Q4 2023 ImmuCell Corp Earnings Call
Good morning, and welcome to the immune cell Corporation reports fourth quarter and year ended December 31, 2023, unaudited financial results Conference call.
Operator: Good morning, and welcome to the ImmuCell Corporation's fourth quarter and year-ended December 31, 2023, unaudited financial results conference call. Today, all participants will be in a listen-only mode.
Today, all participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask your questions I would now like to turn the conference over to Mr. Joe Diaz with Lytham partners. Please go ahead Sir.
Operator: After today's presentation, there will be an opportunity to ask your questions. I would now like to turn the conference over to Mr. Joe Diaz of Listen Partners. Please go ahead, sir.
Thank you Chris good.
Joe Diaz: Thank you, Chris. Good morning, and welcome to all. As Chris indicated, my name is Joe Diaz.
Good morning, and welcome to all.
As Chris indicated my name is Joe Diaz I'm with Lytham partners.
Joe Diaz: I'm with Lithium Partners. We're the investor relations consulting firm for ImmuCell. I thank all of you for joining us today to discuss the unaudited financial results for the quarter and the year ended December 31, 2023. I would like to preface this discussion today with a caution regarding forward-looking statements. Listeners are reminded that statements made by management during the course of this call include forward-looking statements, which include any statement that refers to future events or expected future results or predictions about steps the company plans to take in the future. These statements are not guarantees of performance and are subject to risks and uncertainties that could cause actual results, outcomes, or events to differ materially from those discussed today.
We're the Investor relations consulting firm for Michelle I. Thank all of you for joining us today to discuss the unaudited financial results for the quarter and the year ended December 31, 2023, I would like to preface. This discussion today with a caution regarding forward looking statements listeners are reminded.
Statements made by management during the course of this call include forward looking statements, which include any statements that refer to future events or expected future results or predictions about steps the company plans to take in the future.
Payments are not guarantees of performance and are subject to risks and uncertainties that could cause actual results outcomes or events to differ materially from those discussed today.
Michael Brigham: Additional information regarding forward-looking statements and the risks and uncertainty that could impact future results, outcomes, or events is available under the Cautionary Note regarding forward-looking statements or the Safe Harbor Statement, provided in this press release that the company filed last night along with the company's other periodic filings with the SEC. Information discussed on today's call speaks only as of today, Wednesday, February 28th, 2024; the company undertakes no obligation to update any information discussed on today's call. Please note that references to certain non-GAAP financial measures may be made during today's call. The company included definitions of these terms as well as reconciliations of these figures to the most comparable GAAP financial measures in last night's press release in order to better assist you in understanding its financial performance. With that said, let me turn the call over to Michael Brigham, President and CEO of ImmuCell Corporation, after which we will open the call to your questions. Thanks, Joe. And good morning, everyone. Let me open by saying the hard truth straight up.
Additional information regarding forward looking statements and the risks and uncertainties.
<unk> future results and outcomes or events is available under the cautionary note regarding forward looking statements or the safe Harbor statement provided in the press release that the company filed last night along with.
Other periodic filings with the SEC infer.
Information discussed on today's call speaks only as of today Wednesday February 28, 2024, the company undertakes no obligation to update any information discussed on today's call.
Please note that references to certain non-GAAP financial measures may be made during today's call.
Company included definitions of these terms as well as reconciliations of these figures to the most comparable GAAP financial measures and last nights press release in order to better assist you in understanding its financial performance with that said, let me turn the call over to Michael Brigham President and CEO of <unk>.
<unk> Corporation, after which we will open the call for your questions Michael.
Thanks, Joe and good morning, everyone. Let me open by saying the hard truth straight up.
Michael Brigham: 2023 was an extremely difficult year for us. The contamination events that plagued our production process were harsh and expensive. Growth is challenging, and we are growing. The good news is that we believe we have moved into 2024 in a much-improved state. The investigation into and the remediation of these contamination events taught us a lot.
2023 was an extremely difficult year for us the contamination events that plagued our production process for harsh and expensive growth is challenging and we are growing. Good news is that we believe we have moved into 2024 and a much improved state.
The investigation into in the remediation of these contamination events taught us a lot. It is relatively simple to run or to run at lower production rates for the 30 years between 1991. The original USDA approval date of first defense.
