Q3 2023 Semler Scientific Inc Earnings Call
Speaker 1: Good afternoon and welcome to the Semler Scientific 2023 third quarter Financial Results Conference call.
Good afternoon, and welcome to the somewhere scientific 2023 third quarter financial results Conference call.
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Please note that this event is being recorded before we begin somewhere scientific needs to remind you that certain comments made during this call may constitute forward looking statements and are made.
Speaker 1: Before we begin, similar scientific needs to remind you that certain comments made during this call may constitute forward looking statements and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.
Pursuant to and within the meaning of the Safe Harbor provisions.
The private Securities Litigation Reform Act that's 1995.
The amended.
Speaker 1: These include statements regarding the expectations for expansion of the business and the development and marketing of additional products.
These include statements regarding the expectations for expansion of the business and the development and marketing of additional products as well as expected savings from the strategic corporate streamlining.
Speaker 1: as well as expected savings from this strategic corporate streamlining.
Speaker 1: Such four-looking statements are subject to both known and unknown risks and uncertainty, uncertainties that could cause actual results to differ materially from such statements.
Such forward looking statements are subject to both known and unknown risks and uncertainties. Many uncertainties that could cause actual results to differ materially from such statements.
Speaker 1: Those risks and uncertainties are described in the press release and are SEC filing.
Risks and uncertainties are described in the press release and our S. E C filings.
Speaker 1: The forward-looking statements made today are as of the date of this call and the company does not undertake any obligation to update the forward-looking statements.
The forward looking statements made today are as of the date of this call and the company does not undertake any obligation to update the forward looking statements.
Speaker 1: If you do not have a copy of today's release, you may obtain one by visiting the Investor Relations page of the website similarscientific.com.
If you do not have a copy of today's release you may obtain one by visiting the Investor Relations page of the.
Website.
Scientific dotcom.
Speaker 1: Now I would like to introduce Doug Murphy, a tutorial CEO of Sumler Scientific.
Now I would like to introduce Doug Murphy to tour in C. Though of similar scientific.
Speaker 2: Good afternoon everyone. Thank you for joining us for our third quarter, 2023 results to kill. We are again, a dream that exiled in year over year, earnings and revenue growth. Now, I would please to introduce our CFO , Renee Cornel.
Good afternoon, everyone.
Thank you for joining us for third quarter 2023.
Cool.
We are again.
Actually the euro.
Earnings and revenue growth no I am very pleased to introduce our CFO, where new comer.
Speaker 3: Thank you Doug, good afternoon everyone, and thank you for being part of today's conference call.
Thank you, Doug and good afternoon, everyone and thank you for being part of today's conference call.
Speaker 3: Today I'll be presenting an overview of our third quarter, 2023 financial results, and discussing recent corporate events. We have with us today our chief operating officer, Jennifer Aliva Harrington, who will be providing market developments and opportunities. Jennifer has been with Sam Morrison's 2010. She oversees our operations, sales, and customer-related departments.
Today I'll be presenting an overview of our third quarter 2023 financial results and discussing our recent corporate events. We have with US today are chief operating officer, Jennifer Ariva, Harrington, who will be providing market developments and opportunities.
Jennifer has been with Sandler since 2010, she oversees our operations sales and customer related department.
Speaker 3: driving new strategies and launching and delivering new products and programs.
<unk>, new strategy, and launching and delivering new products and programs.
Speaker 3: Following our remarks, Doug Jennifer and I will be available to address any questions you may have.
Following our remarks, Dr. Jennifer and I will be available to address any questions you may have.
Speaker 3: I'm excited to announce continued revenue growth and strong margins in the third quarter. This achievement is a testament to the hard work of our team, as well as the ongoing support of our customers who continue to recognize the clinical benefits and value of our technology. Now for the specifics of...
I'm excited to announce continued revenue growth and strong margins in the third quarter. This achievement is a testament to the hard work of our team as well as the ongoing support of our customers who continue to recognize the clinical benefit and value of our technology.
Now for the specifics of our third quarter results.
Speaker 3: Total revenue in 2,3, 2023 was $16.3 million, an increase of 16% compared to the third quarter of 2022. We anticipate that revenues in the fourth quarter of 2023 will exceed for quarter of 2022.
