Q4 2023 SANUWAVE Health Inc Earnings Call
Operator: Good day, and welcome to SANUWAVE's fourth-quarter results conference call. At this time, all participants are in a listen-only mode.
Good day, and welcome to say anyway fourth quarter results conference call.
At this time all participants are in a listen only mode.
Operator: Following the speaker's remarks, the floor will be open for questions. If you would like to ask a question at that time, please press star 1 on your telephone keypad. You may remove yourself at any time by pressing star 2.
The Speakers' remarks, the floor will be opened for questions. If you would like to ask a question at that time. Please press star one on your telephone keypad.
You may remove yourself at any time by pressing star two.
Operator: Please note today's call will be recorded, and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Morgan Frank, Chairman and CEO of SANUWAVE. Please go ahead.
Speaker Change: These note today's call will be recorded and I will be standing by if you should need any assistance.
Morgan C. Frank: It is now my pleasure to turn the conference over to Morgan, Frank <unk>, Chairman and CEO of anyway. Please go ahead.
Morgan C. Frank: Thanks very much. So, welcome everyone to SANUWAVE's fourth quarter and fiscal 2023 earnings call. Our form 10-K was filed with the SEC last night. Our earnings release was issued this morning, and the updated presentation to go along with this call was made available on our website in the investor section. You can refer to that presentation during the call.
Morgan C. Frank: Thanks very much.
Morgan C. Frank: So welcome everyone to <unk> fourth quarter and fiscal 2023 earnings call.
Morgan C. Frank: Our Form 10-K was filed with the SEC last night our earnings release was issued this morning.
Morgan C. Frank: And the updated presentation to go along with this call was made available on our website in the investors section.
Morgan C. Frank: Can you refer to that presentation during the call joining me on this call is Tony Marino our CFO.
Morgan C. Frank: Joining me on this call is Toni Rinow, our CFO. And after the presentation, we will open the call up to questions and answers. First, let me begin with the always scintillating forward-looking statements disclaimer. This call may contain forward-looking statements such as statements relating to future financial results, production expectations and constraints, and plans for future business development activities. Investors are cautioned that any such forward-looking statements are not guaranteed for future performance and involve risks and uncertainties, many of which are beyond the company's ability to control. Description of these risks and uncertainties and other factors that could affect our financial results is included in our SEC filing. Actual results may differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update any forward-looking statements.
Unknown Attendee: And after the presentation, we will open the call up to question and answer first.
Speaker Change: First let me begin with the always scintillating forward looking statements disclaimer.
Speaker Change: This call may contain forward looking statements such as statements relating to future financial results production expectations and constraint plans for future business development activities investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties many of which are beyond the company's ability to control.
Speaker Change: A description of these risks and uncertainties and other factors that could affect our financial results is included in our SEC filings.
Speaker Change: Actual results may differ materially from those projected in the forward looking statements. The company undertakes no obligation to update any forward looking statement.
Morgan C. Frank: As a reminder, our discussion today will include non-GAAP numbers. Reconciliations between our GAAP and non-GAAP results can be found in our recently filed 10-K for 2023. Okay, so with that out of the way, Q4 was another busy and productive quarter for SANUWAVE, and we continued our progress from Q3 on business model development, management, and manufacturing. Q4 was the first quarter in which the company was not limited by production and inventory constraints, and we now find ourselves with product on hand. This enabled 27% year-over-year earnings growth against what had previously been the best quarter in the company's history and 40% growth versus the third quarter. In Q4, the company emphasized strong price discipline and did not engage in year-end sales or promotions as had been common in prior years.
As a reminder, our discussion today will include non-GAAP numbers reconciliations between our GAAP and non-GAAP results can be found in our recently filed 10-K.
Speaker Change: For 2023.
Speaker Change: Okay, so with that out of the way.
Speaker Change: Q4 was another busy and productive quarter for <unk> and we can see our progress from Q3.
Speaker Change: On business model development management, and manufacturing Q4 was the first quarter in which the company was not limited by production inventory constraints.
Speaker Change: And we now find ourselves with product on hand, this enabled a 27% year over year earnings growth up against what had previously been the best quarter in the company's history.
Speaker Change: And 40% growth versus the third quarter.
Speaker Change: In Q4, the company emphasized strong price discipline and did not engage in year end sales or promotions at had been as had been comment prior years as a result, and in spite of taking some pretty significant charges to cost of goods sold.