Michael Brigham: It is relatively simple to run at lower production rates for the 30 years between 1991, the original USDA approval date of First Defense, and 2021. Contamination events we suffered during 2022 and 2023 were largely the result of our processing more milk than ever before in order to meet increasing customer demands. As we enter 2024, we believe that we have much-improved processes and controls in place from the farms through liquid processing. I would like to speak about two financial disclosures that I think help demonstrate this critical turning point for our business, first with sales. Excuse me, while sales were down 6% year over year, they were up 30% during the fourth quarter of 2023 compared to the fourth quarter of 2022. This improvement is largely the result of increased production output.
In 2021.
The contamination events, we suffered during 2022 and 2023 were largely the result of our processing more milk than ever before in order to meet increasing customer demand as.
As we enter 2024, we believe that we have much improved processes and controls in place from the farms through liquid processing.
I would like to speak about two financial disclosures that I think helped demonstrate this critical turning point for our business.
First with sales.
Excuse me, while sales were down 6% year over year, they were up 30% during the fourth quarter of 2023 compared to the fourth quarter of 2022.
This improvement is largely the result of increased production out but the production level. We reached during the final two months of the year would annualize to about $26 $8 million in sales value, which equates to an average quarterly production of about $6 7 million. Our objective is to meet or exceed this level going forward.
Michael Brigham: The production level we reached during the final two months of the year would annualize to about $26.8 million in sales value, which equates to an average quarterly production of about $6.7 million. Our objective is to meet or exceed this level going forward. Second, EBITDA, Earnings Before Interest, Taxes, Depreciation, and Amortization, decreased by $2.9 million during 2023 compared to 2022, but EBITDA during the fourth quarter of 2023 improved by $657,000 in comparison to the fourth quarter of 2022.
<unk>.
Second EBITDA earnings before interest taxes, depreciation and amortization.
Decreased by $2 9 million during 2023 compared to 2022, but EBITDA during the fourth quarter of 2023 improved by $657000 in comparison to the fourth quarter of 2022.
Michael Brigham: So that's the big picture. With regard to the other financial results, last night's press release reports no change to our product sales results that were first reported on January 8th. The press release also provides the full unaudited P&L results and some unaudited summary balance sheet data.
So that's the big picture with regards to the other financial results last Night's press release reports no change to our product sales results that were first reported on January eight. The press release also provides a full unaudited P&L results and some on our unaudited summary balance sheet data.
Michael Brigham: I will not take our time on this call to review all those numbers in detail, but I would like to discuss a high-level overview. When we compare the year-end of December 31, 2023 to the prior year, the $3.3 million increase in our net loss was largely caused by the $3.8 million decrease in gross margin. The lower gross margin in 2023 was largely the result of contamination scrap and a lot of fixed costs being spread over lower total sales as we slowed down production output to remediate the production problem. As a result of all this, cash is tight. In response, we have frozen certain capital expenditure investments for the time being, and we recently secured an extension of our $1 million line of credit until September of 2025. We have been driven by data as we resolve this temporary production problem. All production batches are, and always have been, routinely tested by our quality control team at the beginning, middle, and end of the production process to ensure that no out-of-specification product ever gets to market.
Not to take our time on this call to review all of those numbers in detail, but I would like to discuss our high level overview. When we compare the year ended December 31, 23% to the prior year to $3 $3 million increase in our net loss was largely caused by the $3 $8 million decrease in gross margin the lower gross margin in 2020.
<unk> was largely the result of contamination scrap and a lot of fixed costs being spread over lower total sales as we slowed down production output to remediate the production problems.
As a result of all this cash is tight in response, we have frozen certain capital expenditure investments for the time being and we recently secured an extension of our $1 million line of credit until September of 2025.
We have been driven by data as a result, as we resolve this temporary production problem.
Oh production batches are and always have been routinely tested by our quality control team at the beginning middle and end of the production process to ensure that no out of specification product ever gets to market improvements made throughout the production process are allowing us to come back into full production. We believe that the operational improvements implemented will help.
Michael Brigham: Improvements made throughout the production process are allowing us to come back into full production. We believe that the operational improvements implemented will help us run more effectively at a higher output level going forward. We have worked incredibly hard to address these challenges. To be successful, we must avoid future significant contamination events and equipment breakdowns and operate with good production yields.
This run more effectively at a higher output level going forward.
We have worked incredibly hard to address these challenges to be successful, we must avoid future significant contamination events and equipment breakdowns and operate with good production yields based on our responses and progress I'm optimistic about what we can do in the coming quarters.