Total revenue in Q3, 2023, with $16 $3 million, an increase of 16% compared to the third quarter of 2022.
We anticipate that revenues in the fourth quarter of 2023, well, let's see fourth quarter of 2022.
Speaker 3: Our revenues continue to be driven primarily by continued sales of quantic loans to existing in new customers to test for peripheral arterial disease or PAD.
Our revenues continued to be driven primarily by continued sales of quanta close to existing and new customers.
For peripheral arterial disease or P E D.
Speaker 3: We believe the promising results that were published in two large, independently conducted peer review studies by Quantico Costumer's last year are having an impact.
We believe the promising results that were published in two large independently conducted peer reviewed study by Quantico customers last year are having an impact.
Speaker 3: These studies underscore the importance of identifying asymptomatic PAD patients, enabling the implementation of preventative measures.
These studies underscored the importance of identifying asymptomatic P E D patients, enabling with the implementation of preventative measures.
Speaker 3: We are also marketing quant ago as an A to Diagnosed Part Disfunction or HD. Well, HD revenue is currently not significant. We anticipate that HD will assume an important role in our business over the coming years. Jennifer will provide you.
We are also marketing Qantas now, it's been eight to diagnose heart dysfunction or HD.
H D revenue is currently not significant we anticipate that H D will assume an important role in our business over the coming year.
Jennifer will provide you with more detail.
Speaker 3: 6-3 revenues were 9.5 million, an increase of 11% year over year. We saw continued interest in our products from existing customers, as well as new customers such as hospitals, value-based care providers, major pharmaceutical and retail remarks.
Fixed fee revenues were $9 5 million, an increase of 11% year over year. We saw continued interest in our products from existing customers as well as new customers such as hospital value based care providers major pharmaceutical and retailer market.
Speaker 3: Variable fee revenues were $6.3 million, an increase of 28% year over year. We continue to see strong demand from our home risk assessment customers using quadriple for PAD during in-home examination.
Variable fee revenues were $6 $3 million, an increase of 28% year over year, we continue to see strong demand from our home risk assessment customers you can quantify for P. D. During in home examination.
Speaker 3: Equipment and other revenues will have a million dollars. Flat year over year.
And the other revenue.
Half a million dollars flat year over year.
Speaker 3: Equipment revenues remain strong versus historical levels. Because the majority of our equipment sales are to variable fee customers, we believe that design a future potential annual growth in the fee participants.
<unk> revenues remained strong versus historical levels, because the majority of our equipment sales are to variable P. Customers. We believe that the sign of future potential annual growth in the fee per test market.
Speaker 3: In the third quarter of 2023, our three largest customers, including their related...
In the third quarter of 2023, our three largest customers, including their related affiliates comprised 36%, 28% and 11% of quarterly revenue.
Speaker 3: comprised 36%, 28%, and 11% of quarterly revenue.
Speaker 3: Operating expenses in Q3 2023, which includes the cost of revenues, were $10 million, an increase of 5% euro.
Operating expenses in Q3, 2023, which includes the cost of revenue were $10 million.
An increase of 5% year over year.
Speaker 3: As a percent of revenues, operating expenses improved to 61% compared to 68% in 2022.
As a percent of revenue operating expenses improved to 61% compared to 68% in 2022.
Speaker 3: Last quarter, we announced a strategic plan to streamline operations and reduce employee headcount by approximately 30%.
Last quarter, we announced a strategic plan to streamline operations and reduce employee head count by approximately 30%.
Speaker 3: This plant is meant to be proactive and seeks to drive operational efficiency while maintaining high quality service to our customers.
This plant is meant to be proactive and seeks to drive operational efficiency, while maintaining high quality service to our customers.
Speaker 3: As of the end of the third quarter, this streamlining has been completed. Headcount as of September 30, 2023, was 91 compared to 137 at the end of the second quarter, 2023.
As of the end of the third quarter. This streamlining has been completed head count as of September 30th 2023 was 91 compared to 137 at the end of the second quarter 2023.
Speaker 3: Included in operating expenses were streamlining and related costs of $600,000 off set by a crew compensation reversal for $700,000.
Included in operating expenses were streamlining and related costs.
$600000 offset by accrued compensation reversals this $700000.
Speaker 3: We anticipate total operating expenses, which includes cost of revenues, and the fourth quarter will be similar to total operating expenses in the third quarter of 2023.