Morgan C. Frank: As a result, and in spite of taking some pretty significant charges to the cost of goods sold, our operating profitability and positive adjusted EBITDA were achieved this quarter. Ultramist Systems Sold were up 44% from Q3 and another 19 were placed into the Rent to Own program that we discussed last quarter. This took total placements for the quarter up to 98 versus 55 from Q3 and total active systems to a somewhat ominous 666 at the end of the year versus 581 at the end of Q3. This number would have been higher, but one of our customers adopting the RTO program had previously been renting systems from us, and so they were sort of a net wash on total access.
Speaker Change: Our operating profitability and positive adjusted EBITDA.
Speaker Change: <unk> achieved this quarter.
Speaker Change: Ultra mist systems sold were up 44% from Q3 and another 19 were play were placed into the rent to own program that we discussed last quarter.
Speaker Change: This took total placements for the quarter up to 98 versus <unk> 55 from Q3.
Speaker Change: And total active systems to a somewhat ominous 666.
Speaker Change: At end of year versus 581 at the end of Q3. This number would have been higher but one of our customers adopting the RTL program had previously been renting systems from us and so they were sort of a net wash on total active systems.
Speaker Change: Overall ultra mist revenues rose, 77% sequentially in Q3 of the 79, I'm, sorry systems revenues rose, 77% sequentially from Q3.
Speaker Change: Of the 79 systems sold in the quarter, 47% were sold to new customers, continuing our trend of expanding our user base.
Speaker Change: This higher system, count and better pricing for applicators led to a 16% sequential growth in applicators revenue, which amounted to 51% of overall revenues in the quarter.
Morgan C. Frank: Overall Ultramyth revenues rose 77% sequentially from Q3. Of the 79, I'm sorry, systems revenues rose 77% sequentially from Q3. Of the 79 systems sold in the quarter, 47% were sold to new customers, continuing our trend of expanding our user base.
Speaker Change: <unk> as an overall percentage from previous quarters, but this was predominantly because our systems revenue was up so much. So we're actually pretty pleased by that outcome.
Speaker Change: We're also pleased.
Speaker Change: Do you view.
Speaker Change: This largely recurring applicator sales as the core business of our company.
Speaker Change: This is really what we're focused on and to our mind. It's a very simple equation. The number of active systems in the field times. The number of applicators per case used per system per week times the price per case as applicator revenue. So those are the three variables that we really felt that we really manage to.
Morgan C. Frank: This higher system count and better pricing for applicators led to a 16% sequential growth in applicator revenue, which amounted to 51% of overall revenues in the quarter. Down a bit as an overall percentage from previous quarters, but this was predominantly because our systems revenue is up so much. So we're actually pretty pleased by that outcome.
Speaker Change: We're still going to do very well on growing the active system, count, which was up 14% sequentially and we've become much more disciplined on pricing.
Speaker Change: The one that really moves the needle is applicators used per active system and this is going to be a big focus for 2024 in pursuit of this we are seeking to both learn from and teach our customers sharing best practices and processes from our network to help them identify and treat patients. We're also looking to focus our sales efforts.
Morgan C. Frank: We're also pleased to view this largely recurring applicator sales as the core business of our company. This is really what we're focused on, and in our mind, it's a very simple equation.
Speaker Change: Hi usage environments.
And.
Speaker Change: Physicians and physician practices that see a lot of patients.
Speaker Change: Yes, it will become possible as the alleviation of protection of production constraints has given us the manufacturing capacity and the inventory to start engaging with much bigger customers for whom we were simply not in a position to take yes for an answer from previously.
Morgan C. Frank: The number of active systems in the field times the number of applicators per case used per system per week times the price per case is applicator revenue. So those are the three variables that we really manage to control. We're starting to do very well with growing the active system count, which was up 14% sequentially, and we've become much more disciplined on pricing. The one that really moves the needle is applicators used per active system, and this is going to be our big focus for 2024. In pursuit of this, we are seeking to both learn from and teach our customers, sharing best practices and processes from our network to help them identify and treat patients. We're also looking to focus our sales efforts on high-use environments and physician practices that see a lot of patients, a practice that's become possible as the alleviation of production constraints has given us the manufacturing capacity and the inventory to start engaging with much bigger customers from whom we were simply not in a position to take "yes" for an answer previously.
Speaker Change: This makes us optimistic about 2024 is the breakout year for <unk> and we are gearing up accordingly, we brought three new salespeople on board in March and we've been expanding our commercial ops and clinical training teams to support growth.