Despite this significant diversion of our resources, we made our third submission of the CMC technical section for retain to the FDA in August. This type of submission is typically subject to a six month review by the F. D. A however, the FDA notified us in late October that they had refused to review our August submission because.
Michael Brigham: Based on our responses and progress, I'm optimistic about what we can do in the coming quarters. Despite the significant diversion of our resources, we made our third submission of the CMC Technical Section for Retain to the FDA in August. This type of submission is typically subject to a six-month review by the FDA.
If I'm misunderstanding about where and by whom we intend to have our drug product ace ethically formulated and filled.
Our understanding is that the FDA believes that our plan was to bring those services in house, which we might do.
Down the road post approval rather than to continue to have these services provided by our contract manufacturer, which is what we are doing currently in response to this notification from the FDA. We were forced to re file our submission in November we are in communication with the FDA to resolve this unfortunate miscommunication, but if we fail to reach a.
Michael Brigham: However, the FDA notified us in late October that they had refused to review our August submission because of a misunderstanding about where and by whom we intend to have our drug product aseptically formulated and filled. Our understanding is that the FDA believed that our plan was to bring those services in-house, which we might do down the road post-approval, rather than to continue to have these services provided by our contract manufacturer, which is what we are doing currently. In response to this notification from the FDA, we were forced to refile our submission in November. We are in communication with the FDA to resolve this unfortunate miscommunication, but if we fail to reach a compromise, the expected response date for their review could be delayed until as late as May 2024, which is six months from the November resubmission date. Regardless, we remain poised and excited to revolutionize the way that subclinical mastitis is treated in today's dairy market with a novel alternative to traditional antibiotics with a zero milk discard and zero meat withhold claim.
The expected response data for their review could be delayed until as late as May 2024, which is six months from the November Resubmission date.
Regardless, we remain poised and excited to revolutionize the way that subclinical mastitis is treated in today's dairy market with a novel alternative to traditional antibiotics with zero milk discard and zero meat withhold claims.
Lastly, I encourage you to review the press release that we filed last night also please have a look at our corporate presentation slide deck I believe it provides a very good summary of our business strategy and objectives as well as our current financial results.
February update was just posted to our website last night see the investors section on our website and click on corporate presentation or contact us for a copy.
We plan to file our full annual report on Form 10-K for the year ended December 31, 2023 around the end of March.
With that said I'll be happy to take your questions, let's have the operator open up the lines. Please.
Thank you Wayne.
We will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone, if you're already using a speakerphone. Please pick up your handset before pressing the keys.
Michael Brigham: Lastly, I encourage you to review the press release that we filed last night. Also, please have a look at our corporate presentation slide deck. I believe it provides a very good summary of our business strategy and objectives, as well as our current financial results. The February update was just posted to our website last night. See the Investor section on our website and click on Corporate Presentation or contact us for a copy.
At any time. Your question has been addressed and you would like to withdraw it. Please press star two.
We will pause momentarily to assemble our roster.
First question comes from Frank <unk>, a private Investor. Please go ahead Sir.
[laughter].
Yeah.
Alright, Thanks for taking my question.
The inspections.
Michael Brigham: We plan to file our full annual report on Form 10-K for the year ended December 31, 2023, around the end of March. With that said, I'll be happy to take your questions. Let's have the operator open up the lines, please.
Are all of the inspection of the facility is completed.
I would answer that Frank good morning, Frank with improv.
In process I see no issues, but it is an ongoing process at both our site and our contract manufacturer. So we're making progress.
Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone.
Progress in responding to their act in but its ongoing so far so good.
How about the backlog you make no comment.
Operator: If you are using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been answered and you would like to withdraw it, please press star, then two. At this time, we will pause momentarily to assemble our roster. Today's first question comes from Frank Gasker, a private investor. Please go ahead, sir.
I know that's a.
A little iffy because of the circumstances.
Yeah, it's interesting it's still very large.
So we're we've done two things that might have resulted in a decrease in backlog we.
We have increased sales increased production and sales out our door.
Michael Brigham: Hi, thanks for taking my question. The inspections, are all the inspections of the facilities completed? I would answer that Frank. Good morning, Frank.
And we also did have an increase in selling price about 8% back in November.
But however relevant or not relevant those two things that I heard. The fact is the backlog is pretty stable stable pretty pretty strong so.