We anticipate total operating expenses, which includes cost of revenue in the fourth quarter will be similar to total operating expenses in the third quarter of 2023.
Speaker 3: Pre-taxment income was $7 million, an increase of 2.4 million or 52% year over year. Net income was $5.5 million or 82 cents per basic share and 71 cents per fully diluted share, an increase of 50% year over year. We had cash, cash equivalent, and short term investments at September 30th, 2023 of $56 million.
Pre tax net income was $7 million, an increase of $2 4 million or 52% year over year.
Net income was $5 $5 million or 82 cents per basic share and 71 cents per fully diluted share an increase of 50% year over year.
We had cash cash equivalents and short term investments at September 30th 2023 of $56 million.
Speaker 3: Now, I'd like to turn the call over to Jennifer to provide a more in-depth discussion of our market development and opportunities.
Now I'd like to turn the call over to Jennifer to provide a more in depth discussion of our market development and opportunity.
Thank you Renee.
Speaker 3: As I look into the future, I'm excited about similar potential to support the identification of chronic diseases by our customers, which is a large burden on our healthcare system.
As I look into the future and excited about sandler its potential to support the identification of chronic diseases by our customers, which is a large burden on our health care system.
Speaker 3: Cardiovascular disease is the number one cost to the health care system, as well as the number one cause of death worldwide, which makes early detection of chronic cardiac conditions so critical.
Cardiovascular disease is the number one cost to the health care system as well as the number one cause of death worldwide, which makes the early detection of chronic cardiac conditions. So critical.
Speaker 3: Our launch of Quantico HD to support the diagnosis of heart dysfunction represents a paradigm shift in the industry.
Our launch of quantify H D to support the diagnosis of heart dysfunction represents a paradigm shift in the industry.
Speaker 3: This is why introducing Quantafo HD to healthcare providers is one of our main focuses.
This is why introducing quantify H D to health care providers is one of our main focuses.
Speaker 4: Our goal is to equip providers with a simple cost-effective means of identifying asymptomatic heart dysfunction early, enabling these providers to encourage patients to adopt healthier lifestyles and optimize proven guided directed medical therapy.
Our goal is to have quick providers with a simple cost effective means of identifying asymptomatic heart dysfunction early innings.
Enabling these providers to encourage patients to adopt healthier lifestyles and optimize proving guided directed medical therapy.
Speaker 4: Ultimately, this approach could improve long-term health outcomes.
Ultimately this approach could improve long term health outcomes.
Speaker 4: Farting function encompasses a large, broad spectrum and cleaning heart failure, which affects around six and a half million adults in the US.
Purchased function encompasses a large broad spectrum, including heart failure, which affects around six and a half million adults in the U S with.
Speaker 4: With a life-saving risk of one in five at 40 years of age, the impact of heart failure on healthcare is significant. With over 1 million hospitalizations per year in the United States and an annual cost of care exceeding $30 billion.
With a lifetime risk of wanting to buy that 40 years of age the impact of heart failure on health care is significant.
With over 1 million hospitalizations per year in the United States and in the annual cost of care exceeding $30 billion.
Speaker 4: Unlike symptomatic heart disease, a considerable number of patients have asymptomatic heart disease.
Unlike symptomatic heart disease.
Considerable number of patients at asymptomatic heart disease.
Speaker 4: However, they are not routinely tested by transceractic echocardiography, which is the current standard of care.
However, they are not routinely tested by transfer ethic echocardiographer fee, which is the current standard of care.
Speaker 4: ECHO, while reliable, is not a screening test. It involves a specialized lab, a trained ultrasonographer, and takes about an hour to complete, which is impractical for primary care offices or in-home settings.
So while we're liable is not as screening.
It involves a specialized lab a trained ultrasonography and takes about an hour to complete which is in practical for primary care offices or in home setting.
Speaker 4: QuantiFlow HD is a simple test that can be performed by a medical aid in usually less than five minutes, and it is clinically proven to provide accurate results.
Plentiful H D is a simple test that can be performed by a medical aid in usually less than five minutes.
And it is clinically proven to provide accurate results.
Speaker 4: A clinical paper published in the Journal of Preventive Medicine earlier this year demonstrated a statistically significant correlation between Quantiflo HD and echocardiography, again, the gold standard to diagnose heart failure.