Speaker Change: As we come to balance expansion against our goals of rapid profitable growth I'll now turn this over to Tony to walk you through the numbers Tony.
Unknown Attendee: Thank you Morgan.
Unknown Attendee: Revenue for the three months ended December 31, 2023 totaled 7 million, an increase of 27% as compared to $5 5 million for the same period of 2000.
Unknown Attendee: Sure.
Unknown Attendee: This growth is slightly higher than previous guidance range of 20% to 24%.
Unknown Attendee: Revenue for fiscal year 2023 ended December 31 totaled $24 million, an increase of 22% as compared to $16 7 million.
Unknown Attendee: A N period of 2022.
Unknown Attendee: Gross margin as a percentage of revenue amounted to 69, 1% for the three months ended December 31, 2023 versus 78, 1% for the same period last year.
Unknown Attendee: Okay go to year 2023, gross margin amounted to 74% versus 74, 1% for fiscal year 2022.
Unknown Attendee: Mainly driven by non recurring inventory write offs and some ramp expenses.
Morgan C. Frank: This makes us optimistic about 2024 as the breakout year for SANUWAVE, and we are gearing up accordingly. We brought three new salespeople on board in March, and we've been expanding our commercial operations and clinical training teams to support growth, as we come to balance expansion against our goals of rapid profitable growth. I'll now turn this over to Toni to walk you through the numbers.
Unknown Attendee: Poor to greater production.
Unknown Attendee: Operating expenses for the three months ended December 31st Prize for any three operating income totaled $1 million, which is an improvement of $2 5 million compared to the same period last year.
Unknown Attendee: Which aligns with our initiative to drive profitable growth.
Unknown Attendee: <unk> spend.
Unknown Attendee: 2023.
Unknown Attendee: Operating expenses.
Unknown Attendee: And at December 31st 2023 amounted to <unk> 8 million compared to five 8 million for the three months ended December 31 furnace ready too.
Toni Rinow: Thank you, Morgan. Revenue for the three months ended December 31st, 2023 totaled $7 million, an increase of 27% as compared to 5.5 million for the same period in 2022. This growth is slightly higher than the previous guidance range of 20 to 24%. Revenue for fiscal year 2023, which ended December 31st, totaled $20.4 million, an increase of 22% as compared to 16.7 million for the same period of 2022. Gross margin as a percentage of revenue amounted to 69.1% for the three months ended December 31st, 2023 versus 78.1% for the same period last year. For fiscal year 2023, gross margin amounted to 70.4% versus 74.1% for fiscal year 2022.
Unknown Attendee: Chris of $2 million, which we believe shows the effectiveness of our cost and <unk>.
Unknown Attendee: <unk> management initiatives.
Unknown Attendee: Net loss for fiscal year 2023 ended December 31 2023.
Unknown Attendee: $5 8 million.
Unknown Attendee: Compared to a net loss of $10 3 million for 2022.
Unknown Attendee: The increase in net loss was primarily due to continued low cash losses from that.
Unknown Attendee: And Sam value of our derivative liabilities, which contract.
Speaker Change: I'll, let <unk> and net loss.
Speaker Change: Adjusted EBITDA for the three months ended December 31 2023.
Speaker Change: Zero 7 million versus negative one 3 million for the same period last year.
Speaker Change: And Ah Kaufman of $2 million.
Speaker Change: Adjusted EBITDA for fiscal year, 2023 was negative $1 2 million.
Speaker Change: Seven 3 million for the same period last year.
Speaker Change: An improvement of $6 1 million and Dk and <unk>.
Speaker Change: Those operational efficiencies.
Speaker Change: <unk> continues to execute its financial strategy.
Speaker Change: Improved operational profitability and manage operating expenses.
Toni Rinow: mainly driven by non-recurrent inventory write-offs and some ramp-up expenses to support greater productivity. Operating expenses for the three months ended December 31st, 2023 operating income totaled $1 million, which is an improvement of $2.5 million compared to the same period last year, which aligns with our initiative to drive profitable growth and manage spend through 2020. Operating expenses for the three months ended December 31st, 2023 amounted to 3.8 million compared to 5.8 million for the three months ended December 31st, 2023, a decrease of $2 million, which we believe shows the effectiveness of our cost and expense management initiatives. Net loss for fiscal year 2023 ended December 31st, 2023 was $25.8 million, and Health Services and the National Health Service. The increase in net loss was primarily due to continued non-cash losses from the change in fair value of our derivative liabilities, which contributes to volatility in net loss.