Michael Brigham: In the process, I see no issues, but it is an ongoing process at both our site and our contract manufacturers, so we're making progress and responding to their actions, but it's ongoing so far, so good. How about the backlog? You made no comment, Diaz.
Honestly.
We focus on production and you know what the backlog is a I guess a good sign at this point, but certainly the objective is we got a clearer they've got a clearer but.
But it is it is it remains strong it's a good problem to have but it's a problem, we're gonna clearer, but a great demand, let's say very interesting to watch I would've thought it might have.
Michael Brigham: I know that's a little iffy because of the circumstances, but yeah, it's interesting. It's still very large.
It's been leveling down by now but.
As far as your.
Our work in progress.
Michael Brigham: We've done two things that might have resulted in a decrease in backlog. We have increased sales, increased production, and sales at our door. And we also did have an increase in selling price, about 8% back in November.
Progress or process.
For your inventory have you heard anything in.
The fourth quarter.
Not that would affect future.
Uh huh.
Revenues.
Our sales.
Frank when you say anything do you mean like any further contaminations.
Michael Brigham: But however relevant or not relevant those two things are, the fact is the backlog is pretty stable and pretty strong. So, Frank, we focus on production. And you know what? The backlog is, I guess, a good sign at this point.
Yes, yes, yes, no no.
Fourth quarter was really super strong.
I mentioned in my comments, let me know.
No significant contaminations I don't think we'll ever be in a state where we will never have a contamination, but that's one quarter. It worked we were.
Michael Brigham: But certainly, the objective is to clear it. We got to clear it, but it remains strong. It's a good problem to have, but it's a problem.
Where do we go back to for the last contamination event.
I guess, where I am.
Asking is.
Like in the third quarter you had.
Michael Brigham: We're going to clear it, but there is a great demand. It's very interesting to watch. I would have thought it might have...
Issues that affected the fourth quarter.
Is there anything in the fourth quarter, that's going to affect the first know that disclosure was current that's our most recent contamination challenge at September but it does affect October shipments.
Frank Gasker: It's been bubbling down by now, but... As far as your, um.., work in progress or process for your inventory, have you had anything in the fourth quarter that would affect future, Uh..., revenues for sales?
Okay that sounds great progress.
Hi.
I guess the only.
Issue that I have remaining would be.
Michael Brigham: Frank, when you say anything, do you mean like any further contamination? Yeah, yeah. Yeah, no. No. The fourth quarter was really super strong.
The statement in regards to.
Working with the FDA as to when.
The start of the third submission.
Michael Brigham: I mentioned in my comments, you know, no significant contamination. I don't think we'll ever be in a state where we'll never have a contamination, but that fourth quarter worked. We'll go back to September for the last contamination event. I guess we're um.., asking is, uh, like in the third quarter, you had issues that affected the fourth quarter. Yeah. Is there anything in the fourth quarter that's going to affect the first?
Is that known or not known at the present time.
It is I mean, I'm I have to put my mind around they're going to stick to their schedule.
That doesn't mean I think it's fair, but their schedule is may and we're continuing to talk about how could you, possibly you know advanced that a little bit, but I guess I do know what six months from the Resubmission is resubmission in November and six months later is may.
So you had to sort of say by the end of May its tough I think there should be some compromise and I think it.
Michael Brigham: No, that disclosure was current. That's our most recent contamination challenge in September, but it does affect October shipment. Okay, that sounds great. I, uh... I guess that the only issue that I have remaining would be the statement in regards to working with the FDA as to when the start of the third submission. Is that known or not known at the present time?
Yeah.
In between you know the original expectation was February so the range was February to May but at this point I have to just be realistic and say it's out of my hands. They have the power and it may not be till may.
Hum.
Given that.
Approval could be as late as May.
Michael Brigham: It is, I mean, I have to put my mind around it; they're going to stick to their schedule. That doesn't mean I think it's fair, but their schedule is May, and we're continuing to talk about how you could possibly, you know, advance that a little bit, but I guess I do know what six months from the resubmission is. Resubmission November, and six months later, it is May. So that's why we've had to sort of say by the end of May. It's tough.
And then the.
Uh huh.
Two months prior.
Are we in a oh.
Position too.
As far as.
Our cash too.
Begin.
Yeah.
Sales and marketing.