A clinical paper published in the journal of preventive Medicine earlier this year demonstrated a statistically significant correlation between plentiful H D N echocardiographer.
Again, the gold standard to diagnose heart failure.
Speaker 4: A link to the paper's available on our website and in our press release, stated March 1, 2023.
A link to the paper is available on our website and in our press release dated March one 2023.
Speaker 4: There are CCT reimbursement codes for echocardiography and HCC diagnostic codes for heart dysfunction that were not affected by this year's CMS update.
They are a C T reimbursement codes for Echocardiographer, an H D C diagnostic codes for heart dysfunction that were not affected by this year's CMS update.
Speaker 4: We expect detecting patients with HD will be valuable to our customers and their
We expect detecting patients with H D will be valuable to our customers and their patients.
Speaker 4: Since our last quarterly update, we've installed additional units of Quantico HD and are continuing discussions with both existing and new customers who remain interested in our solution.
Since our last quarterly update we've installed additional units or quantify the H D and our continuing discussions with both existing and new customers who remain interested in our solution.
Speaker 4: We expect these conversations to result in future customer installs.
We expect these conversations to result in future customer installs.
Speaker 4: While HD sales are showing positive early signs, we expect the market uptake process will take time as it is important for our customers to have clinical protocols in place for those patients testing positive.
While H D sales are showing positive early signs we expect the market uptake process will take time as it is important for our customers to have clinical protocols in place.
For those patients testing positive.
Speaker 4: As we look forward, I'm excited about the possibilities that HV presents for STEM learning.
As we look forward I'm excited about the possibilities that HD X for similar.
Speaker 4: By enabling early diagnosis of both peripheral arterial disease and heart dysfunction, we are empowering healthcare providers to initiate preventative treatments and interventions at an early stage of chronic cardiovascular disease.
By enabling early diagnosis of both peripheral arterial disease and heart dysfunction, we are empowering health care provider to initiate preventative treatment and interventions at an early stage of chronic cardiovascular disease.
Speaker 4: We believe that this proactive approach not only saves lives, but also lowers healthcare expenditure.
We believe that this proactive approach not only save lives, but also lowers health care expenditures.
Speaker 4: The same medical aid may perform both the PD and HD tests on the same patients at risk for these diseases.
The same medical aid May performed both the P G and H D test the same patients at risk for these diseases.
Speaker 4: This synergy and commonality allow our Salesforce many advantages like upselling to the same customer.
This synergy and commonality allow our sales force many advantages like upselling to the same customers.
Speaker 4: As we look to the future, we envision the healthcare landscape where technology plays a pivotal role in shaping healthier outcomes for patients.
As we look to the future we envision the health care landscape, where our technology plays a pivotal role in shaping healthier outcomes for patients.
Speaker 4: while delivering substantial economic benefits to our customers.
While delivering substantial economic benefits to our customers.
Speaker 4: Our sales and marketing goals are to further establish QuantiFlow for PAD as a standard of care given the proved clinical benefits of early diagnosis and preventative treatment.
Our sales and marketing goals are to further establish quantified for P. E B as a standard of care given the proved clinical benefit of early diagnosis and preventative treatment.
Speaker 4: to expand orders from existing customers for HD and other products.
You expand orders from existing customers for HD and other products.
Speaker 4: and to diversify our customer base by adding medical centers, additional value-based care providers, penetrating deeper into the VA system, and growing the self-insured employer pharmaceutical and retail markets. And now Renee will...
And to diversify our customer base by adding medical centers additional value based care providers penetrating deeper into the VA system and growing the self insured employer pharmaceutical and retail markets.
And now Renee will give our concluding remarks.
Speaker 3: To achieve this plan, we are reinvesting in emerging growth opportunities, particularly focusing on established and new clients for Quantaflow HD and broadening of our customer base for PAD. We believe these growth opportunities may prove to show tremendous promise in the years to come and present an exciting potential that we believe is in our company's future.
To achieve this plan, we are reinvesting in emerging growth opportunity, particularly focusing on established a new client for quantum flow H D and broadening of our customer base for P. D.
We believe these growth opportunity may prove to show tremendous promise in the years to come and present, an exciting potential that we believe is in our company's future.