Speaker Change: Total current assets.
298 million as of December 31st 2023 versus $6 6 million as of December 31st 2022.
Speaker Change: Cash totaled $1 8 million.
Speaker Change: As of December 31, 2020.
Speaker Change: We thank you for your continued support of Sarnia ways and I'm not transforming transferring the call back to Morgan Morgan Okay.
Morgan: Thanks, Tony.
Morgan: So as I suspect many you've seen in our GAAP figures.
Morgan: We continue to have a bit of a derivative tail wagging the operating company dog like when it comes to the net income line. We've tried to provide some detail and transparency in the release to help people work through that and get a sense of the operating business itself you.
Morgan: Part of the reason, we're pursuing a merger and uplift is to eliminate this complexity and to simplify our capital structure.
Morgan: If people are bound to be curious.
Morgan: Our merger with <unk> remains ongoing and active.
Morgan: Our financials went stale backend.
Morgan: Back in February and so getting today's numbers out was important to being able to file the super 8-K for the business combination and these facts to not get a grace period on that so we were sort of up against it we're continuing to work toward.
Morgan: Finalizing the exchange listing and these numbers are obviously going to help and the timing. However is a bit out of our hands at the moment and we hope to have more clarity and hopefully a closed deal soon.
Morgan: Meanwhile, our business continues to perform well.
Toni Rinow: The trusted editor for the three months ended December 31st, 2023 was 0.7 million versus negative 1.3 million for the same period last year, and an improvement of $2 million. Adjusted EBITDA for fiscal year 2023 was negative 1.2 million versus negative 7.3 million for the same period last year, and an improvement of 6.1 million, indicating improved operational efficiency. SANUWAVE continues to execute its financial strategy to improve operational profitability and manage operating costs. Total current assets amount to $9.8 million as of December 31, 2023 versus $6.6 million as of December 31, 2022. Cash totaled $1.8 million as of December 31st, 2021. We thank you for your continued support of SANUWAVE, and I'm now transferring the call back to Morgan. Morgan?
Morgan: And as our systems and pipeline now seen sufficient to support it.
Morgan: We're going to give revenue guidance not just for Q1, but for 2024 as a whole. So for Q1 the company expects revenue growth in the 45% to 55% range versus Q1 of 2023.
Morgan: There is always some Q1 seasonality in our business and in wound care and a lot of health care in general.
Morgan: But we expect this to be much more muted than in past years as these new growth trends take hold.
Morgan: We also expect gross margins to snap back to a range in the mid seventies.
Morgan: We're also initiating guidance for the year ending December 31, 2024, we anticipate revenue growth of 50%.
Morgan: <unk> two <unk> 2023 with revenues expected to exceed $30 million.
Speaker Change: So I mean, all in all this is an exciting time, it's anyway, if we're starting to string together some success and build on it so the benefits of our patients and for our shareholders alike really want to take this opportunity to thank the whole shiny wave team for all of their commitment and their hard work. This has been an amazing thing to be part of.
Speaker Change: <unk>.
Speaker Change: I will open this up for questions.
Speaker Change: Tony If you could let me know.
Unknown Attendee: Auto radar Todd.
Morgan C. Frank: Thanks, Tony. As I suspect many have seen in our gap figures, we can have a bit of a derivative tail wagging the operating company dog, like when it comes to the net income line. We've tried to provide some detail and transparency in the release to help people work through that and get a sense of the operating business itself. Part of the reason we're pursuing a merger and an uplist is to eliminate this complexity and simplify our capital structure. You know, as people are bound to be curious, our merger with CEPA remains ongoing and active. However, our financials went stale back in February. And so getting today's numbers out was important to being able to file the Super 8K for the business combination, and these facts do not get a grace period on that.
Unknown Attendee: Todd.
Unknown Attendee: Yes.
Unknown Attendee: At this time, if you would like to ask a question. Please press star one on your telephone keypad.
Unknown Attendee: You may remove yourself at anytime by pressing star two.
Unknown Attendee: Once again to ask a question please press star one.
Unknown Attendee: We'll pause just a moment to allow questions to queue.
Unknown Attendee: And again Thats star one to ask a question.
Unknown Attendee: Now we'll go to the first question from Sachin Shah. Please go ahead.
Unknown Attendee: Hey, guys congratulations on the.
Unknown Attendee: Great year, great quarter, and great to see the company being.
Unknown Attendee: Profitable now.