Oh, Yeah, Oh, yeah, I mean, but keep in mind those disclosures, we've made what we call a controlled launch and we're not gonna be blitzing, the market with a huge advertising and sales and marketing budget, it's but yeah. No I think your timeline is right and the cash is there for that.
Michael Brigham: And I think there should be some compromise, and I think it should be something in between. You know, the original expectation was February. So the range was February to May, but at this point, I have to just be realistic and say it's out of my hands. They have the power, and it may not be till May, and, um...
It's CMC is complete by May if you add 60 days to that for a for the what's called the administrative review May goes to July.
You have a month or two for labeling and just organizing so it's it's it's there too.
Michael Brigham: Given that approval could be as late as May and then the two months prior, are we in a position to... As far as cash, to begin that? Sales and Marketing Oh yeah, oh yeah, I mean, keep in mind those disclosures we made about what we call a controlled launch, and we're not going to be blitzing the market with a huge advertising and sales and marketing budget. It's, but yeah, no, I think your timeline is right, and the cash is there for that. If CMC is complete by May, if you add 60 days to that for what's called the Administrator That is not a that's not a there's not a cash burden on that that scares me at all. Okay, great. Okay, Mike, thanks again for taking my questions. That's all I have.
July August September, we actually initiate that controlled launch but.
That is not a that's not a.
It's not a cash burden on that that that scares me at all.
Okay great.
Okay, Mike Thanks, again for taking my questions. That's all I have great. Thank you.
Be well.
Again, if you do have a question. Please press Star then one.
And at this time, we're showing no further questioners in the queue and what it does conclude our question and answer session I would now like to turn the conference back over to you Blake Hey, Chris. So we're still there maybe can we grab them Shaun I think it's yes yep. Thank you so much Sir Alright next question.
Comes from Mr. Shawn Kirkwood with RK capital. Please proceed.
Hi, Thanks, sorry for jumping in late there.
Can you hear me Mike Yeah go ahead, Sean Thanks.
So I had a question about the.
Operator: Great. Thank you. Yeah, be well. Again, if you do have a question, please press star, then 1. And at this time, we are showing no further questionnaires in the queue.
The cash and so on the balance sheet today.
It was roughly.
A million dollars it looks.
Correct.
Are you anticipating that the companies get any cash throughout the year, where whereas whereas the first quarter gonna start the cash flow.
Operator: And this does conclude our question and answer session. I would now like to turn the conference back over to Joe Diaz for... Hey, Chris, while we're still here, could we grab Sean? I think he's on the line. Oh, yes. Yes. Thank you so much, sir.
Well, yeah that that is the thin capitalization that the same cash balance we can manage it we're frugal we know how to do it I mentioned, the Capex freezes I don't like freezing Capex Capex investments are.
Important for the future, but we have to deal with the present that line of credit news is as important to me that's nice flexibility I don't like to lean on that but I'd like to have that.
Operator: And the next question comes from Mr. Sean Kirkwood with SRK Capital. Please proceed. Hi, thanks. Sorry for jumping in late there. Can you hear me, Mike?
Back pocket safety and you know yeah. The main thing the most important thing is is continue.
Michael Brigham: Yeah, go ahead Sean, thanks. So, I had a question about cash. So on the balance sheet today, there's roughly a million dollars, it looks.
Continue what we saw there towards the end of the fourth quarter into the first quarter that that first defense cash flows this business and at these higher rates of output production output.
Sean Kirkwood: Correct. Are you anticipating that the company is going to need cash throughout the year, or is the first quarter going to start the cash flow? Well, yeah, that is a thin capitalization, that's a thin cash balance. We can manage it. We're frugal. We know how to do it.
24, it looks a lot different in 'twenty three so we.
We would expect those numbers to be released on April eight we were in the habit of which I would continue.
That top line only press release early after the end of the quarter. So let me confirm my projections on April eight.
Michael Brigham: I mentioned the CapEx freezes. I don't like freezing CapEx. CapEx investments are important for the future, but we have to deal with the present. That line of credit news is important to me. That's nice flexibility.
Okay.
Yeah, I mean, just from looking at it seems like.
The business should do well this quarter.
Can you speak a little bit too.
Michael Brigham: I don't like to lean on that, but I like to have that back pocket safety and, you know, yeah, the main thing, the most important thing is, continue what we saw there towards the end of the fourth quarter into the first quarter that first defense cash flows into this business, and at these higher late rates of output production output, 24, looks a lot different than 23. So we would expect those numbers to be released on April 8th. We were in the habit of which I would continue, that top line, only a press release early after the end of the quarter. So, let me confirm my projections on April 8th.