Speaker 3: Furthermore, we're committed to maintaining our investments in research and development. Upgrading existing products and data services is a priority for us, as we strive to stay in the forefront of innovation and continue delivering cost-cutting or cost-cutting-edge solutions to our customers.
Furthermore, we are committed to maintaining our investment in research and development upgrading existing products and data services is a priority for us as we strive to stay in the forefront of innovation and continue delivering car.
Cost cutting or cost cutting edge solutions to our customers.
Speaker 3: One of the unique strengths of our technology is its portability and accessibility, enabling us to be part of the solution in reducing health inequities that persist in cardiovascular disease. By providing tools that can be utilized in various settings, we contribute to breaking down barriers and ensuring that more individuals have access to early detection and intervention.
One of the unique strength of our technology is it portability and accessibility, enabling us to be part of the solution and we do think health inequities that persist in cardiovascular disease.
Providing tools that can be utilized in various settings, we contribute to breaking down barriers and ensuring that more individuals have access to early detection and intervention.
Speaker 3: Finally, as part of our growth strategy, we will explore inorganic growth initiatives to further diversify our product portfolio. We have deep capital allocation expertise with the addition of Eric Emerson Mill Chain to our board of directors earlier this year.
Finally, as part of our growth strategy, we will explore inorganic growth initiatives to further diversify our product portfolio, we have deep capital allocation expertise with the addition of Eric will change to our board of directors earlier this year.
Speaker 3: By seeking new opportunities and partnerships, we aim to expand our offerings and broaden our impact on the market.
By seeking new opportunities and partnerships, we aim to expand our offerings and broaden our impact on the market.
Speaker 3: We expect that entering into these opportunities will take time as we will carefully consider the potential impact to our business.
We expect that entering into these opportunities will take time as we will carefully consider the potential impact to our business. Thank.
Speaker 3: Thank you for your interest in the company and your continued support. Now, operator, if you could please open the line. Doug, Jennifer, and I will be happy to address your question.
Thank you for your interest in the company and your continued support.
Now operator, if you could please open the line, Doug Jennifer and I will be happy to address your questions.
Speaker 1: Our first question comes from Aaron, look where with Lake Street capital markets. Please go ahead.
Our first question comes from Aaron <unk> with Lake Street Capital markets. Please go ahead.
Speaker 5: Hey, good afternoon, guys. This is Aaron on the line for Brooks. Congrats on the strong momentum in the quarter. I guess my first question, I'm just curious if there's been any sort of meaningful changes in either attitude or behavior from any of your significant customers related to the reimbursement change for PAD.
Hey, Good afternoon, guys. This is Aaron on the line for Brooks Congrats on the strong momentum in the quarter.
That's my first question.
I'm just curious if theres been any sort of meaningful changes in either attitude or behavior from any of your significant customers related to the reimbursement change for P. E D.
Speaker 3: Hi, Erin. Thanks for the question. So, at this time, we're in constant contact with our customers, and as you can see from our results, we are continuing to see testing performed by our customers at increasing rate versus historical levels. So, since the CMS
Hi, Aaron and thanks for the question. So at the time, we're in constant contact with our customers.
And as you can see from our results. We are continuing to see testing performed by our customers at an increasing rate versus historical levels and so since the C. M S.
Speaker 3: announcement was not finalized until April , and it really won't come into effect until next year. At this time, we have not seen a meaningful kind of change in attitude as well towards tests.
Ultimate was not finalized until April.
And it really won't come into effect until next year. At this time, we have not seen a meaningful kind of change in attitude as ball towards testing.
[laughter] Gotcha helpful. And then one other thing I was curious about it sounds like her dysfunction is a big opportunity can you just describe what sort of conditions I guess are covered and hard dysfunction and then in addition to that if you could give us some sense.
Speaker 5: Gotcha. Helpful. And then one other thing I was curious about, you know, it sounds like heart dysfunction is a big opportunity. Can you just describe what sort of conditions I guess are covered in heart dysfunction? And then in addition to that, if you could give us some sense of what risk adjustment payments are for patients diagnosed with heart dysfunction.
What risk adjustment payments are for patients diagnosed with hard to soldier.
Sure So heart function Theres, many types of heart dysfunction, and once a patient is tested positive here. There are other studies that will need to happen. So for example, there could be problems with the Val <unk>.