Unknown Attendee: Can you comment a little Morgan on kind of where things stand in terms of some of the other things you're dealing with like with the patents and with Shockwave and has there been any advancement there in terms of talks with them and where that stands.
Well I mean as you as you probably saw in our 8-K, we announced and intellectual property deal.
Unknown Attendee: Earlier this month.
Unknown Attendee: There is.
Unknown Attendee: This is not a ton of detail that it's appropriate to go into.
Morgan C. Frank: So we were sort of up against it. We're continuing to work toward finalizing the exchange listing, and these numbers are obviously going to help. But the timing, however, is a bit out of our hands at the moment, and we hope to have more clarity and, hopefully, a closed deal soon. Meanwhile, our business continues to perform well.
Unknown Attendee: In this venue.
Unknown Attendee: I think it would be reasonable to assume that.
Unknown Attendee: So anyways.
Unknown Attendee: Maine.
Unknown Attendee: Very cognizant of the value of its intellectual property portfolio and as <unk>.
Unknown Attendee: Looking for ways to realize it.
Speaker Change: Gotcha Okay.
Speaker Change: And in terms of when should investors expect to see the consummation of the deal with with.
Speaker Change: With.
Morgan C. Frank: And as our systems and pipeline now seem sufficient to support it, we're going to give revenue guidance not just for Q1, but for 2024 as a whole. So for Q1, the company expects revenue growth in the 45 to 55 percent range versus Q1 of 2023. You know, there's always some Q1 seasonality in our business and in wound care and a lot of health care in general. But we expect this to be much more muted than in past years as these new growth trends take hold.
Speaker Change: The listing.
Speaker Change: Is it sort of in the next few months.
Speaker Change: We should see this happen quite soon.
Speaker Change: Yes.
Speaker Change: I mean.
Speaker Change: You've got all the easy questions today.
Speaker Change: So.
Speaker Change: Yes.
Speaker Change: If all of these matters were within our control I would be more comfortable providing a timeframe.
Speaker Change: Obviously now we have our financials now we're capable of finalizing pro forma filings.
Speaker Change: Things like.
Speaker Change: Being able to finalize and exchange listing depend on.
Speaker Change: Groups and matters somewhat outside our control I mean, I think it should be.
Morgan C. Frank: We also expect gross margins to snap back to a range in the mid 70s. We're also initiating guidance for the year ending December 31st, 2024. We anticipate revenue growth of 50% and Health Services revenue growth of 50% and more. So, I mean, all in all, this is an exciting time at SANUWAVE. We're starting to string together some success and build on it for the benefit of our patients and for our shareholders alike. I really want to take this opportunity to thank the whole SANUWAVE team for all of their commitment and their hard work. This has been an amazing thing to be part of.
Our hope is that it won't be long now.
But if I just hesitate to put too fine a timeline on it just based on the fact that these matters are still somewhat opaque and out of our control.
Speaker Change: Yeah understood Alright.
Speaker Change: Alright, great.
Speaker Change: Thanks.
Speaker Change: Thanks.
Speaker Change: Thank you once again Thats star one if you would like to ask a question. Our next question will come from Candace <unk>.
Candace: With M D catastrophic care consultants. Please go ahead.
Candace: Okay.
Hi, also congratulating you on your performance.
Candace: And so the question is also is it a legal matter that you can't.
Candace: Disclose regarding the <unk>.
Operator: With that, I will open this up for questions. Toni, if you could let me know, and I'm the moderator, Todd. Todd, sorry. At this time, if you would like to ask a question, please press star one on your telephone keypad. You may remove yourself at any time by pressing star 2.
Speaker Change: Merger that was one question.
Speaker Change: I'm not sure I understand the question.
Speaker Change: Well you were saying that the merger May take place soon but it's out of your control and so I was asking if it's a legal matter that is.
Speaker Change: It is not.
Speaker Change: Okay. It is not.
Its just finishing pro forma <unk> SEC filings and.
Unknown Attendee: Once again, to ask a question, please press star 1. Pause just a moment to allow questions to queue. And again, that's star number one to ask a question. We'll go to the first question from Satyen Shah. Please go ahead. Hey guys, congratulations on a great year and a great quarter. Great to see the company, and Health Services, and the. Can you comment a little Morgan on kind of where things stand in terms of some of the other things you're dealing with, like with the patents and with Shockwave? And has there been any progress there in terms of talks with them and where that stands?
Speaker Change: Thanks Jen.