The mastitis.
Hum.
A bit about maybe the losses that are they supposed to be in line with historical losses. This year in that segment.
Yes.
So you mean like the health.
Economic loss impact to the dairy producer or.
So within the within the retail segment of your business.
Yeah.
I think historically, it's been around for mailing of the year of losses in that segment should we expect something around that number this year.
Okay, you're not talking about the market you are talking about are.
Right. That's correct, yeah, no I I did specifically call out Capex and.
Sean Kirkwood: Okay. Yeah, I mean, just from looking at it, it seems like the business should do well this quarter. Can you speak a little bit about the mastitis segment?
Investment, you know pauses or freezes, but.
We were also super careful on that retain spend so we do I think you're picking up that Beth is it note 17.
Sean Kirkwood: a bit about maybe the losses that are supposed to be aligned kind of with historical losses this year in that segment? So you mean like the health economic loss impact on the dairy producer, or? So, within the retained segment of your business, I think historically it's been around 4 million losses in that segment. Should we expect something around that number this year? Okay, you're not talking about the market; you're talking about our product development. That's correct. Yeah, no, I did specifically call out CapEx, investment, pauses or freezes, but we're also super careful on that retain spend. So we do, I think you're picking up on, Beth, is it note 17? Either way. That segment note, sorry, I put our team on the spot here, and we don't, but I think it's 17. If my memory is any good, but it's the segment note.
Either way.
That segment notes all right.
Tim on the spot here and we don't but that's you got to get back.
Yeah, I think it's 17, if my memory is any good but it's the segment note. We wanted to be able to answer your question very specifically as we go through this launch.
The first defense business to retain business and the other so all I guess long winded to say yeah. We're you know the bulk of their production for this launch and for this the bulk of the regulatory.
Costs and investments related to retain our you know R. R.
Are reducing as we complete that process. So.
Less and less in 'twenty three as we go into 'twenty four when we look at that product development expense line.
Okay, and that's just part of that cash management Gotta do it got it no that's right yeah.
<unk> right.
But good I'm glad we're not in the middle of a heavy spend on the regulatory submission.
Michael Brigham: We wanted to be able to answer your question very specifically as we go through this launch to look at the first defense business, the retain business, and the other. So, I guess, long winded to say, You know, the bulk of their production for this launch costs and investments related to retain are reducing as we complete that process. So, less than 23 as we go into 24 when we look at product development expenses.
This is at the same time, we're looking at this million in cash it's the big spend is behind us.
Good well it sounds good it sounds like you're very optimistic.
So thank you.
Hey, Thanks for checking John good deal. Thanks.
Take care.
I don't know.
Okay.
And this does now conclude our question and answer session I would now like to turn the conference back over to Mr. Joe Diaz for any closing remarks.
Michael Brigham: And that's just part of that cash management, got to do it, got to, you know, that's, that's good. It was a stretch but good. I'm glad we're not in the middle of the heavy spend on the regulatory submission process at the same time we're looking at this million in cash. The big spend is behind us. Good. Well, it sounds good. It sounds like the year is very optimistic.
Yeah.
Hey, Chris So we might have lost Joe's line, there, but let me just jump in on his behalf or all we wanted to say at this point with that thank you for participating in today's call and we look forward to talking with you again to review the results for the first quarter ended March 31, 2024 towards the end of the week of May six two.
Sean Kirkwood: So, thank you. Hey, thanks for checking in, Sean. Good deal. Thanks. Take care.
24.
Thank you it does conclude our conference. Thank you for attending today's presentation and you may now disconnect.
Operator: And this does now conclude our question and answer session. I would now like to turn the conference back over to Mr. Jared Diaz for any closing remarks. Hey Chris, we may have lost Joe's line there, but let me just jump in on his behalf, for all we wanted to say at this point was thank you for participating in today's call and we look forward to talking with you again to review the results for the first quarter ended March 31, 2024 towards the end of the week of May 6, 2024. And thank you. This now does conclude our conference.
Yeah.
[music].
Operator: Thank you for attending today's presentation, and you may now disconnect. www.immucell.com www.ImmuCell.com www.immucell.com BF-WATCH TV 2021, www.immucell.com www.ImmuCell.com