Speaker 3: Sure, so heart dysfunction, there's many types of heart dysfunction.
Speaker 3: Once a patient is tested positive, there are other studies that will need to happen. So, for example, there could be problems with the valve.
Speaker 3: There could be arrhythmia, so, you know, electrical problems.
There could be a reasonably up so you know electrical problem. There could also be problems with the actual heart muscle word damaged or weekend or there could be some coronary artery issues that are surrounding the patient there and when you look at.
Speaker 3: There could also be problems with the actual heart muscle where it's damaged or weakened, or there could be some coronary artery issues that are.
Speaker 3: surrounding the patient there. And when you look at the HCC codes, so there are many of them out there, just like for PAD, including for asymptomatic.
The H D. D codes. So there are many of them out there just like four P E D I'm, including for them you know asymptomatic.
Speaker 3: So again, our customers would code based on what is the underlying condition of the patient. And many of those codes for heart failure do pay more than what they do for PAD. And again, it would differ depending on what the underlying condition is.
So again, our customers and with code based on what is the underlying condition of the patient and many of those codes for heart failure do paid more than what they do for P. D and again it would differ depending on what the underlying condition is.
Speaker 5: Gotcha. Okay, that is extremely helpful. And again, thanks for taking the questions and congrats on on the strong quarter. Great. Thank you.
Gotcha, Okay that is extremely helpful and again, thanks for taking the questions and congrats on the strong quarter great. Thank you.
Speaker 1: Our next question comes from Herbert Semler with Semler Health. Please go ahead.
Our next question comes from Herbert somewhere with similar House help. Please go ahead.
Speaker 6: Well, congratulations everyone. That's wonderful for the people. I'm so happy to hear that you're growing and doing great. But has there been any way to educate the physician?
Oh congratulations everyone.
Wonderful.
I'm, so happy to hear that.
So if you're growing you're doing great right now.
Have you been in any way.
Sure.
Speaker 6: but the one who orders the echo or the PAD. Has there been any movement on the company to try to get more physicians involved?
Hmm.
Oh, well the P I G.
Brendan.
Oh, My God the companies with Georgia.
Hum physicians involved.
Speaker 3: Yes, well, so as you can see with our growth, we obviously have a lot of units out there and these units are placed in the physicians' offices by many of our large customers and these physicians as they use our devices or they don't, like we do have the force out there and we are educating them to
Yeah, well, so and as you can see with our growth. We obviously have a lot of units out there and these units are placed in the physician's offices by many of our large customers and these physicians as they use our devices or if they don't like.
We we do have the force out there and we are.
Educating them too.
Speaker 7: Let them know that this test is out there. And again, it's a paradigm shift in the industry because typically, asymptomatic patients will not be tested for. Thank you. Thank you. Thank you.
Now let them know that this test is out there and again, it's a paradigm shift in the industry because typically asymptomatic patients will not be tested for.
Thank you.
Okay.
This concludes our question and answer session.
Speaker 1: I would like to turn the conference back over to Renee Columbia for any closing remarks.
I would like to turn the conference back over to Rene car mirror for any closing remarks.
Yeah.
Speaker 3: Thank you. As we conclude this conference, we want to reiterate our ongoing commitment to delivering clinical benefits through earlier diagnosis of chronic cardiovascular condition.
Thank you.
As we conclude this conference we want to reiterate our ongoing commitment to delivering clinical benefits through earlier diagnosis of chronic cardiovascular conditions are.
Speaker 3: Our customers continue to recognize the value of this approach, and as the healthcare landscape evolves, our technology continues to play a vital role for patients, physicians, facilities, and payers alike.
Our customers continue to recognize the value of this approach.
As the health care landscape of all our technology continues to play a vital role for patients physicians facilities and Payors alike. Looking forward. Our primary objective remains steadfast to maintain and enhance our revenue opportunities and profitability in the chronic disease space.
Speaker 3: Looking forward, our primary objective remains steadfast.
Speaker 3: to maintain and enhance our current revenue opportunities and profitability in the chronic disease space with a focus on cardiovascular diseases. Thank you for joining us today. This concludes our conference.
With a focus on cardiovascular diseases. Thank you for joining US today. This concludes our conference.
Speaker 1: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.