Speaker Change: <unk> of exchange listing so no. There is no there is no legal matter holding up.
Speaker Change: Okay. Thank you and then question number two is if there.
Speaker Change: There are doctors that I'm aware of who might want to be involved.
Speaker Change: We have as far as.
Speaker Change: I don't know if youre offering is for them to trial this out on patients how would they contact someone.
Speaker Change: There is obviously this contact information on our website.
Speaker Change: Tim Hendrix, our head of sales would love to hear from people, who want to try the product.
Speaker Change: Sure.
Speaker Change: Yeah.
Speaker Change: So I think you can get it you can get a hold of him or our customer service Department.
Morgan C. Frank: Well, I mean, as you probably saw in our 8K, we announced an intellectual property deal earlier this month. There's just not a ton of detail that it's appropriate to go into in this venue, but I think it would be reasonable to assume that SANUWAVE remains very cognizant of the value of its intellectual property portfolio and is looking for ways to exploit it. Services, and the National Health Service. And in terms of when should investors expect to see the consummation of the deal with the listing? Is it sort of in the next few months?
Speaker Change: Through our newly revamped and extra pretty website.
Speaker Change: Okay. Thank you.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Thank you and at this time, we have no further questions in queue.
Speaker Change: Okay, well, thanks, everyone for attending and we.
Speaker Change: We will see you again next month or next quarter. Thanks again.
Speaker Change: This does conclude <unk> fourth quarter results conference call.
Speaker Change: May disconnect. Your line at this time and have a wonderful day.
Speaker Change: Yeah.
Speaker Change: Okay.
Morgan C. Frank: We should see this happen quite soon. I mean, you've got all the easy questions today. You know, If all of these matters were within our control, I would be more comfortable providing a timeframe. Obviously, now that we have our financials, now we're capable of finalizing pro formas and filings, do things like being able to finalize an exchange listing depend on the groups and matters somewhat outside our control? I mean, I think it should be. Our hope is that it won't be long now. But it's, yeah, I just hesitate to put too fine a timeline on it based on the fact that these matters are still somewhat opaque and out of our control. All right, great. Thanks, Seth.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Uh-huh.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Uh-huh.
Speaker Change: Okay.
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Got it.
Speaker Change: [music] Aloha.
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Okay.
Unknown Attendee: Thanks. Thank you. Once again, that's star number one if you would like to ask a question. Our next question will come from Candice Theria with MD Catastrophic Care Consultants. Please go ahead.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Unknown Attendee: Thank you. Hi, also congratulating you on your performance. And so the question is also, is it a legal matter that you can't disclose regarding the merger? That was one question. I'm not sure I understand the question. Well, you were saying that the merger may take place soon, but it's out of your control.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: [music].
Morgan C. Frank: And so I was asking if it's a legal matter that is... It is not. It's not. It's just finishing pro forma SEC filings and... and the finalization of exchange listings. So no, there's no legal matter holding it up.
Speaker Change: Sure.
Speaker Change: Uh-huh.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Hello, Matt.
Speaker Change: Oh.
Morgan C. Frank: Okay, thank you. Question number two is if there are doctors that I'm aware of who might want to be involved in SANUWAVE as far as, I don't know if you're offering this for them to trial this out on patients. How would they contact someone? There's obviously this contact information on our website. Tim Hendricks, our head of sales, would love to hear from people who want to try the product.
Speaker Change: Uh-huh.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Okay.
Speaker Change: Yes.
Morgan C. Frank: So I think you can get a hold of him or our customer service department through our newly revamped and extra pretty website. Okay, thank you. Thank you, and Human Services, and more. Thank you. And at this time, we have no further questions in queue. Okay, well, thank everyone for attending, and we will see you again next month or next quarter. Thanks again. This does conclude SANUWAVE's fourth quarter results conference call.
Speaker Change: Okay.
Okay.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Yeah.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Uh-huh.
Operator: You may disconnect your line at this time and have a wonderful day. Thank you. Thank you for watching!
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Uh-huh.
Speaker Change: Hum.
Operator: Thank you, and Health Services, and the National Health Service, and the National Health Association. transcript Emily Beynon transcript Emily Beynon, [inaudible] and Health Services, and the National Health Service, and the National Health Association. Thank you. Thank you for watching! and Health Services, and more, and the National Health Service, and the and the National Association. Thank you. Transcript Emily Beynon Transcript Emily Beynon, Thank you for watching!
Speaker Change: [music].
Speaker Change: Got it.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: