs are succeeding that we are achieving incremental.
Adoption and and frankly, the second piece of the net growth rate is reducing that decline where you have accounts that we're running it at a one rate and then backed off either one of several users.
Decline they werent getting the results that they intended maybe we haven't spent any time with them.
Bring them up to speed on current practices and ensuring that their technique was there and they didn't get some results and they declined on usage and we think that message is getting out stronger and stronger and we will continue to.
Two.
Proliferate and people will understand that it's about the dosing that they are delivering.
And not the device itself or the technique and the procedure itself.
Questionable and were seeing that anecdotally.
For example on.
On a trade show people will come to our booth.
And the tone of the conversations is around.
If I'm not getting the results that are being reported in these studies.
What am I doing wrong, what do I need to do differently.
And.
That's different from.
Prior years, where there was just a real question existing really achieve the kinds of results because.
Because I'm not seeing them. So I think the analogy is changing but.
It takes time.
And Thats, where.
Giving guidance is a challenge in.
We have an optimism that we will be successful in delivering this message and having people's behavior permanently changed and they will.
Incorporate us in that moderate.
A portion of the continuum and Theres so many.
Patients and and.
Specialists in the comprehensive category that we.
We really think good traction.
Modest uptick attraction, Eric and can really provide some leverage.
Got it and if I could just follow up on some of your last comments.
Just around the physician education.
The dosing recommendations and patient selection I think those initiatives started maybe it was late 2021.
Im remembering correctly so.
The consensus panel in.
This initiative has been out there for a decent amount of time. So Dave do you have any kind of tangible evidence any figures you can provide maybe for those first.
50 to 100 physicians, who you interacted with regarding.
This specific initiative around dosing around patient selection.
Yes.
Do you have any evidence that these things are working that utilization is accelerating within these accounts, maybe just to give us.
Maybe some confidence that.
While these do take time to develop those early cohorts of doctors youre seeing that play out in the field, but hopefully that question makes sense.
Yes.
Yes, the pace of improvement is.
It comes from two sides of the equation right I described.
<unk>, new clinicians with new dosing and carrying them through until they see the results in their own practice and continue on with those patients and that can take anywhere from.
A couple of months to six months or longer working with them in terms of the dosing recommendations.
The consensus panel recommendation was.
What we consider to be and I think they conveyed to be a baseline starting point, that's a safe place to start but there is a continuum of dosing and escalated dosing to generate better outcomes better durability and what we're now seeing.
Being in the studies that are coming out.
Maintaining a strong safety profile that is a newer.
Of the puzzle.
For clinicians that they can go from what was 22nd.
Hemisphere sweep speed treatment.
And slow that down to a 32nd.
Hemisphere treatment, so slowing it down by over a third and.
And still get better outcomes with the same safety profile that has to work its way through the system. The study I was referring to the single Center study that was performed.
On <unk>.
Prospective.
Three dosing.
Arms of about 20 patients each.
<unk> is a key piece of evidence that demonstrates that when you when you reduce sweep speed you get better outcomes and progressively better outcomes.
And a much higher percentage of success. So those are the kinds of things, we're seeing and it just.
Does take an extended period of time for that to.
Be captured by users.
Ours is a different procedure than say Migs procedure, where you make your incision.
Youre cut or put your plug and you get out close the whole end.
And you've done ours. They look at it at 30 days and then it 90 days so it's a slower moving.
Proof so to speak and then.
On the opposite side, we do still experienced those customers who.
Neither we haven't communicated that message or they aren't receptive to it.
They may have a lesser experience than they want and choose to use it on fewer patients or stop using it and that's a subtraction from the growth piece, we get so our net number in the mid single digits, we think can improve both.
More and more success with newer sites and bringing up to speed on dosing existing happy users. So they broadened the patients they use them on and gives us a net gross number and then reducing the declines.
We're talking about the difference our guidance was in the 10% growth range.
Tracking around 5% the difference and success of those efforts.
Can make that 5% swing up pretty quickly so.
That's how we're viewing it and pursuing it and.
And we're we're confident that that will ultimately prevail and the growth rates will increase.
Okay.
So the early kind of cohorts of your installed base that you went through with these dosing recommendations.
Still kind of TBD.
Yes.
That is driving accelerated utilization and I.
I guess should.
Should we start can we start to see some evidence by the end of this year.
Yes, I think.
What's you are asking for is us to report on maybe some subsets of patients or sorry, some subsets of.
Users in these various categories and how the.
Traction has been achieved on those we can take a look at that and.
And potentially address that in future calls.
Perfect Yeah, I think that would be really helpful. Thanks.
Thanks for the time.
Okay. Thank you Sean.
Thank you I'd now like to turn the call back over to Dave Bruce for any closing remarks.
Thank you all for joining the call looking forward to reporting improvements in coming quarters and thank you for your confidence in the company.
That's all for today.
Thank you. This concludes today's conference call. Thank you for participating you may now disconnect.
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Okay.
Yes.
Okay.
Okay.
Okay.
[music].
Okay.
[music].
Okay.
[music].
Yes.
Thanks.
Okay.
Okay.
Sure.
Okay.
Sure.
Thank you.
Okay.
Okay.
Okay.
Okay.
[music].
Yes.
Okay.
Okay.
Yes.
Okay.
Thanks.
Okay.
Okay.
Yes.
Thank you.
Yes.
Okay.
[music].
Right.
Thanks.
Okay.
Okay.
Yes.